STOP 
In an Oct. 19 review of `` The *CUNK* '' at Chicago 's *CUNK* *CUNK* -LRB- `` *CUNKED* *CUNKS* *CUNK* the *CUNK* in *CUNK* City , '' *CUNK* & *CUNKS* -RRB- , the role of *CUNK* , played by *CUNK* *CUNK* , was *UNKLY* attributed to *CUNK* *CUNK* . STOP 
Ms. *CUNK* plays *CUNK* . STOP 
*CUNK-* Motor *CUNKS* Inc. said it expects its U.S. sales to remain steady at about *UNKN* cars in 1990 . STOP 
The luxury auto maker last year sold *UNKN* cars in the U.S. STOP 
Howard *CUNKER* , president and chief executive officer , said he anticipates growth for the luxury auto maker in Britain and Europe , and in Far Eastern markets . STOP 
*CUNK* *CUNK* Inc. increased its quarterly to 10 cents from seven cents a share . STOP 
The new rate will be payable Feb. 15 . STOP 
A record date has n't been set . STOP 
Bell , based in Los Angeles , makes and *UNKS* electronic , computer and building products . STOP 
Investors are *UNKING* to the Securities and Exchange Commission not to limit their access to information about stock purchases and sales by corporate insiders . STOP 
A SEC proposal to ease reporting requirements for some company executives would undermine the *UNKS* of information on insider trades as a *UNKING* tool , individual investors and professional money managers contend . STOP 
They make the argument in letters to the agency about rule changes proposed this past summer that , among other things , would exempt many *UNK-* executives from reporting trades in their own companies ' shares . STOP 
The proposed changes also would allow executives to report *UNKS* of options later and less often . STOP 
Many of the letters maintain that investor confidence has been so *UNK* by the 1987 stock market crash -- and the markets already so *UNKED* against the little guy -- that any decrease in information on *UNKING* patterns might prompt individuals to get out of stocks altogether . STOP 
`` The SEC has historically paid *UNK* to the ideal of a level playing field , '' wrote *CUNK* S. *CUNK* of *CUNK* , Ill. , in one of the 92 letters the agency has received since the changes were proposed Aug. 17 . STOP 
`` *CUNKLY* the commission did not really believe in this ideal . '' STOP 
Currently , the rules force executives , directors and other corporate insiders to report purchases and sales of their companies ' shares within about a month after the transaction . STOP 
But about 25 % of the insiders , according to SEC figures , file their reports late . STOP 
The changes were proposed in an effort to *UNK* federal bureaucracy and boost compliance by the executives `` who are really calling the *UNKS* , '' said Brian Lane , special counsel at the SEC 's office of disclosure policy , which proposed the changes . STOP 
Investors , money managers and corporate officials had until today to comment on the proposals , and the issue has produced more mail than almost any other issue in memory , Mr. Lane said . STOP 
The SEC will probably vote on the proposal early next year , he said . STOP 
Not all those who wrote oppose the changes . STOP 
The Committee on Federal *CUNKION* of Securities for the American *CUNK* Association argues , for example , in its lengthy letter to the SEC , that the proposed changes `` would substantially improve the -LCB- law -RCB- by *UNKING* it more closely to *UNK* business *UNKS* . '' STOP 
What the investors who oppose the proposed changes *UNK* to most is the effect they say the proposal would have on their ability to spot *UNK* `` *UNKS* '' of trading activity -- buying or selling by more than one officer or director within a short period of time . STOP 
According to some estimates , the rule changes would cut insider filings by more than a third . STOP 
The SEC 's Mr. Lane *UNKLY* disputed those estimates . STOP 
The rules will eliminate filings *UNKING* divisions , such as sales , marketing , finance and research and development , Mr. Lane said . STOP 
The proposed rules also would be tougher on the insiders still required to file reports , he said . STOP 
Companies would be *UNKED* to publish in annual proxy statements the names of insiders who fail to file reports on time . STOP 
*CUNKED* as a whole , Mr. Lane said , the filings required under the proposed rules `` will be at least as effective , if not more so , for investors following transactions . '' STOP 
But Robert *CUNK* , president of *CUNK* , a North Miami , Fla. , company that packages and sells the *UNKING* data , said the proposal is *UNKED* so *UNKLY* that key officials may fail to file the reports . STOP 
Many investors wrote asking the SEC to require insiders to report their purchases and sales immediately , not a month later . STOP 
But Mr. Lane said that while the SEC *UNKS* who files , the law tells them when to do so . STOP 
Investors who want to change the required timing should write their representatives in Congress , he added . STOP 
The SEC would likely be *UNK* to legislation that required insiders to file transactions on a more *UNKLY* basis , he said . STOP 
The nation 's largest pension fund , which oversees $ 80 billion for college employees , plans to offer two new investment options to its 1.2 million participants . STOP 
The *CUNKS* Insurance and *CUNK* *CUNK-* *CUNK* *CUNKS* Fund said it will introduce a stock and bond fund that will invest in `` *UNKLY* responsible '' companies , and a bond fund . STOP 
Both funds are expected to begin operation around March 1 , subject to Securities and Exchange Commission approval . STOP 
For its employees to sign up for the options , a college also must approve the plan . STOP 
Some *UNKN* institutions are part of the pension fund . STOP 
The new options carry out part of an agreement that the pension fund , under pressure to *UNK* its strict participation rules and to provide more investment options , reached with the SEC in December . STOP 
The new `` social choice '' fund will *UNK* securities of companies linked to South Africa , nuclear power and in some cases , Northern Ireland . STOP 
Also *UNKED* will be investments in companies with `` significant '' business stemming from weapons manufacture , *UNK* *UNKS* or tobacco . STOP 
*CUNK* percent of the fund will be invested in stocks , with the rest going into bonds or short-term investments . STOP 
The bond fund will invest in *UNK-* or *UNK-* bonds , mortgages or asset-backed securities , including as much as 15 % in foreign securities . STOP 
The fund also might buy and sell futures and options contracts , subject to approval by the New York State Insurance Department . STOP 
Under two new features , participants will be able to transfer money from the new funds to other investment funds or , if their jobs are terminated , receive cash from the funds . STOP 
The investment choices offered by the pension fund currently are limited to a stock fund , an *UNK* and a money-market fund . STOP 
New *CUNK* *CUNK* Co. , a maker of biotechnology *UNKION* and equipment , said it adopted an *UNKER* plan giving shareholders the right to purchase shares at half price under certain conditions . STOP 
The company said the plan , under review for some time , will protect shareholders against `` *UNK* takeover tactics . STOP 
W. *CUNK* *CUNKER* , 37 years old , a senior vice president at this printing concern , was elected president of its technology group , a new position . STOP 
*CUNK* *UNK* players have to be creative if they want to work a lot , because their *UNK* and audience appeal are limited . STOP 
The *UNK* *CUNK* *CUNKER* has taken a hard line about the problem : He commissions and *UNKLY* *UNKS* *UNK* *UNK* scores and does some conducting , so he does n't have to play the same *CUNK* and *CUNKS* *UNKS* over and over again . STOP 
Richard Stoltzman has taken a *UNKER* , more *UNKLY* approach . STOP 
*CUNKS* ago , he *UNKED* with the new music *UNKS* Peter *CUNK* and *CUNKED* *CUNK* in the very *UNKAL* chamber group *CUNK* , which won audiences over to *UNKED* *UNK* scores like *CUNK* 's `` *CUNK* for the *CUNK* of Time . '' STOP 
Today , the *UNK-* *UNK* has mostly dropped the *UNK* work -LRB- though a touch of the old *CUNK* still *UNKS* -RRB- and now goes on the road with *UNK* , *UNKS* , a slide show , and a *UNK* that ranges from light *UNKAL* to light *UNK* to light pop , with a few *UNK* exceptions . STOP 
Just the thing for the *CUNK-* set , the *UNK* audience that has embraced New *CUNK* as its very own easy listening . STOP 
But you ca n't *UNKS* Mr. Stoltzman 's music or his *UNKS* as merely commercial and *UNK* . STOP 
He believes in what he plays , and he plays *UNKLY* . STOP 
His recent appearance at the Metropolitan Museum , dubbed `` A *CUNKAL* *CUNK* , '' was a case in point . STOP 
It felt more like a party , or a highly *UNKED* *UNK* session with a few friends , than a *UNKAL* *UNK* . STOP 
*CUNK* in his *UNK* black *UNK* suit , the *UNK-* *UNK* announced that his new *UNK* , `` *CUNKER* *CUNKS* , '' had just been released , that his family was in the front row , and that it was his mother 's *UNK* , so he was going to play her favorite *UNK* from the record . STOP 
He launched into *CUNKS* 's `` The *CUNK* '' from `` Carnival of the *CUNKS* , '' a favorite *UNK* piece for *UNKS* , with *UNKLY* , *UNK* tone and no *UNK* . STOP 
Then , as if to show that he could play fast as well , he offered the second movement from *CUNKS* 's *CUNK* for *CUNK* , a *UNKAL* , *UNK* *UNK* that reflected the *UNK* side of the Stoltzman *UNK* . STOP 
And so it went through the first half : an *UNKLY* chosen *UNK* of pieces , none longer than five minutes , none that would *UNK* or challenge a *UNKER* . STOP 
Mr. Stoltzman introduced his colleagues : Bill Douglas , *UNKER* and an old *UNK* from Yale , and *UNK* *UNK* *CUNK* *CUNK* . STOP 
An *UNKAL* section was built around pieces by Mr. Douglas , beginning with `` Golden *CUNK* , '' a *UNKING* , *UNK-* lead in to the *UNK* `` *CUNK* , '' which gave Mr. Stoltzman the opportunity to *UNK* in a high *UNKER* and show off his fleet *UNKS* . STOP 
*CUNK* 's `` Air '' followed . STOP 
Mr. Stoltzman tied the *UNKER* in by *UNKING* him `` the great *UNKER* of the *UNK* century , '' and then built on the image by joining with Mr. Douglas in some *CUNK* *UNK-* *UNKS* , *UNKLY* arranged for *UNK* and *UNK* by Mr. Douglas . STOP 
*CUNKING* the mood light , the two then *UNKED* and *UNKED* their way through some *OUS* *UNKS* , *UNKED* by Mr. Douglas as an alternative to *CUNK* 's dry *UNKING* techniques , and then , with Mr. *CUNK* , soared and *UNKED* on the *UNKER* 's tight `` *CUNK* *CUNKS* . '' STOP 
The end of the first half , however , brought what the *UNKLY* crowd seemed to be waiting for : the pop singer *CUNK* *CUNKS* , who appears on `` *CUNKER* *CUNKS* . '' STOP 
*OUS* and *UNKED* as ever , Ms. *CUNKS* *UNK* *CUNK* Mitchell 's `` For Free '' -- about an *UNKER* with a *UNKER* *UNK* , to which Mr. Stoltzman contributed a *UNK* *UNK* -- and Mr. Douglas 's *UNK* setting of a *CUNK* *UNKING* , `` *CUNK* *CUNK* . '' STOP 
`` *CUNK* *CUNK* '' also featured a slide show of *UNKLY* but *UNK* images of *UNKS* , *UNKS* , *UNKS* , *UNKS* , *UNK* . STOP 
It was all too *UNK* to be believed , but they probably would have gotten away with it , had they not felt *UNKED* to add Ms. *CUNKS* 's *UNK* *UNK* , `` *CUNKING* Grace , '' and ask for audience participation . STOP 
That went over the *UNK* line for warm and *UNK* feelings . STOP 
*CUNK* this why some of the audience *UNKED* before or during the second half ? STOP 
Or was it because Ms. *CUNKS* had gone ? STOP 
*CUNKER* way it was a *UNK* , because Mr. *CUNK* offered the most substantial music of the evening just after *UNKION* : Steve *CUNK* 's `` New York *CUNK* , '' one of a series of *CUNK* works that *UNK* a live *UNKER* with recorded tracks of his or her own playing . STOP 
-LRB- Mr. *CUNK* 's new `` *CUNK* *CUNKS* '' for string *UNK* uses the technique *UNKLY* . -RRB- STOP 
Mr. Stoltzman must have worried that his audience might not be able to take it : He warned us in advance that `` New York *CUNK* '' *UNKS* 11 1\/2 minutes . STOP 
He also *UNKLY* *UNKED* this *UNK* , *UNK* *UNK* with Mr. *CUNK* 's images , this time of *UNK* or *UNKING* *UNKS* , in a *UNK* *UNKING* of the musical structure that was *UNKLY* *UNKING* from Mr. *CUNK* 's piece and Mr. Stoltzman 's *UNK* execution of it . STOP 
The rest of the *UNK* was more straight *UNK* and *UNK* sounds written by *CUNK* Parker , *CUNK* *CUNK* , Bill Douglas and *CUNK* *CUNK* , with pictures for the Douglas pieces . STOP 
It was *UNK* to hear *UNKED* *UNK* without having to sit in a *UNKED* club , but like the first half , much of it was easy to take and ultimately *UNK* . STOP 
Is this the future of chamber music ? STOP 
Managers and *UNKS* insist that chamber music *UNKS* are a hard sell , but can audiences really enjoy them only if the music is *UNKED* of threatening elements , served up in *UNKED* *UNKS* and accompanied by *UNKS* ? STOP 
What 's next ? STOP 
*CUNKS* to *UNK* *CUNK* *UNKS* ? STOP 
It was not an *UNUNK* evening , certainly , thanks to the high level of performance , the *UNKAL* *UNKS* of Mr. Douglas , and the obvious *UNK* with which Mr. Stoltzman *UNKS* his *UNKS* . STOP 
But it was neither deep nor *UNKING* : light entertainment that was no substitute for an evening of *CUNKS* . STOP 
Ms. *CUNK* is a *UNK-* writer based in New York . STOP 
One of Ronald Reagan 's *UNKS* as President was that he rarely gave his *UNKING* to the *UNK* that *UNKS* for `` consensus '' in various international institutions . STOP 
In fact , he *UNKED* the U.S. from one of the world 's most *UNK* organizations -- *CUNK* . STOP 
This is the U.N. group that managed to *UNK* its own charter of promoting education , science and culture . STOP 
*CUNKER* since , the remaining members have been *UNK* for the United States to *UNK* this *UNK* group . STOP 
Now *CUNK* *UNKS* are lobbying President Bush to *UNK* on President Reagan 's decision to *UNK* . STOP 
But we can think of many reasons to stay out for the *UNK* future and well beyond . STOP 
The U.S. , along with Britain and Singapore , left the agency when its *UNK-* *UNK* , financial corruption and top leadership got out of hand . STOP 
The personal *UNKS* of agency Director *CUNK-* *CUNK* drew much attention , such as when several of his top aides were uncovered as *CUNK* plants and *UNKED* from France and when a *OUS* office fire was set just before Congress sent accountants to *UNK* U.S. funds . STOP 
Mr. *CUNK* was an extreme case , but even his replacement , the more personally *UNKAL* Spanish *UNK* *CUNK* Mayor , has had little success at *UNKING* reforms . STOP 
Several ridiculous projects continue , including the `` New International Economic Order , '' which means *UNK* from the West to pay for everyone else 's *UNK* . STOP 
The *CUNK* `` New World Information Order '' would give government officials rights against the press ; journalists would be *UNKED* to *UNK* to their government , which would have *UNKING* and *UNK* powers and , indeed , duties to block printing of `` wrong '' ideas . STOP 
*CUNK* somehow converted the *UNKING* U.N. *UNKS* of individual rights and *UNK* into `` *UNKS* ' rights . '' STOP 
*CUNK-* *UNKS* were held to *UNK* on subjects such as `` *UNKAL* responsibilities of scientists in support of *UNK* '' and `` the impact of the activities of *UNKAL* corporations . '' STOP 
The agency was so totally *UNKED* from the high principles of its *UNKING* that even the Soviets now wonder about an agency that seemed so *UNKAL* to them . STOP 
*CUNK* may be partly responsible , but Soviet Foreign Minister *CUNK* Shevardnadze last year admitted , `` The *UNKED* *UNKAL* approach *UNKED* *UNK* *UNK* to *CUNK* . '' STOP 
*CUNK* is now holding its *UNKAL* meetings in Paris to *UNK* its next projects . STOP 
Mr. Mayor 's hope that *UNKS* to `` press freedom '' would survive *UNKED* seems *UNKED* to failure ; the current *UNKING* is `` *UNKING* the public and media to avoid *UNKION* . '' STOP 
He has n't been able to replace the *CUNK* *UNKAL* . STOP 
Soviets remain in charge of education programs , a former head of an African military *UNKAL* for *UNKS* is in charge of culture , and a *UNK-* Polish communist in *UNK* directs the *UNKS* and peace division . STOP 
Of the agency 's *UNKN* staff members , 230 are in the field working on actual projects , such as *UNK* and *UNK* research . STOP 
The position of the United States , which once contributed 25 % of the budget , is that nothing has changed . STOP 
John *CUNK* , the assistant secretary of state for international organizations , told Congress that the continuing `` *UNK* , *UNK* , *UNK* '' programs make *UNKING* any time soon `` extremely unlikely . '' STOP 
This has n't much *UNKED* the *CUNK* *UNKS* , who last week could n't even agree to raise funds by selling off a fancy *UNK-* French *UNK* the agency somehow owns . STOP 
Other countries , including West Germany , may have a hard time *UNKING* continued membership . STOP 
We see an even stronger argument against *CUNK* than its *UNKING* failure to reform . STOP 
This is that the Reagan *CUNKION* *UNKING* Eastern Europe and *CUNK* Square shows the power of ideas *UNKED* by international civil *UNKS* or government *UNKS* . STOP 
Free markets , free minds and free elections have an appeal that seems to get *UNKED* only when delivered through U.N. organizations -- which of course are made up largely of governments that fear these principles at home . STOP 
The *CUNKS* of the United *CUNKS* are experts at *UNKION* . STOP 
This can have its purposes at times , but there 's no reason to *UNK* the importance and *UNK* of Western *UNKS* of freedom and justice . STOP 
We can see plenty of reasons to stay out , and none to *UNK* *CUNK* . STOP 
Researchers at Plant *CUNK* Systems N.V. in Belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of key crops . STOP 
The researchers said they have isolated a plant gene that *UNKS* the production of *UNK* . STOP 
The gene thus can prevent a plant from *UNKING* itself . STOP 
Such so-called *UNK-* plants can then be *UNKED* by *UNK* from another strain of the plant , thereby producing hybrid seed . STOP 
The new generation of plants will *UNKS* the *UNKING* , *UNKION* *UNK* known as `` hybrid *UNK* , '' similar to that now seen in hybrid corn . STOP 
`` The development could have a dramatic effect on farm production , especially cotton , '' said *CUNK* Robinson , president of Delta & *CUNK* Land Co. , a *CUNK* Inc. subsidiary that is one of the largest cotton seed producers in the U.S. . STOP 
On a commercial scale , the *UNKION* of the *UNKING* male part has only been achieved in corn and *UNK* feed *UNKS* . STOP 
That 's because the male part , the *UNK* , and the female , the *UNK* , are some distance apart on the corn plant . STOP 
In a *UNK-* process , the seed companies cut off the *UNKS* of each plant , making it male *UNK* . STOP 
They *UNK* a row of *UNK-* plants nearby , which then *UNK* the *UNK-* plants . STOP 
The first hybrid corn seeds produced using this *UNKAL* approach were introduced in the 1930s and they *UNKED* as much as 20 % more corn than naturally *UNKED* plants . STOP 
The vast majority of the U.S. corn crop now is grown from hybrid seeds produced by seed companies . STOP 
A similar technique is almost impossible to apply to other crops , such as cotton , *UNKS* and rice . STOP 
The male part , the *UNKS* of the plant , and the female , the *UNKS* , of the same plant are within a *UNKION* of an *UNK* or even attached to each other . STOP 
The *UNKS* in these plants are difficult to *UNK* off . STOP 
In China , a great number of workers are engaged in pulling out the male *UNKS* of rice plants using *UNKS* , and one-third of rice produced in that country is grown from hybrid seeds . STOP 
At Plant *CUNK* Systems , researchers have isolated a *UNKING* gene that can be *UNKED* in a plant to *UNKER* male *UNK* . STOP 
*CUNK* *CUNKS* , research director , said this gene was successfully introduced in *UNKING* *UNKED* plants , a major crop in Europe and Canada , using as a carrier a `` *UNKER* gene '' developed by Robert Goldberg at the University of California in Los Angeles . STOP 
The *UNKING* gene is expressed just before the *UNK* is about to develop and it *UNKS* the *UNKS* of every *UNKER* in the plant . STOP 
Mr. *CUNKS* said this genetic *UNKION* does n't hurt the growth of that plant . STOP 
The researchers also pulled off a second genetic engineering *UNK* in order to get *UNK-* plants in large enough numbers to produce a commercial hybrid seed crop . STOP 
They attached a second gene , for *UNK* resistance , to the *UNKING* gene . STOP 
Both genes are then *UNKED* into a few greenhouse plants , which are then *UNKED* and allowed to mature and produce seed . STOP 
The laws of *UNK* *UNK* that half of the plants *UNKING* from these *UNKED* seeds will be male *UNK* and *UNK* *UNK* and half will be male *UNK* and *UNK* *UNK* . STOP 
The application of *UNK* would kill off the *UNK-* plants , leaving a large field of *UNK-* plants that can be *UNKED* to produce hybrid seed . STOP 
Mr. *CUNKS* said the hybrid *UNKS* created with this genetic engineering yield 15 % to 30 % more output than the commercial *UNKS* used currently . STOP 
`` This technique is *UNK* to a wide variety of crops , '' he said , and added that some *UNKS* may be necessary to accommodate the *UNKS* of each type of crop . STOP 
He said the company is *UNKING* with the technique on *UNK* , and plans to include cotton and corn , among other crops . STOP 
He said that even though virtually all corn seeds currently *UNKED* are *UNKS* , the genetic approach will *UNK* the need for *UNKAL* *UNKION* of *UNKS* , which costs U.S. seed producers about $ 70 million annually . STOP 
In recent years , demand for hybrid seeds has *UNKED* research at a number of chemical and biotechnology companies , including *CUNK* Co. , Shell Oil Co. and Eli Lilly & Co . STOP 
One technique developed by some of these companies involves a chemical *UNK* supposed to kill only a plant 's *UNK* . STOP 
But there have been problems with chemical *UNKS* *UNKING* plants ' female *UNK* *UNKS* and concern for the *UNK* of such chemical *UNKS* to humans , animals and beneficial *UNKS* . STOP 
However , Paul *CUNK* , *CUNK* 's director of plant *UNKS* , said the company 's chemical *UNK* *UNKS* these problems and is `` *UNK* on the female *UNK* . '' STOP 
*CUNK* *CUNKS* Corp. , *CUNK* , Calif. , is developing a *UNK* containing a gene that spreads from cell to cell and *UNKS* with the genes that are responsible for producing *UNK* . STOP 
This gene , called `` *UNK* , '' is carried into the plant by a virus that remains active for a few days . STOP 
Robert *CUNK* , president of *CUNK* , called Plant *CUNK* 's approach `` interesting '' and `` novel , '' and `` *UNK* rather than competitive . '' STOP 
`` There is a large market out there *UNK* for hybrid seeds , '' he said . STOP 
Mr. Robinson of Delta & *CUNK* , the seed producer in Scott , *CUNK* , said Plant *CUNK* 's success in creating *UNKLY* engineered male *UNKS* does n't automatically mean it would be simple to create *UNKS* in all crops . STOP 
That 's because *UNKION* , while easy in corn because the carrier is wind , is more complex and involves *UNKS* as carriers in crops such as cotton . STOP 
`` It 's one thing to say you can *UNK* , and another to then successfully *UNK* the plant , '' he said . STOP 
Nevertheless , he said , he is negotiating with Plant *CUNK* to acquire the technology to try *UNKING* hybrid cotton . STOP 
A bitter conflict with global implications has *UNKED* between Nomura Securities Co. and Industrial Bank of Japan , two of the world 's most powerful financial companies . STOP 
The *UNK* is a sign of a new *UNKS* and *UNKS* in Japan 's *UNK-* financial circles . STOP 
Not only are Japan 's financial institutions putting their enormous clout to work ; increasingly they 're *UNKING* off against one another in unprecedented public fashion . STOP 
Already , the consequences are being felt by other players in the financial markets -- even governments . STOP 
What triggered the latest *UNK* was a *UNK* over the timing of a New Zealand government bond issue . STOP 
Nomura was attempting to *UNK* the 50 *UNK-* -LRB- $ *UNKN* million -RRB- borrowing in Japan at a time when many Japanese banks , led by Industrial Bank of Japan , were *UNKING* the Wellington government to help them recover loans made to a *UNK* investment bank that had been owned by New Zealand 's *UNK-* pension fund . STOP 
*CUNKING* to put up new money for New Zealand until those debts are repaid , most banks refused even to play administrative *UNKS* in the new financing , forcing an *UNKED* Nomura to postpone it this week . STOP 
The dispute shows clearly the global power of Japan 's financial *UNKS* . STOP 
Aside from Nomura 's injured pride , the biggest victim so far has been the New Zealand government . STOP 
*CUNKED* by its budget law from making any new domestic bond issues , Wellington 's *CUNK* Management Office had been casting abroad to raise the 3 billion New Zealand dollars -LRB- US$ *UNKN* billion -RRB- to *CUNK* 4 billion it needs to come up with by the end of its fiscal year next June 30 . STOP 
With Japan 's *UNK-* banks *UNKED* against it , though , raising money may be difficult . STOP 
Not only can they block Wellington from raising money in Japan , bankers here say , but as the largest underwriters in the *CUNK* market , they might be able to scuttle borrowings there , too . STOP 
New Zealand 's finance minister , David *CUNK* , *UNKED* out at such suggestions . STOP 
He told reporters in Wellington Tuesday that the government had n't guaranteed the loans to *CUNK* New Zealand Ltd. , an investment bank *UNKED* by the National *CUNK* Fund , and would n't *UNK* it out . STOP 
`` It may very well be what the Japanese banks want , '' he told Radio New Zealand . STOP 
`` I think it would be irresponsible and I am not about to be *UNKED* by Japanese banks or any other international interests . '' STOP 
No less significant than the Japanese banks ' attempt to cut off funds to pressure a foreign government are the implications of a confrontation between Japan securities and banking industries . STOP 
*CUNK* is rising over recent government proposals to eventually lower the strict barriers that now separate -- and protect -- the two industries from each other . STOP 
Both sides are *UNKLY* *UNKING* their *UNK* , and relations have been at a *UNK* for months . STOP 
The banks badly want to break into all aspects of the securities business . STOP 
Meanwhile , the securities companies -- most of them smaller than the banks -- are seeking access only to limited kinds of banking that would n't open them to the full *UNK* of competition from the banks . STOP 
Nomura , the world 's biggest securities company largely by *UNK* of its protected home field , and Industrial Bank of Japan , Japan 's most *UNK* and aggressive bank in capital markets abroad , *UNK* the opposing sides . STOP 
And their *UNKS* of each other run deep . STOP 
In the past year , both have tried to stretch the limits of their businesses . STOP 
Nomura started a credit-card venture with American Express Co. that allowed *UNKS* to use their Nomura securities accounts like a bank account , attracting the *UNK* of banks . STOP 
And Industrial Bank of Japan started up a London securities subsidiary that sells Japanese stocks to *UNK-* institutions overseas , a move that *UNKED* the anger of the stock brokerage firms . STOP 
The New Zealand bond issue simply has brought the two institutions *UNK-* . STOP 
*CUNK* CORP. reported third-quarter earnings , which were *UNKLY* shown in the *CUNKLY* Earnings *CUNKS* table in yesterday 's edition to be lower than the average of analysts ' estimates . STOP 
On a pretax basis , *CUNK* 's third-quarter earnings of 30 cents a share were actually *UNKN* % higher than the average of estimates . STOP 
Raymond E. Ross , 53 years old , formerly group vice president , U.S. plastics machinery , at this machine tool , plastics machinery and *UNKS* concern , was named senior vice president , industrial systems , succeeding David A. *CUNK* , who resigned Monday . STOP 
John A. *CUNK* Jr. , 45 , was named a managing director at this investment-banking company . STOP 
He will be in charge of research , equity sales and trading , and the syndicate operation of Rothschild . STOP 
Mr. *CUNK* was executive vice president and director of the equity division of the international division of Nikko Securities Co . STOP 
As *CUNK* *CUNK* might say , it 's *UNK* *UNK* all over again . STOP 
*CUNKED* at *UNK* , *CUNK* *CUNKS* , once Oakland 's master *UNK* , *UNKLY* *UNKS* up a *UNK* and *UNKS* it to second . STOP 
In the *UNK* , Paul Blair , the *CUNKS* ' *UNK-* Gold *CUNK* winner , *UNKLY* *UNKS* a fly . STOP 
On the *UNK* , former Red *CUNK* great *CUNKS* *CUNK* , the *UNKLY* master of *UNKN* moves , *UNKS* an *UNKED* strike . STOP 
`` *CUNKS* , *UNKS* , '' *UNKS* their manager -- a fellow named *CUNK* *CUNKER* , who , in a different time , handled four World Series teams and now *UNKS* the Gold Coast *CUNKS* . STOP 
`` *CUNK-* *UNKS* , '' he says . STOP 
Perhaps . STOP 
But for the next few months , these *UNKS* of *UNKS* long past are going to be *UNKING* in an Indian summer of the *UNK* . STOP 
Now that the baseball season is officially over , you see , it 's time for a new season to begin . STOP 
Today is the debut of the *CUNK* Professional *CUNK* Association , a new *UNK-* pro sports circuit , *UNKED* after the highly successful senior *UNKS* and golf *UNKS* and complete with good salaries , a cable television contract and even expansion plans . STOP 
One hundred and *UNK* two former *UNKS* , near *UNKS* , hardly *UNKS* and *UNKS* begin a *UNK-* , three-month season in *UNKING* *UNKS* up and down Florida . STOP 
For everyone involved , it 's one more *UNK* of that *UNK* of youth , baseball . STOP 
`` *CUNK* always makes you quit , '' says *UNK* St. Louis *CUNKS* *UNKER* *CUNK* *CUNK* , the league 's commissioner . STOP 
`` You feel you want one more -- one more *UNK-* , one more hit , one more game . '' STOP 
Until the *UNKED* *UNKS* of today *UNK* these *UNKS* for spring training , there is one more . STOP 
And not just for the players . STOP 
It 's one more for the *UNKING* lawyers , accountants and real estate developers who *UNKED* up about $ 1 million each for the chance to be an owner , to step into the shoes of a *CUNK* *CUNK* or have a beer with *CUNK* *CUNKS* . STOP 
`` Nothing can be better than this , '' says Don *CUNKER* , owner of the West *CUNK* Beach *CUNKS* . STOP 
Early in the morning Mr. *CUNKER* , an estate lawyer , *UNKS* over last *UNKS* and *UNKS* . STOP 
*CUNKING* , he *UNKS* an *UNK-* uniform and , for fun , may field a *UNK* from Dave *CUNK* . STOP 
It 's one more , too , for the fans who dream of a season that never ends . STOP 
`` I feel like a little *UNK* , '' says a *UNK* Alex de *CUNK* , a car salesman , who has stopped by a *UNK* of the *CUNKS* to slip six *CUNKS* cards to the Great *CUNK* *CUNK* to be *UNKED* . STOP 
The league 's *UNKS* hope *UNKS* and tourists will join *UNK-* fans like Mr. de *CUNK* and pack the stands to see the *UNKS* . STOP 
The league is the *UNK* of Colorado real estate developer James *CUNK* -- once a *UNKER* himself -- who says he had the idea last January while *UNKING* on a *UNK* in Australia . STOP 
When he sent letters offering *UNKN* retired major *UNKS* the chance of another season , *UNKN* responded . STOP 
Eventually , about 250 made the trip to Florida to compete for the available *UNKS* . STOP 
-LRB- *CUNKS* have to be 35 or older , except for *UNKS* , who are eligible at 32 because life behind the plate is so rough . -RRB- STOP 
For some players , the lure is money -- up to $ 15,000 a month . STOP 
Others , just released from the *UNKS* , hope the senior league will be their bridge back into the *UNK-* . STOP 
But as they *UNK* *UNKS* that *UNKER* rather than *UNK* , and *UNK* old *UNKS* in the *UNK* , it 's clear that most are there to make their fans *UNKER* again or *UNK* the *UNK* of seasons past or prove to themselves and their colleagues that they still have it -- or something close to it . STOP 
`` My *UNK* is good . STOP 
Real good , '' says *UNK-* *CUNK* *CUNK* , working in the *UNK* heat of the *CUNKS* *UNK* . STOP 
Mr. *CUNK* , who started with the *UNK-* Washington *CUNKS* , says that when he left baseball in 1978 , he `` never looked back . '' STOP 
For a long time , he ignored baseball altogether , even the sports pages . STOP 
Now Mr. *CUNK* , a lawyer , claims he 'd play for free . STOP 
`` You ca n't give it up that easily , '' he says . STOP 
`` I tried . '' STOP 
The *UNKING* memory of one afternoon *UNK* years ago drove Jim *CUNK* , a lean *UNK-* *UNKER* to take a *UNK-* leave from selling insurance in Texas to try out for Mr. *CUNKER* 's team . STOP 
`` It does n't replace *UNKING* in the *UNKS* , but it *UNKS* to me that I would have been able to play if I 'd stayed healthy , '' he says . STOP 
Back in 1975 , late in the season , a *UNK-* Mr. *CUNK* made his only major league appearance , five and two-thirds *UNKS* for the Texas *CUNKS* against the Chicago White *CUNK* . STOP 
He gave up seven hits , *UNKED* five and did n't get a decision . STOP 
*CUNK* troubles forced him back to the *UNKS* the next year . STOP 
`` There 's a satisfaction in going against the rules , '' offers Will *CUNK* , once a *UNKER* with Cincinnati 's Big Red *CUNK* . STOP 
He means the rule that a player ca n't cut it after a certain age . STOP 
These days he *UNKS* to *UNKING* jobs in his *CUNK* pickup before and after training with the *CUNKS* . STOP 
While *UNKING* a beer after practice , he *UNKLY* *UNKS* getting the Red *CUNK* 's Carl *CUNK* to pop out to end the 1975 World Series , and *UNKING* the *UNK* against the *CUNKS* ' Roy White in 1976 . STOP 
Some of the game 's *UNKING* *UNKS* *UNK* the idea of *UNKED* men attempting a young man 's sport . STOP 
`` I personally do n't enjoy seeing players who I remember *UNKLY* from their playing days running about and being *UNK* about their *UNKS* , '' says Roger *CUNK* , New *CUNKER* magazine 's *UNK* baseball *UNK* . STOP 
`` I feel people should be allowed to remember players as they were . '' STOP 
*CUNK* , says baseball author Lawrence *CUNKER* , `` *CUNK* will get a heart attack and that will be the end of the whole story . '' STOP 
But the *UNKS* disagree . STOP 
Most are trim . STOP 
Some have been training for months ; others only recently left active status . STOP 
-LRB- No one has worked out the players ' average age , but most appear to be in their late *UNK* . -RRB- STOP 
And there 's pride . STOP 
`` I 'm not going to look *UNK* , '' *UNKS* former Pittsburgh *CUNK* second *UNK* *CUNK* *CUNK* , *UNK* *UNKING* his *UNK* as he *UNKS* for some practice swings . STOP 
`` It 's going to be a tough league , '' promises the *UNK-* Mr. *CUNKS* . STOP 
`` There will be a lot of *UNK* . '' STOP 
*CUNK* who have played hard all their lives are n't about to change their *UNKS* , he says . STOP 
Nonetheless , one ca n't help wonder whether the game will be just a little bit slower . STOP 
At the *UNK* *CUNK* Beach municipal stadium , Mr. Blair , the *UNK-* former *CUNK* , knows his power is n't what it used to be . STOP 
So he *UNKS* . STOP 
He no longer *UNKS* the plate . STOP 
He 's not thinking about home runs anymore , just base hits . STOP 
Still , `` how sweet it is , '' he says , *UNKING* the fat sound of the *UNK-* line drive that *UNKS* off the center field wall . STOP 
And do n't expect many complete games by *UNKS* -- perhaps three out of *UNKN* , *UNKS* Mr. *CUNKS* , the former Oakland *UNKER* . STOP 
*CUNK* `` *UNK* '' stuff from *UNKS* , says Mr. *CUNKER* , the manager . STOP 
*CUNK* *UNKS* but no *UNKS* , says Mr. *CUNK* . STOP 
Even expect stolen bases , says the *UNK* and fit Mr. *CUNKS* : `` If you know how to slide , it 's no problem , '' he says . STOP 
And expect slower *UNKS* . STOP 
`` I 'm not so young anymore , '' concedes the *UNKING* , *UNK-* Mr. *CUNK* . STOP 
`` I wo n't be throwing 90 *UNK* , but I will throw *UNKS* , '' he says . STOP 
*CUNKED* *CUNK* *CUNKS* , at 54 the league 's *UNKEST* player and a *UNK-* with the *CUNKS* , has lost even more speed . STOP 
*CUNKING* a *UNK* of Red *CUNK* into his *UNK* , he admits the *UNK* he brought into the *UNKS* in *UNKN* has become a *UNK* . STOP 
Its maximum *UNK* is 72 *UNK* . STOP 
But he is n't worried . STOP 
He will compensate with the *UNK* learned from his years in the *UNKS* . STOP 
He has good control . STOP 
He will keep the *UNK* down , move it around . STOP 
After all , he says , `` Even to make love , you need experience . STOP 
*CUNK* Corp. said it will acquire the 55 % of *CUNK* *CUNK* Telephone Company Inc. 's cellular franchise that it does n't own already . STOP 
Terms were n't disclosed . STOP 
*CUNK* holds 45 % of the franchise , which has operations in *CUNK* , *CUNK* , and *CUNK* , *CUNK* . STOP 
*CUNK* , which provides local telephone service in 25 states , said it exercised its right of first *UNKAL* following an offer from an undisclosed third party to acquire the majority position in the franchise . STOP 
Stewart & *CUNK* Services Inc. said it received two contracts totaling $ 19 million to build *UNK-* *UNKS* . STOP 
The separate contracts were from *CUNK* *CUNK* & Water Commission , a utility in *CUNK* , *CUNK* , and *CUNK* Inc. , a *UNK-* operator in Houston . STOP 
Stewart & *CUNK* makes equipment *UNKED* with *UNK* and gas *UNKS* . STOP 
*CUNK* National Bancorp said its acquisition of *CUNK* Deposit Bank , *CUNK* , Ky. , first announced in April , has been completed in a transaction valued at $ 13.1 million . STOP 
*CUNK* National *UNKED* about *UNKN* shares of its common stock for each of *CUNK* Deposit 's *UNKN* shares outstanding . STOP 
*CUNK* National , a bank holding company , has assets exceeding $ 3 billion . STOP 
*CUNK* *CUNK* was appointed president and chief executive officer of this financially troubled department store chain , effective Nov. 15 , succeeding Frank Robertson , who is retiring early . STOP 
Mr. *CUNK* was previously president and chief operating officer of *CUNKS* Inc. , a retail chain that is owned by Toronto-based Hudson 's Bay Co. , Canada 's largest department store operator . STOP 
Tuesday , October 31 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 9 % high , 8 *UNKN* % low , 8 7\/8 % near closing bid , 8 *UNKN* % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.55 % 30 to 44 days ; 8.25 % 45 to 59 days ; 8.40 % 60 to 89 days ; 8 % 90 to 119 days ; 7.90 % 120 to *UNKN* days ; *UNKN* % 150 to 179 days ; *UNKN* % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : *UNKN* % 30 days ; 8.55 % 60 days ; 8.45 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.09 % one month ; *UNKN* % two months ; *UNKN* % three months ; 7.96 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : *UNKN* % one month ; 8.50 % three months ; *UNKN* % six months . STOP 
BANKERS ACCEPTANCES : *UNKN* % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; 8.05 % 150 days ; 7.98 % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 3\/4 % to 8 5\/8 % one month ; 8 3\/4 % to 8 5\/8 % two months ; 8 11\/16 % to 8 9\/16 % three months ; 8 9\/16 % to 8 7\/16 % four months ; 8 1\/2 % to 8 3\/8 % five months ; 8 7\/16 % to 8 *UNKN* % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 3\/4 % one month ; 8 11\/16 % three months ; 8 7\/16 % six months ; 8 7\/16 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 9 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 30 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : *UNKN* % 13 weeks ; *UNKN* % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : *UNKN* % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
Canada 's gross domestic product rose an inflation-adjusted 0.3 % in August , mainly as a result of *UNK-* growth , Statistics Canada , a federal agency , said . STOP 
The August *CUNK* was up 2.4 % from its year-earlier level . STOP 
*CUNK* is the total value of a nation 's output of goods and services . STOP 
Statistics Canada said *UNK-* output in August rose 0.4 % from July . STOP 
*CUNK* of *UNKING* industries increased 0.1 % . STOP 
Separately , Statistics Canada reported that its *UNK-* price index dropped 0.2 % in September , its third consecutive monthly decline . STOP 
It also reported a 2.6 % decline in its *UNKS* price index for September . STOP 
Columbia Pictures Entertainment Inc. was dropped , effective today , from the *UNKAL* products and services industry group of the Dow Jones Equity Market Index . STOP 
Columbia Pictures is being acquired by Sony Corp. , which is based in Japan . STOP 
People 's Savings Financial Corp. said it will buy back as much as 10 % of its 2.4 million shares outstanding because the stock is *UNKED* . STOP 
The holding company said it has been `` *UNKLY* associated '' with other banks in New England that have had major loan losses in recent quarters . STOP 
The company said its People 's Savings Bank unit does n't have a `` large exposure to construction and commercial loans that have caused the loan-loss problems in many of the banks . STOP 
A seat on the Chicago Mercantile Exchange was sold for $ *UNKN* , down $ 6,000 from the previous sale *CUNK* . STOP 
*CUNKS* currently are quoted at $ 400,000 bid , $ *UNKN* asked . STOP 
The record price for a full membership on the exchange is $ *UNKN* , set March 9 . STOP 
In a surprise move , the British government cleared the way for a bidding war for Jaguar PLC by agreeing to remove an obstacle to a takeover of the auto maker . STOP 
Trade and Industry Secretary Nicholas *CUNK* told the House of *CUNKS* yesterday that he will *UNK* the government 's so-called golden share in the company as long as Jaguar shareholders agree . STOP 
The golden share *UNKS* any individual holding to 15 % and expires at the end of 1990 . STOP 
It was in Jaguar 's best interests `` for the company 's future to be assured and the present climate of uncertainty resolved as quickly as possible , '' Mr. *CUNK* said . STOP 
Mr. *CUNK* 's decision *UNKS* the starting *UNK* for perhaps a costly contest between the world 's auto giants for Britain 's leading luxury-car maker . STOP 
Both General Motors Corp. and Ford Motor Co. have been trying to *UNKS* 15 % stakes in Jaguar . STOP 
Ford , which already has an *UNUNK* *UNKN* % holding , is prepared to bid for the entire company and had *UNKED* the government to lift the takeover restrictions early . STOP 
GM has been negotiating a friendly transaction with Jaguar that likely would involve joint ventures and an eventual stake of just under 30 % . STOP 
But the government 's action , which caught Jaguar management *UNKED* , may scuttle the GM minority deal by forcing it to fight for all of Jaguar . STOP 
`` I ca n't believe they -LRB- GM -RRB- will let Ford have a free run , '' said Stephen *CUNK* , a European auto industry analyst at *CUNKS* & *CUNK* . STOP 
`` I am sure they will be going for a full bid . '' STOP 
Many investors certainly believe a bidding war is imminent . STOP 
Jaguar shares *UNKED* yesterday after Mr. *CUNK* 's announcement , following their temporary suspension on London 's Stock Exchange . STOP 
In late trading , the shares were up a *UNKING* *UNKN* pence -LRB- $ *UNKN* -RRB- -- a *UNKN* % gain -- to a record *UNKN* pence on very heavy volume of 9.7 million shares . STOP 
In the U.S. over-the-counter market , Jaguar shares trading as American *CUNK* *CUNKS* closed at $ *UNKN* , up $ 1.75 . STOP 
Analysts expect Ford will make the first move , perhaps today , with an initial offer of about 900 pence -LRB- $ *UNKN* -RRB- a share . STOP 
Such a proposal values Jaguar at more than # 1.6 billion -LRB- $ *UNKN* billion -RRB- . STOP 
*CUNKION* about a takeover fight has sent Jaguar shares soaring in the past six weeks . STOP 
The share price was *UNKING* at about 400 pence before Ford 's Sept. 19 announcement of its interest in a minority stake . STOP 
Ford is `` in the driving seat at the moment , '' observed Bob *CUNKER* , an auto analyst at brokers James Capel & Co . STOP 
An aggressive Ford bid for Jaguar would put pressure on GM to make a better offer as the British company 's `` white knight . '' STOP 
Such a *UNK* could end Jaguar 's hopes for remaining independent and *CUNKED* . STOP 
But it is n't clear how long GM would be willing to fight Ford for Jaguar . STOP 
Because of their longstanding *UNK* , GM just `` wants to make sure Ford pays a huge *UNK* for -LRB- Jaguar -RRB- , '' said John Lawson , an auto analyst at London 's Nomura Research Institute . STOP 
People close to the *CUNK-* talks agreed that Ford now may be able to shut out General Motors . STOP 
`` It 's either going to be a *UNK* , or there only may be one player in town , '' one person said . STOP 
Another person close to the talks said , `` It is very hard to justify paying a silly price for Jaguar if an *UNK-* bidding war were to start now . '' STOP 
In a statement , Jaguar 's board said they `` were not *UNKED* about the -LRB- *CUNK* decision -RRB- in advance and were surprised at the action taken . '' STOP 
The statement *UNKED* that holders representing 75 % of the shares voting at a special shareholders ' meeting must agree to lift the takeover restrictions . STOP 
Jaguar officials in the U.S. noted that Ford , as Jaguar 's largest shareholder , now has the power to call for such a meeting . STOP 
U.S. auto analysts also noted that Ford is in the best position to benefit from the large number of Jaguar shares that have moved over the past month into the hands of *UNKS* waiting for the highest takeover bid . STOP 
Jaguar 's own *UNKS* against a hostile bid are weakened , analysts add , because fewer than 3 % of its shares are owned by employees and management . STOP 
Ford officials in the U.S. declined to comment on the British government 's action or on any plans to call a special Jaguar shareholders meeting . STOP 
But GM officials said they , too , were surprised by the move , which left them to `` consider all our options and explore matters further . '' STOP 
Although GM has U.S. approval to buy up to 15 % of Jaguar 's stock , it has n't yet disclosed how many shares it now owns . STOP 
In a prepared statement , GM suggested its plans for Jaguar would be more valuable in the long run than the initial *UNKS* investors might *UNK* from a hostile Ford bid . STOP 
`` Our *UNK* discussions with Jaguar , at their *UNKION* , '' GM said , `` have as their objectives to create a cooperative business relationship with Jaguar that would provide for the continued independence of this great British car company , to ensure a secure future for its employees and to provide an attractive long-term return for its shareholders . '' STOP 
Jaguar was *UNKED* by Mr. *CUNK* 's decision , because management had believed the government would n't lift the golden share without consulting the company first . STOP 
Indeed , the government is taking a calculated risk . STOP 
Mr. *CUNK* 's announcement set off a *UNK* of protests from members of the opposition Labor Party , who accused the Thatcher administration of backing down on promised protection for a *UNKED* company . STOP 
The British government retained the single golden share after selling its stake in Jaguar in STOP 
The Conservative government 's decision may reflect its desire to shed a politically sensitive issue well before the next election , expected in late 1991 . STOP 
`` It 's now a very good time politically to get this over and done with , '' observed Daniel Jones , professor of motor industry management at the University of *CUNK* in *CUNKS* . STOP 
The government , already *UNKED* by high interest rates and a slowing economy , has been badly hurt by last week 's *UNK-* in Mrs. Thatcher 's cabinet . STOP 
At the same time , the government did n't want to appear to favor GM by allowing a minority stake that might *UNK* a full bid by Ford . STOP 
Mr. *CUNK* hinted at this *UNK* in *UNKING* questions from members of Parliament after his announcement . STOP 
He said he was giving up the golden share `` to clear the way so the playing field is level between all *UNKS* . '' STOP 
*CUNK* A. *CUNK* in Detroit contributed to this article . STOP 
Dow Chemical Co. , Midland , Mich. , and Eli Lilly & Co. , Indianapolis , said they completed the formation of Dow *CUNK* , a joint venture combining their *UNKS* businesses as well as Dow 's industrial *UNK-* business . STOP 
The companies said Dow *CUNK* will be the largest *UNKED* agricultural concern in North America , with projected *UNK-* revenue of $ 1.5 billion . STOP 
Dow will own 60 % of the venture , with Eli Lilly holding the rest . STOP 
The venture will be based in Indianapolis . STOP 
William A. *CUNK* , 44 years old , president of the El *CUNK* Natural Gas Co. unit of this energy and *UNKS* concern , was named to the additional post of chief executive officer , succeeding *CUNKS* H. *CUNK* , 61 , who continues as a vice chairman of the parent . STOP 
*CUNK* *CUNK* , the *UNK-* founder of this maker of data communications products and a former chairman and chief executive , resigned as a director . STOP 
Dataproducts is fighting a hostile tender offer by DPC Acquisition Partners , a group led by New York-based *CUNK* Investments Associates . STOP 
Under the circumstances , Dataproducts said , Mr. *CUNK* said he was unable to *UNK* the time required because of other commitments . STOP 
Mr. *CUNK* will remain as a director *UNKS* . STOP 
The company had no comment on whether a replacement would be named . STOP 
Robert *CUNK* *CUNK* , president *UNKS* , University of Florida , and a director of this maker of medical devices , was named chairman . STOP 
Dr. *CUNK* , 66 years old , succeeds Alexander T. *CUNK* , 72 , who did n't stand for *UNKION* due to mandatory board retirement policy . STOP 
*CUNK* Technologies said William P. *CUNK* was elected chairman and chief executive officer of this troubled electronics parts maker . STOP 
The *UNK-* Mr. *CUNK* , who has a background in crisis management , succeeds Alan D. *CUNK* , 45 . STOP 
*CUNK* J. *CUNK* , executive vice president and chief financial officer , said Mr. *CUNK* was resigning by `` mutual agreement '' with the board . STOP 
`` He is going to pursue other interests , '' Mr. *CUNK* said . STOP 
Mr. *CUNK* could n't be reached . STOP 
Mr. *CUNK* , the company said , will retain the rest of the current management team . STOP 
For the nine months ended July 29 , *CUNK* Technologies reported a net loss of $ *UNKN* on sales of $ *UNKN* million . STOP 
That compared with an operating loss of $ 1.9 million on sales of $ *UNKN* million in the year-earlier period . STOP 
In national over-the-counter trading , *CUNK* Technologies shares closed yesterday at *UNKN* cents a share , up 6.25 cents . STOP 
Sales of new cars in Europe fell 4.2 % in September from a year earlier and analysts say the market could continue to *UNK* in the months ahead . STOP 
After a *UNKED* pace early this year , analysts say the market , after a series of sharp swings in recent months , now shows signs of *UNKING* . STOP 
Statistics from 12 countries which normally account for *UNKN* % of *UNK-* Europe 's passenger car sales showed new car *UNKS* totaled *UNKN* in September , down 21 % from August and down 4.2 % for the year to date . STOP 
Tokyo stocks rebounded Tuesday from two consecutive daily losses in relatively active dealings . STOP 
London shares also rose , while trading in Frankfurt , West Germany , ended higher . STOP 
In Tokyo , the Nikkei index of 225 selected issues was up *UNKN* points to *UNKN* . STOP 
The index fell *UNKN* Monday . STOP 
Volume on the First Section was estimated at 900 million shares , up from *UNKN* million shares Monday . STOP 
*CUNKING* issues *UNKED* decliners *UNKN* to *UNKN* , while *UNKN* issues were unchanged . STOP 
*CUNK-* buying targeted at *UNKED* issues pushed up the Nikkei . STOP 
But other sectors failed to attract investor interest and remained sluggish , making overall trading appear mixed . STOP 
*CUNKS* and corporations , as well as dealers trading for their own account , actively bought Tuesday . STOP 
An official at *CUNK* Securities said these investors feel the need to make quick profits , despite *UNKING* *UNKAL* factors , such as political uncertainty tied to the ruling party 's fate at next year 's *CUNKER* House elections - an event which could directly affect the stock market . STOP 
The Tokyo Stock Price Index of all issues listed in the First Section , which declined *UNKN* on Monday , was up *UNKN* , or *UNKN* % , at *UNKN* on Tuesday . STOP 
The Second Section index , which fell *UNKN* points Monday , was up *UNKN* points , or *UNKN* % , to close at *UNKN* . STOP 
Second Section volume was estimated at 14 million shares , unchanged from Monday . STOP 
*CUNKAL* investors mostly remained on the sidelines Tuesday . STOP 
A fund manager at a *UNK-* company said three factors make it difficult to read market direction . STOP 
First , he said , domestic interest rates are likely to stay at higher levels as increased anticipation of inflation followed rising consumer prices reported last week . STOP 
Second , the dollar is showing persistent strength despite a slowdown in the U.S. economy shown by economic indicators . STOP 
Third , oil prices have n't declined although supply has been increasing . STOP 
The topic that attracted participants ' attention was Mitsubishi Estate 's purchase of 51 % of Rockefeller Center *CUNKS* , announced late Monday in New York . STOP 
Mitsubishi Estate ended the day at *UNKN* , up 150 . STOP 
The gains also sparked buying interest in other real-estate companies , traders said . STOP 
*CUNK* Realty & Development rose 40 to *UNKN* . STOP 
*CUNK* Real Estate gained 40 to *UNKN* . STOP 
Investor focus *UNKED* quickly , traders said . STOP 
Many of the *UNKION* winners turned out to be losers by afternoon . STOP 
In other stock-market news , the Tokyo Stock Exchange said that for the week ended Friday , the balance of margin buying rose *UNKN* billion yen -LRB- $ *UNKN* billion -RRB- , to *UNKN* trillion yen -LRB- $ *UNKN* billion -RRB- . STOP 
The balance of short positions outstanding fell *UNKN* billion yen , to *UNKN* billion yen . STOP 
In London , prices finished at intraday *UNKS* , *UNKED* by a *UNKING* early performance on Wall Street and news that the British government will *UNK* its `` golden share '' in auto maker Jaguar . STOP 
But trading was very *UNK* , as investment decision makers remain wary from gyrations and *UNKS* of recent weeks . STOP 
`` Volume has been *UNKING* , '' said a dealer at a British brokerage concern . STOP 
`` The market was *UNKED* up by the *UNK* of its neck by Wall Street and by market makers getting caught short . STOP 
No one wants stock on their books . '' STOP 
Meanwhile , the *UNKED* Financial Times 100-share index added *UNKN* points to end at *UNKN* , while reaching its minimum of *UNKN* a half hour into the session . STOP 
At the close , the *UNKER* 30-share index was up *UNKN* points to *UNKN* . STOP 
Volume totaled a modest *UNKN* million shares , up from *UNKN* million shares Monday . STOP 
The market also moved at early afternoon on news that Jaguar shares were being temporarily suspended at *UNKN* pence -LRB- $ *UNKN* -RRB- each . STOP 
Secretary of State for Trade and Industry Nicholas *CUNK* said later in the day that the government would *UNK* its golden share in Jaguar , the luxury auto maker being *UNKED* by General Motors and Ford Motor . STOP 
The golden share *UNKS* from Jaguar 's public offering in 1984 and was designed to protect the company from takeover . STOP 
The golden share was scheduled to expire at the beginning of STOP 
But although the golden share has been *UNKED* , a hostile bidder for Jaguar would still have to alter the British concern 's articles of association which ban *UNKS* of more than 15 % . STOP 
Jaguar shares closed at *UNKN* pence , up *UNKN* pence , on hefty turnover of 9.7 million shares . STOP 
As the London trading session drew to a close , the market was still listening to the parliamentary debate on the economy , with new Chancellor of the Exchequer John Major expected to *UNK* his approach to the British economy and currency issues . STOP 
On the Frankfurt Stock Exchange , share prices closed higher in fairly thin trading , as *UNK* buying by foreigners helped *UNK* prices . STOP 
The *CUNK* index closed at *UNKN* , up from *UNKN* . STOP 
Despite the modest gains , traders said the market remains *UNK* , with investors remaining *UNKLY* on the sidelines . STOP 
*CUNKING* to the market 's *UNKED* stance was the release later in the day of new data on the health of the U.S. economy , in the form of the U.S. index of leading indicators . STOP 
*CUNKLY* , the end of the month *UNKING* might have also played a minor role , traders said . STOP 
Elsewhere , share prices closed higher in Amsterdam , Brussels , Milan and Paris . STOP 
Prices were mixed in Zurich and lower in Stockholm . STOP 
Stocks closed higher in Hong Kong , Manila , Singapore , Sydney and Wellington , but were lower in Seoul . STOP 
Taipei was closed for a holiday . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
French consumer prices rose 0.2 % in September from the previous month and were up 3.4 % from a year earlier , according to definitive figures from the National Statistics Institute . STOP 
The state agency 's figures confirm previous estimates and leave the index at *UNKN* , up from *UNKN* in August and *UNKN* a year earlier . STOP 
The index is based on 1980 equaling 100 . STOP 
A breakdown showed that food prices were the most active part of growth with a rise of *UNKN* % . STOP 
An official linked the gain essentially to higher prices for beef and pork . STOP 
He said summer *UNK* problems that had hit several southern agricultural regions had stopped being a major source of price pressure in September . STOP 
Japan 's index of leading indicators rose to *UNKN* in August , above the so-called *UNK-* line of 50 for the first time since May , the Economic *CUNKING* Agency said . STOP 
The leading index recovered from July 's revised level of *UNKN* on strong *UNKS* in consumer *UNKS* and machinery orders , among other factors , according to an agency spokeswoman . STOP 
The index is intended to measure future economic performance . STOP 
A figure above 50 indicates the economy is likely to expand ; one below 50 indicates a *UNKION* may be ahead . STOP 
*CUNK* Co. said its *CUNK* Long *CUNK* unit has been *UNKED* *CUNK-* Long *CUNK* , reflecting acquisitions from ITT Corp. , which licenses its name to closely held *CUNK* . STOP 
*CUNK* said its unit is the *UNKEST* provider of long-distance communications service in the U.S. , with projected 1989 revenue of more than $ 550 million . STOP 
*CUNK* , headed by John W. *CUNK* , has interests in telecommunications , *UNK* painting , computer software , restaurants and entertainment . STOP 
South Korean consumer prices rose 5 % in the first 10 months of this year , matching the government 's target for the entire year , according to the Bank of Korea and the Economic *CUNKING* Board . STOP 
According to reports released by the two government agencies , domestic consumer and wholesale prices each rose by 0.2 % in October from the previous month . STOP 
As a result , consumer prices for the first 10 months of 1989 surged by 5 % and wholesale prices by 1.3 % . STOP 
The South Korean government had been *UNKING* a 5 % consumer price increase for the entire year . STOP 
Martin *CUNK* Corp. said it won a $ *UNKN* million contract from the U.S. *CUNKAL* Service to manufacture and install *UNKED* *UNKING* machines . STOP 
Under terms of the three-year contract , Martin *CUNK* said it will make and install *UNKN* of the new machines at *UNKN* *UNKAL* offices . STOP 
The new machines are capable of *UNKING* by *UNK* code up to 10,000 large flat mail pieces , including magazines and *UNKS* , an hour . STOP 
Thomas A. *CUNK* , 37 years old , formerly vice president , West Coast operations , at this *UNK-* *UNKION* concern , was named executive vice president and chief operating officer , both newly created posts , and a director , filling a vacancy . STOP 
*CUNK* said it anticipates *UNKING* Mr. *CUNK* to succeed Richard F. *CUNK* , 55 , as president and chief executive officer , effective March 1 . STOP 
Mr. *CUNK* will remain a *CUNK* board member and will be a consultant to the company . STOP 
Yields on *UNK-* certificates of deposit dropped slightly in the week ended yesterday . STOP 
The average yield on a six-month CD of $ 50,000 or less was 7.90 % , compared with *UNKN* % a week earlier . STOP 
The average one-year *UNK-* CD was down to *UNKN* % from *UNKN* % , according to Banxquote Money Markets , a New York information service that tracks CD yields . STOP 
`` This week was *UNUNK* for the CD market , '' said *CUNK* *CUNK* , chairman of Banxquote . STOP 
`` The major banks have n't even reacted to sharp rises in the three-month Treasury bill rates '' in the past two weeks . STOP 
Banks that adjusted *UNKS* on CDs in the most recent week made only *UNKAL* moves , he said . STOP 
The CD trend runs counter to the direction of short-term interest rates at the Treasury bill auction Monday . STOP 
The average six-month bill was sold with a yield of *UNKN* % , up from 7.90 % . STOP 
The average three-month issue rose to 8.05 % from *UNKN* % . STOP 
*CUNKLY* , banks offer CD yields higher than those on Treasury bills , which are considered the *UNKEST* short-term investments ; banks need a competitive edge to sell their products . STOP 
But when market interest rates move up rapidly , increases in bank CD yields sometimes lag . STOP 
Most yields on short-term *UNK* CDs , those with denominations over $ *UNKN* , also moved in the opposite direction of Treasury bill yields . STOP 
The average six-month yield on a *UNK* CD was at 7.90 % , down from *UNKN* % , Banxquote said . STOP 
For *UNK-* CDs , yields were up . STOP 
The average two-year and five-year *UNKS* were up *UNKN* of a percentage point to *UNKN* % and 7.96 % , respectively . STOP 
However , CDs sold through major *UNKER* networks were up slightly almost across the board . STOP 
The average six-month CD in that category added *UNKN* percentage point to *UNKN* % , for example . STOP 
Mr. *CUNK* attributed the rise specifically to the Treasury bill increase . STOP 
Among the major banks surveyed by Banxquote in six regions of the country , *UNKN* % is the highest yield available . STOP 
It is offered by the flagship banks of New York 's Manufacturers Hanover Corp. in the one-year maturity only . STOP 
The yield is offered across a range of maturities at San Francisco 's BankAmerica Corp. and Wells Fargo & Co . STOP 
Just two weeks ago , BankAmerica 's yields in many of those maturities was *UNKN* % . STOP 
Still , on average , the major California banks have the highest yields on CDs , according to Banxquote . STOP 
The average yield there on six-month issues is *UNKN* % . STOP 
I had to reach back to French 101 when the *UNK* *UNK* *UNK* *UNKED* over my *UNKER* during the coffee phase of dinner and asked whether I wanted to ride in a *UNK* . STOP 
I was a *UNK-* -LRB- read *UNKING* -RRB- *UNK* at a French *UNK* convention and so far the *UNKS* had been taken up entirely by eating , drinking , smoking , *UNKING* and drinking . STOP 
The man with the *UNK* represented a *UNKED* attempt to introduce a bit of *UNK* *UNK* into our *UNK* . STOP 
But as the French *UNK* a *CUNK-* state of *UNK* when it comes to *UNKS* -LRB- try finding a *CUNKS* machine in Paris -RRB- , my fellow *UNKS* were having none of it . STOP 
The *UNKS* at my table simply *UNK* more *CUNKS* and *UNKED* at the suggestion of *UNKING* a perfectly good Saturday morning to go *UNKING* or even *UNKING* -LRB- *UNKING* to you ; the brothers *CUNKER* , French of course , were the world 's first *UNK-* *UNKS* -RRB- . STOP 
Back in the *CUNK* this kind of *UNK-* *UNK* activity wins *UNKLY* *OUS* responses . STOP 
As in : `` You went *UNKING* ? ? ! ! STOP 
In France ? ? ! ! '' STOP 
Americans it seems have followed Malcolm *CUNKS* 's *UNK-* lead and taken to *UNKING* in a *UNK* way . STOP 
During the past 25 years , the number of *UNKS* -LRB- those who have passed a Federal Aviation Authority *UNK-* test -RRB- have *UNKED* from a couple hundred to several thousand , with some estimates running as high as 10,000 . STOP 
Some 30 balloon shows are held annually in the U.S. , including the world 's largest *UNKION* of *UNK* *CUNKS* *CUNKS* -- the *UNK-* *CUNK* International *CUNK* *CUNK* that *UNKS* some 800,000 *UNKS* and more than 500 *UNKS* , some of which are *UNKLY* *UNKED* to *UNK* *CUNK* *CUNK* , *CUNK* or a *UNK-* *UNK* . STOP 
-LRB- The *UNK* balloon was denied official entry status this year . -RRB- STOP 
But in *CUNKAL* , a gray *UNK-* *UNKER* town *UNK* to France 's *CUNKS* mountain region , none of these *CUNKLY* *UNKS* for things *UNK* was evident . STOP 
*CUNKING* at the de *UNK* hour of 6 a.m. held all the *UNKION* for most people of *UNK* *UNKAL* work . STOP 
*CUNKING* the *UNKS* of a culture *UNK* , I promptly signed up . STOP 
The first thing anybody will tell you about *UNKING* is that it requires *UNK* in the way of *UNK* *UNKS* , or even a measure of *UNK-* . STOP 
-LRB- So long as you do n't look down . -RRB- STOP 
They will also tell you that even if you hate *UNKS* , you can still balloon . STOP 
-LRB- I still say do n't look down . STOP 
At least not when you are *UNKING* . -RRB- STOP 
What they wo n't tell you is not to go *UNK* in anything you do n't want to get *UNK* . STOP 
I 'm not referring to the traditional *UNK* *UNKING* during the *UNK-* *UNK* . STOP 
I 'm talking about landing in a *UNKAL* . STOP 
In a *OUS* *UNKER* basket . STOP 
With a pilot who *UNKS* no English . STOP 
To *UNK* , my *UNK* *UNK* -LRB- and *UNKS* are referred to as *UNKS* -RRB- began at *UNK* on a *UNK-* *UNK* and ended at noon in a *UNK* field . STOP 
-LRB- *CUNK* flights almost always occur at *UNK* or *UNK* , when the *UNKS* are *UNKEST* . -RRB- STOP 
In between came lots of coffee drinking while watching the *UNKS* *UNK* and lots of standing around deciding who would fly in what balloon and in what order -LRB- the baskets hold no more than four passengers -RRB- . STOP 
When it was n't my turn in the balloon I followed its progress from the `` *UNK* car , '' listening to the *UNKER* *UNKER* into a *UNK-* . STOP 
After long *UNKS* of this *UNK* ground activity came 20 or so *UNKLY* minutes of *UNKING* above the *CUNKS* watching the silver *UNKS* rise off the *UNKER* and the French *UNKS* *UNK* about the fields . STOP 
It 's hard not to feel that God 's in his *UNK* with this kind of *UNK-* view of the world , even if your *UNK* in silly *UNK* *UNK* kept *UNKING* out how `` *UNK* '' it all was . STOP 
Eventually little French farmers and their little French *UNKS* came out of their *UNK* houses and put their hands above their tiny eyes and *UNKED* at us . STOP 
No wonder . STOP 
We were coming down straight into their *UNKAL* . STOP 
*CUNK* , the other rule of *UNK* about *UNKING* is that you ca n't *UNKER* . STOP 
And neither can your pilot . STOP 
You can go only up or down -LRB- by *UNKING* the balloon 's air with a *UNK* *UNKER* , which does make the top of your head feel hot -RRB- and ride the air *UNKS* . STOP 
*CUNK* makes the *UNK* car necessary . STOP 
Most *UNKS* *UNK* go higher than 2,000 feet and most average a *UNKLY* *UNKN* miles an hour . STOP 
When the balloon is *UNKING* along at a steady *UNK* there is little sense of motion . STOP 
Only when one is *UNKING* -- or in our case *UNKING* a *UNK* *UNK* *UNK* -- does one feel , well , *UNK* in a *UNK* basket . STOP 
`` What 's he doing ? '' *UNKED* my *UNKION* , who was the only other *CUNKING* member of the convention and whose *UNKS* were white . STOP 
`` *CUNKION* , '' *UNKED* our pilot as our basket plunged into the *UNKAL* . STOP 
`` You bet attention , '' I *UNKED* back , *UNKING* *UNK* the *UNK* tanks , `` I 'm wearing *UNK* *UNKS* ! '' STOP 
Our pilot simply *UNKED* , fired up the *UNKER* and with another *UNK* of *UNK* lifted us , *UNK* , a good *UNKS* above the water level . STOP 
We *UNKED* along for a few feet before he plunged us into the drink again . STOP 
Eventually we came to rest in a *UNK* *UNK* of field where we had the *UNK* *UNK* of *UNKING* out of the basket into the *UNK* while the French half of our *UNKING* *UNK* team scrambled in . STOP 
I looked at my watch . STOP 
*CUNKLY* *UNK-* *UNK* . STOP 
Back in the *UNK* car , we drove around some more , got stuck in a *UNK* , *UNKED* the aid of a local farmer to get out the *UNKER* *UNK* and pull us out of the *UNK* . STOP 
We finally *UNKED* with our balloon , which had come to rest on a *UNK* road amid a *UNK* of *CUNKS* who watched us *UNK* our *UNK* -- another *UNK-* of *UNK-* activity -- that included the *UNKION* routine of *UNKING* the balloon to the ground , *UNKING* all the air out of it , rolling it up and *UNKING* it and the basket into the *UNKER* . STOP 
It was the most exercise we 'd had all morning and it was followed by our driving immediately to the *UNKEST* *UNKING* hole . STOP 
This meant returning to the golf course , where we watched a few French *UNKS* *UNK* the first *UNK* while we sat under *CUNK* *UNKS* , me *UNKING* an *UNK* and my *UNK* . STOP 
A whole morning of *UNKING* and I had been off the ground barely 30 minutes . STOP 
Still , I figured the event 's *UNK-* back in the *CUNK* was near *UNKS* . STOP 
As for the ride back to *UNK* , our pilot and all the other *CUNKING* passengers *UNKED* into the *UNK* car . STOP 
My American *UNKION* and I were left to ride *UNK* in the *UNKER* basket . STOP 
As we *UNKED* by a *UNK* *UNK* , I could n't *UNK* *UNKING* up on my *UNK* *UNKS* and *UNKING* . STOP 
Ms. de *CUNKS* is a *UNK-* writer . STOP 
Treasury *CUNK* David *CUNK* defended the Treasury 's efforts this fall to drive down the value of the dollar , saying it helped *UNK* damage from the 190-point drop in the stock market Oct. 13 . STOP 
*CUNKING* before a House subcommittee , Mr. *CUNK* said that if the Treasury had n't *UNKED* in foreign-exchange markets in September and early October to reduce the dollar 's value , the plunge in the stock market might have *UNKED* a steep fall in the currency that might have `` *UNKED* financial markets . '' STOP 
Mr. *CUNK* , responding to critics of intervention , also said intervention is `` highly visible , '' is taken seriously by financial markets and works better than `` was recognized some time ago . '' STOP 
*CUNKS* between the Treasury and the Federal Reserve on the *UNKS* of intervention to help *UNK* the dollar *UNKED* at the hearing . STOP 
Fed Vice Chairman Manuel Johnson , who had *UNKED* from the Treasury 's policy , told lawmakers , `` I became convinced about what looked to me like an attempt to push the dollar down against the fundamentals in the market . '' STOP 
*CUNKION* , he added , is useful only to smooth *UNKLY* markets , not to *UNKLY* influence the dollar 's value . STOP 
Rep. John *CUNK* -LRB- D. , N.Y . -RRB- said Mr. Johnson refused to testify jointly with Mr. *CUNK* and instead asked to appear after the Treasury official had completed his testimony . STOP 
A Fed spokesman denied Mr. *CUNK* 's statement . STOP 
Mr. *CUNK* said reports of tension between the Treasury and Fed have been *UNKED* , insisting that they involved `` *UNKS* . '' STOP 
Mr. Johnson also said that `` in the scheme of things , these things are minor . '' STOP 
On other matters , Mr. *CUNK* said West Germany is contributing to *UNKS* in the world economy because of its success as an *UNKER* . STOP 
`` The solution is stronger domestic growth -LCB- in Germany -RCB- , '' he said . STOP 
But because the growth of the German economy has been stronger than expected , Mr. *CUNK* said , it 's difficult for the U.S. to argue that Germany ought to adopt more *UNK* monetary and fiscal policies . STOP 
Germany 's trade surplus is largely with other European countries rather than with the U.S. , Mr. *CUNK* acknowledged . STOP 
But nonetheless U.S. companies might be more successful in European markets if not for the German export push , he said . STOP 
Five officials of this investment banking firm were elected directors : E. *CUNK* *CUNKS* III , a *UNK-* managing director in the mergers and acquisitions department ; Michael R. *CUNK* , 44 , a managing director who directs the principal activities group which provides funding for leveraged acquisitions ; Richard *CUNK* , 53 , a general partner who heads the *UNK* clearing services ; Michael *CUNKS* , 46 , a general partner who is treasurer ; and William J. *CUNKS* , 42 , a general partner who is also senior vice president of finance and chief financial officer . STOP 
The board increased by one to 26 members . STOP 
In the past year , one inside director resigned , while three others retired . STOP 
Some U.S. allies are *UNKING* that President Bush is pushing *UNKS* talks too quickly , creating a risk that negotiators will make errors that could affect the security of Western Europe for years . STOP 
*CUNKS* about the pace of the *CUNK* talks -- which are aimed at the destruction of some 100,000 weapons , as well as major reductions and *UNKS* of troops in central Europe -- also are being registered at the Pentagon . STOP 
Mr. Bush has called for an agreement by next September at the latest . STOP 
But some American defense officials believe the North Atlantic *CUNK* Organization should take more time to examine the long-term implications of the options being considered . STOP 
For one thing , Pentagon officials , who asked not to be identified , worry that the U.S. will have a much tougher time *UNKING* Europeans to keep some *UNK-* nuclear weapons on their soil once Soviet *UNKED* forces are *UNKED* out . STOP 
At the same time , they contend that a reduction of NATO forces under a treaty will increase the possibility of a conventional Soviet attack unless the West retains a *UNKAL* force of nuclear weapons in Europe . STOP 
*CUNKS* concerned about the deadline include the British , French and smaller NATO allies , some of whom do n't have adequate staffs to provide quick answers to the questions being raised by what generally are considered the most complex *UNK-* talks ever attempted . STOP 
So far , no ally has complained openly , *UNKING* the impression that NATO is in line with the Bush position that a quick agreement bringing Soviet conventional forces down to parity with NATO is the West 's top bargaining priority . STOP 
But even though NATO negotiators have only 10 months left under the Bush timetable , they are still *UNKING* over such seemingly fundamental questions as `` What is a tank ? '' STOP 
Five of the six categories of weapons under *UNKION* have n't even been defined . STOP 
*CUNKS* currently are defined as *UNKED* vehicles *UNKING* 25 tons or more that carry large *UNKS* . STOP 
The Soviets complicated the issue by offering to include light tanks , which are as light as 10 tons . STOP 
*CUNK* A. *CUNK* , the chief Soviet *UNK* in the *UNKS* talks , argued that this would mean the Soviets would have to destroy some *UNKN* tanks , while the U.S. would lose none because it has no light tanks in Europe . STOP 
But the issue is *UNKER* than it seems . STOP 
France , Britain and Italy all have light tanks they would like to keep out of the talks . STOP 
And some U.S. Army analysts worry that the proposed Soviet *UNKION* is aimed at blocking the U.S. from developing *UNKER* , more *UNK* , *UNK-* tanks . STOP 
*CUNKING* combat aircraft is even tougher . STOP 
The Soviets insisted that aircraft be brought into the talks , then argued for *UNKING* some 4,000 Russian planes because they are `` solely defensive . '' STOP 
NATO has n't *UNKED* from its *UNK* that any *UNKING* plane has offensive capability . STOP 
The dispute over that issue , according to one U.S. official , is a `` potential treaty *UNKER* , '' and only President Bush and Soviet leader Mikhail Gorbachev may be able to resolve it . STOP 
Accounting problems raise more *UNK* issues . STOP 
Greece and Turkey , for example , are *UNKED* of *UNKING* their *UNKS* in hopes that they can emerge from the *UNKION* treaty with large remaining forces to *UNKER* each other . STOP 
Other nations are n't sure how many weapons they have in their own *UNKS* . STOP 
`` It 's just going to be *UNK* , both on our side and theirs -LCB- the Warsaw *CUNK* 's -RCB- , '' says one NATO analyst . STOP 
So far , neither the Bush administration nor *UNK-* experts in Congress seem moved by arguments that these problems may take more time to *UNK* out than President Bush has allowed . STOP 
They argue that the bigger danger would be that the West would delay action so long that the Soviets might back away from the current *UNK* attitude . STOP 
`` So what if you miss 50 tanks somewhere ? '' asks Rep. Norman *CUNKS* -LRB- D. , Wash. -RRB- , a member of the House group that visited the talks in *CUNK* . STOP 
`` The bottom line is that if we can get that -LCB- Warsaw *CUNK* -RCB- *UNK* brought down to parity , we ought to keep pressing ahead as quickly as possible . STOP 
I worry more about things becoming so *UNKED* on the other side that they might become unable to negotiate . STOP 
International *CUNK* Finance Corp. announced a leasing contract with charter carrier American Trans Air Inc. , in a transaction involving six Boeing Co. *UNKS* . STOP 
The value of the *UNKS* , including *UNKS* , is in excess of $ 250 million . STOP 
Two of the *UNKS* are new aircraft to be delivered to American Trans Air , the main subsidiary of *CUNK* Inc. , in December 1991 and January 1992 . STOP 
Four of the planes were purchased by International *CUNK* from Singapore Airlines in a previously announced transaction . STOP 
*CUNK* of the first aircraft is set for early November , a second for December and two for April 1990 . STOP 
*CUNK* 's unemployment rate for October was 3.6 % , unchanged from September but up from 2.6 % in the same month last year . STOP 
The figure *UNKS* a record number employed by extraordinary government work programs , the Labor *CUNK* announced Tuesday . STOP 
*CUNKING* those in the state programs , there were *UNKN* *CUNKS* , or about 6.5 % of the work force , without permanent employment in October , up from September 's *UNKN* . STOP 
The number of people registered as *UNKS* at the end of October declined by 900 from September to *UNKN* . STOP 
Those employed in *UNKED* special programs increased by *UNKN* to *UNKN* in the same period , the *CUNK* said . STOP 
In October 1988 , there were *UNKN* fewer employed by government programs . STOP 
Coca-Cola Co. , *UNKING* to boost soft-drink volume in Singapore , said it is discussing a joint venture with *CUNKER* & *CUNK* Ltd. , its *UNKING* franchisee in that country . STOP 
The venture would be the latest in Coke 's rapid expansion of overseas investment . STOP 
So far this year , it has put nearly $ 700 million into *UNKING* operations in Australia , New Zealand and France . STOP 
The move also reflects Coke 's *UNKS* to have a hand in developing the soft-drink markets in Pacific *CUNK* countries . STOP 
Aside from Europe , the Pacific division is where Coke will be focusing much of its attention for years to come . STOP 
That 's because when Coke looks to the Pacific area , it sees an economic and *UNK* gold mine . STOP 
In countries such as Taiwan , South Korea and Singapore , economies are growing , resulting in a rise in disposable income that consumers can use for soft *UNKS* . STOP 
And unlike Europe and the U.S. , where *UNKS* are aging , the Pacific *CUNK* countries have growing *UNKS* of *UNKS* -- the *UNKEST* consumers of Coca-Cola and other *UNKS* . STOP 
A Coca-Cola spokesman said it is too early to say how the joint venture would be structured , or how much the company would invest in the transaction . STOP 
In the past , however , Coke has typically taken a minority stake in such ventures . STOP 
By acquiring stakes in *UNKING* companies in the U.S. and overseas , Coke has been able to improve *UNKS* ' efficiency and production , and in some cases , marketing . STOP 
Coke has *UNKED* to increase its control when results were sluggish in a given country . STOP 
That does n't appear to be the case in Singapore , a country of about three million people with a relatively high soft-drink consumption rate -- a key indicator of Coke 's success in a market . STOP 
In Singapore , *UNK-* consumption is about one-third that of the U.S. . STOP 
And combining *CUNKER* & *CUNK* 's own soft *UNKS* with Coca-Cola 's gives the Singapore company more than half the share of the *UNK* market there , Coke said . STOP 
*CUNKER* & *CUNK* , which also has interests in packaging , beer and *UNK* products , holds the Coke licenses for Malaysia and *CUNK* , where *UNK-* consumption is n't as high as in Singapore . STOP 
Coke could be interested in more quickly developing some of the *UNKED* potential in those markets . STOP 
A Coke spokesman said he could n't say whether that is the direction of the talks . STOP 
Coke said the *UNK-* arrangement , which needs approval from both companies ' boards , should be completed early next year . STOP 
*CUNK* *CUNK* Inc. , Old Greenwich , Conn. , said it increased its quarterly 11 % to 68 cents a share from 61 cents , payable Dec. 1 to stock of record Nov. 10 . STOP 
The increase follows the company 's report of strong earnings for the third quarter , and reflects what American Brands called its `` tradition of *UNKING* earnings growth '' with shareholders . STOP 
American Brands is a consumer products company with core businesses in tobacco , *UNKED* spirits and life insurance . STOP 
As of Sept. 30 , American Brands had *UNKN* million shares outstanding . STOP 
Giovanni Agnelli & Co. announced a transaction that will strengthen its *UNK* control of Fiat *CUNK* . A. and will admit Prince *CUNK* *CUNK* *CUNK* as its first *UNKLY* shareholder . STOP 
Giovanni Agnelli , a limited partnership that is the master holding company for Fiat 's Agnelli family , owns approximately 75 % of the shares in *CUNK* *CUNK* *CUNK* , which in turn owns approximately 40 % of Fiat , Italy 's biggest private-sector industrial group . STOP 
The company said *CUNK* *CUNK* Agnelli *CUNK* , sister of Fiat Chairman Giovanni Agnelli , agreed to trade her shares in *CUNK* for new ordinary shares in the limited partnership , which will give her control of *UNKN* % of Giovanni Agnelli & Co . STOP 
The *CUNK* *CUNK* , meanwhile , agreed to trade some of his stake in *CUNKED* *CUNK* S.A. , another Agnelli family company , for *UNKN* % of Giovanni Agnelli & Co. 's capital . STOP 
His new stake would be in the form of preferred shares , which receive higher dividends but have voting rights only in extraordinary shareholders *UNKS* . STOP 
The *CUNK* *CUNK* owns 10 % of *CUNK* 's capital , while *CUNK* owns 23 % . STOP 
As a result of the transaction , which is expected to be approved at a shareholders meeting Nov. 24 , Giovanni Agnelli & Co. will control *UNKN* % of *CUNK* 's ordinary shares . STOP 
Its capital will also be raised to *UNKN* billion lire -LRB- $ *UNKN* million -RRB- from the current *UNKN* billion lire . STOP 
*CUNK* also has *UNKING* preferred shares , which are quoted on the Milan stock exchange . STOP 
The value of the two transactions was n't disclosed , but an *CUNK* spokesman said no cash would change hands . STOP 
The move *UNKS* the existing links between the *CUNKS* and the *CUNK* *CUNK* , the head of the world 's *CUNK* *CUNKS* who is a longtime family friend and frequently goes *UNKING* with Mr. Agnelli . STOP 
Mr. Agnelli and the *CUNK* *CUNK* also have some business ties , and a spokesman for the Agnelli company did n't rule out that the current agreement could lead to further *UNKION* . STOP 
For instance , *CUNK* earlier this year bought an 18 % stake in *CUNK* , the *CUNK* *CUNK* 's airline , which *UNKS* between Italy and *CUNK* . STOP 
Giovanni Agnelli & Co. , which was formed in January 1987 as a way of keeping the *CUNKS* ' controlling stake in Fiat together despite an *UNKING* family *UNK* , has been playing a more active role in the Agnelli group of late . STOP 
It raised financing of 300 billion lire for the purchase this summer by another *CUNKED* group of the food concern *CUNK* *CUNK* . A. , by selling a chunk of its *CUNK* shares to *CUNK* *CUNK* . A. STOP 
*CUNK* said during the weekend that it agreed to sell the shares back to Giovanni Agnelli for *UNKN* billion lire . STOP 
Your Oct. 2 *UNK-* article on people riding so-called `` *UNKS* '' on railroad tracks was a *UNK* to your readers . STOP 
It *UNKLY* *UNKS* others to engage in a highly dangerous and illegal activity that only a very few are doing now . STOP 
And it *UNKS* such activities in a *OUS* , *UNKER* fashion , with total *UNK* to common sense and public safety . STOP 
*CUNK* *CUNK* STOP 
Vice President STOP 
Public Affairs STOP 
*CUNK* STOP 
MCI Communications Corp. said it received a three-year contract valued at more than $ 15 million to provide network , credit-card and other telecommunications services to Drexel Burnham Lambert Inc . STOP 
Congressional Democrats and the Bush administration agreed on a compromise *UNK-* bill , opening the way for the first *UNK-* boost in more than nine years . STOP 
The agreement ended a long *UNK* between the congressional leaders and the White House over the wage issue . STOP 
President Bush in June *UNKED* a measure passed by Congress and said he would n't accept any *UNK-* rise that went beyond limits he set early in this year 's debate on the issue . STOP 
The compromise was a somewhat *UNKED* version of what the White House had said it would accept . STOP 
Under the agreement with the House and Senate leaders , the minimum wage would rise from the current $ *UNKN* an hour to $ 4.25 an hour by April 1991 . STOP 
*CUNKS* could also pay a *UNK* `` training wage '' for 90 days to new workers who are up to 19 years old , and then for another 90 days if the company *UNKS* a specific training program for the *UNKS* . STOP 
White House officials were *UNKED* that the compromise includes the concept of a training wage , which Mr. Bush has fought for throughout the year . STOP 
`` For the first time in history , we have a training wage that will be part '' of the nation 's labor laws , said Roger *CUNKER* , assistant to the president for economic and domestic policy . STOP 
White House aides said that although they made a small compromise on the length of a training wage , the final *UNK-* increase will meet the standards set by Mr. Bush . STOP 
The bill *UNKED* by the president in June , which the House failed to override , would have lifted the minimum wage to $ *UNKN* an hour by late 1991 , with a training wage for up to two months , generally for a worker 's first job . STOP 
Mr. Bush had been holding out for a bill boosting the wage floor to $ 4.25 an hour by the end of 1991 , *UNKED* with a six-month training wage for workers newly hired by any employer . STOP 
Under the compromise , the $ 4.25 level would be reached nine months earlier , while the training *UNK* would be *UNKER* , unless it is tied to a training plan . STOP 
Democrats argued that the training wage was a way of allowing employers to pay less than the minimum wage , while new workers need far less than six months to be *UNKED* for their jobs . STOP 
Democrats had been negotiating with some Republican congressional leaders on a compromise lately . STOP 
With congressional elections next year , GOP leaders have worried about opposing a *UNK-* rise for *UNK-* workers at a time when Congress is moving toward a capital-gains tax cut that would directly benefit *UNKER* taxpayers . STOP 
Republicans have been *UNKING* the White House to compromise on the wage issue . STOP 
In the Senate , Edward Kennedy -LRB- D. , Mass. -RRB- , chairman of the Labor Committee , and *CUNK* *CUNK* , -LRB- R. , *CUNK* . -RRB- ranking minority member of the Budget Committee , have been working on a compromise , and their *UNKS* showed that the Senate appeared to be heading toward enough strength to override another Bush veto , a Democratic staff official said . STOP 
The House is scheduled to vote this week on the compromise , as a substitute to a new Democratic bill , itself *UNKED* down from last spring 's version . STOP 
The Senate will probably vote not long *UNK* . STOP 
Some Democrats thought they might have *UNKED* too much . STOP 
Rep. Austin Murphy -LRB- D. , Pa. -RRB- , chairman of the House labor standards subcommittee , said they might have done better `` if we 'd held their feet to the fire . '' STOP 
Mr. Kennedy suggested Democrats `` *UNKED* a great deal '' on the size of the increase , but he cited concessions from the White House on the training wage , which he said make it `` less *UNK* . '' STOP 
With only *UNKS* to *UNKS* eligible , 68 % of workers getting less than $ 4.25 an hour , who are adults , wo n't be subject to the training wage , he said . STOP 
The *CUNK-* , which previously opposed the administration 's *UNK* idea , said the compromise has `` adequate *UNKS* , so the youth are not *UNKED* and older workers are not *UNKED* . '' STOP 
Gerald F. *CUNK* contributed to this article . STOP 
Moody 's Investors Service Inc. said it lowered the ratings on about $ *UNKN* billion of Houston *CUNKING* & Power Co. 's securities because of the company 's low levels of interest coverage and internal cash generation . STOP 
Houston *CUNKING* is a unit of Houston Industries Inc. , a utility holding company in Houston . STOP 
*CUNKED* by Moody 's were Houston *CUNKING* 's *UNK-* bonds and secured *UNK-* bonds to single-A-3 from single-A-2 ; unsecured *UNK-* bonds to *CUNK-* from single-A-3 ; preferred stock to single-A-3 from single-A-2 ; a shelf registration for preferred stock to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 ; two shelf *UNKS* for *UNKED* debt securities to a preliminary rating of single-A-3 from a preliminary rating of single-A-2 , and the unit 's rating for commercial paper to *CUNK-* from *CUNK-* . STOP 
Moody 's said Houston *CUNKING* 's current situation has some positive aspects , including managing `` very well '' the construction and commercial operation risks of *CUNKS* 1 and 2 of the South Texas *CUNK* nuclear power plant . STOP 
Capital requirements will be declining and no new *UNKING* facilities will be required for several years , Moody 's said . STOP 
Scott C. Smith , formerly vice president , finance , and chief financial officer of this media concern , was named senior vice president . STOP 
Mr. Smith , 39 , retains the title of chief financial officer . STOP 
Armstrong World Industries Inc. agreed in principle to sell its carpet operations to *CUNK* Industries Inc . STOP 
The price was n't disclosed but one analyst estimated that it was $ 150 million . STOP 
Armstrong , which has faced a takeover threat from the *CUNK* family of Canada since July , said that *UNKING* of the carpet business would improve `` total financial performance . '' STOP 
The move also would allow the company to concentrate on core businesses , which include *UNK* *UNK* , floor *UNKS* and furniture . STOP 
Moreover , such a sale could help Armstrong *UNK* its investors and *UNKER* the *CUNKS* , who own a *UNKN* % stake in the *CUNKER* , Pa. , company . STOP 
Analysts expect Armstrong to use proceeds of the sale to reduce debt , buy back stock or perhaps finance an acquisition . STOP 
The carpet division had 1988 sales of $ *UNKN* million , or almost 14 % of Armstrong 's $ *UNKN* billion total revenue . STOP 
The company has been manufacturing carpet since *UNKN* . STOP 
Recently it *UNKED* its plants so that it could make *UNK-* products with higher quality *UNKS* . STOP 
For the past year or two , the carpet division 's operating profit margins have *UNKED* around 5 % , high by industry standards , but disappointing compared with the 13 % to 19 % margins for two of Armstrong 's chief businesses , *UNKING* and building products . STOP 
Analysts *UNKED* the planned transaction as being beneficial to Armstrong and *CUNK* , the market leader in the U.S. carpet industry , with an estimated 17 % to 20 % share . STOP 
*CUNK* , based in *CUNK* , *CUNK* , has annual sales of about $ *UNKN* billion , and has economies of scale and lower *UNKAL* costs that are expected to boost the profitability of Armstrong 's brands , sold under the Armstrong and *CUNK-* names . STOP 
Yesterday , in composite trading on the New York Stock Exchange , *CUNK* 's shares closed *UNK-* at $ *UNKN* , up $ 2.25 . STOP 
Armstrong 's shares , also listed on the Big Board , closed at $ *UNKN* , up 12.5 cents . STOP 
Yesterday , Armstrong reported flat earnings for the third quarter and nine months , *UNKED* by the stock *UNKION* of an employee stock ownership plan adopted earlier this year . STOP 
For the quarter , earnings were $ 47 million , or 92 cents a share , including a one-time gain of $ 5.9 million . STOP 
In the year-ago quarter , earnings were $ *UNKN* million , or 93 cents a share . STOP 
Yesterday , Armstrong announced an agreement to sell its small *CUNKED* *CUNK* Systems unit to a subsidiary of the Swiss company , *CUNK* *CUNK* Ltd . STOP 
The price was n't disclosed . STOP 
Armstrong expects to close the sale of the color unit in late November and the carpet sale in December , with the gains to be applied to fourth quarter or *UNKER* results . STOP 
The government 's primary *UNKING* gauge rose a slight 0.2 % in September , but economists said the report offered little new information on the degree to which the U.S. economy is slowing . STOP 
The small increase in the index of leading indicators , which had climbed 0.5 % in August but was unchanged in July , does lend support to the view that the economy has slowed *UNKLY* . STOP 
However , it does n't give much of a *UNK* as to whether a recession is on the *UNK* . STOP 
`` I do n't think it provides much new information on the economy , '' said Richard *CUNK* , economist at Dean Witter Reynolds Inc . STOP 
So far this year , the index of leading indicators has risen in four months , fallen in four months and remained unchanged in the other month . STOP 
In another report yesterday , the Commerce Department said sales of new *UNKLY* houses plunged 14 % in September to an annual rate of *UNKN* from *UNKN* in August . STOP 
The declines were particularly *UNKED* in the Northeast and in the South , where Hurricane Hugo was a factor . STOP 
Although September 's weakness followed two strong months for home sales , the decline supports other indications that the drop in mortgage rates earlier this year has had only a limited beneficial effect on the housing market . STOP 
The September drop was the largest since a 19 % drop in January 1982 , but monthly changes in this measure are even less *UNK* than those in other economic indicators . STOP 
Because the figures are based on a small *UNK* , the department said it is 90 % confident only that *UNK-* sales fell somewhere between 5 % and 23 % during the month . STOP 
The department also said it takes four months to establish a trend . STOP 
So far this year , *UNKN* newly built homes have been sold , down 4.5 % from the like months of 1988 . STOP 
The index of leading indicators got a major boost in September from a surge in consumer expectations as measured by the University of Michigan . STOP 
This measure had dropped sharply in August . STOP 
The Commerce Department said that as a result of a new adjustment to the formula used to *UNK* the index , the influence of this component has been reduced . STOP 
Of the 11 components to the index , only three others rose in September : the money supply , the length of the average work week and stock prices . STOP 
Several components that track the health of the manufacturing sector of the economy turned down in September . STOP 
These include new orders for manufactured consumer goods , lead times on *UNK* *UNKS* , orders for new plant and equipment , and *UNKS* of orders for durable goods . STOP 
Meanwhile , the National Association of Manufacturers said yesterday a recent poll of 53 executives on its board found that 61 % do n't expect a recession to occur until 1991 or later . STOP 
The remainder expect a downturn to begin sometime in STOP 
Although manufacturers often are quick to call for lower interest rates , 60 % of the executives said they would prefer that the Fed keep *UNKING* as its top priority even if that means higher rates . STOP 
The other 40 % said the Fed ought to worry less about inflation and bring interest rates down . STOP 
All the figures are adjusted to remove usual seasonal patterns . STOP 
Here are the net contributions of the components of the Commerce Department 's index of leading indicators . STOP 
After various adjustments , they produced a 0.5 % rise in the index for August and a 0.2 % rise for September . STOP 
September , and the change from August , are : from *UNKN* in the previous month . STOP 
Boston Edison Co. said it will take a previously reported $ 60 million charge against earnings in the fourth quarter . STOP 
The charge resulted from a settlement approved yesterday by the Massachusetts Department of Public Utilities . STOP 
As expected , the settlement limits rate increases for three years and ties future charges to customers for operation of the troubled *CUNK* *CUNK* Power *CUNKION* to that plant 's performance . STOP 
In its order , the state regulatory agency said the company `` must be held *UNK* for the mistakes made in the management of the plant 's operation . '' STOP 
*CUNK* had been closed for 32 months . STOP 
The average interest rate rose to *UNKN* % at Citicorp 's $ 50 million weekly auction of *UNK-* commercial paper , or corporate *CUNKS* , from *UNKN* % at last week 's sale . STOP 
*CUNKS* totaling $ *UNKN* million were submitted . STOP 
*CUNKED* bids *UNKED* from *UNKN* % to *UNKN* % . STOP 
Citicorp also said that the average rate rose to *UNKN* % at its $ 50 million auction of *UNK-* commercial paper from *UNKN* % at last week 's sale . STOP 
*CUNKS* totaling $ *UNKN* million were submitted . STOP 
*CUNKED* bids *UNKED* from 8 % to *UNKN* % . STOP 
The bank holding company will auction another $ 50 million in each maturity next Tuesday . STOP 
An *UNK* *UNK* writing a *UNKER* about *UNK* *UNKING* might *UNK* a *CUNK* Stoll , but it 's unlikely . STOP 
It 's also unnecessary . STOP 
*CUNK* *UNKER* *CUNK* Stoll is a real person , or as he might *UNKLY* put it , a *UNKAL* person . STOP 
He is 37 , an *UNKER* with impressive credentials , and something of a *UNKS* at making computers do his bidding . STOP 
He once described himself as a `` Berkeley *CUNK* , '' and played the role well ; *UNK* *UNKED* *UNKS* , a *UNK* of long hair and rejection of all things conventional , including , for a time at least , formal marriage to his `` *UNK* , '' *CUNK* *CUNKS* . STOP 
He also is an *UNKING* writer , combining *UNKS* and *UNK* with *UNK* detail and *UNK* *UNKS* of how computers work . STOP 
In `` The *CUNK* 's Egg '' -LRB- *CUNK* , *UNKN* pages , $ *UNKN* -RRB- , he *UNKS* a remarkable tale of his efforts over 18 months to catch a computer spy . STOP 
The result last spring was the arrest by West German authorities of five young West Germans , accused of *UNKING* information from computers in the U.S. and Europe and selling it to the Soviet *CUNK* . STOP 
One of them , *UNK-* *CUNKS* Hess of *CUNKER* , allegedly used the international telecommunications network to break into more than 30 *UNK-* computers in the U.S. , *UNKING* for *UNKS* . STOP 
He probably did n't *UNK* any *UNK-* files , but the *CUNK* in East Berlin was willing to pay two of his associates , Peter Carl and *CUNK* *CUNK* , $ 15,000 for some of the material Hess *UNKED* . STOP 
They promised yet more for really good stuff . STOP 
Mr. Stoll *UNKS* his title from the *UNK* 's *UNK* of *UNKING* eggs in the *UNKS* of other *UNKS* , making them *UNK* parents . STOP 
The computer spy had discovered that a popular *UNK* mail program called *CUNKS* could do *UNKS* with the widely used *CUNK* operating system created by AT&T . STOP 
Using *CUNKS* , the spy could substitute a *UNKS* `` *UNK* '' program for the one that routinely *UNKS* up the *CUNK* system every five minutes . STOP 
Once his *UNK* 's egg was laid , he could enter *CUNK* and become a `` *UNKER* , '' with access to everything . STOP 
Mr. Stoll was *UNKING* the *UNKS* at the *CUNK* *UNK* of the Lawrence Berkeley Laboratory in 1986 when his grant ran low and he was asked to switch to helping run the *UNK* 's computers . STOP 
He discovered a *UNK-* *UNK* in the charges made to various departments for computer time and *UNKED* it to a user named `` *CUNKER* , '' who had no valid billing address . STOP 
Mr. Stoll *UNKED* the *UNKER* was one of those *OUS* students who has fun breaking into computers . STOP 
But after much tracking , it became evident to Mr. Stoll , through various *UNKS* , that the *UNKER* was not on the Berkeley *UNKS* or even in California . STOP 
*CUNKING* him became an *UNKION* for Mr. Stoll . STOP 
He made a midnight *UNKION* of all the *UNKS* he could lay hands on so that he could monitor all the telephone lines coming into the *UNK* 's computers . STOP 
After *UNKING* that the *UNKER* had taken over the *UNK* account of a legitimate user named Joe *CUNK* , he *UNKED* up an *UNK* system , including a portable *UNKER* , to alert him when *CUNK* came on the line . STOP 
Some nights he *UNK* under his desk . STOP 
His boss complained about *UNK* of other *UNKS* . STOP 
The *UNKER* was *UNKING* over the Berkeley files but also using Berkeley and other easily *UNK* computers as *UNKING* *UNKS* to the network of computers used by the military and national security agencies . STOP 
The White *CUNKS* missile range and CIA contractor *CUNK* Inc. were among the targets . STOP 
When the *UNKER* moved , Mr. Stoll moved too , calling up other systems managers to alert them but keeping his own system open to avoid *UNKING* *UNKION* . STOP 
Sometimes , if the *UNKER* seemed to be into a sensitive file , he would drag his *UNK* across the terminal to create *UNK* or slow the system down to *UNK* his *UNK* . STOP 
The FBI initially showed little interest , and he had the impression other federal security agencies were *UNKED* up in legal red tape . STOP 
The CIA told him it does not do domestic *UNK* . STOP 
One *UNKS* a lot from this book , or seems to , about *UNKING* federal bureaucracy . STOP 
`` *CUNKS* to '' because it 's possible that the CIA and the National Security Agency were more interested than they let on to Mr. Stoll . STOP 
Finally , he got help . STOP 
*CUNK* is a major network linking computers . STOP 
One of its international specialists , Steve White , took a quick interest in Mr. Stoll 's *UNK* , ultimately *UNKING* the *UNKER* to West Germany . STOP 
The West Germans then took over and finally found *CUNKS* Hess . STOP 
Eventually , Mr. Stoll was invited to both the CIA and *CUNK* to brief *UNKING* officers on computer theft . STOP 
He *UNKED* the *UNK* of his *UNKED* appearance among these *UNK-* *UNKS* . STOP 
Back in Berkeley , he was *UNKLY* *UNKED* by a *UNKING* *UNK* friend for *UNKING* with such people . STOP 
He became angry in return . STOP 
He had developed a *UNKED* for the *UNKER* and a *UNKING* appreciation of the federal `` *UNKS* '' who make national security their business . STOP 
At several different levels , it 's a *UNKING* tale . STOP 
Mr. *CUNK* is deputy editor of the Journal . STOP 
Mips Computer Systems Inc. today will unveil a new *UNK-* computer that will compete with more expensive machines from companies such as Sun Microsystems Inc. and Digital Equipment Corp . STOP 
The closely held Sunnyvale , Calif. , company also will announce an agreement to supply computers to Control Data Corp. , which will sell Mips machines under its own label . STOP 
The new Mips machine , called the *CUNK* , will cost $ 150,000 for a basic system . STOP 
The computer processes 55 million instructions per second and uses only one central processing chip , unlike many rival machines using several *UNKS* . STOP 
The machine employs reduced *UNK-* computing , or *CUNK* , technology . STOP 
At that price , an analyst familiar with the machine said , the computer offers up to 10 times the performance of similar machines . STOP 
`` In the price range it 's a *UNKLY* *UNKING* product , '' said *CUNK* *CUNK* , an analyst at the *UNK-* firm *CUNK* . STOP 
The machine is part of an effort by Mips to establish itself as a supplier of computers , not just of *UNK-* technology . STOP 
Mips also wants to *UNK* into markets other than traditional *CUNK* applications such as engineering ; Mips said the new machine will also be used by businesses and for communications . STOP 
`` This clearly *UNKS* that Mips is a systems company rather than just a chip company , '' said Mips Vice President John *CUNK* . STOP 
The Control Data deal is a *UNK* for Mips because it gives the the *UNK-* company one more ally as it *UNKS* more established electronic concerns such as Sun , Hewlett-Packard Co. , Motorola Inc. and Intel Corp. for the emerging market for *CUNK* machines . STOP 
*CUNK* technology *UNKS* up a computer by *UNKING* the internal software . STOP 
For Mips , which expects revenue of $ 100 million this year , *UNK-* allies such as Control Data are essential to attract software developers to the company 's *CUNK* architecture . STOP 
`` The thing it says about Mips is that they 're on a roll right now , '' said Ms. *CUNK* at *CUNK* . STOP 
`` They 're getting some major wins , '' she added . STOP 
Last month , for example , Mips agreed to supply its computers to *CUNK* Computer AG of West Germany and France 's *CUNK* *CUNK* . STOP 
Sony Corp. , *CUNK* Computers Inc. and Digital Equipment have agreed to sell *CUNK* computers and companies such as Japan 's NEC Corp. and West Germany 's *CUNKS* *CUNK* have agreed to make Mips chips under license . STOP 
Today 's agreement gives Control Data a machine to compete against Digital and other *UNK-* computer makers , said John *CUNK* , a *UNK-* analyst at *CUNK* Group Inc. of Boston . STOP 
The machine is essentially a mainframe computer , he said . STOP 
`` *CUNKLY* *CUNK* -LRB- Control Data -RRB- has a competitive product to fight back against the *CUNK* , '' a machine Digital announced last month , he added . STOP 
Control Data , based in Minneapolis , *CUNK* , expects its sales of Mips systems , including the new *CUNK* , to amount to more than $ 100 million by the end of 1991 , Mips said . STOP 
*CUNK* , *CUNK* and others will also sell versions of the machine , said Mips President Robert Miller . STOP 
Mips will start shipping its new machine in the first quarter of 1990 , he said . STOP 
The machine uses a single *UNK* , which makes it easier to program than competing machines using several *UNKS* . STOP 
The computer can process *UNKN* million calculations called *UNK-* operations every second . STOP 
The machine can run software written for other Mips computers , the company said . STOP 
Another fight is brewing between Congress and the Bush administration over how to pay for the savings-and-loan bailout without adding to the federal budget deficit . STOP 
In a hearing before the House *CUNKS* and Means Committee , the General Accounting Office and the Congressional Budget Office , which both are arms of Congress , advised the new S&L bailout agency to abandon plans to raise temporary working capital through debt issued from an agency that would n't be counted on the federal budget . STOP 
Officials of the Resolution Trust Corp. have said privately that such a plan was the most likely alternative to raise short-term cash for the bailout . STOP 
Instead , the *CUNK* and the Congressional Budget Office said , the RTC should consider using Treasury debt , which is less expensive and subject to *UNK* by Congress . STOP 
The spending could be *UNKED* from meeting deficit-reduction targets in the Gramm-Rudman budget law . STOP 
The RTC has projected that it will require between $ 50 billion to $ 100 billion in temporary working capital . STOP 
The borrowing to raise these funds would be paid off as assets of sick thrifts are sold . STOP 
The new S&L law allows the RTC to issue notes for as much as 85 % of the value of the assets it holds . STOP 
But higher interest rates paid on *UNK-* debt could add billions to the bailout costs , and would n't be subject to congressional scrutiny , *CUNKS* and Means members argued . STOP 
`` To allow this massive level of *UNKED* federal borrowing without prior congressional approval would be irresponsible , '' said Rep. *CUNK* *CUNK* -LRB- D. , Calif. -RRB- , who has introduced a bill to limit the RTC 's authority to issue debt . STOP 
The RTC will have to sell or merge hundreds of insolvent thrifts over the next three years . STOP 
The new S&L bailout law allows $ 50 billion to be spent to sell or merge sick *CUNKS* and their assets , but that is a net cost . STOP 
In the meantime , the agency must raise cash to maintain assets , such as real estate , until they can be sold . STOP 
Then the short-term debt is paid off through the proceeds of selling the assets . STOP 
David *CUNKS* , assistant secretary of the Treasury , said that the working capital is necessary to reduce the final costs of the bailout , by allowing the agency to sell savings and loans without their bad assets , then hold the assets until they can be sold under favorable conditions . STOP 
He said it has n't yet been determined how the RTC will raise the cash , but the administration does n't want it to be included on the federal budget , because it would `` *UNK* '' the budget process by requiring either *UNKS* from Gramm-Rudman or big increases in the budget deficit . STOP 
But the worst possibility would be raising no working capital , he said . STOP 
`` If working capital financing is not provided , '' he said , `` the RTC may have to slow -LCB- S&L sales -RCB- or dump acquired assets through fire sales . STOP 
*CUNK* Eastern Corp. said it applied , on behalf of two of its subsidiaries , to the Federal Energy *CUNK* Commission for permission to build a *UNK-* , $ *UNKN* million pipeline system from *CUNK* County , *CUNK* , to *CUNK* , Miss . STOP 
The natural gas pipeline concern said the 500 million cubic feet a day capacity pipeline would be built by a proposed joint venture between two *CUNK* Eastern units - Texas Eastern *CUNKION* Corp. and *CUNK* Gas Co . STOP 
Texas Eastern *CUNKION* will build and operate the system , which will *UNK* the *CUNK* *CUNK* with several interstate *UNKS* . STOP 
Now was that a quarter *UNK* or a half *UNK* ? STOP 
Not a *UNKING* question , unless you 're the *UNK* *UNK* of this city 's *CUNK* *CUNK* restaurant and you 've just lost your *UNKS* personal *UNK* *UNK* . STOP 
*CUNK* *CUNK* was listed among the top 30 restaurants in the world this year by *CUNK* magazine . STOP 
The *UNKED* black *UNKER* , *UNKING* with 18 years ' worth of *UNKS* held together by *UNKER* *UNKS* , was in *UNK* *CUNK* *CUNK* 's *UNK* when it was stolen from her house recently . STOP 
The Berkeley police do n't have any leads but doubt the crime was driven by a *UNKION* for *UNKS* . STOP 
Instead , they figure the *UNK* probably took money from Ms. *CUNK* 's *UNK* and *UNKED* all the *UNKS* in the *UNK-* *UNK* . STOP 
*CUNK* *CUNK* , whose founder , *CUNK* *CUNKS* , is considered the *UNK* of the *UNKING* style known as California *UNK* and whose *UNKS* make *UNKS* a month in advance , has n't exactly *UNKED* *UNKS* to *UNK* ice *UNK* because of the theft . STOP 
For one thing , Ms. *CUNK* can draw on her *UNK* , published by *CUNK* House four years ago , which is *UNKING* with *UNKS* for such *UNKS* as *UNK* *UNK* , *UNK* *UNK* -LRB- a *UNK* *UNK* made with *UNKED* *UNKED* *UNKS* -RRB- and *UNK* `` *UNKS* a la *UNK* . '' STOP 
For another , *UNK* fans have sent Ms. *CUNK* copies of her *UNKS* *UNKED* from magazines over the years . STOP 
Still , the restaurant 's *UNKING* *UNK* of *UNK-* *UNKS* -- it *UNKLY* has n't repeated a *UNKAL* since opening in 1971 -- requires constant *UNKION* . STOP 
And that puts added pressure on *CUNK* *CUNK* *UNK-* planners . STOP 
`` We make what we know how to make , '' says business manager Richard *CUNK* . STOP 
Many in the Bay Area 's *UNK* community *UNKS* *UNK* that Ms. *CUNK* kept only one copy of such valuable notes , but she has received moral support from Baker 's Dozen , a group of California *UNK* *UNKS* that *UNKS* regularly to discuss issues like how to keep *UNKS* from *UNKING* and how *UNK* eating *UNKS* affect *UNKER* *UNK* . STOP 
Ms. *CUNK* has offered a $ 500 reward for the book 's return but figures she 'll have to *UNK* many *UNKS* from *UNK* . STOP 
`` It 's an overwhelming job , '' she says . STOP 
`` There are so many possible *UNKS* when you consider how many things are made out of eggs and *UNKER* and milk . STOP 
Newport Electronics Inc. named a new slate of officers , a move that follows replacement of the company 's five *UNK* directors last week . STOP 
Milton B. Hollander , 60 years old , was named chief executive officer , succeeding *CUNK* B. *CUNKS* . STOP 
Mr. Hollander 's Stamford , *CUNKED* High Technology Holding Co. acquired most of its *UNKN* % stake in Newport in August . STOP 
Mr. Hollander was named chairman last week , succeeding Mr. *CUNKS* , who was among the ousted directors . STOP 
The company has declined requests to discuss the changes , but Mr. *CUNKS* has said that Mr. Hollander wanted to have his own team . STOP 
Scott *CUNK* was named president and chief operating officer of U.S. operations , *UNKS* that had been held by Mr. *CUNKS* . STOP 
Mr. *CUNK* was vice president of the instrument and controls division of closely held *CUNK* Engineering Inc. , another company controlled by Mr. Hollander . STOP 
A company spokesman did n't know Mr. *CUNK* 's age . STOP 
James R. *CUNKS* , 51 , vice president of Newport 's European operations , was named executive vice president and chief operating officer of European operations , assuming some former duties of Mr. *CUNKS* . STOP 
Arthur B. *CUNKER* , 34 , an attorney , was named secretary , succeeding John *CUNK* , who was another of the ousted directors . STOP 
*CUNK* Corp. declared a *UNKN* stock split . STOP 
The *CUNK* , Mass. , *UNK* service company also boosted its quarterly dividend 20 % to three cents a share adjusted for the split . STOP 
The dividend had been five cents a share . STOP 
The split and quarterly dividend will be payable Jan. 3 to stock of record Nov. 16 , the company said . STOP 
The split will raise the number of shares outstanding to about *UNKN* million . STOP 
Separately , *CUNK* reported that net income rose 21 % to $ 3 million , or 29 cents a share adjusted for the split , for the fourth quarter ended Aug. 26 . STOP 
A year earlier *CUNK* earned $ 2.4 million , or 24 cents a share adjusted for the split . STOP 
Sales rose to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* Corp. said it completed the previously reported sale of approximately *UNKN* acres of *UNK* near *CUNK* , Calif. , to closely held Sierra Pacific Industries Corp. , *CUNK* , Calif. , for $ *UNKN* million . STOP 
The *UNKER* , *UNKION* and *UNKING* concern said the transaction , which includes a swap of other *UNKER* interests , would result in a $ *UNKN* million after-tax gain , to be recorded in the fourth quarter . STOP 
Healthcare International Inc. said it reached a *UNK-* *UNK* agreement with its HealthVest affiliate calling for Healthcare to pay HealthVest $ 5 million right away and additional amounts in the future . STOP 
Under the agreement , Healthcare , a manager of health-care facilities , said it would pay HealthVest $ 3.9 million in *UNK* rent and mortgage payments and repay $ 1.1 million in funds that HealthVest advanced for construction work on facilities . STOP 
In return , HealthVest agreed that it wo n't exercise its rights and *UNKS* against Healthcare during the *UNK-* period . STOP 
After the payment , Healthcare still will be $ 6.5 million in *UNKS* on rent and mortgage payments to HealthVest , a real estate investment trust whose portfolio consists largely of properties operated by Healthcare . STOP 
Healthcare has given HealthVest a 12 % note for that *UNK* amount , to be repaid over three years . STOP 
In addition , Healthcare agreed to make monthly rent and mortgage payments of $ 2.7 million to $ 3 million to HealthVest during the *UNK* period , to be paid when Healthcare successfully *UNKS* asset sales . STOP 
Because Healthcare actually owes HealthVest $ 4.2 million in rent and mortgage payments each month , the amount due above the amount paid will be added to the three-year note . STOP 
The funds should help ease a cash *UNK* at HealthVest , which has been unable to pay its debts because Healthcare has n't made complete rent and mortgage payments since July . STOP 
A spokesman said HealthVest has paid two of the three banks it owed interest to in October and is in negotiations with the third bank . STOP 
Healthcare , which has been in a severe liquidity *UNK* , said it is able to make the payments because it completed a transaction with *CUNK* *CUNKION* Group Inc. in which *CUNK* purchased stock and warrants for $ 500,000 and *UNKED* Healthcare $ 9 million . STOP 
The loan is backed by Healthcare 's 5.4 % stake in HealthVest and interest in certain facilities . STOP 
I was pleased to note that your Oct. 23 *CUNKAL* Journal item recognized the *UNK-* concept as one of the significant events of the past century . STOP 
*CUNKLY* , about two years ago , the Journal listed the creation of the money fund as one of the 10 most significant events in the world of finance in the *UNK* century . STOP 
But the Reserve Fund , America 's first money fund , was not named , nor were the *UNKS* of the *UNK-* concept , Harry Brown and myself . STOP 
We *UNKED* telephone *UNKS* , daily dividends , total *UNKION* of share certificates and the constant $ 1 *UNK* pricing , all of which were *UNKLY* thought out and not the result of some *UNK* on the part of the SEC . STOP 
President STOP 
The Reserve Fund STOP 
The *UNKING* moment in the career of Joseph F. O'Kicki came as 300 local and state *UNKS* *UNKED* into his *UNK* , *UNKED* courtroom here last year for his *UNKING* in as President Judge of Cambria County . STOP 
*CUNKS* of *UNKS* and *UNKED* *UNKS* *UNKED* his bench . STOP 
The local American *CUNKION* color guard led the way . STOP 
As the judge *UNKED* down the center *UNK* in his *UNKING* black *UNK* , he was *UNKED* by a *UNK* *UNK* . STOP 
To many , it was a *UNK* more *UNKING* a king than a rural judge *UNKED* in the isolated *UNKS* of the southern *CUNK* *CUNKS* . STOP 
But then Judge O'Kicki often *UNKED* like a man who would be king -- and , some say , an *UNK* and *UNK* one . STOP 
While his case may be extreme , it reflects the *UNK* of many small communities to *UNKING* judges . STOP 
Last March , nine months after the judge 's *UNK-* , the state attorney general 's office indicted him on a sweeping array of charges *UNKING* more than 10 years of `` official *UNKION* '' in Cambria County , a depressed steel and mining community in western Pennsylvania . STOP 
The allegations , ranging from theft and *UNK* to *UNKION* and *UNKS* , *UNK* a *UNKING* picture . STOP 
According to testimony in a public , *UNK-* *UNK-* report handed up to the state attorney general , Judge O'Kicki *UNKED* cash from lawyers , *UNKED* favorable loans from banks and *UNKED* local businesses for more than a decade . STOP 
*CUNKS* , in an indictment based on the grand jury 's report , maintain that at various times since 1975 , he owned a secret and illegal interest in a beer *UNK* ; *UNKED* hidden ownership interests in real estate that presented an alleged conflict of interest ; set up a *UNK* corporation to buy a car and obtain insurance for his former *UNK* -LRB- now his second wife -RRB- ; and maintained 54 accounts in six banks in Cambria County . STOP 
In testimony recorded in the grand jury report , court employees said the judge , now 59 years old , *UNKED* his *UNKS* , made *UNKAL* demands on his staff and *UNKED* anyone who *UNKED* him . STOP 
*CUNKS* claimed they were required to *UNK* him to and from work , *UNK* his lawn , *UNK* his wood , *UNK* his car and even drop by his house to feed his two grown *UNKS* , *CUNK* and *CUNK* . STOP 
One former *UNK* charged that the judge *UNKED* him by *UNKING* on a promise of a better paying job after *UNKING* a $ 500 *UNK* . STOP 
Some of the allegations are simply *UNK* . STOP 
Two former *UNKS* told the grand jury they were *UNKED* to the judge 's *UNKS* on separate occasions to take *UNKION* , only to find the judge in his *UNK* *UNUNK* . STOP 
One secretary testified that the judge once called her to his office while wearing nothing at all . STOP 
The judge , suspended from his bench pending his trial , which began this week , *UNKLY* denies all the allegations against him , calling them `` *OUS* '' and `` *UNK* , political *UNK* . '' STOP 
He *UNKS* the indictment on local political *UNKING* , *UNKS* with his aggressive efforts to clear the *UNK* 's *UNK* and a *UNK* by state investigators and prosecutors *UNKED* by some of his *UNKS* against them . STOP 
`` I do n't know whose *UNKS* I 've stepped on , '' says the judge . STOP 
`` I 'll find out , eventually , who pushed the state police *UNKS* into action . '' STOP 
Even if only some of the allegations stand up , however , they provide *UNK* testimony to the *UNK* power of judges in rural communities . STOP 
That power can sometimes be *UNKED* , particularly since *UNKS* in smaller *UNKS* operate without many of the *UNKS* that serve as *UNK* measures in urban areas . STOP 
Lawyers and their clients who frequently bring business to a country *UNK* can expect to appear before the same judge year after year . STOP 
*CUNK* of *UNKING* that judge is *UNK* , says *CUNK* *CUNKER* , founder and director of the *CUNKAL* Justice Center in *CUNKER* , *CUNK* , a public interest group that *UNKS* rural justice issues . STOP 
As a result , says Mr. *CUNKER* , lawyers think twice before *UNKING* a judge 's ruling , are reluctant to mount , or even support , challenges against him for *UNKION* and are usually *UNK* to file complaints that might *UNK* a judge 's integrity . STOP 
Judge O'Kicki , a *UNK* and *UNKING* man , has been a *UNK* in the local legal community for more than two decades . STOP 
The son of an *UNK* *UNK* of *CUNK* *UNK* , he was raised in a small borough outside *CUNK* , the Cambria County seat , and put himself through the University of Pittsburgh Law School . STOP 
He *UNKED* near the top of his class , serving on the school law review with Richard *CUNK* , who went on to become governor of Pennsylvania and , now , U.S. Attorney General . STOP 
It was also in law school that Mr. O'Kicki and his first wife had the first of seven daughters . STOP 
He *UNKED* his first wife three years ago and married the daughter of his court *UNK* . STOP 
Last year , Pennsylvania Supreme Court Justice John P. *CUNK* called Mr. O'Kicki one of the *UNKEST* judges `` not only in Pennsylvania but in the United States . '' STOP 
Clearly , the judge has had his share of *UNKS* . STOP 
After *UNKING* law *UNKLY* , he was elected to his first 10-year term as judge in 1971 ; in 1981 , he was effectively *UNKED* . STOP 
*CUNK* years ago , Judge O'Kicki was voted president of the Pennsylvania Conference of State *CUNKAL* *CUNKS* by the state 's 400 judges . STOP 
He has been considered several times for *UNKS* to federal district and appellate court *UNKS* in Pennsylvania . STOP 
And when he ran *UNKLY* for a state appellate court seat in 1983 , the Pennsylvania *CUNK* Association rated him `` one of the best available , '' after *UNKING* local lawyers . STOP 
`` He probably was the *UNKEST* guy who ever sat on our bench , '' says a former president of Cambria County 's *UNKER* bar association , who , like most lawyers in Cambria County , *UNKS* to talk about the judge publicly . STOP 
`` He 's sharp as a *UNK* . STOP 
He could *UNK* an issue with the *UNK* of an eye . '' STOP 
For more than a decade , virtually no one complained about Judge O'Kicki . STOP 
`` What about those institutions that are supposed to be the *UNK* of society , the banks and the bar association ... ? '' wrote a columnist for the *CUNK-* , a newspaper in nearby *CUNK* , shortly after the scandal became public . STOP 
`` If only a banker or a lawyer had *UNK* out years ago , the judicial process would n't be under the *UNK* it is today . '' STOP 
Officials with the Pennsylvania *CUNKAL* *CUNK* and Review Board , the arm of the state that *UNKS* judicial *UNK* , counter that they had no *UNKING* of anything *UNKS* in *CUNK* . STOP 
`` Nobody told us ; nobody called us , '' says an official close to the case who asked not to be named . STOP 
`` Nobody had the *UNKS* to complain . '' STOP 
*CUNKLY* not the lawyers . STOP 
*CUNK* attorney Richard J. Green Jr. *UNKED* out $ 500 in loans to the judge over five years , he said in testimony to the grand jury . STOP 
`` The judge never made a *UNK* of *UNKING* the money , '' said Mr. Green . STOP 
Eventually , Mr. Green testified , he began *UNKING* out of his office rather than face the judge when he visited . STOP 
When Mr. Green won a $ *UNKN* verdict in a land *UNKION* case against the state in June 1983 , he says Judge O'Kicki unexpectedly awarded him an additional $ 100,000 . STOP 
Mr. Green thought little of it , he told the grand jury , until the judge *UNKED* up to him after the courtroom had cleared and suggested a *UNK* . STOP 
`` Do n't you think I ought to get a commission ... or part of your fee in this case ? '' Mr. Green said the judge asked him . STOP 
*CUNKED* , Mr. Green never paid the money , he testified . STOP 
But he did n't complain to the state 's *CUNKAL* *CUNK* and Review Board , either , saying later that he feared *UNKION* . STOP 
Mr. O'Kicki said he will respond to Mr. Green 's *UNKION* at his trial . STOP 
Like most of Cambria County 's lawyers and residents who had dealings with the judge , Mr. Green declined to be interviewed for this article . STOP 
And no one with a complaint about the judge would allow his name to be *UNKED* . STOP 
`` I do n't have anything much to say , and I think that 's what you 're going to find from everyone else you talk to up here , '' says local attorney Edward F. *CUNK* . STOP 
Says another lawyer : `` The practice of law is a matter of *UNKING* one 's *UNK* when you live in a small community . STOP 
One had best not dance on top of a *UNK* until the *UNK* is *UNKED* *UNKLY* shut . '' STOP 
The judge was considered *OUS* , *UNK* and ambitious , those who *UNKED* before him say . STOP 
He *UNKED* tea sweetened with *UNK* from his *UNKED* *UNKER* chair at his bench , while *UNKING* notes ordering *UNKS* to stop *UNKING* or to take off their hats in his courtroom . STOP 
Four years ago , he *UNKED* all nine members of the Cambria County School Board for several hours after they *UNKED* his order to extend the school year by several weeks to make up for time lost during a teachers ' strike . STOP 
*CUNKS* in his *UNKS* say he could *UNK* *UNKLY* the years , months , weeks and days remaining until mandatory retirement would force aside the *UNKING* president judge , giving Judge O'Kicki the *UNK* required to take over as the *UNK* 's top court *UNK* . STOP 
The judge , they say , was fiercely *UNK* of his *UNKS* and *UNKS* . STOP 
`` My name is judge , '' Judge O'Kicki told a car salesman in *CUNK* when he bought a new red *CUNK* *CUNK* in October 1984 , according to the *UNK-* report . STOP 
The dealership *UNKLY* recorded the sale under the name `` Judge O'Kicki . '' STOP 
Yet , despite the judge 's *UNKAL* *UNKING* , no one ever had reason to suspect possible wrongdoing , says John *CUNK* , president of Cambria County 's *UNKER* bar association . STOP 
`` The *UNK* of a judge , his *UNK* , the way he *UNKS* people are not a basis for filing a complaint , '' says Mr. *CUNK* . STOP 
`` Until this came up and hit the press , there was never any indication that he was doing anything wrong . '' STOP 
State investigators dispute that view now , particularly in light of the judge 's various business dealings in Cambria County . STOP 
The judge came under scrutiny in late 1987 , after the state attorney general 's office launched an unrelated investigation into corruption in Cambria County . STOP 
The inquiry soon focused on the judge . STOP 
Even his routine business transactions caused trouble , according to the grand jury report . STOP 
When the judge bought his new *CUNK* from James E. Black *CUNK-* in *CUNK* five years ago , the dealership had `` certain *UNKS* '' about the judge 's reputation , according to the *UNK-* report . STOP 
The dealership took the extra step of having all the paper work for the transaction *UNKED* by *CUNK* 's local *UNKER* , *CUNK* Bank . STOP 
Then , as an additional *UNKION* , the car dealership took the judge 's *UNK* as he stood next to his new car with sales papers in hand -- proof that he had received the loan documents . STOP 
But when the judge received his payment book , he *UNKED* the deal . STOP 
`` There was no loan , there is no loan , there never shall be a loan , '' the judge wrote the bank on his judicial *UNK* , according to the report . STOP 
Later , the judge went a step *UNKER* . STOP 
After *CUNK* Bank tried to *UNKS* the car , a vice president asked him to *UNK* in an unrelated legal dispute involving a trust account . STOP 
The judge wrote again . STOP 
`` I find myself in an *UNK* relationship with *CUNK* Bank , and I am not inclined to extend myself as far as any favors are concerned , '' the judge wrote back in a letter attached to the grand jury 's report . STOP 
`` Perhaps if my personal matters can be resolved with *CUNK* bank in the near future , I may be inclined to *UNKER* your request ... . '' STOP 
The judge now says it was `` *UNUNK* '' that he chose to write the letter but says `` there was certainly no intent to *UNK* there . '' STOP 
The bank *UNKED* . STOP 
It *UNKED* the judge 's loan , lowered its interest rate and accepted a *UNK-* that had n't originally been part of the deal -- a beat up 1981 *CUNK* *CUNKION* the dealer had to repair before it could be *UNK* . STOP 
The incident was n't the only time the judge got special treatment from his local bank . STOP 
Two years later , he wrote to complain that the interest he was paying on an unsecured $ 10,000 loan was `` absolutely *OUS* . '' STOP 
Paul L. *CUNK* , *CUNK* 's president at the time , quickly responded . STOP 
The bank , he wrote back , was `` immediately '' lowering the rate by 3.5 % , `` as a *UNKION* to you . '' STOP 
The judge says he ca n't discuss in detail how he will defend himself at his trial , although he contends that if he were as *UNK* as state prosecutors believe , he would be far *UNKER* than he is . STOP 
His *UNK-* *UNK* and *UNK* house outside of *CUNK* is up for sale to pay for his lawyers . STOP 
The judge says he is confident he will return to his old bench . STOP 
Already , he notes , the 76 charges originally filed against him have been trimmed to 27 . STOP 
Most of the allegations no longer pending were ethics charges withdrawn by state prosecutors as part of a *UNKAL* agreement . STOP 
The heart of the case -- `` official *UNKION* '' -- remains intact . STOP 
`` If I lose , I lose my position , my career , my pension , my home and my investments , '' says the judge . STOP 
`` My God and I know I am correct and *UNK* . STOP 
Many thanks for Alexander *CUNK* 's comic *UNK* -LRB- `` U.S. . *CUNK* : A House *CUNK* on *CUNK-* *CUNK* , '' *CUNK* , Oct. 19 -RRB- . STOP 
The use of the *UNK* construction practices in the Soviet Union -- as *UNKED* by the collapse of sand apartment blocks during the *CUNK* earthquake -- as a *UNK* for the U.S. economic system was a *UNK* example of Mr. *CUNK* 's *UNKAL* *UNK* . STOP 
I *UNK* his *UNK* : the economic and social *UNK* of the San Francisco Bay area and the outstanding work of the local governments and the private *UNK* organizations there as *UNKS* for the *UNK* of whatever failed system Mr. *CUNK* now believes in . STOP 
It should be a *UNK* . STOP 
William S. Smith STOP 
As a money manager and a *UNKS* *UNK* , I was very disappointed to read in the *UNK* issue of *CUNK* that The Wall Street Journal uses *UNKN* metric tons of newsprint each year , but that only 1.4 % of it comes from *UNKED* paper . STOP 
By contrast , the Los Angeles Times , for example , uses 83 % *UNKED* paper . STOP 
With newspapers being the largest single component of solid waste in our *UNKS* , and with our country *UNKING* with *UNK* , all sectors of our society and all types of businesses must become more responsible in our use and *UNKAL* of precious natural resources . STOP 
The Wall Street Journal is an excellent publication that I enjoy reading -LRB- and must read -RRB- daily . STOP 
*CUNK* make me and thousands of other readers more comfortable with our daily purchase of your newspaper by raising your environmental standards to your overall *UNK* quality levels , and increase your use of *UNKED* paper . STOP 
Virginia *CUNK* *CUNKER* STOP 
*CUNK* *CUNK* *CUNK* Corp. declared a special dividend of one share of Class B common stock for each share of Class A common stock , payable to holders of record on Nov. 10 if the Securities and Exchange Commission *UNKS* this as the effective date of the registration statement . STOP 
Shareholders of the Santa *CUNK* , Calif. , *UNK-* company approved the creation of this second class of stock , which will be traded on the national over-the-counter market and which the company said would be used for acquisitions and other general corporate purposes . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
Continental *CUNKION* Inc. -- STOP 
$ 350 million of senior subordinated debentures , due Nov. 1 , 2004 , was priced at par to yield 12 7\/8 % . STOP 
Rated *UNK-* by Moody 's Investors Service Inc. and *UNK-* by Standard & Poor 's Corp. , the issue , which is *UNK-* for five years , will be sold through underwriters led by Morgan Stanley & Co . STOP 
Beatrice Co. -- STOP 
$ *UNKN* million of notes , due Nov. 1 , 1997 , was priced in a *UNK-* offering through underwriters at Salomon Brothers Inc . STOP 
The size of the issue was *UNKED* back from an originally planned $ 350 million . STOP 
The first part , consisting of $ *UNKN* million of 13 3\/4 % senior subordinated reset notes , was priced at *UNKN* . STOP 
The rate on the notes will be reset annually to give the issue a market value of 101 . STOP 
However , the maximum coupon at which the notes can be reset is 16 1\/4 % . STOP 
The minimum coupon is 13 3\/4 % . STOP 
The second part , consisting of $ 100 million of senior subordinated *UNK-* notes , was priced at 99 3\/4 to *UNK* 4.25 % above the three-month London interbank offered rate . STOP 
The initial coupon on the *UNK-* notes will be *UNKN* % . STOP 
The issue is rated *UNK-* by Moody 's and *UNKS* by S&P . STOP 
New Jersey *CUNKER* *CUNK* Trust -- STOP 
$ *UNKN* million , *UNK-* offering of bonds apparently was won by a Merrill Lynch Capital Markets group . STOP 
The group 's bid for $ *UNKN* million of *UNKER* treatment insured bonds , Series 1989 A , produced a *UNKN* % true interest cost . STOP 
The Series 1989 A bonds are insured and rated triple-A by Moody 's and S&P . STOP 
The group 's bid for $ *UNKN* million of *UNKER* treatment bonds , Series 1989 B , produced a *UNKN* % true interest cost . STOP 
The Series 1989 B bonds are *UNKED* and rated double-A by Moody 's and S&P . STOP 
Both the Series 1989 A and Series 1989 B bonds were priced to yield from 6 % in 1991 to *UNKN* % in *UNKN* , according to a Merrill Lynch official . STOP 
*CUNK* County Navigation District No. 1 , Texas -- STOP 
$ *UNKN* million of pollution control revenue bonds -LRB- Houston *CUNKING* & Power Co . *CUNK* -RRB- , due Oct. 1 , 2019 , were tentatively priced by a Goldman , Sachs & Co. group at 98 1\/4 to yield *UNKN* % with a coupon of 7 1\/2 % . STOP 
Interest on the bonds will be treated as a preference item in *UNKING* the federal alternative minimum tax that may be imposed on certain investors . STOP 
The bonds are insured and rated triple-A by Moody 's and S&P . STOP 
Federal Home Loan Mortgage Corp. -- STOP 
$ 500 million of Remic mortgage securities is being offered in 11 classes by a Morgan Stanley group . STOP 
The offering , Series *UNKN* , is backed by Freddie Mac 10 % securities . STOP 
*CUNK* details were n't immediately available . STOP 
*CUNKS* Mortgage Funding Corp. II -- STOP 
$ 100 million issue of *UNKED* mortgage obligations is being offered in four classes by a Morgan Stanley group . STOP 
The securities yield from *UNKN* % to *UNKN* % for a 30-year issue with an average life of *UNKN* years . STOP 
The *UNKN* % yield represents a spread to the 20-year Treasury of *UNKN* percentage points . STOP 
The collateral consists of *UNKED* whole loans with a *UNKED* average coupon rate of *UNKN* % and *UNKED* average remaining term to maturity of 28 years . STOP 
The issue is rated triple-A by S&P , Moody 's and *CUNK* Investors Service Inc . STOP 
The issue is 6 % to 7 % *UNKED* , and 75 % of the loans are covered by a General Electric pool policy covering losses of as much as 10 % of the original principal balance of the loans . STOP 
J.C. Penney Co. -- STOP 
$ 350 million of *CUNK* *CUNKER* Credit *CUNK* Trust asset-backed certificates , Series B , with a final stated maturity of Oct. 15 , 2001 , was priced at *UNKN* to yield *UNKN* % with a coupon of *UNKN* % . STOP 
The certificates , which have an average life of *UNKN* years , were priced at *UNKN* percentage points over the benchmark Treasury 10-year note . STOP 
Rated triple-A by Moody 's and S&P , the issue will be sold through First Boston Corp . STOP 
The issue is backed by a 12 % letter of credit from Credit Suisse . STOP 
*CUNK* *CUNK* Electric *CUNK* Co . -LRB- Japan -RRB- -- STOP 
$ 300 million of bonds due Nov. 16 , 1993 , with equity-purchase warrants , indicating a 3 3\/4 % coupon at par via Nomura International Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Nov. 30 through Nov. 2 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Tuesday . STOP 
*CUNK* *CUNK* Co . -LRB- Japan -RRB- -- STOP 
$ 200 million of bonds due Nov. 16 , 1994 , with equity-purchase warrants , indicating a 4 1\/2 % coupon at par via Yamaichi International Europe Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Nov. 30 through Nov. 2 , 1994 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Monday . STOP 
*CUNK* Electric Power Co . -LRB- Japan -RRB- -- STOP 
$ 150 million of 8 7\/8 % bonds due Nov. 29 , 1996 , priced at 101 7\/8 to yield 8 7\/8 % less full fees via Nikko Securities Ltd . STOP 
Fees 1 7\/8 . STOP 
*CUNK* *UNK* *CUNK* *UNK* *CUNK* , Singapore branch -LRB- Italian parent -RRB- , via the Law *CUNK* Trust Corp. -- STOP 
10 billion yen -LRB- $ 70 million -RRB- of 6 % bonds due Feb. 24 , 1993 , priced at 101 1\/4 , via Daiwa Europe Ltd . STOP 
*CUNK* -LRB- Finland -RRB- -- STOP 
10 billion yen of 6 % bonds due Nov. 30 , 1992 , priced at *UNKN* to yield *UNKN* % via *CUNK* International . STOP 
*CUNK* Inc. said it acquired *CUNK* *CUNK* Dr. *CUNK* , a German maker of scientific instruments . STOP 
Terms were n't disclosed . STOP 
The *CUNK* , Mass. , maker of scientific instruments and electronic parts said *CUNK* expects 1989 sales of more than 100 million Deutsche marks -LRB- $ *UNKN* million -RRB- and employs about 400 people . STOP 
*CUNK* is based in *CUNK* , West Germany , and also has operations in Belgium . STOP 
John M. *CUNK* , *CUNK* 's chairman and chief executive , said the acquisition `` will extend *CUNK* 's core technologies , strengthen its position in the European Economic Community and *UNK* a strength and presence in the Eastern European market . '' STOP 
He said it especially will strengthen the company 's efforts in the rapidly growing field of *UNKAL* *UNKION* , and in applied nuclear *UNKS* . STOP 
Separately , *CUNK* said it sold most of its Mason Research Institute subsidiary to *CUNK* Sciences Inc. , a closely held biotechnology company based in *CUNKER* , Mass . STOP 
The sale , for $ 7 million in cash and securities , will leave *CUNK* with a 12 % stake in *CUNK* , executives said . STOP 
Mason is the largest *UNK* *UNK* in New England , with annual revenue of $ 8 million and 140 employees . STOP 
Mason serves commercial and government customers , including the National Institutes of Health . STOP 
The combined companies will become profitable by January 1990 , said James P. *CUNK* , *CUNK* 's chairman and chief executive officer . STOP 
The Internal Revenue Service said it is willing to let the U.S. Tax Court decide how much oil man William Herbert Hunt will *UNK* the government after his assets are *UNKED* . STOP 
The surprise announcement came after the IRS broke off negotiations with Mr. Hunt on a settlement of the one-time *UNK* 's personal bankruptcy case . STOP 
Although the action *UNKS* one obstacle in the way of an overall settlement to the case , it also means that Mr. Hunt could be stripped of virtually all of his assets if the Tax Court rules against him in a 1982 case heard earlier this year in Washington , *CUNK* . STOP 
The IRS has been seeking more than $ 300 million in back taxes from Mr. Hunt . STOP 
Separately , a federal judge hearing Mr. Hunt 's bankruptcy case yesterday turned down a proposed $ *UNKN* million settlement between Mr. Hunt and Minpeco S.A. , another major creditor in the case . STOP 
The *CUNK* *UNKS* concern had been seeking a claim of $ *UNKN* million against Mr. Hunt . STOP 
In addition to turning down the compromise , Judge Harold C. *CUNK* said he would allow a claim of only $ *UNKN* million . STOP 
Minpeco attorneys said they would appeal the decision to a federal district court . STOP 
*CUNKING* Mr. Hunt 's taxes , he and the IRS have apparently agreed on a basic formula for *UNKING* his estate in which the IRS would get 70 % of the proceeds from a *UNKING* trust and 30 % would go to other creditors . STOP 
But they have been at odds over how much Mr. Hunt would *UNK* the government after his assets are sold . STOP 
The IRS had demanded $ 90 million but Mr. Hunt would agree to no more than $ 60 million . STOP 
*CUNKER* *CUNK* III , a government lawyer , warned that Mr. Hunt stood to lose certain oil and gas properties , $ 200,000 in English *UNK* , a Colorado *UNK* and other assets he might have kept if he had settled with the IRS . STOP 
`` But they wanted to roll the *UNK* and we 're going to let them , '' Mr. *CUNK* said . STOP 
Stephen *CUNK* , Mr. Hunt 's attorney , said his client *UNKED* the *UNK* . STOP 
The Tax Court is n't expected to rule before early next year . STOP 
Japan has found another safe *UNK* for its money : U.S. home mortgages . STOP 
An increasing number of big Japanese investors are buying up U.S. home mortgages that have been *UNKED* and packaged for sale as *UNKING* instruments known as mortgage-backed securities . STOP 
As much as 10 % of new U.S. mortgage securities issued by the Federal National Mortgage Association , or Fannie Mae , and Federal Home Loan Mortgage Corp. , or Freddie Mac , now flow into Japanese hands . STOP 
That may not come as a surprise to Americans who have watched the Japanese *UNK* up properties in the U.S. from golf courses to a stake in Rockefeller Center . STOP 
But it marks a big change for the Japanese , who *UNKED* mortgage securities after getting *UNKED* by a big downturn in interest rates a few years back . STOP 
`` You ca n't say it 's a `` *UNK* '' -LRB- *UNKAL* wave -RRB- , but we 're making some *UNK* , '' says Fannie Mae 's chairman , David O. Maxwell , who visits Tokyo at least once a year to explain and *UNK* up investor interest in mortgage securities . STOP 
`` Interest is a great deal higher than it was a year ago . '' STOP 
The steady growth of the mortgage securities market in the U.S. has even triggered talk of building up a similar market here . STOP 
*CUNK* of the growing Japanese demand for mortgage securities *UNKS* . STOP 
Earlier this year , *CUNK* Group , a New York investment bank , had no trouble selling out a special $ *UNKN* million *UNKS* trust it created for Japanese investors . STOP 
Industrial Bank of Japan , which claims to be the biggest Japanese buyer of U.S. mortgage securities , says it will more than double its purchases this year , to an amount one official puts at several billion dollars . STOP 
And a Fannie Mae *UNK* this week promises to draw hundreds of prospective investors , who can be expected to channel *UNKS* of billions of dollars into the market in the next few years . STOP 
`` Last year , there were only several big investors who were interested , '' says *CUNK* *CUNK* , a vice president at the international arm of Nomura Securities Co . STOP 
`` This year , some investors are changing their policies and investing a lot . '' STOP 
*CUNKLY* , he says , strong demand could help to drive down interest rates on mortgage securities . STOP 
At the moment , Nomura is the only Japanese institution authorized to act as a primary seller of Fannie Mae instruments . STOP 
But other Japanese institutions say privately that they are considering asking to join the *UNKER* selling group . STOP 
These securities are attractive to Japanese investors for three reasons . STOP 
First , they are safe . STOP 
While they are n't backed by the full *UNK* and credit of the U.S. government , as Treasury bonds are , it is widely assumed that the government would support them if necessary . STOP 
-LRB- U.S. Treasury bonds are still the *UNKED* investment of choice for long-term Japanese investors -RRB- . STOP 
Second , they are liquid . STOP 
The secondary market in federally backed mortgage securities now exceeds $ 900 billion , or nearly half of the $ 2.2 trillion in U.S. residential mortgages issued . STOP 
Third , they offer high yields . STOP 
At the moment , some offer as much as 1.6 to 1.8 percentage points over Treasury securities of similar maturities . STOP 
But there is a risk , which the Japanese discovered when they first *UNKED* their *UNKS* into the market nearly five years ago . STOP 
Since most mortgages can be *UNK* or *UNKED* at any time , issuers of mortgage securities retain the right to buy back their bonds before maturity . STOP 
That 's a *UNK* for long-term investors , since it forces them to *UNKEST* their money -- usually at lower rates than the original mortgage securities carried . STOP 
`` Two or three years ago , the problem was that people did n't understand the *UNK* risk , '' says Nomura 's Mr. *CUNK* . STOP 
`` So they were surprised and very disappointed by *UNK* . '' STOP 
*CUNKING* the trouble to Japanese investors , mortgage securities pay interest monthly , since most mortgages require homeowners to make monthly payments . STOP 
But Japanese institutional investors are used to quarterly or *UNKAL* payments on their investments , so the monthly cash flow *UNKED* administrative problems . STOP 
As a result , Japanese investors *UNKED* clear of the mortgage securities . STOP 
But they did n't lose touch with the U.S. issuers . STOP 
Since 1985 , Japanese investors have bought nearly 80 % of $ 10 billion in Fannie Mae corporate debt issued to foreigners , money that Fannie Mae uses to buy mortgages from U.S. banks . STOP 
And Japanese investors took up nearly all of two $ 200 million Real Estate Mortgage Investment *CUNKS* , a kind of *UNKED* mortgage obligation , that were offered to foreigners this year . STOP 
In addition , further packaging of mortgage-backed securities , such as *CUNK* 's fund , have reduced the effects of *UNK* risk and automatically *UNKEST* monthly payments so institutions do n't have to . STOP 
Freddie Mac for years has offered a so-called participation *UNK* that guarantees it wo n't be *UNK* for a set number of years and offers *UNKAL* payments . STOP 
As Georgia-Pacific 's bid for Great Northern Nekoosa has shown , *UNKED* takeovers are still alive despite *UNK* reports of their *UNK* . STOP 
*CUNK* , the debate about poison pills will continue to *UNK* in the *UNKS* of corporations and the *UNKS* of *UNK* . STOP 
Although poison pills come in different *UNKS* and *UNKS* , they usually give current shareholders the right to buy more stock of their corporation at a large discount if certain events occur -- typically , if a hostile bidder *UNKS* more than a specified percentage of the corporation 's stock . STOP 
However , these discount purchase rights may generally be *UNKED* at a nominal cost by the corporation 's directors if they approve of a bidder . STOP 
*CUNKS* of poison pills argue that their adoption forces bidders to negotiate with a corporation 's directors , who are thereby put in a better position to pursue the long-term interests of the corporation . STOP 
*CUNK* studies by *CUNK* & Co. conclude that corporations with poison pills have experienced greater *UNK-* appreciation than corporations without poison pills during the past few years . STOP 
Critics of poison pills argue that they harm shareholders by letting corporate management defeat takeover bids at premium prices and by *UNKING* premium bids from ever being made to shareholders . STOP 
These critics are backed by several academic studies showing that the adoption of poison pills reduces shareholder values not merely in the short run , but also over longer periods . STOP 
*CUNKAL* investors that must evaluate poison pills on a regular basis are interested less in this general debate than in the answers to specific questions about the corporation issuing the pill . STOP 
Does this corporation have a high-quality management team with a good track record ? STOP 
Does this team have a viable strategy for improving shareholder values , and does this strategy require *UNKION* over an extended period ? STOP 
Will the adoption of this particular form of a poison pill significantly improve the chances for management to carry out this strategy ? STOP 
If the answers to these questions are *UNK* , then institutional investors are likely to be *UNKLY* *UNKED* toward a specific poison pill . STOP 
However , the problem is that once most poison pills are adopted , they survive forever . STOP 
Although the current management team may be outstanding , who will be the *CUNK* in 10 years ? STOP 
Although the five-year strategy may be excellent , what will be the strategy in 25 years ? STOP 
The solution to this problem is a *UNKED* poison pill . STOP 
The limit could range from three years to seven years , depending on the *UNKION* of the management team and the nature of its strategic plan . STOP 
At the end of this period , the poison pill would be eliminated automatically , unless a new poison pill were approved by the *UNK-* shareholders , who would have an opportunity to evaluate the corporation 's strategy and management team at that time . STOP 
One rare example of a *UNKED* poison pill is the shareholder rights plan adopted by Pennzoil last year after it received a huge litigation settlement from Texaco . STOP 
Pennzoil 's poison pill covers five years in order to give current management enough time to put these proceeds to work in a *UNK* manner . STOP 
Another interesting example is the poison pill adopted recently by *CUNKED* National *CUNK* Inc. , a diversified holding company . STOP 
The State of Wisconsin Investment Board , which owned about 7 % of the company 's voting stock , worked with management to *UNK* a *UNKED* poison pill . STOP 
This pill automatically expires after three years unless continued by a vote of the shareholders . STOP 
The attitude of the Wisconsin Investment Board reflects a growing *UNK* to *UNKED* poison pills on the part of institutional investors , as shown by the discussions at recent meetings of the Council of *CUNKAL* Investors and my informal survey of several retirement plans with large stock positions . STOP 
More widespread time limits on poison pills would allow shareholders to evaluate a specific poison pill within the context of a specific management team 's strategy . STOP 
Such concrete analysis is likely to lead to more *UNK* dialogue between management and shareholders than the *UNK* debate about poison pills . STOP 
Mr. *CUNK* is the general counsel and a managing director of Fidelity Investments in Boston . STOP 
Michael Blair , former president and chief executive officer of Enfield Corp. , failed to win election to the company 's board at a special shareholder meeting . STOP 
Mr. Blair said after the meeting that he had filed separate lawsuits in the *CUNK* Supreme Court for *UNUNK* dismissal against Enfield and for *UNK* against its largest shareholder , Canadian Express Ltd. , and two executives of *CUNKS* International Bancorp Inc. , which controls Canadian Express . STOP 
*CUNKS* at the meeting elected a full slate of Canadian Express *UNKS* to Enfield 's *UNKER* board . STOP 
Mr. Blair and *CUNKS* have been *UNKING* for months . STOP 
Yesterday 's election was a *UNK* to Enfield 's annual meeting in June when Mr. Blair *UNKED* *UNKS* in favor of two *CUNKS* *UNKS* . STOP 
The *CUNK* Supreme Court *UNKED* Mr. Blair 's decision . STOP 
He later resigned from his executive positions with Enfield , saying that actions by its board `` amounted to -LCB- my -RCB- dismissal . '' STOP 
Mr. Blair said his *UNK* suit seeks 10 million Canadian dollars -LRB- US$ 8.5 million -RRB- from Canadian Express and *CUNKS* executives *CUNKED* Walt and *CUNK* *CUNK* . STOP 
He said his suit against Enfield seeks two years *UNK* pay , equivalent to C$ *UNKN* . STOP 
*CUNKS* and Canadian Express executives could n't be reached for comment . STOP 
Enfield is a holding company with interests in manufacturing concerns . STOP 
It is *UNKN* % owned by Canadian Express , another holding company . STOP 
*CUNKS* is a merchant bank controlled by Toronto *UNKS* Peter and Edward *CUNK* . STOP 
All the concerns are based in Toronto . STOP 
Buying 51 % of Rockefeller Group Inc. is right up Mitsubishi Estate Co. 's *UNK* in one sense : The huge Japanese real estate company is entering a long-term relationship with a *UNKLY* conservative U.S. owner of *UNK* urban property . STOP 
But in another sense , the $ *UNKN* million purchase is *UNKLY* *UNK* , industry analysts say . STOP 
The usually cautious giant will become the majority owner of the company that owns New York 's *UNKED* Rockefeller Center at a time when *UNKS* over Japanese purchases of U.S. property are at an *UNK-* high . STOP 
Officials of Rockefeller Group and Mitsubishi Estate prefer to focus on the *UNKS* , nearly *UNKING* the threat of a *UNK* from the U.S. public . STOP 
`` We think there will be positive as well as negative reactions , '' says Raymond *CUNK* , senior vice president and chief financial officer of Rockefeller Group . STOP 
`` On balance , we think it will be positive . '' STOP 
But some Japanese government officials and businessmen worry that the prominent purchase is just the sort of deal that should be avoided for the time being . STOP 
In particular , they *UNK* the timing , coming as it does on the heels of Sony Corp. 's controversial purchase of Columbia Pictures Entertainment Inc . STOP 
`` *CUNKLY* , yes , we encourage the free flow of direct investment , '' says a Foreign Ministry official . STOP 
`` But they did n't have to choose this particular moment . '' STOP 
During the past year , government officials and leading business organizations have repeatedly urged Japanese companies to *UNK* from *UNK* real estate purchases in the STOP 
Since the *UNKS* , Japan 's other major real estate purchases in the U.S. include *CUNK-* *CUNK* America Corp. 's $ *UNKN* million purchase of an office building at *UNKN* East *UNK* St. in Manhattan in 1987 and *CUNK* *CUNK* Inc. 's $ *UNKN* million purchase of the Exxon Building , part of Rockefeller Center , in 1986 . STOP 
In Los Angeles , *CUNK* *CUNK* was sold to *CUNK* Corp. for $ *UNKN* million in 1986 , and *CUNK* Life Insurance Co. paid $ 300 million for Atlanta 's IBM Tower last year . STOP 
*CUNKER* , annual Japanese investment in U.S. commercial real estate grew from about $ 1.3 billion in 1985 to about $ 7.1 billion in 1988 . STOP 
Many Japanese companies have taken the warnings by the country 's leaders to heart and sought development partnerships rather than *UNK* properties . STOP 
Critics say Mitsubishi Estate 's decision to buy into Rockefeller reflects the degree to which companies are *UNKED* by the pressure to act for the good of Japan . STOP 
`` Those who have no money and are n't buying think it 's right to *UNK* , but those with money who want to buy for themselves pay no attention , '' says an official of the *CUNK-* . Business Council . STOP 
But to Mitsubishi Estate , the acquisition has just the elements that should win support from both sides . STOP 
First of all , it is a friendly acquisition in which Rockefeller sought out Mitsubishi Estate and asked it to buy a majority share . STOP 
*CUNKLY* , the two companies found a *UNK* in their business and development *UNKS* and intend to cooperate in a range of activities from real estate to telecommunications . STOP 
Finally , Mitsubishi Estate has no plans to interfere with Rockefeller 's management beyond taking a place on the board . STOP 
`` We 'll continue to work with them , in keeping with the reputation of the company , and we 'll rely very much on their leadership , '' says Mitsubishi Estate President *CUNK* *CUNK* . STOP 
Rockefeller may well have found its match in Mitsubishi Estate , a company of long history , strong government ties and sound resources . STOP 
In asset terms , Mitsubishi Estate is the largest real estate firm in Japan . STOP 
The core of its holdings is *UNKN* square *UNKS* of *UNKLY* expensive property in the *CUNK* district , the business and financial center of Tokyo , often *UNKLY* called `` Mitsubishi *CUNK* . '' STOP 
The Mitsubishi family company acquired that property from the government some 100 years ago when it was a portion of *UNK* residential land running from the *UNK* of the Imperial *CUNK* *UNK* toward the *UNK* of tiny shops and *UNKED* *UNKS* that made up the *UNKS* ' district . STOP 
At the time , Japan had just opened its doors to the world after about 250 years of *UNKION* and needed a *CUNK-* business center . STOP 
Mitsubishi built the government 's dream development , the story goes , in exchange for the official decision to *UNK* Tokyo 's central *UNK* station there . STOP 
That was just an early step in a relationship with government that has earned the Mitsubishi group the *OUS* *UNKER* of `` *UNK* , '' literally *UNKS* , a title that has the *UNK* *UNKION* of doing the government 's bidding , but also suggests the clout *UNK* in maintaining such close ties . STOP 
Mitsubishi Estate is one of the dozens of companies in today 's Mitsubishi group . STOP 
It 's known for its *UNKS* in part because it has had little need for bold overseas ventures : In the year ended March 31 , *UNKN* % of its total revenue came from office building management . STOP 
Its earnings can rise 10 % to 12 % annually simply from the natural turnover of *UNKS* and automatic rent increases , says *CUNK* McDonald , an industry analyst at James Capel Pacific Ltd . STOP 
For the latest fiscal year , the company 's net income jumped a robust 19 % to *UNKN* billion yen -LRB- $ *UNKN* million -RRB- . STOP 
For Mitsubishi Estate , the Rockefeller purchase will *UNK* it firmly into the overseas real estate business , the one area where it has lagged notably behind Japanese competitors such as *CUNK* , which had purchased the Exxon Building . STOP 
`` Japanese companies need to invest in overseas real estate for diversification , '' says *CUNK* *CUNK* , an industry analyst at Goldman Sachs -LRB- Japan -RRB- Corp . STOP 
Rockefeller is n't the first overseas purchase for Mitsubishi Estate -- it has already played a leading role in *UNKING* Los Angeles 's Citicorp *CUNK* . STOP 
But the Rockefeller investment is its largest . STOP 
Nonetheless , it will barely make a *UNK* in Mitsubishi Estate 's finances , analysts say . STOP 
Mitsubishi Estate has n't decided how it will raise the funds for the purchase , which are due in cash next April , but the *CUNK* holdings alone are estimated to have a market value of as much as 10 trillion yen to 11 trillion yen . STOP 
Moreover , as a member of the Mitsubishi group , which is headed by one of Japan 's largest banks , it is sure to win a favorable loan . STOP 
Analysts say the company also could easily issue new convertible bonds or warrants . STOP 
Meanwhile , at home , Mitsubishi has control of some major projects . STOP 
It is the largest private-sector *UNKER* of the *CUNK-* 21 project , a *UNK-* development in the *UNK* city of *CUNK* , about an hour outside Tokyo . STOP 
The project is one of a select group of public projects opened to U.S. firms under a *CUNK-* construction trade agreement reached last year . STOP 
The *UNK* of that complex , the *CUNK* Tower , will be Japan 's *UNKEST* building when it is completed in 1993 . STOP 
Mitsubishi is also pushing ahead with a controversial plan to *UNK* *CUNK* into a business center of high-tech buildings , a project *UNKED* for 30 years and six trillion yen . STOP 
Time Warner Inc. and Sony Corp. may be today 's public enemies , but the two entertainment giants could end up becoming partners in a number of ventures as part of a settlement of their *OUS* legal dispute over Hollywood producers Peter Guber and Jon Peters . STOP 
The Warner Bros. studio and Sony signaled they are close to a settlement yesterday , asking a Los Angeles *CUNK* Court to postpone a hearing scheduled for tomorrow on Warner 's request for a preliminary injunction blocking Mr. Guber and Mr. Peters from taking the top posts at Columbia Pictures Entertainment Inc . STOP 
In separate statements , the two sides said they want to have `` further discussions . '' STOP 
Sony is acquiring Columbia and Guber-Peters Entertainment Co. in two separate transactions valued at more than $ 5 billion . STOP 
Warner Communications Inc. , which is being acquired by Time Warner , has filed a $ 1 billion *UNK-* suit against Sony and the two producers . STOP 
Warner has a five-year exclusive contract with Mr. Guber and Mr. Peters that requires them to make movies *UNKLY* at the Warner Bros. studio . STOP 
The two sides in the legal battle have *UNKED* accusations of *UNK* at each other for weeks , and both Warner and Sony have accused each other of trying to *UNK* each other 's prospects for success in the entertainment business . STOP 
But it may amount to little more than *UNKING* ; the two have continued *UNK-* , *UNK-* settlement talks over the last few weeks , and people familiar with the talks say the matter could be resolved within a week . STOP 
Both Warner and Sony declined to comment on the terms of the settlement discussions . STOP 
But the people familiar with the talks said that Warner is n't expected to get any cash in the settlement . STOP 
Instead , Sony is likely to agree to let Warner participate in certain of its businesses , such as the record club of Sony 's CBS Records unit . STOP 
Warner has *UNKED* Sony as the largest record company , but it does n't have a powerful world-wide record club like CBS . STOP 
The two sides are also discussing certain business ventures involving cable rights to Columbia 's movies . STOP 
In addition , Sony is expected to agree to swap Columbia 's 35 % stake in the *UNKING* *CUNK* , Calif. , studio that Warner and Columbia share , in exchange for the old MGM studio lot that Warner acquired with the purchase of *CUNK* *CUNKS* Corp . STOP 
Still , it may be tough for the two to have a smooth partnership in anything , in the wake of *UNK* *UNKS* filed over the last week . STOP 
One , for example , came from CBS Records Chairman Walter *CUNK* , who will head a committee that will *UNK* Sony 's entertainment division , including both records and movies . STOP 
In his affidavit , Mr. *CUNK* accused Warner Chairman Steven J. Ross of having an `` *UNK* , *UNK-* bias '' and said that Mr. Ross had tried to talk him out of letting Sony buy CBS Records two years ago for that reason . STOP 
Mr. Ross , who will be chairman and *UNK-* executive officer of Time Warner after the merger is complete , denied that in his own affidavit , and called Mr. *CUNK* 's remarks `` *OUS* '' and his claims `` reckless , irresponsible and *UNKS* , '' saying Warner under his leadership has started a number of businesses in Japan . STOP 
Mr. Ross also said he *UNKS* `` warm professional and personal relationships '' with Japanese executives including Sony Chairman *CUNK* *CUNK* , `` who has visited my home here . '' STOP 
But despite the *UNK* between Mr. Ross and Mr. *CUNK* , officials of the Time side of Time Warner have reportedly been increasingly interested in a settlement that might yield attractive business opportunities . STOP 
Time executives such as the company 's president , N.J . Nicholas , who will eventually be *UNK-* executive of Time Warner *UNK* Mr. Ross , have no personal relationships or *UNK* at stake in the fight over the Guber-Peters *UNK* , and were never directly drawn into the *UNK* . STOP 
*CUNKS* between the two sides could *UNUNK* , of course , as they have more than once since Sony announced its plans to hire Mr. Guber and Mr. Peters . STOP 
But both sides appear to be more willing now to meet each other 's terms to resolve the issue . STOP 
And although Warner has said it wanted the producers to *UNK* the terms of their contract , the producers said in *UNK* court *UNKS* that they did n't believe the relationship could be *UNKED* after the *UNK* of the legal battle . STOP 
Any settlement is also expected to exclude Mr. Guber and Mr. Peters from any of the projects they were working on at Warner . STOP 
The Guber-Peters *UNK* have 50 projects in various stages of development and production at Warner , including `` *CUNK* of the *CUNKS* '' and `` A *CUNK* *CUNKING* *CUNK* . '' STOP 
But that does n't mean Mr. Guber and Mr. Peters might not eventually get their hands on some of their projects ; *UNKS* develop hundreds of movies but produce only 10 to 20 each year . STOP 
Once a studio *UNKS* not to actually make a movie that is in development , producers are typically free to take it elsewhere . STOP 
Mr. Guber and Mr. Peters also almost certainly would n't be able to participate in future *UNKS* to `` Batman , '' the *UNKER* hit they produced for Warner . STOP 
But in acquiring Guber-Peters Entertainment , Sony will actually get a piece of the profits from `` Batman , '' since the publicly held concern gets certain revenue from the movies Mr. Guber and Mr. Peters produce . STOP 
The two producers own a combined 28 % stake in Guber-Peters . STOP 
Southern Co. 's Gulf Power Co. subsidiary pleaded guilty to two felony charges of conspiracy to make illegal political contributions and tax *UNKION* , and paid $ 500,000 in fines . STOP 
Gulf Power 's guilty plea before U.S. District Judge Robert L. *CUNKING* yesterday marks the end of only one part of a *UNKING* inquiry of Southern Co . STOP 
The company is the subject of a federal grand jury investigation into whether its officials and its utility subsidiaries *UNKED* to cover up their accounting for spare parts to *UNK* federal income taxes . STOP 
`` The terms announced today are *UNKLY* between the United States and Gulf Power , '' said U.S. Attorney Robert L. *CUNK* . STOP 
`` This is only a further step in a lengthy investigation . '' STOP 
The plea settlement does not allow Southern Co. to charge any of the $ 500,000 to its customers , or take action against employees who provided information during the federal inquiry . STOP 
Gulf Power had been under investigation for violating the *CUNK* Holding Company Act , which *UNKS* public utilities from making political contributions . STOP 
In a statement , Southern Co. President Edward L. *CUNK* said , `` We believe our decision to plead -LRB- guilty -RRB- to these charges is responsible and proper . STOP 
And our action today will allow Gulf Power to avoid prolonged , *UNKING* legal proceedings . '' STOP 
He did not say what effect , if any , the $ 500,000 fine would have on the company 's earnings . STOP 
Mr. *CUNK* said yesterday 's plea by Gulf Power , which came after months of negotiations , was based on evidence that Gulf Power had set up an elaborate payment system through which it *UNKED* outside *UNKS* -- primarily three Florida advertising agencies -- for making illegal political contributions on its behalf . STOP 
The *CUNK* Agency , for example , allegedly made contributions from 1982 to 1984 to various funds for political candidates , then submitted bills to Gulf Power . STOP 
The contributions were funded by monthly payments of $ 1,000 to $ 2,000 to *CUNK* in the *UNK* of a `` special production fee '' -- in effect , *UNKING* the nature of the payments from the Internal Revenue Service , federal prosecutors said . STOP 
The government also indicated that former Gulf Power senior vice president *CUNK* F. `` *CUNK* '' *CUNK* was the *UNK* behind the use of the ad agencies -- *CUNK* , Dick Leonard Group II Inc. and *CUNKER* & *CUNKS* Corp. -- to make payments to various political candidates from 1981 to 1988 . STOP 
Mr. *CUNK* , who *UNK* Gulf Power 's *UNKS* efforts , died *UNKLY* in a plane crash in April after learning he might be fired following the *UNKING* of *UNKS* in a company audit . STOP 
Government officials declined to say whether the investigation includes the ad agencies or the politicians involved . STOP 
In New York Stock Exchange trading , Southern Co. rose 50 cents a share to $ *UNKN* . STOP 
` *CUNK* *CUNKER* ' *CUNKER* *CUNKS* Up *CUNKED* *CUNK* STOP 
*CUNK* *CUNK* a bigger piece of the declining *UNK* market , Seagram Co. has launched a controversial `` frequent *UNKER* '' promotion for its Chivas *CUNKAL* brand . STOP 
Under the program , dubbed Chivas Class , customers who send in two *UNKS* from Chivas *UNKS* will receive an *UNK* in *UNKING* class on some Trans World Airlines flights . STOP 
*CUNK* customers also can purchase luxury items at reduced prices . STOP 
But at a time of mounting concern over *UNK* abuse , some liquor marketers consider Seagram 's frequent buyer promotion risky . STOP 
`` I 'm surprised they 're doing this , '' says *CUNK* *CUNK* , president of *CUNK* & *CUNK* Co. , which markets *CUNK* Walker *UNKS* . STOP 
`` I would be very *UNK* of anything that says if you drink more , you get more . '' STOP 
Others question the impact on Chivas 's upscale image of a promotion that has customers *UNKING* off *UNKS* . STOP 
`` It 's really *UNK* , '' says Albert *CUNK* , creative director at the Wells Rich *CUNK* ad agency . STOP 
`` Chivas has an image of something you would *UNK* , rather than *UNK* . '' STOP 
Chivas Class is n't the first such promotion . STOP 
Last year , *CUNK* *CUNK* offered 500 *CUNK* frequent *UNKER* miles in exchange for a label . STOP 
And *CUNK* 's gave discounts on *CUNK* merchandise to people who sent in *UNK* *UNKS* . STOP 
But the *UNK* of Seagram 's Chivas promotion sets it apart . STOP 
The current campaign is just the first leg of an aggressive *UNK-* direct marketing plan . STOP 
Seagram says the promotion is designed to build brand loyalty rather than promote heavy drinking . STOP 
Seagram asks customers to buy only two or three *UNKS* over a *UNK-* period , says Richard *CUNK* , vice president of U.S. direct marketing . STOP 
`` We 're not asking them to save up 50 *UNKS* . STOP 
We 're not saying drink more , we 're saying trade up . '' STOP 
*CUNK* *CUNKS* a *CUNK* For Hispanic *CUNKS* STOP 
*CUNK* *CUNK* companies these days are *UNKING* the fat and cholesterol content of their products to appeal to *OUS* consumers . STOP 
But *CUNK* Foods Inc. believes it can milk some sales by *UNKING* the trend . STOP 
The *CUNKS* , N.J. , company has formed a joint venture with a distributor called La *CUNK* to market a *UNK-* milk targeted at Hispanic consumers . STOP 
To give *CUNK* *CUNK* the *UNKER* taste *CUNK* says *CUNKS* prefer , the new brand has a *UNK* content of 3.8 % . STOP 
That compares with 3.5 % *UNK* for whole milk . STOP 
A spokesman for *CUNK* Inc. , the nation 's largest milk producer , concedes *CUNK* may be on to something . STOP 
*CUNK* sells considerably more whole milk than *UNK-* *UNKS* in southern and Hispanic markets , he says . STOP 
*CUNK* even tested a milk with 4 % *UNK* in the South , but decided the market was too small . STOP 
*CUNK* is selling *CUNK* *CUNK* in nearly 500 grocery stores and *UNKS* in New York and parts of New Jersey . STOP 
And it 's adding 15 to 20 new outlets a day , says *CUNK* *CUNK* , sales director at La *CUNK* . STOP 
Because of *CUNK* *CUNK* 's success , he says , the joint venture is developing other *UNK* products *UNKED* to Hispanic *UNKS* . STOP 
*CUNK* *CUNKS* *CUNK* *CUNKS* Sales *CUNKS* STOP 
*CUNK* *CUNK* , *UNK* jewelry makers fought a losing battle . STOP 
*CUNK* displays in department stores were often *UNKED* and *UNKED* . STOP 
And the merchandise was , well , *UNK* . STOP 
As a result , marketers of *UNK* *UNKS* steadily lost space in department stores to more fashionable rivals -- cosmetics makers . STOP 
But lately , retailers say , *UNK* has become more fashionable . STOP 
And jewelry makers are beginning to use many of the same marketing *UNKS* *UNKED* in the aggressive world of cosmetics . STOP 
Last year , the total women 's fashion jewelry business topped $ 4.9 billion , says *CUNK* *CUNK* , editor of *CUNKS* magazine . STOP 
And it 's growing fast , with annual sales gains of more than 10 % . STOP 
To increase their share of that business , jewelry makers such as *CUNKAL* Brands Inc. 's *CUNK* and *CUNK* units and *CUNK* Inc. , maker of *CUNK* Klein jewelry , are launching new lines with as much *UNK* as the *UNK* companies . STOP 
They 're hiring models to *UNK* the *UNKS* *UNKING* their *UNKS* , and they 're even beginning to borrow a *UNKAL* favorite of the beauty business -- offering a *UNK* when consumers make a purchase . STOP 
`` We 've started trying just about anything to keep sales moving in the stores , '' says *CUNK* *CUNK* , a *CUNK* vice president . STOP 
But there are limits . STOP 
Ms. *CUNK* says retailers *UNKED* a promotion for *UNKS* with animal *UNKS* . STOP 
Her idea : bring in live *UNK* animals . STOP 
*CUNK* , whose national ads earlier this year included paper *UNKS* of its *UNK* *UNK* , takes a *UNKER* approach . STOP 
The company *UNKS* on the *UNK-* aspects , says Andrew E. Philip , president . STOP 
*CUNK* now *UNKS* sales help to advise customers on the best *UNKING* *UNKS* . STOP 
But cosmetics firms still have one big marketing edge : They *UNK* sales people with commissions . STOP 
*CUNK* makers rarely pay commissions and are n't expected to *UNK* soon . STOP 
*CUNKS* and *CUNKS* STOP 
*CUNK* *CUNK* interest in the environment , U.S. consumers have n't shown much interest in *UNK* packages for household products . STOP 
Procter & Gamble Co. recently introduced *UNK* versions of four products , including *CUNK* and Mr. Clean , in Canada , but does n't plan to bring them to the U.S. . STOP 
*CUNKS* believe most Americans wo n't make the *UNK* *UNK-* ... . STOP 
*CUNKS* Ltd. tests a beer *UNKED* with *UNK* *UNK* , rather than rice or corn . STOP 
*CUNKED* *CUNK* 's *CUNKAL* *CUNK* *CUNK* *CUNKER* , the *UNK* costs about $ *UNKN* a case . STOP 
No cholesterol , of course . STOP 
Northwest Airlines settled the remaining lawsuits filed on behalf of *UNKN* people killed in a 1987 crash , but claims against the *UNKER* 's maker are being *UNKED* , a federal judge said . STOP 
Northwest , a unit of *CUNK* Inc. , and McDonnell Douglas Corp. , which made the *CUNK-* aircraft , also are pursuing *UNKS* against each other in the crash near Detroit Metropolitan Airport . STOP 
Terms of the settlements for the remaining 145 lawsuits against Northwest were n't disclosed . STOP 
A total of *UNKN* lawsuits were filed on behalf of crash victims . STOP 
U.S. District Judge *CUNK* A. *CUNK* Jr. announced the settlements as the jury trial was to begin yesterday . STOP 
He reset opening arguments for today . STOP 
The jury will resolve the claims against McDonnell Douglas , Northwest 's claim that a *UNK* in the aircraft caused the crash , and McDonnell Douglas ' claim that the plane was *UNKLY* *UNK* . STOP 
The National Transportation Safety Board ruled that pilots failed to set the plane 's *UNKING* *UNKS* and *UNKS* properly for *UNK* and failed to make mandatory *UNK* checks that would have *UNKED* the error . STOP 
Also , a *UNK* warning system failed to alert the pilots the *UNKS* and *UNKS* were not set for *UNK* , the *CUNK* said . STOP 
The only passenger who survived the crash was *CUNK* *CUNK* , then 4 , of *CUNK* , Ariz. , whose parents and brother died in the crash . STOP 
She now lives with *UNKS* in *CUNK* . STOP 
Sun *CUNK* Moon , the Korean *UNK-* who in *UNKN* founded the *CUNKION* Church , remains the mystery man behind a *UNK-* political and publishing operation based in this country and *UNKING* to the American right . STOP 
But there may be less there than *UNKS* the eye . STOP 
Mr. Moon planned to convert millions of Americans to his *UNUNK* brand of *CUNK* -- in which he plays the role of Old *CUNK-* *UNKAL* , political *UNK* -- and then to make the U.S. part of a *UNKED* international *UNK* . STOP 
His original strategy -LRB- in itself a *UNK* *UNKION* for spreading a *UNKION* -RRB- was to create new economic enterprises each time he wanted to extend and fund his various *OUS* *UNKS* . STOP 
*CUNK-* airport and *UNKER* *UNKS* were intended only to provide start-up funds . STOP 
More stable industries were to build an *UNKLY* viable infrastructure for the Moon movement in North America , as they had in Japan and South Korea . STOP 
Then he would move his movement to Europe . STOP 
But that was not to be . STOP 
*CUNK* the 1970s and early 1980s *UNK* for both the *CUNKION* Church and its opponents in the *UNK* movement gave *UNKLY* *UNKED* membership figures . STOP 
Their *UNK* lives on . STOP 
It is still common to read in the press that the church has 10,000 or more *UNK-* American members and 25,000 `` associates . '' STOP 
Some estimates have gone as high as 80,000 members . STOP 
But internal church documents clearly show that at its *UNKING* *UNKS* , as when it organized a *UNK* *CUNK* *CUNK* *UNKAL* rally in 1976 , there actually were only about 2,000 *UNK-* *CUNKION* Church members in the U.S. STOP 
Mr. Moon 's support for a *CUNKED* Richard Nixon , the *CUNK* scandal , and his prison sentence for *UNK-* *UNKION* did not help the church 's *UNK* efforts . STOP 
*CUNKS* , *UNKS* , and *UNKION* `` *UNKS* '' kept member turnover high . STOP 
That the membership number has even kept close to its 1976 size is the result of the `` *UNKING* '' of the church . STOP 
Many of the *UNK* young `` *CUNKS* '' of the Nixon era who remained *UNK* to *CUNKER* Moon are now parents , producing new members by *UNKION* rather than conversion . STOP 
The *UNKED* wealth of the *CUNKION* Church is another matter of *UNKION* . STOP 
For a while in the 1970s it seemed Mr. Moon was on a spending spree , with such purchases as the former New *CUNKER* Hotel and its *UNK* Manhattan Center ; a *UNKING* conglomerate with branches in Alaska , Massachusetts , Virginia and Louisiana ; a former Christian Brothers *UNK* and the Seagram family *UNKION* -LRB- both *UNKLY* *UNKED* on the Hudson River -RRB- ; shares in banks from Washington to *CUNK* ; a motion picture production company , and newspapers , such as the Washington Times , the New York City *CUNK* -LRB- originally the News World -RRB- , and the successful *CUNK-* *CUNKS* *UNK* *CUNK* . STOP 
Yet these purchases can be misleading . STOP 
Most were obtained with huge *UNKS* of church money from South Korea and Japan , minimum cash *UNKS* and sizable mortgages . STOP 
Those teams of young *UNKS* selling *UNKS* , *UNKS* or *UNKING* *UNK* at traffic *UNKS* brought in somewhere near $ 20 million a year during the *UNK-* 1970s , but those revenues were a *UNK* compared to the costs of Mr. Moon 's *UNK* international *UNKS* , *UNKING* *UNKS* , and *UNKED* land buys . STOP 
Only his factories in Japan and Korea , *UNKING* his *UNKS* at *UNK* wages and producing everything from *UNKS* to *UNK* to expensive *UNK* *UNKS* , kept the money *UNKING* *UNK* . STOP 
Virginia Commonwealth University *UNK* David *CUNK* , who more than any other researcher has *UNKED* into the complex world of *CUNK* finances , has concluded that profitable operations in the U.S. have been the exceptions rather than the rule . STOP 
*CUNK* , journalists John *CUNKS* and Michael *CUNK* of the Washington *CUNK* have estimated that at least $ 800 million was transferred from Japan to the U.S. to deal with the church 's annual operating losses in this country . STOP 
Mr. Moon 's two *CUNK-* U.S. newspapers *UNK* the *UNK* of this financial drain . STOP 
*CUNK-* costs for the Washington Times alone were close to $ 50 million , and the total amount lost in this *UNK* black hole was estimated at $ 150 million by 1984 . STOP 
Since then , Moon 's organization has *UNKED* a *UNK* of high-quality *UNK* opinion magazines , The World and I and *CUNK* , which are a further drain . STOP 
*CUNKS* say that not even their *UNKS* know for sure how much these *UNK-* publications , along with the newspapers , have cost Mr. Moon . STOP 
Many American *UNKED* businesses , such as a $ 30 million factory to build fishing vessels , are *UNK* . STOP 
Some components of the American church had their budgets cut in half last year and again this year . STOP 
The relatively small academic *UNKS* that have attracted conservative *UNKS* -- and press scrutiny -- in recent years are much more narrowly targeted and *UNK* than the *UNK-* *UNKS* in fancy *UNKS* and *UNK* *UNKS* of years past . STOP 
I attended several of these in the dual role as a *UNKER* of research findings as well as an *UNK* of my *UNKS* . STOP 
-LRB- Mr. Moon 's *CUNK* House eventually even published three of my *UNKED* books on *UNKION* and politics . -RRB- STOP 
According to veteran *UNKS* of *CUNK* affairs , such as Dr. J. *CUNK* *CUNK* , director of the Institute for the *CUNK* of American *CUNKION* , almost all operations are being *UNKLY* reduced as Mr. Moon now *UNKS* more on developing his empire in the Far East . STOP 
`` Everything , '' one *UNK-* *CUNK* '' senior consultant to the *CUNKION* Church recently told me in an interview , `` is going back to Korea and Japan . '' STOP 
-LRB- Europe had proved even less *UNK* than North America . STOP 
European politicians were less reluctant to have their governments investigate and *UNKS* new *UNKS* . -RRB- STOP 
So Mr. Moon is in retreat , *UNKING* on the Far East . STOP 
South Korea and Japan continue to be profitable . STOP 
Moon 's *CUNK* industry conglomerate is now investing heavily in China , where church accountants have high hopes of expanding and attracting *UNKS* even in the wake of the *UNK* massacre in *CUNK* Square . STOP 
*CUNK* Motors is one such investment . STOP 
According to senior consultants to the church , Mr. Moon has successfully negotiated a joint venture with the Chinese government to build an *UNKS* plant in *CUNK* *CUNK* , an area of China with a substantial Korean minority . STOP 
Mr. Moon has agreed to put up $ 10 million a year for 25 years and keep the profits in China . STOP 
In return , he has the government 's *UNKING* to build *UNKS* and spread *CUNK* in that country . STOP 
Whatever *UNK* and ties to *UNKS* and *UNKS* the publications and *UNKS* bring really are *UNK* -- not the *CUNK* Moon 's original final goals , but the ones for which he will have to settle . STOP 
Mr. *CUNK* is *UNK-* -LRB- with David G. *CUNK* -RRB- of `` ` *CUNKS* ' in America : *CUNK* , Church , and *CUNK* '' and `` *CUNK* *CUNKS* : The Great American *CUNK* *CUNK* . STOP 
The Manville Personal *CUNK* *CUNK* Trust said it is considering several ways to ease a liquidity crunch that could include the sale of Manville Corp. to a third party . STOP 
In a filing with the Securities and Exchange Commission , the majority holder of Manville acknowledged that the cash portion of its initial funding of $ *UNKN* million will be *UNKED* next year , and that alternative sources of funds will be necessary to meet its obligations . STOP 
The trust , which was created as part of Manville 's bankruptcy-law reorganization to compensate victims of *UNKED* diseases , ultimately expects to receive $ 2.5 billion from Manville , but its cash flow from investments has so far lagged behind its payments to victims . STOP 
*CUNKS* for both the trust and the company refused to comment on whether any talks with a possible *UNKER* of Manville had actually taken place . STOP 
The trust is considering a sale of its Manville holdings , but Manville has the right of first *UNKAL* on any sales of its stock held by the trust . STOP 
Manville , a forest and building products concern , has offered to pay the trust $ 500 million for a majority of Manville 's convertible preferred stock . STOP 
Manville and the trust are discussing the offer , but no decision has been made . STOP 
The filing also said the trust is considering a sale of Manville securities in the open market ; an extraordinary dividend on the common stock ; or a recapitalization of Manville . STOP 
The Soviet Union 's *UNKS* rate is soaring to 27 % in some areas , *CUNK* said . STOP 
It said the situation is caused by efforts to *UNK* *UNKED* factory *UNKS* . STOP 
*CUNK* has reached *UNKN* % in *CUNK* , *UNKN* % in *CUNK* , *UNKN* % in *CUNK* , *UNKN* % in *CUNK* , 18 % in *CUNK* and *UNKN* % in *CUNK* , the Communist Party newspaper said . STOP 
All are *UNK-* *UNKS* along the southern border of the Soviet Union , and all but *CUNK* have reported *UNKING* in the past six months . STOP 
The newspaper said it is past time for the Soviet Union to create unemployment insurance and *UNKING* programs like those of the West . STOP 
*CUNK* gave no estimate for overall unemployment but said an `` Association of the *CUNKED* '' has *UNKED* up that says the number of *UNKS* is 23 million Soviets , or 17 % of the work force . STOP 
An *UNK-* dispute involving Australia 's *UNKN* domestic pilots has slashed airline earnings and *UNKED* much of the *UNK* 's tourist industry . STOP 
`` The only people who are flying are those who have to , '' said Frank Moore , chairman of the Australian *CUNK* Industry Association . STOP 
He added : `` How is a travel agent going to sell a holiday when he can not guarantee a return flight ? '' STOP 
*CUNK* giant *CUNK* , which owns half of one of the country 's two major domestic carriers , said the cost of the dispute had been heavy , cutting *CUNK* 's profits 70 % to $ 12 million in the three months to Sept. 30 . STOP 
Brazilian financier *CUNK* *CUNKS* , who was arrested on Monday after 102 days in *UNKING* , is likely to be *UNKED* next week by the Brazilian *UNK* . STOP 
Mr. *CUNKS* , who *UNKLY* *UNKED* a *UNK-* *UNK* of Brazil 's stock markets in June when he failed to honor a debt of $ *UNKN* million owed to his brokers , yesterday blamed his *UNK* on the president of the *CUNK* *CUNK* stock exchange ; a few days before Mr. *CUNKS* 's failure , the exchange raised the required margin on *UNK-* transactions . STOP 
China 's *UNK* ousted two Hong Kong residents from a panel *UNKING* a new *UNKION* for the colony . STOP 
The two , *CUNK* *CUNK* and Martin Lee , were *UNKED* *UNUNK* because they had *UNKED* China 's *UNK* on its *UNK-* movement . STOP 
The committee is *UNKING* Hong Kong 's *UNKION* for when it *UNKS* to Chinese control in 1997 , and Chinese lawmakers said the two can only return if they `` abandon their *UNK* stand against the Chinese government and their attempt to *UNK* the *CUNK-* joint *UNKION* on Hong Kong . '' STOP 
*CUNK* *CUNK* *CUNK* *CUNK* ? STOP 
Israeli officials confirmed that Energy Minister *CUNK* *CUNKAL* and his Canadian counterpart , *CUNK* *CUNK* , discussed a possible Israeli purchase of a $ 1.1 billion Canadian nuclear *UNK* for producing electricity . STOP 
However , a Canadian *CUNK* official in *CUNK* *CUNK* said that Canada was unlikely to sell the *CUNK* *UNKER* *UNK* to Israel since Israel has n't signed the *CUNK* *CUNKION* *CUNK* . STOP 
Israel has been accused in the past of using *UNK* to seek elements needed to develop nuclear weapons . STOP 
The South Korean government is signing a *UNK* today establishing formal *UNK* relations with Poland . STOP 
The two are also signing a trade agreement . STOP 
South Korean government officials said they do n't expect that Seoul can loan money to Warsaw , but it can `` offer experience . '' STOP 
Poland is the second Communist nation to recognize the Seoul government ; South Korea established *UNK* relations with Hungary in February 1989 . STOP 
*CUNK* will hold a *UNK-* auction Friday , with 32 potential bidders participating . STOP 
Earlier this year , *CUNK* announced it was opening up *UNK-* *UNKS* to foreign investors but said the program would be limited to a net *UNK* of $ 600 million a year . STOP 
Friday 's auction will be limited to $ 150 million *UNKED* by the Central Bank to potential investors . STOP 
The office of foreign investment has authorized some $ *UNKN* billion worth of investment proposals , said *CUNK* *CUNK* , *UNK* of foreign investment . STOP 
Most of the proposals are in tourism , basic industry and *UNK* and *UNK-* projects , he said . STOP 
Under the *UNK-* program , potential investors will submit *UNKED* bids on the percentage of discount they are willing to purchase the debt at , and the bids will be *UNKED* based on these discount offers . STOP 
The *CUNK* central bank set a 30 % floor on the bidding . STOP 
A song by American singer *CUNK* *CUNK* *UNKING* *UNKED* black leader Nelson *CUNK* was banned from South African state radio and television . STOP 
The South African Broadcasting Corp. said the song `` *CUNK* Now '' was `` *UNUNK* for broadcasting . '' ... STOP 
Britain 's House of *CUNKS* passed a law that will force English *UNKER* fans to carry identity cards to enter *UNKS* . STOP 
The `` *UNK-* '' law , which would *UNK* *UNKS* of cards , must be *UNKED* by the House of *CUNKS* and is expected to become effective early next year . STOP 
A federal judge ruled that *CUNK* Marcos was n't brought to the U.S. against her will and that *UNKAL* *UNKS* , which protect *UNKS* from *UNKING* each other , do n't apply in her case . STOP 
As a result , Judge John F. *CUNK* of New York ordered Mrs. Marcos to turn over to the court all *UNKS* and documents she may have filed in foreign countries in opposition to U.S. requests for evidence . STOP 
Mrs. Marcos had claimed that she did n't have to turn over the documents because she was brought here *UNKLY* and because providing the materials would violate her *UNKAL* privilege . STOP 
In 1988 , a year and a half after Mrs. Marcos and her late husband , *CUNK* Marcos , the ousted president of the Philippines , fled the Philippines for Hawaii , they were charged with racketeering , conspiracy , *UNKION* of justice and mail fraud in a scheme in which they allegedly *UNKED* more than $ 100 million from their *UNK* . STOP 
Much of the money was *UNKLY* *UNKED* through purchases of prime Manhattan real estate , federal prosecutors have charged . STOP 
Mrs. Marcos 's trial is expected to begin in March . STOP 
U.S. law requires criminal defendants to turn over foreign documents such as those sought in the Marcos case . STOP 
The law is meant to overcome delays caused by defendants ' use of foreign procedures to block U.S. requests for records , Judge *CUNK* said in his opinion . STOP 
For instance , the documents could involve foreign business dealings or bank accounts . STOP 
The U.S. has charged that the *CUNKS* ' alleged crimes involved bank accounts in the Philippines , Hong Kong , the U.S. and other countries . STOP 
On the *UNKION* of *UNKING* , Judge *CUNK* wrote , `` The suggestion that Mrs. Marcos was brought to this country against her will is *UNKED* by affidavit or *UNKION* . '' STOP 
The judge also said the two *UNKAL* *UNKAL* *UNKS* cited by Mrs. Marcos do n't apply . STOP 
The first one permits a witness to refuse to testify against her *UNK* . STOP 
But Judge *CUNK* said that privilege 's purpose is `` *UNKING* *UNK* in marriage . '' STOP 
Because Mr. Marcos died Sept. 28 , the privilege can no longer apply , the judge said . STOP 
The second *UNKAL* privilege cited by Mrs. Marcos *UNKS* *UNKAL* communications between *UNKS* . STOP 
But Judge *CUNK* said that privilege is meant to protect private *UNKS* -- not litigation papers filed with foreign governments , as Mrs. Marcos 's attorneys maintained . STOP 
Though Judge *CUNK* threw out most of Mrs. Marcos 's *UNKS* , he agreed with one of her concerns : that turning over the foreign documents could violate the defendant 's constitutional right against *UNKION* . STOP 
As a result , he said he will examine the Marcos documents sought by the prosecutors to determine whether turning over the filings is *UNKION* . STOP 
Judge *CUNK* also directed the prosecutors to show that Mrs. Marcos 's Fifth Amendment right against *UNKION* wo n't be violated . STOP 
Mrs. Marcos 's attorney in New York , *CUNK* *CUNK* , declined to comment on the ruling . STOP 
Mrs. Marcos has n't admitted that she filed any documents such as those sought by the government . STOP 
Charles *CUNK* , the assistant U.S. attorney *UNKING* the Marcos case , did n't return phone calls seeking comment . STOP 
U.S. . AND *CUNK* *CUNK* *CUNK* announce rare joint venture in Tokyo . STOP 
*CUNK* & Austin , a leading Chicago-based law firm , and *CUNK* Morris *CUNK* , a *UNKED* London firm of *UNKS* , are scheduled today to announce plans to open a joint office in Tokyo . STOP 
The firms will be registered under Japanese law as foreign legal consultants and their practice with Japanese clients will be limited to advising them on matters of foreign law . STOP 
The office may also be able to advise foreign and *UNKAL* clients on international law and general matters . STOP 
The office will provide `` *UNK-* shopping '' for Japanese financial institutions and other clients seeking advice on access to the world capital markets , according to A. Bruce *CUNK* , *CUNK* 's senior banking specialist , who will move to Tokyo from Chicago to open the office next year . STOP 
The *CUNK-* venture will also be *UNKED* by another *CUNK* partner *UNKING* in corporate law , a partner from *CUNK* concentrating on acquisitions and a Japanese attorney . STOP 
The office will *UNK* the resources of *CUNK* 's 700 lawyers in the U.S. , London and Singapore as well as the 400 *CUNK* staff members in London and Brussels . STOP 
*CUNK* is new to the Far East . STOP 
*CUNK* will maintain its association with the *CUNK* Law Office in Tokyo . STOP 
THE *CUNK* *CUNK* *CUNK* said it will seek a *UNKING* of a U.S. appellate court ruling against the union 's claim that the state of Michigan *UNKS* in *UNKION* against female employees . STOP 
A *UNK-* panel of the court in Cincinnati made the ruling Saturday . STOP 
The *CUNK* is seeking a hearing by the full *UNK-* panel . STOP 
The union sued the state in November 1985 , *UNKING* that it *UNKLY* *UNKED* job *UNKS* by sex and paid employees in *UNKLY* female jobs less than *UNKS* in comparable jobs . STOP 
The *CUNK* also charged that the state applied its own standards for *UNKING* pay in a *UNK* manner . STOP 
In November 1987 , a district court judge in Detroit ruled against the *CUNK* . STOP 
The union is the bargaining representative for more than 20,000 Michigan state employees . STOP 
NEW *CUNK* *CUNK* : STOP 
One of the largest law firms in central New Jersey has been created through the merger of *CUNKS* , *CUNK* & *CUNKS* , a *UNKER* firm , and *CUNKER* , *CUNK* , *CUNK* & *CUNK* , a health-care specialty law firm with 14 lawyers . STOP 
*CUNKS* *CUNK* is a *UNK-* firm that has expanded recently into such *UNKS* as banking , labor and environmental work . STOP 
The merged firm will carry *CUNKS* *CUNK* 's name . STOP 
*CUNK* *CUNK* : STOP 
A Texas legislator proposes *UNKING* drivers ' licenses of some drug *UNKS* . STOP 
The bill would *UNK* courts to order the licenses as a condition of *UNKION* . STOP 
State Senator *CUNK* `` *CUNKER* '' Brown , a Republican who is running for Texas attorney general , introduced the bill . STOP 
He said an *UNKED* license would be an `` embarrassment '' to *UNKS* and young adults and would act as a *UNK* to drug use . STOP 
Richard *CUNK* , executive director of the Texas Civil *CUNKS* Union , called the proposal `` political *UNK* , '' and said it *UNKS* to recognize the drug problem as a health issue . STOP 
The amendment , offered by Rep. Douglas *CUNK* -LRB- D. , Calif. -RRB- , was approved *UNKN* during debate on a bill designed to strengthen the Transportation Department 's authority in dealing with leveraged buy-outs of airlines . STOP 
The bill would require the agency to block the acquisition of 15 % or more of an airline 's stock if the purchase threatened safety , reduced the carrier 's ability to compete , or put the airline under foreign control . STOP 
*CUNK* on the legislation , which faces a veto threat from President Bush , is to continue today . STOP 
The amendment would require the department to block the purchase of a major airline by anyone who has run two or more carriers that have filed for protection from creditors under Chapter 11 of the Bankruptcy Code . STOP 
In 1983 , Texas Air 's Continental Airlines filed for bankruptcy . STOP 
Earlier this year , Texas Air 's Eastern Airlines filed for bankruptcy . STOP 
`` This ought to be *UNKED* the ` Do n't let Frank Lorenzo take over another airline ' amendment , '' said Rep. James *CUNK* -LRB- D. , *CUNK* -RRB- , chairman of the House *UNKION* subcommittee , who argued that the provision was unnecessary because the bill already would give the department *UNK* power to block *UNUNK* deals . STOP 
For years , a strict *UNK* *UNKED* the staff meetings at Nissan Motor Co. 's technical center in Tokyo 's western *UNKS* . STOP 
*CUNKS* *UNK* *UNKION* *UNKS* listing not only their names but also their *UNKS* of hire . STOP 
No one could voice an opinion until everybody with more *UNK* had *UNK* first , so younger employees -- often the most *UNK* and *UNK* -- *UNK* spoke up at all . STOP 
But in 1986 , the *UNKS* and the `` do n't speak out of turn '' rule were *UNKED* -- early steps in a cultural revolution still rolling on with all the *UNK* of a freight train . STOP 
In recent years , Nissan has *UNKED* *UNK-* work schedules and allowed employees to dress *UNKLY* , even in blue *UNKS* . STOP 
A rule *UNKING* staffers to own competitors ' cars has been lifted , and now many *UNKS* drive foreign cars to get useful ideas . STOP 
Nissan 's *UNK-* corporate song filled with *UNKS* to *CUNK* Fuji has been *UNKED* in favor of a *UNK* *UNK* *UNK* by a popular Japanese *UNK* . STOP 
And in a Japanese corporate first , Nissan recently opened the first *UNKED* company *UNK* for single employees at the suburban Tokyo technical center . STOP 
`` We had lots of internal debate about this one , '' concedes *CUNK* *CUNK* , a senior *UNKS* official . STOP 
`` But in the end , top management decided to follow the voice of the younger generation . '' STOP 
This corporate glasnost is a big reason Nissan , after years of making lackluster cars and *UNK* profits , has *UNKED* up its rigid ways and now is riding a string of hits , ranging from the *UNK* *CUNK* sedan and *CUNK-* *UNK* to the *UNKLY* *UNK* *CUNK* , a *UNK* sold only in Japan . STOP 
The company 's turnaround is far from complete ; many crucial tests are just beginning . STOP 
But its surprising progress so far holds important *UNKS* for companies in trouble . STOP 
The big one : A company 's culture ca n't be *UNKLY* changed unless top management first admits that things have gone badly *UNK* and then publicly leads the charge . STOP 
*CUNK* *CUNK* , Nissan 's executive vice president for finance , helped set the tone in December 1986 , when the company was heading toward the first operating loss by a Japanese auto maker since the nation 's *UNK* recovery . STOP 
`` This is a time of *UNK-* to discover what is wrong with us , '' he said . STOP 
*CUNK* *CUNK* , who took the *UNK* as Nissan 's president in June 1985 , added simply , `` I am deeply disappointed . '' STOP 
No wonder . STOP 
Nissan , Japan 's second-largest auto maker and the world 's *UNKEST* , was getting beat up not only by its bigger rival , Toyota Motor Corp. , but also by Honda Motor Co. , the most successful Japanese car company in the U.S. but a relative *UNK* in Japan . STOP 
Nissan 's market share in Japan had been dropping year by year since the beginning of the decade . STOP 
Its U.S. sales *UNKED* , partly because of price increases due to the rising yen . STOP 
*CUNK* of all , Nissan was *UNKED* with management *UNKING* , *UNK* and corporate *UNK* . STOP 
Consider the experience of *CUNK* *CUNK* , a *UNK-* designer of vehicle *UNKS* who joined Nissan in 1982 . STOP 
At that time , tasks were assigned *UNKLY* on the basis of *UNK* . STOP 
`` The *UNKEST* designer got to work on the *UNK* , '' she recalls . STOP 
`` The next level down did doors . STOP 
If a new person got to work on part of the *UNKER* , that was a big deal . '' STOP 
This system produced *UNKING* , *UNK* cars that consumers just were n't buying . STOP 
*CUNKLY* hoping to spark sales , Nissan transferred 5,000 middle managers and plant workers to *UNKS* . STOP 
Meanwhile , President *CUNK* ordered everyone from top executives to *UNK* *UNKS* to go `` town watching , '' to visit *UNK* parts of Tokyo to try to gain *UNKS* into developing cars for *UNKS* . STOP 
Some *UNKING* *UNKS* were *UNK* comic . STOP 
One group of *UNKED* manufacturing men from the company 's *CUNK* plant outside Tokyo was supposed to check out a *UNK* restaurant in the city . STOP 
But when they arrived at the door , all were afraid to go in , *UNKING* that they would be out of place . STOP 
Other trips were more *UNK* . STOP 
Mr. *CUNK* himself visited Honda 's headquarters in Tokyo 's upscale *CUNK* district . STOP 
He *UNKED* the *UNKED* lobby display of Honda 's cars and trucks so much that he had Nissan 's *UNK* lobby *UNK* *UNKED* . STOP 
Later , Nissan borrowed other Honda practices , including an engineering `` idea contest '' to promote *UNKS* . STOP 
One engineer developed a `` *UNK* car '' that moves *UNKS* . STOP 
Such sudden cultural *UNKS* may come across as a bit forced , but they seem to be genuine -- so much so , in fact , that some older employees have resisted . STOP 
Nissan handled the *UNKS* in a typically Japanese fashion : They were n't fired but instead `` were *UNKED* , '' says *CUNK* *CUNK* , the personnel manager at the Nissan *CUNKAL* Center . STOP 
Despite the *UNK* of *UNKING* , the cultural revolution has begun to yield exciting cars . STOP 
A year ago , the company completely revamped its *UNK-* sedan , the $ *UNKN* *CUNK* , which *UNKS* against a broad range of upscale *UNKS* ; it replaced its *UNK* , *UNKED* body with *UNK* , *UNK* lines . STOP 
Since then , Nissan also has launched new versions of the $ *UNKN* *UNK* *UNK* *UNK* and *UNK* sports car . STOP 
The *UNKED* *UNK* costs as much as $ *UNKN* and is *UNKED* off against the *CUNK* *UNKN* , which begins at $ *UNKN* . STOP 
Besides new *UNKING* , the new *CUNKS* have more powerful engines and more sophisticated suspension systems . STOP 
All three new models are *UNKING* their *UNKS* by wide margins . STOP 
In its home market , Nissan has *UNKED* attention with *UNKION* *UNKS* featuring *UNKING* odd enough to be *UNK* . STOP 
One is the *CUNK* , a tiny *UNK* with a *UNK* *UNKS* top and *UNKED* *UNKS* that give it a *UNKED* look . STOP 
Nissan initially planned to sell just 10,000 *CUNKS* , but sales have passed 50,000 , and there 's a one-year waiting list for the car . STOP 
Then , there 's the *CUNK-* , an *UNK* delivery van with a *UNK-* body that inspired its name . STOP 
Nissan helped develop a Tokyo restaurant with both vehicles as its design theme . STOP 
The chairs are *CUNK-* seats , and a *UNK* shop sells such items as *UNK* *UNKS* *UNKED* like the *CUNK* 's *UNKED* *UNKER* . STOP 
All these vehicles have sharply improved Nissan 's *UNK* and image -- but have n't done much for its market share . STOP 
Nissan had 29 % of the Japanese car market in 1980 before beginning a *UNKING* *UNK-* slide that continued through last year . STOP 
*CUNK* sales so far this year are certain to turn the *UNK* , but even the 25 % market share that Nissan expects in 1989 will leave it far below its position at the beginning of the decade . STOP 
Nissan concedes that it wo n't *UNK* all its *UNK-* losses in Japan until at least 1995 , and even that timetable might prove optimistic . STOP 
`` Everyone else is going to catch up '' with Nissan 's *UNK* designs , says A. *CUNK* *CUNK* , auto analyst at First Boston -LRB- Japan -RRB- Ltd . STOP 
Nissan 's pace of *UNK-* hits will slow , he adds , just as *UNKAL* Toyota *UNKS* its own *UNK* of new cars . STOP 
*CUNK* , in the U.S. , Nissan has *UNKED* 5.2 % of the car market so far this year , up from 4.5 % a year ago . STOP 
But even that brings Nissan only to the share it had in 1987 , and leaves the company behind its high of 5.5 % in 1980 and 1982 . STOP 
Why ? STOP 
So far , Nissan 's *UNK-* *UNKS* are mostly *UNKED* vehicles with limited sales potential . STOP 
In *UNK* and *UNK* cars , the *UNKER* sales *UNKS* for Japanese auto makers , Nissan still *UNKS* Toyota and Honda . STOP 
Nissan hopes that that will start to change this fall , with its new version of the *CUNK* *UNK* sedan . STOP 
The *CUNK* has been a *UNK* compared with Honda 's *UNKLY* successful *CUNK* and Toyota 's *CUNK* . STOP 
But this year , Honda has revamped the *CUNK* and made it a *UNKED* car . STOP 
Nissan instead has kept its new *CUNK* a bit smaller than that and cut the base price 6 % ; at $ *UNKN* , *CUNK* prices start $ *UNKN* below the predecessor model yet have a *UNK-* engine . STOP 
*CUNK* prices start at $ *UNKN* . STOP 
Nissan 's risk is that its *UNK-* strategy might get lost amid the highly *UNKED* *UNKS* being offered by Detroit 's Big Three . STOP 
But `` on a new car , a *UNK* does n't work well '' because it *UNKS* the vehicle 's image , contends Thomas D. *CUNK* , executive vice president of Nissan 's U.S. sales arm . STOP 
Even if the new *CUNK* succeeds , Nissan will remain behind in the *UNK* segment , where its *CUNK* does n't measure up to the Honda *CUNK* and Toyota *CUNK* . STOP 
Nissan will introduce a completely revamped *CUNK* next fall . STOP 
At the opposite end of the market , Nissan *UNKS* its luxury Infiniti division on Nov. 8 -- three years after Honda *UNKED* Japanese luxury cars and two months after Toyota 's Lexus went on sale . STOP 
Nissan started advertising Infiniti fully eight months before the cars hit American *UNKS* . STOP 
The ads featured *UNKS* , *UNKS* and *UNK-* *UNKS* -- almost anything but the cars themselves . STOP 
The ads have generated some *UNKS* but also plenty of attention because they are so unlike any other U.S. auto advertising . STOP 
On the other hand , Nissan 's sales goals for Infiniti are modest compared with Toyota 's targets for Lexus . STOP 
Nissan will build only about *UNKN* of the $ *UNKN* Infiniti *CUNK* *UNKS* each month , sending about 2,000 of them to the U.S. and keeping the rest for sale in Japan . STOP 
Toyota wants to sell about *UNKN* Lexus *CUNK* *UNKS* next year in the U.S. alone . STOP 
`` When I saw the Lexus sales projections , I got worried , '' *UNKS* *CUNK* *CUNK* , who led the Infiniti development team . STOP 
But on *UNKION* , Mr. *CUNK* says , he concluded that Nissan is being *UNK* in following its *UNK-* strategy instead of simply *UNKING* Lexus . STOP 
`` Infiniti is Nissan 's big business move for the *UNK* century , and we 're in no *UNK* to generate large profits right away , '' Mr. *CUNK* says . STOP 
Despite plans to add two new Infiniti models next year , bringing the total to four , Infiniti wo n't show profits for at least five years , he adds . STOP 
These days Nissan can afford that strategy , even though profits are n't exactly robust . STOP 
Nissan had record net income of *UNKN* billion yen -LRB- $ *UNKN* million -RRB- in the fiscal year ended last March 31 , a remarkable recovery from the *UNKN* billion yen of two years earlier , when the company lost money on operations . STOP 
Nissan has increased earnings more than market share by cutting costs and by taking advantage of a general surge in Japanese car sales . STOP 
But Nissan expects to earn only 120 billion yen in the current fiscal year , a modest increase of 4.7 % . STOP 
The big reason : For all its cost-cutting , Nissan remains less efficient than Toyota . STOP 
In its last fiscal year , Nissan 's profit represented just 2.3 % of sales , compared with 4.3 % at Toyota . STOP 
To help close the gap , Nissan recently established a *UNK-* cost-cutting committee . STOP 
Nissan is the world 's only auto maker currently building vehicles in all three of the world 's key economic *UNKS* -- the U.S. , Japan and Europe . STOP 
That gives it an *UNK* strategic advantage , at least until its rivals catch up , but also plenty of *UNKAL* *UNKS* . STOP 
For example , Nissan 's U.S. operations include 10 separate subsidiaries -- for manufacturing , sales , design , research , *UNK* -- that report separately back to Japan . STOP 
And in July , Nissan 's Tennessee manufacturing plant beat back a United *CUNK* Workers *UNKING* effort with aggressive tactics that have left some workers bitter . STOP 
`` We are in a *UNKAL* phase from being a Japanese company to becoming an international company based in Japan , '' says Mr. *CUNK* , the executive vice president . STOP 
He promises that Nissan will soon establish a holding company *UNKING* all U.S. operations , just as it 's doing in Europe . STOP 
Perhaps the biggest challenge , however , will be to prevent a return to its former corporate *UNK* as its recovery continues . STOP 
Already , personnel officials are talking about the need for a `` *CUNK* Two '' *UNK-* effort of some sort . STOP 
`` We are still only half way through the turnaround of this company , and there are many more things to do , '' President *CUNK* says . STOP 
He adds , however , that `` the momentum we have generated is *UNUNK* . STOP 
As expected , Warner *CUNKS* . Records said it agreed to form a *UNK-* and *UNKING* joint venture with former MCA Records Chairman Irving Azoff . STOP 
Warner said it will provide financing for the venture , but did n't disclose terms . STOP 
Mr. Azoff has n't named the company yet , but any records it produces will be distributed by Warner . STOP 
Warner is part of Warner Communications Inc. , which is in the process of being acquired by Time Warner Inc . STOP 
Mr. Azoff resigned as head of MCA Records , a unit of MCA Inc. , in September , and had been discussing a joint venture with both Warner and MCA . STOP 
In a statement yesterday , Mr. Azoff said he chose Warner , the largest record company , because `` their standing in the entertainment industry is second to none . STOP 
President Bush and Soviet leader Mikhail Gorbachev will hold an informal meeting in early December , a move that should give both leaders a political boost at home . STOP 
The White House is *UNKLY* not calling the meeting a summit so that there wo n't be any *UNKION* of detailed negotiations or agreements . STOP 
Rather , senior administration officials said that the unexpected meeting was scheduled at Mr. Bush 's request because of his preference for conducting *UNK* through highly personal and informal meetings with other leaders . STOP 
The two leaders will meet on Dec. 2 and 3 , *UNKING* the two days of meetings between a U.S. and a Soviet naval *UNK* in the *CUNK* Sea . STOP 
The unusual *UNK* meeting wo n't *UNK* plans for a formal summit meeting next spring or summer , at which an *UNK-* treaty is likely to be completed . STOP 
In announcing the meeting yesterday , Mr. Bush told reporters at the White House that neither he nor Mr. Gorbachev expects any `` substantial decisions or agreements . '' STOP 
Instead , he said that the purpose is simply for the two to get `` better *UNKED* '' and discuss a wide range of issues without a formal agenda . STOP 
Despite the informal nature of the session and the calculated effort to hold down expectations , the meeting could pay significant political dividends for both leaders . STOP 
Mr. Gorbachev badly needs a *UNKION* from the serious economic problems and *UNK* *UNKEST* he faces at home . STOP 
American officials have said that a meeting with the leader of the U.S. could help bolster his *UNK* among Soviet politicians and *UNKS* , whose support he needs . STOP 
For his part , Mr. Bush has been criticized regularly at home for moving too slowly and *UNKLY* in *UNKING* to Mr. Gorbachev 's reforms and the *UNK* moves away from *UNK* in Eastern Europe . STOP 
A *UNK-* meeting with Mr. Gorbachev should damp such criticism , though it will hardly eliminate it . STOP 
Senate Majority Leader George Mitchell -LRB- D. , Maine -RRB- , who has been the most prominent Democratic critic of Mr. Bush 's handling of the Soviet relationship , *UNKED* the president for *UNKING* the meeting . STOP 
But he added : `` The mere fact of a meeting does n't deal with the *UNK* of policy . '' STOP 
Mr. Bush said that the December meeting , which was announced simultaneously in Moscow , will be held in the unusual setting of ships at sea to hold down the `` *UNK* '' and force the two sides to limit participation to just small groups of advisers . STOP 
`` By doing it in this manner we can have , I would say , more time without the press of social activities or mandatory joint *UNKS* , things of that nature for public consumption , '' Mr. Bush said . STOP 
Soviet Foreign Minister *CUNK* Shevardnadze , at a news conference in Moscow , said , `` As the two sides plan to hold a *UNK-* summit in late *UNKLY* summer next year , they found it useful , I would say even necessary , to hold an interim informal meeting . '' STOP 
Although no specific agreements are expected , Mr. Shevardnadze said `` that does n't mean they will be without an agenda . '' STOP 
If the two leaders cover the subjects that have been featured in lower level *CUNK-* meetings , their talks would include human rights , Soviet reforms , regional disputes , relations with allies , economic cooperation , arms control , and joint efforts to fight *UNKS* , terrorism and pollution . STOP 
The president specifically mentioned U.S. economic advice to Moscow as a possible topic . STOP 
Mr. Gorbachev has for months been publicly urging the U.S. to drop its restrictions on Soviet trade . STOP 
He recently told a small group of American businessmen in Moscow that he hoped to sign a general trade agreement with the U.S. , possibly at the 1990 summit . STOP 
The Soviets hope a trade agreement would give them *CUNKED* *CUNKION* status , which would lower the tariffs on Soviet exports to the U.S. . STOP 
In an unusually *UNK* article about the latest economic *UNK* -- unemployment -- *CUNK* yesterday reported that three million Soviets have lost their jobs as a result of perestroika and the number could grow to 16 million by the year *UNKN* . STOP 
Economists in Moscow are now proposing that the state start a system of unemployment benefits . STOP 
But one Bush administration official *UNK* about the summit plan cautioned against assuming that there will be bold new initiatives on the Soviet economy or other issues . STOP 
`` Do n't take this as some big opening for major movement on economic cooperation , or arms control , or the environment , '' he said . STOP 
`` Those things will all come up , but in a fairly informal way . '' STOP 
Instead , this official said , `` This is *UNK* George Bush . STOP 
This was George Bush 's own idea . STOP 
It 's George Bush *UNKING* to meet a foreign leader and talk to him directly . '' STOP 
Aside from the Soviet economic *UNK* and talks on cutting strategic and chemical arms , one other issue the Soviets are likely to want to raise is naval force reductions . STOP 
Western analysts say that , given the meeting 's setting at sea , Gorbachev is unlikely to pass up the opportunity to press once again for negotiated cuts in the *UNKS* of both the North Atlantic *CUNK* Organization and the Warsaw *CUNK* . STOP 
That theme has been a *UNKING* one for Soviet military officials for much of this year . STOP 
They argue that as the *CUNK* follows through on announced plans to cut land forces -- the Soviets ' area of greatest strength -- the U.S. should show more willingness to cut sea forces -- Washington 's area of greatest *UNK* . STOP 
One of the reasons Bush administration aides are anxious to insist that the coming meeting will be informal is to avoid comparisons with the last such *UNKLY* structured *UNKER* gathering , former President Reagan 's 1986 meeting with Mr. Gorbachev in *CUNK* , *CUNK* . STOP 
That meeting sent *UNKS* through the Western alliance because Mr. Reagan was pulled into discussing the possible *UNKION* of nuclear weapons without consulting American allies . STOP 
Mr. Bush said that he *UNKED* talks with the Soviets on the informal meeting by sending a proposal to Mr. Gorbachev last July , which the Soviet leader readily accepted . STOP 
But word of the possible session was closely held by the president and a handful of top aides , and word of it did n't reach many *UNK-* officials until the past few days . STOP 
Indeed , many senior officials had been insisting for weeks that Mr. Bush was n't interested in such an informal *UNKER* . STOP 
Though President Bush 's political critics at home have been urging him to open a more direct dialogue with Mr. Gorbachev , it actually was the arguments of leaders within the Soviet bloc itself that led the president to seek the December meeting . STOP 
Mr. Bush decided he wanted the meeting after talking in Europe in July with the leaders of Poland and Hungary , who urged him to support Mr. Gorbachev 's efforts to transform the Soviet system and to urge him to *UNK* his grip on Eastern Europe , a senior aide said . STOP 
While flying home from those discussions , Mr. Bush *UNKED* a letter to Mr. Gorbachev suggesting an informal *UNKER* to *UNK* their formal summit next year . STOP 
Peter *CUNK* in Moscow contributed to this article . STOP 
*CUNK* *CUNK* *UNK* *CUNK* said its potential losses from lending to *CUNK* could reach *UNKN* trillion lire -LRB- $ *UNKN* million -RRB- , marking the bank 's first *UNKION* of potential costs of *UNKED* lending by its Atlanta branch . STOP 
BNL previously reported that its Georgia branch had taken on loan commitments *UNKING* $ 3 billion without the *CUNKED* management 's approval . STOP 
*CUNKED* BNL , Italy 's largest bank , has filed charges against the branch 's former manager , Christopher *CUNK* , and a former branch vice president , *UNKING* fraud and breach of their *UNK* duties . STOP 
BNL also said that its board had approved `` after an *UNK-* discussion , '' a letter to the Bank of Italy *UNKING* measures the state-owned bank has taken or plans to take to improve controls on its foreign branches . STOP 
The central bank had ordered BNL to come up with a *UNK* program by yesterday . STOP 
Bank of Italy has also ordered BNL to shore up its capital base to account for potential foreign loan losses , and the *CUNK* bank has *UNKED* a 3 trillion lire *UNKING* operation . STOP 
BNL was unable to elaborate on what measures were planned by the bank to improve controls on its branches abroad . STOP 
*CUNKLY* a day *UNKS* without news photos of the police *UNKING* *UNK* protesters from some building or *UNK* in one of our cities . STOP 
Of recent note are the activities of the *UNK* and *UNKS* , *UNK-* activists , animal rights protesters , college students concerned about *UNK* , *UNK-* groups , various *UNKED* `` environmentalists '' and those *UNKED* with the pace of the war against AIDS . STOP 
Maybe he did n't start it , but *CUNKS* Gandhi certainly provided a *UNK* beginning to non-violent civil disobedience as we know it today . STOP 
The *CUNK* , or `` great *UNKED* one , '' *UNKED* several campaigns of *UNK* resistance against the British government in India . STOP 
Unfortunately , according to Webster 's *CUNKAL* *CUNK* , `` His policies went beyond his control and resulted ... in *UNKS* and *UNKS* '' and later a renewed campaign of civil disobedience `` resulted in *UNKING* and a second *UNK* . '' STOP 
I am not a *UNK* of everything Gandhi did , but some of his law breaking was justified because India was then under *UNKION* by a foreign power , and *CUNKS* were not able to participate fully in decisions that *UNKLY* affected them . STOP 
It is difficult , however , to justify civil disobedience , non-violent or not , where citizens have full *UNK* to the *UNK* box to effect change . STOP 
Where truly representative governments are *UNKED* by constitutional *UNKS* of human rights and an independent *UNK* to *UNK* those rights , there is no excuse for breaking the law because some individual or group *UNKS* with it . STOP 
There may be a few cases where the law breaking is well *UNKED* and so completely *UNK-* of the rights of others that it is difficult to *UNK* it . STOP 
The case of *CUNK* Parks , the black woman who refused to sit at the back of the bus , comes to mind as an illustration . STOP 
But most cases of non-violent civil disobedience are not nearly so *UNK* . STOP 
The public has a *UNK* to *UNK* *UNK* demonstrations with non-violent civil disobedience . STOP 
It is true that both are non-violent , but there is a fundamental difference between them . STOP 
*CUNK* demonstrations , such as *UNK* *UNKING* and other *UNKS* that do not *UNK* the peace or cause a public *UNK* or interfere with the rights of others , are rights guaranteed by any truly free system of government . STOP 
Civil disobedience , *UNK* or non-violent , is *UNKAL* law breaking . STOP 
The subject of this discussion is non-violent civil disobedience ; but , before we get on with that , let me make just a few *UNKAL* remarks about *UNK* demonstrations . STOP 
They are useful to call public attention to *UNKS* , but they have little value in *UNKING* anyone about the issues in dispute . STOP 
The *UNK* of television in dramatic confrontation *UNKS* *UNK* of *UNKS* *UNKED* through *UNKS* , *UNK* *UNKS* , *UNK* signs and other *UNKLY* inspired tactics . STOP 
*CUNKED* *UNK* and an environment where compromise can begin are lost in a hostile *UNK* *UNKED* by *UNKAL* media interviews . STOP 
At best , demonstrations are *UNKED* and *UNKLY* *UNUNK* ; at worst , they can become the *UNK* that lead to law breaking . STOP 
*CUNKS* are particularly *UNK* to *UNK* into criminal conduct when they leave the site of the *UNK* and become *UNK* . STOP 
*CUNK* criminals and street people looking for *UNK* *UNK* themselves like *UNK* to the *UNKS* of the crowd and use the protest as an excuse for rock throwing , auto *UNKING* , *UNK* , window breaking , *UNKING* , *UNK* picking and general *UNK* . STOP 
Soon the whole purpose of the *UNKION* is lost in *UNK* *UNK* . STOP 
There are better ways to promote a cause . STOP 
Where non-violent civil disobedience is the *UNK* , rather than a *UNK* *UNKION* that may only attract crime , it is difficult to justify . STOP 
Some find no harm in the *UNKS* of *UNKS* , minor property destruction , blocking traffic and the like . STOP 
They say these are small prices to pay for *UNKING* action for the *UNK-* cause . STOP 
The crimes may appear small , but the prices can be huge . STOP 
Here are two cases to *UNK* . STOP 
*CUNK* a neighborhood *UNKION* to protest *UNKING* on a certain road or a *UNKS* accident involving a police car . STOP 
The protesters lie down in the street , blocking traffic , and will not move until the authorities carry them away . STOP 
*CUNK* that someone caught in the *UNK* has a heart attack . STOP 
There is no way to get an *UNK* in quickly to move him to a hospital . STOP 
He *UNKS* . STOP 
The *UNKION* was non-violent and involved only a simple *UNK* , but its impact on that individual was *UNK* and terminal . STOP 
*CUNK* that a TV network is airing a *UNK* interview program with a live audience . STOP 
The *UNK* *UNKING* is highly controversial and has recently generated a good deal of *UNK* amid certain groups . STOP 
In a planned protest against his appearance , several members of the studio audience chain themselves in front of the TV *UNKS* in such a way that the program can not continue . STOP 
The network must refund money to the advertisers and *UNKS* considerable revenue and *UNK* . STOP 
The demonstrators have been non-violent , but the result of their *UNKS* has been to seriously *UNK* the rights of others *UNKED* with their dispute . STOP 
It might be alleged that TV has done more than its share to *UNK* and promote non-violent civil disobedience , so the second situation *UNKED* above would be simply a case of `` *UNKS* coming home to *UNK* . '' STOP 
Or maybe the TV network would lose nothing . STOP 
*CUNK* or *CUNK* would probably pull up another camera and interview the *UNKED* protesters . STOP 
Let us look for a moment at another type of non-violent civil disobedience that only *UNKS* other people indirectly , yet does *UNK* damage to the nation as a whole . STOP 
I am referring to those young men who chose to *UNK* their country 's call to arms during the Vietnam war and fled to Canada or some other *UNK* to avoid combat . STOP 
Their *UNKLY* acts of civil disobedience , which they tried to hide under the *UNK* of *UNK* at a war they *UNKED* as `` *UNKAL* , '' weakened the national *UNK* and threw additional *UNKS* on those who served *UNKLY* in that conflict . STOP 
Even more at fault are those leaders in and out of government who urged and supported their *UNKS* , thereby giving great help and *UNK* to the *UNK* *UNKS* . STOP 
It is *UNKING* that the *UNKING* mass *UNKS* in Vietnam and Cambodia do not weight more heavily on minds so *UNKLY* *UNKED* . STOP 
*CUNK* , it remained to a *UNKING* but *UNK* president of the United States to *UNKER* the final *UNK* upon those who fought and died in Vietnam . STOP 
Under the *UNK* of `` *UNKING* the *UNKS* of the nation , '' President Carter *UNKED* thousands of *UNK* *UNKS* , thus giving dignity to their allegations of the war 's `` *UNK* . '' STOP 
The *UNK* having been set , who can complain if future generations called upon to defend the U.S. yield to the *UNKION* to avoid the danger of combat by simply *UNKING* the war *UNKAL* and *UNKING* until it is over ? STOP 
Finally , I think it important to point out the *UNKLY* high *UNK* of non-violent civil disobedience in these days of *UNK* media coverage . STOP 
*CUNK* television a chance to cover live any breaking of the law , and no second *UNKION* will be required . STOP 
This brings into question the *UNKS* of those who lead civil disobedience demonstrations . STOP 
Do they want the *UNK* for themselves or for their cause ? STOP 
Here is a good rule of *UNK* : If the movement produced the leader , the chance that he is *UNK* is much greater than if the leader produced the movement . STOP 
In either case , ask *UNK* whether you have become better informed on the issues under protest by watching the act of civil disobedience . STOP 
If you have not , it is *UNK* that a *UNK* airing of the dispute by *UNK* and rational debate would have been the better course . STOP 
Mr. *CUNK* was vice president of the U.S. from 1969 until he resigned in 1973 . STOP 
Gov. George *CUNK* and key legislators agreed to back a temporary *UNK-* increase in the state sales tax to raise $ 800 million for repairs and relief associated with last month 's earthquake . STOP 
The tax increase , which will be considered at a special session of the state legislature that begins tomorrow , would cover only part of the estimated $ 4 billion to $ 6 billion in total damage caused by the Oct. 17 quake . STOP 
Aside from as much as $ *UNKN* billion in recently approved federal aid , the state is expected to draw from a *UNKAL* emergency fund that currently stands at an estimated $ 700 million . STOP 
`` I am not aware that there is anything but bipartisan agreement for the general *UNK* '' of the *UNKING* plan , said a spokesman for the governor , after a Monday meeting with legislative leaders over the *UNK-* question . STOP 
The tax increase -- on top of the current *UNK-* per dollar sales tax -- would become effective this Dec. 1 and expire Dec. 31 , 1990 . STOP 
The *UNK-* plan was preferred over an alternative that would have boosted the state gasoline tax . STOP 
Some legislators expressed concern that a *UNK-* increase would take too long and possibly damage chances of a major *UNKING* *UNK* initiative that voters will consider next June . STOP 
Despite continuing problems in its newsprint business , *CUNK-* Corp. posted a 20 % gain in third-quarter net income . STOP 
The *UNKS* and newsprint company said net rose to $ *UNKN* million , or $ 1.35 a share , from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Sales rose 6.2 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
After a flat second quarter tied largely to lower newsprint earnings , *CUNK-* attributed the gain to improved results in its consumer businesses in North America , Brazil and Korea . STOP 
Those gains came from higher prices , particularly for disposable *UNKS* and tissue products , and from increased sales , primarily for *UNK-* products , the company said . STOP 
*CUNK* results continued to be depressed , the company added , because of industrywide price discounting . STOP 
The *UNKER* comparison was also enhanced by charges taken in the year-earlier period , including $ 11 million related to the *UNKION* of a pulp and newsprint mill in *CUNK* . STOP 
In the 1989 period also , interest expense and tax rates were lower than a year ago . STOP 
In the first nine months , profit rose 10 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose 6.7 % to $ *UNKN* billion from $ 4 billion . STOP 
In New York Stock Exchange composite trading , *CUNK-* closed at $ *UNKN* a share , up $ 1.50 . STOP 
*CUNK* *CUNK* are coming to *UNKN* taxpayers as research *UNK* *UNKS* . STOP 
This is the year : *CUNKING* *UNKS* of 1988 personal returns are being picked *UNKLY* for *UNK* *UNKS* to help the IRS *UNK* its criteria for enforcement , audit selection , and use of resources . STOP 
The last *CUNKER* *CUNK* *CUNK* Program survey covered 1985 returns . STOP 
The *UNK-* project starts Jan. 1 and is to be done by May 31 , 1991 . STOP 
*CUNKLY* *UNKED* IRS agents will look for *UNKED* income and *UNKED* deductions and credits . STOP 
The agents will make more than routine inquiries about such items as *UNKAL* status and *UNKS* ; they want to look at living standards and business assets . STOP 
But they also are to see that taxpayers get all *UNK* tax benefits and to ask if *UNKS* who sought IRS aid were satisfied with it . STOP 
*CUNKS* have ruled that taxpayers must submit to *CUNK* *UNKS* , but the IRS will excuse from the *UNK* *UNKS* anyone who was *UNKED* without change for either 1986 or 1987 . STOP 
*CUNKS* have been suggested -- but never adopted -- for *UNKS* who come through *CUNK* *UNKS* without change . STOP 
*CUNK* *CUNK* is still likely , congressional sources say . STOP 
*CUNKED* proposals to *UNK* the more than 150 civil penalties and make them *UNKER* and easier to *UNKER* are in the House tax bill . STOP 
But they were stripped from the Senate bill after staffers estimated penalty revenue would fall by $ *UNKN* million over five years . STOP 
Still , congressional aides say penalty reform is a strong candidate for *UNK* , even if not this time around , although some provisions may be *UNKED* . STOP 
Sen. *CUNK* -LRB- D. , *CUNK* -RRB- , a leader on the issue who generally backs the House plan , wants some changes -- for one , separate sanctions for *UNK* and large *UNKS* of tax owed , not a single penalty . STOP 
He would ease the proposed penalties for delayed *UNK-* deposits and for *UNK* *CUNK* *UNKN* and other reports that taxpayers correct voluntarily . STOP 
The General Accounting Office *UNKS* Congress to ensure that all penalties retain their force as *UNKS* . STOP 
*CUNK* ' *CUNK* are defined by a growing number of states . STOP 
The 1988 tax act created a federal bill of rights *UNKING* out IRS duties to protect taxpayers ' rights in the assessment and collection of taxes . STOP 
States are following suit . STOP 
California enacted a rights law in 1988 . STOP 
In 1989 , Illinois , Kansas , Ohio , Oregon and South Carolina have adopted rights laws , the Federation of Tax *CUNKS* , a state officials ' group , reports ; the features vary . STOP 
And *UNKER* groups are urging legislation in many other states . STOP 
One group is the Committee on State *CUNKION* , which *UNKS* *UNKN* *UNK* corporations and advises the Council of State *CUNKS* of Commerce . STOP 
The group 's Mark *CUNK* says its efforts begun in 1989 have led to the introduction of bills in Massachusetts , Minnesota and Colorado to establish *UNKED* procedures affecting all kinds of taxpayers . STOP 
The group also seeks *UNUNK* among states in provisions for taxpayers ' rights . STOP 
This week , New York City announced a *UNK-* policy *UNKED* on the federal bill of rights for taxpayers . STOP 
THE *CUNK* RATE allowed for business use of a car in 1989 has risen to *UNKN* cents a *UNK* for the first 15,000 from 24 cents in 1988 , the IRS says ; the rate *UNKS* 11 cents for each added *UNK* . STOP 
Also *UNKED* : 12 cents for *UNK* activities and nine cents for medical and moving costs . STOP 
IRA *CUNK* could be used to qualify for bank services under a bill entered by *CUNK* Chandler -LRB- R. , *CUNK* . -RRB- and *CUNKS* -LRB- D. , Texas -RRB- . STOP 
The bill would *UNK* a recent Labor Department opinion that investing *UNK-* funds to earn free *UNKING* *UNKS* the law . STOP 
*CUNK* *CUNK* vast *UNKS* . STOP 
South Carolina 's congressional delegation has entered Senate and House bills to provide special *UNKS* treatment and other tax relief for *UNKER* growers in the hurricane disaster areas . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* , but he could n't milk it , the Tax Court says . STOP 
The court often *UNKS* deductions of *UNKS* costs : Do they stem from a *UNKING* activity or a *UNK* *UNK* ? STOP 
But it 's rare to see both functions in one case . STOP 
Charles O. *CUNKS* of *CUNK* *CUNK* , Ind. - investment broker , *UNK-* , and son of a former stable owner - *UNKED* Tennessee *CUNKING* *CUNKS* for six years , raised cattle for four , and never made a profit on either . STOP 
He claimed losses totaling $ *UNKN* -- and the IRS denied them all . STOP 
*CUNKAL* Judge *CUNK* noted that *CUNKS* managed *UNKING* in a *UNK* way : He kept detailed accounts , *UNKED* soil *UNKION* , enhanced his experience by consulting experts , spent several hours a day doing *UNKS* , and dropped the *UNK* when his best *UNK* *UNK* died . STOP 
Yet he took little *UNK* care with his cattle : He had no prior experience and did n't seek business counsel about them . STOP 
The judge said *CUNKS* may *UNK* his $ *UNKN* of losses from horse *UNKING* , but rejected the $ *UNKN* in deductions from the cattle operation . STOP 
*CUNK* : STOP 
The IRS already is doing *UNK* *CUNK* *UNKS* of *UNKN* returns for 1987 and fiscal 1988 filed by corporations with under $ 10 million in assets ... . STOP 
President Bush says he will name Donald E. *CUNK* to the new Treasury post of *UNK* general , which has responsibilities for the IRS ... . STOP 
The U.S. and Finland signed an *UNK-* treaty , subject to *UNKION* . STOP 
An *UNK* awarded Eastern Airlines pilots between $ 60 million and $ 100 million in back pay , a decision that could *UNK* the carrier 's bankruptcy-law reorganization . STOP 
Eastern , a unit of Texas Air Corp. , said it is *UNKING* the ruling to determine if it can appeal . STOP 
It 's unclear whether Eastern will succeed in *UNKING* the *UNK* 's decision , made in a *UNKING* `` pay parity '' dispute that *UNKS* both the carrier 's Chapter 11 petition and its 1986 acquisition by Texas Air . STOP 
All Eastern 's previous court efforts to head off the pilots ' demands have failed . STOP 
An Eastern spokesman said he does n't expect that the *UNK* 's ruling `` will have any overall material effect on the company 's strategic plan . '' STOP 
Bankruptcy experts said the law is n't clear on how such an *UNKION* ruling can affect a company 's case . STOP 
Like any other creditor , the pilots will have to apply to the court for payment of their claim . STOP 
That may leave a lot of *UNK* for U.S. Bankruptcy Judge *CUNK* R. *CUNK* to decide what , if anything , the pilots actually collect . STOP 
In August , he issued the ruling that let the pilots pursue their *UNK-* *UNK* before the *UNK* . STOP 
The pilots ' contract with Eastern calls for a *UNKLY* acceptable private *UNK* to resolve such *UNKS* . STOP 
In a statement to employees , Eastern said the company was disappointed by the ruling . STOP 
`` The obligation is totally *UNKED* , '' the statement said . STOP 
James *CUNK* , a lawyer for the Air Line *CUNKS* Association , said the pilots were extremely pleased . STOP 
`` This is a blow not only to Eastern but to the creditors committee , '' he said . STOP 
Eastern 's creditors committee , along with the company , has consistently opposed the pilots ' claim , which if paid would have to come out of money both hope to use to pay off other bankruptcy claims . STOP 
Eastern and its creditors are in the final , *UNK* stages of negotiating a second reorganization plan to pay off the airline 's debts . STOP 
An earlier plan , which had received the creditors ' approval in July , fell apart when Eastern changed its business plan . STOP 
It is n't known whether the pilot claim was figured into either plan . STOP 
The dispute between Eastern and its pilots is over a `` pay parity '' *UNK* in the pilots ' contract . STOP 
The *UNK* was part of an agreement in which pilots accepted a substantial pay cut as long as no other labor group got a raise . STOP 
*CUNKLY* after Texas Air took control of Eastern , some Machinists union *UNKS* received a 20 % pay raise . STOP 
The pilots argued that this triggered a pay raise for them . STOP 
Eastern has disputed the claim , but a federal district court , an appeals court and now the *UNK* have all *UNKED* with the pilots . STOP 
The two sides do n't even agree about how much money is at issue . STOP 
The pilots put the amount as high as $ 100 million , the company at $ 65 million . STOP 
Another *UNK* is hearing another pay parity case between Eastern and its pilots , resulting from a similar set of circumstances involving a separate pay raise granted another union . STOP 
A decision on that case is n't expected before *UNKER* . STOP 
*CUNKLY* , many of the pilots involved have left Eastern or are still striking the carrier , which filed for bankruptcy protection March 9 . STOP 
About 800 have *UNKED* the *UNK* lines and returned to work . STOP 
Few people in the advertising business have raised as many *UNKS* as *CUNK* A. Achenbaum . STOP 
The general public may not know his name , but he 's famous -- make that *OUS* -- in advertising circles : A marketing consultant , he *UNKED* *UNKING* ad agency commissions , to the *UNK* of advertising clients and the *UNK* of agencies . STOP 
Now , after *UNKING* them , Mr. Achenbaum is joining them . STOP 
Backer Spielvogel Bates *CUNK* named Mr. Achenbaum , 62 , vice chairman of professional services , reporting directly to Carl Spielvogel , chairman and chief executive officer . STOP 
He *UNKS* Nov. 13 , *UNKING* his consulting firm , *CUNKER* , Achenbaum Associates . STOP 
In years past , the ad industry 's most *UNKED* executives did n't *UNK* to *UNK* Mr. Achenbaum . STOP 
They have since *UNKED* , although one senior Young & Rubicam executive , *UNKING* others , said : `` I think ad agencies *UNK* Carl -LCB- Spielvogel -RCB- a vote of thanks for getting him out of the consulting business . '' STOP 
But industry executives also believe hiring Mr. Achenbaum is a *UNK* move for Backer Spielvogel , a unit of Saatchi & Saatchi . STOP 
Mr. Achenbaum has counted among his clients some of the most visible blue-chip advertisers in the country , including Nissan , Toyota , Seagram and Backer Spielvogel clients Hyundai and *CUNK* Morgan . STOP 
At Backer Spielvogel , he will work with clients and potential clients on marketing strategies ; aside from agency compensation issues , he helped Nissan , for example , come up with its *UNKING* and pricing for its new Infiniti line . STOP 
His client contacts , meanwhile , could prove a gold mine for an agency that has had few new business wins of late . STOP 
`` I 've done over 40 ad agency *UNKS* -LCB- for clients -RCB- , so I have a pretty good notion of what clients are interested in when they look for an agency , '' Mr. Achenbaum said . STOP 
As a consultant , he has given *UNKS* at agencies including Ogilvy & Mather on how to win new business . STOP 
Mr. Spielvogel said he hopes Mr. Achenbaum will do some strategic consulting at the agency for `` *UNKS* , in hopes that they become clients . '' STOP 
At Backer Spielvogel , Mr. Spielvogel 's *UNK* has been personal involvement with all major clients . STOP 
He *UNKS* them ; he *UNKS* them to *OUS* parties ; he *UNKS* them . STOP 
Mr. Achenbaum , too , *UNKS* into his clients ' business . STOP 
`` Carl has a much higher degree of *UNK* with his clients than is ordinary for an agency his size . STOP 
And with *CUNK* 's record of being a *UNKER* and a detail guy , you can see how the two fit , '' said Alan *CUNK* , an analyst with PaineWebber . STOP 
Mr. Achenbaum 's move follows the announcement last month that his consulting partner , Stanley *CUNKER* , 66 , would retire . STOP 
When the announcement came out , `` I picked up the phone and said , ` Why do n't you come to us ? ' '' Mr. Spielvogel said . STOP 
Mr. Achenbaum , who had been considering *UNKING* down his firm or *UNKING* it with another small consulting *UNK* , soon agreed . STOP 
The two men are longtime friends and *UNKS* partners , having met about 25 years ago . STOP 
Before becoming a consultant in 1974 , Mr. Achenbaum was a senior executive at J. Walter Thompson Co . STOP 
He spent most of his career *UNKING* marketing strategies , but became *UNK-* for *UNKING* away at ad agency compensation . STOP 
Ad agencies typically earned a straight 15 % commission ; if a client spent $ 100 million on TV time , the agency made $ 15 million . STOP 
But Mr. Achenbaum *UNKED* negotiated fees , which often worked out to less than 15 % . STOP 
More recently , he negotiated `` *UNKION* '' *UNKS* in which an ad agency in some cases must pay a client if it drops the account . STOP 
He ultimately became so well-known for cutting compensation , however , that clients did n't seek him out for anything else . STOP 
`` I was very frustrated , '' he said . STOP 
`` The fact of the matter is , I am a marketer . STOP 
That 's another reason -LCB- for the Backer Spielvogel job -RCB- . STOP 
It struck me as a way to get back to what I really want to do . '' STOP 
Mr. Spielvogel added *UNKLY* : `` The pressure on commissions did n't begin with *CUNK* Achenbaum . '' STOP 
Mr. Spielvogel said Mr. Achenbaum will work with clients to determine the mix of promotion , *UNKING* , publicity and other marketing outlets , and to *UNK* those services . STOP 
He will concentrate on , among others , *CUNK* Morgan and Hyundai . STOP 
Mr. Achenbaum helped Morgan in its recent agency search , and he has a long relationship with Hyundai , which is having severe troubles , including declining sales . STOP 
`` The trail of revenue is increasingly going away from pure advertising , and going *UNKS* other services , '' Mr. Spielvogel said . STOP 
Instead of being just an ad agency , he said : `` We have *UNKED* our mission here . STOP 
Our mission is to help our clients grow , and to use every tool of marketing communications to accomplish that . '' STOP 
Industry executives are *UNKING* Mr. Achenbaum well . STOP 
Leonard *CUNKS* , *UNK-* of the American Association of Advertising *CUNKS* , called Mr. Achenbaum a `` *UNKING* '' in an *UNK* 1987 speech . STOP 
Yesterday , Mr. *CUNKS* , now a consultant with the Stamford , Conn. , firm *CUNKS* & *CUNK* , *UNKED* , `` I think he 'll be very good at that -LCB- new job -RCB- . STOP 
And much better at that than at -LCB- the *UNKING* -RCB- he 's been doing recently . '' STOP 
*CUNK* Inc . *CUNK* STOP 
*CUNK* Inc. , the *UNKER* company that represents cotton growers , will begin a new ad campaign , developed by Ogilvy & Mather , *CUNKING* Day . STOP 
J. Nicholas *CUNK* , *CUNK* Inc. 's president and chief executive , was an *UNK* critic of WPP Group 's acquisition of Ogilvy Group earlier this year . STOP 
During the takeover , Mr. *CUNK* said he would put his account up for review if WPP 's bid were successful , but he did n't . STOP 
*CUNK* Inc. 's new $ 9 million campaign calls cotton the `` *CUNK* of Our *CUNKS* . '' STOP 
The campaign *UNKS* its `` *CUNK* *CUNK* in *CUNK* '' ads and marks the end of its national cooperative advertising efforts . STOP 
For years , the company 's ads were tied in with *UNKS* for *CUNK* sheets or *CUNK* *UNKS* , for example , and an *UNKER* at the end of the ads would tell customers where to `` find the true performance label . '' STOP 
With the new TV spots , Ogilvy & Mather has *UNKED* for a family style with lots of *UNKER* , *UNKS* and *UNKS* . STOP 
`` We 're making a fairly obvious plea for some emotional reaction , '' says Tom *CUNK* , creative director at Ogilvy & Mather . STOP 
*CUNK* Inc. will spend nearly $ 2 million on broadcasting on *CUNKING* Day alone , advertising on such programs as `` *CUNK* *CUNKING* America , '' `` Macy 's *CUNKING* Day *CUNK* '' and the NFL holiday game . STOP 
Frank *CUNK* *CUNKS* at 49 STOP 
Frank L. *CUNK* , one of the *UNKS* of advertising targeted at black audiences , died at the age of 49 after a *UNK* . STOP 
Mr. *CUNK* was chief executive officer of the *CUNK* Group , which he founded in 1977 and which created ads for the black market . STOP 
*CUNKS* include Miller Brewing Co. and General Motors . STOP 
Mr. *CUNK* was *UNKED* Sept. 23 and died Monday , according to Samuel J. *CUNK* , the agency 's president and chief operating officer . STOP 
Ad Notes ... . STOP 
*CUNK* : STOP 
*CUNK* Group Inc. , New York , reported third-quarter net income rose 54 % to $ 5.6 million , or 22 cents a share , from $ 3.6 million , or 15 cents a share , a year earlier . STOP 
Revenue increased 20 % to $ *UNKN* million from $ *UNKN* million . STOP 
Prime Minister Lee *CUNK* *CUNK* , Singapore 's leader and one of Asia 's leading *UNK* for 30 years , recently announced his intention to retire next year -- though not necessarily to end his influence . STOP 
The prime minister , whose hair is *UNKING* and gray and whose face has a *UNKAL* *UNK* , nonetheless continues to display an energy , a *UNKION* of thought and a willingness to say publicly what most other Asian leaders *UNK* say only privately . STOP 
The *UNK-* Mr. Lee recently spent an hour discussing the state of Asia and the world with two Journal reporters in his *UNKLY* *UNKED* , *UNKED* office . STOP 
The interview did not touch on Singapore 's domestic affairs . STOP 
*CUNKING* personal *UNKS* , Mr. Lee picked up exactly where he left off several months earlier -- before the government *UNK* in China -- when he had warned that the *UNK* leadership in Beijing feared a *UNK* of views . STOP 
*CUNKS* follow : STOP 
On China 's turmoil : `` It is a very *UNUNK* scene , '' he said . STOP 
`` It took *CUNK* *CUNK* -LRB- former premier and party chief -RRB- 10 years to build a team of economists who understood how the Western economies work and now that team is part in *UNK* , part being *UNKED* and part missing . '' STOP 
*CUNKING* that team , Mr. Lee predicted , will take another 10 years . STOP 
`` That 's very *UNK* for China and for Asia because China could have been a good engine for growth , not just for Hong Kong and Taiwan but for Japan , Korea and the rest of Asia . '' STOP 
On *UNKS* between China and the Soviet Union : `` In important *UNKS* , the Soviets are different from the Chinese . STOP 
They are already industrialized ... . STOP 
Their problem is one of *UNK* of an industrial economy . STOP 
The Chinese problem is much greater -- it 's how to *UNK* to begin with . '' STOP 
Asked if the Soviets , like Chinese officials , wo n't one day face a similar conflict between the desire to *UNK* *UNKLY* and yet retain political control , Mr. Lee said , `` I would think that the Soviets face a deeper *UNK* because they have been more in *UNKS* than the Chinese -- I mean keeping their people cut off from the outside world . '' STOP 
Mikhail Gorbachev , he said , is ahead of China 's leaders in his *UNKS* of the world . STOP 
`` But I think the Soviet *UNKS* are more *UNKED* than the Chinese . '' STOP 
*CUNKS* , he said , he still believes the Soviet Union , while falling far short of the efficiency of a Western economy , may well manage to improve considerably . STOP 
On *CUNK-* *UNK* : `` If America can keep up the present situation -- her markets open for another 15 years , with adjustments , and Japan can grow and not cut back , and so too , Korea , Taiwan , Hong Kong , Singapore , *CUNK* , Australia and New Zealand -- then in 15 years , the economies of these countries would be totally restructured to be able to almost sustain growth by themselves . '' STOP 
In such an arrangement , `` all benefit , '' he said . STOP 
`` And if the Europeans come in , they benefit too . STOP 
It 's not a *UNK-* game . '' STOP 
Asked about the possibility of greater economic cooperation among *CUNK-* nations , which will be discussed Nov. 6 and 7 at a *UNKAL* meeting in *CUNK* , Mr. Lee said the goal `` is to have a free and open world trading system . '' STOP 
An Asian bloc is n't intended , he said . STOP 
`` That 's not possible . '' STOP 
On *CUNK-* relations : `` I 'm encouraged . STOP 
I think the earlier *UNK* notes struck by -LCB- U.S. Commerce Secretary Robert -RCB- *CUNKER* and -LCB- U.S. Trade *CUNK* -RCB- *CUNK* Hills have been more *UNKED* . STOP 
I believe the U.S. is becoming more patient and *UNK* , '' he said . STOP 
`` It 's the total relationship that is important . '' STOP 
The total relationship , as Mr. Lee sees it , is `` the flow of dollars to the U.S. to fund the deficits , the investments the Japanese are making in the U.S. in order to satisfy American demand that American products consumed in America should be made as much as possible in America by Americans with Japanese technology and capital . '' STOP 
Japan 's recent political *UNK* , Mr. Lee said , may mean Japan will slow market adjustments . STOP 
`` They 'll be more *OUS* in *UNKING* their own voters , like opening up more to agricultural imports from America , hurting their farmers . '' STOP 
On U.S. military presence in Asia : Asked if his offer to allow the American military to use facilities in Singapore would help preserve America 's presence in the region at bases in the Philippines , he said , `` What we have done is make it easier for the Philippines to continue to host American bases without it being said they are *UNKS* of the *UNKS* and the only ones in Asia or in *CUNK* Asia . STOP 
We are willing to share the political burden of being host to America , an *UNKAL* power . STOP 
We think it is n't such a great burden , that it carries no *UNK* , and we are prepared to do it . '' STOP 
On *CUNK-* relations : `` It 's such a *UNK-* relationship going back into history ... . STOP 
I really do not understand how it is that *CUNKS* feel so *UNKLY* involved in this father figure that they want to *UNK* of and yet they need . STOP 
I just do n't understand it . STOP 
My relationships with the British are totally different . STOP 
They *UNKED* it over me . STOP 
They did me some good . STOP 
They did themselves even more good . STOP 
They let me down when the Japanese came down -LCB- during World War II -RCB- ... . STOP 
I do n't feel down or done in because I show British *UNKS* on my television network or read their books . STOP 
I mean it is a normal *UNK* relationship . STOP 
`` But the *CUNKS* and the Americans , when I talk to them , there 's so much *UNKION* about Filipino *UNK* being diminished as a result of being *UNKED* upon by the Americans and so on . STOP 
The *UNKAL* *CUNK* tries to put on *UNKS* but we let it pass ... . STOP 
It 's just comic when they try to *UNK* they 're still the master race . '' STOP 
Mr. Lee added that the *CUNKS* are `` making it very difficult '' for the U.S. military presence to last beyond five or 10 years . STOP 
On military alternatives if the U.S. *UNKS* back : `` The Soviets already are present . STOP 
I *UNK* sooner or later , the Japanese would have to fill up a large part of the gap on the naval side . STOP 
Maybe the Chinese , maybe even the *CUNKS* . '' STOP 
On economic consequences of a diminished U.S. presence : `` America is the only major power in recent history that has used its military might to sustain a system that *UNKS* all participants to equally benefit without her as the provider of the security taking *UNKS* . '' STOP 
Asked why so few nations seem to share his views of America , he said , `` Many people see it that way . STOP 
But they have just taken it for granted . '' STOP 
On Cambodia : `` Let 's assume that -LCB- former *CUNK* leader Prince *CUNK* -RCB- *CUNK* does what the press wants him to do and *UNKS* up with -LCB- *CUNKED* *CUNK* leader -RCB- *CUNK* *CUNK* . STOP 
Is the trouble over ? STOP 
*CUNK* *CUNK* and *CUNK* *CUNK* *UNK* off the Khmer Rouge still supported by China ? STOP 
He ca n't . STOP 
`` What is the way forward ? STOP 
To get the Khmer Rouge as part of a process for elections . STOP 
And when they lose , then we can expect China to stop aid . STOP 
Let 's put it *UNKLY* . STOP 
The Chinese can not be seen to have made use of the Khmer Rouge and then *UNK* them . '' STOP 
Ms. House is vice president of Dow Jones International Group . STOP 
Mr. *CUNK* is editor of The Asian Wall Street Journal . STOP 
Everything looked good as *UNK* Walter Levy and colleagues carefully cut away a woman 's *UNKAL* tumor at the Cleveland *CUNK* in 1978 . STOP 
Using small electrical *UNKS* applied to her feet , they were able to monitor *UNK* nerves . STOP 
The *UNKS* generated *UNK* *UNKS* that *UNKED* via *UNK* to brain and showed up clearly on a *UNK-* monitor , indicating no damage to the *UNK* *UNKAL* tissue . STOP 
Then , says Dr. Levy , `` she *UNK* up *UNKED* . '' STOP 
The damage was to her motor nerves , which could n't be monitored along with the *UNK* nerves , he explains . STOP 
The *UNK* , he adds , `` galvanized me '' to look for a way to prevent similar cases . STOP 
Dr. Levy 's answer may come with a new kind of magnetic brain probe , a device that he and dozens of U.S. researchers are studying with great hope . STOP 
Besides holding the promise of safer *UNKAL* surgery , the probe could improve the *UNKS* of brain and *UNK* *UNKS* such as *UNKS* and multiple *UNKS* . STOP 
Perhaps most exciting , the device is *UNKING* open a window to the *UNKS* of the brain . STOP 
The probe , which is *UNKS* , *UNK-* and apparently *UNKS* , employs strong magnetic fields to induce small *UNKS* of electricity within the brain . STOP 
If positioned over the brain 's *UNK-* area , the *UNK-* *UNKS* generate *UNK* *UNKS* that *UNK* down motor nerves and *UNK* *UNKS* , making , say , a *UNKER* *UNK* . STOP 
In principle , they will enable doctors to check the body 's motor system the way an *UNK* tests a home 's electrical *UNKS* by running current through them . STOP 
`` Until now , we 've had no *UNK* way of *UNKING* motor function , '' says Keith *CUNK* , a *UNK* conducting clinical tests with the devices at Boston 's Massachusetts General Hospital . STOP 
`` All we could do was tell a patient , ` squeeze my *UNKS* as hard as you can ' or ` raise your arm . ' STOP 
`` Under the best circumstances such tests are *UNK* ; when a patient is *OUS* , they do n't work at all . STOP 
*CUNK* brain *UNKING* started in the early *UNKS* , when researchers produced *UNKS* of light in the *UNKAL* field with *UNKS* . STOP 
In the 1960s , *CUNK* *CUNK* researchers developed magnetic devices to *UNK* motor nerves in the hand and other *UNKS* . STOP 
But for brain tests , the *UNUNK* machines `` would have required patients to stand on their heads , '' says *CUNK* *CUNK* , a researcher at the University of California at San Diego . STOP 
The field took off in 1985 after scientists at Britain 's *CUNK* University developed a *UNK* , *UNK* *UNK* for brain *UNKION* . STOP 
Since then , at least two commercial versions have been put on the U.S. market , and an estimated 500 have been sold . STOP 
In August , a Chicago conference on such devices attracted more than 100 researchers , who reported studies on everything from brain *UNKING* to physical therapy . STOP 
`` We do n't feel we can use -LCB- the devices -RCB- routinely in surgery yet , but we 're getting close , '' says Dr. Levy , who is now with the University of Pittsburgh . STOP 
A problem , he adds , is that *UNKED* *UNKS* are more *UNK* to magnetic *UNKION* than *UNK* ones . STOP 
The devices could help indicate when surgery would help , says Charles *CUNK* , a University of Toronto *UNK* . STOP 
For example , *UNKED* *UNK-* victims occasionally have some intact *UNKAL* *UNKS* that , if *UNKED* by emergency surgery , enable partial recovery . STOP 
But such operations typically are n't performed because there is no sign right after an *UNK* that surgery would be beneficial . STOP 
`` The cost -LCB- of magnetic *UNKS* -RCB- would seem like *UNKS* if we could *UNK* *UNK* function '' in such people , Dr. *CUNK* says . STOP 
Scientists caution there is a chance the *UNK* technique might spark *UNKS* in *UNKS* . STOP 
But no significant problems have been reported among hundreds of people tested with the devices . STOP 
The main *UNKION* , *UNKS* feeling like a *UNK* *UNKED* with *UNK* *UNKS* , is `` like a *UNK* on the head , '' says Sam *CUNKS* , a *UNK* who has studied the brain *UNKS* at Yale University . STOP 
One apparent side effect is a minor increase in a brain *UNK* . STOP 
And some doctors who have conducted hours of tests on themselves report temporary *UNKS* . STOP 
At least two companies , *CUNK* Laboratories Inc. of *CUNK* , Wash. , and *CUNK* Medical Systems Inc. of *CUNK* , Conn. , now sell versions of the magnetic devices . STOP 
The machines , which at $ *UNKN* are *UNK* by medical standards , have n't been approved in the U.S. for marketing as brain *UNKS* but are sold for *UNKING* nerves in the hand , *UNKS* and other *UNK-* areas . STOP 
Researchers can apply for permission to use the *UNKS* for brain studies . STOP 
At the University of Kentucky , a team led by Dean *CUNKER* , a physical therapy researcher , is testing the *UNKS* in *UNKION* with electric *UNKS* to induce *UNK* *UNKS* to help prevent *UNKING* of *UNK* *UNKS* after *UNK* surgery . STOP 
Similarly , a *CUNK* University team led by heart researcher *CUNK* *CUNKER* hopes to develop ways to *UNKLY* induce *UNK* *UNK* *UNKS* . STOP 
The devices might *UNK* serve as temporary *UNKS* or *UNKS* for stopped *UNKS* , says Dr. *CUNKER* , whose *UNK* was dubbed the `` *CUNKER* *UNKER* . '' STOP 
The devices ' most remarkable possibilities , though , involve the brain . STOP 
*CUNKING* with the *UNKS* , National Institutes of Health scientists recently showed how the brain *UNKS* *UNK-* resources after an *UNKION* . STOP 
*CUNK* studies are expected to reveal how *UNK* patients ' *UNKS* *UNK* -- a first step toward finding ways to bolster that process and speed *UNKION* . STOP 
Scientists also are exploring memory and perception with the new machines . STOP 
At the State University of New York at Brooklyn , researchers *UNK* two groups of different letters on a computer screen in front of human *UNK* *UNKS* . STOP 
*CUNK* *UNKS* , certain areas in subjects ' *UNKS* are *UNKED* with a magnetic *UNK* . STOP 
When the *UNK* is *UNKED* just right , the subjects do n't recall seeing the first group of letters . STOP 
`` Where does that first *UNKS* go ? '' *UNKS* *CUNK* *UNK* Paul *CUNK* . STOP 
`` *CUNKING* to answer that is suggesting all kinds of *UNKS* , '' such as *UNKLY* where and how the brain processes *UNKING* signals from the eyes . STOP 
He and others say that the machines are weak enough that they do n't *UNK* the memory . STOP 
Both the *CUNK* team and researchers at the National *CUNK* Laboratory in Cambridge , Mass. , are working with more *UNK* magnetic brain *UNKS* . STOP 
Among other things , the stronger devices may be able to *UNK* forth *UNK-* memories and induce mood changes , *UNKS* say . STOP 
Du Pont Co. , Hewlett-Packard Co. and Los *CUNKS* National Laboratory said they signed a three-year , $ 11 million agreement to *UNK* on *UNK* research . STOP 
The *UNKION* will include at least 25 researchers and will be aimed primarily at developing thin films of *UNK-* *UNKS* for use in electronics , the companies said . STOP 
The materials , discovered during the past three years , conduct electricity without resistance and promise smaller , faster computers and other new technologies . STOP 
*CUNK-* programs have *UNKED* as U.S. companies seek to spread the risks and costs of *UNKING* new *UNKS* and to meet the challenges *UNKED* by foreign *UNK* , especially in Japan . STOP 
The latest research pact *UNKS* Du Pont 's growing portfolio of investments in *UNKS* . STOP 
The *CUNK* , *CUNK* , chemicals concern previously signed research *UNK* agreements with *CUNK* *CUNK* National Laboratory and with *CUNK* National Laboratory . STOP 
Last year , Du Pont agreed to pay $ 4.5 million for rights to *UNK* work at the University of Houston . STOP 
Hewlett-Packard is a Palo Alto , Calif. , computer maker . STOP 
The Los *CUNKS* laboratory is one of three U.S. Department of Energy national laboratories designed as pilot centers to *UNKER* joint *UNK-* programs to speed the transfer of new *UNKS* to the marketplace . STOP 
J.C. *CUNK* Co. , Dallas , said it issued $ 350 million of securities backed by credit-card receivables . STOP 
The offering was priced with an *UNKN* % coupon rate at *UNKN* % to yield *UNKN* % . STOP 
The retailer said the securities are expected to be rated triple-A by Standard & Poor 's Corp. and *CUNK* by Moody 's Investors Service Inc . STOP 
They pay interest only for 115 months , with principal payments beginning thereafter . STOP 
The expected average life of the certificates is 10 years , with the final scheduled payment in October , 2001 . STOP 
First Boston Corp. is sole underwriter . STOP 
As part of the transaction , J.C. Penney will sell a portion of its credit-card receivables to its *CUNK* *CUNKS* Inc. unit , which will then transfer them to a master trust . STOP 
The trust will issue the certificates . STOP 
Credit support will be provided by a letter of credit facility from Credit Suisse in favor of the *UNK* , Fuji Bank & Trust Co. , for the benefit of the *UNK* holders . STOP 
J.C. Penney will continue to service the receivables . STOP 
*CUNKED* Japanese industrial managers here always *UNK* up nervous *UNKS* with the tale of the first of their *UNK* to visit Mexico , a *UNK* of *UNK* *UNKS* *UNK* *UNK* *UNKN* years ago . STOP 
`` From the beginning , it took a man with extraordinary *UNKS* to succeed in Mexico , '' says *CUNK* *CUNK* , president of *CUNK* group 's *CUNK* Engineering Inc. unit . STOP 
Here in this new center for Japanese assembly plants just across the border from San Diego , turnover is *UNKING* , infrastructure *UNK* , bureaucracy intense . STOP 
Even *UNKS* drag ; `` *UNK* '' *UNKS* , where Japanese *UNKS* *UNKING* over recorded music , are prohibited by Mexico 's powerful *UNKS* union . STOP 
Still , 20 Japanese companies , including giants such as *CUNK* Industries Corp. , *CUNK* Electronics *CUNKS* Corp. and Sony Corp. have set up shop in the state of Northern *CUNK* California . STOP 
*CUNKING* the Japanese happy will be one of the most important tasks facing conservative leader *CUNK* *CUNK* when he takes office Nov. 1 , as the first opposition governor in Mexico 's modern history . STOP 
Mexico , with its *UNK* need for investment , and Japan , with its huge budget surplus , would seem like a perfect match . STOP 
But the two countries remain *UNKED* by a cultural barrier wider than the *UNK* . STOP 
Conservative Japanese investors are put off by what they consider Mexico 's *UNK* investment regulations and loose work *UNKS* . STOP 
From the *CUNKS* ' *UNK* , *UNKED* tactics of *UNKAL* Japanese managers do n't count for much in a land where a saying says `` there are no fixed rules . '' STOP 
Japan ranks as only the fourth largest foreign investor in Mexico , with 5 % of the total investments . STOP 
That is just 1 % of all the money Japan has invested abroad . STOP 
Mexican President Carlos *CUNKS* de *CUNK* would like to change that . STOP 
The young president so *UNKS* Japanese discipline that he *UNKS* his children to a Japanese school in Mexico City . STOP 
He already has *UNKED* a $ 2 billion loan from the Japanese government . STOP 
But Mexico *UNKLY* needs more help . STOP 
Mr. *CUNKS* 's *UNUNK* *CUNKAL* *CUNK* Party , or *CUNK* , faces congressional elections in 1991 . STOP 
For the *CUNK* to stand a chance , Mr. *CUNKS* has to press on with an economic program that so far has succeeded in lowering inflation and providing moderate economic growth . STOP 
But maintaining the key components of his strategy -- a stable exchange rate and high level of imports -- will *UNK* enormous amounts of foreign exchange . STOP 
Mr. *CUNKS* needs big investment *UNKS* -- quickly . STOP 
The problem is that Japanese businesses make decisions with a view well beyond the coming months that *UNK* so heavily on Mr. *CUNKS* . STOP 
`` The Japanese will come to Mexico , but not immediately , '' says *CUNK* *CUNK* , *UNKAL* of the Japanese *CUNKAL* Trade Organization in Mexico . STOP 
If not now , when ? STOP 
`` When the fruit is *UNK* , it falls from the *UNK* by itself , '' he says . STOP 
*CUNKED* on the matter , he is more specific . STOP 
`` There will be big Japanese investments probably five to 10 years from now . '' STOP 
*CUNK* *CUNK* , Japan 's *UNK* to Mexico , agrees that Mexico may be too eager . STOP 
`` There seems to be a *UNKION* in some sectors of -LRB- Mexico 's -RRB- government that there is a lot of Japanese money waiting behind the *UNK* , and that by slightly opening the *UNK* , that money will enter Mexico . STOP 
I do n't think that is the case . '' STOP 
Mexican officials maintain the Japanese reserve is only a result of *UNUNK* . STOP 
`` Because of distance , it takes a while for them to *UNK* the economic stability we 've achieved , '' says one economic *UNKER* . STOP 
Mexico is sending a number of *UNKS* to Japan looking for a major *UNK* investment in telecommunications , *UNKS* or tourism . STOP 
It is hoped that other Japanese would then follow the leader . STOP 
But Japanese investors say that their reluctance to invest stems not only from concerns about Mexico 's economic outlook , but also *UNKS* about Mexico 's recently revamped investment law . STOP 
*CUNK* to get a new law through a *UNKS* with a strong *UNK* bloc , Mexico *UNKED* the existing law 's regulations . STOP 
It created special 20-year *UNKS* to allow foreigners 100 % ownership in some *UNKED* industries . STOP 
It also made *UNK* use of *UNKS* , *UNKING* as *UNK-* industries some that had been in the national *UNK* . STOP 
`` Those devices do n't give sufficient *UNK* to our *UNKS* in Japan , '' says *CUNK* *CUNK* , representative of the Industrial Bank of Japan . STOP 
Mr. *CUNK* *UNKS* the case of a customer who wants to build a giant tourism complex in *CUNK* and has been trying for eight years to get around Mexican restrictions on foreign ownership of *UNK* property . STOP 
He could develop the *UNK* through a trust , but instead is trying have his *UNK* become a *UNKED* Mexican so his family gains direct control . STOP 
Some say the best hope for the *CUNKS* is *UNKING* the eye of Japan by promoting the one industry the Japanese clearly like -- the border assembly plants , known as `` *UNKS* , '' which are open to 100 % foreign control . STOP 
`` We must do more to help the Japanese here in *CUNK* if we want them to invest elsewhere , '' says Mr. *CUNK* , the *UNK-* of the National *CUNKION* Party and himself a *UNK* businessman . STOP 
Plant operators are *UNKED* by Mr. *CUNK* 's *UNK* to cut corruption associated with the ruling party officials . STOP 
But Mr. *CUNK* *UNKS* that an even bigger problem could be *UNK* from the U.S. , where some politicians oppose what they consider Japanese efforts to use *UNKS* to crack the U.S. market through the back door . STOP 
*CUNK* by *UNKING* stock prices and pessimistic projections of U.S. economic growth , currency analysts around the world have *UNKED* down their *UNKS* of the dollar 's near-term performance . STOP 
Most of the 10 analysts *UNKED* last week by Dow Jones International News Service in Frankfurt , Tokyo , London and New York expect the U.S. dollar to ease only *UNKLY* in November . STOP 
*CUNKION* is mixed over its three-month prospects . STOP 
*CUNK* of those *UNKED* see the currency *UNKING* lower over the next three months , while the others forecast a modest rebound after the New Year . STOP 
In late afternoon New York trading yesterday , the dollar stood at *UNKN* West German marks , up from *UNKN* marks late Monday , and at *UNKN* yen , up from 141.90 yen late Monday . STOP 
A month ago , a similar survey predicted the dollar would be trading at *UNKN* marks and *UNKN* yen by the end of October . STOP 
Sterling was trading at $ *UNKN* , down from $ *UNKN* late Monday . STOP 
In Tokyo Wednesday , the U.S. currency was trading at about *UNKN* yen at *UNKING* , up from *UNKN* yen at the opening and up from Tuesday 's Tokyo close of *UNKN* yen . STOP 
The average of estimates of the 10 economists *UNKED* puts the dollar around *UNKN* marks at the end of November and at *UNKN* yen . STOP 
By late January , the consensus calls for the dollar to be trading around *UNKN* marks and near *UNKN* yen . STOP 
Those with a bullish view see the dollar trading up near *UNKN* marks and 145 yen , while the dollar bears see the U.S. currency trading around *UNKN* marks and *UNKN* yen . STOP 
A number of those *UNKED* predict the dollar will slip as the Federal Reserve *UNKS* interest rates . STOP 
David Owen , an economist at Kleinwort Benson & Co. in London , said he expects further cuts in short-term U.S. rates in an effort to encourage a *UNKING* of the trade gap and to ensure a soft landing in the U.S. economy . STOP 
Robert White , a vice president and manager of corporate trade at First Interstate of California , agreed with that view and predicted the U.S. federal funds rate will drop to between 7 3\/4 % and 8 % within 60 days from its current level at 8 *UNKN* % . STOP 
Fed funds is the rate banks charge each other on overnight loans ; the Fed *UNKS* the rate by adding or *UNKING* reserves from the banking system . STOP 
Mr. White also predicted a *UNK-* cut in the U.S. discount rate in the near future . STOP 
The discount rate , currently 7 % , is the rate the Fed charges member banks for loans , using government securities as collateral . STOP 
He expects such a cut `` because of problems in several sectors of the economy , particularly real estate and *UNKS* . '' STOP 
*CUNKING* his argument , the Commerce Department reported yesterday that new home sales for September were down 14 % from August 's revised 3.1 % fall . STOP 
The drop marked the largest monthly tumble since a 19 % slide in January 1982 . STOP 
In last month 's survey , a number of currency analysts predicted the dollar would be pressured by a *UNKING* of interest rate *UNKS* between the U.S. and West Germany . STOP 
Indeed , in early October the West German central bank raised its discount and *CUNK* rates by a full percentage point . STOP 
Several other European central banks , notably in Britain , followed the West German *CUNK* 's lead by raising their own key rates . STOP 
And a week later , Japan raised its official discount rate by a half point to *UNKN* % . STOP 
The Japanese discount rate is the central bank 's base rate on loans to commercial banks . STOP 
After a surprisingly sharp *UNKING* in the U.S. August merchandise trade deficit -- $ *UNKN* billion from a revised $ *UNKN* billion in July and well above expectations -- and a *UNKING* 190-point drop in stock prices on Oct. 13 , the Federal Reserve *UNKED* short-term interest rates , knocking fed funds from around 9 % to 8 3\/4 % . STOP 
But predictions that central banks of the Group of *CUNK* -LRB- *CUNK* -RRB- major industrial nations would continue their massive dollar sales went *UNK* , as the market drove the dollar downward on its own , *UNKING* to Wall Street 's plunge and subsequent price volatility , lower U.S. interest rates and signs of a slowing U.S. economy . STOP 
*CUNK* consists of the U.S. , Japan , Britain , West Germany , Canada , France and Italy . STOP 
*CUNK* *CUNK* , senior deputy manager in the treasury department of *CUNK* Bank Ltd. in Tokyo , suggested that uncertainty about U.S. stocks and bonds has made Japanese investors *UNK* of holding those securities in the near term , thus *UNKING* dollar demand . STOP 
But , Mr. *CUNK* added , once U.S. equities regain some stability , players will move back into *UNKED* investments , especially Treasury bonds , whose value rises when interest rates decline . STOP 
Mr. *CUNK* said the key *UNK-* exchange rate is at 135 yen . STOP 
`` If 135 is broken , some panic will be seen , '' he predicted , explaining that Japanese institutions are comfortable with the dollar anywhere between current levels and 135 yen . STOP 
*CUNK-* *CUNKER* , a senior trader at Manufacturers Hanover Trust Co. in Frankfurt , said he expects the dollar to recover within the next three months to around *UNKN* marks as U.S. economic data , particularly U.S. trade figures , level off . STOP 
He contended that the Fed wo n't ease rates further , but predicted *CUNK* officials will *UNK* key rates in West Germany . STOP 
Alfred *CUNK* , chief trader at Bank of Boston in Frankfurt , took an opposite stance . STOP 
He said he expects U.S. interest rates to decline , *UNKING* the dollar down to around *UNKN* marks by the end of January after a *UNKED* *UNK* to *UNKN* marks by the end of November . STOP 
West German interest rates , he said , will remain unchanged . STOP 
`` But I 'm not one of these great dollar bears you see more of these days , '' Mr. *CUNK* said . STOP 
`` I ca n't really see it dropping far below *UNKN* marks . '' STOP 
Scott *CUNK* , chief foreign exchange dealer with *CUNKS* *CUNKER* & Co. in New York , fits the *UNKION* of a `` great dollar bear . '' STOP 
He predicted the U.S. unit will *UNK* below *UNKN* marks to around *UNKN* marks this month and 1.75 marks by the beginning of the new year . STOP 
`` We 're finally seeing the *UNKION* of all the *UNK* *UNK* of the last few months , '' he said , noting a continuing downward trend in U.S. interest rates , a *UNK* stock market and `` *UNKER* economic times ahead '' all signal a significantly lower dollar . STOP 
In the wake of British Chancellor of the Exchequer Nigel Lawson 's surprise resignation and sterling 's subsequent *UNK-* , most analysts had little good to say about the pound 's near-term prospects . STOP 
Mr. Owen of Kleinwort Benson suggested that the new *UNK* , John Major , will take a tough line in his *UNK* statement later this month , helping to *UNUNK* the pound . STOP 
But , he warned , the currency will remain at risk . STOP 
On the Commodity Exchange in New York , gold for current delivery dropped $ *UNKN* to $ *UNKN* an ounce in moderate trading . STOP 
Estimated volume was 3.5 million ounces . STOP 
In early trading in Hong Kong Wednesday , gold was quoted at $ *UNKN* an ounce . STOP 
Christopher Hill in Tokyo , Nicholas Hastings in London , *CUNK* *CUNK* in Frankfurt and *CUNK* *CUNK* and Douglas *CUNK* in New York contributed to this article . STOP 
West Germany will repeal the *UNUNK* turnover tax on securities transactions as of Jan. 1 , 1991 , *CUNKS* Minister *CUNK* *CUNK* said . STOP 
He said the government will also repeal the 1 % transaction tax on the *UNK-* purchase of stakes in companies . STOP 
The announcement follows several comments by government officials that the government will speed up the repeal of the tax , which was originally scheduled to fall with the start of the single internal market in the European Community at the end of 1992 . STOP 
The *UNKER* tax has been long criticized by the West German financial community because it tends to drive securities trading and other banking activities out of Frankfurt into rival financial centers , especially London , where trading transactions is n't *UNKED* . STOP 
The tax has raised less than one billion marks -LRB- $ *UNKN* million -RRB- annually in recent years , but the government has been reluctant to *UNK* the *UNK* for *UNK* concerns . STOP 
In the interview , Mr. *CUNK* did n't specify the amount of revenue the government will lose after the tax *UNKS* . STOP 
The new date means that the tax will be officially *UNKED* before the end of the current parliamentary term at the end of 1990 and guarantees its *UNKION* even if the current *UNK-* coalition *UNKS* the elections in December 1990 . STOP 
Earlier this year , President Bush made a final `` *UNK-* it '' offer on the minimum wage : an increase to $ 4.25 an hour over three years , and only if accompanied by a lower wage for the first six months of a job . STOP 
Now , the White House has decided to accept the higher wage over only two years . STOP 
The *UNK-* wage would apply only to *UNK-* *UNK-* workers for 90 days . STOP 
The White House had enough votes to sustain a veto but chose to avoid a confrontation . STOP 
The only permanent losers will be the 200,000 or so workers everyone agrees will be priced out of a job at the $ 4.25 rate Congress is likely to approve today . STOP 
It is *UNKS* such as this that convince Washington 's *UNKS* that if they simply stay the course , this administration will *UNK* from its own course on this and other issues . STOP 
The head trader of Chemical Banking Corp. 's interest-rate options group has left the company , following *UNKION* errors that resulted in a $ 33 million charge against its third-quarter results . STOP 
Chemical said Steven *CUNK* resigned recently , but one individual close to the situation said the resignation was forced . STOP 
Mr. *CUNK* could n't be reached for comment . STOP 
A separate inquiry by Chemical cleared Mr. *CUNK* of allegations that he had been *UNKLY* *UNKED* by a New York money broker . STOP 
That inquiry has n't resolved similar allegations involving another Chemical options trader . STOP 
In other personnel changes stemming from problems in its options unit : STOP 
-- Chemical named James Kennedy , a trader in *UNKS* contracts for the bank , to assume Mr. *CUNK* 's duties and to be trading manager for derivative products , including *UNKS* and interest-rate options . STOP 
-- Lee *CUNK* , vice president in charge of options research who discovered the *UNKION* errors and was asked by senior management to *UNK* out the mess , resigned to take a position in asset and liability management at Continental Bank in Chicago . STOP 
Mr. *CUNK* , whom Chemical tried to keep , did n't return calls for comment . STOP 
Separately , Chemical confirmed that it took an undisclosed charge in the second quarter for losses on *UNK-* agreements involving foreign currency written by its branch in Frankfurt , West Germany . STOP 
A Chemical spokeswoman said the second-quarter charge was `` not material '' and that no personnel changes were made as a result . STOP 
The spokeswoman said the Frankfurt situation was `` totally different '' from problems in the interest-rate options unit . STOP 
According to individuals familiar with the situation , the Frankfurt loss stemmed from a computer program for *UNKING* prices on *UNK-* agreements that failed to *UNKION* an interest-rate environment where short-term rates were equal to or higher than long-term rates . STOP 
While the *UNKS* involving interest-rate options and *UNK-* agreements are unrelated , some observers say they *UNK* a 1987 incident in which Bankers Trust New York Corp. restated the value of its foreign exchange options contracts downward by about $ 80 million . STOP 
These complex products require close monitoring because each must be valued separately in light of current market conditions . STOP 
In an interest-rate options contract , a client pays a fee to a bank for *UNKED* protection against adverse interest-rate swings for a specified period . STOP 
In a *UNK-* agreement , a client agrees to an exchange rate on a future currency transaction . STOP 
Some competitors maintain the *UNK* option loss , in particular , may have resulted more from Chemical 's taking large and often *UNK* positions than a *UNKION* problem . STOP 
*CUNKED* three years ago , Chemical 's interest-rate options group was a leading force in the field . STOP 
From 1987 to 1988 , the value of Chemical 's option contracts outstanding *UNKED* to $ 37 billion from $ 17 billion . STOP 
More *UNKLY* , the volume of options written exceeded those purchased by almost *UNKN* . STOP 
With such a *UNKED* book of options , traders say , Chemical was more vulnerable to *OUS* *UNKION* assumptions . STOP 
The Chemical spokeswoman said the bank has *UNKED* its *UNKS* and internal controls . STOP 
`` We consider our internal controls to have worked well , '' she said , adding that some procedures have been strengthened . STOP 
Its *UNKION* *UNKS* , she said , `` are recognized as some of the best on the Street . STOP 
Not a lot was needed to be done . STOP 
When Thomas W. Wathen went big league last year , he acquired a *UNK-* of *CUNK* along with a well-known but *UNKING* security business : Pinkerton 's Inc . STOP 
There was a wanted *UNKER* offering `` *CUNKS* for the *CUNKEST* of Express and *CUNK* *CUNKS* Frank James and *CUNK* W. James '' and the original Pinkerton 's *UNK* with an open eye and the *UNKION* `` We Never *CUNK* , '' which inspired the *UNK* `` private eye . '' STOP 
Then there were two gold *UNKS* once owned by *CUNK* Pinkerton , who founded the company in Chicago in *UNKN* . STOP 
But there were supposed to be three , Mr. Wathen 's company claims . STOP 
The missing watch is *UNK* of the problems Mr. Wathen *UNKED* in building his closely held California Plant Protection Security Service into the largest *UNK* and security agency in the U.S. through acquisitions . STOP 
The *UNK-* Mr. Wathen has learned that while acquiring a big *UNK-* company can be a *UNK* to growth , it can also bring a host of *UNUNK* problems . STOP 
`` We cleared out a lot of *UNKS* ' *UNKS* , '' says the *UNK-* security veteran . STOP 
Mr. Wathen , who started his career as an Air Force *UNK* and worked as a security officer for several large companies , built his California Plant Protection from a tiny *UNK-* security *UNK* firm here in the San *CUNK* Valley . STOP 
He joined the firm in *UNKN* and bought it from the owners the next year . STOP 
Over the next 20 years , California Plant Protection opened 125 offices around the country . STOP 
Yet although California Plant Protection was *UNKING* bigger and bigger clients -- the firm provided security for the 1984 *CUNKER* Olympics in Los Angeles -- it still did n't have the name recognition of Pinkerton 's . STOP 
So when American Brands Inc. decided to sell the unit in 1987 as part of a *UNK* of its food and security industries operations , Mr. Wathen saw a chance to accomplish several objectives . STOP 
He decided he could easily merge Pinkerton 's operations with his own while *UNKING* overhead costs because the two already operated in many of the same cities . STOP 
He could acquire a staff of loyal Pinkerton 's employees , many of whom had spent their entire *UNKS* with the firm , he could eliminate a competitor and he could get the name recognition he 'd wanted . STOP 
Mr. Wathen also *UNKED* the chance to *UNK* an entrepreneur like himself , who 'd spent his whole career in the security business , could run Pinkerton 's better than an *UNKED* conglomerate or investment banker . STOP 
`` The security business is my favorite subject . STOP 
I love this business , '' he says . STOP 
`` Most of the LBO guys do n't know how to run a business anyway . '' STOP 
But there were *UNKS* , not the least of which was that , Mr. Wathen says , he *UNKED* almost *UNKLY* in doing the $ 95 million acquisition , which was completed in January 1988 . STOP 
`` We were n't allowed to do any due *UNK* because of competitive reasons . STOP 
If we had , it might have scared us off , '' he says . STOP 
Five years of rapid expansion under American Brands , with an emphasis on marketing the agency 's services instead of improving them , had hurt Pinkerton 's profits , Mr. Wathen claims . STOP 
He says his team could n't tell whether accounts *UNK* had been paid or not . STOP 
Pinkerton 's had locked itself into *UNK-* contracts to win new business , with no hope of profitability until the contracts expired , he adds . STOP 
And regional offices were `` *UNKLY* *UNKED* , '' he claims . STOP 
One office had 19 people doing the work of three , `` and half of the employees had company *UNKS* . '' STOP 
American Brands declined to comment on Mr. Wathen 's accusations . STOP 
The acquisition combined the country 's second-largest security company , Pinkerton 's , with 1987 sales of $ *UNKN* million , and the fourth largest , California Plant Protection , with $ 250 million in sales , creating the industry 's biggest firm , which took on the Pinkerton 's name . STOP 
Even after *UNKING* itself of $ 120 million of *UNUNK* business , the new Pinkerton 's will have sales of about $ *UNKN* million this year and operating profit roughly double the industry average of *UNKN* % of sales , says Lloyd *CUNK* of *CUNK* & Co. in Los Angeles , which arranged the Pinkerton 's acquisition . STOP 
Mr. Wathen says his turnaround strategy has been simple : just *UNK* away at the fat . STOP 
He began by closing 120 of the combined companies ' *UNKN* offices in two months , eliminating about 31 % of the company 's *UNK-* *UNK* staff , including more than 100 sales positions . STOP 
He shut down the company 's *UNK* New York headquarters . STOP 
Pinkerton 's world headquarters today is a *UNK* , *UNK-* office building across the street from the small Van *CUNKS* Airport . STOP 
Next , Mr. Wathen raised Pinkerton 's rates , which were *UNK-* lower than California Plant Protection 's average rate of around $ *UNKN* . STOP 
And he got rid of *UNK-* businesses that just were n't making money for the company . STOP 
Mr. Wathen , who says Pinkerton 's had a loss of nearly $ 8 million in 1987 under American Brands , boasts that he 's made Pinkerton 's profitable again . STOP 
But Mr. Wathen 's team still must pay down about $ *UNKN* million of long-term bank debt from the acquisition within the next four years . STOP 
Last year , earnings of the combined companies did n't cover debt service and Pinkerton 's was forced to borrow $ 20 million of subordinated debt . STOP 
`` We would n't have had to *UNK* if a lot of the problems had n't been there , '' Mr. Wathen says . STOP 
This year , Mr. Wathen says the firm will be able to service debt and still turn a modest profit . STOP 
Now Pinkerton 's could become *UNKED* in a *UNKED* legal *UNKS* with its former parent . STOP 
The company recently filed suit in state court in Los Angeles against American Brands , seeking at least $ 40 million in damages from the Old Greenwich , *CUNKED* company . STOP 
The suit alleges that American Brands *UNKED* the financial condition of Pinkerton 's before the sale , failed to disclose pending lawsuits and material contracts in which Pinkerton 's was in default , had n't registered the Pinkerton 's name and *UNK* in the United Kingdom and did n't tell California Plant Protection about some labor *UNKS* . STOP 
`` We have previously had discussions with representatives of Pinkerton 's Inc. concerning the -LCB- sale of the company -RCB- and we concluded that we did not have liability under the contract , '' says American Brands . STOP 
`` As this is now a litigation matter , we have no further comment . '' STOP 
And then there 's the case of the missing gold watch . STOP 
The lawsuit alleges that an inventory of Pinkerton 's *UNK* disclosed that one of the *UNKS* had n't been *UNKED* over by American Brands . STOP 
`` American *CUNK* 's failure to surrender the gold watch has damaged new Pinkerton 's in an amount as yet -LCB- to be -RCB- determined and *UNKED* it of a valuable *UNK* for which it had *UNKED* , '' the suit charges . STOP 
The key to Pinkerton 's future will be *UNKING* to what it does best -- being a security company , says Mr. Wathen . STOP 
The company is also renewing its emphasis on investigations , particularly *UNKER* investigations for corporations . STOP 
Although investigations now account for only about 5 % of Pinkerton 's total revenue , that side of the business has traditionally been the more `` *OUS* '' of the two and it carries historical and *UNKAL* value . STOP 
-LRB- *CUNK* *CUNK* *CUNK* , who wrote `` The *CUNK* Falcon , '' was a former Pinkerton 's *UNK* . -RRB- STOP 
American Brands `` just had a different approach , '' Mr. Wathen says . STOP 
`` Their approach did n't work ; mine is . STOP 
Farm prices in October edged up 0.7 % from September as raw milk prices continued their rise , the Agriculture Department said . STOP 
*CUNK* sold to the nation 's *UNK* plants and dealers averaged $ *UNKN* for each hundred pounds , up 50 cents from September and up $ 1.50 from October 1988 , the department said . STOP 
Commercial *UNKS* , led by *UNK* and *UNKS* , rose 19 % in October ; *UNKS* and other *UNKS* rose 5 % . STOP 
*CUNKER* prices fell 6.5 cents in October to *UNKN* cents a pound , while *UNK* prices rose 1.2 cents a pound to *UNKN* cents . STOP 
Egg prices averaged *UNKN* cents a dozen , down 0.2 cent from September . STOP 
*CUNKS* rose $ *UNKN* to $ *UNKN* a *UNK* in October , while beef cattle slipped 80 cents to $ *UNKN* for each hundred pounds and *UNKS* dropped 90 cents to $ *UNKN* . STOP 
*CUNKS* averaged $ *UNKN* a *UNK* , down 42 cents from September ; corn averaged $ *UNKN* , down seven cents , and *UNK* grain averaged $ *UNKN* for each hundred pounds , down 19 cents , according to the department . STOP 
Paramount Communications Inc. , New York , completed the sale of its Associates Corp. consumer and commercial finance subsidiary to a unit of Ford Motor Co. for $ *UNKN* billion . STOP 
Paramount , which agreed to sell the unit in July , said it would realize net proceeds from the sale of $ 2.6 billion , with an after-tax gain of $ 1.2 billion . STOP 
Paramount said the gain would be recorded in its fourth quarter , which ended yesterday . STOP 
Paramount said the sale `` *UNKS* the strategic restructuring '' it began in 1983 , and would enable it to focus on its entertainment and publishing businesses . STOP 
Ford said in July it planned to operate Associates , based in Dallas , as a separate entity in its Ford Financial Services Group . STOP 
Paramount said Associates has about $ 14 billion in total assets , making it *UNKEST* in terms of assets among independent finance companies in the U.S. . STOP 
Sea Containers Ltd. , in a *UNKED* move to *UNK* a hostile takeover bid , said it will sell $ 1.1 billion of assets and use some of the proceeds to buy about 50 % of its common shares for $ 70 apiece . STOP 
*CUNKER* with the 3.6 million shares currently controlled by management , subsidiaries and directors , the completed tender offer would give Sea Containers a controlling stake . STOP 
*CUNKING* itself as `` asset rich , '' Sea Containers said it will move immediately to sell two *UNKS* , various *UNKS* , *UNK* services , *UNKS* , and other investments . STOP 
Of the proceeds , $ 500 million will be used to fund its tender offer . STOP 
Sea Containers added that the recapitalization plan will reduce its debt by more than $ 500 million . STOP 
The company , which has 13.8 million common shares outstanding , said in *UNK-* that it was considering a restructuring to *UNK* off a hostile takeover attempt by two European shipping concerns . STOP 
In late May , *CUNK* Holding AG and *CUNK* PLC , launched a $ *UNK-* , or $ *UNKN* million , tender offer for the Hamilton , *CUNKED* Sea Containers . STOP 
In *UNK-* , the companies , through their jointly owned holding company , *CUNK* Holdings Ltd. , sweetened the offer to $ 63 a share , or $ *UNKN* million . STOP 
Officials for *CUNK* declined to comment . STOP 
News of the restructuring plan sent Sea Containers ' shares up $ 1 to $ 62 in New York Stock Exchange composite trading . STOP 
Walter *CUNKER* , an analyst with PaineWebber Inc. , said that offering holders a higher , $ *UNK-* price is `` a fairly effective method of blocking '' the *CUNK-* bid . STOP 
Michael *CUNKS* , an analyst with *CUNKER* Anthony & *CUNK* Day , added that the sale of assets would allow Sea Containers to focus on its core *UNKER* businesses . STOP 
For holders who decide not to tender their shares , Sea Containers will issue one share of preferred stock with a stated value of $ 25 , plus a cash dividend on the common stock . STOP 
The company said its directors , management and subsidiaries will remain long-term investors and wo n't tender any of their shares under the offer . STOP 
Sea Containers said the offer will proceed after the *CUNK* Supreme Court *UNKS* or *UNKS* an interim injunction *UNKING* the company from buying its shares . STOP 
That injunction resulted from litigation between *CUNK* and Sea Containers last May . STOP 
The company said the court has indicated it will make a decision on or about Nov. 27 . STOP 
Sea Containers will soon set a date for its annual shareholder meeting to seek holder approval for the offer . STOP 
You 'd think all the stories about *UNKED* communities and developers getting HUD grants would prompt Congress to *UNK* up on upscale housing subsidies . STOP 
No way . STOP 
Congress has just made it easier for the affluent to qualify for insured loans from the *UNK-* Federal Housing Administration . STOP 
It appears that the only thing Congress is learning from the HUD story is how to *UNK* its control of the *UNK* *UNK* going to special interests . STOP 
Right now , the largest loan the FHA can *UNK* in *UNK-* housing markets is $ *UNKN* . STOP 
Last week , housing *UNKS* persuaded Congress to raise the ceiling to $ *UNKN* , making FHA loans more *UNK* to the *UNK-* . STOP 
But it does that at the cost of *UNKING* the *UNKER* 's exposure if the FHA is forced to pay for more loans going sour . STOP 
This is no idle fear last year the FHA lost $ 4.2 billion in loan defaults . STOP 
But the higher mortgage ceiling is only the *UNKER* *UNK* for what Senator Alan Cranston and Majority Leader George Mitchell have in mind for housing . STOP 
The Senate Banking Committee will begin hearings next week on their proposal to expand existing federal housing programs . STOP 
Other *CUNKS* want to lower the down payments required on *CUNKED* loans . STOP 
That would be a formula for *UNKING* even more FHA red ink . STOP 
*CUNK* has shown that the most important element in predicting a *UNK-* default is the down payment . STOP 
Because a *UNKER* can use an FHA loan to finance all points and closing costs , the FHA can wind up lending more than a house is worth . STOP 
If housing prices continue to fall , many borrowers would be better off walking away from their homes and leaving taxpayers with the losses . STOP 
Much the same thing happened with *UNKED* *CUNKS* , a problem Congress just `` *UNKED* '' with a $ *UNKN* billion bailout . STOP 
We hear that HUD Secretary Jack Kemp is *UNKING* with going along with some of the *CUNK-* proposals . STOP 
That sounds like a formula for *UNKING* that he gets *UNKED* into the next HUD *UNK* pit . STOP 
A group of 27 *CUNKS* has written Mr. Kemp urging him to reject *CUNK-* and focus on programs that *UNKER* the poor rather than create vast new government obligations . STOP 
But even if he agrees , Mr. Kemp does n't write the nation 's housing law -- Congress does . STOP 
And the majority of Members *UNKLY* view the current *UNKING* of HUD as mainly a chance to *UNK* through their own slate of projects . STOP 
*CUNK* A is last week 's House vote to fund 40 *UNK* projects out of the same *UNK* fund that is at the heart of the HUD scandal . STOP 
None of the grants had been requested by HUD , *UNKED* *UNKLY* or were the subject of a single hearing . STOP 
More and more observers now realize that the key to ending future HUD scandals lies in forcing Congress to clean up its own act . STOP 
This week , a Baltimore Sun editorial said the *CUNKS* subcommittee on HUD should forget about Sam *CUNK* 's testimony for the moment and call some other witnesses : the various congressional sponsors of the 40 *UNK-* projects . STOP 
The Sun concluded that Mr. *CUNK* is only part of the problem -- and a part that 's gone . STOP 
`` If HUD is to be *UNKED* , '' it concluded , Members of Congress will `` have to start looking into , and doing something about , the practices of their colleagues . '' STOP 
Of course , *UNK-* is about the last thing this Congress is interested in . STOP 
*CUNKS* of expanding FHA programs say they merely want to help home buyers who are *UNK* out of *UNKED* markets . STOP 
But the FHA program is *UNKING* bad loans . STOP 
Jack Kemp has submitted a package of reforms , and they are surely headed for the Capitol Hill *UNKER* . STOP 
Like the S&L mess before it , this is a problem Congress should be *UNKING* , not ignoring . STOP 
Gillette Co. , Boston , said it is planning to restructure its South African subsidiary . STOP 
Under the plan , Gillette South Africa will sell manufacturing facilities in Springs , South Africa , and its business in *UNKS* and plastic bags to *CUNKS* Pharmaceuticals Ltd. , an affiliate of *CUNK* American Corp. , a South African company . STOP 
Terms were not disclosed . STOP 
A final agreement has not been signed , and the moves will not have a material effect on the company , Gillette said . STOP 
The company said it is part of a continuing world-wide restructuring in which it has *UNKED* or sold operations in several countries . STOP 
Gillette said its continued presence in South Africa `` *UNKS* it to make *UNK* contributions to South African society , to the lives of its employees and to the communities in which it operates . '' STOP 
Gillette South Africa employs about 250 people . STOP 
About 60 % of the work force will continue with Gillette or transfer to *CUNKS* Pharmaceuticals , the company said . STOP 
The Soviet legislature approved a 1990 budget yesterday that *UNKS* its huge deficit with cuts in defense spending and capital outlays while *UNKING* to improve supplies to frustrated consumers . STOP 
The vote to approve was STOP 
A proposal to raise prices of beer , tobacco and *UNKS* was rejected *UNKN* . STOP 
Soviet President Mikhail S. Gorbachev told the legislators they had made a good start , but that the most difficult work was still ahead . STOP 
The *CUNKS* news agency said the 1990 budget anticipates income of *UNKN* billion rubles -LRB- US$ *UNKN* billion -RRB- and expenditures of *UNKN* billion rubles -LRB- US$ *UNKN* billion -RRB- . STOP 
Those figures are almost exactly what the government proposed to legislators in September . STOP 
If the government can stick with them , it will be able to *UNK* this year 's 120 billion ruble -LRB- US$ *UNKN* billion -RRB- deficit . STOP 
Officials proposed a cut in the defense budget this year to *UNKN* billion rubles -LRB- US$ *UNKN* billion -RRB- from *UNKN* billion rubles -LRB- US$ 125 billion -RRB- as well as large cuts in outlays for new factories and equipment . STOP 
*CUNKS* said the final budget and economic plan calls for a sharp increase in the production of consumer goods . STOP 
*CUNKAL* and *CUNK* STOP 
At times I *UNKER* my mind When I must think with *UNKION* , *CUNKED* from all other *UNKS* While trying to reach a decision . STOP 
But often nothing 's resolved , To my frustration and *UNK* : With pros and *UNKS* in *UNK* , I feel like a *UNK* jury . STOP 
-- Arnold J. *CUNK* . STOP 
*CUNKION* STOP 
*CUNK* *UNK* : *UNKS* *UNKER* . STOP 
-- Marvin *CUNK* . STOP 
Ocean *CUNKING* & Exploration Co. will sell its *UNKING* business , and took a $ *UNKN* million loss from discontinued operations in the third quarter because of the planned sale . STOP 
The New *CUNKS* oil and gas exploration and *UNKING* operations company added that it does n't expect any further adverse financial impact from the restructuring . STOP 
In the third quarter , the company , which is *UNKED* by Murphy Oil Corp. of Arkansas , had a net loss of $ *UNKN* million , or 91 cents a share , compared with a restated loss of $ 9 million , or 18 cents a share , a year ago . STOP 
The latest period had profit from continuing operations of $ 4 million . STOP 
Revenue gained 13 % to $ *UNKN* million from $ *UNKN* million . STOP 
Ocean *CUNKING* said it will offer 15 % to 20 % of the *UNKING* business through an initial public offering in the near future . STOP 
It has long been rumored that Ocean *CUNKING* would sell the unit to concentrate on its core oil and gas business . STOP 
Ocean *CUNKING* said it wo n't hold any shares of the new company after the restructuring . STOP 
After 20 years of pushing labor proposals to overhaul the nation 's health-care system , *CUNK* Seidman of the *CUNK-* is finding interest from an unlikely quarter : big business . STOP 
Corporate leaders , frustrated by *UNK-* increases in health-care costs , are beginning to sound like liberal Democrats . STOP 
*CUNK* to check rising medical costs ultimately could `` lead some of us who today are free-market advocates to *UNK-* our thinking and positions with respect to *UNKED* national health insurance , '' Arthur *CUNK* , a General Electric Co. vice president , warned earlier this year . STOP 
The *UNK* impact of health benefits has driven business and labor to a surprising consensus . STOP 
Both the *CUNK-* and the National Association of Manufacturers are calling for measures to control rising costs , improve quality and provide care to the 31 million Americans who currently lack health insurance . STOP 
*CUNK* on these points is a long way from a specific program , and nobody expects the U.S. to rush toward radical restructuring of the health-care system . STOP 
But there are signs that labor-management cooperation could change the politics of health-care legislation and the economics of medicine . STOP 
`` I ca n't remember a time when virtually everyone can agree on what the problem is , '' says Mr. Seidman , who heads the *CUNK-* 's department dealing with health matters . STOP 
Because the Bush administration is n't taking the initiative on health issues , business executives are dealing with congressional Democrats who champion health-care *UNKION* . STOP 
`` Business across the country is spending more time *UNKING* this issue , '' says Sen. Edward Kennedy -LRB- D. , Mass . -RRB- . STOP 
`` It 's a *UNK-* issue . '' STOP 
Business complained earlier this year when Sen. Kennedy introduced a bill that would require employers to provide a minimum level of health insurance to workers but does n't contain *UNK-* measures . STOP 
*CUNKLY* in response , a bipartisan group of senators from the finance and labor committees is *UNKING* a plan to attract broader support . STOP 
It will feature a *UNK-* provision designed to keep expanded benefits from *UNKING* higher care prices . STOP 
At *UNKN* % of gross national product , U.S. health costs already are the highest in the world . STOP 
By contrast , Japan 's equal 6.7 % of GNP , a nation 's total output of goods and services . STOP 
Management and labor worry that the gap makes U.S. companies less competitive . STOP 
Chrysler Corp. estimates that health costs add $ 700 to the price of each of its cars , about $ 300 to $ 500 more per car than foreign competitors pay for health . STOP 
`` The cost of health care is *UNKING* standards of living and *UNKING* industrial strength , '' complains Walter *CUNKER* , a Chrysler *UNKS* specialist . STOP 
Labor is upset because many companies are using higher employee insurance premiums , *UNKS* and *UNKS* to *UNK* *UNKING* medical costs to workers . STOP 
Health benefits are *OUS* issues in the strikes against Pittston Co. and Nynex Corp . STOP 
In their new contract this year , American Telephone & Telegraph Co. and the Communications Workers of America agreed to look for `` prompt and *UNKING* national solutions '' to rising health-care costs . STOP 
Some analysts are *UNKAL* about the new corporate interest in health-care overhaul . STOP 
Carl *CUNK* , president of the Health Insurance Association of America , *UNKS* at `` *UNKS* who want to *UNK* the entire financing system '' for health . STOP 
`` They hope they can buy some government cost discipline , '' but this is a false hope , Mr. *CUNK* says . STOP 
He asserts that government has done an even worse job of controlling its health bill than business . STOP 
So far neither the Bush administration nor Congress is prepared to lead the way toward *UNKING* health care . STOP 
The administration lacks a comprehensive health-care policy . STOP 
Congress still is struggling to *UNK* the *UNUNK* *CUNK* Care Act of 1988 , which boosted benefits for the elderly and *UNKED* them to pay for the new coverage . STOP 
A bipartisan commission established by Congress and headed by Sen. John Rockefeller -LRB- D. , *CUNK* . -RRB- is scheduled to present new plans for dealing with the *UNKED* and long-term care for the elderly by next March 1 . STOP 
A *UNKAL* commission appointed by Health and Human Services Secretary Louis Sullivan is taking a broad look at the economics of *CUNK* for the elderly , Medicaid for the poor and the health system in general . STOP 
It is expected to report next summer . STOP 
`` No *UNK* *UNK* will be discovered next year , an election year , '' says Rep. *CUNK* *CUNK* -LRB- D. , Calif . -RRB- STOP 
But 1991 could be a window for action . STOP 
The pressure for change will rise with costs . STOP 
`` I think employers are really going to be the ones to push for major change , '' says Sharon *CUNKER* , a health expert at *CUNK* . STOP 
Any major attempt to *UNK* the health-care system is likely to trigger opposition from politically powerful interest groups , particularly the American Medical Association , and perhaps from the public as well , if Congress takes steps that patients fear will limit the availability of care . STOP 
The *CUNK* *UNKS* efforts , which both the administration and the medical *UNKION* have begun , to measure the *UNKS* of medical *UNKS* and then to *UNK* *UNK-* guidelines . STOP 
*CUNKS* hope that such standards will improve treatment while limiting unnecessary tests and medical procedures . STOP 
*CUNK* Secretary Sullivan estimates that as much as 25 % of the medical procedures performed each year may be *UNK* or unnecessary . STOP 
*CUNKING* care wo n't be easy or popular . STOP 
`` To slow the rise in total spending , it will be necessary to reduce *UNK-* use of services , '' the *CUNK* warns in a policy statement . STOP 
This will `` require us to *UNK* -- and *UNK* -- what is ` necessary ' or ` appropriate ' care . STOP 
This involves *UNKS* and -LCB- it -RCB- cuts against the grain of existing consumer and even provider *UNKS* of what is ` necessary . ' '' STOP 
The *CUNK-* also *UNKS* treatment guidelines . STOP 
In addition , it 's *UNKING* with an approach that would impose *UNK-* *UNKS* or budgets on the government as a whole and on individual states as a way to slow health-care spending . STOP 
At a meeting here on Nov. 15 , the labor *UNKION* plans to launch a major effort to build *UNKS* support for health-care overhaul . STOP 
*CUNK* Inc. said it plans to shut down three *CUNK-* plants , moving their *UNKER* operations to a leased facility in *CUNK* , *CUNK* . STOP 
The company said the *UNKER* business `` has been under severe cost pressures for some time . '' STOP 
The *UNKS* , *UNKS* and *UNKS* , are sold to the North American auto market . STOP 
A company spokesman declined to estimate the impact of the *UNKS* on earnings . STOP 
He said the new facility will *UNK* 500 of the existing 600 employees . STOP 
The steelmaker employs about *UNKN* people . STOP 
*CUNK* said it has an option to lease a *UNK-* building in *CUNK* and proposes to spend *UNKN* million Canadian dollars -LRB- US$ *UNKN* million -RRB- on the facility . STOP 
The three existing plants and their land will be sold . STOP 
First Security Corp. said it tentatively agreed to acquire *CUNK* *CUNK* for stock valued at about $ 18 million . STOP 
Terms call for First Security to issue about *UNKN* share of its stock for each *CUNK* share held , or a total of about *UNKN* First Security shares . STOP 
It has about *UNKN* million shares outstanding . STOP 
*CUNK* , with about $ 100 million in assets , is the parent of the *CUNK* Bank , which has six offices and headquarters at *CUNK* *CUNK* , Utah . STOP 
The purchase price is equal to about *UNKN* times *CUNK* 's roughly $ *UNKN* million book value , or assets less liabilities . STOP 
*CUNK* Lake *CUNKED* First Security , with $ 5.4 billion in assets , said the agreement is subject to shareholder and regulatory approval , and that it hopes to complete the transaction early next year . STOP 
Georgia-Pacific Corp. 's *UNKED* $ *UNKN* billion bid for Great Northern Nekoosa Corp. was *UNKED* by Wall Street despite a cool *UNKION* by the target company . STOP 
William R. *CUNK* , Nekoosa 's chairman , chief executive officer and president , *UNKED* the $ *UNK-* bid as `` *UNKED* '' and said Nekoosa 's board would consider the offer `` in due course . '' STOP 
T. Marshall *CUNK* Jr. , Georgia-Pacific 's chairman and chief executive , said in an interview that all terms of the offer are negotiable . STOP 
He added that he had *UNK* with Mr. *CUNK* , whom he referred to as a friend , by telephone Monday evening . STOP 
`` I 'm *UNK* that we 'll have further discussions , '' Mr. *CUNK* said . STOP 
On Wall Street , takeover stock traders bid Nekoosa 's stock well above the Georgia-Pacific bid , assuming that Nekoosa 's will either be sold to a rival bidder or to Georgia-Pacific at a higher price -- as much as $ 75 a share , according to some estimates . STOP 
Yesterday , Nekoosa common closed in composite New York Stock Exchange trading at $ *UNKN* , up $ *UNKN* , on volume of almost 6.3 million shares . STOP 
Georgia-Pacific closed down $ 2.50 , at $ *UNKN* in Big Board trading . STOP 
Takeover stock traders noted that with the junk-bond market in disarray , Georgia-Pacific 's bid is an indication of where the takeover game is headed : *UNKLY* , industrial companies can continue bidding for one another , but financial buyers such as leveraged buy-out firms will be at a *UNK* in obtaining financing . STOP 
`` The way the world is *UNKING* up , the strategic buyer is going to be the rule and the financial buyer is going to be the exception , '' said one trader . STOP 
For the paper industry specifically , most analysts said the deal will spur a wave of *UNK-* takeovers , possibly involving such companies as Union *CUNK* Corp. , Federal *CUNK* Co. and *CUNK* Corp . STOP 
The analysts argued that Georgia-Pacific 's offer , the first hostile bid ever among major players in the paper industry , ends the *UNUNK* *UNK* on hostile bids , and will push *UNKS* to look closely at the industry 's several attractive takeover candidates . STOP 
`` *CUNKION* has been long *UNK* . STOP 
It was just the culture of the industry that kept it from happening . STOP 
The Georgia-Pacific offer has definitely changed the landscape , '' said Gary *CUNK* of Oppenheimer & Co . STOP 
*CUNKED* Mark *CUNKS* of Prudential-Bache Securities Inc. : `` It 's much easier to be second . '' STOP 
A Georgia-Pacific acquisition of Nekoosa would create the largest U.S. forest-products company . STOP 
*CUNKED* on 1988 sales , Georgia-Pacific *UNKED* third at $ *UNKN* billion , behind Weyerhaeuser Co. at $ 10 billion and International Paper Co. at $ *UNKN* billion . STOP 
Nekoosa *UNKED* *UNK* with sales of $ *UNKN* billion . STOP 
The combined company would have had 1988 sales of $ 13.1 billion . STOP 
But such a combination also *UNKS* great risks . STOP 
At a time when most analysts and industry consultants say pulp and paper prices are heading for a *UNK* , adding capacity and debt could squeeze Georgia-Pacific if the industry declines more than the company expects . STOP 
Moreover , any unexpected strengthening of the dollar would hurt Georgia-Pacific because two of Nekoosa 's major product lines -- *UNK* , which is used to make shipping *UNKS* , and market pulp -- are *UNKED* in large quantities . STOP 
`` Nobody knows how deep the cycle is going to be , '' said *CUNK* Young , vice president of *CUNK* Information Systems Inc. , a *CUNK* , Mass. , *UNKING* firm . STOP 
`` *CUNKING* on how far down you go , it may be difficult to pay off that debt . '' STOP 
One person familiar with Georgia-Pacific said the acquisition would more than double the company 's debt of almost $ 3 billion . STOP 
It also could be a drag on Georgia-Pacific earnings because the roughly $ 1.5 billion in *UNK* -- the amount by which the bid exceeds Nekoosa 's book value of $ 1.5 billion -- will have to be *UNKED* from earnings over a period of decades . STOP 
Georgia-Pacific 's Mr. *CUNK* said that a combined operation would allow savings in many ways . STOP 
The two companies each produce market pulp , *UNK* and white paper . STOP 
That means goods could be manufactured closer to customers , saving shipping costs , he said . STOP 
Moreover , production runs would be longer , cutting *UNKS* from *UNKING* machinery between production cycles . STOP 
And Georgia-Pacific could save money in selling pulp , because the company uses its own sales organization while Nekoosa employs *UNK-* agents . STOP 
Mr. *CUNK* said Georgia-Pacific has accounted in its strategy for a `` significant downturn '' in the pulp and paper industry , an event that he said would temporarily *UNK* earnings . STOP 
But he said that even under those conditions , the company still would realize a savings of *UNKS* of millions of dollars in the first year following a merger . STOP 
`` The fit is so good , we see this as a time of opportunity , '' he said . STOP 
Georgia-Pacific , which has suspended its *UNK-* program , would finance the acquisition with all bank debt , provided by banks led by BankAmerica Corp . STOP 
Georgia-Pacific owns *UNKN* Nekoosa shares and would need federal antitrust clearance to buy more than $ 15 million worth . STOP 
U.S. clearance also is needed for the proposed acquisition . STOP 
For Nekoosa , defense options may be *UNUNK* somewhat by the *OUS* state of the junk-bond market , which limits how much value the target could reach in a *UNKED* recapitalization . STOP 
The company 's chairman , Mr. *CUNK* , and a group of advisers met at the offices of *CUNK* *CUNK* Rosen & Katz , a law firm *UNKING* in takeover defense . STOP 
Nekoosa also is being advised by Goldman , Sachs & Co . STOP 
Georgia-Pacific 's advisers are *CUNK* , *CUNK* & Co. , which stands to receive a $ 15 million fee if the takeover succeeds , and the law firm of *CUNK* & Sterling . STOP 
People familiar with Nekoosa said its board is n't likely to meet before the week after next to respond to the bid . STOP 
The board has 10 business days to respond . STOP 
In addition to the usual array of *UNKS* , including a so-called poison pill and a *UNKED* board , Nekoosa has another takeover defense : a Maine state law *UNKING* hostile bidders from *UNKING* acquired businesses for five years . STOP 
Nekoosa is *UNKED* in Maine . STOP 
Georgia-Pacific has filed a lawsuit in federal court in Maine challenging the poison pill and the Maine merger law . STOP 
Nekoosa 's poison pill allows shareholders to vote to *UNK* it , but Georgia-Pacific is n't likely to pursue such a course immediately because that would take 90 to 120 days , and would n't affect the provisions of the Maine law . STOP 
Among companies mentioned by analysts as possible *UNKS* for Nekoosa are International Paper , Weyerhaeuser , Canadian Pacific Ltd. and *CUNK* *CUNK* Ltd . STOP 
`` I 'm sure everybody else is putting *UNK* to paper , '' said *CUNK* *CUNK* , an analyst with First Manhattan Co . STOP 
International Paper and Weyerhaeuser declined to comment . STOP 
Canadian Pacific could n't be reached for comment , and *CUNK* *CUNK* said it has n't any plans to make a bid for Nekoosa . STOP 
Investors were quick to spot other potential takeover candidates , all of which have strong cash flows and low-cost operations . STOP 
Among paper company stocks that rallied on the Big Board because of the offer were Union *CUNK* , up $ 2.75 to $ *UNKN* , Federal *CUNK* , up $ 1.75 to $ *UNKN* , *CUNK* , up $ *UNKN* to $ *UNKN* , and *CUNK* *CUNK* Inc. , up $ *UNKN* to $ *UNKN* . STOP 
In over-the-counter national trading , *CUNKER* Inc. jumped $ 1.50 to $ *UNKN* . STOP 
Some analysts argued that there wo n't be a *UNK* of takeovers because the industry 's continuing *UNKION* program is eating up available cash . STOP 
Moreover , some analysts said they expect a foreign paper company with deeper *UNKS* than Georgia-Pacific to end up acquiring Nekoosa , *UNKING* to the rest of the industry that hostile bids are *UNUNK* . STOP 
`` This is a one-time event , '' said Lawrence Ross of PaineWebber Inc. , referring to the Georgia-Pacific bid . STOP 
But many analysts believe that , given the *UNKS* of paper companies ' cash flows , as well as the *UNK* consolidation of the paper industry in Europe , there will be at least a few more big hostile bids for U.S. companies within the next several months . STOP 
The buyers , these analysts added , could be either foreign or other U.S. concerns . STOP 
`` The Georgia-Pacific bid may open the door to a new era of consolidation '' in the paper industry , said Mark *CUNK* of Shearson Lehman Hutton Inc . STOP 
`` I do n't think anyone is now immune from takeover , '' said Robert *CUNKER* of *CUNK* & *CUNKS* Inc. , Chicago . STOP 
He added : `` Every paper company management has to be saying to itself , ` Before someone comes after me , I 'm going to go after somebody . ' '' STOP 
Prudential-Bache 's Mr. *CUNKS* said he does n't see the industry 's *UNKION* program *UNKING* takeover activity . STOP 
Several projects , he said , are still on the drawing board . STOP 
Moreover , `` it 's a lot cheaper and *UNKER* to buy a plant than to build one . '' STOP 
Indeed , a number of analysts said that Japanese paper companies are *UNK* to acquire additional manufacturing capacity anywhere in the world . STOP 
Some predicted that Nekoosa will end up being owned by a Japanese company . STOP 
Meanwhile , Shearson Lehman 's Mr. *CUNK* said that , to stay competitive , the U.S. paper industry needs to catch up with the European industry . STOP 
Since the *UNK-* wave of friendly takeovers was completed in the U.S. in 1986 , there have been more than 100 mergers and acquisitions within the European paper industry , he said . STOP 
*CUNKED* Inc. , *CUNK* , Ill. , and *CUNK* Research Inc. , Los Angeles , said the Food and Drug Administration granted full marketing approval for a new drug for the treatment of a condition in which the heart *UNKS* between 150 and 200 *UNKS* a minute . STOP 
The condition , known as *UNKAL* *UNK* *UNK* , leads to *UNKS* and *UNKING* . STOP 
The typical healthy heart *UNKS* 70 times a minute . STOP 
The drug , called *UNK* , returns the heart to a normal *UNK* within seconds , according to *CUNKED* . STOP 
*CUNK* Research developed the drug and licensed it to *CUNKED* for sale in the U.S. and Canada . STOP 
Private industry 's labor costs rose 1.2 % in the third quarter , matching the second-quarter pace , as health insurance costs continued to soar , the Labor Department said . STOP 
The increase in wage and benefit costs in the third quarter was greater than the 1 % rise reported for the third quarter of 1988 . STOP 
`` *CUNK* increases and overall compensation increases are beginning to *UNK* upward a little bit , '' said *CUNK* *CUNK* , a labor economist at the Conference Board , a business research organization . STOP 
`` One would have thought this would have happened two or three years ago as the labor market *UNKED* . STOP 
It is a considerably delayed reaction and it 's not a severe one at all , '' she added . STOP 
The new data *UNKED* the *UNK* of the nation 's health-care cost problem . STOP 
In the 12 months ended in September , wages and salaries of private-sector workers rose 4.4 % , while health insurance costs *UNKED* by *UNKN* % . STOP 
The consumer price index climbed 4.3 % in the same period . STOP 
Despite the big increases in health-care costs , wages still account for a far greater share of overall labor costs . STOP 
The overall private-sector employment cost index , which includes both wages and benefits , rose 4.7 % in the 12 months ended in September , compared with 4.5 % for both the 12 months ended in June and the 12 months ended September 1988 . STOP 
Labor costs are climbing at a far more rapid pace in the health care industry than in other industries . STOP 
For instance , wages of private-sector hospital workers *UNKED* 6.6 % in the 12 months ended in September , compared with 4.4 % for workers in all industries . STOP 
In the third quarter , wages and salaries in all private industry rose 1.2 % , compared with 1 % increases in both the second quarter and in the third quarter of 1988 . STOP 
For the past five years , unions have n't managed to win wage increases as large as those granted to *UNKION* workers . STOP 
For private-sector union workers , the cost of wages and benefits rose 0.9 % in the third quarter . STOP 
For *UNKION* workers , the costs rose 1.4 % . STOP 
Labor costs continued to rise more rapidly in service industries than in *UNKING* industries , the report showed . STOP 
It also found them rising much more in the Northeast than elsewhere . STOP 
*CUNKING* employees of state and local -- but not the federal -- governments , the employment cost index rose 1.6 % in the third quarter , compared with a 1.3 % rise in the same quarter in 1988 . STOP 
The index rose 1.1 % in the second quarter . STOP 
For the 12 months ended in September , this index was up 5.1 % . STOP 
It rose 4.8 % for the 12 months ended in June and 4.7 % in the 12 months ended in September 1988 . STOP 
Unlike most economic indicators , none of these figures are adjusted for seasonal variations . STOP 
*CUNK* Inc. said it is *UNKING* 200 employees as part of a restructuring aimed at producing pretax savings of $ 10 million annually . STOP 
Under the plan , *CUNK* said it will sell certain assets and businesses that do n't meet strategic and profitability objectives . STOP 
The *CUNK* *CUNKS* , Ill. , chemical *UNKS* concern , which has about 2,000 employees world-wide , said it plans to sell its domestic rigid *UNKER* packaging and flexible *UNKS* businesses , and its Chicago *CUNKS* , Ill. , *UNK* plant . STOP 
The company said it plans to use the sale proceeds to invest in business opportunities more closely identified with the company 's `` *UNKED* direction . STOP 
StatesWest Airlines , Phoenix , Ariz. , said it withdrew its offer to acquire Mesa Airlines because the *CUNK* , *CUNK* , carrier did n't respond to its offer by the close of business yesterday , a deadline StatesWest had set for a response . STOP 
However , StatesWest is n't *UNKING* its pursuit of the *UNKER* Mesa . STOP 
StatesWest , which has a 7.25 % stake in Mesa , said it may purchase more Mesa stock or make a tender offer directly to Mesa shareholders . STOP 
StatesWest had proposed acquiring Mesa for $ 7 a share and one share of a new series of StatesWest 6 % convertible preferred stock it values at $ 3 a share . STOP 
Earlier , Mesa had rejected a general proposal from StatesWest to combine the two carriers in some way . STOP 
StatesWest serves 10 cities in California , Arizona and Nevada . STOP 
Mesa *UNKS* to 42 cities in New Mexico , Arizona , *CUNKING* , Colorado and Texas . STOP 
A *UNK* new takeover deal sparked a big rally in stock prices , which buoyed the dollar . STOP 
Bond prices also edged higher . STOP 
Georgia-Pacific 's $ *UNKN* billion bid for Great Northern Nekoosa helped drive the Dow Jones Industrial Average up *UNKN* points , to *UNKN* , in active trading . STOP 
The dollar drew strength from the stock market 's climb . STOP 
*CUNK-* bond prices rose despite *UNKION* about what a key economic report will show today . STOP 
Analysts said the offer for Great Northern Nekoosa broke the *UNK* that settled over the takeover business for the past three weeks in the wake of the collapsed UAL Corp . buy-out . STOP 
Great Northern Nekoosa soared $ *UNKN* a share , to $ *UNKN* , substantially above the $ 58 a share Georgia-Pacific is offering . STOP 
That indicates speculators are betting a higher offer is in the *UNKS* . STOP 
Prices of other paper makers rose sharply , although Georgia-Pacific fell $ 2.50 a share , to $ *UNKN* . STOP 
Despite all the *UNK* over program trading , program trading played a big role in yesterday 's rally . STOP 
Some traders point out that as the big brokerage firms back out of program trading for their own accounts or for clients , opportunities increase for others to engage in the controversial practice . STOP 
That 's what happened yesterday . STOP 
The rally *UNKING* , there are plenty of worries about the short-term course of stock prices . STOP 
A slowing economy and its effect on corporate earnings is the *UNK* concern of many traders and analysts . STOP 
Unless the Federal Reserve *UNKS* interest rates soon to *UNK* the economy , profits could remain disappointing . STOP 
Yesterday 's major economic news -- a 0.2 % rise in the September index of leading economic indicators -- had little impact on financial markets . STOP 
But the next important piece of news on the economy 's health -- this morning 's release of the national purchasing manager 's survey for October -- could prompt investors into action . STOP 
A report late yesterday that the *CUNK-* purchasing managers survey showed increased economic activity in that part of the country cut into *UNK-* gains . STOP 
If the national survey *UNKS* a pickup in the manufacturing sector , it could further *UNKS* bond prices while *UNKING* stock prices and the dollar . STOP 
Meanwhile , bond investors are *UNKING* under the *UNKS* of a national debt ceiling debate . STOP 
Although the Treasury is expected to announce details of its November quarterly refunding operation today , the Nov. 79 schedule could be delayed unless Congress and the president act soon to lift the nation 's debt ceiling . STOP 
In major market activity : STOP 
Stock prices rallied in active trading . STOP 
Volume on the New York Stock Exchange totaled *UNKN* million shares . STOP 
*CUNKING* issues on the Big Board surged ahead of decliners *UNKN* to STOP 
Bond prices rose . STOP 
The Treasury 's benchmark 30-year bond gained less than a quarter of a point , or less than $ 2.50 for each $ 1,000 of face amount . STOP 
The yield on the issue slipped to *UNKN* % . STOP 
The dollar gained against most foreign currencies . STOP 
In late afternoon New York trading , the dollar was at *UNKN* marks and *UNKN* yen compared with *UNKN* marks and 141.90 yen late Monday . STOP 
*CUNKS* S.A. , a diversified construction concern based in Paris , said its consolidated profit for the 1989 first half , after payments to minority interests , surged to *UNKN* million French francs -LRB- $ *UNKN* million -RRB- from 65 million francs a year earlier . STOP 
Revenue rose 21 % to *UNKN* billion francs from *UNKN* billion francs . STOP 
The company did n't specify reasons for the strong earnings gain . STOP 
But *CUNKS* said its first-half profit is n't *UNK* of the full-year trend because of the highly seasonal nature of many of the company 's activities . STOP 
For all of 1988 , *CUNKS* had consolidated profit of *UNKN* million francs , after payments to minority interests , on revenue of 50 billion francs . STOP 
The group has forecast 1989 revenue of *UNKN* billion francs . STOP 
*CUNK* Network Inc. said it completed its acquisition of *CUNK* Cos. for about $ *UNKN* million . STOP 
*CUNK* agreed to pay $ 19 and *UNK-* *CUNK* share for each of *CUNK* 's 20 million fully diluted shares . STOP 
The acquisition brings together the two largest competitors to Home *CUNKING* Network Inc. , which now reaches more viewers than any other company in the video shopping industry . STOP 
Among them , Home *CUNKING* , *CUNK* and *CUNK* already control most of that young and *UNKING* market , which last year had sales of about $ 1.4 billion . STOP 
Coast Savings Financial Inc. reported a third-quarter loss , citing a previously announced capital restructuring program . STOP 
The Los Angeles thrift holding company said it had a loss of $ *UNKN* million , or $ *UNKN* a share , for the quarter ended Sept. 30 . STOP 
Coast earned $ *UNKN* million , or 67 cents a share , in the year-ago quarter . STOP 
The year-ago results have been restated to comply with government regulations . STOP 
The restructuring program is designed to increase the company 's *UNK* capital ratio . STOP 
It includes removing $ *UNKN* million in good will from the books , issuing $ 150 million in preferred stock and *UNKING* an exchange offer for $ 52 million in convertible bonds . STOP 
During the third quarter , the company charged about $ 46 million against earnings in reducing *UNK* , added $ 20 million to its general loan loss reserves and established a $ 30 million reserve for its high-yield bond portfolio . STOP 
The company said its junk-bond portfolio after these moves had been reduced to less than 1 % of assets . STOP 
Philip Morris Cos. is launching a massive corporate advertising campaign that will put the tobacco giant 's name in TV commercials for the first time since the early 1950s , when it stopped advertising its *UNK* cigarette brand on television . STOP 
The campaign , a *UNK* celebration of the *UNK* anniversary of the Bill of Rights , does n't mention cigarettes or smoking ; cigarette ads have been prohibited on television since 1971 . STOP 
But even before it begins , the campaign is drawing fire from *UNKING* advocates , who *UNK* Philip Morris 's attempt to bolster its *UNKED* image by *UNKING* itself in the document that is a *UNK* of American democracy . STOP 
Philip Morris , which became the U.S. 's largest food company last year with its $ *UNKN* billion acquisition of Kraft Inc. , seems determined to *UNK* beyond its *UNKS* in *CUNK* country . STOP 
The company 's research suggests that its name recognition among most consumers remains unusually low , although its array of brands -- including Maxwell House coffee , *CUNK-* , *CUNK* *CUNK* , and Miller beer -- *UNK* supermarket *UNKS* . STOP 
The company is expected to spend about $ 30 million a year on its two-year corporate campaign , created by WPP Group 's Ogilvy & Mather unit in New York . STOP 
The initial spots will appear during morning and prime-time news shows . STOP 
Philip Morris hopes that by taking its Bill of Rights theme to the *UNKS* , in addition to publications , it will reach the *UNKEST* possible audience . STOP 
Until now , its corporate ads , mainly promoting its *UNK* of the *UNKS* , have appeared almost *UNKLY* in newspapers and magazines . STOP 
`` Most people -- whether in *CUNK* , Tucson or *CUNK* -- have n't got a *UNK* who we are , '' says *CUNK* L. Smith , Philip Morris 's vice president of corporate affairs . STOP 
`` If they think well of the company through our support of the Bill of Rights , it follows they 'll think well of our products . '' STOP 
Mr. Smith says the Bill of Rights commercial , which *UNKS* the *UNKS* of *UNK* and freedom of *UNKION* , is n't designed to have any special appeal for *UNKS* . STOP 
Although Philip Morris typically tries to defend the rights of *UNKS* with *UNK-* arguments , `` this has nothing to do with cigarettes , nor will it ever , '' the spokesman says . STOP 
But some *UNKING* activists disagree , *UNKING* anger at what they see as the company 's attempt to purchase *UNK* by association . STOP 
`` I 'm *UNKED* because this company is *UNKING* itself at the heart of American culture and political freedom and in fact it 's a *UNKER* , '' says Michael *CUNK* , former chairman of the Federal Trade Commission and a *UNK-* critic . STOP 
`` It should be treated like the *CUNK* -LCB- drug -RCB- *UNK* , not the *CUNKING* *CUNKS* . '' STOP 
Mr. *CUNK* adds that the new commercial *UNKS* perfectly with major aspects of Philip Morris 's political strategy . STOP 
These include trying to protect its print advertising by *UNKING* the First Amendment , and *UNKING* blacks by *UNKING* itself as a *UNK* of civil rights . STOP 
-LRB- The commercial features , among others , the voice of Martin *CUNKER* King Jr. , the *UNK* civil rights leader . -RRB- STOP 
Many marketers say Philip Morris 's approach will be effective , but they agree that the ads ' *UNKED* smoking message is *UNUNK* . STOP 
`` This is *UNKER* , *UNKAL* advertising that really says , ` *CUNKS* have rights , too , ' '' says *CUNK* *CUNKS* , chairman of *CUNK* & *CUNKS* Inc. , a Greenwich , Conn. , marketing strategy firm . STOP 
`` This is designed to get the *UNKS* in a circle and defend the smoking franchise . '' STOP 
Richard *CUNKER* , a partner at Boston *CUNKING* Group , adds : `` It 's very popular to *UNK* *UNK* in the flag these days . STOP 
If you can do that and at the same time send a message that supports your business , that 's *UNK* . '' STOP 
RJR Nabisco Inc. and American Brands Inc. say they have no plans to follow Philip Morris 's lead . STOP 
-LRB- Indeed , RJR Nabisco is currently under fire for having sent *UNK-* *UNKS* *UNKING* its Now brand to consumers who smoke American Brands ' *CUNKS* . -RRB- STOP 
Despite the criticism , Philip Morris 's corporate campaign runs little risk of getting *UNKED* off the *UNK* . STOP 
`` They are n't showing James Madison taking a *UNK* or *UNKING* up , '' says *CUNK* *CUNK* , a professor of constitutional law at Harvard University . STOP 
`` All they are trying to do is borrow some of the *UNK* of the Bill of Rights itself . STOP 
Technology stocks *UNK* up , helping the over-the-counter market rise from its recent *UNKS* . STOP 
The Nasdaq Composite Index surged *UNKN* , or about *UNKN* % , to *UNKN* . STOP 
It was the market 's biggest gain since rising more than 7 points on Oct. 19 . STOP 
*CUNKING* OTC stocks *UNKED* decliners by *UNKN* to *UNKN* . STOP 
But the move lagged a stronger rise in New York Stock Exchange issues . STOP 
The Big Board 's composite index was up more than 1.4 % , and the Dow Jones Industrial Average jumped 1.6 % . STOP 
Nasdaq 's gain was led by its biggest industrial stocks . STOP 
The Nasdaq 100 rose *UNKN* to *UNKN* . STOP 
The Financial Index of 100 biggest banks and insurance issues added *UNKN* to *UNKN* . STOP 
Other strong sectors were indicated in gains of the Transportation Index , up *UNKN* to *UNKN* , and the *CUNK* Index , up *UNKN* to *UNKN* . STOP 
National Market System volume improved to *UNKN* shares from *UNKN* million Monday . STOP 
Many of Nasdaq 's biggest technology stocks were in the *UNK* of the rally . STOP 
Microsoft added 2 1\/8 to 81 3\/4 and *CUNK* Systems rose 1 1\/2 to 23 1\/4 . STOP 
Intel was up 1 3\/8 to 33 3\/4 . STOP 
But traders who watch the stocks warned the rise may be yet another `` *UNK-* phenomenon . '' STOP 
Technology stocks *UNK* the *UNK* of the OTC market 's recent sell-off , and traders say it 's natural that they rebound sharply now that the market has turned around . STOP 
But , they caution , conservative investors would do well to sell into the strength . STOP 
`` They are always the first to be sold when people are taking profits , because people are most scared of the *UNK-* stocks , '' said *CUNK* West , director of research for *CUNK* *CUNK* 's *CUNK* division , which specializes in emerging growth stocks . STOP 
The technology group includes many of the OTC market 's biggest stocks , which *UNK* the *UNKED* Nasdaq Composite Index . STOP 
Analysts say rallies in the group historically have lifted the market , while weakness in the sector often sank *UNKED* share prices broadly . STOP 
But increasing volatility in the sector has *UNKED* investors who try to follow its *UNKS* and swings . STOP 
The stocks have been *UNKED* repeatedly by inventory *UNKS* and disappointing earnings as the industry *UNKS* and *UNKS* . STOP 
Some even claim the group has become a lagging , not leading , indicator . STOP 
The technology sector of the Dow Jones Equity Market Index has risen only about *UNKN* % this year , while the Nasdaq Composite Index has gained *UNKN* % . STOP 
While the composite index lost less than a third of its *UNK-* gains in the market 's recent decline , the technology group 's gains were more than *UNKED* . STOP 
The OTC technology sector is far from a *UNK* unit . STOP 
The group is divided primarily between software , *UNKS* and computers . STOP 
While computer stocks have taken the biggest hit from the slowdown in the industry , many software and semiconductor stocks have continued to *UNK* the market . STOP 
Microsoft is up more than 50 % this year , while Intel is up more than 40 % . STOP 
The technology group is also split between large companies and small , with the biggest stocks trading as blue-chip issues in the institutional marketplace , while the smaller stocks *UNK* on their individual *UNKS* or *UNKS* , analysts say . STOP 
The volatility of smaller technology companies has served the group well overall in recent stock trading , according to Hambrecht & Quist 's technology stock indexes . STOP 
The brokerage firm tracks technology stocks with its Technology Index , which *UNKED* only *UNKN* % in the first nine months of this year . STOP 
But the firm also tracks smaller technology companies as a *UNK* of the larger group . STOP 
That index , which contains technology companies with annual revenues of $ 200 million or less , gained *UNKN* % by Sept. 30 this year -- still lagging the S&P 500 , but leading larger technology firms . STOP 
Yesterday , bank stocks lagged behind the overall OTC market . STOP 
The Nasdaq Bank Index rose *UNKN* to *UNKN* . STOP 
George *CUNK* , who trades bank stocks for Shearson Lehman Hutton , said the stocks tend to fall behind because they are n't traded as much as many other issues . STOP 
But , he added , *UNK-* stocks in general are stalled . STOP 
`` The interest-rate *UNKS* are n't *UNKING* with the rest of the market because of fears about what the -LRB- Federal Reserve -RRB- will do , '' Mr. *CUNK* said . STOP 
He said that investors will *UNK* the October employment report , due out Friday , for *UNKS* about the direction of the economy and the immediate outlook for interest rates . STOP 
On the other hand , Mr. *CUNK* noted that the recent slide in bank and thrift stocks was at least halted yesterday . STOP 
Shearson Lehman Hutton gave small investors some welcome news by announcing that it would no longer handle *UNKED* program trades for its accounts . STOP 
Shearson , with its in-house order execution system , has handled the bulk of such program trades in the over-the-counter market . STOP 
The trading has been blamed for much of the market 's recent volatility . STOP 
Jaguar topped the *UNK-* list , as its American depository receipts climbed 1 3\/4 to 13 5\/8 with more than 6.6 million *CUNKS* traded . STOP 
Britain said it would *UNK* its `` golden share '' in the luxury auto maker if shareholders vote to allow a suitor to acquire more than 15 % of the company . STOP 
The announcement effectively *UNKS* the British government as an *UNK* to a takeover of the company , which is being *UNKED* by General Motors and Ford . STOP 
Gen-Probe was another active takeover stock . STOP 
It surged 2 3\/4 to 6 on volume of more than 1.7 million shares after the company agreed to be acquired by Japan 's Chugai Pharmaceutical for about $ 110 million -- almost double the market price of Gen-Probe 's stock . STOP 
*CUNK* Corp. lost *UNKN* to *UNKN* after filing for protection from its creditors under Chapter 11 of the federal Bankruptcy Code . STOP 
MCI Communications added 1 1\/2 to 43 3\/8 . STOP 
The company has *UNKED* up over $ 40 million in contracts in the past two days . STOP 
Monday , MCI announced a $ 27 million *UNK* contract with the investment bank *CUNKS* . STOP 
Yesterday , it received a $ 15 million , three-year contract from Drexel Burnham Lambert . STOP 
Florida National Banks of Fla. slid 1 1\/8 to 24 3\/4 . STOP 
Late Monday , the Federal Reserve Board said it is *UNKING* approval of First Union Corp. 's proposed $ *UNKN* million acquisition of Florida National Banks pending the outcome of an examination into First Union 's lending practices in low-income *UNKS* . STOP 
Florida National said yesterday that it remains committed to the merger . STOP 
*CUNK* Industries gained 3\/4 to 16 3\/4 after it said it agreed to buy *CUNK* & Associates and two affiliates for cash and stock . STOP 
The value of the transaction was n't disclosed . STOP 
The companies being acquired provide telecommunications services to the telephone industry . STOP 
*CUNK* Industries , whose stock has suffered steep losses in recent sessions , surged 1 1\/2 to 49 . STOP 
The stock was one of many in the paper products industry that rose following Georgia-Pacific 's $ *UNKN* billion bid for Great Northern Nekoosa . STOP 
A permanent smoking ban on virtually all domestic airline routes won approval from the House , which separately sent to President Bush a nearly $ 67 billion fiscal 1990 bill including the first construction funds for the space station . STOP 
The smoking *UNKION* remains attached to a $ *UNKN* billion transportation bill that must still overcome budget obstacles in Congress . STOP 
But yesterday 's action put to rest any *UNKING* resistance from tobacco interests . STOP 
*CUNKED* with *UNK* defeat , the once dominant industry declined any recorded vote on the ban , which covers all but a *UNKION* of 1 % of daily flights in the U.S. . STOP 
The sole exceptions are an estimated 30 flights of six hours or more beginning or ending in Hawaii and Alaska . STOP 
*CUNKING* final *UNK* this month , the *UNKION* will take effect 96 days later , or in early February . STOP 
On a *UNKN* roll call , the House adopted the underlying transportation measure . STOP 
But the bill still faces budget questions because it also is the vehicle for an estimated $ 3.1 billion in *UNKAL* appropriations for law enforcement and *UNK-* programs . STOP 
The additional spending *UNKS* the measure more than $ 2 billion above its *UNKED* budget ceiling , and the House Appropriations Committee leadership must now seek a *UNKER* in hopes of completing action today . STOP 
The separate $ 67 billion bill sent to the White House had budget difficulties , too , but was saved ultimately by its importance to a broad *UNK* of interests in Congress and the administration itself . STOP 
No single bill this year includes more *UNK* spending for domestic programs and , apart from the space station , the measure *UNKS* far-reaching provisions affecting the federal mortgage market . STOP 
The current ceiling on home loans insured by the Federal Housing Administration is increased to $ *UNKN* during fiscal 1990 . STOP 
And in anticipation of increased lending , the cap on FHA loan guarantees would rise to approximately $ *UNKN* billion . STOP 
Separately , the bill gives authority to the Department of Housing and Urban Development to *UNK* the refinancing of *UNKEST* loans subsidized by the government under the so-called Section *UNKN* *UNK-* program for *UNK-* families . STOP 
This provision met early and strong resistance from investment bankers worried about *UNKS* in their clients ' portfolios . STOP 
But the promise of at least $ 15 million in new savings helped to *UNK* a partnership between HUD Secretary Jack Kemp and lawmakers *UNKING* to protect their projects elsewhere . STOP 
The estimated $ 1.8 billion for the space station would be double last year 's level , and total appropriations for the National *CUNKS* and Space Administration would grow 16 % to nearly $ *UNKN* billion . STOP 
A string of costly projects , including the *UNKED* national aerospace plane and the advanced communications technology satellite , would continue to be developed within these limits . STOP 
And while imposing a *UNK* cap of $ 1.6 billion on future spending , the bill would give NASA $ 30 million for the start-up of the *CUNK-* mission , a successor to the *CUNKER* space probe . STOP 
Separately , the National Science Foundation is promised a 7.7 % increase to bring its appropriations to $ *UNKN* billion . STOP 
And while pursuing these initiatives , Congress and the White House are squeezed too by steady increases -- $ *UNKN* million -- in veteran 's medical care . STOP 
The result is that all sides resort to *UNK* of hand to make room for competing housing and environmental programs , and the commitments now will drive excess spending into fiscal 1991 . STOP 
*CUNK* members of the House Budget Committee are reduced in frustration to raising *UNKED* parliamentary obstacles to individual bills , yet admit that much of the *UNKER* now stems from the fiscal *UNK* associated with their own summit agreement with the White House this past spring . STOP 
`` It 's hard to get the administration 's attention on anything , '' said Rep. Bill *CUNK* -LRB- R. , *CUNK* -RRB- , `` because the whole agreement was built on *UNK* . '' STOP 
Among the subsidies continued in the transportation bill is $ *UNKN* million to maintain commercial air service for an estimated 92 communities , often in rural areas . STOP 
Senate Appropriations Committee Chairman Robert *CUNK* -LRB- D. , *CUNK* . -RRB- strongly resisted deeper cuts sought by the House . STOP 
But at a time when the White House wants to kill the entire program , Republicans have been among its leading *UNKS* . STOP 
Sen. *CUNK* *CUNK* -LRB- R. , *CUNK* -RRB- , the ranking Republican on the Senate Budget Committee , used his influence to preserve more than $ *UNKN* in subsidies for air service to *CUNK* Fe , *CUNK* , and more than $ 2.1 million would go for service to eight communities in the western *CUNK* district of GOP Rep. Virginia Smith on the House Appropriations Committee . STOP 
*CUNK* Express , an independent airline serving much of *CUNK* , estimates that nearly 40 % of its revenues come from the subsidies that , in some cases , exceed the cost of a ticket . STOP 
For example , a passenger can fly from *CUNK* , Neb. , to Denver for as little as $ 89 to $ *UNKN* , according to prices quoted by the company . STOP 
But given the few number of users , the cost to the federal government per passenger is estimated at $ *UNKN* , according to House and Senate appropriations committees . STOP 
The House action yesterday came as the Senate remained *UNKED* in difficulties over a $ *UNKN* billion measure covering the budgets for the State , Commerce , and Justice departments in fiscal 1990 . STOP 
The compromise bill passed the House last week but has now *UNKED* *UNKAL* *UNKS* with the Senate Foreign Relations Committee , which *UNKLY* *UNKS* its *UNKS* over operations at the State Department . STOP 
The same *UNK* can *UNKED* confusion , however , in the absence of any authorization bill this year . STOP 
House and Senate *UNKS* sought to establish a Nov. 30 deadline after which their bill would become the last word on how funds are distributed . STOP 
But on a *UNKN* roll call this provision was stripped from the bill last night after Foreign Relations Chairman *CUNK* *CUNK* -LRB- D. , *CUNK* . -RRB- complained that it was an *UNKION* on exclusive powers *UNKED* in his panel for more than three decades . STOP 
*CUNK* Energy Inc. said it arranged a $ 50 million credit facility with *CUNK* Texas National Bank , a unit of *CUNK* Corp. , of Charlotte , *CUNK* . STOP 
The Dallas oil and gas concern said that $ 10 million of the facility would be used to consolidate the company 's $ *UNKN* million of existing bank debt , to repurchase 4 million of its 4.9 million shares outstanding of Series D convertible preferred stock , and to purchase a 10 % *UNKS* interest in certain oil and gas properties from one of its existing lenders , National Canada Corp . STOP 
The remaining $ 40 million can be used over three years for oil and gas acquisitions , the company said . STOP 
Ted *CUNK* , *CUNK* 's president , said the loan carries an interest rate of prime plus one percentage point , with 85 % of the company 's net oil and gas revenue each month *UNKED* to *UNK* . STOP 
The company put up `` virtually all '' of its oil and gas properties as collateral , he said . STOP 
General Dynamics Corp. was given an $ *UNKN* million Air Force contract for *CUNK-* aircraft and related equipment . STOP 
Loral Corp. 's defense systems division received a $ *UNKN* million Air Force contract for a *CUNK-* weapons system *UNKER* . STOP 
Southern Air *CUNK* Inc. won $ *UNKN* million in Air Force and Navy contracts for transportation services . STOP 
International Business Machines Corp. was given a $ *UNKN* million Air Force contract for satellite data systems equipment . STOP 
*CUNKED* Technologies received a $ *UNKN* million Defense Advanced Research *CUNKS* Agency contract for advanced *UNKION* systems research . STOP 
*CUNKER* International Inc. got a $ *UNKN* million Defense *CUNKS* Agency contract for combat *UNK* *UNKS* . STOP 
Santa Fe Pacific was the kind of story Wall Street *UNKED* . STOP 
Since the value of its assets was n't known , analysts were free to pick a number . STOP 
In one of many *UNK* *UNKS* , Bear Stearns 's Gary *CUNKER* wrote in March that its real estate alone had a value of $ 4.5 billion . STOP 
*CUNK* in its railroad , *UNKS* , pipeline and oil assets , he and others argued , and the Chicago-based conglomerate should be worth 30 a share . STOP 
And why should holders expect to realize that *UNKED* `` worth ? '' STOP 
That was another reason the Street *UNKED* Santa Fe . STOP 
With real estate experts *CUNK* & York and Samuel *CUNK* 's *CUNK* owning close to 40 % of Santa Fe 's stock , management was under pressure -- in a favored *UNK* of Wall Street -- to quickly `` *UNK* values . '' STOP 
But value , it turns out , is only what a buyer will pay . STOP 
And with the company 's recent announcement that it is *UNKING* a partial sale of its real estate , the values suddenly look *UNKER* . STOP 
Santa Fe has disclosed that it is negotiating to sell a 20 % interest in its real estate unit to the California Public *CUNKS* *CUNK* System for roughly $ 400 million . STOP 
Since the real estate unit also includes debt , the *UNKED* value of the real estate itself is close to $ 3 billion . STOP 
`` The *UNKED* current net asset value of *UNKN* -LCB- per share -RCB- is well below the 30 level that the Street believed , '' PaineWebber says . STOP 
`` The *UNK* was in the *UNK* real estate ... which is no longer an *UNK* . '' STOP 
So what is Santa Fe worth ? STOP 
If the railroad is valued on a private market basis -- at the same multiple of earnings as in the recent sale of *CUNK* -- it would have a value of $ *UNKN* billion . STOP 
A compromise between *UNKS* and bears puts remaining assets and cash -- including its 44 % stake in its publicly traded pipeline -- at $ 2 billion . STOP 
Santa Fe also has $ 3.7 billion in debt . STOP 
In addition , its railroad lost a $ 750 million antitrust suit , which is on appeal , and which analysts say could be settled for one-third that amount . STOP 
That *UNKS* out to about $ 17 a share for the company on a private market basis . STOP 
But Santa Fe , currently trading at 18 7\/8 , is n't likely to realize private market values by selling assets , because the tax against it would be *OUS* . STOP 
Its plan , instead , is to spin off the remainder of its real estate unit and to possibly do the same with its mining and energy assets . STOP 
Robert D. *CUNKS* , Santa Fe 's chairman , argues that since its businesses are valued in different ways , `` the sum of the parts may be greater than the whole . '' STOP 
But it is n't clear why that should be so . STOP 
The spinoff argument , after all , *UNKS* the current notion that assets are worth more to private buyers than to public shareholders . STOP 
And real estate usually has n't traded well under public ownership . STOP 
Salomon Brothers says , `` We believe the real estate properties would trade at a discount ... after the *UNK* unit is *UNK* off ... . STOP 
And what about the cost , and risk , of waiting to realize the *UNKAL* private market values ? '' STOP 
Some analysts remain bullish . STOP 
Mr. *CUNKER* of Bear Stearns says he is *UNKING* the worth of the company 's assets and , in the meantime , is *UNKING* to his `` buy '' recommendation on the belief that he will find `` values '' of 30 a share . STOP 
He adds : `` If for any reason I do n't have the values , then I wo n't recommend it . '' STOP 
First Boston 's *CUNK* *CUNK* *CUNK* values Santa Fe at 24 , down from her earlier estimate of 29 . STOP 
Her recent report *UNKS* the stock as a `` hold . '' STOP 
But it appears to be the sort of hold one makes while heading for the door . STOP 
*CUNKING* from the report : `` The stock 's narrow discount to asset *UNKION* makes it a relatively *UNKING* investment at current prices , especially given the risk that our projections could be on the aggressive side . '' STOP 
Chairman *CUNKS* says the California pension fund is getting a bargain price that would n't have been offered to others . STOP 
In other words : The real estate has a higher value than the pending deal suggests . STOP 
Since most of the unit 's real estate is in California , the pension fund will be a useful political ally in a state where development is often held *UNK* to *UNKING* boards . STOP 
And , as Mr. *CUNK* says , with *CUNK* and *CUNK* on the unit 's board , the real estate will be run by `` a very unusual group '' to say the least . STOP 
It is possible then that Santa Fe 's real estate -- even in a state *UNKED* by earthquakes -- could , one day , fetch a king 's *UNK* . STOP 
But as Drexel analyst Linda *CUNK* notes , its properties will be developed over 15 to 20 years . STOP 
So despite Wall Street 's *UNK* talk of quickly `` *UNKING* values , '' holders could be in for a long wait . STOP 
Santa Fe Pacific -LRB- NYSE ; *CUNK* : *CUNK* -RRB- STOP 
Business : *CUNK* , natural resources and real estate STOP 
Year ended Dec. 31 , 1988 : STOP 
Revenue : $ *UNKN* billion STOP 
Net loss : $ *UNKN* million ; 30 cents a share STOP 
Third quarter , Sept. 30 , 1989 : STOP 
Net income : 21 cents a share vs. net loss of $ *UNKN* a share STOP 
Average daily trading volume : *UNKN* shares STOP 
Orkem S.A. , a French *UNKED* chemical manufacturer , is making a friendly bid of *UNKN* pence -LRB- $ *UNKN* -RRB- a share for the *UNKN* % of U.K. specialty chemical group *CUNKS* Brothers PLC which it does n't already own , the two sides said . STOP 
The offer , which values the whole of *CUNKS* at # *UNKN* million , has already been accepted by *CUNKS* executives and other shareholders owning *UNKN* % of the company . STOP 
The *UNKS* give Orkem a controlling *UNKN* % stake in the company . STOP 
Orkem and *CUNKS* said last Wednesday that the two were considering a merger , through Orkem 's British subsidiary , Orkem *CUNKS* U.K. Ltd . STOP 
Orkem , France 's *UNKEST* chemical group , said it would fund the acquisition through internal resources . STOP 
The takeover would be followed by a restructuring of Orkem 's U.K. unit , including the addition of related Orkem businesses and possibly further acquisitions . STOP 
Orkem said it eventually would seek to make a public share offering in its U.K. business . STOP 
*CUNK* *CUNK* Inc. said it is exploring alternatives to *UNK* shareholder value , including the possible sale of the company . STOP 
But *CUNKER* B. Edelman , who controls about 16 % of the San Antonio , Texas , *UNKING* company , insisted that the announcement did n't have anything to do with the ongoing battle for control of Datapoint Corp . STOP 
Any sale of *CUNK* could have an impact on the battle between Mr. Edelman and New York attorney Martin *CUNK* for control of Datapoint . STOP 
*CUNK* holds *UNKN* % of Datapoint 's common shares outstanding . STOP 
Mr. Edelman said the decision `` has nothing to do with *CUNK* *CUNK* . '' STOP 
Mr. *CUNK* contended that it was a direct response to his efforts to gain control of Datapoint . STOP 
*CUNK* was *UNK* off from Datapoint four years ago , shortly after Mr. Edelman took control of Datapoint . STOP 
*CUNKS* & Spencer PLC reported a 12 % gain in first-half pretax profit , mainly because of improving *UNKS* in the U.K. and *UNKAL* Europe . STOP 
In the six months ended Sept. 30 , pretax profit at the British clothing and food retailer rose to # *UNKN* million -LRB- $ *UNKN* million -RRB- from # *UNKN* million a year ago . STOP 
The results *UNKED* analysts ' forecasts , which averaged around # 200 million , and *CUNKS* & Spencer responded in trading on London 's Stock Exchange with an eight pence rise to *UNKN* pence . STOP 
Profit after tax and minority interest but before extraordinary items rose 12 % to # *UNKN* million ; per-share earnings rose to five pence from 4.5 pence . STOP 
*CUNKS* declared an interim per-share dividend of *UNKN* pence , compared with 1.7 pence a year earlier . STOP 
Sales increased 11 % to # 2.5 billion from # 2.25 billion , while operating profit climbed 13 % to # *UNKN* million from # *UNKN* million . STOP 
Sales in North America and the Far East were *UNKED* by acquisitions , rising 62 % to # *UNKN* million . STOP 
Operating profit dropped 35 % , however , to # 3.8 million . STOP 
Brooks Brothers , which *CUNKS* bought last year , saw operating profit drop in half to # 5 million . STOP 
Federal and state thrift *UNKS* said they saw evidence of criminal wrongdoing in the collapse of Lincoln Savings & Loan Association , and a California regulator described an attempted `` *UNK* '' by *UNKS* of chief federal regulator *CUNK* Wall . STOP 
In a *UNKING* day of hearings before the House Banking Committee , the *UNKS* described finding *UNKED* documents , a *OUS* Panamanian subsidiary , millions of dollars *UNKED* into a Swiss bank , and a *UNK* attitude by Mr. Wall 's *UNKS* , one of whom was *UNKED* as acting more like a *UNKS* man for the thrift than a federal regulator . STOP 
A California official also said he sent the Federal Bureau of Investigation a *UNK* of documents relating to a previously reported $ 400,000 contribution from Lincoln 's parent *UNKED* by Sen. Alan Cranston -LRB- D. , Calif . -RRB- . STOP 
Federal *UNKER* Alex *CUNK* said Lincoln 's operations amounted to `` *UNKING* debt to provide a *OUS* life style for its owners . '' STOP 
Another federal *UNKER* , John *CUNK* , said Lincoln 's principal owner , Charles Keating Jr. , and his family drew off at least $ 34 million from the thrift in salaries , bonuses and proceeds from securities sales in the 3 1\/2 years before federal authorities seized it earlier this year . STOP 
Lincoln 's collapse may cost taxpayers as much as $ 2.5 billion , according to estimates , making it the most expensive thrift failure in history . STOP 
`` I think there 's overwhelming evidence to indicate *UNK* criminal activity , '' said Mr. *CUNK* , who *UNKED* last year in an examination of the *CUNK* , Calif. , thrift . STOP 
He said the evidence pointed to wrongdoing by Mr. Keating `` and others , '' although he did n't *UNK* any specific violation . STOP 
Richard *CUNK* , a California state official who last year *UNKED* Lincoln 's parent , American Continental Corp. , said he also saw evidence that crimes had been committed . STOP 
`` It sure *UNKS* like it , '' he said . STOP 
He said 30 % of the loans he *UNKED* were `` dead meat on the day they were made . '' STOP 
The state *UNKER* also said *UNKS* of a *UNK* federal examination seemed so reluctant to demand write-downs of Lincoln 's bad loans that he immediately grew *OUS* . STOP 
`` Later on , my concerns about a *UNK* became even more serious , '' he said . STOP 
He called the sour loans `` *UNKING* '' and added , `` You opened the file up and it just jumped at you . '' STOP 
Leonard *CUNK* , a Washington attorney for Lincoln 's parent corporation , said in an interview , `` We deny any criminal behavior by the association or its officers . '' STOP 
`` Those who testified -LCB- yesterday -RCB- have consistently maintained that anyone who did n't agree with them is part of a *UNK* , a *UNK* , or the subject of excessive influence , '' Mr. *CUNK* said . STOP 
`` We simply do n't agree with that or the findings of their investigation . '' STOP 
Mr. Wall 's *UNKS* complained that they had n't been given an opportunity to respond to the criticism brought out during the Banking Committee 's hearings , which Committee Chairman Henry Gonzalez -LRB- D. , Texas -RRB- has used as a *UNK* to *UNK* Mr. Wall 's handling of the affair and to demand that he step aside from his job . STOP 
`` A couple of things Mr. *CUNK* said were at least misleading , '' said *CUNK* *CUNK* , one of the Washington regulators responsible for the handling of Lincoln . STOP 
In an interview , he said federal regulators eventually declared one of the loans the state regulator cited to be a total loss , and forced Lincoln to make an $ 18 million downward adjustment on another . STOP 
`` Our response to the *UNK* would simply be , look what happened , '' another Washington official , *CUNK* *CUNK* , said in an interview . STOP 
Federal officials seized the association in April , a day after the parent corporation entered bankruptcy-law proceedings . STOP 
The government later brought a $ 1.1 billion fraud suit against Mr. Keating and others . STOP 
Rep. Gonzalez has complained that regulators waited far too long , however , ignoring a recommendation from regional officials to place Lincoln into *UNK* two years before it failed . STOP 
`` He took the reckless course of ignoring the evidence , '' Rep. Gonzalez said . STOP 
State thrift *UNKER* *CUNK* *CUNKER* said he found the chief federal *UNKER* Steve Scott to be totally *UNKED* in one allegedly fraudulent series of transactions . STOP 
`` *CUNKLY* , it was like he worked for the Lincoln *UNKS* department , '' Mr. *CUNKER* testified . STOP 
And David *CUNK* , a federal *UNKER* who worked under Mr. Scott , said he found his chief *UNKLY* *UNK* about Lincoln . STOP 
Asked to comment , a spokesman for Mr. Scott said : `` Mr. Scott has *UNK* to his attorney , who has advised him not to talk to anybody . '' STOP 
Mr. *CUNK* said that a day or two before Lincoln 's parent entered bankruptcy proceedings , he and other *UNKS* saw `` a truck with a sign on it that said it was from the ` *CUNK* *CUNKION* Center . ' STOP 
We observed at least two large plastic bags of *UNKED* paper *UNKED* into this truck . '' STOP 
Mr. *CUNK* said the paper had been donated to `` a *UNK* organization that sells it for *UNKING* . STOP 
They *UNKED* it simply because it contained financial information about their creditors and *UNKS* . '' STOP 
Mr. *CUNK* said his *UNKS* were *UNKED* by several foreign investments by Lincoln , including $ 22 million paid to Credit Suisse of Switzerland , an $ 18 million interest in Saudi European Bank in Paris , a $ *UNKN* million investment in a *CUNKS* trading company , and a recently discovered holding in a *CUNKED* company , *CUNK* Holdings . STOP 
Mr. *CUNK* said , `` I can see why an S&L *UNKER* would regard these as unusual activities , '' but said the overseas investments `` essentially broke even '' for the S&L . STOP 
LTV Steel Co. is boosting the prices of flat rolled steel products by an average of 3 % following a recent *UNKION* in the prices of such crucial steel products . STOP 
The big questions are whether the increase , effective Jan. 1 , 1990 , will stick , and whether other major steelmakers will follow suit . STOP 
It is widely expected that they will . STOP 
The increase is on the base price , which is already being discounted by virtually all steel producers . STOP 
But LTV 's move marks the first effort by a major steelmaker to counter the free fall in spot prices . STOP 
Major steel producers are selling cold rolled sheet steel at about $ *UNKN* a ton , compared with a peak price of $ *UNKN* a ton in 1988 . STOP 
*CUNKER* companies are receiving even less per ton . STOP 
LTV 's planned increase , which was announced in an Oct. 26 memo to district managers , does n't affect *UNKED* steel or *UNK* plate . STOP 
LTV confirmed the *UNK-* plan , saying the move is designed to more *UNKLY* reflect the value of products and to put steel on more equal *UNKING* with other commodities . STOP 
A spokesman for LTV Steel , which is a unit of *CUNKED* LTV Corp. , noted that steel prices , adjusted for inflation , increased only 1.7 % between 1981 and the fourth quarter of 1988 , while the prices of other industrial commodities increased nearly five times as much . STOP 
At the same time , steelmakers are trying to invest more to modernize technology and make themselves more competitive . STOP 
But analysts say the company is also trying to prevent further price drops . STOP 
Moreover , they note that LTV may be trying to send a signal to major customers , such as Chrysler Corp. and *CUNK* Corp. , that steelmakers need more money . STOP 
Both companies are in the process of negotiating contracts with LTV and others . STOP 
`` They -LCB- LTV -RCB- may believe this can impact contract negotiations and is their signal to the world that now is the time to get tough on prices , '' said Peter *CUNKS* , an analyst with PaineWebber Inc . STOP 
Mr. *CUNKS* believes spot steel prices will continue to fall through early 1990 and then reverse themselves . STOP 
He is n't convinced , though , that the price decline reflects falling demand because the world economy remains relatively strong . STOP 
And while customers such as steel service centers are continuing to reduce inventories through the fourth quarter , they eventually will begin *UNKING* up again , he notes . STOP 
It wo n't be clear for months whether the price increase will stick . STOP 
*CUNKS* announced a round of *UNK-* increases last year , but began offering sizable discounts over the summer . STOP 
In fact , LTV was the first steelmaker to publicly boost discounts for buyers of cold rolled sheet steel and *UNKED* galvanized sheet steel . STOP 
In composite New York Stock Exchange trading yesterday , LTV common shares fell 12.5 cents to close at $ 1.50 . STOP 
The Treasury plans to raise $ 2.3 billion in new cash with the sale Monday of about $ 16 billion in short-term bills to redeem $ *UNKN* billion in maturing bills . STOP 
However , the Treasury said it will postpone the auction unless it has *UNKS* of *UNK* of legislation to raise the *UNK* debt limit before the scheduled auction date . STOP 
The offering will be divided *UNKLY* between *UNK-* and *UNK-* bills maturing on Feb. 8 , 1990 , and May 10 , 1990 , respectively . STOP 
*CUNKS* for the bills , available in minimum $ 10,000 denominations , must be received by 1 p.m. EST Monday at the Treasury or at Federal Reserve banks or branches . STOP 
J.C. Penney Co. is extending its involvement in a *UNKED* *UNKING* service by five to 10 years . STOP 
*CUNK* Television Network Inc. , of Los Angeles , said Penney agreed to continue its exclusive arrangement with *CUNK* Television , which does the production , marketing and cable distribution for the J.C. Penney Television *CUNKING* Channel . STOP 
The channel reaches 6.5 million homes , a Penney spokesman said . STOP 
Michael Rosen , president of *CUNK* Television , said Penney decided to extend its involvement with the service for at least five years . STOP 
If , by that time , the network reaches 14 million homes , the contract will be renewed for five more years . STOP 
Earlier this year , Penney abandoned another home shopping venture , *CUNKION* Corp. , after investing $ 106 million in it . STOP 
The company took a $ 20 million charge in the fiscal first quarter ended April 29 , related to *UNKING* the service . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* *CUNK* *CUNK-* *CUNK* to produce the *UNK-* *CUNK* *UNK* . STOP 
*CUNKS* set out to *UNK* that *UNK* -- *UNKLY* and *UNKLY* -- with new life forms . STOP 
In *UNKN* , James Watson and his colleagues *UNKED* the double *UNK* of *CUNK* -LRB- *UNK* *UNK* -RRB- , the genetic key to *UNK* . STOP 
*CUNK* years later , two California *UNKS* , Stanley Cohen and Herbert *CUNKER* , made `` *UNK* '' *CUNK* , *UNKING* a *UNK* 's gene into bacteria , which then *UNKED* *UNK* genes . STOP 
When *CUNKER* met Robert *CUNK* , an *CUNKED* *UNK-* in 1976 , they saw dollar signs . STOP 
With $ 500 apiece and an *UNKION* of outside capital , they formed Genentech Inc . STOP 
Commercial *UNKING* was born . STOP 
Genentech 's first product , a brain protein called *UNK* , proved its technology . STOP 
The next to be *UNKED* , human insulin , had market potential and Genentech licensed it to Eli Lilly , which produced 80 % of the insulin used by 1.5 million U.S. diabetics . STOP 
Their laboratory credentials established , *CUNKER* and *CUNK* headed for Wall Street in 1980 . STOP 
At the time , Genentech had only one profitable year behind it -LRB- a modest $ *UNKN* on revenue of $ 2.6 million in 1979 -RRB- and no product of its own on the market . STOP 
Nonetheless , the $ 36 million issue they *UNKED* in 1980 opened at $ 35 and *UNKED* to $ 89 within 20 minutes . STOP 
The trip from the test *UNK* was not without *UNKS* . STOP 
*CUNKER* and Cohen , for instance , both still university researchers , had to be talked into *UNKING* for a patent on their *UNKING* technique -- and then the *CUNK* Office refused to grant it . STOP 
That judgment , in turn , was reversed by the U.S. Supreme Court , leaving Cohen and *CUNKER* holding the first patents for making *UNK* *CUNK* -LRB- now assigned to their schools -RRB- . STOP 
*CUNKING* now is an *UNKAL* part of the drug business . STOP 
Genentech 's 1988 sales were $ *UNKN* million , both from *UNKING* and its own products . STOP 
The portfolio unit of the French bank group Credit *CUNKS* told stock market regulators that it bought *UNKN* shares of *CUNK* de Navigation Mixte , apparently to help fend off an *UNUNK* takeover bid for the company . STOP 
Earlier yesterday , the Societe de *CUNKS* *CUNKS* was told that a unit of *CUNK* S.A. also bought Navigation Mixte shares , this purchase covering more than *UNKN* shares . STOP 
Both companies are allies of Navigation Mixte in its fight against a hostile takeover bid launched last week by Cie . STOP 
Financiere de Paribas at *UNKN* French francs -LRB- $ *UNKN* -RRB- a share . STOP 
Navigation Mixte 's chairman had suggested that friendly institutions were likely to buy its stock as soon as trading opened Monday . STOP 
The Credit *CUNKS* purchase , for *UNKN* regular common shares and 10,000 newly created shares , is valued at about slightly more than 80 million French francs . STOP 
Unocal Corp. , Los Angeles , said it and *CUNKS* de *CUNK* S.A. would create a petroleum marketing and refining general partnership in the Midwest . STOP 
The joint venture , *CUNK-* Co. , would generate total annual revenue of about $ 500 million and have *UNKN* employees , a Unocal spokesman said . STOP 
Unocal said the venture would enable it to recover more of its refining and marketing investment and prepare for expected growth in exploration , production , chemicals and other areas . STOP 
It said financing would *UNK* of $ 250 million from a private placement obtained through Shearson Lehman Hutton Inc. and a $ 150 million *UNKING* credit line *UNUNK* by Chase Manhattan Bank . STOP 
In addition to Unocal 's *UNKN* *UNK-* refinery near *CUNK* , Ill. , the new venture would control 17 distribution terminals , a *UNK-* *UNKING* and packaging plant , and *UNKN* *UNKED* Unocal service stations . STOP 
It said the venture , expected to take control of the facilities Dec. 1 , would also serve another *UNKN* independent Unocal gasoline stations . STOP 
*CUNKS* will supply *UNKN* barrels of oil a day for the refinery , Unocal said . STOP 
Mitsubishi Heavy Industries Ltd. said *UNKED* pretax earnings in the fiscal first half surged 79 % to a record *UNKN* billion yen -LRB- $ *UNKN* million -RRB- , reflecting strong demand for a variety of products . STOP 
In the period ended Sept. 30 , net income rose 90 % to *UNKN* billion yen , or *UNKN* yen a share , from *UNKN* billion yen , or *UNKN* yen a share . STOP 
A year ago , the Tokyo company had pretax profit of *UNKN* billion yen . STOP 
Sales amounted to *UNKN* trillion yen , climbing 29 % from *UNKN* billion yen . STOP 
*CUNKED* by the brisk performance , Mitsubishi plans to raise its per-share dividend to *UNKN* yen from three yen . STOP 
Company officials said the current robust domestic demand that has been *UNKING* sustained economic expansion helped push up sales of products like ships , steel structures , power systems and machinery and resulted in sharply higher profit . STOP 
Senate leaders traded proposals aimed at *UNKING* action on legislation to narrow the deficit and raise the federal government 's debt limit -- but the major *UNKING* block remains President Bush 's proposal to cut the capital-gains tax rate . STOP 
Democrats want the tax provision to be a separate bill , subject to the usual procedural obstacles . STOP 
Republicans , meanwhile , want to try to protect the measure by combining it with two politically popular issues that Democrats could find hard to block . STOP 
The talks between Senate Majority Leader George Mitchell of Maine and his GOP counterpart , Sen. Robert Dole of Kansas , are expected to resume today . STOP 
Last night , after meeting with Mr. Bush and administration officials at the White House , Mr. Dole proposed streamlining the fiscal 1990 deficit-reduction bill , now stalled in a House-Senate conference committee , and passing a long-term extension of the federal debt ceiling without any accompanying amendments . STOP 
Under this plan , two provisions currently in the House version of the *UNKING* bill -- repeal of both the *UNKS* insurance program and a controversial 1986 tax provision intended to counter discrimination in *UNK-* plans -- would be made into a separate bill . STOP 
Republicans would try to *UNK* a capital-gains provision to that legislation , hoping the political popularity of its other two parts would *UNK* Democrats from blocking it . STOP 
Democrats want to avoid having to make that choice by making the capital-gains tax cut an individual bill . STOP 
Sen. Mitchell is confident he has sufficient votes to block such a measure with procedural actions . STOP 
Both plans would drop *UNK-* provisions from the House version of the deficit-reduction legislation and let it progress as a separate bill . STOP 
While that could make it vulnerable to a veto by Mr. Bush , Democrats argue that a presidential rejection would give their party a valuable issue in next year 's congressional elections . STOP 
Senate Democrats are to meet today to consider the GOP proposal . STOP 
Yesterday , Mr. Dole seemed *UNK* of the Bush administration 's strategy of pushing the capital-gains measure at every chance in the face of Democratic procedural *UNKS* . STOP 
*CUNKING* the issue on legislation needed to avoid default by the federal government , he told reporters , `` does n't seem to be very good strategy to me . '' STOP 
At *UNKN* a.m. EST today , the federal government 's temporary $ *UNKN* trillion debt limit expired . STOP 
To avoid default , lawmakers must pass legislation raising the limit to $ *UNKN* trillion from $ *UNKN* trillion by next Wednesday , according to the Treasury . STOP 
*CUNKED* by Chairman Dan *CUNK* -LRB- D. , *CUNK* . -RRB- of the House *CUNKS* and Means Committee , Treasury *CUNK* Robert *CUNKER* told a congressional hearing that the administration would give up its demand for the capital-gains tax cut if faced with a potential default . STOP 
Price *CUNK* Sloan Inc. said it hired an investment banking firm to assist in *UNKING* restructuring or merger alternatives and reported a net loss of $ *UNKN* million , or $ *UNKN* a share , for the third quarter ended *CUNK* . STOP 
These results compare with net income of $ 1.8 million , or 44 cents a share , for the *UNKING* period last year . STOP 
This quarter 's loss includes pretax charges of $ 4.9 million on the proposed *UNKION* of the company 's troubled British subsidiary , and $ 3.7 million of other *UNKS* the company said were *UNKING* and *UNKLY* related to inventory , publishing advances and *UNKION* costs . STOP 
The publishing concern said it retained the investment banking firm of Donaldson , Lufkin & Jenrette Securities Inc. to act as its financial adviser , *UNKING* in the evaluation of various financial and strategic alternatives , including debt refinancing , raising capital , recapitalization , a merger or sale of the company . STOP 
The company also retained attorney Martin P. *CUNK* , a director of the company and former head of the *CUNK-* *CUNKING* Group , as an adviser . STOP 
Net sales for this year 's third quarter were $ 14 million , down from $ *UNKN* million last year . STOP 
The company attributed the decrease in part to the exclusion of the company 's British sales from the current year 's figures as a result of the subsidiary 's status as a proposed discontinued operation and , in part , to lower sales in certain key foreign and domestic accounts . STOP 
U.K. sales for last year 's quarter were about $ 3 million . STOP 
Stock prices surged as a *UNK-* takeover proposal helped restore market players ' confidence about the prospects for further *UNKING* . STOP 
Paper and forest-products stocks were especially strong , as the offer for Great Northern Nekoosa by Georgia-Pacific triggered speculation that the industry could be in for a wave of merger activity . STOP 
The Dow Jones Industrial Average climbed *UNKN* to *UNKN* even though some late selling caused the market to retreat from session highs . STOP 
Trading was moderate , with *UNKN* shares changing hands on the New York Stock Exchange . STOP 
Aside from the takeover news , big buy orders were placed for blue-chip shares in afternoon trading . STOP 
Traders said the buy programs came from very large institutional accounts that were also active in the stock-index futures markets . STOP 
At one point , almost all of the shares in the *UNK-* Major Market Index , which *UNKS* the industrial average , were sharply higher . STOP 
Some *UNKN* Big Board issues advanced in price and only *UNKN* declined , while broader market averages rose sharply . STOP 
Standard & Poor 's *UNK-* Index climbed *UNKN* to *UNKN* , the Dow Jones Equity Market Index added *UNKN* to *UNKN* and the New York Stock Exchange Composite Index climbed *UNKN* to STOP 
Great Northern surged 20 1\/8 to 62 7\/8 , well above Georgia-Pacific 's offering price of $ 58 a share , amid speculation that other *UNKS* for the company would surface or that the bid would be raised . STOP 
Nearly 6.3 million shares , or about 11.5 % of the company 's shares outstanding , changed hands in Big Board composite trading . STOP 
With stocks having been battered lately because of the collapse of takeover offers for UAL , the parent company of United Airlines , and AMR , the parent of American Airlines , analysts viewed the proposal as a psychological lift for the market . STOP 
The $ *UNKN* billion bid , which had been rumored since last week , `` creates a better feeling that there 's value in the market at current levels and *UNKS* prospects for a hot tape , '' says *CUNK* Moore , director of research at *CUNKS* Research Corp . STOP 
Traders and analysts alike said the market 's surge also reflected an easing of concerns about volatility because of moves by a number of brokerage firms to *UNK* or *UNK* stock-index arbitrage . STOP 
Much of the *UNK* in stock prices lately has been blamed on arbitrage trading , designed to profit from differences in prices between stocks and index futures . STOP 
`` People are looking for an ability to try and read the market , rather than be *UNKED* , '' said *CUNK* A. *CUNK* , manager of equity trading at Donaldson , Lufkin & Jenrette . STOP 
He noted that institutional investors showed `` pretty general '' interest in stocks in the latest session . STOP 
But traders also said *UNKED* trading contributed to the market 's surge , as buy programs boosted prices shortly after the opening and *UNKLY* through the remainder of the session . STOP 
Georgia-Pacific fell 2 1\/2 to 50 7\/8 , but most paper and forest-products stocks *UNKED* as market players speculated about other potential industry takeover targets . STOP 
Within the paper sector , *CUNK* climbed 2 3\/8 to 38 3\/4 on 1.3 million shares , Union *CUNK* rose 2 3\/4 to 37 3\/4 , Federal Paper Board added 1 3\/4 to 23 7\/8 , *CUNKER* gained 1 1\/2 to 27 1\/2 , Stone *CUNKER* rose 1 to 26 1\/8 and *CUNK-* jumped 3 3\/4 to 62 1\/4 . STOP 
*CUNKS* issues showing strength included *CUNKION* International , which went up 1 3\/8 to 31 7\/8 ; Weyerhaeuser , up 3\/4 to 27 1\/4 ; *CUNK-* , up 1 1\/8 to 40 3\/8 , and *CUNK* *CUNK* , up 5\/8 to 42 . STOP 
The theme of industry consolidation had surfaced earlier this year among drug stocks , which posted solid gains in the latest session . STOP 
*CUNKER* gained 1 7\/8 to 67 5\/8 , Schering-Plough added 2 1\/4 to 75 3\/4 , Eli Lilly rose 1 3\/8 to 62 1\/8 and *CUNK* *UNKED* 3\/4 to 38 . STOP 
Also , *CUNK* *CUNK* rose 1 3\/8 to 39 1\/2 . STOP 
An advisory committee of the Food and Drug Administration recommended that the agency approve *CUNK* , the company 's heart drug . STOP 
Two rumored restructuring candidates in the oil industry moved higher : Chevron , which rose 1 3\/4 to 68 1\/4 on 3.5 million shares , and USX , which gained 1 1\/4 to 34 5\/8 . STOP 
Pennzoil is rumored to be *UNKING* a stake in Chevron in order to push for a *UNKING* of the company ; investor Carl Icahn has recently increased his stake in USX , which separately reported earnings that were in line with expectations . STOP 
Paramount Communications , which completed the $ *UNKN* billion sale of its Associates Corp . financial-services unit to Ford Motor , gained 1 1\/8 to 55 7\/8 after losing one point Monday amid rumors of a delay . STOP 
The company said the sale would produce a $ 1.2 billion gain in the fourth quarter . STOP 
BankAmerica climbed 1 3\/4 to 30 after PaineWebber boosted its investment opinion on the stock to its highest rating . STOP 
The *UNK* reflected the 20 % decline in shares of the bank since the firm lowered its rating in early October , based on the belief the stock had become expensive . STOP 
Sea Containers , which unveiled a proposed restructuring , advanced 1 to 62 . STOP 
The company said it would repurchase half of its common shares at $ 70 each , sell an estimated $ 1.1 billion in assets and pay a special *UNK-* dividend to *UNK-* holders . STOP 
*CUNK* Industries , which agreed to acquire Armstrong World Industries ' carpet operations for an undisclosed price , rose 2 1\/4 to 26 1\/8 . STOP 
Armstrong added 1\/8 to 39 1\/8 . STOP 
*CUNK* Corp. rose 7\/8 to 12 . STOP 
The company agreed *UNKLY* to be acquired by *CUNK* Corp. in a stock swap valued at about $ *UNKN* million . STOP 
*CUNK* gained 1 1\/4 to 32 7\/8 . STOP 
Ocean *CUNKING* & Research dropped 1 1\/4 to 21 1\/2 following news of a restructuring plan that calls for the company to *UNK* its drilling business into a separate company and offer a 15 % to 20 % stake to the public . STOP 
The American Stock Exchange Market Value Index rose *UNKN* to *UNKN* . STOP 
Volume totaled *UNKN* shares . STOP 
Imperial *CUNKLY* fell 1 5\/8 to 27 1\/8 in the wake of its third-quarter earnings report . STOP 
Net income was down from a year ago , when a gain from the restructuring of a retirement plan boosted *UNKS* . STOP 
*CUNK* Inc. , *CUNK* , Ill. , said it agreed to acquire the environmental consulting and *UNKAL* service businesses of *CUNKER* Environmental Services Inc. of *CUNK* , Conn . STOP 
The utility holding company said *CUNKER* will receive *UNKN* shares of a new series of *CUNK* convertible preferred stock with a face value of $ 39 million for the businesses . STOP 
*CUNK* will also assume $ 22 million of *CUNKER* 's existing debt . STOP 
As part of the agreement , *CUNK* said it will pay *CUNKER* $ 4 million in exchange for agreements not to compete . STOP 
*CUNK* said the businesses to be acquired had revenue of $ 76 million for the year ended March 31 . STOP 
Separately , *CUNK* said it plans to purchase as many as 1.4 million shares , or 10 % of its common stock outstanding from time to time on the open market and through privately negotiated transactions . STOP 
The company , which currently has *UNKN* million common shares outstanding , said it has no specific plans for the shares . STOP 
*CUNK* AND *CUNK* *CUNK* *CUNK* two days of informal talks next month . STOP 
The president said that he and the *CUNK* leader would meet Dec. *UNKN* *UNK* U.S. and Soviet naval vessels in the *CUNK* to discuss a wide range of issues without a formal agenda . STOP 
A *OUS* announcement was made in Moscow . STOP 
Bush said that neither he nor Gorbachev expected any `` substantial decisions or agreements . '' STOP 
The *UNK* meetings wo n't *UNK* plans for a formal summit next spring or summer , at which an *UNK-* treaty is likely to be completed . STOP 
The two leaders are expected to discuss changes sweeping the East bloc as well as *UNKS* issues , regional disputes and economic cooperation . STOP 
Israel 's army lifted a *UNK* around a Palestinian town in the *UNKED* West Bank , ending a *UNK-* campaign of *UNKING* cars , furniture and other goods to crush a tax *UNK* . STOP 
While residents claimed a victory , military authorities said they had *UNKED* the equivalent of more than $ 1.5 million to make up for the *UNUNK* taxes . STOP 
East German leader Krenz arrived in Moscow for talks today with Gorbachev on restructuring proposals . STOP 
In East Berlin , Communist Party officials considered *UNKING* New *CUNK* , the country 's largest opposition alliance , as about 20,000 demonstrators *UNKED* protests in three cities to press demands for democratic *UNKS* . STOP 
The House approved a permanent smoking ban on nearly all domestic airline routes as part of a $ *UNKN* billion transportation bill that must still overcome budget obstacles in Congress . STOP 
The chamber also sent to Bush a nearly $ 67 billion fiscal 1990 measure that includes the first construction funds for a space station . STOP 
Nicaragua 's Ortega postponed until today a decision on whether to end a *UNK-* *UNK-* in the conflict with the Contra rebels . STOP 
In Washington , the Senate voted to *UNK* Ortega 's threat to cancel the *UNK* , and Bush said he would review U.S. policy toward *CUNK* , including the possibility of renewing military aid to the rebels . STOP 
Chinese leader *CUNK* told former President Nixon that the U.S. was deeply involved in `` the turmoil and *UNK* *UNKION* '' that *UNKED* Beijing last spring . STOP 
Nixon , on the fourth day of a private visit to China , said that damage to *CUNK-* relations was `` very great , '' calling the situation `` the most serious '' since 1972 . STOP 
Afghanistan 's troops broke through a *UNK* *UNK* on the strategic *CUNK* *CUNK* , allowing trucks carrying food and other *UNKS* to reach Kabul after a missile attack on *UNK* *UNKS* . STOP 
The *UNK* of about 100 vehicles was the first to make *UNKS* to the capital in about 10 days . STOP 
Turkey 's legislature elected Prime Minister *CUNKAL* as the country 's first *UNK* president since 1960 , opening the way for a change of government under a new premier he will select . STOP 
The vote in *CUNK* was *UNKED* by opposition politicians , who vowed to oust *CUNKAL* . STOP 
He begins his *UNK-* term Nov. 9 , succeeding *CUNK* *CUNK* . STOP 
South Africa 's government dismissed demands by *UNKING* Conservatives , the nation 's main opposition party , for emergency talks on *CUNK* 's recent *UNK* of *UNK* . STOP 
The government also urged whites to *UNK* from panic over growing black protests , such as the massive *UNK-* rally Sunday on the *UNKS* of *CUNK* . STOP 
Researchers in Belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of crops , such as cotton , *UNKS* and rice . STOP 
The scientists at Plant *CUNK* Systems N.V. isolated a gene that could lead to a generation of plants *UNKING* a *UNKION* *UNK* . STOP 
A *UNK* *UNKED* at a *UNK* union *UNK* in San *CUNK* , killing at least eight people and *UNKING* about 30 others , including two Americans , authorities said . STOP 
The *UNK* , which *UNKED* the opposition labor group 's offices , was the latest in a series of attacks in El *CUNK* 's *UNK-* civil war . STOP 
Hungary 's Parliament voted to hold a national *UNK* on an election to fill the new post of president . STOP 
The *UNKING* to decide when and how to fill the position , which *UNKS* a collective presidency under a pact signed by the ruling *CUNKS* and opposition groups , is to be held *CUNK* . STOP 
The State Department denied *UNK* to a Vietnamese man who escaped from his *UNK* by *UNKING* himself to the *UNKER* housing of a *UNKER* for two days in *UNK* *UNKS* . STOP 
A spokesman for Democratic Sen. *CUNK* of *CUNK* Island said , however , that the *CUNKION* and *CUNKION* Service would review the *UNK* 's request . STOP 
*CUNK* *CUNKS* Inc. said net income jumped to $ 6.6 million , or 18 cents a share , in the third quarter . STOP 
The *CUNK* , N.J. , company , which is *UNKED* by *CUNK* Corp. , New York , had net of $ 1.1 million , or four cents a share , a year ago . STOP 
Revenue soared to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* *CUNKS* , whose shares began trading on the New York Stock Exchange in August , closed yesterday at $ *UNKN* , down 75 cents . STOP 
The stock began trading this summer at $ 14 apiece . STOP 
*CUNK* *CUNKS* , which has interests in *UNK-* recovery and *UNK-* cleanup , said it has 13 facilities in operation , up from seven a year ago . STOP 
Meanwhile , *CUNK* Corp. , which also has interests in building maintenance and management , reported third-quarter net income of $ *UNKN* million , or 67 cents a share , more than twice the $ *UNKN* million , or 34 cents a share , a year earlier . STOP 
Revenue rose 33 % to $ *UNKN* million from $ *UNKN* million . STOP 
Under attack by its own listed companies and powerful floor traders , the New York Stock Exchange is considering *UNKING* a `` *UNK* '' on program trading that it abandoned last year , according to people familiar with the Big Board . STOP 
The exchange also may step up its disclosure of firms engaged in program trading , these people said . STOP 
Big Board officials would n't comment publicly . STOP 
But in an interview in which he called the stock market 's volatility a `` national problem , '' Big Board Chairman John J. Phelan Jr. said , `` We are going to try to do some things in the short *UNK* term '' to help the situation . STOP 
Mr. Phelan has been viewed by many exchange members as being *UNK* to *UNK-* swings caused by program trades . STOP 
He said he is `` very surprised '' by the *UNK* over program trading and the exchange 's role in it that has *UNKED* in recent days . STOP 
Mr. Phelan said that the Big Board has been trying to deal quietly with the issue , but that banning *UNKED* trading strategies entirely , as some investors want , would be like `` taking everybody out of an automobile and making them ride a horse . '' STOP 
The exchange has a board meeting scheduled for tomorrow , and it is expected that some public announcement could be made after that . STOP 
Big Board officials have been under *UNK* from both investors and the exchange 's own floor traders since the Dow Jones Industrial Average 's 190-point tumble on Oct. 13 . STOP 
Mr. Phelan has n't been making public remarks in recent days , and many people have urged him to take more of a leadership role on the program trading issue . STOP 
What the Big Board is considering is *UNKING* a `` *UNK* '' on program trading when the market moves significantly . STOP 
Early last year , after a *UNK-* , *UNK-* drop in the Dow , the Big Board *UNKED* the *UNK* , which banned program trading through the Big Board 's computers whenever the Dow moved 50 points up or down in a day . STOP 
It did n't work . STOP 
`` The *UNK* was *UNKED* on a number of occasions , '' meaning securities firms figured out ways to conduct program trades to *UNK* the *UNK* and use the Big Board 's electronic trading system , Mr. Phelan said . STOP 
That was when the exchange took a new *UNK* by publishing monthly statistics listing the top 15 program trading firms . STOP 
Exchange officials *UNKED* that the Big Board is considering a variety of actions to deal with program trading . STOP 
People familiar with the exchange said another idea likely to be approved is expanding the monthly reports on program trading to cover specific days or even hours of heavy program trading and who was doing it . STOP 
Meanwhile , another big Wall Street brokerage firm joined others that have been pulling back from program trading . STOP 
American Express Co. 's Shearson Lehman Hutton Inc. unit said it *UNKED* all *UNK-* program trading for client accounts . STOP 
In stock-index arbitrage , traders buy and sell large amounts of stock with offsetting trades in stock-index futures to profit from *UNKING* price *UNKS* between the two markets . STOP 
Shearson , which in September was the *UNKEST* program trader on the Big Board , had already suspended stock-index arbitrage for its own account . STOP 
Also , CS First Boston Inc. 's First Boston Corp. unit , the *UNKEST* program trader in September , is `` preparing a response '' to the program-trading outcry , officials of the firm said . STOP 
First Boston is one of the few major Wall Street firms that have n't pulled back from program trading in recent days . STOP 
Mr. Phelan is an *UNK* *UNK* who normally appears to be *UNKLY* in control of the Big Board 's *UNKS* . STOP 
But he has been getting heat from all sides over program trading . STOP 
Mr. Phelan 's recent remarks that investors simply must get used to the stock-market volatility from program trading have drawn criticism from both the exchange 's stock specialists , who make markets in individual stocks , and from many companies that have shares listed on the Big Board . STOP 
Mr. Phelan said that his predicting continued volatility is just `` how the world is . STOP 
If bringing the message is a crime , I 'm guilty of it . '' STOP 
But he said this does n't mean he is satisfied with the market 's big swings . STOP 
`` We 're trying to take care of a *UNK* of a lot of constituents , '' Mr. Phelan said . STOP 
`` Each one has a different agenda . '' STOP 
For example , in a special meeting Monday with Mr. Phelan , senior officials of some of the Big Board 's 49 stock specialist firms complained that the exchange is no longer representing their interests . STOP 
`` We are looking for representation we have n't had , '' a specialist said . STOP 
`` We 've had *UNKION* . '' STOP 
After another session Mr. Phelan held yesterday with major brokerage firms such as Morgan Stanley & Co. , Goldman , Sachs & Co. , PaineWebber Group Inc. and First Boston -- all of which have engaged in program trading -- an executive of a top brokerage firm said , `` Clearly , the firms want the exchange to take leadership . '' STOP 
Many specialist firms *UNK* the Big Board 's new `` basket '' product that allows institutions to buy or sell all stocks in the Standard & Poor 's 500-stock index in one shot . STOP 
*CUNKLY* , the specialists view this as yet another step toward electronic trading that could eventually destroy their franchise . STOP 
`` His -LCB- Phelan 's -RCB- own interests are in building an electronic marketplace , '' said a market maker . STOP 
The basket product , while it has got off to a slow start , is being supported by some big brokerage firms -- another member of Mr. Phelan 's *UNKED* *UNK* . STOP 
Mr. Phelan has had difficulty *UNKING* the public that the Big Board is serious about *UNKING* volatility , especially as the exchange clearly *UNKS* its role as the home for $ 200 billion in stock-index funds , which buy huge baskets of stocks to *UNK* popular stock-market indexes like the Standard & Poor 's 500 , and which sometimes *UNK* program trading . STOP 
The Big Board wants to keep such index funds from *UNKING* to overseas markets , but only as long as it `` *UNKS* it *UNKLY* , '' Mr. Phelan said . STOP 
Despite what some investors are suggesting , the Big Board is n't even considering a total ban on program trading or stock futures , exchange officials said . STOP 
Most revisions it will *UNK* will be *UNKED* toward slowing down program trading during *UNK* periods , said officials working with the exchange . STOP 
Computers have made trading more rapid , but that can be fixed with some *UNKING* . STOP 
`` I think if you -LCB- can -RCB- speed things up , you can slow them down , '' Mr. Phelan said . STOP 
`` That 's different than *UNKING* them . '' STOP 
While volatility wo n't go away , he said , `` *CUNK* is greater than program trading . STOP 
What I 'm trying to say to people is , it 's proper to worry about program trading , but it 's only a piece of the business . '' STOP 
For example , Mr. Phelan said that big institutions have so much control over public investments that they can cause big swings in the market , regardless of index arbitrage . STOP 
`` A lot of people would like to go back to 1970 , '' before program trading , he said . STOP 
`` I would like to go back to 1970 . STOP 
But we 're not going back to 1970 . '' STOP 
Indeed , Mr. Phelan said that if stock-market volatility *UNKS* , the U.S. may lose its edge as being the best place to raise capital . STOP 
`` Japan 's markets are more stable , '' he said . STOP 
`` If that continues , a significant number of -LCB- U.S. . -RCB- companies will go over there to raise money . '' STOP 
In coming days , when the Big Board *UNKS* its responses to the program-trading problem , Mr. Phelan may take a more public role in the issue . STOP 
Lewis L. *CUNK* , vice chairman of Smith Barney , Harris Upham & Co. , said : `` This is a problem that 's taking on a life of its own . STOP 
The program trading situation seems to have driven individual investors as well as others out of the market , and even Europeans are *OUS* . STOP 
The exchange should take a *UNK-* position . '' STOP 
For now , however , Mr. Phelan said : `` I refuse to get out there and tell everybody everything is *UNK-* . STOP 
We have a major problem , and that problem is volatility . '' STOP 
Craig *CUNKS* contributed to this article . STOP 
A NEW *CUNK-* *CUNK* has been worked out by Congress and Bush , opening the way for the first increase in over nine years . STOP 
The compromise proposal , ending a long *UNK* between Democrats and the president , would boost the minimum wage to $ 4.25 an hour by April 1991 from $ *UNKN* now . STOP 
The legislation also includes a lower `` training wage '' for new workers who are *UNKS* . STOP 
The Big Board is considering *UNKING* a curb on program trading when the market is volatile . STOP 
The exchange , which abandoned such a `` *UNK* '' last year because it did n't prevent sharp price swings , has been under attack recently for not taking action against program trading . STOP 
Great Northern Nekoosa reacted *UNKLY* to Georgia-Pacific 's takeover bid of $ 58 a share , or $ *UNKN* billion , though the suitor said all terms are negotiable . STOP 
Great Northern 's stock soared $ *UNKN* , to $ *UNKN* , on speculation that a higher bid would emerge . STOP 
Stock prices rallied as the Georgia-Pacific bid broke the market 's recent *UNK* . STOP 
The Dow Jones industrials finished up *UNKN* , at *UNKN* . STOP 
The dollar and bond prices also closed higher . STOP 
*CUNKING* indicators rose a slight 0.2 % in September , a further indication the economy is slowing but without any clear sign of whether a recession *UNKS* . STOP 
Meanwhile , *UNK-* sales plunged 14 % in the month . STOP 
Labor costs climbed 1.2 % in private industry during the third quarter , matching the second-quarter rise . STOP 
*CUNK-* costs soared . STOP 
Time Warner and Sony could end up becoming partners in several business ventures as part of a settlement of their dispute over Hollywood producers Peter Guber and Jon Peters . STOP 
A bidding war for Jaguar became more likely as Britain unexpectedly decided to end restrictions blocking a takeover of the luxury car maker . STOP 
Sea Containers plans to sell $ 1.1 billion of assets and use some of the proceeds to buy about 50 % of its common shares for $ 70 each . STOP 
The company is trying to fend off a hostile bid by two European shipping firms . STOP 
Eastern Airlines pilots were awarded between $ 60 million and $ 100 million in back pay by an *UNK* , a decision that could *UNK* the carrier 's bankruptcy reorganization . STOP 
LTV Steel is boosting prices of flat rolled steel products an average 3 % , but it 's unclear whether the increases , set for Jan. 1 , 1990 , will stick . STOP 
Southern 's Gulf Power unit paid $ 500,000 in fines after *UNKING* guilty to conspiracy to make illegal political contributions and tax *UNKION* . STOP 
More big Japanese investors are buying U.S. mortgage-backed securities , *UNKING* a recent trend . STOP 
USX 's profit dropped 23 % in the third quarter as improved oil results failed to offset weakness in the firm 's steel and natural gas operations . STOP 
*CUNK* reported a negative net worth and hinted it may file for Chapter 11 . STOP 
The *UNK-* maker disclosed a major fraud two months ago . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , up *UNKN* ; transportation *UNKN* , up *UNKN* ; utilities *UNKN* , up *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , up STOP 
Commodities : Dow Jones futures index *UNKN* , up 0.25 ; spot index *UNKN* , off 0.25 . STOP 
Dollar : *UNKN* yen , up *UNKN* ; *UNKN* marks , up *UNKN* . STOP 
Bond prices *UNKED* in *UNK* trading , rising on reports of economic weakness and falling on reports of economic strength . STOP 
Treasury bonds got off to a strong start , *UNKING* modestly during overnight trading on foreign markets . STOP 
`` We saw good buying in Japan and excellent buying in London , '' said Jay *CUNKER* , market strategist and trader at Capital *CUNK* Inc. , Beverly Hills , Calif . STOP 
The market 's *UNK* was helped by the dollar 's *UNK* , he said . STOP 
Late in London , the dollar was quoted at *UNKN* West German marks and *UNKN* Japanese yen , up from late Monday in New York . STOP 
British sterling eased to $ *UNKN* from $ *UNKN* . STOP 
When U.S. trading began , Treasury bonds received an additional boost from news that sales of new *UNKLY* homes fell 14 % in September . STOP 
The *UNKION* was twice as large as economists projected and was the *UNKEST* decline since a 19 % drop in January 1982 . STOP 
Economists said the report raised speculation that the economic slowdown could turn into a recession , which would *UNK* the way for the Federal Reserve to lower interest rates . STOP 
But later in the day , a report by the *CUNKING* Management Association of Chicago cast doubt on the recession scenario . STOP 
The association said its October index of economic activity rose to *UNKN* % after having been below 50 % for three consecutive months . STOP 
A reading below 50 % indicates that the manufacturing industry is slowing while a reading above 50 % suggests that the industry is expanding . STOP 
Bond prices fell after the Chicago report was released . STOP 
By the end of the day , bond prices were mixed . STOP 
The benchmark 30-year bond was nearly 1\/4 point higher , or up about $ 2.50 for each $ 1,000 face amount . STOP 
New two-year notes ended unchanged while three-year and four-year notes were slightly lower . STOP 
Municipal bonds ended unchanged to as much as 1\/2 point higher while mortgage-backed securities were up about 1\/8 point . STOP 
Corporate bonds were unchanged . STOP 
In the corporate market , an expected debt offering today by International Business Machines Corp. generated considerable attention . STOP 
The giant computer maker is slated to offer $ 500 million of 30-year *UNK-* debentures through underwriters led by Salomon Brothers Inc . STOP 
Traders expect the bonds to yield about *UNKN* to *UNKN* percentage point above the Treasury 's benchmark 30-year bond , which ended Tuesday with a yield of about 7.90 % . STOP 
The last time IBM *UNKED* the corporate debt market was in April 1988 , when it offered $ 500 million of debt securities . STOP 
IBM 's visits to the debt market are closely watched by *UNKS* at other corporations and by credit market analysts . STOP 
Some analysts believe the company has the ability to *UNK* the *UNK* in interest-rate cycles . STOP 
In October 1979 , just days before the Federal Reserve raised interest rates , IBM offered $ 1 billion in debt securities . STOP 
The boost in rates sent IBM 's bonds *UNKING* , leaving underwriters with millions of dollars of losses and *UNKING* a sell-off in the overall market . STOP 
The company `` ca n't be bullish if they 're doing a sizable 30-year *UNK* , '' said one analyst . STOP 
Others said IBM might increase the size of the offering to as much as $ 1 billion if investor demand is strong . STOP 
The company has $ 1 billion in debt filed with the Securities and Exchange Commission . STOP 
`` I think the $ 500 million is a little bit of a fire *UNK* , '' said Jim *CUNK* , head of the industrial bond department at Drexel Burnham Lambert Inc . STOP 
`` I think as the pricing time *UNKS* , the bonds will come a little *UNKER* and in a larger amount . '' STOP 
Treasury Securities STOP 
Treasury prices ended mixed in light trading . STOP 
The benchmark 30-year bond was quoted late at 102 *UNKN* to yield 7.90 % compared with 102 *UNKN* to yield *UNKN* % Monday . STOP 
The latest 10-year notes were unchanged at 100 *UNKN* to yield *UNKN* % . STOP 
*CUNK-* rates also were mixed . STOP 
The discount rate on three-month Treasury bills rose slightly from the average rate at Monday 's auction to *UNKN* % for a *UNK-* yield of *UNKN* % . STOP 
The discount rate on six-month Treasury bills fell slightly to *UNKN* % for a *UNK-* yield of *UNKN* % . STOP 
Corporate Issues STOP 
Two junk bond issues were priced yesterday , including a *UNKED* offering by Beatrice Co . STOP 
A spokesman for underwriters Salomon Brothers Inc. said Beatrice cut its high-yield offering to $ *UNKN* million from a planned $ 350 million after it became clear the company would have to give investors higher yields . STOP 
In the *UNK-* offering , $ *UNKN* million of senior subordinated reset notes were priced at *UNKN* and carried a rate of 13 3\/4 % , while the $ 100 million of senior subordinated floating rate notes were priced to *UNK* at 4.25 percentage points above the London *CUNK* *CUNKED* *CUNK* , or LIBOR . STOP 
The one-year LIBOR rate yesterday was 8 7\/16 % . STOP 
Since the recent deterioration of the junk-bond market , at least two other junk issuers have said they plan to scale back planned high-yield offerings , and several issues have been postponed . STOP 
William *CUNK* , Beatrice chief financial officer , said favorable market conditions in September prompted the company to plan more debt than necessary . STOP 
`` However , given the changes in the market conditions that have occurred since then , we decided to sell only the amount needed to proceed with our *UNKED* recapitalization , '' he said . STOP 
Under the firm 's original bank credit agreement , it was required to raise $ 250 million of subordinated debt to be used to repay some of the bank borrowings drawn to redeem $ *UNKN* million of increasing rate debentures in August . STOP 
A month ago , when Beatrice first filed to sell debt , the company had planned to offer $ 200 million of its senior subordinated reset notes at a yield of 12 3\/4 % . STOP 
The $ 150 million in senior subordinated *UNK-* notes were targeted to be offered at a price to *UNK* four percentage points above the three-month LIBOR . STOP 
By October , however , market conditions had *UNKED* and the reset notes were targeted to be offered at a yield of between 13 1\/4 % and 13 1\/2 % . STOP 
Mr. *CUNK* said investors also demanded *UNKER* *UNKS* . STOP 
Continental *CUNKION* Inc. , via underwriters at Morgan Stanley & Co. , priced $ 350 million of junk bonds at par to yield 12 7\/8 % . STOP 
*CUNKED* Securities STOP 
J.C. Penney & Co. issued $ 350 million of securities backed by credit-card receivables . STOP 
The securities were priced at *UNKN* to yield about *UNKN* % . STOP 
*CUNKS* at First Boston Corp. said the J.C. Penney credit-card securities are the first with a 10-year average life , which is much longer than previous such issues . STOP 
Elsewhere , Ginnie Mae 's 9 % issue for November delivery was quoted at 98 *UNKN* bid , up *UNKN* from late Monday , to yield about *UNKN* % to a 12-year average life assumption . STOP 
Freddie Mac 's 9 1\/2 % issue was quoted at 99 *UNKN* , up *UNKN* from Monday . STOP 
Fannie Mae 's 9 % issue was at 98 *UNKN* , up 1\/8 . STOP 
On the pricing front , an *UNKS* issue of $ 500 million Federal Home Loan Mortgage Corp . STOP 
Remic mortgage securities was launched by a Morgan Stanley group . STOP 
The offering is backed by Freddie Mac 's 10 % issue with a *UNKED* average term to maturity of *UNKN* months . STOP 
Municipal Issues STOP 
Municipal bonds were little changed to 1\/2 point higher in late dealings . STOP 
`` We were *UNK* and today we *UNKED* back . STOP 
Some accounts came in for some blocks in the secondary -LCB- market -RCB- , which we have n't seen for a while , '' said one trader . STOP 
`` There were no -LCB- sell -RCB- lists and the *UNK* is *UNKING* up a bit . STOP 
There 's light at the end of the *UNK* for *UNKS* , '' he said , adding that he expects prices to `` *UNK* up '' in the near term . STOP 
The market 's tone improved after Monday 's pricing of $ *UNKN* million New York City general obligation bonds . STOP 
The issue 's smooth *UNKION* eased fears that supply would *UNK* demand in coming sessions , traders said . STOP 
Demand for the bonds was strong enough to permit underwriters to trim some yields in the tax-exempt portion of the offering late Monday . STOP 
A *UNK-* $ *UNKN* million offering of *UNKER* treatment bonds by the New Jersey *CUNKER* *CUNK* Trust was more than half sold by late in the session , according to lead underwriter Merrill Lynch Capital Markets . STOP 
The debt was *UNKED* priced to yield from 6 % in 1991 to *UNKN* % in *UNKN* . STOP 
Foreign Bonds STOP 
Most foreign government bonds markets were quiet . STOP 
West German bonds *UNKED* a bit after Monday 's fall , but traders said the market remains bearish due to speculation that interest rates could rise again . STOP 
In a speech given Friday but released late Monday , *CUNK* Vice President *CUNK* *CUNKER* suggested that it was risky to claim that the booming German economy has reached the peak of its cycle . STOP 
His comments were interpreted as a sign that higher interest rates are possible . STOP 
On Oct. 5 , the *CUNK* raised the *CUNK* and discount rates by one percentage point to 8 % and 6 % , respectively , the highest levels in seven years . STOP 
Germany 's 7 % bond due October 1999 was unchanged at *UNKN* to yield *UNKN* % while the 6 3\/4 % notes due July 1994 rose *UNKN* point to *UNKN* to yield *UNKN* % . STOP 
Japanese government bonds showed little change . STOP 
Japan 's benchmark No. 111 issue due 1998 ended on brokers ' screens at *UNKN* , down *UNKN* point , to yield *UNKN* % . STOP 
British government bonds were little changed as investors *UNKED* an address on economic policy by John Major , the new Chancellor of the Exchequer . STOP 
Britain 's benchmark 11 3\/4 % bond due *UNKN* rose *UNKN* to 111 1\/2 to yield *UNKN* % while the 11 3\/4 % notes due 1991 were unchanged at 98 *UNKN* to yield *UNKN* % . STOP 
Paramount Communications Inc. said it sold two *CUNK* & *CUNKER* information services units to Macmillan Inc. , a subsidiary of Maxwell Communication Corp . STOP 
The two units are *CUNK* Hall Information Services , which publishes tax , financial planning and business law information , among other services , and *CUNK* Hall Information Network , which *UNKLY* *UNKS* tax information . STOP 
Terms were n't disclosed , but industry executives said the units were sold for $ 40 million . STOP 
Arthur H. *CUNK* , previously president of the *CUNK* Hall Tax and Professional Services division , was named president of the newly formed Macmillan Professional and Business *CUNK* division . STOP 
*CUNK* & *CUNKER* retains the *CUNKION* Law *UNK* service , which will become part of its *CUNK* Hall Law & Business unit . STOP 
A governing body of both the Financial Accounting *CUNKS* Board and the *CUNKAL* Accounting *CUNKS* Board voted to give the FASB *UNKION* over accounting standards for certain *UNKED* entities . STOP 
The Financial Accounting Foundation voted *UNKN* that FASB accounting rules *UNK* *CUNK* rules in regard to utilities , hospitals , and *UNKS* and universities owned by the government . STOP 
*CUNK* rules still apply for other government units . STOP 
After the *CUNK* was founded in 1984 , 11 years after the FASB , the *UNKED* entities were supposed to follow FASB rules unless the *CUNK* *UNKED* them . STOP 
The *CUNK* had told governments they did n't have to follow FASB rules on depreciation , making it difficult for *UNKING* agencies to compare private and state-owned schools , which compete in the public bond market . STOP 
The foundation vote is effective for the affected government entities with fiscal years that begin starting next Jan. 1 and makes the financial results of the hospitals , *UNKS* and schools easier to compare with *UNK-* businesses . STOP 
But it may lead to separate financial reports based on different rules for the government entities under FASB rules and those still under *CUNK* rules . STOP 
`` Managers of government entities are often more concerned with the political and legal structure and *UNK-* *UNK* with *UNKING* businesses is n't always as high a priority , '' a foundation spokesman said . STOP 
Avery Inc. said it completed the sale of Uniroyal Chemical Holding Co. to a group led by management of Uniroyal Chemical Co. , the unit 's main business . STOP 
It valued the transaction at $ 800 million . STOP 
Avery , which continues to operate a coal company it expects to sell at a loss , said in proxy materials it intends to seek control of one or more companies . STOP 
After fees and *UNK* of debt , Avery is left with about $ 24 million in cash and securities from the Uniroyal sale . STOP 
Avery paid $ 750 million , including various legal and financing fees , to acquire Uniroyal Chemical , *CUNK* , Conn. , in 1986 -- a move that *UNKED* Avery with debt . STOP 
In over-the-counter trading , Avery shares were quoted yesterday at a bid price of *UNKN* cents a share . STOP 
According to Avery , for the year ended Sept. 30 , 1988 , Uniroyal Chemical had sales of $ *UNKN* million and a net loss of $ *UNKN* million . STOP 
An Avery spokesman said that the loss was *UNKED* by accounting adjustments and that the company 's loss was smaller on a cash basis . STOP 
Uniroyal has *UNKN* employees and facilities in the U.S. , Canada , Brazil , Italy and Taiwan . STOP 
In a related development , Avery said it completed a recapitalization in which its controlling shareholders and top officers , Nelson *CUNK* and Peter W. May , *UNKED* warrants and preferred stock in exchange for a larger stake in Avery 's common shares . STOP 
On a fully diluted basis , the two raised their stake to 68 % from 51 % . STOP 
In December 1988 , Messrs. *CUNK* and May sold their stock in *CUNK* Industries Inc. , a packaging company they controlled , to *CUNK* Corp. of France . STOP 
The executives had *UNKED* *UNKLY* by building American National *CUNK* Co. , *CUNK* 's chief asset . STOP 
In January 1989 , the two men acquired the *UNKING* assets of *CUNK* , including a controlling stake in Avery and , by extension , Uniroyal Chemical . STOP 
In the August proxy material , Avery said that unless it sold Uniroyal , its ability to service debt would be hurt and Avery 's shareholder value would `` continue to *UNK* . '' STOP 
Until Avery makes an acquisition , Messrs. *CUNK* and May will *UNK* their direct salaries and bonuses , the company said . STOP 
For at least the next six months , however , Avery will continue to pay $ 200,000 a month for management services to a company controlled by Messrs. *CUNK* and May , according to the proxy material . STOP 
*CUNK* Inc. said a plan to sell its *CUNK* Clark Inc. subsidiary to a group headed by Anderson Industries Inc. for $ *UNKN* million has been terminated . STOP 
*CUNK* , a maker of packaging and *UNKION* products , said the two companies could n't agree on terms of a definitive agreement . STOP 
The sale price of the unit , which makes packaging products , was to *UNK* of cash , notes and an amount to be determined by the unit 's future performance . STOP 
*CUNK* said it is *UNKING* proposals from other prospective *UNKS* of the unit . STOP 
Both *CUNK* and Anderson are based in *CUNK* , *CUNK* . STOP 
Rally 's Inc. said it adopted a shareholders rights plan to protect shareholders from an *UNKLY* priced takeover offer . STOP 
The plan provides for the distribution of one common *UNK-* right as a dividend for each share of common outstanding . STOP 
Each right *UNKS* shareholders to buy *UNK-* share of common for $ 30 . STOP 
Earlier this month , a group led by three of the company 's directors , *CUNK* Sugarman , James M. *CUNKER* III and *CUNK* E. *CUNKER* II , indicated it had a *UNKN* % stake in the Louisville , Ky. , fast-food company and that it planned to seek a majority of seats on Rally 's *UNKER* board . STOP 
The company said it was `` concerned about the announced intent to acquire control of the company '' by a *CUNKED* group . STOP 
Fujitsu Ltd. said it wants to withdraw its controversial *UNK-* bid to design a *UNKS* computer system for the city of *CUNK* . STOP 
Meanwhile , Japan 's *CUNK* Trade Commission said it was considering launching an investigation into whether the bid , the equivalent of less than a penny , *UNKS* *UNKLY* laws . STOP 
*CUNK* last week held an auction to pick the contractor , expecting to pay about 11 million yen for the project . STOP 
*CUNK* companies submitted bids , but Fujitsu won the contract by essentially saying it would do the job for free . STOP 
News of the bid drew sharp criticism from other computer companies and industry observers . STOP 
Fujitsu itself , which said the bid had n't been approved by its headquarters , was clearly *UNKED* . STOP 
The bid was n't `` *UNKLY* acceptable , '' a company spokeswoman said . STOP 
*CUNK* officials said they still consider the contract in effect and had no immediate plans to cancel it . STOP 
They said they wanted to wait for the outcome of any government investigation before deciding what to do . STOP 
The city 's Department of Consumer Affairs charged *CUNK* & Lewis Inc. with failing to deliver on its promise of lowering prices . STOP 
In a civil suit *UNKED* in state Supreme Court in New York , the agency alleged that the *UNKS* and *UNK* *UNKING* chain engaged in *UNK* advertising by claiming to have `` lowered every price on every item '' as part of an advertising campaign that began June 1 . STOP 
The agency said it monitored *CUNK* & Lewis 's *UNKED* prices before and after the ad campaign , and found that the prices of at least 50 different items either increased or stayed the same . STOP 
In late May , *CUNK* & Lewis announced a plan to cut prices 5 % to 20 % and eliminate what it called a `` standard *UNKING* practice '' of negotiating individual deals with customers . STOP 
The consumer agency also disputed *CUNK* & Lewis 's continuing strategy of advertising `` new lower prices '' when *UNKLY* there have n't been price reductions since June 1 . STOP 
Richard D. Lewis , president of the *UNK-* chain , defended the company 's pricing campaign , saying it did n't use `` the misleading *UNKION* ` reduced from original prices . ' '' STOP 
Mr. Lewis said the company marked price *UNKS* and *UNKED* at its `` lowest possible prices '' for all its merchandise to reduce public confusion . STOP 
Mr. Lewis said the company gave the Consumer Affairs department `` *UNKS* of documents '' to *UNK* its statements , and made `` every effort to comply '' with all the agency 's policies . STOP 
In its suit , the consumer agency seeks fines of $ 1,000 per violation of the city 's Consumer Protection Law , costs of investigation , and an injunction to prevent *CUNK* & Lewis from continuing its allegedly *UNK* advertising . STOP 
*CUNK* investors have been running for the stock market 's equivalent of *UNK* *UNKS* , buying shares of *UNKING* and utility companies . STOP 
Those two groups have recently been leading the list of stocks setting new highs . STOP 
On Friday , when only a dozen common stocks hit *UNK-* highs on the New York Stock Exchange , five were *UNKING* issues , and another four were utilities . STOP 
On Monday , when a mere seven common stocks managed new highs , six were utilities or *UNKS* . STOP 
At first *UNK* , gold and utilities seem strange *UNKS* . STOP 
After all , gold prices usually soar when inflation is high . STOP 
*CUNK* stocks , on the other hand , *UNK* on *UNKION* , because the fat dividends utilities pay look more attractive when prices are falling -LRB- or rising slowly -RRB- . STOP 
But the two groups have something very important in common : They are both *UNKS* for scared money , stocks for people who hate stocks . STOP 
It 's as if investors , the past few days , are betting that something is going to go wrong -- even if they do n't know what . STOP 
If the stock market and the economy catch their *UNK* and show that they 're on *UNKER* *UNKING* , these stocks might well fall back . STOP 
Indeed , that happened to some extent yesterday , as industrial stocks rebounded , partly on news of takeovers in the paper industry . STOP 
Still , a lot of investors clearly have revived their interest in gold and utility shares . STOP 
`` The primary *UNKING* thing is that people are *UNKED* , '' says Martin *CUNKS* , a New York money manager . STOP 
`` The aftershocks of Oct. 13 -LRB- when the Dow Jones Industrial Average dropped 190 points -RRB- are still *UNKING* . '' STOP 
*CUNKLY* , the Oct. 13 sell-off did n't settle any *UNKS* . STOP 
Beyond that , money managers and analysts see other problems . STOP 
*CUNKS* are *UNKING* up ; car inventories are already high , and big auto makers are *UNKING* plants . STOP 
Takeover *UNKER* has *UNKED* , removing a major horse from the market 's *UNK* . STOP 
Britain 's unsettled political scene also worries some investors . STOP 
`` The gyrations in the British government '' add political uncertainty on top of high inflation and a *UNKED* stock market , says John Hoffman , assistant director of research at Smith Barney , Harris Upham & Co . STOP 
`` One of the three major markets in the world is getting *UNKED* up pretty bad . '' STOP 
`` If the Fed does not come to the rescue and produce lower short-term interest rates over the next 30 days , the market 's going to *UNKER* , '' says Larry *CUNK* , a market analyst with Prudential-Bache Securities . STOP 
With this sort of sentiment common , it 's natural for investors to seek out `` defensive '' investments . STOP 
Utilities are a classic example : Even in *UNKS* , people continue to use electric power , water and gas at a fairly steady rate . STOP 
Such defensive issues as food , tobacco , and drug stocks have been in favor for some time . STOP 
But many of these stocks have now become expensive . STOP 
Mr. *CUNK* points to Coca-Cola Co. and PepsiCo Inc. as *UNKS* : They 're selling for 18 to 22 times estimated 1990 per-share earnings . STOP 
Gold stocks are n't cheap on this basis , either , with many selling for 20 times earnings or more . STOP 
Even utility stocks are n't all that *UNK* , at an average of 14 times earnings . STOP 
But the two groups represent a further step in *UNKS* . STOP 
If gold stocks and utilities continue to lead , it may signal that the market is in for rough times . STOP 
That 's just what Joseph *CUNK* expects . STOP 
`` We are going to *UNK* lower , '' says the *UNK* market *UNKER* , who had a huge following a few years back . STOP 
`` *CUNK* telling you to buy stocks in this market is *UNKLY* irresponsible . STOP 
You do n't want to own anything long except gold stocks . '' STOP 
One reason for his *UNK* is a weekly *UNKLY* he keeps of stocks within a point of *UNKING* new highs or lows . STOP 
Last Friday , 96 stocks on the Big Board hit new *UNK-* lows . STOP 
But by Mr. *CUNK* 's count , *UNKN* issues were within one point of such lows . STOP 
Robert *CUNK* , a veteran New York money manager and president of *CUNK-* Securities , has money in both gold and utility issues . STOP 
`` I think we could very well have -LCB- an economic -RCB- slowdown , beginning very soon if not already , '' he says . STOP 
Mr. *CUNK* does n't expect an actual recession . STOP 
But he does expect `` a *UNKER* *UNKER* '' of an economy , with `` very slow growth , maybe one quarter of no growth at all . '' STOP 
In such a climate , utility stocks look good to him . STOP 
He favors *CUNK* Group Inc. , Florida *CUNKS* Corp. , *CUNK* Energy Inc. , Wisconsin Energy Corp. , and *CUNKION* Resources Inc . STOP 
The appeal of gold issues , Mr. *CUNK* says , is that `` they 're a counter group . STOP 
You go into them because they move counter to the general market . '' STOP 
He adds that gold stocks had been down so long they were `` ready for a *UNK* . '' STOP 
His *UNKS* are American *CUNK* Resources Corp. , *CUNK* Bay *CUNKS* Ltd. and *CUNK* *UNK* *CUNKS* Corp . STOP 
Nevertheless , Mr. *CUNK* *UNKS* that `` you do n't buy -LCB- gold stocks -RCB- based on powerful fundamentals . '' STOP 
In addition to having high *UNKS* *UNKS* , most pay *UNK* dividends , if any . STOP 
`` The earning power -LCB- of gold mining companies -RCB- is restricted unless the gold price *UNKS* up over $ *UNKN* an ounce , '' he says . STOP 
*CUNK* Cohen , an investment strategist for Drexel Burnham Lambert , also thinks it makes sense to have some money in both utilities and gold . STOP 
`` My outlook is for a decline of about 10 % in corporate profits '' in 1990 , she says . STOP 
But `` a *UNK* of utilities '' should post profit increases . STOP 
Among utilities , Drexel currently favors *CUNK* Corp. and General Public Utilities Corp . STOP 
As for gold , she notes that it usually rises when the dollar is weak , as it has been lately . STOP 
Among gold stocks , Drexel likes Battle Mountain Gold Co. , *CUNK* Gold Co. and *CUNK-* Gold Co . STOP 
It never *UNKS* to *UNK* me how the business world continues to *UNK* the world 's environmental problems -LRB- `` Is Science , or Private *CUNK* , *CUNKING* *CUNK* Policy ? '' by George *CUNK* , Business World , Oct. 24 -RRB- . STOP 
To suggest that a 10 % drop in ozone by the middle of the next century would be *UNK* is irresponsible and *UNKED* . STOP 
Consider the fact that a mere 2 % drop in ozone would increase *UNK* defects and *UNKS* by allowing *UNK* radiation to alter the *CUNK* structure . STOP 
Even a small reduction is *UNUNK* and to suggest otherwise is *UNK-* and *UNK-* . STOP 
The reason environmentalists `` do n't mind seeing new *UNKS* *UNK* '' is because there are new *UNKS* . STOP 
*CUNKS* larger and more dangerous to the quality of life than they were 10 years ago . STOP 
If you are *UNK* , consider for a moment that the *CUNK* *CUNKS* *CUNKS* in northern New Jersey , which supply the *UNK* area with drinking water , are *UNKED* with *UNK* *CUNKS* . STOP 
This is a fact and not the product of some environmental *UNKER* or a group 's *UNK* to create a market . STOP 
It 's time business leaders and the general public learn that *UNK* does not rule over this natural environment but is rather the *UNKAL* , *UNK* player within nature 's *UNKS* . STOP 
Mark T. *CUNKER* Jersey City , N.J . STOP 
Mr. *CUNK* 's column was right on the money , but I wish it could have gone one step further . STOP 
As an employee of a major *UNK* and *UNKER* manufacturer , I have been heavily involved in dealing with the political *UNKS* of the *CUNK-* theory -LRB- named after the researchers who found in 1974 that *UNKS* contributed to the *UNKION* of ozone in the earth 's atmosphere -RRB- and the Montreal *CUNK* . STOP 
An important part of my effort has been to understand the science so I can explain it to corporate colleagues facing major changes in product design . STOP 
In my research , I have found a paper by Joseph *CUNK* of the National Cancer Institute and several colleagues reporting an *UNK-* decrease in *CUNK-* radiation at eight U.S. *UNK* sites . STOP 
Our concern for the ozone *UNKER* , of course , grows out of the potential for increasing *CUNK-* radiation , which could damage *UNK* and *UNK* . STOP 
The last of the *UNKS* reported was in 1985 , but recent conversations with Mr. *CUNK* indicated that he knew of no recent changes in the trend . STOP 
I understand , but have n't yet *UNKED* , that there are studies by *CUNKS* , *CUNKS* and the Max *CUNK* Institute that show either *UNKING* or declining *CUNK-* at the surface . STOP 
To me , this calls into question the *UNK* of the *CUNK-* theory and *UNK* the whole *UNKS* replacement effort . STOP 
This , in turn , *UNKS* the massive *UNKED* interests of which you have written . STOP 
My questions on this subject at a recent meeting at the World Resources Institute with representatives of the National *CUNK* Development Commission , the Environmental Protection Agency , *CUNKS* of the Earth , *UNK* were *UNKED* with *UNKION* and some *UNKED* comments about that report being *UNKED* . STOP 
When I expressed *UNK* that no one was *UNKING* a more current and *UNK* *CUNK-* study , I was urged to get back to the agenda topic , which was , *UNKLY* , a schedule for getting rid of *CUNKS* , the so-called soft CFCs that are such an important part of the *CUNK* *UNKION* scenario . STOP 
*CUNKLY* , I have learned that a private group , of which Du Pont is a part , is funding a modest program to continue data gathering at the *CUNK* report stations as well as to develop more sophisticated *CUNK* *UNKING* instruments . STOP 
But this is almost an *UNUNK* activity . STOP 
To my knowledge , no government entities , including the EPA , are pursuing *CUNK-* *UNKS* . STOP 
The topic never comes up in *UNKION* `` establishment '' meetings , of which I have attended many . STOP 
It seems to me that such *UNKS* are a *UNKAL* part of any *UNKLY* *UNKEST* evaluation of the threat *UNKED* by CFCs . STOP 
While *UNKING* that professional environmentalists may feel threatened , I intend to urge that *CUNK-* be monitored whenever I can . STOP 
Frederick H. *CUNK* Vice President Industry and Government Relations White Consolidated Industries Inc . Washington STOP 
The relationship between surface release of CFCs and global *UNK* ozone loss was identified back in 1974 . STOP 
Although , like all scientific *UNKS* , it had its initial opponents , few experts question the connection now . STOP 
The discovery of the ozone `` hole '' over *CUNK* and the results of *UNKED* and *UNK-* aircraft experiments conducted over the past several years serve as evidence that ozone *UNKION* is related to *CUNK* *UNKS* . STOP 
In the September issue of *CUNK* American , Thomas E. *CUNK* , *UNKED* member of the technical staff at AT&T Bell Laboratories , and Paul J. *CUNK* , director of the air *UNK* division of the Max *CUNK* Institute for *CUNK* in *CUNK* , West Germany , wrote , `` It is now quite evident that *UNKS* , particularly *CUNK-* and *CUNK-* are the major *UNKS* responsible for ozone *UNKION* . '' STOP 
Mr. *CUNK* quotes Peter *CUNK* and *UNKS* the name of Arthur D. Little Inc. to support his statement . STOP 
However , unlike Messrs. *CUNK* and *CUNK* , who are both *UNKS* in the study of *UNK* *UNK* , Mr. *CUNK* has no special expertise in the area . STOP 
He is a *UNKAL* engineer , not an *UNK* *UNK* . STOP 
It is *UNKING* and *UNKING* to say that scientists `` needed new *UNKS* to generate new grants and contracts '' and that environmental groups need them to stay in business . STOP 
*CUNKING* the global environmental problems we all face will require an unprecedented level of cooperation and *UNKION* among industry , policy makers and the scientific community world-wide . STOP 
*CUNK* *CUNK* *CUNK* *CUNKER* *CUNKAL* Environmental *CUNK* Report *CUNK* , Mass . STOP 
Nearly two months after saying it had been the victim of widespread fraud , MiniScribe Corp. disclosed it had a negative net worth of $ 88 million as of July 2 and hinted that it might be forced to file for protection under bankruptcy laws . STOP 
Richard *CUNK* , chairman and chief executive of the *CUNK* , Colo. , *UNK-* maker , also said the company continued losing money in the third quarter and expects to sustain further losses through the end of the year . STOP 
Mr. *CUNK* told industry analysts he is moving `` aggressively '' to negotiate *UNK-* settlements on a number of shareholder lawsuits , but noted that the company could file for bankruptcy-law protection if settlement talks fail . STOP 
Mr. *CUNK* also noted that 150 million shares of MiniScribe common stock were traded during the past three years , `` so there 's a tremendous amount of exposure . '' STOP 
MiniScribe has said that its financial results for the past three fiscal years would have to be restated because of the allegedly fraudulent accounting and marketing practices that *UNKED* revenues and net income . STOP 
MiniScribe also has n't filed any financial statements for 1989 . STOP 
Mr. *CUNK* said such statements should be ready by the end of November . STOP 
He said he expects the company to have $ 500 million in sales for this year . STOP 
He did n't say what the company expected to report for year-earlier sales , which will be restated from the previously reported $ *UNKN* million . STOP 
The release of MiniScribe 's new balance sheet came one day after it introduced its new line of *UNK-* disk drives , on which it is *UNKING* much of its hope for survival . STOP 
Although it is not the first company to produce the *UNKER* drives , which store information in personal computers , MiniScribe says it is the first with an *UNK-* drive ; the company plans to introduce a *UNK-* drive next year . STOP 
Analysts and consultants had mixed reactions to yesterday 's announcements , *UNKING* Mr. *CUNK* 's efforts but *UNKING* whether the company can survive in a highly competitive marketplace . STOP 
`` It 's a *UNK-* attitude , '' said Dave *CUNK* , vice president of storage research for International Data Corp . STOP 
Others pointed out that at least four other *UNK-* makers will have competitive *UNK-* drives early next year and that the industry already operates on very thin margins . STOP 
The company also faces *UNKING* by the National Association of Securities Dealers . STOP 
The company continues to trade in the over-the-counter market with an exception to listing requirements . STOP 
MiniScribe filed a status report with the *CUNK* on Monday , *UNKING* its efforts to comply with listing requirements and *UNKING* an extension of the exception , but has n't received a response . STOP 
MiniScribe common closed yesterday at $ *UNKN* , down 6.25 cents , and has been trading for several months at less than $ 3 a share . STOP 
Meanwhile , U.S. Attorney Jerry *CUNK* in Denver is reviewing the report prepared by MiniScribe 's outside directors , to determine if criminal charges should be brought before a grand jury . STOP 
The MiniScribe report *UNKS* a host of allegedly fraudulent practices , including the *UNK* of *UNKS* and defective disk drives that were *UNKED* as sales , and inventory *UNKS* in accounting records . STOP 
The internal investigation also criticized MiniScribe 's *UNKS* , Coopers & *CUNK* , for allegedly ignoring numerous red *UNKS* . STOP 
Mr. *CUNK* said the board still has n't acted on most of the internal report 's recommendations , pending *UNK* of the balance sheet . STOP 
He added that he expects to make a recommendation within a few weeks on whether MiniScribe should file its own lawsuits against former company officers and directors . STOP 
American *CUNK* Institute *UNK* Norman *CUNK* in the Oct. 21 TV *CUNK* on `` What TV News Does n't Report About Congress -- and Should '' : STOP 
By concentrating all their resources on the pay raise , Wright and Tower , the networks actually *UNKED* some major stories that showed the *UNKS* and *UNKS* of the institution ... . STOP 
An *UNK* producer could easily have created a *UNKING* and interesting piece about how Congress really works -- and why voters in , say , West Virginia got a federally funded university project and building while voters in Arkansas did not . STOP 
But nobody did such a piece , reflecting a *UNK* *UNK* : the more a scandal has to do with a congressman 's duties as a congressman , the less likely it is to catch the fancy of a network . STOP 
*CUNK* Michael *CUNK* , in one of his institute 's recent publications on `` *CUNK* : In the Year 2000 '' : STOP 
The *UNK* definition of *UNKS* will favor virtually *UNKED* use of personal , sensitive and intimate facts . STOP 
*CUNKAL* standards of *UNK* and importance -LRB- `` is this something the public ought to know '' -RRB- will be replaced by a much broader test -LRB- `` is this something the public is interested in knowing '' -RRB- . STOP 
And , since the public has always been *UNKED* by *UNK* and *UNK* , reporters and *UNKS* will strain for creative *UNKS* to justify the *UNKION* of collateral facts about private lives including *UNKAL* activities and domestic relationships , activities of family members , and all matters about *UNKAL* and physical health . STOP 
Similarly , *UNKAL* images will be more *UNK* , *UNKAL* and , sometimes , *UNK* . STOP 
One *UNK* of the trend toward *UNK* standards of taste will be *UNK* attacks from politicians who will find sufficient evidence of abuse to *UNK* an already *UNKAL* public to control the press . STOP 
Bankers Trust New York Corp. won permission from the Federal Reserve Board to move the company 's private placement department to its *UNKING* securities subsidiary . STOP 
The seemingly *UNK* action , which was opposed by the Securities Industry Association , a trade group , has important implications for banks ' recent entry into the underwriting of corporate securities . STOP 
The Fed 's action increases the volume of publicly registered securities that banks ' securities affiliates will be able to underwrite . STOP 
Several other banks have similar applications pending . STOP 
Over the past two years , the Fed has given a handful of banks ' securities affiliates permission to underwrite and deal in a variety of corporate , asset-backed and municipal securities that had previously been the sole *UNK* of securities firms . STOP 
Securities firms have challenged those Fed approvals , saying they violate federal laws *UNKING* the banking and securities businesses . STOP 
However , the Fed limited the revenue that banks could earn from these new underwriting activities to no more than 10 % of the revenue earned from other securities activities long open to banks , such as dealing in U.S. Treasurys . STOP 
For some banks that 10 % ceiling created problems . STOP 
But , by allowing *CUNK* Securities Inc. to handle private *UNKS* , the Fed boosted the volume of new types of underwriting that the unit can do . STOP 
Private *UNKS* involve debt and equity securities , typically in denominations of $ 1 million , that are sold to institutional investors and are n't registered with the Securities and Exchange Commission . STOP 
Last year , Bankers Trust said it placed $ 10 billion of corporate debt and equities privately . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
*CUNK* J. *CUNK* was named an executive vice president of the American Express Travel *CUNKED* Services Co. unit of this travel and financial services firm . STOP 
She retains her duties of *UNKS* director . STOP 
Joe F. Lynch , the *UNK-* chairman and chief executive officer of First Continental Real Estate Investment Trust , was named to the new post of vice chairman of this bank holding company . STOP 
Every *UNK* at 11 a.m. , *UNK-* Mike Sinyard *UNKS* *UNKING* clothes , *UNKS* on a bike he keeps at his Morgan Hill , Calif. , office and sets out to cover a distance most people would travel only by car . STOP 
As many as 50 of his employees at Specialized *CUNK* *CUNKS* Inc. ride with him . STOP 
When they return to their desks at 1 p.m. , they have *UNKED* 20 miles . STOP 
Such *UNK* for *UNKING* helped Mr. Sinyard build a creative company at the *UNK* of its industry . STOP 
*CUNKED* by bike *UNKS* rather than businessmen , Specialized *UNKED* the appeal of *UNKED* bikes that go almost anywhere and began *UNKING* them in 1981 . STOP 
In the past five years , the company 's sales have grown to $ 80 million from $ 26 million . STOP 
Today , so-called mountain bikes account for two-thirds of the $ 2 billion spent annually on all *UNKS* in the U.S. . STOP 
With 65 % of its sales coming from mountain bikes , Specialized is widely considered to be a market leader . STOP 
-LRB- *CUNKS* , largely for *UNK-* users , account for much of the rest of sales . -RRB- STOP 
But today , the company needs its *UNKAL* spirit more than ever . STOP 
One large competitor after another is *UNKING* into the booming market Specialized helped create , turning out mountain bikes with such well-known names as *CUNK* , *CUNK* , *CUNK* and *CUNK* . STOP 
Thus , Mr. Sinyard 's company must *UNK* more than ever to stay ahead of them , by developing new products specifically for mountain *UNKING* . STOP 
At the same time , though , it must become more structured to better manage its growth . STOP 
*CUNKING* both will be a *UNKING* act as challenging as riding a *UNUNK* . STOP 
It is a problem common to small companies that have grown fast -- especially when their success *UNKS* *UNK-* competitors . STOP 
`` The big word around Specialized is *UNKION* , '' says *CUNK* *CUNK* , a former *UNK-* executive whom Mr. Sinyard *UNKED* from Citicorp to run marketing and sales . STOP 
`` What I hope to bring to this is another word : process . STOP 
That 's my challenge . STOP 
It 's Mike 's challenge as well . '' STOP 
Mr. *CUNK* is one of several key people from outside the *UNKING* industry who were hired to bring the *UNKING* , *UNKING* company under tighter control . STOP 
`` We had a lot of problems , '' Mr. Sinyard says . STOP 
While the company 's sales were soaring , `` We still had a system that was probably appropriate for $ 10 million to $ 20 million in sales . '' STOP 
*CUNKS* Mr. *CUNK* , `` What felt good that day was done that day . '' STOP 
Since his *UNKAL* in May , Mr. *CUNK* has put in place techniques learned while working for Citicorp , such as *UNK-* , detailed project plans and forecasts of company sales and product trends . STOP 
`` We 're finally getting -- and it 's been very painful -- some understanding of what the company 's long-term *UNK* should begin to look like , '' Mr. *CUNK* says . STOP 
`` But it 's risky , '' he says of Specialized 's attempt to adopt a corporate structure . STOP 
`` You do n't want to lose the *UNK* '' of the company 's creative drive . STOP 
*CUNKING* to stay ahead of the pack , the company is *UNKING* *UNKION* . STOP 
At a recent trade show , *UNKS* *UNKED* up to view a new Specialized bike *UNK* that *UNKS* just 2.7 pounds -- a pound less than the *UNKEST* *UNK-* *UNK* on the market . STOP 
By replacing the *UNK* 's steel *UNKS* with *UNK* ones , Mr. Sinyard 's company plans to make its next generation of *UNKS* even *UNKER* . STOP 
At the trade show , Specialized also unveiled a *UNK* *UNKED* bike *UNK* developed jointly by Specialized and Du Pont Co . STOP 
*CUNK* of *UNK-* materials , the *UNK* *UNKS* are designed like *UNK* *UNKS* to *UNK* 10 minutes off the time of a *UNKER* in a *UNK-* race , the company claims . STOP 
It currently costs $ 750 , though Mr. Sinyard thinks the price can be reduced within three years to between $ 200 and $ 250 . STOP 
He was able to slash the price of the company 's least expensive mountain bike to $ *UNKN* from $ 750 in STOP 
But demands on the company 's *UNK* are certain to grow . STOP 
*CUNKION* is *UNKING* as larger companies *UNK* a *UNK-* market Mr. Sinyard 's company once had virtually all to itself . STOP 
U.S. *CUNKING* Federation official Philip *CUNK* says mountain *UNKING* is `` growing at such a *OUS* rate that a lot of companies are getting into this . '' STOP 
One especially *UNKED* Specialized market the new players are targeting is *UNK-* *UNKS* , which Mr. *CUNK* calls `` the future of our business . '' STOP 
*CUNKS* not only sell faster than whole bikes , they also offer profit margins nearly double the 25 % to 30 % or so on sales of complete cycles . STOP 
To get a piece of the business , *CUNK* Inc. , *CUNK* , *CUNK* , introduced a line of *UNK-* shoes . STOP 
About a month ago , *CUNK* *CUNK* Corp. , *CUNK* , *CUNK* , began selling *UNK-* tires , for years a Specialized *UNK* . STOP 
*CUNKION* in the sale of complete bikes is *UNKING* up too . STOP 
*CUNK* *CUNK* Corp. , which accounts for *UNKER* of the $ 400 million in annual sales at its *CUNKED* parent , *CUNK* Corp. , entered the *UNK-* business in 1983 . STOP 
*CUNK* previously made only traditional road bikes , but `` it did n't take a *UNK* scientist to change a road bike into a mountain bike , '' says *CUNK* 's president , Dick *CUNK* . STOP 
The segment now makes up roughly two-thirds of his company 's total sales . STOP 
At Giant *CUNK* Inc. , *CUNK* *CUNK* , Calif. , sales have tripled since the company entered the U.S. *UNK-* business in 1987 . STOP 
A subsidiary of a *CUNK* holding company with world-wide sales of $ 150 million , Giant is one example of the sudden *UNKION* of Mr. Sinyard 's *UNK-* market niche . STOP 
*CUNK* *CUNK* Co. , Chicago , established joint ventures with bike companies in *UNK* China and Hungary to sell bikes . STOP 
In the past year , *CUNK* International Corp. , *CUNK* , has acquired such major brands as *CUNK* , *CUNK* and *CUNK* . STOP 
In response to the *UNKION* of the business , Mr. Sinyard 's company is replacing independent distributors overseas with *UNKLY* owned subsidiaries . STOP 
The move will cut out the cost of a *UNK* and give Specialized more control over marketing and sales . STOP 
But as Bill Austin , Giant 's president , puts it , `` With some of the bigger players *UNKING* their strength , the game has changed . STOP 
Carl E. Pfeiffer , chief executive officer , was named to the additional post of chairman of this *UNKS* manufacturing concern . STOP 
Robert C. *CUNKER* , a director and chief operating officer of the company , succeeds Mr. Pfeiffer as president . STOP 
Roger M. *CUNK* , president , was named to the new post of vice chairman . STOP 
Michael *CUNKS* , who had been executive vice president , operations , was named president and chief operating officer . STOP 
*CUNK* *UNKS* *UNK-* systems for mainframes and *UNKS* . STOP 
Richard J. *CUNK* was elected a director of this *UNKLY* home *UNKER* , increasing the board to nine . STOP 
He is a senior partner with the law firm of *CUNK* & *CUNK* and is a partner in *CUNK* *CUNK* Management . STOP 
John *CUNK* , 47 years old , formerly vice chairman of Capital Holding Corp. and president of its *CUNKION* Investment Group , was named chief executive officer of this insurance holding company , effective Dec. 1 , succeeding Robert T. *CUNK* , who remains chairman . STOP 
*CUNK* also named Steven B. *CUNKING* , 42 , senior vice president since 1986 , as president , succeeding John W. *CUNKER* , who will join the *CUNK* Acquisition Corp. division of *CUNKS* , *CUNK* & Co. , which has agreed to buy most of *CUNK* 's *CUNKED* subsidiaries . STOP 
MCI Communications Corp. said it won a $ 27 million contract from *CUNKS* Co. , a Denver investment banking concern , to provide voice and data telecommunications services . STOP 
The agreement calls for MCI to provide data service , 800 and *CUNK* service , a *UNKAL* private network service . STOP 
The companies would n't disclose the length of the contract except to say it was a *UNK* agreement . STOP 
The head of British Satellite Broadcasting Ltd. said he hopes to raise about # 450 million -LRB- $ *UNKN* million -RRB- before the *UNK-* venture makes its delayed debut next spring -- with a major chunk coming from new investors . STOP 
`` We 'll raise it through bank loans . STOP 
We 'll raise it through -LCB- new -RCB- equity . STOP 
And we 'll raise it through existing shareholders '' as well as through junk bonds , said Anthony *CUNKING* , the private consortium 's chief executive . STOP 
He said he believes the bank loan , to be arranged by February , will supply about half of the financing . STOP 
British Satellite , which already has raised # *UNKN* million from 10 *UNKS* , initially expected to seek an additional # 400 million . STOP 
Mr. *CUNKING* said the additional financing may leave British Satellite owned by about 20 investors , including Australian entrepreneur Alan Bond , whose nearly 36 % stake would be reduced to as little as 20 % . STOP 
Bond Corp. , British Satellite 's biggest investor , would like to withdraw from the *UNK-* consortium , and analysts have speculated Hollywood *UNKS* might buy the Bond stake . STOP 
But Mr. *CUNKING* said he is n't talking to any *UNKS* about investing . STOP 
Besides Bond Corp. , British Satellite 's other *UNKS* include *CUNK* PLC , *CUNKED* International PLC and *CUNK* Group PLC . STOP 
The consortium faced a setback in May when technical problems forced it to postpone the September launch until next spring . STOP 
*CUNKED* uncertainty about the timing of the consortium 's debut could make it hard to find a # 450 million cash *UNKION* . STOP 
Mr. *CUNKING* conceded that British Satellite 's potential U.K. lenders `` are saying , ` When you 're on the air , you 'll -LCB- actually -RCB- get the money . ' '' STOP 
The bankers also insist that the loans depend on the consortium raising more money from new and existing *UNKS* . STOP 
British Satellite today is *UNKING* a # 30 million advertising and promotional drive for the consortium 's planned five channels of movies , sports , entertainment and news shows . STOP 
As part of the drive , the first 50,000 viewers who put up # 10 each will get a package valued at # 170 -- including a satellite receiving *UNK* , equipment *UNKION* and a three-month *UNKION* to its *UNK-* service . STOP 
British Satellite faces competition from *CUNK* Television , a *UNK-* venture begun last February and owned by *CUNK* *CUNK* 's News Corp . STOP 
The rivals currently are locked in a costly bidding contest for Hollywood film rights . STOP 
Shares closed sharply higher in London in the year 's *UNKEST* volume Monday , supported largely by a technical *UNK* after last week 's sharp declines . STOP 
Tokyo stocks posted a *UNK-* loss Monday , while trading in Frankfurt , West Germany , was mixed . STOP 
In London , the Financial Times 100-share index finished *UNKN* points higher at *UNKN* . STOP 
The index settled off the high of *UNKN* posted after Wall Street opened stronger . STOP 
But it showed strength throughout the session , *UNKING* a low of only *UNKN* within the first few minutes of dealings . STOP 
The 30-share index settled *UNKN* points higher at *UNKN* . STOP 
Volume was only *UNKN* million shares , breaking the previous 1989 low of *UNKN* million shares recorded Oct. 23 . STOP 
*CUNKER* was also down substantially from *UNKN* million shares on Friday . STOP 
Dealers said the market was supported to some extent by a *UNKER* pound , gains on Wall Street and shopping by *UNKS* to cover internal requirements for selected stocks in the 100-share index . STOP 
Dealers attributed most of the day 's gains to *UNKS* moving prices higher , rather than an *UNK* of significant buying interest . STOP 
Prices were up across the board , with most blue-chip stocks *UNKING* solid gains . STOP 
Though the market was stronger , dealers said fresh buying interest was *UNKED* ahead of a potential *UNKING* debate in the House of *CUNKS* set for Tuesday . STOP 
It will be Chancellor of the Exchequer John Major 's first appearance before the opposition Labor Party . STOP 
The market is *UNKLY* interested in hearing what he has to say about the status of the current 15 % base lending rate . STOP 
In London trading , Courtaulds , a chemicals and *UNKS* company , increased 15 pence to *UNKN* after it disclosed plans to spin off its *UNKS* operations into a separately listed company on Jan. 1 . STOP 
It was the most active of the 100-share index at 8.3 million shares , 6.5 million of which were traded by *UNK* . STOP 
Jaguar ended 22 higher at *UNKN* . STOP 
Dealers said fresh buying was drawn into Jaguar after a senior executive of Daimler-Benz , the auto maker , told a British television *UNKER* during the weekend that the West German company held talks with the luxury auto maker over possible joint ventures . STOP 
Although *CUNKER* has said it is n't interested in mounting a bid for Jaguar , dealers said its name further *UNKED* the growing interest in the British concern . STOP 
*CUNK* was the biggest *UNKER* , *UNKING* 35 to # *UNKN* -LRB- $ *UNKN* -RRB- on anticipation of a stock split next week . STOP 
Total turnover in *CUNK* was a thin *UNKN* shares . STOP 
In Tokyo , stocks had a *UNK-* loss Monday in quiet trading with the exception of concentrated buying in some *UNKED* issues . STOP 
The Nikkei index of 225 selected issues fell *UNKN* points to *UNKN* . STOP 
The index fell *UNKN* Friday . STOP 
In early trading in Tokyo Tuesday , the Nikkei index rose *UNKN* points to *UNKN* . STOP 
On Monday , volume on the First Section was estimated at 600 million shares , down from *UNKN* billion shares Friday . STOP 
*CUNKING* issues *UNKED* *UNKS* *UNKN* to *UNKN* ; *UNKN* issues were unchanged . STOP 
Investors , who took profits Friday , mostly took a *UNK-* attitude Monday amid uncertainty in the *UNK-* market and New York stocks , traders said . STOP 
*CUNK* *CUNK* , an analyst at *CUNK-* Securities , said *UNKING* *UNKION* for lower interest rates made investors step back from real-estate shares , which advanced last week . STOP 
Some traders said institutions were waiting to see the U.S. *UNKS* rate to be issued Friday . STOP 
The Tokyo Stock Price Index of all issues listed in the First Section , which fell *UNKN* points Friday , was down *UNKN* points , or *UNKN* % , at *UNKN* . STOP 
The Second Section index , which fell *UNKN* points Friday , was down *UNKN* points , or *UNKN* % , to close at *UNKN* . STOP 
Second Section volume was estimated at 15 million shares , down from *UNKN* million shares Friday . STOP 
Monday 's losers included *UNK* , *UNK-* and *UNK-* issues . STOP 
The energy of participating investors *UNKED* into Tokyu Group shares , pushing prices of its companies up across the board . STOP 
Tokyu Group announced during the weekend that each Group company will buy the others ' stocks to defend themselves against a rumored takeover . STOP 
The announcement fueled speculation for future advances in the shares . STOP 
Tokyu Department *CUNK* advanced *UNKN* to *UNKN* . STOP 
Tokyu Corp. was up 150 at *UNKN* . STOP 
Tokyu Construction gained 170 to *UNKN* . STOP 
Other winners Monday included *OUS* metals , which attracted investors because of a surge in gold prices on the back of the *UNUNK* dollar . STOP 
Petroleum companies were also popular because of expectations of a weaker dollar , which cuts *UNKED* *UNK-* prices . STOP 
Share prices in Frankfurt closed narrowly mixed after *UNKS* and *UNKS* trading . STOP 
The *CUNK* index closed at *UNKN* , up only *UNKN* . STOP 
Traders said turnover was particularly thin as investors waited for Wall Street to set the direction for the week . STOP 
Most expect the decline in New York stock prices to continue this week . STOP 
Another factor *UNKING* on the Frankfurt market involves fears about the impending wage talks between the *CUNK* *CUNK* *UNKS* union and industry representatives , which could result in a wave of strikes next spring , traders said . STOP 
A few blue-chip stocks posted strong gains , boosted by special factors , while the majority of shares ended little changed . STOP 
Elsewhere , stock prices were lower in Brussels , Milan and Stockholm , and mixed in Amsterdam , Paris and Zurich . STOP 
Stocks closed higher in Hong Kong , Manila , Seoul , Sydney , Taipei and Wellington , but were lower in Singapore . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
*CUNK* & Co. said it reached a tentative agreement with the machinists ' union at its *CUNK* , *CUNK* , plant , ending a *UNK-* strike by workers at the facility . STOP 
The maker of farm equipment said the three-year labor agreement with the International Association of Machinists and Aerospace Workers at John *CUNK* *CUNK* *CUNKS* , *CUNK* 's primary facility for producing lawn and *UNK-* equipment , takes effect immediately and *UNKS* through Oct. 1 , 1992 . STOP 
About *UNKN* employees are covered by the new agreement , *CUNK* said . STOP 
Courtaulds PLC announced plans to spin off its *UNKS* operations to existing shareholders in a restructuring to boost shareholder value . STOP 
The British chemical and textile company 's plan , which requires shareholder approval , would create a new , listed U.K. stock with a *UNK* market capitalization between # 300 million -LRB- $ *UNKN* million -RRB- and # 400 million , analysts said . STOP 
The establishment of the separate company , to be called Courtaulds *CUNKS* , could be effective as early as next year 's first quarter . STOP 
Investors *UNKED* the move . STOP 
Courtaulds ' shares rose 15 pence to *UNKN* pence , *UNKING* the entire company at about # *UNKN* billion . STOP 
Courtaulds ' spinoff reflects pressure on British industry to boost share prices beyond the reach of corporate *UNKS* . STOP 
Courtaulds ' restructuring is among the largest thus far in Britain , though it is *UNKED* by B.A.T Industries PLC 's plans to spin off roughly # 4 billion in assets to help fend off a takeover bid from *CUNK-* financier Sir James Goldsmith . STOP 
The *UNKED* Courtaulds textile operations had operating profit of # 50 million on # *UNKN* million in revenue in the year ended March 31 . STOP 
Some analysts have said Courtaulds ' moves could boost the company 's value by 5 % to 10 % , because the two entities separately will carry a higher price earnings multiple than they did combined . STOP 
In addition , Courtaulds said the moves are *UNKAL* because they will allow both the chemicals and textile businesses to focus more closely on core activities . STOP 
Courtaulds has been under pressure to enhance shareholder value since takeover speculators -- including Australian financier *CUNK* *CUNKER* -- surfaced holding small stakes last year . STOP 
Though Mr. *CUNKER* has since sold his stake , Courtaulds is moving to keep its institutional shareholders happy . STOP 
Even without a specific takeover threat , Courtaulds is giving shareholders `` choice and value , '' said *CUNK* *CUNK* , an analyst at London *UNKS* *CUNKS* de *CUNK* *CUNK* . STOP 
In a statement , the company said : `` Both parts can only realize their full potential and be *UNKLY* valued by the market if they are separately quoted companies . STOP 
The *UNKER* definition and the *UNK* which each will thereby gain will benefit shareholders , customers and employees . '' STOP 
Courtaulds Chairman and Chief Executive Sir Christopher *CUNK* will remain in both posts at the *UNKING* chemical company after the spinoff . STOP 
*CUNK* *CUNKER* Corp. said its *UNKED* company in Malaysia , established this April , will begin manufacturing steel doors Wednesday . STOP 
Its partner in the joint venture is *CUNK* *CUNK* *CUNK* *CUNKAL* Industries , *CUNK* , Malaysia . STOP 
Company officials said the new company , *CUNK* *CUNK* *CUNK-* -LRB- *CUNK* . -RRB- is *UNKED* at the equivalent of 54 million yen -LRB- $ *UNKN* -RRB- . STOP 
The Japanese concern has a 40 % stake , while the local partner has a 60 % stake . STOP 
The new company was created to meet growing demand for steel doors , *UNK* with increasing local concern about fire *UNKION* , the company said . STOP 
Barbara *CUNK* Franklin , president of Franklin Associates , was elected a director of this building products maker . STOP 
Ms. Franklin , 49 years old , *UNKS* the position *UNKED* by *CUNK* G. *CUNK* , who retired earlier this year at age 72 . STOP 
NEC Corp. said it plans to more than double its British subsidiary 's capacity for the production of semiconductor *UNKS* . STOP 
Officials at the Japanese semiconductor maker said the company intends to increase investment in plant and equipment by 10 billion yen -LRB- $ *UNKN* million -RRB- , to 90 billion yen , in the year ending March 31 , with the extra funds used to increase production overseas . STOP 
Officials said they were n't sure how the money will be distributed among overseas units , but added that NEC *CUNKS* U.K. Ltd. will receive priority . STOP 
Officials also disclosed it 's possible that NEC may reduce domestic production of *UNK-* chips to five million a month from six million , beginning January , because of deteriorating market prices . STOP 
Japan 's steel exports fell *UNKN* % in September from a year earlier and were down 1.1 % from the previous month , the Japan Iron and Steel Federation reported . STOP 
September was the *UNK* consecutive month in which steel exports failed to reach the year-earlier level . STOP 
A *UNKION* official attributed the decline to brisk demand from domestic industries backed by continuing economic expansion in Japan . STOP 
Japanese steel companies are apparently focusing on domestic sales , but the official said it does n't necessarily mean that local sales contracts are increasing that *UNKLY* . STOP 
`` They are just too busy to meet domestic demand and have little room for overseas shipments , '' the official said . STOP 
After a bad start , Treasury bonds were buoyed by a late *UNK* of buying to end modestly higher . STOP 
`` The market was pretty *UNK* '' for most of the day , said Robert H. *CUNKS* , vice president at *CUNKS* Bank PLC . STOP 
He said some investors were reluctant to plunge into the market ahead of several key economic indicators due this week , especially Friday 's potentially *UNKING* employment report . STOP 
During the first hour of trading yesterday , prices fell as much as 1\/4 point , or down about $ 2.50 for each $ 1,000 face amount . STOP 
But market activity was *UNKED* as investors started to view the lower price levels as attractive . STOP 
And the Treasury 's $ *UNKN* billion auction of short-term bills , which generated strong buying interest , helped to lift the bond market out of the *UNKS* . STOP 
`` We saw good retail demand by small banks , individuals and institutions and that is one reason why the market advanced '' late in the day , said *CUNK* *CUNK* *CUNK* , senior vice president and chief economist at *CUNKEST* Corp. , Minneapolis . STOP 
He said the change in sentiment also reflected *UNKS* that the slate of economic *UNK* due this week will be `` *UNK* to a bond market rally . '' STOP 
The employment report , which will provide the first official measure of the economy 's strength in October , is expected to show smaller gains in the generation of new jobs . STOP 
Other key economic indicators due this week include today 's release of the September leading indicators index and *UNK-* sales . STOP 
*CUNK* , the October purchasing managers report is due and on Thursday comes October *UNK-* sales . STOP 
Despite yesterday 's modest bond market gains , economists say investors are anxious about the Treasury 's huge quarterly refunding of government debt , the timing of which depends on Congressional efforts to raise the debt ceiling . STOP 
Although the Treasury will announce details of the November refunding tomorrow , it could be delayed if Congress and President Bush fail to increase the Treasury 's borrowing capacity . STOP 
The debt ceiling is scheduled to fall to $ 2.8 trillion from $ *UNKN* trillion at midnight tonight . STOP 
The Treasury 's benchmark 30-year bond rose 1\/8 point . STOP 
*CUNKED* securities were up less than 1\/8 point and investment-grade corporate bonds were unchanged . STOP 
*CUNK* demand for New York City 's $ *UNKN* million general obligation bonds *UNKED* up the municipal market . STOP 
Traders said most municipal bonds ended 1\/2 point higher . STOP 
The New York City issue included $ *UNKN* million of tax-exempt bonds priced to yield between *UNKN* % to *UNKN* % , depending on the maturity . STOP 
The $ 56 million of New York 's taxable general obligation bonds were priced to yield between *UNKN* % to *UNKN* % . STOP 
As expected , the *UNK-* tax-exempt New York bonds had yields nearly as high as those on taxable long-term Treasury bonds . STOP 
The yield on the benchmark 30-year Treasury bond ended yesterday at about *UNKN* % . STOP 
Bond dealers said the rates for the long-term tax-exempt New York City bonds were among the highest , as a percentage of Treasury rates , for any New York City issue in recent memory . STOP 
A spokesman for New York City *CUNKER* *CUNK* *CUNK* said the high rates reflect investors concerns about the city 's financial health and political uncertainties . STOP 
New York bonds , which have been *UNKED* in recent weeks on the pending supply and reports that the city 's economy is growing weaker , rose 1\/2 point yesterday . STOP 
Treasury Securities STOP 
Treasury bonds ended slightly higher in light trading . STOP 
The benchmark 30-year bond ended at 102 *UNKN* to yield *UNKN* % , compared with Friday 's price of 102 *UNKN* to yield *UNKN* % . STOP 
The latest 10-year notes ended at about 100 *UNKN* to yield 7.90 % , compared with 100 *UNKN* to yield *UNKN* % on Friday . STOP 
*CUNK-* interest rates rose at the government 's regular weekly *CUNK-* auction . STOP 
The average discount rate on three-month bills was *UNKN* % and the rate on six-month bills was *UNKN* % . STOP 
Those rates are up from 7.52 % and 7.50 % , respectively , at last week 's auction . STOP 
*CUNK* to the Treasury 's need to raise funds quickly before the current authority to issue debt expires at midnight tonight , yesterday 's auction was structured *UNKLY* from previous sales . STOP 
The Treasury bills sold yesterday settle today , rather than the standard settlement day of Thursday . STOP 
And because of the early settlement , the three-month bills actually have a *UNK-* maturity , and the six-month bills have an *UNK-* maturity . STOP 
Because of the early settlement , the Federal Reserve was unable to purchase bills for its system account . STOP 
However , analysts expect the Fed to buy Treasury bills that were *UNKED* yesterday in the secondary market . STOP 
The Treasury also held a *UNKLY* scheduled $ 2 billion sale of *UNK-* management bills yesterday . STOP 
Here are details of yesterday 's three-month and six-month bill auction : STOP 
*CUNKS* are determined by the difference between the purchase price and face value . STOP 
Thus , higher bidding *UNKS* the investor 's return while lower bidding *UNKS* it . STOP 
The percentage rates are calculated on a *UNK-* year , while the coupon equivalent yield is based on a *UNK-* year . STOP 
Both issues are dated Oct. 31 . STOP 
The *UNK-* bills mature Feb. 1 , and the *UNK-* bills mature May 3 , 1990 . STOP 
Here are details of yesterday 's *UNK-* cash management bill auction : STOP 
Interest rate *UNKN* % STOP 
The bills are dated Oct. 31 and mature Dec. 21 , 1989 . STOP 
Corporate Issues STOP 
The junk bond prices of Western Union Corp. tumbled after the company said it wo n't proceed with an exchange offer to holders of its reset notes . STOP 
The *CUNKER* *CUNK* River , N.J. , communications firm said it is considering alternatives to the restructuring of the senior secured notes because of changes in the high-yield market . STOP 
In June , Western Union was forced to reset the interest rate on the senior secured notes due in 1992 to 19 1\/4 % from 16 1\/2 % , a move which increased the firm 's annual interest payments by $ 13.8 million . STOP 
Although the notes held at a price of 92 to 93 immediately after the reset , they started falling soon *UNK* . STOP 
Yesterday , Western Union 's senior secured reset notes fell 3 3\/4 points , or about $ *UNKN* for each $ 1,000 face amount , to close at 50 1\/4 . STOP 
Other Western Union securities were also lower . STOP 
The company 's 7.90 % *UNKING* fund debentures were quoted at a bid price of 14 1\/4 and an offered price of 30 , while the 10 3\/4 % subordinated debentures of 1997 were being bid for at 28 and offered at around 34 3\/4 . STOP 
The 10 3\/4 % debentures last traded at 35 . STOP 
*CUNK-* traders said spreads between the bid and offered prices of Western Union junk bonds have been *UNKING* for some time , and in certain cases , bids for Western Union securities are not available . STOP 
Elsewhere , prices of investment-grade and high-risk , high-yield junk bonds ended unchanged . STOP 
In the *UNK-* market for junk securities , underwriters at Salomon Brothers Inc. are expected to price today a $ 350 million junk bond offering by Beatrice Co. . STOP 
The *UNK-* issue consists of $ 200 million of senior subordinated reset notes maturing in 1997 and $ 150 million of subordinated floating rate notes also maturing in 1997 . STOP 
Portfolio managers said expectations are for the issue to be priced at a discount with a coupon of 13 3\/4 % and a yield of about 14 % . STOP 
The Chicago-based food and consumer goods concern was acquired in April 1986 in a $ 6.2 billion leveraged buy-out engineered by *CUNK* Kravis Roberts & Co . STOP 
Proceeds from the note sale will be used to repay a portion of the bank borrowings used by Beatrice to redeem its $ *UNKN* million principal amount of increasing rate debentures in August . STOP 
Meanwhile , underwriters at Morgan Stanley & Co. are expected today to price a $ 350 million high-yield offering by Continental *CUNKION* Inc . STOP 
The senior subordinated debentures maturing in 2004 are targeted to be offered at a yield of between 12 5\/8 % to 12 3\/4 % . STOP 
*CUNKED* Securities STOP 
Mortgage securities ended *UNKN* to *UNKN* higher in light trading . STOP 
Ginnie Mae 's 9 % issue for November delivery finished at 98 1\/2 , up *UNKN* , and its 10 % issue at 102 3\/8 , up *UNKN* . STOP 
Freddie Mac 's 9 % issue ended at 97 *UNKN* , up *UNKN* . STOP 
In the derivative market , insurance companies have *UNKED* back their purchases of Remic securities , or real estate mortgage investment *UNKS* , as they assess potential claims from the recent California earthquake and hurricane in the *CUNKS* . STOP 
This could mean diminished issuance of derivative mortgage issues during the next few weeks . STOP 
Insurance companies have been major buyers of *UNKED* planned *UNKION* classes -LRB- *CUNKS* -RRB- during the past few months . STOP 
The *CUNKS* appeal to insurance companies and other investors because they have higher yields than *UNK* corporate bonds and carry the guarantee of Freddie Mac and Fannie Mae , *UNKAL* agencies . STOP 
In the asset-backed market , *CUNKAL* Corp. offered $ *UNKN* million of securities backed by *UNK-* loans , the second large deal in the past week . STOP 
Last week , a unit of *CUNK* Financial Corp. offered $ *UNKN* million of *UNK-* securities . STOP 
Both the *CUNK* and *CUNKAL* offering were *UNUNK* by Merrill Lynch Capital Markets , the leading Wall Street firm in the *UNK-* securities market , which was created early this year . STOP 
Municipal Issues STOP 
The improved tone in the municipal market , largely an *UNK* of the New York City sale 's *UNKION* , helped municipal futures rebound from early lows , but the spread between the contract and *CUNK* futures continued to grow more negative . STOP 
The *CUNK* spread , or difference between the municipal and *CUNK-* futures contracts , has been near *UNK-* lows in recent trading , driven basically by concerns that *UNK-* supply would *UNK* demand . STOP 
December municipal futures ended up *UNKN* point to *UNKN* , having pulled off a morning low of *UNKN* as cash *UNKS* rebounded . STOP 
But front month *CUNK-* futures settled the afternoon session up a slightly greater *UNKN* at *UNKN* . STOP 
Foreign Bonds STOP 
British government bonds ended moderately higher , encouraged by a *UNKER* pound and a rise in British stocks . STOP 
The benchmark 11 3\/4 % bond due *UNKN* rose *UNKN* to 111 *UNKN* to yield *UNKN* % , while the Treasury 's 12 % notes due 1995 rose *UNKN* to 103 5\/8 to yield *UNKN* % . STOP 
West German government bonds fell as much as *UNKN* point in light , nervous trading . STOP 
The 7 % Treasury bond due October 1999 ended off *UNKN* point to *UNKN* to yield *UNKN* % , while the 6 3\/4 % notes due 1994 fell *UNKN* point to *UNKN* to yield *UNKN* % . STOP 
Japanese government bonds continued to *UNK* as the dollar remained *UNK* against the yen . STOP 
Japan 's No. 111 4.6 % bond due 1998 ended the day on brokers screens at *UNKN* to yield *UNKN* % . STOP 
*CUNKED* *UNKER* acquisitions totaled $ *UNKN* billion in the second quarter , down from $ *UNKN* billion a year earlier , according to the accounting firm *CUNK* *CUNK* *CUNK* . STOP 
In a *UNKER* transaction , the buyer is in a different region of the *UNK* from the target . STOP 
Such transactions *UNKED* *UNKN* in the second quarter , up from *UNKN* a year earlier . STOP 
However , the total value declined for deals of $ 100 million and up . STOP 
The downturn in total value may be only temporary , suggested *CUNK* *CUNKER* , a *CUNK* *CUNK* *CUNK* partner . STOP 
He explained , in part , that restructuring to prepare for the *CUNK* Market expansion due in 1992 `` has become more of a strategic priority , both for companies inside and outside the European Community . '' STOP 
In the second quarter , *UNK-* *UNKER* transactions -- deals under $ 100 million each -- *UNKED* *UNKN* and totaled $ 6 billion , compared with *UNKN* such transactions totaling $ 4.9 billion a year earlier , the firm said . STOP 
*CUNK* *UNKER* deals *UNKED* 51 and totaled $ *UNKN* billion in the second quarter , the firm added . STOP 
That compared with 49 such transactions totaling $ *UNKN* billion as year earlier . STOP 
*CUNKER* Foods Inc. said its board authorized the purchase of as many as 500,000 of its common stock purchase warrants at a price of $ 4 a warrant . STOP 
The food company , which has *UNKN* warrants and about 2.9 million common shares outstanding , said it may increase the offer to purchase any or all warrants that are properly tendered . STOP 
A warrant permits a holder to acquire one share of common stock for $ *UNKN* a share . STOP 
The warrants expire on Oct. 15 , 1992 , and may be called by the company at a price of $ *UNKN* . STOP 
The offer is scheduled to expire on Nov. 28 , unless extended . STOP 
In New York Stock Exchange composite trading , *CUNKER* closed yesterday at $ *UNKN* , down 12.5 cents . STOP 
*CUNKAL* *CUNK* STOP 
*CUNK-* problems , though often quite *UNK* , This time of year leave us in *UNKS* , When we notice around our airport A holding pattern for *UNKS* . STOP 
-- Edward F. *CUNK* . STOP 
*CUNKED* STOP 
`` I am *UNK* myself , '' I 've said in moments of heat , Without ever *UNKING* To *UNK* at the *UNK* . STOP 
-- *CUNK* *CUNKS* . STOP 
*CUNK* *CUNKER* STOP 
The ultimate blow to the *UNK* is learning that even your mistakes go *UNKED* . STOP 
-- *CUNK* *CUNK* . STOP 
Gen-Probe Inc. , a biotechnology concern , said it signed a definitive agreement to be acquired by Chugai Pharmaceutical Co. of Tokyo for about $ 110 million , or almost double the market price of Gen-Probe 's stock . STOP 
The move is sure to *UNK* concerns about increased Japanese investment in U.S. biotechnology firms . STOP 
It is also likely to bolster fears that the Japanese will use their *UNK* in U.S. biotechnology concerns to gain certain trade and competitive advantages . STOP 
Gen-Probe , an industry leader in the field of genetic *UNKS* , which is a new technology used in *UNK* tests , last year signed an agreement for Chugai to *UNKLY* market its *UNK* products in Japan for *OUS* diseases and cancer . STOP 
Chugai agreed then to fund certain associated research and development costs . STOP 
That arrangement apparently has worked well , and Thomas A. *CUNK* , president and chief executive officer of Gen-Probe , founded in 1983 , said the sale of the company means `` we will be able to concentrate on running the business rather than always looking for sources of financing . '' STOP 
Chugai agreed to pay $ 6.25 a share for Gen-Probe 's *UNKN* million common shares outstanding on a fully diluted basis . STOP 
Yesterday , in national trading in the over-the-counter market , Gen-Probe common closed at $ *UNKN* a share . STOP 
Because the U.S. leads in most areas of biotechnology -- largely because of research investment by the U.S. government -- the sale is sure to increase concerns that Japanese companies will buy American *UNK-* and use it to obtain the upper hand in biotechnology trade and competition . STOP 
`` The biotechnology firms may be setting up their own competitors , '' said Richard *CUNK* , president of the Industrial *CUNK* Association . STOP 
He added that until now the Japanese have only acquired equity positions in U.S. biotechnology companies . STOP 
`` They are *UNKING* onto developed technology , '' he said . STOP 
During the past five years , Japanese concerns have invested in several of the U.S. 's *UNKN* independent biotechnology companies . STOP 
Chugai has been one of the most active Japanese players in U.S. biotechnology companies ; it has an equity investment in *CUNKS* Institute Inc. , Cambridge , Mass. , and a *UNK-* agreement with *CUNK* Co. , *CUNK* , *CUNK* . STOP 
The Japanese government , Mr. *CUNK* said , has stated that it wants 10 % to 11 % of its gross national product to come from biotechnology products . STOP 
`` It is becoming more of a horse race every day between the U.S. and Japan , '' he said , adding that some fear that as with the semiconductor , electronics , and automobile industries , Japanese companies will use *CUNKED* technology to gain trade advantages . STOP 
Mr. *CUNK* said the sale would allow Gen-Probe to speed up the development of new technology , and to more quickly apply existing technology to an array of *UNK* products the company wants to offer . STOP 
By 1988 , when only 10 genetic *UNKED* tests of *UNK* *OUS* diseases of humans had been approved for marketing by the Food and Drug Administration , eight of them had been developed and sold by Gen-Probe . STOP 
*CUNK* *CUNK* , deputy president of Chugai , which spends about 15 % of its sales on research and development , was unable to *UNK* how much money Chugai would pump into Gen-Probe . STOP 
`` We think Gen-Probe has technology important to people 's health , '' he said , adding : `` We think it is important for us to have such technology . '' STOP 
He and Mr. *CUNK* *UNKED* that both companies would gain *UNKAL* knowledge through the sale of Gen-Probe , which will expand `` significantly '' as a result of the acquisition . STOP 
In 1988 , Chugai had net income of $ 60 million on revenue of $ *UNKN* million . STOP 
*CUNK* had a net loss of $ 9.5 million on revenue of $ 5.8 million . STOP 
Recently , Gen-Probe received a broad U.S. patent for a technology that helps *UNK* , identify and *UNK* *UNKAL* *UNKS* through the targeting of a form of genetic material called *UNKAL* *CUNK* . STOP 
Among other things , Mr. *CUNK* said that the sale will *UNK* Gen-Probe 's marketing of a *UNK* test for acquired immune *UNK* syndrome , or AIDS . STOP 
Chugai also will help Gen-Probe with its regulatory and marketing expertise in Asia , Mr. *CUNK* said . STOP 
The tender offer for Gen-Probe 's shares is expected to begin next Monday , the company said . STOP 
It was supposed to be a routine *UNK* call . STOP 
A *UNK-* Soviet space officials , in Tokyo in July for an *UNK* , stopped by to see their counterparts at the National Space Development Agency of Japan . STOP 
But after a few *UNKS* , the Soviets unexpectedly got serious . STOP 
The Soviets have a *UNKING* space program , the *UNKS* noted . STOP 
*CUNK* n't the Japanese like a piece of it ? STOP 
The visitors then listed technologies up for sale , including launch services and *UNKION* hardware . STOP 
`` We were just surprised , '' says *CUNK* *CUNK* , *CUNK* 's director for international affairs . STOP 
`` *CUNKED* . '' STOP 
That Moscow , with its *UNKED* economic machine , would try to sell high technology to Japan , one of the world 's high-tech leaders , sounds like a *UNK-* notion . STOP 
But `` the Soviet Union has areas where it is n't behind Japan , '' says Mikhail *CUNK* of the Soviet Ministry of Foreign Economic Relations . STOP 
`` We have obtained through the development of *CUNKS* -LCB- the Soviet space program -RCB- technologies you do n't see anywhere else . '' STOP 
The sales pitch might n't be as *UNKED* as it seems . STOP 
*CUNK-* trade relations are *UNK* these days , and some Japanese favor *UNKING* their *UNK* on U.S. technology in light of the *CUNK* *UNK-* *UNK* , when U.S. officials reversed an earlier decision and refused to share certain crucial *UNK-* technology . STOP 
And , despite its image as a technology *UNKER* , Japan has a lot of weaknesses . STOP 
It 's a world leader in *UNKS* , but behind the U.S. in making the computers that use those chips . STOP 
It 's a world leader in auto manufacturing , but its *UNKION* industry is struggling , and its space program is years behind the U.S. , the Europeans and the Soviets . STOP 
One question being *UNKED* in the Soviet Union is how to use the defense sector 's *UNKION* expertise in the rest of the economy . STOP 
Many plants that used to make military equipment are now being ordered to produce *UNKS* , *UNK* recorders , small *UNKS* and *UNKING* machinery . STOP 
The Soviets also hope to make better use of their considerable expertise in *UNKAL* science , which has helped them win twice as many Nobel science *UNKS* as the Japanese . STOP 
Where they lag behind the Japanese is in turning the scientific *UNKS* into improved production . STOP 
By contrast , the Japanese have proved *UNK* at making use of Soviet *UNKS* . STOP 
*CUNK* Steel Ltd. adopted Soviet casting technology in 1966 and used it for 14 years until it developed its own system . STOP 
*CUNK* Steel Corp. bought a Soviet *UNKING* patent two years ago and has jointly developed the system with the Soviets . STOP 
In 1991 , the Soviets will take a Japanese *UNK* into space , the first Japanese to go into *UNK* . STOP 
Soviet efforts to sell their technology abroad do n't appear to worry the U.S. , Japan 's principal ally . STOP 
`` We have never opposed the development of economic relations between our allies and the Soviet Union , '' says a State Department official . STOP 
`` *CUNKLY* , I would n't expect the Japanese to get *UNKED* on anybody 's technology , least of all the Soviets . '' STOP 
Under Mikhail Gorbachev 's perestroika , the Soviets have sought economic ties all over the world , including new export markets . STOP 
They believe technology is one of their best *UNKS* , and some Soviet officials say Moscow will even consider *UNKING* military *UNK-* if the price is right . STOP 
The Soviets held export *UNKS* that included high-tech items in New York and West Germany . STOP 
Last week , a Soviet delegation came to Japan to push more space technologies . STOP 
Japan is a major target for the Soviets . STOP 
In August , representatives of *CUNK* , Japan 's largest business organization , visited Moscow to explore exports and investments that would help the Soviet economy . STOP 
Out of the blue , the Soviet Chamber of Commerce handed over details on 59 technologies that the Japanese might want to buy . STOP 
These mainly involved such areas as materials -- advanced *UNKING* machines , for example -- and medical developments *UNKED* from *UNKION* in space , such as *UNKAL* blood vessels . STOP 
A main *UNK* is hard cash . STOP 
But , while the Soviets ca n't expect direct technology flow from Japan , they also hope to benefit from Japanese manufacturing expertise . STOP 
`` The Soviet Union has a lot of *UNK-* , but it has been difficult to put that into actual production because of various structural problems in the economy , '' says Mr. *CUNK* , the Foreign Ministry official . STOP 
The Soviets are `` *UNKING* a flexible system under which it would be possible to develop -LCB- technology -RCB- jointly and even to market it jointly , '' he says . STOP 
Even if the Japanese find Soviet technology desirable , such discussions would be *UNK* with political *UNKS* . STOP 
Still *UNKING* from the international *UNK* over the sale two years ago of sensitive military technology to the Soviets by a subsidiary of Japan 's Toshiba Corp. , many Japanese are eager to avoid *UNKING* to help the Soviets in any way . STOP 
Another *UNK* concerns Japan 's attempts to persuade the Soviet Union to *UNK* its *UNK-* War II control of four *UNKS* north of Japan . STOP 
So far , the Soviets have provided only the *UNKEST* information about their technology and business plans . STOP 
And what they have shown is n't impressive . STOP 
`` My impression is that there is n't anything which *UNKS* our interest at first *UNK* , '' says an official from Japan 's Ministry of International Trade and Industry . STOP 
Peter *CUNK* in Moscow contributed to this article . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* 1 , 1975 , *CUNK* A *CUNK* May Day for securities houses , which were forced to end *UNKN* years of charging fixed commissions . STOP 
It scared brokers , but most survived . STOP 
It took effect after seven years of bitter debate between the Securities and Exchange Commission and traders and exchanges . STOP 
Despite warnings from such leaders as former Federal Reserve Board Chairman William *CUNK* Martin that *UNKED* commissions would *UNUNK* the industry , the SEC in September 1973 said full competition must start May *UNK* , 1975 . STOP 
The timing for change was right . STOP 
Institutions had become active market players in the early 1970s and sought exchange seats to handle their own trades . STOP 
And the industry was *UNK* with brokers trying to secure big client orders by using *UNKS* , *UNKS* , women and *UNKS* . STOP 
Within three weeks of the 1975 end to fixed rates there were *UNK-* price wars among brokers fighting for institutional business , with rate *UNKS* of 35 % to 60 % below *UNK-* 1 levels . STOP 
Ray *CUNK* Jr. , SEC chairman , said the `` *UNK* and *UNK* of the discounting is more than I expected . '' STOP 
Even a federal measure in June allowing houses to add research fees to their commissions did n't stop it . STOP 
*CUNKER* term , the impact is unclear . STOP 
The change prompted the rise of discount brokers and a reduction in securities research firms . STOP 
But there are currently more exchange members than in 1975 , with the bigger houses gaining a larger share of total commissions . STOP 
*CUNKS* , however , account for a smaller share of *UNK-* business as takeover advisory fees have soared . STOP 
Foreign stock markets , with which the U.S. is *UNKED* , also have ended fixed commissions in recent years . STOP 
It came in London 's `` Big *CUNK* '' 1986 deregulation ; and Toronto 's `` Little *CUNK* '' the same year . STOP 
Paris is currently *UNKING* out fixed commissions under its `` *CUNK* *CUNK* *CUNK* '' plan . STOP 
President Bush said that three members of his cabinet will lead a presidential mission to Poland to gauge how the U.S. can help the new *UNK-* government 's economic changes . STOP 
Mr. Bush announced several weeks ago that he intended to send such a mission , *UNKED* of top government aides and business and labor leaders . STOP 
The mission will visit Poland from Nov. 29 to Dec. 2 , the White House said . STOP 
In remarks at a White House *UNK* marking Polish *CUNK* *CUNK* , Mr. Bush announced that Agriculture Secretary *CUNK* *CUNKER* , Commerce Secretary Robert *CUNKER* and Labor Secretary Elizabeth Dole will lead the U.S. group . STOP 
Michael *CUNK* , chairman of the Council of Economic *CUNKS* , also will be a member . STOP 
In addition , the White House said that Charles *CUNKER* , chairman of *CUNK* Inc. , and John *CUNK* , chairman of Manufacturers Hanover Corp. , will be among a group of at least 15 business and labor representatives in the presidential mission . STOP 
Mr. Bush said the group is to `` focus on economic sectors where U.S. expertise and cooperation can indeed make a difference . '' STOP 
Mr. Bush has asked Congress to provide more than $ 400 million in economic aid and food grants for Poland 's new government , but has been *UNKED* by Democrats for failing to do more . STOP 
Warner Communications Inc. is close to an agreement to back a new recorded music and music publishing company in partnership with Irving Azoff , who resigned in September as head of MCA Inc. 's MCA Records unit . STOP 
Warner and Mr. Azoff declined comment , as did MCA , where Mr. Azoff had also been discussing such a venture . STOP 
But record industry executives familiar with the talks said Mr. Azoff and Warner came to an agreement yesterday to form a *UNKN* *UNK-* company funded by Warner and run by Mr. Azoff . STOP 
Among other things , they said , Mr. Azoff would develop musical acts for a new record label . STOP 
The agreement is said to be similar to Warner 's *UNKN* partnership with record and movie producer David *CUNK* , whose films and records are distributed by the Warner Bros. studio and the Warner records unit . STOP 
Although Mr. Azoff wo n't produce films at first , it is possible that he could do so later , the sources said . STOP 
Like Mr. *CUNK* 's arrangement , the venture gives Mr. Azoff a link to the world 's largest and most successful record distributor ; in the U.S. alone , Warner has a 40 % share of the market , about double its *UNKEST* competitor , Sony Corp. 's CBS Records . STOP 
For Warner , meanwhile , it gives the company a second young partner with a *UNKER* on the *UNK* of the hottest trends in the music business . STOP 
The *UNK-* Mr. Azoff , a former rock *UNK* roll manager , is credited with turning around MCA 's *UNK-* music division in his six years at the company . STOP 
But Mr. Azoff had been negotiating for more than a year to get out of his MCA contract , which expired in 1991 . STOP 
Mr. Azoff reportedly was *UNKED* and frequently *UNKED* with top MCA management over a number of issues such as compensation and business plans . STOP 
Mr. Azoff also was eager to return to a more *UNKAL* role in which he had a big financial stake in his own efforts . STOP 
In an interview at the time of his resignation from MCA , he said : `` I 'd rather build a company than run one . STOP 
Part of a Series -RCB- STOP 
Tom *CUNK* had a perfectly good reason for not using the $ 300 *UNKING* machine he bought three years ago . STOP 
`` I *UNK* a bad *UNK* *UNK* , got food *UNKING* and had to have a shot in my *UNKER* , '' he says , making it too painful to row . STOP 
The *UNKS* , he admits , went away about a week after the shot . STOP 
Yet the *UNKING* machine has n't been *UNKED* since , even though he has moved it across the country with him twice . STOP 
A San Francisco lawyer , Mr. *CUNK* *UNKED* *UNKLY* when he first got the machine , but , he complains , it left *UNK* marks on his carpet , `` and it was *UNKING* . STOP 
It 's a *UNK* machine , actually . STOP 
I 'm *UNKED* I own the *UNK* thing . '' STOP 
Mr. *CUNK* has plenty of company . STOP 
Nearly *UNKS* of the people who own home exercise equipment do n't use it as much as they planned , according to The Wall Street Journal 's `` American Way of Buying '' survey . STOP 
The *CUNKER* Organization , which conducted the survey , said almost half of the exercise equipment owners found it *UNKER* than they expected . STOP 
It is n't just exercise gear that is n't getting a good *UNK* . STOP 
The *UNKS* *UNK* itself has gone soft , the survey found . STOP 
*CUNKER* people said they were working up a *UNK* with such activities as *UNKING* , *UNKS* , *UNKING* and *UNKS* . STOP 
*CUNK* of those surveyed said they simply walk these days for exercise . STOP 
That 's good news for marketers of walking shoes . STOP 
The survey also *UNKED* a bit more interest in golf , a positive sign for country *UNKS* and golf club makers . STOP 
The survey 's findings certainly are n't encouraging for marketers of *UNK-* *UNKS* , *UNKS* *UNKS* and home exercise equipment , but people 's good intentions , if not their actions , are keeping sales of some *UNKS* products healthy . STOP 
For instance , sales of *UNKS* , exercise bikes , *UNK* *UNKS* and the like are expected to rise 8 % to about $ *UNKN* billion this year , according to the National *CUNKING* *CUNKS* Association , which sees the home market as one of the hottest growth areas for the 1990s . STOP 
But even that group knows some people do n't use their machines as much as they should . STOP 
`` The first excuse is they do n't have enough time , '' says research director Thomas *CUNK* . STOP 
`` The second is they do n't have enough discipline . '' STOP 
With more than 15 million exercise bikes sold in the past five years , he adds , `` a lot of *UNKS* , *UNKS* and *UNKS* must be *UNKED* with them . '' STOP 
Still , the average price of such bikes rose last year to $ 145 . STOP 
Mr. *CUNK* predicts a trend toward fewer pieces of home exercise equipment being sold at higher prices . STOP 
Electronic *UNKS* are key . STOP 
*CUNK* International Inc. , for example , *UNKS* the *CUNK* Electronic *CUNKING* *CUNK* , a $ 2,000 *UNK* cycle . STOP 
On a video screen , riders can see 30 different `` *UNKS* , '' including urban , mountain and desert *UNKS* , and check how many *UNKS* are *UNKED* a minute . STOP 
*CUNK* *CUNK* , who works in corporate payments at Bank of America in San Francisco , may be a good prospect for such a *UNK* . STOP 
She 's trying to sell a $ 150 exercise bike she bought about five years ago for her *UNK* . STOP 
But rather than write off home *UNKS* equipment , she traded up : Ms. *CUNK* just paid about $ 900 for a *UNKER* *UNK* bike , with a *UNKER* , *UNKS* showing average and maximum *UNKS* and a comfortable seat that feels almost like a chair . STOP 
`` I 'm using it a lot , '' she says . STOP 
`` I spent so much money that if I look at it , and I 'm not on it , I feel guilty . '' STOP 
The poll points up some *UNKS* between what people say and what they do . STOP 
A surprising 78 % of people said they exercise regularly , up from 73 % in 1981 . STOP 
This *UNKS* up images of a nation full of trim , *UNK* *UNKS* , and suggests *UNK* *UNKS* are out of season . STOP 
Of course , that is n't really the case . STOP 
The *UNK* may be because asking people about their *UNKS* regime is a bit like *UNKING* about their love life . STOP 
They 're *UNK* to *UNK* . STOP 
`` People say they *UNK* , and that may mean they 've been to the *UNK* this year , '' says *CUNKS* Spain , research specialist for the President 's Council on *CUNKAL* *CUNKS* and Sports . STOP 
`` It 's hard to know if people are responding *UNKLY* . STOP 
People are too *UNKED* to say they have n't done anything . '' STOP 
While she *UNKS* the fact that more Americans are getting up from the television to *UNK* or garden , she says the percentage of Americans who do `` real exercise to build the heart '' is only 10 % to 20 % . STOP 
So many people *UNK* on answers about exercise , the president 's council now uses specific criteria to determine what is considered vigorous : It must produce *UNKS* of large *UNK* groups , must achieve 60 % of maximum *UNK* capacity and must be done three or more times a week for a minimum of 20 minutes . STOP 
One of the council 's goals , set in 1980 , was to see more than 60 % of adults under 65 years of age getting vigorous exercise by 1990 . STOP 
That target has been revised to 30 % by the year 2000 . STOP 
But even that goal may prove optimistic . STOP 
Of 14 activities , the Journal survey found that 12 -- including *UNKING* , *UNKING* and *UNKING* -- are being done by fewer Americans today than eight years ago . STOP 
Time pressures and the *UNK* of the *UNKS* *UNK* are cited as reasons for the decline . STOP 
Only walking and golf increased in popularity during the 1980s -- and only slightly . STOP 
*CUNK* *CUNK* , a California lawyer , gave up running three times a week to play a weekly round of golf , finding it more social and *UNK* . STOP 
It 's an activity she feels she can do for life , and by pulling a golf *UNK* , she still gets a good *UNK* . STOP 
`` I 'm really *UNKED* out after walking five hours , '' she says . STOP 
Most people said they exercise both for health and *UNK* . STOP 
`` If you sit down all the time , you 'll go stiff , '' says *CUNK* *CUNK* , a *CUNK* , N.C. , *UNKER* who *UNKS* several miles a week . STOP 
`` And it 's *UNKING* . STOP 
Sometimes , if you have a *UNK* , you can go out and walk it right off . '' STOP 
Only about a quarter of the respondents said they exercise to lose weight . STOP 
*CUNKLY* more , like *CUNK* *CUNK* , a law *UNK* in San Francisco who *UNKS* dance *UNKS* five times a week , exercise to *UNK* stress . STOP 
`` Working with lawyers , '' she says , `` I need it . '' STOP 
But fully 90 % of those *UNKED* felt they did n't need to *UNK* to a health club . STOP 
`` They 're too crowded , and everybody 's showing off , '' says Joel Bryant , a *UNK-* student from *CUNK* , Calif . STOP 
`` The guys are being *UNK* , and the *UNKS* are walking around in little things . STOP 
They 're not there to work out . '' STOP 
But at least they show up . STOP 
Nearly half of those who joined health *UNKS* said they did n't use their membership as often as they planned . STOP 
*CUNKING* they should *UNK* more time to their families or their jobs , many *UNKS* are *UNKING* their *UNKED* *UNK* . STOP 
Even so , the Association of *CUNK* *CUNKS* , a *UNK-* trade group in Boston , says membership revenues will rise about 5 % this year from last year 's $ 5 billion . STOP 
A spokeswoman adds , however , that the group is considering offering `` a *UNKION* course , similar to a *UNKION* program , to *UNK* people ways to stay with it . '' STOP 
There are *UNK-* *UNKS* , of course . STOP 
The *UNK* of *CUNK* West , an *UNKS* studio in San Francisco 's Marina district , which was hit hard by the earthquake , says , `` People were going *UNKS* the minute we opened , '' three days after the quake . STOP 
`` The emotional aspect is so *UNKING* , they needed a good *UNK* . '' STOP 
Perhaps the most *UNKING* finding is that the *UNKING* *UNK* may be an *UNKED* American institution . STOP 
The survey reported the number of people who said they *UNK* regularly has fallen to just 8 % from 17 % in 1981 . STOP 
The American *CUNKING* Congress claims a higher percentage of the public *UNKS* regularly , but concedes its membership has declined this decade . STOP 
To find out why , the group recently *UNKED* a study of the past 20 years of *UNKED* research . STOP 
Three reasons were *UNKED* : a preference for watching *UNKING* and other sports on television rather than actually *UNKING* , *UNK* *UNKING* centers , and *UNKION* with *UNKING* itself . STOP 
People who start *UNKING* expecting it to be a *UNK* exercise `` have been generally disappointed , '' the report said . STOP 
But not Richard *CUNK* , a San Francisco *UNK* *UNKER* who *UNKS* in two weekly *UNKS* . STOP 
He hit the *UNKS* three years ago on the advice of his doctor . STOP 
`` It 's good exercise , '' he says . STOP 
`` I ca n't do anything *UNK-* , but I like meeting the *UNKS* . '' STOP 
He says *UNKING* helps him shed pounds , though that effort is sometimes *UNKED* by the fact that `` when I 'm drinking , I *UNK* better . '' STOP 
His Tuesday night team , the *CUNKS* , is in first place . STOP 
WPP *CUNK* 'S Ogilvy & Mather expects profit margins to improve to 11.5 % in 1990 in the U.S. STOP 
Yesterday 's edition did n't specify where the improvement would take place . STOP 
*CUNKING* your Sept. 29 article `` *CUNKS* *CUNK* *CUNKS* , *CUNK* *CUNK* '' : The outcome of our leveraged *UNK* is looking very positive . STOP 
Unlike most of the other retailers mentioned in the story , *CUNK* A. Bank *CUNKS* Inc. is not in serious financial problems . STOP 
We did experience some difficulties with the initial LBO terms and , as your article made clear , successfully restructured our debt earlier this year , something those other retailers have yet to accomplish . STOP 
Your were on target regarding industry problems , but wide of the mark in *UNKING* the financial health of this company . STOP 
Chairman and *CUNK* *CUNK* A. Bank *CUNKS* Inc. *CUNKS* Mills , *CUNK* . STOP 
Private housing starts in Japan were unchanged in September from a year earlier at *UNKN* units , the Construction Ministry said . STOP 
The flat report followed a *UNK-* string of declines . STOP 
The down trend was partly the result of tighter credit sparked by a discount rate increase by the Bank of Japan in May . STOP 
The central bank also unexpectedly raised the base rate by half a percentage point to *UNKN* % Oct. 11 as part of an *UNKING* move that indirectly increases interest rates charged on new home construction loans . STOP 
If there 's *UNK* strange in your neighborhood ... STOP 
If there 's something ' *UNK* and it do n't look good . STOP 
Who *UNK* *UNK* *UNK* call ? STOP 
For *UNKS* , some people call *CUNK* and *CUNK* Warren . STOP 
When it comes to *UNKING* ghosts , the *CUNK* , Conn. , couple are perfect *UNKS* . STOP 
They claim to have *UNKED* spirits , *UNKS* and other *UNKS* in hundreds of houses around the country . STOP 
They say they now get three or four `` legitimate '' calls a week from people *UNKED* by *UNKS* . STOP 
`` I firmly believe in *UNKS* , *UNKS* and ghosts , '' says Mr. Warren , whose business card *UNKS* him as a `` *UNK* . '' STOP 
If *UNKS* do n't work , but your house still seems *UNKED* , you can call any one of a *UNKING* band of *UNKS* such as Richard *CUNK* . STOP 
A professional *UNK* and *UNK* , he heads the Pittsburgh branch of the Committee for the *CUNK* Investigation of the *CUNKAL* . STOP 
Mr. *CUNK* says there is a scientific explanation for all *UNKS* , and he can even tell you how to encourage the spirits . STOP 
`` All you have to do is eat a big *UNK* , and then go to bed , '' he says . STOP 
`` You 'll have *UNK* *UNKS* , too . '' STOP 
*CUNKER* way , the *UNKING* business is going like *UNKS* . STOP 
*CUNKS* of *UNKS* and *UNKS* are *UNKING* beyond the nation 's *CUNK* *CUNKS* and *CUNKS* . STOP 
`` I get calls nearly every day from people who have ghosts in their house , '' says Raymond *CUNK* , a skeptical psychology professor at the University of Oregon . STOP 
In a public opinion poll published in the October issue of *CUNKS* Magazine , a third of those *UNKED* said they believe that ghosts or spirits make themselves known to people . STOP 
`` The movies , the books , the *UNKS* -- even *CUNK* Reagan is boosting this stuff , '' says Paul *CUNK* , a philosophy professor at the State University of New York at *CUNK* , who heads the Committee for the *CUNK* Investigation of the *CUNKAL* . STOP 
The committee , formed in *UNKN* , now has 60 *UNKS* around the world . STOP 
The spirits , of course , could hardly care less whether people do or do n't believe in them . STOP 
They do n't even give a *UNK* to human *UNKS* by *UNKING* *CUNK* . STOP 
For the *UNKS* it 's just another day of *UNK* business as usual , *UNKS* say ; the holiday seems to *UNKION* no unusual number of ghost reports . STOP 
One of the *UNKEST* *UNKS* is Robert Baker , a *UNK-* *UNKED* University of Kentucky psychology professor whose *UNK* gray *UNKS* *UNK* at the mere mention of a ghost . STOP 
Mr. Baker says he has personally *UNKED* more than 50 *UNKS* , from *UNKS* to *UNKS* . STOP 
Mr. Baker heads the Kentucky Association of Science *CUNKS* and *CUNKS* . STOP 
Like Hollywood 's *CUNKS* , Kentucky 's stand ready to roll when *UNKS* get out of hand . STOP 
But they do n't *UNK* around in an old *CUNK* , wear funny suits or *UNK* away at *UNK* spirits . STOP 
Mr. Baker drives a 1987 *CUNK* and usually *UNKS* a *UNKED* *UNK* on his *UNKING* *UNKS* . STOP 
`` I 've never met a ghost that could n't be explained away by perfectly natural means , '' he says . STOP 
When a Louisville woman complained that a ghost was *UNKING* her *UNK* , Mr. Baker discovered a *UNK* *UNKING* a *UNK* across the *UNKS* . STOP 
A *UNKING* *UNK* *UNKLY* *UNKED* a house in *CUNK* , *CUNK* . STOP 
Mr. Baker found an opening under the house that led to a *UNKED* coal mine . STOP 
When the weather *UNKS* , Mr. Baker says , *UNKS* often hole up in abandoned houses . STOP 
`` People see activity in there , and the next thing you know , you 've got a *UNKING* , '' he says . STOP 
On a recent afternoon , Mr. Baker and a reporter go *UNKING* , *UNKING* *CUNK* *CUNK* , a Lexington woman who has *UNKED* the University of Kentucky to report *OUS* *UNKS* in her house . STOP 
Mrs. *CUNK* says she never believed in ghosts before , but lately her *UNK* *UNKER* turned itself on , a telephone flew off its stand , doors *UNKED* *UNKLY* , and she heard *UNKS* in her empty *UNK* . STOP 
`` I was doing the *UNK* and nearly broke my neck running *UNKS* to see who was there , and it was nobody , '' she says , eyes wide at the *UNKION* . STOP 
Mr. Baker *UNKS* her out , *UNKS* around a bit , asks a few questions and proposes some *UNKS* . STOP 
Of the *UNKING* *UNK* *UNKER* , he says : `` *CUNK* be *CUNKS* , -LCB- Mrs. *CUNK* 's dog -RCB- . '' STOP 
The flying telephone : `` You *UNK* the base *UNK* around a chair leg , and the *UNKER* does seem to fly off . '' STOP 
The *UNKLY* *UNKS* : `` Interstate 64 is a block away , and heavy traffic can sure set a house to *UNKING* . '' STOP 
`` I 'm not sure he 's explained everything , '' Mrs. *CUNK* says *UNKLY* . STOP 
`` There are some things that have gone on here that nobody can explain , '' she says . STOP 
Mr. Baker promises to return if the *UNKING* continues . STOP 
For especially *UNK* *UNKS* , Mr. Baker carries a secret weapon , a *UNKAL* of *UNK* . STOP 
`` I tell people it 's the *UNK* *UNKS* of *UNKS* , '' he says . STOP 
`` I *UNK* a little around and tell the *UNKS* to leave . STOP 
It 's *UNKING* , and it usually works . '' STOP 
Oregon 's Mr. *CUNK* has *UNKED* claims of flying *UNKS* , *UNKS* and *UNKING* *UNKS* and has come up with a *UNK* explanation , he says , for every one . STOP 
`` *CUNKLY* , '' he says , `` *UNKS* are *UNUNK* . '' STOP 
Two years ago , a Canadian *UNKER* bet *CUNK* Magazine $ 1,000 that it could n't *UNK* the *UNUNK* *UNK-* in `` the Oregon *CUNK* , '' a former Indian *UNKAL* ground in southern Oregon . STOP 
To viewers from a distance , visitors to the spot seemed to *UNK* *UNKLY* , relative to the background . STOP 
The magazine called in Mr. *CUNK* as a consultant . STOP 
He showed up with a *UNKER* 's level , carefully measured every surface and showed how the apparent *UNK* was caused by the perspective . STOP 
`` A very striking *UNKION* , '' Mr. *CUNK* says now , his voice *UNKING* with *UNK* , `` but an *UNKION* *UNKS* . '' STOP 
The Canadian *UNK* up writing a check . STOP 
The *CUNK* *CUNKS* *CUNK* , a *UNK* professor and *UNK* expert at St. *CUNK* University in *CUNK* , N.Y. , frequently is asked to *UNK* *UNKLY* spirits , and he often *UNKS* . STOP 
`` On certain occasions a spirit could be *UNK* and make itself known , '' he says . STOP 
`` It happens . '' STOP 
*CUNKER* *CUNK* often uses what he calls `` a *UNK* *UNK* '' : a few *UNKS* and an *UNKION* to the spirit to leave . STOP 
`` If the person believes there 's an *UNK* spirit , you ask it to be gone , '' he says . STOP 
`` The suggestion itself may do the *UNKING* . '' STOP 
But sometimes more *UNK* attacks are required . STOP 
To *UNK* with a *UNK* in a house owned by a *CUNK* , Conn. , woman , the *CUNKS* recently called in an *UNK* , the *CUNK* Robert *CUNK* , a dissident *UNK* who *UNKS* to the *CUNK* Church 's old Latin *UNK* . STOP 
I *UNK* , and so does a television *UNK* from New York City . STOP 
Mr. Warren *UNKS* the *CUNK* case `` your typical *UNK* *UNKION* . '' STOP 
A *CUNK* *UNK* built the small red house 110 years ago and now his *UNK* ghost *UNKS* it , Mr. Warren says . STOP 
The owner , who *UNKS* *UNK* , asserts that the *UNK* , *UNKING* as a dark shadow , has *UNKED* her , *UNKING* her around the living room and *UNKING* out a *UNK* of hair . STOP 
Two previous *UNKS* have failed . STOP 
`` This is a very *OUS* ghost , '' Mr. Warren says *UNKLY* . STOP 
*CUNKER* *CUNK* moves through the house *UNKING* in Latin , urging the *UNK* to split . STOP 
*CUNKLY* the woman begins *UNKING* and then *UNKING* . STOP 
`` She 's being attacked by the *UNK* , '' Mrs. Warren *UNKS* as the *UNKEST* *UNKS* *UNKLY* water over the *UNKING* woman , and the television camera *UNKS* . STOP 
A half-hour later , the woman is *UNKING* and *UNKING* ; the *UNK* seems to have gone . STOP 
But Mr. Warren says the woman has `` *UNK* *UNKS* '' on her back from the confrontation . STOP 
She declines to show them . STOP 
`` This was an *UNK* , powerful force that 's almost impossible for a *UNK* to *UNK* , '' Mr. Warren says *UNKLY* as the *UNKING* *UNK* *UNKS* up to leave . STOP 
`` This time though , '' he says , `` I think we got it . '' STOP 
*CUNKS* from `` *CUNKS* '' by Ray S. Parker Jr. 1984 by Golden *CUNK* *CUNK* Corp. -LRB- *CUNK* -RRB- and *CUNK* *CUNK* -LRB- *CUNK* -RRB- . STOP 
All administrative rights for the U.S. jointly controlled by both companies . STOP 
International copyright secured . STOP 
*CUNK* in USA . STOP 
All rights *CUNKED* . STOP 
*CUNKED* by permission . STOP 
*CUNK* *CUNK* *UNKS* amid market turmoil . STOP 
But *UNKS* earn more . STOP 
Shearson Lehman Hutton Inc. counts under *UNKN* workers , down 100 from the start of the year and off *UNKN* from after its merger and the market collapse two years ago . STOP 
Another major firm has cut 6,000 workers , 13 % of its staff , since Black Monday . STOP 
The Bureau of Labor Statistics says securities firms in New York City alone have slashed *UNKN* jobs from the December 1987 peak of *UNKN* . STOP 
Average annual earnings of those who have *UNK* on , though , surged to $ *UNKN* last year from $ *UNKN* in 1987 . STOP 
Any hiring is *UNKED* to retail sales . STOP 
Illinois Company Investments had been *UNKING* its ranks until last summer . STOP 
But then it was acquired by *CUNK* International Inc . STOP 
Now it offers *UNKER* commissions to lure a broker a week . STOP 
*CUNK* Lane Inc. this year adds 70 people -- 60 of them in retail -- to its *UNKER* staff . STOP 
*CUNK* Edwards & Sons runs training classes and looks for experienced brokers . STOP 
`` We 're always going to hire someone we consider to be a winner , '' an Edwards official says . STOP 
*CUNK* *CUNK* *UNK* are available to cope with earthquake damage . STOP 
`` I do n't *UNK* any shortages over the next few months , '' says *CUNK* Allen , an official of Operating *CUNKS* *CUNKAL* 3 in San Francisco . STOP 
*CUNKLY* , `` up until the quake , we *UNKLY* tried to fill jobs , '' especially for *UNK* and *UNKER* operators . STOP 
But the Oct. 17 temblor put a halt to much *UNKAL* building , and heavy *UNKS* last week slowed the rest , *UNKING* construction workers for earthquake repairs . STOP 
The supply of experienced civil engineers , though , is tighter . STOP 
In recent months , California 's Transportation Department has been recruiting in Pennsylvania , Arizona and Texas for engineers experienced in road and bridge design . STOP 
But , with the state offering only $ *UNKN* a year and California 's high standard of living , `` there are n't too many to choose from , '' says *CUNK* Scott , a recruiting officer . STOP 
He says the department now has 75 *UNKS* and wants to hire *UNKN* civil engineers over the next 15 months . STOP 
THE IRS may *UNK* what the Labor Department *UNK* . STOP 
But stay *UNKED* . STOP 
*CUNK-* specialists drew a collective *UNK* of relief in early October when the Labor Department backed away from a proposal that companies let former employees and beneficiaries -- along with active workers -- borrow against *UNKS* in *UNKN* -LRB- *UNK* -RRB- and similar savings plans . STOP 
In an advisory letter , the department said that , starting Oct. 18 , loans could be limited to `` parties in interest , '' which generally means active workers but also includes *UNKS* who continue as directors and 10 % shareholders . STOP 
Now comes word that IRS regulations being *UNKED* could put companies in violation of the tax code if they make loans to *UNK* shareholders and directors but do n't make them available to other former workers who usually earned less . STOP 
The IRS says the question wo n't be settled until the regulations are issued `` shortly . '' STOP 
But violation could bring substantial tax penalties to both employer and employees . STOP 
`` It 's a severe case of regulatory *UNK* , '' complains Henry *CUNK* of consultant A. Foster *CUNKS* & Co . STOP 
Frederick *CUNK* of *CUNK* *CUNKS* has asked Labor to *UNK* its rule to remove the IRS threat . STOP 
*CUNK* *CUNK* *UNKS* deeper . STOP 
*CUNK* consultant Right Associates says the average pay of its clients fell to $ *UNKN* last year from $ *UNKN* in 1987 ; *UNK* pay dropped to 25 weeks from 29 . STOP 
Both reflect the dismissal of *UNK-* and *UNK-* executives . STOP 
*CUNK* *CUNK* *CUNK* . STOP 
Executives *UNKLY* believe workers should know their *UNKED* benefits . STOP 
But three out of four managers ca n't *UNKLY* state the value of their own packages , consultant *CUNK* *CUNKS* says . STOP 
*CUNK* *CUNK* . STOP 
*CUNKLY* 62 % of the doctors surveyed for Metropolitan Life Insurance Co. think their fellow *UNKS* are responsible for rising health-care costs , ahead of hospitals -LRB- 55 % -RRB- and patients -LRB- 48 % -RRB- . STOP 
*CUNK* , *CUNK* *CUNK* ! STOP 
Only one in four companies with flexible benefit plans *UNKS* workers buy or sell *UNKION* days , consultant *CUNKS* *CUNK* says . STOP 
*CUNKS* like the option but firms say it 's too tough to run . STOP 
*CUNK* *CUNK* *UNKER* *UNKING* for jobs tied to *UNKS* . STOP 
Some even study . STOP 
`` *CUNK-* jobs are n't popular no matter what they pay , '' says a *CUNKS* official . STOP 
Working students , she explains , want `` some satisfaction . '' STOP 
University of Michigan students look for jobs related to planned *UNKS* . STOP 
*CUNK* Mellon , though , says some students conclude they can help their *UNKS* most by *UNKING* the books : `` They 're *UNKING* to build their *UNKS* through good *UNKS* and leadership *UNKS* in *UNKS* . '' STOP 
*CUNKING* economies in some areas limit student choice . STOP 
*CUNK* job *UNKS* at Boston University slip 10 % this year following a 10 % drop in 1988 . STOP 
Still , the school says there are an *UNK* number and pay is up to $ 7.20 an hour from $ *UNKN* last year . STOP 
*CUNK* candidates at the University of Pittsburgh earn up to $ 15 an hour on marketing or computer projects . STOP 
THE *CUNK* : *CUNK* *UNKION* : STOP 
*CUNK* Corp. *UNKS* a University of *CUNKING* *UNK* with *UNKS* in *UNK* and petroleum engineering for $ 7.50 an hour to tend wood *UNKS* at a Colorado ski resort ... . STOP 
Is somebody telling us something ? STOP 
Our copy of *CUNK* -LRB- *CUNK* . -RRB- Labor comes through the mail *UNKED* around two *UNKS* of *CUNK* *CUNK* News . STOP 
*CUNK* is making a return with a *UNK* to Latin America 's most *OUS* and deeply *UNKED* country . STOP 
On Nov. 15 , when *CUNKS* *UNK* a president for the first time in 29 years , the country 's *UNKN* million voters will have 22 candidates to choose from . STOP 
The candidates have been *UNKING* this huge country of 145 million people , holding rallies and *UNKED* *UNKS* in hope of being elected to what must be one of the world 's most *UNKS* political jobs : trying to drag Brazil out of its economic and social mess . STOP 
`` I feel *UNK* for *UNKER* wins , '' says a Brazilian *UNK* . STOP 
Who that winner will be is highly uncertain . STOP 
A *UNK-* candidates , backing policies ranging from *CUNK* to *UNK-* *CUNK* , are given a chance of winning . STOP 
`` *CUNKER* says he knows which of the six will win is out of his mind , '' says Antonio *CUNK* , a *UNK* member of Parliament . STOP 
The favorite remains *CUNK* *CUNK* de *CUNK* , a *UNK-* former governor of the state of *CUNKS* . STOP 
He came out of *UNK* to grab the lead in opinion polls , probably less because of his *UNK* program to `` build a new Brazil '' than because of his good looks , the open backing of the powerful *CUNK* *CUNK* television network and his reputation as a *UNKER* of `` *UNKS* , '' or *UNK* and *UNKED* civil *UNKS* . STOP 
But after building up a *UNKING* lead , the moderate to conservative Mr. *CUNK* has slipped to about 30 % in the polls from a high of about 43 % only a few weeks ago . STOP 
To avoid a *UNK* , one candidate would have to win 50 % of the vote -- a *UNK* that most analysts consider impossible with so many candidates running . STOP 
Two *UNKING* politicians , Socialist *CUNK* *CUNK* , a former governor of *CUNK* de *CUNK* state , and *CUNKING* *CUNKS* *CUNK* *UNK* *CUNK* , currently are running neck and neck at about 15 % , and three other candidates are given a chance of reaching the Dec. 17 *UNK* election between the two biggest *UNKS* : Social Democrat *CUNK* *CUNKS* and two conservatives , *CUNK* *CUNK* *CUNK* , a former governor of the state of *CUNK* *CUNK* , and *CUNK* *CUNK* *CUNKS* . STOP 
The uncertainty is sending *UNKS* through Brazilian financial markets . STOP 
The dollar , the best indicator of the country 's mood , has *UNKED* on the *UNK* market , as has gold . STOP 
Capital flight is reported to be strong . STOP 
The big question is whether the new president will have the strength and the political support in Congress to take steps to *UNK* Brazil 's economic *UNKS* . STOP 
President Jose *CUNK* , who took office in 1985 when the man picked by an *UNKAL* college became *UNKLY* ill , appears to be simply trying to avoid *UNKION* . STOP 
The *UNUNK* Mr. *CUNK* , whose task was to bring about a smooth transition to democracy after 21 years of military rule , is n't seeking *UNKION* . STOP 
What comes out of the *UNK* box could be crucial in *UNKING* whether Brazil finally lives up to the potential of the world 's *UNK* largest economy or keeps living up to its other , less *UNK* title : that of the developing world 's largest *UNK* , *UNKING* on the *UNK* of *UNKION* , *UNKED* in deficits and *UNKION* , with huge economic *UNKS* and social *UNK* *UNKING* under the surface . STOP 
If Brazil *UNKS* an economic strategy allowing it to resume growth and service debt , this could lead it to open up and *UNK* its *UNKED* economy , analysts say , just as *CUNK* President Carlos *CUNK* *CUNK* has been doing even though he was elected on a *UNK* platform . STOP 
`` *CUNKING* on the president , we could either be a *UNK-* economy by the end of the century or stay where we are , '' says political scientist *CUNK* de *CUNK* . STOP 
`` And where we are is bad . '' STOP 
Despite *UNK* efforts by Finance Minister *CUNK* *CUNK* *UNK* *CUNK* , inflation came to 36 % in September alone and is expected to top 1,000 % for the year . STOP 
That might have been considered *UNKION* not long ago , but *CUNK* *UNKED* price increases of almost 200 % in July before bringing the rate down sharply in August and September . STOP 
Still , massive internal debt has forced the government to borrow *UNKLY* on the domestic market and to offer inflation-adjusted returns of 2 % to 3 % a month just to get investors to hold on to its paper . STOP 
About $ 70 billion is estimated to be tied up in the short-term money market , which acts both as a hedge against inflation for consumers and an *UNK* of inflation and deficits for the government . STOP 
By some estimates , Brazil 's internal debt , or combined public deficit , could reach 6.5 % of its $ *UNKN* billion gross domestic product . STOP 
Much of the money goes into subsidies or keeping inefficient *UNKED* companies operating . STOP 
Among the results is a frequent breakdown of public services . STOP 
It 's not *UNUNK* to wait three minutes for a *UNKAL* tone after picking up the telephone , and then to be *UNKED* by a busy signal before finishing *UNKING* the number . STOP 
Officials also say a national electricity shortage might not be far off . STOP 
Economists , businessmen and some politicians agree that the answer is an *UNK* economic *UNK* program including reduced state spending ; focusing spending on *UNKAL* areas such as education , health and *UNK* ; turning state companies private ; *UNKING* the tax system , raising public service rates to match costs ; and possibly a temporary wage and price *UNK* and a devaluation of the *UNK* . STOP 
Analysts also say it 's *UNK* that Brazil will seek to *UNK* its $ 115 billion foreign debt , on which it suspended interest payments last month . STOP 
Analysts say , however , that a tough economic program would have to be accompanied by measures to shield the poor from its *UNK* effects , for instance by *UNKING* *UNK* food items . STOP 
About 80 % of Brazil 's voters are believed to live near the poverty level . STOP 
Of the three candidates with a serious chance of winning , Mr. *CUNK* comes *UNKEST* to *UNKING* the sort of measures that economists say are necessary . STOP 
But his *UNK* raises doubts that he would have the political power to carry them out . STOP 
The *UNK-* Mr. *CUNK* has been *UNK* about his intentions and often *UNK* in his rhetoric , but analysts say he probably would be *UNK* . STOP 
Mr. *UNK* *CUNK* , a *UNK-* former factory worker and labor leader , is the most radical , *UNKING* to *UNK* payments on the foreign debt and saying he `` would n't go around putting the country up for sale to the highest bidder . '' STOP 
But despite the differences in what they say , according to some analysts here , economic *UNKS* mean the next president may not have many choices about what he does . STOP 
Hospital *CUNKION* *CUNKS* Kentucky *CUNK* STOP 
*CUNK* *CUNK* the best medicine for *UNK* health costs : competition or regulation ? STOP 
The question is at the *UNK* of a *UNK* between Humana Inc. , the big *UNK-* hospital and insurance company , and its *UNK-* *UNK* in its home state of Kentucky . STOP 
The battle *UNKS* on the state 's *UNKED* law , which *UNKS* investment in new medical technology . STOP 
The law has prevented $ *UNKN* million of unnecessary expenditures since 1986 , according to William S. Conn , president of the Kentucky Hospital Association . STOP 
But according to David Jones , Humana 's chief executive , it *UNKS* technology *UNKS* , *UNKS* *UNKION* and raises prices . STOP 
If the *CUNK* does n't repeal the law , due for *UNKION* in 1990 , Mr. Jones says Humana may move its insurance operations , including 3,000 jobs in Louisville , to another state . STOP 
The company complains that it paid $ 10 million to *UNK-* hospitals in its latest fiscal year for services provided to its insurance plan members . STOP 
But Humana says its own facilities could serve its insured for less if they were properly *UNKED* . STOP 
Mr. Conn charges that Humana 's own actions undermine its argument . STOP 
When a hospital in Lexington installed a *UNKER* last year , demand for a similar *UNK-* *UNKING* machine at a Humana hospital in Louisville fell 34 % . STOP 
The Humana hospital responded by *UNKING* up prices to make up for lost revenue , Mr. Conn says , and now charges as much as $ 8,000 for the procedure , which costs only about $ *UNKN* in Lexington . STOP 
Humana contends that $ 8,000 represents an extreme case and that its regular charge for *UNK* is $ *UNKN* . STOP 
Meanwhile , another hospital 's proposal for a *UNKION* *UNKER* is pending before the board that *UNKS* the *UNKED* law . STOP 
Humana , which wants to acquire one of the new machines itself , is on the record as opposed to the proposal . STOP 
*CUNKED* *CUNKS* *CUNK* Financial Security STOP 
*CUNK-* experts have long worried that young doctors emerging from medical school with a mountain of debt will choose *UNKS* in *UNKING* *UNKS* instead of primary care , where more *UNKS* are needed most . STOP 
Now there 's a new *UNK* in what young doctors want : More than half of 300 residents responding to recent survey said they 'd prefer a guaranteed salary over traditional *UNK-* compensation in their first professional position . STOP 
And 81 % preferred a group practice or health maintenance organization , while just 11 % favored *UNK* practice . STOP 
`` *CUNK* years ago , a physician would go to a town and take out a loan -LRB- to start a practice -RRB- , '' says James *CUNK* , president of *CUNK* , *CUNKS* & Associates , an *CUNK* , Calif. , physician *UNKER* that conducted the survey . STOP 
`` They wo n't do that very often today at all . STOP 
They 're looking for something that 's very safe . '' STOP 
The numbers behind such fears : The average debt of medical school *UNKS* who borrowed to pay for their education jumped 10 % to $ *UNKN* this year from $ *UNKN* in 1988 , says the Association of American Medical *CUNKS* . STOP 
That 's 115 % more than in 1981 . STOP 
Money is n't the only reason for the shift in practice *UNKS* . STOP 
It reflects values of a generation that wants more time for families and personal interests , says John H. *CUNK* III , who directs *UNK-* *UNKS* for *CUNK* International . STOP 
`` This is a change in the social *UNK* of medicine , '' he says . STOP 
*CUNKED* *CUNKS* *CUNK* Hospital *CUNKS* STOP 
*CUNK* *CUNK* *CUNK* spent several weeks at the Medical Center of Vermont recently with a *UNK* *UNKION* in her *UNK* , she shared a room just like most patients . STOP 
But unlike most patients , her *UNK* was her husband . STOP 
`` It was certainly good to have him *UNK* , '' Mrs. *CUNK* says . STOP 
The *UNKED* `` cooperative care '' unit is one of about 18 nationwide where a family member or friend helps care for a patient in the hospital . STOP 
`` The philosophy is to make the patient and the family very responsible for a portion of their own care , '' says Anthony J. *CUNK* , medical director of cooperative care at New York University Medical Center , where the concept began 10 years ago . STOP 
`` It helps us , and them , while they 're here , and it certainly makes them a better health-care team when they get home . '' STOP 
It also *UNKS* money . STOP 
Because patients require less attention from *UNKS* and other staff , room charges are lower -- about $ 100 less per day than a regular room at the Vermont hospital . STOP 
Cancer patients *UNKING* prolonged radiation therapy , diabetics learning to manage their blood sugar levels , and *UNK* *UNKS* patients are among those who spend time on *UNK-* units . STOP 
The approach has generated so much interest that *CUNK* is host to the first conference on cooperative care Nov. 30 . STOP 
`` It 's really part of the hospital of the *UNK* century , '' Dr. *CUNK* says . STOP 
*CUNKS* and *CUNKS* STOP 
THE *CUNK* *CUNK* officer can be responsible for more than 1,000 employees and at least one-third of a hospital 's budget ; a head *UNK* typically oversees up to 80 employees and $ 8 million . STOP 
So says the Commonwealth Fund , a New York *UNK* that 's *UNKING* a $ 1 million project to develop joint masters in business and *UNKING* programs at 10 universities ... . STOP 
*CUNK* Medical College in *CUNK* , Tenn. , *UNKS* a new research publication in the spring : the Journal on Health Care for the Poor and *CUNKED* . STOP 
A group of Michigan investors has offered to buy *CUNKER* Inc. 's *UNKING* Detroit Free Press for $ 68 million but has left unclear how the offer will be financed . STOP 
The offer came just prior to arguments before the U.S. Supreme Court over whether the Free Press should be allowed to enter into a joint operating pact with *CUNK* Co. 's Detroit News . STOP 
The group led by Birmingham , Mich. , *UNK* William D. *CUNKER* did n't name an investment banker backing the deal or say how much its members will contribute to the offer . STOP 
Indeed , some individuals identified with the group said they have n't committed any money to the bid and were n't aware of it until they heard about it in local news accounts over the weekend . STOP 
*CUNKER* would n't comment on the offer . STOP 
The company has said the paper is n't for sale , and has *UNKED* Mr. *CUNKER* 's earlier requests for access to Free Press financial statements . STOP 
In his letter to *CUNKER* President James K. *CUNK* , Mr. *CUNKER* said he arrived at the $ 68 million figure using *CUNKER* 's corporate financial statements and comments by *CUNKER* officials that the Free Press has a $ 50 million value in *UNK* . STOP 
But in an interview , Mr. *CUNKER* said he and his investment banker would need access to full financial records before *UNKING* up the offer . STOP 
*CUNK* & Co. said it started a joint venture with *CUNK* *CUNK* Chemical Co. , a major pharmaceutical manufacturer in South Korea , to manufacture *UNK* *UNKS* . STOP 
The new company is *UNKED* at about $ 3.5 million . STOP 
*CUNK* expects the *UNK* products to be *UNKED* to *CUNK* Asia and Africa . STOP 
It also hopes to enter the U.S. market . STOP 
NRM Energy Co. said it filed materials with the Securities and Exchange Commission calling for it to restructure into a corporation from a limited partnership . STOP 
The partnership said it is proposing the change largely because the provisions of its senior notes restrict it from making *UNKS* on its units outstanding . STOP 
NRM suspended its common distribution in June 1988 and the distribution on its $ 2 cumulative convertible acquisition preferred units in September . STOP 
However , *UNUNK* *UNKS* on the acquisition preferred are cumulative and would total $ 23 million a year , hurting NRM 's financial flexibility and its ability to raise capital , NRM said . STOP 
In following several other oil and gas partnerships that have made the conversion to a corporation in the last year , NRM also noted that tax advantages for partnerships have diminished under new tax laws and said it would save $ 2 million a year in administrative costs from the change . STOP 
Under the plan , NRM said holders of its common units will receive one share of new common stock in *CUNK* Resources Corp. for every *UNKN* common units owned . STOP 
*CUNKS* of NRM 's $ 2 cumulative convertible acquisition preferred units will receive one new common share in *CUNK* for every *UNKN* units they own . STOP 
After the transaction , current common *UNKS* will own about *UNKN* % of *CUNK* , current acquisition preferred holders will own *UNKN* % , and current stockholders of *CUNK* will own about 6.4 % , about the same stake as *CUNK* owns now in NRM . STOP 
*CUNK* currently is the general partner of NRM . STOP 
As the largest holder of acquisition preferred units , Mesa Limited Partnership would own about 28 % of *CUNK* after the transaction . STOP 
As part of the transaction , *CUNK* agreed to give Mesa , an *CUNK* , Texas , oil and gas partnership managed by T. *CUNK* *CUNKS* Jr. , a seat on its board . STOP 
NRM said its $ *UNKN* senior cumulative convertible preferred units will be converted into an equal number of shares of $ *UNKN* senior cumulative convertible preferred stock of *CUNK* . STOP 
The transaction is subject to approval of NRM *UNKS* of record on Oct. 23 , among other conditions . STOP 
NRM said it expects *UNKS* to vote on the restructuring at a meeting Dec. 15 . STOP 
*CUNKS* Co. and *CUNKER* Corp. said they 've discontinued talks toward a definitive agreement regarding *CUNKS* ' acquisition of *CUNKER* 's chemical *UNKING* group . STOP 
The companies reached an agreement in principle for the sale in August . STOP 
Terms were n't disclosed . STOP 
*CUNKED* *CUNKS* produces *UNKS* and *UNKS* , while the Los Angeles-based *CUNKER* *UNKS* group produces industrial *UNKS* . STOP 
*CUNK* Corp. agreed to sell its headquarters building here to Manufacturers Life Insurance Co. of Toronto , and will lease the *UNK-* facility until it moves to a new quarters in 1992 . STOP 
The *UNKS* concern did n't disclose terms of the sale , which will close in the first quarter of next year . STOP 
Proceeds from the planned sale of the *UNK-* building `` will help reduce the debt incurred as a result of our July 1988 recapitalization , '' said a *CUNK* official . STOP 
The recently revived enthusiasm among small investors for stock mutual funds has been *UNKED* by a *UNK* stock market and the *UNK* over program trading . STOP 
After *UNKING* two-year highs this summer , net sales of stock funds slowed in September , according to the Investment Company Institute , a trade group . STOP 
The sales recovery *UNKED* to a halt this month , some analysts say . STOP 
`` *CUNK* was starting to come back because we did n't have *UNKLY* volatile days , '' says *CUNKER* *CUNKS* , research director for *CUNK* *CUNK* *CUNK* & Co. , a Boston research firm . STOP 
`` Now everything '' -- such as program trading and wide stock market swings -- `` that everyone had pushed back in their *UNKS* is just sitting right there . '' STOP 
Net sales of stock funds in September totaled $ *UNKN* million , down from $ 1.1 billion in August , the institute said . STOP 
But if *UNKED* dividends are *UNKED* , investors put in only $ *UNKN* million more than they pulled out for the month . STOP 
October 's numbers , which wo n't be released for a month , are down further , mutual fund executives say . STOP 
Investors in stock funds did n't panic the weekend after mid-October 's 190-point market plunge . STOP 
Most of the those who left stock funds simply switched into money market funds . STOP 
And some fund groups said investors actually became net buyers . STOP 
But the stock market swings have continued . STOP 
The recent outcry over program trading will cast a *UNK* over the *UNK-* environment in the coming months , some analysts say . STOP 
`` The public is very close to having had it , '' Mr. *CUNKS* says . STOP 
Investors pulled back from bond funds in September , too . STOP 
Net sales of bond funds for the month totaled $ 1.1 billion , down two-thirds from $ 3.1 billion in August . STOP 
The major reason : heavy *UNKS* from high-risk , high-yield junk bond funds . STOP 
Big withdrawals from the junk funds have continued this month . STOP 
Overall , net sales of all mutual funds , excluding money market funds , fell to $ 1.9 billion in September from $ 4.2 billion in August , the trade group said . STOP 
`` Small net *UNKS* into stock and bond funds were offset by slight declines in the value of mutual fund stock and bond portfolios '' stemming from falling prices , said *CUNK* *CUNKER* , the institute 's chief economist . STOP 
Many small investors went for the safety of money market funds . STOP 
*CUNKS* of these and other short-term funds surged more than $ 5 billion in September , the institute said . STOP 
Analysts say additional investors transferred their assets into money funds this month . STOP 
At Fidelity Investments , the nation 's largest fund group , money funds continue to draw the most business , says Michael *CUNKS* , vice president , marketing . STOP 
In October , net sales of stock funds at Fidelity dropped sharply , Mr. *CUNKS* said . STOP 
But he *UNKED* that new accounts , new sales , inquiries and subsequent sales of stock funds are all up this month from September 's level . STOP 
Investor interest in stock funds `` has n't stalled at all , '' Mr. *CUNKS* maintains . STOP 
He notes that most of the net sales drop stemmed from a *UNK-* period following the Friday the 13th plunge . STOP 
`` If that follows through next month , then it will be a different story , '' he says . STOP 
But , Mr. *CUNKS* adds , sales `` based on a few days ' events do n't tell you much about October 's trends . '' STOP 
One trend that continues is growth in the money invested in funds . STOP 
*CUNKED* by the continued *UNKS* into money funds , assets of all mutual funds *UNKED* to a record $ *UNKN* billion in September , up *UNKLY* from $ *UNKN* billion in August . STOP 
*CUNK-* managers , meantime , went into October with less cash on hand than they held earlier this year . STOP 
These managers held *UNKN* % of assets in cash at the end of September , down from *UNKN* % in August and *UNKN* % in September 1988 . STOP 
*CUNK* cash positions help *UNKER* funds from market declines but can cut down on gains in rising markets . STOP 
Managers of junk funds were *UNKING* their cash *UNKS* after the September cash crunch at Campeau Corp . STOP 
*CUNK-* managers raised their cash position to *UNKN* % of assets in September from 8.3 % in August . STOP 
In September 1988 , that level was 9.5 % . STOP 
Investors in all funds will seek safety in the coming months , some analysts say . STOP 
Among stock funds , the conservative *UNK-* portfolios probably will remain popular , fund specialists say . STOP 
`` There will be a *UNKION* and possibly greater focus on conservative equity funds , at the expense of growth and aggressive growth funds , '' says *CUNK* *CUNK* , an analyst at *CUNK* *CUNK* , a New York *UNK-* concern . STOP 
Secretary of State Baker , we read , decided to kill a speech that Robert Gates , deputy national security adviser and a career Soviet expert , was going to give to a student *UNK* , the National *CUNK* Security Conference . STOP 
We keep wondering what Mr. Gates wanted to say . STOP 
Perhaps he might have cited Mr. Gorbachev 's need for `` a stable currency , free and competitive markets , private property and real prices '' and other *UNK-* reforms . STOP 
Perhaps he 'd have called for `` a *UNKED* political and economic system '' without a dominant communist party . STOP 
Or political arrangements `` to *UNK* the *UNKS* and demands of Soviet *UNK* minorities and *UNKS* . '' STOP 
Why , a Bob Gates might even have said , `` Nor are Soviet problems *UNK* to rescue from abroad through *UNK* Western credits . '' STOP 
If Mr. Gates had been allowed to say these things , we would now be hearing about `` *UNK* '' and `` disarray '' on foreign policy . STOP 
*CUNK* *UNKS* would be raised that parts of the administration hope Mr. Gorbachev would fail , just as they were when Vice President Quayle *UNKED* similar *UNKS* . STOP 
It 's somehow OK for Secretary Baker himself , however , to say all the same things . STOP 
In fact , he did ; the quotes above are from Mr. Baker 's speech of two weeks ago . STOP 
So far as we can see , there is no *UNK* among Mr. Baker , Mr. Quayle , the Mr. Gates we 've read , or for that matter President Bush . STOP 
They all understand point one : Nothing the U.S. can do will make much difference in whether Mr. Gorbachev succeeds with perestroika . STOP 
Perhaps Mr. Gates would *UNK* more than Mr. Baker the many *UNKS* the Soviet leader must *UNK* if he is going to succeed . STOP 
But everyone agrees that Mr. Gorbachev 's problems result from the failure of his own system . STOP 
They can be *UNKED* only by changing that system , not by pouring Western money into it . STOP 
*CUNK* membership will not matter to *CUNKS* coal *UNKS* short of *UNK* , nor will a *CUNK* treaty make any difference to *CUNK* *UNKS* . STOP 
On the other hand , so long as Mr. Gorbachev is easing his grip on his empire , everyone we 've heard agrees that the U.S. can benefit by *UNKING* him . STOP 
If a deal can be made to cut the world 's *CUNKS* loose from Moscow , why not ? STOP 
We do n't expect much good from *UNKS* control , but *UNKS* talks might *UNK* Eastern Europe . STOP 
There 's nothing in the least *UNK* in all this , and it would be nice to think that Washington could *UNK* a reasonably sophisticated , complex view . STOP 
Yet much of the political culture seems intent on *UNKING* the Bush administration for not `` helping '' Mr. Gorbachev . STOP 
So every time a Bush official raises a doubt about Mr. Gorbachev , the Washington community *UNKS* `` *CUNK* War '' and `` *UNK* , '' and an administration spokesman is quickly *UNKED* out to *UNKLY* , `` Mr. Bush wants perestroika to succeed . '' STOP 
Mr. Baker seems especially sensitive to the Washington *UNK* known as *CUNKS* . STOP 
Its symptoms include a cold *UNK* at the sound of debate , *UNK* hands in the face of congressional criticism , and *UNKING* *UNKS* when someone writes the word `` controversy . '' STOP 
As one *UNKED* official clearly in the late stages of the disease told the Times : `` Baker just felt that there were some lines in the speech that could be *UNKED* and seized by the press . '' STOP 
In short , the problem is not *UNKION* *UNK* , but *UNKION* with the prospect that *UNK* might fail , and its political opponents will ask `` Who lost Gorbachev ? '' STOP 
Mr. Baker may want to avoid criticism from Senate Majority Leader George Mitchell , but as Secretary of State his audience is the entire Free World , not just Congress . STOP 
In any case , he 's likely to find that the more he *UNKS* his colleagues , the more *UNKS* will pop up all around Washington , a lesson once learned by Henry *CUNKER* . STOP 
*CUNKING* officials *UNKS* their own *UNKS* can be educational . STOP 
We note that in *CUNK* yesterday Defense Secretary Cheney said that European *UNK* over Mr. Gorbachev is starting to be *UNKED* by a recognition of `` the *UNK* of the problems he was trying to deal with . '' STOP 
It is in the Western interest to see Mr. Gorbachev succeed . STOP 
The odds are against him , as he himself would no doubt tell you . STOP 
The ultimate outcome depends on what he does , not on what we do . STOP 
Even if the press is ready to seize and *UNK* , these are not very complicated *UNKS* . STOP 
*CUNKLY* there is someone in the administration , maybe Bob Gates , who could explain them to college students , or even *UNK* . STOP 
*CUNK* E. *CUNK* was elected to the board of this transportation services concern . STOP 
Mr. *CUNK* has served as executive director of the United *CUNK* College Fund , director of the *CUNKER* Education *CUNK* of the Southern *CUNKAL* Council and *UNK-* to the U.S. Office of Economic *CUNK* . STOP 
His election increases Ryder 's board to 14 members . STOP 
The American Stock Exchange said a seat was sold for $ *UNKN* , down $ 5,000 from the previous sale last Friday . STOP 
*CUNKS* are currently quoted at $ *UNKN* , bid , and $ *UNKN* , asked . STOP 
Two *UNK* entered a Maryland restaurant , ordered two employees to lie on the floor and shot them in the backs of their heads . STOP 
The *UNKS* fled with less than $ 100 . STOP 
*CUNKING* this and other *UNKLY* killings , Sen. *CUNK* Thurmond -LRB- R. , *CUNK* . -RRB- recently urged fellow lawmakers to revive a broad federal death penalty . STOP 
`` The ultimate *UNK* , '' he declared , `` will protect the *UNKING* from the *OUS* , *UNK* individuals who *UNK* these crimes . '' STOP 
There 's just one problem : The law that Sen. Thurmond is pushing would be *UNK* in the case of the Maryland restaurant *UNKS* and almost all other killings . STOP 
Most *UNKS* are state crimes , so any federal *UNK-* law probably would turn out to be more *UNK* than *UNK* . STOP 
Yet the bill is riding high on the *UNK* over drug *UNKING* . STOP 
Senate Republicans , after repeatedly failing to *UNK* *UNK-* amendments to unrelated legislation , have finally gotten a *UNK-* *UNK-* bill through committee . STOP 
The Democratic leadership agreed to allow a floor vote on the issue before the end of the year -- a debate certain to focus on the alleged racial *UNK* of death *UNKING* . STOP 
Even some Democrats concede that there is probably a majority in the Senate that favors some kind of broad *UNK-* measure . STOP 
The pending bill , introduced by Mr. Thurmond , would revive the *UNK-* federal *UNK-* laws by *UNKING* legal procedures required by the Supreme Court . STOP 
In 1972 , the high court *UNK* aside all *UNK-* laws -- federal and state alike -- as *UNUNK* . STOP 
But in 1976 , the court permitted *UNKION* of such laws , if they meet certain procedural requirements . STOP 
For instance , *UNKS* would have to consider specific `` *UNKING* '' and `` *UNKING* '' factors before deciding whether to *UNK* someone to death . STOP 
Since that 1976 ruling , 37 states have *UNKED* the death penalty . STOP 
But congressional Democrats have blocked the same from *UNKING* at the federal level , with the exception of a 1988 law allowing capital *UNK* for certain *UNKED* *UNKS* . STOP 
The Thurmond bill would establish a federally *UNKED* death sentence for 23 crimes , most of which were formerly *UNK* by death under federal *UNKS* that the Supreme Court *UNKED* . STOP 
Among these crimes are murder on federal land , presidential assassination and *UNK* . STOP 
The Thurmond bill would also add five new crimes *UNK* by death , including murder for hire . STOP 
-LRB- Separately , the Senate last week passed a bill *UNKING* execution of *UNKS* who kill Americans abroad . -RRB- STOP 
*CUNK* the *UNK* of *UNK* rhetoric surrounding the issue , one critical question involves whether a federal death penalty , on top of existing state laws , would *UNKER* any would-be criminals . STOP 
For one thing , it 's unlikely that many people would receive federal death *UNKS* , let alone be executed . STOP 
Most of the crimes *UNKED* in the Thurmond bill are *UNKLY* rare -- killing a Supreme Court justice , for instance , or deliberately causing a train *UNK* that results in a death . STOP 
In fact , only 28 defendants would have been eligible for federal death *UNKS* if the Thurmond bill had been in effect in the past three years , according to a study by the Senate *CUNK* Committee 's Democratic staff . STOP 
The last federal execution before the Supreme Court 's 1972 ruling banning the death penalty took place in *UNKN* , meaning that the federal government did n't exercise its execution authority for eight years . STOP 
`` In that sense , the whole debate is sort of a fraud , '' argues a Democratic Senate staff member . STOP 
`` It 's *UNKING* attention from serious issues , like how to make *CUNK* , FBI and *CUNKS* work together '' on drug enforcement . STOP 
Republicans *UNK* that few people would be executed under the Thurmond bill , but they contend that is n't the point . STOP 
`` Many *UNKS* are of the opinion that the mere existence of the penalty *UNKS* many people from the commission of capital crimes , '' says Sen. *CUNK* *CUNK* -LRB- R. , Utah -RRB- . STOP 
*CUNKS* , regardless of how frequently they occur , are also `` proper *UNKION* '' for *OUS* crimes , Mr. *CUNK* argues . STOP 
Thomas Boyd , a senior Justice Department official , says the new federal *UNKED* crimes *UNK* by death since last November may result in a jump in capital *UNKS* , though that has n't happened so far . STOP 
In addition to *UNKING* the old issue of whether death *UNKS* *UNKER* criminals , this bill has made race a major part of the *UNK-* debate . STOP 
Before the bill left committee , Sen. Edward Kennedy -LRB- D. , Mass . -RRB- attached an amendment that would allow a defendant to escape from a death sentence in *UNKS* shown to have *UNKED* out *UNKS* in a *UNK* manner . STOP 
The amendment prompted an *UNK* protest from Mr. Thurmond , who complained that it would `` kill '' capital *UNK* . STOP 
A large number of studies suggest that state judges and *UNKS* have imposed the penalty in a *UNKLY* *UNK* fashion . STOP 
And the Kennedy amendment would *UNK* not only federal but state *UNKS* , in two important ways . STOP 
It would allow all defendants to introduce statistical evidence showing *UNKLY* *UNK* application of the death penalty in the past . STOP 
And it would shift the burden to prosecutors to *UNK* that discrimination caused any statistical racial *UNKS* . STOP 
`` That burden is very difficult , if not impossible , to meet , '' says Mr. Boyd . STOP 
`` How do you prove a negative ? '' STOP 
Since most prosecutors would n't be able to *UNK* *UNKLY* that racial considerations did n't affect *UNKING* , *UNKS* *UNK* might come to a halt , Mr. Boyd explains . STOP 
At least 15 major studies *UNK* to show that particular states have imposed the death penalty *UNKLY* against *UNKS* of whites compared with blacks , and against black defendants compared with white defendants . STOP 
Conservatives question the *UNK* of the studies and note that the Supreme Court ruled in 1987 that such research , regardless of its *UNK* , is n't relevant to a constitutional attack on a particular death sentence . STOP 
The Kennedy amendment would , in effect , *UNK* around the Supreme Court ruling . STOP 
Lawyers would *UNKLY* seize on the provision in their *UNK-* appeals , says Richard *CUNK* , director of the *CUNK* Legal Defense and *CUNKAL* Fund 's *UNK-* defense team . STOP 
Mr. Kennedy failed to get his amendment *UNKED* into last year 's *UNK-* legislation , and it will be severely attacked on the Senate floor this time around . STOP 
But if it *UNKS* , it could prompt other *UNK* changes , according to the Mr. *CUNK* . STOP 
It might force Congress and the states to narrow the death penalty only to *UNKS* shown to be relatively free of racial *UNK* -- *UNKS* by repeat *UNKS* who *UNK* their victims , perhaps . STOP 
*CUNKING* the penalty in this fashion would clearly reduce whatever *UNK* effect it now has . STOP 
And that , in turn , would only strengthen the argument of those who oppose execution under any circumstances . STOP 
A state judge postponed a decision on a move by holders of Telerate Inc. to block the tender offer of Dow Jones & Co. for the 33 % of Telerate it does n't already own . STOP 
Vice Chancellor *CUNK* A. *CUNK* III of Delaware 's Court of *CUNK* heard arguments for more than two hours here , but he made no comment and asked no questions . STOP 
He could rule as early as today on the motion seeking a temporary injunction against the Dow Jones offer . STOP 
Dow Jones has offered to pay $ 18 a share , or about $ *UNKN* million , for the remaining Telerate stake . STOP 
The offer will expire at 5 p.m. EST on Nov. 6 , unless extended again . STOP 
Robert *CUNK* , an attorney for the Telerate holders , told Judge *CUNK* the Dow Jones offer is `` *UNK* '' and `` hostile . '' STOP 
He accused Dow Jones of `` using unfair means to obtain the stock at an unfair price . '' STOP 
Michael *CUNK* , an attorney for Dow Jones , defended the offer as adequate , based on what the company considers realistic projections of Telerate 's revenue growth , in the range of 12 % . STOP 
He also contended that the plaintiffs failed to *UNK* any legal authority that would justify such an injunction . STOP 
Telerate provides information about financial markets through an electronic network . STOP 
Dow Jones publishes The Wall Street Journal , *CUNK* 's magazine , other *UNKS* and community newspapers and operates electronic business information services . STOP 
Japan 's exports of cars , trucks and *UNKS* declined 2.4 % to *UNKN* units in September from a year earlier , the Japan *CUNK* Manufacturers Association said . STOP 
The association attributed the drop to a trend among auto makers to move manufacturing operations overseas . STOP 
With the exception of August , when exports rose 2.1 % , exports have declined every month from year-earlier levels since March . STOP 
Lone Star Technologies Inc. said its Lone Star Steel Co. unit sued it in federal court here , seeking to recover an *UNK* *UNK* valued at a minimum of $ 23 million . STOP 
The lawsuit was filed by Lone Star Steel 's unsecured creditors ' committee on behalf of Lone Star Steel , which has been operating under Chapter 11 of the federal Bankruptcy Code since June 30 . STOP 
Lone Star Technologies said it and its subsidiary 's creditors agree that the parent company owes the unit money , but they have n't been able to reach agreement on the amount . STOP 
*CUNK* *CUNK* , lawyer for the creditors , said the creditors group is challenging certain accounting *UNKS* on the parent company 's books and estimates that the *UNK* owed the steel company could be as much as $ 40 million . STOP 
The Lone Star Steel lawsuit also asks the court to rule that Lone Star Technologies is jointly responsible for a $ 4.5 million Lone Star Steel pension payment that was due , but was n't paid , in September and that the parent company ca n't recover the amount from its subsidiary if the parent company makes the payment . STOP 
Separately , Lone Star Technologies said the bankruptcy court granted Lone Star Steel an extension until year end on its exclusive period to present a reorganization plan . STOP 
The *UNK-* *UNK* period was to expire yesterday . STOP 
Under Chapter 11 , a company continues to operate , but is protected from creditor lawsuits while it tries to work out a plan to pay its debt . STOP 
Nothing was going to hold up the *UNKED* settlement of *CUNK* vs. *CUNK* . STOP 
Not even an earthquake . STOP 
On the afternoon of Oct. 17 , after hours of *UNKING* with five *UNKS* adjusters over settling a *UNK-* suit , four lawyers had an agreement in hand . STOP 
But as Judge Thomas M. *CUNKS* *UNKED* his *UNKS* so he could give final approval , the major earthquake struck , its epicenter not far from his courtroom in *CUNK* City , Calif . STOP 
The walls shook ; the building *UNKED* . STOP 
For a while , it looked like the deal -- not to mention the courtroom itself -- was on the *UNK* of collapse . STOP 
`` The judge came out and said , ` *CUNK* , let 's put this on the record , ' '' says *CUNK* *CUNK* , the judge 's court reporter . STOP 
`` I said , ` *CUNK* ? ' STOP 
I was shaking the whole time . '' STOP 
A *UNK-* water *UNKER* had *UNKED* onto the floor , *UNKING* the red *UNKING* . STOP 
*CUNKS* *UNKED* on and off ; *UNKER* dropped from the ceiling , the walls still shook and an *UNKION* *UNK* *UNKED* outside . STOP 
The four lawyers climbed out from under a table . STOP 
`` Let 's close the door , '' said the judge as he climbed to his bench . STOP 
At stake was an $ 80,000 settlement involving who should pay what share of cleanup costs at the site of a former gas station , where *UNUNK* fuel tanks had *UNKED* and *UNKED* the soil . STOP 
And the lawyers were just as eager as the judge to *UNK* it up . STOP 
`` We were never going to get these insurance companies to agree again , '' says John V. Trump , a San Francisco defense lawyer in the case . STOP 
Indeed , the insurance adjusters had already *UNKED* out of the courtroom . STOP 
The lawyers went to work anyway , *UNKLY* noting that the proceeding was taking place during a major earthquake . STOP 
*CUNK* minutes later , it was done . STOP 
For the record , Jeffrey *CUNK* , an attorney for Fireman 's Fund , said he was `` *UNKED* -- both literally and *UNKLY* . '' STOP 
`` My belief is always , if you 've got a settlement , you read it into the record . '' says Judge *CUNKS* , now known in his *UNK* as `` *CUNK* *UNK* *CUNK* *CUNKS* . '' STOP 
The insurance adjusters think *UNKLY* . STOP 
`` I did n't know if it was World War III or what , '' says *CUNK* *CUNK* of *CUNK* , N.J . STOP 
`` *CUNKING* the settlement into the record was the last thing on my mind . STOP 
Edison Brothers Stores Inc. said it agreed to buy *UNKN* *CUNK* women 's apparel stores from *CUNK* *CUNK* Stores Corp. , a unit of *CUNK* Ltd. of Toronto . STOP 
Terms were n't disclosed . STOP 
Edison said the acquired stores would be integrated into its current operations . STOP 
*CUNK-* Corp . -LRB- Louisville , Ky. -RRB- -- STOP 
David R. Jackson , formerly vice president , managing director of corporate communications for Maxwell Communication Inc. , was named vice president and assistant to the chairman of this maker of *UNK* *UNKS* and consumer products . STOP 
Your Oct. 4 front page noted that British lawyers have to wear *UNKS* in court and that these *UNKS* are made from *UNKS* ' *UNKS* . STOP 
Do you think the British know something that we do n't ? STOP 
Yale Jay *CUNK* STOP 
*CUNKS* , *CUNK* . STOP 
*CUNK* for `` Sometimes , *CUNK* Is the *CUNKEST* *CUNK* , '' in your Oct. 5 *CUNK* section . STOP 
Indeed , the `` art of *UNKING* '' does contribute to better health results and *UNKS* *UNKED* *UNK* litigation . STOP 
*CUNKING* on the concern about doctors ' *UNKING* earnings in order to spend `` talk time '' with patients , we are finding the quality of the time spent is the key to true *UNK* . STOP 
Even brief conversations can show *UNKING* and trust , and need not restrict the efficiency of the *UNKION* or *UNK* the doctor 's earnings . STOP 
The issue is far-reaching . STOP 
Right now , the American *UNK* is spending about 12 % of our gross national product on health care . STOP 
That amounts to more than $ 350 billion a year . STOP 
And it is estimated that more than 20 % of that , $ 70 billion , goes to `` defensive medicine '' -- those measures taken by doctors to protect themselves from the most unlikely possibilities . STOP 
So we all stand to benefit if *UNK-* relations become a `` partnership . '' STOP 
President North American *CUNKS* Insurance *CUNK* *CUNKION* Group STOP 
Chrysler Corp. Chairman Lee A. *CUNK* said the nation 's No. 3 auto maker will need to close one or two of its assembly plants because of the slowdown *UNKING* the industry . STOP 
In an interview with the trade journal *CUNK* News , Mr. *CUNK* declined to say which plants will close or when Chrysler will make the moves . STOP 
But he said , `` we have too many plants in our system . STOP 
So the older or most inefficient capacity has got to go . '' STOP 
According to industry analysts , Chrysler plants most likely to close are the St. Louis No. 1 facility , which *UNKS* Chrysler *CUNK* and Dodge *CUNK* models ; the *CUNK* , Ohio , *CUNK* plant , which *UNKS* back to the early *UNKS* ; and two Canadian plants that build the *CUNK* *CUNKER* and Chrysler 's *UNKED* *UNKS* . STOP 
Chrysler has had to temporarily close the St. Louis and *CUNK* plants recently because of excess inventories of vehicles built there . STOP 
At Chrysler 's 1990 model *UNK* last month , Chrysler Motors President Robert A. *CUNK* said the No. 3 auto maker , along with other U.S. manufacturers , might be forced to `` *UNK* ... capacity '' if market demand does n't improve . STOP 
But Mr. *CUNK* 's remarks are the most specific indication to date of how many plants could be in *UNK* . STOP 
General Motors Corp. has signaled that as many as five of its U.S. and Canadian plants may not survive the *UNKS* as it *UNKS* to trim its excess *UNKION* capacity . STOP 
The *UNK* problem has *UNKED* in recent years , with foreign auto makers beginning car and truck production in the U.S. . STOP 
With companies such as Honda Motor Co. , Toyota Motor Corp. and Nissan Motor Co. running so-called *UNK* auto operations , Japanese auto production in the U.S. will reach one million vehicles this year . STOP 
`` Unless the market goes to 19 million units -- which we all know it 's not going to do -- we have the *UNK* fact that the *UNKS* are adding capacity , '' Mr. *CUNK* said last month . STOP 
The *CUNKED* plants eventually will have the capacity to build some 2.5 million vehicles in the U.S. and that will *UNK* into `` market share that is going to have to come out of somebody , '' he added . STOP 
Already Chrysler has closed the *CUNK* , *CUNK* , plant it acquired when it bought American Motors Corp. in 1987 . STOP 
Chrysler has also launched a $ 1 billion cost-cutting program that will cut about *UNKN* white-collar workers from the payroll in the next few months . STOP 
Revco *CUNK* Inc. , the *UNK* chain that filed for *UNK-* protection last year , received a $ *UNKN* million offer from a group led by Texas *UNK* Robert Bass . STOP 
Revco reacted *UNKLY* , saying the plan would add $ *UNKN* million of new debt to the highly leveraged company . STOP 
It was Revco 's huge debt from its $ 1.3 billion leveraged buy-out in 1986 that forced it to seek protection under Chapter 11 of the federal Bankruptcy Code . STOP 
Revco insists that the proposal is simply an `` *UNKION* of interest , '' because under Chapter 11 Revco has `` *UNK* rights '' until Feb. 28 . STOP 
Those rights prevent anyone other than Revco from proposing a reorganization plan . STOP 
Also under Chapter 11 , a reorganization plan is subject to approval by bondholders , banks and other creditors . STOP 
A financial adviser for Revco bondholders , David *CUNK* , of *CUNK* Partners , had mixed reactions to the offer . STOP 
He said he feared a Revco reorganization might force bondholders to accept a `` cheap deal , '' and that the Bass group 's offer would give them more money . STOP 
However , the group is offering to pay off bondholders in cash only -- $ *UNKN* million -- and no equity . STOP 
The Revco bonds are high-yield , high-risk `` junk '' bonds ; holders have $ 750 million in claims against Revco , Mr. *CUNK* said . STOP 
Revco received the offer Oct. 20 , but issued a response yesterday only after a copy of the proposal was made public by bondholders . STOP 
*CUNK* Partners Limited Partnership , a Fort Worth , Texas , partnership that includes the Robert M. Bass Group , made the proposal . STOP 
Mr. Bass is based in Fort Worth . STOP 
Analysts said the nation 's second-largest *UNK* chain was a valuable company , despite its financial *UNKS* . STOP 
Its problem , they say , is that management paid too much in the leveraged buy-out and the current $ *UNKN* million debt load is keeping Revco in the red . STOP 
`` If bought at the right price , it could still be profitable , '' said Jeffrey Stein , an analyst at McDonald & Co. , Cleveland . STOP 
In addition , Revco 's *UNKN* stores in 27 states represent a lot of real estate , he said , and *UNKS* are helping *UNKS* : The nation 's aging population will boost demand for *UNKION* drugs . STOP 
Last week , Revco 's parent company , *CUNK* Holding Corp. , said the company reported a loss of $ *UNKN* million for the fiscal first quarter , compared with a loss of $ *UNKN* million in the year-earlier quarter . STOP 
Sales were $ *UNKN* million , up 2.4 % from the previous year . STOP 
The company , based in *CUNK* , Ohio , said its operating profit before depreciation and *UNKION* increased 51 % , to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* Partners and the Bass Group declined to comment . STOP 
The partnership also includes American Express Co. , *CUNK* Life *CUNK* Society of the U.S. and Shearson Lehman Hutton Inc . STOP 
The offer consists of $ *UNKN* million in cash and the rest in notes . STOP 
*CUNK* would sell up to 10 % of the equity in the *UNKED* company to creditors and bondholders in exchange for the cash distribution , but creditors and bondholders would receive no discount for their shares . STOP 
Revco 's chairman and chief executive officer , *CUNK* A. Sells , said both the company and the bondholders have put forth reorganization plans , but little progress has been made since negotiations began this summer . STOP 
He said he has not met with representatives from *CUNK* . STOP 
Any reorganization proposal , Mr. Sells said , is difficult to assess because it must be agreed upon by the company , bondholders , banks and other creditors . STOP 
Revco has $ 1.5 billion in claims outstanding . STOP 
`` It 's not like the board can decide '' by itself , Mr. Sells said , adding , `` we 're *UNK* to -LRB- the Bass -RRB- plan . STOP 
We just want a plan that *UNKS* creditors and at the end leaves a healthy Revco . '' STOP 
But Mr. *CUNK* , the bondholders ' adviser , said Revco was *UNKING* its feet in responding to the proposal . STOP 
`` They want to *UNK* it does n't exist , '' he said . STOP 
Mr. *CUNK* , who met with *CUNK* representatives on Oct. 10 , said , `` It 's certainly a responsible offer . STOP 
It 's not an effort to steal the company '' in the middle of the night . STOP 
*CUNKER* futures prices failed to extend Friday 's rally . STOP 
*CUNKS* came because of concern that demand for copper may slow down . STOP 
The December contract was down three cents a pound , settling at $ *UNKN* , which was just above the day 's low of $ *UNKN* . STOP 
Futures prices fell during three of five sessions last week , and the losses , *UNKLY* and *UNKLY* , were greater than the advances . STOP 
Two of the major factors *UNKING* prices , the prolonged strikes at the *CUNK* Valley mine in Canada and the *CUNK* mine in Mexico , were finally resolved . STOP 
Also , the premiums paid by the U.S. government on a purchase of copper for the U.S. *CUNK* were lower than expected , and acted as a price *UNK* , analysts said . STOP 
The *UNK* purchases were at premiums about 4 1\/2 cents a pound above the *UNK* prices for the copper . STOP 
At the time *UNKS* were asking for premiums of about five cents a pound . STOP 
All this has led to prolonged selling in futures , mostly on the part of computer-guided funds . STOP 
Prices fell through levels regarded as important support areas , which added to the selling . STOP 
The reluctance of traders to buy contracts indicates that they have begun focusing on demand rather than supply . STOP 
At least one analyst noted that as production *UNKS* , the concern among traders is whether the prospective increased supply will find buyers because of uncertainty over national economies . STOP 
`` Demand from Japan is expected to continue strong , but not from other areas of the world into the first quarter of next year , '' he said . STOP 
Japan normally depends heavily on the *CUNK* Valley and *CUNK* mines as well as the *CUNK* mine in *CUNK* New *CUNK* . STOP 
Recently , Japan has been buying copper elsewhere . STOP 
But as *CUNK* Valley and *CUNK* begin operating , they are expected to resume their *UNKS* as Japan 's suppliers . STOP 
According to *CUNKED* *CUNKER* , metals economist for Drexel Burnham Lambert , New York , `` *CUNK* Valley has already started operating and *CUNK* is expected to do so soon . '' STOP 
The *CUNK* mine is generally expected to remain closed until at least the end of the year . STOP 
It has n't been operating since May 15 because of attacks by native *UNKS* . STOP 
A recent attempt to resume operations was cut short quickly by these attacks . STOP 
However , traders *UNKED* a potential production disruption in *CUNK* and a continued drop in inventories . STOP 
Workers at two *CUNK* mines , Los *CUNKS* and El *CUNK* , which *UNK* to the *CUNKED* *CUNK* *CUNK* group , will vote Thursday on whether to strike after a two-year labor pact ends today . STOP 
The mines produced a total of *UNKN* tons of copper in 1988 . STOP 
According to Drexel 's Mr. *CUNKER* , the potential strike is expected to be resolved quickly , which may be one reason why the situation did n't affect prices much . STOP 
Another analyst said that , if there was any concern , it was that a strike could encourage other *UNKS* in *CUNK* . STOP 
London *CUNKAL* Exchange copper inventories fell 550 tons last week to *UNKN* tons , a *UNKED* decline . STOP 
But that development also had little effect on traders ' sentiment . STOP 
Mr. *CUNKER* said that stocks of copper in U.S. producers ' hands at the end of September were down *UNKN* metric tons from August to 30,000 tons . STOP 
*CUNK* the U.S. , he said , producer stocks at the end of August were *UNKN* tons , down 3,000 tons from the end of July . STOP 
Consumer stocks of copper in the U.S. fell to *UNKN* tons at the end of September from *UNKN* tons a month earlier , and stocks of copper held by consumers and *UNKS* outside of the U.S. at the end of July stood at *UNKN* tons , down from *UNKN* tons in June . STOP 
The high point of foreigners ' copper stocks this year was *UNKN* tons at the end of April , according to Mr. *CUNKER* . STOP 
In other commodity markets yesterday : STOP 
*CUNK* AND *CUNK* : STOP 
The prices of most corn , soybean and wheat futures contracts dropped slightly as farmers in the Midwest continued to rebuild *UNKS* that were *UNKED* by the 1988 *UNK* . STOP 
Buying by the Soviets has helped to *UNK* up corn prices in recent weeks , but a lack of any new purchases kept prices in the *UNKS* . STOP 
*CUNK* : STOP 
Futures prices rose slightly in a market filled with rumors that a new international coffee agreement might still be achieved . STOP 
The December contract ended with a gain of *UNKN* cents a pound at *UNKN* cents . STOP 
According to one analyst , prices opened higher because of reports over the weekend that Brazil and Colombia , at the *CUNK-* summit meeting in Costa Rica , had agreed to a reduction in their coffee export quotas for the *UNK* of creating a new agreement . STOP 
The reports , attributed to the Colombian minister of economic development , said Brazil would give up 500,000 bags of its *UNK* and Colombia 200,000 bags , the analyst said . STOP 
These reports were later denied by a high Brazilian official , who said Brazil was n't involved in any coffee discussions on quotas , the analyst said . STOP 
The Colombian minister was said to have referred to a letter that he said President Bush sent to Colombian President *CUNK* *CUNK* , and in which President Bush said it was possible to overcome obstacles to a new agreement . STOP 
The minister was also quoted as saying that a new pact could be achieved during the first half of next year , according to the analyst . STOP 
*CUNK* *CUNK* : STOP 
Futures prices showed modest changes in light trading volume . STOP 
December delivery gold eased 40 cents an ounce to $ *UNKN* . STOP 
December silver was off 3.7 cents an ounce at $ *UNKN* . STOP 
January platinum rose 90 cents an ounce at $ *UNKN* . STOP 
The market turned quiet after rising sharply late last week , according to one analyst . STOP 
Last week 's uncertainty in the stock market and a weaker dollar triggered a flight to safety , he said , but yesterday the market lacked such *UNK* . STOP 
There was some *UNKING* because prices for all the precious metals had risen to levels at which there was resistance to further advance , he said . STOP 
The dollar was also slightly *UNKER* and prompted some selling , as well , according to the analyst . STOP 
*CUNK-* Corp. said its board authorized the purchase of as many as five million of its common shares for employee stock plans and other general corporate purposes . STOP 
The forest-products concern currently has about 38 million shares outstanding . STOP 
In yesterday 's composite trading on the New York Stock Exchange , *CUNK-* shares closed at $ *UNKN* , down 37.5 cents . STOP 
When the Supreme Soviet passed laws on workers ' rights in May 1987 and on *UNKING* cooperatives a year later , some Western observers assumed Mikhail Gorbachev had launched the Soviet Union on a course that would lead inevitably to the creation of a market economy . STOP 
Their only doubt concerned the possibility that Mr. Gorbachev might not survive the opposition that his reforms would *UNK* and that the whole process might be reversed . STOP 
If Mr. Gorbachev 's goal is the creation of a free market , he and these Western observers have good reason to fear for his future , as economic *UNKION* within communist *UNKS* leads *UNKLY* to demands for fundamental political reform accompanied by civil *UNKEST* . STOP 
These fears were clearly apparent when , last week , Secretary of State James Baker blocked a speech by Robert Gates , deputy national security adviser and Soviet expert , on the ground that it was too pessimistic about the chances of Mr. Gorbachev 's economic reforms succeeding . STOP 
Yet the Soviet leader 's *UNKS* to *UNK* on foreign visits and steady *UNKION* of personal power , particularly since the last Politburo *UNK* on Sept. 30 , do not suggest that Mr. Gorbachev is on the *UNK* of being *UNKED* ; nor does he look likely to reverse the powers of perestroika . STOP 
Indeed , the Soviet *UNKS* strike this summer clearly *UNKED* that Mr. Gorbachev must proceed with economic reform . STOP 
But is he so *UNKER* that he has achieved the political equivalent of making water run *UNK* ? STOP 
And has he truly persuaded the Communist Party to accept economic change of a kind that will , sooner or later , lead to its *UNK* ? STOP 
An alternative and more *UNKING* explanation , confirmed by recent events and a close *UNKION* of the Gorbachev program , is that the new Soviet economic and social structures are intended to *UNK* to a model other than that of the market . STOP 
For example , while the laws on individual labor activity allow a *UNK* to earn a living independent of the state , strict provisions are attached on how far this may lead to the development of a free market . STOP 
Before becoming *UNKED* , or setting up a cooperative , workers must seek permission from the local *UNK* -LRB- council -RRB- . STOP 
*CUNKION* is far from automatic : The *UNKS* have the legal right to turn down applications and impose conditions , and they appear to be *UNKING* these powers . STOP 
Private *UNKING* , for example , is allowed in 10 Soviet *UNKS* but banned by five ; *UNKING* is allowed in seven but illegal in nine . STOP 
The controls on cooperatives appeared relatively liberal when first introduced . STOP 
But that changed following a resolution from the Supreme Soviet banning cooperatives from operating in some areas of the economy , and *UNKING* activity in others only if the cooperatives are under contract to the state . STOP 
All independent media activity is now illegal , which perhaps is not surprising , but so is the manufacture of *UNK* , cosmetics , household chemicals and sand *UNKS* . STOP 
Medical cooperatives , among the most successful in the U.S.S.R. , are banned from providing *UNKER* services -LRB- their main source of income -RRB- , carrying out surgery , and *UNKING* cancer patients , drug *UNKS* and pregnant women . STOP 
Earlier this month , the Supreme Soviet adopted two more *UNKS* *UNKING* the freedom of cooperatives : The first *UNKS* the *UNKS* to set prices for which goods may be sold ; the second *UNKS* cooperatives from buying `` industrial and food goods '' from the state or other cooperatives . STOP 
If Mr. Gorbachev is looking toward *UNKING* the *UNK* forces of the market , these latest *UNKS* are nothing short of reckless . STOP 
Along with some other *UNKING* indicators , these developments suggest that while Mr. Gorbachev *UNKS* to move away from some rigid central controls , he is *UNK* on creating economic structures of a kind that would *UNKLY* find favor with the *CUNK* or Chicago schools of economic thought . STOP 
Mr. Gorbachev has ruled out the use of the market to solve the problem of *UNK* consumer goods . STOP 
He told the Congress of People 's *CUNKS* on May 30 : `` We do not share this approach , since it would immediately destroy the social situation and *UNK* all the processes in the country . '' STOP 
Having rejected central economic planning for economic reasons , and the market for fear of the social -LRB- political -RRB- consequences , Mr. Gorbachev seeks a `` third way '' that would combine the discipline and controls of the former with the economic benefits of the latter . STOP 
Most important , this would leave the party intact and its *UNKLY* of political power largely *UNKED* . STOP 
Indeed , Mr. Gorbachev 's proposals display a close *UNKAL* *UNK* to the *UNKS* of Italian *UNK* , whose *UNKS* spoke specifically of a `` third way '' : of having produced a *UNK* *UNKS* of socialism and capitalism . STOP 
They , too , promised to combine economic efficiency with order and discipline . STOP 
The *UNK* of Russian *UNK* had been anticipated in *UNK* George Urban 's introduction to a series of *UNKS* -- `` *CUNK* the Soviet System *CUNK* Reform ? '' -- published this spring . STOP 
`` *CUNK* will reach its final stage of development in a *UNKS* *CUNK* -- *UNK-* in form , *UNK* in content and *CUNKAL* in style -- that will *UNK* the world with *UNKING* *UNKS* of *UNK* and *UNKS* ... . '' STOP 
The *UNK* concept of *UNK* *UNKED* an `` *UNK* '' society in which citizens were *UNKLY* and *UNKLY* *UNKED* , and prepared to *UNK* themselves for the nation . STOP 
This *UNKION* was to be brought about through policies and institutions that would *UNUNK* workers and employers with government in a fully integrated and `` *UNK* '' society . STOP 
The key to the creation of the `` *UNK* '' state lay in the formation of `` natural '' groups that would *UNUNK* the role of *UNKING* . STOP 
By contrast , a parliamentary system based on *UNK* political rights and groups was held to cause , rather than resolve , conflict . STOP 
The *UNKS* of Soviet perestroika to the *UNK* social *UNK* of *CUNK* was evident when Mr. Gorbachev presented his economic vision to the Soviet Congress . STOP 
In doing so , he neither rejected a socialist planned economy nor embraced the free market . STOP 
Instead , he proposed a `` *UNKED* economy , '' in which there would be a `` *UNK-* division between state direction of the economy and economic management . '' STOP 
The latter would be undertaken by `` enterprises , joint stock companies and cooperatives . '' STOP 
These would not function *UNKLY* , but would act together to form `` *UNKS* , unions and associations '' to *UNK* problems and coordinate their activities . STOP 
Mr. Gorbachev is in a much stronger position to pursue the *UNK* ideal than was *CUNK* , who was never able to influence business giants such as *CUNK* and Fiat . STOP 
The Soviet Communist Party has the power to shape corporate development and *UNK* it into a body dependent upon it . STOP 
To ensure the loyalty of the business sector , Mr. Gorbachev may offer concessions and powers that will allow the business community to preserve its own interests , probably by *UNKING* competition . STOP 
However , Mr. Gorbachev must ensure that within this `` alliance '' the business sector remains *UNK* to the party . STOP 
At the same time , he must give it sufficient freedom to provide the economic benefits so *UNKLY* needed . STOP 
It is the promise of economic returns that is supposed to make the *UNK* model attractive to both the party and labor . STOP 
The work force provides the third arm of the `` alliance . '' STOP 
Within the alliance it is supposed to act as a *UNKING* force , *UNKING* against excessive control by government or abuse of its economic position by business , for either could result in a deterioration of its living standards -LRB- under the new *UNKS* , workers *UNKS* may demand that a cooperative be closed or its prices be reduced -RRB- . STOP 
By providing workers with the opportunity to move into the private sector where wages tend to be higher , and by holding out the promise of more consumer goods , Mr. Gorbachev hopes to revive the popularity of the party . STOP 
At the same time , the strategy requires that he deal effectively with those who seek genuine *CUNK-* political *UNK* . STOP 
The most important development in Mr. Gorbachev 's policy for *UNKING* the opposition movement is the claim that the U.S.S.R. also *UNKS* from terrorism . STOP 
An increasing number of *UNKS* by the Soviet press to opposition groups now active in the U.S.S.R. , particularly the Democratic Union , *UNK* that they show `` *UNK* *UNKS* '' and claim that they would be prepared to kill in order to achieve their aims . STOP 
It is possible that , in *UNKING* such *UNKS* , the ground is being laid for the arrest of opposition activists on the ground of terrorism . STOP 
Mr. Gorbachev would appear to see his central task , however , as that of *UNKING* that *UNKS* of an alliance among labor , capital and the state are properly laid before the demands for a *UNK* system reach a *UNK* . STOP 
If he were able to *UNK* a popular and efficient *UNK* system , he or his *UNK* would be *UNKED* to *UNK* in political opposition , and to *UNK-* control in Eastern Europe . STOP 
The weaknesses in his plan do not lie in the political calculations -- Mr. Gorbachev is a *UNK* political leader , perhaps one of the greatest -- but in its economic *UNKION* . STOP 
*CUNK* to widespread belief , *CUNK* failed to live up to his promise to make the *UNKS* run on time ; it is *UNK* whether *CUNK-* *UNK* will make Soviet *UNKS* run on time , or fill the shops with goods that the consumers so *UNKLY* *UNK* . STOP 
Miss Brady is deputy director of the Russian Research Foundation in London . STOP 
New construction *UNKING* climbed 8 % in September to an annualized $ *UNKN* billion , with commercial , industrial and *UNKS* contracts providing most of the increase , according to *CUNK* Dodge Group . STOP 
Through the first nine months of the year , the *UNKED* total of all new construction was $ *UNKN* billion , flat compared with a year earlier . STOP 
The South was off 2 % after the first nine months , while the North Central region was up 3 % . STOP 
The Northeast and West regions were unchanged . STOP 
A small decline in total construction for the entire year is possible if *UNKING* for housing does n't increase in response to this year 's lower mortgage rates , said George A. Christie , vice president and chief economist of Dodge , the forecasting division of publisher *CUNK-* Inc . STOP 
The seasonally adjusted Dodge Index reached *UNKN* in September , its highest level this year , from *UNKN* in August . STOP 
The index uses a base of 100 in 1982 . STOP 
*CUNKLY* contracted residential work edged up 2 % in September to an annualized $ *UNKN* billion , largely because *UNKLY* building rebounded from a very weak August . STOP 
`` At the end of the third quarter , there was still no evidence of renewed home building in response to the *UNK* decline of mortgage rates , '' Mr. Christie said . STOP 
Housing has been weak all year and especially so in the past five months . STOP 
*CUNKING* for *UNKAL* buildings rose 10 % in September to an annualized $ *UNKN* billion . STOP 
Commercial and industrial construction rose sharply , partly because of three large projects , each expected to cost more than $ 100 million . STOP 
*CUNKAL* building , such as hospitals and schools , eased in September following a surge in August . STOP 
Although the third quarter was the best so far this year for *UNKAL* building , weakness early in the year held the nine-month total to $ *UNKN* billion , up just 1 % from a year earlier . STOP 
*CUNKS* and utility projects , also known as *UNKING* *UNKING* , grew 18 % to $ *UNKN* billion in September , but the nine-month total of $ *UNKN* billion was down 3 % from a year earlier . STOP 
The Sept. 30 end of the federal fiscal year may have *UNKED* contractors to get any *UNK-* road and bridge construction under way `` before the *UNK* ran out , '' Mr. Christie said , referring to threatened 5 % *UNK-* budget cuts . STOP 
a - *CUNKLY* construction contract values are reported on an annualized , seasonally adjusted basis . STOP 
Moody 's Investors Service Inc. said it lowered ratings on long-term debt of CS First Boston Inc. , the holding company of Wall Street giant First Boston Corp. , because of First Boston 's `` aggressive merchant banking risk '' in highly leveraged takeovers . STOP 
In *UNKING* CS First Boston 's subordinated domestic , *CUNK* and Swiss debt to single-A-3 from single-A-2 , Moody 's is matching a move made by the other major credit rating concern , Standard & Poor 's Corp. , several months ago . STOP 
Moody 's also confirmed the *CUNK-* rating , its highest , on CS First Boston 's commercial paper , or short-term corporate *CUNKS* . STOP 
In addition , Moody 's said it *UNKED* Financiere Credit *CUNK-* Boston 's senior and subordinated Swiss debt to single-A-2 from *UNK-* and lowered Financiere *CUNK* N.V. 's *UNK* subordinated *UNKAL* *CUNK* , guaranteed by Financiere Credit Suisse -- First Boston , to single-A-3 from single-A-2 . STOP 
About $ 550 million of long-term debt is affected , according to Moody 's . STOP 
A spokesman for CS First Boston said : `` We remain committed to a full range of businesses , including merchant banking . STOP 
We think that the ratings *UNKION* is *UNUNK* but not unexpected . STOP 
Our commitment to manage these businesses *UNKLY* will continue . '' STOP 
First Boston 's merchant banking risks mounted last month as highly leveraged Campeau Corp. , First Boston 's most lucrative client of the decade , was hit by a cash squeeze and the high-risk junk bond market tumbled . STOP 
First Boston incurred millions of dollars of losses on Campeau securities it owned as well as on special securities it could n't sell . STOP 
First Boston *UNKS* for several other highly leveraged clients , including Ohio *CUNKS* , *UNKED* as the high-risk junk bond market plummeted . STOP 
Moody 's said its rating changes actions `` reflect CS First Boston 's aggressive merchant banking risk as well as the risk profile of its current merchant banking *UNKS* . '' STOP 
It said CS First Boston `` has consistently been one of the most aggressive firms in merchant banking '' and that `` a very significant portion '' of the firm 's profit in recent years has come from merchant *UNKED* business . STOP 
`` Moody 's believes that the uncertain environment for merchant banking could put pressure on CS First Boston 's performance , '' the rating concern said , citing `` continued problems '' from the firm 's *UNKS* to `` various *CUNKED* firms '' and to Ohio *CUNKS* . STOP 
`` These two *UNKS* alone represent a very substantial portion of CS First Boston 's equity , '' Moody 's said . STOP 
`` Total merchant banking *UNKS* are in excess of the firm 's equity . STOP 
Quotron Systems Inc. plans to cut about 400 , or 16 % , of its *UNKN* employees over the next several months . STOP 
`` This action will continue to keep operating expenses in line '' with revenue , said J. David *CUNK* , president and chief executive officer of Los Angeles-based Quotron . STOP 
The move by the financial information and services subsidiary of Citicorp is a `` response to changing conditions in the retail securities industry , which has been *UNKING* '' since October 1987 's stock market crash , the executive added . STOP 
Quotron , which Citicorp purchased in 1986 , provides price quotations for securities , particularly stocks . STOP 
Quotron also provides trading and other systems , services for brokerage firms , and *UNK-* services . STOP 
Independent *UNKS* of financial information , including Quotron , have been under some pressure as the major securities houses try to regain their hold on the production of market data and on the related revenue . STOP 
Shearson , Goldman , Sachs & Co. , Morgan Stanley & Co. and Salomon Inc. are discussing formation of a group to sell *UNK-* data . STOP 
The job cuts , to be made in a number of areas at various job levels , are `` a streamlining of operations , '' a spokeswoman said . STOP 
The company has no immediate plans to close any operations , she said , but Quotron may *UNK* some work that it has been doing in-house , including *UNK* and production of Quotron *UNKN* equipment used in *UNKING* financial data . STOP 
The spokeswoman said the move is n't directly a response to Quotron 's loss of its two biggest customers , Merrill Lynch & Co. and American Express Co. 's Shearson Lehman Hutton Inc. , to *CUNKED* Data *CUNKING* Inc. earlier this year . STOP 
The spokeswoman noted that last week , Kidder , Peabody & Co. , the securities subsidiary of General Electric Co. , chose a Quotron subsidiary to provide *UNKING* services . STOP 
And Oct. 24 , Quotron said it will market the *UNKED* trading system of *UNKER* *CUNK* Government Securities Inc . STOP 
Quotron is n't profitable on Citicorp 's books because of the interest charges the New York bank holding company incurred in buying the *UNK-* concern for $ *UNKN* million , says Ronald I. *CUNK* , analyst for Sanford C. *CUNK* & Co . STOP 
But Citicorp `` does view Quotron -RRB- as being crucial to the financial-services business in the 1990s , '' the analyst added . STOP 
This past summer , Quotron sold its *UNK-* unit , *UNKING* 600 , to Phoenix Technologies Inc. , a closely held *UNK-* firm in Valley *CUNK* , *CUNK* . STOP 
Terms were n't disclosed . STOP 
The Oakland *CUNKS* ' *UNK-* *UNK* over the San Francisco Giants in the World Series may *UNK* *UNK-* losses that the ABC network will *UNK* on the current , final year of its baseball contract . STOP 
The 1989 Series , disrupted by a devastating earthquake and diminished in national interest because both teams came from the San Francisco Bay area , is likely to end up as the *UNKED* Series of this decade and probably since the event has been broadcast . STOP 
The first three games were seen by an average of only 17 % of U.S. homes , a sharp decline from the *UNKN* % rating for last year 's Series . STOP 
A final ratings *UNKLY* from *CUNK* *CUNK* Co. is due today . STOP 
The *UNK* by the *CUNK* , whose *UNKS* and *UNK-* *UNKS* dominated the *UNK-* Giants , will only make things worse for ABC , owned by Capital *CUNK* Inc . STOP 
The network had been expected to have losses of as much as $ 20 million on baseball this year . STOP 
It is n't clear how much those losses may *UNK* because of the short Series . STOP 
*CUNK* the contest gone a full seven games , ABC could have *UNKED* an extra $ 10 million in ad sales on the *UNK* game alone , compared with the ad take it would have received for regular prime-time shows . STOP 
ABC had based its budget for baseball on a *UNK-* Series . STOP 
A network spokesman would n't comment , and ABC Sports officials declined to be interviewed . STOP 
But some industry executives said ABC , in anticipation of a *UNK-* *UNK* , limited its losses by *UNKING* up the number of commercials it *UNKED* in the third and fourth games . STOP 
A World Series *UNK* typically carries 56 *UNK-* commercials , but by the fourth game ABC was *UNKING* in 60 to 62 ads to generate extra revenue . STOP 
ABC 's baseball experience may be of interest to CBS Inc. , which next season takes over the broadcasting of all baseball *UNKS* in a four-year television contract priced at $ *UNKN* billion . STOP 
CBS Sports President Neal Pilson has conceded only that CBS will have a loss in the first year . STOP 
But other industry executives contend the losses could reach $ 250 million over four years and could go even higher if the World Series end in *UNK-* *UNKS* . STOP 
The Series typically is among the *UNKED* sports events on television . STOP 
Last year 's series , broadcast by General Electric Co. 's NBC , was the *UNKED* Series in four years ; instead of featuring a major East Coast team against a West Coast team , it *UNKED* the Los Angeles *CUNKS* against the losing Oakland *CUNK* . STOP 
ABC 's *UNK* was even higher this year with two teams from the same area . STOP 
The Series got off to a *UNK* start Oct. 14 with a *UNKN* % rating ; the next night it drew *UNKN* % of homes . STOP 
Then came the earthquake and a *UNKING* delay of 11 days . STOP 
Some people had hoped ABC 's ratings would go up because of the intense focus on the event in the aftermath of the earthquake . STOP 
An analyst 's opinion to that effect even sent Capital *CUNK* shares soaring two weeks ago . STOP 
But interest instead *UNKED* . STOP 
The third game , last Friday night , drew a disappointing *UNKN* rating . STOP 
*CUNK* *UNKS* helped stock prices break a *UNK* losing *UNK* while bond prices and the dollar *UNKED* higher . STOP 
The Dow Jones Industrial Average gained *UNKN* points to *UNKN* in light trading after losing more than 92 points last week . STOP 
Bond prices continued to edge higher in anticipation of more news showing a slower economy . STOP 
Although the dollar rose slightly against most major currencies , the focus in currency markets was on the *UNKED* British pound , which gained slightly against the dollar . STOP 
Trading volume on the New York Stock Exchange *UNKED* to only *UNKN* million shares yesterday as major brokerage firms continued to throw in the *UNK* on program trading . STOP 
Kidder Peabody became the most recent firm to *UNK* off stock-index arbitrage trading for its own account , and Merrill Lynch late yesterday took the major step of *UNKING* the trading strategy even for its clients . STOP 
Yet that did n't eliminate program trading from the market . STOP 
The Dow industrials shot up 23 points in the opening hour , at least in part because of buy programs generated by stock-index arbitrage , a form of program trading involving futures contracts . STOP 
But interest *UNKED* as the day *UNK* on and investors looked ahead to the release later this week of two important economic reports . STOP 
The first is Wednesday 's survey of purchasing managers , considered a good indicator of how the nation 's manufacturing sector *UNKED* in October . STOP 
The other is Friday 's measure of October employment , an indicator of the broader economy 's health . STOP 
Both are expected to show continued *UNKS* , which would be good for bonds and bad for stocks . STOP 
In major market activity : Stock prices rose in light trading . STOP 
But declining issues on the New York Stock Exchange *UNKED* gainers *UNKN* to *UNKN* , and broader market indexes were virtually unchanged . STOP 
Bond prices *UNK* higher . STOP 
The Treasury 's benchmark 30-year bond gained about an *UNK* of a point , or about $ 1.25 for each $ 1,000 face amount . STOP 
The yield on the issue slipped to *UNKN* % . STOP 
The dollar gained . STOP 
In late New York trading the dollar was quoted at *UNKN* marks and 141.90 yen , compared with *UNKN* marks and *UNKN* yen Friday . STOP 
The British pound , pressured by last week 's resignations of key Thatcher administration officials , *UNKS* rose Monday to $ *UNKN* from Friday 's $ *UNKN* . STOP 
If Japanese companies are so efficient , why does *CUNK-* Transportation Co. sometimes need a week just to tell its clients how soon it can ship goods from here to *CUNK* ? STOP 
Why , until last spring , did the *CUNK-* Credit Bank of Japan sometimes take several days to correct *UNKAL* errors in its paper work for international transactions ? STOP 
Because the companies have lacked office computers considered standard equipment in the U.S. and Western Europe , Japanese corporations ' reputation as *UNK-* *UNKS* is only half right . STOP 
Their factories may look like sets for a *CUNK* movie , but their offices , with *UNKS* of *UNKS* *UNKED* over *UNKS* and *UNKS* , are more like *UNKS* from a *CUNKS* novel . STOP 
Now , the *UNKER* revolution is finally reaching Japan . STOP 
*CUNK-* , a freight company , set up its own software subsidiary this year and is spending nearly a year 's profit to more than double the computer terminals at its main office . STOP 
In April , the *CUNK-* Credit Bank linked its computers in Tokyo with its three American offices . STOP 
Overall , PC sales in Japan in the first half of 1989 were 34 % higher than in the year-earlier period . STOP 
*CUNKED* PC and *UNKION* use in Japan will jump as much as 25 % annually over the next five years , according to some analysts , compared with about 10 % in the U.S. . STOP 
And with a labor shortage and intense competitive pressure to improve efficiency , more and more Japanese companies are *UNKING* that they have no choice . STOP 
`` We have too many people in our home offices , '' says *CUNK* *CUNK* , the president of the Japan Management Association . STOP 
`` *CUNK* in Japanese offices is relatively low . '' STOP 
With Japanese companies in a wide range of industries -- from heavy industry to securities firms -- increasing their market share world-wide , the prospect of an even more efficient Japanese economic army may *UNK* foreigners . STOP 
But it also offers opportunities ; Americans are well *UNKED* to supply the weapons . STOP 
Japan may be a tough market for outsiders to *UNK* , and the U.S. is *UNKLY* behind Japan in certain technologies . STOP 
But for now , at least , Americans are far better at making PCs and the software that runs them . STOP 
After years of talking about selling in Japan , more and more U.S. companies are seriously pouring in . STOP 
Apple Computer Inc. has doubled its staff here over the past year . STOP 
Lotus Development Corp. has slashed the lag between U.S. and Japan product *UNKS* to six months from three years . STOP 
*CUNKS* Inc. has a bigger share of the *UNK-* market in Japan than at home . STOP 
But the Japanese have to go a long way to catch up . STOP 
Typical is one office of the Ministry of International Trade and Industry 's *CUNK* and Information Industries Bureau -- the main bureaucracy *UNKING* the computer industry . STOP 
`` Personal Computer '' *UNKS* are *UNKED* up on nearly every desk , and *UNKED* copies of Nikkei Computer crowd magazine *UNKS* . STOP 
But amid the two dozen bureaucrats and *UNKS* *UNKS* only one *UNK-* PC . STOP 
While American PC sales have averaged roughly 25 % annual growth since 1984 and West European sales a *UNKING* 40 % , Japanese sales were flat for most of that time . STOP 
Japanese office workers use PCs at half the rate of their European counterparts and one-third that of the Americans . STOP 
Moreover , Japanese offices tend to use computers less *UNKLY* than American offices do . STOP 
In the U.S. , PCs *UNKLY* perform many tasks and *UNK* into a broad network . STOP 
In Japan , many desktop terminals are limited to one function and ca n't *UNK* with other machines . STOP 
The market planning and sales promotion office of Nomura Securities Co. , for example , has more than 30 computers for its 60 workers , a *UNK* ratio . STOP 
But the machines are n't on employees ' desks ; they *UNKING* the *UNKER* of the large office . STOP 
Some machines make *UNKS* for *UNKS* . STOP 
Others *UNK* the data . STOP 
To transfer information from one to the other , employees make *UNKS* and enter the data *UNKLY* . STOP 
To *UNK* *UNKS* to branch offices , they use a *UNK* machine . STOP 
Meanwhile , a woman sitting next to a new Fujitsu terminal writes stock-market information on a chart with a *UNK* and adds it up with a hand *UNK* . STOP 
In an efficient *UNK* , the same PC could perform all those tasks . STOP 
In the U.S. , more than half the PC software sold is either for *UNKS* or for *UNK* analysis , according to Lotus . STOP 
In Japan , those functions account for only about a third of the software market . STOP 
Machines *UNKED* solely to word processing , which have all but *UNKED* in the U.S. , are still more common in Japan than PCs . STOP 
In the U.S. , *UNK-* of the office PCs are *UNKED* up to some sort of network . STOP 
In Japan , about 1 % are linked . STOP 
`` Computers here are used for data gathering , '' says Roger J. *CUNK* , who manages the *UNKS* group in *CUNK* & Co. 's Tokyo office . STOP 
Some Japanese operations , such as *UNKING* rooms , may be ahead of their American counterparts , he says , but `` basically , there 's little analysis done on computers in Japan . '' STOP 
Of course , simply buying computers does n't always solve problems , and many American companies have *UNKED* by purchasing technology they did n't understand . STOP 
But healthy *UNK* is only a small reason for Japan 's PC lag . STOP 
*OUS* cultural and economic forces have *UNKED* demand . STOP 
Because the Japanese `` *UNK* '' is so huge , Japan has no history of *UNKER* use , and so `` *UNK* *UNK* , '' especially among older workers , remains a common *UNKION* . STOP 
`` I have no experience before with such sophisticated machinery , '' says *CUNK* *CUNK* , a *UNK-* executive vice president of Japan Air Lines , explaining his reluctance before accepting a terminal in his office this summer . STOP 
While most American employees have their own private space , Japanese `` *UNK* '' usually share large , common tables and rely heavily on *UNKED* personal contact . STOP 
*CUNK* Japanese executives often make decisions based on consensus and personal relationships rather than complex financial projections and fancy *UNKS* . STOP 
And Japan 's management system makes it hard to impose a single , integrated computer system *UNK* . STOP 
Besides , a computer processing the Japanese language needs a huge memory and much processing capability , while the screen and printer need far better definition to *UNK* *UNKLY* the *UNK* *UNKS* . STOP 
Until recently , much of the necessary technology has been unavailable or at least *UNUNK* . STOP 
Some analysts estimate the average PC costs about 50 % more in Japan than the U.S. . STOP 
But the complex language is n't the only reason . STOP 
For the past decade , NEC Corp. has owned more than half the Japanese PC market and ruled it with *UNKLY* power . STOP 
With little competition , the computer industry here is inefficient . STOP 
The U.S. market , too , is dominated by a giant , International Business Machines Corp . STOP 
But early on , IBM offered its basic design to anybody *UNKING* to copy it . STOP 
*CUNKS* of small companies did , *UNKLY* establishing a standard operating system . STOP 
That *UNKS* competition and growth , allows users to change and mix brands easily , and increases software firms ' incentive to write packages because they can be sold to users of virtually any computer . STOP 
If a record industry lacked a common standard , Sony CD owners could listen to a Sony version of *CUNK* 's `` Like a *CUNKER* '' but not one made for a *CUNK* player . STOP 
That is the state of Japan 's computer industry . STOP 
NEC wo n't release its code , and every one of the dozen or so makers has its own *UNK* operating system -- all *UNK* with each other . STOP 
IBM established its standard to try to stop falling behind *UNK* Apple Computer , but NEC was ahead from the start and did n't need to *UNK* in competitive allies . STOP 
Meanwhile , the big players have n't tried to copy the NEC standard . STOP 
Corporate pride as well as the close ties common among Japanese manufacturers help explain why . STOP 
Most rivals `` have a working relationship with NEC , often through *UNKING* of technology , '' the Japan Personal Computer *CUNK* Association noted recently . STOP 
`` They *UNK* to market *CUNK-* machines ; NEC *UNKS* of such machines , and marketing one would *UNK* their relationship . '' STOP 
The result , according to many analysts , is higher prices and less *UNKION* . STOP 
While *UNKS* of thousands of software packages using the IBM standard are available in the U.S. , they say only about 8,000 are written for NEC . STOP 
A year ago , Japan 's *CUNK* Trade Commission warned NEC about possible violations of *UNKLY* laws for discouraging retailers from discounting . STOP 
In Japan , `` software is four to five years behind the U.S. because hardware is four to five years behind , because NEC is *UNKING* a *UNKLY* , '' complains *CUNK* *CUNK* , the president of *CUNK* Corp. , one of Japan 's leading *CUNK-* publishing and software companies . STOP 
`` There are no price wars , no competition . '' STOP 
An NEC spokeswoman *UNKS* that prices are higher in Japan because customers put a greater emphasis on quality and service than they do in the U.S. . STOP 
She adds that some *UNKAL* advances trail those in the U.S. because the Japanese still import basic operating systems from American companies . STOP 
But the market is changing . STOP 
The government is funding several projects to push PC use . STOP 
Over the next three years , public schools will get 1.5 million PCs , a *UNK-* increase from current levels . STOP 
In the private sector , *UNKLY* every major company is setting *UNK* goals to increase employees ' exposure to computers . STOP 
Toyota Motor Corp. 's sales offices in Japan have *UNK-* the computers per employee that its own U.S. offices do ; over the next five years , it is *UNKING* for rough parity . STOP 
Within a year , *CUNK* Corp. , a major cosmetics company , plans to eliminate 1,000 *UNKAL* jobs by putting on a central computer network some work , such as credit reports , currently performed in 22 separate offices . STOP 
By increasing the number of PCs it uses from 66 to 1,000 , *CUNK* *CUNK* Electronics Co. , of *CUNK* , hopes not only to make certain tasks easier but also to transform the way the company is run . STOP 
`` Managers have long been those who *UNK* their *UNKS* so orders would be properly acted on , '' a spokesman says . STOP 
`` But new managers will have to be *UNKS* and *UNKS* ... and for that purpose it is necessary to create an environment where information from both inside and outside the company can be reached easily , and also shared . '' STOP 
Meanwhile , more computer makers now are competing for the new business . STOP 
*CUNK* *CUNK* Corp. , a *UNKER* to the industry , fought off a legal challenge and started selling NEC *UNKS* last year . STOP 
It has won about 15 % of the retail PC market . STOP 
Sony Corp. , which temporarily dropped out of the PC business three years ago , started selling its work station in 1987 and quickly became the leading Japanese company in that market . STOP 
In a country where *UNK* room is *UNK* , laptop machines will take a large portion of the industry 's future growth . STOP 
Toshiba Corp. *UNKED* open that sector this summer with a *UNKED* machine that *UNKS* for less than 200,000 yen -LRB- under $ 1,500 -RRB- -- one of the *UNKEST* , *UNKEST* PCs available in the country . STOP 
Fujitsu Ltd. is *UNKING* the most expensive promotion campaign in its history -- including a *UNKEST* *UNK* at Tokyo *CUNK* -- for its sophisticated *UNKS* *CUNK* *CUNKS* machine , which it *UNKS* for everything from *UNKING* the family *UNK* to *UNKING* *UNK* , bar *UNKING* . STOP 
Many of the companies are even dropping their traditional independence and trying to band together to create some sort of standard . STOP 
Two years ago , most of the smaller makers joined under the Microsoft Corp. *UNK* to adopt a version of the American IBM *CUNK* standard . STOP 
That has n't generated much sales , but this summer Microsoft rallied all the major NEC competitors to make their new machines *UNK* with the IBM *CUNK* standard . STOP 
A healthy , *UNK* Japanese market could also make it far easier for Japanese companies to sell overseas , where their share is still minimal . STOP 
But it could also help American companies , which also are starting to try to open the market . STOP 
As with many other goods , the American share of Japan 's PC market is far below that in the rest of the world . STOP 
U.S. makers have under 10 % share , compared with half the market in Europe and 80 % at home . STOP 
Though no formal trade barriers exist , the Japanese computer industry is difficult for outsiders to enter . STOP 
`` If it were an open market , we would have been in in 1983 or 1984 , '' says *CUNK* Pfeiffer , who heads Compaq Computer Corp. 's European and international operations . STOP 
His company , without any major effort , sells more machines in China than in Japan . STOP 
Although it has opened a New Zealand subsidiary , it is still only `` studying '' Japan , the only nation that has n't adopted *CUNKED* *UNKS* . STOP 
And because general retail centers such as *CUNK* have little presence in Japan , sales remain in the iron grip of established computer makers . STOP 
But the Americans are also to blame . STOP 
They long made little effort here . STOP 
IBM , though long a leader in the Japanese mainframe business , did n't introduce its first PC in Japan until five years after NEC did , and that was n't *UNK* even with the U.S. IBM standard . STOP 
Apple did n't introduce a *UNK* machine -- one that *UNKS* the Chinese characters of written Japanese -- until three years after entering the market . STOP 
Critics also say American companies charge too much . STOP 
Japan 's FTC says it is investigating Apple for allegedly discouraging retailers from discounting . STOP 
But the U.S. companies are *UNKING* their efforts . STOP 
Apple recently hired its first Japanese president , *UNKING* away an official of Toshiba 's European operations , as well as a whole Japanese *UNK-* team . STOP 
Earlier this year , it introduced a much more powerful *UNK* operating system and a *UNK* *UNKER* printer . STOP 
IBM just last year started selling its first machine that could run in both Japanese and English and that substantially *UNKS* *UNK* with its American products . STOP 
`` It may take five years to break even in Japan , '' says John A. *CUNKAL* , who runs the *CUNK-* office for *CUNK* & Dodge , a U.S. software company . STOP 
`` But it 's an enormous business opportunity . STOP 
From a reading of the somewhat *UNK* *CUNK-* medical *UNK* on RU-486 , the French abortion pill *UNKS* as one of the *UNKEST* *UNKS* around . STOP 
This is not only because it *UNKS* the *UNUNK* , a job at which it actually is not *UNKLY* efficient , *UNKING* only 50 % to 85 % of them depending on which study you read -LRB- *UNK* , taken in *UNKION* with the pill , boosts the rate to 95 % -RRB- . STOP 
By contrast , *UNKAL* abortion is 99 % effective . STOP 
*CUNKION* via the pill is far more of an *UNKAL* than conventional *UNKAL* abortion . STOP 
It is *UNKING* -LRB- the abortion part alone *UNKS* three days , and the clinical part *UNKS* a week 's worth of visits -RRB- , *UNK* -LRB- one woman in a Swedish trial required a *UNKION* , although for most it *UNKS* a *UNKAL* period , with *UNKING* *UNKING* an average of 10 days -RRB- , and painful -LRB- many women require *UNK* *UNKS* to ease them through -RRB- . STOP 
*CUNK* and *UNKING* are other common side effects . STOP 
*CUNKING* is of the *UNK* with RU-486 . STOP 
It is most effective taken about a week after a woman *UNKS* her *UNKAL* period up through the *UNK* week of pregnancy , when it is *UNKLY* less effective . STOP 
That is typically about a *UNK-* window . STOP 
So far , all the studies have concluded that RU-486 is `` safe . '' STOP 
But `` safe , '' in the definition of *CUNK* Bass of the *CUNK* Health Technologies *CUNK* , means `` there 's been no evidence so far of mortality . '' STOP 
No one has *UNKED* the long-term effects of RU-486 on a woman 's health or *UNK* . STOP 
The drug seems to *UNKS* *UNKION* for three to seven months after it is taken . STOP 
Some women clearly have no trouble eventually *UNKING* again : The studies have reported *UNKS* in their programs . STOP 
But there are no scientific data on this question . STOP 
Rather *UNKLY* , *UNK* studies reveal that RU-486 can cause *UNK* defects , *CUNK* , the British medical journal , reported in 1987 . STOP 
However , Dr. *CUNK-* *CUNK* , the French physician who *UNKED* RU-486 , wrote in a Science magazine article last month that the *UNKEST* results could not be *UNKED* in *UNKS* and *UNKS* . STOP 
The drug has a *UNKAL* structure similar to that of DES , the *UNK-* drug that has been linked to *UNKAL* and *UNKAL* cancer in some of the daughters of the women who took it . STOP 
All the published studies recommend that women on whom the drug *UNKS* *UNK* not carry the pregnancy to term but *UNUNK* a *UNKAL* abortion . STOP 
A risk of *UNK* defects , a sure source of lawsuits , is one reason the U.S. pharmaceutical industry is *UNKING* clear of RU-486 . STOP 
One might well ask : Why *UNKER* with this drug at all ? STOP 
Some abortion advocates have been asking themselves this very question . STOP 
RU-486 `` probably represents a technical advance in an area where none is needed , or at least not very much , '' said *CUNK* *CUNK* , president of the National *CUNKION* Federation , at a *UNK* health conference in 1986 . STOP 
Many *UNKS* have expressed concern over the heavy *UNKING* , which occurs even if the drug *UNKS* to induce an abortion . STOP 
It typically takes from eight to 10 years to obtain the Food and Drug Administration 's approval for a new drug , and the cost of testing and marketing a new drug can range from $ 30 million to $ 70 million . STOP 
The Health and Human Services Department currently *UNKS* the National Institutes of Health from funding abortion research as part of its $ 8 million *UNK* program . STOP 
But the *CUNKION* Council , a *UNK-* , $ 20 million *UNK* organization that has the backing of the Rockefeller and Mellon *UNKS* and currently *UNKS* most U.S. research on *UNKS* , has recently been paying for U.S. studies of RU-486 on a license from its French developer , *CUNK-* , a joint subsidiary of the German pharmaceutical company Hoechst and the French government . STOP 
In the year since the pill went on the French market , the National Organization for *CUNK* and its *UNK* , former *CUNK* President *CUNK* *CUNKAL* 's Fund for a *CUNK* Majority , have been trying to *UNK* the U.S. pharmaceutical industry into getting involved . STOP 
-LRB- Its *UNK-* *UNKION* : the pill `` will be available in the U.S. , either *UNKLY* or illegally , in no more than *UNKN* years . '' -RRB- STOP 
Following the *UNK* and *UNK-* lead has been a generally *UNK* press . STOP 
A June 1988 article in *CUNKER* Jones magazine is typical of the general level of media *UNK* . STOP 
`` For a woman whose period is late , using RU-486 means no waiting , no walking past *UNK* lines at abortion *UNKS* , and no feet up in *UNKS* for surgery , '' *UNKS* health writer *CUNK* *CUNKER* . STOP 
`` It also means she will never have to know whether she had actually been pregnant . '' STOP 
*CUNK* on all counts , Miss *CUNKER* . STOP 
RU-486 is being *UNKED* in France only under strict *UNKION* in the presence of a doctor . STOP 
-LRB- *CUNK* reportedly has every pill marked and accounted for to make sure none *UNKS* into the black market . -RRB- STOP 
Thus , a woman who used RU-486 to have an abortion would have to make three trips to the *UNK* past those *UNK* lines ; an initial visit for medical *UNKING* -LRB- *UNKS* and those with previous pregnancy problems are eliminated -RRB- and to take the pill , a second trip 48 hours later for the *UNK* , *UNKED* either via *UNKION* or *UNKAL* *UNK* , and a third trip a week later to make sure she has completely *UNKED* . STOP 
*CUNK* , because timing is so critical with RU-486 , she will learn , via a *UNK* examination and *UNK* , not only that she is pregnant , but just how pregnant she is . STOP 
No doctor who fears *UNK* liability would likely *UNK* a *UNK-* patient to the risk of *UNKING* . STOP 
Many women may even see the dead *UNK* they have *UNKED* , a *UNK* the *UNKION* industry typically *UNKS* them . STOP 
At seven weeks , an *UNK* is about *UNKS* of an *UNK* long and *UNKLY* human . STOP 
At the *UNKEST* of pro-choice members of Congress , a four-year *UNKION* bill for Title *CUNK* federal *UNKING* assistance now contains a $ 10 million grant for `` development , evaluation and bringing to the marketplace of new improved *UNK* devices , drugs and methods . '' STOP 
If this *UNKS* -- a Senate version has already been cleared for a floor vote that is likely early next year -- it would put the federal government into the *UNK* marketing business for the first time . STOP 
It also could put the government into the RU-486 business , which would *UNK* *UNKS* *UNKED* at what they view as *UNK* in the private-sector drug industry . STOP 
We do not know whether RU-486 will be as *OUS* as some of the earlier *UNK-* methods released to *UNKING* , *UNUNK* *UNKS* from *UNKED* people who should have known better . STOP 
-LRB- *CUNKER* the *CUNK* *CUNK* and the early *UNK-* pills ? -RRB- STOP 
We will not know until a first generation of female *UNK* *UNKS* -- all of whom will be more than happy to *UNKER* for the job -- has put the abortion pill through the clinical test of time . STOP 
Mrs. Allen is a senior editor of *CUNK* magazine . STOP 
This article is *UNKED* from one in the October American *CUNK* . STOP 
On June 30 , a major part of our trade deficit went *UNK* ! STOP 
No figure *UNKING* ; no *UNK* ; just *UNKLY* improved recording of some of our exports . STOP 
The result ? STOP 
The Commerce Department found that U.S. exports in 1988 , net of imports , were *UNKED* by $ *UNKN* billion a year and *UNKED* at the annualized rate of $ *UNKN* billion in the first quarter of 1989 . STOP 
More than half of the `` newly found '' net exports were from just a few *UNK-* categories . STOP 
Some of the biggest *UNK-* *UNKS* -- American *UNK-* companies , for example -- have yet to be fully included in our export statistics . STOP 
Nearly 10 years ago , representatives of *UNK-* companies worked out a plan with the Commerce Department to improve the data on *UNK-* exports . STOP 
Both groups believed that *UNKS* of billions of dollars of service exports -- such as *UNK* tourism ; legal , accounting and other professional services *UNKED* to foreigners ; financial , engineering and construction services ; and the like -- were not being counted as exports . STOP 
The monthly `` trade deficit '' figure is limited to traditional merchandise trade : manufactured goods and raw materials . STOP 
In the quarterly *UNKS* report , those merchandise trade figures are merged with statistics on exports and imports of services , as well as returns on investments abroad by Americans and returns on foreign investments in the U.S. . STOP 
Over time , through benchmark surveys , the *UNKED* data on service exports and imports have been gathered . STOP 
The first three major areas of the service sector to be revamped were expenditures by foreign students in the U.S. . -LRB- net after expenditures by Americans studying abroad -RRB- , some exports by professional firms -LRB- a law firm billing a German client for services *UNKED* in watching legislation in Washington is as much an export as *UNK* of an American jet engine -RRB- , and improved data from travel and tourism . STOP 
In just these three areas , the Commerce Department found $ 23 billion more exports than previously reported and $ *UNKN* billion more imports , with the net result that the U.S. service surplus in 1988 increased by $ *UNKN* billion , to $ 19 billion . STOP 
*CUNKED* with *UNKS* and revisions in other trade areas , the value of U.S. net exports that had not previously been recorded was about $ 20 billion a year . STOP 
That means that the U.S. trade deficit was running closer to $ 75 billion than to $ 95 billion in 1988 , and $ 55 billion -LRB- annualized -RRB- rather than $ 80 billion in the first quarter of 1989 . STOP 
These revised figures also may explain some of the recent strength of the dollar . STOP 
The *UNKLY* smaller trade deficit may have been already discounted in the market . STOP 
What does this mean for trade policy ? STOP 
*CUNK* early to tell , but a trade deficit that is significantly smaller than we *UNKED* does suggest a review of our trade *UNK* . STOP 
It does not *UNK* the need for our *UNKING* efforts for both goods and services , but it does suggest that it is our exports of services , and not just borrowing , that is financing our imports of goods . STOP 
Mr. Freeman is an executive vice president of American Express . STOP 
The collapse of a $ 6.79 billion labor-management buy-out of United Airlines parent UAL Corp. may not stop some of Wall Street 's top talent from collecting up to $ *UNKN* million in fees . STOP 
According to one person familiar with the airline , the buy-out group -- led by United 's pilots union and UAL Chairman Stephen Wolf -- has begun billing UAL for fees and expenses it owes to investment bankers , law firms and banks . STOP 
The *UNK* even covers $ 8 million in commitment fees owed to Citicorp and Chase Manhattan Corp. , even though their failure to obtain $ 7.2 billion in bank loans for the buy-out was the main reason for its collapse . STOP 
Under a merger agreement reached Sept. 14 , the UAL board agreed to *UNK* certain of the buy-out group 's expenses out of company funds even if the transaction was n't completed , provided the group did n't breach the agreement . STOP 
The failure to obtain financing does n't by itself constitute a breach . STOP 
The merger agreement says the buy-out group is *UNKED* to be repaid $ *UNKN* million in fees for its investment bankers , *CUNK* *CUNKS* & Co. and Salomon Brothers Inc. , and its law firm , Paul *CUNKS* *CUNK* *CUNK* & *CUNK* . STOP 
The buy-out group is also *UNKED* to $ 16 million to repay a fund created by the pilots union for an employee stock ownership plan . STOP 
In addition to the $ 8 million for Citicorp and Chase , Salomon Brothers is also owed $ 3 million for promising to make a $ 200 million bridge loan . STOP 
A spokesman for the buy-out group was n't immediately available for comment . STOP 
Separately , UAL stock rose $ 4 a share to $ *UNKN* in composite trading on the New York Stock Exchange on reports that Los Angeles investor Marvin Davis has asked United Airlines unions if they 're interested in *UNKING* with Mr. Davis in a new bid for UAL . STOP 
But neither the pilots nor the machinists appear interested , and Mr. Davis is *UNKED* from making a new bid under terms of an agreement he made with UAL in September unless UAL *UNKS* an offer below $ 300 a share . STOP 
Wall Street continued to *UNK* under the public outcry against computer-driven program trading . STOP 
Kidder , Peabody & Co. , a unit of General Electric Co. , announced it would stop doing stock-index arbitrage for its own account , and Merrill Lynch & Co. pulled out of the practice altogether . STOP 
At the New York Stock Exchange , which has been *UNKED* by complaints from angry individual investors and the exchange 's own listed companies , Chairman John J. Phelan Jr. held an emergency meeting with senior partners of some of the Big Board 's 49 stock specialist firms . STOP 
The specialists , a trader said , were `` *UNK* '' about Mr. Phelan 's recent remarks that sophisticated computer-driven trading strategies are `` here to stay . '' STOP 
Many investors blame program trading for wild swings in the stock market , including the 190-point plunge in the Dow Jones Industrial Average on Oct. 13 . STOP 
A specialist is an exchange member designated to maintain a fair and *UNKLY* market in a specified stock . STOP 
Mr. Phelan 's meeting with the floor brokers comes as he *UNKS* to explain the exchange 's position on program trading to key congressional regulators in a closed session tomorrow , according to exchange officials . STOP 
A Big Board spokesman would only say , `` We 're working the problem and looking at the issue and meeting with a broad number of customers and constituents to get their views and ideas on the issue . '' STOP 
The program-trading outcry was taken to a new level when giant Contel Corp. said it and 20 or more of the Big Board 's listed companies are *UNKING* an unprecedented alliance to complain about the exchange 's role in program trading . STOP 
The decision by Merrill , the nation 's largest securities firm , represents the biggest retreat yet from program trading . STOP 
Merrill has been the *UNKEST* stock-index arbitrage trader on the Big Board this year , *UNKING* an average of *UNKN* million shares a month in such trades , or about one million shares a day . STOP 
Merrill 's move is one of the most sweeping program-trading *UNKS* of recent days , because the big securities firm will no longer execute stock-index arbitrage trades for customers . STOP 
Most Wall Street firms , in pulling back , have merely stopped such trading for their own accounts . STOP 
Merrill has been one of the main firms *UNKING* index arbitrage for customers . STOP 
Merrill also said it is lobbying for significant regulatory controls on program trading , including tough margin -- or *UNK-* -- requirements and limits on price moves for *UNK-* financial futures . STOP 
Merrill , in a statement by Chairman William A. *CUNKER* and President Daniel P. *CUNKLY* , said index arbitrage `` has been clearly identified in the investing public 's mind as a contributing factor to excess market volatility , '' so Merrill wo n't execute such trades until `` effective controls '' are in place . STOP 
In stock-index arbitrage , traders buy and sell large amounts of stocks with offsetting trades in stock-index futures and options . STOP 
The idea is to lock in profits from short-term swings in volatile markets . STOP 
Last Thursday , PaineWebber Group Inc. also said it would *UNK* index arbitrage altogether , but the firm was n't as big an index *UNKER* as Merrill is . STOP 
Other large firms , including Bear , Stearns & Co. and Morgan Stanley & Co. , last week announced a *UNK* from index arbitrage , but only for the firms ' own accounts . STOP 
Kidder made an *UNK* *UNK-* on program trading yesterday , after a special meeting between the firm 's president and chief executive officer , Michael Carpenter , and its senior managers . STOP 
Just a week ago , Mr. Carpenter *UNKLY* defended index arbitrage at Kidder , the most active *UNK-* trading firm on the stock exchange this year . STOP 
Index arbitrage , Mr. Carpenter said last week , does n't have a `` negative impact on the market as a whole '' and Kidder 's customers were `` sophisticated '' enough to know that . STOP 
But yesterday , Mr. Carpenter said big institutional investors , which he would n't identify , `` told us they would n't do business with firms '' that continued to do index arbitrage for their own accounts . STOP 
`` We were following the trend of our competitors who were under pressure from institutions , '' he said . STOP 
Kidder so far this year has executed a monthly average of *UNKN* million shares in *UNK-* trading , and is second only to Morgan Stanley in overall program trading , which includes index arbitrage . STOP 
Most of Kidder 's program trading is for its own account , according to the New York Stock Exchange . STOP 
Kidder denied that GE 's chairman and chief executive , John F. *CUNK* , had anything to do with Kidder 's decision . STOP 
But at least one chief executive said he called Mr. *CUNK* to complain about Kidder 's aggressive use of program trading , and other market sources said they understood that Mr. *CUNK* received many phone calls *UNKING* about Kidder 's *UNK* on index arbitrage as a major business . STOP 
Kidder has generally been sensitive to suggestions that GE makes decisions for its Kidder unit . STOP 
`` Our decision had nothing to do with any pressure Mr. *CUNK* received , '' Mr. Carpenter said . STOP 
`` This was a Kidder Peabody *UNK-* decision . '' STOP 
A spokeswoman for GE in *CUNK* , Conn. , said , `` *CUNKLY* no one spoke to Jack *CUNK* on this subject '' and added , `` *CUNK* who claims they talked to Jack *CUNK* is n't telling the truth . '' STOP 
*CUNKS* of index arbitrage have n't been publicly *UNKING* up for the trading strategy , as some did during the *UNK-* outcry of 1987 . STOP 
But Merrill Lynch , in its statement about pulling out of index arbitrage , suggested that the current debate has missed the mark . STOP 
Merrill said it continues to believe that `` the causes of excess market volatility are far more complex than any particular computer trading strategy . STOP 
Indeed , there are legitimate *UNKING* strategies used by managers of large portfolios such as pension funds that involve program trading as a means of protecting the assets of their pension beneficiaries . '' STOP 
Merrill 's index *UNKS* will continue to do other kinds of *UNKED* program trading , so there probably wo n't be any *UNKS* at the firm , people familiar with Merrill 's program operation said . STOP 
Meanwhile , Bear Stearns Chairman and Chief Executive Alan C. Greenberg said his firm will continue stock-index arbitrage for its clients . STOP 
At the firm 's annual meeting last night , he told shareholders that index arbitrage wo n't go away , despite the public outcry . STOP 
`` If they think they are going to stop index arbitrage by causing a few Wall Street firms to quit , they are crazy , '' Mr. Greenberg said . STOP 
`` It 's not going to stop it at all . '' STOP 
Mr. Greenberg , noting that stock-index arbitrage rises and *UNKS* with stock market 's volatility , said that for the first four months of the firm 's fiscal year beginning in July , stock-index arbitrage had been a `` *UNK-* '' *UNKION* for Bear Stearns . STOP 
In response to a shareholder 's suggestion , Mr. Greenberg agreed that European firms will simply pick up the *UNK-* business left behind by U.S. institutions . STOP 
*CUNK* from big institutional investors has been the major catalyst for Wall Street 's program-trading *UNK* . STOP 
And there was speculation yesterday that Fidelity Investments and other large mutual-fund companies might soon follow the lead of Kemper Corp. and other institutions in cutting off trading business to securities firms that do program trading . STOP 
A Fidelity spokesman in Boston denied the speculation , saying the program-trading issue was more of a regulatory problem . STOP 
But a much smaller mutual fund company , the *CUNK* Investment Management Co. unit of *CUNK* , San Antonio , Texas , said it informed nine national brokerage firms it will *UNK* business with them unless they stop *UNK-* trading . STOP 
*CUNK* , with 400,000 mutual fund accounts , manages more than $ 10 billion , $ 2 billion of which is in the stock market . STOP 
Michael J.C. Roth , *CUNK* executive vice president , called program trading `` *UNKS* . '' STOP 
He said there is `` no valid investment reason '' for stock-index futures to exist . STOP 
A *UNKING* move is clearly on . STOP 
Charles *CUNKER* , chairman of Contel , who is helping *UNK* the alliance of Big *CUNKED* firms , said he had no time to work yesterday because he received so many phone calls , *UNKS* and letters supporting his view that the Big Board has been turned into a `` gambling casino '' by program traders . STOP 
`` We are reaching the moment of truth '' on Wall Street , said Rep. Edward J. *CUNK* -LRB- D. , Mass. -RRB- , chairman of the House subcommittee on telecommunications and finance . STOP 
`` -LCB- Wall Street -RCB- is beginning to realize -- as *CUNK* said -- the trouble is not in our *UNKS* , but in ourselves . '' STOP 
Craig *CUNKS* and *CUNK* *CUNK* contributed to this article . STOP 
An *UNK* *UNKED* *CUNK* *UNK* , or drinking *UNK* , was recovered *UNK* at Sotheby 's this spring and has been returned to the Manhattan couple who lost it in a *UNK* three years ago . STOP 
Robert *CUNK* , an associate *UNK* at the *CUNK* Art Museum , was *UNKING* a June *UNKS* sale at the auction house when he recognized the *UNK* , which he , as a specialist in *CUNK* *UNK* and a careful *UNKER* of the *CUNK* Art *CUNK* in `` *CUNK* Reports , '' knew was stolen . STOP 
The timing of his visit was *OUS* ; the man who had brought it in for an estimate had returned to collect it and was waiting in the *UNK* . STOP 
To confirm Mr. *CUNK* 's *UNKION* , Sotheby 's and *CUNK* *UNKED* photos by *UNK* , and the waiting man , apparently *UNK* of knowledge that the *UNK* was stolen , agreed to release it . STOP 
The *UNK* had been insured , and in short order it was given over to a *CUNK* & *CUNK* representative . STOP 
The original owners *UNKLY* repaid the claim and took their *UNK* home . STOP 
A former *UNK* of the Museum of *CUNK* Art in *CUNK* *CUNK* , N.Y. , pleaded guilty in July to *UNKING* and selling original signed and dated comic *UNKS* , among them 29 Dick *CUNK* *UNKS* by *CUNKER* Gould , 77 Prince *CUNK* Sunday *UNKS* by *CUNK* Foster , and a dozen Walt Disney *UNKION* *UNKS* , according to Barbara *CUNK* , the *UNK* 's director . STOP 
He sold them well below market value to raise cash `` to pay off mounting credit-card debts , '' incurred to buy *UNKS* for his *UNK* , his attorney , Philip Russell , told *CUNK* . STOP 
The *UNK* , *UNK-* *CUNK* *CUNKER* of Greenwich , Conn. , had worked his way up from *UNK* in seven years at the *UNK* . STOP 
The theft was discovered early this year , soon after Ms. *CUNK* took her post . STOP 
*CUNKING* was postponed on Aug. 18 , when Mr. *CUNKER* was *UNKED* for *UNKION* . STOP 
His efforts to get back the stolen *UNKS* had resulted in recovery of just three . STOP 
But on Oct. 6 , he had reason to *UNK* . STOP 
Two days earlier , his attorney met in a Park Avenue law office with a *UNK* dealer who expected to sell 44 of the most important stolen *UNKS* to Mr. Russell for $ *UNKN* . STOP 
Instead , New York City police seized the stolen goods , and Mr. *CUNKER* avoided jail . STOP 
He was sentenced to 500 hours of community service and *UNKION* to the *UNK* of $ *UNKN* . STOP 
*CUNKS* at London 's *CUNK* Airport are investigating the *UNK* of a Paul *CUNK* *UNK* , `` Young *CUNK* Woman in a Red *CUNK* , '' that has two *UNKS* on its *UNK* -LRB- opposite -RRB- side . STOP 
*CUNKED* at $ 1.3 million , it was part of a *UNK-* *UNK* . STOP 
The *UNK-* number was changed *UNK* route , and paper work showing that the *UNKS* had cleared *UNKS* was *UNKED* , so it was a week before three of the four *UNKS* could be located in a *UNKED* *UNK* and the *CUNK* discovered missing . STOP 
Although *CUNK* authorities have been watching a group of allegedly *UNKED* *UNK* *UNKS* for some time , the *CUNK* may be `` lost . '' STOP 
Chief *CUNK* Peter *CUNK* of the *CUNKAL* Investigation Department at the airport said , `` It is not *UNUNK* for property to be temporarily *UNK* or *UNKED* . '' STOP 
Officials at the University of Virginia Art Museum certainly would agree . STOP 
Their *UNK* had purchased an *CUNK* *UNKED* column *UNKER* and shipped it from London . STOP 
It was reported stolen in *UNK* *UNK* route to Washington , D.C. , in February . STOP 
*CUNKS* later , the *CUNK* *UNK* arrived in good condition at the *UNK* in *CUNK* , having *UNKLY* *UNKED* by a *OUS* route through *CUNK* . STOP 
Two Mexican college *UNKS* , not professional art *UNKS* , have been arrested for a 1985 Christmas *CUNK* *UNK* from the National Museum of *CUNK* in Mexico City . STOP 
About 140 *CUNK* , *CUNK* , *CUNK* and *CUNK* *UNKS* , including some of Mexico 's *UNK-* *UNKAL* *UNKS* , were taken . STOP 
The government offered a reward for the return of the *UNKS* , but routine police work led to the recovery . STOP 
As it turned out , Carlos *CUNKS* *CUNK* and *CUNK* *CUNK* Garcia had hidden the *UNK* in a *UNK* in the *CUNKS* family 's home for a year . STOP 
Then they took the art to *CUNK* and began to trade some of it for *UNK* . STOP 
Information from an arrested drug *UNKER* led to the two men and the recovery of almost all the stolen art . STOP 
Among other happy news *UNKS* from the German Democratic Republic , the *CUNK* Museum of *CUNK* *CUNKS* announced that it has recovered `` *CUNK* in the *CUNK* , '' a painting by the German *CUNK* *UNKER* *CUNK* David *CUNK* . STOP 
The artist 's *UNKLY* subjects bring high prices on the world market , and the U.S. State Department notified *CUNK* of the theft in February 1988 . STOP 
According to a source at the East Europe desk , two previously convicted *UNKS* were charged , tried , convicted and sentenced to prison terms of four and 12 years . STOP 
The precious *UNKS* , cut from its *UNK* at the time of the theft , was found in nearby *CUNK* , hidden in the *UNK* of an easy chair in the home of the *UNK* of one of the *UNKS* . STOP 
No charges were brought against her . STOP 
*CUNK* *UNK* painting is meant to *UNK* the eye , but Robert Lawrence *CUNKER* , 35 , of *CUNK* Square , Pa. , took his *UNKING* seriously . STOP 
He painted one himself in the style of John *CUNK* and sold it as a *UNK-* original to *UNK* dealers in *CUNK* , Conn . STOP 
Mr. *CUNKER* 's painting showed a wall of wood boards with painted *UNKS* *UNKED* down in a *UNK* ; *UNKED* behind the *UNKS* were *UNKS* , *UNKED* , *UNKED* and *UNKED* papers and currency . STOP 
Mr. *CUNKER* 's *UNK* *CUNK* was offered at a bargain price of $ 25,000 with a *UNK* story that it *UNKED* to his wife 's late *UNK* in New *CUNK* , Conn . STOP 
The dealers immediately showed their new acquisition to an expert and came to see it as a *UNK* . STOP 
They persuaded Mr. *CUNKER* to take it back and , with the help of the FBI , taped their conversation with him . STOP 
After his arrest , the *UNKER* admitted to *UNKING* and selling other paintings up and down the Eastern *UNK* . STOP 
Ms. *CUNKAL* is executive director of the International Foundation for Art Research -LRB- *CUNK* -RRB- . STOP 
Ford Motor Co. said it is *UNKING* about *UNKN* of its *UNK-* *CUNKS* because the *UNK* *UNK* was *UNKLY* applied to some cars . STOP 
Separately , Ford and Mazda Motor Corp. 's U.S. sales arm said they are *UNKING* about *UNKN* *UNK-* Mercury *CUNKS* and *UNKN* 1986 , 1987 and 1988 model Mazda *UNKS* *UNKED* with *UNKER* *UNKED* engines to replace the oil *UNKER* cap . STOP 
Mazda makes the *CUNKER* for Ford . STOP 
As a result of the *UNK* problem on the Ford *CUNK* *UNKS* , *UNKS* may easily separate from the car during *UNKAL* impact , the U.S. auto maker said . STOP 
When properly applied , the *UNK* is designed to retain the *UNK* in place in a crash test at 30 miles per hour . STOP 
A Ford spokesman said the *CUNK* , Mich. , auto maker is n't aware of any injuries caused by the *UNK* problem . STOP 
Ford said owners should return the cars to dealers so the *UNKS* can be removed and *UNKLY* *UNKED* . STOP 
Mazda and Ford said a combination of limited *UNK* *UNKION* and *UNKER* maintenance could cause engine oil in some of the Mercury *CUNKS* and Mazda *UNKS* to *UNK* more rapidly than normal , causing increased engine *UNK* or reduced engine life . STOP 
They said the problems are n't safety related . STOP 
Both companies will replace the oil *UNKER* cap with a *UNKED* oil *UNKER* cap . STOP 
Both also will *UNK* and replace , if necessary , oil *UNKS* and oil *UNKS* , at no charge to owners . STOP 
For owners who have followed the recommended oil maintenance schedule , Mazda will extend to five years or 60,000 miles the *UNK* term for engine damage due to *UNKAL* engine oil deterioration . STOP 
The normal term for the 1986 and 1987 model *UNKN* is two years or *UNKN* miles ; the term for the 1988 *UNKN* is three years or 50,000 miles . STOP 
Ford said the term on its *UNK* is already six years or 60,000 miles . STOP 
Separately , Ford said it will offer $ 750 cash *UNKS* to buyers of its *UNK-* Ford *CUNK* sport utility vehicle . STOP 
It said it will also offer buyers the option of financing as low as 6.9 % on *UNK-* loans . STOP 
Ford also offered the low financing rate option on *UNK-* *CUNKS* , which previously carried a $ 750 cash discount . STOP 
Ford said the new offer will begin Saturday and run *UNKLY* . STOP 
The Supreme Court agreed to decide whether the federal *CUNKION* *CUNK* *CUNK* Corp. may require LTV Corp. to *UNK* funding responsibility for a $ 2.3 billion *UNK* in the company 's pension plans . STOP 
The high court 's decision , expected next spring , may affect the stability of many large corporate pension plans that have *UNKED* on the availability of pension insurance provided by the federal pension regulatory and insurance agency . STOP 
The agency , which is funded through insurance premiums from employers , *UNKS* pension benefits for some 30 million private-sector workers who take part in *UNKER* pension plans . STOP 
It recently reported assets of $ 2.4 billion and liabilities of $ 4 billion . STOP 
In its appeal to the high court , the agency said the federal appeals court ruling , which favored LTV , threatened to transform the agency from an insurer of troubled pension plans into an `` *UNKED* source of industry *UNKS* . '' STOP 
The ruling also may determine how quickly LTV is able to complete its Chapter 11 reorganization . STOP 
LTV filed for protection under Chapter 11 in federal bankruptcy court in 1986 . STOP 
The filing was partly the result of the $ 2.3 billion *UNK* in LTV 's three pension plans operated for its LTV Steel Co. subsidiary 's employees . STOP 
In January 1987 , as LTV Steel continued operating while under reorganization , the agency terminated the three LTV pension plans to keep its insurance liability from increasing . STOP 
*CUNKION* means that the agency 's insurance assumes the liabilities and pays the pension benefits already owed under the plans , but workers do n't *UNK* new benefits . STOP 
A few months later , under pressure from the United *CUNKS* of America , LTV *UNKED* a new program to provide retirement benefits similar to those in the terminated plans . STOP 
Because the federal pension agency had taken over the old plans , LTV would be responsible only for benefits paid under the new pension plans . STOP 
But the agency viewed the creation of the new plans as an abuse of federal pension law and an attempt to transfer the liability of the $ 2.3 billion *UNK* from LTV to federal insurance . STOP 
The agency also concluded that LTV 's financial status had improved while it was under reorganization . STOP 
In September 1987 , it ordered LTV to *UNK* liability and funding for the three original plans . STOP 
LTV challenged the order , and a federal district court in New York in June 1988 ruled that the agency *UNKLY* ordered LTV to *UNK* responsibility for the plans . STOP 
In May , a federal appeals court in New York agreed that the agency acted *UNKLY* . STOP 
The appeals court said there was no evidence that Congress intended to allow the pension agency to consider a company 's creation of new benefit plans as a basis for ordering that company to *UNK* liability for old plans . STOP 
The appeals court also said the agency had to consider a company 's long-term ability to fund pension plans , not just short-term improved financial status . STOP 
In Dallas , LTV said that it was disappointed that the court agreed to hear the case because it believes the move will further delay its Chapter 11 proceedings . STOP 
The company has n't been able to come up with a reorganization plan , in part , because of the sizable *UNK* with the pension agency . STOP 
But LTV , a steel , aerospace and energy concern , said it is confident that the Supreme Court will *UNK* the *UNK-* decisions and said it expects to continue discussions with the agency about a settlement while the case is being *UNKED* . STOP 
-LRB- *CUNKION* *CUNK* *CUNK* Corp. vs. LTV Corp . STOP 
The commercial was absolutely *UNK* . STOP 
*CUNKING* into the *OUS* Chicago *CUNK-* *CUNKS* match during last week 's Monday night football game , it was nothing but simple block letters *UNKED* on the TV screen . STOP 
`` *CUNK* to the earthquake in San Francisco , Nissan is *UNKING* its commercial air time to broadcast American Red Cross *CUNK* *CUNK* messages . STOP 
*CUNK* contribute what you can , '' the ad said . STOP 
The Nissan *UNK* *UNKED* on the screen for a moment , and then came a taped plea for donations from former President Reagan -- followed by the *UNK* print telling viewers where to call . STOP 
Within two hours , viewers pledged over $ 400,000 , according to a Red Cross executive . STOP 
Call it disaster marketing . STOP 
Nissan Motor is just one of a *UNK* of advertisers that have *UNKED* their ads to the devastating San Francisco quake and Hurricane Hugo . STOP 
Sometimes , the ads attempt to raise money ; always , they try to boost good will . STOP 
By advertising disaster relief , these companies are hoping to *UNK* a white *UNK* and come out a *UNK* . STOP 
But the strategy can *UNK* ; if the ads appear too *UNKING* , the companies may end up looking like *UNK* *UNKS* instead of good *CUNKS* . STOP 
That has n't *UNKED* plenty of companies . STOP 
Along with Nissan , Grand Metropolitan PLC 's Burger King and New York Life Insurance have tied ads to Red Cross donations . STOP 
Other ads do n't *UNKER* with the *UNKING* ; a *UNKING* , if *UNK-* , American Telephone & Telegraph ad that *UNKED* Sunday *UNKED* *UNK* of the *UNKION* in San Francisco and Charleston , *CUNK* , with interviews of people *UNKING* how AT&T helped . STOP 
At Nissan , `` we felt we wanted to do something to help them *UNKER* money , and we had this *UNK* on Monday Night Football , '' explains *CUNK* *CUNK* , a Nissan advertising creative manager . STOP 
`` What did we get out of it ? STOP 
We got some exposure ... and pretty much good will . '' STOP 
The ads are just the latest evidence of how television advertising is getting faster on the draw . STOP 
While TV commercials typically take weeks to produce , advertisers in the past couple of years have learned to turn on a *UNK* , to crash out ads in days or even hours . STOP 
The big brokerage houses learned the art of the instant commercial after the 1987 crash , when they turned out *UNKING* ads *UNKING* investors right back into the stock market . STOP 
They *UNKED* out another crop of instant commercials after the sudden market *UNK* a few weeks ago . STOP 
Nissan created its quake ad in a weekend . STOP 
But as advertisers *UNK* onto disasters with increasing *UNK* , they risk hurting themselves as much as helping the cause . STOP 
They chance *UNKING* the customers they hope to *UNK* by looking like *UNK* *UNKS* . STOP 
`` People see extra messages in advertising , and if a manufacturer is clearly trying to get something out of it ... if it 's too *UNK* ... then consumers will see through that , '' warns John Philip Jones , chairman of the advertising department at the *CUNK* School of Public Communications at *CUNK* University . STOP 
`` It can *UNK* because companies can step across the line and go too far , be too *UNK* , '' agrees Gary *CUNK* , a principal with New England *CUNKING* Group , *CUNK* , Conn . STOP 
`` The ultimate form of charity is when you do n't tell anyone . '' STOP 
Still , he says that only a few of the *UNKED* campaigns have been `` *UNKS* '' and that `` the majority have been truly beneficial to the people who need the help . STOP 
We do n't consider that *UNK* *UNKING* . '' STOP 
The companies running the disaster ads certainly do n't see themselves as *UNK* *UNKS* , either . STOP 
Burger King 's chief executive officer , Barry *CUNKS* , *UNKS* in ads saying that the fast-food chain will *UNK* 25 cents to the Red Cross for every purchase of a *CUNK* *CUNKS* *UNKER* . STOP 
The campaign , which started last week and runs through Nov. 23 , with funds *UNKED* for both the quake and Hugo , `` was Barry 's idea , '' a spokeswoman says . STOP 
`` Barry felt very committed . STOP 
He felt we should be giving something back . '' STOP 
While the campaign was Mr. *CUNKS* 's idea , however , he wo n't be paying for it : The donations will come out of the chain 's national advertising fund , which is financed by the franchisees . STOP 
And by *UNKING* donations on *CUNK* *CUNKS* , a new *UNKER* line the fast-food chain is trying to push , Burger King works a sales pitch into its *UNK-* message . STOP 
Toyota 's upscale Lexus division , a sponsor of the World Series , also put in a *UNK* for Red Cross donations in a World Series game it sponsored . STOP 
`` The World Series is brought to you by Lexus , who *UNKS* you to help *UNK* the suffering caused by the recent earthquake ... , '' the game *UNKER* said . STOP 
And New York Life made a plea for Red Cross donations in newspaper ads in the San Francisco area , *UNKING* onto the *UNKS* of the Red Cross 's *UNK* reputation : `` The Red Cross has been helping people for 125 years . STOP 
New York Life has been doing the same for over 140 years . '' STOP 
*CUNK* Craig , advertising manager for the Red Cross , readily admits `` they 're *UNKING* on our reputation . '' STOP 
But she has no problem with that , she says : `` In the meanwhile , they 're helping us . '' STOP 
The Red Cross does n't track contributions raised by the disaster ads , but it has *UNKED* $ *UNKN* million since it first launched its hurricane relief effort Sept. 23 . STOP 
Ad Notes ... . STOP 
NEW *CUNK* : STOP 
*CUNK* King Co. , Golden Valley , *CUNK* , awarded its $ 4 million *UNKS* account to *CUNK* , *CUNK* , *CUNK* & *CUNK* , a *CUNK* *CUNKS* , Iowa , division of Young & Rubicam . STOP 
The account had previously been handled by Saatchi & Saatchi *CUNKER* , New York . STOP 
TV *CUNK* : STOP 
*CUNK* & Kennedy , *CUNK* , *CUNK* , was named to handle the News Corp. publication 's $ 1 million to $ 2 million *UNK-* account . STOP 
*CUNK* *CUNK* *CUNKER* , the New York agency that had handled the account since *UNKN* , resigned the account about two weeks ago . STOP 
*CUNK* *CUNK* : STOP 
Miller Brewing Co. will introduce its first *UNK-* beer Jan. 1 . STOP 
The *UNK* , called Miller *CUNK* 's , will be supported by ads developed by *CUNK* , *CUNK* & *CUNK* , *CUNK* . STOP 
*CUNK* : STOP 
Viacom Broadcasting Inc. *UNKLY* agreed to acquire *CUNK* -LRB- AM -RRB- and *CUNK-* in San Francisco for about $ *UNKN* million from Pacific *CUNK* Inc . STOP 
The Supreme Court let stand a New York court 's ruling that the manufacturers of a drug once used to prevent *UNKS* must share liability for injuries or deaths when the maker of an individual *UNK* is *UNUNK* . STOP 
The high court 's action , *UNKING* to hear appeals by several drug companies , is likely to have a significant impact at several levels . STOP 
The most immediate effect is in New York , where former manufacturers of the *UNK-* drug DES -- the *UNK* female *UNK* *UNK* -- face the prospect of shared liability for damages in many of the 700 to 1,000 DES lawsuits pending in that state . STOP 
The lawsuits stemmed from the development of cancer and other problems in the daughters of women who took the drug . STOP 
On a broader scale , the ruling could encourage other states ' courts to adopt the *UNK* of the New York court , not only in DES cases but in other *UNKED* lawsuits , as well . STOP 
The New York Court of Appeals ruling *UNKS* a 1980 decision by the California Supreme Court requiring shared liability among manufacturers for injuries when it ca n't be determined which company is at fault . STOP 
Paul *CUNK* , a New York lawyer who represents DES victims , said that before the New York ruling , only the states of Washington and Wisconsin had followed the California decision . STOP 
Now that the New York decision has been left intact , other states may follow suit . STOP 
`` *CUNKLY* , when New York and California go one way , it has a tremendous influence on other states , especially small ones , '' said Mr. *CUNK* . STOP 
The high court refused to hear appeals by *CUNK* Drug Co. , which went out of business in 1987 and was taken over by *CUNK* *CUNKING* Trust ; *CUNK* Squibb & Sons Inc. , a unit of Squibb Corp. ; and Eli Lilly & Co . STOP 
The appeals involved DES , which was approved by the Food and Drug Administration for use from the *UNKS* until 1971 to prevent *UNKS* during pregnancy . STOP 
In 1971 , the FDA banned the use of DES after studies linked it to cancer and other problems in daughters of women who took the drug . STOP 
*CUNKS* over the harm caused by DES have *UNKED* federal and state courts in the past decade . STOP 
In many cases , the lawsuit was filed long after the drug was used -- the cancer in the daughters was typically not *UNKED* for years -- and there is no way to prove which of several companies manufactured the *UNKS* consumed by certain women . STOP 
Under traditional legal *UNKS* , *UNK* to prove which company manufactured a drug that caused an *UNK* or death would lead to the lawsuit being dismissed . STOP 
But in its ruling last April , the New York court said that all producers of the *UNK-* drug should share liability when the manufacturer of a specific *UNK* ca n't be determined . STOP 
Each company 's share of liability would be based on their share of the national DES market . STOP 
The New York court also *UNK* a state law , passed in 1986 , extending for one year the statute of limitations on filing DES lawsuits . STOP 
The effect is that lawsuits that might have been *UNKED* because they were filed too late could proceed because of the one-year extension . STOP 
-LRB- *CUNK* Drug Co. vs. *CUNK* ; *CUNK* Squibb & Sons Inc. vs. *CUNK* , and Eli Lilly & Co. vs. *CUNK* -RRB- STOP 
Government *CUNKS* STOP 
The high court , leaving intact a $ 4.25 million damage award against General Dynamics Corp. , declined to resolve questions about a legal defense against civil lawsuits often used by government contractors . STOP 
Last year , the Supreme Court defined when companies , such as military contractors , may defend themselves against lawsuits for deaths or injuries by *UNKING* that they were simply following *UNKS* of a federal government contract . STOP 
In that decision , the high court said a company must prove that the government approved *UNK* *UNKS* for the contract , that those *UNKS* were met and that the government was warned of any *UNKS* in use of the equipment . STOP 
But last February , a federal appeals court in New *CUNKS* *UNK* a damage award against General Dynamics , *UNKING* the company 's use of the government contractor defense . STOP 
The appeals court said the defense is valid only if federal officials did more than *UNKER* *UNK* a company 's design or plans and engaged in a `` *UNK* review and evaluation '' on a par with a policy decision . STOP 
General Dynamics appealed to the high court , backed by numerous business trade groups , arguing that the appeals court definition *UNKS* the defense too severely . STOP 
General Dynamics was sued by the families of five Navy *UNKS* who were killed in 1982 after they *UNKED* a *UNK* through a *UNKING* chamber . STOP 
The accident was caused by *UNK* operation of a *UNK* . STOP 
A federal district court awarded damages to the families and the appeals court *UNKED* the award . STOP 
-LRB- General Dynamics Corp. vs. *CUNK* STOP 
Court in *CUNK* STOP 
In other action yesterday , the high court : STOP 
-- Let stand the mail fraud and conspiracy conviction of John *CUNK* , a former vice president of *CUNK-* *CUNKION* Corp. , a unit of Nestle *CUNK* . STOP 
The conviction stemmed from federal charges of consumer fraud for sale of *UNK* *UNK* apple *UNK* between 1978 and 1983 . STOP 
-LRB- *CUNK* vs. U.S. . -RRB- STOP 
-- *CUNK* intact an award of $ 1.5 million in damages against Dow Chemical Co. in the death of an Oregon man from exposure to *CUNK* Orange . STOP 
The award was made by a federal court to the *UNK* of a U.S. Forest Service employee who contracted *CUNK* 's disease after using *UNKS* containing *CUNK* Orange in a *UNKING* program . STOP 
It can be hoped that Spanish Prime Minister *CUNK* Gonzalez will draw the right conclusion from his narrow election victory Sunday . STOP 
A strong challenge from the far left , the Communist coalition *CUNK* *CUNK* , failed to *UNK* him . STOP 
He should consider his victory a *UNK* to continue his *UNKED* economic reforms and not a demand that he move further left . STOP 
If he follows the correct path , he may be able to look back on this election as the *UNKER* mark of *UNK-* opposition . STOP 
The far left had some good issues even if it did not have good programs for dealing with them . STOP 
It could point to plenty of *UNKS* that the Spanish economic *UNKION* so far has failed to *UNK* . STOP 
*CUNK* still is officially recorded at *UNKN* % , the highest rate in Europe , although actual *UNKS* may be lower . STOP 
Housing is *UNK* and public services -- the court system , schools , mail service , telephone network and the highways -- are in *UNK* condition . STOP 
*CUNK* *UNKS* of poverty still exist . STOP 
The left also is critical of the style of the Socialist government -- a remarkable *UNK* to the situation in Britain . STOP 
Mr. Gonzalez and his colleagues , particularly the finance minister , Carlos *CUNK* , are charged with having abandoned their socialist principles and with having become *UNK* *UNKS* who refuse even to go on television -LRB- controlled by the state -RRB- to face their *UNKS* . STOP 
In response to this , the Socialist prime minister has simply cited his free-market *UNKS* . STOP 
They are very considerable : Since 1986 , when Spain joined the European Community , its gross domestic product has grown at an annual average of 4.6 % -- the *UNKEST* in the EC . STOP 
In that time more than 1.2 million jobs have been created and the official *UNKS* rate has been pushed below 17 % from 21 % . STOP 
A 14 % inflation rate dropped below 5 % . STOP 
Net foreign investment through August this year has been running at a pace of $ 12.5 billion , about double the year-earlier rate . STOP 
Mr. Gonzalez also has split with the left in *UNKING* Spain 's NATO commitment and in renewing a defense treaty with the U.S. . STOP 
Mr. Gonzalez is not quite a *UNK* *UNK-* *UNK* , however . STOP 
He did not go as far as he could have in tax reductions ; indeed he combined them with increases in *UNK* taxes . STOP 
Yet the best the *UNK-* could do was not enough to *UNKER* the biggest voting bloc -- nearly 40 % -- from *UNKING* the direction Spain is taking . STOP 
Now he can go further . STOP 
He should do more to reduce tax rates on wealth and income , in recognition of the fact that those cuts yield higher , not lower , revenues . STOP 
He could do more to cut public subsidies and transfers , thus making funds available for public services *UNKED* of money for six years . STOP 
The voters delivered Mr. Gonzalez a third *UNK* for his *UNKS* . STOP 
They , as well as numerous Latin American and East European countries that hope to adopt elements of the Spanish model , are supporting the direction Spain is taking . STOP 
It would be *UNK* for Mr. Gonzalez to abandon them to *UNK* his *UNKS* . STOP 
Monday , October 30 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 3\/4 % high , 8 11\/16 % low , 8 3\/4 % near closing bid , 8 3\/4 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.50 % 30 to 44 days ; 8.25 % 45 to 62 days ; 8.375 % 63 to 89 days ; 8 % 90 to 119 days ; 7.90 % 120 to *UNKN* days ; *UNKN* % 150 to 179 days ; *UNKN* % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : 8.55 % 30 days ; 8.50 % 60 days ; 8.45 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.09 % one month ; *UNKN* % two months ; *UNKN* % three months ; 7.96 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : 8.55 % one month ; 8.55 % three months ; *UNKN* % six months . STOP 
BANKERS ACCEPTANCES : *UNKN* % 30 days ; *UNKN* % 60 days ; 8.25 % 90 days ; *UNKN* % 120 days ; *UNKN* % 150 days ; *UNKN* % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 3\/4 % to 8 5\/8 % one month ; 8 *UNKN* % to 8 11\/16 % two months ; 8 11\/16 % to 8 9\/16 % three months ; 8 9\/16 % to 8 7\/16 % four months ; 8 1\/2 % to 8 3\/8 % five months ; 8 7\/16 % to 8 *UNKN* % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 11\/16 % one month ; 8 11\/16 % three months ; 8 7\/16 % six months ; 8 3\/8 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 9 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 30 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : *UNKN* % , 13 weeks ; *UNKN* % , 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE CORP. -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : *UNKN* % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
*CUNK* , that terrible Mr. Ortega . STOP 
Just when American *UNK* had pulled the arms *UNK* on the Contras and their friend Ronald Reagan , along comes Mr. Ortega in Costa Rica this weekend to `` *UNKER* '' into the hands of what are often called conservatives . STOP 
Conservatives are the *UNKION* in U.S. politics which always said that Mr. Ortega and his friends do n't want to hold an election in Nicaragua . STOP 
*CUNKS* are the *UNKION* that says , *CUNK* peace a chance ; now they are saying Mr. Ortega should give them a break , *UNKEST* the conservatives ask them to vote for *UNKS* instead of *UNKS* . STOP 
We suspect Daniel Ortega knows the difference between a *UNKER* and a strategy . STOP 
He knows that making George Bush look silly in a *UNK* with him will trigger *CUNK* *UNKS* , and that announcing an end to the *UNKS* ' *UNK-* will produce mainly their concern over the Contras ' military activities in northern Nicaragua . STOP 
Mr. Ortega *UNKS* better than those who worry about his behavior that what *UNKS* the Sandinista movement is not democratic peace , but *UNK* *UNUNK* . STOP 
It is the presence of internal and *UNKAL* `` enemies '' which *UNKS* the need for a large , active army that Mikhail Gorbachev 's Soviet Union continues to supply with *UNKS* . STOP 
Annualized interest rates on certain investments as reported by the Federal Reserve Board on a *UNK-* basis : STOP 
a - *CUNKED* rate . STOP 
*UNK* - *CUNK* ended Wednesday , October 25 , 1989 and Wednesday October 18 , 1989 . STOP 
*UNK* - Yields , adjusted for constant maturity . STOP 
*CUNKS* Corp. said the government of Spain approved the marketing of its *CUNK* *UNK-* drug to treat kidney cancer . STOP 
The biotechnology concern said Spanish authorities must still clear the price for the treatment , but that it expects to receive such approval by year end . STOP 
Four other countries in Europe have approved *CUNK* in recent months . STOP 
*CUNKS* is currently trying to obtain federal regulatory clearance for U.S. distribution . STOP 
The Treasury Department proposed that banks be required to keep detailed records of international wire transfers , which officials believe is the main vehicle used by drug *UNKS* to move billions of dollars in and out of the U.S. . STOP 
In recent testimony on Capitol Hill , Treasury officials said they were considering the new reporting requirements , and the expected publication of the proposal in the Federal *CUNKER* today is the first official step toward creating final regulations . STOP 
The Treasury is still working out the details with bank trade associations and the other government agencies that have a hand in fighting money *UNKING* . STOP 
Among the possibilities the Treasury is considering are requirements that banks keep records *UNKING* the *UNKS* and *UNKS* of international wire transfers . STOP 
Another suggestion would draw banks more directly into tracking down money *UNKS* by developing a `` *OUS* international wire transfer profile , '' which banks would use to *UNK* *UNK* payments . STOP 
But banks may prefer using a profile that targets selected transactions , rather than a *UNK* reporting requirement . STOP 
Banks now are required only to report cash deposits or withdrawals of $ 10,000 or more . STOP 
But wire transfers from a standing account -- including those bigger than $ 10,000 -- are n't reported . STOP 
Officials believe this has left a *UNKING* *UNK* that illegal drug businesses are *UNKING* . STOP 
*CUNKS* estimate that revenues from illegal drugs in the U.S. total about $ 110 billion annually . STOP 
Sen. John *CUNK* -LRB- D. , Mass. -RRB- , chairman of a Senate Foreign Relations subcommittee that oversees the issue of money *UNKING* , criticized the proposal for ignoring wire transfers between foreign banks that are executed and cleared on U.S. wire systems . STOP 
The American Bankers Association did n't have any comment on the plan . STOP 
The proposal now *UNKS* a *UNK-* comment period , after which the Treasury will *UNK* final regulations , followed by another comment period . STOP 
Western Union Corp. took steps to withdraw its proposed debt swap for $ 500 million in *UNKEST* notes and said it is looking at other alternatives for refinancing the debt . STOP 
Western Union had said two weeks ago that it might withdraw the pending offer , which would have replaced $ 500 million in so-called reset notes , now paying *UNKN* % annual interest and set to come due in 1992 , with two new issues paying lower interest . STOP 
Yesterday the company said it had filed a request with the Securities and Exchange Commission to withdraw the registration statement regarding the proposed swap . STOP 
A Western Union spokesman , citing adverse developments in the market for high-yield `` junk '' bonds , declined to say what alternatives are under consideration . STOP 
But some holders of the Western Union notes expect the company to *UNK* a *UNK-* debt swap that will give them a substantial equity stake in the company . STOP 
Western Union has had major losses in recent years as its *UNK* business has *UNKED* in the face of competition from *UNK* machines and as other business ventures have gone *UNK* . STOP 
The major question , said one holder who asked not to be named , is whether New York investor Bennett S. *CUNK* , whose *CUNK* Partners controls Western Union , is willing to offer a large enough equity stake to *UNK* bondholders into agreeing to a new swap . STOP 
The $ 500 million in notes , the largest chunk of Western Union 's $ *UNKN* million in long-term debt , stems from the company 's major restructuring in December 1987 . STOP 
The notes became *UNK* when reset provisions allowed their interest rate to be raised to *UNKN* % last June . STOP 
Western Union had offered to swap each $ 1,000 face amount of the notes for six shares of common stock and two new debt issues : a $ 500 note paying an interest rate starting at *UNKN* % annually and rising in later years , due in 1992 , and a $ 500 note , due in 1997 , paying a fixed rate of 17 % and including rights protecting a holder against a decline in the trading price of the bond . STOP 
Western Union must make $ 48 million in interest payments on the reset notes on Dec. 15 , and a company spokesman said it fully intends to meet the payments . STOP 
But Western Union has said it must lower the interest rate on its debt to regain full financial health . STOP 
Genentech Inc. said the West German distributor of its heart drug *CUNK* reached a joint marketing agreement with a subsidiary of Hoechst AG , which makes the rival *UNKING* agent *UNK* . STOP 
The biotechnology concern said the agreement between its longtime West German distributor , *CUNK-* 's Dr. *CUNK* *CUNK* *CUNK* subsidiary , and Hoechst 's *CUNK* subsidiary was an attempt to expand the market for *UNK-* drugs in general . STOP 
A Genentech spokeswoman said the agreement calls for Hoechst to promote *CUNK* for heart patients and *UNK* for other *UNKING* purposes . STOP 
Investors in the over-the-counter market dumped banking and insurance issues , sending the Nasdaq composite index lower for the third consecutive session . STOP 
All Nasdaq industry indexes finished lower , with financial issues hit the hardest . STOP 
Despite some early computer-guided program buying , the Nasdaq composite fell *UNKN* to *UNKN* . STOP 
The OTC market now has declined in eight of the past 11 sessions . STOP 
The Nasdaq bank index fell *UNKN* to *UNKN* , while the insurance index fell *UNKN* to *UNKN* , and the `` other finance '' index dropped *UNKN* to *UNKN* . STOP 
The largest financial issues , as measured by the Nasdaq financial index , tumbled *UNKN* to STOP 
Meanwhile , the index of the 100 biggest *UNKAL* stocks , the Nasdaq 100 , gained *UNKN* to *UNKN* . STOP 
*CUNKING* accounted for much of the slide in OTC stock prices , according to David Mills , senior vice president of Boston Company *CUNKS* . STOP 
He said many portfolio managers , whose year-end bonuses are tied to annual performance , are selling now rather than risk seeing their gains *UNK* further . STOP 
`` The profit *UNK-* is definitely going on , '' said Mr. Mills , whose firm manages $ 600 million for Boston Co . STOP 
*CUNKS* sellers , those investors who sell *UNKING* stocks so they can *UNK* their losses from this year 's income , are also getting out , Mr. Mills said . STOP 
That 's helping put pressure on both the market 's winners and its losers . STOP 
`` The stocks that have been the best are having big *UNKS* , and the ones that have been the worst are getting *UNKED* , '' Mr. Mills said . STOP 
He expects the market to *UNK* further and to reach a low sometime next month or in December . STOP 
The selling by money managers and individual investors is turning traders bearish as well . STOP 
`` We are advising a lot of our clients to make moves that make sense to them , rather than waiting until the last minute , because things have been so volatile , '' said William *CUNK* , head of OTC trading at *CUNK* Edwards & Sons in St. Louis . STOP 
Ralph *CUNK* , head of the OTC trading department at Smith Barney , Harris Upham , said many market players are *UNKING* some resolution of the current debate over program trading . STOP 
Much of the market 's recent volatility has been blamed on this *UNK-* computerized trading technique that can send stock prices *UNKING* or *UNKING* in a matter of minutes . STOP 
The problem has been particularly *UNKING* to the OTC market , traditionally a base for the small investor . STOP 
Weisfield 's surged 14 to 53 after agreeing in principle to be acquired by a unit of *CUNKS* Group for $ 50 a share . STOP 
The stock jumped 9 1\/2 Friday , when the company announced it was in takeover talks . STOP 
*CUNKS* and Weisfield 's said they expect to sign definitive agreements shortly and to complete the transaction by Dec. 15 . STOP 
*CUNK-* Federal Savings Bank advanced 1 1\/2 to 20 1\/4 after it said it is in talks with a possible *UNKER* . STOP 
The bank said the talks resulted from *UNKS* by its financial adviser . STOP 
Jaguar assumed its recently *UNK* place on the OTC most active list as its American depository receipts gained 1\/4 to 11 7\/8 on volume of 1.2 million shares and Daimler-Benz joined the list of companies interested in the British car maker . STOP 
*CUNKER* said it has had talks with Jaguar about possible joint ventures . STOP 
Meanwhile , General Motors and Ford Motor continue their pursuit of the company . STOP 
Ford has acquired more than 13 % of Jaguar 's shares , and GM has received U.S. regulatory clearance to buy 15 % . STOP 
*CUNK* *CUNK* Time gained 1 1\/2 to 13 . STOP 
The company reported third-quarter operating profit of 37 cents a share , compared with 12 cents a share a year earlier . STOP 
A third-quarter charge of $ 3.5 million related to planned restaurant *UNKS* resulted in a net loss for the quarter . STOP 
*CUNKS* Casualty , which reported a $ *UNKN* million third-quarter loss late Friday , fell 2 1\/4 to 13 3\/4 . STOP 
The loss was largely due to a $ *UNKN* million addition to reserves . STOP 
*CUNKS* Casualty had a loss of $ 3.6 million in the year-earlier quarter . STOP 
Old Stone fell 1 5\/8 to 13 1\/2 . STOP 
Late Friday , the company reported a loss of $ *UNKN* million for the third quarter after earning $ *UNKN* million a year before . STOP 
The loss came after a $ *UNKN* million addition to loan-loss reserves . STOP 
The bank made a $ 4.5 million provision in the 1988 quarter . STOP 
Old Stone repeated projections that it will be profitable for the fourth quarter and will about break even for the year . STOP 
*CUNK* Lincoln Federal Savings Bank sank 4 to 13 1\/2 after announcing a *UNK* that will change senior management and *UNK* the bank 's mortgage business as a separate unit . STOP 
The bank also said it will establish a loan-loss reserve of $ 2.5 million to $ 4 million against a construction loan that is in default . STOP 
The bank , which previously said it was for sale , said it has received no offers and that its board will review whether to continue *UNKING* bids . STOP 
Medical scientists are starting to *UNKER* a handful of genes which , if damaged , *UNUNK* the *UNK* growth of cells that *UNKS* cancer . STOP 
Scientists say the discovery of these genes in recent months is painting a new and *UNKING* picture of how cancer *UNKS* . STOP 
An emerging understanding of the genes is expected to produce an array of new strategies for future cancer treatment and *UNKION* . STOP 
That is for the future . STOP 
Already , scientists are developing tests based on the newly identified genes that , for the first time , can predict whether an otherwise healthy individual is likely to get cancer . STOP 
`` It 's a *UNKING* set of *UNKS* , '' says *CUNK* *CUNK* , a Johns *CUNKS* University researcher who has just found a gene *UNKAL* to the *UNKING* of colon cancer . STOP 
`` Only a decade ago cancer was a black box about which we knew nothing at the *UNK* level . STOP 
Today , we know that the *UNKION* of several of these *UNKED* genes can *UNK* a cancer and , then , *UNK* it into a *UNKLY* state . '' STOP 
Scientists call the new class of genes *UNKS* , or simply *UNKER* genes . STOP 
When *UNKING* normally , they make proteins that hold a cell 's growth in check . STOP 
But if the genes are damaged -- perhaps by radiation , a chemical or through a chance accident in cell division -- their *UNKING* proteins no longer work , and cells normally under control turn *UNK* . STOP 
The newly identified genes *UNKER* from a family of genes discovered in the early 1980s called *UNKS* . STOP 
*CUNKS* must be present for a cell to become *UNK* , but researchers have found them in normal as well as in *OUS* cells , suggesting that *UNKS* do n't cause cancer by themselves . STOP 
In recent months , researchers have come to believe the two types of cancer genes work in *UNK* : An *UNK* may turn *UNKING* cells *UNK* only after the *UNK-* gene has been damaged . STOP 
Like all genes , *UNK-* genes are *UNKED* in two copies , one from each parent . STOP 
*CUNKER* copy can make the proteins needed to control cell growth , so for cancer to *UNK* , both copies must be *UNKED* . STOP 
A person who is born with one defective copy of a *UNK* gene , or in whom one copy is damaged early in life , is especially *UNK* to cancer because he need only lose the other copy for a cancer to develop . STOP 
*CUNKING* genetic tests will be able to spot such *UNK-* individuals , *UNKING* in what some scientists believe is a new age of *UNK* cancer *UNKS* . STOP 
Bill and *CUNK* *CUNK* are among the first beneficiaries of the new findings . STOP 
The *CUNK* , Mass. , couple knew even before *CUNK* became pregnant in 1987 that any child of theirs had a 50 % chance of being at risk for *UNK* , an eye cancer that occurs about once every 20,000 *UNKS* . STOP 
Mr. *CUNK* , 30 years old , knew he carried a damaged gene , having lost an eye to the rare tumor when he was only two months old -- after his mother had suffered the same fate when she was a baby . STOP 
Because of the *UNKION* of the *UNK* *UNK-* gene , it became possible last January to find out what threat the *CUNK* baby faced . STOP 
A test using new `` genetic *UNKS* '' showed that little Will *CUNK* had not *UNKED* a damaged *UNK* *UNK* gene and , therefore , faced no more risk than other children of developing the rare cancer . STOP 
`` It made our New Year , '' says Mr. *CUNK* . STOP 
This test was the first to predict *UNKLY* whether an individual could expect to develop cancer . STOP 
*CUNKLY* important , the initial discovery of the gene that controls *UNKAL* cell growth , made by a Boston doctor named *CUNKS* *CUNK* , has opened a field of cancer study , which in recent months has *UNKED* . STOP 
`` It turns out that studying a *UNK* but *UNUNK* tumor made possible some fundamental *UNKS* about the most basic *UNKS* of cancer , '' says Samuel *CUNKER* , director of the National Cancer Institute . STOP 
`` All this may not be obvious to the public , which is concerned about advances in treatment , but I am convinced this basic research will begin showing results there soon . '' STOP 
To date , scientists have *UNKED* two of these *UNKS* . STOP 
Dr. *CUNK* made his *UNK* discovery in 1986 . STOP 
Then last spring , researchers reported finding a gene called p53 which , if *UNKED* , turns healthy colon cells *OUS* . STOP 
Soon after that report , two other research teams uncovered evidence that the same damaged p53 gene is present in tissue from lung and *UNK* *UNKS* . STOP 
*CUNK* , lung and *UNK* *UNKS* are the most common and *UNKAL* forms of the disease , *UNKLY* killing almost 200,000 Americans a year . STOP 
Right now about a dozen laboratories , in the U.S. , Canada and Britain , are *UNKING* to *UNUNK* other *UNKED* *UNKING* genes . STOP 
They have about seven candidates . STOP 
Researchers say the *UNKION* of *UNK-* genes , alone or in combination , appears crucial to the development of such *UNKS* as cancer of the brain , the skin , kidney , *UNK* , and *UNK* . STOP 
There is evidence that if people *UNK* defective versions of these genes , they are especially *UNK* to cancer , perhaps explaining , finally , why some *UNKS* seem to *UNK* certain families . STOP 
The story of *UNK-* genes goes back to the 1970s , when a *UNK* named Alfred G. *CUNK* Jr. proposed that *UNK* stemmed from two separate genetic defects . STOP 
He *UNKED* that in the eye cancer , an *UNK* *UNKED* a damaged copy of a gene from one parent and a normal copy from the other . STOP 
The tumor , he suggested , developed when the second , normal copy also was damaged . STOP 
But there was no way to prove Dr. *CUNK* 's `` *UNK-* '' theory . STOP 
Back then , scientists had no way of *UNKING* out specific genes , but under a *UNK* they could see the 23 *UNKS* of *UNKS* in the cells that contain the genes . STOP 
*CUNKLY* , gross chromosome damage was visible . STOP 
Dr. *CUNK* found that some children with the eye cancer had *UNKED* a damaged copy of chromosome No. 13 from a parent who had had the disease . STOP 
Under a *UNK* he could actually see that a bit of chromosome 13 was missing . STOP 
He assumed the missing piece contained a gene or genes whose loss had a critical role in setting off the cancer . STOP 
But he did n't know which gene or genes had *UNKED* . STOP 
Then , a scientific team led by *UNK* *UNK* Webster *CUNK* , then at the University of Utah , found the answer . STOP 
The team used a *UNK* of the newly developed `` gene *UNKS* , '' *UNKS* of genetic material that can track a gene 's presence in a cell . STOP 
By *UNKING* cells *UNKED* from eye *UNKS* , they found defects in the second copy of chromosome 13 in the exact area as in the first copy of the chromosome . STOP 
The finding *UNKED* medicine . STOP 
It was the first time anyone had showed that the loss of both copies of the same gene could lead to the *UNKION* of a cancer . STOP 
`` It was *UNKLY* *UNKING* , '' says Dr. *CUNK* , now at Fox Chase Cancer Research Center in Philadelphia . STOP 
`` I was convinced that what was true of *UNK* would be true for all *UNKS* . '' STOP 
It was an *OUS* claim . STOP 
But in Baltimore , Dr. *CUNK* , a young *UNK* *UNK* at Johns *CUNKS* Medical School , believed Dr. *CUNK* was right , and set out to repeat the *CUNK* experiment in cells from other *UNKS* . STOP 
His was one of two research teams in 1984 to report dual chromosome losses for a rare *UNK* cancer of the kidney called *CUNK* 's tumor . STOP 
Dr. *CUNK* next turned his attention to colon cancer , the second biggest cancer *UNKER* in the U.S. after lung cancer . STOP 
He believed colon cancer might also *UNK* from multiple `` hits '' on cancer *UNK* genes , because it often seems to develop in stages . STOP 
It often is *UNKED* by the development of *UNKS* in the *UNK* , which in some cases become increasingly *UNK* in *UNK* stages -- *UNKING* from less severe to *UNKLY* -- as though a *UNK* of genetic damage might be *UNKING* . STOP 
Dr. *CUNK* and a *UNKAL* student , *CUNK* *CUNK* , began months of *OUS* and often *UNKING* *UNKING* of the *UNKS* *UNKING* for signs of genetic damage . STOP 
They began *UNKING* a confusing variety of genetic *UNKS* , some existing only in *UNK* *UNKS* , others in *UNK* cells and many in both *UNKS* and *UNK* cells . STOP 
*CUNKLY* , a *UNK* picture of cancer development emerged . STOP 
If both copies of a certain gene were knocked out , *UNK* *UNKS* would develop . STOP 
If both copies of a second gene were then *UNKED* , the *UNKS* would progress to *UNK* . STOP 
It was clear that more than one gene had to be damaged for colon cancer to develop . STOP 
Their report galvanized other *UNK* *UNKS* . STOP 
`` It was the *UNKING* evidence we all needed that -LCB- gene -RCB- losses were critical to the development of a common tumor , '' says Ray White at Howard Hughes Medical Institute in *CUNK* Lake City . STOP 
But Dr. *CUNK* had yet to *UNK* the identity of the gene that , if damaged , *UNKED* a colon cell into *UNK-* *UNK* . STOP 
They focused on chromosome 17 . STOP 
For months the Johns *CUNKS* researchers , using gene *UNKS* , *UNKLY* *UNKED* down the length of chromosome 17 , looking for the *UNKEST* common bit of genetic material lost in all tumor cells . STOP 
Such a piece of *CUNK* would probably constitute a gene . STOP 
When they found it last winter , Dr. *CUNK* was *OUS* that the search was over . STOP 
His doubts stemmed from the fact that several years earlier a *CUNK* University researcher , Arnold Levine , had found in experiments with *UNK* that a gene called p53 could transform normal cells into *OUS* ones . STOP 
The *UNKION* Dr. *CUNK* found was in exactly the same spot as p53 . STOP 
But Mr. Levine had said the p53 gene caused cancer by promoting growth , *UNKS* the Johns *CUNKS* scientists were looking for a gene that *UNKED* growth . STOP 
Despite that , when the Johns *CUNKS* scientists compared the gene they had found in the human cancer cells with the Mr. Levine 's p53 gene they found the two were *UNKAL* ; it turned out that in Mr. Levine 's cancer studies , he had *UNKLY* been *UNKING* a damaged form of p53 -- a *UNKING* gene . STOP 
The discovery `` suddenly puts an *UNK* gene right in the *UNK* of cancer formation , '' says Robert *CUNK* , a leader in *UNK-* research at *CUNK* Institute in Cambridge , Mass . STOP 
*CUNK* now is emerging that the p53 *UNK* gene is involved in other *UNKS* , too . STOP 
Researchers in *CUNK* , *CUNK* , have found that in 23 of 38 *UNK* *UNKS* , one copy of chromosome 17 was *UNKED* at the spot where gene p53 lies . STOP 
The scientists say that since *UNK* cancer often strikes multiple members of certain families , the gene , when *UNKED* in a damaged form , may *UNK* women to the cancer . STOP 
The p53 gene has just been *UNKED* in lung cancer . STOP 
In a report out last week , John *CUNK* and colleagues at the National Cancer Institute say that about half the cells taken from lung cancer tissue they tested are missing this gene . STOP 
There also are reports from several *UNKS* , as yet *UNKED* , of missing p53 genes in tissue taken from kidney , brain and skin *UNKS* . STOP 
At the same time , the Johns *CUNKS* team and others are rushing to *UNK* other *UNK-* genes . STOP 
Dr. *CUNK* hopes soon to *UNK* one on chromosome 18 , also involved in colon cancer . STOP 
Ray White in Utah and Walter *CUNKER* , a researcher in Great Britain , are close to finding another gene involved with some types of colon cancer , thought to be on chromosome 5 . STOP 
Dr. *CUNK* believes people who *UNK* a defective gene somewhere on one of their two copies of chromosome 3 are especially *UNK* to lung cancer . STOP 
Recently , he and others reported that the *UNK* *UNK* gene may also be involved in some lung *UNKS* , as well as several other more common *UNKS* , too . STOP 
Where these *UNKS* will lead , scientists can only speculate . STOP 
Already two major pharmaceutical companies , the Squibb unit of Bristol-Myers Squibb Co. and *CUNK-* *CUNK* Inc. , are *UNKING* with gene *UNKS* to turn the anticipated *UNK* of *UNKS* into *UNK* tests and , maybe , new *UNKS* . STOP 
Some researchers say new cancer drugs to slow or reverse tumor growth may be based on the *UNK* proteins normally produced by the genes . STOP 
The idea would be to *UNKER* to patients the *UNKING* proteins made by healthy versions of the damaged genes . STOP 
It may even be possible to replace defective genes with healthy versions , though no one has come close to doing that so far . STOP 
In any case , says Dr. *CUNK* of the National Cancer Institute , `` We 're *UNKING* the discovery of one of the most important steps in the *UNKS* of cancer . STOP 
Many investors give Michael Foods about as much chance of getting it together as *CUNK* *CUNK* . STOP 
But now at least there 's a *UNKER* of hope for the stock . STOP 
Burger King , which breaks thousands of fresh eggs each morning , is quietly *UNKING* over to an alternative egg product made by Michael Foods . STOP 
*CUNK* as *CUNK* *CUNKS* , the product has disappointed investors . STOP 
When the company this month announced *UNK-* sales of *CUNK* *CUNKS* , the stock dropped nearly 19 % . STOP 
Michael wo n't confirm the *UNKS* of any *CUNK* Egg customers , nor will it say much of anything else . STOP 
Two Minneapolis shareholder suits in the past month have accused top officers of making `` various *UNUNK* statements . '' STOP 
These *UNK-* suits *UNK* the officers of failing to disclose that *CUNK* *CUNKS* were unlikely to sell *UNKLY* enough to justify all of Michael 's production capacity . STOP 
But at least Burger King has signed on , and says that by year end it wo n't be using any *UNK* eggs . STOP 
The Miami fast-food chain , owned by Grand Metropolitan of Britain , expects to *UNK* roughly 34 million pounds of *UNKED* eggs annually . STOP 
So there is reason to believe that Michael 's hopes for a *UNK-* , *UNK-* egg were n't all *UNK* . STOP 
-LRB- *CUNK* *CUNKS* are *UNKED* in a *UNKING* process . -RRB- STOP 
Still , caution is *UNK* . STOP 
A company official says Michael 's *UNK-* volume on *CUNK* *CUNKS* is around 60 million pounds a year -- apparently well above current shipments and a far *UNK* from what the company once suggested was a *UNK-* market waiting for such a product . STOP 
Perhaps to *UNK* the analysts ' talk of *UNK-* , Michael today will take some of the *UNKS* on a tour of its new *CUNK* , *CUNK* , plant . STOP 
There has been no announcement of the Burger King arrangement by either party , possibly for fear that McDonald 's and other fast-food rivals would seize on it in *UNK* advertising . STOP 
But Burger King operators *UNKLY* confirm using Michael 's product . STOP 
Other institutional users reportedly include *CUNK* , which is moving away from fresh eggs on a *UNKION* basis . STOP 
The extent of *CUNK* 's use is n't known , and *CUNK* officials could n't be reached for comment . STOP 
Michael Foods has attracted a good many *UNKS* , the people who sell borrowed shares in a bet that a stock price will drop and allow the return of cheaper shares to the *UNKER* . STOP 
Many analysts question management 's credibility . STOP 
`` The stock , in my opinion , is going to go lower , not only because of disappointing earnings but -LCB- because -RCB- the credibility gap is certainly not closing , '' says L. Craig *CUNKER* of *CUNK* *CUNK* . STOP 
Mr. *CUNKER* says that at a recent *CUNKED* conference in New York , he asked Michael 's chief executive officer if the fourth quarter would be down . STOP 
The *CUNK* , Richard G. *CUNK* , *UNKED* `` yes , '' but would n't elaborate . STOP 
-LRB- The company did n't put out a public announcement . STOP 
A spokesman said later that Mr. *CUNK* was being `` conservative '' in his estimate . STOP 
But the spokesman added that while Michael will earn less than last year 's $ 1.20 a share , it thinks Street estimates of $ 1 or so are low . -RRB- STOP 
*CUNK* *CUNK* Young of John *CUNK* & Co. , Minneapolis , calls himself `` the last remaining *UNK* on the stock . '' STOP 
He argues that Michael Foods is *UNK* : `` This is a growth company in the packaged food industry -- a rare *UNKED* , like finding a white *UNK* . '' STOP 
Earnings are n't keeping pace , he says , because of heavy investments in the egg technologies and *UNKED* costs in its *UNK* business . STOP 
Mr. *CUNKER* , however , believes the company 's egg product wo n't help the bottom line in the short run , even though it `` makes sense -- it 's more *UNK* '' and *UNKS* its price , which is higher than *UNK* eggs , because of health and *UNKION* concerns . STOP 
*CUNK* competition is one problem . STOP 
Last week a closely held New Jersey concern , *CUNK* *CUNK-* Egg Products Co. , rolled out an *UNKLY* packaged *UNKED* item called *CUNK* *CUNK* . STOP 
Company President Steve *CUNK* says *CUNK* will be among his clients as well . STOP 
Michael shares closed at 13 3\/4 yesterday in national over-the-counter trading . STOP 
Says New York-based short seller Mark *CUNKS* , `` In my mind this is a $ 7 stock . '' STOP 
Michael late yesterday announced a $ 3.8 million stock buy-back program . STOP 
Michael , which also processes *UNKS* , still *UNKS* on *UNKS* for about a fourth of its sales and nearly half its pretax profit . STOP 
But dry growing conditions in the Red River Valley of Minnesota and North *CUNK* are pushing spot prices of *UNKS* beyond what Michael contracted to pay last spring . STOP 
Company lawyers recently sent letters to growers saying that Michael `` would take very seriously any effort ... to *UNK* its *UNK-* *UNKS* to other outlets . '' STOP 
Still , analysts believe that profit margins in the *UNK* business will be down again this year . STOP 
*CUNK* Peladeau , a Canadian newspaper publisher *UNK-* in the U.S. , figures to become a big player in North American printing -- and his *UNKS* do n't end there . STOP 
Yesterday , Quebecor Inc. , a Montreal printing , publishing and forest-products company *UNKED* by Mr. Peladeau , agreed to acquire Maxwell Communication Corp. 's U.S. printing subsidiary , Maxwell Graphics Inc. , for $ 500 million in cash and securities . STOP 
The purchase , expected to be completed by year end , will make Quebecor the second-largest commercial printer in North America , behind only *CUNK* *CUNK* & Sons Co. , Chicago . STOP 
The printing customers that Quebecor will gain through Maxwell Graphics include the Sunday newspaper *UNK* *CUNK* , Time , Sports *CUNKED* and TV *CUNK* . STOP 
But the transaction is just Mr. Peladeau 's latest step in a larger design : to build Quebecor through acquisitions into an integrated paper , publishing and printing concern with a reach throughout North America . STOP 
He already has achieved *UNKAL* integration on a limited scale : Quebecor can put a weekly newspaper on almost any Quebec *UNK* without using outside help , from *UNKING* down the *UNK* to making the newsprint to *UNKING* it up onto the *UNK* . STOP 
Analysts say Quebecor 's purchase is part of a trend toward consolidation in the North American printing industry . STOP 
Along with *CUNK* , says *CUNKS* *CUNK* , an analyst with *CUNK* Thomson *CUNK* Inc. in Montreal , `` Quebecor has positioned itself as one of the two key players . '' STOP 
He adds : `` I think this is a great strategic move for Quebecor . STOP 
They are buying an operation that is running well . '' STOP 
Mr. Peladeau says he is n't trying to catch up to *CUNK* , which has annual sales of over $ 3 billion . STOP 
`` *CUNK* does n't matter , '' Mr. Peladeau says . STOP 
`` What counts is the bottom line . '' STOP 
Some of Mr. Peladeau 's ventures , including an earlier push into the U.S. market , have n't paid off on the bottom line . STOP 
Quebecor started the Philadelphia Journal , a daily *UNK* , in 1977 and closed it three years later . STOP 
The venture cost Quebecor $ 12 million , Mr. Peladeau says . STOP 
More recently , some former Quebecor executives started their own printing company , *UNKING* in printing and *UNKING* advertising *UNKS* . STOP 
Quebecor still *UNKS* in the Quebec *UNKS* market , while Mr. Peladeau 's former employees are expanding across Canada . STOP 
Mr. Peladeau took his first big *UNK* 25 years ago , when he took advantage of a strike at La *CUNK* , then Montreal 's dominant *CUNK-* newspaper , to launch the Journal de Montreal . STOP 
The *UNK* 's circulation soared to 80,000 , but plunged to under 10,000 when the La *CUNK* strike ended . STOP 
Still , Mr. Peladeau stuck with the venture . STOP 
Now the Journal , *UNK* with ads and *UNKLY* profitable , is even with La *CUNK* in weekend circulation and *UNKS* it 3 to 2 every *UNK* . STOP 
Mr. Peladeau has never made any *UNKS* for publishing the *UNK* , a *UNK* mix of crime and sports . STOP 
`` I 've read *CUNK* , '' he answers critics . STOP 
`` It 's *UNK* news from A to Z . '' STOP 
Quebecor also publishes a second *UNK* in Montreal , the struggling *UNK-* Montreal Daily News ; *UNKS* in Quebec City and *CUNK* , *CUNK* ; and dozens of *UNKS* covering most of Quebec . STOP 
A series of recent acquisitions made it the dominant magazine publisher in Quebec . STOP 
After a recent merger , it is also the only *UNK-* distributor of magazines and newspapers in Quebec . STOP 
Finally , with Maxwell Communication , the company controls 54 % of *CUNK* Inc. , a Quebec City pulp and paper concern . STOP 
In yesterday 's accord , Quebecor agreed to pay $ 400 million in cash for Maxwell Graphics , and to give Maxwell Communication a 20 % stake , valued at $ 100 million , in Quebecor 's new printing subsidiary . STOP 
The new , as yet *UNKED* , subsidiary will combine Quebecor 's existing printing unit and Maxwell Graphics . STOP 
It will have 61 plants from coast to coast and $ 1.5 billion in annual sales . STOP 
Quebecor will own *UNKN* % of the new subsidiary . STOP 
*CUNK* de *CUNK* *UNK* *CUNK* , the Quebec government *UNK-* agency , will pay $ *UNKN* million for the remaining *UNKN* % stake in the printing operation . STOP 
*CUNK-* Peladeau , the founder 's son and the executive in charge of the acquisition , says Quebecor has n't decided how it will finance its share of the purchase , but he says it most likely will use debt . STOP 
The Maxwell deal is Quebecor 's second big printing acquisition in just over a year . STOP 
Last October , Quebecor bought 23 Canadian printing plants from *CUNK* Inc. , a Montreal telecommunications , manufacturing , energy and real estate company . STOP 
That purchase doubled Quebecor 's annual printing revenue to $ 750 million . STOP 
Maxwell 's sale of its U.S. printing unit was expected , the last major business to be *UNKED* of in a major *UNKING* of assets . STOP 
According to its most recent annual report , covering the 15 months ended March 31 , Maxwell Communication bought $ *UNKN* billion in assets -- including Macmillan Inc. and *CUNKAL* Airlines *CUNKS* -- and sold $ 2 billion in *UNK-* businesses . STOP 
Now , Maxwell founder Robert Maxwell says he has an appetite for new acquisitions in the U.S. , adding that he could spend `` a good deal more '' than $ 1 billion on another U.S. purchase . STOP 
In London trading yesterday , Maxwell Communication shares rose nine pence , to *UNKN* pence -LRB- $ *UNKN* -RRB- . STOP 
In Montreal , Quebecor 's multiple voting Class A stock closed at C$ *UNKN* -LRB- US$ *UNKN* -RRB- , down 12.5 Canadian cents . STOP 
Quebecor Class B stock closed at C$ *UNKN* , up 62.5 Canadian cents . STOP 
Craig *CUNK* in London contributed to this article . STOP 
*CUNK* *CUNK* & Co. said the Food and Drug Administration approved the sale of *CUNK* , a *UNKION* drug developed by a joint venture between *CUNK* and a French concern . STOP 
*CUNK* , a unit of *CUNK* Co. , said the `` *UNKER* '' *UNK-* drug *CUNK* is the first product to reach the market through *CUNK* Pharmaceuticals , the U.S. company jointly owned by *CUNK* and *CUNK* , a French pharmaceutical concern owned by France 's *CUNKAL* *CUNK* . STOP 
The U.S. *CUNKAL* *CUNK* *CUNK* Commission sued New York state for age discrimination against appointed state judges . STOP 
The suit , filed in federal court in Manhattan , charges that New York 's mandatory retirement age of 76 *UNKS* federal law . STOP 
Separately , the commission *UNKED* in a Connecticut state judge 's *UNKS* suit in federal court in New *CUNK* . STOP 
The commission 's filing in that case challenges Connecticut 's mandatory retirement age of 70 for appointed judges . STOP 
The New York suit was filed on behalf of Justice *CUNK* *CUNK* , whose appointment to the state appellate division expires at year end , and all other judges hurt by the alleged age discrimination . STOP 
The suit , assigned to federal Judge *CUNK* *CUNK* , seeks a permanent injunction , back pay for judges who have been forced to retire , *UNK* of retired judges and `` other *UNK* relief necessary to *UNK* the effects of -LRB- New York 's -RRB- *UNUNK* employment practices . '' STOP 
Justice *CUNK* , a state judge since 1969 , said the *UNK-* age *UNKS* the court system because it *UNKS* the state of experienced judges still capable of serving on the bench . STOP 
`` The issue is n't age -- age is just a number . STOP 
The issue is one of a judge 's experience , his *UNK* and his physical ability to serve on the bench , '' Justice *CUNK* said . STOP 
`` I 've had no problems performing my duties and responsibilities . '' STOP 
Because Justice *CUNK* turned 76 on May 9 , he is n't eligible to be *UNKED* to the bench at the end of the year . STOP 
The suit 's impact on New York may be narrow , however . STOP 
Most New York judges are elected , and the federal *UNKION* law does n't apply to elected officials , said James L. Lee , regional attorney for the *CUNK* in New York . STOP 
Under New York law , elected judges must retire at age 70 , but then can be appointed to two-year terms until they reach 76 . STOP 
A spokeswoman for the state 's Office of Court Administration declined to comment on the suit . STOP 
But she said the state currently has 35 appointed judges who are over 70 . STOP 
In Connecticut , however , most state judges are appointed by the governor and approved by the state legislature . STOP 
The parties in the Connecticut case have agreed to stay proceedings pending the appeal of another *CUNK* *UNKS* case against Vermont . STOP 
In the Vermont case , a federal judge ruled that the state 's mandatory age of 70 for appointed judges was illegal ; Vermont 's appeal of that decision is pending before the U.S. Second Circuit Court of Appeals in Manhattan . STOP 
*CUNK* *CUNK* , Connecticut 's chief court *UNK* , declined to comment on the suit and the *CUNK* 's intervention . STOP 
He said the state has *UNKN* appointed judges and 15 `` trial *UNKS* , '' who are former judges over age 70 and serve a restricted role on the bench . STOP 
*CUNK* *CUNK* *CUNK* *CUNKS* likely to be *UNKED* next month . STOP 
U.S. Attorney General Dick *CUNK* 's plan to *UNK* the 14 regional *UNK-* strike forces is expected to go into effect next month , despite the opposition of Democratic congressional leaders and lawyers in the special units . STOP 
The units are *OUS* from U.S. attorneys ' offices and focus *UNKLY* on *UNKING* *UNK-* cases . STOP 
In February , Mr. *CUNK* announced his plan to *UNK* the units . STOP 
He says the *UNK-* lawyers will work more *UNKLY* under the *UNKION* of U.S. attorneys . STOP 
Mr. *CUNK* will be free to *UNK* the strike forces after Congress *UNKS* a $ *UNKN* million *UNKION* for federal *UNK-* and *UNKION* agencies , according to David Runkel , a Justice Department spokesman . STOP 
The bill is expected to pass in Congress next month . STOP 
Congress temporarily halted Mr. *CUNK* 's effort with an *UNKION* resolution that prohibited him from using *UNKED* funds to *UNK* his plan . STOP 
*CUNKS* say Mr. *CUNK* 's plan will *UNKLY* break up longtime , *UNKLY* *UNK* *UNKING* units that have successfully *UNKED* major *UNK-* figures . STOP 
They predict that *UNK-* activity will increase once the units are *UNKED* and their responsibilities transferred to U.S. attorneys ' offices . STOP 
Some former *UNK-* personnel say the units have already begun to break up . STOP 
The Eastern District unit in Brooklyn , N.Y. , lost seven of its 15 attorneys this year partly because the lawyers were troubled by the proposed reorganization , says *CUNK* A. *CUNK* , who left the strike force to join *CUNK* Cohen *CUNKER* & *CUNK* , a New York law firm . STOP 
`` Those who have left have expressed an opinion that the strike force should continue , '' Ms. *CUNK* says . STOP 
But Mr. Runkel contends there has been no exodus of *UNK-* lawyers . STOP 
He says 27 lawyers have left and 21 have been hired since Mr. *CUNK* announced his plan . STOP 
At the time the plan was announced , there were 135 lawyers . STOP 
Some congressional leaders intend to continue to fight for independent strike forces . STOP 
A spokesman for Sen. Edward M. Kennedy -LRB- D. , Mass . -RRB- says Mr. *CUNK* would be required to *UNK* the units next year if an proposed *UNKS* crime bill is passed . STOP 
Among other things , the bill calls for a reorganization of the Justice Department . STOP 
The Senate is expected to consider the bill shortly , says the senator 's spokesman . STOP 
Mr. Runkel says he doubts Mr. Kennedy can *UNKER* enough congressional support to *UNK* the Justice Department . STOP 
`` We will *UNKLY* oppose the bill , '' he says . STOP 
`` I do n't think -LRB- the reorganization is -RRB- going to happen . '' STOP 
*CUNK* & *CUNK* *UNKS* lawyers from *UNKING* firm : STOP 
The *UNKER* New York firm will bring in at least 12 partners and a not yet determined number of associates from *CUNK* & *CUNK* , which will *UNK* Dec. 31 . STOP 
*CUNK* , with 35 lawyers , has lost several partners during the past year . STOP 
Some *CUNK* lawyers wo n't be invited to join *CUNK* & *CUNK* , according to partners at both firms . STOP 
*CUNK* & *CUNK* managing partner *CUNKED* F. *CUNK* said the *CUNK* *UNKS* will enhance the firm 's corporate and litigation departments . STOP 
*CUNK* *CUNK* not welcome in Texas court : STOP 
*CUNKLY* *CUNK* , a male *UNK* court judge in Houston , refused to let a woman plead guilty to a *UNKING* charge because her *UNK* stopped three inches above her *UNKS* . STOP 
The woman appeared in court Thursday to enter her plea , but when she started to approach the bench , she was stopped by Judge *CUNK* . STOP 
He told the woman 's lawyer , Victor *CUNK* , that the short *UNK* was *UNK* for a court appearance . STOP 
Despite Mr. *CUNK* 's protests , the judge *UNKED* her case for Nov. 27 . STOP 
*CUNKLY* *CUNKER* , an assistant district attorney who was in the courtroom , disputed suggestions the action was *UNK* , saying she had seen Judge *CUNK* turn away male defendants *UNKED* in *UNKS* , tank *UNKS* or *UNK* *UNKS* `` many times . '' STOP 
Judge *CUNK* did n't return phone calls . STOP 
Warner Communications Inc. and Sony Corp. resumed settlement talks on their legal battle over Hollywood producers Peter Guber and Jon Peters , but continued to level strong accusations at each other in legal documents . STOP 
Warner has filed a $ 1 billion breach of contract suit in Los Angeles *CUNK* Court against Sony and the Guber-Peters *UNK* , who in turn are *UNKING* Warner for trying to interfere in Sony 's acquisition of Columbia Pictures Entertainment Inc. and Guber Peters Entertainment Co. in two transactions valued at over $ 5 billion . STOP 
Although settlement talks had been dropped , attorneys for the two sides apparently began talking again yesterday in an attempt to settle the matter before Thursday , when a judge is expected to rule on Warner 's request for an injunction that would block the two producers from taking over the management of Columbia . STOP 
Yesterday , in documents filed in connection with that case , Warner accused Sony officials of *UNKLY* claiming that they never read the five-year contract requiring the two producers to make movies *UNKLY* for Columbia , citing Securities and Exchange Commission filings made by Sony that described the contracts . STOP 
Warner was referring to documents filed last week in which Sony Corp. of America Vice Chairman Michael *CUNK* and Walter *CUNK* , president of its CBS Records unit , said they had taken Mr. Guber and Mr. Peters at their word when the producers told them that getting out of the contract would be no problem because of a previous *UNKAL* agreement . STOP 
Wayne Smith , an attorney at *CUNK* , *CUNK* & *CUNKER* in Los Angeles representing Sony , said the Sony executives had n't seen the contract because `` it was n't relevant once Guber and Peters told them Warner would let them *UNK* it at any time . '' STOP 
Mr. Smith said statements about the contract made in SEC filings were made by attorneys who did have access to the contracts but who were n't part of the negotiations between Sony and the *UNK* . STOP 
Warner executives also filed new *UNK* *UNKS* *UNKING* claims by Messrs. Guber and Peters that the two sides had an *UNKAL* agreement that *UNKED* the producers to *UNK* their contract with Warner should the opportunity to run a major studio come up . STOP 
But Mr. Smith said Sony intends to prove that the *UNKAL* agreement did in fact exist , and that even the existing written contract does n't *UNK* the producers from taking executive posts at another studio . STOP 
Warner described as `` *UNK* '' yesterday Sony 's *UNKS* in prior court filings that Mr. Guber and Mr. Peters could in theory run Columbia while still *UNKING* their contract to produce movies for Warner . STOP 
Such a dual role would be `` *UNKAL* and *UNUNK* , '' Warner said , adding , `` that concept is as silly as suggesting that the head *UNK* of the Los Angeles *CUNKS* could simultaneously be general manager of the San Francisco Giants . '' STOP 
Warner , which is in the process of being acquired by New York-based Time Warner Inc. , also said it paid the two producers a fixed annual salary of $ 3 million . STOP 
Dataproducts Inc. said it filed a lawsuit in Delaware *CUNK* Court to block a tender offer by DPC Acquisition Partners , *UNKING* that the hostile offer *UNKS* a *UNK* agreement between the two concerns . STOP 
DPC , an investor group led by New York-based *CUNK* Investment Associates , had itself filed a suit in state court in Los Angeles seeking to *UNK* the agreement . STOP 
Earlier this year , Dataproducts had rejected a $ 15 a share offer from DPC , saying it was n't *UNKLY* financed . STOP 
DPC last week launched a new , $ *UNK-* offer for the *CUNK* Hills , *CUNKED* computer printer maker . STOP 
DPC said it could n't comment on the suit . STOP 
Boeing Co. 's third-quarter profit *UNKED* 68 % , but Wall Street 's attention was focused on the *UNK* line , not the bottom line . STOP 
In fact , the earnings report *UNKED* as representatives of the world 's No. 1 jet maker and the striking Machinists union came back to the negotiating table for their first meeting in two weeks . STOP 
*CUNK* *CUNK* , the federal mediator in Seattle , where Boeing is based , said the parties will continue to sit down daily until a new settlement proposal *UNKS* or the talks break off again . STOP 
Despite the progress , Boeing indicated that the work *UNK* , now in its *UNK* day , will have `` a serious adverse impact '' on the current quarter . STOP 
For the third quarter , net rose to $ *UNKN* million , or $ 1.05 a share , from $ *UNKN* million , or 63 cents a share . STOP 
Sales climbed 71 % to $ *UNKN* billion from $ *UNKN* billion as the company *UNKED* on the *OUS* global demand for commercial *UNKS* . STOP 
Because it 's impossible to gauge how long the *UNK* by *UNKN* Machinists *UNK* and file will last , the *UNK* impact on Boeing 's sales , earnings , cash flow and short-term investment position could n't be determined . STOP 
The investment community , however , strongly believes that the strike will be settled before there is any *UNKING* effect on either Boeing or its work force . STOP 
The company 's total firm backlog of *UNKED* orders at Sept. 30 stood at a *UNK* $ *UNKN* billion , compared with $ *UNKN* billion at the end of STOP 
Although the company could see fourth-quarter revenue *UNK* by nearly $ 5 billion if it is n't able to deliver any more planes this year , those dollars actually would just be *UNKED* until 1990 . STOP 
And the company is certain to get out some aircraft with just *UNKS* and other *UNKING* employees on hand . STOP 
Before the union rejected the company 's offer and the strike was launched with the *UNK* shift of Oct. 4 , Boeing had been counting on turning 96 aircraft out the door in the present period . STOP 
That included 21 of the company 's *UNKN* *UNK* *UNKS* , its most successful product . STOP 
`` It 's not a pretty picture , '' said David Smith , an analyst with Raymond James & Associates . STOP 
`` But it would just mean a great first and second quarter next year . '' STOP 
*CUNK* *CUNK* of Merrill Lynch Capital Markets added : `` You do n't want to *UNK* this and say nobody is looking at it . STOP 
But the strike has n't gone on long enough for Boeing to lose business in any real sense . '' STOP 
That 's the primary reason the company 's share price has held up so well when , in Mr. Smith 's words , `` most companies would have *UNKED* '' by now . STOP 
In New York Stock Exchange composite trading , Boeing closed yesterday at $ *UNKN* a share , off a *UNK* 12.5 cents . STOP 
Still , Boeing went through its normal *UNKAL* *UNKS* and played up the *UNK* . STOP 
In a statement , Chairman Frank *CUNK* asserted that the company `` faces significant challenges and risks , '' on both its commercial and government contracts . STOP 
For instance , he noted that spending on Pentagon programs is *UNKING* , and Boeing is either the prime contractor or a major supplier on many important military projects , including the *CUNK* *CUNK* *UNKER* , the *CUNK-* *CUNK* *UNK-* aircraft and the Air Force 's *UNKION* *UNKAL* *UNKER* . STOP 
Because of cost *UNKS* on *UNK-* military work , Mr. *CUNK* said , the company 's defense business will record `` a significant loss '' in 1989 . STOP 
Moreover , Mr. *CUNK* added , *UNK-* increases that have been *UNKED* on the *UNKN* , *UNKN* , *UNKN* and *UNKN* programs have resulted in `` serious work force *UNKION* problems . '' STOP 
*CUNKS* and *UNKS* are experiencing *UNKED* pressure to support delivery schedules . STOP 
And , of course , there 's the *UNUNK* labor situation . STOP 
Besides the Machinists pact , *UNKS* representing 30,000 of the company 's engineering and technical employees in the *CUNK* *CUNK* and *CUNK* , *CUNK* , areas expire in early December . STOP 
Also , a contract with the United *CUNK* Workers at the company 's helicopter plant in Philadelphia expired Oct. 15 . STOP 
This contract , covering about 3,000 *UNKLY* production and maintenance workers , is being extended on a day-to-day basis . STOP 
The Machinists rejected a proposal featuring a 10 % base wage increase over the life of the three-year contract , plus bonuses of 8 % the first year and 3 % the second . STOP 
On top of that , Boeing would make *UNKING* adjustments projected to be 5 % for each year of the contract . STOP 
The union , though , has called the offer `` *UNKING* . '' STOP 
The company *UNKED* yesterday that it 's willing to *UNK* the package , but not add to the *UNK* of it . STOP 
For the nine months , Boeing 's net increased 36 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales soared 28 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
In a separate matter , the Justice Department yesterday said Boeing agreed to pay the government $ 11 million to settle claims that the company provided *UNK* cost information to the Air Force while negotiating contracts to replace the aluminum *UNKS* on the *CUNK-* *UNKER* aircraft . STOP 
The settlement *UNKS* to four contracts negotiated from 1982 to 1985 , prosecutors said . STOP 
They added that the settlement is the *UNKION* of a 2 *UNK-* investigation into the company 's aluminum pricing practices in connection with *CUNKS* . STOP 
A Boeing spokesman responded : `` All along the company has said there was no grounds for criminal prosecution . STOP 
That was *UNK* out by the Justice Department 's decision '' to settle the case . STOP 
Foothills *CUNK* Lines Ltd. filed an application with Canadian regulators to build a 4.4 billion Canadian dollar -LRB- US$ *UNKN* billion -RRB- pipeline to transport natural gas from Canada 's *CUNK* to U.S. markets beginning in STOP 
The application by Foothills , owned by *CUNKED* *CUNK* Corp. of Alberta and *CUNK* Energy Inc. of *CUNKER* , Canada , is expected to *UNK* off what could be a *OUS* battle for the right to transport vast quantities of gas to southern markets from *UNKED* fields in Canada 's Mackenzie River delta . STOP 
`` This is a *UNK-* strike by Foothills , '' said *CUNK* *CUNK* , natural gas manager of the *CUNKED* Independent Petroleum Association of Canada , an industry group . STOP 
`` Foothills wants to make it clear to other pipeline companies that it 's on first *UNK* as *UNKING* gas from the *CUNK* to southern markets , '' Mr. *CUNK* said . STOP 
At least two rival applications are expected to emerge in coming months , including one from TransCanada *CUNKS* Ltd. , Canada 's largest natural gas pipeline operator . STOP 
Another is expected from a consortium of oil and gas producers who won *UNKAL* approval this month from Canada 's National Energy Board to export about *UNKN* trillion cubic feet of Mackenzie delta gas to the U.S. starting in 1996 . STOP 
The producers include Shell Canada Ltd. , a unit of Royal *CUNK* Group ; *CUNK* Resources Canada Ltd. , a unit of Imperial Oil Ltd. , which is *UNKED* by Exxon Corp. ; and Gulf Canada Resources Ltd. , a unit of *CUNK* & York *CUNKS* Ltd . STOP 
`` The -LCB- National Energy Board -RCB- approval of the exports just *UNKED* the starting flag for the next stage , the rush to build facilities to transport the gas , '' said Bill *CUNKER* , an analyst with Brady & *CUNKER* , a Washington , D.C. , law firm . STOP 
Foothills ' main rival to build a Mackenzie Delta pipeline is likely to be TransCanada *CUNKS* . STOP 
The Toronto-based company , together with *CUNK* Inc. of Houston , has had an *UNK* proposal filed with Canadian regulators since 1984 that it is now *UNKING* . STOP 
Like Foothills , TransCanada 's *CUNK* Gas consortium plans to build a pipeline directly south from the Mackenzie River delta in Canada 's western *CUNK* with an initial capacity to transport 1.2 billion cubic feet of gas daily . STOP 
Industry sources said they expect a *UNK* battle to emerge between TransCanada , which has a *UNKLY* on Canadian gas transportation *UNK* of Alberta , and *CUNK* and *CUNK* , which control the *UNKS* within and running *UNKEST* of Alberta , respectively . STOP 
`` This is *UNK* territory , *UNKED* , and it 's going to be *UNK* , '' said one *UNKER* , who asked not to be named . STOP 
`` Neither is going to back down easily . '' STOP 
TransCanada declined to comment on the Foothills application . STOP 
But last week Gerald *CUNKER* , president and chief executive officer of TransCanada , said the company `` intends to be a party to any transportation system that goes up there '' and that it would consider joint ventures with other players to ensure it has a role . STOP 
A number of issues still need to be resolved before Canadian regulators give any project the final *UNK-* . STOP 
First , the price of natural gas will have to almost double . STOP 
*CUNK* *CUNK* , president of Foothills , said the company believes the project would be viable if gas prices reach US$ *UNKN* a thousand cubic feet by 1995 , in current dollars , up from a current spot price of about US$ 1.50 . STOP 
Mr. *CUNK* 's US$ *UNKN* estimate is somewhat below the $ *UNKN* floor price that *CUNKED* consulting firm Paul *CUNK* & Co. recently said would be needed for Mackenzie delta gas producers to see a return on their investment . STOP 
U.S. gas buyers must also decide whether they want to enter firm contracts for Mackenzie delta gas or develop *CUNK* reserves in the *CUNK* Bay area first , a project that has been on hold for more than a decade . STOP 
Robert *CUNK* , chairman and chief executive of Foothills , said it 's too early to say whether *CUNK* or Mackenzie delta gas would flow to market first . STOP 
But Foothills said it plans to seek regulatory approval to build an alternative line , the Alaska Natural Gas Transportation System further north toward Alaska . STOP 
If that option is favored by gas buyers and regulators , Foothills said it would build another smaller pipeline *UNKING* Mackenzie Delta reserves to the Alaska *UNK* . STOP 
It 's also likely that regulators will try to *UNK* some kind of consensus between the would-be pipeline builders before *UNKING* any hearings into rival projects . STOP 
Douglas *CUNK* , vice president of Shell Canada , noted that producers would prefer to avoid hearings into competing proposals that would *UNK* the regulatory review process and *UNK* down development . STOP 
*CUNKAL* *CUNK* Line Co. , an oil pipeline operator rumored to be *UNKING* a gas pipeline proposal of its own , said that is n't in the cards . STOP 
Instead , Richard *CUNK* , president and chief executive of *CUNKAL* 's *CUNKED* parent , *CUNK* Energy Inc. , said the company would prefer to work with other `` interested parties '' on a joint proposal . STOP 
As for Foothills ' *UNK-* bid , Mr. *CUNK* said , `` If they think it gives them some kind of priority position , well , that 's their strategy . STOP 
The Federal Reserve Board said it is *UNKING* approval of First Union Corp. 's proposed $ *UNKN* million acquisition of Florida National Banks of Florida Inc. , pending the outcome of an examination into First Union 's lending practices in low-income neighborhoods . STOP 
The decision reflects the Fed 's tougher stance on *UNKING* the Community *CUNK* Act , a federal law passed in 1977 to help low-income residents obtain loans . STOP 
In recent years , unions and community groups have won big commitments from banks to make *UNKEST* loans in certain neighborhoods by threatening to hold up proposed acquisitions with protests to the Fed about *UNK* act compliance . STOP 
Few *UNKS* , however , have actually delayed or *UNKED* mergers . STOP 
The current dispute involves allegations that Charlotte , *CUNKED* First Union has n't lived up to its responsibilities under the *UNK* act . STOP 
During the summer , Legal Services Corp. , a Florida legal aid group , filed a petition with the Fed on behalf of residents in four Florida *UNKS* . STOP 
The petition challenged First Union 's lending record in the state , saying that the *UNKING* company had `` shut itself off from contact with the low-income community and is *UNKING* almost every black neighborhood that it serves in the state . '' STOP 
In *UNKING* action on the merger , the Fed said , `` The Board does not believe that there is sufficient information in the record at this time to allow -LCB- it -RCB- to reach a final conclusion on First Union 's record of helping to meet the credit needs of the communities it serves in Florida and North Carolina , including low to *UNK-* neighborhoods in those communities . '' STOP 
The Fed said the *CUNKER* of the *CUNK* is expected to begin a Community *CUNK* Act examination of First Union 's Florida and North Carolina banking units in the next two weeks . STOP 
First Union , with assets of about $ 32 billion , said it was disappointed by the delay but said it would cooperate with regulatory authorities . STOP 
The bank added that it believes the review will `` *UNK* that First Union is in compliance with the requirements of the Community *CUNK* Act . '' STOP 
The company has already missed its initial Oct. 1 target date for completing the merger . STOP 
It said yesterday it still expects to close the acquisition later this year or early in 1990 . STOP 
Florida National , if acquired , would almost double First Union 's banking franchise in Florida to $ 17 billion in assets . STOP 
That would make it the second-largest bank , after *CUNK* Banks Inc. , in a state widely considered to be the most lucrative banking market in the country . STOP 
In New York Stock Exchange composite trading yesterday , First Union shares rose 25 cents to $ 23 . STOP 
Florida National stock closed unchanged at $ *UNKN* in national over-the-counter trading . STOP 
Earlier this year , the Fed denied an application by Continental Bank Corp. to purchase Grand *CUNK* State Bank in *CUNK* , Ariz. , on grounds that Continental had n't fully *UNKED* with the Community *CUNK* Act . STOP 
At the time , the Fed said the *UNKAL* , the first ever on such grounds , signaled the agency 's new emphasis on the Community *CUNK* Act . STOP 
Eastern Airlines ' creditors committee backed off a move to come up with its own alternative proposals to the carrier 's bankruptcy reorganization plans , according to sources familiar with the committee . STOP 
In a meeting in New York yesterday , the committee put on hold instructions it gave two weeks ago to its experts to explore other options for Eastern 's future , the sources said . STOP 
The consultants had been working to finish a report this week . STOP 
That means Eastern , a unit of Texas Air Corp. of Houston , can go forward with its pitch for creditor approval as early as today , when it is expected to deliver a revised reorganization plan to the committee . STOP 
The committee intends to meet next week to make a recommendation on the new plan . STOP 
In another development yesterday , creditors were told that $ 40 million they had expected to become available for *UNKING* a reorganization may not *UNK* , according to one source . STOP 
Texas Air has run into difficulty *UNKING* about $ 20 million of debt securities because of problems in the junk bond market , the person said . STOP 
And plans to raise another $ 20 million through changes to an insurance policy have hit a *UNK* , the source said . STOP 
An Eastern spokesman said `` the $ 40 million will have no effect *UNKER* on the asset structure of Eastern 's plan . STOP 
*CUNK* million in the total scheme of things is not that significant . '' STOP 
It is unclear what caused the creditors to do an *UNK-* on exploring alternatives to Eastern 's new reorganization plan . STOP 
However , since Eastern first filed for Chapter 11 protection March 9 , it has consistently promised to pay creditors 100 cents on the dollar . STOP 
Because the carrier is still *UNKING* to do that , some committee members successfully argued that there 's little reason yet to explore a different plan , according to one person familiar with the creditors ' position . STOP 
Earlier this month the accounting firm of *CUNK* & Young and the securities firm of Goldman , Sachs & Co. , the experts hired by the creditors , contended that Eastern would have difficulty meeting earnings targets the airline was *UNKING* . STOP 
*CUNK* & Young said Eastern 's plan would miss projections by $ 100 million . STOP 
Goldman said Eastern would miss the same mark by at least $ 120 million . STOP 
The consultants maintained Eastern would n't generate the cash it needs and would have to issue new debt to meet its targets under the plan . STOP 
Eastern at the time disputed those *UNKS* and called the experts ' report `` completely off base . '' STOP 
Yesterday , Joel *CUNK* , an attorney for Eastern 's creditors committee , declined to comment on whether the experts had ever been *UNKED* to look at other choices and whether they now were asked not to . STOP 
He said only that the committee has not yet taken any position on Eastern 's reorganization plan and that the two sides were still negotiating . STOP 
`` In every case , people would like to see a *UNKAL* plan , '' he said . STOP 
Eastern and its creditors agreed in July on a reorganization plan that called for the carrier to sell off $ 1.8 billion in assets and to emerge from Chapter 11 status in late 1989 at two-thirds its former size . STOP 
Eastern eventually decided not to sell off a major chunk , its South American routes , which were valued at $ 400 million . STOP 
Such a change meant the reorganization plan the creditors had agreed on was no longer valid , and the two sides had to begin negotiating again . STOP 
Eastern has publicly stated it is exceeding its goals for getting back into operation and has predicted it would emerge from Chapter 11 proceedings early next year , operating more flights than it originally had scheduled . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
New York City -- STOP 
$ *UNKN* million of general obligation bonds , *CUNKAL* 1990 Series C and D , including $ *UNKN* million of tax-exempt bonds and $ 56 million of taxable bonds , tentatively priced by a Goldman Sachs & Co. group . STOP 
Yields for tax-exempt bonds range from 6 1\/2 % in 1990 to *UNKN* % in *UNKN* . STOP 
Yields for taxable bonds range from 9 1\/8 % in 1994 to *UNKN* % in 2009 and *UNKN* . STOP 
The bonds are all rated *UNK-* by Moody 's Investors Service Inc . STOP 
The underwriters expect a *UNKS* rating from Standard & Poor 's Corp. , which has the issue under review . STOP 
*CUNKED* Mortgage Securities Corp. -- STOP 
$ 150 million of Remic mortgage securities offered in 12 classes by First Boston Corp . STOP 
The offering , Series *UNKN* , is by a company established by First Boston for issuing *CUNKS* and other derivative mortgage securities . STOP 
It is backed by Government National Mortgage Association 9 1\/2 % securities with a *UNKED* average remaining term to maturity of 29 years and being offered at market prices . STOP 
*CUNKAL* Corp. -- STOP 
$ *UNKN* million of securities backed by *UNK-* loans through Merrill Lynch Capital Markets . STOP 
The offering , with an expected average life of *UNKN* years , will *UNK* monthly at 20 basis points above the rate on an index of 30-day *UNKED* commercial paper , which now yields about 8.50 % . STOP 
The issue has an expected final maturity date of 1998 . STOP 
The offering is rated triple-A by Moody 's and S&P , based on the quality of the underlying home equity loans and a letter of credit covering 10 % of the deal from Union Bank of Switzerland . STOP 
The offering is being made through *CUNK* Home Equity Loan *CUNKED* *CUNKS* , Series *UNKN* . STOP 
Rochester Community Savings Bank -- STOP 
$ 200 million of *UNKN* % certificates backed by automobile loans priced to yield *UNKN* % via First Boston Corp . STOP 
The issue , through *CUNK* *UNK-* *CUNK* Trust , was priced at a yield spread of 100 basis points above the Treasury 7 3\/4 % note due July 1991 . STOP 
The offering has an expected average life of 1.7 years and a final maturity date of May 15 , 1995 . STOP 
The issue is rated triple-A by Moody 's , based on the quality of the underlying auto loans and a letter of credit covering 13 % of the deal from Credit Suisse . STOP 
South Australian Government Finance Authority -LRB- agency -RRB- -- STOP 
125 million Australian dollars of zero-coupon *CUNKS* due Dec. 12 , 1994 , priced at *UNKN* to yield *UNKN* % less fees via *CUNKS* Bank Ltd . STOP 
Guaranteed by the South Australian Treasury . STOP 
Fees 1 3\/8 . STOP 
Government Insurance Office of New South *CUNKS* -LRB- agency -RRB- -- STOP 
A$ 50 million of 17 1\/2 % *CUNKS* due Dec. 4 , 1991 , priced at *UNKN* to yield *UNKN* less fees via *CUNK* Banking Corp . STOP 
Fees 1 1\/4 . STOP 
Swedish *CUNK* Credit Corp . -LRB- Sweden -RRB- -- STOP 
100 million Swiss francs of 6 1\/8 % privately placed notes due Sept. 30 , 1996 , priced at 100 3\/4 to yield *UNKN* % via Citicorp Investment Bank Switzerland . STOP 
Call from Sept. 30 , 1993 , at 100 *UNKN* , declining by *UNKN* point a year to to par . STOP 
Fees 1 3\/4 . STOP 
West German insurance giant Allianz AG entered the takeover battle between France 's Cie . Financiere de Paribas and *CUNK* de Navigation Mixte . STOP 
Allianz said it won French government approval to buy as much as one-third of Navigation Mixte , a diversified financial , transport and food holding company . STOP 
The move comes a week after Paribas announced that it was preparing to bid for *UNKN* % control of Navigation Mixte . STOP 
*CUNKED* Allianz 's brief *UNK* statement said it is acting to protect its own interests as a shareholder of Navigation Mixte . STOP 
That would be a blow to both Paribas and Navigation Mixte . STOP 
Each had claimed Allianz , Europe 's largest insurance company , as a *UNK* ally . STOP 
The Allianz statement also *UNKED* the belief that the takeover battle could be a long one . STOP 
It led to broad market speculation that Paribas now will *UNK* its bid , which is expected to be formally launched later this week , after approval from French government regulators . STOP 
Allianz 's entry reflects the increasing *UNKS* of West German companies , looking ahead to the reduction in European Community internal barriers in 1992 , to get involved in what until now were considered internal French affairs . STOP 
Deutsche Bank , *CUNKER* Bank and *CUNK* all also have expressed *UNKS* to expand in France before 1992 . STOP 
*CUNKER* Bank this month moved to acquire *CUNK* *CUNK* *UNK* *CUNKS* , a small French merchant bank that Deutsche Bank had looked at and passed over . STOP 
*CUNK* had hoped to buy a stake in Credit *CUNKS* , until the *CUNKS* returned to government last year and canceled plans to *UNK* the large French bank . STOP 
Deutsche Bank has actively sought a French acquisition for at least two years . STOP 
*CUNKLY* , analysts say , Deutsche Bank has *UNKED* some in the French financial community by indicating it wants a strong bank with a large number of branches . STOP 
`` We are still looking , '' said a Deutsche Bank spokesman . STOP 
`` The banks we think would fit into our concept are either *UNKED* or not for sale , though Deutsche Bank would be able to pay a good price . '' STOP 
While Allianz officials were n't willing to comment in any detail on their plans , they said Allianz currently holds between 5 % and 10 % of Navigation Mixte , an apparent increase from the 5 % stake that Navigation Mixte officials had earlier announced . STOP 
Paris market sources said they believed Allianz was buying yesterday morning , and Navigation Mixte moved up *UNKN* francs -LRB- $ *UNKN* -RRB- to close at *UNKN* francs in heavy trading . STOP 
It was the first day of trading following the suspension of Navigation Mixte shares last Monday , when Paribas announced its plan to pay *UNKN* francs for each Navigation Mixte share . STOP 
Allianz also holds a 50 % stake in Navigation Mixte 's insurance subsidiary , one of France 's largest insurance groups , which it bought for about 6.5 billion francs just before Paribas launched its bid . STOP 
Navigation Mixte holds the remaining 50 % . STOP 
Allianz said in its statement that it was acting to protect that interest , which ties it to Navigation Mixte as a partner . STOP 
Allianz 's statement *UNKED* the company 's previously announced position that Paribas 's offer price is too low . STOP 
Allianz also suggested , without saying so directly , that it *UNKS* that Paribas is n't bidding for all of Navigation Mixte 's shares . STOP 
The problem here , analysts say , is that if Paribas wins its *UNKN* % , remaining Navigation Mixte shares will fall in value . STOP 
That *UNKS* many current holders , such as Allianz , which could n't be sure of selling all their shares if they tendered to Paribas . STOP 
The Allianz statement led to speculation that Allianz eventually could sell to Paribas . STOP 
That would be bad news for Navigation Mixte 's current management , which was counting on Allianz to help fend off Paribas . STOP 
Allianz did n't say whom , if anyone , it will support . STOP 
It said simply that it will boost its Navigation Mixte stake as it sees fit over the coming days to protect itself , as long as it has French regulatory officials ' approval . STOP 
Paribas currently intends to offer *UNKN* francs a share for Navigation Mixte shares that receive full dividends this year . STOP 
It is to offer *UNKN* francs for shares created on July 1 , which receive partial dividends . STOP 
*CUNKLY* , it would offer to swap three Paribas shares for one Navigation Mixte share . STOP 
Paribas already holds about *UNKN* % of Navigation Mixte , and the acquisition of the additional 48 % would cost it about 11 billion francs under its current bid . STOP 
The bid values Navigation Mixte at around 23 billion francs , depending on how many holders of Navigation Mixte warrants exchange them for shares before the bid expires . STOP 
*CUNK* Central Corp. , Cincinnati , said it agreed in principle to acquire *CUNK* Inc. 's Carol Cable Co. unit for $ *UNKN* million . STOP 
The company said Carol Cable , based in *CUNK* , *CUNK* , is a leading supplier of electrical and electronic wire and cable for the distributor , retail and original equipment manufacturer markets . STOP 
Carol Cable , which operates 12 manufacturing plants , had operating profit of $ *UNKN* million on sales of $ *UNKN* million for the first six months of this year and operating profit of $ *UNKN* million on sales of $ *UNKN* million for all of 1988 . STOP 
The maker of telecommunications and defense equipment said Carol Cable 's portfolio and market focus would *UNK* the company 's current wire and cable businesses . STOP 
The plan is subject to a *UNK* due *UNK* investigation of Carol Cable by *CUNK* Central , a definitive agreement and regulatory approvals . STOP 
*CUNKER* *CUNK* Ltd. said its *CUNK* unit agreed to acquire certain Alberta oil and gas interests from Amoco Corp. 's Canadian unit , for about 130 million Canadian dollars -LRB- US$ *UNKN* million -RRB- . STOP 
*CUNKER* *CUNK* , a big New *CUNKED* forest products concern with *UNK* operations in Canada , said the assets include stakes in four natural gas fields and one oil field near *CUNK* , Alberta , plus gas processing facilities and about *UNKN* acres of *UNKED* land . STOP 
The proposed purchase requires approval from Investment Canada , which *UNKS* large foreign investments in Canada . STOP 
Amoco Canada Petroleum Co. , which operates the major properties included in the asset package , said the sale is part of a plan to *UNK* its assets . STOP 
*CUNK* , a New *CUNKED* oil and gas producer , said the planned purchase would be its first oil and gas acquisition outside its home country , and would form the basis for a new *UNK-* exploration and production unit in Canada . STOP 
MiniScribe Corp. , *CUNK* , Colo. , said it introduced a *UNK-* high , *UNK-* hard disk drive that it hopes will prove popular with makers of *UNK-* laptop and portable computers . STOP 
The troubled disk drive maker aims with the new 3 *UNK-* disks to revive its reputation and sales growth . STOP 
MiniScribe said the disk drives have more memory capacity than other disks that size . STOP 
MiniScribe said it expects to begin full volume production of the drives in the U.S. and Singapore in the first quarter next year . STOP 
A drive with 120 *UNKS* of capacity is scheduled for release during the third quarter of 1990 . STOP 
MiniScribe has been on the *UNKS* since it disclosed early this year that its earnings reports for 1988 were n't *UNK* . STOP 
After an internal investigation , the company found that senior officials used a variety of *UNKS* to *UNK* sales gains , including counting shipments of *UNKS* and defective drives as sales . STOP 
The New York Times Co. said it reached a settlement with independent home delivery dealers in the metropolitan New York area that will free the newspaper to expand home delivery circulation . STOP 
The settlement stemmed from a lawsuit the dealers filed in 1982 when the Times began its own competing direct delivery service . STOP 
The pact calls for the Times to pay dealers $ 3.6 million over six years , as well as other payments in the form of subsidies over three years , based on the number of `` new customers started by the dealers and on pricing structures , '' the Times said . STOP 
The amount of the settlement will be taken as a charge against earnings in the fourth quarter . STOP 
The settlement , which involves most of the 300 independent newspaper dealers in the New York area , will allow the Times to freely operate its own direct home delivery system . STOP 
Home delivery is the *UNKEST* growing segment of the Times 's 1.1 million daily circulation . STOP 
Currently , about 60 % of home delivery subscribers in the New York area receive the paper directly from the Times . STOP 
Mercury Savings & Loan Association , *CUNK* Beach , Calif. , reported a third-quarter loss of $ 3.9 million , or 61 cents a share , compared with net income of $ 1.4 million , or 22 cents a share , in the year-earlier quarter . STOP 
Mercury attributed the loss to rapid *UNKS* of loans and costs incurred in refinancing many house loans this past spring and summer , when interest rates *UNKED* . STOP 
The thrift hired an investment banker earlier this month to advise it regarding a possible sale or merger . STOP 
Mercury also is *UNKING* itself , part of its plan to change its emphasis from buying mortgage loans from mortgage brokers to making loans directly . STOP 
Such a focus is `` more profitable , more efficient and gives us a greater sense of control , '' said William A. *CUNK* , Mercury 's senior executive vice president . STOP 
As of Sept. 30 , Mercury 's assets were $ 2.25 billion , down from $ *UNKN* billion a year ago . STOP 
For the nine months , Mercury posted a loss of $ 5.4 million , or 86 cents share , against net income of $ 4 million , or 63 cents share , a year earlier . STOP 
Mercury shares closed yesterday at $ *UNKN* , up 50 cents , in New York Stock Exchange composite trading . STOP 
*CUNK* *CUNK* Fund Inc. , New York , likely will reject a renewed offer from Florida investor Robert I. Green to buy *CUNK* for $ *UNKN* a share . STOP 
*CUNK* Levine , *CUNK* secretary and treasurer , said the *UNK-* fund 's directors will consider Mr. Green 's offer in a couple of weeks at a regular meeting . STOP 
`` He has n't added anything , '' Mr. Levine said , predicting the board will again reject Mr. Green 's proposal . STOP 
In a Securities and Exchange Commission filing , Mr. Green said he had boosted his holdings in *CUNK* common to 10.4 % from 8.5 % , and renewed an offer he made in March to acquire the fund . STOP 
Mr. Levine noted that *CUNK* 's shares have been trading at or above Mr. Green 's offering price for the last several months . STOP 
He said *CUNK* attorneys are scheduled to meet with Mr. Green 's attorneys in Delaware *CUNK* Court at the end of this week to respond to the investor 's request for company records for the past five years . STOP 
Mr. Green could n't be reached . STOP 
Giant Group said a federal court in Delaware has denied a motion by Rally 's Inc. seeking to block a group led by Giant Chairman *CUNK* Sugarman from acquiring more of the company 's shares . STOP 
Rally 's , a fast-food chain based in Louisville , Ky. , is *UNKING* that Mr. Sugarman and two other company directors failed to disclose to the Securities and Exchange Commission that they intended to acquire a big Rally stake . STOP 
Mr. Sugarman has in turn contended that the other major shareholder group -- whose interests are represented by three other directors connected to *UNKS* in the name of the children of the company 's founder , James *CUNK* -- has ties to a competing fast food chain , *CUNK* 's International Inc . STOP 
The company last week assembled a *UNKER* committee of directors *UNKED* with neither side to *UNK* the situation . STOP 
Each group controls more than 40 % of Rally 's stock . STOP 
The company just went public earlier this month . STOP 
Rally 's had no comment , but was expected to make an announcement this morning about the situation . STOP 
*CUNKER* *CUNK* *CUNKER* won a $ 400,000 federal court jury verdict against Young & Rubicam in a case that *UNKS* a popular advertising industry practice of using `` *UNK-* '' *UNKS* to *UNK* products . STOP 
The decision in Los Angeles federal court stems from a 1985 Mercury *CUNK* TV ad that Young & Rubicam worked up for Ford Motor Co . STOP 
The ad agency had approached Ms. *CUNKER* about *UNKING* , but she declined , citing a longstanding policy of *UNKING* advertising work . STOP 
The agency then turned to a former *UNK* singer for Ms. *CUNKER* who appeared in the ad and *UNKED* what was generally considered a more than *UNK* *UNKION* of Ms. *CUNKER* 's 1973 hit song `` Do You *CUNK* *CUNK* . '' STOP 
The appeals court held : `` When a *UNK* voice of a professional singer is widely known and is deliberately *UNKED* in order to sell a product , the sellers have *UNKED* what is not theirs . '' STOP 
The judge in the jury trial said there was *UNK* evidence to hold Ford *UNK* in the case . STOP 
In a statement , Young & Rubicam called the award `` *UNUNK* but *UNK* . '' STOP 
Peter *CUNK* , a Los Angeles lawyer for Ms. *CUNKER* , said , `` We believe that the verdict *UNKS* her position and our position that advertisers and advertising agencies can not with *UNK* *UNK* the voices of well-known *UNKS* . STOP 
That is a property right that *UNKS* to the *UNKER* . '' STOP 
The award , although far less than the $ 10 million , including *UNK* damages , that Ms. *CUNKER* sought , is likely to force Madison Avenue to further *UNK* how they use famous *UNKS* in ads . STOP 
Last year 's appeals court decision , for instance , *UNKED* several suits , reportedly including a recent action by the *UNKS* of singer Bobby *CUNK* against McDonald 's Corp. over its `` Mac *CUNK* '' TV commercials , a rough *UNK* of Mr. *CUNK* 's `` *CUNK* the *CUNK* '' *UNK* . STOP 
The *UNK-* decision last year was particularly surprising because the same court had dismissed a similar case in 1970 involving singer *CUNK* *CUNK* and a tire ad -- also a Young & Rubicam product . STOP 
Ms. *CUNK* sued over the use of her `` These *CUNKS* are *CUNK* for *CUNK* ' '' song in the ad . STOP 
At that time , the court held that such a claim would interfere with federal copyright law , which has always *UNKED* down on the *UNKED* *UNKING* of *UNKS* and musical *UNKS* but never actual *UNKS* . STOP 
`` One thing that is a little *UNKING* is that you had three old men on the court of appeals in California coming up with a statement that *CUNK* *CUNK* is not *UNK* but that *CUNK* *CUNKER* is . STOP 
I am not sure that judges , many of whom I like very much , are proper *UNKS* for making *UNKS* about pop *UNKS* , '' said Richard *CUNK* , a New York advertising lawyer . STOP 
Nonetheless , Mr. *CUNK* said that the latest decisions are having a *UNKING* effect . STOP 
`` It has made people think twice about how they use music and is forcing them to be more *UNK* about doing a particular *UNKION* of a song in its most famous form , '' he said . STOP 
*CUNK* *CUNK* contributed to this article . STOP 
James River Corp. , Richmond , Va. , said it acquired the tissue operations of *CUNK-* N.V. of the Netherlands for about $ 77 million . STOP 
The Dutch unit , known as *CUNK* *CUNK* , is a leading maker of consumer and *UNK-* tissue products for the *CUNK* region . STOP 
In addition , the acquisition includes production assets of *CUNK* *CUNKS* , a maker of household tissue products for the U.K. and Ireland . STOP 
The combined operations had 1988 revenue of about $ 100 million . STOP 
James River , a maker of pulp , paper and plastic products , already has interests in tissue businesses in France , Spain , Italy and Turkey . STOP 
The company said it plans to form European ventures with Italian and Finnish companies . STOP 
The *CUNK* operations would become part of those ventures . STOP 
*CUNK* S.A. of *CUNK* , Mexico , said its *CUNK* Corp. subsidiary has entered into definitive loan agreements in connection with *CUNK* 's $ *UNK-* tender offer for *CUNK* Glass *CUNKER* Corp . STOP 
The agreements are with Security Pacific National Bank and an affiliate of Donaldson , Lufkin & Jenrette Securities Corp . STOP 
Proceeds of the loan agreement , together with funds from *CUNK* , will permit the purchase of all shares outstanding of *CUNK* and the payment of all related costs and expenses . STOP 
*CUNK* said the definitive agreements require that *CUNK* obtain a *UNKER* from its bank lenders of existing *UNK* defaults under its bank facilities . STOP 
Since *CUNK* is still seeking this *UNKER* , *CUNK* said the tender offer is being extended until 5 p.m. EST tomorrow . STOP 
The dollar finished mostly stronger yesterday , boosted by a modest recovery in share prices . STOP 
The Dow Jones Industrial Average climbed *UNKN* points in a *UNK* of *UNKING* following last week 's declines . STOP 
`` *CUNKION* is fixed on the stock market for lack of anything else to *UNK* our *UNK* into , '' said Robert White , a vice president at First Interstate of California . STOP 
Some analysts predict that in the absence of *UNKING* news to push the U.S. unit sharply higher or lower , the currency is likely to *UNK* below *UNKN* marks this week . STOP 
But others reject the view , and forecast the dollar will continue to hold its current tight trading pattern . STOP 
They argue that weakness in both the yen and sterling have helped offset bearish U.S. economic news and have *UNK* support to the dollar . STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , up from *UNKN* marks late Friday , and at 141.90 yen , up from *UNKN* yen late Friday . STOP 
Sterling was quoted at $ *UNKN* , up from $ *UNKN* late Friday . STOP 
The dollar rose against the Swiss and French francs . STOP 
In Tokyo Tuesday , the U.S. currency opened for trading at *UNKN* yen , up from Monday 's Tokyo close of *UNKN* yen . STOP 
Last week , the surprise resignation of British Chancellor of the Exchequer Nigel Lawson sent the British pound into a *UNK* . STOP 
While sterling *UNKED* back from session lows in a *UNK* of *UNKING* yesterday , foreign exchange dealers said that any hopes that the pound would soon post significant gains have *UNKED* . STOP 
Traders said that statements made over the weekend to *UNK* concern about the stability of Prime Minister Margaret Thatcher 's government and the future of her economic program largely failed to *UNK* investors and bolster the *UNKING* British unit . STOP 
In her first *UNKED* interview following Mr. Lawson 's resignation , Mrs. Thatcher *UNKED* her desire to keep sterling strong and warned again that full entry into the European Monetary System 's exchange rate mechanism would provide no easy solution to Britain 's economic troubles . STOP 
She said that the timing of the United Kingdom 's entry would depend on the speed with which other members *UNK* their economies . STOP 
Mrs. Thatcher 's remarks were seen as a *UNK* to several leading members of her own Conservative Party who have called for a more *UNK-* British commitment to the *CUNK* . STOP 
At the same time , a recent poll shows that Mrs. Thatcher has hit the lowest popularity rating of any British leader since *UNKING* began 50 years ago . STOP 
*CUNKS* by John Major , who has succeeded Mr. Lawson , also failed to damp market concern , despite his *UNK* to maintain relatively high British interest rates . STOP 
According to one London-based analyst , even higher interest rates wo n't help the pound if Britain 's government continues to appear *UNUNK* . STOP 
One U.S. trader , however , dismissed sterling *UNKS* while *UNKING* there is little immediate *UNK* potential for the U.K. unit . STOP 
`` There is no question that the situation is bad , but we may be painting a *UNKER* picture than we should , '' he said . STOP 
He predicts the pound will continue to trade in a very volatile fashion , with `` fits of being *UNK* and *UNK* '' before recovering its losses . STOP 
Dealers also note that the general lack of enthusiasm for the yen has helped bolster the U.S. dollar . STOP 
They *UNK* that persistent Japanese investor demand for dollars for both portfolio and direct investment has kept a base of support for the dollar at around 140 yen . STOP 
The dollar began yesterday on a firm note in Tokyo , closing higher in late trade . STOP 
In Europe , the dollar closed slightly up in a market dominated by cross trades . STOP 
On the Commodity Exchange in New York , gold for current delivery settled at $ *UNKN* an ounce , down 70 cents . STOP 
Estimated volume was a moderate 3.5 million ounces . STOP 
In early trading in Hong Kong Tuesday , gold was quoted at $ *UNKN* an ounce . STOP 
General Electric Capital Corp. 's *CUNK* Bank USA acquired a *CUNK* and *CUNK* portfolio from Commercial Federal Savings & Loan Association , an *CUNK* , Neb. , unit of Commercial Federal Corp. of *CUNK* . STOP 
Terms were n't disclosed . STOP 
The portfolio currently includes $ 95 million in receivables , GE Capital said . STOP 
GE Capital is a financial services subsidiary of General Electric Co. of *CUNK* , Conn. , which also has broadcasting and *UNKS* businesses . STOP 
GE Capital said Commercial Federal Savings will continue to market *CUNK* and *CUNK* programs while *CUNK* provides `` operational and marketing support '' and actually owns the accounts . STOP 
With the acquisition , *CUNK* , *CUNK* *CUNK* , Ohio , has more than 2.4 million total accounts , GE Capital added . STOP 
*CUNK* *CUNK* *CUNK* in three cities to demand democratic *UNKS* . STOP 
As the country 's new leader , *CUNK* Krenz , prepared to travel to Moscow today for talks with Soviet leader Gorbachev , hundreds of thousands of East Germans *UNKED* in the streets of *CUNK* , *CUNK* and *CUNK* to call for internal *UNKS* and the *UNKION* of the New *CUNK* opposition group . STOP 
Krenz , however , vowed to preserve the Communist Party 's hold on political power and said East Germans should n't *UNK* the nation with *UNUNK* demands . STOP 
Communist officials this month have faced nearly daily *UNK-* protests , accompanied by the flight to the West by thousands of East Germans . STOP 
Soviet police *UNKED* with demonstrators in Moscow following a *UNK* *UNK* around the *CUNK* 's *CUNK* headquarters in memory of those *UNKED* under *CUNK* . STOP 
More than 1,000 *CUNKS* attended the service . STOP 
A *UNKER* group *UNKED* in *CUNK* Square , where the police *UNKED* and *UNKED* a number of protesters . STOP 
Police in *CUNK* *UNKED* about 1,000 *UNK* *CUNKS* who were *UNKING* the trial of the former Communist Party chief of the southern province of *CUNK* . STOP 
*CUNK* *CUNK* and 14 others are accused of *UNKING* *UNKS* and strikes and opposing constitutional limits to *CUNK* 's *UNK* . STOP 
If convicted , they could be sentenced to death . STOP 
A court in *CUNK* sentenced a Palestinian to 16 life terms for forcing a bus off a *UNK* July 6 , killing 16 people , Israeli radio reported . STOP 
He also received 20-year *UNKS* for each of the 24 passengers injured . STOP 
It was considered the *UNKEST* sentence passed since the start of the *UNK-* Arab *UNKING* in the *CUNKED* *UNKS* . STOP 
U.S. and Soviet negotiators opened talks in New York aimed at *UNKING* differences in proposals to reduce *UNKS* *UNKS* . STOP 
While the *CUNK* has urged a ban on output of the poison *UNKS* , the White House wants to continue producing the weapons even after an international treaty calling for their destruction is signed . STOP 
South Africa 's government said *UNK* demonstrations such as the *UNK-* rally Sunday near *CUNK* have helped ease *UNKS* and *UNKED* political changes . STOP 
About 70,000 people attended the *UNK-* rally , at which leaders of the banned African National Congress refused to *UNK* violence to end apartheid . STOP 
Secretary of State Baker expressed concern that Nicaraguan President Ortega may attempt to use alleged attacks by the *CUNKED* Contra rebels as an excuse to scuttle elections scheduled for February . STOP 
Ortega had threatened to end a *UNK-* *UNK* . STOP 
Baker 's remarks came as the White House urged both sides to honor the *UNK* . STOP 
The *CUNK* Lexington returned to *UNK* in *CUNK* , Fla. , following an accident Sunday in which the pilot of a training jet *UNKED* into the ship , killing five *UNKS* . STOP 
The *UNK* of the aircraft carrier , the *UNKEST* in the Navy , said the *UNKER* was making his first attempt to land on a carrier . STOP 
Four people *UNKED* three U.S. *UNKS* on the central steps of the U.S. Capitol in a bid to test a new federal law protecting the American flag from *UNKION* . STOP 
All four demonstrators were arrested . STOP 
The law , which Bush allowed to take effect without his *UNK* , went into force Friday . STOP 
Chinese officials said *UNKED* police would replace *UNKS* in *CUNK* Square as part of a *UNKING* down of Beijing 's *UNK-* state of emergency . STOP 
Separately , the U.S. *CUNK* has filed three protests in as many days with China 's government , *UNKING* *UNK* of *UNKS* and their families , an *UNK* source said . STOP 
*CUNKS* in *CUNK* said the toll from two earthquakes Sunday had reached at least 30 dead and about 250 injured . STOP 
The *UNKEST* damage was reported in *CUNK* , about 40 miles *UNKEST* of *CUNKS* . STOP 
As rescue teams continued *UNKING* for victims , hundreds of *UNKS* accused the government of a *UNK* response following the *UNKS* . STOP 
Britain 's Thatcher *UNKED* senior advisers for strategy talks as opinion polls showed the prime minister 's popularity had hit a record low following the resignation last Thursday of Chancellor of the Exchequer Lawson . STOP 
One poll , conducted for the British Broadcasting Corp. , found that 52 % of voters believed that she should quit . STOP 
Lawmakers in Hungary approved legislation *UNKING* *UNK* to many people convicted of crimes *UNK* by less than three years in prison . STOP 
They also established an office to control government and party finances . STOP 
The laws take effect next month . STOP 
*CUNKED* : Robert V. Van *CUNK* , 63 , chairman of Mutual *CUNK* Life Insurance Co. , Sunday , in *CUNK* , N.J. , of cancer . STOP 
*CUNK* Corp. said it was awarded a $ 300 million contract to provide engineering and *UNK-* services at a copper mine in *CUNK* *CUNK* , *CUNK* , for a unit of *CUNK-* *CUNKER* Co . STOP 
*CUNK* , based in *CUNK* , Calif. , will direct expansion of the mine 's capacity to *UNKN* metric tons a day from *UNKN* metric tons a day . STOP 
*CUNKION* of the project is expected by *UNK-* . STOP 
In 1988 , *CUNK* had revenue of $ 5.1 billion and earnings of $ *UNKN* million , or 71 cents a share . STOP 
*CUNK* Computer AG , citing continued profitability problems , said it will have to reduce personnel further , notably in research and development sectors . STOP 
The troubled West German computer company said , in a statement to its employees , that the number of *UNKS* working in product development will be reduced world-wide to *UNKN* from *UNKN* by the end of 1990 . STOP 
The number of workers in production sectors will be cut by *UNKN* , to *UNKN* by September . STOP 
The cuts will be made half within Germany and half abroad . STOP 
In the first nine months of 1989 , *CUNK* said , sales rose 5 % amid good growth in selected areas such as banks and trading companies . STOP 
The company also cited some success in *UNKING* cost increases and said it wants to return to profitability in 1990 . STOP 
It cited the expected beneficial effects of a *UNKION* on key products , further structural changes within the group and cooperation agreements with other companies . STOP 
*CUNK* *CUNK* *CUNK* is being sought by another big paper company , Georgia-Pacific , for $ 58 a share , or about $ *UNKN* billion . STOP 
The tender offer , which surprised analysts because it appeared to be *UNKED* , could spark a period of industry consolidation . STOP 
Analysts questioned whether Georgia-Pacific will ultimately *UNK* , saying other paper concerns may make competing bids . STOP 
Two more securities firms *UNKED* to the outcry over program trading . STOP 
GE 's Kidder Peabody unit said it would stop doing stock-index arbitrage for its own account , while Merrill Lynch said it was *UNKING* such trading entirely . STOP 
Also , the Big Board met with angry stock specialists . STOP 
A big *UNK-* case will be *UNKED* by the Supreme Court . STOP 
The *UNKS* agreed to decide whether federal insurers can require LTV to take back *UNK* for funding its $ 2.3 billion pension *UNK* . STOP 
Drug companies lost a major liability case . STOP 
The Supreme Court let stand a New York ruling that all manufacturers of an *UNK-* drug are *UNK* for injuries or deaths if the actual maker is n't known . STOP 
Revco received a $ *UNKN* million takeover offer from Texas financier Robert Bass and *CUNK* Partners . STOP 
The *UNK* chain reacted *UNKLY* , saying the plan would further *UNK* its huge debt , which forced the company into Chapter 11 protection last year . STOP 
Rockefeller Group agreed to sell a 51 % interest to Mitsubishi Estate , a major Japanese developer and property owner , for $ *UNKN* million . STOP 
Officials at some Rockefeller units are said to be *UNUNK* with the agreement . STOP 
Continental Air replaced its top executive for the sixth time in as many years . STOP 
Chairman and Chief Executive Joseph Corr was succeeded by Frank Lorenzo , chief of parent Texas Air . STOP 
United Air 's parent may have to pay as much as $ *UNKN* million to the labor-management buy-out group for fees and expenses incurred in their failed $ 6.79 billion takeover bid . STOP 
Gen-Probe agreed to be bought by Chugai Pharmaceutical for about $ 110 million . STOP 
The sale is likely to fuel concern about growing Japanese investment in U.S. biotechnology firms . STOP 
Boeing posted a 68 % jump in third-quarter earnings , but Wall Street 's attention was focused on the continued strike at the aircraft maker . STOP 
The Fed delayed approval of First Union 's $ *UNKN* million acquisition of Florida National Banks pending a review of First Union 's lending practices in low-income neighborhoods . STOP 
Allianz of West Germany entered the takeover battle between France 's Paribas and Navigation Mixte . STOP 
Maxwell agreed to sell its U.S. printing unit to Quebecor for $ 500 million , making Quebecor the No. 2 commercial printer in North America . STOP 
New construction contracts rose 8 % in September , led by commercial , industrial and *UNKS* projects , according to *CUNK* Dodge Group . STOP 
Western Union took steps to withdraw a $ 500 million debt swap , citing turmoil in the junk bond market . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , up *UNKN* ; transportation *UNKN* , up *UNKN* ; utilities *UNKN* , up *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , up STOP 
Commodities : Dow Jones futures index *UNKN* , off *UNKN* ; spot index *UNKN* , off *UNKN* . STOP 
Dollar : 141.90 yen , up 0.25 ; *UNKN* marks , up *UNKN* . STOP 
Pacific Telesis Group said its Pacific Bell unit sustained property damage of about $ 45 million to $ 50 million from the California earthquake earlier this month . STOP 
The San *CUNKED* telecommunications company said it carries $ 150 million of earthquake insurance with a $ 10 million *UNK* provision . STOP 
Sam *CUNK* , chairman and chief executive officer , told securities analysts in New York that the company expects somewhat slower per-share earnings growth in 1990 , although annual growth should return to the traditional figure of about 7 % thereafter . STOP 
As factors contributing to the temporary slowdown , he cited one-time rate reductions *UNKED* by California regulators as a *UNK* to a new *UNK* that *UNKS* profit *UNKS* . STOP 
He also mentioned increased capital investment by Pacific Bell for network improvements . STOP 
Mr. *CUNK* said the company 's cellular operations now serve about *UNKN* customers , up 46 % from a year ago . STOP 
General Motors Corp. is planning to build a new engine plant in Europe that may be built in Britain , provided the company can reach a *UNK* agreement with unions , sources said . STOP 
Officials of *CUNK* Motors Ltd. , GM 's British unit , were meeting with union leaders late yesterday in hopes of winning such an accord . STOP 
The engine plant may *UNKS* plans for a joint components venture with Jaguar . STOP 
*CUNKLY* , a separate engine plant may be built as part of GM 's planned *UNK-* with the British luxury car maker , the sources said . STOP 
*CUNKS* said a `` complex and detailed '' announcement of a joint agreement between General Motors and Jaguar would be made by Jaguar `` some time in the next 2 1\/2 weeks . STOP 
Cray Research Inc. won government clearance for its proposed reorganization of founder *CUNK* Cray 's supercomputer design team into a separate company . STOP 
Internal Revenue Service approval of the move as a tax-free transaction was the last *UNK* to *UNKING* up the world 's dominant maker of *UNKS* , which Mr. Cray founded in 1974 . STOP 
Cray 's directors set Nov. 15 as the record date for distribution of shares in the new company , to be called Cray Computer Corp . STOP 
It will trade over the counter under the symbol *CUNK* . STOP 
The plan calls for Cray Research holders to receive one share in the new company for every two shares held . STOP 
An estimated *UNKN* million Cray Computer shares will be distributed , Cray Research said . STOP 
Under the accord , Cray Research will transfer to Mr. Cray 's *UNKING* operation $ *UNKN* million of assets primarily related to the *CUNK-* development project his team is *UNKING* and will lend Cray Computer $ *UNKN* million . STOP 
Cray Research will retain a 10 % interest in the new company , which will be based in Colorado Springs , *CUNK* . STOP 
When it announced the planned breakup in May , Cray Research said development costs of several competing projects were *UNKING* its earnings growth . STOP 
After the split , the two companies *UNKLY* will be rivals for orders from government and commercial customers . STOP 
*CUNK* Systems Inc. , *CUNK* *CUNK* , Mich. , said it will report net income for the fourth quarter ended Sept. 30 fell to $ *UNKN* , or 11 cents a share , from $ *UNKN* , or 19 cents a share , a year earlier . STOP 
Chairman Carl L. *CUNK* said the decline occurred although revenue rose 30 % to more than $ 8.3 million from $ 6.4 million a year earlier . STOP 
The company , which makes computer parts said fiscal 1989 earnings were `` down slightly '' from $ *UNKN* million , or 74 cents a share , in fiscal *UNK* . STOP 
The company said fiscal 1989 revenue increased about 30 % to more than $ 32 million from $ *UNKN* million . STOP 
Mr. *CUNK* said that early signs point to improved earnings and revenue in the first quarter of fiscal 1990 . STOP 
`` The current backlog of orders is strong throughout the corporation , '' he said . STOP 
*CUNK* Corp. said it filed for protection under Chapter 11 of the federal Bankruptcy Code and announced a 35 % reduction in its world-wide employment . STOP 
The filing in bankruptcy court here follows a string of quarterly losses and product *UNKS* for the maker of *UNK* drives for *UNKS* and *UNKS* . STOP 
*CUNK* had a loss of $ *UNKN* million for the fiscal year ended July 7 , compared with year-earlier profit of $ *UNKN* , or two cents a share . STOP 
Revenue for the year fell 13 % to $ *UNKN* million . STOP 
The *UNK-* staff *UNK* announced yesterday will bring *CUNK* 's employment to about *UNKN* workers , less than half of what it was before a similar , *UNK-* reduction in August . STOP 
The company yesterday also said it was *UNKING* one of its major new products , a *UNK-* drive , which , while *UNKLY* *UNK* , did n't hold much promise of *UNKING* substantial orders because financing problems caused a nine-month delay in getting the product to market . STOP 
The French *CUNKS* Ministry approved a planned asset swap between the defense and electronics group *CUNK-* S.A. and the bank group Credit *CUNKS* . STOP 
The ministry said the swap , details of which were disclosed last Thursday , will allow both *UNKED* companies to reinforce operations in their main markets and argued that the move shows the *UNK* of France 's *UNK-* concerns . STOP 
The approval also ends any hope that *CUNK* *CUNK* de Paris , another *UNK-* bank , might have had about taking Credit *CUNKS* 's place in the accord . STOP 
It hinted over the weekend that it would have been interested in a *UNK-* with *CUNK-* . STOP 
Under details of the accord , Credit *CUNKS* will take slightly more than 50 % of *CUNK-* Finance in exchange for about 14 % of its own shares . STOP 
The move will help the bank to keep up with international *UNK* *UNKS* being *UNKED* in by the Bank for International *CUNKS* and will also represent the first time that its voting shares have been held by a party other than the government . STOP 
*CUNK-* General Corp. received *UNKS* for *UNKN* % of its 7.5 % convertible senior subordinated notes due April 15 , 1997 , and 96 % of its 11 % convertible senior subordinated debentures due March 1 , *UNKN* . STOP 
In exchange offers that expired Friday , holders of each $ 1,000 of notes will receive $ 250 face amount of Series A 7.5 % senior secured convertible notes due Jan. 15 , 1995 , and 200 common shares . STOP 
For each $ 1,000 face amount of debentures , holders received $ 250 of Series B 11 % senior secured convertible notes due Oct. 15 , 1998 , and 200 common shares . STOP 
*CUNK-* , a New York maker of *UNKLY* engineered products for human and animal health care , said it made the exchange offer to reduce its interest payments . STOP 
Japanese companies have long been accused of *UNKING* profit to boost sales . STOP 
But Fujitsu Ltd. has taken that practice to a new extreme . STOP 
Japan 's biggest computer maker last week *UNUNK* seven competitors to win a contract to design a *UNKING* system for the city of *CUNK* 's *UNKS* . STOP 
Its bid : one yen , or less than a U.S. penny . STOP 
The bid created such a *UNK* that Fujitsu said it is now offering to withdraw from the project . STOP 
`` From a *UNK-* *UNK* , it was not *UNKLY* acceptable , '' a Fujitsu spokeswoman said yesterday . STOP 
*CUNK* city officials could n't be reached to find out whether they would drop Fujitsu 's bid . STOP 
Fujitsu said it issued the low bid because it wanted a foot in the door of a potentially lucrative market . STOP 
`` We *UNKLY* wanted the contract because we want experience in the field , '' the Fujitsu spokeswoman said . STOP 
`` We expect a big market in the future , so in the long term it will be profitable . STOP 
It 's a kind of an investment . '' STOP 
*CUNK* 's *UNKS* bureau said the municipal government had *UNKED* about 11 million yen -LRB- $ *UNKN* -RRB- for the project . STOP 
`` I was *UNKED* , '' *CUNK* *CUNK* , head of the bureau , was quoted by *CUNK* news service as saying . STOP 
`` I understand the firm 's enthusiasm in getting the deal , but such a large company would have been better off showing a little more *UNKION* . '' STOP 
Indeed , Fujitsu officials admitted they may have been a little *OUS* . STOP 
The Fujitsu spokeswoman said *UNKER* officials did n't approve the bid in advance and will take measures so this kind of thing does n't happen in the future . STOP 
`` It 's contrary to common sense , '' she added . STOP 
*CUNKLY* , Fujitsu won the right to design the *UNKS* for a computerized system that will show water lines throughout the city . STOP 
The system could be used in a fire or earthquake to *UNK* problems , among other things . STOP 
A *UNKS* official said Fujitsu will have to design the system so it would be *UNK* with other makers ' equipment . STOP 
But industry officials expressed concern that the initial project might give Fujitsu an edge in winning more lucrative contracts later . STOP 
Fujitsu said it hopes the *CUNK* contract will help it secure *UNKS* with other *UNKS* . STOP 
Japanese local governments are expected to invest heavily in computer systems over the next few years , and many companies expect that field to provide substantial revenue . STOP 
`` In the near future , it will be a big market , not just for *UNKS* , but for all *UNKING* systems , '' the Fujitsu spokeswoman said . STOP 
`` We can expect a *UNK-* market . '' STOP 
No foreign companies bid on the *CUNK* project , according to the bureau . STOP 
But the Japanese practice of deep discounting often is cited by Americans as a classic barrier to entry in Japan 's market . STOP 
Earlier this year , the U.S. complained that Japan 's supercomputer makers were effectively closing out foreign competitors by *UNKING* prices as much as 90 % for universities . STOP 
Fujitsu was n't the only company willing to *UNK* profit on the project . STOP 
Three competitors bid between *UNKN* yen and 500,000 yen , according to the *CUNK* government office . STOP 
Other bids *UNKED* from about 10 million yen to 29 million yen . STOP 
American Airlines will expand its *UNK-* service 30 % beginning next year with six new daily flights between the U.S. and Europe , officials announced yesterday . STOP 
American , a unit of AMR Corp. , is the nation 's largest airline . STOP 
The new *UNK* flights , starting next May , will include *CUNK-* , *CUNK-* , *CUNK-* , *CUNK-* , a second daily *CUNKS* flight and a second daily *CUNKER* flight , the officials said . STOP 
Chicago has the largest population of citizens of Polish *UNK* in any city outside Poland . STOP 
With the new service , American will fly *UNKN* flights a week to 17 European cities . STOP 
The *UNKS* *UNK* American 's position as the *UNKEST* U.S. *UNK* carrier , behind *CUNK* Corp. 's Pan American World Airways and Trans World Airlines . STOP 
*CUNK* AG said sales for its domestic group rose 4.6 % in the first nine months of 1989 from a year earlier . STOP 
The West German retailing group also said that the results of the first three quarters suggest it will meet its profit goal for the year . STOP 
Earnings at the department-store division , which *UNKS* the bulk of profit , should remain at least stable , while income at the *UNKER* and tourism units is likely to fall slightly from 1988 , the company said . STOP 
*CUNK* did n't give any group sales or profit figures for the first nine months . STOP 
Georgia-Pacific Corp. offered to acquire Great Northern Nekoosa Corp. for $ 58 a share , or about $ *UNKN* billion . STOP 
The offer capped a week of rumors that Georgia-Pacific , an *CUNKED* forest-products company , was considering making a bid for Nekoosa , a *UNKS* concern based in *CUNK* , Conn . STOP 
Executives at Nekoosa could n't be reached , and officials at Georgia Pacific declined to comment . STOP 
Analysts , however , were surprised because the tender offer appeared *UNKED* . STOP 
`` It 's quite a *UNK* , '' said one , adding that the offer could spark a period of industry consolidation . STOP 
The two companies would appear to be a *UNKAL* fit because of their *UNK* lines , and analysts described the offer , representing a 36 % premium over Nekoosa 's market price , as fair . STOP 
Nekoosa closed yesterday at $ *UNKN* , up $ 2.75 , in New York Stock Exchange composite trading . STOP 
But industry observers still questioned whether Georgia Pacific will ultimately *UNK* . STOP 
`` You have to watch out for *UNKS* , '' said one analyst . `` STOP 
International Paper or Weyerhaeuser could step in . '' STOP 
The bid for Great Northern , a notice of which appears in an *UNK* in today 's Wall Street Journal , is the first big takeover offer since the collapse of a $ 6.79 billion buy-out of United Airlines parent UAL Corp. Oct. 13 . STOP 
That collapse , following on the heels of disarray in the market for high-risk , high-yield bonds , cast doubt on the entire takeover business , which has fueled both big profits among Wall Street securities firms and big gains in the stock market generally . STOP 
While Georgia-Pacific 's stock has *UNKED* the market in the past two years , Nekoosa has lagged the market in the same period . STOP 
Yesterday 's rise in Nekoosa 's share price came on volume of *UNKN* shares , four times the daily average . STOP 
According to Dow Jones Professional Investor Report , options trading in Nekoosa was also heavy , ranking only behind International Business Machines Corp. and UAL in volume on the Chicago Board Options Exchange . STOP 
According to the Value Line Investment *CUNK* , demand for Nekoosa 's commodity paper has weakened , prompting earnings to decline by 6.6 % in the third quarter ended Sept. 30 . STOP 
Value Line added , `` With discounts *UNKING* on business papers , and with newsprint and *UNKED* shipments flat , we expect negative earnings comparisons through next year . '' STOP 
By contrast , Value Line said Georgia-Pacific `` is in a *UNKLY* good position to deal with weakening paper markets , '' because its production is concentrated not in the Northwest but in the South , where it should be able to avoid some of the cost pressures from rising *UNK-* prices . STOP 
Also , it is n't exposed to the weakening newsprint business , and is strong in the *UNKAL* tissue business . STOP 
The purchase of Nekoosa would easily *UNK* Georgia-Pacific 's $ *UNKN* million acquisition of *CUNK* *CUNK* & Paper Co. last year . STOP 
That acquisition , which also included the assumption of $ 135 million in debt , was designed to allow Georgia-Pacific to *UNK* on the strong demand for *UNK* pulp , as well as reduce its exposure to the housing market . STOP 
*CUNK* *CUNK* & Co. is the *UNKER* for the offer , which will expire Nov. 29 , unless extended . STOP 
*CUNKS* Group PLC 's U.S. subsidiary has agreed to acquire jewelry retailer Weisfield 's Inc. for $ 50 a share , or about $ 55 million . STOP 
Weisfield 's shares soared on the announcement yesterday , closing up $ 11 to close at $ 50 in national over-the-counter trading . STOP 
*CUNKS* and Weisfield 's said they reached an agreement in principle for the acquisition of Weisfield 's by Sterling Inc . STOP 
The companies said the acquisition is subject to a definitive agreement . STOP 
They said they expect the transaction to be completed by Dec. 15 . STOP 
Weisfield 's , based in Seattle , Wash. , currently operates 87 specialty jewelry stores in nine states . STOP 
In the fiscal year ended Jan. 31 , the company reported sales of $ *UNKN* million and pretax profit of $ 2.9 million . STOP 
*CUNKS* , which controls 25 % of the British jewelry market , would increase the number of its U.S. stores to about 450 stores from *UNKN* . STOP 
It has said it hopes to control 5 % of jewelry business in the U.S. by 1992 ; currently it controls about 2 % . STOP 
McDonnell Douglas Corp. received contracts totaling $ *UNKN* million for 72 *CUNK-* aircraft for the Navy and helicopter spare parts for the Army . STOP 
*CUNK* General Corp. , a unit of *CUNK* Inc. , was awarded a $ *UNKN* million Air Force contract for *CUNK* missile *UNK* *UNKS* . STOP 
Rockwell International Corp. received a $ *UNKN* million Navy contract for *UNK* *UNK* missiles . STOP 
Honeywell Inc. got a $ *UNKN* million Navy contract for aircraft missile warning sets . STOP 
*CUNK* *CUNK* Corp. , a unit of *CUNK* Co. , received an $ 11.5 million Air Force contract for *CUNK-* aircraft support . STOP 
*CUNK* *CUNKS* Inc. said it may purchase as many as one million of its common shares over the next several months . STOP 
*CUNK* also said that a one million share buy-back program announced in March is substantially complete . STOP 
The company , which makes integrated *UNKS* and other electronic parts , now has about 47 million common shares outstanding . STOP 
In New York Stock Exchange composite trading yesterday , *CUNK* *CUNKS* closed at $ *UNKN* , up 25 cents . STOP 
John Lehman 's *UNK-* article on the Pentagon as a *UNKED* house *UNKS* the real *UNKS* of its ghost population -LRB- `` In the Pentagon , the *CUNK* *CUNK* , '' Oct. 18 -RRB- . STOP 
The media 's treatment of the Defense Department during the Vietnam War , the Carter administration 's *UNKION* of the military , and the public *UNKING* of *CUNK* *CUNK* Oliver North have all served to *UNK* the poor *UNKS* who live there . STOP 
The resulting *UNKED* house tends to reward *UNK* , not leadership , it creates *UNK* about wearing the uniform , and raises doubt about having the will to *UNK* the ghosts ' role , *UNK* , to be able to win if called on . STOP 
Perhaps the *CUNK* season is a good time for Congress to be looking at funding for some *UNKING* equipment . STOP 
Mike Greece *CUNKER* Air Force *CUNKER* *CUNKER* New York STOP 
Where does Mr. Lehman get off *UNKING* Gen. George Marshall for *UNKING* in on naval *UNKS* ? STOP 
*CUNKER* since the days of Alfred *CUNKER* *CUNK* -LRB- U.S. naval officer and naval *UNK* -RRB- and Teddy *CUNK* the Navy has been the service most favored by Washington *UNK* . STOP 
Mr. Lehman *UNKS* the fact that the Navy *UNKS* its own air force -LRB- the carrier fleet -RRB- and its own army -LRB- the *CUNKS* -RRB- , which in turn has its own air force . STOP 
Of course these *UNK* *UNKS* are *UNKLY* , *UNK* and potentially dangerous and should be resolved in the interest of national security , but Mr. Lehman seems to be part of the problem rather than part of the answer . STOP 
*CUNK* *CUNK* *CUNK* , Texas STOP 
I agree with Mr. Lehman 100 % ! STOP 
Is n't this the same guy who resigned as Navy secretary because he could n't get his *UNK-* Navy ? STOP 
I personally do not want to *UNK* Mr. Lehman 's *UNK* , but I can see him *UNKING* *UNKLY* in his own article . STOP 
Carl *CUNK* *CUNK* . Birmingham , *CUNK* . STOP 
For the sixth time in as many years , Continental Airlines has a new senior executive . STOP 
*CUNK* is D. Joseph Corr , the airline 's chairman , chief executive and president , appointed only last December . STOP 
Mr. Corr resigned to pursue other business interests , the airline said . STOP 
He could not be reached for comment . STOP 
*CUNKING* him as chairman and chief executive will be Frank Lorenzo , chairman and chief executive of Continental 's parent , Texas Air Corp . STOP 
Mr. Lorenzo , 49 years old , is *UNKING* the job that was his before Mr. Corr signed on . STOP 
The airline also named *CUNK* *CUNK* as president . STOP 
Mr. *CUNK* , 44 , is a *UNK-* veteran of Texas Air and Texas International Airlines , its predecessor . STOP 
Most recently he had been executive vice president for planning and finance at Texas Air . STOP 
*CUNK* executives at Continental have n't *UNKED* long , especially those *UNKED* from outside . STOP 
But Mr. Corr 's tenure was *UNKER* than most . STOP 
The *UNK-* Mr. Corr was hired largely because he was credited with returning Trans World Airlines Inc. to profitability while he was its president from 1986 to 1988 . STOP 
Before that , he was an executive with a manufacturing concern . STOP 
At Continental he cut *UNKING* operations , which helped produce a modest profit in this year 's second quarter . STOP 
But Mr. Corr , a *UNK* pilot in his spare time , was understood to be frustrated by what he regarded as limited freedom under Mr. Lorenzo . STOP 
While not officially an executive at Continental during Mr. Corr 's tenure , Mr. Lorenzo is known for keeping close *UNKS* on Texas Air 's operating units . STOP 
Continental is Texas Air 's flagship and was built *UNKLY* to its present size under Mr. Lorenzo after emerging from bankruptcy proceedings in 1986 . STOP 
It 's unclear what role , if any , Mr. Lorenzo 's recent exploration of a possible sale of a stake in Continental had in Mr. Corr 's departure . STOP 
One source familiar with the airline said , however , that Mr. Corr was n't informed in advance during the summer when Mr. Lorenzo began discussions with potential buyers . STOP 
During his tenure , Mr. Corr attempted through a series of meetings to *UNK* managers of some of the company 's future plans , *UNKED* widely to talk to employees and backed training sessions designed to improve the carrier 's image . STOP 
Mr. *CUNK* is one of a handful of executives Mr. Lorenzo has *UNKED* on over the years . STOP 
Previously , he had served in financial planning positions at the company 's Eastern Airlines unit . STOP 
Another longtime ally , *CUNK* *CUNKS* , currently heads Eastern , now in Chapter 11 bankruptcy proceedings . STOP 
Mr. *CUNKS* previously had a turn at running Continental . STOP 
Among the other *UNK* are Stephen Wolf , now chairman of UAL Inc. , and Thomas *CUNK* , president of Pan Am Corp . STOP 
*CUNK* Cos. said its *UNK-* payments have been extended until May 31 , 1990 , to give it more time to sell its Wilson Foods Corp. retail and fresh meat operations . STOP 
The company was to repay $ 58 million in debt on Dec. 31 and $ 15 million on March 31 . STOP 
The company acquired the debt when it paid $ 155 million to purchase Wilson last year . STOP 
An agreement to sell the Wilson assets for $ 150 million in cash and notes collapsed in late September , when the buyer , a company controlled by George Gillett , could n't secure financing . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
Charles D . Way , president of this restaurant operator , assumed the additional post of chief executive officer . STOP 
He succeeds *CUNK* A. McCall in the position . STOP 
Mr. McCall will remain chairman . STOP 
Australia 's inflation is expected to rise as high as 8.3 % in the quarter ending March 30 , but could fall to around 7 % by June , according to economists . STOP 
The government said the consumer price index rose 2.3 % in the quarter ended Sept. 30 from the previous quarter and 8 % from a year ago . STOP 
Charles A. *CUNK* , 66 years old , will retire from his post as chief executive officer of this bank holding company effective Dec. 31 . STOP 
He will remain chairman . STOP 
Charles R. *CUNK* Jr. , 46 , president and chief operating officer , will assume the chief executive 's post . STOP 
It is a *UNK* time in this part of western India . STOP 
The summer crop is *UNKED* , winter *UNKING* has yet to begin . STOP 
Farmers in loose *UNKS* and fancy *UNKS* spend their *UNKS* *UNKING* and *UNKING* at the markets . STOP 
One could imagine such a *UNK* in the lives of the *CUNKS* before the *UNKING* of oil prices . STOP 
For just as the *CUNKS* were in the 1960s , the farmers of *CUNK* are on the *UNK* of global power and *UNK* . STOP 
The *CUNKS* had merely oil . STOP 
These farmers may have a grip on the world 's very heart . STOP 
Or , at least , its heart disease . STOP 
That is because *CUNK* has a *UNKLY* on the world 's supply of *UNK* seed , also known as *UNK* *UNK* or , in Western *UNK* , psyllium : a tiny , *UNKS* , *UNK* seed that , according to early research , may reduce cholesterol levels in the blood . STOP 
*CUNKER* since the link to cholesterol was disclosed , Americans have begun *UNKING* up psyllium in their *UNK* *UNKS* . STOP 
If further research *UNKS* the seed 's benefits , this *UNK* farm district could become the epicenter of a *UNK-* *UNK* to rival all *UNKS* since *UNKER* oil . STOP 
`` This seed 's not grown anywhere else in India , or anywhere else in the world , '' says *CUNK* *CUNK* , a vice president of Procter & Gamble India Ltd. , a major psyllium buyer and *UNKER* . STOP 
`` The proper *UNK* conditions do n't exist in many places in the world . '' STOP 
*CUNK* *CUNK* , a *UNK* and *UNKER* of the seed , *UNKS* : `` If psyllium takes the place of *UNK* *UNK* , it will be huge . '' STOP 
Whether psyllium makes *CUNK* 's *UNK* depends on *UNKING* Americans , the U.S. Food and Drug Administration and , of course , the outcome of further research . STOP 
Only one thing is certain here : *CUNK* is likely to remain solely an export item from *CUNK* for a long time . STOP 
*CUNKAL* farmers say it is as good a cash crop as *UNK* or *UNK* , a *UNK* . STOP 
But they have no desire to eat a *UNK* of psyllium each morning , and , perhaps , little need : lean , *UNKAL* *UNKS* , the farmers are *UNKS* in the *UNKED* , *OUS* world of cholesterol . STOP 
*CUNK* is an annual *UNK* , *CUNK* *UNK* , that has been used for *UNKS* by *UNK* doctors here , mainly as a *UNK* and *UNKAL* . STOP 
As such , the *UNK* *UNKER* has an almost *UNK* following in northern India . STOP 
`` I can *UNK* you , '' *UNKS* a *UNK-* lawyer in New *CUNK* , with a *UNKLY* raised *UNK* , `` from personal experience , it works . '' STOP 
A prominent businessman in *CUNK* gives a similar *UNKAL* : `` I have been taking it daily since *UNKN* . STOP 
'' *CUNK* doctors also *UNK* it for kidney , *UNKER* and *UNK* problems , *UNKAL* *UNKS* and *UNKS* . STOP 
Some apply it to *UNK* *UNKS* . STOP 
The plant has a *UNK* stem that produces *UNKS* and *UNK* seeds . STOP 
It is the seed 's *UNKS* and size -- 1,000 of them *UNK* only 1.5 *UNKS* , or about as much as two paper *UNKS* -- that explain the historical *UNKS* to *UNKS* . STOP 
The *UNK* *UNK* of the seed is removed , *UNKED* and *UNKED* ; the seed itself is fed to animals . STOP 
Some 90 % of the crop , which was worth $ 26 million last year , is *UNKED* . STOP 
For decades , psyllium *UNK* has been the main *UNK* in such *UNKS* as Procter & Gamble Co. 's *CUNK* , the *UNKING* brand in the U.S. , and Ciba-Geigy Corp. 's *CUNK* . STOP 
But some time ago , researchers discovered that *UNK* *UNKS* also lower cholesterol levels in the blood . STOP 
*CUNKED* P&G took an interest ; it ordered two studies on psyllium and cholesterol . STOP 
One of the studies , done at the University of Minnesota , tested 75 people with raised cholesterol levels . STOP 
After 16 weeks , the group that took three daily *UNKS* of *CUNK* saw a significant *UNK* in their general cholesterol levels , and an even larger reduction in levels of *UNK-* *UNKS* , the so-called bad cholesterol . STOP 
In late 1987 , P&G asked the FDA for approval to market *CUNK* as the first *UNKION* , *UNKING* product in the STOP 
In April , the psyllium *UNK* got more crowded . STOP 
General Mills Inc. , the food giant , launched a *UNK* *UNKAL* called *CUNK* , containing psyllium , *UNK* , wheat and *UNK* *UNK* ; the words , `` reduce cholesterol '' were *UNKLY* *UNKED* on its package . STOP 
In September , Kellogg Co. launched a competing *UNKED* *UNKAL* called *CUNK* . STOP 
*CUNKLY* , on television , in *UNKS* and on their *UNKAL* *UNKS* , Americans were *UNKED* with news about the *UNK* seed . STOP 
The *UNK* of claims and *UNKS* worried consumers and actually hurt sales of the new *UNKS* . STOP 
This month , the Food and Drug Administration expressed concern that Americans might *UNK* , in various forms , *UNKEST* too much psyllium . STOP 
Currently , there is a *UNK* in the psyllium war . STOP 
The FDA has asked Kellogg and General Mills to show research that their *UNKS* are safe . STOP 
It also ordered P&G to produce more studies to *UNKS* its claims that *CUNK* can lower cholesterol . STOP 
But the agency has n't *UNKED* psyllium off store *UNKS* . STOP 
If the FDA *UNKS* the new uses of psyllium , other companies are expected to rush to market with psyllium products . STOP 
`` It 's going to be a *UNKAL* thing , '' says Mr. *CUNK* of P&G in *CUNK* . STOP 
Says psyllium *UNKER* Mr. *CUNK* : `` I just got back yesterday from the U.S. . STOP 
In the newspapers , on the radio and TV , psyllium is *UNK* . '' STOP 
But the news of the boom has yet to *UNK* down to the farmers . STOP 
They only know of one use for the crop , as a *UNK* , and with psyllium prices currently *UNKING* in the wake of a *UNKER* crop , they think of the seed as a marginal crop , something to grow between summer wheat crops . STOP 
`` *CUNK* 's not a good crop , '' complains *CUNK* *CUNK* , a *UNK-* farmer from the *UNK* of *CUNK* . `` STOP 
You get a rain at the wrong time and the crop is *UNKED* . '' STOP 
Even at the *CUNK* *CUNKS* , Pharmaceuticals and *CUNKS* *CUNK* *CUNKION* Council , the government agency that *UNKS* the seed , the psyllium boom is *UNK* *UNKER* . STOP 
The staff *UNKS* about psyllium 's hefty contribution to American *UNK* , without quite *UNKING* the implications of the research on cholesterol . STOP 
The council 's annual report has psyllium on its last page , *UNKED* with such *OUS* export items as *UNK* and `` *CUNK* *UNK* , '' a plant that *UNKS* *UNKING* . STOP 
In one way , the psyllium middlemen -- the buyers and *UNKS* -- are *UNK* to keep news of the boom to themselves . STOP 
They want psyllium prices low for their purchases next year . STOP 
But there 's a catch . STOP 
*CUNK* and *UNK* districts are the only places in the world where psyllium is grown in large quantities . STOP 
This is partly due to the particular demands of the crop . STOP 
*CUNK* needs *UNK* soil , *UNK* during the first few weeks , and then total *UNKS* when its seeds are maturing . STOP 
Small crops are grown in Pakistan , France , Spain , Italy , Belgium and Brazil , but their quality ca n't compare to that of Indian psyllium . STOP 
Big buyers like Procter & Gamble say there are other spots on the *UNK* , and in India , where the seed could be grown . STOP 
`` It 's not a crop that ca n't be doubled or tripled , '' says Mr. *CUNK* . STOP 
But no one has made a serious effort to *UNK* the crop . STOP 
In *CUNK* , it is almost time to *UNK* this year 's crop . STOP 
Many farmers , too removed to *UNK* psyllium 's new *UNK* in the West , have decided to plant *UNK* , *UNK* , *UNK* , *UNK* or *UNK-* seeds . STOP 
Mr. *CUNK* is thinking of passing up psyllium altogether this year in favor of a crop with a future such as *UNK* or *UNK* . STOP 
`` Maybe I 'll plant *UNK-* seeds . '' STOP 
His brother , *CUNK* , whose head is *UNKED* in a *OUS* *UNK* *UNK* , *UNKS* vigorous *UNK* . STOP 
So when next year 's psyllium crop is *UNKED* in March , it may be smaller than the *UNKN* metric tons of the past few years -- right at the *UNKEST* of the psyllium boom . STOP 
And the world could experience its first psyllium shortage . STOP 
*CUNK* Co. said it completed a previously announced acquisition of *CUNK* Manufacturing Corp. , a New York-based maker of *UNK* *UNKS* and *UNK* wear . STOP 
The apparel maker would n't disclose terms of the agreement . STOP 
*CUNK* said *CUNK* *CUNK* *CUNK* , president of *CUNK* , will continue to head *CUNK* 's management group . STOP 
A seat on the Chicago Mercantile Exchange was sold for $ *UNKN* , down $ *UNKN* from the previous sale *CUNK* . STOP 
*CUNKS* currently are quoted at $ *UNKN* bid , $ *UNKN* asked . STOP 
The record price for a full membership on the exchange is $ *UNKN* , set March 9 , 1989 . STOP 
Small businesses say a recent trend is like a dream come true : *UNK-* rates for *UNK-* insurance , initially at least . STOP 
But then they wake up to a *UNK* . STOP 
The reasonable *UNK-* rates can be followed by increases of 60 % or more if a covered employee files a major claim , they complain . STOP 
Insurance premiums for one small Maryland concern went up 130 % in less than two years , the last increase coming after one of its three workers developed a *UNKED* disk . STOP 
`` There 's a *UNK* possibility that I may lose my job over this , '' the employee , *CUNK* Allen , of *CUNK* *CUNKING* Resources , *CUNK* , Md. , recently told a congressional hearing . STOP 
She said her employer ca n't afford the rate increases , and she fears she wo n't find another job with a benefit plan covering her *UNK* . STOP 
For employee and employer alike , the worry is widespread . STOP 
*CUNKS* repeatedly show that small-business owners *UNK* the availability and rising cost of health insurance as one of their biggest concerns . STOP 
The House Energy and Commerce Committee 's health subcommittee , headed by Democratic Rep. Henry *CUNK* of California , is looking into complaints that small businesses not only ca n't keep reasonably priced *UNK-* insurance if claims are filed , but often ca n't get coverage at all if a worker is *UNKED* *UNKLY* *UNUNK* . STOP 
`` I have an *UNKED* name for people in that position : sick people who need health insurance , '' Rep. *CUNK* says . `` STOP 
What we 're seeing now makes a *UNK* of the idea of insurance : collect premiums from the healthy , dump the sick and let them pay their own bills . '' STOP 
Some lawmakers may seek legislation to limit *UNKLY* *UNK* insurance policies . STOP 
The concern grows out of increased efforts by the insurers to *UNK* the small-business market . STOP 
As larger companies increasingly *UNK-* , or use reserves to pay their own workers ' medical bills , the insurance industry has turned to the *UNKER* market that was once a *UNKER* for them . STOP 
`` Insurance companies will offer a good rate if no one is sick , but it 's a roll of the *UNK* , '' says *CUNK* *CUNK* of the Small Business Service Bureau , a group representing *UNKN* small businesses nationwide . STOP 
`` One case of cancer or a high-risk pregnancy with a sick *UNK* , and rates go up 40 % to 60 % . STOP 
*CUNKS* people end up paying insurance premiums worth two to three times the cost of one *UNKS* . '' STOP 
In addition , the group says some of its member companies have been denied insurance because individual workers had medical problems that *UNKED* from a *UNK* *UNK* condition to psychological *UNKING* after a *UNK* , *UNKS* and *UNK* . STOP 
The Health Insurance Association of America , an insurers ' trade group , acknowledges that stiff competition among its members to *UNK* businesses likely to be good risks during the first year of coverage has *UNKED* the problem in the small-business market . STOP 
But it says that rapid rate increases are directly tied to the soaring cost of health care . STOP 
Some business analysts blame the problem on tough competition in the insurance market . STOP 
They say insurance companies use policies aimed at excluding bad risks because their competitors do . STOP 
But the general practice makes it more difficult to combine small groups of people into larger groups , thus spreading the risk over a larger base of premiums . STOP 
`` I 'm not *UNKING* insurers of *UNKION* of duty , '' Robert *CUNK* of the U.S. Chamber of Commerce told Mr. *CUNK* 's panel . STOP 
`` You ca n't ask one carrier to underwrite on social grounds when that might destroy it in the marketplace . '' STOP 
Rep. *CUNK* and Democratic Sen. Edward Kennedy of Massachusetts have proposed regulation to deal with the problem . STOP 
The proposal is just part of legislation that would require businesses to provide health benefits , an idea that is strongly opposed by small business who say it would just compound the *UNK-* problems . STOP 
But small-business *UNKS* say they support the idea , included in the *CUNK-* bill , of new laws or regulations requiring greater use of community rating , which *UNKS* rates to the use of health care by a community or other large group , and is designed to prevent insurance companies from taking only *UNK-* small companies as clients . STOP 
But first on the list of priorities , says the National Federation of Independent Business , is to *UNK* state laws requiring the *UNKION* of specialty items , such as *UNK* care , in basic health plans . STOP 
Such requirements , they argue , make it difficult to provide a basic , low-cost *UNKS* package . STOP 
`` Before the state of Wisconsin *UNKED* that *UNK-* care be covered , there were only 70 *UNK-* *UNKS* in the state ; now there are 400 , '' says *CUNK* Miller , an *CUNK* lobbyist . STOP 
She contends that similar *UNKS* have driven up insurance costs 20 % in Maryland and 30 % in California . STOP 
The *UNK-* association also strongly *UNKS* with the proposed community rating , which `` does n't save one dollar , '' argues James *CUNK* , *CUNK* 's Washington counsel . STOP 
`` It just makes healthy businesses *UNK* *UNUNK* ones and gives each employer less incentive to keep his workers healthy . '' STOP 
Mr. *CUNK* says the *CUNK* is working on a proposal to establish a privately funded reinsurance mechanism to help cover small groups that ca n't get insurance without excluding certain employees . STOP 
The *UNKS* of the insurance problem make the outcome difficult to predict . STOP 
But to Ms. Allen , the employee whose back problem triggered a huge *UNK-* increase , the issue was simple . STOP 
`` What good is having health insurance , '' she asked , `` when it 's so expensive that it becomes impossible to keep after only one major claim ? STOP 
The *CUNK* consumer price index rose a provisional 0.1 % in October from the previous month and was up *UNKN* % from October 1988 , the Ministry of Economic Affairs said . STOP 
The index , which uses a base of 1981 as 100 , was calculated at *UNKN* points in October , from *UNKN* in September . STOP 
*CUNKAL* inflation rose to *UNKN* % in October from *UNKN* % in September . STOP 
Belgium 's inflation has been rising steadily for the past year , but the ministry said the latest rise is slower than gains in September and August . STOP 
Nashua Corp. , rumored a potential takeover target for six months , said that a Dutch company has sought U.S. approval to buy up to 25 % of Nashua 's shares . STOP 
Nashua immediately responded by strengthening a *UNK-* plan and saying it will buy back up to one million of its shares , or 10.4 % of the 9.6 million outstanding . STOP 
Nashua , whose major business is selling *UNKS* , *UNK* machines and related supplies , said *CUNKS* & Co . *CUNK* of the Netherlands filed a request with the Federal Trade Commission under the *CUNK-* Act for permission to buy more than $ 15 million of Nashua 's stock but less than 25 % . STOP 
Previously , an affiliate of *CUNK* Canada disclosed a stake of less than 5 % in Nashua , according to Daniel M. *CUNKS* , Nashua 's treasurer . STOP 
Nashua 's stock has *UNKED* sharply on takeover speculation , rising to a high for the year of $ *UNKN* a share in June from $ *UNKN* in March . STOP 
But the company has had weak results so far this year , with earnings declining 43 % to $ *UNKN* million , or $ *UNKN* a share , on a 4 % decline in revenue to $ *UNKN* million through the first nine months of the year . STOP 
Its stock has slumped recently , closing unchanged Friday at $ 29 a share in composite trading on the New York Stock Exchange ; at that price , the company has a market value of about $ *UNKN* million . STOP 
Nashua announced the *CUNKS* request after the market closed . STOP 
Mr. *CUNKS* said Nashua 's `` intention is to remain an independent public company . '' STOP 
The company said it amended its shareholder rights plan by reducing to 10 % from 20 % the level of ownership by an *UNKER* that would trigger the issuance to other holders of rights to buy additional shares of Nashua common at half price . STOP 
In addition , the company 's board authorized the purchase of up to an additional one million shares . STOP 
Under a program approved by the company in 1987 that did n't specify a share amount , Nashua had purchased *UNKN* shares through Sept. 29 . STOP 
Alex Henderson , an analyst at Prudential-Bache Securities , said that while Nashua 's performance this year has been `` *OUS* , '' the company nonetheless is attractive as a `` classic breakup candidate because there 's no *UNK* between its -LCB- four -RCB- businesses . '' STOP 
He estimated the breakup value at $ 55 a share . STOP 
In addition to selling *CUNK-* *UNKS* and *UNK* machines in Europe and *UNKER* supplies in the U.S. , Nashua has three other major businesses : *UNKS* and *UNKS* , data storage disks for computers and *UNKER* *UNKING* . STOP 
The closely held supermarket chain named Frank *CUNK* vice president and treasurer . STOP 
The *UNK-* Mr. *CUNK* *UNKS* Grand Union from *CUNKER* Co. , where he was treasurer . STOP 
The current account deficit on France 's balance of payments narrowed to *UNKN* billion French francs -LRB- $ *UNKN* million -RRB- in August from a revised 2.1 billion francs in July , the Finance Ministry said . STOP 
Previously , the July figure was estimated at a deficit of *UNKN* million francs . STOP 
*CUNKLY* adjusted figures for August were n't available because of a recent strike that has disrupted the ministry 's data collection . STOP 
Weisfield 's Inc. said it is in preliminary discussions regarding the possible sale of the company . STOP 
A spokesman for the retail *UNKER* said the company would provide more details today and that it expects to reach a definitive agreement by the end of the week . STOP 
In over-the-counter trading Friday , Weisfield 's gained $ *UNKN* to $ 39 . STOP 
At that price , the company has an indicated value of $ *UNKN* million . STOP 
Weisfield 's had about 1.1 million shares outstanding as of July 31 . STOP 
The stock gained $ 2.75 Thursday to close at a *UNK-* week high . STOP 
In the aftermath of the Beijing massacre on June 4 , economists advanced *UNKLY* *UNK* views on how Hong Kong would be affected . STOP 
Among the most *UNK* was *CUNK* *CUNK* -LRB- Asia -RRB- Ltd . STOP 
In a June 5 reaction , the Bankers Trust Co. unit *UNKED* the economy `` *UNK* . '' STOP 
Others were more cautious . STOP 
In a July analysis *UNKED* `` From *CUNK* to *CUNK* , '' *CUNK* *CUNK* -LRB- Far East -RRB- Ltd. , another securities firm , said that *UNKING* confidence might undermine future economic development . STOP 
Today , with business activity in Hong Kong *UNKING* along at an *UNUNK* pace , the economy itself seems locked in a struggle between hope and fear . STOP 
Manufacturers have survived the turmoil in China largely *UNKED* . STOP 
*CUNKS* of revival seem evident in Hong Kong 's *UNK-* hotel sector . STOP 
But in the stock and real-estate markets , activity remains *UNK* even though prices have *UNKED* much of their lost ground . STOP 
*CUNKING* demand reported by *UNKS* , retailers and even fancy restaurants all reinforce a profile of a community that is sharply *UNKING* its *UNK* . STOP 
As many economists and businessmen see it , those *UNKS* *UNUNK* a *UNK* that seems likely to *UNK* the economy throughout the 1990s . STOP 
That *UNK* is Hong Kong 's *UNKLY* *UNKING* yet politically *OUS* relationship with China . STOP 
As a model of *UNK* efficiency on southern China 's *UNK* , Hong Kong 's prospects look good . STOP 
China 's land and labor offer *UNK* alternatives to local industry . STOP 
*CUNK-* freight *UNKS* through the territory 's *UNK* . STOP 
In the decade since the communist nation emerged from *UNKION* , its *UNKING* trade with the West has lifted Hong Kong 's status as a regional business center . STOP 
These benefits seem secure despite China 's current economic and political troubles . STOP 
But to Hong Kong , China is n't *UNKLY* business . STOP 
It is also the *UNK* power that , come 1997 , will take over this British colony . STOP 
China 's leaders have promised generous *UNKS* for *UNK-* Hong Kong . STOP 
That promise sounds *UNK* now that those same leaders have fallen back on *CUNK* *UNK* and *UNK* force to crush their nation 's democracy movement . STOP 
*CUNKS* of people and capital from Hong Kong have been growing since the *UNK* issue first *UNK* in the early 1980s . STOP 
A widely held assumption all along has been that , given its robust economy , Hong Kong will be able to attract sufficient foreign money and talent to *UNKLY* offset the *UNKS* . STOP 
With interest in *UNKION* and investment abroad soaring since June 4 , that assumption no longer seems so safe . STOP 
Investment and *UNKION* plans take time to come to *UNKION* . STOP 
Only four months have passed since the Beijing massacre , and few are prepared to predict its ultimate impact . STOP 
The only consensus is that more money and people may leave Hong Kong than had been thought likely . STOP 
This expected blow has cast a *UNK* over the economy 's prospects . STOP 
The question , as many people see it , is how long such uncertainty will last . STOP 
*CUNK* *CUNKER* , an economist with *CUNK* *CUNK* , a subsidiary of France 's *CUNK* *CUNK* , believes that the territory may not be able to regain its momentum until some time after 1997 . STOP 
It may experience an *UNKING* or two in between . STOP 
But with local investors *UNK* by China 's political and economic turmoil , she says , a genuine recovery may not arrive until Hong Kong can prove itself secure under Chinese *UNK* . STOP 
`` Investors have to accept the possibility of a significant slowdown in economic activity in the *UNK* to 1997 , '' she says . STOP 
`` Over the next few years , I would advise caution . '' STOP 
In a *UNK-* published book on the territory , a political economist , *CUNK* *CUNK* , has *UNKED* three future *UNKS* from interviews with 41 Hong Kong government officials and businessmen . STOP 
Nearly half of them argue that Hong Kong 's *UNUNK* relationship with China will *UNK* -- though not *UNK* -- long-term economic growth . STOP 
The rest are split roughly between *UNKS* who expect Hong Kong to *UNK* along as before and *UNKS* who *UNK* *UNK* *UNKS* . STOP 
The interviews took place two years ago . STOP 
Since the China crisis *UNKED* , Mr. *CUNK* says , the scenario as *UNKED* by the *UNK-* group bears a remarkable *UNK* to the difficulties Hong Kong currently faces . STOP 
The consensus of this group , which he *UNKS* `` *UNKS* , '' is that the local economy will grow through the 1990s at annual rates *UNKING* between 3 % and 5 % . STOP 
Such a pace of growth , though *UNK* for mature industrialized economies , would be unusually slow for Hong Kong . STOP 
Only twice since the 1960s has annual gross domestic product growth here fallen below 5 % for two or more consecutive years . STOP 
The first instance occurred in *UNKN* , when China 's *CUNKAL* *CUNKION* triggered *UNK* street *UNKING* in the colony . STOP 
The other came in *UNKN* from the combined shock of world recession and a severe local stock market crash . STOP 
During the past 10 years , Hong Kong 's economic growth has averaged 8.3 % annually . STOP 
Given Hong Kong 's record , Mr. *CUNK* 's `` *UNKS* '' might have *UNKED* *UNKLY* conservative when the interviews took place two years ago . STOP 
Under the current circumstances , he says , their scenario no longer seems *UNUNK* . STOP 
`` The city could lose some of its *UNKAL* *UNK* . STOP 
It could lose some of its *UNK* , '' says Mr. *CUNK* , a director of *CUNKING* Securities -LRB- Hong Kong -RRB- Ltd. , a unit of Britain 's *CUNKS* PLC . `` STOP 
It does n't have to be a disaster . STOP 
It just means that Hong Kong would become a less exciting place . '' STOP 
*CUNKING* by official forecasts of *CUNK* , which measures the colony 's output of goods and services , *UNKS* foreign income , Mr. *CUNK* 's `` *UNKS* '' seem relatively close to the mark . STOP 
After taking into account the *UNK* from the China crisis , the government has projected 1989 *CUNK* growth of 5 % . STOP 
The *UNKED* forecast , published Aug. 25 , compares with an earlier forecast of 6 % published March 1 and a *UNKN* % rate achieved in STOP 
Sir *CUNKS* *CUNKS* , Hong Kong 's financial secretary , says a further downward *UNKION* may be justified unless the economy stages a more *UNKING* rally . STOP 
`` We are n't looking at anything like a *UNK* scenario , '' he says . STOP 
`` But clearly we 're entering a difficult period . '' STOP 
Many factors *UNKS* a *UNK* of 1997 will have a *UNKING* on Hong Kong 's economy . STOP 
One concerns Japanese investors . STOP 
*CUNKLY* visible on Hong Kong 's property scene in 1985 , by last year Japan had become the top foreign investor , spending $ *UNKN* million . STOP 
The market has grown relatively quiet since the China crisis . STOP 
But if the Japanese return in force , their financial might could compensate to some extent for local investors ' *UNKING* commitment . STOP 
Another -- and critical -- factor is the U.S. , Hong Kong 's biggest export market . STOP 
Even before the China crisis , weak U.S. demand was slowing local economic growth . STOP 
*CUNKLY* , strong consumer spending in the U.S. two years ago helped *UNK* the local economy at more than twice its current rate . STOP 
Indeed , a few economists maintain that global forces will continue to *UNK* Hong Kong 's economic *UNK* . STOP 
Once *UNKAL* conditions , such as U.S. demand , *UNKING* in the territory 's favor , they argue , local businessmen will probably overcome their 1997 worries and continue doing business as usual . STOP 
But economic arguments , however solid , wo n't necessarily *UNKS* Hong Kong 's *UNKN* million people . STOP 
Many are refugees , having fled China 's *UNKING* cycles of political *UNKION* and poverty since the Communist Party took power in *UNKN* . STOP 
As a result , many of those now planning to leave Hong Kong ca n't easily be *UNKED* by *UNK* improvements in the colony 's political and economic climate . STOP 
*CUNKION* applications soared in 1985 , when Britain and China *UNKED* their accord on Hong Kong 's future . STOP 
In 1987 , Hong Kong 's most *OUS* year for a decade , 30,000 left , up 58 % from the previous year . STOP 
Last year , *UNKN* went . STOP 
The government predicts that annual *UNKS* will level off over the next few years at as much as 60,000 -- a projection that is widely regarded as *UNKLY* low . STOP 
A large number of those leaving are managers and professionals . STOP 
While no one *UNKS* to know the exact cost of such a `` brain drain '' to the economy , hardly anyone doubts that it *UNKS* a threat . STOP 
`` When the economy *UNKS* a big portion of its work force that also happens to include its most *UNK* members , economic growth is *UNK* to be affected , '' says *CUNK* *CUNK* , an economist with *CUNK* *CUNK* Bank . STOP 
While Wall Street is *UNKING* from computer-driven program trading , big institutional investors are likely to continue these strategies at full *UNK* , further *UNKING* the stock market , trading executives say . STOP 
*CUNKING* to a mounting public outcry , three more major securities firms -- Bear , Stearns & Co. Inc. , Morgan Stanley & Co. and Oppenheimer & Co. -- announced Friday they would *UNK* stock-index arbitrage trading for their own accounts . STOP 
PaineWebber Group Inc. announced a *UNK* on Thursday from stock-index arbitrage , a controversial program-trading strategy blamed by many investors for encouraging big stock-market swings . STOP 
Though the trading *UNKS* are offered as a sign of concern about recent stock market volatility , most Wall Street firms remain open to handle program trading for customers . STOP 
Trading executives privately say that huge stock-index funds , which *UNK* Wall Street firms in terms of the size of their program trades , will continue to launch big programs through the stock market . STOP 
Wells Fargo Investment *CUNKS* , Bankers Trust Co. and Mellon Capital Management are among the top stock-index arbitrage clients of Wall Street , trading executives say . STOP 
These huge stock-index funds build portfolios that match the S&P 500 stock index or other stock indexes , and frequently swap between stocks and futures to *UNK* profits . STOP 
`` They will do it every chance they get , '' said one program-trading executive . STOP 
*CUNKLY* , *UNK* swings in the stock market are not likely to *UNK* *UNK* soon , they say . STOP 
In fact , without Wall Street firms trading for their own accounts , the stock-index arbitrage trading opportunities for the big funds may be all the more *UNK* . STOP 
`` More customers may come to us now , '' said James *CUNK* , president of Bear Stearns *CUNK* . STOP 
Executives who manage these funds see the current debate over program trading as a repeat of the concern expressed after the 1987 crash . STOP 
They noted that studies completed after the 1987 crash *UNKED* program trading as a source of volatility . STOP 
`` The issues that are -LRB- now -RRB- being raised , in classic *UNKAL* fashion , fly in the face of a number of *UNK-* studies , '' said *CUNKED* *CUNKER* , chairman of Wells Fargo Investment *CUNKS* . STOP 
A Bankers Trust spokesman said that the company 's investment arm uses stock-index arbitrage to enhance investors ' returns . STOP 
Officials at Mellon Capital were unavailable for comment . STOP 
*CUNK-* funds have grown in popularity over the past decade as pension funds and other institutional investors have sought a low-cost way to match the performance of the stock market as a whole . STOP 
Many money managers who trade stock actively have trouble consistently matching the *CUNK-* 's returns . STOP 
Some stock-index funds are huge . STOP 
Wells Fargo Investment *CUNKS* , for example , managed $ 25 billion in stock investments tracking the S&P 500 at the end of June , according to Standard & Poor 's Corp . STOP 
Mr. *CUNKER* said $ 2 billion of that is used in active index arbitrage . STOP 
*CUNK-* funds frequently use the futures markets as a *UNKING* tool , but that is a far less aggressive strategy than stock-index arbitrage , in which traders buy and sell big blocks of stocks with offsetting trades in stock-index futures to profit from price differences . STOP 
The 190-point plunge in the stock market Oct. 13 has *UNKED* concerns about volatility . STOP 
And while signs of an economic slowdown , softer corporate earnings and troubles with takeover financing all have contributed to the stock market 's recent weakness , many investors rushed to blame program trading for *UNKING* market swings . STOP 
The Wall Street firms ' *UNK* followed their recent *UNKING* by several institutional investors . STOP 
Last Tuesday , Kemper Corp. 's Kemper Financial Services Inc. unit said it would no longer trade with firms committed to stock-index arbitrage , including the three that later suspended stock-index arbitrage trading on Friday . STOP 
Phoenix Mutual Life Insurance Co. and *CUNKS* Asset Management Inc. also cut off brokerage firms that engage in program trading . STOP 
Though it is still doing stock-index arbitrage trades for customers , Morgan Stanley 's trading halt for its own account is likely to shake up firms such as Kidder , Peabody & Co. that still do such trades for their own account . STOP 
Morgan Stanley has consistently been one of the top stock-index arbitrage traders in recent months . STOP 
Indeed , Morgan Stanley 's president , Richard B. *CUNKER* , said the firm is putting up money to form a group of regulators , investors and investment banks to find out if stock-index arbitrage *UNKLY* *UNKS* stock-market volatility . STOP 
`` We have to clear up these issues and find out what is present that is creating *UNKAL* volatility , '' Mr. *CUNKER* said . STOP 
`` There is no question that investor confidence -LRB- in the stock market -RRB- is critical . '' STOP 
*CUNKING* the call for some kind of study or regulatory action , Merrill Lynch & Co. recommended program-trading reforms late Friday , including higher margins on stock-index futures and greater regulatory *UNKION* . STOP 
Separately , Mr. *CUNK* of Bear Stearns said his firm is working with regulators to balance margin requirements to `` enhance *UNKION* . '' STOP 
*CUNK* rules determine the minimum amount of cash an investor must put up when buying a security . STOP 
*CUNK* rules permit investors to put up less cash for futures than for stocks . STOP 
Some observers say that different rules governing stock and futures markets are partly responsible for volatility . STOP 
These rules , they say , permit faster and cheaper trading in futures than in stocks , which frequently *UNKS* the two markets out of line . STOP 
*CUNK-* arbitrage , because it sells the more `` expensive '' market and buys the `` cheaper '' one , attempts to *UNK* the link between the stock and futures markets , and the adjustments are often *UNK* . STOP 
But *UNUNK* trading rules allow the futures market to trade *UNKLY* from stocks , which *UNKS* frequent *UNKS* of stock-index arbitrage in the first place . STOP 
`` There has to be better *UNKION* on a regulatory basis , '' said Christopher *CUNK* , director of trading at *CUNK-* Securities Corp . STOP 
`` One agency should have the authority over all equity products . STOP 
Like so many trends in the entertainment industry , the current *UNK* of rape *UNKS* on television seems to represent a *UNK* of *UNKS* and *UNKEST* . STOP 
The former comes from the latest wave of political *UNK* in Hollywood , especially around *UNK* issues such as abortion . STOP 
The latter comes from the perception , on the part of many people in network TV , that their only hope of keeping viewers from *UNKING* to cable is to fill the *UNKS* with an increasingly raw *UNK* . STOP 
Put these together , and you get programs about rape . STOP 
The best of the crop was last week 's season *UNK* of `` In the *CUNK* of the Night , '' the NBC series based on a *UNKN* feature film about a black Philadelphia police *UNK* in a small Southern town . STOP 
In the series , *CUNK* *CUNKS* -LRB- Howard *CUNKS* -RRB- and his wife , *CUNK* -LRB- *CUNK-* Johnson -RRB- have settled in *CUNK* , Miss . STOP 
Because the show has acquired a sense of place by being *UNKED* on location in Georgia , this episode -- in which *CUNK* gets *UNKED* by an *UNK* white *UNKER* -- does a decent job of *UNKING* the social *UNKS* of the crime . STOP 
Obviously , it 's harder to establish a sense of place in a *UNK-* TV movie . STOP 
But tonight 's offering , `` *CUNK* the *CUNK* '' -LRB- *UNKN* p.m. EST , on NBC -RRB- , does n't even try . STOP 
This tale of a Chicago *UNK* returning home to find the man who *UNKED* her 20 years earlier is supposed to be set in the *CUNKS* . STOP 
But it 's more like an illustration of what *CUNK* Stein describes in his study of social attitudes in the TV industry : `` *CUNK* of violence and *UNK* ... because of race or *UNKION* , fear and lack of *UNKION* about the politics of *UNK-* people ... produce a powerful wave of *UNK* of small *UNKS* in the minds of TV writers and producers . '' STOP 
The writer and executive producer of `` *CUNK* the *CUNK* , '' Steve *CUNKER* , is a *UNK* of Yale who *UNKED* in a *CUNK* *UNK* , *UNKED* this summer , in which six members of the Yale class of *UNKN* *UNKED* about their lives since *UNKION* . STOP 
At one point in the *UNK* , Mr. *CUNKER* , who is Jewish , says he felt rejected by many of the *CUNKS* and *CUNKS* he met at Yale . STOP 
He quotes one student saying , `` You 're just the kind of *CUNK* we *CUNKS* ca n't stand . STOP 
'' Mr. *CUNKER* *UNKS* that it was partly in response to such attitudes that he is now `` a *UNKER* on one of the two *UNKS* off the coast of America . '' STOP 
But is *UNK* in Hollywood enough ? STOP 
Not to judge by `` *CUNK* the *CUNK* , '' in which Mr. *CUNKER* seems to be settling a score of his own . STOP 
Of all the *UNKING* *UNKS* of *UNK-* America I 've seen on TV , this film is the most *UNKLY* *UNK* . STOP 
The sole *UNK* character is the *UNKAL* daughter Kate -LRB- *CUNK* Smith -RRB- , and she is *UNK* only by *UNK* of having nothing in common with her *UNK* , a truly *UNKED* pack of Southern *CUNKS* whose *UNK* existence consists mostly of growing *UNKS* and *UNKING* sex . STOP 
I mean , these *UNKS* are so *UNK* that they blame pretty Kate for the fact that when she was a *UNKER* , someone tied her hands behind her back , *UNK* her head into a *UNK* *UNK* , *UNKLY* *UNKED* and beat her , and then left her to die in a *UNK-* room . STOP 
Her *CUNK* -LRB- Howard *CUNK* -RRB- is the kind of guy who , while saying *UNK* at the *UNKER* table , *UNKS* at the word `` *UNK* '' and *UNKS* at the daughter he has n't seen for two decades , because he knows in his heart that she enjoyed what happened in the *UNK-* room , and has been *UNKING* the same taste ever since in the *UNKS* of Chicago . STOP 
People like *CUNK* do exist , of course . STOP 
But in Mr. *CUNKER* 's *CUNKS* , he is but the *UNK* of the *UNKAL* *UNK* . STOP 
Every man Kate *UNKS* is either *UNKLY* *UNKAL* , *UNKLY* *UNKING* , *UNKLY* *OUS* , or all three . STOP 
*CUNK* the fact that any one of them , including *CUNK* , could be her *UNKER* , and you have a setting that does n't *UNK* *UNK-* America , or even Hollywood 's *UNK* of *UNK-* America , so much as a *UNK* *UNK* *UNK* like Margaret *CUNK* 's `` The *CUNK* 's *CUNK* , '' itself soon to be -LRB- you *UNKED* it -RRB- a Hollywood movie . STOP 
There are two exceptions : *CUNK* -LRB- Jeffrey *CUNK* -RRB- , the local doctor who has always *UNKED* Kate ; and Lincoln -LRB- Richard *CUNK* -RRB- , Kate 's *UNKED* but *UNK* brother . STOP 
*CUNK* makes *UNK* *UNKS* at Kate when she 's *UNKING* with anger and fear , but we know from the *UNK* that he 's not a member of the *UNK* *UNK* . STOP 
How could he be ? STOP 
He 's the director of the local *CUNKED* *CUNK* *UNKER* . STOP 
As for Lincoln , if you ca n't guess why he 's so sweet to his sister when everybody else *UNKS* her , then I 'm not going to tell you . STOP 
As for the women , they 're *UNK* . STOP 
Kate 's *CUNK* -LRB- *CUNK* *CUNK* -RRB- is a moral *UNK* . STOP 
Her *UNK-* -LRB- *CUNK* Wright -RRB- is a *UNKING* *UNK* afraid that Kate will *UNK* all the married men in town , including a particularly *UNK* fellow named *CUNKER* , whose idea of fun is to leave his wife at home *UNKING* to her *UNKS* and cigarette *UNKS* , while he *UNKS* Kate into a dance that consists of *UNKING* on her while trying to break her *UNKS* . STOP 
At the very least , it would appear that *CUNK* is a poor judge of *UNK* *UNK* . STOP 
Yet even these *UNKING* *UNKS* are not as bad as the moral *UNK* at the heart of `` *CUNK* the *CUNK* . '' STOP 
In the *UNKED* episode of `` In the *CUNK* of the Night , '' we saw *CUNK* being attacked , but we were n't invited to enjoy the *UNK* . STOP 
In Mr. *CUNKER* 's film , by contrast , we are urged to share the *UNK* *UNK* of the *UNK* *UNKING* up on his victim , as the camera *UNKS* Kate in various stages of *UNKS* and *UNKS* on the *UNK* of her *UNK-* body during frequent *UNKS* to the rape . STOP 
At this point , the *UNK* between *UNK* and *UNK* gets *UNK* *UNUNK* . STOP 
*CUNK* the scene in which Kate stands *UNKED* by a *UNKED* window , *UNKING* to her hidden *UNK* , `` *CUNK* all you want . STOP 
*CUNKING* tomorrow , I 'm *UNKING* you . STOP 
'' Or the one in which she and *CUNK* are *UNKED* in the city , and , after insisting on separate *UNK* rooms , she *UNKS* on his door to *UNK* out her feelings about the rape -- wearing nothing but a *UNK-* and a *UNK-* *UNK* . STOP 
*CUNKLY* the question is obvious . STOP 
With friends like Mr. *CUNKER* , do the *UNKS* of Hollywood need enemies ? STOP 
*CUNK* Savings Bank 's stock plummeted after management recommended a suspension of dividend payments on both its common and preferred stock because *CUNK* may not meet the new government capital criteria effective Dec. 7 . STOP 
In composite trading on the New York Stock Exchange Friday , *CUNK* closed at $ *UNKN* , down $ *UNKN* , a 26 % decline . STOP 
A spokesman said the savings bank may not qualify for the capital requirements because , under the proposed guidelines , its $ *UNKN* million of preferred stock does n't meet the `` core capital '' criteria *UNKED* under the new Financial Institutions Reform , *CUNK* and *CUNK* Act of 1989 . STOP 
He added that final guidelines to be published in early November will determine whether the bank is in compliance . STOP 
*CUNK* said it retained three investment bankers to assist it in developing and *UNKING* a financial restructuring plan . STOP 
It would n't identify the bankers . STOP 
*CUNKLY* , *CUNK* reported a third-quarter loss of $ *UNKN* million , or $ *UNKN* a share , compared with net income of $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
A major factor in the third-quarter loss was the write-down of $ *UNKN* million of *UNK* . STOP 
The spokesman said that the proposed guidelines caused *CUNK* to *UNK* its business objectives and , *UNKLY* , to write down the asset value of some previous acquisitions . STOP 
*CUNK* recorded an additional $ 20 million in loan loss reserves in the third quarter . STOP 
Net interest income for the third quarter declined to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
However , *UNKEST* income rose to $ *UNKN* million from $ 22 million . STOP 
Third-quarter loan *UNKS* dropped sharply to $ *UNKN* million from $ 1 billion a year ago . STOP 
Standard & Poor 's Corp. lowered the rating on *CUNK* 's preferred stock to *UNK-* from *UNKS* and placed it on *CUNK* for possible further *UNK* . STOP 
It also placed on *CUNK* for possible *UNK* other securities , including the *UNK-* rating of *CUNK* 's certificates of deposit and the *UNK-* rating of its senior subordinated capital notes . STOP 
About $ *UNKN* million of debt is affected . STOP 
The *UNK* *UNKS* in the mail . STOP 
*CUNK* it and two *UNK* eyes on a *UNK* 's *UNK* face *UNKER* out from the page , *UNKLY* . STOP 
Does the *UNK* have a good mind about to be *UNKED* ? STOP 
Is he a victim of Gramm-Rudman cuts ? STOP 
No , but he 's *UNKED* all the same : His new *UNK* on ABC needs a following to stay on the air . STOP 
ABC has n't had much *UNK* with shows featuring blacks in recent years , and the producers of one new *UNKAL* are a bit *UNK* . STOP 
`` *CUNK* , '' a show about a black ad executive who gives up the *UNK* for a *UNK-* *UNK* , is *UNKING* the ratings test . STOP 
So producers *CUNK* and *CUNKER* *CUNK* *UNK* their *CUNKS* and gathered names of black opinion makers to mount a *UNK-* campaign . STOP 
By *UNKING* a core black audience they figure they might keep the show alive at least until the spring *UNKER* . STOP 
Using direct mail for a TV show is like fishing for *UNK* with a *UNKED* *UNK* . STOP 
It just is n't done . STOP 
But *UNKING* this kind of *UNKING* plea to black *UNKS* makes it even more unusual . STOP 
Still , Mr. *CUNK* thinks he can reach a good chunk of the three *UNKS* black homes he needs by *UNKING* to the almost 10,000 blacks who form what he calls `` the *UNK* . '' STOP 
`` The *UNK* is n't organized , but you and I know it *UNKS* , '' says Mr. *CUNK* , referring to the often *UNKLY* small world of black professionals and community leaders . STOP 
`` This is a very personal , *UNK* style , '' Mr. *CUNK* says . `` STOP 
I want people in the *UNKER* shops and the beauty shops and standing in line at the *UNK* *UNKS* to be talking about the show . STOP 
I want white America to talk about it , too , but I 'm convinced that the *UNK* is what 's happening . '' STOP 
ABC says it is aware of the producers ' action , but the *UNKING* was sent without the network 's *UNKING* . STOP 
The letter , in fact , takes a *UNK* at ABC for being a *UNK* in black programming . STOP 
Meanwhile , as the Sunday evening show *UNKS* to stay *UNK* against the tough competition of `` *CUNKER* , She *CUNK* , '' the *UNK* idea is threatening to turn into a *UNKED* : The *UNK* apparently has inspired *UNK* *UNKS* , but *UNKS* are slow in coming . STOP 
*CUNK* *CUNK* , a black advertising executive who tracks black *UNKING* patterns , gives the *CUNKS* an `` A '' for marketing *UNK* , but is n't alone in his *UNK* reaction . STOP 
Some shows just do n't *UNKS* , he says , and this is one of them . STOP 
TransCanada *CUNKS* Ltd. said it plans to shift its headquarters to *CUNK* , Alberta , from Toronto next year to cut costs and be closer to the *UNK* *UNKS* industry . STOP 
Gerald *CUNKER* , president and chief executive officer of the *UNKS* pipeline and marketing concern , said the company 's future growth is `` increasingly linked '' to decisions made by *CUNKED* gas producers . STOP 
`` Since deregulation of the market in 1985 , producers have become much more *UNKLY* involved in both transportation and marketing , '' Mr. *CUNKER* said . `` STOP 
It 's a matter of being close to those suppliers ; many of those companies do n't know us as well as they should . '' STOP 
TransCanada *UNKS* all gas that moves *UNK* from Alberta . STOP 
That includes all the gas consumed in *CUNK* and Quebec , along with the bulk of Canadian gas exports to the STOP 
Walter *CUNK* , vice president of *CUNK-* Gas Ltd. , a *CUNKED* gas marketing concern , said the industry will welcome the move . STOP 
`` Having more than a *UNK* presence here should enhance communications and business relationships , '' Mr. *CUNK* said . `` STOP 
Since the cost of *UNKING* gas is so important to producers ' ability to sell it , it helps to have *UNK* and access to transportation companies . '' STOP 
The move , which could cost TransCanada as much as 50 million Canadian dollars -LRB- US$ *UNKN* million -RRB- in *UNKION* and *UNK* payments , should be complete by next summer , Mr. *CUNKER* said . STOP 
All 700 Toronto-based employees will be offered positions in *CUNK* , the company said . STOP 
The company will save between C$ 4 million and C$ 6 million annually in office expenses and other administrative costs by moving to *CUNK* , Mr. *CUNKER* added . STOP 
Part of both the costs and the savings could be passed on to shippers on the TransCanada pipeline through *UNKS* , which are based on the value of the pipeline system and the cost of operating it . STOP 
TransCanada is *UNKN* % owned by *CUNKED* holding company *CUNK* Inc . STOP 
Since its *UNKING* in *UNKN* , Brooks Brothers , the *UNKER* of the *CUNK* League look , has *UNKED* *UNK* sales promotions and fashion trends -- the rules that most retailers live by . STOP 
But with sales growth sluggish and other men 's stores putting on the heat , the *UNK* retailer can no longer afford such a *UNK* attitude . STOP 
So two weeks ago , thousands of Brooks Brothers charge customers -- customers *UNKED* to wait for *UNKLY* clearance sales -- got a surprise : an *UNKION* to come in and buy any one item for 25 % off . STOP 
During the *UNK-* promotion , *UNKS* at the Short Hills , N.J. , store *UNKED* up to pay for *UNK-* items like *UNKS* and suits . STOP 
That 's not all . STOP 
*CUNKING* from its newspaper ads featuring *UNK* *UNKS* of a suit or a *UNK* , Brooks Brothers is marketing an *UNKED* image in a new campaign that carries the *UNK* , `` The *CUNK* of Brooks Brothers . '' STOP 
One color *UNK* displays a *UNK* of dress *UNKS* tied in a *UNK* ; another picture shows *UNKS* with bold designs . STOP 
The message is *UNK* and clear : This is not your father 's Brooks Brothers . STOP 
As part of its national ad pitch , Brooks Brothers will show less *UNK* women 's clothes , moving away from its *UNK-* business *UNK* . STOP 
One ad shows a bright red *UNK* *UNKED* with a black *UNKER* *UNK* . STOP 
And the ad copy is *UNK* : `` How can you be a Wall Street hot shot without at least one Brooks Brothers suit in your portfolio ? '' STOP 
Brooks Brothers hopes that shaking its *UNKED* *UNKS* will attract more young men and more women and change consumer *UNKS* about its range of merchandise . STOP 
`` We have men who only buy their *UNKS* and *UNUNK* here or younger customers who only buy their -LCB- job -RCB- interview suit here , '' says William *CUNK* , chairman and chief executive officer of Brooks Brothers . `` STOP 
We want them to buy more of their *UNK* here . '' STOP 
Industry *UNKS* agree that Brooks Brothers is long *UNK* in *UNKING* its *UNK-* image , which has *UNKED* its growth . STOP 
When acquired in May 1988 by British retailer *CUNKS* & Spencer PLC , Brooks Brothers ' annual operating profit was about $ *UNKN* million on sales of $ *UNKN* million . STOP 
Mr. *CUNK* concedes that since the $ 750 million takeover , `` sales growth has n't been dramatic . '' STOP 
For the 11 months ended March 31 , operating profit at the *UNK-* chain totaled $ *UNKN* million on sales of $ *UNKN* million . STOP 
As Brooks Brothers *UNKS* into the fashion *UNK* , it will be playing catch up . STOP 
Many *UNKS* , especially Ralph *CUNK* , have *UNKED* in on the recent popularity of *UNKED* *CUNK* League and English *UNKS* . STOP 
In keeping with men 's broader fashion *UNK* today , businessmen are *UNKING* in English and Italian suits that are conservative but not *UNK* . STOP 
The rigid *CUNK* League customer , Brooks Brothers ' *UNK* and *UNKER* , meanwhile is becoming *UNK* . STOP 
Thus , Brooks Brothers has lost customers to stores that offer more variety such as Paul Stuart , *CUNKS* New York and Louis , Boston . STOP 
`` Brooks Brothers no longer has a lock on the -LCB- *CUNK* League -RCB- customer who is *OUS* about his clothes , '' says *CUNK* *CUNK* , president of the *CUNKER* *CUNK* , a traditional men 's store in Cambridge , Mass . STOP 
By making a break from tradition , Brooks Brothers is seeking a *UNK* balance . STOP 
If it *UNKS* fashion too much , the shop risks *UNKING* its *UNK-* customers ; by *UNKING* `` value , '' it risks *UNKING* down its *UNKED* *UNK* . STOP 
*CUNKION* industry consultants also question whether the company can make significant *UNKS* in its women 's business , given that its customer base is less established and that conservative business dress for women is on the decline . STOP 
Brooks Brothers ' aim is for 20 % of total sales to come from the women 's department , up from the current 12 % . STOP 
`` Everybody *UNKS* that there are fashion cycles in classic merchandise , '' *UNKS* Carol *CUNKER* , a retail consultant . STOP 
`` For women , *UNKING* for success in a real structured way is over . '' STOP 
Despite these challenges , *CUNKS* & Spencer sees big potential in Brooks Brothers , noting the widely recognized name and global presence . STOP 
*CUNKS* & Spencer plans to open roughly 18 more U.S. stores in the next five years . STOP 
Brooks Brothers says business is robust at its 30 outlets in Japan and two shops in Hong Kong . STOP 
*CUNKS* & Spencer is also considering opening stores across Europe sometime in the future . STOP 
Alan Smith , president of *CUNKS* & Spencer North America and Far East , says that Brooks Brothers ' focus is to boost sales by *UNKING* its merchandise *UNK* while keeping its `` traditional emphasis . '' STOP 
The British parent is also streamlining : Brooks Brothers , which continues to make almost all of its merchandise , recently shut one of its two *UNK* plants in *CUNK* , N.J. , and has closed *UNKS* ' departments in all but 20 stores . STOP 
Brooks Brothers is also *UNKING* its stores . STOP 
Wednesday , it will unveil a $ 7 million *UNKING* at its flagship store on Madison Avenue . STOP 
With newly installed *UNKS* , the store retains its *UNK* *UNKS* look but is less *UNKING* . STOP 
More *UNKS* and *UNKS* will be laid out on tables , instead of sitting behind glass cases , so that customers can `` walk up and touch them , '' Mr. *CUNK* says . STOP 
Because the biggest growth in *UNK* is in *UNKAL* *UNK* , Brooks Brothers is *UNKING* more of that business . STOP 
The entire second floor of its Madison Avenue store is now *UNKAL* *UNK* featuring items such as ski *UNKS* , *UNKER* *UNKS* and a $ 42 *UNK* baseball *UNK* with the store 's *UNKEST* . STOP 
The *UNK* of the overhaul , according to Mr. *CUNK* , is the men 's *UNKED* clothing department , where Brooks Brothers has added new suit *UNKS* and *UNKS* . STOP 
`` The perception out there is that we are very conservative and we only sell one type of suit , '' Mr. *CUNK* says , referring to Brooks Brothers ' *UNK* *UNK-* `` *UNK* suit , '' with a *UNKED* *UNK* and *UNK* fit . STOP 
But it now offers more *UNK-* versions and suits with a *UNKED* fit . STOP 
It also plans to add suits cut for *UNK* men with broader upper *UNKS* . STOP 
Next spring , nearly 30 % of its suits will have *UNKED* *UNKS* , compared with virtually none a couple of years ago . STOP 
Says Mr. *CUNK* : `` We want to turn the customer on . STOP 
*CUNK* Corp. said it will buy back as many as one million common shares . STOP 
The maker of chemical and industrial materials did n't say how much it would pay or when it would make the transactions . STOP 
*CUNK* also said it would cancel the *UNKED* portion of a 1987 buy-back plan for administrative reasons . STOP 
The plan calls for the company to buy back *UNKN* shares , which reflects a *UNKN* stock split this year . STOP 
So far the company had bought back 1.6 million shares . STOP 
In New York Stock Exchange composite trading Friday , *CUNK* closed at $ *UNKN* , down 50 cents . STOP 
Arthur Price *UNKLY* quit as president and chief executive officer of MTM Entertainment Inc. , a Los Angeles production company that has fallen on hard times . STOP 
Mr. Price , 61 years old , also stepped down from the board of TVS Entertainment PLC , the British TV company that last year bought MTM , producer of such TV programs as `` Hill Street *CUNKS* '' and `` The Mary *CUNKER* Moore Show . '' STOP 
A TVS spokesman said he did n't know Mr. Price 's plans . STOP 
James *CUNK* , TVS 's chief executive , said in a statement that he will `` assume overall responsibility '' for MTM 's operations until a successor is named . STOP 
Industry analysts speculated that Mr. Price 's sudden departure may have stemmed from conflicts with Mr. *CUNK* . STOP 
Mr. Price `` wanted to run the MTM business '' and may have *UNKED* selling the company to TVS , suggested Charles *CUNK* , managing director of *CUNK* *CUNKS* , a subsidiary of *CUNK* Communications PLC , London . STOP 
Mr. *CUNK* declined to comment , and Mr. Price could n't be reached on Friday . STOP 
In the TVS statement , Mr. Price said `` leaving MTM was a very difficult decision , '' but added that `` it is now time for a change ... . '' STOP 
The $ *UNKN* million purchase of MTM represented an *OUS* international move for TVS , which then was about half the U.S. concern 's size . STOP 
At the time , Mr. *CUNK* said his *UNK* with Mr. Price had *UNKED* the way for its link with the small British company . STOP 
But TVS *UNKED* industry analysts last month by *UNKING* that it expected MTM to post an operating loss for this year . STOP 
In that announcement , TVS also said it was *UNKING* production finance and hiring a new U.S. sales manager . STOP 
Mr. *CUNK* has spent a lot of time since late September at MTM 's headquarters ; he eliminated three departments and fired six executives , according to the TVS spokesman . STOP 
Further staff cuts are likely , the spokesman indicated . STOP 
`` Obviously , we are looking at making economies across the board . '' STOP 
TVS *UNKS* difficulties in *UNKING* *UNKS* of MTM shows to U.S. *UNKS* for the problems at MTM . STOP 
The market for *UNKS* sold to local U.S. *UNKS* has been weak for the past three or four seasons . STOP 
Mr. Price *UNKED* MTM in 1969 with U.S. *UNKS* Mary *CUNKER* Moore and *CUNK* *CUNKER* , her *UNK-* . STOP 
Mr. *CUNKER* later left to become chairman of National Broadcasting Co . STOP 
The TVS spokesman said Mr. Price still holds about an 8 % TVS stake , acquired as part of the MTM acquisition . STOP 
In late trading on London 's Stock Exchange Friday , TVS shares rose four pence to *UNKN* pence a share . STOP 
Two rival bidders for Connaught *CUNKS* extended their offers to acquire the Toronto-based vaccine manufacturer Friday . STOP 
*CUNK* Merieux S.A. , which offered *UNKN* million Canadian dollars -LRB- US$ *UNKN* million -RRB- , or C$ 37 a share for Connaught , said it would extend its bid , due to expire last Thursday , to Nov. 6 . STOP 
A C$ *UNK-* bid by Ciba-Geigy Ltd. , a pharmaceutical company based in *CUNK* , Switzerland , and *CUNKED* Chiron Corp. , a *UNK* concern , was extended to Nov. 16 . STOP 
It had been due to expire Friday evening . STOP 
Merieux previously said it would ensure its bid remained open pending a final decision by Canadian regulators on whether to approve the takeover . STOP 
Merieux , a vaccine and *UNK* firm based in *CUNK* , France , is controlled *UNKN* % by state-owned *CUNK* *CUNK* *CUNK* . STOP 
The Canadian government previously said Merieux 's bid did n't offer enough `` net benefit '' to Canada to be approved , and gave Merieux an until *UNKER* to submit additional information . STOP 
Merieux officials said last week that they are `` highly confident '' the offer will be approved once it *UNKS* details of its proposed investments to federal regulators . STOP 
Both offers are *UNKAL* on regulatory approvals and enough shares being tendered to give the bidders a majority of Connaught 's shares outstanding . STOP 
*CUNK* Merieux , which already holds a 12.5 % stake in Connaught , said that at the close of business Thursday , *UNKN* shares of Connaught and C$ *UNKN* million face amount of debentures , convertible into *UNKN* common shares , had been tendered to its offer . STOP 
At the close of business Thursday , Ciba-Geigy and Chiron said *UNKN* common shares had been tendered to their offer . STOP 
At last report , Connaught had *UNKN* million shares outstanding . STOP 
Separately , the *CUNK* Supreme Court said it will postpone *UNKLY* a ruling on the lawsuit launched by the University of Toronto against Connaught in connection with the Merieux bid . STOP 
In a statement prepared by lawyers for the university and Connaught , the parties said they agreed that as a result of reaching a C *UNKN* million research accord , `` It is unnecessary that there be a judgment on the *UNKS* -LCB- of the case -RCB- at this time . '' STOP 
Lawyers for the two sides were n't immediately available for comment . STOP 
The university had sought an injunction blocking Connaught 's board from *UNKING* or supporting an offer for the company by Merieux . STOP 
*CUNK* Inc. said it is calling for the redemption on Dec. 7 of all the 800,000 remaining shares outstanding of its $ *UNKN* Series A convertible preferred stock at $ *UNKN* a share . STOP 
The insurance concern said all conversion rights on the stock will *UNK* on Nov. 30 . STOP 
Until then , *CUNK* said the stock remains convertible into common stock at the rate of *UNKN* shares of common stock for each share of preferred stock , which is equivalent to a conversion price of $ *UNKN* a common share . STOP 
In New York Stock Exchange trading Friday , *CUNK* closed at $ *UNKN* , down 25 cents . STOP 
*CUNK* Energy Corp. said the Ohio Water Development Authority approved terms for two series of tax-exempt bonds to finance a *UNKION* control and *UNK-* *UNKAL* facilities . STOP 
The authority will issue a total of $ *UNKN* million of *UNK-* revenue bonds . STOP 
Proceeds of the sale will go to *CUNK* 's operating subsidiaries to finance the projects , located at a nuclear unit located near Cleveland . STOP 
The bonds will be issued for a term of 34 years at an interest rate of 8 % . STOP 
Goldman , Sachs & Co. is the underwriter . STOP 
General Motors Corp. 's *CUNK* *CUNK* division put a $ 750 cash incentive on its 1990 *UNKED* *CUNK* and *CUNK* trucks . STOP 
The program , which runs through Jan. 4 , also offers *UNK-* financing in *UNK* of the cash *UNK* . STOP 
After days of intense but *UNKS* negotiations , a federal judge last week threatened to convert William Herbert Hunt 's Chapter 11 personal bankruptcy case into a Chapter 7 liquidation . STOP 
Judge Harold C. *CUNK* raised the possibility after talks to end a *UNK* between two major creditors failed and all three reorganization plans in the case ran into *UNKS* . STOP 
If the case is converted to Chapter 7 , what remains of the oil *UNK* 's *UNK-* estate -- now believed to have a value of less than $ 125 million -- would be sold off quickly with most of the proceeds going to the Internal Revenue Service , whose claim for $ 300 million in back taxes has priority in the case . STOP 
*CUNKS* of smaller creditors could get nothing , according to attorneys involved . STOP 
While *UNKING* such a move would be `` devastating '' to most creditors , Judge *CUNK* told a courtroom filled with nearly two dozen attorneys that he was concerned about the toll mounting legal bills will take on Mr. Hunt 's *UNKING* estate and about the fact that , following voting by creditors , none of the reorganization plans appeared to be viable in their present form . STOP 
`` It would be a *UNK* to have a Chapter 7 after all the progress in this case , '' said Judge *CUNK* . STOP 
Under Chapter 11 of the Federal Bankruptcy Code , a company continues to operate under protection from creditors ' lawsuits while it works out a plan to pay its debts . STOP 
Under Chapter 7 , the assets of a company are sold off to pay creditors . STOP 
Despite his reluctance to take the latter step , the judge indicated he would move quickly after hearing testimony later this week in the bitter dispute between Manufacturers Hanover Trust Co. and Minpeco S.A. , a *UNKS* concern owned by the *CUNK* *UNK* . STOP 
The Manufacturers Hanover Corp. unit , which is seeking *UNK* of a $ 36 million loan , has asked the court to give its claim priority over that of Minpeco , which won a $ *UNKN* million judgment against Mr. Hunt , his brother Nelson *CUNKER* Hunt and other defendants last year in a case stemming from their alleged attempts to corner the silver market in STOP 
While claiming that penalties , legal fees and interest have driven the value of its claim to more than $ 250 million , Minpeco has agreed to settle for an allowed claim of as much as $ *UNKN* million . STOP 
But even that is disputed by Manufacturers Hanover which , in alliance with the IRS , contends that Minpeco has already *UNKED* more than its actual damages from other defendants in the *UNK-* case . STOP 
Under *UNKING* from Judge *CUNK* , a Minpeco executive flew in from Peru last week to talk directly with executives from Manufacturers Hanover on a settlement . STOP 
Despite long private sessions in both New York and Dallas , the two sides ended the week `` 6,000 miles and many dollars apart , '' according to attorney *CUNK* Ray , who represents Manufacturers Hanover . STOP 
Meanwhile , inside the courtroom , the judge said he would fine attorneys for the two creditors $ 50 every time they referred to each other with terms such as `` *UNK* '' or `` *UNK* . '' STOP 
All three major creditors -- the IRS , Minpeco and Manufacturers Hanover -- voted against and effectively *UNKED* a reorganization plan proposed by Mr. Hunt . STOP 
A reorganization plan proposed jointly by the IRS and Manufacturers Hanover was stalled by a negative vote from Minpeco . STOP 
The *UNKAL* concern 's own reorganization plan met a similar fate after opposition from the IRS and Manufacturers Hanover . STOP 
Neither plan is dead , however , and the judge could force creditors to accept some version of them after ruling on the *CUNKS* Hanover dispute . STOP 
Meanwhile , settlement negotiations continue between Mr. Hunt and the IRS , which has already reached a tentative agreement with Nelson *CUNKER* Hunt . STOP 
The two sides have been far apart on how much Herbert Hunt will continue to *UNK* the government after his assets are sold . STOP 
Stuart E. *CUNK* , a partner in the Washington law firm of *CUNK* , *CUNK* , *CUNKER* & Murphy , was named a director of this utility holding company , increasing board membership to 14 . STOP 
Pacific First Financial Corp. said it signed a *UNKING* letter of intent to acquire the construction lending unit of Old Stone Bank of California . STOP 
Terms have n't been *UNKED* , but the transaction is expected to close by year end , Pacific First said . STOP 
Old Stone 's construction lending portfolio includes about $ 250 million in real-estate loans outstanding . STOP 
The unit has 30 employees in four California offices , the company said . STOP 
Pacific First owns Pacific First Federal Savings Banks and other financial services firms . STOP 
General Electric Co. 's *UNK-* leasing unit completed the $ *UNKN* million purchase of similar businesses from *CUNK* National Corp. and *CUNK* Corp. , *UNKED* by *CUNK* , the sellers said . STOP 
The buyer was GE Capital *CUNK* Services , Chicago , a major owner of *UNK* equipment and part of the GE Capital operations . STOP 
*CUNK* , New York , estimated it had a *UNK-* gain on the transaction of $ 57 million , including its part of *CUNK* 's gain . STOP 
Because of *UNKS* *UNK-* , *CUNK* said it expects to escape taxes on `` a substantial portion of the gain . '' STOP 
The estimated gain for *CUNK* is $ 15 million , including a tax credit of $ 7 million , the sellers said . STOP 
`` The credit for income taxes is a result of having provided *UNKED* income taxes *UNK* to the sold assets at the higher income tax rates in effect in prior years , '' the sellers said . STOP 
*CUNK* Data *CUNKING* Inc. plans to redeem on Nov. 16 its $ 150 million of 6.5 % convertible subordinated debentures due March 1 , *UNKN* . STOP 
The *UNKS* concern will pay $ *UNKN* for each $ 1,000 face amount of debt . STOP 
The conversion price for the debentures is $ *UNKN* a share . STOP 
In New York Stock Exchange composite trading Friday , *CUNK* Data closed at $ *UNKN* a share , down $ 2.25 . STOP 
If all the debt is converted to common , *CUNK* Data will issue about 3.6 million shares ; last Monday , the company had nearly 73 million shares outstanding . STOP 
*CUNK* Data is *UNKING* the bonds because the after-tax cost of the interest on the bonds is higher than the dividend yield on the common , a spokesman said . STOP 
Dow Jones & Co. extended its tender offer of $ 18 a share , or about $ *UNKN* million , for the 33 % of Telerate Inc. that it does n't already own until 5 p.m. EST , Nov. 6 . STOP 
The offer , which Telerate 's two independent directors have rejected as inadequate , previously had been scheduled to expire at midnight Friday . STOP 
Dow Jones said it extended the offer to allow shareholders time to review a *UNK* to the Dow Jones tender offer *UNK* that it *UNKED* last Friday . STOP 
The *UNK* contains various information that has been filed with the Securities and Exchange Commission since Dow Jones launched the offer on Sept. 26 , but it does n't change the terms and conditions of the offer except to extend its expiration date . STOP 
In Delaware *CUNK* Court litigation , Telerate has criticized Dow Jones for not *UNKING* that Telerate 's management expects the company 's revenue to increase by 20 % annually , while Dow Jones based its projections of Telerate 's performance on a 12 % revenue growth forecast . STOP 
In the tender offer *UNK* , Dow Jones *UNKS* the different growth forecasts but says it views the 20 % growth rate `` as a *UNK-* goal '' of Telerate 's management `` and not as a realistic basis on which to project the company 's likely future performance . '' STOP 
Telerate shares fell 50 cents on Friday to close at $ 20 each in New York Stock Exchange composite trading . STOP 
Dow Jones shares also fell 50 cents to close at $ *UNKN* in Big Board composite trading . STOP 
Dow Jones has said it believes the $ *UNK-* price is fair to Telerate 's minority shareholders . STOP 
Late last week , representatives of Dow Jones and Telerate began negotiations about the terms of the offer , but those talks did n't result in any changes in the offer . STOP 
Telerate provides information about financial markets through an electronic network . STOP 
Dow Jones , which owns 67 % of Telerate , publishes The Wall Street Journal , *CUNK* 's magazine , community newspapers and operates financial news services and computer data bases . STOP 
*CUNK* Manufacturing Corp. won a $ *UNKN* million Army contract for *UNK* *UNK* *UNK* *UNKS* . STOP 
*CUNK* Industries Inc. received a $ *UNKN* million Navy contract for ship spare parts . STOP 
Air & Water Technologies Corp. completed the acquisition of Falcon Associates Inc. , a *CUNK* , Pa. , *UNK-* concern , for $ 25 million of stock . STOP 
Air & Water , which provides environmental services and systems , paid about 1.4 million of its shares for Falcon . STOP 
In American Stock Exchange composite trading Friday , Air & Water closed unchanged at $ *UNKN* . STOP 
At July 31 , Air & Water had nearly 10 million shares outstanding . STOP 
The Canadian *UNK* *UNK* totaled *UNKN* at Oct. 1 , down 3 % from a year earlier , said Statistics Canada , a federal agency . STOP 
*CUNKS* for *UNKING* and *UNKED* *UNKS* totaled *UNKN* , down 2 % from a year ago . STOP 
-LRB- *CUNK* , Fla. -RRB- -- Charles Bates , president , chief executive and chief operating officer will resign from these positions and the board effective Oct. 31 . STOP 
Norman J. *CUNK* , chairman , will succeed him as chief executive . STOP 
Roger L. Sutton , executive vice president , was appointed as the new president and chief operating officer . STOP 
*CUNK* P. *CUNK* will become executive vice president , and retain his positions as chief financial officer and treasurer . STOP 
*CUNK* over the use of what it says are its exclusive *UNKS* , *CUNKS* Angels *CUNK* Corp. is fighting back -- in court . STOP 
*CUNK* New *CUNKS* Corp. , *UNKS* of a 1988 movie called *CUNK* Angels , used the *UNK* 's name and *UNKS* without authorization , the *UNK-* corporation says in a complaint filed in federal court . STOP 
*CUNK* Angels *UNKS* a group of the cycle *UNK* 's members on a *UNK* mission to *CUNK* *CUNK* during the war years . STOP 
In addition to being broadcast on cable television , the movie also is being distributed on *UNKS* , the suit alleges in seeking unspecified damages . STOP 
Also named in the suit is *CUNK* Home Entertainment Inc. of *CUNKER* City , Calif. , its parent , *CUNK* Communications Inc. , and *CUNK* Television of Los Angeles , holders of the copyright on the movie . STOP 
A *CUNK* spokeswoman called the suit `` *UNKED* '' but declined to comment further . STOP 
Besides being upset with the film 's use of the *CUNKS* Angels name and *UNKS* , the Angels are angry with their *UNKION* in the movie . STOP 
`` There is absolutely no way our board or membership would have approved the *UNKAL* of the *CUNKS* Angels in this movie , '' said George Christie , president of the club 's *CUNK* *UNKER* . STOP 
`` *CUNKAL* of our members as *UNKAL* to each other is totally contrary to the most important values of our organization -- loyalty and trust . '' STOP 
*CUNK* Angels shows Angels fighting with each other and also *UNKS* them as showing no *UNK* when a member is killed . STOP 
Both of these actions are n't *UNK* of real *CUNKS* Angels , Mr. Christie said . STOP 
*CUNKS* Angels was formed in *UNKN* and *UNKED* in 1966 . STOP 
In addition to 26 *UNKS* in the U.S. , there are 40 *UNKS* in foreign countries . STOP 
Douglas H. Miller , *UNKED* in the oil and gas securities business , was named chairman of this oil and gas exploration company , filling a vacancy . STOP 
Mr. Miller , who has been a *CUNK* director , also was named chief executive officer , succeeding Ted *CUNK* , who remains president and chief operating officer . STOP 
Lawrence M. *CUNK* Jr. , president , was elected to the additional posts of chairman and chief executive officer of this utility holding company , effective Feb. 1 , 1990 . STOP 
The *UNK-* Mr. *CUNK* , who was also elected chairman and chief executive of all *CUNK* subsidiaries , succeeds John A. Warren . STOP 
Mr. Warren will remain on the company 's board . STOP 
The American Stock Exchange said a seat was sold for $ *UNKN* , unchanged from the previous sale Oct. 13 . STOP 
*CUNKS* on the Amex currently are quoted at $ *UNKN* bid and $ 200,000 asked . STOP 
The world had a big *UNK* recently when the Soviets reported a *UNK* of *CUNK* *UNKS* , one of them bringing *UNK* *UNKS* who *UNKED* in the dark to *CUNK* . STOP 
It is the opinion of *CUNK* *CUNK* , author of `` *CUNK* *CUNK* *CUNK* : The World *CUNK* *CUNK-* '' -LRB- *CUNK* *CUNK* , *UNKN* pages , $ *UNKN* -RRB- , that the world *UNKS* too fast . STOP 
Here is a *UNK* for *CUNK* *UNKS* , complete with pictures of people who say they 've had personal relationships with *UNKS* . STOP 
One *UNK* shows a woman *UNKING* a *UNK* she says was made by a *UNKER* *UNK* -LRB- a *UNKER* weapon , from the looks of the *UNK* -RRB- . STOP 
So far anyway , our *UNK* visitors seem more intent on *UNKING* our *UNKS* than *UNKING* us . STOP 
Mr. *CUNK* *UNKS* much serious space to the events of Feb. 25 , *UNKN* , when American *UNKS* *UNKED* strange *UNKS* in the *UNK* above Los Angeles . STOP 
*CUNK-* *UNKS* *UNKED* the *UNK* at *UNKN* a.m. , *UNKING* *UNKN* air *UNKS* to duty . STOP 
Soon all *UNK* broke loose . STOP 
*CUNK* *UNKS* , targeting an odd *UNK* of aircraft *UNKING* at highly unusual *UNKS* , opened up a *OUS* *UNK* . STOP 
The *UNK* filled with *UNK-* *UNKS* , several of which fell back to Earth , *UNKING* homes and buildings . STOP 
When the smoke cleared , six people were dead -LRB- three from heart attacks -RRB- , and everyone *UNKED* what in the world they were *UNKING* at . STOP 
Mr. *CUNK* , who documents these things as best he can , provides an official explanation in the form of a *UNK* from Chief of *CUNK* George C. Marshall to President *CUNK* : `` *UNKN* pounds of *UNKION* , '' he wrote his *UNKER* in chief , were *UNKED* on `` *UNKED* aircraft , '' flying at *UNKS* as slow as 200 *UNK* and *UNKS* between *UNKN* and *UNKN* feet . STOP 
Well , thousands of *CUNKS* on the scene insisted the *UNK* had been *UNKLY* aimed at a large , *UNK* *CUNK* , but you will just have to make your own decision about such *UNKS* . STOP 
One thing 's for sure : There have been a ton of them , and greater *UNKS* than the *UNKS* of the National *CUNKER* have shown interest . STOP 
Gerald Ford , a fairly *UNK-* fellow , once sent a letter to the chairman of the *CUNKED* Services Committee *UNKING* that `` there be a committee investigation of the *CUNK* phenomenon . STOP 
I think we *UNK* it to the American people to establish credibility regarding *CUNKS* and to produce the greatest possible *UNK* on the subject . '' STOP 
*CUNK* Carter went further in a 1976 campaign promise : `` If I become president , I 'll make every piece of information this country has about *CUNK* *UNKS* available to the public , and the scientists . STOP 
I am convinced that *CUNKS* exist because I have seen one ... . '' STOP 
But you know about campaign promises . STOP 
It still does n't look like governments are *UNKING* up everything they know . STOP 
Still , despite their efforts to convince the world that we are indeed alone , the visitors do seem to keep coming and , like the recent *UNKS* , there 's often a detail or two that suggests they may actually be a little on the *UNK* side . STOP 
For instance , witnesses in *CUNK* say the *UNKED* *UNKS* and their *UNK* friend , after *UNKING* around the city park , left behind some *UNKS* . STOP 
Now why , you have to ask *UNK* , would *UNK* *UNKS* *UNK* a *UNK* of *UNKS* around the *UNUNK* ? STOP 
Or land in *CUNK* so often . STOP 
In a *UNKN* incident , a Soviet mail plane *UNKED* off the radar screen just after *UNKING* its position to ground control in *CUNK* . STOP 
A search party soon found the *UNKED* aircraft in a forest clearing much too small to have allowed a conventional landing . STOP 
What 's more , the seven mail personnel *UNK* were missing . STOP 
*CUNK* , you have to ask the obvious question : Why would *UNK* *UNKS* *UNK* seven Soviet *UNK* ? STOP 
*CUNKION* as to the nature of *UNKS* will no doubt continue until we wake up one morning to find they 've taken over `` The Today Show , '' the way they *UNK* an entire town in Jack *CUNK* 's `` *CUNKION* of the *CUNK* *CUNKS* '' -LRB- *CUNK* & *CUNKER* , *UNKN* pages , $ *UNKN* -RRB- . STOP 
Maybe some of our *UNK-* *UNKS* and *UNKS* have already been taken over ? STOP 
The point of this *UNKN* novel , which *UNKED* two movies , is that the *UNKS* *UNK* people *UNKED* by *UNK* plants are virtually *UNK* from human *UNKS* . STOP 
Another guy who thinks they 're out there and closing fast is *CUNK* *CUNKER* , whose new novel , `` *CUNK* '' -LRB- *CUNK* , *UNKN* pages , $ *UNKN* -RRB- , takes a look at a reported *UNKN* *CUNK* crash near the *CUNK* Army Air Field in a New Mexico desert . STOP 
Mr. *CUNKER* knows a lot about *UNKS* . STOP 
He even had sex with one -- sort of , and not *UNKLY* -- as readers learned in his `` *CUNKION* '' -LRB- a book recently described in the New York Times as a `` *UNKION* best seller '' -RRB- . STOP 
The way Mr. *CUNKER* tells it in his *UNKEST* *UNK* , the intelligence officer who found the *UNK* 's strange *UNKS* was forced by the government to call the *UNKED* *UNKS* parts of a weather balloon . STOP 
The apparent crash became top secret , and the *UNK* *UNKS* went away upset with the *UNK* ways of human *UNKS* . STOP 
We lost our chance to *UNK* with *UNKED* visitors `` about four feet *UNK* -LCB- who -RCB- looked as though they were made of *UNK-* *UNK* . '' STOP 
Mr. *CUNK* is an editorial writer for the *CUNK* Mountain News . STOP 
*CUNK* Inc. will become Society Bank & Trust when its merger is completed with Society Corp. of Cleveland , the bank said . STOP 
Society Corp. , which is also a bank , agreed in June to buy *CUNK* for *UNKN* million shares of stock with a market value of about $ 450 million . STOP 
The transaction is expected to close around year end . STOP 
When the economy *UNKED* in the *UNKS* , Akzo *CUNK* fell out of bed . STOP 
*CUNKING* *UNK* in the *UNK* *UNKER* business , which accounted for half of the Dutch chemical company 's sales , led to huge losses and left Akzo 's survival in doubt . STOP 
It was n't until the early 1980s that Akzo *UNKED* itself back to health . STOP 
Now , as a new downturn in the chemical industry *UNKS* , Akzo says it is in far better shape to cope . STOP 
Investment analysts generally agree . STOP 
Aside from *UNKING* costs and investing heavily in its plants , Akzo has spent 3.9 billion *UNKS* -LRB- $ *UNKN* billion -RRB- on acquisitions since 1983 to give it better balance . STOP 
During the same period , the company has sold about 1.6 billion *UNKS* of assets . STOP 
The *UNKS* business , whose products go into *UNKS* , *UNKING* and *UNK* industrial uses , now accounts for only 20 % of Akzo 's sales . STOP 
`` We have definitely become less cyclical , '' *CUNK* *CUNK* , executive vice *UNK-* , said in an interview . STOP 
Still , Akzo has n't yet found a way to achieve another goal : a large presence in the U.S. market for *UNKION* drugs . STOP 
Mr. *CUNK* said prices for U.S. pharmaceutical companies remain too high , making it unlikely that Akzo will pursue any major acquisitions in that area . STOP 
But he said Akzo is considering `` alliances '' with American drug companies , although he would n't elaborate . STOP 
An indication of Akzo 's success in *UNKING* itself will come Thursday when it reports third-quarter results . STOP 
Analysts expect the company to show profit of about 225 million *UNKS* , up 9 % from *UNKN* million *UNKS* a year earlier . STOP 
A bigger test will come next year if , as many analysts expect , bulk chemical prices slump in Europe . STOP 
`` Maybe Akzo can surprise the investment world a bit , '' said *CUNK* *CUNKER* , an analyst at *CUNK-* Bank *CUNK* . STOP 
He figures Akzo is likely to be one of the few major chemical companies to show profit growth next year . STOP 
The bank projects Akzo will show per-share earnings of 24 *UNKS* in 1990 , up from an estimated *UNKN* *UNKS* for this year and the *UNKN* *UNKS* reported for 1988 . STOP 
At James Capel & Co. in London , analyst *CUNK* *CUNK* notes that Akzo is less exposed than many of its rivals to the most volatile chemical products . STOP 
For example , Akzo has only minor petrochemical operations , is small in plastics and does n't make *UNKS* . STOP 
Thus , while Akzo *UNKED* less than many rivals from the boom of recent years in *UNKS* and plastics , it has less to fear from the current slump . STOP 
The company is exposed to bulk chemicals , however . STOP 
Although *UNKAL* prices have begun falling in the U.S. , they are generally stable in Europe , Mr. *CUNK* said . STOP 
A decline may come in the first half of 1990 , he said , but the market does n't appear on the *UNK* of a severe downturn . STOP 
To reduce the danger of such pricing cycles , Akzo has invested heavily in specialty chemicals , which have highly specific industrial uses and tend to produce much higher profit margins than do bulk chemicals . STOP 
Akzo 's biggest move in this area was the 1987 acquisition of *CUNKER* Chemical Co. 's specialty chemical business for $ *UNKN* million . STOP 
In a less *OUS* field , Akzo is the world 's biggest producer of industrial *UNK* , used as a raw material for the chemical industry as well as for such tasks as *UNKING* ice . STOP 
Akzo also makes products *UNKED* from *UNK* , such as *UNK* and *UNK* *UNK* . STOP 
In the *UNKS* division , profit remains weak , largely because of persistent *UNK* . STOP 
But Akzo is still *UNKING* down : It recently announced plans to eliminate about *UNKN* *UNKED* jobs in the Netherlands and West Germany . STOP 
Although the *UNKER* and *UNK* markets remain mostly bleak , Akzo has high hopes for some emerging *UNKER* businesses , such carbon *UNKS* and *UNK* , extremely strong *UNKS* used to reinforce tires and metals and to make such products as *UNK-* *UNKS* . STOP 
Akzo 's *CUNK* *UNK* *UNKER* is a *UNK* second to Du Pont Co. 's *CUNK* , which *UNKS* the market . STOP 
Mr. *CUNK* said world-wide industry sales of *UNK* *UNKS* are expected to total about $ 500 million this year . STOP 
Sales growth of 10 % a year seems possible , he said , and Akzo expects its *CUNK* business to become profitable in 1990 . STOP 
Akzo also has spent heavily on acquisitions in *UNKS* , auto *UNKS* and industrial *UNKS* . STOP 
In August , for example , it completed the $ 110 million acquisition of *CUNK* *CUNKAL* Inc. , a U.S. maker of industrial *UNKS* for wood , metals and plastics , from *CUNKER* Corp . STOP 
Mr. *CUNK* said Akzo is likely to see strong profit growth from *UNKS* as it *UNKS* cost savings and other benefits from its greater scale . STOP 
For Akzo 's drug business , where profits have shown *UNK* change for the past five years , Mr. *CUNK* predicted moderate profit growth . STOP 
Akzo is the leading seller of *UNK-* pills in Europe but is still seeking regulatory approvals to enter that market in the U.S. and Japan . STOP 
Mr. *CUNK* said Akzo hopes to have approval to sell its *CUNK* pill in the U.S. in 1992 . STOP 
Akzo also has small operations in *UNK* tests , *UNK* drugs and *UNK* products . STOP 
*CUNK* products are showing especially strong growth , Mr. *CUNK* said . STOP 
Among the leading products is a *UNK* shot for *UNKS* . STOP 
We 're *UNK* to see Nigel Lawson 's departure from the British government . STOP 
He is a *UNK* with the *UNK* of true conviction , as in *UNKLY* *UNKING* exchange controls and in particular *UNKING* the top rate of income taxation to 40 % . STOP 
But in the end his resignation as Chancellor of the Exchequer may be a good thing , especially if it works as he no doubt intends -- by forcing Prime Minister Thatcher and her counterparts elsewhere to *UNK* the genuine intellectual issues involved . STOP 
The early *UNKS* , we admit , *UNKLY* suggest so *UNK* an outcome . STOP 
The *CUNK* Street reaction was captured in the *CUNK* headline , `` *CUNK* *CUNKS* Thatcher *CUNK* . '' STOP 
British politicians *UNK* into two groups of *UNKS* , those with their *UNKS* cut and those *UNKING* the *UNK* is falling . STOP 
So far as we can see only two *UNKS* are *UNKING* with a dignity *UNKING* the *UNKS* of the issues : Mr. Lawson and Sir Alan *CUNKS* , the *UNK* of the Chancellor 's difficulties , who also resigned as personal adviser to Mrs. Thatcher . STOP 
The problem is that on the *UNKAL* issue of monetary policy and exchange rates , conservative , free-market economists *UNK* into at least three *UNK* *UNKS* . STOP 
There are the strict *UNKS* , who believe that floating exchange rates free an economy to stabilize its price level by stabilizing the monetary *UNKS* . STOP 
There are the *UNK-* *UNKS* , who seek to spread the advantages of a common currency through fixed exchange rates . STOP 
And there are the *UNK-* *CUNKS* , who *UNK* *UNKS* to balance trade flows . STOP 
This is a problem not only for Prime Minister Thatcher but for President Bush , as shown in the ongoing *UNKING* over the dollar between the Federal Reserve and the *CUNK* Treasury . STOP 
In the British case , Mr. Lawson is the *UNKEST* thing in London to a *UNK-* *UNK* . STOP 
He not only slashed marginal tax rates , initially *UNKING* fresh growth in Britain , but he wanted to *UNK* monetary policy by targeting exchange rates , indeed joining the European Monetary System . STOP 
While no doubt agreeing with Mr. Lawson on everything else , Sir Alan is a *UNK-* *UNK* , inclined to defend floating rates to the death . STOP 
To make matters even more confusing , the earlier U.S. experience made clear that Mr. Lawson 's tax cuts would have *UNK* effects on Britain 's international accounts and the value of sterling . STOP 
They increased the after-tax rate of return and made Britain a far more attractive place to invest , producing sudden capital *UNKS* . STOP 
By accounting *UNKS* , this had to produce a sudden trade deficit . STOP 
As in the U.S. , it also produced a sudden *UNK* in the demand for sterling , that is a surge in the sterling monetary *UNKS* , *CUNKER* . STOP 
At this point , the options were : *CUNK* money to stop the boost in the *UNKS* , as Sir Alan surely advised , and forget the soaring pound . STOP 
To push the pound even lower trying to *UNK* the trade deficit , a policy Britain has repeatedly proved *OUS* . STOP 
Or to supply enough money to meet the increased demand and stabilize the exchange rate , as the Chancellor argued , and ensure the *UNK* of this policy by joining the *CUNK* . STOP 
*CUNKED* with a similar situation , Paul *CUNKER* let the dollar soar , -LRB- though monetary *UNKS* also grew so rapidly *UNKS* issued *UNK-* warnings of inflation -RRB- . STOP 
But this *UNKED* the U.S. manufacturing sector , *UNKING* the seeds of *UNK* . STOP 
Mr. Lawson , though not allowed to join the *CUNK* , chose to `` shadow '' the *UNK* mark . STOP 
He *UNKED* inflation along with rapid growth , no doubt *UNKING* Sir Alan 's predictions in the Prime Minister 's mind . STOP 
But more recently , the pound has been falling with high inflation , which has also seemed almost *OUS* to the high interest rates Mr. Lawson *UNKED* to stop it . STOP 
So the British experience *UNKS* a genuine *UNK* that reaches far beyond the *UNKS* of *CUNKION* . STOP 
We had been *UNKING* opinions on it long before Mr. Lawson 's resignation , and offer some of the collection for the benefit of his successor and one-time deputy , John Major . STOP 
To begin with , we should note that in contrast to the U.S. deficit , Britain has been running *UNK* budget *UNKS* . STOP 
In pursuit of this mystery , *CUNK* *UNKS* and *UNK-* *UNKS* need not apply . STOP 
We should also add Mr. Lawson 's own explanation , as we understand it . STOP 
Unlike the U.S. , Britain never achieved even a *UNK* reduction in real wages . STOP 
The wage *UNKS* , which *CUNK* studies confirm is particularly high in Britain , gives its economy a structural bias toward inflation . STOP 
*CUNKION* is easier to spark and harder to control . STOP 
We should also concede that in the British experience the *UNK* cause *UNKS* some of the credibility it lost in the U.S. experience . STOP 
*CUNK* Paul Craig Roberts , a *UNKED* *UNKER* with *UNK* *UNKS* , argues the case for Sir Alan . STOP 
Perhaps the fiscal shock of tax cuts is after all best *UNKED* by floating rates , though of course in the event Mr. Lawson resigned over whether to support a weak pound , not *UNK* a strong one . STOP 
We recall that Mr. Roberts not only *UNKS* the Chancellor for being too easy because of a desire to *UNK* sterling , but also led the *UNKS* saying that Mr. *CUNKER* was too tight when he let the dollar rise . STOP 
*CUNK* in between there must be a golden mean , perhaps measured by *CUNKER* , but perhaps measured by purchasing power parity . STOP 
The *UNKS* tend to think Mr. Lawson ran onto technical *UNKS* . STOP 
In *UNKING* rates the choice of initial *UNKS* is crucial , for example , and perhaps he picked the wrong *UNK-* rate . STOP 
For that matter , perhaps he fixed to the wrong currency . STOP 
We *UNK* with Mrs. Thatcher 's reluctance to *UNK* her currency to one *UNKED* by the domestic political *UNKS* of West Germany . STOP 
Perhaps the shock would have been less if they 'd fixed to another *UNK-* , *UNKED* , *UNK-* economy . STOP 
Alan Reynolds of *CUNKS* adds his *UNKION* that the *UNKED* *UNK* *UNK* is the budget surplus . STOP 
Those who can shake *CUNK* ghosts out of their heads might recognize that the retirement of *UNKS* for cash is equivalent to an *UNK* *UNK-* operation , indeed , it is the definition of an open market operation to expand the money supply . STOP 
Mr. Reynolds also notes that since British banks have no reserve requirements , high interest rates are less likely to curb inflation than to cause recession . STOP 
We would add that in political terms , Mrs. Thatcher 's problem was failing to decide between the Chancellor and her adviser . STOP 
In the end , neither policy was followed , and instead of learning anything we are left with a mystery . STOP 
In particular , `` *UNKING* '' a currency is anything but *UNKING* ; it is an open announcement that the exchange rate target has no credibility . STOP 
All the more so when strong voices are heard opposing the policy . STOP 
Better to have a true *UNK* policy , just for the experience . STOP 
So Mr. Lawson had to resign . STOP 
In the end his move was sparked by remarks in *UNKS* from Sir Alan 's *UNK* in The American *CUNK* , a *UNKION* academic journal . STOP 
But it was the underlying situation that became *UNK* . STOP 
What Mr. Major and Mrs. Thatcher will do now remains to be seen . STOP 
They *UNK* *UNK* inflation and a *UNKING* economy , that is to say , *UNKION* . STOP 
This can not be *UNKED* by *UNKING* a further downturn ; reducing the supply of goods does not solve inflation . STOP 
Our advice is this : *CUNKLY* return the government *UNKS* to the economy through *UNKING* tax cuts , and find some monetary policy target that *UNKS* both supply and demand for money -LRB- which neither *UNKS* nor interest rates can do -RRB- . STOP 
This was the version of *UNK-* economics that , in the late 1970s and early *UNKS* , worked in America and world-wide to solve a far more serious *UNKION* than *UNKS* Britain today . STOP 
Ogilvy & Mather , whose declining profitability prompted its takeover by WPP Group earlier this year , will see its profit margins *UNK* back to the `` 11.5 % range '' in 1990 , said *CUNK* Phillips , the agency 's new *UNK-* . STOP 
The ad agency 's pretax profit margins were slightly under 10 % at the time of the takeover , according to analysts ; London-based WPP 's goal is to increase margins to 12 % . STOP 
Mr. Phillips made his comments during an interview *UNKING* his plans for the agency . STOP 
*CUNK-* , the *UNK-* Ogilvy veteran was named last week to succeed Kenneth Roman , who is leaving by year 's end to take a top post at American Express , an Ogilvy client . STOP 
*CUNKED* by *UNKS* of paper , two computers and photos of himself *UNKING* and flying , Mr. Phillips laid out several changes he hopes to make at the agency . STOP 
First and *UNK* , Mr. Phillips said he hopes to improve client service . STOP 
Ogilvy under the *OUS* Mr. Roman gained a reputation as occasionally being *UNKED* in its treatment of clients , of *UNKING* what strategy a client should -- indeed , must -- follow . STOP 
And some of its top *UNK-* executives , including Mr. Phillips , were *UNKED* to the point they were *UNKED* with administrative duties , with little time to see clients . STOP 
But Mr. Phillips recently *UNKED* himself up to spend more time with clients by *UNKING* much of his administrative work to a deputy . STOP 
He also plans to get to know clients that Mr. Roman was closer to , such as *CUNKER* Brothers , American Express and Seagram . STOP 
The two men are planning joint visits to a number of clients to attempt to smoothly hand over the *UNKS* . STOP 
`` *CUNKS* want to see more of our senior people involved in the business -- not once a month , but two or three times a week , '' he said . STOP 
Mr. Phillips also hopes to finally *UNK* a reorganization announced earlier this year but put on hold by the WPP takeover . STOP 
The reorganization is supposed to make *UNK-* shopping -- buying advertising , public relations and design all in one place , or `` Ogilvy *CUNKION* '' in *CUNK* -- a reality . STOP 
Under the reorganization , Ogilvy plans to name one executive on each account as a `` client service director '' to work as the client 's single contact for all those services . STOP 
`` There is little or no integration of our work , quality is *UNK* , there is no single focus , '' Mr. Phillips complained to staffers in March , when the reorganization was announced . STOP 
Now Mr. Phillips says he hopes to have the new system in place for several clients -- including American Express , American Telephone & Telegraph and Ryder -- by year 's end . STOP 
Industry executives and analysts are divided on whether Mr. Phillips is up to the task . STOP 
He is n't as well-known to clients as is Mr. Roman . STOP 
Under his watch , office *UNKING* was often *UNK* in the agency 's New York operation and the office there has had a dismal *UNKS* record for more than a year . STOP 
And while last week the agency hired a top *CUNK* executive , Bill Hamilton , to try to bolster its work , `` *CUNK* has to get the revenue of that New York office moving , '' says James *CUNK* , an analyst with County *CUNKEST* Securities . STOP 
The one thing Mr. Phillips clearly does have going for him is *UNK* , although it is n't certain if that will be enough . STOP 
As Mr. *CUNK* says , `` The last thing they need is enormous disruption at the top ... and *CUNK* is obviously a long-term member of the Ogilvy *CUNK* , as we call it . '' STOP 
Mr. Phillips and Mr. Roman are indeed quite similar in *UNK* , if not in style . STOP 
While Mr. Roman is a *UNK* *UNK* , Mr. Phillips would rather *UNK* , leaving him time for his interests outside the office . STOP 
Mr. Roman , by contrast , seems rarely to cut loose at all , although he did appear at Ogilvy 's *CUNK* party Friday *UNKED* out in duck feet and a duck *UNK* , *UNKED* as a `` *UNK* duck . '' STOP 
Mr. Phillips said the company 's expected margin improvement will be all but *UNK* , given that the company 's profitability was *UNKED* down this year by an expensive move to *OUS* , *UNKED* new New York headquarters . STOP 
The move , *UNKED* at about $ 7 million , actually came in at about $ 10 million , he said . STOP 
But margins will be helped , too , by some other *UNKING* steps . STOP 
Ogilvy eliminated the mail room staff , closed the executive *UNKING* room and , after the takeover , let go half a dozen financial executives . STOP 
WPP , which assumes financial control of its businesses in a *UNK-* way , *UNKED* a new financial system and plans to *UNK* some *UNKS* in Ogilvy 's new headquarters building to outsiders . STOP 
The fact that the agency will now be part of a U.K. company , under British accounting rules , will also make the profit picture look better . STOP 
*CUNK* 's Klein *CUNKS* *CUNK* STOP 
Arthur Klein , president of Young & Rubicam 's New York office , stepped down `` temporarily '' in the wake of charges by a federal grand jury in New *CUNK* , Conn. , that he , the agency and another top executive *UNKED* *CUNK* tourist officials to win its account in 1981 . STOP 
In an internal memo , Alex *CUNK* , the agency 's chairman , said Mr. Klein decided to remove himself to *UNK* `` negative reaction '' from prospective clients and others and to prepare for his defense . STOP 
`` The fact that he is in the process of *UNKING* himself against the present charges could *UNKLY* have an adverse impact on *CUNK* , '' Mr. *CUNK* wrote . STOP 
He said Mr. Klein will return to his post at the end of the trial `` at which he will be *UNKED* . '' STOP 
Mr. Klein will work with Mr. *CUNK* on some of the agency 's joint venture activities and acquisitions while the case is pending . STOP 
Peter *CUNK* , president of *CUNK* 's ad operations , will assume Mr. Klein 's day-to-day role . STOP 
Wells Rich 's New *CUNKER* STOP 
Wells , Rich , *CUNK* named *CUNK* *CUNKER* as an executive vice president and creative partner in its image group , which *UNKS* on fashion and *UNKLY* *UNKED* advertising . STOP 
Ms. *CUNKER* , 38 , had headed up Boston agency *CUNK* , a unit of WCRS . STOP 
The agency , with about $ 35 million in *UNKS* , will be *UNKED* , with some of its staffers *UNKED* by WCRS 's Della Femina *CUNK* unit in Boston , Ms. *CUNKER* said . STOP 
She said it was too early to say what would happen to its clients , including Reebok and Apple . STOP 
At Wells Rich , Ms. *CUNKER* will concentrate on accounts that include Philip Morris 's Benson & *CUNKS* cigarette brand , which *UNKS* on print ads , Ms. *CUNKER* 's specialty . STOP 
As previously reported , the account is troubled , with Philip Morris asking Backer Spielvogel Bates , Ogilvy & Mather , and possibly others to try their hand at developing new creative work . STOP 
Wells Rich declined to comment on the status of the account , as did the other agencies . STOP 
*CUNK* Industries Inc. said holders of $ *UNKN* face amount of its 6 1\/4 % convertible subordinated debentures , due March 15 , *UNKN* , have elected to convert the debt into about *UNKN* common shares . STOP 
The conversion price is $ *UNKN* a share . STOP 
The company said the holders represent 52 % of the face amount of the debentures . STOP 
*CUNK* sells a variety of hardware products for the home repair market . STOP 
*CUNK* Macy & Co. , the closely held department store chain , said in a financial filing Friday that its sales for the fiscal fourth quarter ended July 29 were up 10 % to $ *UNKN* billion against $ *UNKN* billion a year earlier . STOP 
*CUNK* store sales for the quarter were up *UNKN* % . STOP 
The net loss for the quarter was $ *UNKN* million against a year-earlier loss of $ 106 million . STOP 
The loss in the fourth quarter of 1988 reflected in part expenses for an unsuccessful bid for Federated Department Stores Inc. , as well as the restructuring of some of its department store operations . STOP 
For the year , sales were up 5.6 % to $ *UNKN* billion compared with $ *UNKN* billion in fiscal 1988 . STOP 
Sales for both years reflect *UNK-* *UNKS* for each year of I. *CUNK* , *CUNK* 's , and *CUNKS* *CUNK* . STOP 
Macy acquired those three businesses in May 1988 . STOP 
On a comparable store basis , including the new acquisitions for both years , sales for fiscal 1989 were up 1.9 % . STOP 
Macy reported a net loss for fiscal 1989 of $ *UNKN* million compared with a net loss of $ *UNKN* million for fiscal 1988 . STOP 
The company 's earnings before interest , taxes and depreciation , which bondholders use a *UNK* of the chain 's ability to pay its existing debt , increased 11 % in fiscal 1989 to $ *UNKN* million from $ *UNKN* million . STOP 
The $ *UNKN* million figures includes the new acquisitions . STOP 
Excluding those businesses , earnings before interest , taxes and depreciation for 1988 would have been $ *UNKN* million . STOP 
As of Feb. 1 , 1990 , the *CUNKS* *CUNK* stores will operate as I. *CUNK* stores . STOP 
*CUNKER* , Macy and its subsidiaries own or lease *UNKN* department stores and 61 specialty stores nationwide . STOP 
Although management led a leveraged buy-out of *CUNK* Macy in July 1986 , the company still makes financial filings because of its publicly traded debt . STOP 
The company estimates its total debt at about $ 5.2 billion . STOP 
This includes $ 4.6 billion of long-term debt , $ *UNKN* million in short-term debt , and $ *UNKN* million of the current portion of long-term debt . STOP 
In a letter to investors , Chairman Edward S. *CUNK* wrote that he expects the company to `` benefit from some of the disruption faced by our competitors . STOP 
While our competitors are concerned with their financial *UNK* and possible ownership changes , we will be concentrating on buying and selling merchandise our customers need and want . '' STOP 
Mr. *CUNK* is apparently referring to B. *CUNK* and *CUNK* *CUNKER* , two New York retailers that have recently filed for Chapter 11 bankruptcy protection , as well as the retail chains owned by financially troubled Campeau Corp . STOP 
Those chains include Bloomingdale 's , which Campeau recently said it will sell . STOP 
Other retail properties for sale include Saks Fifth Avenue and Marshall Field , retailers now owned by B.A.T PLC , the British tobacco conglomerate . STOP 
In his letter , Mr. *CUNK* also referred to the recent San Francisco earthquake . STOP 
Mr. *CUNK* flew to San Francisco the day after the earthquake , and found that 10 to 12 of his company 's stores had sustained some damage , including the *UNK* of most windows at the I. *CUNK* store on Union Square . STOP 
`` The volume and profit impact on our fiscal first quarter will not be positive , but looking at the whole fiscal year , we do n't see the effect as material , '' wrote Mr. *CUNK* . STOP 
RJR Nabisco Inc. said it agreed to sell its *CUNK* Ruth , *CUNKER* and *CUNK* candy businesses to Nestle S.A. 's Nestle Foods unit for $ *UNKN* million . STOP 
The sale , at a higher price than some analysts had expected , helps the food and tobacco giant raise funds to pay debt and boosts Nestle 's 7 % share of the U.S. candy market to about 12 % . STOP 
The candy businesses had sales of about $ *UNKN* million last year , which was roughly 12 % of total revenue for RJR 's *CUNKS* *CUNKS* unit , according to a *UNK* distributed by RJR 's owner , *CUNK* Kravis Roberts & Co. , to bankers last December . STOP 
The Nestle acquisition includes a candy plant in Franklin Park , Ill. , which employs about 800 workers . STOP 
The sale , which had been expected , is part of KKR 's program to pay down $ 5 billion of a $ 6 billion bridge loan by February . STOP 
*CUNKLY* $ 2 billion of that debt has already been repaid from previous asset sales , and RJR expects to use another $ 2 billion from the pending , *UNK-* sale of most of its *CUNK* *CUNK* unit . STOP 
That sale , however , could still fall through if financing problems develop . STOP 
Thus , it remains crucial for RJR to obtain top dollar for its smaller assets like the candy brands . STOP 
Louis *CUNKER* Jr. , chairman and chief executive officer of New York-based RJR , called the sale a `` significant step '' in the company 's *UNK* program , as well as a `` a strategic *UNK* . '' STOP 
Since KKR bought RJR in February for $ 25 billion of debt , it has agreed to sell nearly $ 5 billion of RJR assets . STOP 
RJR 's executives have said they will *UNK* with certain brands , in particular , that are n't leaders in their markets . STOP 
`` RJR Nabisco and *CUNKS* *CUNKS* will concentrate more on our own core businesses , '' Mr. *CUNKER* said Friday . STOP 
*CUNK* Ruth and *CUNKER* are both among the *UNKING* 15 *UNK* *UNKS* in the U.S. , but RJR 's overall share of the roughly $ 5.1 billion market is less than 5 % . STOP 
Nestle 's share of 7 % before Friday 's purchases is far below the shares of market leaders *CUNK* Foods Corp. and *CUNKS* Inc. , which have about 40 % and 36 % of the market , respectively . STOP 
`` This means Nestle is now in the *UNK* business in a big way , '' said *CUNK* *CUNK* , publisher of *CUNK* , *CUNKED* *CUNKER* Magazine . STOP 
`` For them , it makes all kinds of sense . STOP 
They 've been given a *UNK* from Switzerland '' to expand their U.S. *UNK* operations . STOP 
Nestle S.A. is based in *CUNK* , Switzerland . STOP 
The new candy *UNKS* , `` make an important contribution to our Nestle Foods commitment to this very important strategic unit , '' said C. Alan *CUNK* , president of Nestle Foods in *CUNK* , N.Y . STOP 
Aetna Life & Casualty Co. 's third-quarter net income fell 22 % to $ *UNKN* million , or $ *UNKN* a share , reflecting the damages from Hurricane Hugo and lower results for some of the company 's major divisions . STOP 
*CUNK* losses reduced Aetna 's net income by $ 50 million , including $ 36 million from Hugo . STOP 
Last year catastrophe losses totaled $ 5 million , when net was $ *UNKN* million , or $ *UNKN* a share . STOP 
The year-earlier results have been restated to reflect an accounting change . STOP 
The insurer has started processing claims from the Northern California earthquake nearly two weeks ago . STOP 
But because these claims are more difficult to evaluate and have been coming in more slowly , the company has no estimate of the impact of the earthquake on fourth-quarter results . STOP 
In New York Stock Exchange composite trading Friday , Aetna closed at $ 60 , down 50 cents . STOP 
In the latest quarter , Aetna had a $ 23 million loss on its *UNKS* line , compared with earnings of $ 33 million last year . STOP 
Profit for its commercial insurance division fell 30 % to $ 59 million , reflecting higher catastrophe losses and the price war in the *UNK* market for nearly three years . STOP 
However , Aetna 's employee benefits division , which includes its group health insurance operations , posted a 34 % profit gain to $ 106 million . STOP 
Third-quarter results included net realized capital gains of $ 48 million , which included $ 27 million from the sale of Federated Investors in August and a $ 15 million tax credit . STOP 
In the nine months , net rose 4.3 % to $ *UNKN* million or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , last year . STOP 
Out of the *UNKS* of *UNKS* are coming words of *UNKION* . STOP 
Here , at a *UNKER* stadium near the black *UNK* of *CUNK* yesterday , were eight leaders of the African National Congress , seven of whom had spent most of their *UNK* lives in prison for *UNK* and conspiracy to *UNK* the government . STOP 
Here were more than 70,000 ANC supporters , gathering for the first ANC rally inside South Africa since the black *UNKION* movement was banned in 1960 . STOP 
Here was the state security *UNKS* *UNKED* to *UNK* on any words or acts of *UNKION* , let alone revolution . STOP 
But the words that *UNKED* over the *UNKS* *UNK* messages of peace , *UNUNK* , *UNKION* and discipline . STOP 
`` We stand for peace today and we will stand for peace tomorrow , '' said Walter *CUNK* , the ANC 's former secretary general who , along with five of his colleagues , served 26 years in prison before being released two weeks ago . STOP 
Some members of the huge crowd *UNKED* `` *CUNK* peace , *UNK* . '' STOP 
These are *OUS* times in South African politics . STOP 
The government and the ANC , the *UNKEST* of enemies , are engaged in an elaborate *UNKING* dance designed to *UNK* each other to the negotiating table . STOP 
*CUNK* releases the ANC leaders , most of whom were serving life *UNKS* , and allows them to speak freely , hoping that the ANC will abandon its use of violence . STOP 
The ANC leaders speak in *UNKS* of *UNKION* , *UNKING* discipline , hoping the government will be encouraged to take further steps , such as *UNKING* Nelson *CUNK* , the most prominent ANC figure , and *UNKING* the organization . STOP 
The government of President *CUNK* de *CUNK* is using this situation to improve its international image and head off further economic sanctions . STOP 
Meanwhile , the many organizations inside the country that back the ANC are taking the opportunity to regain their strength and *UNK* their supporters even though the state of emergency , which has severely *UNKED* black opposition , remains in force . STOP 
The result is that the *UNUNK* and *UNKAL* are happening . STOP 
*CUNK* months ago , government approval for an ANC rally was *UNK* . STOP 
*CUNKLY* *UNK* is that the ANC , given the chance to hold a rally , would extend a hand , *UNK* *UNKLY* , to the government . STOP 
In a message read out at the rally , *UNKED* ANC President Oliver *CUNK* , who ca n't *UNKLY* be quoted in South Africa , said the country was at a *UNKS* and that Mr. de *CUNK* `` may yet earn a place among the *UNKS* of our country '' if he *UNKS* a `` path of genuine political settlement . '' STOP 
Still , this does n't mean that either the government or the ANC is changing *UNKS* -- or that either has moved significantly closer to the other . STOP 
The government may ease *UNKION* in some areas , but it still keeps a tight grip in others . STOP 
For instance , it releases Mr. *CUNK* without conditions , yet his son , *CUNK* , a newspaper editor , is restricted to his home much of the day and is n't allowed to work as a *UNK* . STOP 
The ANC *UNKS* to keep up pressure on the government . STOP 
*CUNKS* yesterday called on foreign governments to increase sanctions against *CUNK* and urged supporters inside the country to continue *UNKING* emergency restrictions and racial *UNKION* , known as apartheid . STOP 
`` We can not wait on the government to make changes at its own pace , '' Mr. *CUNK* said . STOP 
Because the ANC remains banned , both the government , which approved the rally , and the *UNKS* , who *UNKED* it , denied it was an ANC rally . STOP 
They both called it a `` welcome home '' gathering . STOP 
Nevertheless , an ANC rally by any other name is still an ANC rally . STOP 
The recently released leaders sat high *UNK* a *UNK* in one section of the stadium stands . STOP 
*CUNK* them was a huge ANC flag and an even bigger sign that said `` ANC *CUNKS* , ANC *CUNKS* . '' STOP 
Next to them was the red flag of the *UNKED* South African Communist Party , which has long been an ANC ally . STOP 
In the stands , people *UNKED* ANC *UNKS* , *UNK* ANC *CUNKS* , *UNK* ANC *UNKS* and *UNKED* ANC *UNKS* . STOP 
`` Today , '' said Mr. *CUNK* , `` the ANC has captured the center stage of political life in South Africa . '' STOP 
As a police helicopter *UNKED* overhead , Mr. *CUNK* repeated the ANC 's demands on the government to create a climate for negotiations : *CUNK* all political *UNKS* *UNKLY* ; lift all *UNKS* and restrictions on individuals and organizations ; remove all troops from the black *UNKS* ; end the state of emergency , and *UNK* all political trials and political *UNKS* . STOP 
If these conditions are met , he said , the ANC would be prepared to discuss *UNKING* its *UNK* activities . STOP 
`` There can be no question of us *UNKLY* *UNKING* the *UNKED* struggle , '' he said . `` STOP 
To date , we see no clear indication that the government is serious about negotiations . STOP 
All their *UNKS* are *UNK* . '' STOP 
*CUNKING* a *UNK* from Mr. de *CUNK* , Mr. *CUNK* said , `` Let all of us who love this country engage in the task of building a new South Africa . STOP 
When Westinghouse Electric Corp. *UNKED* its massive steam *UNK* plant in *CUNKER* , Pa. , three years ago , it seemed like the company had pulled the *UNK* on its *UNK-* power generation business . STOP 
But now Westinghouse is *UNKING* a *UNK* in demand for both steam and *UNKION* *UNKS* and may even join the growing *UNKION* of independent electric producers . STOP 
And with its new venture with Japan 's Mitsubishi Heavy Industries Ltd. , announced last week , it is *UNKED* to *UNK* growing markets overseas . STOP 
For the first time since the *UNKS* , Westinghouse this year has seen a significant increase in orders for power plants . STOP 
Most are from independent producers instead of regulated utilities , and Westinghouse believes it will ride a wave of demand *UNKING* over the next six years . STOP 
Analysts agree , predicting that the revived market could significantly boost Westinghouse 's bottom line in coming years . STOP 
`` Westinghouse 's earnings could be *UNKLY* enhanced in the *UNKS* or sooner , '' says Russell L. *CUNK* , of Salomon Brothers Inc . STOP 
The company expects a need for *UNKN* *UNKS* of new generation in the U.S. over the next decade . STOP 
Already this year , it has received orders for four *UNK-* advanced *UNKION* *UNKS* from Florida Power & *CUNK* Co. and for two *UNK-* plants from *CUNKAL* Energy Corp. , among others . STOP 
Westinghouse 's own role as a supplier also is changing . STOP 
In the past , the company usually took *UNK* equity positions in power plants it supplied as a `` *UNKER* '' to close deals . STOP 
But last June 's *UNK* that Westinghouse would put up all of the $ 70 million to build a new *UNK-* plant could *UNK* a new age . STOP 
Westinghouse 's plant will provide electrical power to the Southern California Edison Co. and *UNK* power and steam to the U.S. *CUNK* & Chemical Co . STOP 
`` We have n't decided on a strategy yet , but we could become an independent producer depending on whether we 're the developer or just the supplier , '' says *CUNK* *CUNK* , executive vice president of the company 's energy and utility systems group . STOP 
At the same time , Westinghouse hopes its venture with Mitsubishi will help fend off growing competition , particularly in the U.S. , from such European competitors as *CUNK* Brown *CUNK* AG , *CUNKS* AG , and British General Electric Co . STOP 
Under the agreement , Westinghouse will be able to purchase smaller *UNKION* *UNKS* from its Japanese partner , and package and sell them with its own *UNKS* and other equipment . STOP 
Westinghouse also jointly will bid on projects with *CUNK* , giving it an edge in developing Asian markets . STOP 
In addition , the two companies will develop new steam *UNK* technology , such as the plants ordered by Florida Power , and even *UNK* each other 's plants at times to take advantage of currency fluctuations . STOP 
`` Even though we 'll still compete against Mitsubishi , we can also work jointly on some projects , and we 'll gain a lot of *UNKING* flexibility , '' Mr. *CUNK* contends . STOP 
The *CUNK-* venture was designed as a *UNK-* transaction , *UNKING* any possible antitrust concerns . STOP 
Westinghouse carefully *UNKED* the agreement because the Justice Department earlier this year successfully challenged a proposed steam *UNK* joint venture with *CUNK* Brown *CUNK* . STOP 
It is expected that the current surge in demand for new power will be filled primarily by independent producers which , unlike utilities , are n't regulated and therefore do n't need government approval to *UNK* new plants . STOP 
Westinghouse expects about half of its new orders for *UNKS* to come from independent producers for at least the next six years . STOP 
Despite *UNKS* of the company 's *CUNKER* and East Pittsburgh plants , the company believes it has sufficient capacity to meet near-term demand with its much smaller and more efficient manufacturing facilities in North Carolina . STOP 
Still , Westinghouse acknowledges that demand from independent producers could *UNK* if prices for fuel such as natural gas or oil rise sharply or if utilities , which have been pressured by regulators to keep down rates , are suddenly *UNKED* to add significant *UNKING* capacity . STOP 
Even if that scenario occurs , Westinghouse figures it is prepared . STOP 
The company already is *UNKING* up for a *UNK* of nuclear power even though it has n't received an order for a domestic nuclear plant in a decade . STOP 
John C. *OUS* , chairman and chief executive officer , says he expects a commercial order by 1995 for the company 's *CUNK* nuclear power plant , which is under development . STOP 
`` Once we see an order , we expect it 'll be on line by 2000 . STOP 
Among the things I learned covering the World Series these past few weeks is that the Richter scale , which measures earthquakes , is n't like the one in your *UNK* . STOP 
A quake that measures two on the Richter is n't twice as severe as a `` one '' -- it 's 10 times worse . STOP 
A `` three '' is 10 times 10 again , and so on . STOP 
That put the `` seven '' of Oct. 17 in perspective for me . STOP 
*CUNK* I 'll buy one of those `` I *CUNKED* '' *CUNKS* after all . STOP 
By *CUNK* standards , the show that the Oakland *CUNKS* put on Friday and Saturday nights , in putting a *UNKLY* *UNK* end to the game 's *CUNKEST* Short Series , rated somewhere between a 10 and an 11 . STOP 
The *UNKS* with the white *UNKS* on their *UNKS* might not have made the earth move much , but they certainly did some impressive things with *UNKS* . STOP 
The *CUNK* *CUNKS* *UNKED* six of *UNK* out of the *UNKLY* *UNKS* of Candlestick Park during the two games *UNK* route to *UNKN* and *UNKN* wins over the San Francisco Giants . STOP 
*CUNKED* with their two *UNK-* *UNKS* , way back on Oct. 14 and 15 -LRB- the scores were *UNKN* and *UNKN* , remember ? -RRB- , that gave them a *UNK* of the *UNK-* series . STOP 
The *UNK* here is that the Giants lost by de fault . STOP 
That 's *UNKLY* correct , but a *UNK* unfair otherwise . STOP 
They showed up , but did n't -- or could n't -- challenge . STOP 
They led for *UNK* an *UNKING* in the four games , and managed to *UNK* their fans only once . STOP 
That came in the *UNK* *UNKING* of *CUNK* Four when , *UNKING* *UNKN* , they *UNKED* four times and brought their big heat -- Will Clark and *CUNK* Mitchell -- to the plate with one out and a *UNKER* on . STOP 
But Clark *UNKED* out to short right field and Mitchell 's drive to left was caught on the warning track by *CUNK* Henderson as *UNKN* sets of *UNKS* *UNKED* as one . STOP 
`` I went out to *CUNK* -LCB- *CUNKS* , the A 's *UNKER* -RCB- and told him that we were n't *UNK* *UNK* let this guy beat us , '' said Oakland *UNKER* Terry *CUNK* of the *UNK* confrontation with Mitchell , the National League 's *UNKING* *UNK-* king . STOP 
`` I told him to make Mitchell reach for everything , and that 's what we did . STOP 
The *UNK* he hit was n't a strike . STOP 
If it had been , he *UNK* hit it out . '' STOP 
But if the A 's had n't won in four , they would have *UNKED* in five , or six , or seven . STOP 
The best team won this Series , which is more unusual than it may sound . STOP 
*CUNK* *UNK* n't football , where the good teams beat up on the bad ones . STOP 
The best baseball teams win six of 10 games and the worst win four of 10 . STOP 
Without becoming *UNKLY* *OUS* , allow me to suggest that several recent *UNKS* of the world according to us -LRB- as in U.S. -RRB- might not have *UNKED* No. 1 in many polls . STOP 
That list includes last season 's *UNKS* , the Los Angeles *CUNKS* , who *UNK* a *UNK* home run by *CUNK* *CUNK* and two *UNKS* *UNKING* *UNKS* by *CUNK* *CUNKER* to a *UNK-* *UNK* over a *UNKED* , *UNKED* Oakland *UNK* . STOP 
These A 's , however , got few *UNKS* as low as B on their 1989 report card . STOP 
They led the Major *CUNKS* in *UNK-* wins with 99 and *UNKED* the Toronto *CUNK* *CUNKS* four games to one for the American League *UNK* before *UNKING* their *UNK-* rivals . STOP 
The *UNKEST* testimony to their *UNKION* of the *UNKED* *UNK* came from Giants ' manager Roger Craig after his team had fallen in *CUNK* Three to a *UNK-* *UNK* that tied a *UNK-* Series record . STOP 
Asked what he would do *UNKLY* on the *UNK* , Craig allowed that he might play his *UNKS* deeper , `` maybe on the other side of the *UNK* . '' STOP 
The A 's offensive showing in the Series got an A , as in *UNK* . STOP 
Their 85 total bases broke a record for a *UNK-* set , and their nine home runs tied one . STOP 
*CUNK* Oakland players hit *UNKS* , with *UNKER* Dave Henderson getting two , both on Friday . STOP 
*CUNK* Henderson , the *UNKING* *UNK* man , had nine hits and set or tied *UNK-* Series marks for *UNKS* -LRB- 2 -RRB- and stolen bases -LRB- 3 -RRB- . STOP 
The sole A not to *UNKER* was cleanup *UNKER* Mark *CUNK* , their *UNK-* leader with 33 , and he contributed five hits plus a *UNKING* *UNKING* play on a ground *UNK* in *CUNK* Three that stopped a Giant rally while the issue still was in doubt . STOP 
`` *CUNK* I 'll *UNK* my image -- get this changed to a *UNK* , '' *UNKED* the big first *UNK* Saturday night , *UNKING* the gold *UNK* he *UNKS* on a neck chain . STOP 
Even with that power show , though , the Oakland Series ' star , *UNKED* by the Most *CUNK* *CUNKER* award , was a *UNKER* , Dave Stewart . STOP 
He shut out the Giants on five hits in *CUNK* One , and allowed three runs on five hits in seven *UNKS* Friday after the *UNK-* break caused by the earthquake . STOP 
Stewart 's honor was a nice note on a couple of grounds . STOP 
One was that , despite his 62 *UNK-* wins over the past three seasons in the Land Beyond the Late News , he has been *UNKED* by his *UNK-* *UNKS* and missed out on *UNKS* that might have been his due . STOP 
The other is that he 's an Oakland native , and lifted residents ' spirits by his visits to *UNK-* areas last week . STOP 
*CUNK* , as the A 's *UNKED* their victory with beer -LRB- they *UNKED* with traditional *UNK* *UNKS* in *UNK* to the quake victims -RRB- , Stewart said he thought his *UNK-* *UNKING* would *UNK* his individual *UNK* . STOP 
`` *CUNK* me four or five more Series with these guys , and I do n't care if I ever win a *CUNK* Young , '' he said , in *UNK* to baseball 's *UNKER* award . STOP 
Indeed , the possibility of an A 's *UNKING* cycle , *UNK* a *UNK* , was a major topic of *UNK-* discussion Saturday , so much so that *CUNK* *CUNK* , the team 's general manager , felt *UNKED* to *UNK* it . STOP 
`` People change , teams change , '' he cautioned . STOP 
`` It 's easier to get worse than better in this game . '' STOP 
He might have added an interesting historical fact : The last Series *UNK* , by the Cincinnati *CUNKS* , came in 1976 , which also was the first year of baseball player free agency . STOP 
It was widely predicted that free agency would allow the *OUS* , `` big market '' teams to *UNK* the best talent , but quite the opposite has occurred : *CUNK* different *UNKS* have won *UNKS* in the 14 seasons since its *UNK* . STOP 
The number includes such *UNUNK* *UNKS* as , well , Oakland . STOP 
The *UNK* for responding to your customers ' needs faster than the competition can is clear : Your company will benefit in terms of market share , customer satisfaction and profitability . STOP 
In fact , managers today are probably more aware of speed as a competitive *UNK* than ever before . STOP 
However , for many , managing speed does not come naturally . STOP 
`` Most of us grew up *UNKING* in the *UNKS* ` *CUNK* makes waste ' and ` Do n't cut *UNKS* , ' ideas that seem to run counter to the concept of managing speed , '' says Dean *CUNK* , vice president for product integrity at Grumman Corp . STOP 
`` But in the real world , you learn that speed and quality are not a *UNK-* . STOP 
*CUNKED* is a component of quality -- one of the things we must deliver to satisfy customers . '' STOP 
Companies that actually market speed as part of their service train their managers to lead and participate in teams that increase speed and improve quality in *UNK* operations . STOP 
Managers learn to spot opportunities to increase customer satisfaction through speed , and shift some responsibility for *UNKING* , improving and streamlining work processes from themselves to teams of employees . STOP 
One team at the Federal Express *CUNK* *CUNKS* station in *CUNK* , Mass. , focused on a particularly *UNK-* operation : the morning package sort . STOP 
Every morning , *UNKER* trucks arrive at the *CUNK* *CUNK* *CUNKION* from Boston 's *CUNK* Airport , carrying the day 's package load . STOP 
In peak periods that load may include 4,000 pieces . STOP 
The packages must be *UNKED* quickly and distributed to smaller *UNKS* for delivery , so *UNKS* can be on the road by *UNKN* . STOP 
No customer is present at the morning package sort , but the process is *UNKS* critical to customer satisfaction . STOP 
`` We 're committed to deliver the customer 's package by a stated time , usually *UNKN* , '' notes Glenn *CUNKER* , a Federal Express *UNKER* who led the *CUNK* team . STOP 
`` The sooner our *UNKS* hit the road each morning , the easier it is for us to *UNK* that obligation . '' STOP 
Following a *UNKING* formula used by teams throughout Federal Express , members of the *CUNK* team monitored their morning routine , carefully noting where and when the work group 's resources were used effectively and where they were idle , waiting for others *UNK* in the process to send packages their way . STOP 
`` We *UNKED* there was *UNK* built into our process . STOP 
But we did n't know just where it was until we completed our data gathering , '' Mr. *CUNKER* says . STOP 
`` We used the data to *UNK* our *UNKING* system and put our resources where they could do the most good . '' STOP 
The team even created a points system to identify those *UNKS* and *UNKS* that were doing the most to reduce *UNK-* cycle time . STOP 
*CUNKS* of the friendly competition earn a *UNK* dinner out with their *UNKS* . STOP 
`` *CUNKING* shows that the *CUNK* team 's new system really does reduce cycle time for the morning package sort , '' reports James *CUNK* , chief operating officer at Federal Express . STOP 
`` The *UNKS* leave at least 15 minutes earlier , on average , than they used to . STOP 
And service levels have increased to the point where they 're consistently above 99 % . '' STOP 
A *UNKAL* team at Union Carbide 's *CUNK* , N.Y. , facility , which produces *UNKION* plants , followed a similar path to reduce manufacturing cycle time . STOP 
`` The team included *UNK* from the shop floor as well as engineering , *UNKING* and purchasing personnel , '' reports Alan *CUNK* , director of quality . STOP 
`` First , they produced a *UNK* *UNKING* the process by which an *UNKION* plant actually gets built . STOP 
Then they identified *UNKS* in the process . '' STOP 
The *CUNK* team determined that *UNKS* for *UNKS* were the main problem and identified which kinds of delays involved critical *UNKS* and which were less critical or could be handled by workers already on the line . STOP 
The team then proposed *UNKS* in their work process to management . STOP 
`` The *UNKED* manufacturing process benefits our customers in at least two ways , '' Mr. *CUNK* concludes . STOP 
`` First , we have better quality assurance than ever , because the people building the product have taken on more responsibility for the quality of their own work . STOP 
Second , we trimmed more than a month off the time required to deliver a finished product . '' STOP 
At Grumman 's *CUNK* Systems Division , a *UNKAL* team reduced the cycle time required to produce a new business proposal for an important government contract . STOP 
The team was *UNKED* of representatives from engineering , manufacturing , corporate *UNKING* , flight test , material , quality control , and other departments . STOP 
`` We needed contributions from all these departments to generate the proposal , '' says Carl *CUNK* , *UNK-* manager for Grumman 's *CUNK* combat aircraft program . STOP 
`` But instead of gathering their *UNK* *UNKAL* , we formed the team , which reached consensus on the proposal objectives and produced a statement of work to guide all the functions that were involved . '' STOP 
*CUNKED* with this shared understanding and *UNK* background information , each department developed its *UNKED* contribution to the proposal , *UNKING* data and cost estimates on a closely managed schedule . STOP 
`` We cleared up questions and *UNKS* very quickly , because the people who had the skills and perspective required to resolve them were part of the task team , '' Mr. *CUNK* explains . STOP 
The team trimmed more than two months from the cycle time previously required to develop comparable proposals . STOP 
`` The team eliminated the crisis *UNK* that proposal *UNKS* can generate . STOP 
The result was a more *UNK* , complete and competitive proposal , '' Mr. *CUNK* concludes . STOP 
The *UNKS* achieved at Federal Express , Union Carbide and Grumman suggest that managing speed may be an *UNKED* source of competitive advantage . STOP 
Managers in all three companies recognize speed as a component of quality and a key to customer satisfaction . STOP 
They effectively lead team efforts to reduce cycle time . STOP 
And they prepare all their people to increase the speed and improve the quality of their own work . STOP 
Mr. *CUNK* is president of *CUNK* , a consulting firm in Burlington , Mass . STOP 
Home *UNKING* of *UNKED* music cuts into record industry revenues , but banning home *UNKING* would hurt consumers even more . STOP 
That 's the conclusion of an independent report prepared by the Office of Technology *CUNK* at the request of the House and Senate *UNK* committees . STOP 
The report is to be released today . STOP 
The report says the availability of such advanced *UNK* recording equipment as *UNK* recorders does n't seem to increase the *UNK* of home *UNKING* . STOP 
That finding , the report says , *UNKS* doubt on the record industry 's *UNKION* that the new generation of *UNKAL* recording equipment will inevitably lead to wholesale abuse of *UNKED* material by home *UNKS* . STOP 
The longstanding position of the *CUNKING* Industry Association of America , a trade group based in Washington , D.C. , is that record companies , *UNKS* , *UNKS* and music publishers need to be *UNKED* by *UNKED* fees on the sale of *UNK* *UNKS* and recording equipment to make up for *UNKS* lost to home *UNKING* . STOP 
`` I think it is a *UNK* in the *UNK* in any *UNK* tax proposal , '' says Gary *CUNK* , vice president for government and legal affairs of the Electronic Industries Association in Washington . STOP 
`` What -LCB- the report -RCB- shows is everything we 've been saying for the past eight or nine years -- that audio *UNKING* is the best thing to happen for the recording industry . STOP 
The people who tape the most buy the most . '' STOP 
*CUNK* *CUNKS* , a *UNK* for *CUNK* says her organization has n't received a copy of the completed report yet and has no immediate comment . STOP 
A recent agreement between the recording industry and electronics manufacturers requires that any *UNKAL* audio tape , or *CUNK* , *UNKER* sold in the U.S. have a *UNK-* device that *UNKS* its ability to make second copies from *CUNK* tape copies of *UNKAL* *UNK* disks . STOP 
But the disappointing sales of *CUNK* machines here and abroad so far have not seemed to warrant the three years of legal *UNKING* that went into the agreement . STOP 
Under current copyright laws , it is considered `` fair use '' to *UNK* *UNKED* material for one 's personal use or for use by one 's family or friends , while *UNKING* for purposes of *UNK* or profit is prohibited . STOP 
A survey contained in the *UNK-* report , `` *CUNK* and Home *CUNKING* : Technology *CUNKS* the Law , '' found that most people consider home *UNKING* for such personal use a `` right '' -- a right , *UNKER* , that was exercised by 40 % of Americans over the age of 10 in the past year . STOP 
The study says that the `` *OUS* legal status '' of home *UNKING* makes it `` appropriate to examine the effects on consumers , as well as on industry . '' STOP 
Reports by the Office of Technology *CUNK* do n't *UNK* any specific legislative action but suggest a range of options that Congress may pursue . STOP 
The study also says that *UNK* of new communications technologies makes `` an *UNK* congressional definition of the legal status of home *UNKING* more desirable in order to reduce legal and market uncertainties and to prevent de *UNK* changes to copyright law through technology , '' and says that finding an `` appropriate balance of *UNKS* and benefits is a political decision , not a technical one . STOP 
Switzerland 's most famous raider says he is n't one . STOP 
*CUNKER* K. Rey believes *UNKS* are made by being friendly . STOP 
And in little more than a decade of being friendly -- and at the same time *UNKING* the *UNK* Swiss business community with some *CUNK-* *UNKING* and dealing -- the *UNK-* Mr. Rey has grown from a modest banker to a *UNK* . STOP 
He achieved this in part with an *UNUNK* talent for getting his foot *UNKLY* in the door of established European companies . STOP 
His latest coup : September 's *UNKING* of the five billion *CUNK-* -LRB- $ *UNKN* billion -RRB- merger between *CUNK* S.A. , the world 's second-largest temporary employment agency , and *CUNK* International S.A. , a *CUNKED* *UNKION* company . STOP 
Shareholders must approve the merger at general meetings of the two companies in late November . STOP 
But approval is almost certain since Mr. Rey and a friendly *CUNK* management are in control . STOP 
After the transaction , Mr. Rey estimates the value of his 20 % stake in the new company , to be held by his *CUNK* Holding AG , will be about 1 billion Swiss francs . STOP 
This will be his return on an original investment of between 50 million Swiss francs and 80 million Swiss francs . STOP 
Mr. Rey bought a controlling stake in *CUNK* for 18 million Swiss francs in 1982 , building up the *UNK-* engineering company with European and U.S. acquisitions . STOP 
`` I like to succeed , '' says Mr. Rey during a recent morning of working at home , which he also likes . STOP 
Home is an estate with green *UNKS* opening onto Lake Geneva and a *UNK-* house whose rooms *UNK* the water and offer a view of the French *CUNKS* . STOP 
In the corner of his *UNKION* room is a *UNK* *UNK* desk *UNKED* high with *UNKS* . STOP 
There is a small *CUNK* on the wall . STOP 
*CUNKED* magazine *CUNK* lists Mr. Rey as having a *UNK* of about 1.5 billion Swiss francs . STOP 
*CUNKS* *CUNK* : `` No one in Switzerland ever came so far so fast ... STOP 
He was simply the first in this country to realize that *UNKS* were just *UNKING* around waiting to be picked up . STOP 
In short : Rey found companies with weak earnings but rich assets . '' STOP 
However , the Swiss financial press in general , as well as many analysts , have had a hard time making up their minds about Mr. Rey and his *UNKS* ways . STOP 
For Switzerland 's most *OUS* newspaper , *CUNK* *CUNKER* *CUNK* , Mr. Rey seems *UNKED* to remain the `` former Bally raider , '' an image that has proved hard to overcome . STOP 
In 1976 , as an *UNK* in the eyes of Switzerland 's establishment , Mr. Rey laid the *UNKS* of his *UNK-* *UNK* with an *UNUNK* *UNK* on Bally , the country 's traditional *UNKER* . STOP 
*CUNKING* *UNK* a banker at a *UNK* in London , where he was working as a financial consultant , he learned that a large *UNK* of Bally 's shares was up for sale . STOP 
Looking into Bally , he could hardly believe what he saw : a company with enormous real-estate holdings in major European cities and a market capitalization of 28 million Swiss francs ; it had *UNKN* employees . STOP 
*CUNKING* four million Swiss francs earned from his financial transactions and two million Swiss francs from his parents and his wife , Mr. Rey acquired 20 % of Bally 's shares . STOP 
But such tactics were *UNK* to Switzerland in 1976 , and still are n't common because of share restrictions that companies are allowed to maintain . STOP 
Eventually , Mr. Rey was forced to sell his Bally shares to the weapons maker *CUNK-* Holding AG as establishment pressure grew on this hostile move into the Swiss old *UNKS* ' network . STOP 
Mr. Rey made 50 million Swiss francs on the sale . STOP 
`` Bally was not an *UNKLY* takeover , '' he insists . STOP 
Buying from willing shareholders makes an *UNKLY* takeover impossible , Mr. Rey contends . STOP 
`` I bought from willing shareholders . '' STOP 
Nevertheless , Mr. Rey has been very careful since then to make sure his moves are welcome . STOP 
And he has worked to shed his raider image . STOP 
In 1979 , his career as an *UNK* began with the acquisition of the Swiss metals works *CUNK* , based in *CUNK* . STOP 
With the *OUS* metals business *UNKED* in Switzerland by tough foreign competition and high domestic costs , this looked like a *UNK* *UNKING* . STOP 
But Mr. Rey brought about a merger in the next few years between the country 's major producers ; the increased efficiency has *UNKED* up the industry . STOP 
Three years later , machinery producer *CUNKS* de *CUNKS* *CUNKS* de *CUNK* S.A. was to become part of the Rey empire . STOP 
Once again the company 's future looked less than *UNK* . STOP 
But after restructuring under new management , the profits began rolling in . STOP 
A major boost to Mr. Rey 's *UNK* among the Swiss came in 1986 when he sold 60 % of his *CUNK* Bank to the conservative Swiss *UNKAL* banks . STOP 
They *UNKED* it Swiss *CUNK* and are using it to expand abroad . STOP 
In 1987 , Mr. Rey *UNKED* leading publishing houses to take over Switzerland 's *CUNK* *CUNK* AG , a major producer of magazines and newspapers . STOP 
And with the recent acquisition of 30 % of *CUNKED* machinery manufacturer *CUNKER* *CUNKER* AG , Mr. Rey has enjoyed the status of white knight . STOP 
*CUNKER* preferred him to financier *CUNK* *CUNK* , whose *UNK* *UNK* on the company 's stock had led to a bitter battle . STOP 
Meanwhile , as such strategic investments have mounted , the *UNKING* arm of Mr. Rey 's *CUNK* Holding has been *UNKLY* buying and selling dozens of companies , often after a financial or corporate restructuring . STOP 
Today , this branch of Mr. Rey 's empire runs under the name *CUNK* *CUNKING* Services and *UNKS* mergers and acquisitions , placement of securities and real estate . STOP 
In its portfolio are such *UNK* companies as United *CUNKED* Air Europe ; *CUNK* Inc. , a U.S. company that makes supermarket *UNK* machines ; *CUNK* Industries , a U.S. manufacturer of securities systems ; *CUNK* Systems Inc. , a U.S. regional telephone company ; and major real-estate projects in the U.S. and Europe . STOP 
For financial analysts , reading *CUNK* 's accounts is a tough challenge . STOP 
`` Companies move in and out , '' says *CUNK* *CUNK* of *CUNK* Swiss Investment . STOP 
Financial analysts note that Mr. Rey is attracted to companies that are *UNKED* on the basis of their real-estate interests . STOP 
In August , *CUNK* unexpectedly bought *CUNK* 's 80 % stake in *CUNKER* AG of West Germany , a *UNK-* company . STOP 
The internal transaction within the Rey empire *UNKED* *CUNKER* 's small shareholders , but analysts say it makes sense for *CUNK-* to focus on its main businesses of product *UNKION* and temporary help . STOP 
Mr. Rey says the move is yet another example of his *UNK* . STOP 
He explains that companies with real estate give `` security . '' STOP 
The real estate can be used , he points out , as guarantees for bank loans for corporate development . STOP 
He says he wants to `` influence '' but not `` manage '' companies . STOP 
`` I do n't want to be like -LCB- financier Alan -RCB- Bond and the other *CUNKS* . STOP 
I do n't want companies to be built around me as a person . STOP 
I want them to stand alone . STOP 
*CUNK* Corp. signed a letter of intent to market Hewlett-Packard Co. *UNKS* , the companies said . STOP 
*CUNK* expects the 3 *UNK-* agreement to generate $ 100 million in sales , but it would n't estimate profit . STOP 
Under terms of the pact , *CUNK* , a *UNKS* concern , will market the full line of *CUNK* *UNKN* series 800 *UNKER* *UNKS* . STOP 
Hewlett-Packard is based in Palo Alto , Calif . STOP 
In the second step of a reorganization that began earlier this year , Boeing Co. said it will create a Defense and Space Group to consolidate several divisions . STOP 
Meanwhile , Boeing officials and representatives of the Machinists union met separately last night with a federal mediator in an attempt to break the *UNK-* strike that has shut the aerospace giant 's assembly lines at a time when it has an $ 80 billion backlog of *UNKER* orders . STOP 
The two sides were scheduled to meet with the mediator this morning . STOP 
Machinists already have rejected a package that would provide a 10 % pay raise plus bonuses over the three-year life of the contract . STOP 
Boeing has said repeatedly it wo n't expand its offer and the machinists have responded that the offer is n't good enough . STOP 
However , the resolve of some of the striking *UNKN* machinists might be weakening . STOP 
About 1,000 *UNKS* signed *UNKS* last week calling for Boeing and Machinists representatives to schedule new meetings . STOP 
The two sides had n't met since Oct. 18 . STOP 
While Boeing 's commercial business is booming , its military business is feeling the effects of a declining defense budget after a strong *UNK* during the Reagan presidency . STOP 
In May , the company consolidated its Aerospace and Electronics groups ; the new Defense and Space Group will contain the Aerospace and Electronics division and Advanced Systems , both based in the Seattle area ; Boeing *CUNKS* in Philadelphia ; Boeing *CUNK* *CUNKS* in *CUNK* , *CUNK* , and *CUNKS* in Sunnyvale , Calif . STOP 
B. Dan *CUNK* , president of Boeing Aerospace and Electronics , will become president of the new group , which will become operational Jan. 2 . STOP 
In addition , Boeing said it also will *UNK* all its work in *CUNK* into military and commercial divisions . STOP 
All of the changes will reduce its overhead and *UNK* operations , Boeing said . STOP 
Analysts agreed . STOP 
`` It 's a further step to better returns in the *UNKING* defense business , '' said Steven *CUNKER* , an analyst with Bear , Stearns & Co. in New York . STOP 
`` They had to do it . '' STOP 
Howard *CUNK* , an analyst with *CUNK* Lawrence , Morgan Grenfell Inc. in New York , said the shift reflects Boeing confidence in Mr. *CUNK* , described by Mr. *CUNK* as an expert on doing business with the military . STOP 
`` His side of the business has been successful in a tough environment , '' Mr. *CUNK* said . STOP 
A two-day meeting of representatives of *CUNK* , the *UNKION* group that oversees exports of sensitive goods to communist countries , did n't take any *UNK* decisions on *UNKING* the list of items under controls . STOP 
Nor did it ease restrictions on exports to Poland and Hungary , according to U.S. officials who attended the talks . STOP 
The U.S. had been under pressure from several *CUNK* members , especially France , West Germany and Italy , to ease restrictions on some types of machine tools , which those countries argued were now widely available to East *CUNK* countries from *UNK-* members . STOP 
For several years some European countries have complained that *UNKED* *CUNK* lists and restrictions served more to *UNKER* their trade than to add to Western security . STOP 
Some countries also have been pressing for special treatment for Hungary and Poland as they move toward more democratic rule , just as special treatment had been agreed on for China . STOP 
But U.S. officials said representatives at the meeting decided that this was `` a matter for further discussion at future meetings . '' STOP 
They added that `` all of us -LRB- *CUNK* members -RRB- look at the changes in Hungary and Poland in a positive way , but a question of this *UNK* *UNKS* further discussion and study . '' STOP 
The officials also said the meeting agreed to continue *UNKING* China as a special case , despite the recent *UNKION* of *UNK* there , but to offer no further concessions . STOP 
The U.S. officials said that despite the rapid changes under way in Eastern Europe and the Soviet Union , all the *CUNK* members agreed on `` the continuing need for this organization , '' which was founded 40 years ago at the start of the *CUNK* War . STOP 
The officials said the meeting agreed to continue working toward `` streamlining '' *CUNK* 's restricted products list , and to improve procedures for *UNKING* companies that do n't comply with the export restrictions . STOP 
The officials said this meeting `` put in motion '' procedural steps that would speed up both of these functions , but that no specific decisions were taken on either matter . STOP 
Unisys Corp. 's announcement Friday of a $ *UNKN* million loss for the third quarter showed that the company is moving even faster than expected to take *UNKS* on its various problems and prepare for a turnaround next year . STOP 
At the same time , the *UNKER* size of the loss , *UNKED* with a slowing of orders , made some securities analysts wonder just how strong that turnaround will be at the computer maker and *UNKS* concern . STOP 
`` Unisys is getting *UNKED* . STOP 
Just *UNKED* , '' said *CUNK* *CUNK* , an analyst at *CUNK* & Associates who had once been high on the company . STOP 
`` The quarter was terrible , and the future looks anything but encouraging . '' STOP 
Unisys , whose revenue *UNKED* up 3.7 % in the quarter to $ *UNKN* billion from $ *UNKN* billion in the year-earlier quarter , had an operating loss of about $ 30 million . STOP 
On top of that , the *CUNK* Bell , Pa. , concern took a $ 230 million charge related to the *UNKS* of 8,000 employees . STOP 
That is at the high end of the range of *UNKN* to 8,000 employees that Unisys said a month ago would be laid off . STOP 
Unisys said that should help it save $ 500 million a year in costs , again at the high end of the previously reported range of $ 400 million to $ 500 million . STOP 
The company also took a *UNK-* of $ 150 million to cover losses on some *UNK-* defense contracts , as some new managers took a hard look at the prospects for that *UNKING* business . STOP 
In addition , Unisys set up an unspecified reserve -- apparently $ 60 million to $ 70 million -- to cover the minimum amount it will have to pay the government because of its involvement in the *UNK-* scandal . STOP 
Unisys also noted that it paid $ *UNKN* million in taxes during the quarter , even though tax payments normally would be minimal in a quarter that produced such a big loss . STOP 
The tax payments will leave Unisys with $ 225 million in loss *UNKS* that will cut tax payments in future quarters . STOP 
In addition , Unisys said it reduced computer inventories a further $ 100 million during the quarter , leaving it within $ 100 million of its goal of a reduction of $ 500 million by the end of the year . STOP 
Still , Unisys said its European business was weak during the quarter , a *UNK* sign given that the company has *UNKED* on solid results overseas to overcome weakness in the U.S. over the past several quarters . STOP 
The company also reported slower growth in another important business : systems that use the *CUNK* operating system . STOP 
That would be a huge problem if it were to continue , because Unisys is betting its business on the assumption that customers want to move away from using operating systems that run on only one manufacturer 's equipment and toward systems -- mainly *CUNK* -- that work on almost anyone 's machines . STOP 
In addition , Unisys must deal with its increasingly *UNK* debt load . STOP 
*CUNK* has risen to around $ 4 billion , or about 50 % of total capitalization . STOP 
That means Unisys must pay about $ 100 million in interest every quarter , on top of $ 27 million in dividends on preferred stock . STOP 
Jim *CUNK* , Unisys 's president , said he is *UNKING* next year with caution . STOP 
He said the strength of the world-wide economy is suspect , and does n't see much revenue growth in the cards . STOP 
He also said that the price wars *UNKING* up in parts of the computer industry will continue through next year . STOP 
He said the move toward standard operating systems means customers are n't locked into buying from their traditional computer supplier and can force prices down . STOP 
That , he said , is why Unisys is *UNKING* its whole business : It needs to prepare for a world in which profit margins will be lower than computer companies have been used to . STOP 
`` We 've approached this not as a response to a temporary condition in the industry but as a fundamental change the industry is going through , '' Mr. *CUNK* said . STOP 
`` The *UNKS* industry is still going to be a *UNK-* business , and we 're confident that we have tremendous assets as a company . STOP 
But we do n't *UNK* the challenges of the near term . '' STOP 
Securities analysts were even more cautious , having been *UNKED* repeatedly on Unisys this year . STOP 
Some had predicted earnings of more than $ 4 a share for this year , up from last year 's fully diluted $ *UNKN* a share on earnings of $ *UNKN* million . STOP 
But the company said Friday that it had losses of $ *UNKN* million through the first nine months , compared with earnings a year earlier of $ *UNKN* million , or $ *UNKN* a share fully diluted , as revenue *UNKED* up 1.4 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
And Unisys is expected to do little better than break even in the fourth quarter . STOP 
So Steve *CUNK* at First Boston said he is cutting his earnings estimate for next year to $ 2 a share from $ 3 . STOP 
`` I was feeling like I was too high to begin with , '' he said . STOP 
Mr. *CUNK* of *CUNK* & Associates said he will remain at $ 1 a share for next year but said he *UNKS* whether even that low target is at risk . STOP 
`` The *UNK-* point for next year is much lower , but is it low enough ? '' he asked . STOP 
*CUNKING* the concern , Unisys stock fell a further 75 cents to $ *UNKN* in composite trading Friday on the New York Stock Exchange . STOP 
If a TV *UNK* gets *UNKS* facing the camera again after a *UNK* forecast , Donald H. Straszheim surely *UNKS* . STOP 
The chief economist of Merrill Lynch & Co. finds himself in such a position as he *UNKS* the Midwest on his first road trip since *UNKING* on a major *UNKION* . STOP 
Mr. Straszheim expects he will take some heat , and he 's right . STOP 
Since the last time he *UNKED* this way several months ago , he has *UNKED* a series of bold forecasts of a recession . STOP 
In February 1988 , for example , Merrill Lynch 's weekly *UNK* announced that `` the economy is likely to fall into recession in early 1989 . '' STOP 
The forecasts were widely *UNKED* , and , in a *UNK* ad campaign launched in the summer of 1988 , Merrill Lynch urged investors to buy bonds . STOP 
It said long-term interest rates , then above 9 % , could drop to 7 % by the end of 1989 , so bonds , which benefit from falling rates , would be a good buy . STOP 
The firm also raised the percentage of bonds in its model portfolio from 40 % to 45 % and later to 55 % . STOP 
But this September -- just when many market economists , including some at Merrill Lynch , believed that Mr. Straszheim was about to be proved right -- he took a *UNK* if not a *CUNK-* . STOP 
He *UNKED* the talk about a recession . STOP 
Now , in fact , he is predicting economic growth of 2.9 % this year and 2.1 % next year , a more optimistic outlook than the consensus of some four dozen top *UNKS* surveyed by *CUNK* *CUNK* Economic *CUNKS* newsletter . STOP 
And , just recently , Merrill Lynch cut the recommended *UNKS* back to 50 % . STOP 
While such changes might sound minor , they are n't : Merrill Lynch manages or oversees some $ 300 billion in retail accounts that include everything from mutual funds to individual *UNKS* . STOP 
Two well-known colleagues who believe Mr. Straszheim was right the first time are David *CUNK* Jr. and A. Gary *CUNKING* , both of whom run their own New York research firms . STOP 
Mr. *CUNK* said in August that his *UNK* index signaled recession . STOP 
Mr. *CUNKING* , who was Merrill Lynch 's chief economist from *UNKN* to 1971 , has *UNKED* a recession for months . STOP 
`` My own personal opinion is that Don threw in the *UNK* just about the time he should have doubled his bet , '' he says . STOP 
Now a *UNK* stock market and weak corporate profits may further *UNK* the economy . STOP 
And Mr. Straszheim conceded after a recent drop in manufacturing jobs that `` it may prove to be the case that we got *UNKED* -- that we pulled the recession forecast at just the wrong time . '' STOP 
He adds , `` That 's the forecasting business . '' STOP 
However risky the business , it 's brisk these days . STOP 
*CUNKED* by *UNKS* , brokers , clients and media people and pushed by their own *UNKS* , Wall Street economists are forecasting about everything from broad economic trends to the *UNKEST* monthly indicator . STOP 
But the surprisingly durable *UNK-* economic expansion has made *UNK* of more than one forecast . STOP 
This is n't the quiet economic science *UNKED* in the universities . STOP 
This is the commercial version . STOP 
*CUNKING* the new message on the road , Mr. Straszheim *UNKS* confrontation that often occurs in *UNK* proportion to the size of the client . STOP 
No sophisticated professional expects economists to be right all the time . STOP 
Some smaller clients do n't seem to notice his switch . STOP 
But with some clients , the talk can heat up a bit . STOP 
Dennis *CUNK* , the treasurer of Commonwealth Edison Co. in Chicago , *UNKS* a *UNK* approach , waiting for an opportunity to ask about the forecast . STOP 
A good half-hour into *UNK* at the *CUNKER* House , Mr. *CUNK* looks up from his plate after Mr. Straszheim says something about people who believe interest rates are about to *UNK* . STOP 
`` I 'm one of them who hope they will , with $ 6 billion in debt on the books . STOP 
Is that the forecast ? '' Mr. *CUNK* asks , trying to *UNK* down the economist . STOP 
He does n't fully succeed , although Mr. Straszheim lists an array of interest-rate *UNKS* . STOP 
In a *UNKLY* conference room at Alliance Capital Management in Minneapolis , in contrast , the firm 's money managers seem ready to *UNK* Mr. Straszheim to the wall . STOP 
Alfred *CUNK* , the manager , *UNKS* Mr. Straszheim 's *UNK* back at him : `` Do we want to go through this ? STOP 
Or can we ask you why you changed your forecast just when it 's about to be right ? '' STOP 
*CUNKING* in his chair , Mr. Straszheim *UNKS* that the new outlook , though still weak , does n't justify calling a recession right now . `` STOP 
It 's all in this *UNK* you do n't want to look at . STOP 
We could still have a recession '' at some point . STOP 
One of Mr. Straszheim 's *UNKING* *UNKS* is that the state of the economy is n't a simple black or white . STOP 
Sometimes , like now , it 's gray . STOP 
This *OUS* assessment moves one Alliance portfolio manager to ask : `` So , what is this -- a *CUNK* recession ? '' STOP 
Another challenges Merrill Lynch 's bond recommendation last year . STOP 
`` We 're not running that ad campaign any more , '' Mr. Straszheim *UNKS* in a rare show of *UNKION* . STOP 
He adds , `` I think it was a fairly decent call . '' STOP 
*CUNKING* his change of mind , Mr. Straszheim says later , `` It 's hard to *UNK* this on one factor . '' STOP 
He says the economy , and especially the employment numbers , look much better than he expected ; interest rates have generally declined ; inflation has n't run *UNK* . STOP 
`` Our business is constantly looking at all these things , '' he says . STOP 
His new forecast calls for `` a soft landing . '' STOP 
And it may be right , *UNKING* from last week 's report that inflation-adjusted gross national product rose at a 2.5 % annual rate in the third quarter . STOP 
Mr. *CUNKING* *UNKS* Mr. Straszheim 's problems . STOP 
`` There 's *UNUNK* pressure on economists to forecast these numbers , '' he says . `` STOP 
You make a forecast , and then you become its *UNKER* . '' STOP 
It is indeed hard to back away from a widely *UNKED* forecast , and Mr. Straszheim is *UNKING* with the *UNKS* on this trip . STOP 
His approach to the *UNKION* is direct but *UNK-* . STOP 
`` For some time , we had forecast negative third - and fourth-quarter growth . STOP 
We pulled that forecast , '' he begins *UNKLY* in a meeting with *CUNKER* , *CUNK* & *CUNK* Inc. officials in Minneapolis , the first stop . STOP 
Crane Co. said it holds an 8.9 % stake in Milton Roy Corp. , an *UNKS* maker , and may seek control of the company . STOP 
Crane , a maker of engineered products for aerospace , construction , defense and other uses , made the disclosure in a Securities and Exchange Commission filing . STOP 
In the filing , Crane said that in the past it considered seeking control of Milton Roy , of St. *CUNK* , Fla. , through a merger or tender offer and that it expects to continue to evaluate an acquisition from time to time . STOP 
Crane officials did n't return phone calls seeking comment . STOP 
Crane holds *UNKN* Milton Roy shares , including *UNKN* bought from Sept. 14 to Thursday for $ *UNKN* to $ *UNKN* each . STOP 
In New York Stock Exchange composite trading Friday , Milton Roy shares *UNKED* $ 2 , to $ *UNKN* each , while Crane sank $ 1.125 , to $ *UNKN* a share . STOP 
John M. *CUNK* , chief financial officer of Milton Roy , said the company has no comment on Crane 's filing . STOP 
Milton Roy recently *UNKED* off *UNKED* *UNKS* from *CUNK* *CUNK* Corp. , a *CUNK* , Mass. , maker of *UNKAL* products . STOP 
Milton Roy disclosed in May that it was approached for a possible acquisition by *CUNK* *CUNK* , which agreed to purchase Milton Roy 's *UNK-* line for $ 22 million in February . STOP 
*CUNK* *CUNK* acquired some 6 % of Milton Roy 's common stock before throwing in the *UNK* and reducing its stake in early September . STOP 
*CUNK* Group began raising its Milton Roy stake in July , and holds *UNKN* % , according to a recent SEC filing . STOP 
It has n't made merger *UNKS* to the board . STOP 
Earlier this month , Milton Roy signed a letter of intent to acquire *CUNKED* *CUNK* Systems Inc. , Orange , Calif. , and its sister operation , Environmental *CUNKING* Co. , in *CUNK* , *CUNK* . STOP 
The companies are *UNKING* concerns . STOP 
Under the terms , Milton Roy will pay an initial $ 4 million for the operations and additional payments during the next four years based on the earnings performance of the businesses . STOP 
In the nine months , Milton Roy earned $ 6.6 million , or $ *UNKN* a share , on sales of $ *UNKN* million . STOP 
Last week the British *UNKED* unusual political *UNK* . STOP 
The Chancellor of the Exchequer , Nigel Lawson , resigned because Prime Minister Thatcher would not fire her *UNKED* adviser Sir Alan *CUNKS* . STOP 
The opposition Labor Party leader , *CUNK* *CUNK* , in a display of the male *UNK* typical of the British lower class , *UNKED* Mrs. Thatcher for having an independent mind and *UNKING* to *UNKED* the men in her *CUNK* . STOP 
The British press , making a mountain out of a *UNK* , *UNKED* an unnecessary economic crisis by *UNKING* Mrs. Thatcher as an *UNK* who had thrown economic policy into confusion by driving a *UNKED* figure from her government . STOP 
*CUNK* the silly *UNKING* lies a real dispute . STOP 
Mr. Lawson and his *CUNKED* colleagues want the British pound formally tied to the West German mark . STOP 
Sir Alan considers this an *UNKED* and costly policy . STOP 
As there is an effort to `` *UNK* the dollar '' either to gold or other currencies , the dispute is worth *UNKING* . STOP 
Until his resignation , Mr. Lawson had been conducting British monetary policy as if the pound were tied to the mark . STOP 
When Mrs. Thatcher cut the top tax rate to 40 % , Mr. Lawson *UNKED* the country with money to prevent the pound from rising against the mark . STOP 
As a result , he *UNKED* the inflation that Mrs. Thatcher , through a long and costly effort , had *UNKED* . STOP 
With inflation *UNKING* , the pound began falling against the mark . STOP 
To keep the exchange rate *UNKED* , Mr. Lawson *UNKED* monetary policy and pushed interest rates up to 15 % . STOP 
This doubled the mortgage interest rates of the many new homeowners that Mrs. Thatcher 's policies had created , producing widespread *UNKION* and pushing Labor ahead in the polls . STOP 
Instead of *UNKING* his mistake in letting the exchange rate *UNK* both British economic policy and Mrs. Thatcher 's political *UNK* , Mr. Lawson pushed for *UNKING* the pound formally to the mark by entering the European Monetary System , which *UNKS* all member currencies to German monetary policy . STOP 
This put Mrs. Thatcher in a *UNK* . STOP 
The concept of European integration is one of those grand *UNKS* that appeal to *UNKS* , the media and the *UNKION* , but are full of practical *UNKS* . STOP 
If the pound had been tied to the mark , the British would have been unable to cut their *UNK* tax rates . STOP 
The reason is simple . STOP 
When a country cuts tax rates , it makes itself more attractive to investors and drives up the value of its currency . STOP 
It was fear of *UNKING* *CUNK* exchange-rate relationships that caused the *CUNK* government in France to be *UNK* about cutting tax rates . STOP 
*CUNK* *CUNK* , the finance minister at the time , was sold on the *UNK-* policy but was concerned that his government would be criticized as *UNK-* for *UNKING* the linked European currency relationship . STOP 
The price of attracting capital -- whether one 's own or that of foreigners -- is a trade deficit . STOP 
To avoid this deficit Mr. Lawson *UNKED* the pound in order to prevent its rise . STOP 
This *UNKED* policy could not prevent a British trade deficit . STOP 
*CUNKLY* , Mr. Lawson *UNKED* Mrs. Thatcher with a record trade deficit , renewed inflation and high interest rates -- three political failures in a row . STOP 
Little wonder that Mrs. Thatcher 's opponents were so anxious to keep Mr. Lawson in office . STOP 
It is extraordinary that the British Treasury thought it could prevent a trade deficit by *UNKING* the pound . STOP 
The British *UNKS* statistics show that after the top tax rate was cut to 40 % , the flow abroad of British capital slowed , to 50 billion pounds -LRB- $ 79 billion at the current rate -RRB- in 1988 from 93 billion pounds in 1986 . STOP 
This change in the British capital account required an offsetting change in the trade account , a change that could not be prevented by *UNKING* the currency . STOP 
Nigel Lawson was a victim of the *UNK* confusion in thought that has been *UNK* of Western financial circles during the 1980s . STOP 
The most important governments have ignored the role of low tax rates in attracting real capital investment , instead *UNKING* financial flows in response to high interest rates . STOP 
This has led them in a *UNKS* and *UNK* policy circle . STOP 
First comes monetary expansion to drive down the currency 's value that was pushed up by *UNK-* reduction . STOP 
Then , when the currency falls , interest rates are raised to attract financial flows in order to stabilize the exchange rate . STOP 
This policy is totally *UNKS* , and Sir Alan is correct to point out its *UNKS* . STOP 
Britain and all of Europe need to *UNKER* the prospects for European integration in light of the possible reunification and *UNKION* of Germany . STOP 
A *UNKED* Germany that remained within the Western alliance would give Germany such an *UNKING* position that all other members of a *UNKED* Europe would become *UNKS* of the German state . STOP 
Unless the Soviet Union *UNKS* , German reunification is likely to require Germany 's *UNKION* . STOP 
The implications for Britain , France and the rest of Europe of having their currencies tied to the economic policy of a *UNKAL* country need considering before we judge Mr. Lawson 's resignation to be *UNUNK* . STOP 
In the least , we must recognize the *UNK* of trying to use exchange-rate intervention to offset the effects of *UNK-* reduction on capital flows . STOP 
Mr. Roberts was assistant Treasury secretary under President Reagan . STOP 
Joseph P. *CUNK* , 52 years old , becomes president , chief executive officer and a director of the bank company . STOP 
Mr. *CUNK* , formerly president and chief executive of *CUNK* National Bank in *CUNK* , N.Y. , succeeds Donald *CUNK* , who died at 52 in an automobile accident . STOP 
Personal spending , which fueled the economy 's growth in the third quarter , was clearly slowing by the end of the period , raising questions about the economy 's strength as the year ends . STOP 
Personal spending grew 0.2 % in September to a $ *UNKN* trillion annual rate , the Commerce Department said . STOP 
It was the *UNKEST* monthly increase in a year . STOP 
At the same time , personal income was held down by the effects of Hurricane Hugo , which *UNK* through parts of North and South Carolina in late September . STOP 
The department said personal income rose 0.3 % in September to a $ *UNKN* trillion rate but would have climbed *UNKN* % had it not been for the storm . STOP 
Among the economic effects of the hurricane was a sharp drop in rental income . STOP 
The figures came a day after the government released a report showing that consumer spending *UNKED* U.S. economic expansion in the third quarter while -- on an inflation-adjusted basis -- business investment slowed , government spending declined , and exports were flat . STOP 
But the new statistics show that by September , the *UNK* in spending seemed to be *UNKING* off . STOP 
Many economists expect the weakness to continue . STOP 
`` I think the consumer has pretty well played himself out , '' said David *CUNK* , senior economist at Manufacturers National Bank of Detroit . STOP 
`` I do n't think there 's a lot in the *UNKS* '' in other sectors of the economy to keep growth above 1 % , he said . STOP 
In the third quarter , the economy grew at a moderate 2.5 % annual rate . STOP 
In August , personal income rose 0.3 % and spending grew 0.9 % . STOP 
Analysts have attributed much of the summer 's *UNK* in spending to bargain car prices at the end of the model year . STOP 
Car sales *UNKED* in September after the 1990 models were introduced . STOP 
According to the Commerce Department report , spending on durable goods -- items expected to last at least three years , including cars -- declined by $ 6.2 billion . STOP 
The nation 's savings rate was unchanged in September at 4.9 % of after-tax income , far below the 5.6 % it reached in July . STOP 
All the figures are adjusted for seasonal variations . STOP 
Here is the Commerce Department 's latest report on personal income . STOP 
The figures are at seasonally adjusted annual rates in *UNKS* of dollars . STOP 
*CUNK* Ltd. said it agreed to sell a 40 % stake in its *CUNK* coal mine in the state of New South *CUNKS* to Mitsubishi Development *CUNK* of Japan . STOP 
The price was n't disclosed . STOP 
The agreement is subject to government approval . STOP 
*CUNK* acquired the *CUNK* coal mine Oct. 20 when it bought British Petroleum Co. 's Australian coal interests for $ *UNKN* million . STOP 
*CUNK* said then that it was looking for a partner for the mine , which produces more than three million metric tons of coal a year . STOP 
*CUNK* is *UNKED* by *CUNK* Corp. of Britain . STOP 
Control Data Corp. , which just months ago was *UNKING* financially , thinks it will be healthy enough soon to consider *UNKING* public debt . STOP 
Moreover , the company , whose *UNK-* approach nearly proved *UNKAL* , now sees alliances with others as the way back to *UNK* in what it calls `` the data solutions '' business . STOP 
`` I 'm not saying everything is *UNK-* , but we have completed the transition , '' Robert M. Price , chairman and chief executive , said in an interview . STOP 
`` *CUNKION* '' is a *UNK* to the company 's five-year restructuring effort . STOP 
During that time , Control Data had losses of more than $ 1 billion . STOP 
Now , following asset sales that *UNK* revenue by more than one-third this year alone , Control Data is *UNK* with cash . STOP 
So its senior executives are talking openly about possibly buying back some of the company 's $ *UNKN* million in subordinated convertible debentures next year . STOP 
`` We 'd like to continue to reduce debt , '' President Lawrence *CUNK* said . STOP 
*CUNKING* that the company is offering to buy back $ *UNKN* million in senior notes paying 12 3\/4 % , he said the response will help determine future *UNKION* efforts . STOP 
The offer was automatically triggered by the recent sale of Control Data 's *CUNKS* *UNK-* business to *CUNK* Technology Inc . STOP 
Mr. *CUNK* , who is also acting chief financial officer and the *UNK-* favorite to become the next chief executive , said the company is *UNKING* `` modest positive cash flow from operations , and we expect that to continue into 1990 . '' STOP 
He said the company has no intention of *UNKING* its short-term bank lines `` for a good part of 1990 . '' STOP 
*CUNK* next year , Control Data will `` develop a new bank relationship , '' Mr. *CUNK* said . STOP 
In recent months a group of lenders , led by Bank of America , has extended Control Data up to $ 90 million in *UNKING* loans through January , as well as $ 115 million in *UNK* letters of credit . STOP 
Loan *UNKS* require that the company achieve specified levels of operating earnings and meet a rolling *UNKER* profitability test . STOP 
Last week Control Data reported third-quarter earnings of $ *UNKN* million , or 23 cents a share , on revenue of $ *UNKN* million . STOP 
Through the first nine months , the company had a loss of $ *UNKN* million , largely reflecting the closing of its supercomputer unit . STOP 
While a few assets are still being *UNKED* -- including the sports and entertainment *UNKING* portion of the company 's *CUNK* unit -- Mr. Price said future restructuring would be a question of strategy . STOP 
`` We do n't need the cash . '' STOP 
*CUNK* 's *UNKED* *UNKING* business , which operates *UNKS* in a half dozen states , is not for sale , the company said . STOP 
Rather , Mr. *CUNK* said , Control Data intends to bid for the coming Minnesota *UNK* contract and is seeking new applications for the technology overseas , where `` there is great interest in games of *UNK* . '' STOP 
He would n't elaborate . STOP 
Control Data 's semiconductor business , *CUNK* Inc. , continues to lose money , the executives acknowledged , but they said they consider some of the technology *UNKAL* to national defense and so are reluctant to *UNK* of it . STOP 
The company 's strategy for keeping its computer products business profitable -- it recently achieved profitability after several quarters of losses -- calls for a narrow focus and a *UNK* on expenses . STOP 
*CUNKLY* , costs will be held down through strategic technology alliances , management said . STOP 
Control Data recently announced an agreement with *CUNK* Computer Systems Inc. to jointly develop machines with *UNKED* operating software . STOP 
James E. *CUNK* , computer products group president , said such arrangements could help slash Control Data 's computer research and development costs in half by the end of 1990 . STOP 
He disclosed that before Control Data *UNKED* its *CUNK* Systems Inc. supercomputer business this past spring , those costs were running at nearly 35 % of group revenue . STOP 
At the same time four of six design projects were *UNKED* , he said . STOP 
Asked how the company hopes to expand its computer hardware business , Mr. *CUNK* said it sees good opportunities in systems integration . STOP 
`` We think we 're getting only 10 % of the integration dollars our customers are spending , '' he said . STOP 
`` We 're in *UNKS* that are going to spend a lot of money on that . '' STOP 
Control Data mainframes are designed for *UNKLY* *UNK* computing users , such as the scientific , engineering and academic communities . STOP 
Utilities management is a major commercial niche . STOP 
*CUNKING* the company 's *UNK* with disaster , Mr. Price conceded it had tried to do too much on its own . STOP 
`` *CUNKLY* , '' he said . STOP 
But while its stock is selling at about half Control Data 's estimated breakup value , neither Messrs. *CUNK* nor Price said he spends much time considering the possibility of a hostile takeover . STOP 
`` We 've been listed as a candidate for so long it 's not worth *UNKING* about , '' said Mr. Price . STOP 
Well , the *UNK* East Coast media have *UNK* again -LRB- `` *CUNKING* for the Green , '' editorial , Oct. 17 -RRB- . STOP 
Having *UNKED* in the great state of California for the past seven years , I find it hard to ignore our environmental problems when I start my *UNK* to work with eyes *UNKING* and head *UNKING* from the *UNKED* air ; when I try to enjoy the *UNKS* and come home covered with *UNK* and oil ; when I hear of numerous deaths related to irresponsible processing of *UNK* and use of chemicals in fruit growing . STOP 
Perhaps it 's *UNKING* for those like you to discount the concerns of environmentalists , suggesting that their *UNK-* initiatives are `` *UNK* '' and referring to so many citizens as `` *UNK-* activists . '' STOP 
*CUNK* that we do n't hear similar *UNKS* of the East Coast activists who seek to clean up Boston *CUNK* or rid their *UNKS* of medical waste . STOP 
While there are no easy low-cost solutions , simply ignoring our problems will result in their *UNK* increasing and spreading throughout the state , the nation and the world . STOP 
If nothing else , such initiatives as these will provide an *UNKS* to citizens and lawmakers and encourage appropriate *UNK* action . STOP 
Before your next *CUNKING* editorial , *UNK* spend more time out here *UNKING* the situation -- it just may change your view . STOP 
John Barry *CUNK* , Calif . STOP 
I realize you were just looking for something *UNK* to say about California and its environmental movement , but picking Frank Lloyd Wright to say it for you was a bad call . STOP 
Wright 's *UNK* architecture *UNKED* a *UNK* *UNK* to the environment decades before it became fashionable among `` *UNK-* activists . '' STOP 
Indeed , Wright said all his life that the greatest *UNKS* he learned were *UNKED* from the study of nature . STOP 
Obviously , it 's lost on you that about 75 % of the American people these days -LRB- and in fact the president of the United States -RRB- consider themselves environmentalists . STOP 
As for California being a state run by liberal environmental *UNKS* , let 's not forget where Ronald Reagan came from . STOP 
Perhaps Mr. Reagan , who claimed that air pollution is caused by trees , is the man you should be *UNKING* to back up your position that economics is more important than the Earth . STOP 
But it was Frank Lloyd Wright who said , `` Is this not *CUNK-* ? STOP 
The *CUNK* that knows no God but more ? '' STOP 
Robert *CUNK* Santa *CUNK* , Calif . STOP 
Your editorial was *UNK* and *UNKLY* matched by the readers ' comments in letters to the editor , `` *CUNK* : *CUNKING* on the *CUNK* of *CUNKION* . '' STOP 
The *UNK* and *UNK* of John H. *CUNKS* 's comments for the National Resources Defense Council fully *UNKS* your *UNKION* of California 's *CUNKS* in particular as `` *UNK-* activists . '' STOP 
We may all hope that California 's voters will *UNKED* the scientific *UNKS* that their own university 's *UNKED* *CUNK* Tom *CUNKS* provides them and ignore the *UNK* *UNKED* by their `` wealthy Hollywood *UNKS* . '' STOP 
I have a different approach to offer , not only to *CUNKS* , but to all Americans . STOP 
In a free country , the law should restrict citizens as little as is consistent with good *UNKS* and public safety . STOP 
*CUNK-* *UNKS* should have the burden of proving reasonable *UNK* when they urge a *UNKION* for *UNK* into law . STOP 
W. Brown *CUNK* *CUNK* . Warsaw , Va . STOP 
The 170 airlines in the International Air *CUNK* Association last year posted group net profit of $ 2.5 billion on revenue of $ *UNKN* billion . STOP 
According to the association 's annual report , scheduled to be released today in Warsaw , *CUNK* members have n't posted such a strong performance since the late 1970s . STOP 
Revenue last year increased by more than 11 % over 1988 , and net income nearly tripled from restated year-earlier net of $ 900 million . STOP 
The group attributed the strong results to the favorable economic climate , rising demand for air travel and improved average yield -LRB- revenue received per ton of traffic *UNKED* a *UNKER* -RRB- . STOP 
*CUNK* , *CUNK* airlines carried *UNKN* million passengers last year , 2 % more than in 1987 . STOP 
But *UNKS* , the distance *UNK* while carrying people , increased 5.3 % in 1988 . STOP 
The association said that lack of airport and air space capacity is the biggest problem facing the airline industry . STOP 
The *CUNK* has *UNKED* a unit known for *UNKING* *UNKS* , the government newspaper *CUNK* said . STOP 
The newspaper quoted *CUNK* chairman *CUNK* A. *CUNK* as saying the definition of *UNK-* crimes had narrowed , the laws had changed and people no longer have to fear a simple slip of the *UNK* . STOP 
Mr. *CUNK* was quoted as saying that in place of the *OUS* *UNK* *CUNK* a new unit would work `` to *UNK* the *UNKS* of foreign intelligence services to create and use organized *UNK-* groups in our country . '' STOP 
*CUNK* has restricted *UNKS* exports to *UNK* countries because of `` massive buying out of food '' by tourists from Poland , Hungary and the Soviet Union , the *CUNK* *CUNK* daily said . STOP 
*CUNKING* inflation in Poland and Hungary makes *CUNK* food , clothing and shoes relatively cheap for visitors from these countries . STOP 
The paper gave no details of what the restrictions would *UNK* but said the measures were necessary to protect the domestic market . STOP 
West Germany 's biggest union , *CUNK* *CUNK* , said it is ready to back demands for more pay and *UNKER* hours with strikes against the nation 's automotive , steel and engineering industries . STOP 
Its chairman told the union to prepare for the worst in next year 's confrontation with employers over a new three-year wage deal . STOP 
A major goal is to cut the working week to 35 hours from the present 37 . STOP 
Last week came news of *UNK* in Venice over a plan to *UNK* gas fields off the city 's coast . STOP 
Now comes word from a scientist that over the next century Venice will *UNK* nearly three times faster than the present rate because of the `` greenhouse effect . '' STOP 
`` *CUNKAL* warming means higher *UNKS* which will lower Venice by another 23 inches in the next 100 years , '' Giovanni *CUNK* of the the New Venice *CUNK* said . STOP 
The consortium of scientists and companies was set up by Italy to help preserve the *UNKED* city of *UNKS* . STOP 
Venice has *UNK* 10 inches in this century . STOP 
West Germany 's *CUNK* said it will establish a *UNKER* operation with two local partners in the Soviet Union next year . STOP 
*CUNKING* this is a first for a Western company , West Germany 's largest *UNKER* group said the newly established *CUNKED* *CUNK* company is scheduled to begin operations in February 1990 . STOP 
*CUNK* will initially only send the textile and clothing section of the *CUNK* catalog , translated into Russian , to Soviet customers who have access to convertible currency . STOP 
The European Community Commission has imposed provisional *UNKING* duties on imports of South Korean *UNK-* *UNKION* sets . STOP 
*CUNKING* that a surge in *UNKED* imports had damaged EC producers ' profits and led to job losses , the commission imposed a duty of *UNKN* % on *CUNK* made by Daewoo , a duty of *UNKN* % on *CUNK* Co. , 13 % on *CUNK* and *UNKN* % on *CUNK* made by other South Korean producers . STOP 
The commission said that EC television producers lost `` important market shares '' and suffered an `` *UNUNK* '' pressure on prices because of the Korean companies ' marketing and pricing policies , which it said were `` in clear violation '' of international trade rules . STOP 
In other news concerning South Korea 's television industry , *CUNK* signed an agreement with *CUNK* , the *UNK-* organization of the Soviet Union , to swap Korean television sets and *UNK* recorders for *UNK* iron from the Soviet Union . STOP 
South Korea and the Soviet Union have no *UNK* relations but *UNKED* trade offices earlier this year . STOP 
*CUNK* *CUNK* , where more than 15,000 people have died in six years of *UNK* turmoil , said it will ban sex and violence from state-owned television next year . STOP 
`` Many programs we have now come from the West and are not *UNK* to our culture , '' a government minister said . STOP 
A star *UNKION* on the national network is the U.S. 's `` *CUNK* . '' ... STOP 
A poll of South *CUNKS* showed overwhelming opposition to efforts to curb *UNK-* consumption just because it *UNKS* foreigners . STOP 
*CUNK* Inc. said it doubled its regular quarterly dividend to five cents a share from 2.5 cents on common , and to 4.5 cents a share 2.25 cents on Class B stock , payable Nov. 10 to holders of record Nov. 6 . STOP 
The financial services company emerged from the restructuring of *CUNK* & *CUNK* , Inc. , which *UNK* off its *UNKING* subsidiary into *CUNK* & *CUNK* Home Corp. earlier this year and changed its name to *CUNK* Inc . STOP 
For the *UNK-* fiscal year ended Sept. 30 , Chairman Eli *CUNK* said he expected earnings results to *UNK* analysts ' estimates , which the company said have been revised upward to 80 cents a share . STOP 
This would compare with an estimated loss of 3 cents a share for the comparable 10 months last year , which included restructuring costs . STOP 
If this battle were a movie , the producers would be fighting over two *UNKS* with nothing but an opening scene in common . STOP 
In the *UNKER* , Sony Corp. would agree to buy Columbia Pictures Entertainment Inc. in a transaction valued at close to $ 5 billion . STOP 
*CUNKLY* after that , Sony would offer to buy Guber-Peters Entertainment Co. for $ 200 million and offer its *UNK-* , Peter Guber and Jon Peters , the chance to run Columbia . STOP 
Mr. Peters would fly to New York with the intention of telling Warner Communications Inc. Chairman Steven J. Ross that Guber-Peters planned to end its five-year contract to produce movies *UNKLY* for Warner . STOP 
That 's where the two *UNKS* would *UNK* . STOP 
In *UNKS* filed in Los Angeles *CUNK* Court in connection with the $ 1 billion *UNK-* suit Warner brought against Sony for hiring the two producers , Mr. Guber and Mr. Peters tell one story . STOP 
Warner tells another . STOP 
In the *UNKS* , Mr. Peters says he was `` *UNKED* '' when Mr. Ross refused a meeting and made it clear he would stop them . STOP 
Mr. Peters claims he *UNKED* Mr. Ross that Robert Daly and Terry Semel , the top executives of the Warner Brothers studio , had `` repeatedly agreed that we had every right to accept '' an offer such as Sony 's . STOP 
In response , Mr. Peters says , Mr. Ross referred to his colleagues at Warner with an `` *UNK* '' and said : `` *CUNK* them that they do n't have a job . STOP 
You can take them with you . '' STOP 
Warner denies Mr. Ross ever said any such thing , and , in fact , denies virtually everything Mr. Guber and Mr. Peters say in their *UNKS* . STOP 
*CUNK* , Warner will file another *UNK* of documents *UNKING* that `` the *UNK* of everything these guys are saying is basically lies , '' says Warner 's chief outside counsel , Stuart *CUNK* . STOP 
Thursday , a judge is scheduled to rule on Warner 's motion seeking to block the Guber-Peters *UNK* from going to Columbia . STOP 
The *UNK* of legal documents filed in the past week in connection with the suit provide a *UNK* into the *UNKER* *UNKS* of this Hollywood *UNK* . STOP 
But they also make it clear that the first thing a judge will have to decide is which , if any , version of events in this *UNKS* is *UNKION* , and which fact . STOP 
The matter may never even be tried in court . STOP 
Warner says that what it really wants is for the producers to *UNK* their *UNKAL* obligations , but the *UNKS* of this battle and the accusations flying on both sides make it unlikely that the *UNK-* relationship between Warner and its two most *UNK* producers can ever be *UNKED* . STOP 
Warner , which is in the process of *UNKING* with Time Warner Inc. , says it is willing to settle the matter out of court . STOP 
So far , however , Sony has n't been willing to meet its considerable financial demands . STOP 
Mr. Guber and Mr. Peters do n't have much to gain from a *UNKED* battle . STOP 
Sony , for its part , could decide that the cost of a Warner settlement or court fight is too high , *UNKING* instead to find someone else to run Columbia , although that too would be costly given the financial arrangement already guaranteed to Mr. Guber and Mr. Peters . STOP 
In that case , Mr. Guber and Mr. Peters might not suffer financially , but they would be left without their dream job of running a studio and with a considerably *UNKED* relationship with Warner . STOP 
At the center of any court fight will be the *UNKING* *UNKS* of the written contract between Warner and the two producers , but other *UNKER* issues will play a big role . STOP 
Sony and the Guber-Peters team are *UNKING* much of their case on Warner 's willingness last year to release the producers from another contract and on an *UNKAL* agreement they say allowed them to *UNK* the current written contract if the opportunity to run a major studio came up . STOP 
Warner denies such an agreement was made , and disputes the Guber-Peters version of virtually every telephone call and meeting the two sides had on the matter . STOP 
Just how *OUS* the relationship has become is clear from the *UNKING* versions of the two sides ' current business dealings . STOP 
Mr. Guber and Mr. Peters say in their *UNKS* that Warner already is taking steps to *UNK* them out of their projects at Warner , notably the *CUNKER* *CUNK* film `` *CUNK* and *CUNK* . '' STOP 
Mr. Peters says in his affidavit that the movie 's staff was told last week that Warner was `` taking over '' the picture , and another producer would be giving all of the orders . STOP 
Over his *UNKS* , Mr. Peters says , the film 's release date was moved up `` by many months '' to December , and plans for a *UNK* `` worth millions of dollars '' were dropped . STOP 
*CUNK* de la *CUNK* , an editor on the film , backs Mr. Peters in a separate *UNK* *UNKION* . STOP 
Mr. de la *CUNK* says Warner Brothers production president Mark *CUNK* called him Oct. 19 and said Mr. Peters is `` off the picture . STOP 
If he calls you up , just tell him everything is fine . '' STOP 
The editor also says the new producer on the film , Bruce *CUNK* , told *UNKS* to screen the picture without telling *UNKS* *CUNKER* *CUNK* and *CUNK* Russell or Mr. Peters . STOP 
`` The less they know , the easier it is for us . STOP 
If someone asks , just lie and tell them it will be done , '' Mr. de la *CUNK* says Mr. *CUNK* told them . STOP 
That , says Warner 's Mr. *CUNK* , is `` a total 100 % lie . '' STOP 
The movie , he says , is in its *UNKION* stages of `` cleaning up the film . '' STOP 
He says Mr. Peters and Mr. Guber , as the *UNKAL* producers with *UNKION* rights , have been invited to *UNKS* and to give their *UNK* on the film . STOP 
*CUNKS* of Guber-Peters staffers are still working on the Warner lot and consulting on various projects on a `` daily basis , '' the attorney says . STOP 
Mr. Guber , in his affidavit , says that when he advised Warner President Terry Semel of the Sony offer at lunch on Sept. 25 , Mr. Semel `` *UNKED* and *UNKED* me , and expressed *UNK* that we had finally realized our long-term *UNKION* of running and having an equity position in a major entertainment company . '' STOP 
Mr. Guber says he brought to lunch a release document Warner had agreed to in 1988 , when he and Mr. Peters made an *UNKED* bid to buy part of MGM\/UA Entertainment Co. to run the MGM studio . STOP 
Mr. Guber says he had *UNKED* out `` MGM '' with a red *UNK* and written in `` Columbia , '' giving the document to Mr. Semel . STOP 
`` Mr. Semel said absolutely nothing to indicate Warner would have any *UNKION* to our assuming management positions at Columbia , '' Mr. Guber says . STOP 
Mr. Semel , in his affidavit , does n't mention any *UNKING* or *UNKING* . STOP 
He says he told Mr. Guber he could n't sign any documents and that `` the deal , although apparently a good one for him and Mr. Peters , would have a very negative impact on Warner . '' STOP 
He said he would contact Mr. Ross and Warner Brothers Chairman Robert Daly and that , in a conference call , the three agreed they could n't let the producers out of their contract . STOP 
Mr. Ross , in his own affidavit , says he and Mr. Daly *UNKED* Mr. Semel to tell the producers Warner would n't *UNK* their agreement . STOP 
Mr. Guber says that Mr. Semel did *UNK* that information and that Mr. Semel said Mr. Ross was `` crazy because of the Time deal , '' meaning , Mr. Guber says , that Mr. Ross `` did not want to *UNK* to his new merger partner , Time Inc. , that Warner 's agreements provided for our departure under these circumstances . '' STOP 
Mr. Guber also says in his affidavit that Mr. Daly `` told us that even if Sony did not want us , Warner 's relationship with us already was *UNKLY* damaged , that there was no way ` to put the egg together , ' and that it would *UNK* Sony for tons of money . '' STOP 
Moreover , Mr. Guber claims , Mr. Semel told him that Mr. Ross probably would n't *UNK* `` if it were anybody other than Sony . STOP 
But Sony is a problem . '' STOP 
The Guber-Peters side has said Warner is particularly concerned about the prospect of a huge Japanese company controlling important segments of the U.S. entertainment business . STOP 
Some in Hollywood suggest Mr. Guber and Mr. Peters took *UNK* from Warner studio executives such as Mr. Semel and Mr. *CUNK* too literally . STOP 
According to this theory , Warner executives , hoping to strengthen their relationships with the producers , encouraged Mr. Guber and Mr. Peters in their *UNKS* to build a major entertainment company . STOP 
But the Warner executives in their *UNKS* deny ever telling the producers they could get out of their written contract . STOP 
Mr. *CUNK* , the Warner attorney , says the studio still wants the producers to come back and *UNK* their contract . STOP 
`` They are like a *UNK-* ; they have 50 projects in development for Warner , '' he says . STOP 
But Mr. Guber indicates in his affidavit that not all of the projects will be used . STOP 
For example , he says that since 1985 , he and Mr. Peters have developed over 85 movie projects , and Warner has `` passed '' or chosen not to produce at least 76 . STOP 
As for the projects remaining at Warner , Mr. Guber says , `` Mr. Semel informed me that Warner 's producers have already started a ` *UNKING* *UNK* ' for our projects . STOP 
*CUNK* *CUNKS* Co. said it has acquired a Georgia cable television company and a Massachusetts publishing firm . STOP 
Terms on both deals were n't disclosed . STOP 
The media company said it purchased Cable USA Inc. , a privately held cable television system in *CUNK* County , *CUNK* , a *UNK* of Atlanta . STOP 
The system is still under construction and will serve a market of *UNKN* homes . STOP 
The company also has acquired *CUNK* *CUNKS* and *CUNKS* Inc. , a family owned producer and distributor of educational materials in *CUNK* , Mass . STOP 
Despite politicians ' *UNKING* about the federal budget , the government ended fiscal 1989 with a $ *UNKN* billion deficit , about the same as the two previous years . STOP 
Even White House budget director Richard Darman had trouble finding a silver *UNKING* in the report . STOP 
`` I *UNK* you could say the good news is that the deficits are not heading up , '' he said , `` but you ca n't be satisfied with deficits at this level and we 're not . '' STOP 
The federal deficit was $ *UNKN* billion in 1988 and $ *UNKN* billion in 1987 . STOP 
The 1989 deficit would have been nearly $ 10 billion larger had the government been able to spend as much as Congress intended on cleaning up the thrift industry before the year ended on Sept. 30 . STOP 
Because the Resolution Trust Corp . could n't spend the money fast enough , the savings-and-loan outlays were pushed into fiscal 1990 . STOP 
Nevertheless , the 1989 deficit still exceeded the $ *UNKN* billion target set by the Gramm-Rudman deficit-reduction law by $ 16 billion , a reminder of that law 's *UNKS* . STOP 
The law sets a deficit target of $ 100 billion for fiscal 1990 . STOP 
A *UNK* fight over cutting capital-gains taxes has slowed the progress of 1990 deficit-reduction legislation almost to a halt , *UNKING* *UNK-* spending cuts under the Gramm-Rudman law . STOP 
The White House and the Democratic leadership in Congress blame each other for turning capital-gains taxes into such a *UNK* issue this year . STOP 
Neither side showed any sign of *UNKING* . STOP 
*CUNKING* with reporters Friday , Mr. Darman again said he would rather live with *UNK-* spending cuts than accept a deficit-reduction bill like the one passed by the House , which would increase spending in future years . STOP 
*CUNKING* the size of the deficits of the past few years , the Treasury report showed that for the first time interest paid on the public debt -- $ *UNKN* billion -- exceeded spending on Social Security , the single largest government program . STOP 
In all , federal outlays amounted to $ *UNKN* trillion in 1989 , up 7.5 % from the previous year , the Treasury said . STOP 
Federal revenues rose 9 % to $ *UNKN* billion . STOP 
The Treasury said a surge in tax receipts noted earlier in the year did n't turn out to be quite as strong as it first appeared . STOP 
The Treasury marked up its forecast by $ 17 million in July , but that proved to be about $ 5 billion too optimistic . STOP 
The government ran a deficit of $ *UNKN* billion in September , compared with a surplus of $ *UNKN* billion in September 1988 . STOP 
*CUNKS* for the month totaled $ *UNKN* billion , up from $ *UNKN* billion a year earlier . STOP 
The increase reflects spending on the S&L rescue as well as payroll and Social Security checks normally issued in October that were issued in September this year because Oct. 1 fell on a Sunday . STOP 
*CUNKS* were $ *UNKN* billion , up from $ *UNKN* billion a year earlier . STOP 
*CUNK* Energy Corp. said it would begin paying a *UNK-* quarterly dividend , the company 's first since 1984 . STOP 
Consumers Power Co. , now the main unit of *CUNK* Energy , ran into financial problems over its $ 4.2 billion Midland nuclear plant , which was abandoned as a nuclear facility in 1984 because of construction delays and high costs . STOP 
*CUNK* is nearly done converting the Midland plant to a *UNKED* *UNKION* facility at a cost of $ 600 million . STOP 
*CUNK* management said Thursday that they planned to recommend paying a modest dividend when the board of directors met Friday . STOP 
The dividend will be paid Nov. 22 to shares of record Nov. 7 . STOP 
The company suffered a loss of $ 270 million in 1985 , but its financial situation has been improving since then . STOP 
Humana Inc. said it expects to receive about $ 27 million in federal *UNK-* refunds and interest from a court ruling on a tax dispute . STOP 
The health-care company said it expects the refund to be included in the first quarter ending Nov. 30 . STOP 
The refund is about $ 9 million . STOP 
*CUNKED* interest on the refund was about $ 18 million as of Oct. 25 . STOP 
The refund stems from a court ruling that found certain payments by Humana subsidiaries to its insurance subsidiary during fiscal 1977 through 1979 were *UNK* as premiums for liability insurance . STOP 
Polly Peck International Inc. 's agreement to acquire 51 % of Sansui Electric Co. *UNKS* that foreign companies can acquire Japanese companies -- if the alternative for the Japanese company is *UNKION* . STOP 
Polly Peck , a *UNKING* British conglomerate , will pay 15.6 billion yen -LRB- $ 110 million -RRB- for 39 million new shares of Sansui , a well-known maker of *UNK-* audio equipment that failed to adjust to changing market conditions . STOP 
Japanese government officials , eager to *UNK* foreign criticism of Japanese investments overseas , *UNKED* the transaction as proof foreigners can make similar investments in Japan . STOP 
Polly Peck 's chairman , *CUNK* *CUNK* , *UNKED* the official Japanese view of the accord , which was announced Friday . STOP 
`` The *UNKS* that Japan is not open to concerns from outside has , I think , been *UNKED* at a *UNK* , '' Mr. *CUNK* said . STOP 
But analysts say Sansui is a special case . STOP 
It expects to post a loss of 6.4 billion yen for the year ending tomorrow and its liabilities currently exceed its assets by about 13.8 billion yen . `` STOP 
If you find sound , healthy companies in Japan , they are not for sale , '' said George *CUNK* , a *UNK-* at *CUNKED* Asia *CUNK* Services Inc . STOP 
Statistics on acquisitions by foreigners vary in detail , because unlike Sansui , which is listed on the Tokyo and *CUNK* stock exchanges , most of the Japanese companies acquired by foreigners are privately held . STOP 
But by all accounts foreign companies have bought only a relative handful of Japanese companies this year , while Japanese companies have acquired hundreds of foreign companies . STOP 
Nor do analysts expect the Sansui deal to touch off a fresh wave of foreign purchases . STOP 
If the strong yen and the high stock prices of Japanese companies were n't *UNKS* enough , *UNKS* of *UNKS* between friendly Japanese companies and fiercely independent Japanese corporate attitudes *UNK* most would-be *UNKS* . STOP 
*CUNKLY* when a Japanese company is ready to sell , it has few alternatives remaining , and the *UNK* *UNKS* of Sansui 's directors at a joint news conference here left little doubt that this was not the company 's *UNKEST* hour . STOP 
Sansui was once one of Japan 's premier makers of expensive , high-quality *UNK* gear for *UNKS* . STOP 
But in recent years , the market has moved toward less expensive `` *UNK-* '' sets , *UNKED* *UNKS* and *UNKS* and software players that could be *UNKED* on top of each other . STOP 
Some of Sansui 's fellow *UNK-* companies , such as *CUNK* Co. and Pioneer Electric Corp. , responded to the challenge by quickly bringing out *UNK-* products of their own , by moving heavily into the booming *UNK* disk businesses or by *UNKING* into other *UNKS* fields , including *UNKER* disks or portable *UNK* players . STOP 
Sansui was late into the *UNK-* business and failed to branch into other new businesses . STOP 
As the yen soared in recent years , Sansui 's *UNKING* financial problems became a *OUS* circle . STOP 
While competitors moved production *UNK* in response to the *UNKING* *UNKS* of Japanese factories , Sansui lacked the money to build new plants in *CUNK* Asia . STOP 
`` Our company has not been able to cope very effectively with '' changes in the marketplace , said *CUNK* *CUNK* , Sansui 's president . STOP 
But even a Japanese company that looks like a dog may turn out to be a good investment for a foreign concern , some management consultants maintain . STOP 
*CUNK* *CUNK* , a management consultant for *CUNK-* & Hamilton -LRB- Japan -RRB- Inc. , said his firm will likely be *UNKING* acquisitions of Japanese companies more often to foreign clients in the future . STOP 
`` *CUNKS* -LCB- toward being acquired -RCB- are still negative , but they 're becoming more positive , '' Mr. *CUNK* said . STOP 
`` In some industries , like pharmaceuticals , acquisitions make sense . '' STOP 
Whether Polly Peck 's acquisition makes sense remains to be seen , but at the news conference , Mr. *CUNK* *UNKED* with *UNK-* that he can turn Sansui around . STOP 
Sansui , he said , is a perfect fit for Polly Peck 's electronics operations , which make *UNKS* , *UNK* recorders , *UNKS* and other products on an `` original equipment maker '' basis for sale under other companies ' brand names . STOP 
He said Polly Peck will greatly expand Sansui 's product line , using Sansui 's engineers to design the new products , and will move Sansui 's production of most products other than sophisticated audio gear *UNK* into Polly Peck 's own factories . STOP 
`` Whatever capital it -LRB- Sansui -RRB- needs so it can compete and become a totally global entity capable of competing with the best in the world , that capital will be *UNKED* , '' Mr. *CUNK* said . STOP 
And while Polly Peck is n't *UNKING* the *UNK* *UNK-* structure of Sansui , it is bringing in a former Toshiba Corp. executive as executive vice president and chief operating officer . STOP 
Such risk taking is an *UNK* matter for the *UNK* Mr. *CUNK* , who is 25 % owner of Polly Peck as well as its chairman . STOP 
He took Polly Peck , once a small *UNK* *UNKER* , and used it at as a base to build a conglomerate that has been doubling its profits annually since 1980 . STOP 
In September , it announced plans to acquire the *UNK-* business of RJR Nabisco Inc. 's *CUNK* *CUNK* *UNKS* unit for # *UNKN* million -LRB- $ *UNKN* million -RRB- . STOP 
Last month , Polly Peck posted a 38 % jump in pretax profit for the first half to # *UNKN* million from # *UNKN* million on a 63 % rise in sales . STOP 
*CUNK* S. *CUNK* in London contributed to this article . STOP 
The bolstered cellular agreement between BellSouth Corp. and LIN Broadcasting Corp. carries *UNKED* risks and could fail to fend off McCaw Cellular Communications Inc. , the rival suitor for LIN . STOP 
Moreover , the amended pact shows how McCaw 's *UNK* has pushed LIN and BellSouth into a corner , forcing huge debt on the proposed new company . STOP 
The debt , estimated at $ 4.7 billion , could mortgage the cellular company 's future earning power in order to *UNK* some LIN holders in the short term . STOP 
The plan still calls for LIN to combine its cellular telephone properties with BellSouth 's and to spin off its broadcasting operations . STOP 
But under new terms of the agreement , announced Friday , LIN holders would receive a special cash dividend of $ 42 a share , representing a *UNK* of about $ *UNKN* billion , shortly before the proposed merger . STOP 
LIN said it expects to borrow the money to pay the dividend , but commitments from banks still have n't been obtained . STOP 
Under previous terms , holders would have received a dividend of only $ 20 a share . STOP 
In addition , New York-based LIN would exercise its right to buy out for $ 1.9 billion the 55 % equity interest of its partner , *CUNK* Co. , in a New York cellular franchise . STOP 
That money also would have to be borrowed . STOP 
In effect , McCaw has forced LIN 's hand by bidding $ 1.9 billion for the stake earlier this month . STOP 
`` We 're taking on more debt than we would have *UNKED* to , '' acknowledged Michael *CUNK* , LIN 's vice president and treasurer . STOP 
Although he expressed confidence that the proposed new company 's cash flow would be sufficient to cover interest payments on the debt , he estimated that the company would n't be profitable until 1994 or later . STOP 
*CUNK* estimate the value of the BellSouth proposal at about $ 115 to $ 125 a share . STOP 
They value McCaw 's bid at $ *UNKN* to $ *UNKN* a share . STOP 
The previous BellSouth pact was valued at about $ 98 to $ 110 a share . STOP 
McCaw , the largest provider of cellular telephone service in the U.S. , already owns about *UNKN* % of LIN 's stock . STOP 
In response to BellSouth 's amended pact , the *CUNK* , Wash. , company extended its own offer to buy 22 million LIN shares for $ 125 apiece , which would give McCaw a *UNKN* % controlling interest . STOP 
Over the weekend , McCaw continued to call for an auction of LIN . STOP 
Analysts said they expect McCaw to *UNK* the bidding again . STOP 
`` This game is n't over yet , '' said Joel D. *CUNKS* , a vice president at Donaldson , Lufkin & Jenrette Securities Corp . STOP 
`` At some point , it will become *UNKAL* for one company . STOP 
But I do n't think we 're at that point yet . '' STOP 
Under its revised proposal , *CUNKED* BellSouth would have a 50 % interest in the new cellular company and would be responsible for half of its debt . STOP 
To *UNK* the pact further -- and to ease concerns of institutional investors -- BellSouth added a provision designed to give extra protection to holders if the regional Bell company ever decides to buy the rest of the new cellular company . STOP 
The provision , described as `` *UNK-* '' protection , would require BellSouth to pay a price equivalent to what an outside party might have to pay . STOP 
McCaw 's bid also has a similar *UNK* . STOP 
Only McCaw 's proposal requires the company to begin an auction process in June 1994 for remaining shares at *UNK-* prices . STOP 
To *UNK* shareholders concerned about the long-term value of the company under the *CUNK-* agreement , BellSouth also agreed to pay as much as $ 10 a share , or $ *UNKN* million , if , after five years , the trading value of the new cellular company is n't as high as the value that shareholders would have realized from the McCaw offer . STOP 
`` We 're very pleased with the new deal . STOP 
We did n't expect BellSouth to be so *UNK* , '' said Frederick A. *CUNK* , president of *CUNK* Asset Management Inc. , which holds 500,000 LIN shares . STOP 
BellSouth 's `` *UNK-* protection was *UNKED* previously . STOP 
We think this is a superior deal to McCaw 's . STOP 
We 're surprised . STOP 
We did n't think a *UNKING* -LCB- Bell -RCB- *UNK* would be willing to take on *UNKION* . '' STOP 
But Kenneth *CUNK* , a telecommunications analyst with Bear , Stearns & Co. , finds the BellSouth proposal still *UNKED* because the company does n't have to wait five years to begin buying more LIN shares . STOP 
`` How many shares will be around in 1995 ? '' he asked . STOP 
`` There 's nothing *UNKING* BellSouth from buying up shares in the meanwhile . '' STOP 
BellSouth 's revised proposal surprised many industry analysts , especially because of the company 's willingness to accept some *UNKION* of future earnings . STOP 
William O. *CUNK* , president of the company 's BellSouth Enterprises Inc. unit , said the revised agreement with LIN would *UNK* BellSouth earnings by about 9 % in both 1990 and 1991 and by significantly less thereafter . STOP 
Indeed , BellSouth 's cellular operations were among the first in the country to become profitable . STOP 
For 1988 , BellSouth earned $ 1.7 billion , or $ *UNKN* a share , on revenue of $ *UNKN* billion . STOP 
Analysts were predicting 1990 BellSouth earnings in the range of $ *UNKN* a share , or $ 1.9 billion , but now those estimates are being *UNKED* back . STOP 
In composite trading Friday on the New York Stock Exchange , BellSouth shares fell 87.5 cents to $ *UNKN* . STOP 
In national over-the-counter trading , LIN shares soared $ *UNKN* to closed at $ *UNKN* , while McCaw fell $ 2.50 a share to $ *UNKN* . STOP 
The proposed *CUNK-* cellular company , including the newly acquired *CUNK* stake , would give the new entity 55 million potential customers , including about 35 million in the nation 's top 10 markets . STOP 
Mr. *CUNK* of Bear Stearns speculated that McCaw , in an attempt to buy time , might consider filing an antitrust suit against BellSouth with the Justice Department and U.S. District Judge Harold *CUNK* , who oversees enforcement of the consent *UNK* that broke up the Bell system in 1984 . STOP 
Indeed , McCaw seemed to *UNK* at that option in a brief statement . STOP 
*CUNKING* LIN directors to conduct `` a fair auction on a level playing field , '' McCaw asked how well the public interest would be served `` with the Bell operating companies controlling over *UNKN* % of all cellular -LCB- potential customers -RCB- in the nation 's top 10 markets . STOP 
Market makers in Nasdaq over-the-counter stocks are adding their voices to the *UNKING* *UNKS* of complaints about program trading . STOP 
Their *UNKION* , however , has a strong practical aspect : Program trading is *OUS* to their *UNKS* . STOP 
The most controversial form of program trading , stock-index arbitrage , is `` making it tough for traders to make money , '' declares Robert *CUNK* , head of OTC trading at Donaldson , Lufkin & Jenrette . STOP 
*CUNK-* arbitrage -- the computer-guided buying and selling of stocks with offsetting trades in stock-index futures to profit from *UNKING* price *UNKS* -- *UNKS* the OTC market directly through the 31 stocks included in Standard & Poor 's 500-stock index . STOP 
The S&P 500 is often used in arbitrage strategies . STOP 
The portion of OTC volume *UNK* to program trading is n't known , as it is on the New York Stock Exchange , where it amounted to more than 13 % in September . STOP 
*CUNKS* from traders put it at less than 5 % of Nasdaq 's average daily volume of roughly *UNKN* million shares . STOP 
Other *UNKER* *UNKS* : Program trading also causes the Nasdaq Composite Index to lose ground against other segments of the stock market . STOP 
Because of program trading it is more difficult to trade many OTC stocks without sharp price moves , a condition known as *UNK* . STOP 
Moreover , the price volatility that is *UNKED* by program trading is *UNKING* efforts to *UNK* individual investors back to an OTC market that *UNKLY* *UNKS* them . STOP 
Some of these problems are neither new nor *UNUNK* to the OTC market . STOP 
But the big , often *OUS* slide in stock prices this month has turned some of those who have been *UNKING* from the practice against it . STOP 
Peter *CUNK* , head of retail equity trading at Shearson Lehman Hutton , acknowledges that he was n't troubled by program trading when it began in the *UNK-* *UNK* market because it added liquidity and people were pleased to see stock prices rising . STOP 
`` We were n't as concerned until they became sell programs , '' says Mr. *CUNK* , who now thinks it adds unnecessary volatility . STOP 
Shearson Lehman , however , *UNKS* program trades for clients . STOP 
Merrill Lynch , Goldman Sachs and Kidder Peabody , in addition to Shearson , do *UNK-* OTC stocks . STOP 
Shearson , Merrill Lynch and Goldman Sachs say they do so only for customers , however . STOP 
Kidder Peabody does program trading for its own as well as clients ' accounts . STOP 
Of course , there were sell programs in past years , too , but they seem to hurt market makers more *UNKLY* these days . STOP 
That 's largely because of defensive measures they adopted after the 1987 crash , when individual investors fled the market and trading activity *UNKED* . STOP 
Market makers , to cut costs , slashed inventories of stocks they keep on hand to sell investors when other holders are n't selling . STOP 
And to protect their reduced capital investment from *UNKING* further , market makers became *UNKER* to lower price quotes when sell programs are in progress . STOP 
On days when prices are *UNKING* , they must be willing to buy shares from sellers when no one else will . STOP 
In such an environment , market makers can suffer huge losses both on trades made that day at steadily dropping prices and in the value of their inventories of shares . STOP 
`` It makes no sense for us to put money at risk when you know you 're going to lose , '' says Mr. *CUNK* , of Donaldson Lufkin . STOP 
But this *UNKS* , Mr. *CUNK* says , is creating liquidity problems in certain OTC stocks . STOP 
`` It 's harder to sell stocks when the sell programs come in because some market makers do n't want to -LCB- take the orders -RCB- . STOP 
No one has big positions and no one wants to take big risks . '' STOP 
Joseph *CUNK* , president of the National Association of Securities Dealers , which oversees trading on Nasdaq , agrees that program trading is hurting the market 's efforts to bring back small investors . STOP 
But , he *UNKS* , while makers suffer losses when program trading *UNKS* the market down , they also make money when program trading *UNKS* the prices higher . STOP 
`` Sometimes -LCB- traders -RCB- lose *UNK* of that , '' he says . STOP 
The OTC stocks in the S&P 500 include Nasdaq 's biggest , such as Apple Computer , MCI Communications , Tele-Communications and *CUNK* *CUNK* . STOP 
These big stocks greatly influence the Nasdaq Composite Index . STOP 
When the computers say `` sell , '' the composite *UNKS* as well as the Dow Jones Industrial Average . STOP 
The problem , market makers say , is that while the industrial average and the S&P 500 usually recover as buy programs *UNK* in , the Nasdaq Composite frequently is left behind . STOP 
*CUNK* trading days after Oct. 12 , the day before the stock market plunge , for instance , the Nasdaq Composite had fallen 4.3 % , compared with 3.3 % for the S&P 500 , 3.5 % for the New York Stock Exchange Composite Index and 3.6 % for the industrial average . STOP 
This gap eventually *UNKS* , but slowly . STOP 
Three days later , as of Friday 's close , the Nasdaq Composite was down 6 % , compared with 5.9 % for the industrial average , *UNKN* % for the S&P 500 and 5.8 % for the Big Board Composite . STOP 
The main reason for this lag is that individual investors own 65 % of the OTC market 's capitalization , according to Mr. *CUNK* , much more than on the Big Board . STOP 
Such investors tend to be more cautious than institutional investors are about *UNKING* the market after massive *UNKS* , market makers say . STOP 
Friday 's Market Activity STOP 
The Nasdaq Composite Index tumbled *UNKN* , or 1.2 % to *UNKN* on Friday . STOP 
For the week , the index dropped 3.8 % . STOP 
*CUNKS* in big technology stocks hurt the composite as well as the Nasdaq 100 Index , which fell 1.4 % , or *UNKN* , on Friday , to *UNKN* . STOP 
The Nasdaq Financial Index lost about 1 % , or *UNKN* , to *UNKN* . STOP 
Friday 's trading volume totaled *UNKN* million shares . STOP 
The average daily share turnover for October is almost *UNKN* million shares . STOP 
LIN Broadcasting surged 4 5\/8 to *UNKN* 5\/8 ; LIN and BellSouth sweetened their merger agreement in an attempt to keep shareholders from *UNKING* their shares to McCaw Cellular Communications . STOP 
McCaw , which dropped 2 1\/2 to 37 3\/4 , has offered $ 125 a share for a majority of LIN 's shares . STOP 
The revised *CUNK-* agreement boosts the dollar amount of the special dividend LIN promises to pay shareholders . STOP 
LIN now plans to *UNK* out $ 42 a share in cash , up from the earlier $ 20 amount . STOP 
Intel eased 1\/8 to 31 7\/8 . STOP 
The semiconductor concern said the *UNKION* in *UNK* of its *UNKN* computer chip will be brief and have little impact on the company 's earnings . STOP 
The stock fell 7\/8 Thursday amid concerns over problems discovered with the chip . STOP 
Intel told analysts that the company will resume shipments of the chips within two to three weeks . STOP 
Weisfield 's *UNKED* 9 1\/2 to 39 after the jewelry store operator said it is in preliminary discussions , with a party it would n't identify , regarding the possible acquisition of the company . STOP 
*CUNK* Savings Bank rose 3 to 20 after the Federal Deposit Insurance Corp. approved *CUNK* Savings Bank of New York 's $ *UNK-* acquisition of *CUNK* . STOP 
*CUNKER* Medical fell 4 to 15 . STOP 
The company said its third-quarter earnings will probably be lower than the 16 cents a share it reported last year , despite a rise in the company 's revenue . STOP 
*CUNKER* earned $ *UNKN* on revenue of $ *UNKN* million in the 1988 quarter . STOP 
The company blamed a number of factors for the earnings decline , including softer sales of *UNKS* . STOP 
London share prices closed sharply lower Friday in active trading after Chancellor of the Exchequer Nigel Lawson 's resignation *UNKED* the market and Wall Street 's rapid initial sell-off knocked it down . STOP 
London shares were depressed initially by overnight losses in New York and by the drop in sterling after Mr. Lawson 's resignation . STOP 
It showed some early *UNK* after central bank support *UNKED* sterling , but the weight of Wall Street late in London trading , and signs of further weakness in the British pound , proved a hefty load to bear . STOP 
New York stocks recovered some of their losses after the London market closed . STOP 
The Financial Times 100-share index shed *UNKN* points to close at *UNKN* , down 4.5 % from the previous Friday and 6.8 % from Oct. 13 , when Wall Street 's plunge helped spark the current weakness in London . STOP 
The 30-share index settled *UNKN* points lower at *UNKN* . STOP 
Volume was *UNKN* million shares , up from *UNKN* million Thursday and the week 's most active session . STOP 
Dealers said the turnover , largely *UNKED* to the 100-share index stocks , partly reflected the *UNK* of activity typical at the close of a *UNK-* trading account and the start of a new account . STOP 
But they said Friday 's focus on the *UNKER* stocks *UNKED* active overseas selling and showed the *UNKED* fears over the status of the U.K. economy and Britain 's currency in the wake of the *UNKAL* in Prime Minister Margaret Thatcher 's cabinet . STOP 
A senior dealer with *CUNK* Securities noted British Gas , the most active blue-chip stock at 20 million shares traded , was affected by the political implications of Mr. Lawson 's departure and Mrs. Thatcher 's cabinet *UNK* . STOP 
He attributed the unusually high volume to *UNKED* selling on fears that the Thatcher government may be in turmoil and Britain 's Labor Party positioned to regain control of the government and *UNK* efforts at *UNKION* . STOP 
British Gas shed 8.5 pence a share to close at *UNKN* pence -LRB- $ *UNKN* -RRB- . STOP 
Other dealers added that the blue-chip stocks in general were hit by *UNKING* over concerns that London shares will continue posting declines and the uncertainty over sterling given that Mr. Lawson 's successor , John Major , had only been in the job one day . STOP 
Besides British Gas , British Steel *UNKED* *UNKN* to *UNKN* on turnover of 11 million shares . STOP 
British Petroleum fell 5 to *UNKN* on 14 million shares traded . STOP 
Dealers said the *UNKAL* oil company was pressured by recent brokerage recommendations urging investors to switch into Shell Trading & *CUNK* . STOP 
Shell eased 1 to *UNKN* on turnover of 4.8 million shares . STOP 
Among the other actively traded blue-chip issues , Imperial Chemical Industries dropped 11 to # *UNKN* , *CUNK* *UNKED* 9.5 to *UNKN* , and British *CUNK* fell 10 to 250 . STOP 
In Tokyo , stocks closed lower but above intraday lows in active trading . STOP 
The Nikkei index was pressured down by *UNKING* triggered by sharp advances made through this week and fell *UNKN* points to *UNKN* . STOP 
In early trading in Tokyo Monday , the Nikkei index fell *UNKN* points to *UNKN* . STOP 
On Friday , the Tokyo stock price index of first section issues was down *UNKN* at *UNKN* . STOP 
*CUNKION* volume was estimated at 1.3 billion shares , up from *UNKN* million shares Thursday . STOP 
An official at *CUNK* Securities said *UNKS* ' excessive expectations about recent advances in Tokyu Group shares and real estate issues were *UNKED* Friday . STOP 
Dealers placed heavy buy orders in the morning to start the first trading day for November transactions . STOP 
But they failed to sell these stocks to client investors , who were cautious about the sharp gains these issues made this week , the *CUNK* official said . STOP 
Fund managers said Friday 's *UNKING* was a natural result of the week 's `` *UNKAL* *UNKER* '' in buying real estate , *UNKING* , steel and construction shares . STOP 
Frankfurt prices closed lower again Friday , the fourth decline in the past five days and the *UNKION* of a week that saw the *CUNK* index lose 4 % . STOP 
The *CUNK* dropped *UNKN* points Friday to *UNKN* . STOP 
Traders said the continued *UNK* in other markets , *UNKED* with the drop in London following the Lawson resignation , were responsible . STOP 
Traders said that selling pressure was n't enormous and that the *CUNK* dropped Friday more on a lack of any substantial buying interest . STOP 
They said contributing to the downward *UNK* was the fact that many professional traders had chosen to square positions ahead of the weekend . STOP 
`` It 's the whole uncertainty about what 's happening around us , '' said *CUNK* *CUNK* *CUNK* , a trader at Credit Suisse First Boston in Frankfurt . STOP 
`` If you take away the outside *UNKS* , the market itself looks very cheap . STOP 
What 's happening here is n't justified by the fundamentals . '' STOP 
Traders said the market remains extremely nervous because of the wild swings seen on the New York Stock Exchange last week . STOP 
That 's leaving small investors with cold feet , they said , and prompting institutions to take a *UNKED* stance on the sidelines as well , at least until the market in New York *UNKS* down somewhat . STOP 
Elsewhere , share prices closed lower in Paris , Zurich , Amsterdam , Brussels and Stockholm , and were mixed in Milan . STOP 
The British *UNK* was widely cited for the declines . STOP 
Share prices also closed lower in Sydney , Hong Kong , Singapore , Taipei , Manila , Wellington and Seoul . STOP 
*CUNK* about declines in other markets , especially New York , caused selling pressure . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
Last week 's best and worst performing stocks among those issues that make up 80 % of the world 's stock market capitalization -LRB- in local currency -RRB- STOP 
Source : Morgan Stanley Capital *CUNK* . STOP 
*CUNK* *CUNK* *CUNK* a massive *UNK-* rally in South Africa . STOP 
More than 70,000 people filled a *UNKER* stadium on the *UNKS* of the black *UNK* of *CUNK* and *UNKED* *UNKED* leaders of the *UNKED* African National Congress . STOP 
It was considered South Africa 's largest opposition rally . STOP 
Walter *CUNK* , the ANC 's former secretary general who served 26 years in prison before being released two weeks ago , urged peace , *UNKION* and discipline . STOP 
President de *CUNK* 's government permitted the rally , and security forces did n't interfere . STOP 
*CUNK* 's approval of the *UNKION* and the ANC 's *UNK* tone appeared aimed at setting up negotiations to give blacks political rights . STOP 
*CUNK* *CUNK* *CUNK* Bush 's criticism of Nicaragua 's Ortega . STOP 
While lawmakers have n't raised the possibility of renewing military aid to the Contras following Ortega 's weekend threat to end a *UNK* , Senate Majority Leader Mitchell said on *CUNK-* that Ortega had made `` a very *UNUNK* move . STOP 
'' *CUNK* Leader Dole plans to offer a resolution tomorrow *UNKING* the Nicaraguan president , whose remarks came during a celebration in Costa Rica marking regional moves to democracy . STOP 
Ortega cited renewed attacks by the *CUNKED* rebels . STOP 
Lawmakers must decide next month whether the Contras will get so-called *UNK* aid under a bipartisan agreement reached in March . STOP 
Spain 's Socialist Party claimed victory in nationwide elections , saying it had retained its parliamentary majority by one seat . STOP 
With all the votes counted , a government spokesman said Prime Minister Gonzalez 's party won *UNKN* seats in the *UNK-* *CUNKS* , or lower house of *UNK* . STOP 
The *CUNKS* held *UNKN* seats going into the *UNKING* . STOP 
*CUNKS* of East Germans attended public rallies organized by the Communist leadership and demanded free speech , controls on the security forces and an end to official *UNKS* . STOP 
The *UNKS* in East Berlin and elsewhere were viewed as part of a government effort to stop activists from *UNKING* protests to press their demands . STOP 
*CUNKS* in *CUNK* said the nation 's *UNK-* movement was growing despite the government 's move to crush a protest Saturday in *CUNK* 's *CUNKS* Square . STOP 
More than 10,000 demonstrators had called for free elections and the resignation of Communist Party leader *CUNKS* *CUNKS* . STOP 
Police *UNKED* more than 350 people . STOP 
Federal investigators have determined a *UNKAL* *UNK* that developed during the making of an engine disk led to the July crash of a United Airlines *UNKER* in *CUNK* City , Iowa , killing *UNKN* people . STOP 
Congress sent to Bush an $ 8.5 billion military construction bill that cuts spending for new installations by 16 % . STOP 
The measure also moves more than $ 450 million in the Pentagon budget to *UNK-* projects from foreign bases . STOP 
U.S. and Soviet officials are to open a new round of talks today aimed at reducing *UNKS* *UNKS* amid *UNKER* differences over whether to stop making the *UNKS* . STOP 
The talks in New York are the first since Bush and Soviet Foreign Minister Shevardnadze unveiled proposals in September to *UNK* existing weapons . STOP 
Afghan *UNKS* *UNKED* Kabul in a weekend *UNK* that Western *UNKS* called one of the biggest *UNKS* since the Soviet Union completed a *UNK* withdrawal in February . STOP 
The rebels also reportedly *UNKED* a *UNK* on roads leading to the capital , and government forces *UNKED* a *UNK-* area in western Afghanistan . STOP 
Lebanon 's Christian leader *UNKED* an emergency meeting of his cabinet after indications that he might *UNK* Parliament in an attempt to scuttle an *CUNKED* peace plan . STOP 
Gen. *CUNK* *CUNK* rejected the pact because it *UNKS* to provide a timetable for a *CUNK* *UNK* *UNK* from Lebanon . STOP 
*CUNKS* in Hawaii said the *UNK* of a missing *UNKER* plane with 20 people *UNK* was *UNKED* in a *UNK* *UNK* on the island of *CUNK* . STOP 
There was n't any evidence of *UNKS* . STOP 
The plane failed to reach *CUNK* 's airport Saturday while on a flight from the *UNKING* island of *CUNK* . STOP 
The Oakland *CUNKS* won baseball 's World Series , *UNKING* the San Francisco Giants in a *UNK-* *UNK* . STOP 
An earthquake Oct. 17 in Northern California had caused a *UNK-* delay *UNK* through the *UNK* contest , which ended Saturday at San Francisco 's Candlestick Park . STOP 
*CUNKED* : *CUNK* *UNK* *CUNKER* , 63 , chairman of *CUNK* AG of West Germany , in *CUNK* , of *UNK* . STOP 
The West German machinery and plant equipment industry 's orders rose an inflation-adjusted 1 % in September from a year earlier despite a sharp drop in foreign orders , the German Association of *CUNK* *CUNKS* said . STOP 
Before adjustment for inflation , the association said , orders were up a nominal 5 % . STOP 
While domestic orders climbed an adjusted 8 % and a nominal 11 % in September , foreign orders declined 4 % after inflation and 1 % on a nominal basis . STOP 
In the third quarter , orders rose a real 5 % and a nominal 9 % . STOP 
*CUNK* orders were up a real 11 % and a nominal 14 % , while foreign orders rose a real 1 % and a nominal 5 % . STOP 
When Michael S. *CUNK* took the *UNK* at a recent cosmetics industry event , more than 500 executives *UNKING* the room snapped to attention . STOP 
Mr. *CUNK* , who runs Unilever Group 's world-wide *UNK-* business , *UNKED* to *UNK* the crowd . STOP 
`` I see we have about half the audience working for us , '' he said , *UNK* in *UNK* . STOP 
`` The other half , we may have before long . '' STOP 
Members of the audience *UNKED* or *UNKED* *UNKLY* ; their industry has been unsettled recently by acquisitions . STOP 
First Unilever , the *CUNK-* *UNKS* giant , spent $ 2 billion to acquire brands such as *CUNK* and Elizabeth *CUNK* . STOP 
It now holds the No. 3 position at U.S. department-store *UNK* *UNKS* . STOP 
Then Procter & Gamble Co. agreed to buy *CUNK* Corp. for $ 1.3 billion . STOP 
That acquisition , to be completed by year end , will include the *CUNKER* *CUNK* and *CUNKION* *UNK* lines , making P&G the top marketer of cosmetics in *UNK-* outlets . STOP 
It 's not so much the idea of acquisitions that has *UNKED* the cosmetics industry as the companies doing the acquiring : P&G and Unilever bring with them great experience with *UNK* products like *UNK* and *UNK* paper , *UNKING* *UNK* in the *UNK* cosmetics trade ; but they also bring *UNK* marketing clout , *UNKING* fear . STOP 
Though it is far from certain that companies best known for selling *CUNK* *UNK* and *CUNK* *UNK* will succeed in cosmetics , there 's little doubt they will shake up the industry . STOP 
For now , both companies are keeping quiet about their specific plans . STOP 
But industry *UNKS* expect them to *UNK* the *UNKAL* marketing strategies they use for more *UNK* products with the more *UNK* approach typical of cosmetics companies . STOP 
*CUNKLY* changes include more emphasis on research , soaring advertising budgets and aggressive pricing . STOP 
But some *UNK-* executives wonder whether techniques *UNKED* in packaged goods will *UNK* to the cosmetics business . STOP 
*CUNK* Lauder Inc. , *CUNK* Inc. and other cosmetics houses traditionally have considered themselves fashion enterprises whose product development is *UNKED* by the creative *UNKION* of their executives . STOP 
*CUNKS* companies roll out new *UNK* *UNKS* several times a year , and since most products can be easily *UNKED* by competitors , they 're *UNK* to test them with consumers . STOP 
`` Just because upscale cosmetics look like packaged goods and *UNK* like packaged goods , it does n't mean they are packaged goods , '' says Leonard Lauder , chief executive of *CUNK* Lauder . STOP 
`` They 're really fashion items *UNKED* up in little *UNKS* . '' STOP 
In contrast to the more *UNK* nature of traditional cosmetics houses , Unilever and P&G are the *UNKS* of organization men in *UNK-* suits . STOP 
Both companies are conservative marketers that rely on extensive market research . STOP 
P&G , in particular , rarely *UNKS* out a product nationally before extensive *UNKING* . STOP 
Both can be extremely aggressive at pricing such products as *UNKS* and *UNKS* -- to the extent that some industry consultants predict *UNK-* coupons for *UNK* could result from their entry into the field . STOP 
P&G already has shown it can *UNK* some traditional *UNKS* techniques with the *UNKING* of the cosmetics trade in the *UNK-* end of the business . STOP 
Consider Oil of *CUNK* , which P&G acquired as part of *CUNKS* International in 1985 . STOP 
The *UNKER* , introduced in *UNKN* , had a *UNK* image . STOP 
`` Oil of *CUNK* brought with it the *UNK* of being used basically by older women who had already *UNKED* , '' says David Williams , a consultant with New England *CUNKING* Group . STOP 
P&G set out to *UNKION* the brand by *UNKING* the product line to include *UNKAL* *UNKS* and *UNKS* for sensitive skin . STOP 
It also *UNKED* Oil of *CUNK* 's packaging , *UNKING* the traditional *UNK* *UNKS* with gold lines to create a more *UNK* look . STOP 
Moreover , P&G *UNKED* its ad campaign from one targeting older women to one featuring a woman in her *UNKS* *UNKING* `` not to grow old *UNKLY* . '' STOP 
The company says sales have soared . STOP 
*CUNKS* like Unilever and P&G have enormous financial advantages over smaller rivals . STOP 
Next year , *CUNK* plans to roll out a *UNK* called Navy , says George L. *CUNKING* Jr. , chairman of *CUNK* . STOP 
Without P&G 's backing , *CUNK* might not have been able to spend the estimated $ 5 million to $ 7 million needed to accomplish that without *UNKING* on its existing brands . STOP 
*CUNKS* companies `` will make it tougher for smaller people to remain competitive , '' Mr. *CUNKING* says . STOP 
Further *UNKS* in the industry could follow . STOP 
*CUNKS* that Unilever is interested in acquiring Schering-Plough Corp. 's *CUNK* unit are widespread . STOP 
Unilever wo n't comment ; *CUNKING* , however , denies the brand is for sale . STOP 
The presence of Unilever and P&G is likely to increase the impact of advertising on cosmetics . STOP 
While the two are among the world 's biggest advertisers , most makers of upscale cosmetics spend relatively little on national ads . STOP 
Instead , they focus on events in department stores and *UNK* their promotional budgets into *UNKS* that go along with purchases . STOP 
*CUNK* Lauder , for example , spends only an estimated 5 % of sales on advertising in the U.S. , and Mr. Lauder says he has no plans to change his strategy . STOP 
The most dramatic changes , however , probably will come in *UNK-* development . STOP 
Nearly 70 % of cosmetics sales come through *UNKION* outlets such as drug stores and *UNKS* , according to Andrew *CUNK* , an analyst at Shearson Lehman Hutton Inc . STOP 
That figure has been *UNKING* up for several years . STOP 
As the trend continues , demand for *UNK-* items that are high quality but only *UNKED* -- particularly *UNK-* products -- is expected to increase . STOP 
This fall , for example , *CUNKAL* Group , *UNKLY* a *UNK-* line , rolled out a *UNK-* line of *UNK-* products called *CUNK* , which retail for $ 5 to $ 15 . STOP 
The *UNKS* marketers may try filling that gap with a *UNK* of new products . STOP 
Unlike the *UNK-* cosmetics houses , Unilever and P&G both have enormous research and development bases to draw on for new products . STOP 
P&G , in fact , is noted for gaining market leadership by introducing products that offer a technical edge over the competition . STOP 
Sales of its *CUNK* *UNK* soared earlier this year , for example , after P&G introduced a version that includes a *UNK* safe for all *UNKS* and *UNKS* . STOP 
That 's led industry executives to speculate that future product development will be driven more by *UNKAL* *UNKION* than by fashion *UNKS* -- especially among *UNK-* brands . STOP 
`` There will be more emphasis on quality , '' says *CUNK* *CUNK* , chief executive of *CUNK* Inc. , the U.S. *UNK* of *CUNKAL* . STOP 
`` You 'll see fewer *UNKS* . '' STOP 
But success for Unilever and P&G is far from guaranteed , as shown by the many *UNK-* companies that have tried and failed to master the *UNK* beauty business . STOP 
In the 1970s , several pharmaceutical and *UNKS* companies , including *CUNK-* Co. , Eli Lilly & Co. , *CUNKER* Inc. and Schering-Plough acquired cosmetics companies . STOP 
Industry consultants say only Schering-Plough , which makes the *UNK-* *CUNK* , has maintained a *UNK* business . STOP 
Colgate , which acquired *CUNK* *CUNK* in 1973 , sold the brand seven years later after the brand *UNKED* . STOP 
Unilever already has experienced some disappointment . STOP 
The *UNK-* *CUNK* brand , which it acquired in 1987 along with *CUNK-* 's Inc. , has lost share , according to industry analysts . STOP 
The *UNK* world of department-store cosmetics retailing , where Unilever is concentrating its efforts , may prove even more *OUS* . STOP 
In this niche , *UNK* *UNKS* change seasonally because they are linked to *UNK-* *UNKS* . STOP 
Because brand loyalty is weak and most cosmetics purchases are *UNKED* , careful training of store sales staffs by cosmetics companies is important . STOP 
And *UNKING* a luxury image strong enough to persuade consumers to pay more than $ 15 for *UNK* or eye *UNK* requires a *UNK* touch that *UNKS* companies have yet to *UNK* on their own . STOP 
There may be a *UNK* in the long war of nerves between the White House and Congress over how this country *UNKS* secret intelligence operations abroad . STOP 
After years of *UNK* born of *CUNK* , past *UNKS* of the Central Intelligence Agency , and the Iran-Contra scandal , President Bush and the Senate Intelligence Committee appear ready -- for now , at least -- to trust each other when it comes to setting policy on covert activities . STOP 
If that attitude *UNKS* , it could *UNK* covert action planning with a level of care and confidence that has n't been seen in years . STOP 
Over the past week , the president has agreed to keep the committee informed , usually in advance , of covert actions and to put key intelligence decisions in writing . STOP 
That was n't always the way the Reagan administration handled such matters . STOP 
Mr. Bush has pledged as well to respect the *UNK-* executive order *UNKING* U.S. agents from *UNKING* foreign leaders or helping others to do so . STOP 
Congress never fully *UNKED* former CIA chief William *CUNK* and National Security *CUNKER* John *CUNKER* to honor the ban . STOP 
Despite *UNKS* by the CIA , Mr. Bush also has agreed to the establishment of an *UNK* general at the CIA who would be independent of the CIA director . STOP 
In return , the Senate panel has dropped efforts to *UNK* legislation requiring the administration to *UNK* it within 48 hours of the launching of any covert activity . STOP 
It also has removed a ban on CIA use of a *UNK* fund for covert acts and has agreed to *UNK* away some *UNKED* and *UNK* restrictions on coup planning put in place to ensure that the CIA did n't get back in the assassination game . STOP 
`` We 've finally been able to convince them that *CUNK* and -LCB- Oliver -RCB- North do n't work here anymore , '' says one administration official . STOP 
The new understanding did n't just spring to life in a *OUS* *UNKION* of *UNKS* and light . STOP 
It emerged after a *OUS* display of *UNK-* intelligence politics that followed this month 's failed coup attempt in Panama . STOP 
The White House used television *UNKS* and *UNKS* to argue that *UNKLY* imposed restrictions on covert actions made U.S. support for such *UNKS* difficult . STOP 
Mr. Bush even disclosed privately that one *CUNK-* deal with Congress required him to *UNK* the *OUS* Panamanian dictator , Manuel Noriega , if the U.S. learned of a coup plot that might *UNKER* his life . STOP 
The president also hinted he might veto this year 's intelligence authorization bill if it is too *UNK* . STOP 
Intelligence Committee Chairman David Boren -LRB- D. , *CUNK* . -RRB- and Vice Chairman William Cohen -LRB- R. , Maine -RRB- , for their part , *UNKLY* accused the White House of *UNKLY* *UNKING* *UNKED* documents and trying *UNKLY* to shift the blame to Congress for the *UNKED* attempt to *UNK* Gen. Noriega . STOP 
The White House got the better of the exchange but took care not to press its advantage to the kind of constitutional confrontation sought by conservative Republicans who do n't want any congressional *UNK* of intelligence activities . STOP 
Instead , Mr. Bush and his aides made it clear they *UNKED* Congress 's role and felt they could work with the conservative Mr. Boren and the moderate Mr. Cohen to iron out their differences . STOP 
The senators responded in kind . STOP 
Sen. Boren *UNKLY* told reporters that there had been `` a meeting of the minds '' with the White House , and that the committee had given Mr. Bush `` a clean slate , '' free of the *UNKS* imposed during the Reagan years . STOP 
Sen. Cohen said the relationship has *UNKED* to its *UNK-* character . STOP 
There still are some details to be *UNKED* down . STOP 
Mr. Bush is *UNKING* the right in `` rare '' *UNKS* to keep Congress in the dark , *UNKING* a constitutional *UNK* the committee does n't recognize . STOP 
And a pending Justice Department interpretation of the assassination ban could raise questions that would have to be settled . STOP 
Moreover , both sides may face political critics . STOP 
Some conservatives will *UNK* the president of promising Congress too much . STOP 
And they continue *UNKLY* *UNKING* CIA Director William Webster for being too *UNKING* to the committee . STOP 
At the same time , some congressional *UNKS* will *UNK* *CUNK* Boren and Cohen of *UNKING* out , and they will *UNK* that the lawmakers ' concessions raise the *UNKER* of more *UNKLY* *UNKING* covert operations like the mining of Nicaraguan *UNKS* and the Iran arms sales . STOP 
But if the cooperative attitude holds and there is greater *UNKION* on covert activities , the country could be entering an era when such *UNKED* *UNKS* are *UNKED* before they get off the drawing boards , while risky but *UNKED* secret operations can be undertaken without fear that a *UNK* Congress will *UNK* . STOP 
Several of the New York Stock Exchange 's own listed companies , led by giant Contel Corp. , are joining for the first time to complain about program trading and the exchange 's role in it . STOP 
*CUNKING* program trading has turned the Big Board into a `` gambling casino , '' Contel Chairman Charles *CUNKER* said that he and at least 20 other corporate executives are *UNKING* an unprecedented alliance . STOP 
The group , Mr. *CUNKER* said in an interview , wants to end the market 's wild price swings that critics blame on *UNKED* program-trading strategies . STOP 
The group will complain to Washington , to the heads of program-trading firms and to the heads of the Big Board itself , he said . STOP 
`` They should call -LCB- the exchange -RCB- Trump East , '' charged Mr. *CUNKER* , the *UNK-* founder of Contel who 's also a former investment banker and stock trader . STOP 
`` What is the mission of the financial community -- STOP 
to help some *UNKS* or *UNKS* , or help corporate America ? '' STOP 
Contel is a $ 6 billion telephone and electronics company . STOP 
*CUNK* has been building on the Big Board in the past two weeks to do something about market volatility , which many investors say is caused by program trading . STOP 
The market 's *CUNK-* plunge of 190 points in the Dow Jones Industrial Average , and the Big Board 's *UNKED* response to it , galvanized some longstanding *UNKION* among companies listed on the exchange . STOP 
Last month , program trading accounted for a record 13.8 % of average daily Big Board volume . STOP 
Mr. *CUNKER* , for example , said he wrote to Big Board Chairman John J. Phelan Jr. about program trading after the 190-point Dow plunge , and as in previous *UNKS* , `` what I get back is *UNK* . '' STOP 
He said he 's upset that Mr. Phelan , trying to *UNK* investors after the plunge , said that investors would simply have to get used to the market 's big price swings . STOP 
The Big Board `` is partly to blame -LCB- for the price swings -RCB- , because they 're *UNKS* , '' said Mr. *CUNKER* . STOP 
`` Their powerful members manage them . '' STOP 
The focus of the outcry has been stock-index arbitrage , which accounts for about half the program trading that goes on . STOP 
Index *UNKS* argue that their trading is healthy because it links markets , but critics say such trading *UNKS* market movements and increases the chance for a crash . STOP 
The Big Board has refused to be drawn into a public debate about program trading . STOP 
Richard *CUNK* , Big Board president , last week said only that the exchange is concerned about all its constituents . STOP 
*CUNKLY* , exchange officials worry that without a *UNK* system for program trading at the Big Board , billions of dollars in trading will simply *UNK* to overseas exchanges such as London 's . STOP 
It is partly for this reason that the exchange last week began trading in its own stock `` basket '' product that allows big investors to buy or sell all 500 stocks in the Standard & Poor 's index in a single trade . STOP 
One intended customer of the new basket product is index *UNKS* , according to the exchange . STOP 
Investors have complained for some time about program trading , particularly index arbitrage , to little *UNK* . STOP 
But according to some Big Board traders , an organized campaign from *UNKED* companies might make the exchange finally consider big changes . STOP 
`` They wo n't fight the listed companies . STOP 
Now the *UNK* is on , '' said one top trader . STOP 
The Big Board ca n't ban stock-index futures , of course , but it could ban use of its *UNKED* electronic trading system for program trading or at least encourage securities firms to back off . STOP 
The exchange put a bit of a *UNKER* on program trading when , last year , it simply started to publish monthly statistics of each firm 's program-trading volume . STOP 
Contel 's Mr. *CUNKER* said the group of Big Board companies is n't ready to go public yet with its effort , and that he does n't plan to be the leader once it is public . STOP 
However , he said he planned to spend the weekend making calls to *UNKER* additional support . STOP 
Among those Mr. *CUNKER* said he has been talking to are Sanford *CUNK* of *CUNK* Corp. , which is the parent of Smith Barney , Harris Upham & Co. ; GTE Corp. 's James Johnson , and ITT Corp. 's *CUNK* *CUNK* . STOP 
None of these chief executives were available for comment . STOP 
Among the targets of the Big Board companies ' campaign will be some corporate pension funds that use program-trading strategies to *UNK* returns on their investments . STOP 
For Contel 's part , the company a month ago informed each of its money managers that it would drop them if they give business to program-trading firms . STOP 
It was just those kinds of *UNKS* that last week succeeded in turning up the heat in the debate . STOP 
Kemper Corp. 's Kemper Financial Services unit said it cut off Bear Stearns , Morgan Stanley , Oppenheimer and General Electric Co. 's Kidder , Peabody & Co. unit . STOP 
All of the firms except Kidder , which is the *UNKEST* program trader on Wall Street , quickly announced *UNKS* from index arbitrage . STOP 
Kidder officials stand by their aggressive use of program trading . STOP 
Chief Executive *CUNKER* Michael Carpenter said that despite the outcry even by some of Kidder 's own brokers , he believes index arbitrage does n't have a `` negative impact on the market as a whole . STOP 
'' However , pressure on Kidder 's parent , GE , could change Kidder 's policy . STOP 
GE Chairman John *CUNK* has been `` *UNKED* with phone calls '' *UNKING* about his unit 's program trading , according to a person close to him . STOP 
Margaret Thatcher 's *UNK* response to the latest *UNKAL* in her government is to promise business as usual . STOP 
That may be the last thing she needs . STOP 
As the air *UNKS* from last week 's storm of resignations and *UNKS* , the government faces a *UNKING* job of *UNKING* confidence in its policies . STOP 
The prime minister and her new *UNK* of the *UNKER* , the *UNKED* John Major , need to *UNK* the country through something like a recession to bring down inflation and set the economy moving again . STOP 
Mrs. Thatcher has to come to terms with European economic integration , beginning with the European Monetary System , which Britain is committed to joining fully *UNK* . STOP 
Finally , the government has to convince a *UNKED* financial community -- and voters -- it is proceeding *UNKLY* toward its goals . STOP 
It sounds like the work of a decade , but the deadline is late 1991 , when Mrs. Thatcher is expected to call another national election . STOP 
What 's *UNKING* her supporters is that the economic cycle may be out of *UNKER* with the political timetable . STOP 
She could end up seeking a fourth term in an economy sick with inflation , high interest rates and a heavy trade deficit . STOP 
Though Mrs. Thatcher has pulled through other *UNKS* , supporters wonder if her *UNKLY* , *UNK* ways are the right formula today . STOP 
`` There 's a rising fear that perhaps Mrs. Thatcher 's style of management has become a political liability , '' says Bill Martin , senior economist at London brokers *CUNKS* & *CUNK* . STOP 
The prime minister 's *UNK* on keeping a private *UNK* of advisers -- including an economic *UNK* who openly criticized former Chancellor of the Exchequer Nigel Lawson -- *UNKED* the financial community . STOP 
Last week , the strategy of playing the two experts off each other *UNK* up : Mr. Lawson quit in *UNKION* and Sir Alan *CUNKS* , the adviser , announced his resignation within an hour . STOP 
The confusion could be costly . STOP 
*CUNK* traders , *UNKING* Mr. Major wo n't defend the pound *UNKLY* , sent the British currency sharply lower Friday against the dollar and West German mark . STOP 
Analysts expect further *UNKS* this week . STOP 
A continuing slide in the pound could force the government to push through another rise in the base rate , currently 15 % . STOP 
That could *UNK* a weak economy into recession . STOP 
Economists have been *UNKING* a slump for months , but they now say it will be deeper and longer than they had thought . STOP 
Britain 's economy `` is developing rapidly toward *UNK-* , '' says J. Paul *CUNK* , international economist with Smith Barney , Harris Upham Co. in Paris . STOP 
A *UNK* slowdown probably would have run its course by early 1991 , economists say , while the *UNKING* downturn now expected could stretch into 1992 . STOP 
*CUNK* could be hampered if Britain 's major trading partners in Europe , which are *UNKING* robust economic activity , cool off as expected in late 1990 and 1991 . STOP 
That would leave Mrs. Thatcher little room for *UNKER* . STOP 
For the *CUNKS* to win the next election , voters will need to sense economic improvement for about a year *UNK* . STOP 
Though Mrs. Thatcher does n't need to call an election until June 1992 , she would prefer doing so in late 1991 . STOP 
`` If the economy shows no sign of turning around in about year 's time , she will be very vulnerable , '' says John *CUNKS* , a *UNKER* at the London School of *CUNKS* . STOP 
There 's an equally pressing deadline for the government to *UNK* its monetary and economic ties to the rest of the European Community . STOP 
It has sent mixed signals about its willingness to take part in the exchange-rate mechanism of the European Monetary System , which links the major EC currencies . STOP 
At a June EC summit , Mrs. Thatcher appeared to ease her opposition to full *CUNK* membership , saying Britain would join once its inflation rate fell and the EC *UNKED* capital movements . STOP 
Since then , the government has left observers wondering if it ever meant to join . STOP 
Sir Alan *UNKED* the monetary arrangement as `` *UNKED* '' in an article being published in an American economics journal . STOP 
That produced little reaction from his boss , *UNKING* speculation the government would use its two conditions as a *UNK* for *UNKING* full *CUNK* membership . STOP 
Despite the departure of Mr. Lawson and Sir Alan , the *UNK-* over the *CUNK* could continue . STOP 
Sir *CUNK* *CUNK* , deputy prime minister and a Lawson ally on the *CUNK* , has signaled he will continue pressing for early membership . STOP 
Of immediate concern is whether the Thatcher government will continue Mr. Lawson 's policy of tracking the monetary policies of the West German *CUNK* and responding in kind when the Frankfurt authorities move interest rates . STOP 
Mrs. Thatcher `` does n't like taking orders from foreigners , '' says *CUNK* *CUNK* , economist with *CUNK* & National Holding PLC . STOP 
As Conservatives rally around Mrs. Thatcher during the crisis , many *UNK* hopes last week 's debacle will prompt change . STOP 
`` We wo n't have any more of this *UNK* behavior , '' says Sir Peter *CUNK* , a *UNK* *CUNK* member of Parliament . STOP 
`` The party is fed up with *UNKS* of good people . '' STOP 
It 's an *UNUNK* *UNKION* . STOP 
As long as a decade ago , Mrs. Thatcher declared she did n't want debate in her cabinet ; she wanted strong government . STOP 
Over the weekend , she said she did n't intend to change her style and denied she is *UNK* . STOP 
`` *CUNK* , '' she told an *UNKER* yesterday on London *CUNK* Television . STOP 
`` I am *UNKING* my own sweet , reasonable *UNK* . STOP 
Joseph L. *CUNK* , chairman and chief executive officer of *CUNK-* Inc. , was elected to the board of directors of this electronics manufacturer . STOP 
He succeeds the retiring James W. *CUNK* . STOP 
*CUNK* Data STOP 
Computers that once were the state of the art , The *UNKS* bought three years ago , Are now *UNK* . STOP 
As we *UNKLY* start The search for *UNKS* , we know The new one we purchase in hopes it will do , Despite every wonder that 's stated , Means more speed , more graphics , more memory , too , But also more quickly out - dated ! STOP 
-- *CUNK* *CUNK* . STOP 
*CUNKING* *CUNKION* STOP 
I know when dividends are due ; When bonds should be retired ; But what gets by me every time Is has the milk expired ? STOP 
-- Ralph *CUNKER* . STOP 
*CUNKION* STOP 
*CUNKING* : *CUNK* to *UNK-* *CUNK* . STOP 
-- *CUNK* *CUNK* . STOP 
*CUNKS* May Not *CUNK* When *CUNK* Do *CUNKS* STOP 
*CUNK* *CUNK* take on more *UNK* , they tend to substitute for *UNKS* done by the kids rather than by the wife . STOP 
*CUNK* Corp. researchers Linda *CUNK* and *CUNKS* *CUNKER* *UNKED* a large *UNK* of married women with at least one child at home between the *UNKS* of six and 18 . STOP 
The women indicated which family member usually did various household *UNKS* and the *UNK* share each did . STOP 
Not unexpectedly , *UNKS* , whether working or *UNKING* , did by far the most -- about 80 % of the shopping , *UNK* and *UNKING* , and about two-thirds of *UNKING* , *UNKING* *UNKS* , child care and family paper work . STOP 
Only for *UNK* and home maintenance did women do less than half . STOP 
But the researchers found that while children 's household tasks eased the mother 's burden *UNKLY* , the husband 's helping hand `` appears to *UNK* the children 's load almost on a *UNK-* basis and to reduce the wife 's responsibility only modestly . '' STOP 
This pattern was particularly evident among more highly *UNKED* couples . STOP 
In these families , *UNKS* took on 80 % more *UNKS* than in couples with only *UNK* school education . STOP 
But the kids with highly *UNKED* parents did 68 % less *UNK* than those in *UNKED* families . STOP 
`` It is clear , '' Ms. *CUNK* says , `` that most of the effect of increasing education has been to shift who is helping the *UNKER* . STOP 
Her share *UNKS* , but only slightly . '' STOP 
*CUNKING* Home *CUNKS* *CUNK* to *CUNK* Private *CUNKS* STOP 
*CUNK* *CUNK* elderly *UNKING* home residents *UNK* themselves than was previously believed , two recent studies *UNK* . STOP 
State governments place very low *UNKS* on how much property people may own or how much income they may keep if they want *UNK* help on medical bills . STOP 
*CUNKAL* wisdom has long held that anywhere from *UNK-* to *UNK-* of all elderly long-term care patients are *UNKED* to spend themselves into poverty before *UNKING* for Medicaid assistance . STOP 
But separate reports from *CUNK* *CUNKER* and *CUNK* *CUNK* of the *CUNKS* *CUNKION* and *CUNK* *CUNK* of the Urban Institute find that `` a surprisingly small proportion '' -- only about 10 % -- of residents start out as private *UNKS* but `` spend down '' to Medicaid levels in a single *UNKING* home stay before they die or are *UNKED* . STOP 
-LRB- Another one-third are already on Medicaid when they enter the *UNKING* homes , a considerably higher proportion than the analysts anticipated . -RRB- STOP 
But a *UNKLY* high percentage -- over half -- are private *UNKS* throughout their stay , even a fairly lengthy one . STOP 
About one-third pay out of their own *UNKS* , while the rest are covered throughout by *CUNK* , private insurers or the *CUNKS* Administration . STOP 
Both reports are based on several thousand patients *UNKED* in a 1985 nationwide government survey . STOP 
The *CUNKS* and Urban Institute authors caution , however , that most *UNKING* home *UNKS* are of *UNKLY* short *UNKION* , and reaching the Medicaid level is more likely with an unusually long stay or repeated *UNKS* . STOP 
Moreover , they note , those who manage to pay their own way often do so only by selling their homes , using up life savings or drawing heavily on children and other *UNKS* . STOP 
Reagan *CUNK* Young *CUNK* *CUNKAL* *CUNKS* STOP 
THE *CUNK* generation young men and women reaching political maturity during Ronald Reagan 's presidency -- are firmly liberal on race and *UNKER* , according to *CUNK* , the social science research center at the University of Chicago . STOP 
Many political analysts have speculated that the Reagan years would produce a *UNKLY* conservative younger generation . STOP 
*CUNK* 's most recent opinion surveys find the *UNKEST* adults indeed somewhat more *UNK-* and *UNK-* than other adults . STOP 
But , says chief *UNK* Tom Smith , this `` does not *UNK* into support for *UNK* in general or into conservative positions on *UNK* and civil rights issues . '' STOP 
*CUNKS* to a dozen questions in the 1986 , 1987 , 1988 and 1989 national surveys reveal that men and women in the 18 to 24 age *UNK* are considerably more liberal on race and *UNKER* than were the 18 to 24 year *UNKS* in *CUNK* 's *UNKING* in the early 1970s and early 1980s . STOP 
They were also as liberal or more liberal than any other age group in the 1986 through 1989 surveys . STOP 
For example , 66 % of the 18 to 24 year *UNKS* in the four latest surveys favored an `` open housing '' law *UNKING* homeowners from *UNKING* on racial grounds to sell to prospective buyers . STOP 
That compares with 58 % of the similar age group in the 1980 through 1982 surveys and 55 % in the 1972 through 1975 surveys . STOP 
Asked whether they agreed or *UNKED* with the claim that men are *UNKLY* better *UNKED* to politics than women , 70 % of the Reagan generation *UNKED* , compared with under 60 % of younger men and women in the earlier years . STOP 
*CUNKS* and *CUNKS* STOP 
*CUNK* and *UNKED* men and women are far more likely to be *UNKS* than married *UNKS* , the *CUNKS* for *CUNK* Control *UNKS* ... . STOP 
*CUNK* students are taking longer than ever to get their doctor of philosophy *UNKS* , the National Research Council says . STOP 
It estimates the time between college *UNKION* and the *UNKING* of a *CUNK* D. has *UNKED* by 30 % over the past 20 years , with the average gap now ranging from about *UNKN* years in the physical *UNKS* to *UNKN* years in education . STOP 
October was an *UNK* month for the *UNKS* of glasnost , the official Soviet policy of allowing more *UNK* from the nation 's media . STOP 
For one of the *UNKS* of glasnost , *CUNKLY* *CUNK* , editor of the *UNKING* weekly *CUNK* , Friday , Oct. 20 was a *UNKING* day that turned from tension to *UNKION* . STOP 
He had been *UNKED* to the Central Committee of the Soviet Communist Party , after he finished his lunch at the *CUNK* Hotel , an unlikely *UNK* to a bureaucratic *UNKING* : *CUNK-* *CUNKLY* *UNKED* *UNKS* *UNK* on their *UNKS* toward a ceiling *UNKING* with *UNKS* , all *UNKED* by *UNK* laid on with a *UNK* *UNK* 's *UNK* and supported by *UNK* *UNK* columns whose *UNKS* are *UNKING* *UNKS* of gold . STOP 
Why had Mr. *CUNK* been called ? STOP 
`` I told my *UNKER* , '' he said , `` that he was taking my *UNK* to the Central Committee so they can ... '' *UNK* , *UNK* , *UNK* his hand made vigorous *UNKING* *UNKS* on his left *UNK* . `` STOP 
They feel the need from time to time to ` *UNK* ' me . '' STOP 
And indeed , as he later reported , that was the import of the meeting . STOP 
*OUS* allies of President Mikhail Gorbachev are *UNKING* media leaders to take it easy , to be careful not to do anything that could be used by Mr. Gorbachev 's opponents . STOP 
The government is nervous . STOP 
According to Mr. *CUNK* , who was present , Mr. Gorbachev 's *UNKED* *UNKING* of the press on Oct. 13 was more of a plea : `` *CUNK* careful *UNKS* ; use good judgment . STOP 
We 're standing in gasoline , so do n't smoke ! '' STOP 
U.S. and northern European *UNKS* confirm Mr. *CUNK* 's assessment that glasnost is in no immediate danger . STOP 
In fact , a very *UNKING* Soviet official told an American official at a *UNK* dinner that no change in the policy was *UNKED* . STOP 
The day after that conversation at the *UNK* of the U.S. *UNK* , the *CUNK* editor of *CUNK* , Victor *CUNK* , was replaced by a college *UNK* of Mr. Gorbachev 's . STOP 
*CUNK* *UNKS* have more to fear from Mr. Gorbachev than the *UNKAL* *UNKING* he gave to the press . STOP 
At the end of the very week in which Mr. *CUNK* was called to the Central Committee , *CUNK* was again *UNKING* its independence by printing a poll that showed that 35 % of the Soviet population , a *UNK* , believed that Mr. Gorbachev 's economic reforms , perestroika , would result in only *UNK* change . STOP 
A good *UNK* of the popularity of *UNKER* *UNKS* like *CUNK* is circulation . STOP 
When Mr. *CUNK* took it over in 1986 , it sold 250,000 copies ; today it sells 3.4 million . STOP 
*CUNK* , meanwhile , has retained only 57 % of its 1986 *UNK* . STOP 
*CUNK* has made *UNKS* of men like Mr. *CUNK* . STOP 
*CUNKED* by the Communist Party from getting on its slate of *UNKS* for the new Supreme Soviet , he stood as an independent candidate for Congress from his native *CUNK* and won with 84 % of the vote . STOP 
The same evening that he was *UNKED* for a warning from the Party , he was *UNKED* by thousands of his supporters at a rally of what can only be called the *CUNK* party . STOP 
But as *UNKING* as the changes that have already occurred are , there is a *UNK* to glasnost . STOP 
*CUNK* is n't a *CUNK* *UNKION* . STOP 
The *UNKS* were no civil *UNKS* . STOP 
As late as the *UNKS* , the Russian government prevented any coverage of *UNKS* . STOP 
It even directed newspapers not to publish anything that might *UNK* the honor of the *CUNK* *UNK* 's *UNKS* . STOP 
So glasnost is not a value *UNK* with steel *UNKS* into the *UNK* of Russian society . STOP 
It is an *UNK* public relations program *UNKED* by a single political leader during a four-year *UNK* of history . STOP 
It is public relations of the highest *UNKION* , that *UNKS* that credibility is enhanced by *UNK* -- up to a point . STOP 
What is that point ? STOP 
Will *CUNK* begin a series of reports *UNKING* the failures of perestroika ? STOP 
`` I 'd be *UNKING* myself , '' *UNKS* Mr. *CUNK* , who then asks , `` What would that accomplish ? STOP 
'' His answer *UNKS* his *UNK* -- it also *UNKS* the line that Soviet society must cross to enter the normal dialogue of Western culture . STOP 
It is the line beyond which the press can report not only on the bankruptcy of factories but on the failures of even *UNK* leaders . STOP 
Mr. *CUNKS* is editor and publisher of the *CUNK* , *CUNK* , Star . STOP 
A state trial judge in Illinois gave preliminary approval to a proposed settlement of a suit against a Bank of New York Co. unit , Irving Trust Co. , over the interest rates on Irving 's former One Wall Street *CUNK* money-market deposit accounts . STOP 
Judge Albert Green , in *CUNK* County Circuit Court in Chicago , also recognized the suit , filed last May by Robert and *CUNK* *CUNK* , as a class action covering thousands of Irving customers . STOP 
The plaintiffs accused Irving of paying less interest than promised in a marketing *UNK* . STOP 
Irving maintained -- and still does -- that its actions were proper under its account agreements with customers . STOP 
Under the proposed settlement , customers with valid claims -- to be submitted by Dec. 15 -- will receive `` valuable bank services , '' such as credit cards with reduced finance charges , for two years . STOP 
Larry *CUNK* , attorney for the plaintiffs , valued the settlement at between $ 6 million and $ 8 million . STOP 
A Bank of New York spokesman in Manhattan , Owen Brady , said , `` That 's the maximum , outside figure . STOP 
Federal Reserve critics used to complain of `` stop and go '' monetary policies . STOP 
They claimed that the Fed would first give a green light to the economy by making credit readily available and then turn on the red and bring growth to a *UNKING* halt . STOP 
But under Alan Greenspan that has changed . STOP 
A *UNKLY* cautious man , the Fed chairman is forever *UNKING* *UNK* . STOP 
Indeed , his caution has become *UNK* within the government . STOP 
He *UNKS* *UNKLY* over economic statistics , *UNKING* them in dozens of ways , *UNKING* for hours in search of potential problems . STOP 
After *UNKLY* *UNKING* *UNKS* of information , he often concludes that more data are needed , and when he finally decides to act , his movements sometimes seem *UNKLY* small . STOP 
Such caution was evident after the recent *CUNK-* stock market plunge . STOP 
Some Bush administration officials urged Mr. Greenspan to make an immediate public announcement of his plans to provide *UNK* credit to the markets . STOP 
But he refused , claiming that he wanted to see what happened Monday morning before making any public statement . STOP 
Mr. Greenspan 's decision to keep quiet also prompted a *UNK-* within the Fed 's ranks . STOP 
A `` senior Fed official '' spoke on Saturday after the market *UNK* to both the Washington *CUNK* and the New York Times , saying the Fed was prepared to provide as much credit as the markets needed . STOP 
The statement *UNKED* Chairman Greenspan , but it was *UNKED* with *UNK* by the Bush administration and the financial markets . STOP 
And , while the *OUS* Fed member has n't gone public , some Fed *UNKS* , most notably Vice Chairman Manuel Johnson , are known to have *UNKED* with the chairman 's decision to remain *UNK* . STOP 
*CUNKLY* , the *OUS* official 's comments have earned some *UNKS* for Mr. Greenspan , who is *UNKLY* seen as the source . STOP 
At a hearing last week , Democratic Sen. *CUNKS* *CUNK* of Connecticut told Treasury Secretary Nicholas Brady that `` Chairman Greenspan 's '' announcement over the Oct. 13 weekend was a `` very important statement . '' STOP 
Mr. Brady *UNKLY* *UNKED* that he was n't sure whether Mr. Greenspan `` made a statement himself , or whether that was a newspaper report . '' STOP 
The Fed chairman 's caution was apparent again on the Monday morning after the market 's plunge , when the central bank took only modest steps to aid the markets . STOP 
A surprisingly small amount of reserves was added to the banking system . STOP 
And , by the end of that week , the key federal funds interest rate , which is largely controlled by the Fed , had settled at *UNKN* % , barely changed from the level of just under 9 % that *UNKED* the previous week . STOP 
Bush administration officials appear increasingly concerned that Mr. Greenspan is cautious to a fault . STOP 
*CUNKS* of growing weakness in the economy , *UNKED* with indications that inflation is *UNKING* well under control , have caused them to wonder why the Fed chairman is so *UNKING* in reducing rates . STOP 
Those concerns are n't expressed in public . STOP 
In fact , the administration and the Fed have been going out of their way in the past two weeks to *UNK* any impression that they are at odds , *UNKING* stories about an *UNKED* split added to the stock market 's *UNKS* . STOP 
Still , the split is there . STOP 
The administration 's concerns are *UNUNK* . STOP 
The economy is showing signs of weakness , particularly among manufacturers . STOP 
*CUNKS* , which played a key role in *UNKING* growth over the last two years , seem to have stalled . STOP 
*CUNK* *UNKS* and production fell in September , and the auto industry and housing are in a severe crunch . STOP 
But Mr. Greenspan remains reluctant to *UNK* policy , partly because he faces a *UNK* of presidents of regional Fed banks who oppose credit easing . STOP 
In addition , the chairman has a wary eye aimed a year or two down the road . STOP 
*CUNKION* may be stable at the moment , running at about 4.5 % . STOP 
But if the Fed *UNKS* too soon , Mr. Greenspan fears , prices may begin to *UNK* again next year . STOP 
Moreover , if the Fed holds tight , it may be able gradually to reduce inflation , moving toward the *UNKION* goal that the Fed chairman embraced in testimony to Congress last week . STOP 
So far , Mr. Greenspan 's cautious approach to policy has served both him and the nation well . STOP 
His hand on the monetary *UNKER* seems one reason why the economy next month seems highly likely to begin an unprecedented *UNK* year of *UNK* growth without a recession . STOP 
`` We 've gotten through two stock market *UNKS* , and we 've gone through an election without any major problems , '' says David *CUNK* , an economist of Kemper Financial Services . STOP 
`` I think you have to give Greenspan a good rating . '' STOP 
But such caution is no guarantee against mistakes . STOP 
The Fed 's reluctance to ease credit now could be *UNKING* the *UNK* for a new recession , perhaps starting early next year . STOP 
If that happens , Chairman Greenspan could well become an open target . STOP 
Already , Congress is *UNKING* with legislation to curb the Fed 's independence . STOP 
If the economy turns down , such proposals could gain strong momentum . STOP 
The following issues were recently filed with the Securities and Exchange Commission : STOP 
*CUNK* Environmental Inc. , initial offering of 1.1 million shares , of which *CUNK* will sell *UNKN* and *UNKS* will sell *UNKN* shares , via Oppenheimer & Co . STOP 
*CUNKAL* Co. , proposed offering of 400,000 common shares by holders , via Robert W. *CUNK* & Co. and William Blair & Co . STOP 
First Capital Holdings Corp. , proposed offering of $ *UNKN* million of floating rate senior notes , via Shearson Lehman Hutton Inc . STOP 
Industrial Funding Corp. , initial offering of common stock , via Alex . Brown & Sons Inc. and *CUNKER* *CUNK* & *CUNK* . STOP 
*CUNK* Technology Corp. , initial offering of 1.7 million common shares , of which *UNKN* shares will be sold by the company and *UNKN* shares by holders , via Alex Brown & Sons , Hambrecht & Quist and *CUNKS* , Arnold & Henderson . STOP 
Union *CUNK* Corp. , shelf offering of up to $ 250 million of debt securities . STOP 
Spencer J. *CUNK* , president and chief operating officer of this consumer and industrial products company , was elected a director . STOP 
Mr. *CUNK* , 55 years old , succeeds *CUNK* *CUNK* , who retired in September . STOP 
In an age of *UNKION* , the federal *UNK* is one of the last *UNKS* of the *UNK* . STOP 
A judge must jump from murder to antitrust cases , from *UNK* to securities fraud , without missing a beat . STOP 
But even on the federal bench , *UNKION* is *UNKING* in , and it has become a subject of sharp controversy on the *UNKEST* federal appeals court . STOP 
The Court of Appeals for the Federal Circuit was created in 1982 to serve , among other things , as the court of last resort for most patent disputes . STOP 
Previously , patent cases moved through the court system to one of the 12 circuit appeals courts . STOP 
There , judges who saw few such cases and had no experience in the field *UNKED* with some of the most technical and complex disputes *UNK* . STOP 
A new specialty court was sought by patent experts , who believed that the *UNKS* had *UNKED* too many important , *UNK-* cases . STOP 
Some patent lawyers had hoped that such a specialty court would be filled with experts in the field . STOP 
But the Reagan administration thought otherwise , and so may the Bush administration . STOP 
Since 1984 , the president has filled four *UNKS* in the Federal Circuit court with *UNK-* lawyers . STOP 
Now only three of the 12 judges -- *CUNK* *CUNK* , Chief Judge Howard T. *CUNK* , 68 , and *CUNKS* Rich , 85 -- have *UNK-* *UNKS* . STOP 
The latter two and Judge Daniel M. *CUNK* , 73 , are *UNKING* senior status or retirement . STOP 
Three seats currently are vacant and three others are likely to be filled within a few years , so patent lawyers and *UNKED* industries are making a new push for specialists to be added to the court . STOP 
Several organizations , including the Industrial *CUNKAL* Association and the Pharmaceutical Manufacturers Association , have asked the White House and Justice Department to name candidates with both patent and scientific *UNKS* . STOP 
The associations would like the court to include between three and six judges with *UNKED* training . STOP 
Some of the associations have recommended Dr. Alan D. *CUNK* , 54 , a former patent agent with a *UNK* in *UNK* *UNK* who now is associate general counsel with *CUNK* *CUNK* Corp. in Philadelphia . STOP 
Dr. *CUNK* says the Justice Department interviewed him last July . STOP 
Their effort has received a *UNK* response from the Justice Department . STOP 
`` We do not feel that seats are *UNKED* -LRB- for patent lawyers -RRB- , '' says Justice spokesman David Runkel , who declines to say how soon a candidate will be named . STOP 
`` But we will take it into consideration . '' STOP 
The Justice Department 's view is shared by other lawyers and at least one member of the court , Judge H. Robert *CUNKER* , a former civil *UNK* who served at the claims court trial level before he was appointed to the Federal Circuit two years ago . STOP 
`` I believe that any good lawyer should be able to figure out and understand patent law , '' Judge *CUNKER* says , adding that `` it 's the responsibility of highly paid lawyers -LRB- who argue before the court -RRB- to make us understand -LRB- complex patent litigation -RRB- . '' STOP 
Yet some lawyers point to Eli Lilly & Co. vs. *CUNK* , Inc. , the patent *UNK* case the Supreme Court this month agreed to review , as an example of poor legal *UNKING* by judges who lack patent litigation experience . STOP 
-LRB- Judge *CUNKER* was not on the *UNKER* panel . -RRB- STOP 
In the Lilly case , the appeals court broadly *UNKED* a federal statute to grant *CUNK* , a medical device manufacturer , an *UNKION* to *UNK* a patent under certain circumstances . STOP 
If the Supreme Court holds in *CUNK* 's favor , the decision will have *UNK-* consequences for the manufacturers of medical devices , color and food *UNKS* and all other *UNK-* products that required Food & Drug Administration approval . STOP 
*CUNK* *CUNKS* , a lawyer and director of government relations for the Industrial *CUNKAL* Association , contends that a judge *UNKED* in patent law and the concerns of *UNKED* industries would have ruled otherwise . STOP 
And Judge *CUNK* , a former patent lawyer , wrote in her *UNK* when the court denied a motion for a *UNKING* of the case by the full court , `` The panel 's judicial legislation has affected an important *UNKAL* industry , without regard to the consequences for research and *UNKION* or the public interest . '' STOP 
Says Ms. *CUNKS* , `` -LRB- The judgment -RRB- *UNKS* our concern that the absence of patent lawyers on the court could prove *UNK* . STOP 
Friday , October 27 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 3\/4 % high , 8 11\/16 % low , 8 5\/8 % near closing bid , 8 11\/16 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.50 % 30 to 44 days ; 8.25 % 45 to 65 days ; 8.375 % 66 to 89 days ; 8 % 90 to 119 days ; 7.875 % 120 to *UNKN* days ; *UNKN* % 150 to 179 days ; 7.50 % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : *UNKN* % 30 days ; *UNKN* % 60 days ; 8.40 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.09 % one month ; *UNKN* % two months ; *UNKN* % three months ; 7.96 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : 8.55 % one month ; 8.50 % three months ; 8.40 % six months . STOP 
BANKERS ACCEPTANCES : *UNKN* % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; *UNKN* % 150 days ; 8 % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 11\/16 % to 8 9\/16 % one month ; 8 5\/8 % to 8 1\/2 % two months ; 8 11\/16 % to 8 9\/16 % three months ; 8 9\/16 % to 8 7\/16 % four months ; 8 1\/2 % to 8 3\/8 % five months ; 8 7\/16 % to 8 *UNKN* % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 11\/16 % one month ; 8 11\/16 % three months ; 8 7\/16 % six months ; 8 3\/8 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 9 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 23 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : 7.52 % 13 weeks ; 7.50 % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : STOP 
Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : STOP 
Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : *UNKN* % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
THE *CUNK* *CUNK* *CUNK* *CUNK* coming rule on disclosure involving financial instruments will be effective for financial statements with fiscal years ending after June 15 , 1990 . STOP 
The date was *UNKED* in Friday 's edition . STOP 
Kidder , Peabody & Co. is trying to struggle back . STOP 
Only a few months ago , the *UNK-* securities firm seemed to be on the *UNK* of a *UNK* , *UNKED* by internal *UNKS* and *UNKS* . STOP 
Its relationship with parent General Electric Co. had been *UNKED* since a big Kidder *UNKING* scandal two years ago . STOP 
Chief executives and presidents had come and gone . STOP 
Now , the firm says it 's at a turning point . STOP 
By the end of this year , *UNK-* Chairman *CUNKS* *CUNK* -- the former chairman of Illinois *CUNK* *CUNKS* who was *UNKED* as a `` *UNK-* man '' when GE brought him in to clean up Kidder in 1987 -- *UNKS* to his Lake Forest , Ill. , home , possibly to build a shopping *UNK* on some land he owns . STOP 
`` I 've done what I came to do '' at Kidder , he says . STOP 
And that means *UNK-* Michael Carpenter , president and chief executive since January , will for the first time take complete control of Kidder and try to make good on some *UNK* plans . STOP 
Mr. Carpenter says he will return Kidder to *UNK* as a great investment bank . STOP 
Wall Street is *UNKLY* skeptical . STOP 
Through the first nine months of the year , Kidder ranks a *UNK* *UNK* among underwriters of U.S. stocks and bonds , with a 2.8 % market share , up slightly from 2.5 % in the year-earlier period , according to Securities Data Co . STOP 
It 's quite a fall from the early 1980s , when Kidder still was counted as an investment-banking *UNK* . STOP 
Gary S. *CUNK* , president of the *CUNK* Group , an executive search firm , said : `` I 'd like to see -LRB- Kidder -RRB- succeed . STOP 
But they have to attract good senior bankers who can bring in the business from day one . '' STOP 
In 1988 , Kidder *UNKED* out a $ 46 million profit , mainly because of severe cost cutting . STOP 
Its *UNKER* brokerage operation reported an estimated $ 5 million loss last year , although Kidder expects it to turn a profit this year . STOP 
In fact , Kidder is a minor player in just about every business it does except computer-driven program trading ; in that controversial business , only Morgan Stanley & Co. rivals Kidder . STOP 
But even that niche is under attack , as several Wall Street firms pulled back from program trading last week under pressure from big investors . STOP 
Mr. Carpenter , a former *UNK-* executive who has a love for `` task forces , '' says he has done a `` complete *UNK* '' of Kidder in recent months . STOP 
There have been a *UNKING* *UNK* of studies of the firm 's operations . STOP 
More than 20 new managing directors and senior vice presidents have been hired since January . STOP 
The firm 's brokerage force has been trimmed and its *UNKS* staff increased to a record 55 people . STOP 
Mr. Carpenter says that when he assumes full control , Kidder will finally *UNK* the resources of GE . STOP 
One of GE 's goals when it bought 80 % of Kidder in 1986 was to take advantage of `` *UNKS* '' between Kidder and General Electric Capital Corp. , GE 's *UNK-* unit , which has $ 42 billion in assets . STOP 
The leveraged buy-out group of GE Capital now reports to Mr. Carpenter . STOP 
So far , instead of *UNKING* up , GE Capital staffers and Kidder investment bankers have *UNKED* . STOP 
Yet , says Mr. Carpenter , `` We 've really started to exploit the *UNK* between GE Capital and Kidder Peabody . '' STOP 
The units have worked on 37 investment banking deals this year , he says , though not all of them have *UNKED* out . STOP 
`` We 've had a good relationship with GE , which is the first time you could say that -- *UNK* , let me withdraw that . STOP 
It 's been a steadily improving relationship , '' says Mr. Carpenter . STOP 
Still , without many actual deals to show off , Kidder is left to stress that it finally has `` a team '' in place , and that everyone works harder . STOP 
A month ago , the firm started serving dinner at about *UNKN* each night ; about 50 to 60 of the 350 people in the investment banking operation have consistently been around that late . STOP 
`` We are working significantly longer and harder than has been the case in the past , '' says Scott C. *CUNK* , Kidder 's head of investment banking since June . STOP 
*CUNK* , Kidder *UNKS* the `` always working '' theme . STOP 
A new in-house magazine , Kidder World -- which will focus on the firm 's *UNK* strategy , says Mr. Carpenter -- *UNKS* that on *UNKS* Mr. *CUNK* `` often gets *UNKED* ideas while flying his *UNK-* *CUNK* *CUNKION* on the way to *CUNK* . '' STOP 
The firm 's new head of mergers and acquisitions under Mr. *CUNK* , *CUNK* *CUNK* , talks of the opportunity to `` rebuild a franchise '' at Kidder . STOP 
`` The Kidder name is one of only six or seven that every *CUNK* *UNKS* as a viable alternative '' when considering a merger deal , he says . STOP 
Now , according to a Kidder World story about Mr. *CUNK* , all the firm has to do is `` position ourselves more in the deal flow . '' STOP 
With investment banking as Kidder 's `` lead business , '' where do Kidder 's *UNK-* brokerage network and its *UNKN* brokers fit in ? STOP 
Mr. Carpenter this month sold off Kidder 's eight brokerage offices in Florida and Puerto Rico to Merrill Lynch & Co. , *UNKING* speculation that Kidder is getting out of the brokerage business entirely . STOP 
Mr. Carpenter denies the speculation . STOP 
To answer the brokerage question , Kidder , in typical fashion , completed a *UNK-* study . STOP 
The result : Kidder will focus on rich individual investors and small companies , much closer to the *UNK* of Goldman , Sachs & Co. than a *UNK-* firm like Merrill Lynch or Shearson Lehman Hutton Inc . STOP 
Mr. Carpenter notes that these types of investors also are `` sophisticated '' enough not to complain about Kidder 's aggressive use of program trading . STOP 
As part of the upscale push , Kidder is putting brokers through a *UNK-* training course , turning them into `` investment *UNKS* '' with knowledge of corporate finance . STOP 
They will get `` new and improved tools to sell , particularly to the affluent investor , '' says brokerage chief Charles V. *CUNK* . STOP 
*CUNKLY* , the brokers will then be able to *UNK* `` leads '' on corporate finance opportunities to Kidder 's investment bankers , possibly easing the longstanding tension between the two *UNKS* . STOP 
However , *UNKS* caution that this kind of *UNKION* between brokers and investment bankers looks great on paper , but does n't always happen . STOP 
Kidder competitors are n't *UNKLY* hostile to the firm , as many are to a tough competitor like Drexel Burnham Lambert Inc. that does n't have Kidder 's long history . STOP 
However , competitors say that Kidder 's hiring *UNK* involving *UNK-* staffers , some with *UNK-* contract guarantees , could *UNK* unless there are results . STOP 
The *UNKING* Mr. *CUNK* says he has no worries about Kidder 's future . STOP 
Mr. *CUNK* , who will return to the *CUNKER* *CUNKS* Co. board of directors , in addition to his personal ventures , is credited with bringing some basic *UNKING* and planning discipline to traditionally *UNKING* Kidder . STOP 
He also improved the firm 's compliance procedures for trading . STOP 
Mr. *CUNK* says he has had `` a lot of fun '' at Kidder , adding the crack about his being a `` *UNK-* man '' never *UNKED* him . STOP 
`` It was an absolutely *OUS* line and one I used many times , '' he says . STOP 
*CUNKING* broadly when he talks about Mr. Carpenter , Mr. *CUNK* says the new Kidder chief is `` going to be recognized shortly as one of the real leaders in the investment-banking business . '' STOP 
In coming years , Mr. *CUNK* says , Kidder is `` *UNK* *UNK* *UNK* . '' STOP 
Or , as Mr. Carpenter , again drawing on his *UNK-* background , puts it : `` We 're ready to *UNK* at this point . STOP 
*CUNK* A *CUNK* by Democrats to expand Individual *CUNK* *CUNKS* , a $ 2,000 contribution by a *UNKER* in the 33 % *UNK* would save $ *UNKN* on his taxes . STOP 
The savings was given incorrectly in Friday 's edition . STOP 
In what could prove a major addition to the Philippines ' *UNK-* portfolio , a *CUNK* company signed a $ 180 million construction contract to build the *UNK* of a planned petrochemical complex . STOP 
Taiwan 's *CUNK* Far East Corp. , a petrochemical company , *UNKED* the agreement with an *UNKED* Japanese contractor to build a *UNK* *UNKER* , according to *CUNK* Lee , who heads the Philippine company set up to build and operate the complex . STOP 
Mr. Lee , president of Luzon *CUNKAL* Corp. , said the contract was signed Wednesday in Tokyo with *CUNK* Far East officials . STOP 
*CUNK* details , however , have n't been made public . STOP 
The complex is to be located in *CUNKS* , about 70 miles south of Manila . STOP 
*CUNK* Far East will hold a 60 % stake in Luzon *CUNKAL* , according to papers signed with the Philippine government 's Board of Investments . STOP 
The proposed petrochemical plant would use *UNK* to manufacture the *UNKS* *UNK* and *UNK* and their *UNK* *UNKS* , *UNK* and *UNK* . STOP 
These are the raw materials used in making plastics . STOP 
The contract signing represented a major step in the *UNKED* petrochemical project . STOP 
At an estimated $ *UNKN* million , the project would represent the single largest foreign investment in the Philippines since President *CUNK* *CUNK* took office in February 1986 . STOP 
It also is considered critical to the country 's efforts to both attract other investment from Taiwan and raise heavy industry *UNKS* . STOP 
The project has been in and out of the pipeline for more than a decade . STOP 
However , workers ca n't break ground until legal *UNKS* to block the complex are resolved , moves which caused the signing to remain *UNK* up to the last moment . STOP 
As previously reported , a member of the Philippines ' House of Representatives has sued to stop the plant . STOP 
The legislator , *CUNK* Garcia , had actively backed the plant , but at the original site in his *UNK* *UNKEST* of Manila . STOP 
The country 's Supreme Court dismissed the suit , but Mr. Garcia late last month filed for a *UNKION* . STOP 
In addition , President *CUNK* has yet to sign into law a bill removing a stiff 48 % tax on *UNK* , the principal raw material to be used in the *UNKER* . STOP 
However , at a news conference Thursday , Mrs. *CUNK* backed the project and said her government was attempting to *UNK* the feelings of residents at the original site , *UNK* to the government 's major petroleum refinery in *CUNK* province . STOP 
`` We have tried our best to tell the people in *CUNK* that maybe this time it will not go to them , but certainly we will do our best to encourage other investors to go to their province , '' Mrs. *CUNK* told *CUNKED* foreign *UNKS* . STOP 
The project appeared to be on the *UNKS* earlier this month when the other major partner in the project , China General *CUNKS* Corp. , backed out . STOP 
China General *CUNKS* , another *CUNK* petrochemical manufacturer , was to have a 40 % stake in Luzon *CUNKAL* . STOP 
However , Mr. Lee said that *CUNK* Far East is confident other investors will take up the *UNK* . STOP 
He said *CUNK* Far East has applied to both the Asian Development Bank and the World Bank 's International Finance Corp. for financing that could include equity stakes . STOP 
Three new issues begin trading on the New York Stock Exchange today , and one began trading on the *CUNKAL* Market System last week . STOP 
On the Big Board , *CUNK* & Co. , Atlanta , -LRB- *CUNK* -RRB- begins trading today . STOP 
*CUNK* *UNKS* health care plans , manages medical and *UNK* aspects of worker 's compensation injuries and is involved in claims adjustments for insurance companies . STOP 
Also beginning trading today on the Big Board are El *CUNK* *CUNK* Limited Partnership , El *CUNK* , Texas , -LRB- *CUNK* -RRB- and Franklin *CUNK-* Trust , San *CUNK* , Calif. , -LRB- *CUNK* -RRB- . STOP 
El *CUNK* owns and operates a petroleum refinery . STOP 
Franklin is a *UNK-* management investment company . STOP 
On the Nasdaq over-the-counter system , Allied Capital Corp. , Washington , D.C. , -LRB- *CUNK* -RRB- began trading last Thursday . STOP 
Allied Capital is a *UNK-* management investment company that will operate as a business development concern . STOP 
THE *CUNK* *CUNK* *CUNK* does n't pay an *UNK* to *UNKS* . STOP 
In Thursday 's edition , it was incorrectly indicated that the union had paid a fee to former House Speaker Jim Wright . STOP 
President Bush insists it would be a great tool for *UNKING* the budget deficit and *UNKING* the *UNK* out of government programs . STOP 
He wants it now . STOP 
Not so fast , says Rep. *CUNK* Edwards of Oklahoma , a fellow Republican . STOP 
`` I consider it one of the *UNKEST* ideas of the *UNK* century , '' he says . STOP 
It 's the line-item veto , a procedure that would allow the president to kill individual items in a big spending bill passed by Congress without *UNKING* the entire bill . STOP 
Whatever one thinks of the idea , it 's far more than the *UNK* *UNK* it may seem at first *UNK* . STOP 
Rather , it 's a device that could send shock waves through the president 's entire relationship with Democrats and Republicans alike in Congress , *UNKLY* enhance the power of the presidency and transform the way the government does its business . STOP 
President Bush badly wants a line-item veto and has long called for a law giving it to the president . STOP 
Now the White House is *UNKING* that he might not rely on Congress -- which has n't shown any willingness to surrender such authority -- to pass the line-item veto law he seeks . STOP 
White House *UNK* last week said Mr. Bush is considering simply *UNKING* that the Constitution gives him the power , *UNKING* a line-item veto and *UNKING* a court challenge to decide whether he has the right . STOP 
Although that may sound like an *UNK* *UNKER* of little interest outside Washington , it would set off a political earthquake . STOP 
`` The *UNKS* are enormous , '' says Rep. Don Edwards , a California Democrat who is a senior member of the House *CUNK* Committee . STOP 
`` It 's a real *UNK-* arm *UNKING* challenge to Congress . '' STOP 
White House aides know it 's a step that ca n't be taken *UNKLY* -- and for that reason , the president may back down from launching a test case this year . STOP 
Some senior advisers argue that with further *UNKS* over a capital-gains tax cut and a *UNKION* bill *UNKING* , Mr. Bush already has enough pending *UNKS* with Congress . STOP 
They prefer to put off the line-item veto until at least next year . STOP 
Still , Mr. Bush and some other aides are strongly drawn to the idea of trying out a line-item veto . STOP 
The issue *UNK* last week when Vice President Dan Quayle told an audience in Chicago that Mr. Bush was looking for a test case . STOP 
White House Press Secretary Marlin Fitzwater confirmed that Mr. Bush was interested in the idea , but cautioned that there was n't a firm decision to try it . STOP 
Mr. Bush , former President Reagan and a host of conservative activists have been arguing that a line-item veto would go a long way in *UNKING* discipline to the budget process . STOP 
They maintain that a president needs the ability to *UNKLY* remove *UNK-* spending projects that are attached to big *UNKS* spending bills . STOP 
Those bills ca n't easily be *UNKED* in their *UNK* because they often are needed to keep the government operating . STOP 
Conservatives note that 43 *UNKS* have the line-item veto to use on state budgets . STOP 
More *UNKLY* , some conservative legal *UNKS* have begun arguing that Mr. Bush does n't need to wait for a law giving him the veto because the power already is *UNK* in the Constitution . STOP 
They base their argument on a *UNK* *UNKED* in *CUNK* I , Section 7 , of the Constitution that states : `` Every order , resolution , or vote to which the *UNK* of the Senate and House of Representatives may be necessary -LRB- except on a question of *UNK* -RRB- shall be presented to the President of the United States ; and before the same shall take effect , shall be approved by him or ... *UNKED* by him ... . '' STOP 
This *UNK* , they argue , is designed to go beyond an earlier *UNK* *UNKING* that the president can veto a `` bill , '' and is broad enough to allow him to strike out items and riders within bills . STOP 
Senate *CUNK* Leader Robert Dole -LRB- R. , *CUNK* -RRB- , for one , *UNKS* this argument and earlier this year publicly urged Mr. Bush `` to use the line-item veto and allow the courts to decide whether or not it is constitutional . '' STOP 
There 's little doubt that such a move would be immediately challenged in court -- and that it would quickly make its way to the Supreme Court to be ultimately resolved . STOP 
`` It 's a major issue , and they would n't want to leave it at a lower level , '' says Stephen *CUNKER* , a New York attorney whose *UNKS* have been *UNKAL* in pushing the idea that a president already has a line-item veto . STOP 
Rep. Edwards , the California Democrat , is one who *UNKS* that he would immediately challenge Mr. Bush in the courts , arguing a line-item veto would expand a president 's powers far beyond anything the *UNKS* of the Constitution had in mind . STOP 
`` It puts this president in the legislative business , '' he declares . STOP 
`` That 's not what our *UNKS* had in mind . '' STOP 
In addition to giving a president powers to *UNK* spending bills meant to be written in Congress , Rep. Edwards argues , a line-item veto would allow the chief executive to *UNK* lawmakers . STOP 
He notes that , as a *UNKER* from the San Francisco area , he *UNKS* each year to preserve federal funds for the Bay Area *CUNK* *CUNK* system . STOP 
If a president had a line-item veto and wanted to force him to support a controversial *UNK-* initiative , Rep. Edwards says , the president could call and *UNK* that he would *UNKLY* kill the *CUNK* funds unless the congressman `` *UNKS* up '' on the *UNK-* issue . STOP 
*CUNKS* maintain that a president would choose to use a line-item veto more *UNKLY* than that . STOP 
But there may be another problem with the device : Despite all the political *UNK* it would cause , it might n't be effective in cutting the deficit . STOP 
Big *UNKS* of the government budget , like the *UNK* programs of Social Security and *CUNK* , would n't be affected . STOP 
*CUNKS* have found that they have to use the device *UNKLY* to maintain political *UNK* . STOP 
And it is n't even clear that some *UNK-* projects can be hit with a line-item veto because they tend to be listed in informal conference reports accompanying spending bills rather than in the official bills themselves . STOP 
Still , *UNKS* contend that the veto would have what Mr. *CUNKER* calls an important `` *UNKING* effect '' on all manner of appropriations bills . STOP 
Lawmakers , they say , would avoid putting many spending projects into legislation in the first place for fear of the embarrassment of having them *UNKED* out for a line-item veto later . STOP 
Whatever the outcome of a test case , President Bush would have to move *UNKLY* *UNK* the very attempt would `` *UNK* not just Democrats but Republicans , '' says Louis *CUNKER* , a *UNK* at the Congressional Research Service who specializes in *UNK-* relations . STOP 
Republicans have as much interest as Democrats in `` the way the system works , '' he notes . STOP 
Indeed , although a majority of Republican lawmakers favor a line-item veto , some , ranging from liberal Oregon Sen. Mark *CUNK* to conservative Rep. Edwards are opposed . STOP 
Rep. Edwards voices the traditional conservative view that it 's a mistake to put too much power in the hands of a single person . STOP 
Conservatives pushing for a line-item veto now , he notes , may *UNK* it later : `` *CUNK* , you 're going to have a Democratic president again '' who 'll use his expanded powers against those very same conservatives . STOP 
`` Every order , resolution , or vote to which the *UNK* of the Senate and House of Representatives may be necessary -LRB- except on a question of *UNK* -RRB- shall be presented to the President of the United States ; and before the same shall take effect , shall be approved by him , or being *UNKED* by him , shall be *UNKED* by two-thirds of the Senate and House of Representatives , according to the rules and limitations *UNKED* in the case of a bill . '' STOP 
This has n't been Kellogg Co. 's year . STOP 
The *UNK-* *UNK* has cost the world 's largest *UNKAL* maker market share . STOP 
The company 's president quit suddenly . STOP 
And now Kellogg is *UNKLY* *UNKING* work on what was to be a $ 1 billion *UNKAL* plant . STOP 
The company said it was *UNKING* construction because of current market conditions . STOP 
But the *CUNKS* , Tenn. , facility was n't to begin turning out product until 1993 , so the decision may reveal a more pessimistic long-term outlook as well . STOP 
Kellogg , which has n't been as successful in *UNKING* on the public 's *UNKED* desire for *UNK* *UNK* as rival General Mills Inc. , has been losing share in the $ 6 billion *UNK-* *UNKAL* market . STOP 
Kellogg 's current share is believed to be slightly under 40 % while General Mills ' share is about 27 % . STOP 
*CUNK* by its *UNKED* *CUNKS* line , General Mills has gained an estimated 2 % share so far this year , mostly at the expense of Kellogg . STOP 
Each share point is worth about $ 60 million in sales . STOP 
Analysts say much of Kellogg 's *UNKION* has been in such core brands as *CUNK* *CUNKS* , *CUNK* *CUNKS* and *CUNKED* *CUNKS* , which represent nearly one-third of its sales volume . STOP 
Kellogg is so anxious to turn around *CUNK* *CUNKS* sales that it soon will begin selling *UNKS* for as little as 99 cents , trade sources say . STOP 
`` *CUNKS* and *CUNK* *CUNK* *CUNKS* have *UNK* away sales normally going to Kellogg 's *UNKED* lines simply because they are made of *UNKS* , '' says Merrill Lynch food analyst William *CUNK* . STOP 
`` They are not a happy group of people at Battle Creek right now . '' STOP 
Kellogg is based in Battle Creek , Mich. , a city that calls itself the *UNK* capital of the world . STOP 
Another analyst , John C. Maxwell Jr. of *CUNK* , First Securities in Richmond , Va. , recently went to a `` sell '' recommendation on Kellogg stock , which closed Friday at $ *UNKN* , down 75 cents , in New York Stock Exchange composite trading . STOP 
`` I do n't think Kellogg can get back to 40 % this year , '' he said . STOP 
`` Kellogg 's main problem is life style . STOP 
People are reading the *UNKS* and deciding they want something that 's ` healthy ' for you -- *UNKS* , *UNK* . '' STOP 
Mr. Maxwell said he would n't be surprised if , over the next two years or so , General Mills ' share increased to 30 % or more . STOP 
In announcing the plant delay , Kellogg Chairman William E. *CUNK* said , `` *CUNKAL* volume growth in the U.S. has not met our expectations for 1989 . '' STOP 
He said construction would n't resume until market conditions warrant it . STOP 
Kellogg indicated that it has room to grow without adding facilities . STOP 
The company has five other U.S. plants , including a modern facility at its Battle Creek headquarters known as Building 100 , which is to add *UNKING* and *UNKING* capacity next year . STOP 
General Mills , meanwhile , finds itself *UNKED* from boosting sales further because its plants are operating at capacity . STOP 
A large plant in *CUNK* , *CUNK* , is to come on line next year . STOP 
A Kellogg officer , who asked not to be named , said the *CUNKS* project was `` pulled in for a *UNKION* of costs , '' an indication that the ambitious plans might be *UNKED* back in any future construction . STOP 
*CUNKAL* cost estimates for the plant , which was to have been built in *UNKS* , *UNKED* from $ 1 billion to $ 1.2 billion . STOP 
A company spokesman said it was `` possible , but highly unlikely , '' that the plant might never be built . STOP 
`` As we regain our leadership level where we have been , and as we continue to put new products into the marketplace and need additional capacity , we will look at *UNKING* our involvement with our plan , '' he said . STOP 
The new facility was to have been the world 's most advanced *UNKAL* manufacturing plant , and Kellogg 's largest construction project . STOP 
The company had retained the *CUNK* Daniel unit of *CUNK* Corp. as general contractor . STOP 
But in recent weeks , *UNK-* sources reported that early *UNKION* work was slowing at the *UNK-* site . STOP 
*CUNKS* said they were told that equipment orders would be delayed . STOP 
*CUNK* Daniel already has *UNKED* most of its work *UNK* , the sources said . STOP 
Last Friday 's announcement was the first official word that the project was in trouble and that the company 's plans for a surge in market share may have been *UNKLY* optimistic . STOP 
Until recently , Kellogg had been telling its sales force and Wall Street that by 1992 it intended to achieve a 50 % share of market , measured in dollar volume . STOP 
Although he called current market conditions `` highly competitive , '' Mr. *CUNK* , Kellogg 's chairman and chief executive officer , forecast an earnings increase for the full year . STOP 
Last year , the company earned $ *UNKN* million , or $ *UNKN* a share , on sales of $ 4.3 billion . STOP 
As expected , Kellogg reported lower third-quarter earnings . STOP 
Net fell 16 % to $ *UNKN* million , or $ 1.02 a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose 4.8 % to $ 1.20 billion from $ *UNKN* billion . STOP 
The company had a one-time charge of $ *UNKN* million in the latest quarter covering the *UNKION* of certain assets . STOP 
The company would n't elaborate , citing competitive reasons . STOP 
*CUNK* *CUNK* Corp. , which is selling three automotive replacement parts divisions , said it will retain its *CUNK* *CUNKS* and *CUNK* *CUNK* divisions . STOP 
The divisions that Parker *CUNK* is *UNKING* were n't mentioned in Thursday 's edition . STOP 
The following were among Friday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
Sun Microsystems Inc. -- $ 125 million of 6 3\/8 % convertible subordinated debentures due Oct. 15 , 1999 , priced at *UNKN* to yield *UNKN* % . STOP 
The debentures are convertible into common stock at $ 25 a share , representing a 24 % conversion premium over Thursday 's closing price . STOP 
Rated *UNK-* by Moody 's Investors Service Inc. and *UNKS* by Standard & Poor 's Corp. , the issue will be sold through underwriters led by Goldman , Sachs & Co . STOP 
*CUNK* Corp. -- $ 100 million of senior notes due Nov. 1 , 2009 , priced at par to yield 9 % . STOP 
The issue , which is *UNK* back to the company in 1999 , was priced at a spread of 110 basis points above the Treasury 's 10-year note . STOP 
Rated single-A-3 by Moody 's and *UNK-* by S&P , the issue will be sold through underwriters led by Merrill Lynch Capital Markets . STOP 
Canadian Imperial Bank of Commerce -LRB- Canada -RRB- -- 10 billion yen of *UNKN* % bonds due Nov. 17 , 1992 , priced at 101 1\/4 to yield *UNKN* % less full fees , via *CUNK* International Ltd . STOP 
Fees 1 3\/8 . STOP 
The Singapore and *CUNK* *CUNK* stock exchanges are *UNKING* for a *UNK* *UNKION* , following *CUNK* Finance Minister *CUNK* *CUNK* 's *UNKED* announcement that the exchanges will *UNKER* ties . STOP 
On Friday , *CUNK* *CUNK* added *UNK* to an otherwise *UNUNK* address on Malaysia 's proposed budget for 1990 by ordering the *CUNK* *CUNK* Stock Exchange `` to take appropriate action immediately '' to cut its links with the Stock Exchange of Singapore . STOP 
The *UNKING* of *CUNKED* companies from the Singapore exchange may not be a smooth process , analysts say . STOP 
Though the split has long been expected , the exchanges are n't fully prepared to go their separate ways . STOP 
The finance minister 's order was n't sparked by a single event and does n't indicate a *UNKING* in relations between the *UNKING* countries . STOP 
Rather , the two closely linked exchanges have been *UNKING* apart for some years , with a nearly *UNK-* *UNK* on new dual *UNKS* , separate and different listing requirements , *UNKING* trading and settlement guidelines and *UNKING* *UNK-* aims . STOP 
*CUNK* *CUNK* Corp. 's plant in Morris , Ill. , is expected to resume production in early 1990 . STOP 
The year was *UNKED* in Friday 's editions . STOP 
Italy 's trade deficit narrowed to *UNKN* trillion lire -LRB- $ *UNKN* billion -RRB- in September from *UNKN* trillion lire a year earlier , the state statistical office *CUNK* said . STOP 
The deficit was *UNKN* billion lire in August . STOP 
For the first nine months , the trade deficit was *UNKN* trillion lire , compared with *UNKN* trillion lire in the year-earlier period . STOP 
*CUNK* said the statistics are provisional and are n't seasonally adjusted . STOP 
*CUNKS* rose 11 % to *UNKN* trillion lire in September from a year earlier , while exports rose 17 % to *UNKN* trillion lire . STOP 
In the nine months , imports rose 20 % to *UNKN* trillion lire , while exports grew 18 % to *UNKN* trillion lire . STOP 
*CUNK* values are calculated on a cost , insurance and freight -LRB- *UNK* . -RRB- basis , while exports are accounted for on a *UNK-* -LRB- *UNK* . -RRB- basis . STOP 
As competition *UNKS* up in Spain 's crowded bank market , Banco Exterior de *CUNK* is seeking to shed its image of a state-owned bank and move into new activities . STOP 
Under the direction of its new chairman , Francisco Luzon , Spain 's *UNK* largest bank is *UNKING* a tough restructuring that analysts say may be the first step toward the bank 's privatization . STOP 
The state-owned industrial holding company *CUNK* *CUNKAL* de *CUNK* and the Bank of Spain jointly hold a *UNKN* % stake in Banco Exterior . STOP 
The government directly owns *UNKN* % and *CUNK* , a financial services company , holds *UNKN* % . STOP 
The rest is listed on Spanish stock exchanges . STOP 
Some analysts are concerned , however , that Banco Exterior may have waited too long to *UNK* from its traditional *UNKED* activities . STOP 
*CUNKING* up with commercial competitors in retail banking and financial services , they argue , will be difficult , particularly if market conditions turn sour . STOP 
If that *UNKS* true , analysts say Banco Exterior could be a prime partner -- or even a takeover target -- for either a Spanish or foreign bank seeking to increase its market share after 1992 , when the European Community plans to *UNK* financial barriers . STOP 
With 700 branches in Spain and 12 banking subsidiaries , five branches and 12 representative offices abroad , the Banco Exterior group has a lot to offer a potential suitor . STOP 
Mr. Luzon and his team , however , say they are n't interested in a merger . STOP 
Instead , they are working to transform Banco Exterior into an efficient bank by the end of 1992 . STOP 
`` I want this to be a model of the way a *UNKED* company should be run , '' Mr. Luzon says . STOP 
Banco Exterior was created in *UNKN* to provide subsidized credits for Spanish exports . STOP 
The market for export financing was *UNKED* in the *UNKS* , however , forcing the bank to face competition . STOP 
At the same time , many of Spain 's traditional export markets in Latin America and other developing areas faced a sharp decline in economic growth . STOP 
As a result , the volume of Banco Exterior 's export credit portfolio plunged from *UNKN* billion *UNKS* -LRB- $ *UNKN* billion -RRB- as of Dec. 31 , 1986 , to its current *UNKN* billion *UNKS* . STOP 
The other two main *UNKS* of Banco Exterior 's traditional business -- wholesale banking and foreign currency trading -- also began to *UNK* under the weight of heavy competition and changing client needs . STOP 
The bank was *UNK* in its efforts to face the challenges of a changing market by its links to the government , analysts say . STOP 
Until Mr. Luzon took the *UNK* last November , Banco Exterior was run by politicians who lacked either the skills or the will to introduce *UNK* changes . STOP 
But Mr. Luzon has moved *UNKLY* to *UNK* bureaucracy , cut costs , increase capital and build up new areas of business . STOP 
`` We 've got a lot to do , '' he acknowledged . STOP 
`` We 've got to move quickly . '' STOP 
In Mr. Luzon 's first year , the bank eliminated 800 jobs . STOP 
Now it says it 'll trim another *UNKN* jobs over the next three to four years . STOP 
The bank employs 8,000 people in Spain and 2,000 abroad . STOP 
To strengthen its capital base , Banco Exterior this year issued $ 105 million in subordinated debt , launched two rights issues and sold stock held in its treasury to small investors . STOP 
The bank is now aggressively marketing retail services at its domestic branches . STOP 
Last year 's drop in export credit was *UNKLY* offset by a 15 % surge in lending to individuals and small and *UNKED* companies . STOP 
Though Spain has an excess of banks , analysts say the country still has one of the most profitable markets in Europe , which will aid Banco Exterior with the tough tasks it faces ahead . STOP 
*CUNKION* plans also include acquisitions in growing foreign markets . STOP 
The bank says it 's interested in purchasing banks in *CUNK* , *CUNKAL* and Puerto Rico . STOP 
But the bank 's retail activities in Latin America are likely to be cut back . STOP 
Banco Exterior was one of the last banks to create a brokerage house before the four Spanish stock exchanges *UNUNK* sweeping changes in July . STOP 
The late start may be a *UNK* for the bank as Spain continues to open up its market to foreign competition . STOP 
But Mr. Luzon contends that the experienced team he brought with him from Banco *CUNK* *CUNK* , where he was formerly director general , will *UNK* the bank 's capital market division into shape by the end of 1992 . STOP 
The bank also says it 'll use its international network to channel investment from London , Frankfurt , Zurich and Paris into the Spanish stock exchanges . STOP 
General Motors Corp. 's general counsel hopes to cut the number of outside law firms the auto maker uses from about 700 to 200 within two years . STOP 
Harry J. *CUNK* , named general counsel in May 1987 , says the reduction is a cost-cutting measure and an effort to let the No. 1 auto maker 's *UNKER* in-house legal department take on matters it is better *UNKED* and *UNKED* to handle . STOP 
GM trimmed about 40 firms from its approved local counsel list , Mr. *CUNK* says . STOP 
The move is consistent with a trend for corporate legal staffs to do more work in-house , instead of *UNKING* it out to law firms . STOP 
Mr. *CUNK* set up GM 's first in-house litigation group in May with four lawyers , all former assistant U.S. attorneys with extensive trial experience . STOP 
He intends to add to the litigation staff . STOP 
Among the types of cases the in-house *UNKS* handle are disputes involving companies doing business with GM and *UNKED* actions , including one in which a *UNKER* is *UNKING* GM for damages resulting from an accident . STOP 
Mr. *CUNK* has also encouraged his staff to work more closely with GM 's technical staffs to help prevent future litigation . STOP 
GM lawyers have been working with technicians to develop more uniform *UNKING* procedures -- the way a vehicle is *UNKED* has a lot to do with its *UNK* . STOP 
The lawyers also monitor suits to identify specific automobile parts that cause the biggest legal problems . STOP 
Mr. *CUNK* says law firms with the best chance of *UNKING* or winning business with GM will be those providing the *UNK-* service at the best cost -- *UNKING* similar *UNKS* from GM 's auto operations to suppliers . STOP 
This does n't necessarily mean larger firms have an advantage ; Mr. *CUNK* said GM works with a number of smaller firms it *UNKS* highly . STOP 
Mr. *CUNK* has *UNK* up GM 's legal staff by eliminating all *UNKS* and establishing several new functions , including a *UNKS* group that has made films on safety and *UNK* driving . STOP 
FEDERAL *CUNK* are *UNKING* fewer criminal cases with trials . STOP 
That 's a finding of a new study of the Justice Department by researchers at *CUNK* University . STOP 
David Burnham , one of the authors , says fewer trials probably means a growing number of plea *UNKS* . STOP 
In 1980 , 18 % of federal prosecutions concluded at trial ; in 1987 , only 9 % did . STOP 
The study covered 11 major U.S. attorneys ' offices -- including those in Manhattan and Brooklyn , N.Y. , and New Jersey -- from 1980 to 1987 . STOP 
The Justice Department rejected the *UNKION* that its prosecutors are currently more willing to plea bargain . STOP 
`` Our felony *UNKS* have been consistent for 20 years , '' with about 15 % of all prosecutions going to trial , a department spokeswoman said . STOP 
The *UNK* is somewhat *UNKING* in that the *CUNK* researchers said they based their *UNKS* on government statistics . STOP 
`` One possible explanation for this decline '' in taking cases to trial , says Mr. Burnham , `` is that the number of defendants being charged with crimes by all U.S. attorneys has substantially increased . '' STOP 
In 1980 , the study says , prosecutors surveyed filed charges against 25 defendants for each 100,000 people *UNKED* 18 years and older . STOP 
In 1987 , prosecutors filed against 35 defendants for every 100,000 adults . STOP 
Another finding from the study : *CUNKS* set significantly different priorities . STOP 
The Manhattan U.S. attorney 's office *UNKED* criminal cases from 1980 to 1987 , *UNKING* 43 for every 100,000 adults . STOP 
But the New Jersey U.S. attorney averaged 16 . STOP 
On the civil side , the Manhattan prosecutor filed an average of only 11 cases for every 100,000 adults during the same period ; the San Francisco U.S. attorney averaged 79 . STOP 
The study is to provide reporters , academic experts and others raw data on which to base further inquiries . STOP 
*CUNK* *CUNK* asks for dismissal , says she was *UNKED* . STOP 
The former first *UNK* of the Philippines , asked a federal court in Manhattan to *UNKS* an indictment against her , claiming among other things , that she was *UNKED* from her *UNK* . STOP 
Mrs. Marcos and her late husband , former Philippines President *CUNK* Marcos , were charged with *UNKING* more than $ 100 million from that country and then *UNKLY* *UNKING* much of the money through purchases of prime real estate in Manhattan . STOP 
Mrs. Marcos 's attorneys asked federal Judge John F. *CUNK* to give them access to all U.S. documents about her alleged *UNKION* . STOP 
The U.S. attorney 's office , in documents it filed in response , said Mrs. Marcos was making the `` *UNK* -- and *UNKLY* *UNKED* -- claim that she was *UNKED* into this country '' in order to obtain *UNKED* material in the case . STOP 
The office also said Mrs. Marcos and her husband were n't brought to the U.S. against their will after Mr. Marcos was ousted as president . STOP 
The prosecutor quoted statements from the *CUNKS* in which they said they were in this country at the *UNKION* of President Reagan and that they were *UNKING* the *UNK* of the U.S. . STOP 
Lawyers for Mrs. Marcos say that because she was taken to the U.S. against her *UNKS* , the federal court lacks *UNKION* in the case . STOP 
THE FEDERAL *CUNK* of appeals in Manhattan ruled that the dismissal of a 1980 indictment against former Bank of *CUNK* owner George *CUNKS* should be *UNKED* . STOP 
The indictment , which was *UNKED* and apparently *UNK* by investigators until 1987 , charges Mr. *CUNKS* and three others with tax fraud and other violations . STOP 
He made numerous trips to the U.S. in the early 1980s , but was n't arrested until 1987 when he showed up as a *UNKEST* of *UNK-* President George Bush at a government function . STOP 
A federal judge in Manhattan threw out the indictment , finding that the *UNK-* delay violated the defendant 's constitutional right to a *UNK* trial . STOP 
The appeals court , however , said the judge did n't *UNKLY* consider whether the delay would actually hurt the chances of a fair trial . STOP 
Mr. *CUNKS* is fighting *UNKION* proceedings that would return him to Greece , where he is charged with *UNKING* more than $ 250 million from the Bank of *CUNK* . STOP 
His attorney could n't be reached for comment . STOP 
*CUNK* *CUNK* *CUNK* : In an effort to *UNK* off a plan that would require all lawyers in New York state to provide *UNK* hours of free legal aid a year , the state bar recommended an alternative program to increase *UNK* participation in pro *UNK* programs . STOP 
The state bar association 's policy making body , the House of *CUNK* , voted Saturday to ask Chief Judge *CUNK* *CUNKER* to give the bar 's *UNK* program three years to prove its *UNKS* before considering mandatory pro *UNK* . STOP 
`` We believe our suggested plan is more likely to improve the availability of quality legal service to the poor than is the proposed mandatory pro *UNK* plan and will achieve that *UNK* without the *UNKS* , *UNKION* , administrative *UNKS* and possible failure that we fear would *UNK* an attempt to impose a mandatory plan , '' said *CUNK* L. *CUNK* of Rochester , who headed the bar 's pro *UNK* study committee . STOP 
*CUNK* AND *CUNK* law firms merge : Jackson & Walker , a *UNKER* firm in Dallas and *CUNK* & *CUNK* , a *UNKER* firm in Houston said they have agreed in principle to merge . STOP 
The consolidated firm , which would *UNK* among the 10 largest in Texas , would operate under the name Jackson & Walker . STOP 
The merger must be formally approved by the partners of both firms but is expected to be completed by year end . STOP 
Jackson & Walker has an office in Fort Worth , Texas , and *CUNK* & *CUNK* has an office in New *CUNKS* . STOP 
*CUNK* *CUNK* ? STOP 
*CUNKING* on government *UNKS* that General Electric Co. may have covered up fraudulent *UNKS* to the Pentagon , two shareholders have filed a civil racketeering suit against the company . STOP 
The suit was filed by plaintiffs ' securities lawyer Richard D. *CUNK* in U.S. District Court in Philadelphia . STOP 
He seeks damages from the company 's 15 directors on grounds that they either `` *UNKED* in or *UNKED* the illegal acts ... or *UNKLY* failed to carry out their duties as directors . '' STOP 
GE is *UNKING* itself against government criminal charges of fraud and false claims in connection with a *UNKER* contract for the Army . STOP 
The trial begins today in federal court in Philadelphia . STOP 
The government 's *UNKS* of the *UNK-* were made in last minute *UNKAL* *UNKS* . STOP 
GE , which *UNKLY* denies the government 's allegations , *UNKED* Mr. *CUNK* 's suit . STOP 
`` It is a *UNK-* suit -- *UNKLY* defective and *UNKLY* *OUS* -- which was *UNKLY* filed by a *UNK-* lawyer as a result of newspaper reports , '' said a GE spokeswoman . STOP 
She added that the company was considering bringing sanctions against Mr. *CUNK* for making `` *UNKLY* *UNK* and *UNKED* allegations . STOP 
The head of the nation 's largest *UNKS* group is telling dealers to `` just say no '' when auto makers pressure them to *UNK* cars on their lots . STOP 
In an open letter that will run today in the trade journal *CUNK* News , Ron *CUNK* , president of the National Car Dealers Association , says dealers should cut their inventories to no more than half the level traditionally considered desirable . STOP 
Mr. *CUNK* , who has been *UNKING* with the Big Three since he took office earlier this year , said that with half of the nation 's dealers losing money or breaking even , it was time for `` emergency action . '' STOP 
U.S. car dealers had an average of 59 days ' supply of cars in their lots at the end of September , according to *CUNK* 's *CUNK* Reports . STOP 
But Mr. *CUNK* said dealers should slash stocks to between 15 and 30 days to reduce the costs of financing inventory . STOP 
His message is getting a *UNKLY* *UNKION* in Detroit , where the Big Three auto makers are already being forced to close plants because of soft sales and reduced dealer orders . STOP 
Even before Mr. *CUNK* 's *UNK* , some large dealers said they were cutting inventories . STOP 
Ford Motor Co. and Chrysler Corp. representatives criticized Mr. *CUNK* 's plan as *UNUNK* . STOP 
It `` is going to sound *UNK* to the dealer except when his *UNK-* car supply does n't include the bright red one that the *UNK* wants to buy and she goes up the street to buy one , '' a Chrysler spokesman said . STOP 
Southern Co. 's Gulf Power Co. unit may plead guilty this week to charges that it illegally *UNKED* company money to politicians through outside *UNKS* , according to individuals close to an investigation of the utility holding company . STOP 
The tentative settlement between Gulf Power , a *CUNK* , Fla. , electric company , and federal prosecutors would mark the end of one part of a *UNKING* inquiry of Southern Co. in the past year . STOP 
A grand jury has been investigating whether officials at Southern Co. *UNKED* to cover up their accounting for spare parts to *UNK* federal income taxes . STOP 
The grand jury has also been investigating whether Gulf Power executives violated the federal *CUNK* Holding Company Act , which *UNKS* certain utilities from making political contributions . STOP 
The individuals said Gulf Power and federal prosecutors are considering a settlement under which the company would plead guilty to two felony charges and pay fines totaling between $ 500,000 and $ 1.5 million . STOP 
Under one count , Gulf Power would plead guilty to *UNKING* to violate the *CUNK* Holding Company Act . STOP 
Under the second count , the company would plead guilty to *UNKING* to *UNK* taxes . STOP 
The guilty *UNKS* would be made solely by Gulf Power , the individuals said . STOP 
No employee or *UNK* would be involved . STOP 
A spokesman for Southern Co. would say only that discussions are continuing between Gulf Power and federal prosecutors . STOP 
`` We have no further developments to report , '' he said . STOP 
Officials at Gulf Power could n't be reached for comment . STOP 
And prosecutors declined to comment . STOP 
While Southern Co. has been reluctant to discuss the grand jury investigations , Edward L. *CUNK* , chief executive officer , has said the company is prepared to defend its tax and *UNKING* practices if any charges are brought against it . STOP 
*CUNKER* , Mr. *CUNK* has said Southern Co. and its units do n't *UNK* illegal political contributions . STOP 
Neither Mr. *CUNK* nor any other Southern Co. official has been charged with any wrongdoing in connection with the current inquiries . STOP 
The probe of Southern Co. has attracted considerable attention this year because of several events that have *UNK* the company , including the death of a Gulf Power executive in a plane crash and the *UNK* of a company *UNK* who was to be a key grand jury witness . STOP 
*CUNKS* have said the grand jury has asked numerous questions about *CUNK* F. `` *CUNK* '' *CUNK* , the senior vice president of Gulf Power who died in the plane crash in April . STOP 
Mr. *CUNK* *UNK* Gulf Power 's *UNKS* efforts . STOP 
On the morning of the crash , he had been put on notice that an audit committee was *UNKING* his dismissal because of *UNKING* *UNKS* in a company audit . STOP 
*CUNKS* have been trying to determine whether the crash was an accident , *UNK* or *UNK* . STOP 
Gulf Power said in May that an internal audit had disclosed that at least one *UNK* had used false *UNKS* to fund political causes . STOP 
But the company said the political contributions had been made more than five years ago . STOP 
Exxon Corp. is resigning from the National *CUNK* Federation 's corporate advisory panel , saying the *UNKION* group has been *UNKLY* critical of the Exxon *CUNK* oil spill along the *CUNK* coast . STOP 
The *UNKION* said Friday that it *UNKS* the resignation , but issued a *UNKING* response that called Exxon a `` corporate *UNK* '' that should keep an open dialogue with environmentalists . STOP 
The *UNKION* , with 5.8 million members nationwide , has been one of the *UNKEST* critics of Exxon 's handling of the 11 million *UNK* *UNKER* spill and has accused the company of repeatedly ignoring requests to meet and discuss it . STOP 
The March 24 oil spill *UNKED* hundreds of miles of *UNK* along Alaska 's southern coast and *UNKED* *UNK* with *UNK* and the fishing industry . STOP 
Exxon 's Exxon USA unit was one of the charter members of the Corporate *CUNKION* Council , a panel of executives formed in 1982 by the National *CUNK* Federation to *UNKER* `` *UNK* and open discussions '' between industry and the *UNKION* 's leaders . STOP 
In a letter to the *UNKION* , Raymond *CUNKION* , Exxon 's environmental *UNK* , said : `` *CUNK* public actions by you regarding the *CUNK* oil spill have failed to *UNK* any sense of *UNK* or *UNKS* . '' STOP 
The *UNKION* was among the plaintiffs in a lawsuit filed in August against Exxon seeking full payment of environmental recovery costs from the spill . STOP 
First Tennessee National Corp. said it would take a $ 4 million charge in the fourth quarter , as a result of plans to expand its systems operation . STOP 
The banking company said it reached an agreement in principle with International Business Machines Corp. on a systems operations contract calling for IBM to operate First Tennessee 's computer and telecommunications functions . STOP 
Further , under the agreement , First *CUNK* would continue to develop the software that creates customer products and *UNKS* . STOP 
`` Because personal computers will soon be on the desks of all of our *UNKS* , and customer service and loan representatives , information will be *UNKLY* available to help customers with product decisions and provide them with information about their accounts , '' according to John *CUNK* , executive vice president and corporate services group manager at First Tennessee . STOP 
However , about 120 employees will be affected by the agreement . STOP 
First Tennessee , *UNKED* by IBM , said it will attempt to place the employees within the company , IBM or other companies in *CUNKS* . STOP 
The process will take as many as six months to complete , the company said . STOP 
The agreement is subject to the banking company 's board approval , which is expected next month . STOP 
The Treasury Department said the U.S. trade deficit may *UNK* next year , after two years of significant improvement . STOP 
In its report to Congress on international economic policies , the Treasury said that any improvement in the *UNKEST* measure of trade , known as the current account , `` is likely at best to be very modest , '' and `` the possibility of deterioration in the current account next year can not be *UNKED* . '' STOP 
The statement was the U.S. government 's first *UNK* of what other groups , such as the International Monetary Fund , have been predicting for months . STOP 
*CUNKED* strength in the dollar was cited as one reason the trade position may *UNK* . STOP 
The Treasury 's report , which is required annually by a provision of the 1988 trade act , again took South Korea to task for its exchange-rate policies . STOP 
`` We believe that there have continued to be indications of exchange-rate ` *UNKION* ' '' during the past six months , it said , citing the lack of market forces in South Korea 's exchange-rate system and the use of capital and interest-rate controls to *UNK* exchange rates . STOP 
The Treasury expressed *UNK* , however , with the government of Taiwan , which was cited for exchange-rate *UNKION* in last year 's report . STOP 
The Treasury said Taiwan has *UNKED* its exchange rate system in the past year . STOP 
The fiscal 1989 budget deficit figure came out Friday . STOP 
It was down a little . STOP 
The next time you hear a *CUNKER* of Congress *UNK* about the deficit , consider what Congress did Friday . STOP 
The Senate , *UNKN* , voted to increase to $ *UNKN* the ceiling on insured mortgages from the FHA , which lost $ 4.2 billion in loan defaults last year . STOP 
Then , by voice vote , the Senate voted a *UNK-* bill , approved Thursday by the House , for domestic military construction . STOP 
*CUNK* the Bush request to what the *CUNKS* gave themselves : STOP 
For construction in West Virginia , Mr. Bush requested $ 4.5 million ; Congress gave Senator *CUNK* 's state $ *UNKN* million . STOP 
Senator *CUNK* is chairman of the Appropriations Committee . STOP 
For Iowa , a $ 1.8 million request became $ 12 million for Senator *CUNK* , ranking minority member of a military construction subcommittee . STOP 
Rep. *CUNK* Whitten of Mississippi and chairman of House Appropriations turned a $ 20 million Bush request for his state into a $ *UNKN* million *UNKEST* . STOP 
Senator *CUNKER* of Tennessee is chairman of the Appropriations subcommittee on military construction ; Mr. Bush 's $ 87 million request for Tennessee increased to $ *UNKN* million . STOP 
In a *UNK* someone should remember this time next year , Senator *CUNKER* said , `` I think we 've seen the peak of military construction spending for many years to come . '' STOP 
*CUNK* us about spending restraint . STOP 
*CUNK* us about the HUD scandals . STOP 
*CUNK* us what measure , short of house arrest , will get this Congress under control . STOP 
Costa Rica reached an agreement with its creditor banks that is expected to cut that government 's $ 1.8 billion in bank debt by as much as 60 % . STOP 
The agreement was announced by Costa Rican President *CUNK* *CUNKS* Friday , as President Bush and other leaders from the Western *CUNK* gathered in the Central American nation for a celebration of democracy . STOP 
Costa Rica had been negotiating with the U.S. and other banks for three years , but the debt plan was rushed to completion in order to be announced at the meeting . STOP 
The government had fallen $ 300 million behind in interest payments . STOP 
Treasury Secretary Nicholas Brady called the agreement `` an important step forward in the strengthened debt strategy , '' noting that it will `` when *UNKED* , provide significant reduction in the level of debt and debt service owed by Costa Rica . '' STOP 
Under the plan , Costa Rica will buy back roughly 60 % of its bank debt outstanding at a deeply discounted price , according to officials involved in the agreement . STOP 
The remainder of the debt will be *UNKED* for new Costa Rican bonds with a 6 1\/4 % interest rate . STOP 
The International Monetary Fund and the World Bank are expected to provide approximately $ 180 million to help support the deal , and additional funds are expected from Japan . STOP 
Treasury officials say the Costa Rican agreement *UNKS* that the Brady debt plan can benefit small *UNK* countries as well as big *UNKS* , such as Mexico . STOP 
The Treasury said it plans to sell $ 2 billion of *UNK-* *UNK-* bills today , raising all new cash . STOP 
The bills will be dated Oct. 31 and will mature Dec. 21 , STOP 
No *UNK-* *UNKS* will be accepted . STOP 
*CUNKS* , available in minimum denominations of $ 1 million , must be received by noon EST today at Federal Reserve Banks or branches . STOP 
The Treasury also announced details of this week 's unusual bill auction , which has been changed to accommodate the expiration of the federal debt ceiling at midnight tomorrow . STOP 
The *UNK-* and *UNK-* bills will be issued tomorrow rather than Thursday , Nov. 2 , as originally planned . STOP 
The three-month bills will still mature Feb. 1 , 1990 , and the six-month bills on May 3 , 1990 . STOP 
The Treasury also said *UNK* *UNKS* will be considered *UNKLY* if *UNKED* no later than Sunday , Oct. 29 , and received no later than tomorrow . STOP 
The Treasury said it wo n't be able to honor *UNK* requests from holders of bills maturing Nov. 2 held in the Treasury 's *UNK-* system . STOP 
The department will make payment for bills maturing on Nov. 2 to all investors who have requested *UNK* of their bills on that date , as well as to all account holders who have previously requested payment . STOP 
American Pioneer Inc. said it agreed in principle to sell its American Pioneer Life Insurance Co. subsidiary to *CUNK* *CUNK* *CUNK* Inc. 's *CUNK* Insurance Cos. for $ 27 million . STOP 
American Pioneer , parent of American Pioneer Savings Bank , said the sale will add capital and reduce the level of investments in subsidiaries for the thrift holding company . STOP 
Recently , the boards of both the parent company and the thrift also voted to *UNK* dividends on preferred shares of both companies and convert all preferred into common shares . STOP 
The company said the move was necessary to meet capital requirements . STOP 
The transaction is subject to execution of a definitive purchase agreement and approval by various regulatory agencies , including the insurance departments of the states of Florida and *CUNK* , the company said . STOP 
In the second quarter , American Pioneer reported a loss of $ *UNKN* million , compared with net income of $ 1.1 million a year earlier . STOP 
The banking operation had a loss of $ *UNKN* million in the second quarter , largely because of problem real-estate loans , while the insurance operations earned $ *UNKN* . STOP 
October employment data -- also could turn out to be the most confusing . STOP 
On the surface , the overall unemployment rate is expected to be little changed from September 's 5.3 % . STOP 
But the actual head count of *UNK-* employment payroll jobs is likely to be *UNKED* by the impact of Hurricane Hugo , strikes , and *UNK-* seasonal adjustments , economists said . STOP 
The consensus view calls for an overall job gain of *UNKN* compared with September 's *UNKN* increase . STOP 
But the important *UNKS* segment , which last month plunged by *UNKN* positions and raised recession fears , is most likely to be *UNKED* by the month 's unusual events . STOP 
Several other reports come before Friday 's jobs data , including : the September leading indicators index , *UNK-* sales and October agricultural prices reports due out tomorrow ; the October purchasing managers ' index and September construction spending and manufacturers ' orders on Wednesday ; and October *UNK-* sales on Thursday . STOP 
Friday brings the final count on October auto sales . STOP 
`` The employment report is going to be difficult to interpret , '' said Michael *CUNK* , economist with *CUNK* International , a unit of *CUNK-* Inc. , New York . STOP 
Mr. *CUNK* added that next month 's data is n't likely to be much better , because it will be *UNKED* by San Francisco 's earthquake . STOP 
What 's more , he believes seasonal swings in the auto industry this year are n't *UNKING* at the same time as in the past , because of production and pricing differences that are *UNKING* the *UNK* of seasonal adjustments built into the employment data . STOP 
Wednesday 's report from the purchasing agents will be watched to see if the index maintains a level below 50 % , as it has for the past couple of months . STOP 
A reading of less than 50 % indicates an economy that is generally *UNKING* while a reading above 50 % indicates an economy that 's expanding . STOP 
Samuel D. *CUNK* , chief financial economist at Kleinwort Benson Government Securities Inc. , Chicago , said that the *UNKS* ' report is valuable because it often *UNKS* the first *UNKING* of economic data for the month . STOP 
But he added : `` Some people use the *UNKS* ' index as a leading indicator , some use it as a *UNK* indicator . STOP 
But the thing it 's supposed to measure -- manufacturing strength -- it missed altogether last month . '' STOP 
David *CUNKS* , chief financial economist at Data Resources Inc. , Boston , said that the *UNKS* ' index `` does miss occasionally , '' adding : `` When it *UNKS* one month it tends to miss the next month , too . '' STOP 
The consensus view on September leading indicators calls for a gain of 0.3 % , the same as in August . STOP 
Economists said greatly increased consumer *UNK* , a larger money supply and higher stock prices helped lift the index . STOP 
All *UNKED* components , such as *UNKS* orders and building permits , are thought to have been weaker . STOP 
Data Resources ' Mr. *CUNKS* added that he will be keeping a closer eye than *UNKAL* on October *UNK-* sales . STOP 
*CUNKLY* , October `` is n't a very interesting month -LCB- for retail figures -RCB- because school clothes have been bought and people are waiting for December to buy Christmas *UNKS* , '' he said . STOP 
But Mr. *CUNKS* said he will watch the numbers to get an *UNKING* of whether consumers ' general buying *UNKS* may *UNK* off as much as their *UNKING* apparently has . STOP 
He noted that higher gasoline prices will help *UNK* the October *UNKS* . STOP 
*CUNKAL* factors are also expected to have taken their toll on September *UNK-* sales , which are believed to have fallen sharply from August 's *UNKN* units . STOP 
Construction spending is believed to have slipped about 0.5 % from August levels , although economists noted the rate probably will pick up in the months ahead in response to hurricane and earthquake damage . STOP 
*CUNK* owners are buying new machinery at a good rate this fall , machine tool makers say , but sluggish sales of new cars and trucks raise questions about fourth-quarter demand from the important automotive industry . STOP 
September orders for machine tools rebounded from the summer *UNKS* , but remained 7.7 % below year-earlier levels , according to figures from *CUNK* -- the Association for Manufacturing Technology . STOP 
*CUNK* machine tool plants received $ *UNKN* million of orders last month , up 33 % from August 's $ *UNKN* million , but still below the $ *UNKN* million of September 1988 , *CUNK* said . STOP 
*CUNK* tools are complex machines ranging from *UNKS* to *UNKING* *UNKS* that are used to shape most metal parts . STOP 
`` Overall demand still is very *UNK* , '' says Christopher C. *CUNK* , group vice president at Cincinnati *CUNK* Inc. , the nation 's largest machine tool producer . STOP 
`` The outlook is positive for the *UNK* to long term . '' STOP 
September orders for all U.S. producers , in fact , were slightly above the monthly average for 1988 , a good year for the industry . STOP 
`` Aerospace orders are very good , '' Mr. *CUNK* says . STOP 
`` And export business is still good . STOP 
While some automotive programs have been delayed , they have n't been canceled . '' STOP 
`` September was one of the biggest order months in our history , '' says James R. Roberts , vice president , world-wide sales and marketing , for *CUNKS* & Lewis Inc. , *CUNK* *UNK* *CUNK* , *CUNK* . STOP 
At a recent meeting of manufacturing executives , `` everybody I talked with was very positive , '' he says . STOP 
Most say they plan to spend more on factory equipment in 1990 than in 1989 . STOP 
But sales of North *CUNK-* *UNK-* cars are running at an annual rate of only six million , down from 7.1 million a year earlier . STOP 
And truck sales also are off more than 20 % . STOP 
*CUNK* makers , who began *UNKING* some equipment purchases last spring , can be expected to remain cautious about spending if their sales do n't pick up , machine tool builders say . STOP 
*CUNK* tool executives are *UNK* , however , that recent developments in Eastern Europe will expand markets for *CUNK-* machine tools in that region . STOP 
There is demand for *UNK-* machine tools in the Soviet Union and in other Eastern European countries as those nations *UNK* to improve the efficiency of their *UNKING* factories as well as the quality of their goods . STOP 
However , there 's a continuing dispute between machine tool makers and the Defense Department over whether sophisticated U.S. machine tools would increase the Soviet Union 's military might . STOP 
`` The Commerce Department says go , and the Defense Department says stop , '' complains one machine tool producer . STOP 
If that controversy continues , U.S. machine tool makers say , West German and other foreign producers are likely to grab most of the sales in Eastern Europe . STOP 
September orders for *UNKING* centers , *UNKS* , *UNKING* machines , *UNKS* , *UNKING* mills and other machines that shape metal by cutting totaled $ *UNKN* million , down 28 % from $ *UNKN* million a year earlier , but a 23 % increase from August 's $ *UNKN* million , *CUNK* said . STOP 
*CUNKS* last month for *UNKING* *UNKS* and other machinery to form metal with pressure surged to $ *UNKN* million , a 78 % rise from $ *UNKN* million a year earlier and a 55 % gain from $ *UNKN* million in August . STOP 
Today 's *UNKS* are large and costly machines , and a few orders can produce a high total for one month that does n't necessarily indicate a trend . STOP 
*CUNK* tool shipments last month were $ *UNKN* million , a 24 % rise from a year earlier and a 25 % increase from August . STOP 
*CUNKS* have run well ahead of 1988 all year , as machine tool builders produce against relatively good *UNKS* . STOP 
U.S. producers had a $ *UNKN* billion backlog of *UNKED* orders at the end of September . STOP 
That was up 2.8 % from a year earlier , even though orders for the first nine months of 1989 were down 19 % from the comparable 1988 period . STOP 
$ *UNKN* . STOP 
$ *UNKN* . STOP 
$ *UNKN* . STOP 
$ *UNKN* . STOP 
In *CUNK* stock market circles , the *UNK* is `` *UNK* . '' STOP 
At least 40 companies are coming to the capital market to raise $ 6 billion , an amount never thought possible in India . STOP 
`` When they talk *UNKS* , they 're truly talking *UNK* , '' says S.A. Dave , chairman of the Securities and Exchange Board of India . STOP 
`` The capital market is booming . '' STOP 
But the *UNKS* are raising *UNKS* about the rapidly *UNKING* Indian capital market . STOP 
One is whether there is enough money to fund the new issues without *UNKING* stock trading . STOP 
Moreover , in the relatively *UNKED* Indian stock markets , investors frequently do n't know what they are getting when they *UNK* to an issue . STOP 
A prospectus in India does n't always tell a potential investor much . STOP 
Some of the large amounts are being raised by small firms . STOP 
In addition , once money is raised , investors usually have no way of knowing how it is spent . STOP 
Some analysts are concerned that the *UNKS* , in such an *UNKED* environment , could lead to a *UNK-* . STOP 
`` The rate of failures will be much more than the rate of *UNKS* in the *UNKS* , '' says *CUNK* *CUNK* , a former chairman of the giant , *UNK-* mutual fund , the *CUNK* Trust of India . STOP 
`` They 're going to have *UNKS* . '' STOP 
The Indian stock markets have been on a five-year high , with *UNKS* and *UNKS* , since Prime Minister *CUNK* Gandhi started *UNKING* industry . STOP 
But the last stock market boom , in 1986 , seems small compared with the current rush to market . STOP 
The $ 6 billion that some 40 companies are looking to raise in the year ending March 31 compares with only $ 2.7 billion raised on the capital market in the previous fiscal year . STOP 
In fiscal 1984 , before Mr. Gandhi came to power , only $ *UNKN* million was raised . STOP 
This year 's biggest issue , $ *UNKN* million of convertible debentures by engineering company *CUNK* & *CUNK* Ltd. , is the largest in Indian history . STOP 
And it is n't the only giant issue : together , the top four issues will raise $ 1.3 billion . STOP 
*CUNK* debentures -- bonds that can later be converted into equity shares -- are the most popular instrument this year , though many companies are also selling *UNK* bonds or equity shares . STOP 
These *UNKS* are being *UNKED* by two factors , economic and political . STOP 
In the past , the socialist policies of the government *UNKLY* limited the size of new steel mills , petrochemical plants , car factories and other industrial concerns to *UNK* resources and restrict the profits businessmen could make . STOP 
As a result , industry operated out of small , expensive , highly inefficient industrial units . STOP 
When Mr. Gandhi came to power , he *UNKED* in new rules for business . STOP 
He said industry should build plants on the same scale as those outside India and benefit from economies of scale . STOP 
If the output was too great for the domestic market , he said , companies should export . STOP 
India 's *UNKED* businessmen had to be persuaded , but they have started to think big . STOP 
Some of the projects being funded by the new issues are the first *UNKS* of Mr. Gandhi 's policy , and they require more capital than the smaller industrial units built in the past . STOP 
The industrial revolution has produced an *UNKION* in the capital market , which is a far cheaper source of funds than *UNKED* banks , where interest rates for prime borrowers are around 16 % . STOP 
The second factor *UNKING* *UNKS* is political . STOP 
Mr. Gandhi has called general elections for November , and many businessmen fear that he and his Congress -LRB- I -RRB- Party will lose . STOP 
Some companies are raising money in anticipation of a government less *UNK* than Mr. Gandhi 's , and possibly more *UNK* . STOP 
The *UNK* *CUNK* *UNK* mill also says that some of the money raised in the current *UNK* of issues will be used as campaign donations before the elections . STOP 
No one admits to anything , but India 's *UNKS* have a history of making *UNUNK* campaign donations . STOP 
So far , the *UNKS* are a hit with investors . STOP 
Earlier this year , *CUNK* Iron & Steel Co. 's offer of $ *UNKN* million of convertible debentures was *UNKED* . STOP 
*CUNK* *CUNK* Ltd. , a *UNK* construction company , had similar success with a slightly smaller issue . STOP 
*CUNK* & *CUNK* started accepting applications for its giant issue earlier this month ; bankers and analysts expect it to be *UNKED* . STOP 
Still to come are big issues by *CUNKAL* *CUNK* *CUNK* Ltd. , a petrochemical and *UNKAL* company , and *CUNK* *CUNKER* Corp . -LRB- India -RRB- , a semiconductor maker . STOP 
While many investors are selling parts of their portfolios to buy the new issues , prices on India 's 16 stock exchanges are holding up so far . STOP 
`` I do n't think it will lead to any *UNKS* in the secondary market , '' says Mr. *CUNK* , `` only a *UNKING* *UNK* . '' STOP 
Says *CUNK* *CUNK* , chairman of the *CUNK* Trust of India : The `` markets are headed for growth *UNUNK* of and *UNUNK* before . '' STOP 
But with growth come growing *UNKS* , and never has this been *UNKER* on the Indian capital market than now . STOP 
In the past , the government controlled the markets indirectly , through its tight grip on industry itself . STOP 
*OUS* *UNKS* decided the products businessmen could produce and how much ; and *UNKED* banks controlled the financing of projects and monitored whether companies came through on promised plans . STOP 
The government has been content with this far-reaching , *UNK* form of control , exercised on a *UNK-* basis with no clear rules or guidelines . STOP 
But now , with large amounts being raised from investors , the government 's *UNKING* on regulation and disclosure requirements has a more dangerous aspect . STOP 
The Securities and Exchange Board of India was set up earlier this year , along the lines of the U.S. Securities and Exchange Commission , but New *CUNK* has n't pushed the legislation to make it operational . STOP 
Mr. Dave , its head , acts *UNK* and patient , but he makes no *UNKS* about the need to get to work . STOP 
`` *CUNK* or *UNK-* , we feel the prospectus standards need to be considerably improved , '' he says . STOP 
`` *CUNKS* are very poor in India . '' STOP 
He says the big questions -- `` Do you really need this much money to put up these investments ? *CUNK* you told investors what is happening in your sector ? What about your track record ? -- `` are n't asked of companies coming to market . STOP 
Instead , he says , most investors have to rely on the *UNK-* Indian press . STOP 
An example is the biggest offering of them all , *CUNK* & *CUNK* 's $ *UNKN* million bond issue . STOP 
The engineering company was acquired in a takeover earlier this year by the giant *CUNK* textile group . STOP 
Although *CUNK* & *CUNK* had n't raised money from the public in 38 years , its new owners frequently raise funds on the local market . STOP 
-LRB- *CUNK* *UNKED* a $ *UNKN* million petrochemical company in 1988 that was , at the time , the largest public issue in Indian history . -RRB- STOP 
The media has raised questions about *CUNK* & *CUNK* 's issue , *UNKING* out that it exceeds the company 's annual sales and its market capitalization . STOP 
Even *UNKER* is the case of *CUNK* *CUNKER* , a semiconductor company with 1988 sales of $ 28 million that 's raising $ 270 million to build an iron plant . STOP 
Once the money is raised , it is n't always certain how it is used . STOP 
*CUNK* & *CUNK* , for example , says it 's raising $ *UNKN* million to use as supplier credit on large engineering jobs . STOP 
Unlike other companies , it has n't *UNKED* specific projects for the funds . STOP 
And even when specific projects are described in *UNKS* , the money often is used elsewhere , according to analysts . STOP 
`` *CUNK* must monitor where the funds are *UNKED* , '' says Mr. Dave . STOP 
Mr. *CUNK* agrees : `` There is no proper monitoring and *UNKING* of the use of these funds . STOP 
They 're trying to *UNK* the various *UNKS* , but they 're totally *UNKED* for this . '' STOP 
Because of the large amounts of money being raised , the loose disclosure requirements and the *UNKAL* monitoring of how the money is used , some analysts fear that there could be a few *UNKS* , which could hurt market confidence far more than the small *UNKS* that followed the boom of 1986 . STOP 
The government insists that such a possibility is low . STOP 
It says that despite loose regulation of the market itself , its longstanding regulation of industry will prevent such *UNKS* . STOP 
*CUNK* *CUNK* *CUNK* contributed to this article . STOP 
*CUNKION* Nathan Ltd. , a New Zealand brewing and retail concern , said Friday that Bond Corp . Holdings Ltd. is `` committed '' to a transaction *UNK* *CUNKION* Nathan would acquire 50 % of Bond 's Australian brewing assets . STOP 
*CUNKION* Nathan issued a statement saying it is *UNKING* to Australia 's National Companies & Securities Commission , the nation 's corporate *UNK* agency , for a *UNKION* to takeover regulations `` similar to that obtained by '' S.A. Brewing Holdings Ltd . STOP 
*CUNK* Brewing , an Australian *UNKER* , last Thursday was given approval to acquire an option for up to 20 % of Bell Resources Ltd. , a unit of Bond Corp . STOP 
Bell Resources is acquiring Bond 's brewing businesses for 2.5 billion Australian dollars -LRB- US$ 1.9 billion -RRB- . STOP 
S.A. brewing would make a takeover offer for all of Bell Resources if it *UNKS* the option , according to the commission . STOP 
Bond Corp. , a brewing , property , media and resources company , is selling many of its assets to reduce its debts . STOP 
`` *CUNKION* Nathan has a concluded contract with Bond and Bell Resources , '' said Douglas *CUNKS* , chief executive of *CUNKION* Nathan . STOP 
*CUNK* , Finland 's state-owned airline , joined the wave of global airline alliances and signed a *UNKING* cooperation agreement with *UNKAL* *CUNK* Airlines System . STOP 
Under the accord , *CUNK* agreed to coordinate flights , marketing and other functions with *CUNK* , the *UNKED* airline of *CUNK* , *CUNK* and Sweden . STOP 
The pact also calls for *UNKION* between *CUNK* and Switzerland 's national carrier , *CUNK* , with which *CUNK* entered a similar alliance last month . STOP 
*CUNK* and *CUNK* said they plan to swap stakes in each other . STOP 
Neither disclosed details pending board meetings next month . STOP 
Officials hinted , however , that *CUNK* would take a stake of at least 6 % in *CUNK* , valued at about $ 40 million at current market prices . STOP 
*CUNK* would receive *CUNK* shares valued at the same amount , officials said . STOP 
General Motors Corp. and Ford Motor Co. are now going head to head in the markets for shares of Jaguar PLC , as GM got early clearance from the Federal Trade Commission to boost its stake in the British luxury car maker . STOP 
GM confirmed Friday that it received permission late Thursday from U.S. antitrust regulators to increase its Jaguar holdings past the $ 15 million level . STOP 
Ford got a similar *UNK-* earlier in October , and on Friday , Jaguar announced that the No. 2 U.S. auto maker had raised its stake to *UNKN* % , or *UNKN* million shares , from *UNKN* % earlier in the week . STOP 
A spokesman for GM , the No. 1 auto maker , declined to say how many Jaguar shares that company owns . STOP 
In late trading Friday , Jaguar shares *UNKED* the downward *UNK* in London 's stock market and rose five pence to *UNKN* pence -LRB- $ *UNKN* -RRB- . STOP 
Trading volume was a moderately heavy 3.1 million shares . STOP 
In the U.S. , Jaguar 's American depositary receipts were among the most active issues Friday in national over-the-counter trading where they closed at $ *UNKN* each , up 62.5 cents . STOP 
Analysts expect that the two U.S. auto giants will move quickly to buy up 15 % stakes in Jaguar , setting up a potential bidding war for the *OUS* Jaguar brand . STOP 
British government restrictions prevent any single shareholder from going beyond 15 % before the end of 1990 without government permission . STOP 
The British government , which owned Jaguar until 1984 , still holds a controlling `` golden share '' in the company . STOP 
With the golden share as protection , Jaguar officials have *UNKED* Ford 's *UNKS* , and moved instead to *UNK* an alliance with GM . STOP 
Jaguar officials have indicated they are close to *UNKING* up a friendly alliance with GM that would preserve Jaguar 's independence , but no deal has been announced . STOP 
Ford , on the other hand , has said it 's willing to bid for all of Jaguar , despite the *UNKS* of Jaguar chairman Sir John *CUNK* . STOP 
Analysts continued to speculate late last week that Ford may try to force the issue by calling for a special shareholder 's meeting and urging that the government and Jaguar holders remove the barriers to a full bidding contest before December 1990 . STOP 
But a Ford spokeswoman in *CUNK* said Friday the company has n't requested such a meeting yet . STOP 
*CUNKS* close to the situation believe Ford officials will seek a meeting this week with Sir John to *UNK* their proposal for a full bid . STOP 
Any discussions with Ford could postpone the *CUNK-* deal , headed for completion within the next two weeks . STOP 
The GM agreement is expected to retain Jaguar 's independence by involving an eventual 30 % stake for the U.S. auto giant as well as joint manufacturing and marketing ventures . STOP 
Jaguar and GM hope to win Jaguar shareholders approval for the accord partly by *UNKING* it in a way that would n't *UNK* a full Ford bid once the golden share expires . STOP 
`` There 's either a minority -LCB- stake -RCB- package capable of getting Jaguar shareholder approval or there is n't , '' said one *UNK* individual . `` STOP 
If there is n't , -LCB- the deal -RCB- wo n't be put forward '' to shareholders . STOP 
Union sentiment also could influence shareholder reaction to a *CUNK-* accord . STOP 
GM 's U.K. unit holds crucial talks today with union officials about its consideration of an *CUNK* *CUNK* site for its first major engine plant in Britain . STOP 
One *UNK-* union leader said , `` If they try to build it somewhere else -LCB- in Europe -RCB- *UNKS* the U.K. , they are going to be in big trouble '' with *UNKS* over any Jaguar deal . STOP 
These are the last words *CUNK* Hoffman ever *UNKED* , more or less , before he killed himself . STOP 
And You Are There , sort of : STOP 
*CUNK* : `` I 'm OK , Jack . STOP 
I 'm OK . '' STOP 
-LRB- listening -RRB- `` *CUNK* . STOP 
I 'm out of bed . STOP 
I got my feet on the floor . STOP 
*CUNK* . STOP 
Two feet . STOP 
I 'll see you Wednesday ? ... Thursday . '' STOP 
He *UNKS* *UNKLY* . STOP 
*CUNK* -LRB- *UNK* -RRB- : `` I 'll always be with you , Jack . STOP 
Do n't worry . '' STOP 
*CUNK* lies back and leaves the *UNK* empty . STOP 
Of course that was n't the actual conversation the late *UNK-* activist , protest leader and founder of the *CUNKS* ever had with his brother . STOP 
It 's a *UNK* *UNKED* together from interviews by CBS News for a *UNK-* , a dramatic *UNKING* by an actor of Mr. Hoffman 's ultimately unsuccessful struggle with *UNKION* . STOP 
The segment is soon to be broadcast on the CBS News series `` Saturday Night With *CUNK* Chung , '' thus further *UNKING* the *UNKION* between *UNKION* and reality in TV news . STOP 
It is the New *CUNK* come to television . STOP 
Ms. Chung 's program is just one of several network shows -LRB- and many more in *UNKION* -RRB- that rely on the controversial technique of *UNKING* events , using actors who are supposed to *UNK* real people , living and dead . STOP 
Ms. Chung 's , however , is said to be the only network news program in history to *UNK* casting directors . STOP 
*CUNK* Hoffman in this case is to be played by Hollywood actor Paul *CUNKER* , who is n't new to the character . STOP 
He was Mr. Hoffman in a 1979 Los Angeles production of a play called `` The Chicago *CUNK* *CUNKAL* . '' STOP 
Television news , of course , has always been part *UNK-* . STOP 
*CUNKS* have a healthy appreciation of the role entertainment values play in *UNKING* an audience . STOP 
But , as CBS *CUNK* Group president Howard *CUNKER* puts it , the network now needs to `` *UNK* the *UNKS* of *UNKION* television , and that includes some *UNKION* . '' STOP 
Since its *UNK* Sept. 16 , the show on which Ms. Chung appears has used an actor to *UNK* the *CUNK* *CUNK* Johns , a *UNKS* leader , and one to play a *UNK* drug dealer . STOP 
It has *UNKED* the *UNKING* of Pan Am flight 103 over the *CUNK* town of *CUNK* . STOP 
On Oct. 21 , it did a *UNKION* of the *UNKING* and *UNK* of *CUNKED* Press *UNK* Terry Anderson , who was *UNKED* in March 1985 and is believed to be held in Lebanon . STOP 
The production had actors playing Mr. Anderson and former *UNKS* David *CUNK* , the *CUNK* Benjamin *CUNK* and *CUNKER* Lawrence *CUNK* . STOP 
ABC News has *UNKLY* *UNKED* out into entertainment *UNK* . STOP 
`` Prime Time *CUNK* , '' a new show this season featuring Sam Donaldson and *CUNK* *CUNKER* , has a studio audience that *UNKS* and that one night -LRB- to the embarrassment of the network -RRB- *UNKED* at the camera like the crowd on `` Let 's *CUNK* a *CUNKAL* . '' STOP 
-LRB- ABC *UNKS* short of using an `` *UNK* '' sign and a comic to warm up the audience . STOP 
The *UNKS* do that themselves . -RRB- STOP 
NBC News has produced three *UNKS* of an *UNKAL* series produced by *CUNK* *CUNKS* called `` Yesterday , Today and *CUNK* , '' *UNKING* *CUNK* *CUNKER* , *CUNK* *CUNK* and Mary *CUNK* Williams , that also gives work to actors . STOP 
Call it a *UNK* . STOP 
Or call it the wave of the future . STOP 
NBC 's *UNKS* are produced by *CUNKER* *CUNKS* , which also makes the successful prime-time NBC Entertainment series `` *CUNKED* *CUNKS* . '' STOP 
The marriage of news and theater , if not exactly *UNK* , has been *UNKED* nonetheless . STOP 
News programs , particularly if they score well in the ratings , appeal to the networks ' *OUS* corporate parents because they are so much less expensive to produce than an entertainment show is -- somewhere between $ 400,000 and $ 500,000 for a *UNK-* program . STOP 
Entertainment shows tend to cost twice that . STOP 
*CUNKS* have been used successfully for several seasons on such *UNKED* `` *UNK* TV '' shows as `` A *CUNK* *CUNK* , '' which is produced by the Fox Broadcasting Co. unit of *CUNK* *CUNK* 's News Corp . STOP 
That show , whose host is Ms. Chung 's husband , *CUNK* *CUNK* , has a particular *UNK* for *UNKLY* *UNKS* and stories having to do with sex -- the Robert *CUNKS* murder case , the *CUNK* *CUNK* *UNKS* , what have you . STOP 
Gerald Stone , the executive producer of `` A *CUNK* *CUNK* , '' says , `` We have opened eyes to being a little less conservative and more *UNK* in how to present the news . '' STOP 
*CUNK* have eyes been opened wider than at CBS News . STOP 
At *UNKN* W. *UNK* St. in Manhattan , one floor below the offices of `` 60 *CUNKS* , '' the most successful prime-time news program ever , actors wait in the *UNKION* area to *UNKION* for `` Saturday Night With *CUNK* Chung . '' STOP 
CBS News *UNKS* *UNKS* to agents , who pass them along to clients . STOP 
The network deals a lot with *UNKS* , including Scott *CUNK* , who *UNKED* Mr. Anderson , and Bill *CUNK* as *CUNKER* *CUNK* , but the network has some big names to contend with , too . STOP 
James *CUNK* Jones is cast to play the *CUNK* Mr. Johns . STOP 
*CUNK* *CUNK* may *UNK* former California Gov. *CUNK* Brown in a *UNKING* *UNK* on *CUNK* *CUNK* , the last man to be executed in California , in 1960 . STOP 
`` Saturday Night '' has cast actors to appear in future stories ranging from the abortion rights of *UNKS* to a Nov. 4 segment on a man named *CUNK* *CUNK* , who calls himself a `` *UNKER* '' and is *UNKED* to be the *UNKEST* *UNKER* in New York . STOP 
CBS News , which as recently as two years ago fired hundreds of its employees in budget *UNKS* , now *UNKS* featured actors beginning at $ *UNKN* a week . STOP 
That is n't much compared with what Bill *CUNK* makes , or even *CUNK* Chung for that matter -LRB- who is paid $ 1.6 million a year and who recently did a *UNKEST* shot of her own on the *UNK* `` Murphy Brown '' -RRB- . STOP 
But the money is n't *UNKS* either , particularly for a news program . STOP 
CBS News is also *UNKING* the 1979 Three *CUNK* Island nuclear accident in *CUNK* , Pa. , with something less than a cast of thousands . STOP 
It is *UNKING* the town of 10,000 for about 200 *UNKS* . STOP 
On Oct. 20 , the town 's mayor , Robert *CUNK* , made an announcement on behalf of CBS during *UNK-* at the *CUNK* High School football game asking for *UNKS* . STOP 
`` There was a roll of *UNKER* through the stands , '' says Joe *CUNK* , the editor of the weekly Press and Journal in *CUNK* . STOP 
`` They 're *UNKING* right now at the bank down the street , and they want *UNKS* of people getting out of cars and kids on *UNKS* . STOP 
They are *UNKING* everyone on the street and asking if they want to be in a *UNK* . '' STOP 
Mr. *CUNK* says he would n't dream of participating himself : STOP 
`` No way . STOP 
I think *UNKS* *UNK* . '' STOP 
Though a *UNK-* may have the *UNK* , Hollywood on the Hudson it is n't . STOP 
Some producers seem tentative about the technique , *UNK* even . STOP 
So the results , while not news , are n't exactly theater either , at least not good theater . STOP 
And some people do think that acting out *UNKS* is n't *UNK* of CBS News , which once *UNK* *UNK* to the network and set standards for the industry . STOP 
In his review of `` Saturday Night With *CUNK* Chung , '' Tom *CUNKS* , the TV critic of the Washington *CUNK* and generally an *UNKER* of CBS , wrote that while the show is `` impressive , ... one has to wonder if this is the proper direction for a network news division to take . '' STOP 
*CUNKING* events has , in general , upset news *UNKS* , including former CBS News President Richard S. *CUNK* and former NBC News President *CUNK* Frank , former CBS News *UNK* Walter *CUNK* and the new *UNK* of the Columbia University *CUNK* School of *CUNK* , *CUNK* *CUNKER* . STOP 
Says she : `` Once you add *UNKS* , it 's no longer news , it 's drama , and that has no place on a network news broadcast ... . STOP 
They should never be on . STOP 
Never . '' STOP 
*CUNK* of the *CUNK* Hoffman segment is particularly *UNKING* among people who knew and *UNKED* the man . STOP 
That includes his *UNKION* of 15 years , *CUNK* *CUNK* , as well as his former wife , *CUNK* . STOP 
Both women say they also find it *UNK* that CBS News is apparently concentrating on Mr. Hoffman 's problems as a *UNK-* . STOP 
`` This is dangerous and *UNKS* *CUNK* 's life , '' says Ms. *CUNK* , who has had an advance look at the *UNK-* *UNK* . STOP 
`` It 's a *UNKAL* piece about someone who is not here to defend himself . '' STOP 
Mrs. Hoffman says that *UNKION* `` makes the truth flexible . STOP 
It takes one person 's account and gives it *UNK* . '' STOP 
CBS News interviewed Jack Hoffman and his sister , *CUNKS* , as well as Mr. Hoffman 's *UNK* in *CUNK* *CUNK* , *CUNK* . STOP 
Also Jonathan *CUNKS* , who *UNKED* with Mr. Hoffman on two books . STOP 
Mr. *CUNKS* says , `` I wanted to be interviewed to get *CUNK* 's story out , and maybe talking about the *UNKS* will do some good . '' STOP 
The executive producer of `` Saturday Night With *CUNK* Chung , '' Andrew *CUNK* , declines to discuss *UNKS* as a practice or his show , in particular . STOP 
`` I do n't talk about my work , '' he says . STOP 
The president of CBS News , David W. *CUNK* , did n't return numerous telephone calls . STOP 
One person close to the process says it would not be in the best interest of CBS News to comment on a `` work in progress , '' such as the Hoffman *UNKION* , but says CBS News is `` aware '' of the concerns of Ms. *CUNK* and Mr. Hoffman 's former wife . STOP 
Neither woman was invited by CBS News to participate in a *UNK-* discussion about Mr. Hoffman that is to follow the *UNK-* . STOP 
Mr. *CUNKER* , the actor who plays Mr. Hoffman , says he was concerned at first that the *UNK* would `` *UNK* an *UNK* political mind , one that I *UNKED* , '' but that his concerns were *UNKED* . STOP 
The producers , he says , did a good job of *UNKING* someone `` who had done so much , but who was also a *UNK-* . STOP 
Dentsu Inc. , the world 's largest advertising agency on the strength of its *UNK* in the Japanese market , is setting its *UNKS* on overseas expansion . STOP 
Last year , Dentsu started *CUNK* , a joint network with U.S. ad agency Young & Rubicam and Eurocom of France . STOP 
A few months ago , Dentsu acquired 69 % of Australian agency *CUNK* Communication Holdings Ltd. for 5.9 million Australian dollars -LRB- US$ 4.6 million -RRB- . STOP 
Dentsu has U.S. subsidiaries , but they keep low *UNKS* . STOP 
Now , the giant marketing company , which holds 25 % of Japan 's 4.4 trillion yen -LRB- $ *UNKN* billion -RRB- advertising industry , is considering the acquisition of an advertising network in the U.S. or Europe . STOP 
What is driving Dentsu 's international expansion largely is the need to keep up with its Japanese clients as they grow in the U.S. and Europe . STOP 
`` If we do n't do something ... we wo n't be able to catch up with demand , '' says a Dentsu spokesman . STOP 
`` Our president said acquisition is an effective method . '' STOP 
Last year , Dentsu 's foreign business accounted for less than 10 % of total *UNKS* , but the company is *UNKING* at 20 % in the near future . STOP 
So far , it appears cautious about taking the big step . STOP 
For example , the spokesman says Dentsu has been approached by banks and securities companies a number of times to invest in the troubled British marketing group Saatchi & Saatchi PLC . STOP 
But he said Dentsu has n't looked seriously at Saatchi . STOP 
Though Dentsu says it has no concrete acquisition plans or *UNKS* , it is *UNKING* the *UNK* for international growth . STOP 
It is setting up a special team in charge of international markets and training workers to do business abroad . STOP 
For the year ended March 31 , Dentsu sales rose 19 % to $ 8.9 billion from $ 7.5 billion , and net income jumped 59 % to $ 102 million from $ 64 million . STOP 
Dentsu 's *UNKS* last year were larger than those of Young & Rubicam , the world 's second-largest ad agency , according to a survey by the publication Advertising *CUNK* . STOP 
But success overseas in *UNUNK* markets could be *UNKER* than for other industries such as manufacturers . STOP 
On its own , Dentsu 's *UNK* in Japan may count for little in major foreign markets when seeking *UNK-* clients . STOP 
Thus , an acquisition may prove the necessary course . STOP 
But Japanese agencies are cautious about expanding abroad because client relationships are different . STOP 
Japanese agencies do business with rival clients in the same industry , a practice `` that would be *UNUNK* by traditional Western conflict rules , '' says Roy *CUNK* , the London chief executive of Saatchi & Saatchi 's communications division . STOP 
Although acquiring a foreign company would expand Japanese advertising agencies ' business to foreign clients , many clients would also be Japanese companies expanding overseas , says the Dentsu spokesman . STOP 
But the different business system would make it hard for Dentsu to provide these Japanese companies the same kind of services they do in Japan . STOP 
Ciba-Geigy AG , the big Swiss chemicals company , said that it agreed in a letter of intent with Corning Inc. to acquire Corning 's 50 % share of *CUNK* Corning *CUNKS* Corp. , based in *CUNK* , Mass . STOP 
*CUNK* Corning , which had been a *UNKN* venture between *CUNKED* Ciba-Geigy and Corning , has annual sales of about $ 300 million , the announcement said . STOP 
Terms of the transaction were n't disclosed . STOP 
*CUNK* Corning makes clinical *UNKS* systems and related products for the *UNK-* industry . STOP 
The announcement said the acquisition should be completed by December after a definitive agreement is completed and regulatory approval is received . STOP 
Ciba-Geigy intends to develop the *CUNK* Corning unit into a `` substantial business , '' making the unit an `` *UNKAL* part '' of Ciba-Geigy 's `` comprehensive disease management concept . STOP 
The NBC network canceled its first new series of the fall TV season , killing *CUNK* Brooks 's *UNK* hotel comedy `` The *CUNK* House . '' STOP 
The show , one of five new NBC series , is the second casualty of the three networks so far this fall . STOP 
Last week CBS Inc. canceled `` The People Next *CUNK* . '' STOP 
NBC 's comedy had *UNKED* *CUNKS* at *UNKN* p.m. and in five *UNKS* had drawn an average of only *UNKN* % of homes , lagging behind the *CUNK* Lee *CUNKS* comedy `` *CUNKING* But *CUNK* '' on ABC and CBS 's *UNK-* drama `` *CUNK* and the *CUNK* . '' STOP 
NBC , a unit of General Electric Co. , has n't decided on a permanent replacement for the canceled series . STOP 
John *CUNK* Ltd. said it plans a private placement of 150 million Canadian dollars -LRB- US$ *UNKN* million -RRB- in preferred shares , to be completed around Nov. 1 . STOP 
Proceeds will be used to reduce short-term debt at the beer and food concern , said Robert *CUNK* , vice president , finance . STOP 
The preferred shares will carry a floating annual dividend equal to 72 % of the 30-day bankers ' *UNK* rate until Dec. 31 , 1994 . STOP 
*CUNKER* , the rate will be *UNKED* . STOP 
Mr. *CUNK* said that if no agreement is reached , other buyers will be sought by bid or auction . STOP 
The shares are *UNK* after the end of 1994 . STOP 
Mr. *CUNK* said the share issue is part of a strategy to strengthen *CUNK* 's balance sheet in anticipation of acquisitions to be made during the next 12 to 18 months . STOP 
*CUNK* 's has no takeover bids outstanding currently , he said . STOP 
*CUNK* underwriter to the issue is Toronto *CUNKION* Securities Inc . STOP 
Texas *CUNKS* Inc. , once a *UNKER* in portable computer technology , today will make a bid to *UNK* itself in that business by *UNKING* three small personal computers . STOP 
The announcements are scheduled to be made in *CUNK* , Texas , and include a so-called `` *UNK* '' PC that *UNKS* less than seven pounds , has a *UNK-* hard disk drive and is *UNKED* by Intel Corp. 's *UNKN* *UNK* . STOP 
That introduction comes only two weeks after Compaq Computer Corp. , *UNKING* it had a lead of three to six months on competitors , introduced the first U.S. *UNK* computer with such features . STOP 
Despite the *UNK* comparison with Compaq , however , Texas *CUNKS* ' new *UNK* wo n't be a direct competitor . STOP 
While Compaq sells its machines to businesses through computer retailers , Texas *CUNKS* will be selling most of its machines to the industrial market and to *UNKED* *UNKS* and *UNK-* manufacturers . STOP 
The *UNKS* also mark Texas *CUNKS* ' plunge back into a technology it has all but ignored for the past several years . STOP 
Although the *CUNKED* computer giant introduced the first portable data terminal in 1971 -- a *UNK-* *UNKER* -- and the world 's first *UNKED* portable in 1976 , the only portable machines it has introduced since the first part of the decade have been `` *UNK* '' terminals with limited *UNK-* processing ability . STOP 
It stopped selling a standard personal computer a while ago . STOP 
Now that is about to change , as Texas *CUNKS* begins marketing two *UNK-* laptop PCs with 20 *UNK* and 40 *UNK* hard drives . STOP 
The *UNKS* are not *UNK* and , indeed , are *UNK* in a market first opened by *CUNK* Systems Corp. , now a unit of Tandy Corp. , almost two years ago . STOP 
But the *UNK* , with the more advanced *UNK* and hard disk , is more *UNK* . STOP 
*CUNKING* 6.7 pounds with *UNK* , the *UNK* measures 8.2 by *UNKN* inches , has a *UNK-* hard disk drive and boasts a *UNK* screen that is 22 % larger than Compaq 's . STOP 
Its *UNK* , according to industry consultants , is better than Compaq 's , but its *UNK* life of two to three hours is *UNKER* . STOP 
It does n't have an internal *UNK* disk drive , although a *UNK-* drive can be purchased separately . STOP 
Its greatest *UNK* may be its *UNK-* *UNKS* , big enough for one consultant to describe it as `` *UNK* . '' STOP 
*CUNK* prices on the *UNKER* Texas *CUNK* *UNKS* will be $ *UNKN* for the *CUNK* *CUNK* 25 , with a 20 *UNK* disk drive , and $ *UNKN* for the *UNK-* *CUNK* 45 . STOP 
The *UNK* , the *CUNK* *CUNK* 12 , will be priced at $ *UNKN* . STOP 
Shearson Lehman Hutton Inc. said it applied to *CUNK* securities officials for permission to open brokerage offices in Taipei . STOP 
Shearson 's application is the first since the Taiwan Securities and Exchange Commission announced June 21 that it would allow foreign brokerage firms to do business in that country . STOP 
Taiwan officials are expected to review the Shearson application later this year . STOP 
Under current rules , investors in Taiwan can buy overseas stocks only through the purchase of mutual funds issued by local and foreign investment *UNKS* . STOP 
The new rules will allow investors to buy foreign stocks directly . STOP 
A spokesman for Shearson said the brokerage service will be directed at individual investors who want to buy foreign and domestic stocks . STOP 
`` It 's an attractive market with good growth opportunities , '' he added . STOP 
*CUNKS* in the West and parts of the South are entering the critical Christmas shopping season with more momentum than those in other regions . STOP 
In a new report , the International Council of *CUNKING* *CUNKS* said sales of general merchandise in the West for the first seven months of 1989 rose 6.6 % above year-earlier levels . STOP 
Sales increased a more modest 4.8 % in the South and 4.4 % in the Midwest . STOP 
But sales in the *UNK-* state of Texas surged *UNKN* % and sales in South Carolina jumped *UNKN* % in the period , the New York trade group said . STOP 
In the Northeast , however , sales declined 0.4 % in the period , with sales in New England falling 2.6 % . STOP 
The numbers show that `` we do n't have a *UNK* economy , '' said *CUNK* *CUNK* , council research director . STOP 
`` There are a lot of have and *UNK-* markets . '' STOP 
Sales nationally rose 3.9 % through July , the latest month for which the figures are available , the council said . STOP 
The Northern California earthquake and Hurricane Hugo are likely to temporarily damp sales growth in the West and South Carolina . STOP 
But Mr. *CUNK* predicted the regional trends would continue through Christmas . STOP 
`` The big *UNK* is as much of a factor in retailing as in politics , '' he said . STOP 
The Christmas quarter is important to retailers because it represents roughly a third of their sales and nearly half of their profits . STOP 
The council 's report is based on data the trade group buys from the U.S. *CUNKS* Bureau . STOP 
The information on 125 metropolitan markets is supplied by retailers such as Sears , Roebuck & Co. and K mart Corp. as well as closely held concerns such as *CUNK* Macy & Co . STOP 
The council plans to release its regional reports monthly . STOP 
Mr. *CUNK* said strength in employment appears to have the biggest impact on sales growth . STOP 
El *CUNK* , Austin and Fort Worth , the three strongest retail markets in the nation , are all located in Texas , where employment grew a relatively strong 2 % . STOP 
Massachusetts , which has lost jobs in the computer and *UNKED* industries , was the *UNKEST* link in bleak New England . STOP 
The results reflect a reversal in the *UNKS* of the regions during the past two years . STOP 
In 1987 , the West had the *UNKEST* sales growth , and the South and the Midwest were first and second respectively , according to the council . STOP 
Mr. *CUNK* said that although retailers probably wo n't ever recover sales lost because of the California quake and Hurricane Hugo , they could see some benefits later on . STOP 
Stores such as Sears that sell *UNK-* durable goods might actually get a boost as consumers rush to replace items lost in the disasters , he said . STOP 
*CUNK-* Corp. said it will spend $ 42 million to purchase land and *UNK* its *UNK* *UNK* storage facility to Clark County , *CUNK* , from Henderson , *CUNK* . STOP 
The company said it will move the storage and *UNKING* operations to a site 23 miles *UNK* of Las Vegas to distance the operations from residential areas . STOP 
*CUNK* *UNK* is an *UNKER* that is mixed with a *UNK* to make *UNK* fuel used in the space shuttle and military *UNKS* . STOP 
In May 1988 , an *UNK* *UNK* plant in Henderson owned by an American Pacific Corp. unit was *UNKED* by a series of *UNKS* . STOP 
After the *UNKION* , *CUNK-* temporarily shut down its facility just south of Las Vegas for a safety *UNKION* . STOP 
American Pacific and *CUNK-* are the only two U.S. manufacturers of *UNK* *UNK* . STOP 
When the plant was destroyed , `` I think everyone got concerned that the same thing would happen at our plant , '' a *CUNK* spokeswoman said . STOP 
That prompted *CUNK-* to consider moving the potentially volatile storage facilities and *UNKING* operations away from town . STOP 
*CUNK-* said it has purchased *UNKN* acres from the federal government in Clark County and plans to begin construction early next year . STOP 
The new facility is expected to begin operations in early 1991 . STOP 
The Henderson plant will continue its other chemical operations , the company said . STOP 
This maker of electronic devices said it replaced all five *UNK* directors at a special meeting called by Milton B. Hollander , whose High Technology Holding Co. of Stamford , Conn. acquired most of its *UNKN* % stake in Newport in August . STOP 
*CUNKED* as directors were Mr. Hollander , Frederick *CUNK* , Frederick Ross , Arthur B. *CUNKER* and Rose *CUNKER* . STOP 
*CUNKED* from office were George *CUNK* , Robert E. Davis , Norman Gray , John *CUNK* , corporate secretary , and *CUNK* B. *CUNKS* , chairman , president and chief executive officer . STOP 
Newport officials did n't respond Friday to requests to discuss the changes at the company but earlier , Mr. *CUNKS* had said Mr. Hollander wanted to have his own team on the board . STOP 
*CUNK* Co. , Japan 's leading cosmetics producer , said it had net income of *UNKN* billion yen -LRB- $ *UNKN* million -RRB- in its first half , which ended Sept. 30 . STOP 
*CUNK* comparisons with the previous year were unavailable because of a change in the company 's fiscal *UNK* . STOP 
The *CUNKED* company had net of *UNKN* billion yen in the previous reporting period , which was the four months ended March 31 . STOP 
Sales in the first half came to *UNKN* billion yen , compared with *UNKN* billion yen in the *UNK-* period . STOP 
*CUNK* predicted that sales for the year ending next March 31 will be *UNKN* billion yen , compared with *UNKN* billion yen in the year ended Nov. 30 , 1988 . STOP 
It said it expects net to rise to 11 billion yen from *UNKN* billion yen . STOP 
Bruce W. *CUNK* , president and chief executive officer , was named to the additional post of chairman of this *UNKAL* and design services concern . STOP 
Mr. *CUNK* , 45 years old , succeeds Thomas A. *CUNK* , 66 , who is retiring as chairman but will continue as a director and chairman of the executive committee . STOP 
*CUNKER* and acquisition activity in the third quarter exceeded the year-earlier pace , said Merrill Lynch & Co. 's *CUNK* *CUNK* & Co. unit in *CUNK* , *CUNK* . STOP 
A total of *UNKN* transactions were announced during the latest quarter , up 13 % from the year-earlier period 's *UNKN* , *CUNK* said . STOP 
*CUNKS* in which prices were disclosed totaled $ *UNKN* billion , up 36 % from $ *UNKN* billion a year earlier , the company added . STOP 
*CUNK* counted 16 transactions valued at $ 1 billion or more in the latest period , twice as many as a year earlier . STOP 
The largest was the $ 12 billion merger creating Bristol-Myers Squibb Co . STOP 
In the first nine months , *UNKN* transactions were announced , up 15 % from *UNKN* in the year-earlier period . STOP 
*CUNKS* in which prices were disclosed totaled $ *UNKN* billion , up 15 % from $ *UNKN* billion a year earlier . STOP 
*CUNKING* current stock market conditions and the trend away from highly leveraged transactions , *CUNK* said it was n't certain that the total value of transactions for the year will exceed the record $ *UNKN* billion in 1988 . STOP 
*CUNK* *CUNK* *CUNK* Inc. declared a *UNKN* stock split , and substantially boosted the dividend *UNK* . STOP 
The *UNKER* of *UNKS* said the added shares will be distributed Dec. 4 to stock of record Nov. 13 . STOP 
The company also changed its dividend policy , under which holders had received an annual 10 *UNK-* payment , by *UNKING* a *UNK-* dividend , to be paid quarterly on *UNK-* shares . STOP 
*CUNK* Inc. said that it can not pay the Oct. 31 dividend on its Series A convertible preferred stock , allowing the stock 's holder to convert the shares into as much as *UNKN* % of *CUNK* 's shares outstanding . STOP 
*CUNK* said that it has the funds to pay the dividend , but that it does n't have the surplus or profit required under Delaware law for payment of the dividend . STOP 
All the preferred stock is held by the *CUNK* Office *CUNKLY* Stock *CUNK* Plan . STOP 
Under terms of the stock , the *CUNK* *CUNK* can demand that the stock be *UNKED* for $ *UNKN* on Nov. 30 , but *CUNK* said it is *UNKLY* prohibited from making the redemption . STOP 
*CUNK* to pay the dividend allows *CUNK* to convert all or some of its shares into *CUNK* common after Nov. 30 , at a conversion price based on *CUNK* 's closing stock price . STOP 
*CUNK* , a maker of *UNKING* systems , said it ca n't predict if any of the preferred stock will be converted . STOP 
*CUNK* also said it has hired Prudential-Bache Securities Inc. as its financial adviser and investment banker to help it restructure financially and improve its balance sheet . STOP 
*CUNKS* may see claims resulting from the San Francisco earthquake totaling nearly $ 1 billion -- far less than the claims they face from Hurricane Hugo -- but the recent *UNK* of *UNKS* should *UNK* property insurance rates in coming months . STOP 
The property claims service division of the American Insurance Services Group estimated insured losses from the earthquake at $ *UNKN* million . STOP 
This estimate does n't include claims under workers ' compensation , life , health *UNK* and liability insurance and damage to infrastructure such as bridges , highways and public buildings . STOP 
The estimated earthquake losses are low compared with the $ 4 billion in claims that insurers face from Hurricane Hugo , which *UNKED* through the Caribbean and the *CUNKS* last month . STOP 
That 's because only about 30 % of California homes and businesses had earthquake insurance to cover the losses . STOP 
However , insurance brokers and executives say that the combination of the Bay area earthquake , Hugo and last week 's *UNKION* at the Phillips Petroleum Co. 's refinery in *CUNK* , Texas , will cause property insurance and reinsurance rates to jump . STOP 
Other insurance rates such as casualty insurance , which would cover liability claims , are n't likely to firm right away , says *CUNK* *CUNK* , an industry analyst with *CUNK* Research in *CUNK* , Conn . STOP 
She believes the impact of losses from these *UNKS* is n't likely to halt the growth of the industry 's surplus capital next year . STOP 
*CUNK* reinsurance rates are likely to climb first , analysts and brokers believe . STOP 
`` The reinsurance market has been *UNKED* by disasters '' in the U.S. as well as in Great Britain and Europe , says Thomas *CUNKS* , director of research at *CUNK* Lane Inc. in Atlanta . STOP 
*CUNKS* typically retain a small percentage of the risks they underwrite and pass on the rest of the losses . STOP 
*CUNKS* buy this insurance protection for themselves by giving up a portion of the premiums they collect on a policy to another firm -- a reinsurance company , which , in turn , *UNKS* a portion of any losses resulting from this policy . STOP 
*CUNKS* , such as *CUNK* Corp. , *CUNK* Corp , and Aetna Life & Casualty Co. , buy reinsurance from other *CUNKED* companies and Lloyd 's of London for one catastrophe at a time . STOP 
After Hugo hit , many insurers *UNKED* their reinsurance coverage and had to *UNK* *UNKS* to replace that coverage in case there were any other major disasters before the end of the year . STOP 
After the earthquake two weeks ago , brokers say companies scrambled to replace reinsurance *UNKS* again and Lloyd 's *UNKS* turned to the London market excess lines for protection of their own . STOP 
James *CUNKER* , senior vice president of *CUNK* & *CUNKER* Inc. , a New York-based reinsurance broker , says insurers who took big losses this fall and had purchased little reinsurance in recent years will be asked to pay some pretty hefty rates if they want to buy reinsurance for 1990 . STOP 
However , companies with few catastrophe losses this year and already big buyers of reinsurance are likely to see their rates remain flat , or perhaps even decline slightly . STOP 
Many companies will be negotiating their 1990 reinsurance contracts in the next few weeks . STOP 
`` It 's a seller 's market , '' said Mr. *CUNKER* of the reinsurance market right now . STOP 
But some large insurers , such as State Farm Mutual *CUNK* Insurance Co. , do n't purchase reinsurance , but fund their own program . STOP 
A few years ago , State Farm , the nation 's largest home insurer , stopped buying reinsurance because no one carrier could provide all the coverage that it needed and the company found it cheaper to *UNK-* . STOP 
The $ *UNKN* million of losses State Farm expects from Hugo and an additional $ 300 million from the earthquake are less than 5 % of State Farm 's $ *UNKN* billion total net worth . STOP 
Since few insurers have announced what amount of losses they expect to see from the earthquake , it 's impossible to get a clear picture of the quake 's impact on fourth-quarter earnings , said Herbert *CUNK* at Prudential-Bache Securities Corp . STOP 
*CUNK* expects an after-tax charge of less than $ 3 million against fourth-quarter net ; Hartford Insurance Group , a unit of ITT Corp. , expects a $ 15 million or 10 cents after-tax charge ; and Fireman 's Fund Corp. expects a charge of no more than $ 50 million before taxes and after using its reinsurance . STOP 
*CUNK* Corp. , Tokyo , said net income in its first half rose 59 % to *UNKN* billion yen -LRB- $ *UNKN* million -RRB- from *UNKN* billion yen a year earlier . STOP 
The consumer electronics , home *UNKS* and *UNKING* concern said revenue in the six months ended Sept. 30 rose 8.9 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Sales of *UNKING* products and electric parts increased a strong 22 % to *UNKN* billion yen from *UNKN* billion yen and accounted for 46 % of total sales . STOP 
In audio equipment , sales rose 13 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Sales of electric *UNKS* were flat , and sales of electronic equipment declined slightly . STOP 
*CUNK* projected sales for the current year ending March 31 at 1.6 trillion yen , a 7 % increase the previous fiscal year . STOP 
It said it expects net to rise 45 % to *UNKN* billion yen . STOP 
Sun Microsystems Inc. , a computer maker , announced the *UNKS* of its registration statement for $ 125 million of 6 3\/8 % convertible subordinated debentures due Oct. 15 , 1999 . STOP 
The company said the debentures are being issued at an issue price of $ *UNKN* for each $ 1,000 principal amount and are convertible at any time prior to maturity at a conversion price of $ 25 a share . STOP 
The debentures are available through Goldman , Sachs & Co . STOP 
Nelson Holdings International Ltd. shareholders approved a *UNKN* consolidation of the company 's common stock at a special meeting . STOP 
At the same time , shareholders approved the adoption of a rights plan and a *UNK-* voting approval requirement . STOP 
They also approved the *UNKION* of the company 's registered office to Toronto from *CUNKER* and a name change to *CUNK* Nelson Holdings International Ltd . STOP 
Following the consolidation , the entertainment company , which has film and television operations in Beverly Hills , Calif. , will have about 4.1 million shares outstanding . STOP 
The number of authorized common shares will remain at 100 million . STOP 
Under the rights plan , holders will have one right for each common share held , with each right *UNKING* the purchase of one common share for 100 Canadian dollars . STOP 
The rights plan would be triggered if a person or group *UNKS* 20 % or more of the common shares outstanding without making an offer to all shareholders . STOP 
Under the *UNK-* amendment , certain mergers and other transactions would require approval of holders of 80 % of the company 's common shares outstanding . STOP 
*CUNKED* American *CUNKAL* Corp. said a federal grand jury in Boston indicted the operator of *UNK* and business schools for mail fraud . STOP 
The charges in the *UNK-* indictment , which stem from events that allegedly occurred in late 1984 and early 1985 , involve *UNK* procedures of six students and the *UNKION* of certain reports , *CUNKED* said . STOP 
No individuals were charged in the indictment . STOP 
*CUNKED* American said it will `` *UNKLY* defend '' itself against the charges and added that the charges *UNK* to procedures that it has since changed . STOP 
*CUNK* *UNKS* representatives at two of *CUNKED* 's former Massachusetts schools previously pleaded guilty to charges of *UNKING* , *UNKING* and *UNKING* students to submit false *UNK-* applications . STOP 
*CUNKED* closed its Massachusetts schools earlier this year . STOP 
In New York Stock Exchange composite trading Friday , *CUNKED* fell 6.25 cents to *UNKN* cents a share . STOP 
Rally 's Inc. said it filed suit in U.S. District Court in Delaware against a group led by *CUNK* Sugarman , seeking to block the investors from buying more shares . STOP 
Rally 's , a Louisville , Ky. , fast-food chain , alleges that the three investors , who are directors of the company , broke securities laws because they did n't disclose their intentions to acquire a big Rally 's stake . STOP 
The group , led by Giant Group Ltd. and its chairman , Mr. Sugarman , owns about *UNKN* % of Rally 's . STOP 
In the Securities and Exchange Commission filings , the group has said it may seek control of Rally 's . STOP 
Mr. Sugarman called the lawsuit `` not nice '' and said his group will continue to push for control of the company and the removal of certain directors . STOP 
He asserts that some directors , who have joined forces with company founder James *CUNK* , have ties to *CUNK* 's , a competing *UNKER* chain . STOP 
The *CUNK* group , which controls about 42 % of Rally 's shares , also may seek control . STOP 
Rally 's also said it formed a committee of three directors , who are n't associated with either the *CUNK* or Sugarman groups , to *UNK* the situation . STOP 
*CUNK* Transportation Corp. said it will restructure $ *UNKN* million of certain subordinated debentures to reduce its debt obligations and interest expense . STOP 
The *UNKN* % subordinated debentures due *UNKN* were issued in August 1987 as part of the $ *UNKN* million financing for a leveraged buy-out of the company . STOP 
*CUNK* provides transportation services for manufacturers , distributors and retailers . STOP 
*CUNK* said it has begun discussions with certain institutional debt holders to review the proposed private placement transaction , which would exchange the debt for new subordinated debt instruments and equity securities . STOP 
*CUNK* terms are subject to review and a final agreement with debt holders , the company said . STOP 
But the proposed transaction calls for an exchange of the debt for new debentures of lower face value and reduced cash interest . STOP 
Also , debt holders would be offered an equity position in *CUNK* , which in total would represent a controlling interest in the company . STOP 
Drexel Burnham Lambert Inc. is the adviser on the transaction . STOP 
Company officials said *CUNK* *UNKED* payment requirements of its debt obligations since the leveraged buy-out , but `` our performance since the -LCB- buy-out -RCB- makes it *UNK* to *UNK* actions that will further improve our cash flow . STOP 
Nicaraguan President Daniel Ortega may have *UNKED* over the weekend what his U.S. *UNKS* have failed to do : revive a *UNK* for the Contra rebels . STOP 
Lawmakers have n't publicly raised the possibility of renewing military aid to the Contras , and President Bush *UNKED* the question at a news conference here Saturday , saying only that `` if there 's an *UNK-* military offensive , that 's going to change the *UNKION* 180 *UNKS* . '' STOP 
But Mr. Ortega 's threat over the weekend to end a *UNK-* *UNK-* with the rebels seeking to *UNK* him , effectively *UNKED* the Contras as a policy priority just as they were slipping from the *UNKS* of their most *UNK* supporters . STOP 
Senate Majority Leader George Mitchell -LRB- D. , Maine -RRB- said yesterday on *CUNK-* 's `` *CUNK* the Press '' that Mr. Ortega 's threat was `` a very *UNUNK* move , particularly the timing of it . '' STOP 
The threat came during a two-day celebration in Costa Rica to *UNK* Central America 's progress toward democracy in the region , attended by President Bush , Canadian Prime Minister Brian *CUNK* and 14 other Western *CUNK* leaders . STOP 
Mr. Bush returned to Washington Saturday night . STOP 
Mr. Ortega announced on Friday that he would end the *UNK-* this week in response to the *UNK* Contra *UNKS* against his army . STOP 
Saturday , he amended his remarks to say that he would continue to *UNK* by the *UNK-* if the U.S. ends its financial support for the Contras . STOP 
He asked that the remaining U.S. *UNK* aid be diverted to *UNKING* and *UNKING* the rebels . STOP 
Not only did Mr. Ortega 's comments come in the midst of what was intended as a *UNK* for the region , it came as Nicaragua is under special international scrutiny in anticipation of its planned February elections . STOP 
*CUNK* observers are gathering in Nicaragua to monitor the registration and treatment of opposition candidates . STOP 
And important U.S. lawmakers must decide at the end of November if the Contras are to receive the rest of the $ 49 million in so-called *UNK* assistance under a bipartisan agreement reached with the Bush administration in March . STOP 
The *UNK* assistance , which pays for supplies such as food and clothing for the rebels *UNKED* along the Nicaraguan border with *CUNKS* , replaced the military aid cut off by Congress in February 1988 . STOP 
While few lawmakers anticipated that the *UNK* aid would be cut off next month , Mr. Ortega 's threat *UNKLY* guarantees that the *UNK* aid will be continued . STOP 
Senate *CUNK* Leader Robert Dole -LRB- R. , *CUNK* . -RRB- said yesterday on `` *CUNK* the Press '' : `` I would hope after his -LCB- Mr. Ortega 's -RCB- act yesterday or the day before , we 'd have *OUS* support for quick action on remaining *UNK* aid . '' STOP 
Sen. Dole also said he hoped for *OUS* support for a resolution he plans to offer tomorrow *UNKING* the Nicaraguan leader . STOP 
While renewing military aid had been considered out of the question , rejected by Congress and *UNKED* by the Bush administration , Mr. Ortega 's statement provides Contra supporters with the opportunity to press the administration on the issue . STOP 
`` The administration should now state that if the -LCB- February -RCB- election is *UNKED* by the Sandinistas ... they should call for military aid , '' said former *CUNK* Secretary of State *CUNK* *CUNKS* . STOP 
`` In these circumstances , I think they 'd win . '' STOP 
Sen. Mitchell said that congressional Democrats intend to honor the March agreement to give *UNKAL* support to the Contras through the February elections , although he added that the agreement requires that the Contras not *UNK* any military action . STOP 
Mr. Ortega 's threat to breach the *UNK-* comes as U.S. officials were *UNKING* that the Contras have at times violated it themselves . STOP 
Secretary of State James Baker , who accompanied President Bush to Costa Rica , told reporters Friday : `` I have no reason to deny reports that some Contras *UNKED* some Sandinista *UNKS* . '' STOP 
Mr. Baker 's assistant for *UNK-* affairs , Bernard *CUNK* , while maintaining that the Sandinistas had also broken the *UNK-* , acknowledged : `` It 's never very clear who starts what . '' STOP 
He added that the U.S. has cut off aid to some *UNK* units when it was determined that those units broke the *UNK-* . STOP 
In addition to *UNKING* arguments in favor of ending Contra aid , Mr. Ortega 's remarks also played to the *UNKS* of some U.S. officials and conservatives outside the government that he is *UNKING* for ways to *UNK* or *UNK* the February elections . STOP 
Administration officials *UNKING* with President Bush in Costa Rica interpreted Mr. Ortega 's *UNKING* as a sign that he is n't responding to the military attacks so much as he is *UNKING* for ways to strengthen his hand prior to the elections . STOP 
Mr. *CUNKS* said that Mr. Ortega is seeking to *UNK* the Contras prior to the elections to remove any pressure to hold fair elections . STOP 
`` My sense is what they have in mind is an excuse for *UNKING* down on *UNKING* '' by creating an atmosphere of a military emergency , he said . STOP 
Milton Petrie , chairman of Petrie Stores Corp. , said he has agreed to sell his *UNKN* % stake in *CUNK* *CUNKS* Corp. to Petrie Stores . STOP 
In a Securities and Exchange Commission filing , Mr. Petrie said that on Oct. 26 Petrie Stores agreed to purchase Mr. Petrie 's *UNKN* *CUNK* *CUNKS* shares . STOP 
The transaction will take place tomorrow . STOP 
The filing said Petrie Stores of *CUNKS* , N.J. , is purchasing Mr. Petrie 's *CUNK* *CUNKS* stake as an investment . STOP 
Although Petrie Stores has considered seeking to acquire the remaining equity of *CUNK* Stores , it has no current intention to pursue such a possibility , the filing said . STOP 
*CUNKED* *CUNK* *CUNKS* said it saw little *UNK* in Mr. Petrie selling his stock to Petrie Stores . STOP 
`` We did n't look at it and say , ` *CUNK* my God , something is going to happen , ' '' said Stanley *CUNK* , vice president and corporate counsel . STOP 
Mr. *CUNK* said that Mr. Petrie or his company have been *UNKING* *CUNK* *CUNKS* stock for several years , each time issuing a similar regulatory statement . STOP 
He said no discussions currently are taking place between the two companies . STOP 
*CUNK* Corp. said *UNKED* pretax profit increased 70 % to *UNKN* billion yen -LRB- $ *UNKN* million -RRB- in the first half ended Sept. 30 , from *UNKN* billion yen a year ago . STOP 
The Tokyo camera maker said net income more than doubled to *UNKN* billion yen , or *UNKN* a share , from *UNKN* billion yen , or *UNKN* yen a share . STOP 
*CUNK* said sales rose despite the adverse effect of Japan 's *UNUNK* consumption tax , introduced in April . STOP 
*CUNKING* personal spending and capital investment are *UNKING* growth , the company said . STOP 
*CUNKING* export sales also contributed to strong growth , *CUNK* added . STOP 
Total sales gained 20 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
*CUNKS* made up *UNKN* % of the latest year 's total , up from *UNKN* % a year ago . STOP 
*CUNK* sales showed the strongest gains , rising 37 % to *UNKN* billion yen . STOP 
*CUNK* forecast sales for the year ending March 31 will rise 9.6 % to 240 billion yen . STOP 
*CUNK* profit is expected to increase 18 % to 22 billion yen and net income is expected to rise 53 % to 10.5 billion yen . STOP 
*CUNK* Oil Co. said it signed a definitive agreement to acquire Gulf Canada Resources Ltd. 's U.S. unit for $ *UNKN* million . STOP 
*CUNK* , a Denver oil and gas concern , said it will acquire the properties and operations of Home Petroleum Corp. , which includes two regional *UNKING* systems and proved reserves of about nine million barrels of oil and 72 billion cubic feet of natural gas . STOP 
*CUNK* said the properties are generally *UNKED* in *CUNKING* , North *CUNK* , Texas , Oklahoma and Louisiana . STOP 
Gulf Canada , *CUNK* , said the transaction is part of its plan to sell *UNK-* assets and focus operations on Canada , *CUNK* and other international areas . STOP 
A spokesman for Gulf Canada , which is controlled by Toronto 's *CUNK* family , said the properties account for about 6 % of the company 's assets and produce about 5,000 barrels of oil and 35 million cubic feet of gas a day . STOP 
He said Gulf Canada will likely report an extraordinary gain from the sale in the fourth quarter , but he would n't offer a specific estimate . STOP 
The transaction is expected to close by Nov. 30 . STOP 
NEC Corp. , a *CUNKED* computer and electronics concern , said net income rose 18 % to *UNKN* billion yen -LRB- $ *UNKN* million -RRB- in the fiscal first half , ended Sept. 30 , from *UNKN* billion yen a year earlier . STOP 
Sales rose *UNKN* % to *UNKN* trillion yen from *UNKN* trillion yen . STOP 
NEC said first-half computer sales totaled *UNKN* billion yen , up 11 % from *UNKN* billion yen a year earlier . STOP 
Sales of electrical devices rose 13 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
It said sales of home electronic products advanced 3.7 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
In the period just ended , computers accounted for 44 % of total sales , NEC said , and electrical devices made up 23 % . STOP 
NEC forecast sales for the year ending next March 31 of *UNKN* trillion yen , an increase of 27 % from the previous fiscal year . STOP 
It said net income will rise 25 % to 69 billion yen . STOP 
*CUNK* *CUNK* *UNKLY* agreed to buy all of the publicly held shares of *CUNK* N.V. for $ 37 each . STOP 
*CUNK* now owns about 72 % of *CUNK* 's shares outstanding . STOP 
The companies said the accord was unanimously approved by a special committee of *CUNK* directors *UNKED* with *CUNK* . STOP 
Under the pact , *CUNKION* will make a $ *UNK-* tender offer for *CUNK* stock outstanding . STOP 
The tender offer will be followed by the sale of all of *CUNK* 's assets , subject to all of its liabilities , to *CUNK* . STOP 
*CUNK* will then be *UNKED* , with any remaining *CUNK* holders receiving a distribution of $ 37 a share . STOP 
The companies said the transaction is being structured this way because the laws of the Netherlands *CUNKS* , under which *CUNK* is organized , do n't provide for merger transactions . STOP 
A unit of DPC Acquisition Partners launched a $ *UNK-* tender offer for the shares outstanding of Dataproducts Corp. , and said it would seek to *UNK* the *UNKER* maker `` as soon as possible , '' even if a merger is n't *UNKED* . STOP 
DPC Acquisition is controlled by *CUNK* Investment Associates , Wilson Investment Group , *CUNK* Corp. and *CUNK* Partners . STOP 
The investor group owns *UNKN* Dataproducts common shares , or a 7.6 % stake . STOP 
The offer is based on several conditions , including obtaining financing . STOP 
DPC Acquisition said it had received the reasonable assurance of Chase Manhattan Bank *CUNK* that the financing can be obtained . STOP 
In a filing with the Securities and Exchange Commission , DPC Acquisition said it expects it will need about $ *UNKN* million to buy the shares and pay related fees and expenses . STOP 
DPC Acquisition added that it has not begun discussions with financing sources , and said it expected to repay the amounts borrowed through proceeds of the liquidation . STOP 
Dataproducts officials declined to comment , and said they had not yet seen a suit filed in federal court by DPC Acquisition that seeks to *UNK* a *UNK* agreement between DPC Acquisition and Dataproducts . STOP 
Earlier this year , DPC Acquisition made a $ *UNK-* offer for Dataproducts , which the Dataproducts board said it rejected because the $ *UNKN* million offer was not fully financed . STOP 
Dataproducts has since started a restructuring , and has said it is not for sale . STOP 
*CUNK* Corp. agreed to pay $ 4 million in cash , $ 2 million of 12 % convertible debentures , and 1.6 million common shares to acquire closely held *CUNK* *CUNKS* Inc . STOP 
In over-the-counter trading Friday , *CUNK* was quoted at 87.5 cents bid , down *UNKN* cents . STOP 
At the market price , the transaction has a total indicated value of $ *UNKN* million . STOP 
*CUNK* is a New York holding company for *CUNK* Inc. , which imports furniture and other items . STOP 
David L. *CUNK* , president and chief executive officer of *CUNK* , holds about 40 % of *CUNK* , *CUNK* said . STOP 
*CUNK* , New York , *UNKS* and *UNKS* *UNKAL* equipment and *UNKS* promotional ads for retailers . STOP 
In the quarter ended July 31 , *CUNK* had an average of 5.6 million shares outstanding . STOP 
The transaction is subject to approval by a panel of *UNKED* directors , the company said , adding that shareholder approval is n't needed . STOP 
*CUNK* Co. , a *CUNKED* *UNKING* concern , said net income in its first half rose 8.9 % to 8.2 billion yen -LRB- $ *UNKN* million -RRB- from *UNKN* billion yen a year earlier . STOP 
Sales in the six months ended Sept. 30 were up 4.5 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Sales were higher in all of the company 's business categories , with the biggest growth coming in sales of *UNKS* such as *UNK* , coffee and *UNK* food , which rose 6.3 % . STOP 
*CUNKS* and *UNKS* also did well , posting a 5.3 % sales increase . STOP 
Sales in the category that includes pharmaceuticals , *UNK* *UNKS* and chemicals rose 4.7 % . STOP 
*CUNK* predicted sales in the current fiscal year ending next March 31 of *UNKN* billion yen , compared with *UNKN* billion yen in fiscal 1989 . STOP 
It said it expects full-year net of 16 billion yen , compared with 15 billion yen in the latest year . STOP 
The New York Mercantile Exchange , the world 's chief oil futures marketplace , is at a critical *UNK* . STOP 
Several longtime observers of the commodities industry think the *UNKS* of the Merc over the next decade will be determined to a large extent by how well its new natural gas futures contract does and how successful its new president is in raising the level of compliance by floor traders with exchange and Commodity Futures Trading Commission rules . STOP 
If the exchange *UNKS* in these moves , they say , it might once again fall behind its chief New York competitor , the Commodity Exchange . STOP 
On Friday , the Merc 's board announced that it had approved *CUNK* *CUNK* Line Co. 's Henry *CUNK* in *CUNK* , *CUNK* , as the delivery site for its *UNKED* natural gas futures contract . STOP 
It also said that it would start trading the contract as soon as the CFTC approved it . STOP 
The CFTC has 90 days to respond to such applications . STOP 
The Merc first started working on developing this contract in 1984 . STOP 
Only three weeks earlier , the Merc had turned to one of its own executives , *UNK-* R. Patrick Thompson , to replace *CUNK* T. *CUNK* as president . STOP 
Mr. Thompson is believed to have a *UNK* from the board of directors to help improve the Merc 's *UNKED* reputation as an exchange whose floor traders do n't follow the rules very well . STOP 
Ms. *CUNK* had been forced out in July in a bitter power struggle with *CUNK* *CUNK* *CUNK* , chairman and a longtime floor trader on the exchange . STOP 
Mr. *CUNK* told one person familiar with the New York exchanges during the search for a replacement that he was looking for a president who would be `` *UNK* to the needs of the membership and the board . '' STOP 
Mr. Thompson first came to the exchange in 1981 and has been executive vice president since March 1988 . STOP 
He previously held posts of senior vice president of compliance and senior vice president and general counsel . STOP 
By contrast , the *CUNK* in July imported a highly regarded *UNKER* , Arnold F. *CUNK* , as its president . STOP 
Mr. *CUNK* , 44 , was a senior officer of the Philadelphia Stock Exchange and is considered a specialist in new financial products . STOP 
Mr. Thompson is n't *UNK* of experience with new products , however . STOP 
For the past two years , he said , he and the exchange 's research department have been working on the new natural gas contract , seeking a good delivery site and studying the natural gas market . STOP 
`` Our members are eager to begin trading this contract , so we expect no difficulty in attracting *UNKS* to the natural gas pit , '' he said . STOP 
The educational effort of *UNKING* companies in the natural gas industry how to use the futures to hedge would have to continue for another a year or two , he added . STOP 
The Merc 's extremely successful contracts in crude oil , gasoline and *UNKING* oil have made it the largest futures exchange in New York , and third behind the Chicago Board of Trade and Chicago Mercantile Exchange . STOP 
In a recent interview , Mr. Thompson said the biggest problem facing all commodity exchanges was one of image . STOP 
Earlier this year , the U.S. attorney indicted 45 floor traders and one *UNK* at the two big Chicago exchanges . STOP 
Federal authorities in New York started investigating exchanges in May , though no *UNKS* have been handed down there . STOP 
So far they have issued scores of *UNKS* , some of which went to members of the New York Merc . STOP 
Mr. Thompson will have to face some of the consequences of those *UNKS* . STOP 
In a recent General Accounting Office study , the Merc was found to have been the most *UNK* in *UNKING* exchange rules . STOP 
It *UNKED* the *UNKEST* number of *UNKS* of traders and fines of the four largest commodity exchanges studied over the past five years . STOP 
It also had both the *UNKEST* , and least experienced , investigators per million contracts traded . STOP 
The Merc received considerable criticism in 1987 when it was discovered that its compliance director , *CUNK* P. *CUNK* , who then was responsible for *UNKING* the exchange 's busy oil and metal *UNKS* , `` was engaged in other personal business activities on Exchange time , '' including *UNK-* trips , according to a New York Merc report prepared last year . STOP 
Mr. *CUNK* is no longer at the exchange . STOP 
`` We had a management breakdown in 1987 in terms of compliance , '' Mr. Thompson says . STOP 
`` We recognized the problem and took care of it . '' STOP 
He says that even if the natural gas contract boosts volume at the exchange strongly , the 1990 business plan calls for having adequate compliance people to ensure that exchange rules are being followed . STOP 
For years the five New York exchanges have been talking about *UNKING* in various aspects of their business in order to improve the efficiency of their operations . STOP 
*CUNKLY* , there has even been talk of mergers between one or more exchanges . STOP 
So far there is little to show for such efforts . STOP 
Mr. Thompson believes the case for working together is stronger now than ever . STOP 
`` The cost of competition has become extremely high , '' he says . STOP 
`` We must find ways to save money for the futures commission *UNKS* who do business on our exchanges . '' STOP 
He thinks that progress in cooperation can be made in areas where no *UNKED* interests have built up . STOP 
One of those areas is the development of a *UNK-* electronic device that would permit floor traders to enter trades as they make them . STOP 
The *CUNK* has recommended the creation of a system to record trade data so that an independent , *UNK* audit trail can be established to prevent customer fraud . STOP 
The Merc is now *UNKING* with the *CUNK* in developing such a device to provide such an audit trail . STOP 
The Chicago exchanges also are working on such a device . STOP 
Another major electronics problem faces Mr. Thompson -- the creation of a *UNK-* trading system that can be used outside normal trading hours . STOP 
In January , the New York Merc signed a letter of intent with the Chicago Merc as a preliminary step to joining their electronic system called *CUNK* . STOP 
But in May , the Chicago Merc said it was looking into creating a common system with the Chicago Board of Trade , and it suspended negotiations with the New York Merc . STOP 
Mr. Thompson says his exchange is n't waiting for the results of the Chicago exchanges ' cooperation . STOP 
It recently began a pilot program to test an electronic trading system called *CUNK* , the *UNKED* trading system created by the International Commodities Clearing House . STOP 
Looking ahead to commodity markets this week : STOP 
*CUNKER* STOP 
Michael *CUNK* , metals trader for PaineWebber Inc. in New York , said there is good technical support between $ 1.10 and $ *UNKN* a pound for December copper , which ended Friday at $ *UNKN* a pound , up 1.6 cents . STOP 
He views the $ 1.10 to $ *UNKN* range as a buying opportunity and considers the market *UNK* . STOP 
`` I think the market could pop up to the $ *UNKN* to $ 1.25 level without too much difficulty , '' he said . STOP 
But he said it wo n't climb further and he expects it to remain in a trading range between $ 1.10 and $ 1.25 . STOP 
He noted that the equity markets will set the tone for the industrial metals this week and traders should keep an eye on Wall Street . STOP 
William *CUNK* , research director for *CUNKS* Futures Inc. in New York , said for a rally to occur , there must be demand from the Far East . STOP 
He added that talk of strike settlements at producing mines has been fully discounted . STOP 
However , to resume the *UNK* trend , according to Mr. *CUNK* , copper would have to close over $ *UNKN* . STOP 
He said there are two reports this week that might affect prices : the purchasing managers report on Wednesday and the unemployment report on Friday . STOP 
*OUS* *CUNKS* STOP 
Friday 's strong price gains confirmed a turnaround in the precious metals markets , according to PaineWebber 's Mr. *CUNK* . STOP 
`` Most traders will be looking to buy -LCB- on -RCB- *UNKS* , '' he said . STOP 
He thought the moves in the metals last week were most influenced by the uncertainty in the equity and other financial markets . STOP 
According to Mr. *CUNK* , floor traders say there is good support for December gold in the $ *UNKN* to $ *UNKN* per ounce area , around $ *UNKN* an ounce for December silver and in the $ *UNKN* to $ *UNKN* an ounce range for January platinum . STOP 
William *CUNK* , research director for *CUNKS* Futures Inc. in New York , said the price action for all of last week is the best he has seen on a weekly basis in more than a year . STOP 
He said last week 's activity in gold could *UNK* a move to $ *UNKN* an ounce for the December contract . STOP 
He also said traders should keep an eye on the stock market , because `` if the stock market rallies , that could *UNK* trouble for the precious metals . '' STOP 
He said traders should be on the *UNK* for how metals producers *UNK* to this rally . STOP 
`` I expect to see some selling , but will they kill this one as they have every rally in the recent past '' by selling and *UNKING* in prices for their production ? STOP 
He noted that for the first time in months there was some light investor interest in the metals . STOP 
*CUNKS* And *CUNKS* STOP 
Prices this week will likely be dominated by reports on the progress of the corn and soybean harvest as well as by speculation about more purchases of U.S. crops by the Soviet Union . STOP 
In recent weeks , warm and dry weather has *UNKED* the Midwest harvest and that is *UNKING* farmers to rebuild the *UNKS* that were cut by the 1988 *UNK* . STOP 
If the weather allowed farmers to work in their fields over the weekend , many Midwest grain *UNKS* will probably sell futures contracts today at the Chicago Board of Trade in order to hedge their weekend purchases from farmers . STOP 
That selling of futures contracts by *UNKS* is what helps keep downward pressure on crop prices during the harvest . STOP 
Traders will also watch for whether the Soviet Union continues its traditional fall buying of U.S. grain . STOP 
So far this month , the Soviets have bought about 7.2 million metric tons of U.S. corn . STOP 
There may be some activity in soybean prices this week as investors try to get rid of the contract for November delivery . STOP 
Investors usually do n't want to take physical delivery of a contract , *UNKING* instead to profit from its price swings and then end any obligation to take delivery or make delivery as it *UNKS* expiration . STOP 
*CUNKS* of the Globe and *CUNK* , a Thomson Corp. newspaper in Toronto , voted to accept a tentative contract agreement Saturday , *UNKING* a strike at Canada 's leading daily . STOP 
Under the terms of the three-year contract , similar to one reached at *CUNK* Corp. 's Toronto Star newspaper earlier this month , the 500 Globe and *CUNK* workers will see a raise of 8 % in the contract 's first year and 7 % in each of the following two years . STOP 
*CUNK* *CUNK* , vice chairman of the Southern *CUNK* *CUNKER* *CUNK* , the union representing the workers , said Thomson made significant concessions in the final round of talks . STOP 
In addition to wage increases , the union negotiated improved *UNKION* plans , benefit packages and pension plans , Mr. *CUNK* said . STOP 
He said more than 70 % of the bargaining unit voted in favor of the agreement . STOP 
Wall Street is just about ready to line the *UNK* *UNK* with paper stocks . STOP 
For three years , a healthy economy and the *UNKING* effects of a weak dollar *UNKED* sales and earnings of the big paper companies to record levels . STOP 
As the good times rolled they more than doubled their prices for pulp , a raw material used in all sorts of paper , to $ *UNKN* a metric ton this past spring from $ *UNKN* a ton at the start of 1986 . STOP 
But now the companies are getting into trouble because they *UNUNK* a record expansion program while they were raising prices sharply . STOP 
Third-quarter profits fell at several companies . STOP 
`` Put your money in a good utility or bank stock , not a paper company , '' advises George *CUNKER* of Smith Barney . STOP 
Other analysts are nearly as pessimistic . STOP 
Gary *CUNK* of Oppenheimer & Co. expects a 30 % decline in earnings between now and 1991 for `` *UNKED* '' paper companies , which account for the majority of the industry . STOP 
Robert *CUNKER* of *CUNK* & *CUNKS* sees *UNK-* stock prices falling 10 % to 15 % in 1990 , perhaps 25 % if there 's a recession . STOP 
Paper companies concede that business has been off recently . STOP 
But they *UNK* much of the weakness to customer inventory reductions . STOP 
*CUNKLY* they maintain that , *UNKING* a recession and a further strengthening of the dollar against foreign currencies , the industry is n't headed for a prolonged slump . STOP 
`` It wo n't be an *UNKING* drop , '' a Weyerhaeuser spokesman says . STOP 
Last week Mr. *CUNKER* lowered his rating from hold to `` avoid '' on *CUNK* *CUNK* , *CUNKION* International , Great Northern Nekoosa , International Paper , Louisiana Pacific and Weyerhaeuser . STOP 
Oppenheimer 's Mr. *CUNK* , meanwhile , is *UNKING* clear of *CUNK* *CUNKER* , Stone *CUNKER* and Federal Paper Board . STOP 
Mr. *CUNKER* is cool to Georgia Pacific and *CUNK-* . STOP 
Lawrence Ross of PaineWebber would avoid Union *CUNK* . STOP 
The companies in question believe the analysts are too pessimistic . STOP 
Great Northern Nekoosa said , `` The odds of the *UNK* predictions about us being right are small . '' STOP 
International Paper *UNKS* that it is better positioned than most companies for the coming *UNK* because its individual mills can make more than one *UNK* of paper . STOP 
A *CUNK-* spokesman referred to a speech by Chairman John *CUNK* , in which he said that markets generally are stable , although some risk of further price deterioration *UNKS* . STOP 
Stone *CUNKER* Chairman Roger Stone said that , unlike for some other paper products , demand for Stone 's principal commodity , *UNKED* *UNK* , remains strong . STOP 
He expects the price for that product to rise even more next year . STOP 
*CUNK* *CUNKER* said analysts are skeptical of it because it 's carrying a lot of debt . STOP 
*CUNKION* International said , `` We 've gotten our costs down and we 're better positioned for any cyclical downturn than we 've ever been . '' STOP 
Louisiana Pacific and Georgia Pacific said a number of other analysts are *UNKING* them because of their strong *UNKS* business . STOP 
Federal Paper Board said , `` We 're not as exposed as the popular perception of us . '' STOP 
The company explained that its main product , *UNKED* *UNK* , which goes into some advertising materials and white *UNKS* , historically does n't have sharp price swings . STOP 
Because the stock prices of some paper companies already reflect an expected profit slump , PaineWebber 's Mr. Ross says he thinks that next year the share prices of some companies may fall at most only 5 % to 10 % . STOP 
A company such as Federal Paper Board may be *UNKLY* discounted and looks `` *UNKING* '' to him , he says , though he is n't yet *UNKING* the shares . STOP 
Wall Street is n't *UNKING* everything connected with paper . STOP 
Mr. *CUNK* recommends *CUNK-* , explaining that it is `` virtually the sole major paper company not *UNKING* a major capacity expansion , '' and thus should be able to lower long-term debt substantially next year . STOP 
A *CUNK-* spokesman said the company expects record earnings in 1989 , and `` we 're still pretty bullish '' on 1990 . STOP 
The analysts say their *UNK* forecasts have a *UNK* side . STOP 
Some take a warm view of *UNKED* paper companies , which buy pulp from the commodity producers and should benefit from the expected declines in pulp prices . STOP 
*CUNKS* on how much pulp prices will fall next year currently run between $ 150 and $ 250 a metric ton . STOP 
Analysts agree that the price drop should especially benefit the two big tissue makers , Scott Paper and *CUNK-* . STOP 
A spokesman for Scott says that assuming the price of pulp continues to *UNK* , `` We should do well . STOP 
*CUNK* 's Inc. said it will report a *UNK-* of $ 2.5 million , or seven cents a share , for its fourth quarter ended yesterday . STOP 
The restaurant operator cited transaction costs from its 1988 recapitalization as a result of a $ 160 million restructuring of its bank debt . STOP 
The *UNK-* will be reported as an extraordinary item in the company 's 1989 operating results . STOP 
In addition , the effective interest rate on the $ *UNKN* million of total remaining bank debt after the restructuring is *UNKN* % . STOP 
The combined effect of these changes is expected to save the company about $ 4 million in interest expenses next year , or six cents a share . STOP 
*CUNK* 's said the latest restructuring affected bank *UNKS* that was incurred to finance $ *UNKN* million of the company 's $ *UNKN* million recapitalization that took place in STOP 
The company has made payments of $ *UNKN* million against the original $ *UNKN* million of bank debt incurred in connection with the recapitalization . STOP 
These payments *UNKED* of $ 54 million in scheduled payments and $ *UNKN* million in *UNKS* , funded by $ *UNKN* million from operating cash flow , zero-coupon subordinated debt and assets sales . STOP 
*CUNK* *CUNK* Brown *CUNK* *CUNK* said it signed a contract for the *UNKER* power plant order in the Netherlands . STOP 
*CUNK* said the contract , signed with the Dutch utility *CUNK* . *CUNK* *CUNK* , is valued in excess of $ 200 million . STOP 
The accord is for a *UNK* plant at the *UNKED* power station *CUNK* in Amsterdam . STOP 
*CUNK* *CUNK* Brown *CUNK* is the Dutch unit of the *CUNKS* electrical engineering group *CUNK* *CUNK* Brown *CUNK* AG . STOP 
*CUNK* said a significant portion of the order will be placed with Dutch *UNKS* , adding that a group has been set up for this purpose . STOP 
The Dutch utility firm serves the Amsterdam and *CUNK* areas . STOP 
The planned *UNK* plant is expected to go into operation in 1994 . STOP 
Nissan Motor Co. expects net income to reach 120 billion yen -LRB- U.S. $ *UNKN* million -RRB- in its current fiscal year , up from *UNKN* billion yen in the previous year , *CUNK* *CUNK* , president , said . STOP 
Mr. *CUNK* made the earnings projection for fiscal 1990 , ending next March 31 , in an interview with U.S. automotive writers attending the Tokyo Motor Show . STOP 
The executive said that the anticipated earnings increase is fairly modest because Nissan is spending heavily to bolster its dealership network in Japan and because of *UNK-* fluctuations . STOP 
During the next decade , Mr. *CUNK* said , Nissan plans to boost overseas vehicle production *UNKLY* to account for a majority of sales outside Japan . STOP 
Last year , Mr. *CUNK* said , Nissan *UNKED* slightly over one million vehicles , and produced *UNKN* cars and trucks at its factories in North America , Europe and Australia . STOP 
But by 1992 , he added , Nissan will build one million vehicles a year outside Japan , or sufficient to equal exports . STOP 
`` By the end of the 1990s , '' he said , `` we want to be producing roughly two vehicles overseas for every vehicle that we export from Japan . '' STOP 
That will involve a substantial increase in overseas manufacturing capacity , he acknowledged , but did n't provide specific details . STOP 
National *CUNK* Inc. said it expects to report a charge of $ 5.3 million related to the sale of its aluminum unit 's *UNKION* division for the third quarter . STOP 
The company said it has agreed to sell the *UNKION* division for $ 15 million to *CUNK* *CUNKER* Co. , a closely held firm based in *CUNK* , *CUNK* . STOP 
The charge is offset by an after-tax gain of about $ 30 million in the quarter from the previously announced pact to sell National *CUNK* 's rolling division . STOP 
National *CUNK* in the year-ago third quarter earned $ *UNKN* million , or 97 cents a share , including a gain of $ 18 million from the sale of a steel *UNK* company . STOP 
Revenue was $ *UNKN* million . STOP 
The company also said it continues to explore all options concerning the possible sale of National *CUNK* 's *UNKN* % stake in an aluminum *UNKER* in *CUNK* , *CUNK* . STOP 
The sale of the *UNKION* division is subject to audit adjustments for working capital changes through the closing . STOP 
The agreement also provides for potential payments of additional proceeds to National *CUNK* over the next two years , depending on the plant 's shipping levels . STOP 
The *UNKION* unit produces *UNK* and painted *UNK* *UNKS* for building products and construction industries . STOP 
In fiscal 1989 , it had sales of about $ 40 million and an operating loss of $ 1.5 million . STOP 
The municipal bond market is *UNKING* for tough times through the end of the year as it *UNKS* to absorb an *UNKLY* of bonds and two of its best customers turn into sellers . STOP 
Commercial banks and *UNK* insurers , which together own about 36 % of all municipal bonds , have been *UNKING* their securities for weeks . STOP 
Last week , traders said , there were three institutional sellers for every buyer . STOP 
`` Every day we 're getting new bid lists '' from would-be sellers , one trader said . STOP 
`` Most dealers can not continue to absorb this supply . '' STOP 
As a result , yields on long-term *UNK* bonds now stand at about 95 % of long-term Treasury yields , the highest such level in more than two years . STOP 
`` There is *UNK* negative psychology building in the market , '' said *CUNK* *CUNK* , a vice president at Merrill Lynch & Co . STOP 
`` People are very concerned about who is going to step up to the plate and buy municipal bonds in the absence of institutional buyers . '' STOP 
The yield on a group of 25 revenue bonds compiled by the Bond *CUNKER* , a trade publication , now exceeds 7.50 % . STOP 
At this week 's New York City bond sale , traders expect yields on the 20-year New York bonds to nearly match the *UNKN* % yield on 30-year Treasury bonds . STOP 
For an investor in the 28 % federal tax *UNK* , *UNKN* % tax-free is the same as *UNKN* % on a taxable investment . STOP 
That 's a *UNK-* yield nearly three percentage points more than the current yield on 30-year Treasury bonds . STOP 
How quickly things change . STOP 
This past summer , investors ' appetite for municipal bonds seemed *UNK* . STOP 
*CUNKS* eager for tax-free income drove up bond prices , making state and local government debt one of the *UNKING* types of fixed-income investments during the period . STOP 
But while analysts say that municipal bonds still offer good value , you would n't know it by the way institutional investors are rushing to dump their holdings . STOP 
Bond market analysts say the institutional selling was triggered by several factors . STOP 
Big banks such as Chemical Bank and Chase Manhattan , which have been taking heavy charges to expand their Third World loan-loss reserves , are n't looking for tax-exempt income . STOP 
`` We do n't need the *UNKER* of tax-free bonds , '' said a spokeswoman at Chemical . STOP 
In recent weeks , traders said , Chemical has sold more than $ 1 billion of tax-free bonds . STOP 
The spokeswoman confirmed that the bank has significantly reduced its *UNK* holdings , but could n't immediately confirm the amount . STOP 
Insurance companies are rushing to sell before the end of the year , when some of their tax benefits associated with municipal bonds will be *UNKED* out . STOP 
There is speculation that *UNK* firms will sell even more *UNKS* as they *UNK* to raise cash to pay claims related to Hurricane Hugo and the Northern California earthquake . STOP 
*CUNKAL* factors are at work as well . STOP 
*CUNK* bond holders are worried about the impact of a slowing economy on tax revenue , at a time when many state and local governments already face budget deficits and huge spending needs . STOP 
The recent natural disasters , and the need of many other cities to rebuild *UNKING* infrastructure , suggests that supply of new issues will continue to rise sharply -- even as demand *UNKS* off . STOP 
`` There is just so much going on that it 's difficult to pick just one factor that 's driving the market , '' said Ronald *CUNK* *CUNKER* , vice president at First Chicago Capital Markets Inc. , a subsidiary of First Chicago Corp . STOP 
Some of the recent selling could actually be considered a positive sign . STOP 
Mutual funds , for example , are said to be selling existing municipal bonds to raise cash to buy new issues . STOP 
Because municipal bonds yields have risen at a time when interest rates generally have fallen , some portfolio managers are assuming that bonds bought now will *UNK* in value as the municipal bond market *UNKS* . STOP 
Ms. *CUNK* believes that the mutual funds are selling *UNK* bonds that have a negative *UNK* -- those that have *UNKED* in price slowly relative to the decline in interest rates . STOP 
Such bonds , she says , are those that are *UNKING* their call date . STOP 
But traders said the market 's tone could pick up this week if New York City 's $ *UNKN* million bond offering goes well . STOP 
The offering will include $ *UNKN* million of 20-year tax-exempt bonds and $ *UNKN* million of taxable bonds . STOP 
A few weeks ago , New York sold $ 750 million of *UNKS* . STOP 
New York City bonds have been *UNK* down for three straight weeks . STOP 
On Friday , some issues fell nearly one point , or close to $ 10 for each $ 1,000 face amount . STOP 
The sell-off in New York City bonds was triggered by concerns about the city 's financial health and political uncertainty in view of the impending mayoral election . STOP 
The city 's economy is growing weaker and expenditures are rising as tax revenue is falling . STOP 
`` The city has issued so much supply recently that some people are getting a little concerned . STOP 
They 'd like to see some other names in their portfolios , '' said Michael S. *CUNK* , first vice president at Shearson Lehman Hutton . STOP 
But he thinks investors may be *UNKING* to the market 's problems . STOP 
Overall , he says , municipal prices are `` very cheap '' and represent an `` excellent buying opportunity . '' STOP 
Friday 's Market Activity STOP 
Treasury bonds fell sharply on confusion about this week 's Treasury debt auction and rumors that a major Japanese investor was *UNKING* large amounts of long-term bonds . STOP 
The Treasury 's benchmark 30-year bond ended at a price of 102 *UNKN* , down nearly 5\/8 point from Thursday , or about $ 6.25 for each $ 1,000 face amount . STOP 
The issue 's yield rose to *UNKN* % from *UNKN* % . STOP 
Late Thursday , the Treasury said it needed to raise $ 17 billion quickly and would do so by issuing new securities this week . STOP 
Credit market analysts expected the Treasury to cancel today 's three-month and six-month sale and to sell $ 17 billion of cash management bills . STOP 
Instead , the Treasury announced it would sell $ 2 billion of *UNK-* cash management bills today and said that the weekly sale of $ 15.6 billion of three-month and six-month bills will take place today , as usual , but the sale will settle tomorrow instead of Thursday . STOP 
By moving the settlement date ahead , the Treasury can raise money under the $ *UNKN* trillion debt ceiling that is in effect through tomorrow , after which it *UNKS* to $ 2.8 trillion . STOP 
The market also was hurt by rumors that Nippon *CUNK* *CUNK* , a Japanese brokerage firm , was *UNKING* some of the 30-year bonds it recently purchased . STOP 
One dealer said the talk was that the firm sold about $ 500 million of bellwether 30-year bonds . STOP 
The firm is thought to have purchased up to $ 3 billion of 30-year bonds in a buying spree on Wednesday and the previous Thursday . STOP 
Dealers say the firm apparently has wanted to *UNK* its recent buying and subsequent selling of 30-year bonds by using *CUNK* *CUNK* Securities Corp. as a broker . STOP 
*CUNK* provides price quotes to Telerate Systems Inc. , a widely used electronic system . STOP 
Nippon *CUNK* 's moves *UNKED* traders and created confusion among potential investors , many of whom decided to stay out of the market . STOP 
As a result of its *UNK-* buying , some analysts now say that liquidity , or the ability to easily buy and sell , has been *UNKED* in the benchmark Treasury bond issue . STOP 
In other markets : STOP 
-- The junk bonds of RJR Nabisco Inc. rallied Friday on news that the company is selling its candy bar brands to Nestle Foods Corp. for $ *UNKN* million . STOP 
The sale price , which was above Wall Street expectations , sent many RJR securities up by one point . STOP 
`` It shows that there are buyers of high-quality assets at high prices in today 's market , '' said Robert Long , managing director and head of the high-yield research department at First Boston Corp . STOP 
Many of the RJR securities , which had been trading near their *UNK-* lows earlier in the session , *UNKED* back after the company 's announcement that it agreed to sell its *CUNK* Ruth , *CUNKER* and *CUNK* candy businesses to Nestle Foods , a unit of the *CUNKED* food concern . STOP 
The sale , expected to close before the end of the year , also includes a manufacturing plant in Franklin Park , *CUNK* . STOP 
RJR 's subordinated discount debentures of 2001 , which traded as low as 45 Friday , finished the day at 46 7\/8 . STOP 
Other RJR securities also closed higher . STOP 
RJR Holdings Capital Corp. 's *UNKN* % convertible *UNK-* securities maturing in 2009 closed 1\/2 higher at 86 1\/2 after trading as low as 85 1\/4 . STOP 
Most other junk bond issues finished a *UNK-* lower on rumors that Campeau Corp. was filing for protection from creditors under Chapter 11 of the Bankruptcy Code . STOP 
A spokesman for Campeau called the rumors `` ridiculous . '' STOP 
Most investment-grade bonds fell 3\/8 to 1\/2 point . STOP 
-- Mortgage securities fell *UNKN* to *UNKN* but held up better than *UNK* Treasurys . STOP 
Dealers said some defensive investors were buyers of mortgages , as were dealers seeking collateral for *CUNKS* priced earlier last week . STOP 
Among major issues , Government National Mortgage Association 9 % securities for November delivery ended at 98 *UNKN* , down *UNKN* point for a yield of about *UNKN* % to a 12-year average life assumption . STOP 
The premium the elderly pay for coverage of doctor 's bills under Part B of the *CUNK* health insurance plan will rise to $ 29 a month in 1990 from $ *UNKN* , the Department of Health and Human Services said . STOP 
In addition , a second Part B premium to cover the cost of the new program of insurance against catastrophic *UNKS* will rise to $ *UNKN* a month from $ 4 , if Congress does n't change the program . STOP 
The House has voted to repeal most of the *CUNK* *CUNK* Act of 1988 , however , which would end the monthly *UNK-* premium , as well as an *UNUNK* income *UNK* paid by about 40 % of the *UNKER* *CUNK* beneficiaries . STOP 
Under a *UNKING* Senate plan , the *UNK-* monthly premium would continue , rising to $ *UNKN* next year , but the *UNK* would be *UNKED* . STOP 
*CUNK* Part B pays 80 % of a *UNK* 's *UNK* doctor 's bills after an annual *UNK* of $ 75 . STOP 
The *CUNK* *CUNK* Act would add a *UNKS* provision next year to limit the maximum beneficiaries must pay for doctors . STOP 
Both the House and Senate bills to reduce the cost and coverage of the *UNK-* plan would eliminate the cap on doctor 's bills . STOP 
If the House *UNKS* in its efforts to kill the *UNK-* plan , the monthly Part B premium will be $ 29 next year . STOP 
If the Senate plan *UNKS* , the premium will be $ *UNKN* , with the additional $ *UNKN* going to pay for expanded hospital coverage under Part A of *CUNK* . STOP 
Most of Part A 's costs are paid by a payroll tax on workers and employers . STOP 
Lockheed Corp. said it will trim its *CUNKAL* Systems work force in California and Georgia by several hundred workers , reflecting the defense industry 's decline . STOP 
The Lockheed unit has *UNKN* workers ; it expects to make the cuts through a combination of *UNKS* , *UNKION* and *UNKS* . STOP 
The reductions should be complete by the end of the year , a spokesman said , adding that the exact number to be cut has n't been determined . STOP 
Lockheed reported a $ 32 million third-quarter net loss , largely because of cost *UNKS* on *UNK-* military contracts . STOP 
*CUNKING* that other defense contractors are *UNKING* of losses on such contracts , analysts say taxpayers have been getting *UNK* *UNKS* on weapons systems in recent years . STOP 
Defense contractors `` can not continue to get contracts on that basis , '' said Howard *CUNK* , an analyst with *CUNK* Lawrence , Morgan Grenfell Inc. in New York . STOP 
`` The *UNK* is too great . STOP 
Jim *CUNK* Industries Ltd. , one of a group of closely held companies owned by entrepreneur James *CUNK* , said it `` intends to seek control '' of *UNKED* *CUNK* Inc. , a Toronto packaging concern . STOP 
Jim *CUNK* Industries , a holding company with annual sales of about C$ 1.9 billion , largely from car *UNKS* and grocery stores , did n't elaborate on the statement , and a company official declined further comment . STOP 
The company said it currently holds about 4.2 million of *CUNK* 's 13.8 million common shares outstanding , which have an *UNK* market value of about *UNKN* million Canadian dollars -LRB- US$ *UNKN* million -RRB- . STOP 
Separately , *CUNK* reported a fourth-quarter loss of about C$ 2.6 million , or 18 Canadian cents a share , reflecting inventory write-downs . STOP 
The results made net income for the year ended Aug. 31 C$ 2.7 million , or 20 Canadian cents a share , down from C$ 9.7 million , or 70 Canadian cents a share last year . STOP 
Revenue was C$ *UNKN* million , up from C$ *UNKN* million in 1988 . STOP 
Martin *CUNK* , *CUNK* 's president and chief executive , said *CUNK* viewed Mr. *CUNK* 's decision to seek control as a `` very positive '' move . STOP 
`` I 'm happy that he feels *UNKLY* about our company , '' he said . STOP 
Mr. *CUNK* would n't say directly whether Mr. *CUNK* has disclosed potential terms for his planned bid for control . STOP 
Among other things , *CUNK* is involved in *UNKING* *UNK* *UNK* products that are often used by fast food chains , such as McDonald 's Corp. , for food packaging . STOP 
A joint venture involving units of *CUNK* and Mobil Corp. earlier this year opened the first U.S. *UNK* *UNKING* plant , in *CUNKER* , Mass . STOP 
*CUNK* *CUNK* is being *UNKED* by more securities firms , but big institutional investors are expected to continue the practice , further *UNKING* the stock market . STOP 
*CUNKING* to criticism , Bear Stearns , Morgan Stanley and Oppenheimer joined PaineWebber in *UNKING* stock-index arbitrage trading for their own accounts . STOP 
Still , stock-index funds are expected to continue launching big programs through the market . STOP 
Several Big Board firms are *UNKING* to complain about program trading and the exchange 's role in it . STOP 
The effort is being led by Contel . STOP 
Personal spending rose 0.2 % in September , the *UNKEST* gain in a year . STOP 
The slowdown raises questions about the economy 's strength because spending fueled much of the third-quarter GNP growth . STOP 
Meanwhile , personal income edged up 0.3 % . STOP 
*CUNK* owners are buying new machinery at a healthy rate this fall , *UNK-* makers say . STOP 
But weak car sales raise questions about future demand from the auto sector . STOP 
Southern 's Gulf Power unit may plead guilty this week to charges it illegally *UNKED* company money to politicians through third parties . STOP 
The tentative pact would resolve part of a broad investigation of the *CUNKED* company in the past year . STOP 
LIN Broadcasting and BellSouth sweetened their plan to merge cellular phone operations , offering LIN holders a special $ *UNK-* *UNK* . STOP 
But the new pact will force huge debt on the new firm and could still fail to *UNK* rival suitor McCaw Cellular . STOP 
Unisys posted a $ *UNKN* million loss for the third quarter as it moved quickly to take *UNKS* for various problems and prepare for a turnaround . STOP 
But some analysts wonder how strong the recovery will be . STOP 
RJR Nabisco agreed to sell three candy businesses to Nestle for $ *UNKN* million . STOP 
The accord helps RJR pay off debt and boosts Nestle 's 7 % share of the U.S. candy market to 12 % . STOP 
GM and Ford are expected to go head to head in the markets to buy up rival 15 % stakes in Jaguar . STOP 
GM confirmed it received U.S. antitrust clearance to boost its holding . STOP 
Sansui Electric agreed to sell a 51 % stake to Polly Peck of Britain for $ 110 million . STOP 
Still , analysts said the accord does n't suggest Japan is opening up to more foreign takeovers . STOP 
Kellogg suspended work on a $ 1 billion *UNKAL* plant , indicating a pessimistic outlook by the *UNKAL* maker , which has been losing market share . STOP 
*CUNKS* could see claims totaling nearly $ 1 billion from the San Francisco earthquake , far less than the $ 4 billion from Hurricane Hugo . STOP 
Nashua strengthened its *UNK-* plan after announcing a Dutch firm is seeking to buy up to 25 % of the New Hampshire *UNKER* company . STOP 
Mobil is cutting back its U.S. oil and gas exploration and production group by up to 15 % as part of a restructuring of the business . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , off *UNKN* ; transportation *UNKN* , off *UNKN* ; utilities *UNKN* , up *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , off STOP 
Commodities : Dow Jones futures index *UNKN* , up *UNKN* ; spot index *UNKN* , off *UNKN* . STOP 
Dollar : *UNKN* yen , off *UNKN* ; *UNKN* marks , off *UNKN* . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
Thomas *CUNK* sold Congress on the idea of the *UNKAL* system for currency , thus saving Americans the *UNKS* of pounds , *UNKS* and pence . STOP 
But he struck out with the *UNKAL* system of metric *UNKS* and measures the French had *UNKED* . STOP 
Instead , Congress *UNKED* for the inches , feet and *UNKS* the *UNKS* had brought with them . STOP 
Americans did n't *UNK* *UNKS* ; they simply ignored them . STOP 
Scientists felt *UNKLY* . STOP 
In *UNKN* , the Swiss *UNK* who headed the U.S. Coast and *CUNK* *CUNK* made an `` iron *UNKER* '' that he had brought from Europe the standard of measure . STOP 
By the end of the century scientists had embraced the system . STOP 
*CUNK* took their *UNK* from the engineers . STOP 
When Congress finally passed the *CUNK* *CUNKION* Act in 1975 , industry was far ahead . STOP 
Because the law made compliance *UNK* , it inspired little more than *UNKS* . STOP 
-LRB- The press had a field day with questions about what would happen to `` *UNKER* , '' `` *UNK* '' and `` *UNK* . '' -RRB- STOP 
Today , though the public is barely aware , much of U.S. industry , particularly companies manufacturing or selling overseas , have made *UNKS* routine . STOP 
General Motors , for example , uses metric terms for its automobile *UNKS* and power *UNKS* . STOP 
-LRB- In auto advertising , however , items such as *UNKS* are still described in inches . -RRB- STOP 
*CUNK-* makers such as *CUNK* and *CUNK* work in the metric system . STOP 
The liquor industry went metric 10 years ago . STOP 
The Pentagon has led the charge , particularly as military alliances spread world-wide . STOP 
New weapons systems will be around until the next century , notes John *CUNKER* , the Defense Department 's metric *UNK* . STOP 
Still , like the auto makers , when dealing with Mr. *CUNK* the Pentagon *UNKS* to the tried and true . STOP 
*CUNKS* and *UNKS* are still measured in inches and pounds . STOP 
Whittle Communications *CUNK* , which for months has fought a public relations battle with education leaders , said it has signed 500 schools in 24 states to *UNK* to the controversial Channel One news program and its sister programs . STOP 
Channel One , a *UNKED* daily program supported by advertising , is scheduled to be launched next March . STOP 
Whittle said its field staff signed up the 500 schools in *UNKN* school districts after only eight weeks and company executives now expect to reach their start-up goal of 1,000 schools before the end of this year . STOP 
Christopher Whittle , chairman of the *CUNK* , Tenn. , media company that is 50 % owned by Time Warner Inc. , said that by December 1990 he expects to have Channel One installed in about 8,000 schools with a potential audience of six million . STOP 
*CUNKION* of the TV system , which includes providing free *UNK-* TV sets in *UNKS* , begins in January . STOP 
`` What we 've done in eight weeks shows we wo n't have enormous difficulties getting to the place we want to be , '' said Mr. Whittle . STOP 
He said his sales force is signing up schools at the rate of 25 a day . STOP 
In California and New York , state officials have opposed Channel One . STOP 
Mr. Whittle said private and *UNKAL* schools in both states will be *UNKED* to see if they are interested in getting the programs . STOP 
*CUNKING* schools get the *UNK-* daily Channel One news program , whose four *UNK-* TV ads during each show have drawn protests from *UNKS* . STOP 
*CUNKS* also get the *CUNK* Channel , which will feature *UNK-* educational programming similar to some *UNK-* shows , and the *CUNK* 's Channel , which will offer *UNKAL* programming for teachers and school *UNKS* and will be supported by advertising . STOP 
Whittle has met some resistance . STOP 
The *CUNKAL* Network , as Mr. Whittle has named the three programs , has been offered to *UNKN* school districts and Whittle continues to negotiate with *UNKN* districts . STOP 
About 10 % of the school districts approached have rejected the network . STOP 
Mr. Whittle said that so far , three of the six schools that carried the program in a *UNK-* test last spring have *UNKED* to the program . STOP 
One of the test schools , *CUNK* High School in Cincinnati , rejected the project . STOP 
John *CUNKER* , associate director of communications for Cincinnati Public *CUNKS* , said Channel One was rejected because students watching the program did n't fare particularly better on a *UNKION* current events *UNK* than a control school without the program and school *UNKS* were almost unchanged during the period when the program was being *UNKED* . STOP 
`` The number of correct responses was 45 % on the test and school *UNKS* did n't change much , '' said Mr. *CUNKER* . STOP 
`` The pilot program was received well -LRB- by teachers and students -RRB- , but there was n't reason enough to sign up . STOP 
We even invited the public to stop by and see the program , but there was n't much interest . '' STOP 
*CUNKS* are showing interest . STOP 
Last month , Whittle announced it had sold $ 150 million in advertising time on the network to national advertisers . STOP 
Mr. Whittle Friday said several more advertisers have been added . STOP 
Whittle is spending $ 150 million initially to launch the network . STOP 
*CUNKION* of satellite *UNKS* , *CUNK* and *UNK* equipment will cost the company about $ 20,000 per school , Mr. Whittle said . STOP 
The following U.S. Treasury , corporate and municipal offerings are tentatively scheduled for sale this week , according to Dow Jones Capital Markets Report : STOP 
$ 15.6 billion of three-month and six-month bills . STOP 
$ 2 billion of *UNK-* cash management bills . STOP 
*CUNKED* Natural Gas Corp. -- 1.4 million common shares , via *CUNK* *CUNK* & Co . STOP 
B & *CUNK* *CUNK* *CUNKS* Ltd. -- Four million common shares , via Salomon Brothers Inc . STOP 
Chemical Banking Corp. -- 14 million common shares , via Goldman , Sachs & Co . STOP 
*CUNK* Pharmaceuticals Inc. -- 1.2 million units consisting of two shares of common stock and one common warrant , via PaineWebber Inc . STOP 
*CUNK* Corp. -- $ 150 million convertible debentures , via Merrill Lynch Capital Markets . STOP 
Energy Service Co. -- 9.5 million common shares , via Alex . STOP 
Brown & Sons Inc . STOP 
*CUNK* Bancorp Inc. -- *UNKN* common shares , via Shearson Lehman Hutton Inc . STOP 
*CUNK* Inc. -- Two million common shares , via Kidder , Peabody & Co . STOP 
*CUNK* *CUNK* Corp. -- Three million common shares , via Merrill Lynch . STOP 
*CUNK* Pharmaceuticals Inc. -- 1.3 million common shares , via Smith Barney Harris Upham & Co . STOP 
*CUNK* Corp. of *CUNK* Inc. -- 13 million common shares , via Merrill Lynch . STOP 
Municipal STOP 
New Jersey *CUNKER* *CUNK* Trust -- $ *UNKN* of various bonds , including $ *UNKN* million *CUNKER* *CUNK* insured bonds , Series *UNK* , and $ *UNKN* *CUNKER* *CUNK* bonds , Series *UNK* , via competitive bid . STOP 
Eastern Municipal Water District , Calif. -- $ *UNKN* of 1989 certificates of participation -LRB- treatment plant projects -RRB- , via competitive bid . STOP 
California Health Facilities Financing Authority -- $ *UNKN* million of health facility revenue bonds -LRB- *CUNK* Healthcare West -RRB- , Series *UNK* , via a First Boston Corp. group . STOP 
Detroit -- $ 130 million of *UNK* state aid bonds , via a Chemical Securities Inc. group . STOP 
Maryland Community Development Administration , Department of Housing and Community Development -- $ 80 million of *UNKLY* program bonds , 1989 *UNK* and *UNK* Series , via a Merrill Lynch group . STOP 
*CUNK* County Navigation District No. 1 , Texas -- $ *UNKN* of pollution control revenue *CUNK* *CUNK* Tax -LRB- *CUNK* -RRB- bonds -LRB- South Texas *CUNK* *CUNKS* No. 1 and 2 -RRB- , via a Goldman Sachs group . STOP 
New York City -- $ *UNKN* of bonds , *CUNKAL* 1990 Series C and D , including $ *UNKN* million tax-exempt bonds and $ *UNKN* million taxable bonds , via a Goldman Sachs group . STOP 
Santa *CUNK* *CUNK* Agency -- $ 107 million of tax allocation bonds , 1989 Series *CUNK* , via a Donaldson Lufkin & Jenrette Securities Corp. group . STOP 
*CUNKING* *CUNK* County , Tenn. -- $ 80 million of refunding bonds , Series 1989 , via a First Tennessee Bank group . STOP 
Hewlett-Packard Co. said it raised its stake in *CUNK* Communications Corp. to 8.5 % of the common shares outstanding . STOP 
In a Securities and Exchange Commission filing , Hewlett-Packard said it now holds *UNKN* *CUNK* common shares , including 100,000 shares bought from Aug. 26 to Oct. 20 for $ *UNKN* to $ *UNKN* a share . STOP 
Hewlett-Packard , a Palo Alto , Calif. , computer company , said it acquired the stock `` to develop and maintain a strategic partnership in which each company remains independent while working together to market and sell their products . '' STOP 
*CUNK* said the purchase was expected . STOP 
Hewlett-Packard *UNKED* it does n't plan to obtain control of *CUNK* , a *CUNKS* , Calif. , maker of *UNKING* systems . STOP 
According to the filing , Hewlett-Packard acquired *UNKN* common shares from *CUNK* as a result of an Aug. 10 , 1988 , stock purchase agreement . STOP 
That accord also called for Hewlett-Packard to buy *UNKN* *CUNK* shares in the open market within 18 months . STOP 
In addition , Hewlett-Packard acquired a two-year option to buy an extra 10 % , of which half may be sold directly to Hewlett-Packard by *CUNK* . STOP 
Following is a weekly listing of *UNKED* net asset values of publicly traded investment fund shares , reported by the companies as of Friday 's close . STOP 
Also shown is the closing listed market price or a *UNKER* asked price of each fund 's shares , with the percentage of difference . STOP 
*CUNKED* *CUNK* Bond Funds STOP 
*CUNK* Portfolio Funds STOP 
Specialized Equity and *CUNK* Funds STOP 
a - *CUNK-* . STOP 
*UNK* - As of Thursday 's close . STOP 
*UNK* - *CUNKED* at Commercial *CUNK* exchange rate . STOP 
*UNK* - In Canadian dollars . STOP 
*UNK* - As of Wednesday 's close . STOP 
*UNK* - Not available . STOP 
*CUNK* ! *CUNK* ! STOP 
*CUNK* in two weeks the *UNKING* of the *UNK-* , *UNK-* UAL buy-out *UNKED* the stock market . STOP 
Now , stock prices seem to be in a general retreat . STOP 
Since *UNKING* at *UNKN* on Oct. 9 , the Dow Jones Industrial Average has lost *UNKN* points , or 7 % , closing Friday at *UNKN* , down *UNKN* . STOP 
The number of issues falling on the New York Stock Exchange each day is *UNKING* the number of gainers . STOP 
And the number of stocks *UNKING* new lows far *UNKS* the number setting new highs . STOP 
But why should an *UNK* $ 6.79 billion leveraged buy-out deal shake the *UNKS* of the entire stock market ? STOP 
*CUNKS* vary about how important the UAL deal was to the market 's health , but analysts generally agree that the market gyrations created as the UAL plan *UNKED* *UNKED* a fundamental change in investor psychology . STOP 
`` If this had happened a few months ago when the atmosphere was still very positive it would n't have been *UNKED* with anything like the impact it has had over the past two weeks , '' says Dennis *CUNK* , a market strategist at Kidder Peabody . STOP 
There are , of course , analysts who view the *UNK-* that briefly *UNK* through investors on Oct. 13 and again on Oct. 24 as *UNK* *UNKS* of good judgment that have only temporarily *UNKED* a healthy stock market . STOP 
*CUNK* , price action is volatile and that 's *UNK* , but *UNK-* stocks are still a good place to be , they suggest . STOP 
The reaction to the UAL debacle `` is *UNKS* , '' says John *CUNKLY* , chief market strategist at Dean Witter . STOP 
`` UAL is a small deal as far as the overall market is concerned . STOP 
The only way you can make it a big deal is to draw *UNKS* that just do n't make sense . '' STOP 
He suggests , for example , that investors may have assumed that just because UAL could n't get financing , no leveraged buy-outs can get financing . STOP 
*CUNKED* even further , some investors assumed that since leveraged buy-outs are the only thing *UNKING* up stock prices , the market would collapse if no more LBOs could be done . STOP 
`` There will still be deals , '' argues Mr. *CUNKLY* . STOP 
`` There may not be as many and the buyers may not get away with some of the things they 've done in the past , but deals wo n't *UNK* . '' STOP 
He forecasts that the emphasis in mergers and acquisitions may soon return to what he calls `` strategic deals , in which somebody is taking over a company not to milk the cash flow , but because it 's a good fit . '' STOP 
And even without deals , Mr. *CUNKLY* figures the market would remain healthy . STOP 
He notes , for instance , that there has n't been a merger or acquisition among the 30 stocks in the Dow Jones Industrial Average since 1986 , yet that average only three weeks ago hit a record high . STOP 
`` Those stocks are up because their earnings are up and their dividends are up , '' he says . STOP 
Even the volatility created by stock index arbitrage and other computer-driven trading strategies is n't entirely bad , in Mr. *CUNKLY* 's view . STOP 
For the long-term investor who picks stocks carefully , the price volatility can provide welcome buying opportunities as short-term players *UNK* *UNKLY* to sell stocks in a matter of minutes . STOP 
`` Who can make the better decision , the guy who has 10 seconds to decide what to do or the guy with all the time in the world ? '' he says . STOP 
`` What on earth does the UAL deal have to do with the price of *CUNK* , which I was able to buy on Oct. 16 at a very attractive price ? '' STOP 
Kidder Peabody 's Mr. *CUNK* also sees some benefits to the stock market 's recent drop . STOP 
`` We 've run into a market that was beginning to run out of steam and get *UNK* , '' he says . STOP 
`` The balloon had been *UNK* up so big that when somebody came along with a *UNK* -- in this case the UAL deal -- we got a little pop . '' STOP 
The pop *UNKED* up investors who had been getting a little too *UNK* , says Mr. *CUNK* . STOP 
`` It provided an excuse for people to get back to reality and to look at the economic data , especially the third-quarter economic numbers , and to realize that we ca n't continue to *UNKS* over what is going on in the junk bond market . '' STOP 
But he figures that at current levels the stock market is *UNKLY* valued , even with the economy obviously slowing . STOP 
`` Just because we 've got some *UNK* back in the market does n't mean it 's going lower from here , '' he says . STOP 
`` The bottom line is that it 's healthy to have this kind of *UNKS* activity , especially after a 30 % gain in stock values over the past 12 months . '' STOP 
He 's now *UNKING* that after a period of consolidation , the Dow Jones Industrial Average will once again *UNK* new highs . STOP 
Maybe , maybe not . STOP 
*CUNK* Joseph Cohen , a market strategist at Drexel Burnham Lambert , is n't nearly so *UNK* about the market 's chances of *UNKING* to new highs *UNK* soon . STOP 
Her view is that stock prices have three major *UNKS* : merger and buy-out proposals , earnings and the economic outlook . STOP 
At current levels of economic activity and earnings , stocks are fairly valued , she says . STOP 
But any chance for prices to surge above fair value lies in the speculation that *UNKS* a vigorous merger and buy-out business , and UAL has obviously put a *UNKER* on that . STOP 
`` Stocks are n't cheap anymore , there have been some judicial and legislative changes in the merger area and all of this changes the *UNK* of deals , '' she says . STOP 
`` I 'm not saying they 've stopped altogether , but future deals are going to be structured *UNKLY* and bids probably wo n't be as high . '' STOP 
But that 's not the only problem for stocks . STOP 
The other two *UNKS* -- earnings and the economic outlook -- are *UNKING* , too . STOP 
`` *CUNK* is getting all the *UNKS* right now , but these other things have been building up more gradually , '' she says . STOP 
Third-quarter earnings have been generally disappointing and with economic data showing a clear slowing , the outlook for earnings in the fourth quarter and all of 1990 is getting worse . STOP 
`` There are a lot more downward than upward revisions and it looks like people are *UNKING* corporate profits as a means of support for stock prices , '' she says . STOP 
With all this , can stock prices hold their own ? STOP 
`` The question is *UNUNK* at this point , '' she says . STOP 
`` It depends on what happens . STOP 
If the economy *UNKS* into a recession , then this is n't a level that 's going to hold . '' STOP 
Friday 's Market Activity STOP 
Stock prices tumbled for a third consecutive day as earnings *UNKS* , a sluggish economy and a *UNK* junk bond market continued to *UNK* on investors . STOP 
The Dow Jones Industrial Average fell *UNKN* points to *UNKN* in active trading . STOP 
Volume on the New York Stock Exchange totaled *UNKN* shares . STOP 
*CUNKING* issues on the Big Board were far ahead of gainers , *UNKN* to *UNKN* . STOP 
For the week the Dow Jones Industrial Average sank *UNKN* points , or 3.4 % . STOP 
Oil stocks escaped the *UNK* of Friday 's selling and several were able to post gains , including Chevron , which rose 5\/8 to 66 3\/8 in Big Board composite trading of 2.4 million shares . STOP 
The stock 's advance reflected ongoing speculation that Pennzoil is *UNKING* a stake in the company , according to Dow Jones Professional Investor Report . STOP 
Both companies declined to comment on the rumors , but several industry analysts told the Professional Investor Report they believed it was *UNK* that Pennzoil may be buying Chevron shares as a *UNK* to pushing for a restructuring of the company . STOP 
USX gained 1\/2 to 33 3\/8 on a report in Business *CUNK* magazine that investor Carl Icahn is said to have raised his stake in the oil and steel company to just about 15 % . STOP 
Earlier this month , Mr. Icahn boosted his USX stake to 13.4 % . STOP 
Elsewhere in the oil sector , Exxon rallied 7\/8 to 45 3\/4 ; Amoco rose 1\/8 to 47 ; Texaco was unchanged at 51 3\/4 , and Atlantic *CUNK* fell 1 5\/8 to 99 1\/2 . STOP 
Mobil , which said it plans to cut its exploration and production work force by about 8 % in a restructuring , dropped 5\/8 to 56 1\/8 . STOP 
The precious metals sector *UNKED* other Dow Jones industry groups by a wide margin for the second consecutive session . STOP 
*CUNK* *CUNKING* rose 5\/8 to 14 ; Battle Mountain Gold climbed 3\/4 to 16 3\/4 ; *CUNK* *CUNKING* rose 1 1\/8 to 16 7\/8 ; *CUNK* *CUNKS* added 5\/8 to 11 ; *CUNKER* *CUNK* went up 7\/8 to 16 3\/4 , and *CUNK* Ltd. jumped 3 5\/8 to 49 5\/8 . STOP 
Gold mining stocks traded on the American Stock Exchange also showed strength . STOP 
*CUNK* Bay *CUNKS* rose 5\/8 to 15 7\/8 ; *CUNKS* Gold advanced 1 1\/2 to 12 , and *CUNK* Class A gained 1\/2 to 7 1\/2 . STOP 
Unisys dropped 3\/4 to 16 1\/4 after posting a third-quarter loss of $ 4.25 a share , including restructuring charges , but other important technology issues were mixed . STOP 
Compaq Computer , which had lost 8 5\/8 Thursday following a disappointing quarterly report , gained 5\/8 to 100 5\/8 . STOP 
International Business Machines dropped 7\/8 to 99 7\/8 . STOP 
Digital Equipment *UNKED* on 1 1\/8 to 89 1\/8 , and Hewlett-Packard fell 3\/8 to 49 3\/8 . STOP 
*CUNKED* trading *UNKED* volume in Merrill Lynch , which closed unchanged at 28 3\/8 as 2.7 million shares changed hands . STOP 
The stock has a 3.5 % dividend yield and goes *UNK-* today . STOP 
*CUNK* advanced 1 1\/8 to 36 1\/2 on 1.9 million shares . STOP 
*CUNK* , which owns about 72 % of the company 's common stock , agreed to buy the rest for $ 37 a share . STOP 
*CUNK* , another *UNKED* unit of *CUNK* , added 1 1\/4 to 47 1\/8 . STOP 
Milton Roy jumped 2 to 18 3\/8 . STOP 
Crane said it holds an 8.9 % stake in the company and may seek control . STOP 
Crane dropped 1 1\/8 to 21 1\/8 . STOP 
Comprehensive Care , which terminated its agreement to merge with First Hospital , dropped 7\/8 to 3 7\/8 . STOP 
The company 's decision was made after First Hospital failed to obtain financing for its offer . STOP 
Federal investigators have identified the problem in last July 's crash of a United Airlines flight in Iowa : a structural *UNK* that developed during the making of a *UNK* engine disk . STOP 
For several months , officials at the Federal Aviation Administration and the National Transportation Safety Board have *UNKED* that a *UNKAL* *UNK* in the disk led to a crack that ultimately caused the *UNK* engine to break apart in flight . STOP 
The *UNKION* sent *UNKS* of metal flying , *UNKING* the *CUNK-* 's *UNK* or control systems , and led to the crash that killed *UNKN* people . STOP 
But investigators could confirm their theory only after the recent *UNKAL* of a big chunk of *CUNK* *UNKN* 's *UNK* engine from a *UNK* near the *CUNK* City Airport in Iowa . STOP 
The safety board will begin four days of hearings on the accident tomorrow in *CUNK* City . STOP 
Among the issues the board will examine is whether United Airlines , a unit of UAL Corp. , should have been able to *UNK* the *UNKS* through maintenance checks . STOP 
The engine involved was a *CUNK-* made by General Electric Co . STOP 
Anthony *CUNK* , the *CUNK* 's acting executive director for regulatory standards and compliance , said that recent tests of the failed engine disk indicate that a *UNK* -- known as `` hard *UNK* '' -- occurred in the *UNK* during its production almost 20 years ago . STOP 
He said there was n't any way to *UNK* the *UNK* at that time , and that the process has since been changed to decrease the chance that such *UNKS* would occur . STOP 
The *CUNK* already has ordered that all *UNKN* disks made by the old process be removed from the planes and *UNKED* to an *UNK* test in a *UNKION* chamber . STOP 
Such tests make the *CUNK* confident that a *CUNK* *CUNK-* accident `` wo n't happen again , '' said Mr. *CUNK* . STOP 
A spokesman for GE said that the company has been working with the *CUNK* all along on this issue and `` will comply fully with the required *UNKS* . '' STOP 
But he also pointed out that the recalls will have no impact on GE 's engine production . STOP 
The *CUNK-* series engines are n't being manufactured any more ; they are only being used in the *CUNK-* Series 10 planes currently in service , he said . STOP 
A *UNK* *UNK* in *CUNK* may offer an important *UNK* about whether the Earth is warming *UNKLY* . STOP 
Researchers at Ohio State University and *CUNK* Institute of *CUNK* and *CUNK* in China have *UNKED* *UNKS* of *UNKAL* ice in *CUNK* and say temperatures there have been significantly higher on average over the past *UNK-* than in any similar period in the past 10,000 years . STOP 
The ice *UNKS* are an important piece of evidence supporting *UNKS* that the Earth has *UNKED* considerably in recent times , largely because of *UNKS* in the air , and will warm far more in the century ahead . STOP 
A substantial warming would *UNK* some of the Earth 's *UNK* ice *UNKS* , raising the level of the *UNKS* and causing widespread *UNKING* of heavily *UNKED* *UNKAL* areas . STOP 
`` If you can use data to *UNK* what happened in the past , you have much more confidence in predictions for the future , '' said *CUNK* Thompson , a research scientist at Ohio State who *UNK* for and *UNKED* the ice *UNKS* . STOP 
To compare temperatures over the past 10,000 years , researchers *UNKED* the changes in *UNKS* of two forms of *UNK* . STOP 
These *UNKS* can indicate *UNK* changes , researchers said , because the rates of *UNKION* of these *UNK* *UNKS* *UNKER* as temperatures change . STOP 
*CUNKS* of ice from the *CUNK* ice cap , a *UNKAL* *UNK* in *CUNK* *UNKN* feet above sea level , show that average temperatures were higher in *UNKN* than in any other *UNK-* period since before the last *CUNK* *CUNK* , Mr. Thompson said . STOP 
Some climate models project that *UNK* regions of Asia would be among the first to heat up in a global warming because they are far from *UNKS* , which moderate *UNK* changes . STOP 
But the *UNK-* *UNKS* are n't definitive proof that the so-called greenhouse effect will lead to further substantial global *UNKING* , Mr. Thompson acknowledged . STOP 
According to greenhouse *UNKS* , increased carbon *UNK* emissions , largely caused by *UNKING* of *UNK* fuels , will cause the Earth to warm up because carbon *UNK* *UNKS* heat from *UNKING* into space . STOP 
*CUNKS* say that if that 's the case , temperatures should have risen fairly *UNKLY* over the past century , reflecting the increase in carbon *UNK* . STOP 
Instead , the *CUNK* *UNK-* record shows increasing temperatures from *UNKN* through the early 1950s , *UNKING* temperatures from the late 1950s through the *UNKS* , then higher temperatures again through last year . STOP 
Other *UNK* data show similar *UNKED* swings . STOP 
`` *CUNK* *UNKS* *UNKLY* due to natural causes , '' said Mr. Thompson . STOP 
But he said ice *UNKS* from Peru , *CUNK* and *CUNK* all show substantial signs of warming . STOP 
*CUNK* Corp. said its vice president for manufacturing resigned and its Houston work force has been trimmed by 40 people , or about 15 % . STOP 
The maker of *UNK-* computers and computer systems said the personnel changes were needed to improve the efficiency of its manufacturing operation . STOP 
The company said it has n't named a successor to Ronald *CUNK* , the vice president who resigned . STOP 
Its Houston work force now *UNKS* 230 . STOP 
*CUNK* Corp. said the final step in the acquisition of the company has been completed with the merger of *CUNK* with a subsidiary of Chicago & North Western Holdings Corp . STOP 
As reported , *CUNK* agreed to be acquired by a group of investors led by *CUNK* Capital Partners Limited Partnership for $ 50 a share , or about $ *UNKN* million . STOP 
Congress sent to President Bush an $ 8.5 billion military construction bill that cuts spending for new installations by 16 % while *UNKING* the Pentagon budget to move more than $ 450 million from foreign bases to *UNK-* projects . STOP 
The fiscal 1990 measure *UNKS* on a pattern set earlier this year by House and Senate defense *UNKING* committees , and -- at a time of *UNK* for the military and concern about the U.S. 's standing in the world economy -- overseas spending is most vulnerable . STOP 
Total Pentagon requests for installations in West Germany , Japan , South Korea , the United Kingdom and the Philippines , for example , are cut by almost two-thirds , while lawmakers added to the military budget for construction in all but a dozen states at home . STOP 
The result is that instead of the Pentagon 's proposed split of *UNKN* between domestic and foreign bases , the reduced funding is distributed by a ratio of approximately *UNKN* . STOP 
The extra margin for bases in the U.S. *UNKS* the power of the appropriations committees ; meanwhile , lawmakers used their positions to *UNKER* as much as six times what the Pentagon had requested for their individual states . STOP 
House Appropriations Committee Chairman *CUNK* Whitten -LRB- D. , Miss . -RRB- helped secure $ *UNKN* million for his state , or more than double the Pentagon 's budget . STOP 
West Virginia , home of Senate Appropriations Committee Chairman Robert *CUNK* , would receive $ *UNKN* million -- four times the military 's request . STOP 
Tennessee and North Carolina , home states of the two Democratic *UNK* of the House and Senate military construction *UNKS* , receive $ *UNKN* million , or 25 % above the Pentagon 's request . STOP 
Though spending for Iowa and Oregon was far less , their increases above Pentagon requests -- *UNKN* % and *UNKN* % , respectively -- were much greater because of the influence of Republicans at critical *UNKS* . STOP 
The *UNK* passage of the bill , which cleared the Senate and House on simple voice votes last week , *UNKS* with the problems still facing a more *UNK* $ *UNKN* billion measure funding housing , environmental , space and *UNKS* programs . STOP 
By an *UNKN* margin , the Senate approved the bulk of the spending Friday , but the bill was then sent back to the House to resolve the question of how to address budget limits on credit *UNKS* for the Federal Housing Administration . STOP 
The House Democratic leadership could seek to *UNK* these restrictions , but the underlying bill is already under attack for *UNKS* elsewhere . STOP 
Appropriations committees have used an *UNK* of devices to *UNK* as much as $ 1 billion in spending , and as critics have *UNKED* to these devices , the bill can seem like a *UNKED* *UNK* trying to make it past ice and *UNKS* to reach safer winter *UNKING* . STOP 
Much of the excess spending will be pushed into fiscal 1991 , and in some cases is temporarily *UNKED* in *UNKING* accounts in anticipation of being transferred to *UNKING* areas after the budget *UNKING* is completed . STOP 
For example , a House-Senate conference *UNKLY* increased the National *CUNKS* and Space Administration budget for construction of facilities to nearly $ *UNKN* million , or more than $ 200 million above what either chamber had previously approved . STOP 
Part of the increase would provide $ 90 million toward *UNKING* construction of a costly solid *UNK-* facility in Mr. Whitten 's Mississippi . STOP 
But as much as $ *UNKN* million , or nearly 30 % of the account , is marked for potential transfers to research , management and flight accounts that are spent out at a faster *UNK* . STOP 
The bill 's managers face criticism , too , for the unusual number of conditions openly imposed on where funds will be spent . STOP 
Conservatives , *UNKED* by Republican *UNKING* scandals at the Department of Housing and Urban Development , have used the issue in an effort to shift blame onto a *CUNKED* Congress . STOP 
HUD Secretary Jack Kemp backed an unsuccessful effort to strike such language last week , but received little support from the White House budget office , which wants to protect *UNKION* funding in the bill and has *UNKED* to turn its eyes from *UNK-* amendments . STOP 
Within *UNK* funds for community development grants , more than $ 3.7 million is *UNKED* to six projects in Michigan , home state of a subcommittee chairman , Rep. Bob *CUNKER* . STOP 
House Speaker Thomas Foley won $ *UNKN* for a project in his district in Washington state , and $ 1.3 million , *UNKED* by Sen. Daniel *CUNK* , amounts to a business *UNK* under the title `` *CUNK* sugar mills job *UNKION* . '' STOP 
The powerful Democrat had first wanted to add language *UNKING* environmental restrictions on two mills on the *CUNK* coast that are threatening to close . STOP 
When this plan met resistance , it was agreed instead to take money from HUD to *UNK* needed improvements in two settling *UNKS* for the mills , which *UNK* an estimated 1,500 workers , according to Mr. *CUNK* 's office . STOP 
Dennis *CUNK* 's Oct. 13 *UNK-* article `` River of *CUNK* , '' about the poverty along the Mississippi , *UNKED* *UNK* memories of when my parents were *UNKS* in *UNK* Arkansas , only a few miles from the *UNKER* . STOP 
Although we were white , the same economic factors affected us as *UNKS* the black people Mr. *CUNK* writes about . STOP 
*CUNKLY* , an *UNK* with a college degree bought a small farm and moved us 50 miles north to good schools and an environment that opened the world of opportunity for me as an *UNK-* . STOP 
Though I 've been *UNKED* with academic *UNKS* and some success in the *UNK* world , I 've never *UNK* or lost contact with those memories of the 1930s . STOP 
Most of the land in that and other parts of the Delta are now owned by second , third or fourth generations of the same families . STOP 
These are the families who used -- and sometime *UNKED* -- their *UNKS* , people who had no *UNK* and little access to an education or training for a better life . STOP 
Following World War II , when one family with *UNKED* equipment could farm crops formerly requiring 20 families , the surplus people were dumped into the mainstream of society with no Social Security , no skills in the *UNK* , no hope for their future except *UNK* . STOP 
And today , many of their children , *UNK* and *UNK-* remain on *UNK* . STOP 
In the meantime , the *UNKS* continue receiving generous subsidies that began during New *CUNKAL* days . STOP 
Or those who choose not to farm can lease their *UNKS* and crop *UNKS* for *UNK* *UNKS* . STOP 
Farmers in the Midwest and other areas have suffered , but those along the Mississippi continue to *UNKER* with holdings that were built with the *UNK* of men and women living in economic *UNK* . STOP 
And when they were no longer needed , they were turned loose *UNKED* to build lives of their own . STOP 
*CUNK* Harris STOP 
Chairman STOP 
*CUNK* Bank STOP 
Atlanta STOP 
Because the cycle of poverty along the lower Mississippi goes back so many generations , breaking this cycle will be next to impossible . STOP 
*CUNKLY* , the cycle appears not as waves but as a downward *UNKAL* . STOP 
Yet the evidence that we have not hit bottom is found in the fact that we are not yet helping ourselves . STOP 
The people of the Delta are waiting for that big factory to open , *UNKER* traffic to increase , government spending to fund *UNKING* programs or public schools to *UNK* *UNK* students . STOP 
Because we refuse to face the tough answers , the questions continue as *UNKER* for the commissions and committees , for the media and politicians . STOP 
*CUNK-* *UNKER* does not lend itself to *UNKING* the problems of *UNK* , *UNK* pregnancy or lack of *UNKAL* support or *UNK* . STOP 
Does the Delta *UNK* government help in attracting industry when the majority of residents , black and white , do not realize *UNK* *UNKS* potential employers ? STOP 
Should we focus on the region 's *UNK-* rate when the *UNKAL* *UNKS* and the school boards , *UNKS* and legislators *UNK* schools from *UNKING* the two ways -LRB- *UNK* or *UNKS* -RRB- of *UNKING* *UNK* pregnancy ? STOP 
Delta problems are difficult , not impossible , to solve -- I am just not convinced that we are ready to solve them yet . STOP 
*CUNK* Falls *CUNKS* STOP 
Little Rock , *CUNK* . STOP 
I would like to issue a challenge to corporate America . STOP 
The next time expansion plans are mentioned at the old company and somebody says , `` *CUNK* *UNK* , guys , nobody can do it like Japan or South Korea , '' I wish you would *UNK* in and say , `` *CUNK* it , *UNKS* , why do n't we compare prices and use our own little Third World country . STOP 
We would even save on freight . '' STOP 
There is no mystery why the Delta *UNKED* `` *CUNK* ' the *CUNKS* . '' STOP 
*CUNK* S. *CUNK* *CUNK* STOP 
*CUNK* , Miss . STOP 
Your story is an *UNK* to the citizens of the Mississippi Delta . STOP 
Many of the problems you presented exist in every part of this country . STOP 
*CUNK* is only two blocks from President Bush 's *UNK* . STOP 
For years , we tried to ignore the problem of poverty , and now that it has gotten out of hand it 's a new *UNK* for the media and our Democratic Congress . STOP 
Nobody should have to live in such poor conditions as in `` *CUNK* *CUNK* , '' but when you travel to Washington , Boston , Chicago or New York , the same problems exist . STOP 
The only difference is , in those cities the poor are *UNKED* in *UNK-* apartments each consisting of one room , with *UNK* *UNKS* called *UNKING* , *UNKS* and *UNKS* *UNK* and *UNKING* *UNKS* -- and with the building *UNKED* by *UNKS* and drug dealers . STOP 
Many *UNKS* people would love free food , Medicaid insurance , utilities and rent . STOP 
Then maybe I could stay home and have seven children and watch *CUNK* *CUNK* , like *CUNK* in the article , instead of having one child and working constantly just to stay above water , like so many families in this country . STOP 
*CUNK* *CUNK* Wilson STOP 
*CUNK* , Miss . STOP 
Mobil Corp. is in the midst of cutting back its exploration and production group , which finds and *UNKS* oil and gas reserves in the U.S. , by as much as 15 % as part of a new restructuring of that sector of its business . STOP 
Management advised employees Friday that it was going to reduce employment in production operations of the group by 8 % , or 400 people . STOP 
The exploration side of the unit has recently *UNUNK* a similar overhaul , during which it also lost as many as 400 employees , a company spokesman said in response to questions . STOP 
Mobil Exploration & *CUNKING* U.S. Inc. , the group involved , currently has a work force of somewhat less than 5,000 . STOP 
A few years ago , Mobil restructured the entire company during an industrywide *UNK* . STOP 
But since then U.S. oil production has declined and Mobil wants to focus its *UNKING* efforts overseas . STOP 
Mobil *UNKED* to the *UNK-* cuts last week when it took a $ 40 million charge as part of its third-quarter earnings and attributed it to a restructuring . STOP 
Mobil officials said that it is unlikely any additional charges related to this move will be taken in future quarters . STOP 
On Wednesday , Mobil will begin offering *UNKION* packages and *UNK* retirement in its U.S. production operation . STOP 
Mobil officials said they have been studying ways of streamlining these operations since early this year . STOP 
During the coming months , *UNKS* of management will be *UNKED* away and regional offices will become more *OUS* . STOP 
For greater efficiency , employees at those locations will be *UNKED* into teams responsible for managing the properties under their *UNKION* , Mobil said . STOP 
`` The main feature of the new organization is that each local manager will have both the authority and *UNK* for profitable and *UNKLY* sound operations , '' said Charles E. *CUNK* , president of the Mobil unit . STOP 
Field offices at New *CUNKS* ; Houston ; Denver ; Midland , *CUNK* ; *CUNK* , Calif. ; Oklahoma City ; and *CUNKAL* , *CUNK* , will be maintained . STOP 
But the staffs at some of those locations will be slashed while at others the work force will be increased . STOP 
For instance , employment in Denver will be reduced to 105 from *UNKN* . STOP 
But on the West Coast , where profitable oil production is more likely than in the *UNK* region , the *CUNK* , Calif. , office staff of 130 will grow by *UNKN* to *UNKN* . STOP 
The reorganization will `` focus on the value and potential of assets , '' Mr. *CUNK* said . STOP 
*CUNKED* : An investment that 's as simple and secure as a *UNK* of deposit but offers a return worth getting *UNKED* about . STOP 
With $ 150 billion of CDs maturing this month , a lot of people have been *UNKING* the financial landscape for just such an investment . STOP 
In April , when many of them bought their CDs , six-month certificates were yielding more than 9 % ; investors willing to look could find *UNK-* yields at some banks and thrifts . STOP 
Now , the nationwide average yield on a six-month CD is just under 8 % , and 8.5 % is about the best around . STOP 
But investors looking for alternatives are n't finding it easy . STOP 
Yields on most fixed-income securities are lower than several months ago . STOP 
And the stock market 's recent gyrations are a painful reminder of the *UNKS* there . STOP 
`` If you 're looking for a significantly higher yield with the same level of risk as a CD , you 're not going to find it , '' says Washington financial planner Dennis M. *CUNK* . STOP 
There are , however , some alternatives that *UNKED* investors should consider , investment advisers say . STOP 
*CUNK-* municipal bonds , bond funds and *UNKED* *UNKS* are some of the choices they mention -- and not just as a way to get a higher return . STOP 
In particular , advisers say , investors may want to look at securities that reduce the risk that CD holders are *UNKING* right now , of having to *UNKEST* the proceeds of maturing short-term certificates at lower rates . STOP 
A mix of CDs and other holdings may make the most sense . STOP 
`` People should remember their money is n't all or nothing -- they do n't need to be shopping for the one *UNK-* investment and putting all their money in it , '' says *CUNK* , Md. , adviser *CUNK* *CUNKER* . STOP 
Here 's a look at some of the alternatives : STOP 
*CUNK-* *CUNK* : STOP 
Investors with a heavy tax load should take out their *UNKS* . STOP 
Yields on municipal bonds can be higher than after-tax yields on CDs for maturities of perhaps one to five years . STOP 
That 's because *UNK-* interest is exempt from federal income tax -- and from state and local taxes too , for *UNK-* investors . STOP 
For an investor paying tax at a 33 % rate , a seemingly *UNK* 6 % yield on a one-year *UNK* is equivalent to a taxable 9 % . STOP 
*CUNKS* approach 6.5 % on five-year *UNKS* . STOP 
Some of the more cautious CD holders might like `` *UNKED* '' *UNKS* . STOP 
These securities get top credit ratings because the issuers have put aside U.S. bonds that will be sold to pay off holders when the *UNKS* are retired . STOP 
`` It 's a *UNKER* : You do n't have to worry about diversification ; you do n't have to worry about quality , '' says Steven J. *CUNK* , executive vice president of the New York bond firm of *CUNK* , *CUNK* & *CUNK* Inc . STOP 
Consider a `` *UNKED* '' bond portfolio , with issues maturing in , say , 1992 , 1993 and 1994 , advises Malcolm A. *CUNK* , a *CUNKLY* , *CUNK* , financial planner . STOP 
The idea is to have money rolling over each year at *UNKING* interest rates . STOP 
*CUNK* FUNDS : STOP 
Bond mutual funds offer diversification and are easy to buy and sell . STOP 
That makes them a reasonable option for investors who will accept some risk of price *UNKION* in order to make a bet that interest rates will decline over the next year or so . STOP 
*CUNKS* can look forward to *UNK-* annual returns if they are right . STOP 
But they will have disappointing returns or even losses if interest rates rise instead . STOP 
Bond *UNK* prices , and thus fund share prices , move in the opposite direction from rates . STOP 
The price movements get bigger as the maturity of the securities *UNKS* . STOP 
Consider , for instance , two bond funds from *CUNK* Group of Investment Cos. that were both yielding *UNKN* % on a recent day . STOP 
The Short *CUNK* Bond Fund , with an average maturity of 2 1\/2 years , would deliver a total return for one year of about *UNKN* % if rates drop one percentage point and a one-year return of about 6.6 % if rates rise by the same amount . STOP 
But , in the same circumstances , the returns would be a more extreme *UNKN* % and 2.6 % for the *CUNK* Bond Market Fund , with its 12 *UNK-* average maturity . STOP 
`` You get *UNK-* returns '' from bonds if you guess right on rates , says James E. Wilson , a Columbia , *CUNK* , planner . STOP 
If interest rates do n't change , bond fund investors ' returns will be about equal to the funds ' current yields . STOP 
*CUNK* *CUNK* : STOP 
These insurance company contracts feature some of the same tax benefits and restrictions as *UNK-* individual retirement accounts : Investment gains are *UNKED* without tax consequences until money is withdrawn , but a 10 % penalty tax is imposed on withdrawals made before age 59 1\/2 . STOP 
*CUNKED* specifically at CD holders are so-called *CUNK-* *UNKS* , or certificates of *UNK* . STOP 
An interest rate is guaranteed for between one and seven years , after which holders get 30 days to choose another guarantee period or to switch to another insurer 's contract without the surrender charges that are common to *UNKS* . STOP 
Some current rates exceed those on CDs . STOP 
For instance , a *CUNK-* *UNK* from North American Co. for Life & Health Insurance , Chicago , offers 8.8 % interest for one year or a 9 % rate for two years . STOP 
*CUNKS* are rarely a good idea at age 35 because of the withdrawal restrictions . STOP 
But at age 55 , `` they may be a great deal , '' says Mr. Wilson , the Columbia , *CUNK* , planner . STOP 
MONEY *CUNK* FUNDS : STOP 
That 's right , money market mutual funds . STOP 
The conventional wisdom is to go into money funds when rates are rising and shift out at times such as the present , when rates seem headed down . STOP 
With average maturities of a month or so , money funds offer fixed share prices and floating returns that track market interest rates , with a slight lag . STOP 
Still , today 's *UNKING* money funds may beat CDs over the next year even if rates fall , says *CUNK* *CUNK* , an editor of the Bond Market *CUNK* newsletter in Atlanta . STOP 
That 's because *UNKING* funds currently offer yields almost 1 1\/2 percentage points above the average CD yield . STOP 
Mr. *CUNK* likes the Dreyfus *CUNK* Dollar Money Market Fund , with a seven-day compound yield just under 9.5 % . STOP 
A new fund , its operating expenses are being temporarily subsidized by the sponsor . STOP 
*CUNK* combining a money fund and an *UNK-* bond fund as a *UNK-* bet on falling rates , suggests Back Bay *CUNKS* Inc. , a mutual fund unit of New England Insurance Co . STOP 
If rates unexpectedly rise , the increasing return on the money fund will partly offset the *UNKED* return from the bond fund . STOP 
Federal drug regulators , concerned over British reports that diabetics have died after shifting from animal to *UNKED* insulin , say they are considering a study to see if similar deaths have occurred here . STOP 
The United Kingdom reports came from Dr. Patrick *CUNK* , head of clinical *UNK* at *CUNK* 's Hospital in London . STOP 
In a telephone interview Friday , Dr. *CUNK* said the number of sudden , *UNKED* deaths of diabetics he had seen this year was 17 compared with just two in 1985 . STOP 
At least six of the deaths occurred among relatively young diabetics who had switched from animal to human insulin within the past year , he said . STOP 
Dr. *CUNK* *CUNK* , director of *UNK* and *UNK* drug products for the U.S. Food and Drug Administration , said FDA officials have discussed Dr. *CUNK* 's findings `` fairly *UNKLY* . '' STOP 
While there have been no reports of similar sudden *UNKED* deaths among diabetics in the U.S. , Dr. *CUNK* said the FDA plans to examine Dr. *CUNK* 's evidence and is considering its own study here . STOP 
Dr. *CUNK* , a *UNK* , said he was preparing an article for a British *UNK* medical journal raising the possibility that the deaths may have occurred after human insulin *UNKED* critical warning signs indicating *UNK* , or low blood sugar , which can kill diabetics . STOP 
The usual warning signs of *UNK* include *UNKING* , anxiety and *UNKS* . STOP 
With proper warning , diabetics can easily raise their blood sugar to safe levels by eating sugar or *UNK* food . STOP 
`` The *UNKAL* data certainly shows that some of the people were not aware of the rapid *UNK* of *UNK* , '' Dr. *CUNK* said . STOP 
At the U.S. National Institutes of Health , Dr. Robert E. *CUNK* , chief of the *UNKS* program branch , said no evidence of unexpected deaths from *UNK* had shown up in a study of 1,500 diabetics that has been under way at NIH for five years . STOP 
However , he said officials conducting the study had n't been looking for signs of problems related to *UNK* *UNKS* . STOP 
`` We are now monitoring for it much more closely , '' he said . STOP 
`` We do know there are slight differences in the way human and animal *UNKS* drive down blood sugar , '' Dr. *CUNK* said . STOP 
The *UNKED* drug starts the blood sugar dropping sooner and drives it down faster , he said . STOP 
`` But we do n't believe there is enough of a difference to be *UNKLY* significant , '' Dr. *CUNK* said . STOP 
Reports of Dr. *CUNK* 's findings in the British press have triggered widespread concern among diabetics there . STOP 
Both the British *CUNK* Association and the Committee on Safety in *CUNKS* -- Britain 's equivalent of the U.S. FDA -- recently issued statements noting the lack of hard scientific evidence to support Dr. *CUNK* 's findings . STOP 
On Friday , the American *CUNKS* Association issued a similar statement urging the six million U.S. diabetics not to *UNK* to the British report . STOP 
`` A loss of the warning symptoms of *UNK* is a complex problem that is very unlikely to be due simply to the type of insulin used , '' the American association said . STOP 
The FDA already requires drug manufacturers to include warnings with insulin products that symptoms of *UNK* are less *UNKED* with human insulin than with *UNKED* products . STOP 
Eli Lilly & Co. , the *CUNKED* drug manufacturer , *UNKS* the U.S. human insulin market with its product known as *CUNK* . STOP 
Lilly is building plants to make the insulin in Indianapolis and *CUNK* , France . STOP 
In its latest annual report , Lilly said *CUNK* sales have shown `` excellent growth . '' STOP 
Lilly officials said they had seen reports of *UNK* *UNKS* among some patients making the shift from animal to human insulin , but did n't know if the problem had caused any deaths . STOP 
Dr. *CUNK* Thompson , a Lilly group vice president , said the company 's clinical trials of both its animal and *UNKED* *UNKS* indicated no difference in the level of *UNK* between users of either product . STOP 
Dr. *CUNK* said most of the British diabetics who died had been taking a *UNKED* insulin made by *CUNK* , a *CUNK* manufacturer . STOP 
None of the diabetics were using Lilly 's insulin . STOP 
*CUNK* Corp. said it will reduce its *UNK-* work force by about 25 % , effective tomorrow , in an effort to stem continuing losses . STOP 
The company , which makes data base systems and software , said it expects to report a loss for the third quarter ended Sept. 30 . STOP 
Defense *UNKS* have complained for years that the Pentagon can not determine priorities because it has no strategy . STOP 
Last April , the new defense secretary , Richard Cheney , acknowledged that , `` given an ideal world , we 'd have a nice , *UNK* , *UNKLY* process . STOP 
We 'd do the strategy and then we 'd come around and do the budget . STOP 
This city does n't work that way . '' STOP 
With a five-year defense plan *UNKING* more than $ 1.6 trillion , it 's about time we put together a defense strategy that works in Washington . STOP 
This wo n't happen until *UNKS* come down from their *UNK* tower and learn to work in the real world of limited budgets and uncertain futures . STOP 
As it is , we identify national goals and the threats to these goals , we shape a strategy to counter these threats , we determine the forces needed to execute the strategy , before finally *UNKING* the budgets needed to build and maintain the forces . STOP 
These procedures *UNK* millions of *UNKS* of labor and produce tons of paper , and each year , their end product -- the Five Year Defense Plan -- promptly *UNKS* away . STOP 
The *UNK* on the left shows how this happens -LRB- see accompanying illustration -- *CUNK* Oct. 30 , 1989 -RRB- . STOP 
*CUNK* the past eight five-year plans with actual appropriations . STOP 
The Pentagon 's *UNKS* produce budgets that simply can not be executed because they assume a defense strategy depends only on goals and threats . STOP 
*CUNK* , however , is about possibilities , not hopes and *UNKS* . STOP 
By ignoring costs , U.S. *UNKS* *UNK* their responsibility for hard decisions . STOP 
That puts the real strategic decisions in the hands of others : *UNK* *UNKS* , *UNKS* , and *UNKS* . STOP 
These people have different *UNKS* . STOP 
And as a result -- as the recent vote by the House to *UNUNK* Mr. Cheney 's program *UNKS* suggests -- the *UNKION* of jobs is becoming the real goal of defense `` strategy . '' STOP 
How can we turn this situation around ? STOP 
Reform starts in the Pentagon . STOP 
*CUNKS* should consider the impact of budget uncertainties at the beginning of the planning process . STOP 
They ought to examine how a range of optimistic to pessimistic budget *UNKS* would change the defense program . STOP 
They would then develop priorities by *UNKING* the least painful program cuts as they moved from higher to lower budgets . STOP 
They would also identify the best way to add programs , should the budget come in at higher levels . STOP 
This kind of *UNK* analysis is common in war planning and business planning . STOP 
There is no reason that it can not be done for defense planning . STOP 
Two steps are necessary to *UNK* this idea into action . STOP 
*CUNK* 1 *UNKS* up our books . STOP 
Our five-year plan contains three accounting devices -- negative money , an above *UNK* management reserve and optimistic inflation estimates -- which *UNUNK* the spending the Pentagon has committed itself to by almost $ 100 billion . STOP 
*CUNK* money was *UNKED* in 1988 to make the *UNKN* Five Year Defense Plan *UNK* to the numbers in President Reagan 's final budget *UNKION* to Congress . STOP 
That plan exceeded the numbers contained in his budget message by $ 45 billion . STOP 
To make the books balance , as is required by law , somebody *UNKED* a new budget line item that simply *UNKED* $ 45 billion . STOP 
It is known in the Pentagon as the `` negative *UNK* . '' STOP 
The Pentagon argues that the negative *UNK* is the net effect of $ 22 billion in the *UNK-* *UNKED* *UNK* reductions that it intends to find in future years and $ 23 billion in an `` above *UNK* '' management reserve that accounts for *UNKED* programs that will *UNK* in the future . STOP 
The 1990 plan also assumes inflation will decline to 1.7 % by 1994 . STOP 
Most *UNKS* , including those in the Congressional Budget Office , assume inflation will be in excess of 4 % in each of those five years . STOP 
At that rate , the defense plan is *UNKED* by $ 48 billion . STOP 
By adding the negative *UNK* and *UNKING* the remaining program using a more *UNK* inflation estimate , we arrive at a *UNK* program *UNKING* $ 1.7 trillion between 1990 and 1994 . STOP 
*CUNK* 2 *UNKS* how four *UNKLY* lower budget *UNKS* would change the *UNK* and how these changes would affect our national security . STOP 
The *UNK* on the right -LRB- which assumes a 4 % rate of inflation -RRB- , places these *UNKS* in the context of recent appropriations -LRB- see accompanying illustration -- *CUNK* Oct. 30 , 1989 -RRB- . STOP 
*CUNK* how the *UNK* program assumes a sharp increase in future appropriations . STOP 
*CUNK* 2 will answer the question : What happens if these increases do not *UNK* ? STOP 
*CUNK* 1 , known as the `` *CUNK* Dollar *CUNK* , '' *UNKS* the Pentagon for inflation only -- it *UNKS* upward at 4 % per year . STOP 
This scenario has been the rough position of the U.S. Senate since 1985 , and it reduces the *UNK* by $ 106 billion between 1990 and 1994 . STOP 
*CUNK* 3 , the `` *CUNK* Dollar *CUNK* , '' has been the *UNK* position of the House of Representatives for about four years . STOP 
It *UNKS* the budget at its current level , and forces the Pentagon to eat the effects of inflation until 1994 . STOP 
This reduces the *UNK* by $ *UNKN* billion . STOP 
*CUNK* 2 *UNKS* the recent *UNKS* between the House and the Senate ; it *UNKS* the difference between *CUNKS* 1 and 3 , by increasing the budget at 2 % per year . STOP 
It reduces the *UNK* by $ *UNKN* billion . STOP 
Finally , *CUNK* 4 reduces the budget by 2 % per year for the next five years -- a total reduction of $ *UNKN* billion . STOP 
This can be thought of as a pessimistic *UNKION* , perhaps driven by the *UNKING* effects of the Gramm-Rudman deficit reduction law or possibly a *UNKION* of *UNKS* with the Soviet Union . STOP 
The strategic planners in the *CUNK* *CUNKS* of *CUNK* would *UNK* the most effective defense program for each scenario , *UNKING* *UNKS* and *UNKING* weaknesses . STOP 
They would conclude their efforts by producing a comprehensive net assessment for each plan -- including the assumptions made , an analysis of its *UNKS* and limitations , the impact on national security , and the best strategy for working around these limitations . STOP 
This exercise would reveal the true cost of a particular program by forcing the *UNKS* to make hard decisions . STOP 
If , for example , they choose to keep the *CUNK* *CUNK* *UNKER* , they would have to *UNK* more and more other programs -- such as carrier *UNKS* or army divisions -- as they moved toward lower budget levels . STOP 
These *UNKS* would *UNK* priorities by *UNKING* when the cost of the *CUNK* became *UNK* . STOP 
Some may be *UNKED* to argue that the idea of a strategic review merely *UNKS* the *OUS* *CUNKED* *CUNKING* -LRB- *CUNK* -RRB- concept of the Carter administration . STOP 
But *CUNK* did not involve the strategic planners in the *CUNK* *CUNKS* of *CUNK* , and therefore *UNKED* into a *UNKING* *UNK* driven by budget politics . STOP 
*CUNK* , *CUNK* 's procedures were so *UNK* that everyone involved was *UNKED* under a burden of *UNK* . STOP 
A strategic review is *UNKLY* different . STOP 
It would be run by the joint *UNKS* under simple *UNKS* : *CUNK* the best possible force for each budget scenario and provide the Secretary of Defense with a comprehensive net assessment of how that force could be used to achieve U.S. goals . STOP 
It might be feared that even thinking about lower budgets will hurt national security because the door will be opened to *UNK* budget cutting by an irresponsible Congress . STOP 
This argument plays well in the atmosphere of *UNKING* and *UNK* *UNKING* the Pentagon and Congress , and *UNKLY* , there is some truth to it . STOP 
But in the end , it must be rejected for *UNKAL* as well as moral reasons . STOP 
To say that the Pentagon should act *UNKLY* because acting *UNKLY* will *UNK* Congress into acting *UNKLY* leads to the conclusion that the Pentagon should deliberately *UNK* its needs in the national interest ; in other words , that it is justified in *UNKING* a crime -- *UNKING* to Congress -- because it is *UNKLY* superior . STOP 
*CUNK* is not a game between the Pentagon and Congress ; it is the art of the possible in a world where *UNKS* force us to choose between *UNUNK* or *UNK* alternatives . STOP 
If we want *UNK* priorities , we must understand the *UNKS* they *UNKLY* before we make commitments . STOP 
*CUNK* is not a separate event in an *UNKED* *UNK* of *UNK* events ; it is a way of thinking that *UNKS* threats to our interests in a manner consistent with our financial , cultural and physical limitations . STOP 
Mr. *CUNK* is a permanent Pentagon official . STOP 
This is a *UNKED* version of an *UNK* that will appear in the January issue of the *CUNKAL* Institute *CUNKS* . STOP 
The views expressed do not reflect the official policy of the Department of Defense . STOP 
Although bullish dollar sentiment has *UNKED* , many currency analysts say a massive sell-off probably wo n't occur in the near future . STOP 
While Wall Street 's tough times and lower U.S. interest rates continue to undermine the dollar , weakness in the pound and the yen is expected to offset those factors . STOP 
`` By default , '' the dollar probably will be able to hold up pretty well in coming days , says *CUNK* *CUNK-* , a foreign-exchange adviser at Credit Suisse . STOP 
`` We 're close to the bottom '' of the near-term ranges , she contends . STOP 
In late Friday afternoon New York trading , the dollar was at *UNKN* marks and *UNKN* yen , off from late Thursday 's *UNKN* marks and *UNKN* yen . STOP 
The pound strengthened to $ *UNKN* from $ *UNKN* . STOP 
In Tokyo Monday , the U.S. currency opened for trading at *UNKN* yen , down from Friday 's Tokyo close of *UNKN* yen . STOP 
The dollar began Friday on a firm note , gaining against all major currencies in Tokyo dealings and early European trading despite reports that the Bank of Japan was seen *UNKING* dollars around *UNKN* yen . STOP 
The rise came as traders continued to dump the pound after the sudden resignation Thursday of British Chancellor of the Exchequer Nigel Lawson . STOP 
But once the pound *UNKED* with help from purchases by the Bank of England and the Federal Reserve Bank of New York , the dollar was *UNKED* down , traders say , by the stock-market slump that left the Dow Jones Industrial Average with a loss of *UNKN* points . STOP 
With the stock market *UNKLY* and dollar buyers *UNKED* by signs of U.S. economic weakness and the recent decline in U.S. interest rates that has diminished the *UNKS* of *UNKED* investments , traders say the dollar is still in a *OUS* position . STOP 
`` They 'll be looking at levels to sell the dollar , '' says James *CUNK* , a foreign-exchange marketing representative at Bank of Montreal . STOP 
While some analysts say the dollar eventually could test support at 1.75 marks and 135 yen , Mr. *CUNK* and others do n't see the currency *UNKLY* *UNKING* under support at *UNKN* marks and 140 yen soon . STOP 
*CUNKS* for limited dollar losses are based largely on the pound 's weak state after Mr. Lawson 's resignation and the yen 's *UNK* to strengthen substantially when there are dollar *UNKS* . STOP 
With the pound and the yen lagging behind other major currencies , `` you do n't have a confirmation '' that a sharp dollar downturn is in the works , says Mike *CUNK* , senior currency analyst at *CUNK* Inc. in Chicago . STOP 
As far as the pound goes , some traders say a slide toward support at $ *UNKN* may be a favorable development for the dollar this week . STOP 
While the pound has attempted to stabilize , currency analysts say it is in critical condition . STOP 
Sterling plunged about four cents Thursday and hit the week 's low of $ *UNKN* when Mr. Lawson resigned from his *UNK-* post because of a policy *UNK* with other cabinet members . STOP 
He was succeeded by John Major , who Friday expressed a desire for a firm pound and supported the relatively high British interest rates that he said `` are working exactly as intended '' in reducing inflation . STOP 
But the market remains *UNUNK* about Mr. Major 's policy strategy and the prospects for the pound , currency analysts contend . STOP 
Although the Bank of England 's tight monetary policy has fueled worries that Britain 's slowing economy is headed for a recession , it is widely believed that Mr. Lawson 's willingness to *UNK* up the pound with interest-rate increases helped stem pound selling in recent weeks . STOP 
If there are any signs that Mr. Major will be less inclined to use interest-rate boosts to rescue the pound from another plunge , that currency is expected to fall sharply . STOP 
`` It 's fair to say there are more risks for the pound under Major than there were under Lawson , '' says Malcolm Roberts , a director of international bond market research at Salomon Brothers in London . STOP 
`` There 's very little *UNK* to sterling , '' Mr. Roberts says , but he adds that near-term losses may be small because the selling wave that followed Mr. Major 's appointment apparently has run its course . STOP 
But some other analysts have a *UNKER* forecast for the pound , particularly because Britain 's inflation is *UNKING* at a relatively *UNK* annual rate of about 7.6 % and the nation is *UNKED* with a struggling government and large current account and trade deficits . STOP 
The pound likely will fall in coming days and may trade as low as *UNKN* marks within the next year , says Nigel *CUNK* , an international economist at James Capel & Co. in London . STOP 
The pound was at *UNKN* marks late Friday , off sharply from *UNKN* in New York trading a week earlier . STOP 
If the pound falls closer to *UNKN* marks , the Bank of England may raise Britain 's base lending rate by one percentage point to 16 % , says Mr. *CUNK* . STOP 
But such an increase , he says , could be viewed by the market as `` too little too late . '' STOP 
The Bank of England indicated its desire to leave its monetary policy unchanged Friday by declining to raise the official 15 % *UNKING* rate that it charges discount houses , analysts say . STOP 
*CUNK* concerns aside , the lack of strong buying interest in the yen is another *UNK* for the dollar , many traders say . STOP 
The dollar has a `` natural base of support '' around 140 yen because the Japanese currency has n't been purchased heavily in recent weeks , says Ms. *CUNK-* of Credit Suisse . STOP 
The yen 's *UNKS* , she says , apparently stems from Japanese investors ' interest in buying dollars against the yen to purchase U.S. bond issues and persistent worries about this year 's *UNKAL* in the Japanese government . STOP 
On New York 's Commodity Exchange Friday , gold for current delivery jumped $ *UNKN* , to $ *UNKN* an ounce , the highest settlement since July 12 . STOP 
Estimated volume was a heavy seven million ounces . STOP 
In early trading in Hong Kong Monday , gold was quoted at $ *UNKN* an ounce . STOP 
We are deeply *UNKED* that a recent editorial stated that the `` Americans With *CUNKS* Act of 1989 '' was `` *UNKED* primarily by Democratic *CUNKS* Kennedy and *CUNK* '' with a *UNK* `` based on the *UNKION* that most Americans are hostile to the *UNKED* ... . '' STOP 
Perhaps even more offensive is the statement , `` It is surprising that George Bush and the White House *UNKER* circle would ally themselves with this *UNK* philosophy . '' STOP 
This legislation was not *UNKED* by a handful of Democratic `` *UNKS* . '' STOP 
*CUNK* the contrary -- it results from years of work by members of the National Council on the *CUNKED* , all appointed by President Reagan . STOP 
You *UNK* the bill as something Democratic leaders `` *UNKED* '' the administration into *UNKING* . STOP 
The opposite is true : It 's the product of many meetings with administration officials , Senate staffers , advocates , and business and transportation officials . STOP 
Many *UNK* are citing the compromise on the `` Americans With *CUNKS* Act of 1989 '' as a model for bipartisan *UNKS* . STOP 
Most National Council members are themselves *UNKED* or are parents of children with *UNKS* . STOP 
We know *UNK* the discrimination addressed by the act : to be told there 's no place for your child in school ; to spend *UNKLY* hours at home because there is no transportation for someone in a *UNK* ; to be denied employment because you are *UNKED* . STOP 
Your editorial *UNKLY* *UNKS* this legislation the `` Lawyers ' *CUNK* Act . '' STOP 
For the 43 million people with *UNKS* and their families , this legislation is the `` *CUNKION* *CUNKION* . '' STOP 
*CUNK* *CUNK* *CUNK* STOP 
*CUNK* STOP 
National Council on the *CUNKED* STOP 
A group of investors led by Giant Group Ltd. and its chairman , *CUNK* Sugarman , said it filed with federal antitrust regulators for clearance to buy more than 50 % of the stock of Rally 's Inc. , a fast-food company based in Louisville , *CUNK* . STOP 
Rally 's operates and *UNKS* about 160 fast-food restaurants throughout the U.S. . STOP 
The company went public earlier this month , offering *UNKN* shares of common stock at $ 15 a share . STOP 
Giant has interests in cement making and newsprint . STOP 
The investor group includes *CUNK* Investment Partnership , a California general partnership , and three Rally 's directors : Mr. Sugarman , James M. *CUNKER* III and William E. *CUNKER* II . STOP 
The group currently holds *UNKN* Rally 's shares , or *UNKN* % of its *UNK* shares outstanding . STOP 
Giant Group owned 22 % of Rally 's shares before the initial public offering . STOP 
A second group of three company directors , *UNKED* with Rally 's founder James *CUNK* , also is seeking control of the fast-food chain . STOP 
It is estimated that the *CUNK* group controls more than 40 % of Rally 's stock . STOP 
Rally officials were n't available to comment late yesterday . STOP 
For the year ended July 2 , Rally had net income of $ 2.4 million , or 34 cents a share , on revenue of $ *UNKN* million . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
DPC Acquisition Partners , a hostile suitor for Dataproducts Corp. , filed a petition in federal district court in Los Angeles seeking to have its *UNK* agreement with the computer printer maker declared *UNK* , and it *UNKED* with a $ *UNK-* tender offer for the company . STOP 
The offer would give the transaction an indicated value of $ *UNKN* million , based on the *UNKN* million shares the group does n't already own . STOP 
DPC holds about *UNKN* % of Dataproducts ' shares . STOP 
Lawyers representing DPC declined to elaborate , saying they did n't have a final copy of the filing . STOP 
Jack Davis , Dataproducts ' chairman , said he had n't yet seen the filing and could n't comment . STOP 
DPC made a $ *UNK-* bid for the company in May , but Dataproducts management considered the $ *UNKN* million proposal *UNUNK* . STOP 
Dataproducts had sought a buyer for several months , but it is now in the midst of a restructuring plan and management says the company is no longer for sale . STOP 
*CUNK* Power Co. , a subsidiary of American Electric Power Co. , said it will redeem on Dec. 1 the entire $ *UNKN* million of its 12 7\/8 % first mortgage bonds due *UNKN* . STOP 
The redemption price will be *UNKN* % of the principal amount of the bonds , plus accrued interest to the date of redemption . STOP 
The European Community 's consumer price index rose a provisional *UNKN* % in September from August and was up 5.3 % from September 1988 , according to *CUNK* , the EC 's statistical agency . STOP 
The *UNK-* rise in the index was the largest since April , *CUNK* said . STOP 
*CUNKS* by the Hong Kong Futures Exchange to introduce a new interest-rate futures contract continue to hit *UNKS* , despite the support the proposed instrument *UNKS* in the colony 's financial community . STOP 
Hong Kong financial institutions have been waiting for interest-rate futures for a long time . STOP 
The contract was first proposed more than two years ago , but shortly *UNK* , the colony 's markets were hit hard by the October 1987 global stock crash . STOP 
The subsequent drive to reform Hong Kong 's markets also has *UNKED* the interest-rate futures contract . STOP 
The Securities and Futures Commission , a government *UNK* set up after the 1987 crash to try to restore confidence and order to Hong Kong 's markets , had been expected to give the contract *UNKAL* approval last week . STOP 
But regulators this week said *UNK-* officials still have a way to go before they answer all the remaining detailed questions about the contract . STOP 
The exchange had forecast that the contract would begin trading by December . STOP 
But securities regulators now say privately that it is n't likely to start until the first quarter of next year . STOP 
Analysts and financial officials in the British colony consider the new contract essential to the revival of the Hong Kong Futures Exchange , which has never fully recovered from the October 1987 crash . STOP 
Many believe that without a healthy futures exchange , Hong Kong 's *UNKS* to be recognized as an international financial center will suffer . STOP 
In addition , local banks say the new contract is important in helping them offset their Hong *CUNK-* exposure . STOP 
The contract will be based on the three-month Hong Kong interbank offered rate , or *CUNK* . STOP 
It is almost a carbon copy of the Chicago Mercantile Exchange 's *CUNK* contract , which is based on the three-month *CUNK* rate , the rate paid on *CUNK-* deposits in London banks . STOP 
If the contract is as successful as some expect , it may do much to restore confidence in futures trading in Hong Kong . STOP 
`` The contract is definitely important to the exchange , '' says Robert *CUNK* , executive director of the Securities and Futures Commission . STOP 
Two years ago , the futures exchange was the *UNK* of other would-be futures centers . STOP 
After only 17 months , its main contract , based on the *CUNK* *CUNK* index , had grown to be the second-largest *UNKS* contract in the world . STOP 
-LCB- A futures contract is an agreement to buy or sell a commodity or financial instrument at a set price on a specified date . STOP 
In the case of stock-index and interest-rate futures , the instruments are given an underlying cash value and are settled in cash . -RCB- STOP 
But in the week following the 1987 stock crash , the exchange *UNKED* on collapse , and the stock and futures markets in Hong Kong were closed for four days . STOP 
Only a *UNKED* bailout kept the crisis from *UNKING* the exchange . STOP 
Trading in *CUNK* *CUNK* index futures remains *UNKED* by the experience . STOP 
Volume for the entire month of September totaled only *UNKN* contracts , compared with a daily average of *UNKN* in the month before the 1987 crash . STOP 
Despite the thin trading , and after two painful years of restructuring , the futures market has shown itself to be *UNK* in two recent tests . STOP 
While Asian markets *UNKED* to cope with the uncertainty caused by the Oct. 13 plunge in New York stock prices , futures trading in Hong Kong was relatively heavy and went smoothly . STOP 
That was also the case in the days following the June 4 massacre in Beijing , which caused a sharp drop in Hong Kong stock prices . STOP 
`` There was no problem at all , '' says Douglas Ford , chief executive officer of the futures exchange . STOP 
Most important to the contract 's success is the commitment of Hong Kong 's big financial institutions , especially the two leaders , *CUNK* & *CUNK* Banking Corp. and the local subsidiary of Britain 's Standard *CUNKED* Bank PLC . STOP 
The two big banks were *UNKAL* in *UNKING* the new contract . STOP 
`` If those two banks are there , then the balance of the banking institutions will be there , '' says Mr. *CUNK* , the Securities and Futures Commission official . STOP 
*CUNK* banks have a major stake in how interest rates move because of their enormous Hong *CUNK-* exposure . STOP 
Even though the currency is *UNKED* to the U.S. dollar , with a fixed exchange rate of *CUNK* *UNKN* to the American currency , the U.S. and Hong Kong economies do n't always move in lock step , making it difficult to predict where interest rates in the colony will go . STOP 
In early 1988 , when the three-month *CUNK* rate was between 7 % and 8 % , the three-month *CUNK* rate was as low as 1 % . STOP 
Just a few months ago , the three-month *CUNK* rate was around 9.5 % , while three-month *CUNK* hit highs above 11 % . STOP 
The *CUNK* contract `` *UNKS* quite a bit of the problem of interest-rate risk in the interbank market , '' says *CUNK* *CUNK* , a director of James Capel -LRB- Far East -RRB- Ltd. , the Hong Kong arm of the British brokerage firm . STOP 
Despite the initial support expected , trading in the contract is likely to start slowly . STOP 
The *UNKS* from the 1987 crash have n't yet *UNKED* , and not all claims against the exchange *UNK* -- by those who bet the *CUNK* *CUNK* index would fall -- have been settled . STOP 
Companies and financial institutions familiar with Hong Kong remain wary of trading in its futures market . STOP 
And Mr. *CUNK* *UNKS* that there may be limits on how much the contract can grow because the Hong Kong dollar is n't a widely traded currency . STOP 
He says the contract will be considered a success if it starts trading 500 to 1,000 lots a day . STOP 
Exchange officials also point out that *CUNK* futures were designed for institutions and corporations , not for the type of small individual investors who were very active in *CUNK* *CUNK* index futures and *UNKED* in the 1987 crash . STOP 
Mr. *CUNK* says the low margin required for trading futures attracted a lot of small investors before the 1987 crash who did n't realize that their risk was virtually *UNKED* . STOP 
`` You 're not going to get your *UNK* drivers and *UNKS* and all that , '' says *CUNK* Nicholas , a director for securities company *CUNKS* *CUNKION* & Futures Ltd . STOP 
That should help to *UNK* confidence , Mr. *CUNK* says . STOP 
But many bankers remain nervous , especially as the start-up of the contract continues to be delayed . STOP 
Two of Japan 's largest paper manufacturers , *CUNK* Paper Co. and *CUNK* Paper Co. , posted *UNKED* pretax profit gains from a year earlier for the first half ended Sept. 30 , on continuing robust domestic demand for paper products . STOP 
*CUNK* Paper , the nation 's largest in terms of sales , said its pretax profit rose 1.5 % to *UNKN* billion yen -LRB- US$ *UNKN* million -RRB- from *UNKN* billion yen . STOP 
Sales jumped *UNKN* % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Net income increased 6.7 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Per-share net rose to *UNKN* yen from *UNKN* yen . STOP 
*CUNK* Paper 's sales strength was evident in overall paper products sales , including *UNKS* , printing and *UNKING* papers , which rose to *UNKN* billion yen in the first half from *UNKN* billion yen a year earlier . STOP 
*CUNK* , processed and *OUS* paper sales also surged . STOP 
For the full fiscal year ending next March , *CUNK* predicted that total sales of *UNKN* billion yen , up from *UNKN* billion yen in the previous fiscal year . STOP 
*CUNK* profit is seen at *UNKN* billion yen , down from *UNKN* billion yen , while net income is estimated at *UNKN* billion yen , up from *UNKN* billion yen . STOP 
The company did n't provide an explanation for the softer pretax profit performance and officials could n't be reached for comment . STOP 
*CUNK* Paper said its pretax profit rose 0.3 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Sales rose 8.5 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Net income surged 10 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Per-share net rose to *UNKN* yen from *UNKN* yen . STOP 
General paper product sales , including *UNKS* and other papers , accounting for the bulk of sales , rose to *UNKN* billion yen from *UNKN* billion yen . STOP 
*CUNK* Paper predicted that for the full fiscal year ending next March 31 , sales will total *UNKN* billion yen , up from *UNKN* billion yen . STOP 
*CUNK* profit was estimated at *UNKN* billion yen , down from *UNKN* billion yen , while net income was estimated at 12 billion yen , up from *UNKN* billion yen . STOP 
Unocal Corp. 's decision to put its *CUNK* oil and gas interests up for sale earlier this week is another step in the company 's strategic review of its properties , and shows that few of them are *UNKED* *UNKS* . STOP 
The company declined to estimate the value of the *CUNK* holding . STOP 
But *CUNK* L. *CUNK* , an analyst at Dean Witter Reynolds Inc. , forecast that the sale will bring in `` $ 200 million or substantially more . '' STOP 
The proposed transaction is the latest in a *UNK* of assets by the Los Angeles-based oil company that has included the $ 200 million sale of its headquarters property and the pending sale of half of its Chicago refinery and related marketing operations to *CUNKS* de *CUNK* *CUNK* . STOP 
Mr. *CUNK* said he *UNKS* particular importance to the proposed sale because it suggests that the company is willing to sell oil and gas assets that are n't part of its major strategic *UNKS* . STOP 
Unocal said it expects to complete the sale of its Unocal *CUNK* *CUNK* unit by next March or April . STOP 
In addition to an 18 % stake in the *CUNK* *UNK* field , the *CUNK* unit has interests ranging from 10 % to 25 % in three other *CUNK* oil and gas production licenses . STOP 
In 1986 , Unocal sold a 7.5 % stake in the *CUNK* field to Deutsche *CUNKS* *CUNK* . H. , a West German oil company , for an undisclosed amount . STOP 
In 1987 , it sold a 2.5 % stake in the *CUNK* field to the Swedish national oil company , resulting in a $ 7 million after-tax gain . STOP 
However , those sales were early in the field 's history , before production equipment was installed . STOP 
The field is currently being developed and is slated to start production by the end of the year . STOP 
It 's expected to produce about *UNKN* barrels per day . STOP 
A company spokesman said the *CUNK* field 's gross reserves were estimated in 1987 at *UNKN* million barrels . STOP 
However , he added that that estimate , made before extensive development drilling , currently is being *UNKED* . STOP 
The spokesman said Unocal has had `` considerable interest '' from prospective buyers . STOP 
The company has retained J. Henry *CUNKER* *CUNK* & Co. as financial adviser and agent for the sale . STOP 
France 's unemployment rate was steady at a seasonally adjusted 9.5 % in September , the Social Affairs Ministry said . STOP 
In September , the number of *UNKS* rose 0.1 % from the previous month to 2.5 million on a seasonally adjusted basis . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
*CUNK* Credit Corp. -- $ 150 million of 9 1\/4 % senior notes due Nov. 1 , 1996 , priced at *UNKN* to yield *UNKN* % . STOP 
The noncallable issue was priced at a spread of *UNKN* basis points above the Treasury 's *UNK-* note . STOP 
Rated *CUNK-* by Moody 's Investors Service Inc. and *UNKS* by Standard & Poor 's Corp. , the issue will be sold through underwriters led by Merrill Lynch Capital Markets . STOP 
*CUNK* Credit is a unit of *CUNK* Inc . STOP 
*CUNK* Health System -- *UNK-* issue of $ *UNKN* million of revenue bonds , tentatively priced through a Morgan Stanley & Co. group . STOP 
The offering includes a new issue of $ 53 million of *CUNK* , Fla. , Series 1989 revenue bonds for St. Joseph 's Hospital Inc. , due *UNKN* , *UNKN* and *UNKN* . STOP 
The bonds are tentatively priced to yield from *UNKN* % in 1996 to *UNKN* % in *UNKN* . STOP 
The other two *UNKS* of the deal are *UNKS* of outstanding debt rather than new issues . STOP 
The bonds are rated *UNK-* by Moody 's and *UNKS* by S&P , according to the lead underwriter . STOP 
City and County of *CUNK* -- $ 75 million of general obligation bonds , 1989 Series B , due *UNKN* , through a Bear , Stearns & Co. group . STOP 
The bonds , rated double-A by Moody 's and S&P , were priced to yield from *UNKN* % in 1993 to 7.10 % in *UNKN* and 2009 . STOP 
Federal National Mortgage Association -- $ 500 million of Remic mortgage securities being offered in 12 classes by Shearson Lehman Hutton Inc . STOP 
The offering , Series *UNKN* , backed by Fannie Mae 9 % securities , brings Fannie Mae 's 1989 Remic issuance to $ *UNKN* billion and its total Remic volume to $ *UNKN* billion since the program began in April 1987 . STOP 
*CUNKING* terms were n't available . STOP 
*CUNK* Electric Power Co . -LRB- Japan -RRB- -- $ 200 million of 8 7\/8 % bonds due Nov. 28 , 1996 , priced at 101 7\/8 to yield 8 7\/8 % less full fees , via Yamaichi International Europe Ltd . STOP 
Fees 1 7\/8 . STOP 
Toshiba Corp . -LRB- Japan -RRB- -- $ 1.2 billion of bonds due Nov. 16 , 1993 , with equity-purchase warrants , indicating a 3 3\/4 % coupon at par , via Nomura International Ltd . STOP 
Each $ 5,000 bond carries a warrant exercisable Dec. 1 , 1989 , through Nov. 9 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Nov. 2 . STOP 
Credit *CUNKS* Australia Ltd . -LRB- French parent -RRB- -- 50 million Australian dollars of 16 1\/4 % bonds due Nov. 30 , 1992 , priced at 102 to yield *UNKN* % less full fees , via *CUNKS* Bank Ltd . STOP 
*CUNK* by Credit *CUNKS* . STOP 
Fees 1 1\/2 . STOP 
World Bank -LRB- agency -RRB- -- # 100 million of 10 7\/8 % bonds due Aug. 15 , 1994 , offered at *UNKN* to yield *UNKN* % , via *CUNKING* Brothers & Co . STOP 
*CUNK* on outstanding # 100 million issue . STOP 
Also issued were 10 billion yen of bonds due Dec. 5 , 1994 , priced at 101 1\/2 , with coupon paid in Australian dollars , via *CUNK* International Ltd . STOP 
Interest during first year paid *UNKLY* at *UNKN* % . STOP 
*CUNKER* , interest paid annually at *UNKN* % . STOP 
The World Bank also offered 100 million Swiss francs of 6 % bonds due Nov. 16 , 1999 , priced at 101 1\/4 to yield *UNKN* % via Credit Suisse . STOP 
*CUNKION* by *UNKER* to increase issue amount to 150 million francs . STOP 
*CUNK* Corp . -LRB- Japan -RRB- -- 80 million Swiss francs of privately placed convertible notes due March 31 , 1994 , with fixed 0.25 % coupon at par , via Nomura Bank Switzerland . STOP 
Put March 31 , 1992 , at a fixed 107 3\/4 to yield *UNKN* % . STOP 
Each 50,000 Swiss franc note convertible Dec. 4 , 1989 , through March 17 , 1994 , at a 5 % premium over closing share price Nov. 1 , when terms are fixed . STOP 
Nippon Air *CUNK* Co . -LRB- Japan -RRB- -- 140 million Swiss francs of privately placed convertible notes due March 31 , 1994 , with fixed 0.25 % coupon at par , via Yamaichi Bank -LRB- Switzerland -RRB- . STOP 
Put March 31 , 1992 , at fixed 107 *UNKN* to yield *UNKN* % . STOP 
Each 50,000 Swiss franc note convertible Nov. 27 , 1989 , through March 17 , 1994 , at a 5 % premium over closing share price Nov. 1 , when terms are fixed . STOP 
Credit Suisse Finance *CUNK* Ltd . -LRB- Swiss parent -RRB- -- 100 billion lire of 12 5\/8 % bonds due June 30 , 1993 , priced at *UNKN* to yield *UNKN* % less full fees , via *CUNK* *CUNK* *UNK* *CUNK* . STOP 
*CUNK* by Credit Suisse . STOP 
Fees 1 5\/8 . STOP 
Maryland National Bank -- $ *UNKN* million of securities backed by *UNK-* lines of credit through Merrill Lynch Capital Markets . STOP 
The bank is a subsidiary of *CUNKED* *CUNK* Financial Inc . STOP 
The securities were priced to *UNK* monthly at 20 basis points above the 30-day commercial paper rate . STOP 
The issue , formally *UNKED* *CUNK* Home Equity Loan Asset *CUNKED* *CUNKS* , Series 1989 , will represent interest in a trust fund of home equity *UNKING* credit line loans *UNKED* by the retail finance division of Maryland National Bank and secured primarily by second *UNKS* of trust or second mortgages on single to *UNKLY* residential properties . STOP 
The securities are rated triple-A by Moody 's and *CUNK* & *CUNKS* Inc . STOP 
They are expected to have an average life of *UNKN* years . STOP 
Maryland National Bank 's retail finance division will continue to service the loans . STOP 
First National Bank of Chicago will act as *UNK* , and the transaction will be supported by an 8 % letter of credit issued by *CUNK-* *CUNK* Bank Ltd. , Chicago branch . STOP 
*CUNK* of *CUNK* *CUNK* -- $ 250 million of 8 1\/4 % debentures due Nov. 15 , 2019 , priced at *UNKN* to yield *UNKN* % . STOP 
The noncallable issue , which can be put back to the province in 2001 , was priced at a spread of 41 basis points above the Treasury 's 10-year note . STOP 
Rated single-A-2 by Moody 's and *UNKS* by S&P , the issue will be sold through underwriters led by Merrill Lynch Capital Markets . STOP 
*CUNK* & *CUNK* Inc. said it plans to introduce next year a new line of *UNKS* containing *UNK* , the *UNK* that *UNKS* against damage from *UNK* *UNKS* . STOP 
The optical products company has signed a *UNKING* agreement with *CUNK* Technologies Inc. , a closely held firm in San Antonio , Texas , which has developed a method to *UNK* the *UNK* *UNK* into plastic *UNKS* . STOP 
Terms were n't disclosed . STOP 
Security Pacific Corp. has set its *UNKS* on buying its second bank holding company this year . STOP 
Security said it signed a letter of intent to purchase La *CUNK* Bancorp , agreeing to pay $ 15 of its own stock for each share of La *CUNK* . STOP 
*CUNKED* on the current number of La *CUNK* shares , that gives the transaction a value of $ *UNKN* million . STOP 
La *CUNK* is the parent company of La *CUNK* Bank & Trust Co. , which has 12 branches in San Diego County . STOP 
As of Sept. 30 , the bank had assets of $ *UNKN* million and deposits of $ *UNKN* million , Security Pacific said . STOP 
Earlier this month , Security Pacific , which is among the 10 largest bank holding companies in the U.S. , completed the acquisition of San *CUNKED* Southwest Bancorp . STOP 
South Africa 's current account surplus *UNKED* to a seasonally adjusted annual rate of between five billion and six billion *UNK* -LRB- $ 1.9 billion and $ *UNKN* billion -RRB- in the third quarter , Reserve Bank *CUNK* *CUNKS* *CUNKS* said . STOP 
The surplus was two billion *UNK* in the second quarter and 2.7 billion *UNK* in the first quarter . STOP 
He said this improvement means it is still possible to reach the targeted current account surplus of four billion *UNK* for 1989 . STOP 
*CUNK* Corp. said its board approved the repurchase of as many as *UNKN* common shares when market conditions are *UNK* . STOP 
The maker of telecommunications management systems had *UNKN* shares outstanding as of Sept. 30 . STOP 
In over-the-counter trading yesterday , *CUNK* closed at $ *UNKN* , up 37.5 cents . STOP 
Service Corp. International said it expects to report net income of 15 cents a share for the third quarter . STOP 
The company said it expects to release third-quarter results in *UNKER* . STOP 
The *UNKAL* home and *UNK* operator changed from a fiscal year to a *UNK* year in December . STOP 
In the comparable year-ago quarter , the second quarter ended Oct. 31 , Service Corp. had a loss of about $ 12.5 million , or 26 cents a share , on revenue of $ *UNKN* million . STOP 
Results for that quarter included a $ 30 million , or 40 cents a share , write-down associated with the consolidation of a facility . STOP 
Your Sept. 25 criticism of credit-card foreign-exchange charges is *UNKED* . STOP 
I have just returned from France , and the net exchange rate charged on my *CUNK* account was more favorable than I obtained for *UNKER* 's checks in any of the several banks where I converted them . STOP 
Vincent *CUNK* *CUNK* , *CUNK* . STOP 
The *UNKED* French metals group *CUNK* S.A. said it has signed a preliminary accord to sell its Paris headquarters to *CUNK* *CUNKER* *CUNKS* and *CUNK* *CUNKS* for *UNKN* billion francs -LRB- $ *UNKN* million -RRB- . STOP 
The sale , which *CUNK* had been eager to make for several months , is still subject to certain unspecified conditions and is expected to be completed during the first quarter of 1990 , the group . STOP 
Hong Kong 's main measure of consumer prices rose 10 % in September from a year earlier , the government said . STOP 
The Consumer Price Index `` A '' , which measures price changes for the 50 % of urban households that spend between 2,000 Hong Kong dollars -LRB- US$ *UNKN* -RRB- and *CUNK* *UNKN* a month , edged up 1.5 % in September from August . STOP 
Index `` B '' , which *UNKS* price changes for the 30 % of urban households that spend between *CUNK* *UNKN* and *CUNK* *UNKN* a month , rose *UNKN* % last month from a year earlier and was up 1.3 % from the *UNKING* month . STOP 
September 's *CUNK* *CUNK* Consumer Price Index , which measures price changes for the 10 % of urban households spending *CUNK* 10,000 and *CUNK* *UNKN* a month , was up 11 % from a year ago and up 1.3 % from August . STOP 
The main factors for the September increase from the previous month were higher prices for services , food and housing . STOP 
Prices fell *UNKLY* for fuel and electricity . STOP 
West German and French authorities have cleared *CUNKER* Bank AG 's takeover of a majority stake in *CUNK* *CUNK* de *CUNK* -LRB- *CUNK* -RRB- , *CUNKER* Bank said . STOP 
The approval , which had been expected , permits West Germany 's second-largest bank to acquire shares of the French investment bank . STOP 
In a first step , *CUNKER* Bank will buy *UNKN* % of *CUNK* for *UNKN* French francs -LRB- $ *UNKN* -RRB- a share , or *UNKN* million francs -LRB- $ *UNKN* million -RRB- . STOP 
*CUNKER* Bank said it will also buy all shares tendered by shareholders on the Paris Stock Exchange at the same price from today through Nov. 17 . STOP 
In addition , the bank has an option to buy a *UNKN* % stake in *CUNK* from Societe Generale after Jan. 1 , 1990 at *UNKN* francs a share . STOP 
*CUNK* Electric Co. , one of Japan 's leading electric wire and cable manufacturers , said *UNKED* pretax profit in the fiscal first half ended Sept. 30 fell 5.3 % to *UNKN* billion yen -LRB- $ *UNKN* million -RRB- from *UNKN* billion yen a year earlier . STOP 
Sales increased *UNKN* % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Net fell 1 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
*CUNK* net fell to *UNKN* yen from *UNKN* yen . STOP 
The growing sales sustained by domestic demand failed to counter rising material metal costs and declining profitability in overseas construction , *CUNK* said . STOP 
*CUNKED* copper product sales were major *UNKS* to overall sales growth . STOP 
Sales by category rose 24 % to *UNKN* billion yen , reflecting increased production in automobile , *UNKER* and electric machine industries , which are major users of wire and cable products . STOP 
Sales for electric *UNKS* and *UNKS* rose *UNKN* % to *UNKN* billion yen . STOP 
West Germany 's *UNKING* index rose a preliminary 0.3 % in October from September and was up 3.3 % from a year earlier , the Federal Statistics Office in *CUNK* said . STOP 
The increase follows a monthly rise of 0.2 % in September from August . STOP 
*CUNK* *UNKING* data for the current month are calculated based on inflation data from the four largest West German states -- *CUNK-* , North *CUNK-* , *CUNK* and *CUNK* . STOP 
The Philippine government awarded Finland 's *CUNK* *CUNK* the contract to *UNK* the facilities of Philippine *CUNKED* *CUNKING* & *CUNKING* Corp. , according to documents from National Development Corp. , one of Philippine company 's owners . STOP 
The project costs $ *UNKN* million , and is intended to boost the company 's production capacity by 25 % to *UNKN* metric tons of copper *UNK* a year . STOP 
*CUNK* is a mining , trading and construction concern . STOP 
September sales at major Japanese retail stores rose *UNKN* % from a year earlier to *UNKN* trillion yen -LRB- $ *UNKN* billion -RRB- , marking the *UNK-* monthly increase , the Ministry of International Trade and Industry announced . STOP 
According to the ministry , retail sales at major department stores were up 12 % to *UNKN* billion yen , while sales at *UNKS* rose 6.7 % to *UNKN* billion yen . STOP 
September 's growth followed a *UNKN* % rise in July and an 8 % increase in August , showing continued expansion at high *UNK-* levels . STOP 
A ministry official said the growth leads to the conclusion the adverse effects of a consumption tax introduced in April have diminished . STOP 
Shell Canada Ltd. said it plans to build a *UNKS* *UNKING* and packaging plant at *CUNK* , *CUNK* , with start-up scheduled for 1992 . STOP 
A spokesman said the plant , which will replace older *UNK* and *UNK* manufacturing plants in Montreal and Toronto , will cost about 50 million Canadian dollars -LRB- US$ *UNKN* million -RRB- to build . STOP 
*CUNK* is about 100 miles *UNK* of Toronto . STOP 
Shell Canada , an oil and gas producer and marketer , is a unit of Royal *CUNK* Group , an *CUNK-* concern . STOP 
When the going gets tough , it 's tough to trade stocks in *UNKAL* Europe . STOP 
That 's the *UNKING* conclusion reached by many international investors and money managers angry at the *UNKS* on Continental stock exchanges during last week 's global market *UNK* . STOP 
They say the recent market volatility has *UNKED* the *UNKS* of the way many European exchanges trade stocks . STOP 
The weaknesses of Continental exchanges are driving some fund managers to switch business to stocks traded on London 's stock exchange , which quotes firm trading prices for about 350 blue-chip issues from 12 major countries . STOP 
`` I 'm not saying London covered itself in *UNK* , but the events of the past week have certainly exposed Europe 's weaknesses , '' says Stewart *CUNK* , a director of *CUNK* *CUNK* Investment Managers in *CUNK* , *CUNK* , which manages about # 6 billion -LRB- $ *UNKN* billion -RRB- in institutional money . STOP 
He says the problems on European exchanges included *UNK-* *UNKS* , delayed execution of buy and sell orders and trading *UNKS* . STOP 
`` The events strengthen London 's hand in becoming the center for trading European stocks , '' Mr. *CUNK* says . STOP 
*CUNK* to *UNUNK* a large block of a French blue-chip company 's shares in Paris for two days last week , a frustrated *CUNK* *CUNK* fund manager finally *UNKED* down her phone in *UNK* and called James Capel & Co. , a London brokerage firm . STOP 
The firm did the trade in seconds on the London stock exchange 's *CUNK* *UNKION* system . STOP 
On so-called *CUNK* Monday , Oct. 16 , stock prices plunged across Europe and trading problems *UNKED* . STOP 
London had some problems , too . STOP 
The London exchange 's electronic *UNKING* system provided only *UNK* , or *UNK-* , prices for about 40 minutes on *CUNK* Monday . STOP 
Some dealers say other traders were n't picking up their phones . STOP 
But London 's problems were nothing compared with the *CUNK* 's . STOP 
In Brussels , which recently spent millions of dollars on a *UNKED* trading system , *UNKED* traders watched *UNKLY* as a software failure before opening on *CUNK* Monday prevented trading for two days . STOP 
For 48 hours , no one had any idea *UNKLY* how much his securities were worth . STOP 
By Wednesday , frustrated *CUNK* brokers *UNKED* the market by using the *UNKED* method of *UNKING* stocks with *UNK* on a *UNK* . STOP 
The *CUNK* computer system finally was *UNKED* and *UNKED* on Tuesday of this week , with the aid of Toronto Stock Exchange officials who developed the system . STOP 
In Frankfurt , which only has a *UNK-* daily *UNKING* session even in the best of times , stocks did n't open for the first 45 minutes because of order *UNKS* that brokers blame on a wave of sell orders from small investors . STOP 
As banks processed *UNK-* *UNKS* of sell orders , the crush led to *CUNK* Monday 's worst decline : German stocks ended down 13 % . STOP 
Exchange officials extended trading hours , 75 minutes on Monday and 65 minutes on Tuesday , to clear up order *UNKS* . STOP 
In France , more than half the top 25 blue-chip stocks -- including such giants as *CUNK* and *CUNK* *CUNK* -- did n't open until Wall Street rallied late in the European trading day , traders say . STOP 
The rally *UNKED* some big sell orders into big buy orders , *UNKING* an *UNK-* problem . STOP 
But by that time , many big institutions had switched business to London . STOP 
`` Belgium was closed for two days , France closed for a couple of hours , Germany was stuck . STOP 
It was a *UNK* , '' says *CUNK* *CUNK* , an investment manager at Robert *CUNKING* Holdings Ltd. 's International Investment Management unit in London . STOP 
`` It 's very *UNKING* that these markets ca n't cope . '' STOP 
On *CUNK* Monday , the volume of German shares traded in London more than tripled to 2.2 million , and the volume of French shares rose 48 % . STOP 
-LRB- By comparison , German domestic stock volume in Frankfurt only doubled that day . -RRB- STOP 
The switch to the London market during such *UNK* times is significant . STOP 
For one thing , the size of the affected market is enormous -- the European stock markets account for some *UNKN* % of global stock market capitalization , with an estimated value of $ *UNKN* trillion , according to Morgan Stanley Capital International . STOP 
The Continental markets alone contribute about *UNKN* % of estimated world market capitalization of $ *UNKN* trillion . STOP 
Though the widely traded shares that are quoted in London account for only a small portion of those *UNKS* , they still are the most closely watched stocks and are often viewed as a *UNKER* for the local markets generally . STOP 
The switch to London *UNKS* the fact that despite the economic restructuring associated with European Community efforts to develop a single market by 1992 , European stock trading remains a highly *UNKED* and very *UNKED* activity . STOP 
*CUNK* this *UNK* , one thing that does n't seem likely to result from 1992 is a single European stock market . STOP 
Rather , there increasingly is a group of international brokerage and trading firms that operate in most European financial centers -- including European giants such as *CUNKS* Bank PLC and Deutsche Bank , as well as Merrill Lynch & Co. and Shearson Lehman Hutton Inc. of the U.S. and Japan 's Nomura Securities Co . STOP 
These firms , which often have acquired a local brokerage firm , are calling the *UNKS* when it comes to deciding in which market to *UNK* a trade . STOP 
And senior officials of two U.S. securities houses say they switched trades in European stocks to the London market last week when they could n't *UNUNK* positions on the *CUNK* . STOP 
*CUNK* , brokers on the *CUNK* are worried , too , mostly by the potential loss of business . STOP 
`` I would be much *UNKER* if this volume -LCB- in German stocks -RCB- were in Frankfurt rather than London , '' says *CUNKER* *CUNK* , head of international equity sales at *CUNKER* Bank in Frankfurt . STOP 
He acknowledges that spreads `` were too wide and *UNKS* too light '' in the extreme conditions on *CUNK* Monday . STOP 
Already the Germans appear to be acting ; at a special meeting on the day of the decline , directors of the Frankfurt Stock Exchange voted to extend their trading hours , although they have n't decided when or by how much . STOP 
A Frankfurt exchange official , *UNKING* the brokers ' *UNKS* , says the market still feels it `` *UNKED* OK during this crash . '' STOP 
The Dutch , who had some trading problems because of *UNK* computer capacity , say new equipment to solve the problems ought to be installed within a month . STOP 
Says a spokeswoman for the Brussels *CUNK* : `` Nobody around here will tell you they are happy the system did n't work . STOP 
But it 's just one of those things that happened . STOP 
Investors can be assured now that this kind of problem can never occur again . '' STOP 
But for others , the *UNKS* *UNK* the promises made after the 1987 stock crash , when similar problems led many markets to develop the new systems that performed so badly last week . STOP 
`` They all said they invested huge amounts of money . STOP 
But they either did n't buy the right machines or they *UNKED* it , '' says *CUNKING* 's Ms. *CUNK* . STOP 
Canadian steel production totaled *UNKN* metric tons in the week ended Oct. 21 , a 5.1 % increase from *UNKN* tons the previous week but a 7.2 % decline from *UNKN* tons a year earlier , Statistics Canada said . STOP 
The federal agency said that in the year through Oct. 21 production totaled *UNKN* tons , up 7.1 % from *UNKN* tons . STOP 
Trinova Corp. said it will resume buying back as many as three million of its common shares under a program announced two years ago . STOP 
Trinova , which had *UNKN* million common shares outstanding Sept. 30 , had *UNKED* *UNKN* shares since October 1987 before this latest announcement . STOP 
The company said it is n't making a commitment to purchase a specific number of shares . STOP 
In New York Stock Exchange composite trading yesterday , Trinova closed at $ *UNKN* , up 12.5 cents . STOP 
*CUNK* Inc. and *CUNK* Inc. said they plan a joint project to develop *UNKAL* products to control such plant diseases as *UNK* , a *UNK* *UNKING* agent . STOP 
Under the plan , the companies will use *CUNK* 's *UNKED* technology to *UNK* *UNKS* such as *CUNKS* *UNKS* , a *UNK* , to enhance their *UNKAL* activity against plant diseases . STOP 
*CUNK* , an agricultural biotechnology concern , said initial work will concentrate on a *UNK* strain of *CUNKS* *UNKS* which has shown promise for controlling *UNK* . STOP 
The strain was discovered by *CUNK* & Co. and licensed to *CUNK* , a unit of Uniroyal Chemical Co . STOP 
*CUNK* is released by *UNKS* during grain and seed storage . STOP 
The recent appearance of *UNK* in such *UNKS* as corn and *UNK* *UNKER* has sparked public concern and consumer scrutiny of food handling and storage procedures . STOP 
European Community employers fear that the EC Commission 's plans for a `` charter of fundamental social rights '' is a danger to industrial *UNKS* . STOP 
`` We do n't want Brussels deciding conditions for workers unless they are necessary and useful , '' said *CUNK* *CUNK* , secretary general of the employers ' *UNKION* *CUNK* . STOP 
*CUNK* -- an *UNK* for the Union of Industrial and *CUNKS* ' *CUNKS* of Europe -- fears that the charter will force EC countries to adopt a single pattern in labor relations . STOP 
Workers and management , Mr. *CUNK* said , would lose the `` flexibility and *UNK* '' that has so far allowed them to *UNK* to local conditions and *UNKS* . STOP 
The British government also strongly opposes the charter in its current form . STOP 
It argues , as does *CUNK* , that labor relations are best left to be regulated at the national level . STOP 
France will *UNK* a slightly *UNK-* version of the charter to be discussed by EC *UNKS* ministers on Monday , officials said . STOP 
But the *UNK* changes are n't expected to win over Britain . STOP 
`` We still have serious differences with the text , '' a British official said , because it provides for a `` regulation of the labor market . '' STOP 
Mr. *CUNK* said the charter would put *UNKER* EC countries such as Spain , Greece and *CUNKAL* at a *UNK* . STOP 
It would force these countries to introduce minimum standards for pay and working hours , and provide for collective bargaining and worker `` participation '' in major corporate decisions . STOP 
This , he warned , would prevent these countries from *UNKING* the difference with their *UNKER* EC *UNK* . STOP 
Indeed , lower wages -- in Greece , they are a third of the EC average -- are n't enough to offset higher transport costs and lower productivity in the southern countries . STOP 
*CUNKING* labor costs , Mr. *CUNK* argued , would only put the countries at a further *UNK* in competing in the *UNK-* EC market planned for after 1992 . STOP 
But the *CUNK* official said that producing a charter acceptable to both Britain and European industry is n't an *UNUNK* goal . STOP 
The charter would just have to be restricted to a list of workers ' fundamental rights , without seeking to impose any *UNKS* . STOP 
A key provision in the current version of the charter would give the commission a *UNK* to produce an `` action program '' *UNKING* on what points EC member states would be required to comply with the goals set out in the charter . STOP 
This provision lies at the heart of the British and *CUNK* fears of `` social engineering '' by the commission . STOP 
One possible political solution , an EC official said , would be for the commission to present the action program in late November , before the adoption of the charter at a summit of EC governments on Dec. 8 and 9 . STOP 
This would leave Britain free to adopt the charter after having *UNKED* the action program . STOP 
The charter was approved by the EC Commission on Sept. 21 . STOP 
France 's Socialist government , which currently holds the council 's *UNKING* presidency , is committed to having the charter adopted by all 12 EC states before the end of 1989 -- the *UNKAL* of the French revolution and its `` *CUNKAL* *CUNKION* of Human Rights . STOP 
*CUNK* *CUNK* , chairman of *CUNK* Brothers *CUNKER* , *CUNK* , Pa. , was named a director of this *UNKING* company , expanding the board to 11 members . STOP 
Sam *CUNK* and his men are late . STOP 
They *UNK* out of their truck and *UNKLY* begin *UNKING* together steel *UNKS* linking a giant storage tank to the *CUNKER* , a *UNKLY* *UNKED* oil well two miles deep . STOP 
If they finish today , the *CUNKER* can pump tomorrow . STOP 
One *UNK* , *UNKING* by his hands from a *UNKER* , *UNKS* his weight on a *UNK-* *UNK* to *UNK* a stuck *UNKING* . STOP 
`` We 've been putting in long hours , '' Mr. *CUNK* says -- *UNK-* weeks and *UNK-* days for the last two months . STOP 
A year ago , when almost nothing was happening amid these *UNK* *UNKS* , `` you 'd spend two days working and two days in the *UNK* , '' he recalls . STOP 
After a three-year *UNK* of uncertain oil prices , *UNK* budget cuts and sweeping *UNKS* , fear is finally leaving the oil *UNK* . STOP 
Independent *UNKS* are *UNKLY* *UNKING* *UNKS* into the Earth 's *UNK* again . STOP 
Some in Big Oil are easing the grip on their *UNKS* . STOP 
Investment capital is *UNKING* back , and oil properties are *UNKING* more . STOP 
*CUNK-* prices are even *UNKING* up . STOP 
What happened ? STOP 
In *UNKEST* terms , stability has quietly settled into international oil markets . STOP 
*CUNK* politics have *UNKED* down and the *UNKING* within the Organization of Petroleum *CUNKING* *CUNKS* seems under control for now . STOP 
`` The fundamentals of supply and demand once again are setting oil prices , '' says Victor *CUNK* , an Arthur *CUNK* & Co. oil expert . STOP 
After years of wild swings , oil prices over the last 12 months have settled at around $ 15 to $ 20 a barrel . STOP 
That is n't the $ 40 that *UNKED* producers a decade ago or the $ 10 that pleased users a year ago . STOP 
But it is high enough to *UNK* the search for future supplies , low enough to promote consumption and , most important , steady enough for both producers and users to believe in . STOP 
Not that oil suddenly is a sure thing again . STOP 
The current *UNK* is *UNK* and depends on steady , strong demand and continued relative *UNK* within OPEC , producer of more than 40 % of the *UNK-* world 's crude . STOP 
A recession or new OPEC *UNK* could put oil markets right back in the *UNK* . STOP 
Also , the new *UNKS* are *UNK* , and some question their extent . STOP 
*CUNKING* activity is still far below eight years ago , there 's no hiring surge and some companies continue to *UNK* . STOP 
With all this , even the most wary oil men agree something has changed . STOP 
`` It does n't appear to be getting worse . STOP 
That in itself has got to cause people to feel a little more optimistic , '' says Glenn *CUNK* , the president of Phillips Petroleum Co . STOP 
Though modest , the change reaches beyond the oil *UNK* , too . STOP 
The same *UNKER* prices that halted U.S. oil exploration and drove many veteran oil men and companies out of the business also played *UNK* with the nation 's inflation rate , the trade deficit and oil users ' corporate and personal budgets . STOP 
Now , at least some *UNK* has returned , for everyone from economists to *UNKS* . STOP 
Corporate planners can plan again . STOP 
`` Management does n't want *UNKS* , '' notes Jack *CUNKS* , who , as *UNKS* director at American Airlines , buys some 2.4 billion *UNKS* of jet fuel a year . STOP 
Prices had been so *UNUNK* that two years ago Mr. *CUNKS* gave up on long-term forecasts . STOP 
And consumers `` should be comfortable , '' adds W. *CUNK* Moore , U.S. deputy secretary of energy . STOP 
`` I do n't see anything on the *UNK* that could lead to a *OUS* rise in the price . '' STOP 
The catalyst for all this has been OPEC . STOP 
About a year ago , it ended an *UNK-* , *UNK-* internal production war that had put prices on a *UNKER* *UNKER* and *UNKED* oil *UNKS* from Houston to *CUNKS* into recession . STOP 
Saudi Arabia , OPEC 's *UNK* , abandoned a policy of *UNKING* the market to *UNK* *UNKS* . STOP 
About the same time , the *CUNK-* war , which was *UNKING* oil markets , ended . STOP 
In addition , global petroleum demand has been climbing . STOP 
It is projected to keep growing by a million barrels a day , or up to 2 % annually , for years to come . STOP 
For OPEC , that 's ideal . STOP 
The resulting firm prices and stability `` will allow both producers and consumers to plan *UNKLY* , '' says Saudi *CUNK* Oil Minister *CUNK* *CUNKER* . STOP 
OPEC *CUNKAL* *CUNK* explains : Consumers offer security of markets , while OPEC provides security of supply . STOP 
`` This is an *UNK* time to find mutual ways -LCB- to prevent -RCB- price *UNKS* from happening again , '' he says . STOP 
To promote this balance , OPEC now is finally *UNKING* a *UNKING* internal problem . STOP 
At its November meeting , it will try to *UNK* its quotas to satisfy *CUNK* Gulf members that can produce far more oil than their *UNKS* . STOP 
*CUNKING* held well below capacity greatly *UNKS* them , and has led to widespread *UNKING* . STOP 
OPEC has repeatedly raised its *UNKED* production ceiling to *UNK* some of that *UNKED* output . STOP 
Oil ministers now hope to solve the issue for good through an Iranian proposal that gives a larger share of output to countries with surplus capacity and reduces the shares of those that ca n't produce more anyway . STOP 
But `` if they walk out without any effort to resolve their problem , production could increase to 23 million or 24 million barrels a day , making for a very *UNK* first quarter , '' warns *CUNK* *CUNK-* , a consultant and former *CUNK* OPEC *UNK* . STOP 
That would send prices *UNKING* from what some *UNK-* U.S. oil executives still regard as too low a level . STOP 
Patrick *CUNK* . Early , president of Amoco Corp. 's *UNKION* unit , says that despite recent stability , he plans continued *UNKING* of costs and exploration spending . STOP 
The view of some others in Big Oil , he maintains , `` is very much -LCB- similar to -RCB- Amoco 's outlook . '' STOP 
Just this week Mobil Corp. disclosed new *UNKS* in its domestic exploration and production operations . STOP 
Out here on the *CUNK* *CUNKS* of New Mexico , however , the mood is more *UNK* ; trucks *UNK* along the *UNK* roads and *UNKLY* men in hard hats *UNK* and *UNK* through the afternoon *UNK* . STOP 
Santa Fe Energy Co. , a unit of Santa Fe Southern Pacific Co. , bought from Amoco the rights that allowed it to *UNK* the *CUNKER* . STOP 
A *UNK* and a half away *UNKS* the *UNK-* *UNK* of the *CUNKER* , due to be *UNKING* by December . STOP 
`` *CUNK* is that everybody is going to *UNK* more wells , '' says *UNK* *CUNK* *CUNK* . STOP 
Santa Fe aims to *UNK* about 30 wells in this area in 1989 and double that next year . STOP 
It is more aggressive than most , but it is n't the only company with a new attitude , as it found when it went looking for a partner for the *CUNKER* . STOP 
`` We went to six companies over two days *UNKING* the prospect , '' says *CUNK* Parker , a Santa Fe exploration manager . STOP 
`` Five were interested . '' STOP 
Mitchell Energy & Development Corp. became the partner , *UNKING* up more than half of the $ *UNKN* in drilling and start-up costs . STOP 
Mitchell will get a *UNKEST* in the oil . STOP 
`` A kind of *UNKS* *UNK* '' had been *UNKING* activity , says Don *CUNK* , Mitchell 's oil exploration chief . STOP 
Now `` everybody is a lot more optimistic . '' STOP 
One *UNKION* for oil operators here and in other fields is the *UNK-* cost of drilling and equipment , reflecting service companies ' *UNKER* for work . STOP 
*CUNK* Oil Co. , a small Texas independent , is currently drilling two wells itself and putting money into three others . STOP 
One of its wells , in *UNK* Oklahoma , is a `` *UNK* *UNK* , '' a risky well where oil previously has n't been found . STOP 
`` At this price , $ 18 plus or *UNKS* , and with costs being significantly less than they were several years ago , the economics are pretty good , '' says George *CUNK* , head of the company . STOP 
`` If you know you 've got stability in price , you can do things you would n't do with the volatility of the past few years . '' STOP 
The activity is enough to move some *UNK-* prices back up a little . STOP 
Some *UNK-* prices have risen 5 % in the past month . STOP 
In the Gulf of Mexico , a *UNK* to deliver supplies to *UNK* *UNKS* now costs around $ 3,000 a day , up nearly 60 % since June . STOP 
Some service *UNKS* recently were *UNKED* for about $ 1.7 million each , up from less than $ 1 million two years ago . STOP 
At the bottom of the slump , *CUNKER* Inc. was discounting 75 % on an electronic evaluation of a well ; now it discounts about 50 % , *UNKS* say . STOP 
Still , there is money to be made . STOP 
Most oil companies , when they set exploration and production budgets for this year , forecast revenue of $ 15 for each barrel of crude produced . STOP 
Prices have averaged more than $ 2 a barrel higher than that -- not a *UNK* , but at least a *UNK* bonus for them . STOP 
So , according to a Dun & Bradstreet Corp. survey , companies that had been *UNKING* to spend even their very conservative budgets may *UNK* up before year end . STOP 
It says 40 % of those surveyed report that 1989 exploration spending will exceed 1988 's . STOP 
Funds for drilling may *UNK* up more next year if oil prices stay stable . STOP 
Texaco , thinking in terms of $ *UNKN* oil for 1990 , may raise spending , especially for *UNK-* prospects , an official says . STOP 
*CUNK* investors , *UNK* since *UNK* , are *UNKING* back . STOP 
Although `` it 's still difficult to raise money for a pure *UNK* program , '' says William Thomas , a Texas Commerce Bank official in Houston , `` institutions are starting to see there are cycles to these things , and this one is beginning to turn . '' STOP 
Wall Street generally likes the industry again . STOP 
The appetite for *UNK-* stocks has been especially strong , although some got hit yesterday when Shearson Lehman Hutton cut its short-term investment ratings on them . STOP 
*CUNKS* such as Parker *CUNKING* Co. are raising cash again through stock offerings , and for the first time in years , two *UNK-* companies recently went public . STOP 
-LRB- They are Grace Energy Corp. of Dallas and Marine *CUNKING* Co. of Houston . -RRB- STOP 
Most oil companies are still reluctant to add to the office and professional staffs they slashed so deeply . STOP 
But a few new spots are opening . STOP 
Arthur *CUNK* , the accounting firm , has increased its energy staff 10 % in a year . STOP 
Out in the oil fields , if activity picks up much more , shortages could appear because so many *UNKS* , *UNKS* and others left after the crash . STOP 
Already `` it 's hard to get people . STOP 
They 're so busy , '' says one Santa Fe drilling *UNK* here . STOP 
For most field workers , it 's about time . STOP 
Mr. *CUNK* , who arrived late at the *CUNKER* with his *UNK* because he had started early in the morning setting up tanks at another site , just got the first raise he can remember in eight years , to $ 8.50 an hour from $ 8 . STOP 
Norman Young , a `` *UNKER* '' at the *CUNKER* well , has worked all but about nine days of this year . STOP 
Last year , `` I was off a straight month , then one time for two to three weeks and another two to three weeks , '' he says . STOP 
*CUNK* *CUNK* , who sells *UNK-* equipment for Davis *CUNK* Co. , is also busy . STOP 
A native of the area , he is back now after riding the *UNK-* boom to the top , then *UNKING* the *UNK* running an Oklahoma City *UNK* store . STOP 
`` First year I came back there was n't any work , '' he says . STOP 
`` I think it 's on the way back now . STOP 
But it wo n't be a boom again . STOP 
No major *UNKS* , no major *UNKS* , '' he predicts . STOP 
Business has been good enough that he just took a *UNK-* weekend trip to the mountain area of *CUNK* , something `` I have n't done in years . '' STOP 
The figures confirm that there certainly is n't any drilling boom . STOP 
Only *UNKN* wells , including *UNKN* dry *UNKS* , were *UNKED* for oil and natural gas in the U.S. in the first nine months of the year , down *UNKN* % from the like 1988 period . STOP 
But that was off less than at *UNK* , when *UNKS* lagged by *UNKN* % . STOP 
And the number of *UNKS* active in the U.S. is *UNKING* up . STOP 
According to Baker Hughes Inc. , *UNKN* *UNK* *UNKS* were at work in the U.S. last week , up from the year-ago count of *UNKN* . STOP 
-LRB- In 1981 , before the *UNK* , the *UNK* count was above 4,000 . -RRB- STOP 
*CUNKAL* *UNK-* use shows a similar upward trend . STOP 
Some equipment going to work is almost new . STOP 
Grace Energy just two weeks ago *UNKED* a *UNK* here 500 miles from *CUNK* , *CUNK* , to *UNK* the *CUNK* well , a *UNK-* , $ *UNKS* natural gas well . STOP 
The *UNK* was built around 1980 , but has *UNKED* only two wells , the last in 1982 . STOP 
Until now it had sat idle . STOP 
For *CUNK* *CUNKING* , owner and a *UNK* at the *CUNKS* *CUNK* *CUNK* , a *UNK* building in *UNK* , all this has made for a very good year . STOP 
After *UNKN* a.m. or so `` we have them standing and waiting , '' she says , as she *UNKS* out orders for *UNKS* and the daily special -LRB- *UNKED* *UNK* beef , *UNK* and *UNK* *UNKER* *UNK* on whole wheat , *UNK* *UNK* , *UNKED* *UNKS* and *UNKING* , plus coffee or *UNKED* tea . STOP 
Price : $ *UNKN* -RRB- . STOP 
Mike *CUNKER* , a *UNK* , is even making it in his new career as an entrepreneur . STOP 
He started *CUNK* *CUNKS* Inc. a year ago with a loan from a friend , since repaid , and now employs 15 . STOP 
He got three trucks and a *UNK* cheap . STOP 
`` I want to add one more truck , '' Mr. *CUNKER* says . STOP 
I sense that it 's going to continue to grow . STOP 
That 's the word . STOP 
The word is out . STOP 
*CUNK* people , including a supervisor of Security Pacific National Bank 's central *UNK* , were arrested in an investigation of an alleged drug *UNKING* operation . STOP 
The U.S. Attorney 's office filed a criminal complaint against six bank employees charging them with conspiracy in the scheme , which apparently was capable of handling millions of dollars a week by *UNKING* cash through *OUS* bank accounts . STOP 
Two other men also were charged with participating in the operation . STOP 
The *UNKS* capped a *UNK-* investigation by the Internal Revenue Service , the U.S. Attorney 's office and a Security Pacific internal investigation team . STOP 
Walter S. *CUNKER* , executive vice president and general *UNK* of the bank 's parent , Security Pacific Corp. , said no bank funds were at risk during the investigation . STOP 
*CUNKED* were Jose O. *CUNK* , 27 years old , of *CUNKER* , Calif. , the *UNK* supervisor ; Carlos O. *CUNK* , 29 , of La *CUNK* ; *CUNKS* A. *CUNK* , 36 , of Los Angeles ; *CUNK* *CUNKS* Jr. , 32 , of *CUNK* Park ; *CUNKS* *CUNK* , 37 , of Bell Gardens ; and *CUNK* L. *CUNK* , 27 , of *CUNK* Park . STOP 
*CUNK* M. *CUNK* , 27 , of Los Angeles , and *CUNK* N. Madison , 27 , of *CUNK* , were also charged with participating in the conspiracy . STOP 
Each defendant faces a possible sentence of 20 years in prison and $ 250,000 in fines . STOP 
The defendants could n't immediately be reached for comment . STOP 
S.A. Brewing Holdings Ltd. began *UNKING* the *UNK* to launch a rival offer for Bond Corp . Holdings Ltd. 's Australian brewing operations . STOP 
Such an offer could *UNK* a plan by *CUNKION* Nathan Ltd. of New Zealand to acquire half the brewing interests . STOP 
But it would probably increase the amount of cash that *UNK-* Bond Corp. would earn from the transaction . STOP 
Australia 's National Companies and Securities Commission said it will allow S.A. Brewing to acquire an option on as much as 20 % of Bell Resources Ltd. , a unit of Bond Corp. that is in the process of acquiring Bond Corp. 's brewing businesses for 2.5 billion Australian dollars -LRB- US$ *UNKN* billion -RRB- . STOP 
S.A. Brewing , which is *UNKED* by *CUNKS* *CUNK* Ltd. , Australia 's largest *UNKER* , will make a takeover offer for all of Bell Resources if it *UNKS* the option , the corporate regulators said in a statement . STOP 
Bond Corp. , a brewing , property , media and resources concern controlled by financier Alan Bond , is selling many of its assets to reduce an A$ 6.9 billion debt . STOP 
*CUNK* to what might be expected based on the headline on John R. *CUNK* 's recent Money *CUNKS* article -LRB- `` *CUNKS* *CUNK* *CUNKS* Right Where It *CUNKS* '' Oct. 3 -RRB- , I was able to stand *UNKLY* before my *UNUNK* finance students and *UNK* that the findings of your *UNK* experiment on stock picking is completely consistent with what they have been taught in the *UNK* . STOP 
In particular , I do not find the fact that your group of pros ' monthly *UNKS* of four stocks *UNKS* the market in general to be *UNK* with market efficiency . STOP 
Mr. *CUNK* states that an investor who invested $ 100,000 a year ago in the first four stocks selected by your pros and then sold those one month later , purchasing the four new pro picks , and repeated this process for the year would have *UNKED* $ *UNKN* , excluding account dividends , taxes and commissions . STOP 
In contrast , an investor holding the Dow Jones portfolio over the year would have *UNKED* only $ *UNKN* . STOP 
*CUNKED* *UNKS* of asset pricing offer a perfectly legitimate explanation . STOP 
*CUNKED* *UNKS* state that investors require higher returns on riskier investments . STOP 
Thus , rather than seeing the excess returns to the *UNKED* portfolio as being *UNKAL* , I see those returns as simply *UNKS* for taking on added risk . STOP 
I believe the risk for each individual stock selected by your pros is very large . STOP 
If you asked me to select a stock with the highest expected return , I would select a stock with the greatest amount of *UNUNK* risk , as I am sure your pros do . STOP 
Your *UNKAL* investor is simply being *UNKED* for taking on this added risk . STOP 
Moreover , your *UNKAL* investor has *UNK* the gains to be had in reducing risk by *UNKING* his portfolio . STOP 
A *UNK-* portfolio is still exposed to a great deal of unnecessary risk . STOP 
This means the returns can vary a great deal . STOP 
Mr. *CUNK* provides *UNKING* evidence of this phenomenon when he reports that your staff of *UNK* *UNKS* would have *UNKED* only $ *UNKN* by *UNKLY* *UNKING* four new stocks to be held in a portfolio each month . STOP 
Scott E. *CUNK* Texas *CUNK* University *CUNK* , Texas Your Investment *CUNK* article *UNKS* the target . STOP 
The fact that stock *UNKS* have *UNKED* a *UNKLY* selected portfolio in eight of 12 months has no *UNKING* on the *UNK-* theory . STOP 
What matters is that the stocks recommended by your pros tend to be substantially riskier than a diversified portfolio . STOP 
For example , your *UNKS* ' recommendations for the coming month are , on average , *UNKN* % riskier than holding the market portfolio according to Value Line 's *CUNK* estimates . STOP 
James Morgan 's pick for October -- *CUNK* -- is a substantial 35 % riskier than the market portfolio ; his *UNKED* *CUNK* *CUNK* pick is 40 % riskier . STOP 
*CUNK* C. *CUNKER* STOP 
Peter W. *CUNKS* , president of *CUNK* University , Bethlehem , Pa. , was elected a director of this maker of industrial *UNK-* parts and systems . STOP 
His appointment *UNKS* the board to 13 members . STOP 
California *CUNKS* *CUNK* Travel *CUNKS* *CUNK* STOP 
*CUNK* A *CUNK* agent used to be pretty *OUS* . STOP 
Now it 's getting *UNK* dangerous . STOP 
In recent months , more than 25 agencies have been *UNKED* , compared with only a handful all last year , according to police and *UNK-* groups . STOP 
Most of the cases have been in California , where one agent was *UNKED* and another was shot and killed . STOP 
Los Angeles police say the *UNKS* seem to be part of a crime network that knows how to convert *UNK* tickets into real ones . STOP 
Already , the stolen tickets have been used for flights all over the world . STOP 
So far , the *UNKS* have stolen *UNKN* *UNK* tickets , according to *CUNK* *CUNKING* Corp. , a ticket processing center . STOP 
Police say the *UNKS* are usually pulled off by two to five men , who walk into the agencies near closing or lunch time , when few employees are there . STOP 
`` They looked like ordinary *UNKS* at first , '' says *CUNKLY* *CUNK* , owner of Travel Air Service in *CUNK* *CUNK* , Calif. , describing five men who entered his agency last June . STOP 
But then , he says , they put two *UNKED* *UNKS* to his *UNK* and demanded he open the safe . STOP 
When he initially refused , he says , they *UNKED* him in the back and made off with $ 2,000 and *UNKN* *UNK* tickets . STOP 
`` They said they wanted to show me how serious they were , '' he says . STOP 
As word of the crime spree has spread , many agents have started changing their *UNK-* policies . STOP 
At El *CUNK* Travel Center in El *CUNK* , Calif. , customers now can get in only through a *UNKER* and lock system . STOP 
`` It 's hard to deal with clients this way in a service business , '' says Ralph `` *CUNK* '' Conner , owner of the agency , which was *UNKED* of 180 *UNK* tickets and $ 850 last month . STOP 
`` But we 're just too nervous . '' STOP 
The *UNKS* also have set off a controversy involving the airlines . STOP 
*CUNKS* say airlines , which track ticket numbers of all stolen tickets , should be doing more to catch the *UNKS* by *UNKING* the tickets when they 're used . STOP 
`` They have the most sophisticated computers in the world , '' says Mr. *CUNK* . STOP 
`` They ought to be able to do this . '' STOP 
But airlines say it would be too expensive and cause too many delays if they started using computerized *UNKS* to check tickets at the *UNK* . STOP 
Texans *CUNK* *CUNK* Car *CUNKAL* Insurance STOP 
*CUNK* advocates have long claimed that car rental companies charge too much for car rental insurance . STOP 
Now , a new law in Texas seems to be providing the proof . STOP 
The law -- the first of its kind -- requires car rental companies in Texas to charge only `` reasonable '' rates for *UNK-* *UNKER* insurance . STOP 
*CUNKLY* , the law says the rates must closely reflect what the company 's actual expenses have been to replace damaged cars . STOP 
Before the law went into effect last month , car rental companies were charging as much as $ 12 a day for the *UNKER* in Texas . STOP 
Now , they 're charging as little $ 3 a day . STOP 
`` If they 're telling the truth now , then they 've been charging 300 % more than what is reasonable , '' says Steve *CUNKER* , an assistant state attorney general in Texas . STOP 
A spokesman for *CUNK* Corp. acknowledges , `` The *UNKER* is n't a source of protection for consumers , but a source of revenue . '' STOP 
But *CUNK* points out that at least it 's now charging only $ *UNKN* a day in Texas , while some competitors are charging $ *UNKN* . STOP 
The state attorney general 's office is investigating rental car agencies charging *UNKLY* higher prices . STOP 
*CUNK* *CUNKS* *CUNK* Before *CUNKS* Even Land STOP 
*CUNK* *CUNK* *CUNK* *UNK* seems a little *UNK* , it may be because he or she has been working 20 straight hours . STOP 
A recent study for the Federal Aviation Administration found that major airlines sometimes make flight attendants work 16 hours or more straight -- despite union contracts at some airlines limiting duty time to 14 hours . STOP 
Some flight attendants on charter planes are putting in *UNK-* work days , the study found . STOP 
This happens because the *CUNK* does n't have any rules on duty time for flight attendants ; by contrast , it *UNKLY* *UNKS* duty time for pilots and air traffic *UNKS* , usually to a maximum of 10 consecutive hours . STOP 
`` As far as the *CUNK* is concerned , '' says *CUNK* *CUNK* , air safety director at the Association of *CUNK* *CUNKS* , `` flight attendants can work an *UNKED* number of hours . '' STOP 
*CUNKS* say such long hours for attendants *UNK* a safety risk . STOP 
For instance , *UNKED* flight attendants might not *UNK* quickly enough during an emergency *UNKION* . STOP 
`` At the end of their day , they are *UNKS* , '' says John *CUNK* , president of the Aviation Safety Institute , a *UNKEST* group in *CUNK* , Ohio . STOP 
`` They have to work such long hours and then we expect them to be *UNKS* if there 's an *UNKION* . '' STOP 
In response to the study , the *CUNK* says it is considering changing its policy -- or lack of it -- on flight attendants . STOP 
The agency may not have much choice : A congressional bill has been introduced that would force the agency to limit flight *UNK* duty time to 14 hours on U.S. flights and 16 hours on international trips . STOP 
*CUNKS* and *CUNKS* STOP 
*CUNK* *CUNK* *CUNK* the latest *UNKION* for travelers stuck at some *UNKS* . STOP 
*CUNKED* golf games , in which players hit golf *UNKS* into *UNKS* , have been installed at *UNKS* in Denver and Pittsburgh ... . STOP 
The average cost for *UNK* at a `` decent '' hotel restaurant in New York is $ *UNKN* , according to Corporate Travel magazine . STOP 
The *UNKEST* , among 100 cities surveyed , was $ *UNKN* in El *CUNK* , Texas . STOP 
Mark *CUNK* *CUNKS* was named executive vice president and chief financial officer . STOP 
Mr. *CUNKS* , 39 years old , formerly was *UNKER* and chief accounting officer at *CUNKS* Communications Inc . STOP 
Management Co. manages *UNKS* and produces , markets and finances entertainment . STOP 
Why do you *UNKLY* ignore the *OUS* effects of indexing the basis of capital gains for inflation ? STOP 
Why do you maintain the *CUNKED* capital-gains plan is a `` temporary '' reduction when it is not ? STOP 
I think the reason is that you are confusing tax `` rates '' with tax `` payments . '' STOP 
Your Sept. 29 *UNK-* story on the *CUNKED* capital-gains plan is a good example . STOP 
You lead readers to believe that the House reduced the capital-gains tax for two years only . STOP 
You virtually ignore the *UNKING* power of *UNKION* , which in many cases is more substantial than a lower rate . STOP 
The monetary tax benefit of *UNKION* for all gains in excess of inflation can be measured using the following *UNKION* : tax rate , times inflation rate , times basis for the gain . STOP 
*CUNKING* on the size of the gain and the rate of inflation , *UNKION* can mean a lower tax payment than using the *UNKN* % rate without *UNKION* . STOP 
But in any event -- and this is the important point -- tax `` payments '' on capital gains will be lower with *UNKION* than under current law , even though the tax `` rate '' is the same under both systems . STOP 
As you can see , the capital-gains reduction plan adopted by the House would not be temporary , but permanent . STOP 
I hope that you begin talking about the plan 's permanent and , in my view , most beneficial feature -- *UNKION* . STOP 
Rep. Robert K. *CUNK* -LRB- R. , Calif . -RRB- Washington STOP 
That the *UNKION* for the two-year reduction to *UNKN* % is *UNK* does not mean it is not in the public interest . STOP 
The reduction *UNKS* the burden on portfolio changes and *UNKS* capital to seek more *UNK* or more appropriate uses . STOP 
But what is really significant is the *UNKION* of capital gains after 1991 . STOP 
To argue that this is `` not likely '' to affect the economy in positive ways is contrary both to recent experience with capital-gains tax cuts and to common sense . STOP 
A large part of the long-term appreciation of assets reflects inflation , and the taxation of *UNKED* capital gains is *UNKION* . STOP 
Does the Journal really believe that people ignore the prospect of having a substantial part of their capital *UNKED* when they decide whether to save or how to invest ? STOP 
Under current law , it is not financially rational to *UNK* consumption . STOP 
Real , *UNK* returns from financial assets are on the order of 1 % or 2 % a year . STOP 
The capital-gains tax reform is a step toward *UNKING* one of the *UNKEST* structural weaknesses of the U.S. economy , the closely connected *UNK* of low savings rates , weak capital formation and high capital costs . STOP 
J. *CUNK* *CUNK* Richmond , Va . STOP 
*CUNK* *CUNKLY* , 41 years old , was elected president and chief operating officer of this designer and marketer of graphics , video , cable and other *UNKED* equipment . STOP 
He succeeds Alfred *CUNK* *CUNK* , 66 , who continues as chairman and chief executive officer . STOP 
Mr. *CUNKLY* formerly was group vice president of marketing and product planning for *CUNK* and president of the *UNKS* and video products division . STOP 
*CUNK* Grace & Co. said it formed a new *UNKS* company by combining its *UNKS* and *UNKS* business with Sierra Chemical Co. , *CUNKS* , Calif . STOP 
Grace , a maker of specialty chemicals that already owned about 30 % of closely held Sierra , said it owns a 49 % stake in the new company . STOP 
Grace said it did n't invest any additional capital in the venture , which will be known as *CUNK-* *CUNKAL* Products Co . STOP 
The business is expected to have sales of about $ 100 million in 1990 , Grace said . STOP 
The new company 's product lines will be aimed at *UNKS* , *UNKS* and the lawn and garden industry . STOP 
The Financial Accounting *CUNKS* Board said it will soon issue a rule requiring disclosure about the financial risk of certain financial instruments . STOP 
But the chief *UNKING* body for accountants backed off one part of its original proposal made earlier this year that would have required a breakdown of certain *UNK-* items related to *UNK-* sheet instruments . STOP 
The *UNK-* detail was opposed by many banks and thrifts that felt the cost of *UNKING* such data was n't worth the value of the *UNKS* . STOP 
Under the initial proposal , for example , banks would have been required to disclose that portion of *UNKS* for loan losses that reflects specific letters of credit for which customers had *UNKED* . STOP 
The final rule wo n't require such a breakdown of the *UNKS* for loan losses , which appears on the balance sheet . STOP 
The FASB rule will cover such financial instruments as interest rate *UNKS* , financial guarantees , *UNK* interest rate contracts , loan contracts , loan commitments and options written on *UNKS* held . STOP 
It will require companies to *UNK* out in more detail collateral *UNKS* and *UNKS* of credit risk for all financial instruments . STOP 
The rule will require companies with financial instruments that have *UNK-* sheet risks to disclose data about the value and terms of the instruments , any accounting loss that would occur if the outside party involved in the instrument failed to perform , and the company 's policy for requiring collateral or other security for the instrument . STOP 
Scott Miller , an FASB project manager , said that a final rule will be issued before year end . STOP 
But he noted that the initial effective date of the earlier proposal had been delayed by six months . STOP 
*CUNK* Savings Bank said a plan to sell its South Carolina branch offices to First Citizens Bank , of Columbia , *CUNK* , fell through . STOP 
*CUNK* also expects to post a one-time charge of $ 8.3 million , resulting in a net loss for the third quarter . STOP 
The charge represents a write-down of the *UNK* associated with *CUNK* 's investment in the banks it is trying to sell and its North Carolina branches as well . STOP 
The thrift announced the plan Aug. 21 . STOP 
Among other reasons , high fees regulators imposed on certain transfers of thrift deposits to commercial banks `` substantially *UNKED* the economics of the transaction for both parties , '' *CUNK* said . STOP 
*CUNKLY* , the bank is increasing its loan-loss reserves for the third quarter by $ 8.5 million before taxes . STOP 
In the year-earlier third quarter , *CUNK* Savings had net income of $ 2.8 million , or 77 cents a share . STOP 
*CUNK* said it is continuing to try to sell itself , under a June agreement with a *UNKER* group . STOP 
The bank also said its effort would continue past the Nov. 1 deadline set in that agreement and that the litigation between the two sides might resume as a result . STOP 
The thrift and the holders had suspended their lawsuits as part of the agreement . STOP 
Joe Frank *CUNK* Jr. was elected president and chief executive officer of this *UNK* producer . STOP 
Joe Frank *CUNK* , who is currently chairman , chief executive and treasurer , will remain chairman . STOP 
The current president and chief operating officer , J. *CUNK* Johnson , was elected to the new position of vice chairman of the board . STOP 
*CUNK-* Inc. was dropped from the consumer services industry group of the Dow Jones Equity Market index because the company split itself in a restructuring . STOP 
It was succeeded in the group by *CUNK* Industries Inc . STOP 
Both moves are effective today . STOP 
A potentially safer *UNKING* *UNK* vaccine made by novel genetic engineering techniques was described by a team of Italian , U.S. and Japanese scientists . STOP 
The team reported they managed to induce bacteria to produce a *UNK-* version of the *UNKS* produced by the *UNK* that causes *UNKING* *UNK* . STOP 
Laboratory tests showed that *UNK-* versions of the *UNKS* are capable of *UNKING* an *UNK* to *UNKING* *UNK* , the researchers reported in this week 's issue of the journal Science . STOP 
The current vaccine for *UNKING* *UNK* , or *UNKS* , is part of the `` *CUNK* '' -LRB- for *UNK* , *UNKS* , *UNKS* -RRB- shot given most *UNKS* and young children . STOP 
The vaccine is effective in *UNKING* a disease that still *UNKS* about 60 million children a year world-wide , causing an estimated one million deaths . STOP 
The vaccine , however , causes *UNK* reactions that can be *UNKAL* . STOP 
The reactions stem from the fact that the vaccine contains multiple copies of the whole *CUNK* *UNKS* *UNK* , which causes *UNKING* *UNK* . STOP 
This *UNK* produces a toxin that , if used as a vaccine , can induce *UNK* to *UNKING* *UNK* . STOP 
Unfortunately , the toxin is also *OUS* . STOP 
The *CUNKED* scientific team said they had succeeded in getting bacteria to produce a *UNK-* version of the *UNKS* toxin , which could be used as a safe vaccine . STOP 
The researchers reported they have been able to *UNK* the five genes that produced the toxin out of the *UNKS* *UNK* . STOP 
It turned out that although it took all five genes to produce the toxin , only one was responsible for the toxin 's *UNK* . STOP 
*CUNKLY* in genetic engineering each of these genes , *UNKS* the one that caused the *UNK* , would have been transferred to another *UNK* , called E. *UNK* , which would then produce a *UNK* version of the toxin . STOP 
The researchers said they did this , but the toxin did n't induce *UNK* to *UNKING* *UNK* . STOP 
The scientists then took the five toxin genes and triggered a *UNKION* in the one gene that caused *UNK* . STOP 
Then , using a new technique -LRB- called *OUS* *UNKION* -RRB- for introducing genes into cells , they transferred all five genes to bacteria closely related to the *UNKS* *UNK* . STOP 
These *UNKAL* `` *UNKS* '' *UNKLY* do n't make the toxin . STOP 
But the genes were accompanied by a piece of *CUNK* , called a *UNKER* , that turns the genes on . STOP 
The new bacteria *UNKS* of the genes began producing *UNKS* toxin which , because of the *UNK* *UNK* gene , was no longer *UNK* . STOP 
*CUNKS* showed that the new , *UNK-* toxin is capable of *UNKING* *UNK* , according to the researchers from the *CUNK* Research Center in *CUNK* , Italy , the Medical College of Wisconsin in *CUNK* and the Japanese National Institutes of Health . STOP 
Carl E. *CUNK* , president and chief executive officer of Bank One , *CUNKER* , has been named regional president , a new post at the *UNKING* company . STOP 
Mr. *CUNK* , 56 years old , will be responsible for the company 's 10 banks in the Eastern region . STOP 
Dan J. *CUNK* , 41 , executive vice president of Bank One , *CUNKER* , was named president and chief executive of the *CUNKER* bank , succeeding Mr. *CUNK* . STOP 
No one was named to succeed Mr. *CUNK* . STOP 
At a time when foreign banks are pouring vast resources and personnel into West Germany 's financial center , the opening of a *UNK-* office on a Frankfurt side street should n't attract much attention . STOP 
Unless , of course , it happens to be run by the Rothschilds . STOP 
After an *UNK-* absence from the *UNK* of the family banking empire , the return of the Rothschild group to Frankfurt was *UNKED* by the *UNK* of television *UNKS* , *OUS* reporters and a mayoral *UNKION* in *CUNK* Hall . STOP 
Like other foreign banks establishing a presence here , the family describes its move as a calculated decision to set up a financial services *UNK* in Europe 's largest economy ahead of the integration of European Community markets after 1992 . STOP 
Yet the Rothschilds do n't deny an emotional element to the decision . STOP 
In *UNKN* , *CUNKER* *CUNK* Rothschild founded *CUNKS* *CUNK* Rothschild & Sons and later sent his four *UNKS* to London , Paris , *CUNK* and *CUNKS* to begin the bank 's expansion during the early *UNK* century . STOP 
The original bank in Frankfurt closed in *UNKN* after the death of *CUNK* Carl *UNK* Rothschild , and the family 's banking activities focused on London and Paris . STOP 
*CUNK* *CUNK* de Rothschild , the family 's *UNKER* spokesman , explains that by the end of the *UNK* century , Berlin had replaced Frankfurt as Germany 's financial center . STOP 
Yet the chief reason for the *UNK* , he says , was *UNKED* in a family tradition that would n't allow a bank to bear the Rothschild name without a Rothschild in its management . STOP 
`` At the time we had only daughters , '' explains the *UNK-* *UNK* , `` so we had to close the bank . '' STOP 
Much of the family 's *UNK* remained . STOP 
Although its *UNKAL* *UNK* was destroyed by *UNKS* during World War II , the Rothschilds ' place in Frankfurt 's history is still *UNKED* by the city park and a street *UNKING* the Rothschild name . STOP 
The family 's long absence is *UNUNK* . STOP 
The family was in Allied countries during both World War I and the long period of economic *UNK* of the *UNKS* . STOP 
During the Third *CUNK* , the Rothschilds were a target of *CUNK* *UNK* against Jewish *UNKS* . STOP 
The *UNKION* *UNKED* the Rothschilds across Europe as the *CUNKS* *UNKED* countries , *UNKING* the family 's property in the process . STOP 
American *UNK* William L. *CUNKER* , in his book `` The *CUNK* and *CUNK* of the Third *CUNK* , '' wrote of how in *CUNK* he had *UNKED* `` *UNKS* of -LCB- *CUNK* -RCB- *CUNK* men *UNKING* off silver , *UNKS* , paintings and other *UNK* from the Rothschild *UNK* . '' STOP 
In the immediate *UNK* years , the Rothschilds concentrated on *UNKING* their other European operations , *UNKING* their return to Frankfurt . STOP 
`` For a member of the Rothschild family , the return to Frankfurt is a very *UNK* event , although it might not mean as much to German banking as it means to us , '' says *CUNK* David de Rothschild , *CUNK* 's younger *UNK* and a partner in Rothschild & Cie . *CUNK* in Paris . STOP 
Indeed , the competition is n't greatly concerned . STOP 
`` It would be surprising if they did n't come to Frankfurt in time for 1992 , and they bring an interesting tradition . STOP 
But the market really is n't going to be stood on its head , '' said a banker at one of Frankfurt 's Big Three banks . STOP 
The return of the Rothschilds is modest . STOP 
The new representative office , with one manager and two *UNKS* -- none a member of the Rothschild family -- will carry out no banking operations of its own . STOP 
Instead , it is to seek out corporate financing business and sell investment products on behalf of the family 's *UNK* banking units : *CUNK* *CUNK* Rothschild & Sons Ltd. in London , Rothschild & *CUNK* in Paris and Rothschild Bank AG in Zurich . STOP 
The *UNKS* do n't *UNKER* the office 's *UNK-* manager , *CUNK* *CUNKER* . STOP 
He left his job as general manager of Shearson Lehman Hutton Holdings Inc. 's Frankfurt office because , he says , `` When the Rothschilds called , I could n't *UNK* . '' STOP 
Each Rothschild bank is linked by family ties and *UNK-* . STOP 
In March , *CUNK* *CUNK* Rothschild in London and Rothschild Bank in Zurich showed assets of # 4.1 billion -LRB- $ *UNKN* billion -RRB- and *UNKN* billion Swiss francs -LRB- $ *UNKN* million -RRB- , respectively . STOP 
The Paris bank does n't publish that figure . STOP 
In Europe , the Rothschilds banks are focusing on mergers and acquisitions as European industry *UNKS* ahead of 1992 . STOP 
Yet the group 's limited resources makes it a niche player . STOP 
`` Obviously , there are *UNK* limitations on the assistance we can provide , '' concedes *CUNK* David de Rothschild , `` but we feel we have some cards to play . '' STOP 
Among them , he says , is the family 's traditional ties to old wealth and *UNKS* in banking and industry throughout Europe and beyond . STOP 
The Rothschilds hope to use a long history in private banking and an *UNK* of *UNK* to attract private and institutional investors . STOP 
As at the Zurich bank , the minimum investment for individuals will be high : about a million German marks -LRB- $ *UNKN* -RRB- , three times what many other West German investment banks require . STOP 
`` But we do make exceptions , '' says a *UNKING* *CUNK* *CUNK* de Rothschild , `` especially if they are very young and have very rich parents . STOP 
As program trading comes under renewed attack for causing stock market gyrations , a few people on Wall Street say it is time to consider extreme measures . STOP 
The real answer to *UNKING* wild swings in stock prices , they say , might be to curb or even *UNK* stock-index futures . STOP 
A stock-index future is a contract to buy or sell the market value of a basket of stocks , such as the Standard & Poor 's 500-stock index . STOP 
Since stock futures were created in 1982 , trading on the Chicago Mercantile Exchange and other exchanges has *UNKED* to the point where trading in stock-index futures rivals that in the stocks themselves . STOP 
The conventional view , as *UNKED* by Goldman , Sachs & Co. partner *CUNKER* Black , is that stocks and `` *UNKS* '' such as futures and options `` form a single market , and that *UNKS* make it a more liquid market . '' STOP 
But increasingly , people are *UNKING* that view , and the critics include some of the country 's most successful investors . STOP 
Warren *CUNK* has been on record as opposing stock-index futures since their *UNKION* in 1982 . STOP 
And *CUNK* *CUNK* , another star in the investing world , says , `` My *UNK* says the *UNKS* of futures and *UNKS* far *UNK* the benefits . '' STOP 
Like others , Mr. *CUNK* says that if futures cause investors to lose confidence in stocks , they will move away from stocks -- as many have already done . STOP 
And those who remain , he says `` will demand a higher return and over time raise the cost of capital to companies . '' STOP 
*CUNKLY* , the critics of stock-index futures fall into two *UNKS* . STOP 
One group says the futures contribute to stock market volatility ; the other contends that futures are a *UNK* of speculation that *UNKS* from the stock market 's basic function of raising capital . STOP 
`` Before futures , '' says New York investor Michael *CUNKS* , `` you actually had to pay attention to whether the thing you were buying had any *UNK* value . '' STOP 
While it was once expected that futures would *UNK* stock prices , traders now routinely check the futures markets in Chicago before they buy or sell stocks . STOP 
When Chicago futures prices jump up or down , the New York Stock Exchange follows . STOP 
On Tuesday , for instance , the Dow Jones Industrial Average plunged 80 points in little more than an hour . STOP 
Then , in the space of a *UNK-* coffee break , the average rallied almost all of the way back . STOP 
Paul *CUNKS* , who manages more than $ 3 billion of investments at *CUNK* Capital Management Inc. , *UNKS* futures markets for leading the way . STOP 
`` The fundamentals do n't change in an hour , '' he says . STOP 
`` I think they should close down the futures exchange and then we could get back to investing . '' STOP 
Index arbitrage -- the *UNK-* buying and selling of stocks offset with opposite trades in futures -- is frequently blamed for adding to stock market volatility . STOP 
Although index arbitrage is said to add liquidity to markets , John *CUNK* , managing partner of Edward D. Jones , says too much liquidity is n't a good thing STOP 
`` The kind of instant liquidity that is *UNKED* by index futures is that you can buy a portfolio over two years and get out in one day . STOP 
It 's too *UNK* , '' he says . STOP 
`` It is n't investing . '' STOP 
But stock-index futures have plenty of support . STOP 
*CUNKS* say futures make markets more efficient and provide ways for investors to reduce risks . STOP 
They note that stocks experienced volatile swings long before futures . STOP 
And , *UNKS* say , few people complain about futures when stock prices are rising . STOP 
Louis *CUNKS* , managing director in charge of equity options and futures at Salomon Inc. , says that trading baskets of stocks began in the 1970s , a decade before the *UNK* of futures . STOP 
Futures , he says , merely cut down on trading costs . STOP 
He says `` *UNKING* futures is like *UNKING* the *UNKER* . '' STOP 
Since stock-index arbitrage merely *UNKS* the gap between prices in the futures and stock markets , it ca n't add to volatility , he says . STOP 
Futures `` do n't need *UNKING* , '' says Andrew *CUNK* , a spokesman for the Chicago Mercantile Exchange , which trades the S&P 500 , by far the largest stock-index futures contract . STOP 
Despite the current outcry over stock market volatility , few people expect stock futures to *UNK* . STOP 
For one thing , the Chicago futures exchanges have political and financial clout -- including many friends in Congress . STOP 
And traders say that futures have become an accepted part of the financial landscape . STOP 
`` All life is about change -- either you *UNK* or die , '' says one Chicago futures trader . STOP 
`` If futures are n't permitted here , we 'll take it to Australia or Tokyo . '' STOP 
Average daily volume in S&P 500 futures last year was *UNKN* contracts . STOP 
*CUNKED* on yesterday 's closing price of the S&P , the average value of one day 's trading amounts to $ 7.6 billion . STOP 
By contrast , average dollar volume on the Big Board last year was $ 5.3 billion . STOP 
Many investment managers say futures are useful as a way to hedge portfolios . STOP 
If managers fear that the overall stock market will fall , but want to continue owning stocks , they can hold on to specific stocks and sell a *UNKING* amount of futures contracts . STOP 
Average daily volume in S&P 500 futures last year was *UNKN* contracts . STOP 
*CUNKED* on yesterday 's closing price of the S&P , the average value of one day 's trading amounts to $ 7.6 billion . STOP 
By contrast , average dollar volume on the Big Board last year was $ 5.3 billion . STOP 
Many investment managers say futures are useful as a way to hedge portfolios . STOP 
If managers fear that the overall stock market will fall , but want to continue owning stocks , they can hold on to specific stocks and sell a *UNKING* amount of futures contracts . STOP 
And although criticism of futures generally comes from Wall Street , one Chicago futures trader notes that brokerage firms rely on futures as *UNKING* tools when they buy and sell big blocks of stocks from institutions . STOP 
One reason futures are said to add volatility is that -- unlike in stocks -- people can speculate in futures with little money down . STOP 
*CUNK* requirements for speculators on the Chicago Mercantile Exchange are currently about 7 % . STOP 
`` For $ 10 million , you can move $ 100 million of stocks , '' a specialist on the Big Board *UNKS* . STOP 
`` That gives futures traders a lot more power . '' STOP 
By contrast , an investor in stocks must put up 50 % in cash . STOP 
Some critics say futures encourage people to think of stocks as a single commodity , rather than as investments in individual businesses . STOP 
Thus , they say , futures *UNK* the basic purpose of the stock market : to *UNKLY* price securities so that capital and investment flows where it 's needed most . STOP 
The S&P 500 index futures `` transferred the identity of 500 stocks into one unit - making them a simple commodity to trade , '' says George *CUNKER* , senior vice president at A. Webster *CUNK* in Philadelphia . STOP 
`` It took away the need to know the bad third-quarter report of IBM , for example , '' Mr. *CUNKER* says . STOP 
Of course , portfolio trading -- the increasingly common practice of buying or selling baskets of actual stocks -- also *UNKS* stocks as *OUS* commodities . STOP 
`` There is a class of investor that wants to be exposed '' to the whole market , says *CUNK* *CUNK* , assistant vice president at Travelers Investment Management Co . STOP 
The S&P futures are merely a `` cheaper and *UNKER* '' way to get access to all 500 stocks , he says . STOP 
The Big Board yesterday began trading in its own basket trading vehicle representing the S&P 500 stocks . STOP 
But owning index futures is n't the same as owning the underlying stocks . STOP 
*CUNKS* , as a group , can win , because they own a share of corporate earnings , which can grow and boost stock prices . STOP 
Futures , on the other hand , are a zero sum game -- a market for making side *UNKS* about the direction of stock prices . STOP 
`` You do n't own anything , '' says Stephen *CUNK* , a money manager for T. Rowe Price in Baltimore . STOP 
`` You 're making a pure bet on the market . STOP 
The European Community Commission challenged an agreement on routes and fares between France 's two largest airlines on antitrust grounds . STOP 
*CUNKING* in *CUNK* Wednesday , the commission voted , as expected , to formally *UNK* to the accord between Air France , the state-owned airline , and *UNKED* domestic carrier Air *CUNKER* . STOP 
An EC spokesman said the two companies will be notified so they can begin negotiations with Brussels on how to *UNK* the pact . STOP 
At issue is an accord *UNKING* back to March in which Air France gained access to five domestic French routes under Air *CUNKER* 's flight numbers and the domestic airline got to fly to five cities outside of France under the flag of Air France . STOP 
The two shared results from this route swap , and followed rules on ticket pricing . STOP 
The EC Commission decided that such an accord does n't benefit consumers enough to merit an *UNKION* from antitrust law . STOP 
The airlines presented it as offering consumers more choice and better flight *UNKS* . STOP 
An Air France spokeswoman said , `` we 're absolutely ready to study all solutions . '' STOP 
An Air *CUNKER* spokesman said , `` Because they -LCB- the EC -RCB- have doubts , we will work again on the text and the *UNKS* of the accord . STOP 
A state appellate court *UNKED* the 1987 *UNKS* of *CUNK* *CUNKER* Corp. and two of its executives on charges of *UNK* for *UNKING* workers to *UNK* *UNK* *UNKS* . STOP 
The indictment charged that *CUNK* operated a machine to crush broken *UNKS* and recover the *UNK* in an illegal *UNK* . STOP 
The charges said that one worker suffered permanent brain damage from *UNK* exposure . STOP 
The judge handling the case in state Supreme Court , a trial court , had *UNKED* out the jury *UNKS* , ruling that the matter should have been handled under federal *CUNKAL* Safety and Health Administration rules . STOP 
But the *CUNK* Division of State Supreme Court held that federal law did n't *UNK-* the states from such a prosecution . STOP 
Elizabeth *CUNK* , district attorney for Brooklyn , N.Y. , said , `` The appellate division has agreed with our view that despite federal *UNK-* laws , state prosecutors have the power to protect working people . '' STOP 
Lawyers for the company and executives could n't be reached for comment . STOP 
The executives face five to 15 years in prison and fines of $ 5,000 or double the profit made by failing to comply with the rules . STOP 
The company could be fined a maximum of $ 10,000 , or double the profit . STOP 
General Motors Corp. wants to buy as much as 15 % of Jaguar PLC , marking its first *UNK* in a possible *UNK-* battle against Ford Motor Co. for control of the British car maker . STOP 
GM sought U.S. antitrust clearance last week to purchase more than $ 15 million worth of Jaguar shares but does n't own any yet , according to GM officials here and at the company 's Detroit headquarters . STOP 
The No. 1 U.S. auto maker then wrote Jaguar that it intends `` to go to that 15 % '' level once it wins the U.S. clearance to go beyond $ 15 million , a Jaguar spokesman said yesterday . STOP 
The GM move follows Tuesday 's *UNKION* by Ford , which holds an *UNUNK* *UNKN* % stake in Jaguar , that it is prepared to bid for the entire company . STOP 
GM is close to completing a friendly deal with Jaguar that is likely to involve an eventual 30 % stake and joint manufacturing ventures . STOP 
*CUNK* investors , betting on an imminent *UNK* between Ford and GM , pushed up Jaguar 's share price five pence -LRB- eight U.S. cents -RRB- to a *UNK-* *UNKN* pence -LRB- $ *UNKN* -RRB- in late trading on London 's stock exchange yesterday . STOP 
Since Tuesday , the shares have gained nearly 4 % . STOP 
But an *UNK-* bidding war between the world 's top auto giants for Britain 's leading luxury-car maker seems unlikely . STOP 
`` We will not go over a certain level , '' said David N. *CUNK* , Ford 's vice president for finance , at a news conference yesterday in *CUNK* , *CUNK* . STOP 
`` There 's some price at which we 'd stop bidding . '' STOP 
He would n't specify what it was . STOP 
And powerful political pressures may convince the Conservative government to keep its so-called golden share , which limits any individual holding to 15 % , until the *UNKION* expires on Dec. 31 , 1990 . STOP 
`` I really do n't see the government doing something that Jaguar does n't want over the next 14 months , '' said Kenneth Warren , a Conservative member of Parliament and chairman of the *CUNK* Committee on Trade and Industry in Britain 's House of *CUNKS* . STOP 
`` The golden share is a single share , but it is the *UNK* share . '' STOP 
The government retained the single share after selling its stake in Jaguar in 1984 -- part of a *UNK* practice of protecting former *UNKED* enterprises to *UNK* criticism of privatization . STOP 
The 15 % *UNKION* covers any would-be suitor , British or foreign . STOP 
Ford is willing to bid for 100 % of Jaguar 's shares if both the government and Jaguar shareholders agree to *UNK* the *UNKER* barrier *UNKLY* . STOP 
As Jaguar 's biggest holder and Britain 's biggest car maker , Ford could turn up the heat by *UNKING* a special shareholders ' meeting and urging holders to drop the limits early . STOP 
Ford might succeed because many shareholders are speculators *UNK* for a full bid or institutional investors *UNUNK* over Jaguar management 's handling of its current financial difficulties . STOP 
The government probably would n't give in readily to a hostile *UNK* by Ford , however . STOP 
It has *UNKED* a golden share only once before -- during British Petroleum Co. 's # 2.5 billion -LRB- $ 4 billion -RRB- takeover of *CUNK* PLC in 1988 . STOP 
In *UNKING* British lawmakers , GM has pointed out that its willingness to settle for a minority stake would keep Jaguar *CUNKED* and independent . STOP 
This week , the U.S. auto giant paid for 10 House of *CUNKS* members and two House of *CUNKS* members to fly to Detroit and tour its operations there . STOP 
While the visit was unrelated to Jaguar , GM Chairman Roger Smith *UNKED* the legislators ' questions about it over lunch Tuesday . STOP 
He said Jaguar `` should n't be *UNKED* by anyone else , '' *UNKED* one *UNK* . STOP 
*CUNKS* also *UNKS* the government 's thinking on the *UNKER* *UNKION* . STOP 
The Conservatives do n't *UNK* *UNK* marginal *CUNK* seats in *CUNK* , where Jaguar has headquarters , nor can the government easily back down on promised protection for a *UNKED* company while it proceeds with controversial plans to *UNK* most of Britain 's water and electricity industries . STOP 
Prime Minister Margaret Thatcher might , however , be *UNK* to any request by Jaguar Chairman Sir John *CUNK* for the *UNKION* 's early removal to let GM *UNKS* more than 15 % or mount a friendly suitor bid against Ford . STOP 
In the end , Sir John -- rather than the government or Jaguar shareholders -- may hold the key that *UNKS* the golden share . STOP 
Swedish *UNK-* and *UNKING* group AB *CUNK* said its pretax profit rose 78 % to *UNKN* billion kronor -LRB- $ *UNKN* million -RRB- in the first nine months from one billion kronor -LRB- $ *UNKN* million -RRB- in the *UNKING* period a year earlier . STOP 
*CUNK* said sales increased 17 % to *UNKN* billion kronor from *UNKN* billion . STOP 
Earnings per share were *UNKN* kronor compared with *UNKN* kronor . STOP 
*CUNK* said demand for the group 's main product , rolling *UNKS* , remained favorable in Europe , which accounts for slightly more than two-thirds of group sales . STOP 
Latin American markets continued their recovery after a weak start to the year , *CUNK* said . STOP 
The company said the situation in the U.S. is still uncertain as reduced production in the country 's automotive industry has resulted in weakened demand for rolling *UNKS* . STOP 
Analysts said *CUNK* 's results for the first nine months lived up to market expectations as brokerage firms had predicted a pretax profit of *UNKN* billion to *UNKN* billion kronor . STOP 
The three business areas engaged in rolling *UNKING* operations continued to show favorable sales development . STOP 
Sales of rolling *UNKS* increased 19 % to *UNKN* billion kronor from *UNKN* billion kronor in the *UNKING* period the previous year . STOP 
We read with interest Robert *CUNK* 's Sept. 28 *UNK-* article on Robert *CUNK* -LRB- `` The *CUNK* *CUNK* *CUNKS* Little *CUNK* *CUNK* *CUNK* '' -RRB- . STOP 
*CUNKING* conversations with us , Mr. *CUNK* argued that Mr. *CUNK* 's environmental views are at odds with Utah residents . STOP 
This may have been true 10 years ago , but times have changed , even in Utah . STOP 
Mr. *CUNK* no longer stands out as an *UNK* . STOP 
He has not changed , but those around him have . STOP 
Many of his views on the protection of *UNKS* areas , *UNKS* and *UNKS* are now embraced by mainstream , conservative *CUNKS* . STOP 
Recently , some 60 environmental and *UNK* groups representing such *UNK* points of view as the Sierra Club , the League of *CUNK* *CUNKS* and the National *CUNK* Association joined together to request a *UNK* of the *UNKLY* *UNUNK* Central Utah *CUNK* . STOP 
While Utah is not yet a *UNK* for *UNK* , public views toward the environment have significantly improved . STOP 
In one of the most conservative , Republican states in the entire nation , the *UNKING* of Robert *CUNK* 's neighbors is the real story that Mr. *CUNK* missed . STOP 
*CUNK* *CUNKS* Sam *CUNK* Gary *CUNKER* *CUNKER* City , Utah STOP 
If Mr. *CUNK* wanted to be accepted by the people of Utah , he should have taken an advisory role instead of one of forcing his personal *UNKS* . STOP 
*CUNK* , his actions *UNKLY* that it is too *UNKING* or costly for society to provide jobs through *UNK-* construction , coal mining or to build roads for public safety because of the adverse impact on the environment , but it is just fine and *UNK* for him to transform a mountain high in the *CUNK* *CUNK* into a ski resort . STOP 
It *UNKS* me he can *UNK* his *OUS* and *UNK* actions in Utah . STOP 
An excellent environmental actor he is . STOP 
David *CUNK* *CUNK* *CUNK* University of Colorado *CUNKER* , *CUNK* . STOP 
Mr. *CUNK* , like it or not , is like a *UNKING* system on a *UNK* truck , kind of slowing it down into control . STOP 
He 's rich , famous and *UNK* , and has the time to do something that not even the federal government will do . STOP 
Mr. *CUNK* is slowing down a *UNKS* , *UNKING* *UNK* known as the progress of *UNK* . STOP 
*CUNKLY* , I 'm *UNK* there are people like him around to slow down the profit *UNKS* , and those who are in such a *UNK* *UNK* for something that may appear to benefit them in the immediate future , not *UNKING* about the *UNK-* implications . STOP 
Ron *CUNKER* STOP 
When President Bush *UNKS* to Costa Rica today , he 'll go with little of the *UNK* that *UNKS* many of his foreign *UNKS* . STOP 
But the two-day trip still has managed to fuel controversy over his administration 's policies in Central America . STOP 
Some conservatives say Mr. Bush should n't make the trip , during which he will participate in Costa Rica 's celebration of 100 years of democracy . STOP 
These critics *UNK* to Mr. Bush 's participation in a meeting that includes Nicaraguan President Daniel Ortega among the *UNKS* . STOP 
In addition , they argue he wo n't help Washington 's standing in the region by *UNKING* the U.S. commitment to democracy less than a month after his administration played an *UNKAL* role in the failed coup attempt in Panama . STOP 
`` I believe it will do more damage than good because it will *UNK* people like Daniel Ortega , '' says *CUNK* *CUNK* , who served as U.S. *UNK* to Costa Rica during the Reagan administration . STOP 
Mr. *CUNK* , among other analysts connected to the conservative *CUNK* Foundation , fears the gathering of 18 leaders , mostly from Central American nations , will force Mr. Bush `` to explain and redeem himself '' in the wake of charges that the U.S. failed to do enough to aid the removal of Panamanian dictator Manuel Noriega . STOP 
At the same time , liberal and moderate Democrats note the *UNK* of Mr. Bush 's joining a celebration of Costa Rican democracy at a time his administration has sought sharp cuts in U.S. aid to the tiny country . STOP 
The administration proposed only $ 57 million in so-called economic support funds for Costa Rica this year , down from the $ 90 million the U.S. provided last year . STOP 
The administration said improvements in Costa Rica 's economic condition warrant the cut in aid , which the country uses mainly to make payments on its $ 4.5 billion foreign debt . STOP 
But Costa Rican officials argue that the recent drop in coffee prices , combined with the country 's continuing struggle to *UNK* its economy , make the support as necessary as ever . STOP 
`` We are *UNKING* the *UNKER* and we need a little more help to get to the other side , '' said *CUNK* *CUNK* , an economic affairs specialist at the Costa Rican *CUNK* in Washington . STOP 
Democrats argue that Costa Rica *UNKS* more assistance for the same reason that Mr. Bush is attending the celebration this weekend : to reward the country for its stability in a region *UNKED* with turmoil and for its efforts to promote peace in Nicaragua . STOP 
However , peace efforts by Costa Rican President *CUNK* *CUNKS* have n't always helped the country 's cause in Washington . STOP 
Mr. *CUNKS* 's *UNK-* *UNKAL* to support the U.S. 's campaign against *UNK* Nicaragua earned him the *UNK* of the Reagan White House . STOP 
And more recently , he insisted on signing a *UNKION* agreement intended to *UNK* Nicaragua 's *CUNKED* Contra rebels faster than the Bush administration would prefer . STOP 
`` I think Bush 's going there is a *UNK* sign , '' said Sen. Terry Sanford -LRB- D. , *CUNK* . -RRB- a member of the Foreign Relations Committee who pushed to provide Costa Rica about the same amount of aid as it received last year . STOP 
Lawmakers in both houses support the higher level . STOP 
Administration officials defend Mr. Bush 's decision to make the trip . STOP 
While they *UNK* the president will *UNK* several *UNKS* and a working session also attended by Mr. Ortega , they insist that Mr. Bush wo n't be extending the Nicaraguan leader any special *UNKS* . STOP 
The administration also made clear its continuing *UNK* for the *UNK* Nicaraguan government in recent days , *UNKING* a package of *UNKAL* aid to the Nicaraguan opposition , renewing the U.S. trade *UNK* against the country and continuing to complain that the country supports *UNK* groups in the region . STOP 
Officials also insist Mr. Bush will use the trip to *UNK* his own initiatives for pushing democracy in the region , fighting illegal drugs and *UNKING* the less developed countries . STOP 
`` Let me say there is a *UNK* component to this trip , '' Secretary of State James Baker told reporters Wednesday . STOP 
`` There wo n't be any formal *UNKS* or *UNKS* , I do n't think . STOP 
But we still see this as an opportunity to discuss many , many very important issues . STOP 
In 1987 , the *CUNKS* Commission of the *CUNK* , which oversees most U.S. *UNK* sports , contracted with the *CUNKED* American Institutes for Research to do a survey on the college *UNKS* of what the body *UNKS* to call *UNKS* . STOP 
A brief `` executive *UNK* '' was issued last April , and attracted some , but not much , attention . STOP 
*CUNKED* reports followed , and attracted even less notice . STOP 
I suspect I may be one of the few people to have read them all . STOP 
The sixth and last report now is out , and it puts the effort in perspective . STOP 
*CUNKED* `` *CUNKS* From *CUNKS* , '' it *UNKS* on the real *UNK* of college sports : what happens to young *UNKS* once they enter *UNK* . STOP 
It 's little less than a *UNK* for help from those who make the costly show possible . STOP 
The previous five reports were mainly statistical , but clear enough in *UNK* . STOP 
They showed that participants in Division I football and men 's basketball , the *UNK-* `` revenue sports , '' entered school with *UNKER* *UNK-* *UNKS* and test scores than `` *UNK-* '' *UNKS* and students who *UNKED* in other *UNK* activities , and they got lower *UNKS* once they got there , at least partly because of the *UNK* demands placed on them . STOP 
The football and basketball players spent more time on their sports in season than they did on class *UNK* and *UNK* combined -LRB- 30 hours a week *UNKS* *UNKN* -RRB- . STOP 
*CUNK* half -LRB- *UNKN* % -RRB- reported suffering `` *UNKAL* abuse '' from *UNKS* , and almost *UNKER* -LRB- *UNKN* % -RRB- said they had been pressured to ignore injuries . STOP 
But even those numbers do n't describe the situation as well as the *UNKS* do in their own words . STOP 
The composite *UNK* that *UNKS* is n't of a *UNKED* *UNK* marking time until he can land a *UNK-* pro contract -- he 's part of a tiny minority . STOP 
Rather , it 's of a *UNK* -LRB- we 're talking about 17 to 22 year *UNKS* here -RRB- having a tough time making the best of what will probably be his one shot at college . STOP 
The *UNK* question , coming at the end of a lengthy , *UNKAL* *UNK* , was this : `` Are there things about your college life you would like to tell us that we did n't ask about ? '' STOP 
Of the almost 3,000 *UNKS* surveyed , *UNKN* took the time to respond . STOP 
Here are a few of their answers : -- `` They say that I am a *UNK-* , but really I 'm an *UNK-* . STOP 
They *UNKED* to me on the recruiting trip . STOP 
Football is the No. 1 thing here '' . STOP 
-- *CUNK* football player . STOP 
-- `` *CUNKING* a *UNK-* at college is a lot different from high school . STOP 
First , the sport you play is no longer a game -- it becomes a job . STOP 
Your *UNKS* demand a lot more out of you even though some of them are not willing to take the time to watch you progress . STOP 
You become *UNK* . STOP 
Your interest is not taken to heart because people only care about your performance '' . STOP 
-- *CUNK* basketball player . STOP 
-- `` The *UNKS* should have a more personal and *UNK* attitude toward the *UNKS* -- not treat us like pieces of meat . STOP 
They always say to get a degree first , but they do n't allow us time or to *UNK* practice to study for a test . STOP 
They just want to get their job done at any cost to the *UNK* '' . STOP 
-- *CUNK* football player . STOP 
-- `` The pressure put on us to win at all times has resulted in physical violence , such as *UNKING* and *UNKING* by *UNKS* . STOP 
Some days the *UNKS* make you feel as though you are part of a large *UNK* of animals . STOP 
In other words , they treat you like a piece of meat '' . STOP 
-- *CUNK* football player . STOP 
-- `` *CUNKING* *UNK* sports does n't give you a lot of time to spend with others . STOP 
We are almost left out of -LCB- *UNKS* -RCB- social activities . STOP 
This mostly happens because we go from football in the fall to *UNKING* in the winter to football again in the spring '' . STOP 
-- *CUNK* football player . STOP 
-- `` You talk about free time -- *UNK* free time ? STOP 
Time to *UNK* and enjoy ourselves is always taken up by something to do with football -LRB- meetings , *UNKING* *UNKS* , *UNKING* or films -RRB- . STOP 
There is no recovery period -- it 's go , go , go . STOP 
*CUNK* to our *UNKS* is overwhelming . STOP 
With our schedule , it 's hard to *UNK* well knowing what is going to happen the next day '' . STOP 
-- *CUNK* football player . STOP 
-- `` *CUNKAL* *UNKION* and *UNKION* are common in my life and in some of my *UNKS* ' lives '' . STOP 
-- Football player , class unspecified . STOP 
-- `` More often than not , college *UNKS* go through college never really experiencing *UNK* life to the *UNKEST* . STOP 
One has to establish one 's own identity away from *UNKS* and make *UNKS* only a part , not a whole , of the *UNK-* 's life '' . STOP 
-- *CUNK* basketball player . STOP 
-- `` *CUNK* , and I do n't know how , the game needs to be played for fun again , and not for the big *UNK* revenues or lucrative TV contracts '' . STOP 
-- *CUNK-* football player . STOP 
There have been *UNKS* that , at long last , changes may be in the works . STOP 
The *CUNK* Foundation , of *CUNK* , Ohio , has established a national commission to look into *UNKS* reform , and the *CUNK* *CUNKS* Commission earlier this month recommended cutting spring football practice in half , moving the start of basketball practice back by a month and reducing maximum schedules in that sport to 25 games from 28 . STOP 
The key word in that *UNK* , though , is `` may . '' STOP 
*CUNK* Executive Director Richard *CUNK* , in accepting a place on the *CUNK* Commission , urged that the panel take a `` *UNKED* '' view , which looks for all the world like a plea not to rock the *UNK* too much , and the presidents ' recommendations could face considerable opposition at the *CUNK* 's full convention in January , which will vote on them . STOP 
I read that one *UNKED* *UNKS* director predicted that the *UNK-* proposal could fail because of `` real world '' -LRB- *UNK* , economic -RRB- considerations . STOP 
But the `` real world '' also includes the *UNUNK* truth that *UNKS* are *UNKING* the *UNKS* they have *UNKED* and won . STOP 
If they wo n't change their ways voluntarily , maybe somebody bigger -- Congress -- should make them . STOP 
They want *UNK-* *UNKS* to the *UNK* *UNKS* . STOP 
They want a *UNK-* *UNK* . STOP 
And like college *UNKS* *UNK* , they are talking about a *UNKION* -- where protesters would *UNKER* quietly near the science building and raise their hands , *UNK* style . STOP 
Such is the *UNKER* of the *UNK* that *UNKLY* *UNKS* let fly at *UNKS* of Harvard University 's new Society of *CUNKS* and *CUNKS* , or *CUNK* . STOP 
*CUNKS* are *UNK* as *UNK* about *UNKS* *UNK-* and they are n't going to take it anymore , at least not without trying a few really *UNK* ideas first . STOP 
`` We could have called ourselves the *CUNK* *CUNKAL* Society , but then everyone would have said , ` *CUNK* , you mean the *UNK-* club , ' '' *CUNK* *CUNK* , *CUNK* 's *UNK-* adviser , told 19 *UNKS* at the club 's *UNKAL* meeting earlier this month . STOP 
*CUNK* has since *UNKED* to between 20 and 25 . STOP 
Some people may think of *UNKS* as *UNKING* , *UNKLY* *UNK* individuals with *UNK-* *UNKS* for their *UNKS* and a *UNKION* with computers and matters *UNKAL* . STOP 
*CUNKS* , by at least one definition , are *UNKING* *UNKS* *UNKS* . STOP 
But *CUNK* founder *CUNK* *CUNK* , a Harvard *UNK* , thinks of *UNKS* and *UNKS* more as `` *UNKS* , '' *UNK* with a *OUS* *UNK* . STOP 
One of the group 's first projects is a `` *UNKION* hot line '' that students could call when they have an urge to delay studying . STOP 
The club plans to show *UNK* movies , such as `` Real *CUNKS* , '' in which *UNKS* *UNKS* pop corn with *UNKS* ; and naturally , the `` *CUNK* of the *CUNKS* , '' a tale of college *UNKS* with *UNK* *UNKS* and *UNKING* *UNKS* . STOP 
One of its `` more ambitious goals '' is to get *CUNK* *CUNK* , the Los Angeles *UNK-* *UNKS* *UNKER* featured in the film `` *CUNK* and *CUNKER* , '' to come to Harvard for a *UNKEST* *UNK* . STOP 
*CUNKS* and *UNKS* sometimes find themselves a bit isolated at Harvard . STOP 
So Mr. *CUNK* says high priority is being given to creating a computerized *UNKING* service `` where instead of being matched for eye color , you could be matched for similar intellectual interests . '' STOP 
For instance ? STOP 
`` I 'm a *UNK* major , but I want to know about *UNK* . STOP 
*CUNKLY* , I 'd find someone in *UNK* who wanted to know more about *UNKS* . '' STOP 
It could work . STOP 
Meanwhile , finding a *UNKER* to write the computer program is n't a problem . STOP 
*CUNK* Savings Bank of New York was cleared by the Federal Deposit Insurance Corp. to acquire *CUNK* Savings Bank of *CUNK* , N.J. , the banks said . STOP 
*CUNK* holders , who approved the plan last April , will receive $ 21 in cash a share , or a total $ 63 million . STOP 
The *CUNK* cleared the move yesterday , and the banks must wait at least 30 days before closing the purchase . STOP 
A closing date has n't been set . STOP 
*CUNK* *CUNK* Inc. directors authorized a *UNKN* split of the common , payable Dec. 7 to stock of record Nov. 22 . STOP 
The split was aimed at boosting the stock 's liquidity , said *CUNK* *CUNK* , chairman of the *CUNK* , N.J. , maker of plastic film products . STOP 
After the split , the company will have more than 4.7 million shares outstanding . STOP 
In national over-the-counter trading yesterday , *CUNK* shares closed at $ *UNKN* , down 50 cents . STOP 
*CUNK* FEDERAL *CUNK* & LOAN ASSOCIATION -LRB- Edison , N.J. -RRB- -- STOP 
Lawrence B. Seidman , 41 years old , was named chairman of this savings and loan institution . STOP 
He will succeed Charles L. *CUNK* , chairman and chief executive officer , who retired last month . STOP 
*CUNK* is conducting a search for a chief executive . STOP 
Mr. Seidman , a director of *CUNK* since July , is general partner of Seidman Financial Associates , which owns *UNKN* % of *CUNK* . STOP 
William J. *CUNK* was named senior vice president , public affairs and advertising , for this financial and travel services concern 's American Express Bank Ltd. subsidiary . STOP 
Mr. *CUNK* , 38 years old , previously was first vice president , public affairs and advertising , at the banking unit . STOP 
Environmental concerns are beginning to have as much influence in *UNK-* spending plans as the price of crude does . STOP 
In the wake of the Exxon *CUNK* spill in March , new *UNKAL* drilling *UNKS* are sharply *UNKING* exploration in promising locations *UNK* and in Alaska . STOP 
At the same time , moves toward tighter *UNK-* standards are *UNKING* interest in *UNKER* or alternative fuels that do n't *UNK* as much as fuel *UNKED* from `` heavy '' *UNKS* , generally high in *UNK* . STOP 
Over the years , the world 's stream of oil has been growing *UNKER* . STOP 
So the *UNK* is on for *UNKER* *UNKS* *UNKLY* , and for natural gas in the U.S. . STOP 
Recently Saudi Arabia and *CUNK* , traditional *UNK-* producers , have *UNKED* of new finds of light , *UNK-* oil by their national oil companies . STOP 
*CUNK* has also *UNKED* $ 200 million in new money for *UNK-* exploration . STOP 
And some oil companies are trying to lock in future supplies . STOP 
Typical is *CUNK* *CUNK* *CUNK* , Italy 's state-owned energy company , which not long ago acquired through its *CUNK* oil subsidiary a 5 % share in the consortium accounting for half of *CUNK* 's oil output . STOP 
*CUNK* already has an oil stake in *CUNK* . STOP 
Both countries produce high-quality , *UNK-* *UNKS* especially *UNKED* to making *UNK-* motor fuel at minimum refining cost . STOP 
*CUNK* *CUNK* , *CUNK* chairman , looks for sweeping structural change in the oil industry -- he calls it a `` revolution '' requiring huge investments -- as a result of environmental issues . STOP 
He made a special trip to examine U.S. environmental trends because they are often followed in Europe . STOP 
*CUNK* needs to know what 's coming as it *UNKS* to spend some $ 1.3 billion on *UNKING* its *UNKS* , he says . STOP 
Oil companies world-wide will have `` to spend a lot of money for the *UNKER* fuels that will be required , '' says John H. *CUNK* , the president of the Petroleum Industry Research Foundation . STOP 
It will go for work ranging from refinery *UNKION* to changes in the distribution system , including the way service stations pump fuel into cars . STOP 
In the U.S. , the search for oil had been headed toward *UNKLY* sensitive areas believed to have vast reserves . STOP 
Alaska 's *CUNK* National *CUNK* *CUNK* alone is thought to hide more than three billion barrels of oil . STOP 
Until the *UNKER* spill , Big Oil was slowly *UNKING* authorities it could *UNKLY* produce from such places . STOP 
Now the *UNK* *UNK* has been closed to the industry , possibly for years . STOP 
Similarly , a group of companies led by Chevron Corp. has been unable to pump oil found off the California coast in the early 1980s . STOP 
A huge production system built in the sea off Santa Barbara and *UNK* is sitting idle . STOP 
But the push for *UNKER* fuels is increasing the *UNKS* of natural gas . STOP 
More than half the domestic drilling now under way is for gas , partly on the assumption that demand will rise for a fuel that is *UNKER* to *UNK* than either oil or coal . STOP 
Activity has revived in the largest U.S. *UNKING* regions , such as the Gulf of Mexico . STOP 
Santa Fe International Corp. , which is owned by *CUNK* -LRB- and is n't related to Santa Fe Southern Pacific 's unit -RRB- , is *UNKING* up development of a well off Texas ' *CUNK* Island where it found gas in 1987 . STOP 
`` We could have sat on it longer , but the *UNKS* is to get the gas to the marketplace , '' says Richard *CUNK* , senior *UNK* for Santa Fe International . STOP 
`` We 're trying to get it on line as soon as possible now . '' STOP 
This month , Exxon Corp. announced plans for a *UNK-* project drilling for gas about five miles *UNUNK* in the *CUNK* *CUNK* of western Oklahoma -- the *UNKEST* drilling project in the U.S. . STOP 
Exxon will use a Parker *CUNKING* Co. *UNK* built in 1981 that can go down 9 1\/2 miles . STOP 
As the Soviet Union *UNKS* with its *UNKING* economy , leading *UNKS* have drawn up a *UNK* for change designed to push the nation much closer to a free-market system . STOP 
The proposals go far beyond the current and rather *UNKED* policies of perestroika , Mikhail Gorbachev 's restructuring of the economy . STOP 
They lay out a clear timetable and *UNK* for *UNKING* the system of setting prices , breaking up huge industrial *UNKS* and putting *UNUNK* state-owned companies out of business . STOP 
They also address such *UNK* subjects as the likelihood of unemployment and high inflation , and recommend ways to *UNK* the social consequences . STOP 
While many solutions to the nation 's economic troubles are being discussed , the *UNK* is attracting widespread attention here because of its *UNKS* and *UNKED* *UNK-* *UNK* . STOP 
Although it was published *UNKED* in the latest edition of the weekly *CUNK* *CUNK* , Soviet sources say the article was written by *CUNK* *CUNK* and a small group of colleagues . STOP 
Mr. *CUNK* , head of the Academy of Science 's Institute of *CUNKS* , was recently appointed deputy chairman of the Soviet government and head of a state commission on economic reform . STOP 
`` It 's clearly a *UNK* for the next stage of perestroika , '' said one analyst . STOP 
The economic ideas in the document are much *UNKER* than current policies . STOP 
For example , the proposed overhaul of prices -- an extremely sensitive political topic -- is far more *UNK* than the *UNK* plans announced by Mr. Gorbachev in 1987 and later dropped . STOP 
But the proposals also display political *UNK* , *UNKING* some of the most controversial ideas in cautious language so as not to *UNK* powerful conservatives in the government who stand to lose out if they are *UNKED* . STOP 
*CUNKING* a middle path between opponents of change and *UNKS* who demand overnight solutions , the article advocates what it calls a `` *UNK-* approach . '' STOP 
The document is to be discussed at a conference of leading economists late this month , and will probably be presented to the Soviet Parliament for consideration this year . STOP 
As *UNKS* draw up proposals for the next five-year plan , which starts in 1991 , the *UNK* represents a powerful first shot in what is likely to be a *UNK* battle over economic reform . STOP 
The authors make a *UNK* assessment of the economy and concede that `` quick and easy *UNKS* to success simply do n't exist . '' STOP 
Instead , they *UNK* out a strategy in several *UNKS* from now until 1995 . STOP 
Most of the measures would probably only start to have an effect on *UNKED* Soviet consumers in two to three years at the *UNKEST* . STOP 
The key steps *UNKED* include : -- *CUNK* . STOP 
*CUNK* *UNKAL* restrictions on property ownership should be abandoned . STOP 
The document proposes breaking up the *UNK* system of state-owned enterprises and farms and allowing a big private sector to *UNK* , helped by tough *UNKLY* legislation . STOP 
The economy would be thrown open to numerous types of ownership between now and 1992 , including factories leased by workers or owned by shareholders , cooperatives and joint ventures . STOP 
Some forms of private property would be *UNKED* . STOP 
Such moves would greatly reduce the power of government *UNKS* , who now *UNKLY* guard their *UNK* and are seen as one of the major obstacles blocking economic reform . STOP 
-- *CUNK* . STOP 
*CUNK* measures would be introduced to ease the country 's financial crisis , notably its $ 200 billion budget deficit . STOP 
By the end of next year , all *UNKING* state enterprises would be put out of business or handed over to workers who would buy or lease them or turn them into cooperatives . STOP 
*CUNK* steps would be taken to *UNK* *UNUNK* state and collective farms by the end of 1991 . STOP 
A *UNKED* system of taxation should be introduced rapidly . STOP 
To *UNK* up some of the 300 billion rubles in circulation , the government should encourage home ownership , including issuing bonds that guarantee holders the right to purchase an apartment . STOP 
-- *CUNK* . STOP 
A genuine market for labor and wages would replace the present rigid , *UNKED* system . STOP 
*CUNKING* from decades of Soviet *UNK* , the new system would lead to big differences in pay between workers and almost certainly to unemployment . STOP 
To *UNKION* the *UNKS* , the government would introduce a minimum wage and unemployment benefits . STOP 
-- *CUNK* . STOP 
The entire system of *UNKLY* set prices would be *UNKED* , and free-market prices introduced for most wholesale trade and some retail trade . STOP 
Consumers would still be able to buy some food and household goods at subsidized prices , but luxury and imported items , including food , would be sold at market prices . STOP 
*CUNK* prices would be divided into three categories : raw materials sold at fixed prices close to world levels ; *UNK-* *UNK* prices for a small number of key products ; and free prices for everything else to be determined by contracts between suppliers and *UNKS* . STOP 
*CUNKED* social benefits would ensure that the poor and elderly do n't suffer *UNKLY* . STOP 
-- FOREIGN *CUNK* . STOP 
The current *UNKION* and *UNKION* of foreign trade would be taken much further . STOP 
Soviet companies would face fewer obstacles for exports and could even invest their hard currency abroad . STOP 
*CUNKS* would receive greater incentives to invest in the U.S.S.R. STOP 
*CUNK* the current *UNK-* ruble , a second currency would be introduced that could be freely *UNKED* for dollars and other Western currencies . STOP 
A domestic foreign exchange market would be set up as part of an overhaul of the nation 's banking system . STOP 
The *UNK* is at its *UNKEST* when referring to the fate of the two powerful economic institutions that seem likely to oppose such sweeping plans : the State *CUNKING* Committee , known as *CUNK* , and the State Committee for *CUNKAL* *CUNKLY* , or *CUNK* . STOP 
But it *UNKS* strongly that both organizations would increasingly lose their clout as the changes , particularly the introduction of wholesale trade and the breakup of state *UNKS* , take effect . STOP 
*CUNK* , *CUNKING* and *CUNK* I always lift the *UNK* When my car does n't start ; If *UNKS* at home do n't work I *UNKLY* take them apart . STOP 
I 'll admit there 's nothing wrong That I ever do find , But it 's nice when people say I appear *UNKLY* inclined . STOP 
-- *CUNK* *CUNKS* . STOP 
*CUNK* *CUNK* STOP 
At the movies today In detail you see What the *UNK* would n't show In *CUNK* Three . STOP 
-- Robert *CUNK* . STOP 
*CUNK* *CUNK* STOP 
Do n't worry ; people will learn to read as long as there are TV program *UNKS* . STOP 
-- John *CUNKED* . STOP 
Albert Engelken and Robert Thomson had never met , though for 38 years their lives had been *UNKED* in a way *UNK* to the sports world . STOP 
Mr. Engelken , now a *UNKION* executive in Washington , D.C. , and Mr. Thomson , a *UNKS* salesman in *CUNK* , N.J. , had n't even talked to each other . STOP 
But one recent day , they became much closer . STOP 
Mr. Engelken , a *UNK* baseball *UNK* , *UNKS* over the sports pages to chart the *UNKS* of `` my favorite and *UNK-* teams and players . '' STOP 
He often *UNKS* , he says , at the `` clutter '' of sports stories about drugs , *UNK* , gambling and some player 's *UNK* `` about the *UNKLY* millions he is offered to play the game . '' STOP 
His morning paper , the Washington *CUNK* , even carries a sports column called `` *CUNK* '' that *UNKS* the latest *UNKS* and *UNKS* of players and team managers . STOP 
Like many sports *UNKS* , Mr. Engelken has turned *UNK* . STOP 
But his is a story about a *UNK* in an era of sports *UNKS* , and about what *CUNK* Ruth , Mr. Engelken *UNKS* us , once called `` the only real game in the world . '' STOP 
To Mr. Engelken , it is also a story `` about love , because I 'm *UNKED* to have a wife who still thinks her slightly *UNK* husband 's *UNK* *UNK* *UNKS* the ultimate present . '' STOP 
To understand what Mr. Engelken means , one must go back to a *UNK* October afternoon in *UNKN* at New York 's *CUNK* *CUNKS* stadium , where , it can be argued , the most dramatic moment in baseball history was played out . STOP 
It was the *UNK* *UNKING* of the third game of a *UNK-* *UNK* between the Brooklyn *CUNKS* and the New York Giants -LRB- the predecessor to the San Francisco Giants scheduled to play in tonight 's world series -RRB- . STOP 
*CUNK* fans throughout New York had *UNKED* out a long summer with their teams , and now it had come to this : a battle between the two for the National League *UNK* -- down to the last *UNKING* of the last game , no less . STOP 
Some *UNKN* fans *UNKED* the stands , and *UNKED* at the top of their *UNKS* . STOP 
Mr. Engelken was doing the same across the Hudson River in New Jersey , where , with his *UNK* pressed against the front window of the *CUNK-* National Bank , he watched the *UNK* on a television set the bank set up for the event . STOP 
The *UNK* series had *UNKED* the *UNK-* Giants *UNK* . STOP 
`` The Giants struck first , winning the *UNKER* , *UNKN* , on a *UNK-* *UNKER* off *CUNKER* *UNKER* Ralph *CUNK* , '' Mr. Engelken recalls with *UNKION* today . STOP 
`` The Giants got *UNKED* in the second game , 100 , and *UNKED* *UNKN* going into the bottom of the *UNK* of the third and deciding game . STOP 
The Giants *UNKED* once and had *UNKS* on second -LCB- *CUNK* *CUNK* -RCB- and third -LCB- *CUNK* *CUNK* -RCB- as Bobby Thomson advanced to the plate . '' STOP 
The rest , as they say , is history . STOP 
Mr. Thomson , a *UNK* , *CUNK-* , *UNK-* *UNKER* , stepped into the *UNKER* 's box . STOP 
`` Thomson took a called strike , '' Mr. Engelken *UNKS* . STOP 
The tension mounted as Ralph *CUNK* , again on the *UNK* , *UNKED* down the *UNKER* . STOP 
He *UNK* up and let loose a *UNK* . STOP 
The pitch *UNKED* toward Bobby Thomson high and inside and then , with a crack of the *UNK* , was sent *UNKING* back into the lower *UNK* stands . STOP 
`` Giants fans went into *UNK* , '' says Mr. Engelken . STOP 
And Bobby Thomson was made a *UNK* . STOP 
The same Bobby Thomson , it turns out , who sells those *UNKS* today . STOP 
There ca n't be an older baseball *UNK* alive who does n't clearly remember that Bobby Thomson *UNKER* , who ca n't tell you where he was when he heard the famous *CUNKS* *CUNKS* radio broadcast -- the one that concluded with Mr. *CUNKS* *UNKING* , over and over , `` The Giants win the *UNK* , the Giants win the *UNK* ! '' STOP 
Mr. Engelken and Mr. Thomson *UNKED* in different *UNKS* in the subsequent years , and the *CUNK* *CUNKS* , located under *CUNK* 's *CUNK* in upper Manhattan , was replaced by a *UNKING* project . STOP 
Mr. Thomson played *UNK* and third base until 1960 , posting a *UNK* *UNK* *UNKING* average and *UNKING* up *UNKN* home runs before retiring and going into *UNKS* sales . STOP 
Mr. Engelken moved south to Washington , but he took with him *UNKING* memories of the *UNKER* of *UNKN* . STOP 
When his wife , *CUNK* , came down the *UNK* on their *UNKING* day in 1966 , Mr. Engelken -- no *UNK* on the *UNK* front -- gave her the ultimate *UNK* : `` You look *UNKER* than Bobby Thomson 's home run . '' STOP 
The couple 's first dog , *CUNKER* , was named after the Great *CUNK* , though *UNKING* friends assumed he was the *UNK* of the *UNK* . STOP 
And when Mr. Engelken 's sister , *CUNK* , who was born two days before the home run , reached her *UNK* *UNK* , Mr. Engelken wrote his sports *UNK* to tell him of the *UNK* of events . STOP 
Mr. Thomson sent off a card to *CUNK* : `` It does n't seem like 25 years since I hit that home run to *UNK* your *UNK* , '' it read . STOP 
*CUNK* was pleased , but *UNK* near as much as Mr. Engelken . STOP 
The family license plate *UNKS* `` *CUNK* 23 , '' the first three letters of the family name and -- no surprise here -- Bobby Thomson 's uniform number . STOP 
And on Mr. Engelken 's *UNK* *UNK* , his wife bought a book *UNKING* the big *UNKER* and sent it off to Mr. Thomson to be *UNKED* . STOP 
`` What could have been better ? '' asks Mr. Engelken . STOP 
*CUNK* Engelken asked the same question earlier this year , when her husband was about to turn 50 . STOP 
She had an idea . STOP 
On her husband 's *UNK* *UNK* -LRB- after an *OUS* 23 years of marriage , it should be noted -RRB- , *CUNK* , *CUNK* and their *UNK-* son set out for New York to visit *CUNK* University . STOP 
Mrs. Engelken had scheduled a stop on the New Jersey *CUNK* to , she told her husband , pick up some papers for a *UNK* . STOP 
The papers would be handed over at a bank of telephone *UNKS* just off *CUNK* 10 . STOP 
`` It *UNKED* like something out of *CUNK* *CUNKING* , '' Mr. Engelken recalls . STOP 
At the appointed *UNK* , the family pulled over , and Mrs. Engelken went to get her papers . STOP 
Mr. Engelken turned off the motor and rolled down the window . STOP 
In a matter of minutes , she was back , with a *UNK* , *UNKED* man in *UNK* . STOP 
She *UNKED* down by the car window and addressed her husband with her favorite *UNK* : STOP 
`` *CUNK* , '' she said , `` *CUNK* *UNK* *CUNK* . STOP 
This is Bobby Thomson . '' STOP 
`` And there he was , '' recalls Mr. Engelken . STOP 
`` The *UNK* of my youth , the one person in history I 'd most like to meet . STOP 
*CUNK* your Thomas *CUNKS* , or St. *CUNKS* or *CUNKS* ; I 'd take baseball 's *CUNKING* *CUNK* without *UNKION* . '' STOP 
They talked of the home run . STOP 
`` I thought it was in the upper *UNK* , '' said Bobby Thomson , now 66 years old . STOP 
They talked of the aftermath . STOP 
`` I never thought it would become so *OUS* , '' Bobby *UNKED* . STOP 
Mr. Engelken , says his wife , `` was *UNKED* by the whole thing . STOP 
It was worth it , just for the look on Albert 's face . '' STOP 
The two men spent an hour at *CUNK* 10 , *UNKING* the event , `` *UNKING* the *UNK* dream of a young *UNK* now turned 50 , '' Mr. Engelken says . STOP 
His *UNK* signed *UNKS* of the *UNKER* and *UNKLY* called Ralph *CUNK* `` a very fine *UNKER* . '' STOP 
And when Mr. Engelken asked him why he took time off from work for somebody he did n't even know , Bobby Thomson *UNKED* : `` You know , Albert , if you have the chance in life to make somebody this happy , you have an obligation to do it . '' STOP 
In an interview , Mr. Thomson , who is married and has three grown children , says he has few ties to baseball these days , other than playing *UNKS* games now and again . STOP 
But his fans , to his constant *UNK* , never let him forget the famous *UNKER* . STOP 
His mail regularly recalls `` my one event , '' and has been growing in recent years . STOP 
In response to the letters , Mr. Thomson usually *UNKS* an *UNKED* *UNK* with a *UNK* note , and rarely *UNKS* a *OUS* . STOP 
But when *CUNK* Engelken wrote him , saying she could stop near his New Jersey home , it seemed different . STOP 
`` What a good feeling it would be for me to do that , '' he says he thought . STOP 
When the Engelken family got back from its trip up north , Mr. Engelken wrote it all down , just to make sure no detail was missed . STOP 
`` On the way home , '' his notes recall , `` it took concentrated effort to keep that car pointed south . STOP 
My mind was miles north at a place called *CUNK* 's *CUNK* , where a real sports *UNK* had captured the *UNKION* of a *UNK* who never fully grew up and is all the *UNKER* for it . STOP 
`` *CUNK* heart , sports fans , '' he wrote . STOP 
`` Real *UNKS* exist . STOP 
You might not find one in the ` *CUNK* ' column . STOP 
But who knows ? STOP 
You might meet up with him at that bank of telephone *UNKS* just off *CUNK* 10 of the New Jersey *CUNK* . STOP 
Southam Inc. said its *UNUNK* weekly newspaper , The Financial Times of Canada , is up for sale . STOP 
Analysts said the announcement , the latest in a series of *UNKS* and restructuring moves , is aimed at improving Southam 's earnings before the expiration in June of a *UNK* pact with *CUNK* Corp . STOP 
When that agreement expires , *CUNK* will be free to increase its *UNKN* % stake in Southam , or to make an offer for the whole company . STOP 
*CUNKS* of the Southam family hold an additional *UNKN* % stake in the Toronto-based company , Canada 's largest newspaper publisher . STOP 
The newspaper could fetch between 15 million and 20 million Canadian dollars -LRB- US$ *UNKN* million to $ *UNKN* million -RRB- , said one analyst , who asked not to be identified . STOP 
A spokesman for Southam declined to comment on the price the company is seeking or on estimates of the paper 's annual losses , which most analysts place at between C$ 4 million and C$ 7 million . STOP 
Yesterday , Southam reported third-quarter earnings of C$ *UNKN* million on revenue of C$ *UNKN* million , down from C$ *UNKN* million on revenue of C$ *UNKN* million in the year-ago quarter . STOP 
`` To be profitable , the paper requires more circulation and building circulation is an expensive *UNKING* , '' said John *CUNK* , the paper 's publisher . STOP 
Southam said the level of future investment required by the paper would have restricted its options in other areas . STOP 
The acquisition of the Financial Times of Canada is `` well within reach for any number of media companies , both public and private , '' said James *CUNK* , an analyst with Toronto-based *CUNK* James Capel Inc . STOP 
*CUNK* bidders include Christopher *CUNK* , a Toronto financier and vice chairman of *CUNKS* International Bancorp Inc. , a holding company controlled by Toronto 's *CUNK* family . STOP 
Mr. *CUNK* sold his stake in *CUNK* Corp. to *CUNKS* earlier this year and is said to be seeking a media acquisition . STOP 
Mr. *CUNK* could n't be reached for comment , but Roy *CUNK-* , chairman of *CUNK* *CUNK* , a closely held concern that publishes two business magazines , said his company would take a close look at the newspaper . STOP 
Mr. *CUNK* said the sale of the *UNK-* Financial Times , which Southam has owned since *UNKN* , is consistent with Southam 's strategy of cutting costs to obtain maximum profits from its operations while *UNKING* of `` *UNKLY* *UNKING* '' assets . STOP 
Southam agreed to sell its 47 % stake in *CUNK* Communications Ltd. , a broadcasting concern , to *CUNK* *CUNKER* Ltd. for about C$ *UNKN* million last year . STOP 
This year , it has moved to cut costs in its newspaper division through *UNKS* and asset sales , while reaching joint venture and acquisition agreements in other areas . STOP 
The Financial Times of Canada has no links to the British daily newspaper , The Financial Times . STOP 
Norton Co. said net income for the third quarter fell 6 % to $ *UNKN* million , or 98 cents a share , from $ 22 million , or $ *UNKN* a share . STOP 
Operating profit for the *UNKS* , engineering materials and petroleum services concern was $ *UNKN* million , or 91 cents a share , up 3 % from $ *UNKN* million , or 87 cents a share . STOP 
The company had a tax credit of $ 1.4 million . STOP 
In the year-earlier quarter , the tax credit was $ 3.3 million . STOP 
Sales rose 8 % to $ *UNKN* million from $ *UNKN* million . STOP 
Operating profit in the company 's *UNKS* segment rose 16 % while operating profit in the engineering materials segment rose 2 % . STOP 
However , the company 's petroleum services segment , while profitable , was hurt by high financing costs associated with the company 's buy-out of a 50 % stake in Eastman *CUNK* Co. from Texas Eastern Corp. last June . STOP 
Norton and Texas Eastern had each held a 50 % stake in Eastman in a joint venture . STOP 
Norton announced earlier this month that it was exploring the possible sale of all or part of Eastman *CUNK* . STOP 
For the nine months , Norton had net of $ *UNKN* million , or $ *UNKN* a share , and a tax credit of $ 4.4 million . STOP 
In the year-earlier period , the company had net of $ *UNKN* million , or $ *UNKN* a share , and a tax credit of $ 7.7 million . STOP 
Norton had operating profit of $ *UNKN* million , or $ *UNKN* a share , up 11 % from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose 8 % to $ 1.15 billion from $ *UNKN* billion . STOP 
*CUNK* Park and her family *UNKED* for four years to buy a tiny apartment here , but found that the closer they got to saving the $ 40,000 they originally needed , the more the price rose . STOP 
By this month , it had more than doubled . STOP 
Now the *UNK-* *UNK* , whose husband *UNKS* a modest salary as an assistant professor of economics , is saving harder than ever . STOP 
`` I am determined to get an apartment in three years , '' she says . STOP 
`` It 's all I think about or talk about . '' STOP 
For the Parks and millions of other young *CUNKS* , the *UNKED* dream of home ownership has become a *UNK* *UNKION* . STOP 
For the government , it has become a highly volatile political issue . STOP 
Last May , a government panel released a report on the extent and causes of the problem . STOP 
During the past 15 years , the report showed , housing prices increased nearly *UNK* . STOP 
The report laid the blame on speculators , who it said had pushed land prices up *UNK* . STOP 
The panel found that since 1987 , real-estate prices rose nearly 50 % in a *UNK* *UNKER* fueled by economic *UNK* , the 1988 Seoul Olympics and the government 's *UNK* to rapidly develop Korea 's *UNKEST* . STOP 
The result is that those rich enough to own any real estate at all have boosted their holdings substantially . STOP 
For those with no holdings , the prospects of buying a home are ever *UNKER* . STOP 
In 1987 , a quarter of the population owned 91 % of the nation 's *UNKN* square *UNKS* of private land , the report said , and 10 % of the population owned 65 % of the land devoted to housing . STOP 
Meanwhile , the government 's Land Bureau reports that only about a third of Korean families own their own homes . STOP 
*CUNKS* have soared along with house prices . STOP 
*CUNKER* National *CUNK* Hong *CUNK-* , now a radio *UNK* , says the problem is *UNK* for many people . STOP 
`` I 'm afraid of a popular *UNK* if this situation is n't *UNKED* , '' he adds . STOP 
In fact , during the past three months there have been several demonstrations at the office complex where the Land Bureau is *UNKED* , and at the National Assembly , demanding the government put a stop to real-estate speculation . STOP 
President *CUNK* *CUNK* *CUNK* 's administration has been studying the real-estate crisis for the past year with an eye to partial land *UNKION* . STOP 
Last week , the government took three bills to the National Assembly . STOP 
The proposed legislation is aimed at *UNKING* some of the *UNKS* in the current *UNK-* system . STOP 
*CUNKS* of the bills , as currently *UNKED* , are : -- A *UNKION* on the amount of real estate one family can own , to *UNKN* square *UNKS* in the nation 's six largest cities , but more in smaller cities and rural areas . STOP 
The government will *UNK* *UNKS* , but wo n't *UNK* property . STOP 
-- A tax of between 3 % and 6 % on property holdings that exceed the *UNK* ceiling . STOP 
-- *CUNKS* of between 15 % and 50 % a year on `` excessive '' profits from the *UNK* of property , or the sale of idle land to the government . STOP 
The government *UNKS* excessive profits as those above the average realized for other *UNKED* properties in an area . STOP 
-- Grace periods ranging from two to five years before the full *UNK* of the penalties takes effect . STOP 
The administration says the measures would stem *UNK* property speculation , free more land for the government 's ambitious *UNKION* program , designed to build two million apartments by 1992 -- and , perhaps , boost the popular standing of President *CUNK* . STOP 
But opposition legislators and others calling for help for South Korea 's *UNKS* say the proposed changes do n't go far enough to make it possible for ordinary people to buy a home . STOP 
Some want lower limits on house *UNKS* ; others insist on *UNKLY* higher taxation for larger homes and lots . STOP 
The Citizens *CUNKION* for Economic Justice , a *UNKEST* group leading the charge for radical reform , wants restrictions on *UNKS* , high taxation of capital gains , and *UNK* *UNKING* of the *UNK-* system on which property taxes are based . STOP 
But others , large *UNKS* , real-estate developers and business leaders , say the government 's proposals are *UNK* . STOP 
*CUNK* by the Federation of Korean Industries , the critics are lobbying for the government to weaken its proposed restrictions and penalties . STOP 
Government officials who are urging real-estate reforms *UNK* at the arguments of business leaders and *UNK* at their pressure . STOP 
`` There is no violation of the *UNK* principle of private property in what we are doing , '' says Lee *CUNK* *CUNK* , director of the government 's Land Bureau , which *UNKED* the bills . STOP 
But , he adds , the *UNKION* *UNKS* the government to impose some controls , to *UNK* the shortage of land . STOP 
The land available for housing construction stands at about *UNKN* square *UNKS* a person -- 18 % lower than in Taiwan and only about half that of Japan . STOP 
Mr. Lee estimates that about 10,000 property speculators are operating in South Korea . STOP 
The chief *UNKS* , he says , are big companies and business groups that buy huge amounts of land `` not for their corporate use , but for *UNK* at huge profit . '' STOP 
One research institute calculated that as much as 67 % of *UNKED* land is held by *UNKN* companies -- and that as little as 1.5 % of that is used for business . STOP 
The government 's Office of Bank *CUNKION* and *CUNKION* told the National Assembly this month that in the first half of 1989 , the nation 's 30 largest business groups bought real estate valued at $ 1.5 billion . STOP 
The Ministry of Finance , as a result , has proposed a series of measures that would restrict business investment in real estate even more *UNKLY* than restrictions aimed at individuals . STOP 
Under those measures , financial institutions would be restricted from owning any more real estate than they need for their business operations . STOP 
Banks , investment and credit firms would be permitted to own land equivalent in value to 50 % of their capital -- currently the proportion is 75 % . STOP 
The maximum *UNK* property holdings for insurance companies would be reduced to 10 % of their total asset value , down from 15 % currently . STOP 
But Mrs. Park acknowledges that even if the policies work to slow or stop speculation , apartment prices are unlikely to go down . STOP 
At best , she *UNKS* , they will rise more slowly -- more slowly , she hopes , than her family 's income . STOP 
*CUNK* Corp. , *CUNK* , N.J. , declared its initial quarterly of five cents a share , payable Dec. 1 to stock of record Nov. 10 . STOP 
The maker of specialty chemicals has about 5.9 million shares outstanding . STOP 
The company said the move *UNKS* its strong financial position . STOP 
Although profits were `` squeezed '' in 1989 , mainly as a result of higher *UNKAL* costs , the company said it is confident about future earnings and cash flow for 1990 and beyond . STOP 
In national over-the-counter trading yesterday , *CUNK* shares rose 50 cents to close at $ 13 a share . STOP 
The Justice Department said it is seeking to join a private lawsuit challenging a Pittsburgh *UNK* 's *UNKING* *UNK* that sharply *UNKS* the locations available to group homes for the *UNKED* . STOP 
This would be the department 's first suit challenging a local *UNKING* *UNK* under 1988 amendments to the *CUNK* Housing Act . STOP 
Under those amendments , which took effect in March of this year , the federal government can *UNK* in private *UNKION* lawsuits . STOP 
The *UNK* , in Moon *CUNK* , *UNKS* *UNKING* a group home for the *UNKED* within a *UNK* of another such facility . STOP 
In papers filed with the federal district court in Pittsburgh , the Justice Department alleged that the *UNK* , by limiting the number of group homes that can be established in the *UNK* , makes housing unavailable on account of *UNK* . STOP 
The private suit was brought by three *UNKLY* *UNKED* people who live in a group home in Moon . STOP 
*CUNK* Smith , Moon *CUNK* manager , said the *UNK* is intended to prevent the *UNKION* of group homes for the *UNKLY* *UNKED* from changing `` the character and *UNK* of the neighborhood . '' STOP 
He said the *UNK* also will benefit the *UNKLY* *UNKED* . STOP 
`` Our intent is to spread them out '' to *UNK* they are well integrated into the community , he said . STOP 
*CUNK* and concrete action has been taken in Colombia during the past 60 days against the *UNK* of the drug trade , but it has not been *UNKLY* effective , because , *UNKLY* , it came too late . STOP 
*CUNK* years ago , the newspaper El *CUNK* , of which my brother *CUNK* was editor , began warning of the rise of the drug *UNKS* and of their leaders ' *UNKS* to control Colombian politics , especially the Congress . STOP 
Then , when it would have been easier to *UNK* them , nothing was done and my brother was *UNKED* by the drug *UNKS* three years ago . STOP 
The most *UNKS* *UNKS* have not *UNKED* their press more *UNKLY* than the drug *UNKS* *UNK* Colombia 's . STOP 
The *UNK* is *UNKED* through terrorism and assassination . STOP 
In the past 10 years about 50 journalists have been *UNKED* forever , *UNKED* . STOP 
Within the past two months a *UNK* *UNKED* in the offices of the El *CUNK* in *CUNK* , *UNKING* a major part of its installations and equipment . STOP 
And only last week the newspaper *CUNK* *CUNKAL* in the city of *CUNK* was *UNKED* , and its installations destroyed . STOP 
*CUNKS* and their families are constantly threatened as are the newspaper distribution outlets . STOP 
*CUNKION* centers are *UNKED* , and advertisers are *UNKED* . STOP 
*CUNK* is imposed by terrorism . STOP 
If the Colombian media accept this new and *OUS* *UNK* there is little doubt that the drug *UNK* 's terrorism *UNK* will extend to all the newspapers published in the free world . STOP 
The *UNK* of the *UNKED* media world-wide against drug terrorism is the only way press freedom can survive . STOP 
The American people and their government also *UNK* up too late to the *UNK* drugs *UNKED* to the moral structure of their country . STOP 
Even now , the American attack upon this tremendous problem is *UNK* in *UNKION* to the *UNK* of the threat . STOP 
I can *UNKEST* that a recent Colombian *UNK* to the U.S. was offered drugs three times in the few blocks ' walk between Grand Central *CUNKAL* and the *CUNK* *CUNK* Hotel in *UNK* Manhattan . STOP 
Colombia alone -- its government , its people , its newspapers -- does not have the capacity to fight this battle successfully . STOP 
All *UNKING* countries must jointly decide to combat and *UNK* the consumers and distributors of drugs . STOP 
The U.S. , as the major drug consumer , should lead this joint effort . STOP 
*CUNKION* , if not the total *UNKION* , of drug consumption is the requirement for victory . STOP 
Much is being done in Colombia to fight the drug *UNK* *UNK* . STOP 
*OUS* homes and *UNKS* have been *UNKED* by the military authorities , and sophisticated and powerful communications equipment have been seized . STOP 
More than 300 planes and *UNKS* have been *UNKED* at *UNKS* , and a large number of vehicles and *UNKS* has been *UNKED* . STOP 
The military has also captured enormous *UNKS* of powerful and sophisticated weapons , *UNKS* and other *UNK-* *UNK* . STOP 
Much has been *UNKED* and public opinion *UNKLY* supports the government and the army -- but , on the other hand , none of the key drug *UNKS* have been captured . STOP 
There has been a lot of talk that a large portion of the Colombian economy is sustained by the *UNKING* of drug money . STOP 
In my opinion , this is not true . STOP 
*CUNKED* drug money has served only to increase , *UNKLY* , the price of real estate , creating serious problems for low-income people who *UNK* to own their own homes . STOP 
Drug money has also gone to buy expensive cars , *UNKS* , *UNKS* and *UNKS* where drugs are consumed . STOP 
But most of the drug money is kept in investments and in financial institutions outside Colombia . STOP 
In fact , the cooperation of those financial institutions is essential to the success of the drug battle . STOP 
What is of much more importance to the Colombian economy than the supposed benefits of *UNKED* drug money is higher prices for Colombia 's legitimate products . STOP 
The price of coffee has gone down almost 45 % since the beginning of the year , to the lowest level -LRB- after inflation -RRB- since the Great *CUNKION* . STOP 
Market conditions point to even lower prices next year . STOP 
The *UNK-* coffee *UNK* had to be formally *UNKED* this summer . STOP 
As a result , Colombia will earn $ 500 million less from its coffee this year than last . STOP 
Our coffee growers face reductions in their income , and this *UNKS* them to *UNK* *UNKING* *UNK* crops for coffee . STOP 
U.S. interests occasionally try to impose barriers to the import of another important Colombian export -- cut *UNKS* -- into the American market . STOP 
A just price and an open market for what Colombian produces and exports should be the policy of the U.S. . STOP 
I take advantage of this opportunity given to me by The Wall Street Journal to make a plea to the millions of readers of this newspaper , to become *UNKS* *UNKED* to the fight against the use of drugs . STOP 
Each *UNK* of *UNK* consumed is a *UNKLY* *UNK* against those in our country and in the rest of the world who fight this terrible *UNK* . STOP 
A *UNK* of *CUNK* to the consumption of drugs is *UNK* . STOP 
Mr. *CUNK* is president of El *CUNK* , a newspaper founded by his *UNKER* . STOP 
It has more drug users than Boston has people . STOP 
*CUNK-* thousand of its children live in *UNKER* homes , while 50,000 residents have no homes at all . STOP 
Its tax base is *UNKING* , a $ 1 billion budget deficit *UNKS* , and the city faces contract negotiations with all major municipal unions next year . STOP 
This is New York City . STOP 
When the *UNK* and *UNK* settle in an *UNK-* mayoral race , the man most likely to gain *UNK* of all this is a career *UNK* named David Dinkins . STOP 
*CUNKING* the nation 's largest and most *UNK* city may be no treat , but at least Mr. Dinkins knows what to expect from it . STOP 
As the campaign hits the home stretch , however , voters still have very little idea what they can expect from him . STOP 
After 25 years in city politics , David Dinkins remains an *UNK* . STOP 
The *UNK-* , *UNKED* Manhattan borough president -- the first black man to win the Democratic *UNKION* for mayor here -- does n't have a single prominent political *UNK* . STOP 
While he is widely described as a man with deep *UNKS* , he has few major political programs that he can call his own . STOP 
Asked about his greatest *UNK* in public life , he first *UNKS* about the quality of his staff . STOP 
Now , as election day *UNKS* , even some supporters wonder what he will do if he wins the *UNK* on Nov. 7 . STOP 
They wonder whether he can be firm with his longtime allies , including union leaders and political *UNKS* who may seek a place at the *UNK* . STOP 
They wonder whether he has the economic *UNK-* to *UNKER* the city through a possible fiscal crisis , and they wonder who will be advising him . STOP 
Will he , if he wins , be in the *UNK* of the most liberal of his allies , who *UNK* such policies as rent control for commercial buildings , or will he *UNK* toward the real-estate interests that have *UNKED* money into his campaign ? STOP 
After his *UNK* primary victory over Mayor Edward I. Koch in September , Mr. Dinkins *UNKED* , until recently , on a *UNK-* lead over his Republican *UNK* , *CUNK* Giuliani , the former crime *UNKER* who has proved a something of a *UNK* as a candidate . STOP 
But Mr. Dinkins has *UNKED* in the past two weeks over his campaign 's payments to a black activist who is a convicted *UNKER* , and over his handling of a stock sale to his son . STOP 
*CUNKS* also have recorded some *UNK* in Mr. Dinkins 's support among Jewish voters , and *UNK* projections now put his lead at between four and 20 percentage points . STOP 
In an interview with reporters and *UNKS* of The Wall Street Journal , Mr. Dinkins appears quite confident of victory and of his ability to handle the *UNK* . STOP 
`` A lot of people think I will give away the store , but I can *UNK* you I will not , '' he says . STOP 
`` I am aware we have real *UNK* problems . '' STOP 
The city is full of aging bridges , water *UNKS* and *UNKS* that are in need of billions of dollars worth of repair . STOP 
*CUNKED* efforts to fight drugs and crime will be costly . STOP 
But city officials say tax revenues are lagging . STOP 
And after a decade of *UNK* job growth on Wall Street , a period of *UNKION* is under way . STOP 
Mr. Koch already has announced he will drop *UNKN* jobs from the city payroll , but that wo n't be enough . STOP 
New York State *CUNKER* Edward *CUNK* predicts a $ 1.3 billion budget gap for the city 's next fiscal year , a gap that could grow if there is a recession . STOP 
If elected , Mr. Dinkins will probably have no choice but to raise taxes on *UNKED* businesses or cut spending in already *UNKED* neighborhoods . STOP 
`` He is going to face a mess , '' says City Council President Andrew Stein . STOP 
`` His supporters are not *UNKAL* , but their solution to everything will be to spend more money , and he wo n't have any money . '' STOP 
By and large , Mr. Dinkins has *UNKED* the *UNK* question of whose *UNK* he would *UNK* . STOP 
Instead of focusing on the financial future , Mr. Dinkins has sold himself as a *UNKER* for a city recently *UNKED* by racial violence and as a *UNKING* *UNK* to 12 years of *UNKION* generated by Mayor Koch . STOP 
`` The thing about the Dinkins *UNK* is that it offers hope to a broad range of people , '' says *CUNKER* *CUNKER* , a real-estate executive and former aide to Gov. *CUNK* *CUNK* . STOP 
`` It is a *UNK-* *UNK* . '' STOP 
No doubt , Mr. Dinkins has been a *UNKING* influence . STOP 
He is an *UNK* figure who *UNKS* the *UNKS* of colleagues ' children , opens doors for women , and almost never has a bad word to say about anybody . STOP 
More important , he emerged as a *UNKER* last summer after the Central Park rape of a white *UNKER* -- in which a group of *CUNK* *UNKS* was charged -- and the racial murder of a black *UNKER* in the white Brooklyn neighborhood of *CUNK* . STOP 
Rather than *UNKING* off white voters , as many predicted he would , Mr. Dinkins attracted many whites *UNKLY* because of his reputation for having a cool head . STOP 
-LRB- *CUNKING* cool is a Dinkins priority : On *UNK* days this summer , he was known to change his *UNKED* suits as many as four times a day . -RRB- STOP 
But even in his *UNKER* campaign , he has shown signs of the *UNKS* and confusion that some say has *UNKED* his tenure as Manhattan borough president -- and might *UNKER* him as mayor . STOP 
Over the last few weeks , he has *UNKED* away roughly half of what was once a *UNK-* lead in the polls over Mr. Giuliani . STOP 
A story about how he *UNKED* the sale to his son of his stock in a media company controlled by his political *UNK* *CUNK* Sutton was allowed to *UNKER* a full week before Mr. Dinkins faced the media . STOP 
He has canceled numerous campaign *UNKS* and was largely *UNK* to the media until the stock story broke . STOP 
His campaign was caught *UNKED* amid allegations it paid almost $ 10,000 for what it said was a `` *UNK-* '' effort by black activist *CUNK* *CUNK* , a convicted *UNKER* who later said publicly that he is `` *UNK-* . '' STOP 
Critics have said the payment looked like an attempt by the Dinkins *UNK* to get Mr. *CUNK* to stop leading *UNKAL* demonstrations *UNKING* the *CUNK* murder -- protests the campaign may have feared could cause some white voters to turn from a black candidate . STOP 
Mr. Dinkins also has failed to *UNK* Jewish voters ' fears about his association with the *CUNK* *CUNK* Jackson , despite the fact that few local *UNK-* politicians have been as *UNKAL* for Jewish causes in the past 20 years as Mr. Dinkins has . STOP 
These campaign problems have *UNKED* difficulties Mr. Dinkins has run into before . STOP 
A former U.S. Marine , Mr. Dinkins got off to a quick start in politics , joining a local Democratic political club in the 1950s , linking up with black urban leaders such as Charles *CUNK* , *CUNK* *CUNK* and Mr. Sutton , and getting himself elected to the state assembly in *UNKN* . STOP 
But his chance to become deputy mayor under Mayor *CUNK* *CUNK* , a plan boosted by Mr. Sutton , was *UNKED* because of Mr. Dinkins 's failure -- still largely *UNKED* -- to file income tax returns for four years running . STOP 
`` I always thought of this as a thing that could always be done tomorrow , '' he said at the time . STOP 
Later , Mr. Dinkins became more deeply *UNKED* to Mr. Sutton and other city *UNKS* , including *UNK-* Council President Paul *CUNKER* , when they helped him get appointed city *UNK* , a largely *UNKAL* post responsible for the city 's marriage bureau , among other things . STOP 
-LRB- Mr. *CUNKER* is now one of the lawyers for Mr. Sutton 's media company . -RRB- STOP 
The debt rose further in 1977 when Mr. Sutton resigned his position as Manhattan borough president to run for mayor . STOP 
Mr. Sutton recalls : `` When I left , I sat down with *CUNK* -LCB- *CUNK* -RCB- , *CUNK* -LCB- *CUNK* -RCB- and David , and David said , ` Who will run for borough president ? ' And I said , ` You will . ' '' STOP 
David *CUNK* , Mayor Koch 's longtime media adviser , says of Mr. Dinkins , `` He really is the *UNKION* of the *UNK* system . STOP 
But the guy is so personally decent , people tend to forget that . '' STOP 
Mr. Dinkins lost twice by wide margins before finally getting elected borough president in 1985 . STOP 
But by most accounts , he made little of the post and was best known among city politicians for his problems making up his mind on matters before the city 's Board of *CUNK* , the body that votes on crucial budget and *UNK-* matters . STOP 
*CUNKS* today recall with some *UNK* how meetings would *UNK* into the early morning hours as Mr. Dinkins would *UNK* his staff out of board meetings and into his private office to discuss , *UNK* *UNK* , certain controversial proposals . STOP 
`` He taught me how to drink *UNKAL* tea instead of coffee at 3 a.m. , I 'll give him that , '' says *CUNK* Mayor Robert *CUNK* . STOP 
*CUNK* , Mr. Dinkins 's *UNKION* prevented him from having a say in the way things turned out , critics claim . STOP 
On the campaign *UNK* , he often points out that he was the only Board of *CUNK* member to vote against a controversial real-estate project at Manhattan 's Columbus *CUNK* . STOP 
But board members say he took so long to decide how to vote that by the time he decided , it was too late to try to draw other members to his position . STOP 
Says one city official : `` Everybody else had brought in the *UNKS* and made their deal . STOP 
He would have got a lot more done if he made up his mind faster . '' STOP 
One Board member , *CUNK* *CUNK* President *CUNK* *CUNKER* , was said to be so *UNK* with Mr. Dinkins 's behavior at many meetings that he *UNK* his support for Mr. Dinkins 's mayoral effort until late in the primary campaign . STOP 
`` I had some problem from time to time on the length of time he would take to make up his mind , '' Mr. *CUNKER* admits , but he maintains that he did n't delay his support of Mr. Dinkins and that he backs the Democratic candidate *UNKLY* . STOP 
Mr. Dinkins 's campaign manager and former chief of staff , Bill Lynch , denies that the Manhattan borough president has taken too long to decide important issues . STOP 
`` We did n't *UNK-* everything that came to us , '' Mr. Lynch says . STOP 
On some occasions when Mr. Dinkins has discussed the issues during the campaign , he has run into a familiar kind of trouble . STOP 
Some supporters were *UNKED* this summer when Mr. Dinkins suggested weakening the law *UNKING* public employees to go on strike . STOP 
He withdrew the *UNK* . STOP 
When he later *UNKED* with striking hospital workers , some allies *UNKED* a little more , concerned that Mr. Dinkins was setting the wrong tone for coming contract negotiations with city employees . STOP 
Then , two days before receiving an *UNK* from environmental groups , Mr. Dinkins promised he would issue a three-year *UNK* on construction of *UNK-* plants . STOP 
That announcement was *UNKLY* criticized by Mayor Koch -- who has endorsed Mr. Dinkins -- because the city faces a *UNK* crisis and has already spent $ 5 million planning for an *UNK* that would be *UNKED* under Mr. Dinkins 's proposal . STOP 
While his public statements have at times been confusing , Mr. Dinkins 's position papers have more consistently reflected *UNK-* sentiment . STOP 
He favors a form of commercial rent control , which the financial community believes would make it more difficult to attract investment in the city . STOP 
In the midst of a labor shortage , he proposes linking city subsidies to businesses to their record of hiring New York City residents . STOP 
With an *UNKED* local labor pool , many experts believe , that policy could drive businesses from the city . STOP 
And he favors a more cooperative approach toward the *UNKING* states of New Jersey and Connecticut in the battle over companies thinking of moving employees out of New York City . STOP 
Many *UNK-* officials say the Koch administration 's aggressive approach helped save 5,000 Chase Manhattan Bank jobs from moving across the Hudson . STOP 
But Mr. Dinkins 's economic *UNKS* do n't seem to *UNKER* the business community , where he *UNKS* significant support . STOP 
Steven *CUNK* , president of the Real Estate Board of New York , an industry organization , says Mr. Dinkins 's `` economic development program is *UNKED* , but when it comes down to it , he can be reasonable . '' STOP 
Mr. Dinkins 's *UNKER* circle of advisers appears to include both *UNKS* and *UNKS* , leaving voters with little *UNK* as to who will be more influential . STOP 
The key man seems to be the campaign manager , Mr. Lynch . STOP 
A *UNKED* , *UNKLY* son of a Long Island *UNK* farmer , Mr. Lynch is a veteran union *UNKER* who worked on the presidential campaigns of Sen. Edward Kennedy and Mr. Jackson . STOP 
But as the Dinkins campaign hit tough times this month , Andrew *CUNK* , the politically *UNKED* son of the New York governor , is also said to have taken a more active role on strategy . STOP 
Another close ally is Ruth *CUNKER* , a Manhattan city *UNK* , some of whose programs , such as commercial rent control , have made their way into Mr. Dinkins 's position papers . STOP 
If she remains influential with Mr. Dinkins , as some suggest she will , his *UNK* may take on a more *UNK-* *UNK* . STOP 
But Lincoln Center President Nathan *CUNKAL* , who would head a Dinkins transition team , is more mainstream , as is real-estate executive Anthony *CUNK* , another insider . STOP 
Mr. Dinkins also has said he would receive economic advice from a board that would include American Express Co. chairman James D. Robinson III , investment banker *CUNK* *CUNK* , *UNK-* specialist *CUNK* Lewis and attorney Joseph *CUNK* . STOP 
Some business leaders and others also believe that Mr. Dinkins would place significant responsibility in the hands of a deputy mayor with a strong administrative background . STOP 
*CUNKS* of possible *UNKS* that have surfaced include former mayoral candidate Richard *CUNK* , former schools *UNK* Frank *CUNK* and Messrs. *CUNKAL* and *CUNK* . STOP 
Then there are Mr. Dinkins 's *UNK-* *CUNK* colleagues , such as U.S. Rep. *CUNK* , former *CUNK* Mayor *CUNK* and Mr. Sutton . STOP 
Having *UNKED* positions of real influence or wealth , these men constitute the Old *CUNK* of New York City black politics ; they are less *UNKAL* than the younger , more activist black political community that has been based largely in Brooklyn . STOP 
-LRB- Part of Mr. Dinkins 's strength is his ability to win the support of both the Brooklyn and *CUNK* *UNKS* . -RRB- STOP 
`` We know there are *UNKS* for the city out there , '' says Mr. *CUNK* , Mr. Dinkins 's former law partner . STOP 
`` If any of us think we 're going to *UNK* David 's *UNKION* to be the best possible mayor because of his obligations to us , we are making a *UNK* mistake . '' STOP 
*CUNKS* Ms. *CUNKER* , who is expected to win the borough president 's job Mr. Dinkins is *UNKING* , `` You have to remember David is a *UNK* . '' STOP 
But Mr. Dinkins 's sense of *UNK* often comes across more as an insider 's *UNKION* not to upset the political apple *UNK* . STOP 
He is taken *UNK* in an interview when asked whether , as mayor , he plans on *UNKING* the political `` *UNKS* '' that *UNK* the *UNKAL* *UNKS* of New York 's school system . STOP 
`` I will sit down and talk some of the problems out , but take on the political system ? *CUNK-* , '' he says with a shake of the head . STOP 
Despite many doubts about his *UNK* , white New *CUNKS* -- who gave Mr. Dinkins 30 % of their votes in the primary -- are n't expected to desert in sufficient numbers to turn the election to Mr. Giuliani . STOP 
The former U.S. attorney , who *UNKED* targets ranging from *CUNK* *UNKS* to Wall Street executives , has succeeded in raising questions about Mr. Dinkins 's *UNKAL* standards , but so far has failed to generate *UNK* about his own *UNK* . STOP 
As a Republican in an *UNKLY* Democratic city , Mr. Giuliani has an *UNK* *UNK* . STOP 
As a *UNK-* candidate , he has been slow to learn the *UNKS* of New York City *UNKING* . STOP 
Mr. Giuliani is finding that Mr. Dinkins , in his many years in public life , has built up considerable good will that so far has led many voters to *UNK* certain *UNKS* . STOP 
`` The bottom line is that he is a very genuine and decent guy , '' says Malcolm *CUNK* , a Jewish community leader . STOP 
`` In the end , I think David will be *UNKED* for being David . STOP 
*CUNK* Johnson *UNKS* a tape measure across the front of what was once a *UNKLY* *CUNK* home . STOP 
A deep *UNK* now runs along its north wall , exposed when the house *UNKED* two feet off its foundation during last week 's earthquake . STOP 
A side *UNK* was *UNKED* away . STOP 
The *UNK* is a *UNK* of *UNKS* on the front lawn . STOP 
The remainder of the house *UNKS* *UNKLY* against a *UNK* *UNK* *UNK* . STOP 
The *UNK* , *UNK-* Ms. Johnson , *UNKED* in *UNKS* and a *UNK* as she *UNKS* through the steady afternoon rain , is a claims *UNKER* with Aetna Life & Casualty . STOP 
She has been on the move almost *UNKLY* since last Thursday , when an army of adjusters , employed by major insurers , *UNKED* the San Francisco area to help *UNKS* *UNK* through the rubble and restore some order to their lives . STOP 
*CUNKED* with cellular *UNKS* , laptop computers , *UNKS* and a pack of *UNK* checks , they *UNK* out money so their clients can find temporary living quarters , buy food , replace lost clothing , repair broken water *UNKS* , and *UNKER* walls . STOP 
Some of the funds will used to *UNK* *UNUNK* buildings and clear sites for future construction . STOP 
Many adjusters are authorized to write checks for amounts up to $ 100,000 on the spot . STOP 
They do n't *UNK* at writing them . STOP 
`` That 's my job -- get -LCB- *UNKS* -RCB- what they 're *UNKED* to , '' says Bill *CUNKER* , a claims supervisor who flew in from Aetna 's *CUNK* , Conn. , office . STOP 
The *CUNK* house that Ms. Johnson is *UNKING* has been *UNKED* *UNUNK* by town officials . STOP 
But she asks a *UNK* *UNKING* the *UNKS* from the lawn to give her a boost through an open *UNK-* window . STOP 
Once inside , she spends nearly four hours *UNKING* and *UNKING* each room in the *UNK-* house , gathering enough information to estimate what it would cost to rebuild it . STOP 
She *UNKS* photos of the *UNKED* *UNKS* and the *UNKER* that has fallen away from the walls . STOP 
While she works inside , a *UNK* returns with several friends to collect furniture and clothing . STOP 
One of the friends *UNKS* broken *UNKS* and *UNKED* glass from a *UNK* and starts to pack what can be *UNKED* from the *UNK* . STOP 
Others grab books , records , *UNK* *UNKS* , *UNKS* and chairs , working *UNKLY* in the fear that an *UNK* will *UNK* the house again . STOP 
The owners , William and *CUNK* *CUNK* , are *UNKER* than many others . STOP 
A few years ago , Mrs. *CUNK* insisted on buying earthquake insurance for this house , which had been converted into apartments . STOP 
Only about 20 % of California home and business owners carried earthquake coverage . STOP 
The *CUNKS* ' own home , also in Los *CUNKS* , suffered *UNKLY* minor damage . STOP 
Ms. Johnson , who works out of Aetna 's office in *CUNK* Creek , an East Bay *UNK* , is *UNKED* by the earthquake 's *UNK* force . STOP 
`` It really brings you down to a human level , '' she says . STOP 
`` It 's hard to accept all the suffering people are going through , but you have to . STOP 
If you do n't , you ca n't do your job . '' STOP 
For Aetna and other insurers , the San Francisco earthquake hit when resources in the field already were stretched . STOP 
Most companies still are trying to sort through the *UNK* caused by Hurricane Hugo in the *CUNKS* last month . STOP 
Aetna , which has nearly 3,000 adjusters , had *UNKED* about 750 of them in Charlotte , Columbia , and Charleston . STOP 
*CUNKS* who had been working on the East Coast say the insurer will still be processing claims from that storm through December . STOP 
It could take six to nine months to handle the *UNKED* claims . STOP 
When the earthquake *UNKED* northern California last week , Aetna senior claims executives from the San Francisco area were at the company 's Hartford , Conn. , headquarters for additional training on how to handle major *UNKS* , including earthquakes . STOP 
Since commercial airline flights were disrupted , the company *UNKED* three planes to fly these executives back to the West Coast and bring along portable computers , cellular phones and some claims adjusters . STOP 
Because of the difficulty of *UNKING* the damages caused by the earthquake , Aetna pulled together a team of its most experienced claims adjusters from around the country . STOP 
Even so , few had ever *UNK* with an earthquake . STOP 
Some adjusters , like Alan *CUNKER* of San Diego , had been working in Charleston for nearly four weeks . STOP 
He returned home last Thursday , *UNKED* a *UNK* with fresh clothes and reported for duty Friday in *CUNK* Creek . STOP 
*CUNKS* were set up in San Francisco and San Jose . STOP 
In a few *UNKS* , Aetna knew it would probably be *UNKING* out big *UNKS* , even before a client called or *UNKED* in a claim . STOP 
For example , officials at *CUNK* Creek office learned that the *CUNK* Hotel near the San Francisco airport , which is insured by Aetna , was badly damaged when they saw it on network television news . STOP 
`` The secret to being a good *UNKER* is counting , '' says *CUNK* *CUNK* , an Aetna *UNKER* from Santa *CUNK* . STOP 
`` You have to count everything . '' STOP 
*CUNKS* must count the number of *UNKS* , *UNKS* , *UNKS* , *UNKS* , *UNKS* and *UNKS* . STOP 
But they must also *UNK* a price to each of these items as well as to *UNKS* , *UNKS* , *UNKING* and *UNKING* , to come up with a total value for a house . STOP 
To do that , they must think in terms of *UNK* by the square foot , *UNKING* by the square *UNK* , *UNKER* by the roll , *UNKING* by the *UNK* foot . STOP 
Using a *UNK* and a *UNUNK* guide for such jobs as painting , *UNKING* and *UNKING* in each major region of the country , adjusters can figure out the value of a home in today 's market and what it would cost to rebuild it . STOP 
Sometimes repairs are out of the question . STOP 
When Aetna *UNKER* Bill *CUNKER* visited a retired couple in Oakland last Thursday , he found them living in a *UNK* home *UNKED* in front of their *UNK* . STOP 
The house itself , located about 50 *UNKS* from the collapsed section of *UNKER* highway Interstate *UNKN* , was pushed about four feet off its foundation and then collapsed into its *UNK* . STOP 
The next day , Mr. *CUNKER* presented the couple with a check for $ *UNKN* to help them build a new home in the same neighborhood . STOP 
He also is working with a real-estate agent to help find them an apartment to rent while their home is being built . STOP 
Many of the adjusters employed by Aetna and other insurers have some experience with construction work or *UNK* . STOP 
But such skills were *UNK* to *CUNK* Johnson . STOP 
Four years ago , she was managing a *UNKING* shop and was totally *UNKED* . STOP 
A friend mentioned that she might want to look into a position at Aetna , if she was interested in a job that would constantly challenge her . STOP 
She signed up , starting as an `` inside '' *UNKER* , who *UNKS* minor claims and does a lot of work by phone . STOP 
A year later , she moved to the commercial property claims division . STOP 
She spent a month at an Aetna school in *CUNK* , Pa. , learning all about the construction trade , including *UNK* , *UNKING* and electrical *UNKING* . STOP 
That was followed by three months at the Aetna Institute in Hartford , where she was *UNKED* in learning how to read and interpret policies . STOP 
Her new line of work has some *UNKS* . STOP 
Recently , a contractor saved her from falling three stories as she *UNKED* what remained of an old *CUNK* house *UNKED* by an *UNK* . STOP 
`` I *UNK* that contractor . STOP 
I really do , '' she says . STOP 
As Ms. Johnson stands outside the *CUNK* house after *UNKING* up her *UNKS* there , the house begins to *UNK* and *UNK* . STOP 
The ground *UNKS* *UNUNK* her . STOP 
It is an *UNK* , one of about 2,000 since the earthquake , and it makes her *UNUNK* . STOP 
The next day , as she *UNKS* a $ 10,000 check for the *CUNKS* , which will cover the cost of *UNKING* the house and clearing away the *UNKS* , she *UNKS* at the *UNKEST* *UNK* . STOP 
On further *UNKION* , she admits that *UNKING* inside the *CUNKS* ' house the previous day was n't `` such a great idea . '' STOP 
During her second meeting with the *CUNKS* , Ms. Johnson reviews exactly what their policy covers . STOP 
They would like to *UNK* some *UNKS* on the second floor , but wonder if it 's safe to venture inside . STOP 
Ms. Johnson tells them that , if the *UNKS* ca n't be *UNKED* , their policy covers the replacement cost . STOP 
Mr. *CUNK* is eager to know what Aetna will pay for the house , which has to come down . STOP 
`` When will I get that check for a million dollars ? '' he *UNKS* . STOP 
The *UNKER* had n't completed all the calculations , but says : `` We 're talking policy limits . '' STOP 
In this case , that 's about $ 250,000 . STOP 
It suddenly *UNKS* on Mr. *CUNK* that *UNKING* the house in Los *CUNKS* , an affluent community in Santa Clara County , may cost more than Aetna 's policy will pay . STOP 
`` We can lose money on this , '' he says . STOP 
`` And you did n't want me to buy earthquake insurance , '' says Mrs. *CUNK* , reaching across the table and *UNKLY* *UNKING* his hand . STOP 
*CUNK* insurance costs about $ 2 to $ 4 annually for every $ 1,000 of value , and high *UNKS* mean it generally pays only when there is a catastrophe . STOP 
So , many *CUNKS* believe they can get by without it . STOP 
Even Ms. Johnson herself made that assumption . STOP 
`` I always knew that the ` Big One ' was coming , but not during my *UNK* , '' she says . STOP 
Now she says she 's thinking of *UNKING* her own insurance agent . STOP 
For Ms. Johnson , dealing with the earthquake has been more than just a work experience . STOP 
She lives in Oakland , a community hit hard by the earthquake . STOP 
She did n't have hot water for five days . STOP 
The apartment she shares with a *UNK-* daughter and her sister was *UNKED* , books and *UNKAL* hit the floor , but nothing was severely damaged . STOP 
Her sister , *CUNK* , *UNKS* *CUNK* had a different job . STOP 
`` We worry about her out there , '' *CUNK* says . STOP 
Last Sunday , Ms. Johnson finally got a chance to water her plants , but stopped *UNKLY* . STOP 
`` I realized I could n't waste this water when there are people in *CUNK* who do n't have fresh water to drink . '' STOP 
She has n't played any music since the earthquake hit , out of respect for those who died on Interstate *UNKN* where the *UNK* collapsed . STOP 
The Federal Communications Commission allowed American Telephone & Telegraph Co. to continue offering discount phone services for *UNKS* customers and said it would soon *UNK-* its regulation of the long-distance market . STOP 
The FCC moves were good news for AT&T , which has been *UNKING* since the breakup of the phone system for greater *UNK* in pricing and reduced regulation . STOP 
Alfred *CUNKS* , the new FCC chairman , *UNKED* deregulation of AT&T at his last job as head of a Commerce Department telecommunications agency . STOP 
But it has been an open question whether Mr. *CUNKS* , an *UNKLY* cautious man , would continue pushing deregulation at the FCC in the face of what is likely to be great political pressure . STOP 
`` It means that *CUNKS* is serious about the deregulation of long distance , '' said Jack *CUNK* , a telecommunications analyst at PaineWebber Inc. , who attended the FCC meeting . STOP 
`` All the *UNKS* were in *UNKING* agreement -LCB- to *UNK-* regulation -RCB- for only having been together for a few months . '' STOP 
The FCC took three specific actions regarding AT&T . STOP 
By a *UNKN* vote , it allowed AT&T to continue offering special discount packages to big customers , called *CUNK* 12 , *UNKING* appeals by AT&T competitors that the discounts were illegal . STOP 
Then by a separate *UNKN* vote , it chose the *UNKEST* possible grounds to strike down a different discount plan , called *CUNK* 15 , that AT&T offered to Holiday Corp . STOP 
AT&T gave a 5 % to 10 % discount to the *CUNKS* , Tenn. , company that oversees Holiday *CUNKS* , in response to a similar discount offered to Holiday Corp. by MCI Communications Corp . STOP 
The agency said that because MCI 's offer had expired AT&T could n't continue to offer its discount plan . STOP 
But the agency specifically did n't rule whether AT&T had the right to match offers by competitors if that means giving discounts not generally available to other phone users . STOP 
Indeed , Joe *CUNK* , AT&T 's vice president for *UNKS* services , said AT&T offered a similar *CUNK* 15 discount to *CUNK* *CUNK* International , of Indianapolis , to meet another MCI bid . STOP 
The FCC `` did n't say I could n't do it again , '' he said . STOP 
*CUNK* from those two actions , Mr. *CUNKS* and the three other *UNKS* said they expect to *UNK-* how AT&T is regulated since competition has increased . STOP 
Richard *CUNK* , chief of the FCC 's *UNKER* bureau , said he expected the agency to *UNK* new rules next year . STOP 
AT&T *UNKED* the FCC 's actions . STOP 
`` The time is long *UNK* to take a look at the *UNK* competition in the long-distance business and the rules governing it , '' the New York telecommunications firm said in a statement . STOP 
But MCI , of Washington , was *UNKED* with the FCC decision concerning *CUNK* 12 , arguing that `` AT&T can not be allowed to *UNK* FCC rules . '' STOP 
United Telecommunications Inc. 's US *CUNK* unit said it was `` obviously disappointed '' with the FCC decision on *CUNK* 12 . STOP 
US *CUNK* said was it will petition the FCC decision in federal court . STOP 
`` We believe that the court will find it *UNUNK* , '' said a US *CUNK* spokesman . STOP 
Separately , AT&T filed a *UNK* against MCI *UNKING* it of misleading consumers through allegedly `` false and *UNK* '' advertising . STOP 
The AT&T action was the most recent blow in a *UNK* fight . STOP 
Earlier this month , MCI sued AT&T in federal district court , claiming that AT&T 's ads are false . STOP 
AT&T assembled three of its top executives in Washington , all *UNKLY* angry , to try to *UNK* MCI 's charges . STOP 
`` MCI has made *UNKS* out of the upper *UNK* of AT&T , '' said PaineWebber 's Mr. *CUNK* , who said he expected AT&T to become increasingly aggressive in dealing with its longtime *UNKS* . STOP 
*CUNK* *CUNK* *CUNK* in Philadelphia also contributed to this article . STOP 
*CUNKS* of investors ' dollars are pouring out of the nation 's junk-bond mutual funds , *UNKING* a *UNK* of support in the already *UNKING* junk market . STOP 
Last week alone , an *UNKING* $ 1.6 billion *UNKED* out of the junk funds , or nearly 5 % of their total assets , according to estimates by *CUNK* Financial Services Inc. , a Boston research firm . STOP 
In the past two months the nation 's 88 junk funds have lost a total of about $ 6 billion -- more than 15 % of assets -- through sales or transfers of *UNK-* shares , *CUNK* says . STOP 
It made the estimates based on data *UNKED* from more than a dozen big junk funds . STOP 
*CUNKS* with three major fund groups -- Fidelity Investments , *CUNK* Group Inc. and T. Rowe Price Associates Inc. -- confirm the trend . STOP 
Their junk funds combined have had net *UNKS* totaling nearly $ 500 million , or about 13 % of their junk fund assets , in the past two months . STOP 
Some fund managers say negative publicity has *UNKED* investors ' concern about recent declines in junk-bond prices . STOP 
`` People have been seeing headline after headline after headline and saying : ` I ca n't take it anymore -- I 'm getting out , ' '' says *CUNK* *CUNKER* of *CUNKER* & *CUNK* , a San Francisco investment adviser . STOP 
The withdrawals could *UNK* trouble for the $ 200 billion junk market . STOP 
If the heavy *UNKS* continue , fund managers will face increasing pressure to sell off some of their junk to pay *UNKING* investors in the weeks ahead . STOP 
Such selling could *UNK* prices of high-yield junk bonds , already weakened by a *UNK* of corporate credit problems . STOP 
Mutual fund groups have n't lost control of much of the *UNKING* money , says Louis *CUNK* , *CUNK* 's president . STOP 
Mutual fund officials say that investors have transferred most of it into their money market accounts , and to a *UNKER* extent , *UNK-* funds . STOP 
So the impact on the $ *UNKN* billion mutual fund industry as a whole probably will be slight . STOP 
But tremors are likely in the junk-bond market , which has helped to finance the takeover boom of recent years . STOP 
Mutual funds are the among the largest holders of junk , accounting for more than a quarter of the entire high-yield , high-risk market . STOP 
The 88 mutual funds investing solely in junk bonds hold assets of about $ 32 billion . STOP 
Other funds hold a *UNKING* of junk bonds , too . STOP 
The $ 1.5 billion Fidelity High Income Fund has had a net *UNK* of about $ 150 million in the past two months . STOP 
About $ 60 million *UNKED* out last week alone , double the level of the week following last month 's Campeau Corp. credit squeeze . STOP 
About 98 % of the *UNK* was transferred to other Fidelity funds , says Neal *CUNK* , a Fidelity vice president , marketing , with most going into money market funds . STOP 
`` You get a news item , it hits , you have strong *UNKS* that day and for two days following -- then go back to normal , '' says Mr. *CUNK* . STOP 
The fund , with a cash *UNKION* of more than 10 % , has `` met all the *UNKS* without having to sell one thing , '' Mr. *CUNK* says . STOP 
He adds : `` Our fund has had -LCB- positive -RCB- net sales every month for the last three years -- until this month . '' STOP 
*CUNK* 's $ 1 billion High *CUNK* Bond Portfolio has seen $ *UNKN* million flow out since early September ; $ 14 million of that *UNKED* out Friday Oct. 13 alone . STOP 
Still , two-thirds of the *UNK* has been *UNKED* into other *CUNK* portfolios , says Brian *CUNKS* , a vice president . STOP 
The fund now holds a cash position of about 15 % . STOP 
At the $ *UNKN* million T. Rowe Price High *CUNK* Fund , investors *UNKED* out about $ *UNKN* million in the past two months . STOP 
Those withdrawals , most of which were transferred to other T. Rowe Price funds , followed little change in the fund 's sales picture this year through August . STOP 
`` The last two months have been the whole *UNK* game , '' says Steven *CUNK* , a vice president . STOP 
*CUNK-* holders have barely broken even this year , as fat interest payments barely managed to offset declining prices . STOP 
Through Oct. 19 , high-yield funds had an average *UNKN* % total return -LRB- the price change plus dividends on fund shares -RRB- , according to Lipper *CUNKAL* Services Inc . STOP 
That 's even less than the *UNKN* % total return of the Merrill Lynch *CUNK-* Index . STOP 
Fidelity 's junk fund has fallen *UNKN* % this year through Oct. 19 , Lipper says ; the *CUNK* fund rose *UNKN* % ; and the T. Rowe Price fund edged up *UNKN* % . STOP 
People who remain in junk funds now could get hit again , some analysts and fund specialists say . STOP 
Many funds in recent weeks and months have been selling their *UNK-* junk issues , such as RJR Nabisco , to raise cash to meet expected *UNKS* . STOP 
Funds might be forced to accept lower prices if they expand their selling to the securities of *UNK-* borrowers . STOP 
And then , asset values of the funds could plunge more than they have so far . STOP 
Says Michael *CUNK* , chief investment officer of Republic National Bank and manager of the *CUNK* Group in New York : `` It 's a time *UNK* just waiting to go off . STOP 
The surprise resignation yesterday of British Chancellor of the Exchequer Nigel Lawson sent sterling into a *UNK* against the dollar by creating uncertainties about the direction of the British economy . STOP 
The U.S. unit also *UNKED* against other currencies on the back of sterling 's tumble , as market participants switched out of pounds . STOP 
The pound also dropped *UNKLY* against the mark , falling below the key *UNK-* level to *UNKN* marks from *UNKN* marks late Wednesday . STOP 
Mr. Lawson 's resignation *UNKED* many analysts , despite the recent *UNKING* speculation of a *UNK* between the *UNK* and Prime Minister Margaret Thatcher . STOP 
Indeed , only hours earlier , Mrs. Thatcher had called Mr. Lawson 's economic policies `` sound '' and said she has `` always supported '' him . STOP 
`` There was a general feeling that we 'd seen the worst , '' said Patrick Foley , deputy chief economic adviser for *CUNKS* Bank in London . STOP 
`` The resignation came as a great surprise . '' STOP 
*CUNK* *CUNK* , manager of foreign-exchange operations at Hong Kong & *CUNK* Banking Corp. in New York , added that Mrs. Thatcher 's comments *UNKED* the market 's growing confidence about sterling and *UNKED* the unit 's later decline . STOP 
`` The market was caught totally the wrong way ... . STOP 
Everyone was extremely long on sterling , '' Mr. *CUNK* said . STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , up from *UNKN* marks late Wednesday , and at *UNKN* yen , up from *UNKN* yen late Wednesday . STOP 
Sterling was quoted at $ *UNKN* , sharply down from $ *UNKN* late Wednesday . STOP 
In Tokyo Friday , the U.S. currency opened for trading at *UNKN* yen , up from Thursday 's Tokyo close of 141.90 yen . STOP 
Few analysts had much good to say about the pound 's near-term prospects , despite the fact that most do n't anticipate a shift in Mrs. Thatcher 's economic policies . STOP 
Mr. Foley of *CUNKS* noted that Mr. Lawson 's replacement , John Major , the British foreign minister , will take time to establish his credibility and , in the meantime , sterling could trend downward in volatile trade . STOP 
But Mr. Foley predicted few economic policy changes ahead , *UNKING* that Mr. Major shares `` a very similar view of the world '' with Mr. Lawson . STOP 
Bob *CUNKS* , chief economist at *CUNKS* Bank in New York , also noted that the pound 's sharp decline is *UNKED* more to uncertainty in the market than a vision of *UNKED* United Kingdom economic policies . STOP 
Unless Mr. Lawson 's resignation leads to a change in British interest-rate policy -- Mrs. Thatcher 's administration firmly supports high interest rates to keep inflation in check -- or *UNKING* toward full *UNKION* in the European Monetary System 's exchange-rate mechanism , Mr. Lawson 's withdrawal will have little long-term impact on exchange rates , Mr. *CUNKS* concluded . STOP 
Also announcing his resignation Thursday was Alan *CUNKS* , Mrs. Thatcher 's economic adviser and Mr. Lawson 's *UNKS* . STOP 
The pound , which had been trading at about $ *UNKN* in New York prior to Mr. Lawson 's announcement , sank more than two cents to $ *UNKN* , prompting the Federal Reserve Bank to buy pounds for dollars . STOP 
The Fed 's move , however , only proved a *UNK* to the pound 's slide and the Fed *UNKED* for a second time at around $ *UNKN* , according to New York traders . STOP 
Meanwhile , dollar trading was relatively *UNKED* throughout the session , according to dealers , who noted that Thursday 's release of the preliminary report on the U.S. third-quarter gross national product was something of a *UNK* . STOP 
U.S. GNP rose at an annual rate of 2.5 % in the third quarter . STOP 
The *UNK* price *UNK* , a measure of inflation , was down to a 2.9 % annual rate of increase in the quarter from a 4.6 % rate of gain in the second quarter . STOP 
In Europe , the dollar ended lower in *UNK* trading . STOP 
The market closed prior to Mr. Lawson 's announcement . STOP 
On the Commodity Exchange in New York , gold for current delivery rose $ *UNKN* to $ *UNKN* an ounce in heavy trading . STOP 
The close was the highest since August 3 . STOP 
Estimated volume was five million ounces . STOP 
In early trading in Hong Kong Friday , gold was quoted at $ *UNKN* an ounce . STOP 
The following issues were recently filed with the Securities and Exchange Commission : STOP 
*CUNK-* Cos. , shelf offering of $ *UNKN* million of debt securities . STOP 
Coca-Cola *CUNKING* Co. Consolidated , shelf offering of $ 200 million of debt securities , via Salomon Brothers Inc. and Goldman , Sachs & Co . STOP 
First Brands Corp. , proposed offering of *UNKN* common shares , of which *UNKN* common shares will be sold by the company and five million shares by holders , via First Boston Corp. and Credit Suisse First Boston Ltd . STOP 
Home *CUNKAL* Services Inc. , a *UNKLY* owned subsidiary of *CUNK* Inc. , proposed initial offering of four million common shares , of which 1.8 million will be sold by Home *CUNKAL* Services and 2.2 million will be sold by *CUNK* , via Smith Barney , Harris Upham & Co . STOP 
*CUNK* Technology Corp. , initial public offering of 1.7 million common shares , of which *UNKN* will be offered by the company and *UNKN* will be offered by holders , via Alex . Brown & Sons Inc. , Hambrecht & Quist Inc. and *CUNKS* , Arnold & Henderson . STOP 
*CUNKS* Communications Inc. , proposed public offering of 1.5 million common shares , of which *UNKN* shares are to be sold by the company and *UNKN* shares are to be sold by holders , via Morgan Stanley & Co. and Hambrecht & Quist . STOP 
On an office wall of the Senate intelligence committee *UNKS* a *UNK* from Chairman David Boren , `` Do n't hold your ticket *UNK* the show 's over . '' STOP 
He once used that line in a *UNK-* meeting on Panama , meaning do n't *UNK* from taking action against Manuel Noriega . STOP 
So how did a good senator like this end up *UNKING* a policy that required the U.S. to *UNK* Mr. Noriega of any coup plot against him ? STOP 
`` I agree , it 's ridiculous , '' says Mr. Boren , and indeed by now ridiculous may be the only way to describe how the U.S. decides to take -- or rather , not to take -- covert action . STOP 
George Bush disclosed the policy last week by reading it to GOP senators , perhaps as a way of shifting blame for the Panama *UNK* to Congress . STOP 
But the broader truth is more complicated -- and *UNKING* . STOP 
The policy was contained in an exchange of letters last October between the Senate intelligence committee and the CIA and National Security Council . STOP 
*CUNK* lawyers for both sides were busy agreeing with one another about what the U.S. could not do to oust the Panamanian *UNK* . STOP 
They simply got carried away with *UNKING* what the executive order banning *UNKS* really meant . STOP 
Mr. Boren himself did n't discover the *UNK-* *UNK* until Mr. Bush told him privately at the White House last week . STOP 
It 's *UNK* that David Boren should be in the center of this *UNK* . STOP 
A former Oklahoma governor , he 's a *UNK* *UNKER* of presidential powers in foreign policy . STOP 
He 's a rare Democratic *UNK* . STOP 
He 's the senator most like Arthur *CUNK* , the GOP senator from Michigan who worked to *UNK* a bipartisan foreign policy in the *UNKS* . STOP 
`` *CUNK* and *CUNK* are *UNKS* of mine , '' Mr. Boren says , referring as well to Sam *CUNK* , the Democratic House *UNKER* who *UNKED* with President *CUNKER* . STOP 
`` They allowed this country to be *UNK* . STOP 
I really want to see that happen again . '' STOP 
If this were *UNKN* , Mr. Boren might even succeed . STOP 
But in 1989 most senators have other ideas . STOP 
Last July , his committee rejected a Reagan administration plan to support a coup in Panama . STOP 
Ohio Democrat Howard *CUNK* refused to support any plan that might get people hurt , a *UNKING* notion for a great power . STOP 
Maine Republican William Cohen said the plan might violate the assassination ban . STOP 
So the administration dropped it . STOP 
By October , when the committee rejected a much more modest covert proposal , even the administration was agreeing little should be done . STOP 
Mr. Boren does n't think all this influenced the failed coup this month , but he does concede that Congress has made mistakes . STOP 
`` In the aftermath of Vietnam , in the aftermath of Iran-Contra , I can understand some people might think that if they plan a coup , they have to bring their lawyers , '' he says . STOP 
But even Mr. Boren *UNKS* congressional *UNK* . STOP 
*CUNKING* in the Harvard International Review , he says that his committee *UNKS* covert operations only when there 's a `` consensus . '' STOP 
So what does consensus mean ? STOP 
`` It does n't mean *OUS* , '' he insists , though he implies it means a bipartisan majority . STOP 
`` The *UNK* of U.S. foreign policy is essential , '' he explains . STOP 
`` Why was *UNK* so successful ? STOP 
Because it had bipartisan support . '' STOP 
Mr. Boren is confusing consensus on general principles with agreement on specific actions . STOP 
*CUNK* *CUNKS* , a veteran of intelligence committee *UNKS* , doubts that even *CUNK* or the *CUNK* *UNK* would have taken place if `` consensus '' had been required . STOP 
*CUNK* and *CUNK* were *UNK* enough to leave specific operations to presidents ; modern senators , Mr. Boren *UNKING* , are less modest . STOP 
The result is that the Senate committee has what amounts to veto power over every covert action . STOP 
`` I would n't say it 's quite a veto , '' Mr. Boren *UNKS* . STOP 
But would n't a president who acted despite Senate *UNKS* be taking *UNK* political risks ? STOP 
`` He would , '' agrees the chairman . STOP 
`` But that is something the president ought to know before he goes ahead . '' STOP 
Mr. Boren even *UNKS* a silver *UNKING* . STOP 
He figures the episode will help `` *UNK* any *UNKS* '' between the committee and administration . STOP 
He points to a letter on his desk , his second in a week from President Bush , saying that they `` do n't disagree . '' STOP 
More broadly , Mr. Boren hopes that Panama will shock Washington out of its fear of using military power . STOP 
`` Maybe this will *UNK* us out of the *UNK-* syndrome that we never are prepared to use force , '' he says . STOP 
Maybe -- if every senator shared the principles of Mr. Boren . STOP 
But it 's just as *UNK* to argue that if even David Boren can get *UNKED* in this sort of mess , the problem goes beyond legal interpretation . STOP 
Maybe the problem is a political system that wo n't act without an `` exchange of letters , '' that insists on running foreign policy by committee , that *UNKS* a president as just another guy at the table . STOP 
The *UNKLY* of the *CUNKS* and *CUNKS* is that we ca n't *UNK* these *UNK* committees because we 've seen too many abuses of executive power . STOP 
But Panama illustrates that their substitute is a system that produces an *UNK* *UNK* . STOP 
The lawyers are now in charge of our national security . STOP 
In Panama , the U.S. interests at stake were *UNKLY* minor ; the only people killed were foreigners *UNKS* enough to trust American will . STOP 
Americans may not be so lucky the next time . STOP 
I was *UNKED* by the *UNKS* of your Sept. 12 story `` *CUNKAL* *CUNK* : *CUNK* *CUNK* To *CUNK* . '' STOP 
We lived in rural areas many years , but now live in St. Louis County , *CUNK* . STOP 
This morning as I drove the 13 miles to my law office and *UNKED* the routine heavy traffic during that *UNKLY* *UNK* , I thought of how *UNK* it was that we made the decision to be residents of an expanding community with so many opportunities and where so much is happening . STOP 
The presence of so many people , cars and competing businesses is evidence of a healthy economy in a place where people want to live . STOP 
I thought back to our time in small , *UNKLY* *UNKED* communities . STOP 
I *UNKED* how hard it was for an *UNKER* to become accepted by *UNKED* , *UNKING* residents , and what *UNKS* *UNKED* an original *UNKER* in *UNKS* that were long *UNKED* to *UNKING* , `` safe '' ways of thought and action . STOP 
I *UNKED* being fired at age 44 , with five children at home , when my views and actions were *UNKED* *UNKING* by a *UNK* , *UNK-* employer . STOP 
How difficult it is for a thinking person to live among *UNKS* *UNKED* in the past . STOP 
Now , I *UNK* in the freedom , culture , activity and *UNK* of this great metropolitan area with its traffic *UNKS* and *UNKAL* *UNKING* projects . STOP 
Yet when my *UNKEST* child died two years ago , I *UNKED* him in the church *UNK* of a small Missouri town . STOP 
So after all , even the *UNKEST* critic of rural *UNK* *UNKS* a continuing *UNKING* for those *UNK* , rural *UNKS* thought to exist amid fields , *UNKS* and country *UNKS* . STOP 
Ronald *CUNK* *CUNKS* *CUNK* , *CUNK* . STOP 
Finnish government officials are negotiating with creditors of Waertsilae Marine *CUNK* , a major shipyard that filed for bankruptcy protection this week , amid confusion and mounting doubts that collapse of the nation 's entire *UNKING* industry can be *UNKED* . STOP 
At stake are almost 10,000 jobs in an industry that has been the *UNK* of Finland 's *UNK-* economic revival . STOP 
*CUNKING* became a point of pride as Finnish *UNKS* remained profitable long after rivals collapsed all over Europe . STOP 
But if , as many now fear , Waertsilae Marine *UNKS* the ranks of failed *UNKS* it might turn out to be *UNKED* most as a *UNK* on Finland 's international reputation . STOP 
The shipyard 's 6.5 billion Finnish *UNK* -LRB- $ *UNKN* billion -RRB- backlog includes about 20 ships ordered by big international shippers , including three for Carnival *CUNK* Lines Inc . STOP 
*CUNKED* Carnival said the first of the three ships is scheduled to be delivered next month , just in time for the winter tourist season in the Caribbean . STOP 
The second ship is scheduled to be delivered in fall 1990 and the third in fall 1991 . STOP 
One analyst said the first ship probably will be delivered close to schedule , but that Carnival may have to pay up to 25 % more to get the second and third ships . STOP 
All the ships are covered by loan guarantees from a state export financing agency , even though it 's not clear whether they will actually be built . STOP 
Bankers worry that if the government makes good a threat to withdraw its guarantee commitments , shippers will counter with a *UNK* of lawsuits . STOP 
State loan guarantees are rarely a source of controversy . STOP 
However , some bankers cited possible *UNKS* between the Waertsilae Marine case and the collapse of *CUNK* 's state-owned *CUNK* *CUNK* *CUNK* two years ago . STOP 
In that case , international banks and investors incurred big losses because they incorrectly believed the company 's debt carried *UNK* state guarantees . STOP 
*CUNKS* about the quality of state credit guarantees could reduce the competitive strength of Finnish companies in world markets where financing often is the key to winning orders , analysts *UNK* . STOP 
Moreover , state-owned Finnish companies *UNKING* formal state guarantees could face greater difficulty raising funds in international financial markets , bankers say . STOP 
The decision by a majority of *UNKED* Waertsilae Marine directors Monday to file for bankruptcy was an *UNK* *UNK-* from previous government policy . STOP 
In August , the government played a major part in a sweeping restructuring of the troubled shipyard . STOP 
At the time *UNKED* by *CUNK* Waertsilae , a conglomerate , the *UNKING* unit faced potential losses estimated at one billion *UNK* and was on the *UNK* of liquidation . STOP 
Under the rescue plan , Waertsilae sold 51 % of its stake to a group of banks and pension funds . STOP 
The government , in turn , guaranteed financing to complete the order backlog and took control of the board . STOP 
Government officials were expected to combine Waertsilae Marine with two other struggling firms , and thus ensure Finland 's survival as a *UNKING* nation . STOP 
The government spent most of last year attempting to carry out such a plan but was *UNKED* when the parent Waertsilae concern pulled out at the last minute . STOP 
After the restructuring of Waertsilae Marine and bolstered by state loan guarantees , two big bank creditors , Union Bank of Finland and *UNKED* *CUNK* , resumed lending the shipyard working capital . STOP 
But the bankers got cold feet recently as government officials complained they had been *UNKED* about the shipyard 's actual financial condition , and hinted the credit guarantees might be withdrawn . STOP 
People familiar with Monday 's board meeting said it was the state 's *UNKAL* to *UNKLY* *UNK* the credit guarantees that led Union Bank and *CUNK* to halt lending to Waertsilae Marine . STOP 
Then , in a *UNK* *UNK* , *UNKED* directors voted to file for bankruptcy , apparently under instructions from Finland 's Industry Minister *CUNK* *CUNK* . STOP 
Analysts say Mr. *CUNK* had grown increasingly worried about the state 's potential financial exposure as Waertsilae Marine 's losses *UNKED* to more than double the figure estimated in August . STOP 
*CUNKING* that Sweden *UNK* up *UNKING* state subsidies of about 35 billion Swedish kronor -LRB- $ *UNKN* billion -RRB- during the 1970s in a *UNK* attempt to *UNK* its *UNKING* industry , one analyst suggested that Mr. *CUNK* may have decided to cut Finland 's losses once and for all . STOP 
*CUNK* ministry officials *UNKED* with creditors during the week in an attempt to agree on some form of restructuring that would keep Waertsilae Marine operating . STOP 
The talks may drag on for weeks before any concrete result is announced , people familiar with them said . STOP 
One solution would be to sell the shipyard to an *UNKER* . STOP 
But there appear to be few , if any , *UNKS* . STOP 
Indeed , the potential losses make any rescue scheme unlikely unless the politicians once again change *UNK* and agree to pick up the bill , analysts said . STOP 
*CUNK* , shippers with vessels on order from Waertsilae Marine will remain in *UNK* . STOP 
Turner Broadcasting System Inc. said it expects to report an extraordinary loss of about $ *UNKN* million in the fourth quarter due to early retirement of debt . STOP 
The cable *UNKER* said the loss will *UNK* primarily of *UNK* penalties , and *UNKED* issue discount and costs related to its *UNKED* $ 1.6 billion refinancing of its long-term debt and some preferred stock in one of its subsidiaries . STOP 
A Turner spokesman would n't speculate on the extent of the charge 's effect on the quarter 's earnings , but said the company continues to expect to report a net loss for 1989 . STOP 
The company said the *UNK* or redemption of the long-term debt , and the outstanding Class A cumulative *UNK* preferred stock of Cable News Network , was made possible by an offering of about $ 750 million of debentures and notes and $ 900 million in bank borrowings . STOP 
The offering included $ 550 million of 12 % senior subordinated debentures due 2001 and $ 200 million of zero coupon liquid yield option notes due 2004 . STOP 
The notes were priced to yield 8 % and are convertible into the company 's Class B common stock at a price which represents a 15 % premium over the market price on Oct. 10 , 1989 . STOP 
In addition , the company called its 12 7\/8 % senior subordinated notes due 1994 , with an *UNK* principal amount of $ 200 million , for redemption on Dec. 15 . STOP 
As a result of the refinancing , the company said the interest on the debt will fall to slightly more than 11 % from slightly more than 14 % . STOP 
In American Stock Exchange composite trading , Turner 's Class A stock closed at $ *UNKN* , down 37.5 cents . STOP 
General Motors Corp. said it will temporarily idle its *CUNK* , Texas , assembly plant for one week beginning Monday because of slow sales . STOP 
The closing will affect about 3,000 workers and eliminate production of 700 cars . STOP 
The assembly plant *UNKS* the *CUNK* *CUNK* , Chevrolet *CUNK* and *CUNK* *CUNKS* *CUNK* *CUNK* . STOP 
In addition , GM 's *CUNK* & *CUNK* Group said slow sales are forcing it to close its Detroit assembly plant the week beginning Monday . STOP 
The plant *UNKS* *UNKS* for *UNKAL* vehicles and about 450 workers will be affected by the closing . STOP 
The No. 1 auto maker scheduled overtime this week at its *CUNK* , *CUNK* , assembly plant , manufacturer of the Chevrolet *CUNKER* . STOP 
The nine major U.S. auto makers plan to build *UNKN* vehicles this week , down 9.6 % from the *UNKN* a year ago , but 2.5 % higher than last week 's *UNKN* . STOP 
Ford Motor Co. slated overtime again this week at its *CUNK* , Mich. ; Wayne , Mich. ; Kansas City , *CUNK* , and Norfolk , Va. , assembly plants . STOP 
They build the Lincoln *CUNK* Car , Continental and Mark *CUNK* , the Ford *CUNK* and *UNKED* pickup trucks . STOP 
Chrysler Corp. scheduled overtime this week at its St. Louis Assembly Plant No. 2 , Newark , *CUNK* , and Sterling *CUNKS* , Mich. , assembly plants . STOP 
They build extended *UNKS* and the Dodge *CUNK* , *CUNK* , *CUNK* and *CUNK* . STOP 
*UNK* - *CUNK* change is greater than *UNKN* % . STOP 
*UNK* - Estimated . STOP 
*UNK* - *CUNKS* Chevrolet *CUNK* and Toyota *CUNK* . STOP 
*UNK* - *CUNKED* . STOP 
*UNK* - *CUNK-* 1988 figure includes *CUNK* *UNKION* through July . STOP 
The surprise resignations of two top economic government officials *UNKED* more uncertainty on London 's financial markets , which already have been *UNKING* under worries about Britain 's *UNKING* economy . STOP 
`` The last thing markets like is uncertainty , '' said *CUNK* *CUNK* , chief economist at *CUNK* *CUNK* & Co. , of the resignations of Chancellor of the Exchequer Nigel Lawson and chief economic adviser Sir Alan *CUNKS* . STOP 
`` I think you 'll see share prices go down , and sterling now is under something of a *UNK* . '' STOP 
The pound immediately began to take a *UNKING* after the resignations were announced . STOP 
In late New York trading , sterling stood at $ *UNKN* , down from $ *UNKN* late Wednesday . STOP 
The British economy is hardly the picture of health these days . STOP 
At 15 % , base interest rates are the highest in eight years , and the 7.6 % annual inflation rate is by far the highest in the European Community . STOP 
*CUNKS* are pressing demands for wage increases of more than 10 % despite general belief that economic growth next year will be less than 2 % . STOP 
*CUNKLY* , the financial markets are reflecting the *UNK* . STOP 
The Financial Times 100-share index has dropped about 12 % from its 1989 high of *UNKN* on Sept. 8 . STOP 
Yesterday , even before the resignations were announced , the index *UNK* *UNKN* points to close at *UNKN* . STOP 
`` We are expecting a recession , '' says Donald Franklin , chief economist at *CUNKS* investment bank . STOP 
`` The only question is , how deep is it going to be ? STOP 
The outlook for corporate earnings is fairly bleak . STOP 
It 's quite likely we 're going to get *UNKS* '' of the mid-October market *UNKS* . STOP 
Red ink already has begun to flow in the wake of the *CUNK-* market breaks of Oct. 13 and Oct. 16 . STOP 
London-based *CUNK* Holdings , the largest *UNKER* of traders in the Chicago options and futures markets , said yesterday it will *UNK* a *UNK-* loss as a result of the market plunge . STOP 
The company , which also will *UNK* its *UNK-* dividend , did n't specify the size . STOP 
But company insiders estimated that the loss could approach the equivalent of $ 10 million . STOP 
Christopher *CUNK* , *CUNK* chief executive , said in an interview that the loss stemmed from the default of three options traders who had bet on a price rise in UAL Corp. shares before Oct. 13 . STOP 
The price plummeted after a proposed leveraged buy-out of the airline fell through . STOP 
*CUNK* Holdings shares plummeted 36 pence to close at 54 pence -LRB- 85 cents -RRB- , a 40 % drop , on London 's stock exchange . STOP 
*CUNKS* of London 's financial district are *UNKING* themselves for heavy *UNKS* . STOP 
`` A lot more of our customers are *UNKING* until our 10 p.m. closing time , '' says Christopher Brown , managing director of *CUNK* & *CUNK* *CUNKS* Ltd. , which runs five *UNK* *UNK* *UNKS* in the district . STOP 
`` There 's a strong sense among the *UNK* set that there 's more -LCB- bad news -RCB- to come , '' asserts Roger *CUNKS* , chief investment officer at Morgan Grenfell Asset Management . STOP 
`` People in the stock market were very much Thatcher 's children -- very young and wealthy *UNKS* . STOP 
Now it 's *UNKING* on them that they can be *UNK-* . '' STOP 
The *UNK* has created a *UNK* *UNKING* for the *UNKED* days of the *UNKS* , before a *UNK* of *UNK-* mergers on the *UNK* of the industry 's deregulation in 1986 . STOP 
`` People come to us saying they 'd like to be back where they were a few years ago , in a more *UNKAL* atmosphere , with less tension , '' says Stephen *CUNK* , managing director of Hanover Partners Ltd. , a financial district *UNKING* firm . STOP 
But after trading losses in the mid-October market *UNKS* here , many people will be lucky to have jobs at all , executives predict . STOP 
The industry , which currently employs about 25,000 people in London , has shed about *UNKN* jobs over the past two years . STOP 
`` I can see cuts of at least 20 % more , '' says the head of the London office of a major U.S. firm . STOP 
The mergers and acquisitions market has been a saving *UNK* for the industry , but uncertainties are beginning to mount even there . STOP 
*CUNK-* takeovers are expected to continue at their brisk pace . STOP 
But investment bankers say that stock market uncertainties in the U.S. may cause many European companies to mark time before bidding for American companies , in the hope that share prices will come down . STOP 
`` If prices in the States go down , industrial buyers in Europe have the opportunity of getting reasonable prices in the U.S. , '' says *CUNKS* *UNK* *CUNKER* , chief of *CUNKAL* *CUNK* at Credit Suisse First Boston Ltd . STOP 
But he adds : `` Everybody and his sister have opened up *CUNK* shops . STOP 
It 's difficult to see that there 's going to be enough business to go around . STOP 
About eight firms will get the *UNKION* 's share . STOP 
At the others , there are going to be a lot of *UNKS* , after all those promises and all that big money that 's been paid to people . '' STOP 
It all adds up to a cold winter here . STOP 
Says Allen D. *CUNK* , head of trading at Bankers Trust Co. : `` People are just plain scared . '' STOP 
One person who is past *UNKING* about London 's *UNKS* is Christopher *CUNK* . STOP 
Last summer , he *UNKED* his 10-year career as a London *UNKER* and headed for the *UNKS* . STOP 
He did n't stop until he got to Jackson *CUNK* , *CUNK* . STOP 
`` I 'm *UNK* to be out , '' said the *UNK-* Mr. *CUNK* in a phone interview . STOP 
`` The percentage of your day spent *UNKING* your *UNKS* got greater , and the work day kept getting longer . STOP 
What am I doing in Jackson *CUNK* ? STOP 
Not a great deal . STOP 
My wife and I will stay through the *UNKING* season , or until the money runs out -- *UNKER* comes first . STOP 
But unlike London , out here I 've never heard anybody blow a car *UNK* in anger . STOP 
*CUNK-* Australia Ltd. , under pressure from bank lenders , has called in accounting firm *CUNK* *CUNK* *CUNKS* to help *UNK* asset sales and restructure the resorts and media company . STOP 
Analysts said the move could *UNK* even *UNKER* action by the banks . STOP 
But any move by the banks to take over Qintex Australia 's management could *UNK* its ability to operate its national television network under Australian broadcast license rules . STOP 
That , in turn , could substantially reduce the value of the television assets . STOP 
The appointment of *CUNK* *CUNK* , which has a unit that specializes in advising troubled companies , came about as a result of a round of meetings held by Qintex Australia Chairman Christopher Skase with bank creditors . STOP 
Yesterday , Mr. Skase said the company is `` *UNK* and with the continued support of its bankers is able to meet its financial commitments . '' STOP 
Qintex Australia is a unit of Qintex Ltd . STOP 
The Qintex group 's problems began in *UNKEST* in March , when Mr. Skase agreed to buy MGM\/UA Communications Co . STOP 
But the transaction *UNKED* in September , when Qintex Australia was forced to increase its offer to US$ 1.5 billion following a *UNK* from *CUNK* *CUNK* ; the deal fell apart altogether earlier this month . STOP 
Qintex Australia owes creditors around A$ 1.2 billion . STOP 
Last Friday , Qintex Entertainment Inc. , its *UNKED* U.S. TV production and distribution affiliate , filed for Chapter 11 protection . STOP 
The government is *UNKING* its *UNKEST* weapon against white-collar defendants : the power to prevent them from paying their legal bills . STOP 
And defense lawyers are warning that they wo n't stick around if they do n't get paid . STOP 
The issue has come to a *UNK* in Newark , N.J. , where federal prosecutors have warned lawyers for *CUNK* Antar that if the founder and former chairman of *CUNK* *CUNK* Inc. is indicted , the government may move to seize the money that Mr. Antar is using to pay legal fees . STOP 
The warning by the U.S. attorney 's office follows two decisions by the U.S. Supreme Court last June . STOP 
In those cases , the high court ruled that federal law gives prosecutors broad authority to seize assets of people accused of racketeering and *UNKED* crimes , including fees paid to lawyers before an indictment . STOP 
If the government succeeds in *UNKING* Mr. Antar 's assets , he could be left without *UNK-* legal representation , because his attorneys are likely to quit , according to individuals familiar with the case . STOP 
A *UNK* also would make the case the largest -- and one of the first -- in which lawyers ' fees have been *UNKED* in a prosecution unrelated to drugs . STOP 
`` The people who suffer in the short run are defendants , but the people who suffer in the long run are all of the people , because there wo n't be a vigorous private bar to defend the Bill of Rights , '' says Gerald *CUNK* , a criminal defense attorney who says he has turned down a number of cases to avoid possible fee *UNKS* . STOP 
Mr. Antar is being *UNKED* by a federal grand jury in Newark , where prosecutors have told him that they may soon seek an indictment on racketeering and securities fraud charges . STOP 
Under the *CUNKER* *CUNKED* and *CUNK* *CUNKS* law , or RICO , the government has the authority to seek to *UNK* or seize a defendant 's assets before trial . STOP 
According to individuals familiar with Mr. Antar 's case , prosecutors issued their warning this week after one of Mr. Antar 's attorneys asked whether legal fees might be subject to *UNK* . STOP 
In a letter , prosecutors told Mr. Antar 's lawyers that because of the recent Supreme Court *UNKS* , they could expect that any fees *UNKED* from Mr. Antar may be seized . STOP 
*CUNKS* have told Mr. Antar 's attorneys that they believe Mr. Antar 's allegedly *UNK-* gains are so great that any money he has used to pay attorneys *UNKS* from illegal activities . STOP 
*CUNK* , they said , the money can be taken from the lawyers even after they are paid . STOP 
*CUNK* *CUNK* and Jack *CUNK* , attorneys for Mr. Antar , both declined to comment on the matter . STOP 
In Newark , U.S. Attorney Samuel A. *CUNK* said , `` I do n't think there 's any legal reason to limit forfeiture of attorney 's fees to drug cases . '' STOP 
Mr. *CUNK* said his office `` just responded to an attorney 's question about whether we would go after attorney 's fees , and that is different from actually doing it , although we reserve that right . '' STOP 
Mr. Antar was charged last month in a civil suit filed in federal court in Newark by the Securities and Exchange Commission . STOP 
In that suit , the SEC accused Mr. Antar of *UNKING* in a `` massive financial fraud '' to *UNK* the earnings of *CUNK* *CUNK* , Edison , N.J. , over a three-year period . STOP 
Through his lawyers , Mr. Antar has denied allegations in the SEC suit and in civil suits previously filed by shareholders against Mr. Antar and others . STOP 
The SEC has alleged that Mr. Antar aimed to pump up the company 's stock price through false financial statements in order to sell his stake and *UNK* huge profits . STOP 
Mr. Antar , the SEC said , made more than $ 60 million from the sale of his shares between 1985 and 1987 . STOP 
The Justice Department has *UNKED* that the government 's *UNK-* power is to be used *UNKLY* . STOP 
According to department policy , prosecutors must make a strong showing that lawyers ' fees came from assets *UNKED* by illegal profits before any attempts at *UNK* are made . STOP 
Still , criminal defense lawyers worry that defendants are being *UNKED* of their *CUNK* Amendment right to counsel and a fair trial if the government can seize lawyers ' fees . STOP 
They also worry that if the government *UNKS* *UNK-* laws broadly , the best defense lawyers will be *UNKING* to take criminal cases unless they are assured of being paid . STOP 
The stock market correction of Oct. 13 , 1989 , was a *UNK* reminder of the Oct. 19 , 1987 market collapse . STOP 
Since , like earthquakes , stock market *UNKS* will always be with us , it is *UNK* to take all possible *UNKS* against another such market collapse . STOP 
In general , markets function well and adjust smoothly to changing economic and financial circumstances . STOP 
But there are times when they seize up , and *UNK* sellers can not find buyers . STOP 
That 's just what happened in the October 1987 crash . STOP 
As the market tumbled , *UNKLY* market conditions *UNKED* : The margins between buying bids and selling bids widened ; trading in many stocks was suspended ; orders took *UNKLY* long to be executed ; and many specialists stopped trading altogether . STOP 
These failures in turn contributed to the fall in the market averages : *CUNK* *UNKED* an extra risk premium and *UNKS* triggered additional selling pressures . STOP 
The situation was like that of a *UNKER* who is thrown slightly off balance by an unexpected *UNK* on the *UNK* . STOP 
His *UNKS* spread *UNKER* and *UNKER* apart -- just as *UNK-* spreads *UNK* during a financial panic -- and soon he is out of control . STOP 
*CUNK* to stop his *UNKING* *UNK* , he *UNKS* . STOP 
After the 1987 crash , and as a result of the recommendations of many studies , `` circuit breakers '' were *UNKED* to allow market participants to *UNK* and restore *UNKLY* market conditions . STOP 
It 's *UNK* , though , whether circuit breakers do any real good . STOP 
In the additional time they provide even more order *UNKS* might *UNK* up , as would-be sellers finally get their broker on the phone . STOP 
Instead , an appropriate institution should be charged with the job of *UNKING* *UNKS* in the market : the Federal Reserve . STOP 
The availability of *UNKLY* assistance -- of a *UNK* -- can help markets retain their *UNK* . STOP 
The Fed already buys and sells foreign exchange to prevent *UNKLY* conditions in foreign-exchange markets . STOP 
The Fed has assumed a similar responsibility in the market for government securities . STOP 
The stock market is the only major market without a *UNKER* of *UNKED* liquidity or a buyer of last resort . STOP 
This does not mean that the Federal Reserve does not already play an important *UNK* role in the stock market . STOP 
In 1987 , it *UNKED* billions into the markets through open market operations and the discount window . STOP 
It *UNK* money to banks and encouraged them to make funds available to brokerage houses . STOP 
They , in turn , *UNK* money to their customers -- who were supposed to recognize the opportunity to make a profit in the turmoil and buy shares . STOP 
The Fed also has the power to set margin requirements . STOP 
But would n't it be more efficient and effective to supply such support to the stock market directly ? STOP 
Instead of *UNKING* the entire economy with liquidity , and thereby increasing the danger of inflation , the Fed could support the stock market directly by buying market averages in the futures market , thus stabilizing the market as a whole . STOP 
The stock market is certainly not too big for the Fed to handle . STOP 
The foreign-exchange and government securities markets are *UNKLY* larger . STOP 
Daily trading volume in the New York foreign exchange market is $ 130 billion . STOP 
The daily volume for Treasury Securities is about $ 110 billion . STOP 
The combined value of daily equity trading on the New York Exchange , the American Stock Exchange and the *CUNK* over-the-counter market ranges between $ 7 billion and $ 10 billion . STOP 
The $ 13 billion the Fed *UNKED* into the money markets after the 1987 crash is more than enough to buy all the stocks traded on a typical day . STOP 
More carefully targeted intervention might actually reduce the need for government action . STOP 
And taking more direct action has the advantage of *UNKING* sharp increases in the money supply , such as happened in October 1987 . STOP 
The Fed 's stock market role ought not to be very ambitious . STOP 
It should seek only to maintain the *UNKING* of markets -- not to *UNK* up the Dow Jones or New York Stock Exchange averages at a particular level . STOP 
The Fed should guard against *UNK* risk , but not against the risks *UNK* in individual stocks . STOP 
It would be *UNK* for the government or the central bank to buy or sell IBM or General Motors shares . STOP 
Instead , the Fed could buy the broad market *UNKS* in the futures market . STOP 
The increased demand would *UNK* trading and stabilize prices . STOP 
*CUNKING* the derivative markets would tend to stabilize the primary market . STOP 
The Fed would eliminate the cause of the potential panic rather than attempting to treat the *UNK* -- the liquidity of the banks . STOP 
*CUNKLY* market conditions could be observed quite frequently in foreign exchange markets in the 1960s and 1970s . STOP 
But since the member countries of the International Monetary Fund agreed to the `` *CUNKS* to *CUNKING* '' in 1974 , such difficulties have been avoided . STOP 
I can not recall any *UNKER* in currency markets since the 1974 guidelines were adopted . STOP 
Thus , the mere existence of a *UNKING* agency helps to avoid panic in *UNKS* . STOP 
The old saying advises : `` If it *UNK* n't broke , do n't *UNK* it . '' STOP 
But this could be a case where we all might go broke if it is n't fixed . STOP 
Mr. *CUNKER* , now at *CUNK* International , was a governor of the Federal Reserve Board from 1986 until earlier this year . STOP 
This is *UNKED* from a speech to the Commonwealth Club in San Francisco . STOP 
Bank of England *CUNK* *CUNK* *CUNK-* urged banks to be cautious in financing leveraged buy-outs . STOP 
`` *CUNKION* should ... be the rule of the day , '' said Mr. *CUNK-* in a speech to the Association of Corporate *CUNKS* ' annual dinner . STOP 
`` It would be *UNKING* to industry and to the financial sector in general , to say nothing of banks , if *UNK* does not guide the financing of leveraged transactions . '' STOP 
His remarks were distributed to the press before Chancellor of the Exchequer Nigel Lawson announced his resignation last evening . STOP 
Bank of England officials said the central bank had no comment on Mr. Lawson 's resignation . STOP 
Mr. *CUNK-* *UNKED* that the exposure of United Kingdom banks to leveraged deals have n't yet reached `` *UNKING* levels . '' STOP 
However , in light of the risks involved in such transactions , banks should satisfy themselves that they have the skills to participate in this market and clear policy guidelines on acceptable levels of exposure to such transactions , he said . STOP 
In other comments , he said takeovers may not always be the most efficient way of *UNKING* a change of corporate direction or strategy . STOP 
`` A similar result could sometimes be achieved , at less cost , by changing *UNKS* , '' he said . STOP 
Intel Corp. 's most powerful computer chip has *UNKS* that could delay several computer makers ' marketing efforts , but the `` bugs '' are n't expected to hurt Intel and most computer makers . STOP 
Computer experts familiar with the *UNKS* , found in Intel 's *UNKN* chip , say the defects do n't affect the average user and are likely to be cleared up before most computers using the chip as their `` *UNKS* '' appear on the market sometime next year . STOP 
Intel said that last week a customer discovered two *UNKS* in its *UNKN* *UNK* chip 's `` *UNK-* unit '' , a set of *UNKS* that do certain calculations . STOP 
On Friday , Intel began *UNKING* customers about the bugs which cause the chip to give wrong answers for some *UNKAL* calculations . STOP 
But while International Business Machines Corp. and Compaq Computer Corp. say the bugs will delay products , most big computer makers said the *UNKS* do n't affect them . STOP 
`` *CUNKS* like this are just a normal part of product development , '' said Richard *CUNK* , director of Hewlett-Packard Co. 's advanced systems development . STOP 
*CUNK* announced last week that it planned to ship a computer based on the 486 chip early next year . STOP 
`` These bugs do n't affect our schedule at all , '' he said . STOP 
*CUNK* , *CUNK* Research Inc. and Sun Microsystems Inc. said the bugs wo n't delay their development of *UNKED* machines . STOP 
`` We have n't *UNKED* our schedules in any way , '' said a Sun spokesman . STOP 
To switch to another *UNK* 's chips , `` would definitely not be an option , '' he said . STOP 
Nonetheless , concern about the chip may have been responsible for a decline of 87.5 cents in Intel 's stock to $ 32 a share yesterday in over-the-counter trading , on volume of *UNKN* shares , and partly responsible for a drop in Compaq 's stock in New York Stock Exchange composite trading on Wednesday . STOP 
Yesterday , Compaq plunged further , closing at $ 100 a share , off $ *UNKN* a share , on volume of *UNKN* shares . STOP 
Most of Compaq 's decline is being attributed to a third-quarter earnings report that came in at the low end of analysts ' expectations . STOP 
Intel said it had *UNKED* the problems and would start producing *UNKS* chips next week . STOP 
`` We should not be seeing any more , '' said Bill *CUNK* , Intel 's director for the 486 chip . STOP 
What 's more , the bugs only emerge on *UNK* applications such as *UNKED* design and scientific calculations , he said , and then very *UNK* . STOP 
`` These *UNK* do not affect business programs , '' he said . STOP 
The bugs will cause problems in `` specific and rare circumstances that will not occur in typical applications '' such as *UNKING* and *UNKS* , said Michael *CUNKER* , editor of the *CUNK* Report , an industry newsletter . STOP 
Sun , Hewlett-Packard and others say Intel is n't *UNKLY* to blame for the *UNK* . STOP 
The real *UNKS* , they said , are computer makers such as IBM that have jumped the *UNK* to unveil *UNKED* products . STOP 
`` The reason this is getting so much *UNK* is that some started shipping and announced early availability , '' said Hewlett-Packard 's Mr. *CUNK* . STOP 
`` You can do that but you 're taking a risk . STOP 
Those companies are paying the price for taking the risk . '' STOP 
In late September , IBM began shipping a *UNK-* card that *UNKS* its *CUNK* model *UNKN* from a *UNKN* machine to an *UNKN* machine . STOP 
An IBM spokeswoman said the company told customers Monday about the bugs and temporarily stopped shipping the product . STOP 
IBM has no plans to recall its *UNK-* cards , the spokeswoman said , and could probably *UNK* the bugs without long product delays . STOP 
`` We do n't look at this as a major problem for us , '' she said . STOP 
Compaq , which said it discovered the bugs , still plans to announce new 486 products on Nov. 6 . STOP 
Because of the *UNK* , however , the company said it does n't know when its machine will be *UNKLY* available . STOP 
That 's a break from Compaq tradition , because the company does n't announce products until they 're actually at the dealers . STOP 
The problem is being *UNKED* , experts say , because the 486 is Intel 's future flagship . STOP 
Intel 's *UNKS* are the chips of choice in many of today 's personal computers and the *UNKN* *UNK* is the *UNK* of the company 's bid to guard that spot in the next generation of machines . STOP 
`` Although these sorts of bugs are not at all *UNUNK* , the 486 is an extremely *UNK-* product , '' said Mr. *CUNKER* , the newsletter editor . STOP 
Intel 's *UNKN* chip is the *CUNK* of Intel 's *UNKS* , a *UNK-* , *UNK-* chip that only the most *UNK-* computer users are likely to buy for at least several years . STOP 
*CUNKED* last April , the chip *UNKS* 1.2 million *UNKS* on a *UNKER* of *UNK* , more than four times as many as on Intel 's earlier model , *UNKN* . STOP 
Intel *UNKS* the chip 's speed at 15 million instructions per second , or *CUNKS* . STOP 
That 's four times as fast as the *UNKN* . STOP 
Machines using the 486 are expected to challenge *UNKED* work stations and *UNKS* in applications such as so-called *UNKS* , which *UNK* groups of computers together , and in *UNKED* design . STOP 
But while the chip 's speed in processing power is *UNKING* , it 's real strength lies in its software *UNK* . STOP 
The 486 is the *UNK* of a long series of Intel chips that began *UNKING* the market ever since IBM picked the *UNK-* *UNKN* chip for its first personal computer . STOP 
-LRB- A *UNK-* *UNK* processes 16 pieces of data at a time and is slower than newer , *UNK-* chips . -RRB- STOP 
Since then , Intel has *UNKED* a large part of the market with *UNK* generations of *UNK-* and *UNK-* chips , all of which can run software written for previous models . STOP 
That 's what will keep computer makers coming in *UNK* of the *UNKION* of bugs . STOP 
Big personal computer makers and many makers of engineering workstations are developing *UNKED* machines , which are expected to reach the market early next year . STOP 
Of the big computer makers , only Apple Computer Co. bases its machines on Motorola chips instead . STOP 
`` The 486 is going to have a big impact on the industry , '' said Hewlett-Packard 's Mr. *CUNK* . STOP 
`` It 's going to be the leading edge technology in personal computers for the next few years . STOP 
This *UNK* is not going to have any affect on that at all . '' STOP 
*CUNK* *CUNKER* in Dallas contributed to this article . STOP 
Bethlehem Steel Corp. has agreed in principle to form a joint venture with the world 's second-largest steelmaker , *CUNK-* of France , to modernize a portion of Bethlehem 's *UNKING* *CUNK* division . STOP 
The venture , which involves adding sophisticated equipment to make *UNK-* mill *UNKS* , is part of a *UNKED* effort to shore up a division that has posted continuing operating losses for several years . STOP 
The other element includes *UNKING* *CUNK* 's *UNK-* operations . STOP 
The entire division employs about 850 workers . STOP 
While the joint venture *UNKS* only a small part of Bethlehem 's operations , it is significant because it marks the first time the nation 's No. 2 steelmaker has joined forces with a foreign partner . STOP 
Wall Street analysts have criticized Bethlehem for not following its major competitors in linking with a foreign company to share costs and provide technology to modernize old facilities or build new ones . STOP 
`` We think it 's a step in the right direction for Bethlehem , '' said *CUNK* *CUNK* , *CUNK* Group 's international steel analyst . STOP 
`` It 's important to share the risk and even more so when the market has already peaked . '' STOP 
He said the move could be the beginning of a broader relationship between the two companies , one that could open up new markets for Bethlehem . STOP 
Bethlehem had little choice but to go with a European steelmaker , because its competitors already have *UNKED* the Japanese and South Korean industry leaders , analysts noted . STOP 
Under terms of the agreement , *CUNK* 's *CUNK-* unit and Bethlehem would establish a *UNKED* facility to make *UNK-* mill *UNKS* at the company 's *UNK-* shop here . STOP 
Terms for the venture , which would be jointly owned by both companies , were n't disclosed . STOP 
The *CUNK* unit has agreed to provide technology and expertise to install a so-called spin *UNKER* by early next fall . STOP 
The *UNKER* *UNKS* the *UNKAL* quality of the iron mill *UNKS* , which are basically huge rolling *UNKS* used to *UNK* or shape steel products . STOP 
Bethlehem is also working with the United *CUNKS* union to consolidate *CUNK* 's two machine shops and four *UNK-* facilities of the *UNK-* operations . STOP 
Once the consolidation is complete , Bethlehem plans to concentrate its *UNKS* business on nuclear *UNKION* , *UNKED* steel and *UNKER* steel *UNKS* for rolling mills and selected *UNK-* applications . STOP 
Bethlehem said earlier this year that it planned to restructure the *CUNK* division to improve its cost structure . STOP 
In the second quarter , Bethlehem posted a $ 50 million charge related to its plans to *UNK* the division . STOP 
If you 're still wondering about the causes of the slump in the junk-bond market , consider the case of Columbia Savings & Loan . STOP 
The California thrift has just announced a $ *UNKN* million third-quarter loss . STOP 
How did this happen ? STOP 
Well , when Congress in its recent S&L bailout *UNKED* that the thrifts sell off all their junk-bond holdings by 1994 , it not only *UNKLY* increased the supply of these bonds in the market but also eliminated one of the few profitable investments thrifts have made . STOP 
But there is a *UNKLY* *UNK* *UNK* to the Columbia loss . STOP 
As *UNKS* of the debate over a capital-gains tax cut know , there is much talk in Congress and indeed all over Washington about the need to `` encourage '' long-term investment and *UNK* the financial sector 's *UNKED* *UNKION* with the short term . STOP 
Now , we regard this as a largely *UNK* issue , but the `` long term '' is nonetheless a big *UNK* topic all around the *CUNK* . STOP 
It turns out that Columbia had this huge loss in large part because the new *UNKLY* *UNKED* rules forced it to adjust the book value of its *UNK-* junk bonds to the lower of either their cost or market value . STOP 
They could no longer be *UNKED* as what Columbia regarded them , *UNKLY* long-term investments . STOP 
Congress 's *UNKED* treatment of the existing structure of junk-bond holdings *UNKS* us of a story in the Journal earlier this year about the *CUNK* Bell companies ' desire to have the *UNKED* *UNKS* lifted on offering information services . STOP 
The issue of seeking relief from Congress was raised to *CUNK* *CUNK* , the chairman of Nynex . STOP 
Mr. *CUNK* *UNKED* : `` *CUNKION* tends to be *UNKED* . STOP 
I believe we have to take a shot at getting as much done as we can through the court , through Justice and through state and federal regulatory agencies . STOP 
I see Congress as a last resort . '' STOP 
*CUNK* thrifts such as Columbia or the junk-bond market itself should have been so lucky . STOP 
The reality of life in modern America is that if you want to *UNK* something that works , let it fall into the hands of Congress . STOP 
Exxon Corp. said it will move its headquarters from Manhattan to Dallas . STOP 
Most of the 300 employees at the oil company 's *UNK* headquarters building -- including much of senior management -- were *UNUNK* of the plan until informed at a morning meeting by Chairman Lawrence G. *CUNK* . STOP 
The shift wo n't affect operations . STOP 
As part of its restructuring several years ago , Exxon moved most of those out of the city and sold its *UNK-* Rockefeller Center *UNKER* to a Japanese company . STOP 
But the *UNK* is an embarrassment to New York City officials , coming at a time of high office building vacancy rates and *UNKS* by other major companies . STOP 
Mobil Corp. is in the process of *UNKING* its headquarters here , and huge operations like J.C. Penney & Co. and Trans World Airlines have recently left . STOP 
New York authorities , informed yesterday about the move , reacted with concern and even some anger to the idea of the nation 's *UNKEST* corporation leaving without giving them an opportunity to accommodate it . STOP 
`` We are *UNKED* , but there 's nothing we can do about it now , '' said Stanley *CUNK* , New York City deputy mayor for finance and economic development . STOP 
Meanwhile , Dallas *UNKED* the move . STOP 
City officials there had been were aware that a large company was moving in , but negotiations had all been conducted through a law firm and under the code name `` *CUNKS* . '' STOP 
`` When we were told it was Exxon , it was beyond all expectations ; what a coup , '' said Tom Lewis , senior vice president of Dallas Partnership , the economic development affiliate of the city 's Chamber of Commerce . STOP 
Dallas , its economy based on oil and real estate , has been in a slump . STOP 
Exxon said it will build a new headquarters on a *UNK-* *UNK* in the *UNK-* Las *CUNKS* complex in the *UNK* of Irving . STOP 
Until the building is completed , Exxon will rent part of an existing office tower . STOP 
Las *CUNKS* , once a huge Texas *UNK* , is a *UNKING* complex of office buildings , homes and *UNKAL* facilities that its developers have been struggling to *UNK* in recent years . STOP 
Exxon officials said it will cost less to run its headquarters at Las *CUNKS* than in New York . STOP 
The company wo n't say how much it will save , but during at its interim location , sources say it will likely pay rent of $ 10 to $ 15 per square foot . STOP 
*CUNKS* of the building in New York say they will be asking $ 50 per square foot for rent to fill the space that Exxon is *UNKING* . STOP 
In Texas , taxes and development costs are also lower , they said . STOP 
*CUNKS* , one Exxon official said , by eliminating the typically long New York *UNKS* between office and home , management will expect employees to work 40 hours a week in Dallas , rather than a *UNK-* work week in New York . STOP 
Canadian production of market pulp rose 1 % in September from a year earlier as the industry operated at 87 % of capacity . STOP 
The Canadian *CUNK* and Paper Association , an industry group , said Canadian mills produced *UNKN* metric tons of market pulp in September , compared with *UNKN* metric tons a year earlier . STOP 
Market pulp is wood pulp sold on the open market to producers of paper and other products . STOP 
The statistics exclude pulp consumed at the producing mill or shipped to another mill that is *UNKED* with the producing mill . STOP 
Canada is the world 's largest producer of market pulp . STOP 
The September 87 % operating rate compared with a rate of 101 % in August but was unchanged from a year earlier . STOP 
In the first nine months of this year output was *UNKN* metric tons , down from *UNKN* metric tons a year earlier . STOP 
IMA Holdings Corp. completed its $ 3 billion acquisition of American Medical International Inc. , purchasing 63 million shares , or 86 % , of the Los Angeles-based health-care services concern for $ *UNKN* a share . STOP 
The price also includes assumption of about $ 1.4 billion in debt . STOP 
IMA is a group that includes First Boston Corp. and the *CUNKER* family of Chicago through the leveraged buy-out fund Harry Gray *CUNK* Klein & Partners . STOP 
Harry J. Gray and *CUNK* N. Klein , along with five other IMA *UNKS* , were named to join American Medical 's *UNKER* board . STOP 
The completion of the merger agreement follows months of *UNKS* and turns . STOP 
In January , American Medical brought in a new chief executive officer , Richard A. *CUNK* , 45 , who will remain as chairman , president and chief executive . STOP 
A few days later , American Medical announced sharply lower earnings , taking charges of $ 24 million for insurance reserves and canceled real estate leases . STOP 
In March , American Medical received a $ *UNK-* offer to take the company private from an investor group including large holder M. Lee *CUNK* . STOP 
It also was considering a restructuring to help boost the stock price . STOP 
A group including several members of the the Bass family of Texas urged the company to take some steps to *UNK* shareholder value . STOP 
The following month , the company put itself up for sale . STOP 
It received more offers , but the auction was surprisingly won by IMA , which bid $ 28 a share and asked Mr. *CUNK* to stay on as an equity *UNK* . STOP 
He indicated that some assets might be sold off to service the debt . STOP 
Then , after extending its offer four times waiting for a congressional tax ruling , IMA early this month lowered its offer to $ *UNKN* a share amid *UNK* in the junk bond market . STOP 
American Medical accepted the offer , meanwhile indicating it had heard from two other *UNKS* . STOP 
But they never *UNKED* and IMA completed the purchase yesterday . STOP 
Other new board members include John S. *CUNK* and Mark A. *CUNK* of First Boston , James F. *CUNKS* , William S. Goldberg and Harold S. *CUNK* . STOP 
Treasury Secretary Nicholas Brady said that Congress should grant the Securities and Exchange Commission the power to close the stock markets in periods of crisis . STOP 
In testimony to the Senate securities subcommittee , Mr. Brady disputed the view of SEC Chairman Richard Breeden , who told a House panel Wednesday that he does n't want the ability to halt the markets . STOP 
Mr. Breeden contended that *UNK* power could have an impact on the markets if rumors were to *UNK* about when the exchanges might be closed . STOP 
He added that the president already has the power to close the markets in an emergency . STOP 
But Mr. Brady argued that the SEC is closer to the markets and in a better position to understand when the exchanges are under such stress that they should be closed . STOP 
Separately , Mr. Brady said he asked the Working Group on Financial Markets to determine whether futures margins are too low . STOP 
He noted that some minimum margin requirements have been reduced to levels below those before the 1987 crash . STOP 
`` This raises questions whether futures and equity margin requirements are consistent at these levels and whether futures margins are adequate , '' Mr. Brady said . STOP 
*CUNKS* are the amount of money an investor needs to put up to buy or sell a futures contract . STOP 
*CUNKS* on the futures exchanges typically are raised and lowered according to market volatility . STOP 
The Chicago Mercantile Exchange margins for the Standard & Poor 's 500 stock-index futures stood at $ 10,000 a contract for speculators and $ 5,000 for *UNKS* before Oct. 16 , 1987 ; that day the *UNKING* margin was raised to $ *UNKN* . STOP 
*CUNKS* were raised or lowered about a dozen times since the crash Oct. 19 , 1987 . STOP 
Currently , they stand at $ *UNKN* for speculators , who are typically individuals and *UNKER* traders , and $ 6,000 for *UNKS* , which are usually institutions and have offsetting positions in the underlying stocks . STOP 
Mr. Brady also said he expects the leveraged buy-out phenomenon to `` end under -LRB- its -RRB- own weight . '' STOP 
Asked whether there is anything Congress should do to curb the LBO boom , Mr. Brady responded , `` I think the LBO phenomenon , -LRB- while -RRB- it wo n't stop completely , will be a thing of the past . '' STOP 
Before taking any action , he advised the panel to `` see what the market has produced as a *UNK* . '' STOP 
Mr. Brady also agreed with senators ' concerns about recent stock-market volatility , and said he *UNKS* that the gyrations are *UNKING* investors from investing in stocks . STOP 
But he added that individuals still are participating in the equity market indirectly through mutual funds and pension funds . STOP 
The former Wall Street executive refused to offer an opinion on the controversy surrounding program trading , which has recently become a larger part of the trading in the market and has been blamed for *UNKING* the drop two weeks ago . STOP 
`` I do not have a view of whether we should do anything about program trading at this time , '' he said . STOP 
But Mr. Brady endorsed the *UNKION* bill that both houses of Congress will try to push through this session . STOP 
That bill , proposed by the SEC last year , would require brokerage firms to disclose the financial positions of their holding companies , *UNK* large traders ' reporting of program or block trades , and improve clearing and settlement of trades between the futures and stock markets . STOP 
The bill also would give the SEC the power to close the markets , a *UNKION* that former SEC Chairman David *CUNKER* wanted but Mr. Breeden does n't . STOP 
Mr. Brady and senators agreed to have their staffs meet within the next week to start *UNKING* the bill . STOP 
The Senate Agriculture Committee is responding to trading abuses in the futures markets with a far-reaching bill that would become the Futures Trading *CUNKS* Act of 1989 . STOP 
The proposed legislation has a *UNK* goal : to *UNK* the integrity of the U.S. futures markets . STOP 
However , as is common with sweeping legislation , the proposal contains many provisions that could destroy important parts of the system it sets out to preserve . STOP 
The complex bill , introduced by *CUNK* Patrick *CUNK* -LRB- D. , *CUNK* -RRB- , Richard *CUNK* -LRB- R. , Ind. -RRB- , and Bob *CUNK* -LRB- D. , Neb. -RRB- , covers a wide range of provisions that would affect the funding and authority of the Commodity Futures Trading Commission and would *UNKLY* change the way the industry is regulated . STOP 
These include provisions relating to the technology and systems that must be employed by exchanges , *UNK* and *UNK* procedures for exchange trading practices , the relationship between commodity brokerage firms and floor traders , and exchange *UNK* . STOP 
The bill also *UNKS* even minor rule *UNKS* to *UNKS* and provides for recovery of *UNK* damages in civil lawsuits and *UNKION* cases without any showing of *UNK* *UNK* . STOP 
Many aspects of the bill are *UNK* , providing appropriate public *UNKS* that can and should be *UNKED* throughout the industry . STOP 
Indeed , some of the bill 's requirements , including broad representation on the exchanges ' boards of directors and strong measures to prevent conflicts of interest , already have been put in place by the *CUNK* , *CUNK* & *CUNK* Exchange and other futures exchanges . STOP 
Other aspects of the bill , however , are either structured in ways that create unnecessary *UNKS* for the industry or actually are *UNK* to the exchanges , the industry and ultimately the general public . STOP 
One of the most prominent features is the requirement that in three years all exchanges have in place a system that records all trades by a source independent of the *UNKING* broker . STOP 
The New York futures exchanges have been working together to develop a trade recording system much like the one called for in the bill . STOP 
We would be *UNKED* to have such a system in place today . STOP 
But is it realistic for Congress to *UNK* by a rigid deadline a system that has not yet been *UNKED* to *UNK* studies ? STOP 
What if the system does n't work ? STOP 
What if the only system that does work is so expensive that , at best , only the largest exchanges can afford it ? STOP 
*CUNK* is a key consideration because of the global *UNK* of the financial markets . STOP 
The U.S. futures exchanges compete world-wide as never before . STOP 
Today , trading in almost any commodity can be diverted from U.S. markets with just a few *UNKS* of a *UNK* . STOP 
All foreign markets are aggressively *UNKING* U.S. business . STOP 
In fact , several London markets already offer lower costs for trading in the same or very similar contracts . STOP 
The U.S. exchanges need both market integrity and *UNK-* ; long-term growth depends on it . STOP 
The Senate bill contains many provisions that will increase the costs of trading . STOP 
The most *UNK* of these is the *UNKION* of `` service fees , '' which will directly *UNK* the cost spread between U.S. and foreign markets . STOP 
Other provisions have a more *UNK* , but nonetheless real and *UNKAL* effect on the international position of U.S. exchanges . STOP 
These include the extension of liability into areas beyond those established by judicial *UNK* and the expansion of liability to include *UNK* damages . STOP 
In addition to increasing costs as a result of greater financial exposure for members , these measures could have other , far-reaching *UNKS* . STOP 
One section of the bill would make all commodity brokerage firms and floor brokers *UNK* for damages without *UNK* *UNK* . STOP 
*CUNK* in the federal securities law is simple *UNK* or *UNK* action a source of liability under similar circumstances . STOP 
It is only *UNKAL* to assume that the *UNK* of this provision will lead to increased litigation . STOP 
In an already *UNK-* business , commodity brokerage firms may well decide to eliminate the risk and expense of dealing with the retail public , *UNKING* the private individual of access to the markets . STOP 
Another measure makes commodity brokerage firms *UNK* for violations committed by independent floor brokers who execute trades for them . STOP 
This *UNKED* concept would *UNK* these firms to potentially *UNKAL* *UNK* damages . STOP 
*CUNKED* with the virtually impossible task of *UNKING* the execution of each trade , many commodity brokerage firms are likely to stop doing business with *UNKS* and instead hire their own *UNKED* floor brokers . STOP 
This would force out of business many of the individuals and small firms that function as floor brokers . STOP 
A *UNK* of their departure could be a serious *UNKION* of market liquidity . STOP 
Finally , under the bill , a number of legitimate , longstanding business practices would be *UNKLY* banned , unless the CFTC were to take specific and *UNKLY* action to permit them to continue . STOP 
In other words , regulation will occur through *UNKION* and *UNK* , rather than through a normal *UNK* procedure . STOP 
The affected practices include the *UNKING* of *UNKAL* orders , which is the way most public customer orders are placed , and trading between *UNKED* brokers , even though in some cases trading with affiliates may be the only way to obtain the best execution for a client . STOP 
Also *UNKED* would be dual trading , *UNK* a broker trades for customers as well as his own account , a practice that provides needed liquidity to the markets . STOP 
All U.S. futures exchanges agree that these and other trading practices require proper regulation and *UNKION* . STOP 
Nonetheless , each has too much potential value to the system to be banned by legislative *UNK* before the CFTC carefully considers all the consequences of a ban and what the regulatory alternatives are . STOP 
The markets are complex , as is the environment in which they function . STOP 
When problems surface , the *UNKION* becomes strong to *UNKLY* overhaul a market system that has served for more than 100 years . STOP 
That *UNKION* must be put aside to permit careful consideration of all the implications , positive and negative , of the proposed *UNKS* to those problems , and to avoid creating a marketplace where no one trades . STOP 
Mr. *CUNK* is chairman of the *CUNK* , *CUNK* & *CUNK* Exchange in New York and director of commodity administration at Shearson Lehman Hutton . STOP 
*CUNKAL* claims for state unemployment benefits fell to a seasonally adjusted *UNKN* for the week ended Oct. 14 from *UNKN* the previous week , the Labor Department said . STOP 
The number of people receiving state benefits in the week ended Oct. 7 fell to a seasonally adjusted *UNKN* , or 2.1 % of those covered by unemployment insurance , from *UNKN* the previous week , when the insured unemployment rate was 2.2 % . STOP 
*CUNKING* all state and federal benefit programs , the number of people receiving unemployment benefits in the week ended Oct. 7 fell to *UNKN* from *UNKN* a week earlier . STOP 
These figures are n't seasonally adjusted . STOP 
On the *UNK* streets of *CUNK* Mahfouz 's Cairo , life is *UNK* , *UNK* and *UNKLY* *UNKING* . STOP 
*CUNK* the `` *UNKER* '' *UNKS* the *UNKS* of *UNKING* *UNKS* -- and takes a cut of every cent they *UNK* . STOP 
*CUNK* *CUNK* *CUNK* is a card *UNK* and *UNK* dealer who has a simple *UNKED* : `` I live in this world , assuming that there is no *UNK* , God or police . '' STOP 
For the *UNKER* and *UNK* , *CUNK* *CUNK* , *UNK* flows from the barrel of a *UNK* . STOP 
`` One man said you act as a *UNK* , '' a *UNK* tells him , `` a *UNKION* to *UNK* people 's *UNK* . '' STOP 
Mr. Mahfouz 's Cairo also has *CUNK* *UNKS* and *UNKLY* *UNKS* who look to God , not crime , for their *UNKION* . STOP 
But it is his *UNK* of Cairo *UNK-* -- of *UNKS* and *UNK* *UNKS* , of streets filled with `` *UNK* , *UNK* *UNKER* , and animal *UNK* '' -- that made his reputation , and won him the Nobel *CUNK* in 1988 . STOP 
Three *UNKS* , `` The *CUNKING* and the *CUNK* '' -LRB- *UNKN* pages , $ *UNKN* -RRB- , `` The *CUNK* and the *CUNKS* '' -LRB- *UNKN* pages , $ *UNKN* -RRB- , and `` *CUNKING* *CUNK* '' -LRB- *UNKN* pages , $ *UNKN* -RRB- , recently published by *CUNK* offer an *UNUNK* *UNK* of the *UNK-* Mr. Mahfouz 's talent . STOP 
But they do show the range of a *UNKS* *UNK* whose *UNK-* *UNKS* *UNK* five decades and include work of social *UNK* , protest and *UNK* . STOP 
They also chart the *UNKION* of a city that has grown *UNK* in the author 's *UNK* , from a *UNKAL* *UNK* of *UNKING* *UNKS* to a Third World *UNK* *UNKING* on its own refuse . STOP 
`` Soon it 'll be so crowded , '' a *UNK* complains , `` that people will start eating each other . '' STOP 
`` The *CUNKING* and the *CUNK* , '' easily the best of the three , *UNKS* to Mr. Mahfouz 's `` realistic '' period and it is the one for which he is most *UNKED* . STOP 
*CUNKED* in *UNKN* , it follows the decline of a Cairo family with the *UNK-* *UNK* and rich detail that critics often compare to *CUNKS* , *CUNK* and *CUNK* . STOP 
A minor *UNK* *UNKS* suddenly , *UNKING* his family to poverty and eventual *UNK* . STOP 
His daughter turns to *UNKING* , then to *UNKING* herself for a few *UNKS* . STOP 
One son *UNKS* his own career so that his *OUS* brother can succeed , while another helps support the family with money *UNKED* from crime . STOP 
The real *UNK* , though , lies not in the family 's circumstances but in its concern for *UNKS* . STOP 
*CUNKING* for the father is *UNKED* by the *UNK* of *UNKING* him in a *UNKER* 's *UNK* . STOP 
The family moves to another house at night to *UNKAL* *UNK* *UNKS* from neighbors . STOP 
And the successful son *UNKS* his *UNKING* *UNKS* dead . STOP 
As a *UNK* of *UNKS* *UNKS* , the story is *UNKED* . STOP 
But its *UNUNK* *UNKS* of Cairo life are *UNK* Mahfouz . STOP 
We see , *UNK* and hear *UNKS* filled with `` the *UNKS* of *UNKS* advertising their *UNKS* *UNKED* with *UNK* language , *UNKING* *UNKS* and the sound of people gathering *UNK* in their *UNKS* and *UNKING* into the street . '' STOP 
And we meet *UNKING* *UNKS* , such as *CUNK* `` the *CUNK* , '' *UNKED* for his *UNKING* *UNKS* , his *UNKING* and his *UNK* . STOP 
`` ` God has not yet *UNKED* that I should have earnings , ' he tells his worried mother . '' STOP 
*CUNK* comes to a bad end , but so does almost everyone else in the book . STOP 
If the setting is *UNK* , the *UNK* is closer to *CUNK* 's `` *CUNK* *CUNK* '' than it is to `` *CUNK* *CUNKS* . '' STOP 
Mr. Mahfouz began writing when there was no *UNK* tradition in *CUNK* , and he *UNKED* his work on Western *UNKS* . STOP 
In one sense , this limits him ; unlike a writer such as *CUNK* Garcia *CUNK* , who has a *UNK* Latin voice , Mr. Mahfouz 's style offers little that can be *UNKED* `` *CUNK* . '' STOP 
But the *UNK* of his style also makes his work *UNK* , as the streets of Cairo come alive for the Western *UNKER* as *UNKLY* as *CUNKS* 's London or *CUNK* 's St. *CUNK* . STOP 
`` The *CUNK* and the *CUNKS* , '' written in *UNKN* , is a *UNK* , psychological drama , *UNK* of `` *CUNK* and *CUNK* . '' STOP 
Its *UNK* , *CUNK* *CUNK* , is an *CUNK* *CUNK* who seeks *UNK* in *UNKING* and killing . STOP 
`` I am the hope and the dream , the redemption of *UNKS* , '' he says in one of many *UNK* *UNKS* . STOP 
Later , he recalls the words of his *CUNK* *UNK* : `` The people ! *CUNK* ! The *UNKLY* fire ! '' STOP 
*CUNK* 's story reflects the *UNKING* of socialism under *CUNKER* , whose *UNKAL* rule replaced the *UNK* *UNK* in *UNKN* . STOP 
By *UNKN* , Mr. Mahfouz 's *UNK* had *UNKED* or become *UNKED* , as it has in *CUNK* . STOP 
His *UNK* dream of *UNKING* a life of `` badly aimed *UNKS* '' by *UNKING* the `` real *UNKS* '' -- the rich `` *UNKS* '' who *UNK* on the poor -- leads only to the death of *UNKS* , and eventually to his own . STOP 
Cairo 's *UNKED* *UNK* also has gone gray . STOP 
Here , the city is dark and *UNK* with *UNK* : *CUNK* has left his jail cell only to enter the larger prison of Cairo society . STOP 
While the theme is *UNKING* , the plot and characters are not . STOP 
We never care about *CUNK* or the `` *UNKS* '' he *UNKS* . STOP 
`` The *CUNK* and the *CUNKS* '' is a *UNKING* work , the first *UNKS* novel in *CUNK* , but it is likely to *UNK* Western readers . STOP 
The 1981 novel `` *CUNKING* *CUNK* '' also is *UNKAL* , and another badly aimed *UNK* . STOP 
The story of a *UNK* 's stage debut *UNKS* in *UNK-* *UNKS* , in the manner of *CUNKER* 's `` The *CUNK* and the *CUNK* . '' STOP 
But the device *UNKS* more than it *UNKS* . STOP 
*CUNKED* in the work is a *UNKION* on the *UNK* of art , and on the struggle for integrity in an unfair world . STOP 
But again , the *UNKS* get *UNKED* in Mr. Mahfouz 's *UNKAL* *UNKING* . STOP 
The *UNKS* of his later work reflects both an appetite for new *UNKS* and the *UNKS* of art in the Arab world . STOP 
Mr. Mahfouz has been *UNKED* and *UNKED* for *UNKING* *CUNK* and *UNKING* peace with Israel . STOP 
*CUNKING* his message has helped him *UNK* . STOP 
Art , says the *UNK* in `` *CUNKING* *CUNK* , '' is `` the *UNK* for the action that an *UNK* like me is unable to take . '' STOP 
`` *CUNKING* *CUNK* '' gives *UNKS* of a Cairo that has become so much *UNKER* since his youth , when , as he once said , `` the *UNKEST* person was able to find his daily *UNK* and without great difficulty . '' STOP 
The clutter of the *UNKS* remains , but its color has *UNKED* away , and the will to overcome has been defeated . STOP 
*CUNKS* ca n't move because of *UNKING* *UNKS* . STOP 
*CUNKS* complain *UNKLY* about food *UNKS* , prices and corruption . STOP 
And the *OUS* *UNK* *UNK* is now a *UNKAL* and *UNK* man who *UNKS* : `` Only government ministers can afford it these days ! '' STOP 
Having lost their *UNK* in God , in social reform and in *UNK* , *CUNKS* are left with nothing but their sense of *UNK* . STOP 
Mr. *CUNK* is a Journal staff reporter covering the Middle East . STOP 
*CUNK* Partners Limited Partnership of Boston said it may make a tender offer for some or all of Phoenix Technologies Ltd. 's common shares . STOP 
*CUNK* , *CUNKED* Phoenix , a *UNKING* maker of software for personal computers , has had substantial losses in the past two quarters . STOP 
Its stock , which was as high as $ *UNKN* a share , has been trading under $ 4 a share recently . STOP 
Yesterday it closed at $ *UNKN* a share , up $ 1.125 , in national over-the-counter trading . STOP 
In a Securities and Exchange Commission filing , *CUNK* said it 's part of a group that holds *UNKN* Phoenix Technologies common shares , or a 5.3 % stake . STOP 
*CUNK* has made `` no detailed plans , '' but it has engaged in talks with other shareholders , the filing said . STOP 
Phoenix declined to comment . STOP 
*CUNK* is controlled by Daniel L. *CUNK* and Paul A. *CUNK* , both officers of *CUNKED* *CUNKS* Capital Management Inc. , a small Boston money management firm . STOP 
Also involved in the group is Robert F. *CUNK* , formerly Phoenix 's senior vice president , field operations , who left Phoenix at the beginning of October . STOP 
Mr. *CUNK* was described in the filing as a consultant to *CUNKS* . STOP 
*CUNK* Steel Corp. said it reached a tentative agreement on a *UNK-* labor contract with the Independent *CUNKS* Union covering production and maintenance employees . STOP 
The agreement , subject to approval of union members , would cover about 6,000 workers . STOP 
The tentative agreement provides for wage increases of 85 cents an hour *UNK* to Sept. 25 , 1989 , and for increases of 19 cents , 70 cents and 35 cents an hour effective Jan. 1 , 1991 , 1992 and 1993 , respectively . STOP 
It also provides for benefit adjustments , including a partial *UNKION* of *UNKS* and *UNKS* , as well as *UNK-* changes to increase productivity . STOP 
*CUNK* zero of the HUD scandal is the Secretary 's `` *UNK* fund , '' a *UNK* *UNK* used to fund projects that were n't approved through normal HUD channels . STOP 
Jack Kemp wants to *UNK* it . STOP 
Instead , Congress 's idea of reform is to increase this *UNK* fund by $ *UNKN* million . STOP 
And transfer control of much of it to Capitol Hill . STOP 
The HUD scandals will simply continue , but under new *UNK* . STOP 
After one of the most *UNKING* *UNKS* we 've ever seen on the cable channel *CUNK-* , the House voted 250 to 170 on Wednesday to order $ *UNKN* million in spending for a New Jersey *UNKS* center , a Michigan *UNK* and 38 other *UNK* projects out of the same *UNK* fund that was supposed to have been so *UNKED* during Sam *CUNK* 's tenure . STOP 
HUD has no paper work *UNKER* on 30 of the projects , none of the others has been approved and not a single congressional hearing has been held on any of them . STOP 
However , four are in the Michigan district of Rep. Bob *CUNKER* , the chairman of the House subcommittee that writes the HUD spending bill . STOP 
Of course , this kind of *UNK* congressional *UNKING* is called `` *UNK* service '' by Members , while the same kind of *UNK* *UNK* at HUD is *UNKED* `` influence *UNKING* . '' STOP 
Unlike those awful Republican consultants , Members do n't profit directly from HUD projects . STOP 
They merely collect campaign contributions from developers that help keep them in office . STOP 
The 40 *UNK* projects were discovered *UNKED* in the appropriations bill for HUD and some other agencies after it returned from a conference committee that was called to resolve differences between the House and Senate versions . STOP 
Conference committees are *UNKING* grounds for *UNK* . STOP 
They are often closed to the public and no minutes are taken . STOP 
Members find it easy to doctor legislation by slipping in special provisions that could never survive in the cold light of day . STOP 
In this case , the Members *UNK* themselves . STOP 
They transferred some $ 28 million from the Community Development Block *CUNK* program designated largely for low - and *UNK-* projects and *UNKED* it into such items as : -- $ 1.2 million for a *UNKS* center in Newark , -- $ 1.3 million for `` job *UNKION* '' in *CUNK* sugar mills . -- $ 400,000 for a *UNKING* utility *UNK* in *CUNK* , -- $ 500,000 for `` equipment and *UNKING* to *UNKER* crime and aid police *UNK* '' at a Michigan park . -- $ *UNKN* for `` integrated urban data based in seven cities . '' No other details . -- $ *UNKN* for a *UNK* and *UNKION* center at *CUNK* Island , *CUNK* . STOP 
Rep. *CUNKER* recently purchased an *UNKED* building lot on the island . STOP 
This is slightly *UNKED* from remarks Oct. 7 by former Secretary of State George P. *CUNK* to an *UNK* gathering at the *CUNK* Business School , where he has returned to the *UNK* : STOP 
I was struck a couple of years ago by the *UNKION* effort in the *CUNKS* . STOP 
We had *UNKED* during the year an estimated $ 5 billion street value of *UNK* . STOP 
I do n't know how much got through . STOP 
Nobody has any *UNK* estimate . STOP 
The GNP of the *CUNKS* is probably somewhere between one and two billion dollars . STOP 
So you get an idea of the leverage there and elsewhere that our market for drugs has brought about . STOP 
I welcome the emphasis that is now being put on the drug problem . STOP 
The efforts to get to the people who are *UNKED* , try to *UNK* them ; if they can not be *UNKED* , at least to contain them ; to *UNK* people , to strongly *UNK* use of drugs by people who are *UNKAL* users and first users , to stop this process among the young -- all of these things I think are extremely important . STOP 
But , I have to tell you that it seems to me that the *UNKAL* base of the current program is *UNKED* and the program is not likely to work . STOP 
The *UNKAL* base -- a *UNK-* approach -- is the same that I have worked through before , in the Nixon administration when I was budget director and secretary of the treasury with *UNKION* over the *CUNKS* . STOP 
We designed a comprehensive program , and we worked hard on it . STOP 
In the Reagan administration we designed a comprehensive program ; we worked very hard on it . STOP 
Our international efforts were far greater than ever before . STOP 
You 're looking at a guy whose *UNK* was attacked in *CUNK* by the drug *UNKS* , so I 'm personally a veteran of this war . STOP 
What we have before us now is essentially the same program but with more resources *UNKED* into all of the efforts to *UNK* and control . STOP 
These efforts wind up creating a market where the price *UNKLY* exceeds the cost . STOP 
With these incentives , demand creates its own supply and a criminal network along with it . STOP 
It seems to me we 're not really going to get anywhere until we can take the *UNK* out of the drug business and the incentives for *UNK* out of it . STOP 
*CUNKLY* , the only way I can think of to accomplish this is to make it possible for *UNKS* to buy drugs at some regulated place at a price that *UNKS* their cost . STOP 
When you do that you *UNK* out the criminal incentives , including , I might say , the incentive that the drug *UNKS* have to go around and get kids *UNKED* , so that they create a market for themselves . STOP 
They wo n't have that incentive because they wo n't have that market . STOP 
So I think the *UNKAL* base needs to be thought out in a different way . STOP 
If I am *UNKING* your attention , then read a bold and *UNK* article in this September 's issue of Science by *CUNK* *CUNK* on this subject . STOP 
We need at least to consider and examine forms of controlled *UNKION* of drugs . STOP 
I find it very difficult to say that . STOP 
Sometimes at a *UNKION* or *UNK* party I advance these views and people head for somebody else . STOP 
They do n't even want to talk to you . STOP 
I know that I 'm *UNKING* into the *UNK* here as far as what we 're doing now . STOP 
But I feel that if somebody does n't get up and start talking about this now , the next time around , when we have the next *UNKION* of these programs , it will still be true that everyone is scared to talk about it . STOP 
No *UNK* wants to say what I just said , not for a minute . STOP 
The U.S. economy grew at a moderate 2.5 % annual rate in the third quarter , the same pace as the second quarter , despite the worst trade performance in six years , the Commerce Department reported . STOP 
Personal spending , buoyed by a *UNK* of automobile buying , was the main catalyst to the economy 's expansion . STOP 
But trade , one of the economy 's main forces in the past few years , showed a sharp deterioration . STOP 
*CUNKS* of goods and services soared , while exports were flat . STOP 
Some economists found the *UNK* *OUS* . STOP 
`` For the past two years , the foreign trade sector has been a major *UNK* to economic growth . STOP 
You ca n't rely now solely on consumer spending to sustain the economy on a solid growth path , '' said Norman Robertson , chief economist at Mellon Bank in Pittsburgh . STOP 
Although the economy showed no change of pace from the second quarter , many analysts expect it to slow considerably in the fourth quarter as demand for *UNKS* falls , partly because of higher prices on models introduced last month . STOP 
Many economists think the rise in the value of the U.S. dollar this year will further *UNK* progress in trade , because it makes exports more expensive and imports cheaper . STOP 
And business investment -- which slowed in the third quarter , according to yesterday 's report -- is expected to continue to be sluggish . STOP 
A sharp reduction in inflation was by far the *UNKEST* spot in the report on the real gross national product -- the inflation-adjusted market value of all the goods and services the economy produced . STOP 
An inflation gauge that measures the quarterly change in prices of an array of goods and services slowed its growth to a 2.9 % annual rate in the third quarter from 5 % in the second . STOP 
Much of the *UNKION* came from declining energy prices , which have since turned up a bit , analysts said . STOP 
*CUNKLY* , Michael *CUNK* , *UNUNK* for economic affairs at the Commerce Department , said inflation probably will edge up from the third-quarter rate in the final three months of 1989 . STOP 
But he said he believes the second quarter 's 5 % rate `` will prove to have been this year 's peak quarterly inflation rate . '' STOP 
*CUNKLY* , the Bush administration expressed satisfaction with the economy 's progress as it heads into its *UNK* year of sustained growth next month . STOP 
Treasury Secretary Nicholas Brady called the 2.5 % pace `` good , solid growth , '' although he said he expects the expansion to slow in the fourth quarter . STOP 
He added : `` *CUNKION* is lower than I think people expected it to be , and I think that 's good news . '' STOP 
But administration officials were concerned over the bleak trade report , which showed the deficit in the country 's trade of goods and services *UNKING* to a $ 74 billion annual rate in the third quarter from a $ 51 billion rate in the second quarter . STOP 
Mr. *CUNK* called it a `` disappointment '' but predicted exports will pick up again . STOP 
`` We were *UNKED* for the deterioration in net exports , '' said Daniel Van *CUNK* , vice president of U.S. forecasting at Bank of America in San Francisco . STOP 
`` I ca n't believe it will continue , '' he added , noting that the economies of the country 's major trading partners are strong and prices of U.S. products are still competitive . STOP 
Some analysts also were *UNKED* by a pickup in the growth of business inventories . STOP 
While a *UNK* of these stocks adds to GNP , it can hurt the economy because a *UNK* of *UNUNK* goods can lead to production cuts and *UNKS* . STOP 
According to the report , inventories outside the farm sector grew at an annual rate of $ *UNKN* billion in the third quarter , up from a $ *UNKN* billion pace in the second quarter . STOP 
Manufacturers ' stocks *UNKED* at an $ *UNKN* billion annual rate , up from $ 8.3 billion . STOP 
`` That suggests there is a little more inventory *UNK* than some people expected , '' said Edward *CUNKS* , senior financial economist at Continental Bank in Chicago . STOP 
`` I do n't think it 's anything that 's going to cause a downturn in economic activity . STOP 
But it will slow production . '' STOP 
*CUNKION* from Hurricane Hugo , which *UNKED* into the *CUNK* coast in late September , diminished personal income by about $ 4 billion , the department said , but it called the effect on the roughly $ 5 trillion economy `` *UNK* . '' STOP 
*CUNK* for the loss from the hurricane , all the figures were adjusted for seasonal factors and inflation . STOP 
Here are some of the major components of the gross national product expressed in seasonally adjusted annual rates in billions of constant -LRB- 1982 -RRB- dollars : STOP 
In the third quarter , the *UNK* price *UNK* fell to 2.9 % of the 1982 average , from 4.6 % in the previous quarter . STOP 
Northrop Corp. received a $ *UNKN* million contract by the U.S. Air Force for production *UNKING* and test equipment for the *CUNK* *CUNK* *UNKION* missile . STOP 
The contract provides additional equipment for Northrop , the prime contractor on the missile , and also supports a 1990 purchase of 90 missiles for *UNK-* flight tests . STOP 
General Motors Corp. 's Chevrolet division said it is offering $ 750 cash incentives on all 1990 models of its *UNK-* *CUNKER* and *CUNK* truck lines . STOP 
Chevrolet already has cash incentives on the 1989 models of these vehicles . STOP 
Hudson 's Bay Co. announced terms of a previously proposed rights issue that is expected to raise about *UNKN* million Canadian dollars -LRB- US$ *UNKN* million -RRB- net of expenses . STOP 
Proceeds of the offering will be used to redeem C$ *UNKN* million of preferred shares and to reduce short-term debt , the company said . STOP 
Canada 's largest department store operator said the rights offering will *UNK* holders of its ordinary shares , except residents in the U.S. and Britain , to *UNK* for two additional shares for every five shares held at a price of C$ *UNKN* a share . STOP 
The record date is Nov. 9 . STOP 
The company has about 31 million ordinary shares outstanding . STOP 
On the Toronto Stock Exchange , Hudson 's Bay shares closed at C$ 35 , up 12.5 cents . STOP 
Hudson 's Bay said that *CUNK* Co. , which currently holds about 77 % of the ordinary shares , will *UNK* for all the shares to which it is *UNKED* and for any shares that are n't otherwise taken up . STOP 
*CUNK* is a holding company owned by Toronto 's Thomson family . STOP 
Hudson 's Bay said it will redeem 9.5 million Series *CUNK* preferred shares on Oct. 31 at a price of C$ *UNKN* each . STOP 
The move was approved at a special shareholders ' meeting yesterday . STOP 
Gary *CUNK* , chief financial officer , said redemption of the preferred shares , originally issued at C$ 25 each , will eliminate dividend payments of C$ *UNKN* million annually . STOP 
Iverson Technology Corp. was one of the *UNKING* small companies in America -- until last year . STOP 
The *CUNK* , Va. , company *UNKS* computers to keep sensitive military data out of *UNKLY* hands . STOP 
From 1984 to 1987 , its earnings soared *UNK-* , to $ 3.8 million , on a *UNK-* increase in revenue , to $ *UNKN* million . STOP 
But in 1988 , it ran into a *UNK* saw : a Defense Department spending *UNK* . STOP 
Iverson 's earnings plunged 70 % to $ 1.2 million . STOP 
The troubles continued in this year 's first half , when profit plunged 81 % to $ *UNKN* . STOP 
Iverson Technology is one of many small defense contractors *UNKED* by the slowdown in defense spending . STOP 
Unlike larger contractors with a broad enough base to weather the downturn easily , these companies are suffering big drops in business as *UNK-* specialty *UNKS* in the massive military market *UNK* or even *UNK* . STOP 
Companies that only recently were *UNKING* find themselves *UNKING* to survive . STOP 
As their *UNKED* strategies suggest , there is more than one way to respond to a disaster -- though it 's too soon to tell whether the changes will pay off . STOP 
For many companies , the *UNK* first response is to cut costs . STOP 
Others are trying to find specialty defense work *UNKED* by the slowdown or new *UNKS* created by *UNKING* . STOP 
More *UNK* businesses are *UNKING* their skills in commercial fields . STOP 
*CUNK* International Inc. , which provides professional and technical services to the military , is refining its defense niche , not *UNKING* from it . STOP 
After *UNKING* annual earnings over four years to $ 6.8 million in 1988 , the *CUNK* , Va. , company , posted a 23 % drop in earnings for this year 's first half . STOP 
In the belief that development of advanced military technology will remain a top Defense Department priority , *CUNK* last year acquired *CUNK* *CUNKER* Associates , a technical and scientific analysis company with contracts under the *CUNK* Defense *CUNK* . STOP 
While the SDI *UNK-* program recently awarded *CUNK* *CUNKER* two contracts totaling $ 13.4 million , *CUNK* 's chairman and founder , Jack *CUNK* , says he bought the company `` more for its technology than its customer . '' STOP 
*CUNK* Inc. , an *CUNKS* , Md. , contractor that earned $ *UNKN* million on revenue of $ *UNKN* million in 1988 , has gone even further in *UNKING* its military business . STOP 
As orders for its aircraft and *UNK* parts *UNKED* , three years of steady growth ended with a 69 % drop in income in this year 's first half . STOP 
The company hit on a new strategy : If the Defense Department is so intent on saving money , why not make money off that trend ? STOP 
Among the company 's current efforts : *UNKING* old parts at 25 % of the cost of replacing them . STOP 
*CUNK* also is selling new parts , if needed , directly to the military instead of through a prime contractor . STOP 
At as little as one-third of the government 's cost , the company is running a program to train Army helicopter pilots . STOP 
It is also taking over the maintenance of certain Navy aircraft with 40 % fewer people than the military used . STOP 
In another approach , tiny Iverson Technology is trying to resume its growth by *UNKING* the new world of commercial products . STOP 
Donald Iverson , chairman , says he hopes the company can eventually get up to half of its revenue from commercial markets . STOP 
For now , he says , `` we 're looking at buying some small companies with niche markets in the *UNKER* business . '' STOP 
Earlier this month , Mr. Iverson agreed to buy exclusive rights to a software system developed by *CUNKER* Systems Inc. , *CUNK* Lake City . STOP 
The product *UNKS* an array of functions performed at small to *UNK-* printing companies . STOP 
Mr. Iverson says there are 5,000 potential customers for the software in the Washington , D.C. , area alone . STOP 
*CUNK* Inc. , Falls Church , Va. , also has acquired some companies outside the military market . STOP 
Moreover , it 's trying to transfer its *UNK* at *UNKING* military equipment to commercial ventures . STOP 
A partnership with a *CUNK* , Va. , unit of Shell Oil Co. recently *UNKED* a process for producing plastic food *UNKS* that wo n't *UNK* in *UNK* *UNKS* . STOP 
`` We 're trying to take the *UNKION* and talent of our engineers and come up with new processes for industry , '' says Vincent *CUNK* , *CUNK* 's chief executive . STOP 
`` It is an effort to branch out from the government , which is very difficult for a defense contractor . '' STOP 
Mr. *CUNK* should know . STOP 
Instead of helping his company in the defense spending slowdown , *CUNK* Engineering Inc. , a troubled subsidiary that makes wind *UNKS* for the space industry , contributed to much of *CUNK* 's $ 3.3 million loss on $ *UNKN* million in revenue last year . STOP 
In January , Mr. *CUNK* sold the unit . STOP 
`` It was our first acquisition , '' he says , `` and it was a mistake . '' STOP 
Some companies are cutting costs and hoping for the best . STOP 
*CUNKS* Corp. , a Santa *CUNK* , Calif. , provider of *UNK-* and *UNK-* services to the military , enjoyed steady growth until this year . STOP 
Following a *UNKING* of earnings , to $ 3.9 million , on a doubling of revenue , to $ *UNKN* million , over four years , earnings in the company 's fiscal first quarter , which ended June 30 , plunged 90 % to $ *UNKN* . STOP 
A one-time *UNK-* for *UNKING* *UNK* revenue was partly to blame , but so were lower profits from a *UNKER* contract with the Army and delays in getting paid . STOP 
*CUNKS* responded by combining three of its five divisions to reduce expenses and `` bring more focus to potentially fewer bidding opportunities , '' says *CUNK* *CUNKER* , *CUNKS* chairman and controlling shareholder . STOP 
`` It 's evident we 're entering a more competitive era , '' he says . STOP 
*CUNK* Corp. , a *CUNK* *CUNKS* , Calif. , defense contractor that earned $ *UNKN* million on revenue of $ *UNKN* million in 1988 , provides a more dramatic example of cost-cutting . STOP 
The company not only merged three *UNKS* manufacturing operations , but also closed an unrelated plant that makes *UNK* devices used in *UNKER* planes and missiles . STOP 
The closing contributed to a $ 3.4 million loss in the fiscal first quarter ended July 31 -- its first quarterly loss since 1974 . STOP 
`` Our *UNK* business has been hurt very badly by the slowdown , '' says *CUNK* *CUNK* , *CUNK* 's chairman . STOP 
`` I would n't say we 're out of the business . STOP 
But we 're not making as many -LCB- *UNK* devices -RCB- as we used to . STOP 
The growing crowd of Japanese investors buying up foreign companies are n't all *UNKED* businessmen in dark suits . STOP 
*CUNK* Morishita , whose art gallery last month became a major shareholder in *CUNKS* International PLC , the London auction house , is one man who does n't fit the *UNK* . STOP 
In Japan , he 's known in *UNK* weekly magazines as the `` King of *CUNK* Money . '' STOP 
If nothing else , the *UNK-* 's past has its share of *UNKS* . STOP 
Nearly 20 years ago , Mr. Morishita , founder and chairman of *CUNK* Corp. , a finance company , received a *UNK-* suspended sentence from a Tokyo court for violating a *UNKING* law and an income tax law . STOP 
He was convicted of charging interest rates much higher than what the law permitted , and attempting to *UNK* income taxes by using a double accounting system . STOP 
He 's had other *UNKS* with the law . STOP 
He was arrested , though not indicted , on at least three other occasions in the *UNKS* and *UNKS* : for *UNK* and *UNUNK* *UNK* , for fraud and *UNK* of private documents , and for *UNKION* . STOP 
*CUNKS* says it has had no contact with Mr. Morishita since the stock purchase , but that it 's happy to deal with him . STOP 
`` We like to make our own *UNKS* '' about Mr. Morishita , says Christopher *CUNK* , *CUNKS* ' group managing director . STOP 
`` People have a different reputation country by country . '' STOP 
Mr. Morishita is a leading figure among Japan 's *UNKN* `` *UNK* , '' which lend to small companies , and `` *UNK* , '' which lend to individuals . STOP 
Many of these *UNKS* lend freely , often without demanding collateral . STOP 
But the interest rates they charge are often near Japan 's *UNKN* % legal limit , says *CUNK* *CUNK* , a lawyer *UNKING* in loan troubles . STOP 
*CUNK* is a *UNK* , Mr. *CUNK* says , and `` one of the *UNK* ones . '' STOP 
In describing that business in general , he says that when the client ca n't repay the loan , some *UNK* `` *UNK* on like *UNKS* '' and even take over the client 's company . STOP 
Last month , Mr. Morishita 's new gallery , *CUNK* International Ltd. , purchased 6.4 % of *CUNKS* for # 33 million -LRB- $ *UNKN* million -RRB- . STOP 
*CUNKED* from *CUNK* Holdings U.K. Ltd. , a company owned by Australian financier Robert Holmes a Court , the stake was apparently the first of its kind for *CUNK* , an entity separate from *CUNK* . STOP 
And the acquisition , which made *CUNK* one of *CUNKS* ' top five shareholders , left many people wondering who this man was and what his intentions were . STOP 
`` We 're an investor , '' Mr. Morishita says , sitting back in his *UNK* gallery filled with some 20 *CUNKS* and *CUNKS* . STOP 
`` In the long run , the -LCB- stock -RCB- prices will go up . '' STOP 
It 's not clear whether *CUNK* plans to buy more shares . STOP 
But *CUNKS* , Mr. Morishita insists , is happy to see him become a long-term *UNKER* . STOP 
Mr. Morishita considers himself a *UNK* of art . STOP 
In 30 years of collecting *UNK* and Japanese paintings , he has acquired 600 items , he says , enough to persuade him to start a *UNK* next year . STOP 
He says he spent $ 300 million on his art business this year . STOP 
A week ago , his gallery *UNKED* up a $ 23 million *UNK* at a Sotheby 's auction in New York buying seven works , including a *CUNK* . STOP 
`` He makes *UNK* *UNKS* , '' says *CUNK* *CUNK* , the art gallery 's manager and Mr. Morishita 's secretary for more than seven years . STOP 
Mr. Morishita 's main business certainly appears to be *UNKING* , although he wo n't disclose numbers . STOP 
According to *CUNK* Data Bank Ltd. , which tracks company earnings , *CUNK* 's revenue rose 15 % to *UNKN* billion yen -LRB- $ *UNKN* million -RRB- in the year ended February . STOP 
Revenue doubled from two years ago . STOP 
That is , if the company reported results *UNKLY* . STOP 
The *CUNK* *CUNK* , a Japanese daily , last month reported that *CUNK* revised its tax calculations after being challenged for allegedly failing to report all of its income to tax authorities over a two-year period . STOP 
The Tokyo *CUNKAL* *CUNKION* Office declines to comment , and Mr. *CUNK* , the *UNK* 's secretary , says the problem simply resulted from a difference of opinion over what was considered income . STOP 
The small , *UNK* Mr. Morishita comes across as an *UNK* man of the world . STOP 
*CUNKING* his arms in his *UNK* white *UNK* and *UNKING* his black shoes , he *UNKS* a *UNK* about the way to sell American real estate and boasts about his *UNK* with Margaret Thatcher 's son . STOP 
But when asked what exactly he does in business , he immediately takes *UNK* . STOP 
`` Are you *UNK* ? '' he *UNKS* . STOP 
`` You should know what questions to ask to get people to answer . '' STOP 
Not many people know the details of Mr. Morishita 's business , but it 's a source of rumors about *UNK* dealings . STOP 
When a small company goes *UNK-* , for instance , the *UNK* weekly magazines are often quick to link the *UNK* with *CUNK* . STOP 
Mr. Morishita *UNKS* at those stories , as well as the ones *UNKING* him to the Japanese *UNK* . STOP 
He says he has never even *UNKED* with *UNKS* . STOP 
The *UNK* child of a store owner in *CUNK* *UNK* , Mr. Morishita started out in the textile business . STOP 
From there , he set up his finance company and rapidly expanded from lending to investment in real estate to building golf courses . STOP 
He spends most *UNKS* flying his helicopter to one of his nine courses , he says , two of which were designed by Jack *CUNKS* . STOP 
He also owns courses in the U.S. and France . STOP 
The *UNK* financier recently started *UNKING* in *UNKS* circles . STOP 
Although he says he was n't *UNK* on going , last year he attended a New York *UNK* where his daughter made her debut . STOP 
He also leads an *UNK* life style . STOP 
Even in *CUNK* , one of Tokyo 's *UNKEST* neighborhoods , Mr. Morishita 's *UNK* *UNK* *UNK* -- one of some 10 houses he owns -- *UNKS* the neighbors ' . STOP 
A *UNK* white *UNK* with a *UNKS* window *UNKS* over the *UNK* wall surrounding his property . STOP 
Although Mr. Morishita says little about his business , he offers one rule to success : Never *UNK* too far . STOP 
`` I quit after one try , whether I win or lose , '' he says . STOP 
`` I 'm done in two minutes . '' STOP 
Mr. Morishita says he intends to expand his business to many other areas at home and abroad . STOP 
He 'll be there *UNKER* there 's money to be made , *UNKS* Mr. *CUNK* , the secretary . STOP 
`` Who knows , '' he says , `` if he heard that *UNKS* make money today , he might be flying out to Chicago tomorrow . STOP 
*CUNK* 'S *CUNK* : STOP 
Arthur Price resigned as president and chief executive officer of MTM Enterprises Inc. , a *CUNK-* , Calif. , entertainment concern . STOP 
He *UNKED* the company with *CUNK* *CUNKER* and Mary *CUNKER* Moore in 1969 . STOP 
MTM is a unit of *CUNKED* TVS Entertainment PLC , whose chief executive officer , James *CUNK* , will *UNK* the company until a successor is named . STOP 
As expected , First Interstate Bancorp reported a net loss of $ *UNKN* million for its third quarter because of *UNKING* at its First Interstate Bank of Arizona unit . STOP 
The Los Angeles-based bank holding company disclosed last Friday that it had taken a huge $ 350 million provision for loan losses at the Arizona bank , the result of the state 's *UNKING* real-estate market . STOP 
In yesterday 's report , First Interstate said its bank in Texas also reported a loss of $ *UNKN* million for the quarter . STOP 
But it said that its consumer banks in Oregon , California , Nevada and Washington performed well during the quarter and that nonperforming assets at these banks declined by 14 % over the year-ago period . STOP 
*CUNK-* union contracts signed in the third quarter granted slightly lower wage increases than those signed in the second quarter , but wage increases still are running above last year 's levels . STOP 
The Labor Department said wage settlements in the third quarter called for average annual wage increases of 3.6 % in the first year and *UNKN* % over the life of the contracts . STOP 
The last time parties to these settlements negotiated wage increases , mostly in 1986 or 1987 , wages increased an average of 2.4 % a year over the life of the contracts . STOP 
If this pattern continues , the Labor Department said , 1989 will be the first year that the measure has shown an increase since 1981 when the department started *UNKING* *UNKING* contracts with those that replaced them . STOP 
This reflects the *UNKION* of wage cuts in the steel and other industries as well as higher wages granted *UNKS* who work in health-care facilities . STOP 
*CUNKS* reached in the first nine months of 1989 called for wage increases *UNKING* 3.7 % in the first contract year and 3.1 % annually over the life of the contracts , the department said . STOP 
For all of 1988 , union contracts provided for 2.5 % wage increases in the first year and 2.4 % over the life of the contracts . STOP 
In the second quarter , contracts called for increases of 3.9 % in the first year and 3.4 % over the life of the contracts . STOP 
The figures exclude *UNK-* payments and *UNKING* adjustments , so the actual wage increases may have been bigger . STOP 
About 35 % of the workers covered by contracts signed in the first nine months of year get *UNK-* payments ; about 15 % are covered by *UNKING* *UNKS* . STOP 
*CUNKS* covered by one or other provisions generally settled for lower percentage wage increases . STOP 
The Labor Department said wage increases in manufacturing industries continue to be smaller than those in other industries . STOP 
For all six million workers under major collective bargaining agreements , regardless of when they were signed , wage increases in the first nine months of 1989 averaged 2.5 % -- including *UNKING* adjustments . STOP 
An enormous *UNK* has succeeded where the government has failed : He has made *UNKING* Filipino *UNK* . STOP 
The 6 *UNK-* *UNK* , *CUNK* *CUNK* , is a character who *UNKS* in the children 's television show `` Batibot . '' STOP 
He *UNKS* only in Filipino . STOP 
`` Batibot , '' which started in 1983 as a hybrid of the U.S. program `` *CUNK* Street , '' has developed into a *UNKLY* Philippine effort . STOP 
Radio programs and books have followed the daily television show . STOP 
In the process , `` Batibot , '' an *UNK* Filipino word meaning `` strong '' or `` *UNKING* , '' has become a powerful *UNK* of the use of the Filipino language . STOP 
`` It *UNKS* on ordinary , young *CUNKS* that there 's nothing to feel *UNK* about in using their own language , '' says *CUNK* David , a *UNK* and host of a popular television talk show . STOP 
`` When we started the program six years ago , the use of Filipino was *UNKED* *UNUNK* by the *UNKLY* middle class , '' says *CUNK* Brown , the program 's *UNK* . STOP 
Now , she says , `` it 's no longer an issue . '' STOP 
The success of `` Batibot '' stands in marked contrast to many academic and government attempts to promote Filipino as a national language . STOP 
Filipino -- once known as *CUNK* -- is *UNKLY* *CUNK* , the *CUNKED* language *UNK* in a part of the country 's principal island of Luzon . STOP 
*CUNK* to a national language comes primarily from members of the country 's *UNK* , who generally prefer English . STOP 
But while *UNK-* *CUNKS* are quick to *UNK* the *UNK* in using a language as widespread as English , they are often slow to reveal that they are *UNKED* against Filipino , say advocates of the native language . STOP 
`` For the middle and *UNK-* class -LCB- Filipino -RCB- is *UNK* , '' says *CUNK* *CUNK* , a *CUNKS* professor at *CUNK* City 's University of the Philippines . STOP 
There 's also *UNK* . STOP 
Other opponents of Filipino come from *UNK-* regions . STOP 
They argue that their own *UNKS* should have equal weight , although recent surveys indicate that the majority of the country 's population *UNKS* Filipino more than any other language . STOP 
-LRB- There are seven major *UNKS* and more than 70 *UNKS* in the country . -RRB- STOP 
What *UNK* to speak is an emotional mine field in the Philippines . STOP 
It is *UNKED* in the country 's *UNKAL* bonds to the U.S. , in Philippine class structure , in the regional *UNKS* of its people and in its island *UNK* . STOP 
As they did when the Philippines was a colony of the U.S. , teachers for the most part *UNK* in English , even though it is a foreign language for most Philippine children . STOP 
As a result , they often speak one language at home , another at school . STOP 
Mrs. Brown calls the *UNK-* cultural *UNK* to Filipino a `` language *UNK* . '' STOP 
The issue has been *UNKING* for years . STOP 
It does n't take much to *UNK* an intense debate . STOP 
When President *CUNK* *CUNK* , whose command of Filipino is *UNK* , announced last year that the language would be used in official communications , there was an *UNK* from many legislators , who continue to conduct *UNKS* mostly in English . STOP 
But many *UNKS* of Filipino see resistance to the language finally *UNKING* . STOP 
They believe the media , including `` Batibot , '' have played a crucial role . STOP 
According to chief *UNKER* *CUNK* *CUNK* , `` Batibot '' does n't set out to advance the cause of Filipino . STOP 
`` It 's not as if we 're *UNKING* language per *UNK* , '' he says , `` We 're just using it . '' STOP 
These days , `` Batibot '' is produced in a converted *UNK* on a *UNKING* budget of $ 3,000 a *UNK-* segment . STOP 
It is shown *UNKS* on two of the country 's five networks . STOP 
With an audience totaling more than 400,000 , `` Batibot '' consistently ranks in the country 's *UNK-* *UNKED* *UNK* programs . STOP 
But advertising revenue is inadequate . STOP 
*CUNKLY* , there are threats that the program will *UNK* . STOP 
`` Batibot '' lacks the *UNK* of `` *CUNK* Street . '' STOP 
*CUNK* stages *UNK* . STOP 
*CUNKING* sometimes falls flat . STOP 
There are only two large *UNKS* in the program : *CUNK* *CUNK* and a *UNK* named *CUNK* *CUNKING* . STOP 
But the production is the equal of any local program . STOP 
And the show 's *UNK* makes up for any *UNKAL* *UNKS* . STOP 
The program is n't afraid to *UNK* controversial *UNKS* such as nuclear weapons and the environment . STOP 
Not that the language war is won , even on `` Batibot . '' STOP 
During one recent episode , all the *UNKS* were in English . STOP 
*CUNK* *CUNK* Corp. said management would recommend to its board today that its common stock dividend be *UNKED* at a `` modest level '' later this year . STOP 
The *CUNK* , Mich. , energy company stopped paying a dividend in the third quarter of 1984 because of troubles at its Midland nuclear plant . STOP 
In addition , *CUNK* reported third-quarter net of $ *UNKN* million , or 83 cents a share , up from $ *UNKN* million , or 81 cents a share , a year ago . STOP 
*CUNK* Inc. , Atlanta , said its subsidiary , Home *CUNKAL* Services Inc. , registered with the Securities and Exchange Commission an initial public offering of four million shares of common . STOP 
The *UNK-* health care services provider said it will sell 1.8 million of the new shares , while Home *CUNKAL* Services will sell the remaining 2.2 million . STOP 
The company estimates the offering price at between $ 14 and $ 16 a share . STOP 
The company said it expects to use the proceeds to repay certain bank debt and for general corporate purposes , including establishing new operating centers and possible acquisitions . STOP 
Home *CUNKAL* currently has 10 million shares outstanding . STOP 
It will have *UNKN* million shares outstanding after the offering , with *CUNK* owning about 65 % of the total . STOP 
Black & Decker Corp. said it agreed to sell its *CUNK* chemical *UNKS* unit to Orkem S.A. , a French chemical company , for $ *UNKN* million . STOP 
*CUNK* is the first Emhart Corp. unit to be sold as part of the *UNK-* manufacturer 's effort to reduce debt and consolidate operations after it acquired Emhart earlier this year . STOP 
Black & Decker said it plans to put other Emhart units on the block in the future , with the goal of raising $ 1 billion in net proceeds . STOP 
Black & Decker *UNKED* Emhart from the takeover bid of *CUNKER* Limited Partnership last March by agreeing to acquire the maker of door *UNKS* and *UNKING* tools for about $ 2.8 billion . STOP 
The move significantly expanded Black & Decker 's product line , but also significantly increased its debt load . STOP 
The acquisition boosted Black & Decker 's ratio of debt to total capital to more than 80 % . STOP 
Company officials have said they plan to reduce that ratio to less than 50 % over the next 2 1\/2 years . STOP 
Earlier this year , Black & Decker put three Emhart businesses on the auction block : the information and electronics segment , the *CUNK* electrical assembly business and *CUNK* *CUNKS* . STOP 
The three units had combined 1988 sales of about $ *UNKN* million . STOP 
The three units contributed about a third of Emhart 's total sales . STOP 
In addition , Black & Decker had said it would sell two other undisclosed Emhart operations if it received the right price . STOP 
*CUNK* is one of the previously *UNKED* units , and the first of the five to be sold . STOP 
The company is still negotiating the sales of the other four units and expects to announce agreements by the end of the year . STOP 
The five units generated sales of about $ 1.3 billion in 1988 , almost half of Emhart 's $ 2.3 billion revenue . STOP 
*CUNK* posted 1988 sales of $ *UNKN* million . STOP 
`` Our *UNK* program is on schedule , and we remain confident that we will achieve our stated goal of over $ 1 billion in net proceeds , '' said *CUNK* D. *CUNK* , Black & Decker 's president and chief executive officer , in a statement . STOP 
The sales are an attempt to *UNK* investor concern about Black & Decker 's increased debt burden from the Emhart purchase . STOP 
The company 's stock plunged when it first announced that it planned to acquire Emhart . STOP 
The company maintains that it does n't expect Emhart to contribute to earnings for about another 12 months . STOP 
In composite trading on the New York Stock Exchange , Black & Decker closed at $ *UNKN* yesterday , down 25 cents . STOP 
The company did n't announce the sale until after the close of the market . STOP 
Dick Darman , call your office . STOP 
*CUNKED* in the `` budget '' being *UNKED* by the House-Senate conference committee is something that looks , *UNKS* and *UNKS* like a duck . STOP 
It 's a *UNK* tax on mergers . STOP 
Congress has decided to raise $ 40 million by charging companies $ 20,000 for the honor of filing the required papers under the *CUNK-* law . STOP 
*CUNKER* since the bad days of Big is *CUNK* antitrust enforcement , this law has required that anyone proposing a merger must make a filing describing the effects on all relevant markets . STOP 
The *CUNK-* filing is then *UNKED* and any antitrust concerns usually met . STOP 
*CUNKLY* , *CUNK-* is used now to give managers of target firms early news of a bid and a chance to use regulatory review as a *UNKING* *UNK* . STOP 
The $ 20,000 tax would be a small cost in a *UNK-* deal , but a serious drag on thousands of small , friendly deals . STOP 
One especially dangerous aspect to the new tax would be that the proceeds will be used to increase the budgets of the antitrust division at Justice and the Federal Trade Commission . STOP 
This amounts to a *UNK* for regulators -- the more *UNKING* the more they get to keep . STOP 
Also , as former Reagan antitrust chief Charles *CUNK* has noted , this would `` establish the *UNK* that the government may charge parties for the privilege of being sued regardless of whether the government *UNKS* . '' STOP 
Yet another opportunity for President Bush to respond , `` *CUNK* my *UNKS* . STOP 
*CUNK-* veto . STOP 
Michael *CUNK* , 46 years old , was named vice chairman for planning , marketing and industry services , a new post . STOP 
Mr. *CUNK* had been a vice chairman of *CUNK* & *CUNK* , an accounting firm that merged with rival Arthur Young in July to form *CUNK* & Young , a major accounting , tax and management consulting firm . STOP 
Mr. *CUNK* 's appointment *UNKS* a role he has been performing since the merger , a spokeswoman said . STOP 
*CUNK* de Navigation Mixte Chairman *CUNK* Fournier said his board unanimously rejected as too low the $ *UNKN* billion bid by *CUNK* Financiere de Paribas to bring its stake in Navigation Mixte to *UNKN* % . STOP 
At a news conference , Mr. Fournier accused Paribas of planning to pay for the takeover by selling parts of the company , whose interests include insurance , banking , *UNK* *UNKING* , sugar and *UNK* *UNK* . STOP 
The chairman said his board members , including representatives of West German insurance giant Allianz AG and French banks Credit *CUNKS* and Societe Generale , hold nearly 50 % of Navigation Mixte 's capital . STOP 
Mr. Fournier said that as Navigation Mixte chairman , he is prohibited by takeover regulations from *UNKING* his own defense or doing anything *UNKS* managing current company business . STOP 
But sources said he will be urging his allies to boost their stakes in Navigation Mixte , which is being traded in London and is to resume trading in Paris Tuesday . STOP 
At the same time , he is expected to seek legal and regulatory means of blocking or *UNKING* Paribas 's bid . STOP 
For the moment , the sources said , he has decided against seeking a white knight or *UNKING* a *UNK* for Paribas . STOP 
Mr. Fournier said Navigation Mixte 's 1989 *UNKED* , or *UNK-* , profit is likely to be 4.7 billion francs -LRB- $ *UNKN* million -RRB- , up from *UNKN* million francs last year . STOP 
That is due mostly to payments from Allianz for most of the 50 % stake it has agreed to acquire in Navigation Mixte 's insurance business . STOP 
Mr. Fournier said the *UNKAL* gain would mean nearly twice as high a dividend this year as last . STOP 
If holders avoid *UNKING* to Paribas , he added , they can expect strong dividends again next year . STOP 
Analysts noted that over the past 20 years , Mr. Fournier has built his company through *UNK* stock-market activity and has *UNKED* off at least three takeover attempts . STOP 
This time , however , some analysts think he could face a real battle . STOP 
`` Without some unexpected `` coup de *UNK* '' , I do n't see what will block the Paribas bid , '' said *CUNK* de *CUNK* , analyst at the brokerage *CUNK-* & Cie . STOP 
Mr. de *CUNK* said Mr. Fournier 's biggest hope was to somehow persuade regulatory authorities to block the bid . STOP 
Paribas still needs the *UNK-* from the Commission *UNK* *CUNKS* de *CUNK* , a government regulatory agency , but analysts said that is considered likely . STOP 
Mr. Fournier also noted that Navigation Mixte joined Paribas 's core of shareholders when Paribas was *UNKED* in 1987 , and said it now holds just under 5 % of Paribas 's shares . STOP 
Once he realized that Paribas 's intentions were n't friendly , he said , but before the bid was launched , he sought approval to boost his Paribas stake above 10 % . STOP 
The petition is still pending , but Mr. Fournier *UNKED* the likelihood of his *UNKING* a takeover bid of his own for the *UNKER* Paribas . STOP 
One big question now is the likely role of Mr. Fournier 's allies . STOP 
Mr. Fournier said the large institutions that hold nearly 50 % of Navigation Mixte 's capital all strongly support him , but some analysts said they are n't so sure . STOP 
Allianz , for example , has said in official comments so far that it will remain *UNKAL* . STOP 
Paribas is Allianz 's lead French bank . STOP 
Paribas said Monday that it intends to bid to boost its stake in Navigation Mixte to *UNKN* % , from the *UNKN* % it already owns . STOP 
The purchase of the additional 48 % stake is expected to cost more than 11 billion francs -LRB- $ *UNKN* billion -RRB- . STOP 
Paribas says it will offer *UNKN* francs -LRB- $ *UNKN* -RRB- each for Navigation Mixte shares that enjoy full dividend rights , and *UNKN* francs each for a block of shares issued July 1 , which will receive only partial dividends this year . STOP 
*CUNKLY* , it is to offer three Paribas shares for one Navigation Mixte share . STOP 
The Paribas offer values Navigation Mixte at about 23 billion francs , depending on how many of Navigation Mixte 's warrants are converted into shares during the takeover battle . STOP 
*CUNK* *CUNK* CORP. said it raised $ 92 million from an offering of liquid yield option notes . STOP 
The gross proceeds from the sale of the notes , which will be due on Nov. 1 , 2004 , will be used to reduce existing debt and for general corporate purposes , the company said . STOP 
The debt reduction is expected to save the Fort *CUNK* , Fla. home video concern about $ 2 million a year in interest expense . STOP 
The zero-coupon subordinated notes have no *UNK* interest payments . STOP 
Each note is being offered at $ *UNKN* per $ 1,000 principal amount at maturity , representing an 8 % yield to maturity . STOP 
In addition , each note can be converted into *CUNKER* Entertainment common stock at a rate of *UNKN* shares per note . STOP 
Merrill Lynch Capital Markets Inc. is the sole underwriter for the offering . STOP 
The notes will have a principal amount of $ 300 million at maturity . STOP 
*CUNKER* shares closed yesterday at $ *UNKN* , down $ 1.125 , in New York Stock Exchange trading . STOP 
The 1986 Tax Reform Act has nearly eliminated the number of large , profitable corporations that do n't pay federal income tax , according to Citizens for Tax Justice , a *UNK* , *UNKED* research and lobbying group . STOP 
In a study of 250 of the nation 's *UNKEST* companies , the group found that only seven managed to avoid paying federal income taxes last year compared with 40 in 1986 , the last year the old tax rules were in effect , and 16 in 1987 , when some of the new tax provisions went into effect . STOP 
Moreover , 41 companies that paid no federal income tax from 1981 through 1985 -- despite billions of dollars of profits -- ended up paying an average of *UNKN* % of their income in federal taxes in 1988 . STOP 
The report , released yesterday , comes as Congress is considering a number of special tax breaks only three years after the sweeping *UNKION* legislation *UNKED* or *UNKED* many *UNKS* . STOP 
In the corporate *UNK* , the 1986 law *UNKED* the *UNK-* credit , *UNKED* back use of an accounting method that allowed large contractors to *UNKER* taxes until a project was completed and strengthened the so-called alternative minimum tax , a *UNK* to ensure all *UNKING* businesses pay some federal tax . STOP 
The combination of lower rates and fewer *UNKS* has meant that the so-called average effective tax rate -- the rate actually paid -- of the 250 corporations surveyed reached *UNKN* % in 1988 , compared with *UNKN* % in the years from 1981 through 1985 , according to the study . STOP 
In addition , corporations are now *UNKING* a bigger share of the tax burden , as the authors of the 1986 law hoped . STOP 
Corporate taxes paid for almost 12 % of federal spending in 1988 -- excluding Social Security -- compared with less than 8 % in the first half of the 1980s , the study found . STOP 
`` Tax reform is working , '' the study said . STOP 
`` Under the new *UNK-* law , the days of widespread , wholesale corporate tax *UNK* have come to an end . '' STOP 
Still , *CUNKER* Co. , Pinnacle West Capital Corp. , *CUNK* Corp. , Illinois Power Co. , *CUNK* General Inc. , Santa Fe Southern Pacific Corp. and Gulf States Utilities Co. , did n't pay any federal income tax last year although they *UNKED* a total of $ 1.2 billion in profits , the group said . STOP 
In fact , six of those companies received refunds , which totaled $ 120 million . STOP 
The lobbying group used publicly available information to *UNK* each company 's domestic profits and its federal income tax payments . STOP 
This is the fifth year Citizens for Tax Justice has released a study on corporate tax bills . STOP 
Earlier reports , which *UNKED* that as many as 73 companies were *UNKING* income tax *UNKLY* , have been credited with helping *UNK* efforts to overhaul the tax code . STOP 
But even though companies are paying more taxes , many are still paying less than the *UNK* rate , the report said . STOP 
And 45 companies paid effective tax rates of below 10 % of their income . STOP 
`` While the overall picture is very encouraging , significant corporate tax *UNK* continues , '' the study said . STOP 
Glenn Hall contributed to this article . STOP 
F. *CUNK* *CUNK* , 46 years old , was named chief executive officer . STOP 
He retains his *UNKS* of president and chief operating officer and succeeds as chief executive Howard O. *CUNKER* Jr. , who remains chairman of the board . STOP 
*CUNK* makes electronic *UNKION* and data acquisition systems . STOP 
In search of buyers for upscale department-store chains such as Bloomingdale 's and Saks Fifth Avenue , investment bankers are turning to -- who else ? The Japanese . STOP 
But so far Japan 's *UNK-* retailers are proving to be cautious *UNKS* . STOP 
`` We have the money to buy . STOP 
But operating a U.S. department-store chain would be very difficult , '' says *CUNK* *CUNK* , managing director of the international division at *CUNK* Ltd. , one of Japan 's leading department stores . STOP 
Japanese retail executives say the main reason they are reluctant to jump into the *UNK* in the U.S. is that -- unlike manufacturing -- retailing is extremely sensitive to local *UNKS* and life *UNKS* . STOP 
The Japanese have watched the Europeans and *CUNKS* *UNK* in the U.S. market , and they *UNK* that business practices that have won them huge profits at home wo n't *UNK* into success in the U.S. . STOP 
Japanese department stores are also wary of attracting negative publicity . STOP 
After Sony Corp. 's recent *UNKING* acquisition of Columbia Pictures , many say it makes good political sense to lie low . STOP 
`` It 's a question of timing , '' says *CUNK* *CUNK* , managing director of international operations at *CUNK* Co. , a Tokyo department store . STOP 
Still , for those with a long-term eye on the vast U.S. retail market , this is a *UNKING* time to look for *UNKS* . STOP 
Britain 's B.A.T Industries PLC is trying to *UNUNK* its U.S. retailing operations , which include such well-known stores as Saks Fifth Avenue , Marshall Field 's , *CUNKS* and *CUNK* 's . STOP 
And *UNK-* Campeau Corp. of Toronto is giving up the *UNK-* Bloomingdale 's group . STOP 
`` Every department store in Japan is taking a look , '' says Mike Allen , a retail analyst at *CUNK* 's de *CUNK* *CUNK* Securities -LRB- Japan -RRB- Ltd . STOP 
Mr. Allen , however , does n't think that Japan is about to *UNK* on a major buying *UNK* . STOP 
Nonetheless , speculation *UNKED* up yesterday when Tokyu Department *CUNK* Co. confirmed a report in *CUNK* *CUNK* *CUNK* , Japan 's leading business daily , that Tokyu is talking with Campeau about buying Bloomingdale 's . STOP 
Tokyu , however , said no agreement had been reached . STOP 
Nor is Tokyu the only Japanese retailer interested in Bloomingdale 's , which bankers in Tokyo estimate could cost between $ 1 billion and $ 1.5 billion . STOP 
*CUNK* Japanese department-store groups were approached by investment bankers representing Bloomingdale 's chairman , Marvin *CUNK* , and more than half are seeking additional information on the group , bankers say . STOP 
What Mr. *CUNK* is hoping to put together , investment bankers say , is a *UNKED* group to buy the New York department-store group that he heads from Campeau 's Federated Department Stores subsidiary . STOP 
Federated ran into a cash crunch after it was acquired last year by Campeau , which *UNKED* heavily on debt to finance the transaction . STOP 
*CUNKING* off that debt put such a squeeze on Campeau and its stores that Federated decided to sell off the *UNKS* of its retailing empire , including Bloomingdale 's . STOP 
*CUNKING* to avoid another takeover , Mr. *CUNK* retained *CUNK* Group and Drexel Burnham Lambert Inc. to help him find partners for a *UNKED* buy-out . STOP 
*CUNKLY* , investment bankers say , he wants to get backing from a Japanese department store and a European department store to *UNK* a global retailing network . STOP 
`` When you look at the economics , *CUNK* needs a Japanese and a European partner to make it work , '' says one investment banker who follows the retail industry . STOP 
`` Looking only at a narrow American strategy is n't where it 's at . '' STOP 
*CUNKING* *UNK-* Japanese retailers to get involved in the *UNKS* of the U.S. retailing industry is n't likely to be so easy , analysts say . STOP 
Up until now , most stores have followed the same basic overseas strategy : STOP 
First they set up overseas *UNKING* offices to import items and track new fashion trends . STOP 
Then they opened small *UNK* shops mostly aimed at Japanese tourists . STOP 
*CUNK* to advance further on their own , some stores have settled for *UNKS* with famous specialty shops . STOP 
Last March , *CUNK* invested 1.5 billion yen -LRB- $ *UNKN* million -RRB- in a venture with Barney 's Inc. , an *UNK-* New York specialty *UNKER* . STOP 
The first Barney 's shop is scheduled to open in Japan next year . STOP 
And *CUNK* recently increased its equity stake in *CUNK* & Co. to 13 % . STOP 
Through the longstanding relationship between the two companies , *CUNK* has opened 22 *CUNK* shops in its stores and *UNKS* in Japan . STOP 
*CUNKS* are under way to open a *CUNK* 's in Hawaii to *UNKER* to Japanese tourists ; it will be run mostly by *CUNK* . STOP 
Some industry observers say that *CUNK* 's *UNK* image makes it a possible match for Saks Fifth Avenue . STOP 
Company officials say they are studying various proposals but wo n't discuss details . STOP 
*CUNK* Co. , Japan 's *UNKEST* department store , is another name that keeps *UNKING* up as a potential fit with Saks . STOP 
*CUNK* *CUNK* , a *CUNK* general manager , admits that his company 's image is similar to Saks 's and that there is some interest in the idea . STOP 
But he *UNKS* there . STOP 
`` We 'd like to do business in America , '' he says . STOP 
`` But it looks tough . '' STOP 
*CUNKS* W. *CUNK* contributed to this article . STOP 
*CUNKED* by William *CUNK* STOP 
The Vatican was in the red last year . STOP 
It said the regular 1988 deficit amounted to $ *UNKN* million , based on revenue of $ *UNKN* million and expenses of $ *UNKN* million . STOP 
But it said extraordinary expenditures for its radio station and *UNKION* of buildings increased the deficit to $ *UNKN* million . STOP 
A statement from the council of *UNKS* said *CUNKS* had responded *UNKLY* to an appeal last year to give more money after 1987 's record $ 63 million deficit . STOP 
The statement said a 5 % jump in the `` Peter 's *CUNK* '' collection -- the annual offering from *CUNKS* to the *UNK* -- helped cover the deficit . STOP 
Council member *CUNKAL* Gerald Carter of Toronto told Vatican Radio : `` Now that we say we covered our deficit this year , people are going to *UNK* and say well that 's fine , the *CUNKLY* *CUNK* is out of the hole . STOP 
But we 're ... going to be in the exact same situation next year . '' STOP 
*CUNKER* President Richard Nixon is to visit China at the *UNKION* of the government beginning Saturday , the Foreign Ministry announced . STOP 
According to Mr. Nixon 's office , `` This is solely a *UNKING* trip . STOP 
There will be no *UNKING* , no shopping and no social events . '' STOP 
Mr. Nixon 's office said the former president `` expects to have *UNK-* discussions with the major Chinese leaders '' and will give his assessment of those leaders to President Bush upon his return . STOP 
A poll conducted in 12 of 16 NATO countries shows that the Dutch appear to be the strongest supporters of the alliance . STOP 
The poll , conducted for the Dutch daily De *CUNK* by *CUNK* International said 81 % of Dutch people supported NATO . STOP 
Canada was the second most *UNK-* country with 78 % supporting the alliance , followed by the U.S. with 75 % , Britain with 71 % , Belgium with 69 % and West Germany with 63 % . STOP 
All other countries registered support below 50 % . STOP 
The Israeli Manufacturers ' Association filed a police complaint against an Arab *UNK* maker for using the four *UNKS* of the *UNKED* Palestinian flag on *UNK* packages . STOP 
`` We asked police to investigate why they are allowed to distribute the flag in this way . STOP 
It should be considered against the law , '' said *CUNK* *CUNK* , a spokesman for the association . STOP 
The *UNK* is made by the *CUNK* *CUNK* *CUNK* Co. in Bethlehem and is *UNKED* in a package *UNKED* with green , black , red and white *UNKS* . STOP 
British *UNKAL* authorities say they have uncovered a *UNK-* scheme where *OUS* *UNK* dealers *UNKLY* removed *UNK* *UNKS* , *UNKED* the *UNKS* and sold them to U.S. *UNKS* or , in large lots , to British businesses . STOP 
The scheme allegedly cost the post office # 10 million -LRB- $ *UNKN* -RRB- in revenue in the past 12 months . STOP 
Dealers bought the used *UNKS* *UNKLY* from charities , including the *CUNK* *CUNKS* for the *CUNK* Association . STOP 
The charities regularly sell used *UNKS* , which they collect from children and other *UNKS* , to raise funds . STOP 
*CUNK* *CUNK* , president of Japan 's *CUNK* Electric Industrial Co. , presented the U.S. *UNK* general in *CUNK* with a $ 1 million check to help San Francisco 's earthquake victims . STOP 
The company 's U.S. subsidiary , *CUNK* Electric Corp. of America , had donated over $ *UNKN* worth of *CUNK-* *UNKS* and *UNKS* to residents shortly after the disaster , a company spokesman said . STOP 
Several other Japanese companies and regional governments have sent aid to San Francisco . STOP 
*CUNK* Bank donated $ 500,000 , Tokyo *UNK* $ 15,000 and the city of *CUNK* $ 10,000 . STOP 
Chinese officials are trying to use the *CUNK* Trade *CUNK* to lure back overseas traders after the *UNK* *UNK* on *UNK* . STOP 
But *UNK* is down from previous years . STOP 
What 's more , a Hong Kong textile trader says , some Chinese *UNKS* from *UNK-* enterprises are *UNKING* the *UNK* by *UNKING* their feet on *UNKING* new business . STOP 
`` They are angry about the government ... so they hold back the goods , '' he said . STOP 
This *UNK* 's edition of the *UNKAL* fair will run through Oct. 31 . STOP 
*CUNK* the *UNK-* glass exhibition complex , products ranging from clothing to *CUNK-* machine *UNKS* are on display . STOP 
*CUNK* officials say that *UNKN* *UNKS* visited during the first five days , a 10 % drop from the spring exhibition . STOP 
But China 's official *CUNK* News Agency reported that the number of foreign businessmen was greater than the previous fair -- without providing statistics . STOP 
In another sign of glasnost , Alexander *CUNK* 's *UNKED* *UNK* of Soviet *UNKION* , `` The *CUNK* *CUNK* , '' is now recommended reading in one *UNK-* Moscow history class ... . STOP 
British *UNKS* officers said they 'd arrested eight men *UNKING* 111 rare *UNKS* into Britain -- including one man who *UNKED* a *UNK* of *UNK* *UNKS* under his *UNKS* . STOP 
A *UNKS* official said the *UNKS* followed a `` *CUNK* Day '' at *CUNK* University in the Netherlands , an event used by some *UNKS* as an opportunity to obtain rare *UNKS* . STOP 
*CUNK* *CUNK* Corp. said it 's continuing talks with potential buyers of certain units , but has reached no agreement on any deals . STOP 
*CUNK* *CUNK* , a food *UNKER* and building products maker , is seeking alternatives to an *UNKED* $ *UNK-* tender offer of *CUNK* Acquisition Corp. , a unit of Rose Partners Limited Partnership . STOP 
*CUNK* is the vehicle being used to pursue to acquisition . STOP 
Robert *CUNK* , *CUNK* *CUNK* 's executive vice president , said the company stands to *UNK* more money through the sale of individual units to others than by accepting *CUNK* 's offer . STOP 
Some *UNK* earnings reports *UNKED* the stock market , but bond prices fell only slightly and the dollar rose a little against most major currencies . STOP 
The Dow Jones Industrial Average tumbled *UNKN* points , to *UNKN* , in active trading . STOP 
*CUNK-* Treasury bonds ended slightly higher . STOP 
The dollar rose modestly against the mark and the yen , but soared against the pound following the resignation of Britain 's *UNK* of the Exchequer , Nigel Lawson . STOP 
Analysts have complained that third-quarter corporate earnings have n't been very good , but the effect hit home particularly hard yesterday . STOP 
Compaq Computer *UNKED* $ *UNKN* a share , to $ 100 , and pulled other technology issues lower after reporting *UNKED* earnings after the stock market closed Wednesday . STOP 
Later yesterday the nation 's major auto makers added to the *UNK* when they each reported their core auto operations were net losers in the third quarter . STOP 
The *UNK-* third-quarter results came amid renewed concern about the volatility of stock prices and the role of *UNKED* program trading . STOP 
*CUNK* together , the worries prompted a broad sell-off of stocks . STOP 
The number of stocks on the New York Stock Exchange that fell in price yesterday exceeded 1,000 , a key measure of underlying sentiment among technical analysts . STOP 
Although the government said the economy grew an estimated 2.5 % in the third quarter , in line with expectations , analysts are increasingly predicting much more sluggish growth -- and therefore more corporate earnings *UNKS* -- for the fourth quarter . STOP 
`` There are a lot more downward revisions of earnings forecasts than upward revisions , '' said *CUNK* Joseph Cohen , a market strategist at Drexel Burnham Lambert . STOP 
`` People are *UNKING* corporate profits as a *UNK* of support for the equity market . '' STOP 
The bond market was *UNKED* by the economic statistics . STOP 
While bond investors would have preferred growth to be a little slower , they were *UNKED* by inflation measures in the data that showed prices rising at a modest annual rate of 2.9 % . STOP 
That is another small *UNK* for the Federal Reserve to lower interest rates in coming weeks , they *UNKED* . STOP 
In major market activity : STOP 
Stock prices fell sharply in active trading . STOP 
Volume on the New York Stock Exchange totaled *UNKN* million shares . STOP 
*CUNKING* issues on the Big Board *UNKED* gainers *UNKN* to *UNKN* . STOP 
Bond prices were barely higher . STOP 
The Treasury 's benchmark 30-year rose *UNKLY* . STOP 
*CUNK* on the issue was *UNKN* % . STOP 
The dollar rose modestly against most major currencies . STOP 
In late New York trading the dollar was at *UNKN* marks and *UNKN* yen compared with *UNKN* marks and *UNKN* yen Wednesday . STOP 
The dollar soared against the pound , which was at $ *UNKN* compared with $ *UNKN* Wednesday . STOP 
The House joined the Senate in making federal *UNKS* for *CUNKS* held in World War II *UNK* *UNKS* a legal *UNK* requiring the Treasury Department to meet *UNKED* payments of an estimated $ 1.25 billion during the next several years . STOP 
The *UNKN* roll call came as the chamber approved a compromise bill *UNKING* $ *UNKN* billion to the departments of State , Justice , and Commerce in fiscal 1990 and imposing increased fees on business interests making filings with the government . STOP 
An estimated $ 40 million would come annually from a new $ 20,000 charge on *UNKER* *UNKS* to the Justice Department , and Securities and Exchange Commission filing fees would rise by 25 % to fund a $ 26 million increase in the agency 's budget . STOP 
Yesterday 's vote on *CUNK-* *UNKS* *UNKS* final *UNK* of the *UNK* provision , which *UNKS* earlier efforts to find offsetting cuts but is seen as a more realistic path to *UNKING* compensation first authorized in 1988 . STOP 
`` The only way to reduce the costs is to say we do n't want to pay the bill , '' said Rep. Neal Smith -LRB- D. , Iowa -RRB- , who *UNKED* President Bush 's party to back up his campaign promise of supporting the claims of $ 20,000 per individual . STOP 
`` *CUNK* my *UNKS* , '' said Mr. Smith . STOP 
`` If you 're for paying the claims ... I do n't know how anyone can oppose this . '' STOP 
No payments would be made this year , but beginning in fiscal 1991 , the bill *UNKS* the government to annual payments of as much as $ 500 million until the total liability of $ 1.25 billion is met . STOP 
The issue has assumed some of the character of past *UNKS* *UNKS* and *UNKS* old regional divisions in the Democratic majority . STOP 
As much as Republicans led the opposition , among the 53 Democrats voting against *UNKING* the payments as an *UNK* , 42 came from the 13 states in the Old *CUNK* South and its *UNKS* . STOP 
The odd mix of departments in the underlying bill makes it one of the more *UNK* of the annual appropriations measures , and it is a *UNKING* *UNK* for a running battle over the fate of the Legal Services Corp . STOP 
The measure provides $ *UNKN* million to maintain services but would sharply curb the power of the current board until *UNKS* are agreed to by the Bush administration . STOP 
The conservative *UNK* of the *UNK* *UNKS* , named by former President Reagan , has divided Republicans . STOP 
And on *UNK-* roll calls , *UNKN* and *UNKN* , the Appropriations Committee leadership turned back efforts to weaken or strip the proposed restrictions first added by Sen. Warren *CUNK* -LRB- R. , *CUNK* -RRB- STOP 
The estimated $ 40 million from the new *UNKER* *UNKION* fee would be divided between the Justice Department 's *CUNK* Division and the Federal Trade Commission , which both face serious cuts if the income is n't realized . STOP 
The Federal Bureau of Investigation is slated to receive $ 30 million by charging for *UNK* services in civil cases , and the *UNK* will rely on another $ 32 million from bankruptcy charges , including a 33 % increase in the current filing fee . STOP 
The $ *UNKN* billion total for the bill does n't include an estimated $ 1.2 billion in *UNKAL* *UNK-* funds approved by the House-Senate conference yesterday , and the rush of money is already *UNKING* *UNK* among states competing for assistance . STOP 
The House agreed to *UNKER* for a year a scheduled 50 % increase in the required state matching funds for *UNK-* grants but , by a *UNKN* margin , the chamber stripped a Senate initiative to raise the minimum grant for smaller states , such as New Hampshire and Delaware , to $ 1.6 million from $ 500,000 . STOP 
Few are more powerful in the competition for funds than the appropriations committees themselves -- including the three authors of the *CUNKS* deficit-reduction law . STOP 
When a House-Senate conference on yesterday 's bill *UNKED* $ *UNKN* million in *UNKED* funds for a Fort Worth , Texas , economic development project backed by former Speaker James Wright , Sen. *CUNK* *CUNK* -LRB- R. , Texas -RRB- insisted last week that the money be *UNKED* . STOP 
The measure includes $ 2 million secured by Mr. *CUNK* for a *UNK-* project at the University of New Hampshire , and Sen. *CUNKEST* *CUNKS* -LRB- D. , *CUNK* . -RRB- used his power to add $ 10 million for an advanced technology initiative in the Commerce Department . STOP 
This was in addition to a more *UNKAL* $ 4.5 million authorization for a health center in South Carolina *UNK* by a *UNKN* vote in the House last night . STOP 
The Big Three U.S. auto makers posted losses in their core North American automotive businesses for the third quarter , and expectations of continued slow vehicle sales and price wars are casting a *UNK* over the fourth period . STOP 
The strongest sign of the Big Three 's *UNKS* came from Ford Motor Co. , which said it had a loss in its U.S. automotive business for the first time since 1982 . STOP 
Ford predicted fourth-quarter net income will fall below the year-earlier level , partly because of a likely $ 500 million charge from the sale of its steel operations . STOP 
The bleak automotive results were offset by strong earnings from some *UNK-* operations . STOP 
Still , the combined profit of Ford , Chrysler Corp. and General Motors Corp. fell 44 % to $ 1.02 billion from $ *UNKN* billion a year earlier , excluding a one-time gain of $ *UNKN* million at Chrysler from the sale of Mitsubishi Motors Corp. stock . STOP 
The last time all three companies reported North American automotive losses was in the recession year of 1982 . STOP 
Yesterday 's announcements helped spark a *UNK* wave of program selling in the stock market . STOP 
GM 's common closed at $ *UNKN* a share , down 50 cents , Ford fell 37.5 cents to end at $ *UNKN* , and Chrysler eased 37.5 cents to $ *UNKN* , all in New York Stock Exchange composite trading . STOP 
The market 's *UNK* reflects the *UNK* outlook in Detroit . STOP 
As Japanese auto makers gained market share , the Big Three , with GM in the lead , slashed North American production and launched a retail discounting *UNK* . STOP 
The price war peaked in the third quarter as Big Three factory discounts climbed to more than $ 1,000 a vehicle , according to industry officials . STOP 
GM probably had the `` *UNKEST* incentives , '' said Robert S. Miller , Chrysler 's chief financial officer . STOP 
`` We all did what we had to do to stay within *UNK* of them . '' STOP 
But the costly efforts did little to slow Japanese market gains , and domestic car sales have plunged 19 % since the Big Three ended many of their programs Sept. 30 . STOP 
GM , Ford and Chrysler have already cut fourth-quarter U.S. output plans an estimated 15 % from 1988 levels . STOP 
If sales do n't pick up , the cuts will go deeper and incentives will *UNK* again . STOP 
Ford , which has long *UNKED* of its ability to weather a downturn , saw earnings take a *UNKING* . STOP 
The No. 2 auto maker blamed incentive costs and reduced production -- both the result of a substantially weaker U.S. market -- for a 44 % drop in net to $ *UNKN* million , or $ *UNKN* a share , on revenue of $ *UNKN* billion . STOP 
Nearly all the decline came in Ford 's U.S. automotive operations . STOP 
The *CUNK* , Mich. , auto maker ran a loss of $ 37 million on *UNKING* and marketing cars in the U.S. , a deterioration of $ *UNKN* million in that line from the 1988 quarter . STOP 
Ford managed to show a profit for the quarter primarily because of earnings from overseas auto operations and financial services . STOP 
A year earlier , Ford reported record net of $ *UNKN* million , or $ *UNKN* a share , on revenue of $ *UNKN* billion . STOP 
In the latest nine months , Ford earned $ *UNKN* billion , or $ *UNKN* a share , compared with $ *UNKN* billion , or $ *UNKN* a share . STOP 
The U.S. automotive loss was a sharp reversal for a company that had *UNKED* off 12 consecutive quarters of improved earnings until the 1989 second quarter . STOP 
But David N. *CUNK* , vice president , finance , insisted that cost-cutting and tight production capacity will make results `` better in this downturn than in prior *UNKS* , '' when Ford had net losses . STOP 
Still , Mr. *CUNK* said Ford expects the U.S. economy to weaken through the end of 1990 , causing weaker sales and production . STOP 
As a result , fourth-quarter profit will come in below 1988 results , although the drop wo n't be as sharp as the 44 % third-quarter decline , he said . STOP 
Part of the drop will come from an anticipated charge of as much as $ 500 million from the proposed sale of its Rouge Steel unit . STOP 
In the 1988 fourth quarter , Ford had net of $ *UNKN* billion , or $ *UNKN* a share . STOP 
Chrysler 's operating profit fell to a *UNK* $ 22 million , or 10 cents a share , its lowest quarterly total in seven years . STOP 
Its $ *UNKN* million , or $ *UNKN* a share , gain from the sale of 75 million Mitsubishi shares made net $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales were flat at $ *UNKN* billion . STOP 
The results include record quarterly earnings of $ 76 million from Chrysler Financial Corp . STOP 
A year earlier , Chrysler 's net was $ *UNKN* million , or 50 cents a share . STOP 
Mr. Miller said costs of incentives caused a `` moderate '' loss in the *CUNK* Park , Mich. , company 's North American car and truck business . STOP 
He said the loss was n't `` that much different '' from Ford 's $ 37 million loss on U.S. automotive operations , but he declined to be specific . STOP 
Mr. Miller said Chrysler spent an average of $ 1,000 a vehicle on its incentive programs in the third quarter , compared with about $ 450 a vehicle a year earlier -- a `` *UNKER* mark '' at the time . STOP 
He said Chrysler `` is no longer sure '' of its forecast for industry car and truck sales of *UNKN* million in the 1990 model year . STOP 
Consumers , he said , are *UNKING* at higher prices on 1990 cars , especially after seeing the *UNKED* prices on 1989 models . STOP 
In the nine months , net was $ 1.02 billion , or $ *UNKN* a share , including the gain from the Mitsubishi stock sale , compared with $ *UNKN* million , or $ *UNKN* a share , after a charge of $ 93 million , or 42 cents a share , for plant *UNKS* in the 1988 period . STOP 
Sales rose *UNKN* % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Heavy losses in North American auto operations sent GM 's net *UNKING* to $ *UNKN* million from a record $ *UNKN* million . STOP 
*CUNKED* GM does n't issue separate quarterly earnings for the North American automotive business . STOP 
But analysts estimated that GM had a loss of as much as $ 300 million on domestic vehicle operations . STOP 
An 8.5 % drop in North American factory sales of cars and trucks cut into revenue , and *UNKS* to dealers and customers more than offset gains from price increases on 1990 model vehicles delivered during the period , a GM spokesman said . STOP 
But GM 's results also *UNK* the increasing *UNK* of its operations . STOP 
In one breakdown , GM attributed half of its net to its two big technology units , Electronic Data Systems Corp. and GM Hughes Electronics Corp . STOP 
Meanwhile , GM said overseas auto operations are on track to exceed last year 's record full-year net of $ 2.7 billion . STOP 
The diversified operations helped GM build its cash reserves , exclusive of its financial subsidiary , to $ 5.5 billion as of Sept. 30 , a 22 % increase from a year earlier . STOP 
This *UNKION* could come in *UNK* if GM has to trim fourth-quarter North American production schedules more than the already scheduled 9.5 % . STOP 
Under the circumstances , it wo n't be easy for GM to exceed its record 1988 fourth-quarter net of $ 1.4 billion , the spokesman acknowledged . STOP 
That means it 's unlikely the company will *UNKS* last year 's $ 4.9 billion full-year profit , even though net for the first nine months was up 1.9 % to $ *UNKN* billion on revenue of $ *UNKN* billion . STOP 
It earned $ *UNKN* billion on revenue of $ *UNKN* billion in the 1988 nine months . STOP 
There are two versions of `` *CUNK* for *CUNK* '' on stage at the *CUNK* *CUNKER* here . STOP 
One is a strong , vigorous *UNKAL* of *CUNK* 's play ; the other is director *CUNK* Boyd 's *UNK* of *UNK-* *UNK* rock *UNK* on old *CUNK* . STOP 
`` *CUNK* for *CUNK* '' is one of *CUNK* 's `` problem '' plays , so named because it does not fit *UNKLY* into a category such as *UNK* , comedy or history . STOP 
Its *UNK* and *UNUNK* *UNK* of the serious and the comic is no doubt one reason why it is very much in *UNK* with directors just now . STOP 
Last season , Hartford *CUNK* director Mark *CUNKS* mounted a production at Lincoln Center , and currently two other *UNKS* -- one just closed at the Old Globe in San Diego and another now at the Seattle *CUNK* -- *UNK* with Mr. Boyd 's . STOP 
In the play , the *CUNK* of *CUNK* *UNKS* over the *UNKS* of his subjects and turns over the rule of the city to the *UNKAL* *CUNK* , hoping he can set things right . STOP 
When *CUNK* *UNKS* that the young man *CUNK* has made his *UNK* pregnant before he could *UNK* her , *CUNK* *UNKLY* *UNKS* *CUNK* to death . STOP 
When , however , *CUNK* 's sister , *CUNK* , a *UNK* in a *UNK* , goes to *CUNK* to plead her brother 's case , the *UNK* *UNKER* immediately falls in love with her and , in a *UNK* act of *UNK* , demands that *CUNK* yield up her *UNK* to him in exchange for her brother 's life . STOP 
Meanwhile , the *CUNK* , who set the original scheme in motion , appears on the scene *UNKED* as a *UNK* and becomes involved in a series of *UNKS* that has everyone *UNKING* the worst possible outcome until the *CUNK* *UNKS* a last minute *UNK* for all concerned . STOP 
For the *CUNK* production , scene designer Peter David Gould has arranged a *UNK* but extremely effective set featuring a *UNK* platform of *UNKED* boards that *UNKS* into the audience . STOP 
When the action requires , a prison cell , consisting of an *UNKED* wire *UNK* , *UNKS* forward on iron *UNKS* on the platform . STOP 
In the play 's major *UNKS* Mr. Boyd *UNKS* that he has a firm *UNK* of the *CUNK* dynamic . STOP 
When *CUNK* -LRB- *CUNK* *CUNK* -RRB- *UNKS* her brother *CUNK* -LRB- *CUNK* *CUNK* -RRB- in his cell , explaining the price she has been asked to secure his freedom ; when *CUNK* and the *UNKED* *CUNK* -LRB- Philip *CUNK* -RRB- *UNK* to *UNK* *CUNK* ; and when *CUNK* -LRB- *CUNK* *CUNKS* -RRB- , a woman *UNKED* by *CUNK* , *UNKS* him with his past *UNKS* , the *UNKS* bring the dramatic high points to life with intense energy and intelligence . STOP 
At such moments Mr. Boyd makes it clear that he has the capacity to be a superior *UNKER* of *CUNK* . STOP 
When , however , he decides to be modern , or more *UNKLY* , when he decides to be *UNK* , the results are far less *UNK* . STOP 
Mr. Boyd is of the *UNKAL* school that believes one must find modern *UNKS* or *UNKS* to make *CUNK* *UNK* to today 's audiences . STOP 
It 's a valid approach , but it puts a heavy burden on the director to show an *UNUNK* degree of *UNKION* and taste . STOP 
In his `` *CUNK* , '' Mr. Boyd has `` *UNKED* '' the *UNKS* and *UNKS* of *CUNK* whom *CUNK* is supposed to bring under control by converting them into *UNKS* , *UNK* *UNKS* and heavy metal types , with a strong emphasis on *UNKER* , chains and *UNKED* *UNKS* . STOP 
*CUNK* rock music *UNKS* all the scene changes , even those in the *UNK* . STOP 
When *CUNK* is arrested , he is brought on stage *UNK* except for the *UNKS* on his *UNKS* and *UNKS* . STOP 
When the *UNK* *CUNK* -LRB- Jack *CUNK* -RRB- visits the *UNK* to *UNK* *CUNK* of her brother 's fate , *CUNK* not only *UNKS* the mother superior on her *UNK* , but brings along a *OUS* *UNKION* -LRB- *CUNK* *CUNK* -RRB- , not in *CUNK* 's *UNK* , to *UNUNK* *UNKLY* . STOP 
Meanwhile , the *UNK* *CUNK* -LRB- *CUNK* Allen *CUNK* -RRB- , *UNKED* in black *UNKER* and a prominent *UNK* , *UNKS* in enough *UNK* *UNKS* and *UNK* *UNKS* to launch a space probe . STOP 
The problem here is not in the concept but in its lack of discrimination . STOP 
The *UNKION* at one point , for example , of a list of *UNK* *UNK-* *UNKS* , ranging from Jim *CUNKER* and *CUNK* Helmsley to *CUNK* *CUNK* *CUNK* , is a bid for a cheap *UNK* *UNUNK* of Mr. Boyd 's ability . STOP 
Despite the *UNKS* , however , the *UNK* for the production has many more *UNKS* than *UNKS* . STOP 
What 's more , it represents an important step for the *CUNK* *CUNKER* . STOP 
`` *CUNK* for *CUNK* '' is Mr. Boyd 's first *UNKAL* *UNK* as the theater 's new *UNK* director . STOP 
He succeeded *CUNK* Brown , who was fired by the *CUNK* board 18 months ago . STOP 
Her dismissal *UNKED* many in the regional theater establishment and led Peter *CUNKER* , head of *CUNK* Communications Group , to write an editorial in American *CUNK* magazine *UNKING* the board . STOP 
None of this *UNK* could change the fact that Ms. Brown 's regime was *UNKLY* *UNKED* and *UNUNK* . STOP 
Now the *CUNK* has moved ahead on both *UNK* and financial *UNKS* . STOP 
Not only is Mr. Boyd giving the theater a new sense of *UNK* and *UNK* on stage , the balance sheet is the best the theater has had in 10 years . STOP 
As opposed to the $ 1.4 million deficit of the *UNKN* season , the *UNKN* year concluded with a $ 200,000 surplus and a $ 500,000 cash reserve . STOP 
*CUNKLY* last season 's *UNK* hit , `` Steel *CUNKS* , '' helped a lot , but so did cost cutting and other measures insisted on by the board . STOP 
Only time will tell if Mr. Boyd can restore to the *CUNK* the *UNK* it received when its founder , *CUNK* *CUNK* , was at the *UNK* of her powers . STOP 
But it is clear he is going to give it a shot . STOP 
Democratic leaders have *UNKED* up President Bush 's capital-gains tax cut in the Senate and may be able to prevent a vote on the issue *UNKLY* . STOP 
Senate Majority Leader George Mitchell -LRB- D. , Maine -RRB- said he intends to use Senate procedures to force advocates of the tax cut to come up with at least 60 votes before they can address the issue . STOP 
And neither Democrats nor Republicans are predicting that the capital-gains forces can produce enough votes . STOP 
`` The *UNK-* requirement will be there and they do n't have the 60 votes , '' Sen. Mitchell said . STOP 
`` They do n't have the votes to get it passed . '' STOP 
Sen. Bob Packwood -LRB- R. , *CUNK* -RRB- , the leading Republican *UNK* of the tax cut , did n't disagree . STOP 
`` I 'm not sure what 's going to happen , '' he said . STOP 
Previously he had said he would be able to find the *UNK* 60 votes eventually . STOP 
Sen. Packwood has offered his *UNK-* package as an amendment to a bill , now pending in the Senate , that would *UNK* aid to Poland and Hungary . STOP 
Democrats are holding up a vote on the amendment by threatening a *UNKER* , or extended debate . STOP 
For a *UNK* vote to stop the *UNKER* , Republicans must *UNKER* at least 60 votes . STOP 
Yesterday , Sen. Packwood acknowledged , `` We do n't have the votes for *UNK* today . '' STOP 
The Republicans show no sign of *UNKING* . STOP 
GOP leaders continued to press for a vote on the amendment to the Eastern Europe aid measure . STOP 
And they threatened to try to *UNK* any other revenue bill in the Senate with the capital-gains provision . STOP 
`` This is serious business ; we 're serious about a capital-gains reduction , '' said Kansas Sen. Robert Dole , the Senate 's Republican leader . STOP 
`` The strategy is ` Let 's vote . ' '' STOP 
The Republicans contend that they can *UNKER* a majority in the *UNKER* Senate for a capital-gains tax cut . STOP 
They *UNK* the Democrats of *UNKLY* using Senate rules to *UNK* a *UNK-* *UNK* . STOP 
Democrats counter that the Republicans have often used the same rules to suit their own ends . STOP 
The two sides also traded accusations about the cost of the Packwood plan . STOP 
Democrats asserted that the proposal , which also would create a new type of individual retirement account , was *UNK* with budget *UNK* that would lose billions of dollars in the long run . STOP 
Republicans *UNKED* that *UNK-* revenue estimates were *UNUNK* . STOP 
The Packwood proposal would reduce the tax depending on how long an asset was held . STOP 
It also would create a new IRA that would shield from taxation the appreciation on investments made for a wide variety of purposes , including retirement , medical expenses , *UNK-* purchases and tuition . STOP 
A White House spokesman said President Bush is `` generally *UNK* '' of the Packwood plan . STOP 
Marsh & *CUNK* Cos. said it agreed to acquire the rest of *CUNK* & *CUNKER* , a leading West German insurance brokerage firm in which it has held a 15 % stake for 15 years . STOP 
The transaction , for cash and stock , would represent the biggest European takeover since 1980 for New York-based Marsh & *CUNK* , the world 's largest insurance broker . STOP 
It 's also the first major sign of the *UNKED* consolidation in the European insurance industry as the European Community Commission moves toward a single market by 1992 . STOP 
*CUNK* barriers will start coming down within the insurance industry next summer , when big industrial companies will be able to buy insurance from carriers in any other EC country for the first time . STOP 
That 's why `` we have been working hard to develop a single , more *UNKED* presence in Europe , '' said *CUNK* Smith , Marsh & *CUNK* 's president , at a London news conference yesterday . STOP 
Analysts speculated that Marsh & *CUNK* would spend between 250 million marks -LRB- $ *UNKN* million -RRB- and 350 million marks for the rest of *CUNK* & *CUNKER* , or roughly 25 to 30 times the private firm 's estimated earnings . STOP 
`` This is paying a big price to maintain their *UNK* as the world 's leading insurance broker , '' said Philip *CUNK* , an analyst at *CUNK* & *CUNK* , a U.K. brokerage firm . STOP 
Earlier this year , New York Life Insurance Co. agreed to acquire *CUNK* Group Ltd. , a first step toward establishing a presence in the European market ahead of 1992 . STOP 
But most U.S. insurers have n't rushed to change the way they do business in Europe because they believe the European market will still be dominated by a handful of domestic companies . STOP 
Under the proposed combination , Marsh & *CUNK* would gain a majority stake in *CUNK* & *CUNKER* that would increase over time to the rest of the remaining 85 % . STOP 
The three managing general partners would receive a `` significant '' number of Marsh & *CUNK* shares , said *CUNKER* L. *CUNK* , a partner who would also join Marsh & *CUNK* 's board . STOP 
Mr. *CUNK* said he sought the combination because `` all our large clients in Germany are becoming European companies or *UNKAL* companies and they expect an insurance broker '' to serve them as well in Paris as in Germany . STOP 
Beatrice E. Garcia in Philadelphia contributed to this article . STOP 
*CUNK* -- STOP 
United Technologies Corp. won an $ 18 million Army contract for helicopter *UNKS* and spare parts . STOP 
The company will *UNK* one *CUNK-* *CUNK* transport helicopter to the *UNK* *CUNK-* *UNKION* for use by military special forces . STOP 
*CUNKS* *CUNKING* Inc. , a division of *CUNK* Industries Inc. , was given a $ *UNKN* million extension on a contract for shipyard services . STOP 
*CUNK* Electric Co. said it plans to increase production of computer memory devices on a large scale in the U.S. and Japan . STOP 
As part of the move , its *UNKED* U.S. company , International *CUNKS* Technology Corp. , purchased a Mexican plant formerly *UNKING* to *CUNK* *CUNK* Products Inc . STOP 
The price was n't disclosed . STOP 
*CUNKER* with two existing plants in the U.S. , *CUNK* said it will expand its current local monthly production of memory disks to 1.4 million sheets from 800,000 . STOP 
In Japan , *CUNK* said it will raise production at a plant outside Tokyo to *UNKN* sheets monthly from 100,000 . STOP 
*CUNK* said the U.S. market is strengthening as related computer technology gains in *UNKION* and quality . STOP 
*CUNK* Corp. , New York , raised its quarterly 14 % to eight cents a share , from seven cents , payable Nov. 24 to stock of record Nov. 6 . STOP 
The financial services company , which has about *UNKN* million shares outstanding , noted its `` continued confidence in the ongoing strength of the operations . STOP 
Compaq Computer Corp. said that its net income rose 51 % in the third quarter , bolstered by unusual gains from its investment in a *UNK-* maker and reflecting continued growth in its European operations . STOP 
The computer maker said net jumped to $ 87 million , or $ *UNKN* a share , from $ 58 million , or $ *UNKN* a share , a year earlier . STOP 
Sales increased 36 % to $ *UNKN* million from $ *UNKN* million . STOP 
The latest quarter 's results , however , included a pretax gain of $ *UNKN* million , or 20 cents a share , in the carrying value of the company 's investment in Conner *CUNKS* Inc. and a $ 7.6 million gain , or 11 cents a share , from the sale of one million Conner shares . STOP 
Net for the nine months was $ *UNKN* million , or $ *UNKN* a share , up 56 % from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Sales rose 50 % to $ 2.1 billion from $ 1.4 billion . STOP 
Net for the year-earlier nine months also included a gain of $ 9.7 million , or 15 cents a share , in the carrying value of the Conner investment . STOP 
Michael *CUNKLY* , president of Compaq 's North America division , attributed the company 's third-quarter performance to continued increases in international sales , which accounted for 43 % of the company 's sales , a 74 % increase from a year earlier . STOP 
`` Over the next couple of years we would not be surprised to see Europe and international -LCB- sales -RCB- represent 50 % of the company 's revenues , '' he said . STOP 
During the third quarter , Compaq purchased a former Wang Laboratories manufacturing facility in *CUNKING* , *CUNK* , which will be used for international service and repair operations . STOP 
Mr. *CUNKLY* said the new space will allow Compaq to increase the manufacturing capacity of its plant in *CUNK* , *CUNK* . STOP 
In New York Stock Exchange composite trading yesterday , Compaq shares fell $ *UNKN* to $ *UNKN* . STOP 
Wilson H. Taylor , president and chief executive officer of this insurance and financial services concern , was elected to the additional post of chairman . STOP 
Mr. Taylor , 45 years old , succeeds Robert D. *CUNK* , 64 , who is retiring , as reported earlier . STOP 
Mr. *CUNK* will remain a director . STOP 
*CUNKED* Investment Group Inc. said it agreed to be acquired by Star States Corp. for stock valued at $ *UNKN* a share , or about $ *UNKN* million . STOP 
*CUNKED* , the holding company for Fidelity Federal Savings & Loan Association , said the agreement also gives Star States the option to acquire *UNKN* of *CUNKED* 's *UNKN* shares outstanding `` under certain circumstances . '' STOP 
The acquisition would give *CUNK* , *CUNKED* Star States access to the Pennsylvania market . STOP 
The agreement is subject to regulatory approval and resolution of lawsuits brought by certain *CUNKED* holders in connection with the proposed merger . STOP 
Chandler Insurance Co. said it expects to report third-quarter net income jumped 97 % to $ 2.8 million , or 51 cents a share . STOP 
In the year-earlier quarter , the automobile and *UNKING* insurer had earnings of $ 1.4 million , or 48 cents a share on a restated basis , on revenue of $ *UNKN* million . STOP 
In an interview , W. *CUNK* *CUNK* , chairman and chief executive officer , said he expects revenue in the latest quarter to total about $ 28 million . STOP 
The *UNK-* figures reflect a 25 % stock dividend in June 1989 . STOP 
Mr. *CUNK* attributed the earnings increase to growth in the company 's *UNK* *UNKING* insurance lines and the ability to keep premium rates firm . STOP 
*CUNK* *CUNK* Corp. said it will build a $ 40 million plant for producing *UNK* *UNKED* carbon . STOP 
The maker of *UNK-* chemicals and equipment said it will select the plant site early next year , and production is expected to begin in 1991 . STOP 
Call Jim Wright 's office in downtown Fort Worth , Texas , these days and the *UNK* still answers the phone , `` Speaker Wright 's office . '' STOP 
The former congressman , who resigned as *UNKER* of the House after an investigation of his financial dealings , is *UNKED* in his district office , maintained by taxpayers on a $ 200,000 *UNK* . STOP 
He is negotiating a rich book contract to *UNK* . STOP 
One of the hottest tickets on Washington 's social *UNK* this fall was a charity benefit *UNKING* former *CUNK* *CUNK* *CUNK* , who *UNKED* a *UNK-* job on Wall Street after resigning over a controversial junk-bond investment last summer . STOP 
Michael *CUNKER* , the former White House aide , has become the most recent addition to the *UNKING* ranks of fallen politicians and officials earning their way as *UNKS* and consultants here . STOP 
Mr. *CUNKER* has *UNKED* a *UNKS* business . STOP 
*CUNKING* scandal has become a *UNK* of political passage at a time when a *UNK* of scandal has *UNKED* this town 's *UNK* . STOP 
Let the president demand strict new ethics rules : With four sitting House members accused of *UNKAL* *UNKS* , amid the *UNKING* HUD scandal and after the Wright debacle , `` people are slightly *UNKED* by scandal , '' says political *UNK* Art *CUNK* . STOP 
`` It now takes something really *UNK* to *UNK* public *UNK* . '' STOP 
Not all the *UNKED* have enjoyed soft *UNKS* . STOP 
But many have . STOP 
`` These people *UNK* back more *UNKLY* than regular people , '' says Washington writer *CUNK* *CUNK* , who is working on a history of *UNK-* scandal . STOP 
Given their own *UNK* for book writing , it is surprising that none of the masters of scandal survival have yet published a guide to the art . STOP 
For there is an emerging *UNK* -- indeed , an *UNK* -- to it . STOP 
Among the rules : STOP 
*CUNK* Nothing *CUNKED* STOP 
As if he were still in his old job , Mr. Wright , by resigning with his title instead of being forced from his job , by law *UNKS* a $ *UNKN* annual office expense *UNK* , three paid staffers , up to $ *UNKN* for *UNK* and *UNKS* and continued use of the *UNKING* privilege . STOP 
Not to mention a generous federal pension . STOP 
There is also a busy schedule of *UNKING* *UNKS* at $ 10,000 a pop , at *UNK* places including the Yale *CUNKAL* Union . STOP 
`` He 's as busy as he was as *UNKER* , '' reports Mr. Wright 's administrative aide , Larry Shannon . STOP 
*CUNK* STOP 
On the edge of fashionable *CUNK* , in a *UNK* office with a *UNKER* view and a number of corporate clients whom he wo n't name , Mr. *CUNKER* is trying to *UNK* his reputation as one of the *UNKEST* image makers in town . STOP 
There are few *UNKS* of his days as White House deputy chief of staff and *UNK* of Ronald and *CUNK* Reagan . STOP 
The former $ 3 *UNK-* lobbyist now *UNKS* *UNKS* for the *UNKS* and *UNKS* a third of his time *UNKING* other recovering *UNKS* . STOP 
`` I feel better than I ever have in my life , '' he says . STOP 
Mr. *CUNKER* *UNKED* to his *UNK* during his trial on *UNK* charges . STOP 
He is also a recovering *UNK* , *UNKING* with his family and creating *UNK* , or *UNK-* *UNK* , a fashionable pursuit for which he developed a *UNKION* during his three-year legal *UNKAL* . STOP 
One sign of Mr. *CUNKER* 's *UNK* : an appearance on ABC 's `` *CUNK* '' for a show on pack *UNK* . STOP 
*CUNK* Ted *CUNK* introduced him as `` the media master of the Reagan Administration , '' with *UNK* a mention of Mr. *CUNKER* 's conviction in 1987 on *UNK* charges . STOP 
*CUNKING* God STOP 
`` When someone says , ` I 've turned to God , ' everybody *UNKS* off , '' *UNKS* Frank *CUNK* , an old Washington hand and former aide to Robert Kennedy . STOP 
Thus have Charles *CUNK* and *CUNK* *CUNKER* launched successful *UNK-* *UNKS* at the *UNK* . STOP 
But it does n't always work so smoothly . STOP 
After allegations surfaced in a 1985 *UNK* contest that he had *UNK* his wife , SEC enforcement chief John *CUNKS* retreated to a *CUNK* *UNK* in rural Virginia . STOP 
He is now in *UNK* law practice in Washington , but his fees have been *UNKER* and he failed in efforts to win a chunk of his *UNK-* 's *UNKS* on her *UNK-* book . STOP 
From time to time he returns to the *UNK* for *UNKER* , *UNKION* and pro *UNK* legal work . STOP 
Mr. *CUNKS* is *UNKAL* about his *UNKS* . STOP 
`` This whole experience has been an opportunity for internal growth , '' he says . STOP 
He sees a *UNK* five *UNKS* a week . STOP 
`` I 've *UNKED* to the circumstances , '' Mr. *CUNKS* says . STOP 
`` The word surrender has a *UNK* *UNK* meaning . STOP 
My *UNUNK* has changed . STOP 
I 'm *UNKING* my life and who I am today . STOP 
The aspect of being a *UNKER* is n't as important . '' STOP 
Do n't *CUNKER* STOP 
`` The best thing you can do is get off the screen , '' says Mr. *CUNK* . STOP 
Nobody proved that more *UNKLY* than Mr. *CUNK* , the former Democratic majority *UNK* . STOP 
*CUNKING* that there was life after Congress , he resigned almost immediately after media reports questioned the *UNK* of a 1986 junk-bond investment , before any official investigations took hold . STOP 
Among the *UNK* who turned out in bipartisan *UNK-* force to benefit the *CUNK* *CUNK* Fund last month were Sen. Robert Dole , Rep. *CUNK* *CUNK* , and other *UNKS* of Congress . STOP 
Dan Rather served as *UNK* . STOP 
From his new , *UNK-* *UNK* on Wall Street as a managing director of *CUNK* *CUNKER* & Co. , Mr. *CUNK* reports that many of his former colleagues have *UNKED* him to find out how they , too , can pursue investment banking *UNKS* . STOP 
It *CUNKS* to *CUNK* *CUNK* STOP 
*CUNK* scandal victims *UNKLY* fare better . STOP 
*CUNK* *CUNK* , the former EPA chief who resigned under fire in 1983 during a *UNK* with Congress , was *UNKED* in the confrontation , even though she was never charged with official *UNKING* . STOP 
She worked *UNK-* as a consultant and wrote a book , but never *UNKED* her *UNKED* legal career . STOP 
It did n't help when , in 1986 , she was charged -LRB- and then cleared -RRB- on allegations of public *UNKS* . STOP 
`` I cut my losses and ran , '' she says , from her new home in Colorado , where she is busy *UNKING* . STOP 
Mrs. *CUNK* remains bitter over the overwhelming legal expenses involved in clearing her name . STOP 
`` My husband was *UNKLY* *UNKED* by the very act of *UNKING* me , '' she says . STOP 
Another former EPA official , *CUNK* *CUNK* , is still struggling after her conviction in 1983 on *UNK* charges . STOP 
`` There 's nothing she could do to bring herself back to where she was , '' says her lawyer , James *CUNKER* . STOP 
`` You could say she survived , but it was n't easy on her . '' STOP 
No book contracts have been *UNKED* before *CUNK* *CUNK* Dean , the *UNKING* *UNK* of the HUD scandal . STOP 
*CUNK* *CUNK* of Gary Hart *UNK* failed to obtain a book contract and lost her *UNKING* contract for `` No *CUNKS* '' *UNKS* . STOP 
*CUNK* Hall , Oliver North 's former secretary , has yet to launch a *UNK-* television news career , according to her lawyer . STOP 
*CUNK* Jenrette , the former wife of *CUNKED* Rep. John Jenrette , has yet to hit it big in Hollywood , although with *UNKS* in such movies as `` *CUNK* Island *CUNK* '' and `` *CUNK* *CUNK* 's *CUNK* *CUNK* , '' she is doing a lot better than her former husband . STOP 
He was back in jail over the summer on *UNKING* charges . STOP 
*CUNK* the Star STOP 
Central figures -- such as Richard Nixon -- usually fare better than those with supporting *UNKS* . STOP 
Richard *CUNK* , the retired Air Force general *UNKED* in the Iran-Contra scandal , is all but *UNKED* -- forced to sell his Virginia home and pull his kids out of college , according to a recent *UNKING* appeal sent out on his behalf . STOP 
Yet his *UNK-* in the case -- also a former military officer by the name of Oliver North -- has been *UNKLY* and *UNKLY* *UNKING* his involvement in the affair . STOP 
What accounts for the difference ? STOP 
During the *UNKED* Iran-Contra hearings , Mr. North came off as a *UNK* from central casting . STOP 
Mr. *CUNK* 's performance was *UNKLY* less *UNKING* . STOP 
Mr. North remains in heavy demand as a *UNKER* , for fees reported in the $ 20,000 range . STOP 
Even in the wake of Hurricane Hugo 750 people turned out in a *UNK* Virginia town in September for a `` family *UNK* '' to Mr. North given by two dozen conservative members of Congress . STOP 
If *CUNK* Is *CUNKED* , All *CUNKS* Are *CUNK* STOP 
*CUNK* scandals make people look *UNKS* and silly , and one of the worst *UNKS* in Washington is to be *UNKED* at . STOP 
`` You can be *UNKED* , but not *UNK* , '' says Mr. *CUNK* . STOP 
Nevertheless , Rep. *CUNK* *CUNKS* of Massachusetts was *UNKLY* *UNKED* because of the *UNK* with which he handled *UNKS* that he had sex with a male congressional page in 1983 . STOP 
*CUNKER* Rep. Robert *CUNK* , a Maryland Republican who lost his seat in 1980 after he was caught *UNKING* sex from a *UNK-* *UNK* , has never *UNKED* his professional *UNKING* as a lawyer . STOP 
Mr. *CUNK* , a conservative , says he was *UNKED* by the right *UNKING* . STOP 
`` Conservatives *UNK* their own , '' he says . STOP 
If the political establishment is reluctant to *UNK* *UNKAL* *UNKS* , the private sector sometimes will . STOP 
John Tower was accused of *UNKING* and *UNKING* during his unsuccessful bid to win confirmation as secretary of defense earlier this year . STOP 
Now he is writing a book , serving on an *UNK* foreign policy advisory board and consulting for an array of corporate clients , including British publishing *UNK* Robert Maxwell . STOP 
*CUNK* a *CUNK* STOP 
When all else *UNKS* , *CUNK* *CUNK* -- the *UNKED* *UNKS* of the Capitol *UNKED* by *UNKS* and their imported shoes -- offers a welcome environment for fallen officials . STOP 
*CUNKER* Rep. *CUNK* *CUNK* *CUNK* , brought down by the savings-and-loan crisis , now represents -- you *UNKED* it -- *UNKS* associations . STOP 
Some become *UNKS* . STOP 
John *CUNK* promptly quit his job last spring as an aide to Speaker Wright amid public *UNK* over Mr. *CUNK* 's *UNK* attack on a young woman when he was 19 years old . STOP 
After a few weeks in *UNKION* , Mr. *CUNK* opened a consulting firm , but not to enable him to directly lobby ; that would require him to disclose his clients by *UNKING* as a lobbyist . STOP 
Still , Mr. *CUNK* says he talks to `` 30 members of Congress a week . '' STOP 
*CUNK* *CUNKS* Company STOP 
Other scandal *UNKS* are sometimes the best source of *UNK* . STOP 
Raymond *CUNK* , the New Jersey construction executive who was forced to resign as labor secretary and indicted in 1985 , only to be *UNKED* of fraud charges , often calls other *UNKED* public figures to offer a *UNK* *UNK* . STOP 
Each time a new scandal hits , he says , `` it *UNKS* the *UNKS* off your *UNKS* . '' STOP 
One of the first people to come to the *CUNKER* home after his troubles *UNKED* was former Nixon aide John *CUNK* , whom Mr. *CUNKER* *UNKLY* knew . STOP 
`` He *UNKED* me that the hurricane would end , '' Mr. *CUNKER* recalls . STOP 
Mr. *CUNK* received an encouraging letter from the recognized master of scandal survival , Richard Nixon . STOP 
Says Mr. *CUNK* : `` If things get really tough , I can always auction it off at Sotheby 's . STOP 
The Canadian government , with a view to becoming more politically active in Latin America , is expected to announce tomorrow its application to join the Organization of American States , a *CUNKED* regional agency . STOP 
The expected Canadian move has been *UNKED* by the Bush administration even though Canada has opposed such U.S. actions as the trade *UNK* against Cuba , the *UNKION* of *CUNK* and the military support for Nicaragua 's Contra *UNKS* . STOP 
Latin American countries have long urged Canada to join the *CUNK* in the hopes that it would be a *UNK* to the U.S. , which for many years *UNKED* to *UNK* the *UNKION* organization . STOP 
Even though the U.S. also has supported Canadian membership , it has n't been a Washington priority . STOP 
`` The fact that we might not side with the Americans may be a reason why Canada 's membership in the *CUNK* has n't been , over the years , an item high on the U.S. agenda , '' said *CUNK* *CUNK* , former Canadian *UNK* to the U.S. . STOP 
The Canadian application is expected to be announced in San Jose , Costa Rica , by Canadian Prime Minister Brian *CUNK* , who is attending a *UNK* celebration of Costa Rican democracy . STOP 
`` Canada has a larger and more beneficial role to play in the *UNK* , '' Mr. *CUNK* said recently . STOP 
Some Canadian political *UNKS* have opposed Canada 's joining what they see as a *CUNKED* organization . STOP 
`` Canada could do plenty of things to get serious about Latin America without running the risk of getting caught in the cross fire '' between the U.S. and Latin American members of the *CUNK* , said Jeffrey *CUNK* , a columnist in Toronto 's Globe & *CUNK* newspaper . STOP 
Canada , at times , could be an *UNK* *CUNK* partner for the U.S. if its United *CUNKS* voting record is an indication . STOP 
In U.N. General Assembly votes last year , Canada voted the same as the U.S. only 63 % of the time . STOP 
France voted the same as the U.S. 76 % of the time , West Germany 79 % and Britain 83 % . STOP 
Larry *CUNKS* , director of the *CUNKED* Council on *CUNK* Affairs , a liberal research group , said that Latin American countries would be `` *UNKLY* disappointed '' if Canada were to follow the U.S. lead in the *CUNK* . STOP 
`` Latin Americans see Canada as a *UNK-* power that *UNKS* their *UNK* , '' he said . STOP 
The *CUNK* , which tries to promote peace and economic development within the *CUNKS* , is attempting to find a settlement of the current Panama political crisis . STOP 
Cuba has been suspended from *CUNK* membership , but the organization 's members are discussing Cuba 's *UNK* . STOP 
Robert H. *CUNK* 's Oct. 5 *UNK-* article *UNKING* violence in comedy movies -LRB- `` Hollywood , You *CUNK* *CUNK* '' -RRB- is interesting , but somewhat *UNK-* . STOP 
As a *UNK* of older movies from the *UNKS* on , I do not find modern *UNKS* contain violence , sex and *UNK* language to any greater degree than other recent movies . STOP 
*CUNKER* movies have plenty of violence , though it is *UNKED* in keeping with the more *UNK* social *UNKS* of the time . STOP 
For example , one of my favorite movies is the *UNKN* British comedy `` *CUNK* *CUNKS* and *CUNKS* , '' in which the entire comedy is based on actor Dennis Price 's *UNKING* eight *UNKED* *UNKS* -LRB- all played by *CUNK* Guinness -RRB- because they *UNKED* his mother and stand in the way of his acquiring the family title . STOP 
Similarly , one of the most popular comedy *UNKS* of the 1930s and *UNKS* was the `` murder *UNK* . '' STOP 
The `` *CUNK* *CUNK* '' series of movies , as well as many others , based their entire *UNK* appeal on the star *UNKS* ' *UNK* *UNKS* and *UNKS* as other characters in the movies were *UNKED* . STOP 
Further , I think Mr. *CUNK* made a poor choice in picking `` A *CUNK* *CUNKED* *CUNK* '' as an example of the *UNK* state of modern comedy movies . STOP 
The specific scene he *UNKS* in which *UNK* *UNKS* are *UNKED* is somewhat *UNK* of the *UNKAL* *UNKS* that *UNK* the *UNK* in the old Warner *CUNKS* . `` *CUNK* *CUNKER* '' *UNKS* . STOP 
There is no *UNKION* *UNK-* , *UNKS* *UNKAL* of the animal 's *UNK* . STOP 
*CUNK* in mind that this is the same movie in which a character is *UNKED* by a *UNKER* only to pop right back up and *UNKER* in the window of a Boeing *UNKN* -- from the outside -- as it takes off . STOP 
I will be the first to agree that there is much to be found wrong with modern movie making . STOP 
Many modern *UNKS* seem to be *UNK* of writing drama , or anything else , without *UNKED* *UNKING* . STOP 
*CUNK* and violence are routinely included even when they are *UNK* to the *UNK* , and high-tech special effects are *UNKLY* *UNKED* for good plot and character development . STOP 
In short , we have a movie and television industry that is either *UNK* or *UNKED* of making a movie unless it carries a *CUNK-* or *CUNK* rating . STOP 
*CUNK* *OUS* amounts of *OUS* sex , violence and *UNKER* language are included as a *UNK* . STOP 
However , these *UNKS* are not the exclusive property of modern *UNKS* , and I believe Mr. *CUNK* *UNKS* when he attempts to link this modern phenomenon too closely to a single category of movie making . STOP 
Michael Smith STOP 
Rochester Telephone Corp. said it agreed to buy *CUNK* Telephone Co. of *CUNK* , *CUNK* . STOP 
Terms were n't disclosed . STOP 
Rochester will exchange shares of its common stock for all shares outstanding of *CUNK* Telephone , a *UNKED* company . STOP 
*CUNK* serves about 3,000 access lines in western Wisconsin . STOP 
The average unemployment rate in the 15 biggest industrialized *UNKS* was steady in August at the *UNKN* % rate of the two previous months , the Organization for Economic *CUNKION* and Development -LRB- *CUNK* -RRB- said . STOP 
The August rate was *UNKN* percentage point lower than in the like month a year earlier , reflecting the pickup of activity in the 15 countries . STOP 
The *CUNK* said that most of the improvement occurred in the second half of last year ; since February of this year , unemployment has been steady at around 6.2 % of the labor force . STOP 
*CUNK* Inc. said its board has approved a *UNKN* reverse stock split . STOP 
The *CUNK* , *CUNK* , producer of gas and oil , said it wants shareholders to approve the split because it would `` enhance the *UNK* '' and trading of the stock . STOP 
If approved at a shareholder meeting in December , the number of shares outstanding would decrease to five million from 50 million , and par value would rise to 10 cents from a penny . STOP 
*CUNK* Co. said it has agreed to buy *CUNK* Inc. , a Cincinnati maker of control *UNKS* for industrial *UNKS* . STOP 
Terms were n't disclosed , but *CUNK* said the deal will be completed through an exchange of stock . STOP 
*CUNKLY* held *CUNK* has annual sales of about $ 10 million . STOP 
*CUNK* , a maker of *UNKS* , *UNKS* and other controls , said the acquisition wo n't impact its 1989 profit . STOP 
Canadian manufacturers recorded a *UNKN* % decline in August in their backlog of *UNKED* orders , Statistics Canada , a federal agency , said . STOP 
The August drop was the fourth decline in five months . STOP 
Most of the August decrease was attributed to lower order *UNKS* in the primary metal and electric and *UNK-* industries . STOP 
Manufacturers ' shipments rose 0.3 % in August following two months of declines . STOP 
*CUNKS* fell 0.3 % in August . STOP 
*CUNK* Oil PLC , a British independent oil company , said its West German subsidiary *CUNK* has a 49 % share in *CUNK* *CUNK* , a new Polish *UNKS* company . STOP 
The remaining 51 % of the joint venture will be controlled by Polish *UNKS* manufacturers , *UNKS* and technical *UNKS* . STOP 
*CUNK* will develop application guidelines for *UNKS* , sell high-quality *UNKAL* *UNKS* , and offer services in industrial cleaning and related fields . STOP 
*CUNK* , which has a strong market position *UNKING* *UNK* *UNKS* and *UNKING* *UNKS* in Poland , described the joint venture as `` fairly small . '' STOP 
It did n't provide details of *UNK* costs . STOP 
Du Pont Co. reported that third-quarter profit grew a robust 19 % from a year ago on the strength of the company 's operations in various chemicals and *UNKS* , and in petroleum . STOP 
Du Pont also raised its quarterly dividend to $ 1.20 a share from $ 1.05 , a change that will increase the annualized *UNK* to shareholders by some $ 140 million . STOP 
Du Pont , unlike companies hurt badly by sharp price declines for basic chemicals and plastics , is *UNKING* from its broad range of businesses . STOP 
The profit gain was made despite a weakening in the housing market , for which the company is a supplier , and a strengthening in the dollar , which *UNKS* the value of overseas earnings when they are translated into dollars . STOP 
The *CUNK* , *CUNK* , company reported net of $ *UNKN* million , or $ *UNKN* a share , which was in line with Wall Street estimates . STOP 
In the year-earlier period , the company earned $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales in the latest quarter were $ *UNKN* billion , up *UNKN* % from $ *UNKN* billion . STOP 
The dividend increase was Du Pont 's second this year , an *UNKION* of statements by top executives that they intend to increase *UNKS* to shareholders . STOP 
`` We have n't benefited the shareholder as much as we need to , '' said *CUNK* *CUNK* Jr. , Du Pont 's chairman and chief executive officer , in an interview several months before he entered his current position in April . STOP 
The largest *UNK* will be Seagram Co. , which owns about 23 % of Du Pont . STOP 
A spokesman for Seagram , the Montreal *UNK* and spirits concern controlled by the *CUNK* family , said the company will post additional pretax profit of about $ 33 million a year because of the additional Du Pont dividends . STOP 
Du Pont also announced plans for a *UNKN* stock split , although the initial higher dividend will be paid on *UNK-* shares . STOP 
Du Pont 's stock rose $ 2.50 a share to close at $ *UNKN* in New York Stock Exchange composite trading yesterday . STOP 
Seagram closed at $ *UNKN* , up 12.5 cents a share in Big Board trading . STOP 
*CUNKING* the gains for Du Pont in the latest quarter was its industrial products segment , where profit soared to $ 155 million from $ 99 million a year earlier . STOP 
The company benefited from continued strong demand and higher selling prices for *UNK* *UNK* , a white *UNK* used in *UNKS* , paper and plastics . STOP 
James *CUNK* , a New *CUNK* , N.J. , marketing consultant to the chemicals industry , says Du Pont still holds an edge in making the *UNK* because the company was `` first in with the technology '' to lower costs . STOP 
He said Du Pont holds about 23 % of the world-wide market , the largest single share , at a time when growing uses for the *UNK* have kept it in tight supply , although others are now adding low-cost production capacity . STOP 
Profit climbed to $ 98 million from $ 71 million in the petroleum segment , as Du Pont 's *CUNK* Inc. oil company was helped by crude oil prices higher than a year ago and by higher natural gas prices and volume . STOP 
In the *UNKED* businesses segment , which includes *UNKS* , profit grew to $ 64 million from $ 27 million . STOP 
A spokesman said *UNK* use in some areas of the U.S. was delayed earlier in the year by heavy *UNKS* , thus increasing sales in the third quarter . STOP 
In the *UNKS* segment , profit rose to $ 180 million from $ 155 million , a gain Du Pont attributed to higher demand in the U.S. for most textile products . STOP 
Two segments posted lower earnings for the quarter . STOP 
Profit from coal fell to $ 41 million from $ 58 million , partly because of a *UNKS* ' strike . STOP 
And profit from *UNKS* dropped to $ 107 million from $ *UNKN* million amid what Du Pont called lower demand and selling prices in certain packaging and industrial markets . STOP 
For the nine months , Du Pont earned $ 2 billion , or $ *UNKN* a share , up 18 % from $ *UNKN* billion , or $ *UNKN* a share , a year earlier . STOP 
Sales increased 10 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The increased dividend will be paid Dec. 14 to holders of record Nov. 15 . STOP 
The stock split , which is subject to holder approval , would be paid on a still unspecified date in January to holders of record Dec. 21 . STOP 
American Medical International Inc. was dropped from the health care *UNKS* industry group of the Dow Jones Equity Market Index . STOP 
The company is being acquired . STOP 
U.S. Healthcare Inc. was added to the health care *UNKS* group . STOP 
Both moves are effective today . STOP 
The Canadian government plans to auction on Tuesday 750 million Canadian dollars -LRB- US$ *UNKN* million -RRB- of *UNKN* % bonds due Dec. 1 , 1999 , the Finance Department said . STOP 
Proceeds of the issue will be used for general government purposes . STOP 
Finnish conglomerate *CUNK* *CUNK* AB said it reached an agreement to buy Dutch cable company *CUNK* *CUNK* *CUNK* for *UNKN* million Finnish *UNK* -LRB- $ *UNKN* million -RRB- . STOP 
*CUNK* said it will gain control over *CUNK* *CUNK* by buying 51 % of the shares in *CUNK* Holding N.V. , which owns *CUNK* *CUNK* . STOP 
Western European leaders who favor *UNK* economic and monetary union are adding a new argument to their *UNKAL* : the *UNKING* political changes under way in Eastern Europe . STOP 
French President *CUNKS* *CUNK* , European Community Commission President *CUNKS* *CUNKS* , Spanish Prime Minister *CUNK* Gonzalez and others have begun linking the rapid changes in the East to the need to speed up changes in the West . STOP 
They are *UNKING* that the best way for the West to help the East is to move faster *UNKS* Western European economic and monetary *UNUNK* . STOP 
This would make the *UNKED* system more attractive to Eastern countries , they argue , and allow greater economic aid and *UNKAL* *UNK-* to flow from West to East . STOP 
`` The only response to the challenge being presented to us by the East , '' Mr. *CUNK* told the European Parliament in *CUNK* yesterday , `` is to reinforce and *UNK* the union and *UNKION* of the European Community . '' STOP 
Mr. *CUNK* proposed that a conference be *UNKED* next fall to write a new treaty for the EC allowing a European central bank , and that the treaty be *UNKED* by 1992 . STOP 
Mr. *CUNK* also proposed a separate `` Bank for Europe '' that would channel development money to the East . STOP 
One basis for linking change in the East and change in the West is the notion that *UNKING* 110 million Eastern Europeans with *UNKN* million Western Europeans is primarily the task of Europeans , despite the U.S. 's obvious strategic and economic interest . STOP 
Says a European strategist : `` The U.S. tends to look at Eastern Europe -LCB- not including the Soviet Union -RCB- as Europe looks at Latin America : important but far away . STOP 
But for us in Western Europe , these are Europeans next door . '' STOP 
A *UNKED* Europe implies big changes in *UNK-* military and economic policies . STOP 
There is likely to be a natural division of labor , says *CUNKS* *CUNK* , director of the International Institute for *CUNK* *CUNKS* in London , with the U.S. more engaged in strategic issues with the Soviet Union , and Western Europe more involved with specific aid measures for the East . STOP 
The *UNKION* at July 's economic summit of major industrialized nations of the EC Commission as *UNK* of Western aid to Poland and Hungary was a first step . STOP 
In part , this division is *UNKED* by economics : West Germany is a net *UNKER* of capital while the U.S. is n't . STOP 
While American aid efforts have been limited by budget problems , yesterday France announced a three-year , four billion French franc -LRB- $ 650 million -RRB- aid plan for Poland . STOP 
Despite sudden changes in the strategic *UNKION* , some Western European leaders , especially British Prime Minister Margaret Thatcher , remain skeptical about European political and economic *UNUNK* , and are unlikely to let *CUNKEST* concerns change their minds . STOP 
But British analysts are beginning to link the issues . STOP 
`` We need a Western *CUNK* , '' says John *CUNKER* , of the Royal Institute of International Affairs in London , referring to West Germany 's longstanding policy of a *UNK* opening to the East . STOP 
`` For Poland and Hungary we need to think about a *UNK-* economic approach that would force them to price things *UNKLY* in return for removing all our *UNK* barriers . '' STOP 
He notes that the Marshall Plan of U.S. aid to Europe `` did n't just throw money at *UNK-* Europe , it also *UNKED* and opened up those markets . '' STOP 
The French analysis goes further . STOP 
`` Most of the West 's leaders have finally concluded that we all want perestroika -LCB- Soviet leader Mikhail Gorbachev 's policy of economic restructuring -RCB- to succeed , '' says *CUNK* *CUNK* , security adviser to Mr. *CUNK* . STOP 
`` But they have n't yet drawn the operational policy *UNKS* . '' STOP 
He adds that with *UNK* *UNKING* and Mr. Gorbachev *UNKING* to *UNK* the Soviet economy , `` Our interest lies in a controlled *UNKION* , a contained nuclear reaction , so we need to help him , and not just with words . '' STOP 
*CUNKING* change , he adds , will require a lot more aid and a prominent role for the EC , especially in dealing with the question of German reunification . STOP 
*CUNK* de *CUNKAL* , director of the French *CUNK* for International Relations in Paris , says it is n't clear what , exactly , West Germany wants . STOP 
Any push for a Gorbachev vision of a `` common European home , '' *UNKING* the eventual *UNKION* of the EC , a *CUNK-* partnership and the withdrawal of U.S. forces , `` would be a very , very serious problem , '' he says . STOP 
He doubts a *CUNK* *UNKER* state will emerge that would *UNK* Europe , but warns of `` a risk of *UNK* change in the heart of the European Community from a Germany that is too strong , even if democratic . '' STOP 
He adds : `` We , and the rest of the EC have to talk to the Germans , now , *UNKLY* and raise these future risks with them . '' STOP 
While many *UNKS* , particularly French ones , worry that *UNK* and emotional reaction to the changes in the East might lead to dangerous pressures for a *UNKED* Europe or the *UNK-* withdrawal of American troops , Mr. *CUNKER* in London sees a more positive scenario . STOP 
`` There seems to be a message from Moscow there 's a deal on offer , '' he says . STOP 
`` They want *UNK* we wo n't try to undermine or destroy the Warsaw *CUNK* ... . STOP 
In return , the U.K. and France could keep their nuclear weapons . STOP 
He adds : `` Once both sides feel comfortable , it should be that much easier to make more progress toward the economic and social reforms that are now starting in the East . STOP 
*CUNK* Technology Corp. said a Seattle investor has signed a letter of intent to buy the company for about $ 3.1 million , or $ 1.20 a share . STOP 
The investor , Donald A. Wright , plans to run the company , said a spokesman for *CUNK* . STOP 
The transaction has been approved by *CUNK* 's board , but requires the approval of the company 's shareholders . STOP 
*CUNK* *UNKS* electronic components . STOP 
*CUNKION* *CUNK* Inc. holders adopted a *UNKS* plan at the annual meeting . STOP 
The so-called poison pill took effect Aug. 9 pending *UNKION* by holders . STOP 
Rights attached to the company 's common shares were issued that are triggered if a hostile bidder *UNKS* more than 20 % of the shares outstanding . STOP 
Once triggered , the rights allow holders to buy additional shares at 50 % of the then current market price or , at the board 's *UNKION* , to receive securities or assets . STOP 
Separately , *CUNKION* *CUNK* posted net income of 4.7 million Canadian dollars -LRB- $ 4 million -RRB- , or 12 Canadian cents a share , for the *UNK-* quarter ended Sept. 30 . STOP 
The company had a net loss of C$ 2.3 million , or 14 Canadian cents a share , a year ago . STOP 
Sales were C$ *UNKN* million compared with C$ *UNKN* a year earlier . STOP 
Computer Sciences Corp. said it received a U.S. *CUNKAL* Service contract that will have a value of at least $ 33 million . STOP 
Computer Sciences will perform data processing work for the *CUNKAL* Service under the three-year contract , which also includes two additional option years for which compensation has n't yet been fixed . STOP 
Computer Sciences said its work will improve *UNKING* efficiency . STOP 
For its fiscal year ended March 31 , Computer Sciences had revenue of $ 1.3 billion . STOP 
*CUNK* Corp. agreed to buy *CUNK* *CUNK* Co. , the U.S. subsidiary of *CUNK-* *CUNK* , of *CUNK* , for about $ 7 million . STOP 
*CUNK* , a *CUNK* Washington , N.Y. , construction concern , was established in *UNKN* . STOP 
It has three U.S. branches . STOP 
*CUNK* officials said the purchase was undertaken to participate in ventures in and around New York City . STOP 
They said *CUNK* is particularly successful there because of its membership cooperation with local unions . STOP 
*CUNK* is Japan 's second largest construction company . STOP 
Until now , its *UNK* to form membership ties with organized labor has kept it from *UNKING* the lucrative New York metropolitan area construction market . STOP 
The company also hopes the latest acquisition will help secure large construction orders from Japanese concerns with U.S. operations . STOP 
*CUNK* cited industry publications *UNKING* *CUNK* , currently *UNKED* at $ 2.2 million , with receiving orders valued at $ 225 million in 1988 . STOP 
The Japanese company received orders totaling *UNKN* billion yen -LRB- $ *UNKN* million -RRB- from its U.S. business activities during the fiscal year ended in March . STOP 
H. Marshall Schwarz was named chairman and chief executive officer of U.S. Trust Corp. , a *UNKING* firm with assets under management of about $ 17 billion . STOP 
Mr. Schwarz , 52 years old , will succeed Daniel P. *CUNK* Feb. 1 , soon after Mr. *CUNK* reaches the company 's mandatory retirement age of 65 . STOP 
Mr. Schwarz , who is president of U.S. Trust , will be succeeded in that post by Jeffrey S. *CUNKER* , 42 , who is executive vice president in charge of the company 's *UNK-* group . STOP 
U.S. Trust , a *UNK-* institution that is one of the *UNKEST* *UNK-* worth banks in the U.S. , has faced *UNKING* competition from other firms that have established , and heavily *UNKED* , *UNKING* businesses of their own . STOP 
As a result , U.S. Trust 's earnings have been hurt . STOP 
But Mr. Schwarz *UNKS* the competition in U.S. Trust 's flagship businesses , calling it `` *UNK* . '' STOP 
Mr. Schwarz says the competition `` *UNKS* the base of opportunity for us . '' STOP 
Other firms `` are dealing with the *UNKS* . STOP 
I do n't believe they have the culture '' to *UNKLY* service *UNK-* individuals , he adds . STOP 
U.S. Trust recently introduced certain mutual-fund products , which allow it to serve customers with minimum deposits of $ 250,000 . STOP 
Previously , the company *UNKED* at the $ 2 million level . STOP 
`` We have always taken smaller accounts , but now we are looking for smaller accounts that will grow , '' Mr. Schwarz says . STOP 
`` Our *UNK* and *UNKER* is still the $ 2 million to $ 20 million account , '' he says . STOP 
The new services allow U.S. Trust to *UNKER* to the `` new wealth , '' Mr. Schwarz says . STOP 
*CUNKLY* net income this year has risen just over comparable periods in 1988 , when year-end net was below the 1987 level . STOP 
In this year 's third quarter , for example , net was $ 10.5 million , or $ 1.05 a share , compared with $ *UNKN* million , or $ 1.02 a share , a year earlier . STOP 
*CUNKS* as of Sept. 30 fell to $ *UNKN* billion from about $ *UNKN* billion . STOP 
`` We will have a reasonably flat year this year , '' Mr. Schwarz says . STOP 
Mr. Schwarz also said costs associated with U.S. Trust 's planned move to *UNK* Manhattan from Wall Street will continue to be a drag on earnings through 1990 . STOP 
Mr. Schwarz 's *UNKER* founded the New York toy store *CUNK* Schwarz , but his family no longer has ties to the company . STOP 
Mr. Schwarz 's father was a U.S. Trust *UNK* until 1974 . STOP 
U.S. Trust also created a *UNKER* office of the chairman , effective Feb. 1 . STOP 
It will include Messrs. Schwarz and *CUNKER* . STOP 
Donald M. Roberts , 54 , treasurer , and Frederick S. *CUNK* , 58 , who takes responsibility for the *UNK-* group , were named vice *UNK* and will serve in the office of the chairman . STOP 
Mr. Roberts continues as treasurer , and Mr. *CUNK* remains responsible for the offices of comptroller , planning , marketing and general services . STOP 
Frederick B. Taylor , 48 , also was named a vice chairman and chief investment officer , a new post . STOP 
He previously held similar responsibilities . STOP 
Mr. Taylor also was named a director , increasing the board to 22 , but is not part of the new office of the chairman . STOP 
James E. *CUNK* , 58 , executive vice president , who has directed the *UNK-* group , will retire . STOP 
Sun Microsystems Inc. , *UNKING* back to profitability after its first quarterly loss as a public firm , said it earned $ 5.2 million , or seven cents a share , in the fiscal first quarter . STOP 
Sun , a maker of computer workstations , reported sales of $ *UNKN* million for the quarter ended Sept. 29 , up 39 % from $ *UNKN* million a year earlier . STOP 
In the 1988 period , the company earned $ *UNKN* million , or 26 cents a share . STOP 
Sun 's results were slightly better than expectations . STOP 
Earlier this month , the company said it expected to break even for the quarter on sales of $ *UNKN* million . STOP 
In a statement , Scott *CUNKLY* , Sun 's chief executive officer , said the company 's performance was hampered by problems tied to the introduction of a major new family of computers in April . STOP 
One of those new computers , called *CUNKION* 1 , accounted for nearly half of the *UNKN* systems Sun shipped in the quarter , he said . STOP 
More than two-thirds of the systems shipped , meanwhile , were products introduced in April . STOP 
But problems in manufacturing , forecasting demand and getting the bugs out of a new management information system made it extremely difficult for Sun to meet demand for its *UNKEST* computers well into the summer . STOP 
These problems also resulted in Sun reporting a $ *UNKN* million loss for its fourth quarter ended June 30 . STOP 
Mr. *CUNKLY* said the issues that hurt Sun 's performance earlier this year are now `` largely '' behind the firm , and he indicated that Sun 's profitability should increase throughout the fiscal year . STOP 
Sun also reported a record backlog of orders . STOP 
While this indicates continued strong demand for the company 's *UNK-* computers , Sun faces increasing competition from Digital Equipment Corp. and Hewlett-Packard Co . STOP 
Recently , analysts have said Sun also is vulnerable to competition from International Business Machines Corp. , which plans to introduce a group of workstations early next year , and Next Inc . STOP 
*CUNK* *CUNKS* Jr. was named chief executive officer of this business information concern . STOP 
Mr. *CUNKS* , 60 years old , succeeds *CUNK* White , 64 , who will remain chairman and chairman of the executive committee . STOP 
Mr. *CUNKS* , who was president and chief operating officer of *CUNK* , will retain his position as president . STOP 
The company said a new chief operating officer wo n't be appointed . STOP 
A merchant bank and investment fund have agreed to *UNK-* a reorganization plan to bring Sharon Steel Corp. out of Chapter 11 proceedings and to acquire the company 's *UNKED* assets in a transaction valued at more than $ 300 million . STOP 
*CUNK* *CUNK* Inc. , a New York merchant bank , and Quantum Fund said they would acquire the assets for a combination of cash and the assumption of certain of Sharon 's liabilities . STOP 
The balance of the company 's assets and liabilities would be transferred to a new company that would be owned by Sharon 's creditors . STOP 
Quantum said it has agreed to purchase as much as $ 50 million in equity in the new company , if necessary , for the confirmation of the plan . STOP 
*CUNK* *CUNK* and Quantum said the plan is expected to be filed within 60 days with the U.S. Bankruptcy Court in Pittsburgh . STOP 
The agreement is subject to certain conditions , including obtaining financing . STOP 
*CUNK* *CUNK* said that such financing is already being sought and that a formal proposal would be made to Sharon 's Chapter 11 *UNK* and other Sharon creditors over the next few days . STOP 
Sharon , based in *CUNK* , Pa. , filed for protection from creditors under the federal Bankruptcy Code in April 1987 . STOP 
The company had been one of the *UNKS* of Miami Beach financier Victor *CUNKER* 's empire . STOP 
Mr. *CUNKER* resigned as president and chief executive officer of Sharon in April 1988 . STOP 
He remains chairman , but *UNKS* little power at the company . STOP 
Quantum Fund , based in New York , is a $ 2.1 billion investment fund managed by *CUNKS* Fund Management . STOP 
Quantum is Sharon 's largest unsecured creditor . STOP 
The *CUNK* *CUNK* group includes Walter *CUNK* , former chief operating officer of Sharon , and *CUNK* *CUNK* , former executive vice president . STOP 
Executives at Sharon declined to comment on the proposal . STOP 
The company 's *UNK* , *CUNK* *CUNK* , was unavailable for comment . STOP 
Two old friends , George Bush and *CUNK* *CUNKING* , are trying to limit further damage to *CUNK-* ties . STOP 
But as Congress *UNKS* a fresh package of sanctions against Beijing , the *UNK-* relationship could get worse . STOP 
The problem for Congress will be to *UNK* what China is saying to its people against the more *UNK* message it is *UNKING* to the Bush administration . STOP 
In a move apparently aimed at heading off new *UNK* legislation , Mr. *CUNK* sent an *UNK* signal to Washington via *CUNK* Lee , a Columbia University *UNK* who met Mr. *CUNK* and other Chinese leaders in Beijing last month . STOP 
When he met with Mr. Bush on his return , Mr. Lee says , he told the president that the Chinese `` made statements to me that I regard as a first step toward *UNKION* . '' STOP 
The *UNKION* Mr. Lee brought represents the softer line the U.S. has been hoping to hear from Chinese officials since the June 4 massacre of *UNK-* demonstrators in Beijing . STOP 
The Chinese leader , Mr. Lee informed Mr. Bush , expressed some *UNK* for what had happened in Beijing and conceded that China 's officials *UNK* some responsibility . STOP 
Mr. Lee says Mr. *CUNK* told him : `` We should not mind those who *UNKED* in demonstrations , signed *UNK-* materials and went on *UNKER* strikes . '' STOP 
Mr. *CUNK* added , says Mr. Lee , that `` we really made mistakes . STOP 
We must not *UNK* our responsibility and we can not just blame the demonstrators . '' STOP 
Mr. Lee also reported to the president that , in a separate meeting , Communist Party chief *CUNK* *CUNK* said the Chinese leadership `` looked *UNKLY* on the students who took part in the demonstrations . '' STOP 
Mr. *CUNK* also pledged that the Chinese Red Cross would publish `` very soon '' a list of those killed . STOP 
And he told the *UNK* that China 's leaders were `` very much concerned '' about the deaths and had arranged aid for the victims ' families . STOP 
`` I *UNKED* my conversations to the White House , '' *CUNK* Lee says . STOP 
But , he adds , `` I was not acting as a *UNKER* . '' STOP 
He says that the Chinese never asked him to *UNK* their statements to President Bush , but that the White House *UNKLY* invited him to do so . STOP 
Mr. Lee concedes the statements made to him are far different from others being issued in China , but *UNKS* that to the fact that the situation in China is `` very complex . '' STOP 
According to U.S. sources in Beijing , the administration hopes Mr. *CUNK* 's fairly *UNK* comments will *UNK* Congress to be cautious about further sanctions against Beijing . STOP 
`` The president does n't want to have legislative sanctions , '' says a U.S. official . STOP 
`` But he may not have a choice . '' STOP 
Given China 's *UNK-* statements to its own people , Mr. Bush may be unable to prevent new sanctions . STOP 
Beijing officials have said they will step up the campaign of *UNKS* and *UNKION* against those who *UNKED* in the demonstrations . STOP 
*CUNKS* have been stiff . STOP 
A university student got eight years for participating in the rallies , sources in Beijing said , while an *UNK-* worker got 10 years . STOP 
Nor has Beijing hinted to its citizens that it will publish the *UNKS* of those killed . STOP 
So far , the victims are officially considered *UNKS* , and their families receive no compensation . STOP 
A man *UNKED* down by a *UNK* *UNK* while *UNKING* to work carries , after his death , the official *UNK* of `` *UNK* , '' his wife says . STOP 
What 's more , much of China 's official rhetoric is hostile to the U.S. . STOP 
China frequently *UNKS* the U.S. *CUNK* for *UNKING* *UNK* *CUNK* *CUNK* , a political dissident who took *UNK* there after the massacre . STOP 
`` In the U.S. , there are still people who want to crush China and interfere in our internal affairs , '' *CUNK* *CUNK* , China 's new *UNK* to the U.S. , said as he left for Washington last week . STOP 
The House and Senate are to begin soon *UNKING* out an agreement for sanctions legislation . STOP 
It will probably be attached to a State Department authorization bill , which Mr. Bush is n't expected to veto . STOP 
A congressional *UNKER* involved in *UNKING* the sanctions says they are likely to *UNK* those Mr. Bush enacted shortly after the massacre . STOP 
But as legislative action , they would carry greater weight and would be more difficult to *UNK* . STOP 
*CUNKS* already in effect that are expected to be made law include a ban on military sales and exchanges , a suspension of most *UNK-* government contacts and a halt to U.S. trade *UNK* programs , such as the *CUNKS* Private Investment Corp. and the Trade Development Program . STOP 
*CUNKING* those sanctions could prompt Chinese *UNKION* . STOP 
`` If the two sides are n't careful , *CUNK-* ties could spin downward , out of control , '' says a U.S. official in Beijing . STOP 
`` Bush and *CUNK* are hoping -LCB- that -RCB- *UNKER* heads *UNK* . STOP 
The amount of blood *UNKAL* patients can *UNK* and store before surgery can be increased by the new *UNKLY* engineered drug , *CUNK* . STOP 
*CUNK* , or *UNK* , is a protein the human body makes to *UNK* the growth of red blood cells . STOP 
A *UNKLY* engineered version of the human protein developed by *CUNK* Corp. of *CUNK* *CUNKS* , Calif. , recently has been *UNKED* by the *CUNK* Pharmaceuticals division of Johnson & Johnson . STOP 
A competing version of *CUNK* is being developed by *CUNKS* Institute Inc. in Cambridge , Mass . STOP 
The drug is being used primarily to treat *UNKS* . STOP 
A new experiment , reported in this week 's New England Journal of *CUNK* , involved giving *UNKS* of *CUNK* 's *CUNK* to 23 patients who wanted to store units of their own blood . STOP 
The patients began receiving *CUNK* *UNKS* about a month before their scheduled surgery . STOP 
They then began *UNKING* blood twice a week , receiving an *CUNK* *UNKION* each time . STOP 
If tests indicated a low number of red cells , blood was n't taken . STOP 
The *CUNKED* patients donated an average of 5.4 units of blood each compared with only 4.1 units donated by a similar group of *UNKAL* patients who received a *UNK* *UNKION* . STOP 
The volume of red cells donated by the *CUNKED* patients was 41 % higher per *UNK* , the research team representing a number of hospitals and blood banks reported . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* *CUNK* *CUNK* Individual *CUNK* *CUNKS* , or `` IRAs , '' were created without *UNK* on Sept. 2 , 1974 , but grew beyond expectations as an *UNK* to personal saving . STOP 
That Labor Day , in his first major act after succeeding the resigned Richard Nixon as president , Gerald R. Ford signed the *CUNK* *CUNK* Income Security Act . STOP 
*CUNKION* reform was its main *UNK* . STOP 
Labor and business leaders , quoted at the White House Rose *CUNK* *UNKS* , *UNKED* its provisions for *UNKING* corporate pension benefits . STOP 
IRAs were like *UNK* there . STOP 
The IRA 's *UNKION* is *UNK* . STOP 
In 1972 , then Treasury Secretary George *CUNK* , with the key support of Sen. Carl *CUNKS* , sought some form of *UNKS* for the uncovered . STOP 
That year a *UNK-* group headed by William *CUNKER* in the *CUNKION* and *CUNKS* division of the Office of the Chief *CUNK* for the Internal Revenue Service , was assigned the task of *UNKING* a plan . STOP 
They used the *UNKN* *CUNK* Plan , a pension plan created by a New York congressman for the *UNKED* , as a partial model . STOP 
This team initially called its new model Personal *CUNK* *CUNK* , or `` *CUNK* . '' STOP 
But it did n't *UNKING* . STOP 
So they *UNKED* for IRA , *UNKING* it after *CUNK* Cohen , a *UNK* IRS *UNK* who helped them . STOP 
*CUNK* , himself , *UNKS* this account . STOP 
IRA rules have been changed over the years . STOP 
One in 1981 raised to $ 2,000 a year from $ 1,500 the amount a person could put , *UNK-* , into the *UNKED* accounts and widened coverage to people under employer retirement plans . STOP 
This caused an *UNKION* of IRA promotions by brokers , banks , mutual funds and others . STOP 
But in 1986 Congress sharply reduced the number of people who could qualify for its benefits and IRA *UNKS* slowed their *UNKING* growth . STOP 
IRA account assets have grown to about $ 400 billion from $ *UNKN* billion last year and just $ 26 billion in 1981 . STOP 
The Soviet State Bank announced a 90 % devaluation of the ruble against the dollar for private transactions , in an apparent attempt to curb the nation 's rapidly growing black market for hard currency . STOP 
The measure , which will take effect next Wednesday , will create a *UNKER* exchange rate . STOP 
Commercial transactions will continue to be based on the official rate of about *UNKN* rubles to the dollar . STOP 
But for Soviet citizens who travel abroad for business or tourism , the rate will jump to *UNKN* rubles to the dollar . STOP 
*CUNKS* news agency said the devaluation also will apply to foreigners ' transactions . STOP 
But it did n't elaborate , and it remains unclear how far Western tourists and foreigners living in Moscow will be allowed to benefit from the sweeping rate cut . STOP 
The current ruble rate has long been out of line with the black market . STOP 
As Soviet leader Mikhail Gorbachev has opened up the country to foreign trade , the *UNK* has become ever greater . STOP 
Western tourists in the Soviet Union who could exchange a dollar -- *UNK* illegally -- for about four rubles a year ago are now being offered 15 rubles or more . STOP 
Even at such rates , black *UNKS* have been able to make big profits because of the *UNK* shortage of consumer goods here . STOP 
They use dollars to buy Western items such as video recorders and personal computers and then sell them at a huge *UNK-* . STOP 
The going rate for a small personal computer that costs about $ 2,000 in the West is anywhere from 50,000 to 100,000 rubles . STOP 
Even a pack of 20 Western cigarettes can fetch 20 rubles or more . STOP 
With more than 300 billion rubles in savings accounts and little to spend them on , Soviet consumers *UNK* at the *UNK* *UNK-* prices for such goods -- but they buy them anyway . STOP 
Moscow has already *UNKLY* admitted that the ruble is n't worth much , announcing in August that it will pay Soviet farmers in hard currency for grain and other produce that they grow in excess of *UNK-* quotas . STOP 
`` The *UNK* of the official rate should seem obvious to everyone , '' the afternoon newspaper *CUNK* wrote in a brief *UNK* on the devaluation . STOP 
The State Bank 's move is part of a drive to iron out exchange-rate *UNKS* as Moscow moves toward making the ruble convertible -- a goal that Soviet bankers and economists say is still far away . STOP 
*CUNKS* of an impending devaluation have been *UNKING* in Moscow for weeks , but the size of the cut took many Western bankers by surprise . STOP 
`` It 's much bigger than we expected , '' said one German banker , who asked not to be named . STOP 
The next step , which could have a larger effect on businesses , will come early next month , when the Bank for Foreign Economic Affairs is to hold its first auction of foreign currency . STOP 
Soviet companies *UNKING* Western currencies to buy equipment and supplies abroad will be able to submit bids . STOP 
*CUNKS* for the auction , which was supposed to take place last spring and become a regular event , have been *UNKED* by a lack of hard currency . STOP 
Soviet firms that hold some are *UNKING* to part with it , and joint ventures are n't yet allowed to participate . STOP 
The *CUNK* also has been *UNKING* to provide hard currency for the auction , using a lot of it instead to finance emergency imports of consumer goods . STOP 
If foreign tourists and businesses could sell their currencies freely at the new , better exchange rate , that would enable the State Bank to increase its dollar reserves and would *UNK* up some of the excess rubles in the economy at the same time . STOP 
But the amounts they exchange may be limited ; most Soviet hotels , for example , demand payment in hard currency from Western visitors . STOP 
Unless other rules are changed , the devaluation could cause difficulties for the people it is primarily meant to help : Soviets who travel abroad . STOP 
Over the past three years , thousands of people here have made use of *UNKER* travel restrictions to get their first taste of life abroad . STOP 
But under current rules , they are allowed to change just 200 rubles into dollars and other currencies for each trip . STOP 
At the new rate , that would give them about $ 30 to travel on . STOP 
It is n't yet clear whether the *UNK-* limit will be lifted . STOP 
If it is n't , the black market for dollars probably will continue to *UNK* . STOP 
International Business Machines Corp. made news this summer when it *UNKED* an unusual contract to manage all of Eastman Kodak Co. 's *UNKING* needs . STOP 
But the computer giant appears to have lost a second key contract with Kodak to *UNKAL* Digital Equipment Corp . STOP 
Kodak yesterday confirmed that it has entered negotiations with Maynard , *CUNKED* Digital to manage all of its voice and data communications needs . STOP 
Kodak , based in Rochester , N.Y. , said IBM also had bid for the business . STOP 
IBM is based in *CUNK* , N.Y . STOP 
The loss is a setback to IBM , which pointed to the Kodak contract as an example of its success in systems integration . STOP 
That 's an emerging business in which computer makers or consultants provide *UNK* communications and computing services to major corporations . STOP 
A Kodak spokesman declined to disclose the potential value of the contract , which is still in *UNKION* . STOP 
He said that American Telephone & Telegraph , MCI Communications Corp. , Rochester Telephone Corp. and IBM itself would likely be Digital 's *UNKS* on the project . STOP 
`` When we decided to look outside the company for critical *UNKING* and communications services , we wanted to get the best *UNK* for that service , '' said Paul Allen , the spokesman . STOP 
`` That 's why we went with IBM for data center management ... and now Digital for voice and data telecommunications . STOP 
This year is the *UNK* anniversary of the Federal Reserve System , and some members of Congress think it 's time to take a fresh look at the nation 's central bank . STOP 
After 75 years there may be a few things that are worth *UNKING* . STOP 
The regional Federal Reserve Bank *UNK* , for instance , may be out of date . STOP 
In earlier years it may have seemed reasonable to give Richmond , Va. , a bank and allow Los Angeles only a branch of the San Francisco bank , but times have changed . STOP 
Maybe the whole regional system is an *UNK* ; the Fed , after all , is a national central bank . STOP 
Some of the would-be *UNKS* , however , want to restore an arrangement we once had -- or , at least , part of it . STOP 
In the beginning , the treasury secretary and the comptroller of the currency were both *UNK* *UNK* members of the Federal Reserve Board . STOP 
But in *UNKN* , when Congress was trying to find someone or something to blame for the Great *CUNKION* , it decided to drop both the secretary and the comptroller from the board . STOP 
Carter Glass , a former treasury secretary who was then back in Congress , probably influenced the decision . STOP 
He said that when he was on the board he felt that he had a great deal of power and , somehow , he did n't think that was a good thing . STOP 
Times have changed . STOP 
Rep. *CUNK* *CUNK* -LRB- D. , *CUNK* . -RRB- has introduced a bill in Congress , *UNKED* by Rep. Lee Hamilton -LRB- D. , Ind. -RRB- , that would put the treasury secretary back on the board . STOP 
There is doubt that the change would accomplish much but at least Congress , as in *UNKN* , would be doing something . STOP 
So far no one has suggested putting the comptroller back on the board . STOP 
Nicholas Brady , the *UNK* treasury secretary , is of course aware of the proposal , and he does n't like it much . STOP 
Mr. *CUNK* has changed tactics , dropping the *UNK-* idea . STOP 
That may have pleased the secretary , but H. *CUNK* *CUNK* , chief economist of the investment firm of *CUNK* , *CUNK* & Co. , suggests that Mr. Brady may figure he already has all the power he needs . STOP 
Like most treasury *UNKS* , Mr. Brady takes a *UNK* interest in monetary matters , of course . STOP 
He was , in fact , taking an especially *UNK* interest in board matters even before he went to the treasury . STOP 
After the October 1987 market crash , Mr. Brady as a private *UNK* headed a presidential commission that tried to decide what went wrong and what should be done about it . STOP 
One of the commission 's recommendations was that a single agency , probably the Federal Reserve , should coordinate regulation of all financial markets . STOP 
This recommendation might have encouraged a *UNK-* *UNK* to try to expand his power , but so far Federal Reserve Chairman Alan Greenspan has n't made a pitch for the job . STOP 
The Fed has plenty of responsibilities in times of market turmoil and in 1987 and again in 1989 it appears to have handled them well . STOP 
Mr. Brady has said he thought government agencies in the latest market drop were better prepared to coordinate their actions , but he has left no doubt that he still likes the ideas the commission advanced nearly two years ago . STOP 
In recent weeks , *UNKER* , Mr. Brady has joined other administration officials in trying to urge the Fed toward lower interest rates . STOP 
The urging *UNKLY* has been *UNK* . STOP 
In an interview with the Washington *CUNK* in early October , the secretary said the Fed may be slightly more interested in *UNKING* inflation than the administration is , while the administration may put slightly more emphasis on *UNKING* economic growth . STOP 
At least some economists , of course , would argue that inflation *UNKS* a lot of emphasis . STOP 
Earlier this month the St. Louis Fed held a conference to assess the system 's first 75 years . STOP 
*CUNK* *CUNKER* , a *CUNK-* University economist , noted that the Fed 's record included the *UNKEST* , most sustained , *UNK* inflation in our history , *UNKING* from either 1966 or *UNKN* to 1989 . STOP 
The *UNK-* argument is an old one , but Mr. Brady , on the board or off , is surely trying to influence Fed policy . STOP 
*CUNKLY* *UNKLY* , the treasury secretary has *UNKED* the administration effort to bring the U.S. dollar down by shopping *UNKLY* for West German marks and Japanese yen . STOP 
The treasury can do something on its own , but to have any hope of success it needs help from the Fed . STOP 
The central bank has been helping , but apparently not especially *UNKLY* . STOP 
The Fed has been *UNKING* in foreign currency markets , all right , but through August , at least , it appeared to be `` *UNKING* '' the intervention . STOP 
In other words , it was offsetting purchases of marks and yen by buying dollars in the domestic money market . STOP 
Now , *UNKED* intervention may have some effect . STOP 
When traders see the Fed is in the exchange market it may make them *UNK* a little carefully , for fear of what the central bank may do . STOP 
But it 's generally accepted that *UNKED* intervention has little or no *UNKING* impact on currency values . STOP 
After August the Fed may have stopped *UNKING* , but it 's hard to see much impact on the dollar . STOP 
The dollar is still highly volatile . STOP 
The Fed has let interest rates slip slightly , but whether the main reason was dollar intervention , the *UNK* reports on manufacturing employment , or the Friday 13 market drop , only Mr. Greenspan and his associates know . STOP 
Earlier this year , Martin *CUNK* , president of the National Bureau of Economic Research , argued *UNKLY* that a government that wants steady , stable exchange rates might try some steady stable economic policies . STOP 
*CUNKING* to manage exchange rates to some *UNKED* level , he said , `` would mean *UNKING* monetary and fiscal policies from their *UNK* *UNKS* and thereby *UNKING* excessive inflation and unemployment and inadequate capital formation . '' STOP 
The more we think about it , the more we suspect Mr. Brady does indeed have enough power where he already is . STOP 
This has been a week of *UNKING* events behind what was once called the Iron *CUNK* and interesting *UNKS* in official American policy toward Moscow . STOP 
It has also been a week when *UNK-* Washington has had a high old time *UNKING* over *UNK-* Reagan 's *UNK-* *UNK* in Japan . STOP 
The latter may seem *UNKLY* *UNK* , if not *UNK* *UNKAL* , given the big picture and the way we have handled it in the nation 's capital has done nothing to *UNK* that impression . STOP 
In fact , however , Mr. Reagan 's *UNKAL* *UNK* of the office he so recently held raises issues about which Americans can actually do something . STOP 
Our ability to influence the outcome of events in Eastern Europe and the Soviet Union is far more marginal . STOP 
Those events continue to move at a rate , and in a direction , which leave informed *UNK* -- let alone policy -- far in their wake . STOP 
Earlier this week , Soviet Foreign Minister *CUNK* A. Shevardnadze *UNKED* that the U.S.S.R. ignored universal human values by *UNKING* Afghanistan and , to put it *UNKLY* , `` engaged in a violation of the ABM *CUNK* '' by building its radar station at *CUNK* . STOP 
Hungary is no longer a `` Socialist *CUNKS* '' *UNK* , the Communist Party no longer has automatic *UNKS* in the U.S.S.R. 's Congress of *CUNKS* *CUNKS* and *CUNK* Krenz was not backed unanimously by his fellow party *UNKS* when he took over as East Germany 's new maximum leader . STOP 
All of that is just for *UNKS* , or so the hundreds of thousands of Eastern Europeans in the streets seem to hope and are certainly demanding . STOP 
Of like , though *UNKER* , note , Secretary of State James Baker put the administration *UNK-* behind perestroika and glasnost , and therefore behind Mikhail Gorbachev , in a *UNK* of carefully *UNKED* *UNKS* over the past week or so . STOP 
And , last but not least , President George Bush now views the changes in Eastern Europe as `` absolutely extraordinary '' and believes that Mr. Krenz `` ca n't turn the *UNK* back '' in East Germany because the change is too *UNK* , '' as he told the New York Times 's *CUNK* Apple *CUNK* . STOP 
-LRB- In other words , after some highly visible *UNKING* and public airing of differences , the administration has come down on the side of those who believe that what we are *UNKING* from Berlin to *CUNK* is a good thing to be *UNKED* , rather than a new thing to be feared or viewed with *UNKION* . -RRB- STOP 
All of this is what history will note , assuming that events do n't make it seem a bad *UNK* , when the record of this time is put down . STOP 
For journalists , however , who write what they *UNKLY* view as history 's first *UNK* , this has also been a week to give a lot of space and time to Ron and *CUNK* 's sales appearance in Japan on behalf of a communications giant and its controversial founder . STOP 
It has been a *UNK-* transaction , this *UNKING* away of the *UNK* of the *UNK* 's highest office . STOP 
The Japanese *UNK* has *UNKED* up at least $ 2 million , the Japanese government has put up just about as much , or so it is reported and at least one estimate puts the total *UNK* at $ 7 million . STOP 
All of which has *UNKED* those of us in Washington who enjoy *UNKING* in such things to go into high public *UNK* , as Mr. Apple and I did the other night on ABC 's `` *CUNK* . '' STOP 
*CUNKING* away , we raised what I still think were all the right issues and *UNKED* more than one hard blow , but at the end of the affair , there was just the *UNKEST* *UNKING* worry that we had been *UNKING* at the wrong target . STOP 
As one of his *UNKS* so *UNKLY* put it , President Reagan was simply doing what he had always done before his election -LRB- and some would say thereafter as well -RRB- . STOP 
He was performing for pay , and why should anyone expect anything more ? STOP 
*CUNKLY* because there 's more to the matter than Ronald Reagan 's personal values , or lack of them . STOP 
*CUNKING* the presidency for a mess of *UNK* is not so much a devaluation from the *UNK* of public life today as it is a *UNKION* of the *UNKION* of public standards . STOP 
The theme song for the 1980s has been , `` *CUNKING* *CUNKS* , '' and it has been *UNKED* with *UNK* from Wall Street to some of the highest *UNKS* of *UNK* . STOP 
There are those who say that this is nothing new , that America has always suffered from a bad case of *UNK* when it comes to the *UNK* between what is *UNKED* and what is *UNKED* . STOP 
There is evidence to support that view . STOP 
*CUNK-* years ago , William James wrote to *CUNK* Wells : `` The moral *UNKS* born of the exclusive *UNK* of the *UNK* *UNKS* success ... that , with the *UNK* cash interpretation put on the word success , is our national disease . '' STOP 
But if it was the national disease in 1906 , it is today the national *UNK* . STOP 
If there is no law against it , do it . STOP 
If the law leaves *UNKS* , use them . STOP 
If there is no moral *UNKION* that *UNKLY* *UNKS* it , full speed ahead . STOP 
And if you are caught or if people complain , simply argue that `` everyone does it '' or `` no one said I should n't '' and *UNK* it out . STOP 
As a last *UNK* , when all else has failed and you are *UNKED* , *UNK* for having disappointed those who *UNKED* you but deny having actually done anything wrong . STOP 
-LRB- *CUNK* , for instance , Jim *CUNKER* 's remarks upon being sentenced to prison this Tuesday for *UNKING* the *UNK* . -RRB- STOP 
Consider the *UNKING* *UNK* between Mr. Shevardnadze 's speech of *UNKION* this week and the *UNK-* defense of everyone concerned with the Iran-Contra affair . STOP 
The Soviet foreign minister publicly concedes that his government `` violated *UNKS* of behavior '' in Afghanistan and just plain *UNKED* about the radar station . STOP 
We have people in high place still *UNKING* through their *UNK* about Iran-Contra , and that apparently is n't going to change . STOP 
For that matter , those long ago identified as *UNKS* are still given *UNK* hearings in the press . STOP 
That is the key to the current `` national disease . '' STOP 
No one seems willing to hold anyone in public life to a standard higher than the *UNKEST* construction of the law . STOP 
The *UNKAL* media *UNK* *UNK* about some *UNK* 's private *UNKS* *UNKING* , the general *UNKION* is to offer a version of the old *UNK* , `` Who am I to judge ? '' STOP 
Thus , no standards , no judgment and no values . STOP 
`` You are *UNK* because he 's making so much money , '' say President Reagan 's *UNKS* . STOP 
No , we ought to be *UNK* because he has *UNKED* the office we gave him , *UNKING* it in the service of private gain , just as we ought to be *UNK* that public officials lie through their *UNK* , play *OUS* games about their activities or , to steal a *UNK* , make public service a private *UNK* . STOP 
`` I 'm not going to be *UNKED* into *UNKING* to any of this , President Bush told Mr. Apple in this week 's interview . STOP 
He was referring to the `` absolutely extraordinary '' events in Eastern Europe , and it is a *UNK* position . STOP 
But there is no defense at all for the *UNKS* of the 1980s . STOP 
We did n't *UNK* into it , we *UNKED* and slipped down the long *UNK* , and now we have as its *UNKAL* symbol a former president *UNKING* for a foreign *UNK* . STOP 
Or perhaps that is a *UNKING* symbol for the United States of 1989 : Everything for sale ; nothing of real value . STOP 
Mr. Carter is a political *UNK* who heads a television production firm . STOP 
Cineplex Odeon Corp. directors said the company 's chairman and chief executive , *CUNK* Drabinsky , is considering bidding *UNKN* million Canadian dollars -LRB- US$ *UNKN* million -RRB- to acquire the company . STOP 
The board said Mr. Drabinsky and Vice Chairman *CUNK* *CUNK* are negotiating financing before offering C$ *UNKN* a share to acquire all of Cineplex 's shares outstanding . STOP 
The directors added that the two executives have n't reached a final decision to proceed with a bid and that until an offer is made the board will continue seeking higher offers from other bidders . STOP 
The directors said if Messrs. Drabinsky and *CUNK* mail an offer to shareholders by Nov. 22 , it will *UNK* them a maximum of C$ 8.5 million for expenses related to a bid . STOP 
`` We consider that his bid is an acceptable bid , '' said *CUNK* *CUNKER* , spokeswoman for the independent directors ' committee appointed last May to *UNK* and review bids for the company in the wake of a dispute between Mr. Drabinsky and Cineplex 's major shareholder , MCA Inc . STOP 
MCA and Cineplex 's other major shareholder , *CUNKED* financier Charles *CUNK* and his associates , have agreed to tender their holdings to an offer by Mr. Drabinsky unless a higher offer is made by another bidder . STOP 
MCA holds half of Cineplex 's equity and 33 % of its voting rights through restricted voting shares , while *CUNK* interests hold about 24 % of the company 's equity . STOP 
Ms. *CUNKER* said the committee had received other bids . STOP 
She declined to identify other bidders but said Mr. Drabinsky 's offer `` is all cash , and it 's for all of the company . '' STOP 
Several Cineplex analysts have speculated that outside bids received by the committee were either *UNKLY* low or for only part of the company . STOP 
`` All this has really established is that MCA and the *CUNKS* have agreed on a price at which they can be bought out , '' said *CUNK* *CUNK* , an analyst with *CUNK* , *CUNK* in Los Angeles . STOP 
`` If a bid *UNKS* at that price , shareholders will have every reason to be *UNK* , but the question of financing still remains . '' STOP 
Last April , Mr. Drabinsky and a group of financial *UNKS* planned to acquire up to *UNKN* % of Cineplex for C$ *UNKN* a share from *CUNK* associates . STOP 
Mr. Drabinsky , who would have had the right to vote those shares for two years , said the purchase , subsequently rejected by regulators , was aimed at *UNKING* his control of the company . STOP 
MCA strongly opposed the Drabinsky group 's move . STOP 
The directors did n't indicate the source of financing for Mr. Drabinsky 's new proposal , but said MCA and the *CUNK* associates agreed in principle to buy for $ 57 million and then lease back to Cineplex its *UNK-* theater complex in *CUNKAL* City , Calif. , if Mr. Drabinsky succeeds in an offer . STOP 
`` This is being done at the suggestion of -LCB- Mr. Drabinsky -RCB- and to accommodate him , to *UNK* his financing arrangements , '' Ms. *CUNKER* said . STOP 
In addition , the directors said if a bid by Mr. Drabinsky is successful , Cineplex expects *CUNK* *CUNKION* PLC to acquire the 51 % of Cineplex 's Film House unit it does n't own , and provide Mr. Drabinsky with additional loan financing . STOP 
Michael *CUNK* , *CUNK* 's chief executive , said the British theater chain 's total involvement `` would n't exceed $ 100 million '' but declined to give a breakdown between the loan financing and the proposed Film House purchase . STOP 
Cineplex shareholders responded *UNKLY* to yesterday 's announcement . STOP 
In trading on the New York Stock Exchange , Cineplex closed at $ 11 , down 25 cents , with more than a million shares changing hands . STOP 
On the Toronto Stock Exchange , Cineplex closed at C$ *UNKN* , off 37.5 Canadian cents , well below the C$ *UNKN* level . STOP 
`` Where 's the bid ? '' asked *CUNK* *CUNK-* , an analyst and broker with Toronto securities dealer *CUNK* St. Lawrence Ltd . STOP 
Mr. *CUNK-* said he does n't think Messrs. Drabinsky and *CUNK* are `` anywhere close '' to *UNKING* financing and that investors will need a solid offer before the stock begins to rise again . STOP 
Mr. Drabinsky could n't be reached for comment . STOP 
Two West German chemical companies announced steps that apparently are designed to boost the chemical industry 's standing among environmental groups and the general public . STOP 
Hoechst AG 's Chairman *CUNK* *CUNKER* said the company wants to have a substitute product to completely replace *UNKING* *UNKS* by 1995 . STOP 
In April , Hoechst , the largest producer of CFCs in West Germany , said it wanted to reduce production of the product by 50 % by 1993 . STOP 
Mr. *CUNKER* said Hoechst will invest 50 million marks -LRB- $ *UNKN* million -RRB- in a plant to make a substitute product it has developed that it says is *UNKED* . STOP 
The company hopes the new plant , likely to be built in Frankfurt , will be able to produce 10,000 tons a year . STOP 
This year , Hoechst will produce about *UNKN* tons of CFCs in factories in Frankfurt , Spain and Brazil . STOP 
Of Hoechst 's *UNKN* billion marks in group sales in 1988 , 200 million marks came from sales of CFCs . STOP 
Also , *CUNK* AG , another large chemicals company , said it formed a separate division that will study the environmental impact of plastics and will investigate all possibilities of *UNKING* plastics . STOP 
George L. *CUNK* , 53 years old , senior vice president of Texas Eastern Corp. , was elected a group vice president of this *UNK-* concern . STOP 
Mr. *CUNK* , who succeeds retiring Richard C. *CUNK* , will be responsible for gas supply , regulatory affairs , and marketing and transportation and exchange for *CUNK* Eastern *CUNK* Line Co. , *CUNK* Gas Co. , Texas Eastern *CUNKION* Corp. and *CUNK* Gas *CUNKION* Co . STOP 
All of the companies are units of *CUNK* Eastern Corp. , which acquired Texas Eastern Corp. earlier this year . STOP 
*CUNK* Coors Co. said its Coors Brewing Co. unit will test market a new line of *UNKED* water in the West beginning early next year . STOP 
The move , which was expected , marks the first time since *CUNKION* that Coors has sold a *UNK-* *UNK* , and marks the company 's entry into a crowded , but *UNKING* market that generated about $ 2.2 billion in sales last year . STOP 
Coors is hoping to become one of the first companies to distribute *UNKED* water nationwide . STOP 
*CUNKER* , sold by *CUNKER* Group of America , a unit of Source *CUNKER* S.A. of Paris , and *CUNK* , sold by a U.S. unit *CUNK* of France , are distributed to urban areas nationally , but are less available in rural communities . STOP 
Coors , with its large *UNKION* network , could *UNK* more markets . STOP 
The company said the water will be called Coors *CUNK* Mountain *CUNKING* Water and will come from the same mountain spring as water used in Coors beer . STOP 
The company said it will sell the water plain and with *UNK-* and *UNK* *UNKS* and will package it in *UNK-* *UNKS* and 6.5 ounce *UNKS* as part of *UNKS* . STOP 
The test markets , though not specified , will be in northern California , Arizona and Colorado , some of the hottest *UNKER* markets . STOP 
Some of America 's biggest trading partners gave a quick *UNK-* to a U.S. proposal to *UNK* world trade and reduce *UNK-* subsidies . STOP 
In Geneva , where world trade talks are being held under the General *CUNK* on *CUNKS* and Trade , or *CUNK* , the European Community called the U.S. proposal `` a step *UNK* . '' STOP 
And Japan 's minister of agriculture , *UNK* and *UNKS* told a committee of Japan 's *UNK* that Washington 's proposal was *UNKAL* and that Tokyo would continue to heavily *UNK* its rice farmers . STOP 
The U.S. , in a far-reaching plan submitted to the Geneva meeting Tuesday , proposed *UNKING* price support subsidies within 10 years and eliminating export subsidies within five years . STOP 
U.S. officials said the plan was flexible , and was intended as a *UNK* approach for gradually removing *UNKING* subsidies . STOP 
But the EC reacted *UNKLY* , arguing that the proposal 's main aim is to destroy the *CUNK* *CUNKAL* Policy , the EC 's $ 28 *UNK-* price support program . STOP 
`` The American proposal is not an adequate basis for *UNKION* , '' the EC said in a statement . STOP 
EC officials say they are *UNKED* that the U.S. has set a specific timetable and is insisting on the `` *UNKION* '' of export *UNKS* , not just reduction . STOP 
EC Agriculture *CUNKER* Ray *CUNK* said the U.S. plan `` calls into question '' the agreement reached by world negotiators last April in Geneva seeking `` substantial *UNK* reductions in agricultural support and protection . '' STOP 
U.S. *CUNK* Trade *CUNK* *CUNKS* Katz *UNKED* that the proposal was entirely consistent with the April accord . STOP 
He said he was surprised by the EC 's reaction , calling it `` *UNK* , even *UNK* . '' STOP 
The U.S. proposal also was criticized by *UNKING* developing countries , who said that the U.S. made no special *UNKS* for poor nations . STOP 
While many experts argue that *UNKING* nations would eventually become *UNK-* in a free-market system , the *UNKEST* nations are likely to need help in the meantime . STOP 
*CUNK* Katz said the U.S. was open to discussing particular problems of developing countries . STOP 
The U.S. administration said its plan would allow considerable flexibility in *UNKING* how and when the *UNK-* goals would be achieved . STOP 
The U.S. argues that its plan would ease the transition to *UNKER* agriculture trade by converting certain *UNK-* barriers into tariffs that , together with existing tariffs , then would be *UNKED* out over 10 years . STOP 
But the EC is strongly opposed to converting agricultural supports into tariffs . STOP 
The new U.S. package also says countries could temporarily raise tariffs on certain products if they experience an unusually heavy volume of imports . STOP 
It would establish procedures to prevent countries from using health and *UNKION* rules to *UNK* trade *UNKLY* . STOP 
*CUNKING* to *UNK* European concerns , U.S. Agriculture Secretary *CUNK* *CUNKER* said in Washington that the new U.S. plan would n't `` put farmers out of business '' but would encourage them to `` grow what the markets desire instead of what the government wants . '' STOP 
The EC , with a population of *UNKN* million , has 8.5 million farmers , while the U.S. , with a population of about *UNKN* million , has only two million farmers . STOP 
Japan 's *UNKS* to the U.S. plan center around its desire to stay *UNK-* in rice , a *UNK* food , even though foreign producers are far more efficient . STOP 
Bell Atlantic Corp. said it agreed *UNKLY* to acquire one of Control Data Corp. 's *UNK-* businesses . STOP 
Terms of the accord were n't disclosed . STOP 
Control Data 's *UNK-* maintenance unit services products primarily made by Digital Equipment Corp. and International Business Machines Corp . STOP 
The unit has 6,000 customers and , according to one analyst , had 1988 revenue of about $ 85 million . STOP 
Under the agreement , which had been widely expected , Bell Atlantic would be buying Control Data 's customer base and its approximately 100 U.S. maintenance facilities in about 33 cities . STOP 
However , Control Data would continue to provide maintenance services for customers of its *CUNKER* product line . STOP 
The unit represents a small portion of *CUNKED* Control Data 's overall *UNKING* business , which last year posted sales of about $ 400 million . STOP 
Earlier this year , the company sold a similar unit in Europe for about $ 25 million . STOP 
Lawrence *CUNK* , Control Data 's president and chief operating officer , said the maintenance business no longer fits into the company 's `` strategy to be a data solutions company . '' STOP 
Thomas *CUNKS* , president of Bell Atlantic 's customer services division , said the acquisition would give the company 's *CUNKS* *UNK-* unit added expertise in `` the increasingly sophisticated *UNKION* and *UNK-* mainframe technologies . STOP 
Two recent decisions by federal courts cast judges in the odd role of telling authors how they should write history and *UNK* . STOP 
These decisions *UNK* more attention than they have received from *UNKS* , and from journalists as well . STOP 
Russell Miller 's `` *CUNKED* *CUNK* : The *CUNK* *CUNK* of L. Ron *CUNK* '' is a *UNK* of the founder of the Church of *CUNK* . STOP 
Mr. *CUNK* , who died in 1986 , *UNKED* the *UNKS* on his *UNKS* to his church , which licensed them to New *CUNK* Publications , a *CUNK* corporation . STOP 
In 1988 New *CUNK* sought a permanent injunction to *UNK* Henry *CUNK* & Co. from publishing `` *CUNKED* *CUNK* '' on the ground that Mr. Miller 's quotations from Mr. *CUNK* *UNKED* the *UNKS* . STOP 
The publisher argued in response that the `` fair use '' statute permits *UNKION* `` for purposes such as criticism , comment , news reporting , *UNKING* , ... *UNK* , or research . '' STOP 
District Court Judge *CUNK* *CUNKAL* denied the injunction on the ground that New *CUNK* had failed to make its claim within a reasonable time -- the *UNK* lawyers call `` *UNKS* . '' STOP 
As for the *UNKS* , Judge *CUNKAL* said that Mr. Miller had written `` a serious book of responsible historical criticism . '' STOP 
*CUNK* *UNKION* , the judge believed , was justified in order to prove points the author had asserted about Mr. *CUNK* -- *UNK* , *UNK* , *UNK* and other *UNKLY* *UNKS* that could not be *UNKLY* *UNKED* without use of Mr. *CUNK* 's own words . STOP 
`` The *UNK* , '' Judge *CUNKAL* wrote , `` should not be required simply to *UNKS* ... *UNKS* without *UNKING* them by example . STOP 
'' In such circumstances , *UNK-* interests *UNKED* the interests of the copyright owner . STOP 
But Judge *CUNKAL* felt *UNKED* by an earlier decision of the Second Circuit Court *UNKING* a *UNKER* of *CUNK* *CUNKER* to *UNK* from Mr. *CUNKER* 's personal letters . STOP 
He *UNKED* the two cases : In *CUNKER* , Judge *CUNKAL* noted , the quotations were for the purpose of *UNKING* the *UNK* rather than of proving points about the subject . STOP 
Still the *CUNKER* decision created a strong *UNKION* against fair use of *UNKED* materials . STOP 
Judge *CUNKAL* *UNKLY* concluded that a few of Mr. Miller 's quotations from Mr. *CUNK* 's *UNKED* *UNKS* , because they were not necessary to prove historical points , failed the *UNK-* test and therefore *UNKED* copyright . STOP 
But the proper *UNK* , Judge *CUNKAL* said , lay in a suit for damages , not in an injunction . STOP 
The case went on appeal to the Second Circuit . STOP 
In a decision in April of this year , Judge Roger *CUNKER* , joined by Judge Frank *CUNK* , agreed on *UNKING* the injunction and did not doubt that `` *CUNKED* *CUNK* '' was a serious work but rejected Judge *CUNKAL* 's argument that the public interest in *UNK* could *UNK* the *UNK* of copyright . STOP 
`` We conclude , '' the two judges wrote , `` that *UNKS* is the sole bar to the issuance of an injunction . '' STOP 
*CUNK* the suit been filed in time , they said , `` *CUNKED* *CUNK* '' would have been *UNKED* . STOP 
This was too much for James *CUNKS* , the court 's chief judge . STOP 
In a powerful separate opinion , Judge *CUNKS* further *UNKED* the *CUNKER* case by *UNKING* out that a living person , like Mr. *CUNKER* , had *UNK* rights that did not apply to a dead man , like Mr. *CUNK* . STOP 
`` I thought that *CUNKER* might by being taken in another *UNKAL* context come back to *UNK* us . STOP 
This case *UNKS* that concern . '' STOP 
*CUNKS* by the Second Circuit itself , Judge *CUNKS* continued , had recognized that public interest in the subject matter and the *UNK* in particular cases of *UNK* quotations are *UNKAL* components of fair use . STOP 
And the injunction *CUNKS* *CUNKER* and *CUNK* would so readily have granted had New *CUNK* sued in time ? STOP 
*CUNKION* of the book , Judge *CUNKS* observed , would operate as a prior restraint and thus involve the First Amendment . STOP 
Moreover , and here Judge *CUNKS* went to the heart of the question , `` *CUNK* *UNKS* and *UNKS* constantly use primary sources , letters , *UNKS* , and *UNK* . STOP 
Indeed , it would be irresponsible to ignore such sources of information . '' STOP 
Now , *UNKS* in *UNKING* their responsibility do not claim the right to *UNK* every collection of papers that bears upon their *UNKS* of investigation . STOP 
And of course they agree that people can impose restrictions on the use of their papers , whether in their own *UNKION* or as donated or sold to *UNKS* . STOP 
But in the `` *CUNKED* *CUNK* '' case the author found most of his material in court records or via the *CUNK* of Information Act . STOP 
And when responsible *UNKS* gain legitimate access to *UNKED* materials , copyright should not be permitted to deny them use of quotations that help to establish historical points . STOP 
*CUNKS* *CUNKS* and *CUNKAL* understand the requirements of historical *UNK* . STOP 
*CUNKS* *CUNKER* and *CUNK* do not appear to have a *UNK* . STOP 
Yet at the moment they are the judges who are making the law . STOP 
As matters stand , the *CUNKER* ruling , *UNK* from context and broadly *UNKED* , is controlling . STOP 
If an author quotes `` more than minimal amounts '' of *UNKED* *UNKED* materials , as the *CUNKER* decision had it , `` he *UNKS* to be *UNKED* . '' STOP 
The courts have not defined `` minimal amounts , '' but publishers , I understand , take it to mean about 50 words . STOP 
The `` *CUNKED* *CUNK* '' decision strikes a blow against the whole historical *UNK* . STOP 
A second decision , handed down in August by the Court of Appeals for the *CUNK* Circuit , is another blow against *UNK* . STOP 
*CUNK* Malcolm , a professional writer on *UNK* matters , wrote a series of articles for the New *CUNKER* , later published in book form by *CUNK* under the title `` In the *CUNK* *CUNKS* . '' STOP 
The articles were largely based on interviews Ms. Malcolm had taped with Jeffrey Masson , a *UNK* who had served as projects director of the *CUNK* *CUNKS* . STOP 
Mr. Masson then brought a *UNK* suit against Ms. Malcolm , the New *CUNKER* and *CUNK* . STOP 
As a public figure , Mr. Masson had to prove *UNK* and , as proof of *UNK* , Mr. Masson contended that *UNK* quotations *UNKED* to him by Ms. Malcolm were in fact *UNKED* . STOP 
The quotes could not be found on the *UNKS* , and the two judges who decided the case for Ms. Malcolm and her publishers conceded that , for the purpose of their decision , `` we assume the quotations were deliberately *UNKED* . '' STOP 
For all *UNKS* and most journalists , this admission would have been sufficient to *UNK* the Malcolm articles . STOP 
But Judge Arthur *CUNK* , joined by Judge *CUNK* *CUNK* Hall , took the *UNKING* position that it is perfectly OK to *UNK* quotations so long as a judge finds that the *UNKS* do not alter *UNK* content or are rational *UNKS* of *OUS* remarks . STOP 
In his *UNK* *UNK* , Judge Alex *CUNK* observed that when a writer uses *UNKION* marks in reporting what someone has said , the *UNKER* assumes that these are the *UNKER* 's *UNK* words or at least his words *UNKED* of `` *UNK* '' and `` you know '' and *UNKAL* error . STOP 
While judges have an obligation under the First Amendment to *UNK* freedom of the press , `` the right to deliberately alter quotations is not , in my view , a *UNK* of a free press . '' STOP 
Ms. Malcolm , for example , wrote that Mr. Masson described himself as `` the greatest analyst who ever lived . '' STOP 
No such statement appears on the *UNKS* . STOP 
The majority cited Mr. Masson 's *UNK* `` It 's me alone ... against the rest of the *UNK* world '' as warrant for the Malcolm *UNKION* . STOP 
But , as Judge *CUNK* noted , the context shows that Mr. Masson 's `` me alone '' *UNK* referred not to his alleged *UNK-* in his *UNKION* but to the fact that his position on a particular issue was not shared by anyone else . STOP 
Ms. Malcolm had Mr. Masson describing himself as `` an intellectual *UNK* . '' STOP 
*CUNK* , no such statement appears on the *UNKS* . STOP 
The majority decision contended that the *UNK* was a rational interpretation of Mr. Masson 's *UNKION* of himself as a `` private asset but a public liability '' to *CUNK* *CUNK* and that in any case it was not *UNK* . STOP 
Judge *CUNK* found the *UNKION* entirely *UNKED* and writes that `` for an academic to *UNKER* to himself as an intellectual *UNK* is ... a devastating admission of professional *UNK* . '' STOP 
These were only two of a series of *UNKS* that had , in Judge *CUNK* 's words , the cumulative effect of making Mr. Masson `` appear more *UNK* , less sensitive , *UNKER* , more *UNKING* , and less in touch with reality than he appears from his own statements . '' STOP 
As Robert *CUNKS* wrote in a review of Ms. Malcolm 's book , Mr. Masson *UNKS* `` as a *UNK* *UNK* ... and , in the end , a *UNK-* *UNK* . STOP 
But it is not *CUNK* Malcolm who calls him such : his own words reveal this psychological profile . '' STOP 
We now know that the words were not always his own . STOP 
`` There is one *UNKED* rule of *UNK* , '' John *CUNK* has said . STOP 
`` The writer must not *UNK* . '' STOP 
Should the green light *CUNKS* *CUNK* and Hall have given to the *UNKION* of quotations become standard practice , it will notably reduce the value of *UNK* for *UNKS* -- and for citizens . STOP 
As Judge *CUNK* put it : `` To *UNK* the right to deliberately *UNK* what someone else has said is to *UNK* the right to lie in print ... . STOP 
Masson has lost his case , but the defendants , and the *UNKION* to which they *UNK* , have lost far more . '' STOP 
The historical *UNKION* will survive these decisions . STOP 
Perhaps in time the Supreme Court will correct them . STOP 
But writing history is tough enough without judges *UNKLY* throwing obstacles in the *UNK* 's path . STOP 
Mr. *CUNKER* is Albert *CUNKER* professor of the *UNKS* at the City University of New York and a winner of *CUNKER* *CUNKS* in history and *UNK* . STOP 
*CUNK* *CUNK* , 41 years old , senior vice president , marketing at *CUNK* Entertainment Inc. , was named president of Capitol Records Inc. , a unit of this entertainment concern . STOP 
Mr. *CUNK* succeeds David *CUNK* , who resigned last month . STOP 
Legal *UNKS* in America have a way of assuming a *UNK* *UNK* far exceeding what is involved in the particular case . STOP 
They speak *UNKS* about the state of our society at a given moment . STOP 
It has always been so . STOP 
In the *UNKS* , a young *UNKER* , John T. *CUNKS* , *UNKED* to be a *UNK* *UNK* in a test case sponsored by the American Civil *CUNKS* Union to challenge a ban on the *UNKING* of *UNKION* imposed by the Tennessee *CUNK* . STOP 
The result was a *OUS* trial *UNKING* *UNK* cultural conflicts in American life between the `` smart set , '' whose spokesman was *CUNK* *CUNK* , and the *OUS* *UNKS* , whom *CUNK* *UNKED* as *UNKED* *UNKS* . STOP 
Few now recall the actual outcome : *CUNKS* was convicted and fined $ 100 , and his conviction was reversed on appeal because the fine was excessive under Tennessee law . STOP 
So it was with the *CUNKS* case a generation later , when *CUNKER* *CUNKS* became a *UNKING* *UNK* for the *UNKS* of the *CUNK* War and *UNKING* attitudes toward the New *CUNKAL* he had served . STOP 
His trials *UNKED* public *UNKS* out of all proportion to the rather *UNKAL* *UNKS* he allegedly had passed to Soviet intelligence . STOP 
And so it seems to be with the case of Elizabeth Morgan , the Washington , D.C. , plastic *UNK* *UNKED* in a child *UNK* case for *UNKING* to reveal the *UNKS* of her daughter . STOP 
Dr. Morgan has just emerged from the D.C. jail after more than two years ' *UNK* for *UNK* of court , a *UNK* to her many supporters . STOP 
To the rest of us , the case is a *UNK* . STOP 
It is what lawyers call `` fact *UNK* . '' STOP 
It *UNKS* no great issue of legal principle , no *UNKING* question of family law or the law of *UNK* . STOP 
Instead , it turns on the disputed and *UNK* facts of `` who did what to whom . '' STOP 
It is difficult , if not impossible , for anyone who has not *UNKED* over the thousands of pages of court *UNKS* and *UNKS* to have a *UNK* opinion on the underlying *UNKS* of the controversy . STOP 
*CUNKLY* I do not . STOP 
So we must look elsewhere for an explanation of the unusual power this case has *UNKED* over the minds of many , not just in Washington but elsewhere in the country and even the world . STOP 
I suggest that three *UNKS* have come together in the strange case of Dr. Morgan . STOP 
The first is that it represents an intense battle in what James *CUNKER* used to *UNK* as `` the war between the *UNKS* . '' STOP 
But although *CUNKER* did so *UNKLY* and *UNKLY* , many of Dr. Morgan 's supporters have taken *CUNKER* 's *UNK* title `` The *CUNK* *CUNKAL* '' quite literally . STOP 
The *UNK* of the *UNKS* *UNKED* by the case *UNKS* to its *UNK* importance in the war that *CUNKER* accepted as an *UNKAL* part of the human condition . STOP 
A second theme is the *UNUNK* of social class and race in the public reaction to the Morgan case . STOP 
Dr. Morgan is a highly *UNKED* white professional who attended some of the `` best '' schools . STOP 
As members of the Black *CUNKS* in Congress asked during the debate on the legislation that *UNKED* Dr. Morgan , does anyone seriously believe that if she were an *UNKED* , black , *UNKS* woman , Congress would have rushed to pass a private relief bill *UNKING* her ? STOP 
Or that the president would have *UNKED* to sign the bill `` out of *UNKION* for her *UNK* '' ? STOP 
To ask those questions is to answer them . STOP 
Finally , the case of Dr. Morgan gave Congress an opportunity to act with *UNKED* *UNKS* and to engage in one of its favorite *UNKS* -- *UNKING* the District of Columbia government . STOP 
The local government is *UNKED* in the eyes of many residents for a variety of reasons , and *UNK* read the same newspapers and watch the same TV *UNKS* as other people in the area do . STOP 
*CUNKING* the D.C. government is *UNK-* for members of Congress , who do not have to answer to their own constituents for it . STOP 
Congress is *UNKED* from acting on such great issues of the day as the federal budget deficit . STOP 
Yet a bill *UNKED* to the interests of a single individual passed Congress with almost *UNUNK* speed , before the judicial process had run its course , and , indeed , while the Morgan case was *UNKING* a ruling by the appellate court . STOP 
The Morgan case thus tells us much more about the current state of sex , class , race and politics in our society than it does about the facts of Dr. Morgan 's particular situation . STOP 
It may stand as a *UNK* for how wide and deep the divisions in that society continue to be however we try to deny their existence . STOP 
Mr. *CUNK* is a lawyer in Washington , *CUNK* . STOP 
The National *CUNKS* and Space Administration said it awarded General Dynamics Corp. a $ 64 million contract to launch the *CUNKED* *CUNK* and *CUNKION* *CUNKS* Satellite in June 1990 . STOP 
*CUNK* is a joint *CUNK-* Force satellite to study the effects of space radiation on *UNK-* components . STOP 
NASA said General Dynamics will launch *CUNK* using an *CUNKS* 1 *UNK* . STOP 
Ronald J. Taylor , 48 , was named chairman of this insurance firm 's reinsurance brokerage group and its major unit , *CUNK* *CUNK* & *CUNK* Inc . STOP 
Robert G. *CUNK* , 65 , retired as chairman but will remain a consultant . STOP 
Stephen A. Crane , 44 , senior vice president and chief financial and planning officer of the parent , was named president and chief executive of the brokerage group and the unit , succeeding Mr. Taylor . STOP 
The *UNKS* are effective Nov. 1 . STOP 
*CUNK* said it will announce a successor to Mr. Crane at a later date . STOP 
An investment company said it offered to acquire *CUNK* 's Inc. , the fast-food operator , for $ *UNKN* million . STOP 
The proposal , however , was immediately *UNKED* by *CUNK* 's parent , *CUNK* Corp . STOP 
`` *CUNK* 's is n't for sale , '' said *CUNK* *CUNK* , senior vice president at *CUNK* . STOP 
The new suitor , *CUNK* Equity *CUNKS* Inc. , of *CUNK* , N.Y. , *UNKED* its proposal as the `` first truly independent offer which does not pit one interest group against another within the *CUNK* 's franchisee community . '' STOP 
In September , *CUNK* , a Miami Beach , Fla. , holding company controlled by *UNKER* Victor *CUNKER* , rejected an offer from a group of *CUNK* 's franchisees to acquire *CUNK* 's for $ 200 million . STOP 
Since then , a second group of franchisees has *UNKED* together to try to *UNK* control of the unit from Mr. *CUNKER* . STOP 
*CUNK* 's is the marketing , *UNKING* and service company for the *UNKN* restaurants in the chain . STOP 
*CUNK* 's *UNKS* , Richard and Steven *CUNK* , said they led the acquisition group that acquired the Nathan 's *OUS* Inc. restaurant chain and subsequently served as the top officers of the company . STOP 
Richard *CUNK* said *CUNK* 's acquisition of *CUNK* 's `` would allow *UNKED* *UNKS* and *UNK-* operators , with no conflicts of interest , to stabilize franchisee relations and properly *UNKS* the company 's *UNKS* toward growth . STOP 
General Motors Corp. 's big defense and automotive electronics unit , GM Hughes Electronics , said net income fell 22 % in the third quarter , reflecting declining military spending and *UNKING* GM vehicle production . STOP 
Meanwhile , net at GM 's finance arm , General Motors Acceptance Corp. , fell 3.1 % . STOP 
By contrast , Electronic Data Systems Corp. , GM 's data processing subsidiary , boosted net 16 % . STOP 
GM closed down $ *UNKN* at $ *UNKN* in New York Stock Exchange trading yesterday . STOP 
Earnings for GM common stock , reflecting the performance of GM 's core automotive operations , will be disclosed this morning . STOP 
GM Class *CUNK* , which represents a dividend interest in Hughes earnings , closed at $ 29 , up 25 cents in Big Board composite trading . STOP 
GM Class *CUNK* , which represents a dividend interest in *CUNK* profit , fell 75 cents to $ *UNKN* on the Big Board . STOP 
The earnings drop at GM Hughes Electronics is a sign of tough times at both the defense operations of Hughes *CUNK* Co. and GM 's North American automotive operations , which are a primary customer for the *CUNK* Electronics Corp. side of the GM Hughes unit . STOP 
Profit at the unit fell to $ *UNKN* million , or 37 cents a share , from $ *UNKN* million , or 45 cents a share , largely because of a $ 24 million one-time charge associated with Hughes 's previously announced plan to reduce employment by at least 6,000 people by year end . STOP 
Even excluding the charge , however , net fell 5 % . STOP 
In addition , GM 's North American vehicle production fell *UNKN* % from a year ago , which hurt *CUNK* Electronic 's earnings , a company spokesman said . STOP 
That decline was reflected in revenue for the GM Hughes unit , which edged down to $ *UNKN* billion from $ *UNKN* billion . STOP 
In the nine months , GM Hughes net fell 6.6 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue rose 3.5 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
At *CUNK* , net dropped 3.1 % to $ *UNKN* million from $ *UNKN* million . STOP 
The finance unit attributed the decline to higher borrowing costs compared with a year earlier . STOP 
*CUNK* said its automotive financing and leasing business rose 35 % in the U.S. , largely because of dealer and customer incentives used to boost sales . STOP 
*CUNK* profits are combined with earnings from the rest of GM 's operations and attributed to the company 's traditional common stock . STOP 
In the first nine months , *CUNK* 's earnings fell 8 % to $ *UNKN* million from $ *UNKN* million . STOP 
At *CUNK* , third-quarter profit jumped 16 % to a record $ *UNKN* million , or 93 cents a share , from $ *UNKN* million , or 79 cents a share . STOP 
Revenue rose 12 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
In the nine months , *CUNK* earned $ *UNKN* million , or $ *UNKN* a share , up 13 % from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue rose 14 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Revenue from *UNK-* accounts was 45 % of *CUNK* 's total business in the latest nine months , compared with 40 % a year earlier . STOP 
The company has said it wants to boost *UNK-* revenue to at least 50 % of its total business by the end of 1990 . STOP 
William C. *CUNK* Jr. , 48 years old , was elected a director of this *UNKED* *UNKS* concern , expanding the board to 11 members . STOP 
*CUNK* W. *CUNK* , director of *CUNK* *CUNK* National Laboratory , *CUNK* *CUNK* , Tenn. , was elected a director of this *UNKS* concern . STOP 
Mr. *CUNK* , 58 years old , succeeds William *CUNKER* , who died in August . STOP 
In the bidding war for Public Service Co. of New Hampshire , United Illuminating Co. raised its proposed offer to one it valued at $ *UNKN* billion from $ *UNKN* billion , apparently *UNKING* all other bidders . STOP 
The bids remain subject to evaluation by the federal bankruptcy court *UNKING* PS of New Hampshire 's reorganization . STOP 
They are also indirectly subject to approval by the state of New Hampshire , where residents fear soaring rates to pay for the cost of reorganization . STOP 
Each of the four parties bidding for PS of New Hampshire proposes a complex financial package to satisfy creditors and shareholders and also proposes a formula to limit rate increases to satisfy the state . STOP 
The new round of bidding would seem to *UNK* the decision making for Judge James *CUNKS* , the bankruptcy judge *UNKING* the case , because the company 's stockholders , unsecured creditors and regulators each are currently backing different plans . STOP 
In addition , some of the proposals are so close , that *UNKAL* issues such as timing may play a more important role . STOP 
The unsecured creditors agreed in principle to support New *CUNK* , *CUNKED* United Illuminating 's new bid . STOP 
They previously had backed an internal reorganization plan proposed by PS of New Hampshire . STOP 
All of the bidders *UNK* full payment including interest to secured creditors . STOP 
United Illuminating 's plan , however , offers more for unsecured creditors . STOP 
*CUNK* *CUNKS* , counsel to the official creditors committee , said that under the United Illuminating plan , unsecured creditors would be paid in full credits and interest of about $ *UNKN* million , accrued before PS of New Hampshire 's Jan. 1988 filing for bankruptcy court protection . STOP 
In addition , they would receive some $ 200 million in payments for interest since then . STOP 
Mr. *CUNKS* said that by next July they would have accrued *UNUNK* interest equal to $ 350 million . STOP 
Other plans generally would n't pay unsecured creditors ' interest accrued since the filing . STOP 
Under United Illuminating 's plan , a new holding company would be formed to own the two companies . STOP 
It would be *UNKED* by United Illuminating holders and *UNKED* by current holders of PS of New Hampshire preferred and common stock . STOP 
PS of New Hampshire preferred holders also would get certain debentures and preferred stock . STOP 
United Illuminating said the preferred holders total package would equal about 60 % of their claims . STOP 
*CUNK* shareholders would end up owning about 6.4 % of the combined company . STOP 
As previously reported , Northeast Utilities , Hartford , Conn. , Monday filed a bid it valued at $ 2.25 billion . STOP 
That offer was endorsed by the shareholders committee . STOP 
The other bidders , New England Electric System , *CUNK* , Mass. , and PS of New Hampshire , did n't change the value of their bids , although PS of New Hampshire changed its rate proposal . STOP 
New England Electric values its offer at $ 2 billion and PS of New Hampshire values its reorganization plan at $ 2.2 billion . STOP 
The bankruptcy judge has ruled that federal bankruptcy laws could be used to *UNK* state regulation . STOP 
However , creditors and bidders alike concede that the state plays a major role because it could significantly delay final settlement of a plan it did n't like . STOP 
The state has endorsed the New England Electric plan , which promises to limit rate increases to 4.8 % annually for seven years . STOP 
Northeast Utilities ' plan proposes 5.5 % annual increases . STOP 
PS of New Hampshire amended its plan to call for two years of 5.5 % rate increases followed by five years of 4.5 % increases . STOP 
*CUNK* cost adjustments could change the effective rate increases , however . STOP 
Previously it had proposed seven years of 5.5 % increases . STOP 
United Illuminating also amended its rate plan . STOP 
The new offer assumes just five years of 5.5 % rate increases , to be followed by *UNKED* increases under the usual hearing procedure . STOP 
Previously United Illuminating had also called for seven years of 5.5 % increases . STOP 
The bids and rate proposals generally assume the *CUNK* nuclear power plant , which is completed , will go into operation . STOP 
Most of the plans have reduced bids in case the plant *UNKS* to get a license from the *CUNK* *CUNK* Commission . STOP 
In New York Stock Exchange trading , PS of New Hampshire 's 17 1\/2 *UNK* due 2004 closed yesterday at $ *UNKN* , up $ 2 . STOP 
The utility 's stock closed at $ 4 a share , up 37.5 cents , in composite trading on the Big Board . STOP 
In a separate development , PS of New Hampshire gave 60 managers *UNK* agreements that would pay one to three years ' salary if their jobs were changed or they were dismissed in the wake of a takeover . STOP 
It said the maximum cost of the plan would be $ 9.7 million . STOP 
C. *CUNK* *CUNKER* will become president and chief executive officer of Bell Atlantic International Inc. , a unit of this telecommunications concern , effective Jan. 1 . STOP 
Mr. *CUNKER* , 56 years old , is currently vice president and chief operating officer of Bell Atlantic 's *CUNK* Telephone unit . STOP 
Mr. *CUNKER* will succeed *CUNK* J. *CUNK* , 64 , who will hold the newly created position of chairman of the international unit until his retirement April 1 . STOP 
Richard Breeden had n't noticed that his new desk had just four telephone lines and one phone . STOP 
It was , after all , only his second full day as chairman of the Securities and Exchange Commission . STOP 
But the lack of lines became *UNKLY* apparent . STOP 
As the stock market *UNKED* into a 190-point free fall on Oct. 13 , Mr. Breeden found himself *UNKING* around the sixth floor of the SEC -- from his desk , where the New York Stock Exchange was on an open line , to his assistant 's office , where the Commodity Futures Trading Commission was connected , to a third room , where a computer monitored market moves . STOP 
With other anxious calls pouring in , he recalls , `` I 'd either have to *UNK* the New York Stock Exchange or go out to the secretary 's desk . '' STOP 
It wo n't happen again . STOP 
Now there are more lines connected to the chairman 's office , and the *UNKING* computer has been moved next to his desk . STOP 
It 's all part of a new `` command center . '' STOP 
The changes in the office *UNK* *UNK* Mr. Breeden 's stance as the nation 's top securities regulator . STOP 
Like his predecessor , David *CUNKER* , he was faced with a crisis in the stock markets soon after coming into office . STOP 
But unlike Mr. *CUNKER* , who during the 1987 crash damaged himself by saying rather *UNKLY* that the markets might be closed , Mr. Breeden is turning the market drop to his own advantage , using it to further his agenda for the SEC . STOP 
In an interview and in congressional testimony , he repeatedly points to the recent 190-point plunge in the Dow Jones Industrial Average -- the second-largest ever -- as evidence of the need for Congress to give the SEC the ability to better monitor leveraged buy-out loan activity by brokerage firms and to track big trades in the market . STOP 
A veteran of another financial crisis , the savings-and-loan bailout , Mr. Breeden wants to have the SEC *UNK* securities issued by banks and *CUNKS* . STOP 
More broadly , he wants to `` modernize '' regulation by eliminating barriers between commercial and investment banking and by helping U.S. financial firms compete in the global market . STOP 
He believes the tax code *UNKS* the use of debt instead of stock and may fuel leveraged buy-outs , an area the SEC does n't *UNK* directly but one where it *UNKS* influence both on Wall Street and in Congress . STOP 
Also unlike Mr. *CUNKER* , Mr. Breeden appears to be in a position to get somewhere with his agenda . STOP 
As a former White House aide who worked closely with Congress , he is *UNK* in the ways of Washington . STOP 
What 's more , the coming months likely will offer him the opportunity to obtain his own majority on the *UNKER* commission , *UNKING* him to avoid the *UNKION* that frustrated his predecessor . STOP 
But Mr. Breeden , a *UNK-* securities lawyer , has *UNKED* some of the *UNKER* issues facing the financial markets . STOP 
For instance , he has n't stated a clear position on high-risk , high-yield junk bonds , an area of growing concern as turmoil in the junk market *UNKS* over into stocks . STOP 
He may be waiting to see the results of several pending SEC studies of junk market liquidity and disclosure rules . STOP 
He also has kept a close *UNK* on the names of people under consideration for the crucial post of enforcement director at the commission , a job vacant since the summer . STOP 
Mr. Breeden 's selection will be *UNKED* as an important signal about the strength of his commitment to continuing the SEC 's *UNK-* pursuit of insider trading and market *UNKION* on Wall Street . STOP 
Congress seems likely to let the new chairman have his way for a while . STOP 
Members of the Senate Banking Committee know Mr. Breeden from working on the *UNK-* bill , and the relationship generally remains warm . STOP 
Indeed , during Mr. Breeden 's confirmation hearing last month , senators asked him to introduce his children three separate times -- more often than they asked about his *UNKS* for the job . STOP 
These days , Mr. Breeden is winning *UNK* in Washington and on Wall Street for his *UNKS* role in monitoring the *CUNK-* market plunge and the following Monday 's *UNKING* morning session . STOP 
As a regulator charged with *UNKING* investor confidence , Mr. Breeden avoided making *UNKING* comments and worked to *UNKER* information critical to Wall Street and to other government agencies . STOP 
Not everyone has jumped on the Breeden *UNK* , however . STOP 
Some in Washington contend that it 's too soon to tell whether Mr. Breeden will help or *UNKER* the SEC . STOP 
`` I do n't think this was a real test , '' says one congressional aide . STOP 
`` It was a fairly *UNK* weekend , but my sense is if you had n't had Richard Breeden there , it would n't have made much of a difference . '' STOP 
For some at the SEC , an agency that *UNKS* its independence , Mr. Breeden may be too much of a Washington insider . STOP 
They note that he has *UNKED* his office with five photos of George Bush , one of them featuring the First *CUNK* , *CUNK* . STOP 
They worry that Mr. Breeden also will roll over when told to do so by the White House . STOP 
But Mr. Breeden already has shown an *UNKS* to run the SEC his way . STOP 
During the Monday market rebound , a New York exchange spokesman told Cable News Network viewers that the industrial average had turned down 70 points . STOP 
*CUNKED* , Mr. Breeden turned to his *UNKING* computer , which by then was next to his desk . STOP 
It showed the *CUNK* up 30 points . STOP 
SEC staffers soon determined that a widely watched stock-market service , Quotron , had *UNKED* the industrial average . STOP 
Mr. Breeden *UNKED* SEC staffers to *UNK* the network that it was airing the wrong number . STOP 
`` It was the plunge that did n't happen , '' he says . STOP 
Mr. Breeden also is trying to use a far more catastrophic event -- the California earthquake -- to move another rule change past Congress . STOP 
That disaster closed the Pacific Stock Exchange 's stock *UNKING* operation , forcing those options to be switched to other exchanges temporarily . STOP 
Though *UNK* to most investors , the question of whether to list options on more than one exchange has *UNKED* much interest in Congress , mainly because regional exchanges fear the change could *UNK* them . STOP 
*CUNK* raised the issue yesterday at a hearing . STOP 
Mr. Breeden , not missing a chance to press his agenda , cited the earthquake . STOP 
That event , he contended , simply shows the `` *UNK* '' of having *UNKS* on only one exchange . STOP 
In a corner of the *OUS* , new Nippon *CUNKION* Center *UNKS* Mazda Motor Corp. 's *UNK-* display . STOP 
The *UNK* : a `` *UNK* control system . '' STOP 
With the touch of a *UNK* , drivers can choose from *UNKER* , *UNK* , *UNK* or *UNK* *UNKS* , all *UNK* in through the car 's *UNKING* system . STOP 
The soft , *UNKING* *UNKS* will `` improve ride *UNK* , '' the display *UNKS* , and a *UNK* employee says Mazda hopes to move the system out of the *UNK* and into its cars in a year or two . STOP 
*CUNK* to the *UNK* Tokyo Motor Show . STOP 
Here you can find Mitsubishi Motors Corp. *UNKING* a `` live *UNK* *UNKER* , '' a truck *UNK* to an *UNK* on *UNKS* , and Nissan Motor Co. with its `` *UNKS* '' *CUNK* , whose doors *UNUNK* upon *UNKING* the owner 's *UNKS* . STOP 
*CUNK* Motor Co. 's *CUNK* sport vehicle features a *UNK-* *UNK* *UNK* and *UNKS* drivers to go `` back to the nature . '' STOP 
But this *UNKAL* event , the world 's largest display of cars and trucks , has its serious side , including the first major *UNKS* of future engines and *UNKION* systems . STOP 
It 's also the prime *UNK* for a country whose world *UNK* in the industry is increasingly acknowledged , and *UNK* lies the draw . STOP 
Even the biggest auto shows in the U.S. are largely regional affairs , but the Tokyo show is international . STOP 
*CUNKLY* every automotive analyst in New York showed up . STOP 
*CUNK-* flights were *UNKED* solid this week as Motor City executives , including Ford Motor Co. Chairman Donald E. *CUNK* and Chrysler Corp. Vice Chairman Gerald *CUNK* , *UNKED* to see the future . STOP 
Even the Soviet Union came , for the first time in 24 years , to show off its *CUNK* *CUNK* sedan and its *UNK* *UNK-* `` *CUNK* '' model . STOP 
Here 's a *UNK* look at what the Japanese *UNKS* *UNKED* , and what the foreign visitors saw . STOP 
New Technology STOP 
The hottest displays were items that *UNK* passengers from *UNKS* , *UNKS* and other *UNKS* of the road . STOP 
These `` active suspension systems '' *UNKLY* sense road conditions and adjust a car 's ride . STOP 
*CUNKING* suspension systems try to absorb *UNKS* , but active suspension provides power to counter the *UNKS* . STOP 
Nissan , in a *UNK-* *UNK* , modestly compares its `` *UNK* active suspension '' to a *UNK* , and *UNKS* the various parts to the animal 's heart , brain , nerves and blood vessels . STOP 
Toyota Motor Corp. *UNKLY* *UNKED* its system in a car that *UNKS* in half to reveal the suspension 's *UNKER* *UNKS* . STOP 
Nissan says it will introduce its first system next month on the Infiniti *CUNK* luxury sedan , and Toyota 's *CUNK* *UNK* will go on sale with the suspension device next spring . STOP 
But drivers in the U.S. must wait : The Japanese , for now , are keeping active suspension for domestic use only . STOP 
And Detroit 's Big Three auto makers say their systems are still under development . STOP 
In the engine department , several companies *UNKED* *UNKAL* models that within a decade could provide power equal to today 's engines and yet take up only half the space , allowing for *UNKER* *UNKS* . STOP 
In the so-called *UNK-* engines , which are expected to get sharply higher gas *UNK* , each *UNK* goes up and down only once to provide power . STOP 
By contrast , the *UNKS* in conventional *UNK-* engines must move up and down twice in each power cycle . STOP 
The *UNK-* engine displays by Toyota and Fuji Heavy Industries , the maker of *CUNK* cars , drew plenty of interest from U.S. auto executives , who are rushing to develop *UNK-* engines . STOP 
Honda Motor Co. shows a more conventional *UNKER* engine in the new *CUNK* *CUNK* model , which made its debut just this month -- in Japan only . STOP 
Honda says the *UNKER* engine provides a compromise between the *UNK-* of a *UNKER* , and the power of a *CUNK* . STOP 
It is rumored to be *UNK* for a new model in the luxury *CUNK* line in the U.S. , but Honda officials would n't comment . STOP 
*CUNK* *CUNKS* , *CUNK* *CUNKS* STOP 
There 's plenty of *UNK* here , but it is n't always clear whether it 's *UNKAL* . STOP 
The show 's symbol is a woman riding on a *UNK* , not your usual *UNK* for speed and *UNK* . STOP 
But the sponsors have an explanation : `` Through the character associated with a *UNK* , '' they say , `` important values such as *UNK* with nature and *UNKS* for the future are sought . '' STOP 
Japanese auto makers are known for coming up with funny names , but this year the practice seems to have reached a new high -- or low . STOP 
Honda has a tiny *UNK* called the *CUNK* , and a slightly larger *UNK* , the *CUNK* . STOP 
Mitsubishi has a *UNK* delivery truck called the *CUNK* . STOP 
Mazda has the *CUNK* truck and , under its *CUNK* *UNK* , a `` *UNK* '' called the *CUNK* . STOP 
Its *UNK* Carol *UNK* is `` designed with *UNKS* , *UNKS* and *UNKS* . '' STOP 
But the court *UNKER* appears to be Japan 's *UNKEST* car maker , *CUNK* Motor Co . STOP 
One of its *UNK* *UNKS* is the *UNK* *CUNKER* , which seats just one person in front and could hold a small child and *UNK* of *UNKS* in the *UNK* . STOP 
*CUNK* also has the *CUNK* 90 , the *CUNK* *CUNKER* and the *CUNK* *CUNK* . STOP 
The *UNKS* are n't just on the Japanese , though . STOP 
*CUNK* *CUNK* *UNK* *CUNKS* Renault , the French auto maker , has a concept car called the *CUNK* . STOP 
The name is supposed to *UNK* *UNK* *UNK* , but in Japanese it means `` *UNKS* . '' STOP 
Foreign *CUNK* STOP 
Foreign auto makers are taking the Tokyo Motor Show more seriously than ever . STOP 
AB *CUNK* *UNKS* *UNK-* to play `` the role of the test *UNK* '' by *UNKING* in a car that *UNKS* a crash to show just how its *UNK-* *UNKER* works . STOP 
Hyundai Motor Co. of South Korea has its *UNKER* *UNK* in Tokyo . STOP 
General Motors Corp. is *UNKING* its first independent display in 10 years , and it includes a *UNK* *CUNK* station *UNK* with *UNK-* side panels . STOP 
Ford and Chrysler also have *UNKS* , although theirs are *UNKED* in a separate room with the *UNK-* automotive parts section . STOP 
`` We 've got to get out of the Detroit *UNK* and be part of the world *UNK* , '' declares Charles M. *CUNK* , GM 's vice president for design , in explaining his *UNK* to the Tokyo Show . STOP 
Even so , traditional American *UNKS* is n't *UNKLY* *UNKED* . STOP 
Ford officials , for example , *UNKED* about their *UNKER* Tokyo Grand *CUNK* *UNKING* victory . STOP 
*CUNK* , Ford was declared the winner Sunday , but only after the Honda *UNKER* who *UNKED* the finish line first was *UNKED* because it hit another car and *UNK* *UNKLY* out of *UNKS* . STOP 
Mr. *CUNK* of GM , meanwhile , still *UNKS* Japanese *UNKING* . STOP 
`` It 's hard for the Japanese , '' he says , `` to get a feeling in a car , to get a *UNKION* in a car , to get *UNKION* in a car . STOP 
*CUNKING* your Sept. 28 *CUNKS* & Policy column on the party differences over cutting capital gains or expanding IRAs : Why not compromise now and save the public from the coming *UNK* congressional political rhetoric that seems to go hand in hand with the process ? STOP 
The Republicans maintain that a 30 % capital-gains exclusion will raise revenue in the short term and spur economic investment , while the Democrats maintain that an increase in the top *UNK-* rate and expanded IRAs will raise revenue and spur savings . STOP 
This is a classic example of the old saying , `` The whole is greater than the sum of its parts . '' STOP 
It 's ridiculous for a family with taxable income of $ 50,000 to pay the same 28 % *UNKAL* tax rate as a family with taxable income of $ 250,000 . STOP 
The 33 % *UNK* should apply to all income over the *UNK* level , not just the 5 % rate adjustment amount . STOP 
It 's equally ridiculous not to provide a capital investment or *UNKS* tax incentive . STOP 
Jeffrey T. *CUNK* STOP 
PWA Corp. said it plans to sell by spring 1992 all 15 passenger planes it acquired earlier this year in its *UNKN* million Canadian dollar -LRB- US$ *UNKN* million -RRB- purchase of *CUNK* Inc . STOP 
PWA , which recently merged *CUNK* 's operations with those of *CUNKED* Canadian Airlines International Ltd. , Canada 's *UNKEST* airline , said the proposed sale is part of a revised five-year plan aimed at streamlining its fleet and *UNKING* debt . STOP 
PWA would n't estimate the value of *CUNK* 's aircraft , which include 12 *CUNKS* *CUNKS* and three Boeing *UNKS* . STOP 
But James Ireland , a *CUNKED* technical analyst with *CUNK* Inc. , an aircraft evaluation firm , estimated the total `` *UNK-* '' value of the 15 planes at about $ 650 million or more . STOP 
Mr. Ireland said 11 *CUNK-* aircraft that PWA also said it plans to sell , beginning in 1992 , have a current *UNK-* value of about $ 34 million each , or a total $ *UNKN* million , raising *UNK* potential proceeds from the aircraft sale to about $ 1.02 billion . STOP 
Mr. Ireland said current demand for used aircraft is strong , partly because *UNKING* orders for new aircraft have *UNKED* waiting lists . STOP 
He predicted that PWA would have little difficulty attracting prospective buyers . STOP 
Under its revised fleet plan , PWA said it will also increase its existing fleet of eight Boeing *UNK-* aircraft to 18 by 1994 , and add four more Boeing *UNKS* by 1994 to the two units that it previously planned to add by next year . STOP 
PWA said two of the Boeing *UNK-* aircraft scheduled for delivery in 1990 would be leased out for two to five years . STOP 
PWA did n't disclose the expected net cost of the fleet overhaul , but a Toronto-based analyst estimated it at about $ 450 million -LRB- US -RRB- , excluding replacement costs for the 11 *CUNK-* aircraft that PWA plans to sell , and purchase costs for as many as 17 *CUNKS* *UNKN* aircraft that PWA previously ordered . STOP 
`` I do n't see this as a debt reduction exercise . STOP 
It 's focused on streamlining '' PWA 's fleet in a bid to cut training and aircraft *UNKING* costs , the analyst said . STOP 
PWA 's long-term debt and capital lease obligations rose to C$ *UNKN* billion at the end of the second quarter , nearly double the year-earlier figure , reflecting debt *UNKED* under the *CUNK* purchase . STOP 
PWA said it also expects to announce by Tuesday whether it will take delivery of all 17 *CUNKS* *UNKN* aircraft it previously ordered . STOP 
The first five leased units were to be delivered in 1991 . STOP 
This British banking and financial-services group 's investment-banking arm , *CUNKS* de *CUNK* *CUNK* Group , announced the following *UNKS* at its *UNKING* subsidiary *CUNKS* de *CUNK* *CUNK* Ltd . STOP 
John *CUNK* , 51 years old , was named a deputy chairman . STOP 
Mr. *CUNK* is currently a director at *CUNKS* de *CUNK* *CUNK* Ltd . STOP 
*CUNK* *CUNK* , 40 , was named to the new post of chief executive officer of the *UNKING* *UNK-* division . STOP 
*CUNK* *CUNK* , 45 , was named to the new post of deputy head of the *UNK-* division and a managing director . STOP 
Mr. *CUNK* and Mr. *CUNK* join *CUNK* 's from Kleinwort Benson Ltd. where they served as directors . STOP 
The recent bids for United and American Airlines have led Congress to move with *UNK* speed to protect *UNK* airline *UNKS* . STOP 
The House is scheduled to vote today on an *UNKER* bill that would block , for up to 50 days , any bid for 15 % or more of a U.S. airline , even a straight cash purchase . STOP 
Transportation Secretary Sam Skinner , who earlier fueled the *UNKER* *UNKS* with his *UNK-* attacks on foreign investment in U.S. carriers , now says the bill would further *UNK* the *UNK* capital markets . STOP 
Texas Rep. Steve Bartlett , who has 40,000 American Airlines workers in his district , says the bill is `` good politics , but bad law . '' STOP 
It is *UNK* that at a time when America 's partial airline deregulation is being *UNKED* by governments from New Zealand to *CUNK* , so many in Congress favor an *UNKION* program for airlines that would be more appropriate for the Soviet airline , Aeroflot . STOP 
Federal Reserve Chairman Alan Greenspan told Congress that the Fed can *UNK* out inflation without causing a recession , but he said doing so will *UNK* some short-term *UNK* and will require reducing the federal deficit sharply . STOP 
Mr. Greenspan said he and other Fed *UNKS* *UNK* a bill by Rep. Stephen Neal -LRB- D. , N.C. -RRB- that would require the Fed to pursue policies aimed at eliminating inflation within five years . STOP 
`` Such a deadline is *UNK* , but it would have costs , '' Mr. Greenspan told Rep. Neal 's monetary policy subcommittee . STOP 
The Fed chief opposed a bill - introduced by *CUNK* Lee Hamilton -LRB- D. , Ind. -RRB- and *CUNK* *CUNK* -LRB- D. , *CUNK* -RRB- -- that , among other things , would require the Fed to disclose all monetary policy moves immediately and increase outside scrutiny of the Fed . STOP 
In responding to questions , Mr. Greenspan played down reports of tension between the Fed and the Treasury over exchange-rate policy . STOP 
`` What seem to be interpreted as great conflicts are relatively minor issues of tactics , '' he said . STOP 
He did n't elaborate . STOP 
But the Fed is n't *UNK* about Treasury efforts to bring down the value of the dollar through intervention in foreign-exchange markets , and the Treasury is frustrated at the Fed 's reluctance to cut interest rates to pull down the dollar 's value . STOP 
Mr. Greenspan said the inflation rate , currently about 4 1\/2 % , `` could be brought down to levels which are close to zero without putting the economy into a recession , but I do suspect that there might be some modest loss of economic output . '' STOP 
In other words , economic growth would be lower and unemployment would be higher for a few years . STOP 
But Mr. Greenspan , who has repeatedly said the Fed 's goal is to reduce inflation , added that `` whatever losses are incurred in the pursuing of price stability would surely be more than made up in increased output thereafter . '' STOP 
He warned that Fed efforts to *UNKER* inflation would fail -- and could produce `` a major financial crunch '' -- unless they are accompanied by a significant reduction in the federal deficit , which causes the government to borrow heavily . STOP 
Rep. Neal 's bill originally called on the Fed to reduce the inflation rate by one percentage point a year for five years and to maintain a zero inflation rate thereafter . STOP 
He *UNKED* the *UNKING* to win Mr. Greenspan 's *UNK* . STOP 
Even so , his bill is given little chance of passage . STOP 
*CUNK* Hamilton and *CUNK* also have *UNKED* their bill , dropping a proposal to add the Treasury secretary to the *UNKER* Fed committee that makes monetary policy . STOP 
Instead , the bill simply calls for *UNK-* meetings between the committee and top administration officials . STOP 
Even that met with Mr. Greenspan 's *UNKAL* because it might subject the Fed `` to a more *UNKLY* political perspective '' and `` could risk *UNKING* monetary policy away from long-term strategic goals . '' STOP 
While each of the *CUNK-* proposals represents only a small step , together they would *UNK* the Fed 's independence , Mr. Greenspan said . STOP 
Mr. Greenspan also said that although he favors cutting capital-gains taxes as sound economic policy , he would oppose such a move if it would *UNUNK* the political compromise *UNKED* in the Tax Reform Act of 1986 and result in higher marginal income tax rates . STOP 
Sears , Roebuck & Co. signed a contract with Bob Vila , the former host of the popular public television program `` This Old House , '' to star in a half-hour home improvement show sponsored by the giant retailer . STOP 
The *UNK-* show , slated to start airing by June 1990 , marks Sears 's entry into the *UNKING* market of home repair television programs and could bolster sales of its home improvement products . STOP 
In recent months , sales of home improvement items have *UNKED* , along with sales of other big ticket durable goods . STOP 
The show also signals Mr. Vila 's return as a television *UNK* . STOP 
Earlier this year , public television station *CUNK* in Boston fired Mr. Vila after a sponsor *UNKED* some of his numerous commercial *UNKS* . STOP 
With Mr. Vila as host , `` This Old House '' became one of the Public Broadcasting Service 's top 10 programs , airing weekly on about 300 of the network 's stations and seen by an average of 12 million viewers . STOP 
But Home *CUNK* Inc. , an *CUNKED* home center chain , *UNKED* when Mr. Vila started doing commercial *UNKS* for *CUNK* Home *CUNKS* , a New Jersey building supply company that *UNKS* with Home *CUNK* in some markets . STOP 
`` I 'm *UNK* about the change , '' said Mr. Vila , whose new *UNKED* program is called `` Home *CUNK* with Bob Vila . '' STOP 
In an interview , Mr. Vila criticized his old show , which is continuing with a new host . STOP 
`` Public TV is in *UNK* land , '' he said . STOP 
`` Last season , we did a story that involved spending $ *UNKN* in converting a *UNKLY* house into a bed and *UNK* . '' STOP 
In the new show , he said , `` we 're going to spend $ 60,000 building a start-up house '' for a young couple . STOP 
While Sears would n't comment on the *UNK* over Mr. Vila 's commercial *UNKS* , it appears to be building a *UNK* around Mr. Vila 's *UNKS* . STOP 
His contract makes him `` exclusive '' spokesman for Sears 's home improvement marketing campaigns . STOP 
Ogilvy & Mather in Chicago , a unit of WPP Group PLC , will handle the advertising account and *UNKION* . STOP 
The only other *UNK* permitted by the contract involves a series of *CUNK-* home improvement and repair books . STOP 
His other agreements to promote products have expired . STOP 
Little matter for Mr. Vila , who complains that `` public TV never paid me more than $ 40,000 a year . '' STOP 
He said his compensation under the Sears contract is `` a *UNKION* dollar deal . STOP 
*CUNK* A. Miller , 52 years old , was elected a director of this electric utility company , filling a vacancy . STOP 
He is president and chief executive officer of *CUNK* Inc. in Detroit . STOP 
The White House has decided to push for changes in *UNK* law that are designed to speed the removal of *UNK* chemicals from the nation 's food supply . STOP 
The proposed changes , which are scheduled to be announced today , would apply to pesticides and other *UNKS* found on fresh and processed *UNKS* , according to federal officials . STOP 
Environmental groups have been calling for faster action on dangerous pesticides and may welcome part of the proposal . STOP 
But they are already *UNKING* to , among other things , a plan to give more weight to *UNK-* considerations in *UNKING* pesticides . STOP 
`` It 's a tremendous disappointment , '' said *CUNK* *CUNK* , an attorney with the Natural Resources Defense Council . STOP 
`` *CUNKING* the EPA to *UNK* continued use of a chemical whenever the benefits *UNK* the risks is absolutely *UNK* to the environmental community . '' STOP 
The Bush administration plans to announce a series of principles and to work with congressional leaders in writing specific legislative proposals that *UNK* them . STOP 
The principles would give the Environmental Protection Agency increased authority and flexibility in *UNKING* pesticides , with the aim of *UNKING* the agency to move more quickly . STOP 
There already are proposals pending in Congress to overhaul *UNK* law . STOP 
*CUNKS* to *UNK* the removal of dangerous pesticides gained new *UNKS* during this year 's *CUNK* *UNK* , when the EPA was *UNKLY* criticized for failing to *UNK* the possible *UNK* , a growth regulator used to make apples *UNKER* and *UNKER* . STOP 
The agency has since acted to remove *CUNK* from the nation 's grocery *UNKS* by May 31 , 1991 , and the apple industry has said that growers already have stopped using the chemical . STOP 
In addition , the principles attempt to eliminate the so-called *CUNK* *CUNK* . STOP 
Under the *CUNK* *UNK* , which *UNKS* to processed food , a chemical is banned if it causes cancer in laboratory animals . STOP 
Under other laws *UNKING* to *UNK* use , however , that same chemical could be allowed to be used on fresh food if it fell within the EPA 's *UNK* level . STOP 
Among other changes , the White House wants to : STOP 
-- *CUNK* the EPA more flexibility to *UNK* a *UNK* an imminent *UNK* and pull it from the marketplace . STOP 
-- *CUNKED* up the process for removing a *UNK* that is n't an imminent *UNK* . STOP 
-- *CUNK* states from setting more *UNK* *UNK* levels for a *UNK* once the federal government has set a standard . STOP 
-- *CUNK* the EPA added *UNKION* to set `` *UNK* risk '' levels for *UNK* *UNKS* in processed food . STOP 
*CUNKS* that exceed these risk levels would be *UNKED* , but those that fall below these levels would be allowed . STOP 
-- *CUNK* the EPA to permit the continued use of pesticides that exceed its *UNK* risk standard if the benefits of doing so *UNK* the cost . STOP 
Financial markets took a *UNK* break from their recent wild gyrations with stock prices falling modestly , bond prices posting tiny gains and the dollar almost unchanged . STOP 
The Dow Jones Industrial Average lost *UNKN* points to *UNKN* in moderate trading . STOP 
*CUNK-* Treasury bonds rose slightly despite the *UNKAL* on the market of $ *UNKN* billion in 30-year bonds offered by the Resolution Funding Corp. as part of the government 's bailout of the savings and loan industry . STOP 
The dollar was barely changed against the West German mark and up *UNKLY* against the Japanese yen . STOP 
Yesterday 's sluggish action was in marked contrast to the *UNKING* and *UNKING* of stock prices Tuesday after the proposed buy-out of UAL Corp. once again collapsed . STOP 
Traders said the stock market 's *UNKING* moves have prompted many investors to head for the sidelines until it *UNKS* some *UNK* of stability . STOP 
Although bond prices were n't as volatile on Tuesday trading as stock prices , traders *UNKS* said action also was much slower yesterday in the Treasury market . STOP 
Bond investors paid close attention to comments by Federal Reserve Chairman Alan Greenspan , who was *UNKING* before a congressional hearing , but were n't able to *UNK* many *UNKS* about the future course of the Fed 's monetary policy . STOP 
Many analysts are expecting the Fed to lower interest rates at least once more before the end of the year . STOP 
Investors now are *UNKING* today 's release of the preliminary estimate of third-quarter gross national product . STOP 
Economists predict the report will show economic growth of about 2.5 % in the third quarter , which would have little effect on financial markets . STOP 
But an unexpected *UNKION* either way could *UNK* bond and currency markets . STOP 
In major market activity : STOP 
Stock prices slipped lower in moderate trading . STOP 
Volume on the New York Stock Exchange totaled *UNKN* million shares . STOP 
But *UNKING* issues on the Big Board were ahead of decliners *UNKN* to 700 . STOP 
Bond prices *UNKED* higher . STOP 
The Treasury 's benchmark 30-year issue rose less than an *UNK* of a point , or less than $ 1.25 for each $ 1,000 of face amount . STOP 
The yield on the issue stood at *UNKN* % . STOP 
The dollar was virtually unchanged . STOP 
In late New York trading the U.S. currency was quoted at *UNKN* marks and *UNKN* yen , compared with *UNKN* marks and 141.45 yen Tuesday . STOP 
A few years ago , I was on a panel of journalists that discussed the `` image '' of *UNK* *UNKS* for an audience of *UNKS* information directors and others . STOP 
We *UNKS* quickly *UNKED* that not only was the bad *UNK* of *UNK-* college sports *UNKLY* earned , but also that it could be *UNKED* . STOP 
*CUNKION* could be maintained -- and *UNKS* probably would remain full -- if schedules were reduced and the games returned to the students , we said . STOP 
*CUNKS* from the audience reflected widespread , if *UNK* , agreement with those *UNKS* . STOP 
As the session broke up , I was approached by a man who identified himself as the *UNK* director of a Big *CUNK* university . STOP 
`` I 'd love to see sports cut back , and so would a lot of my counterparts at other schools , but everybody 's afraid to make the first move , '' he *UNKED* . STOP 
`` It 's like the U.S. and the *CUNKS* : Nobody wants to *UNK* first . '' STOP 
And so our institutions of higher learning *UNK* from scandal to scandal on *UNK* and basketball court , while the *UNKS* mount . STOP 
Three new books make the point that one large price of the *UNK* *UNKS* show can be the integrity of the schools that stage it . STOP 
They are : `` A *CUNK* to *CUNK* : A *CUNK* of *CUNKED* , *CUNKION* and Football at *CUNK* '' -LRB- Macmillan , *UNKN* pages , $ *UNKN* -RRB- by David *CUNK* ; `` Big Red *CUNKAL* : *CUNK* *CUNK* Football '' -LRB- *CUNK* , *UNKN* pages , $ *UNKN* -RRB- by *CUNK* *CUNK* ; and `` Never *CUNK* Young to *CUNK* : The *CUNK* of *CUNK* *CUNKS* '' -LRB- *CUNK* , *UNKN* pages , $ *UNKN* -RRB- by Lewis *CUNK* . STOP 
The pick of the group is `` *CUNK* '' ; it should be required reading for every college president . STOP 
It *UNKS* how , over a period of a dozen years , Southern *CUNK* University bought its way to football *UNK* in the Southwest Conference , only to find itself *UNKED* and *UNKED* by the *UNK-* system it created . STOP 
The school was the first , in 1987 , to receive the *CUNK* 's `` death penalty '' -- two years without football -- for repeated rules violations . STOP 
Given current *UNKS* about the University of Florida , it may not be the last . STOP 
The man who brought the *UNK* to the Dallas school was Ron *CUNKER* , a *UNK* sort who came in 1975 to rescue a *UNK* program , Mr. *CUNK* writes . STOP 
Mr. *CUNKER* 's personal style was *UNKED* by his *UNKING* a $ 100 bill to a *UNK-* *UNK* board on which other *UNKS* *UNKED* their cards . STOP 
One *UNKER* working with Mr. *CUNKER* was so generous with $ 10 and $ 20 bills that prospects *UNK* `` Here *CUNKS* Santa *CUNKS* '' when he approached . STOP 
*CUNKING* players at *CUNK* was no *UNKAL* operation . STOP 
It involved the *UNKS* director , two different football *UNKING* staffs , and school *UNKS* and *UNKS* -- just about everybody , it seemed , but Donald *CUNKS* , the university 's president . STOP 
There 's a *UNK* passage in which Mr. *CUNKS* , having finally learned of the practice , *UNKS* his *UNK* to Bill *CUNKS* , then a university governor -LRB- and now the governor of Texas ! -RRB- and oil man *CUNK* *CUNK* , chairman of the board of *UNKS* . STOP 
`` You stay out of it , '' author *CUNK* quotes Mr. *CUNKS* as saying . STOP 
`` *CUNK* run the university . '' STOP 
*CUNK* was about what Mr. *CUNKS* did , and quietly , until he resigned a few years later , *UNKING* ill health , when the stuff hit the *UNK* . STOP 
Mr. *CUNK* drew on *OUS* news media coverage of the *CUNK* scandal , and on a university internal investigation . STOP 
Mr. *CUNK* had to do most of his own *UNKING* on University of *CUNK* football , which is , to date , high and dry as far as the *CUNK* is concerned . STOP 
Unfortunately , he gets low *UNKS* as an *UNK* reporter , *UNKING* heavily on what Chicago 's late mayor , Richard J. *CUNK* , called `` *UNK* . '' STOP 
*CUNKS* go *UNKED* in `` *CUNKAL* '' -LRB- one *UNKER* claims he received $ 4,000 to $ 5,000 for his season football tickets while others said theirs brought only a few hundred dollars -RRB- , and when Mr. *CUNK* ca n't *UNK* down something , like who really owned a car driven by *CUNKER* *UNK* *CUNK* *CUNK* , he simply *UNKS* his notes . STOP 
There are *OUS* *UNKS* to supposed *UNK* *UNKS* between *CUNKER* players and a *UNK-* female university employee . STOP 
A serious charge -- that star *UNKER* Irving *CUNK* `` threw '' the 1984 Orange *CUNK* game by *UNKLY* dropping a pass in the end *UNK* -- is included , even though the *CUNK* assistant *UNK* quoted denied making it . STOP 
Still , the book produces more smoke than a *UNKING* *UNK* , along with a few *UNKS* , especially concerning the use of *UNKS* . STOP 
Dean *CUNKER* , a *UNKLY* *UNK-* former *UNK* , *UNKS* that he used *UNK* , and says other *CUNKS* did too . STOP 
It 's a mystery how this could have escaped the notice of *CUNK* *UNKS* . STOP 
*CUNKLY* , it did n't . STOP 
`` Never *CUNK* Young '' is a different sort of work , focusing on the 1986 death from *UNK* *UNKION* of *CUNKS* , a University of Maryland basketball star *UNKED* for sure pro *UNK* . STOP 
While the university was no more to blame for that than for the similar fate of any other student , it must bear responsibility for its conduct in the aftermath . STOP 
*CUNKS* 's *UNK* , *CUNK* *CUNK* , ordered the room in which *CUNKS* died to be *UNKED* before the police could arrive -LRB- the order was n't carried out -RRB- , and the school 's *UNKS* director issued false information about the academic standing of *CUNKS* and other players . STOP 
Those , of course , were the responses of people with something to hide . STOP 
One *UNKS* how other college *UNK* officials would *UNK* under the same circumstances . STOP 
*CUNK* 's `` On Sports '' column will look at another aspect of the college sports mess . STOP 
*CUNK-* of North America Inc. , a unit of Daimler-Benz AG , paid Massachusetts $ *UNKN* million in taxes , bringing to an end a *UNK-* corporate tax *UNK* . STOP 
Officials at the Department of Revenue had *UNKED* the foreign car maker for taxes owed on business transactions and were proceeding to settle the dispute in court . STOP 
But `` the check arrived in the mail , '' said Stephen Kidder , Massachusetts *CUNKER* of Revenue . STOP 
*CUNK-* , which had said it did n't *UNK* taxes to Massachusetts partly because it sells its cars at a *UNK* in Baltimore and not in Massachusetts , did n't explain its change of heart . STOP 
Last month , *CUNK-* executives approached state revenue officials *UNKING* about bad press , the commissioner said . STOP 
The dispute was the subject of a Wall Street Journal article in August . STOP 
The amount covers taxes , interest and penalties owed from 1966 , when the state began collecting corporate taxes , to 1985 . STOP 
*CUNK-* also agreed to pay taxes owed for the years 1986 through 1988 , Mr. Kidder added . STOP 
Under Massachusetts tax laws , corporations must pay 9.5 % of estimated profits resulting from business transactions in the state if the company *UNKS* a variety of *UNKS* activities , including *UNKS* , customer complaints and relations with independent *UNKS* . STOP 
National *CUNK* Stores Inc. , trying to shake the *UNKS* in the *UNK-* business , said it will *UNK* the merchandise in all of its stores in the next 18 months to *UNKER* better to the neighborhoods around its stores . STOP 
As part of the plan , the *CUNKED* company 's *UNKN* *CUNK* *UNK* *CUNK* stores will be *UNKED* to target black , Hispanic , upscale or core *UNKS* customers . STOP 
Stores in *UNK-* neighborhoods , for instance , will carry *UNKED* *UNKS* , publications such as *CUNK* *CUNK* , *UNK* *UNK* *UNKS* , *UNK* *UNK* *UNKS* and *CUNK* *CUNKS* and *CUNK* products . STOP 
Stores in Hispanic areas will stock an *UNK* of *CUNK-* magazines , Mexican *UNKING* items and *UNKS* . STOP 
Stores in the company 's core *UNKS* market will get more *UNK* and *UNK-* *UNKS* and a greater selection of *UNKED* water . STOP 
*CUNK* Van *CUNK* , National *CUNK* president and chief executive officer , said the move reflects the company 's *UNKION* that the industry 's poor performance stems from its failure to give customers what they want -- rather than from increasing competition from gasoline stations and *UNK-* grocery stores . STOP 
`` *CUNK* store merchandise has not kept pace with current trends in consumer *UNKS* , '' he said in a speech at the company 's annual shareholders meeting . STOP 
Analysts and competitors said the move reflects a growing need by the stores to expand their customer base beyond the traditional *UNK-* worker who *UNKS* into a *UNK* store for a *UNK* , cigarettes , *UNK* or beer . STOP 
`` There are an increasing number of people out there who are *UNK-* , '' said *CUNKS* *CUNK* , retail analyst with Alex . Brown & Sons of Baltimore . STOP 
`` Those are primarily white-collar workers , a customer segment that has historically proved *UNK* for *UNK* stores . '' STOP 
National *CUNK* 's move is likely to be *UNKED* by other chains , though analysts note that *CUNK* Corp. , owner of *UNK-* stores , and *CUNK* K Corp. are too *UNK-* to roll out such an extensive effort . STOP 
Still , *CUNK* said that its franchisees have been targeting their merchandise to their customers for years , and that the company has begun to follow suit . STOP 
For instance , *CUNK* has expanded its *UNKED* water selection in some stores and added fresh *UNKS* in some outlets . STOP 
Several months ago , it also added black health and beauty *UNKS* displays to many stores , a spokeswoman said . STOP 
`` We certainly see an increasing trend toward that , '' she added . STOP 
National *CUNK* said it has tested its new merchandise mix in 100 stores , with favorable results . STOP 
Analysts said the company 's effort will be helped by its decision last year to put *UNK-* *UNKS* in 200 stores , allowing National *CUNK* to quickly track items that are selling and those that are n't . STOP 
To promote its new strategy , National *CUNK* said it plans to spend about $ 12 million on advertising for the year ending June 30 , up from about $ 10 million in fiscal 1989 . STOP 
Labor Secretary Elizabeth Dole named a mediator to help resolve the lengthy labor dispute between the United *CUNK* Workers and Pittston Co . STOP 
*CUNK* *CUNK* Jr. , labor secretary during the Ford administration , was named to *UNK* talks to settle the six-month strike by the *CUNK* . STOP 
*OUS* talks between Pittston , of Greenwich , Conn. , and the union have been *UNK* and unsuccessful . STOP 
The union called the strike in April after Pittston refused to sign the *CUNK* 's national labor pact . STOP 
Pittston seeks changes in health and pension benefits , among other things . STOP 
No schedule for formal talks was set , but meetings are expected to begin soon . STOP 
One day after Delmed Inc. made top management changes and disclosed the end of an important business *UNK* , its stock did n't trade and the company forecast a `` significant '' drop next year in sales of its core product . STOP 
That disclosure came , a Delmed spokeswoman said , after the American Stock Exchange *UNKED* the company that trading would n't resume in its stock until additional information about developments was provided . STOP 
In addition to the forecast , the company also said it is *UNKING* potential cost cuts and reductions in overhead . STOP 
The spokeswoman said the exchange would resume trading of Delmed stock today . STOP 
Delmed , which makes and sells *UNKAL* *UNKS* products used in *UNKING* kidney disease , on Tuesday announced the resignations of Robert S. *CUNK* , chairman , president and chief executive officer , and of *CUNK* I. *CUNK* , chief operating officer and chief financial officer . STOP 
They were succeeded by executives of Fresenius USA Inc. and its parent , Fresenius AG , which owns about 45 % of Delmed . STOP 
At the same time , the New *CUNK* , N.J. , company said negotiations about pricing and *UNKS* of product had collapsed between it and its exclusive distributor in the U.S. , National Medical Care Inc . STOP 
Following that announcement Tuesday , however , company officials were unavailable to elaborate . STOP 
Yesterday , the spokeswoman said sales of Delmed products through the exclusive arrangement with National Medical accounted for 87 % of Delmed 's 1988 sales of $ *UNKN* million . STOP 
The current distribution arrangement ends in March 1990 , although Delmed said it will continue to provide some supplies of the *UNKAL* *UNKS* products to National Medical , the spokeswoman said . STOP 
Nonetheless , `` Delmed currently expects that 1990 sales ... will be significantly below their 1989 level , '' the company said in a statement . STOP 
Delmed said yesterday that Fresenius USA would begin *UNKING* the product and that the company is investigating other possible distribution channels . STOP 
In any case , supplies to patients wo n't be *UNKED* , the company added . STOP 
Fresenius , a West German pharmaceutical concern , has been discussing a transaction in which it would buy Delmed stock for cash to bring its beneficial ownership to between 70 % and 80 % . STOP 
The transaction also would combine Fresenius USA and Delmed . STOP 
But the plan now is being `` *UNKED* , '' Delmed said , declining to provide most of the new terms of the combination . STOP 
*CUNK* the spokeswoman : `` The whole structure has changed . STOP 
The value of the company has changed . '' STOP 
Delmed did say that the proposal still would *UNK* cash into Delmed but less than the $ 10 million originally expected . STOP 
Delmed also would receive the North American rights to certain Fresenius AG products . STOP 
Another option for Delmed , the company said , is that it could sell its plant in *CUNK* , Utah . STOP 
It added that no discussions about such a sale are under way . STOP 
Brooks *CUNKED* Car Service Inc. never wanted to get into money *UNKING* . STOP 
But July 5 , a *UNK* in *CUNK* , *CUNK* , caused *CUNK* Creek to rise 15 feet , pouring 1.3 million *UNKS* of water into *UNK* *UNKS* . STOP 
The water destroyed about $ 75 million in currency and *UNKED* $ 4 million of coins with *UNK* , *UNKING* them dangerous to counting machines . STOP 
The $ 75 million in paper money , although *UNK* , *UNK* and *UNKLY* , was *UNKED* through the Federal Reserve Bank of Philadelphia without incident . STOP 
But Brooks was unable to reach a *UNKING* agreement with the government . STOP 
`` We kind of got caught between *UNKS* , '' says President William F. Brooks *CUNK* . STOP 
The U.S. *CUNK* would n't take the *UNK* because it was n't *UNKED* , and the Federal Reserve Bank *UNKS* only clean coins , he says . STOP 
The Philadelphia Fed says it is merely an `` agent '' for coins , responsible only for storage and distribution . STOP 
`` We issue paper money ; we destroy paper money , '' says *CUNK* *CUNK* , a Philadelphia Fed spokeswoman . STOP 
`` The *UNK* is their problem . '' STOP 
A *CUNK* official says the agency offered to clean the coins for its `` *UNKS* '' cost of $ *UNKN* plus certain other expenses . STOP 
But Brooks declined , *UNKING* that *UNKING* the *UNKED* up money to Washington would cost the company thousands more . STOP 
So Brooks gave the *UNK* work to *CUNK* *CUNK* Inc. , which came up with an unusual solution . STOP 
For eight hours a day for the past two weeks , in *UNKS* of as much as *UNKN* pounds -LRB- equaling $ 20,000 in *UNKS* -RRB- , *CUNK* *CUNK* has been pouring money into a *UNKING* truck . STOP 
A giant *UNKER* , working like a *UNK* , causes the *UNK* to *UNK* and *UNKS* off any *UNKS* . STOP 
After *UNKING* around for an hour or so , the *UNK* , hot money *UNKS* out of the cement *UNK* , where a giant *UNK* *UNKS* away the *UNKED* *UNK* and *UNK* *UNKS* . STOP 
After *UNKING* , the coins are then *UNKED* . STOP 
Brooks expects to pay *CUNK* *CUNK* a total of about $ 20,000 -- a cost that insurance wo n't cover . STOP 
And while the job is half done , Brooks is still bitter . STOP 
In fact , there 's only one person involved who 's happy , and that 's *CUNK* *CUNKING* , president of *CUNK* *CUNK* and *UNKER* of the *UNK-* solution . STOP 
Not only did his company find $ 20,000 worth of work , but when the approach was suggested , Mr. *CUNKING* says , Brooks officials `` did n't *UNK* at me or anything . STOP 
`` *CUNK* , '' this summer 's successful and *UNKING* movie about parents and children , apparently was only the beginning . STOP 
It seems that every day a new movie opens featuring a child *UNKING* with a mother 's death , or adoption , or aging parents , or pregnancy . STOP 
And why not ? STOP 
Some of our best and most *UNK* film makers -- from *CUNK* to *CUNK* to *CUNK* Allen -- have taken a *UNK* from *CUNK* : When it comes to *UNKING* drama , there 's no place like home . STOP 
Yet too many people working in Hollywood today seem to suffer from the *UNKION* that the drama played out in every home will be interesting to people who live somewhere else . STOP 
This is not the case . STOP 
Some *UNKS* simply are n't worth *UNKING* in . STOP 
Yet there will be people who will *UNK* at `` *CUNK* Family , '' a *UNKLY* *UNKED* and offensive movie about adoption . STOP 
These are the sensitive *UNKS* who can *UNK* with and even enjoy hearing about other people 's troubles , no matter how *UNKLY* or *UNKLY* the *UNK* tale is told . STOP 
*CUNK* by Barbara *CUNK* , *UNK-* of `` The Big *CUNK* , '' `` *CUNK* Family '' takes the position that only rich people living in nice houses should have children . STOP 
The film makers have *UNKED* this offensive idea in pretty packaging . STOP 
Everyone is very nice and *UNKING* -- the *UNK* parents -LRB- Glenn *CUNK* and James *CUNKS* -RRB- and the *UNK-* couple who decide to give up their baby for adoption -LRB- Mary Stuart *CUNK* and *CUNK* *CUNK* -RRB- . STOP 
Linda and Michael -LRB- Ms. *CUNK* and Mr. *CUNKS* -RRB- , who seem to be pushing 40 , live in a large and *UNKLY* *UNKED* home in suburban Seattle . STOP 
All of their friends have children and they ca n't , so now they want a child more than anything -- perhaps even more than Michael wanted his fancy convertible or his *UNK* *UNK* equipment . STOP 
The idea of a *UNKION* must be *UNKING* them , since the wealthy *UNKING* of their friends are shown to be *UNK* *UNKS* , in therapy by age five . STOP 
Having *UNKED* all modern *UNKS* to *UNK* , Linda and Michael decide to adopt . STOP 
The actors wear *UNKED* *UNKS* to indicate their genuine *UNKING* for a little one -- or maybe they 're *UNKLY* *UNKING* on the *UNK* of the *UNK* , and Jonathan *CUNK* 's -LRB- `` The *CUNKED* '' -RRB- *UNK* direction . STOP 
Or maybe they are *UNKED* by the *UNKED* musical score ; when a character *UNKS* at a major decision her *UNKS* are *UNKED* by the sound of `` I *CUNK* *CUNK* Clearly Now . '' STOP 
The adoption agency insists on introducing the *UNKING* parents to the *UNK* mother , so Linda and Michael pay for pregnant *CUNK* 's -LRB- Ms. *CUNK* -RRB- bus ticket from Ohio . STOP 
-LRB- Why in these movies is the *UNKED* pregnant woman always from Ohio ? STOP 
I ask this not necessarily as a native *CUNK* . -RRB- STOP 
*CUNK* , of course , is pretty and smart , though *UNKED* . STOP 
Everyone falls in love with everyone else . STOP 
There is some *UNK* , when *CUNK* has the baby and `` did n't know she would feel like this '' and wants to keep the baby . STOP 
But in the end , everything turns out for the best , in the film makers ' *UNKED* view . STOP 
Like lawyers in the hostile takeover field , the baby goes where the money is . STOP 
At the other end of the life cycle is `` *CUNK* , '' Gary David Goldberg 's *UNKION* of the William *CUNK* novel . STOP 
This picture is about a *UNKED* son who makes sure that his delayed bond with his father will last by waiting to cement it until just before the old man *UNKS* . STOP 
The *UNK* emotional style Mr. Goldberg has *UNKED* on television 's `` Family *CUNKS* '' does n't benefit from *UNKION* . STOP 
His characters *UNKLY* *UNKER* through a vast range of human *UNKS* , like travelers doing 10 cities in eight days . STOP 
They *UNK* only to *UNKER* little *UNKS* of *UNKS* and *UNKS* of satisfaction , like tourists *UNKING* the *UNKS* they 've seen from the window of a bus . STOP 
Not even Jack *CUNK* 's expert *UNKING* makes this trip worth taking . STOP 
So it 's entirely possible that `` *CUNK* Who 's *CUNKING* '' is n't as *UNKING* as it seems in comparison to the *UNK* other films opening now . STOP 
But by comparison , this *UNK* comedy seems like a *UNK* . STOP 
It starts with *UNKION* , taking the *UNK* 's point of view , then *UNKS* to the baby 's point of view . STOP 
Bruce *CUNKS* 's best *UNK* as an actor is his *UNK* , *UNK* voice , and that 's all you get of him here , *UNKING* for the baby . STOP 
Finally , there is one family movie that quite *UNKLY* *UNKS* the *UNK* of human *UNKION* -- only its *UNKS* are bears . STOP 
For the second time , in a movie called `` The Bear , '' French director *CUNKS* *CUNK* *UNKS* just how powerful pictures can be . STOP 
-LRB- `` *CUNKEST* for *CUNK* '' was the first time . -RRB- STOP 
To be sure , one *UNKS* what kind of man is this , who feels *UNKED* to try to understand the most *UNK* *UNKING* and *UNK* in a way that requires the most sophisticated appreciation of *UNKAL* *UNKING* . STOP 
*CUNKLY* , he proposed the movie to his producer , *CUNK* *CUNK* , in four lines : STOP 
`` An *UNK* bear *UNK* . STOP 
A big *UNK* bear . STOP 
Two *UNKS* in the forest . STOP 
The animals ' point of view . '' STOP 
But then , even a great many words could n't *UNK* the extraordinary pull of this movie about an *UNKED* bear who *UNKS* a parent . STOP 
*CUNK* *CUNK* : STOP 
One of the best movies about the *UNK-* thing in recent years was `` *CUNKING* Arizona , '' the 1987 *CUNK* brothers ' comedy that definitely was not about the *UNKS* next door . STOP 
Westinghouse Electric Corp. , *UNKING* on a major restructuring program , expects operating margins of more than 10 % and *UNK-* per-share earnings growth next year , top officers told securities analysts here . STOP 
John C. *OUS* , chairman and chief executive officer , also said the company expects sales from continuing businesses to rise 8.5 % annually through the next three years . STOP 
In 1988 , the company earned $ *UNKN* million , or $ *UNKN* a share , on sales of $ *UNKN* billion . STOP 
Since 1983 , Westinghouse has shed 70 businesses that it did n't expect to produce 10 % operating margins while acquiring 55 businesses . STOP 
In the past 20 months alone , Paul E. *CUNK* , president and chief operating officer , said the *UNK* of $ 300 million of *UNK-* , *UNK-* businesses has been more than offset by $ 600 million in profitable acquisitions . STOP 
Westinghouse expects to meet its corporate goals despite a *UNKING* in the economy . STOP 
Even if the gross national product is either flat or in the growth range of 2 % to 2.5 % , `` we can handle that , '' Mr. *OUS* said . STOP 
GNP is the total value of the nation 's output of goods and services . STOP 
A bright spot is the company 's *UNKION* business , which is experiencing a surge of growth for the first time in years . STOP 
Mr. *OUS* said the business will achieve higher sales this year than the company 's target goal of 8.5 % . STOP 
While Westinghouse has n't had a nuclear power plant order from a U.S. utility in about a decade , excess capacity is beginning to *UNK* . STOP 
Mr. *CUNK* said the company *UNKS* the need for a major boost in *UNKION* capability throughout the 1990s . STOP 
Westinghouse also is well positioned to sell steam *UNK* and gas *UNK* plants to independent power producers . STOP 
The company 's ability to respond to energy needs world-wide will be enhanced through a recently announced venture with Mitsubishi Heavy Industries , Mr. *CUNK* said . STOP 
He said the independent power segment could grow to provide as much as 50 % of near-term generation capacity , adding : `` We expect to supply a significant share of this market . '' STOP 
Westinghouse also expects its international sales to soon grow to 25 % of total corporate sales from 20 % last year . STOP 
The company is negotiating with the Soviets to build a *CUNK* King *UNKION* plant that would produce about 10,000 units annually . STOP 
Mr. *OUS* said Westinghouse would own 70 % of the facility . STOP 
The deal , which will involve an initial $ 20 million investment , was struck with a *UNK* , he added . STOP 
Company officials also said that any gain from the sale of Westinghouse 's 55 % stake in its *UNKION* and distribution venture with the Swiss firm of *CUNK* Brown *CUNK* will be offset by a restructuring charge in the fourth quarter . STOP 
The executives did n't disclose the size of the expected gain . STOP 
Capital *UNK* in 1990 will rise slightly , Mr. *OUS* said , from an estimated $ *UNKN* million this year . STOP 
*CUNK* *CUNK* in International *CUNK* Machines Corp. fell to *UNKN* shares in the month ended Oct. 13 from *UNKN* in September . STOP 
Because of an error by the National Association of Securities Dealers , the listing appeared incorrectly in the main table and several *UNK* tables in yesterday 's edition . STOP 
A proposed *UNKEST* policy for federally funded *UNKAL* researchers may *UNK* many *UNK-* new ventures , say *UNKS* , researchers and university *UNKS* . STOP 
The National Institutes of Health policy would require researchers to cut financial ties with health-care businesses -- or lose their government money . STOP 
Among other concerns , the agency says researchers with business ties are more likely to *UNK* findings in order to *UNK* new drugs . STOP 
As ties between *UNK* and venture capital have *UNKED* in recent years , *UNKAL* fear of abuse has risen . STOP 
But the guidelines could `` make it impossible to *UNK* research , '' says Kenneth Smith , associate *UNK* and vice president for research at Massachusetts Institute of Technology . STOP 
The NIH is asking grant *UNKS* and others for comments on the proposed guidelines until Dec. 15 . STOP 
After that , it will make a final decision on the policy . STOP 
The guidelines could *UNK* future arrangements similar to the deal behind *CUNK* Inc. , a *CUNK* , Mass. , start-up , says Robert Daly , a managing partner of *CUNK* Associates , a *UNKAL* firm . STOP 
With $ 2.3 million , he and other investors launched *CUNK* last year to market a *UNK* *UNK* being developed by researchers of the University of California at San Diego . STOP 
The researchers , who are being financed by the *CUNK* funds , will receive a *UNK* , or percentage of sales , if their research yields a commercial product . STOP 
But because the University of California , like many other universities , shares its *UNKS* with researchers , it may *UNK* itself from federal funds under the proposed guidelines , Mr. Daly says . STOP 
The high-tech industry is full of the kind of arrangement that the new guidelines would affect . STOP 
For instance , Commonwealth *CUNKS* Inc. , a *UNKAL* concern , last month invested $ *UNKN* to launch *CUNK* Inc. , a *CUNKER* , Mass. , concern that will produce pharmaceuticals . STOP 
Scientists *CUNK* *CUNK-* and Paul *CUNK* conducted the initial research at the Massachusetts Institute of Technology . STOP 
While Ms. *CUNK-* left *CUNK* to head *CUNK* , *CUNK* *CUNK* will continue to work at *CUNK* , serve on *CUNK* 's board and own a small equity stake in the company . STOP 
The *CUNK* transaction is typical of the way *UNKAL* firms are *UNKING* the task of *UNKING* biotechnology research . STOP 
While universities develop the basic research , `` venture *UNKS* are the ones best positioned to finance its *UNKION* , '' says *CUNK* W. *CUNK* of Commonwealth . STOP 
`` This is the best way to transfer technology straight off the *UNKS* of universities . '' STOP 
But the new guidelines could prevent scientists like *CUNK* *CUNK* from being involved with *UNKS* such as *CUNK* , venture *UNKS* point out . STOP 
And if that happens , the entire process of *UNKING* technology to the marketplace could be *UNKED* , they say . STOP 
The stakes in the controversy are large . STOP 
Last year , venture *UNKS* spent an estimated $ 600 million to finance start-up companies in medical and biotechnology businesses , according to the National *CUNK* Capital Association , a trade group . STOP 
Many of the deals involved transactions in which scientific institutions or researchers agreed to *UNK* their work in return for an equity stake or *UNKS* . STOP 
In many of these deals , `` venture *UNKS* had the inside track , '' says Lawrence *CUNK* of *CUNK* *CUNKS* , La *CUNK* , Calif . STOP 
Investors were willing to *UNK* on new technologies because `` we had exclusive rights to those technologies , '' he adds . STOP 
But under the proposed guidelines , all federally funded research will have to be reported publicly so that anyone can *UNK* on the work . STOP 
`` Without the *UNK* , most venture *UNKS* wo n't have the incentive to invest in such deals , '' Mr. *CUNK* says . STOP 
Last year , for example , *CUNK* and others invested $ 14 million in *CUNK* *CUNKS* Inc. , South San Francisco , Calif. , to license and develop technology for delivery of drugs to the brain . STOP 
But before *CUNK* was able to get an exclusive license to the technology , the Federal *CUNKER* published most of the details , `` giving all of the company 's potential competitors a chance to exploit it , '' Mr. *CUNK* says . STOP 
*CUNK* eventually acquired exclusive rights to the technology and currently is developing it . STOP 
But , says Mr. *CUNK* , `` It was a close call . '' STOP 
The proposed guidelines could also delay *UNKION* -- and force small companies to waste *UNK* capital , entrepreneurs say . STOP 
If *UNKS* ca n't have early access to research being conducted at institutions , `` we have to *UNK* it ourselves or do without the research , '' says Ruth *CUNK* , manager of business development at *CUNKED* *UNK* Inc. , a Cambridge , Mass. , concern . STOP 
*CUNKING* research is both costly and *UNKING* for a start-up , Ms. *CUNK* says . STOP 
For its part , NIH insists that its guidelines `` should not *UNK* research *UNK* or technology transfer from the research laboratory to commercial use . '' STOP 
*CUNKS* such as Harvard and *CUNK* should be able to develop a way to act as brokers for the individual scientists , says *CUNK* *CUNK* , who oversees the huge NIH grants program as its deputy director for *UNKAL* research . STOP 
NIH staff members believe the guidelines are essential to prevent the *UNKION* of problems that have already begun to surface in scientific ventures . STOP 
Not long ago , scientists holding stock in *CUNK* Pharmaceutical Services Inc. were accused of *UNKING* research to boost the stock . STOP 
Many officials are also concerned about companies getting a `` free ride '' on *UNKED* research . STOP 
A congressional *UNK* has been investigating the potential abuse from researchers holding stock in companies *UNKING* their research . STOP 
Among other provisions , the NIH guidelines would *UNK* researchers and members of their immediate families from holding stock in any company that is affected by the outcome of their research . STOP 
Ms. *CUNK* , the NIH *UNK* , says the business and scientific community is *UNKING* to what the agency merely meant to be `` ideas for discussion . '' STOP 
The predictions of *UNK* are `` *UNK* , '' she says . STOP 
But when agencies like the NIH *UNK* guidelines , they 've often already *UNKED* policy , veteran scientists say . STOP 
Indeed , institutions already are taking note . STOP 
On Sept. 14 , Harvard began *UNKING* a *UNKEST* policy statement that , in effect , would follow the NIH guidelines *UNKLY* . STOP 
The University of California at San Francisco is also *UNKING* a memo among its scientific *UNK* that will restrict contact with the world of business . STOP 
In many other institutions , scientists are *UNKING* contacts with venture investors until the NIH policy is settled . STOP 
Says Mr. Daly , the venture *UNK* : `` It does n't matter whether they call it guidelines or policy . STOP 
The damage is already done . STOP 
Friday , Oct. 27 , 9 *UNK-* EDT , on *CUNK* -LRB- *CUNK* air *UNKS* and times vary , so check local *UNKS* -RRB- : `` Show *CUNK* . '' STOP 
New Jersey 's Paper *CUNK* *CUNK* produced this *UNK* revival of America 's most influential musical , written by *CUNK* *CUNK* and *CUNK* *CUNK* and first produced on *CUNK* in *UNKN* . STOP 
Worth watching , although the music has *UNKED* better than the plot or the *UNK* . STOP 
Saturday , Oct. 28 , *UNKN* p.m. EDT , on HBO -LRB- repeated Oct. 31 , Nov. 5 , 8 , 14 , 16 and 20 -RRB- : `` *CUNK* *CUNKS* . '' STOP 
*CUNK* *CUNK* , Brian *CUNK* and *CUNK* *CUNKING* are excellent in this *UNKING* tale of a reluctant witness in an organized crime prosecution . STOP 
It 's set in New York , but it *UNKS* with the terrible *UNKS* of the Latin American drug wars . STOP 
Sunday , Oct. 29 , *UNKN* p.m. EST , on ABC : `` The *CUNKAL* *CUNKS* . '' STOP 
No doubt there is something to *UNK* everyone in this *CUNKED* *UNKION* of Bob *CUNK* and Carl *CUNK* 's book about *CUNK* . STOP 
*CUNKLY* , I 'm *UNKED* by its combination of *UNKS* and *UNK* , which adds up to an *UNKER* lack of drama . STOP 
Sunday , Oct. 29 , *UNKN* p.m. EST , on Showtime -LRB- repeated Nov. 2 , 6 , 11 and 15 -RRB- : `` The *CUNK* *CUNK* of Dr. *CUNK* and Mr. *CUNK* . '' STOP 
*CUNKS* of Anthony *CUNKS* -LRB- `` *CUNK* *CUNKED* '' -RRB- will *UNK* watching him play the title role -LRB- *UNK* -RRB- in the *UNK-* Robert Louis *CUNK* *UNK-* drama of *UNK* *UNK* . STOP 
Monday , Oct. 30 , *UNKN* p.m. EST , on *CUNK* : `` *CUNK* *CUNK* *CUNK* . '' STOP 
I promise you will stay *UNK* through this *UNKING* *UNK* about the science of *UNK* . STOP 
Wednesday , Nov. 1 , *UNKN* p.m. EST , on *CUNK* : `` Thomas Hart *CUNK* . '' STOP 
*CUNKAL* opinion is divided about the success of *CUNK* 's *UNK* *UNK* of *UNK* art . STOP 
But no one could disagree that *CUNK* *CUNKS* has made a *UNKING* film about this famous American *UNKER* . STOP 
Thursday , Nov. 2 , *UNKN* p.m. EST , on *CUNK* -LRB- repeated at 1 a.m. and on Nov. 5 -RRB- : `` Third and *CUNK* : The *CUNK* Hall . '' STOP 
A *UNKER* by the *CUNKER* *CUNKING* *UNK* *CUNK* Norman is the first *UNKION* in a new series called `` American *CUNKS* *CUNKER* , '' sponsored by General Motors . STOP 
James *CUNK* Jones and *CUNK* Van *CUNKS* carry out a bitter *UNKAL* dialogue between two black men . STOP 
*CUNKS* , Nov. *UNKN* , *UNKN* p.m. EST , on *CUNK* : `` Taiwan : The Other China . '' STOP 
*CUNK* *CUNK* *UNKS* this *UNK* *UNK-* series about the history , economy , culture and politics of the island home of Chinese democracy and capitalism . STOP 
Friday , Nov. 3 , *UNKN* p.m. EST , on *CUNK* : `` Our *CUNK* . '' STOP 
Along with `` Show *CUNK* , '' `` Great *CUNKS* '' *UNKS* off its new season with this Lincoln Center production of *CUNK* *CUNKER* 's best known play , in which the role of the *UNK-* *CUNK* *CUNKER* is given a *UNK* *UNK* by performance artist *CUNKING* Gray . STOP 
Saturday , Nov. 4 , *UNKN* p.m. EST , on NBC : *CUNKER* 's Cup Day . STOP 
*CUNKED* *UNKS* , fancy *UNK* , fat *UNKS* -- the horse race of the year . STOP 
Sunday , Nov. 5 , *UNKN* *UNK-* p.m. EST , on ABC : New York City *CUNK* . STOP 
*CUNK* *CUNKS* , *UNKED* cement , media *UNK* -- the foot race of the year . STOP 
Sunday , Nov. 5 , *UNKN* p.m. EST , on *CUNK* : `` Gary *CUNKER* : American Life , American *CUNK* . '' STOP 
I 've seen a great many *UNK* film *UNKS* , and this one is outstanding . STOP 
*CUNKS* , Nov. *UNKN* , *UNKN* p.m. EST , on *CUNK* : `` *CUNK* *CUNK* for All . '' STOP 
*CUNK* `` *CUNK* *CUNK* '' make a *UNKING* human story out of the discovery of insulin ? STOP 
This *UNK* , *UNKING* film answers with a *UNKING* `` yes . '' STOP 
Sunday and Monday , Nov. 5 and 6 , *UNKN* p.m. EST , on NBC : `` Cross of *CUNK* . '' STOP 
The *CUNK* *CUNK* *CUNK* was revived in the *UNKS* as a national organization aimed at *CUNKS* and *CUNKS* as well as blacks . STOP 
One reason for its *UNK* was the murder trial of D.C. *CUNK* , an *CUNK* leader whose reckless career is *UNKED* in this film *UNKING* *CUNK* Harris -LRB- `` *UNKING* '' -RRB- and John *CUNK* . STOP 
Tuesday , Nov. 7 , *UNKN* p.m. EST , on *CUNK* : `` Hurricane ! '' STOP 
*CUNK* the San Francisco earthquake caused you to forget Hugo ? STOP 
You 'll remember when you see the *UNKING* *UNK* taken from inside a hurricane 's eye , in this edition of `` *CUNK* . STOP 
Merksamer *CUNKS* Inc. , a *UNKING* jewelry store chain , filed for Chapter 11 bankruptcy-law protection from creditors , apparently to speed a management buy-out of the chain . STOP 
The filing , made yesterday in U.S. Bankruptcy Court here , follows an agreement by L.J. Hooker Corp. , Merksamer 's owner , to sell the chain to management for an undisclosed price . STOP 
GE Capital Corp. , a financial services subsidiary of General Electric Co. , is providing Merksamer management with $ 15 million in financing . STOP 
L.J. Hooker , based in Atlanta , filed for Chapter 11 protection in August and has also announced its intention to sell its B. *CUNK* & Co. department store chain . STOP 
L.J. Hooker is owned by Hooker Corp. , Sydney , Australia , which itself is currently being managed by a *UNKED* provisional *UNK* . STOP 
L.J. Hooker 's planned sale of Merksamer is subject to approval by Judge *CUNK* *CUNK* of U.S. Bankruptcy Court . STOP 
*CUNKS* to the effect that the Merksamer chain would file for Chapter 11 *UNK* last week in the jewelry industry . STOP 
At that time , Sam Merksamer , president of the chain , *UNKLY* denied that his company was about to file . STOP 
Mr. Merksamer is leading the buy-out . STOP 
According to executives close to the situation , Merksamer filed for Chapter 11 to speed the sale of the chain . STOP 
One executive said an accord signed by the unsecured creditors of L.J. Hooker Corp. had *UNK* in place all of L.J. Hooker 's assets . STOP 
The Merksamer bankruptcy-law filing appears to *UNK* that agreement . STOP 
`` By filing for Chapter 11 , the Merksamer chain will only need approval from a bankruptcy judge for the sale , not the hundreds of unsecured creditors , '' said this executive . STOP 
`` The cash from the sale will go to L.J. Hooker , but the company itself will *UNK* to Sam Merksamer . '' STOP 
Mr. Merksamer and Sanford *CUNK* , chief executive of L.J. Hooker , were unavailable for comment . STOP 
In a statement , Mr. Merksamer described the filing as a `` legal *UNK* , '' but also said that `` our *UNK* to obtain trade credit , combined with a need to ensure that our stores were properly *UNKED* for the Christmas season , *UNKED* our filing Chapter 11 . '' STOP 
The jewelry chain , which is based in Sacramento , Calif. , had revenue of $ 62 million and operating profit of $ 2.5 million for the year ended June 30 . STOP 
For all of this year 's *UNK* *UNK-* in stock prices , Renaissance Investment Management Inc. 's computer sat on the sidelines . STOP 
Now it 's on the *UNK* . STOP 
Renaissance , a *CUNKED* money manager , began buying stocks again this week with half of the $ 1.8 billion that it oversees for clients , according to people familiar with the firm 's revised strategy . STOP 
It was the first time since January that Renaissance has thought stocks are worth owning . STOP 
Renaissance declined to confirm the move , but its stock purchases were thought to have begun Tuesday , *UNKED* to *UNK* with the maturity this week of Treasury bills owned by the firm . STOP 
The other half of its portfolio is expected to remain invested in Treasury bills for the time being . STOP 
Wall Street executives said they believed that Renaissance 's $ 900 million buy program was carried out by PaineWebber Inc . STOP 
As reported , PaineWebber bought shares Tuesday as part of a customer strategy shift , although the broker 's client was said then to have been Japanese . STOP 
Yesterday , PaineWebber declined comment . STOP 
When it owns stocks , Renaissance 's portfolio typically is *UNKED* of about 60 *UNKION* issues ; to make buy or sell moves , the firm *UNKS* Wall Street brokerage houses a day or so in advance , looking for the best package price to carry out the trades . STOP 
The broker winning the business does n't charge commissions , but instead profits by buying or selling for less than the overall package price . STOP 
That puts the broker at risk if it 's trying to buy stock in a rising market . STOP 
In Tuesday 's *UNKING* session , the Dow Jones Industrial Average fell by 80 points early in the day , but finished with less than a *UNK-* loss . STOP 
Renaissance 's last portfolio shift , carried out by Goldman , Sachs & Co. , was a highly *UNKED* decision last January to sell its entire stock portfolio and buy Treasury bills . STOP 
The sell signal , which sent a bearish *UNK* through the stock market , came when Renaissance 's computer found that stocks were *UNKED* compared with bonds and Treasury bills . STOP 
At the time , the Dow Jones Industrial Average stood at about *UNKN* . STOP 
The Dow average now stands more than 20 % higher , while Renaissance 's portfolio of Treasurys produced a return of about 6 % through the first three quarters of the year . STOP 
The computer 's *UNKION* has been painful for Renaissance . STOP 
*CUNK* any money manager holding stocks has turned in better results , while Renaissance has played it safe with Treasury bills . STOP 
So why does Renaissance 's computer like stocks with the Dow at *UNKN* , where it closed yesterday , when it did n't with the Dow at *UNKN* ? STOP 
`` With the decline in stock prices and continued low or stable interest rates , stocks are representing a better value all the time , '' Renaissance President Frank W. *CUNK* said yesterday . STOP 
*CUNK-* *CUNK-* yields have fallen to *UNKN* % from about 9 % at the start of the year . STOP 
Stock prices , meanwhile , are about 140 points lower than the peak of *UNKN* reached on the Dow industrial average Oct. 9 . STOP 
Are those declines enough to signal a partial return to stocks ? STOP 
Mr. *CUNK* wo n't say specifically , explaining that if there was such a move , it would take about three days to complete the loose ends of the transaction . STOP 
During that time , a buyer with the clout of a Renaissance could end up driving up the price of stocks it was trying to buy if it *UNKED* its hand . STOP 
But everything is relative to Mr. *CUNK* , so stocks in his view can become more attractive in comparison with bonds or *CUNKS* , even if shares are more expensive than when they were sold in January . STOP 
`` Our -LCB- computer -RCB- model has a certain trigger point , '' he said . STOP 
When the computer says switch , Renaissance *UNKS* . STOP 
The firm has made 17 previous *UNKS* from one type of asset to another in its 10-year history . STOP 
*CUNK* all have involved at least half and often the firm 's entire portfolio , as the computer *UNKS* for the most *UNKED* investment category , following a *UNK-* style called *UNKAL* asset allocation . STOP 
*CUNKING* *UNKION* firms *UNK* to their own computer models , so some have been partly or fully invested in stocks this year while Renaissance has sat on the sidelines . STOP 
As a result , competitors say Renaissance has been looking for any opportunity to return to the stock market , rather than risk losing business by continuing to remain fully invested in Treasury bills . STOP 
Mr. *CUNK* *UNKS* some clients have left Renaissance , but no major ones , and the firm has added new accounts . STOP 
David Evans , who last week resigned as president and chief executive of Qintex Entertainment Inc. `` for personal reasons '' just as the company filed for bankruptcy-law protection , has been temporarily *UNKED* to both positions , the company said . STOP 
Qintex Entertainment also said Chief Financial *CUNKER* and *CUNKER* Jonathan Lloyd , 37 years old , would join the *UNKER* board . STOP 
He succeeds Roger *CUNK* , who resigned last week saying his participation in *UNKING* the company 's role in buying MGM\/UA Communications Co. was no longer necessary . STOP 
Mr. Evans will stay until a successor is found , but not later than the end of the year , the company said . STOP 
It was the *UNK-* Mr. Evans who had moved into the offices of MGM\/UA and run the company during Qintex Australia Ltd. 's *UNKED* bid for the movie company . STOP 
After MGM\/UA terminated the $ 1.5 billion merger because of a dispute over a $ 50 million letter of credit , Qintex Entertainment -- which is *UNKED* by Qintex Australia -- found itself facing problems of its own . STOP 
And the relationship between Qintex Entertainment and the Australian company appears to be quickly deteriorating . STOP 
On Oct. 19 , Qintex Entertainment was about to default on a $ 5.9 million payment owed to MCA Inc. in connection with the distribution of a television program . STOP 
Qintex Entertainment was depending on Qintex Australia to *UNK* financing . STOP 
But early on Oct. 19 , the second of two *UNK* days of board meetings , Mr. Evans said he believed Qintex Australia would n't be *UNKING* . STOP 
He recommended that the company file for protection under Chapter 11 of the U.S. Bankruptcy Code before the MCA deadline , according to a source familiar with the sessions . STOP 
But a majority of the board , which includes three members from the Australian company , *UNK* him . STOP 
Mr. Evans resigned . STOP 
Later in the day , according to the source , the board reversed itself , decided to file for bankruptcy protection , and asked Mr. Evans to stay on . STOP 
Mr. Evans told the board he needed the weekend to think about it . STOP 
Mr. Evans could n't be reached yesterday for comment . STOP 
Last Monday , Qintex Australia announced a restructuring plan and said it would sell off assets . STOP 
Last week the company indicated it would cut back on the working capital it would supply to Qintex Entertainment . STOP 
Separately , a Qintex Entertainment shareholder filed suit in federal court in Los Angeles charging Qintex Australia with misleading shareholders about Qintex Entertainment 's financial position . STOP 
Qintex Australia said it had n't seen the suit and could n't comment . STOP 
The Sept. 25 `` *CUNKING* Travel '' column advises readers to `` *CUNK* With *CUNKION* When *CUNKING* *CUNK* '' because credit-card companies charge 1 % to convert *UNK-* expenditures into dollars . STOP 
In fact , this is the best bargain available to someone *UNKING* abroad . STOP 
In contrast to the 1 % conversion fee charged by *CUNK* , *UNK-* dealers routinely charge 7 % or more to convert U.S. dollars into foreign currency . STOP 
On top of this , the *UNKER* who *UNKS* his dollars into foreign currency before the trip starts will lose interest from the day of conversion . STOP 
At the end of the trip , any *UNUNK* foreign exchange will have to be converted back into dollars , with another commission due . STOP 
The card holder will pay the modest 1 % fee only on the amounts actually needed . STOP 
*CUNKLY* , he will be *UNKED* only several weeks after the *UNK* , and then has another couple of weeks before he has to pay the bill . STOP 
In the meantime , the money can continue to earn interest for the card holder -- often more than 1 % during that `` *UNK* '' period alone . STOP 
Daniel *CUNK* STOP 
*CUNK* *CUNK* Inc . STOP 
MGM Grand Inc. has agreed to pay $ 93 million and nearly 1.8 million common shares to buy *UNKN* acres of land along the Las Vegas , *CUNK* , Strip as a site for its planned *UNK-* and *UNK-* resort . STOP 
Of the total purchase price , $ 50 million cash and $ 30 million in stock -LRB- nearly 1.8 million shares -RRB- would be paid to buy the existing *UNK-* Marina Hotel & *CUNK* from Southwest Securities , a Nevada limited partnership . STOP 
The remaining properties to be acquired are the *CUNK* *CUNK* Club & *CUNK* *CUNK* , a facility jointly owned by Ramada Inc. , of Phoenix , Ariz. , and the *CUNK* family , and a small *UNK* owned by MGM Grand director James D. *CUNK* . STOP 
The purchase price was disclosed in a preliminary prospectus issued in connection with MGM Grand 's planned offering of six million common shares . STOP 
The luxury airline and casino company , *UNKED* by investor *CUNK* *CUNK* and his *CUNK* Corp. , earlier this month announced its agreements to acquire the properties , but did n't disclose the purchase price . STOP 
The proposed stock offering and issuance of nearly 1.8 million common shares in connection with the land purchase will bring MGM Grand 's total shares outstanding to *UNKN* million , of which 72 % will be owned by Mr. *CUNK* and *CUNK* , according to the prospectus . STOP 
In over-the-counter trading , MGM Grand was bid at $ *UNKN* a share . STOP 
Proceeds from the offering are expected to be used for *UNKING* the company 's *CUNK* *CUNK* resort in Las Vegas , *UNKING* certain aircraft of the MGM Grand Air unit , and to acquire the property for the new resort . STOP 
The company said it estimates the *CUNK* *CUNK* *UNKING* will cost about $ 32 million , and the *UNK* of the three *CUNK-* aircraft , made by McDonnell Douglas Corp. , will cost around $ *UNKN* million . STOP 
MGM Grand said the latest stock offering wo n't cover the $ 600 million or more cost of building the proposed resort and theme park , and added it will need to seek additional financing , either through bank borrowings or debt and equity offerings , at a later date . STOP 
Construction is set to begin in early 1991 . STOP 
The resort will include the MGM Grand Hotel , a *UNKED* , *UNK-* facility that will include 5,000 rooms and *UNKN* square feet of casino space . STOP 
The facility will be *UNKED* toward families , and room rates will be between $ 35 and $ 55 a night , MGM Grand said . STOP 
The prospectus did n't include many details about the studio and theme park , although *UNKAL* *UNKS* , released this month , show that it may feature several `` *UNKED* '' areas similar to those found at *UNKS* built by Walt Disney Co . STOP 
Investors *UNKED* $ 2.8 billion more into money-market mutual funds in the latest week despite further declines in yields . STOP 
*CUNKS* of the 400 taxable funds tracked by *CUNK* 's Money Fund Report jumped to $ *UNKN* billion in the week ended Tuesday , the *CUNK* , *CUNKED* newsletter said . STOP 
*CUNKS* soared $ 4.5 billion in the previous week . STOP 
Meanwhile , the average yield on taxable funds dropped nearly a *UNK* of a percentage point , the largest drop since *UNKER* . STOP 
The average seven-day compound yield , which assumes that dividends are *UNKED* and that current rates continue for a year , fell to *UNKN* % , its lowest since late last year , from 8.55 % the week before , according to *CUNK* 's . STOP 
`` *CUNKER* yields are just reflecting lower short-term interest rates , '' said *CUNK* *CUNK* *CUNKS* , editor of Money Fund Report . STOP 
Money funds invest in such things as short-term Treasury securities , commercial paper and certificates of deposit , all of which have been posting lower interest rates since last spring . STOP 
Individual investors can still get better yields on money funds than on many other short-term instruments . STOP 
The yield on six-month Treasury bills sold at Monday 's auction , for example , was just *UNKN* % . STOP 
The average yield on six-month CDs of $ 50,000 or less at major banks was 7.96 % in the week ended Tuesday , according to Banxquote Money Markets , a New York information service . STOP 
One way that money fund managers boost yields in a declining rate environment is by extending the maturities of their investments , so they can earn the current higher rates for a longer period . STOP 
The average maturity of the taxable funds that *CUNK* 's follows increased by two days in the latest week to 40 days , its *UNKEST* since August . STOP 
`` They 're *UNKING* further declines in rates and they 're going to get them , slowly , '' said Walter Frank , chief economist for the *CUNK* Organization , publisher of Money Fund Report . STOP 
Average maturity was as short as 29 days at the start of this year , when short-term interest rates were moving steadily upward . STOP 
The average seven-day compound yield of the funds reached *UNKN* % in late April . STOP 
The *UNKING* funds are still above 9 % . STOP 
The *UNKING* fund in the latest week was Dreyfus *CUNK* Dollar , with a seven-day compound yield of *UNKN* % . STOP 
The fund *UNKS* heavily in *UNKED* money-market securities overseas . STOP 
It is currently *UNKING* management fees , which *UNKS* to the higher yield . STOP 
The average seven-day simple yield of the 400 funds fell to *UNKN* % from *UNKN* % , *CUNK* 's reported . STOP 
The average 30-day simple yield slid to *UNKN* % from *UNKN* % , and the average 30-day compound yield fell to *UNKN* % from *UNKN* % . STOP 
Many small investors are facing a double *UNK* this year : They got hurt by investing in the highly risky junk bond market , and the *UNK* is worse because they did it with borrowed money . STOP 
These people invested in `` leveraged '' junk bond mutual funds , the publicly traded funds that make a *UNK* of taking out loans to buy extra junk . STOP 
It 's a good strategy in a rising market , where a 25 % leveraged portfolio in effect allows investors to have 125 % of their money working for them . STOP 
The strategy boosts current yield by putting more bonds into the portfolio . STOP 
*CUNK* is , junk bond prices have been weak for months . STOP 
Thus , the leverage has *UNKED* the funds ' portfolio losses . STOP 
And shares of leveraged junk funds this year have been *UNKED* even harder than the junk bonds they hold . STOP 
`` That 's really where the leverage hurt , '' says Thomas *CUNK* , a *CUNKED* investment manager who specializes in *UNK-* funds . STOP 
`` Share prices performed even worse than the funds ' asset values because fear has taken hold '' in the junk market , he says . STOP 
*CUNK* is never a problem for the traditional `` open end '' mutual funds , which are n't publicly traded and are n't allowed to use leverage at all . STOP 
*CUNK* is used only by some of the *UNK-* funds . STOP 
The usual *UNKER* is to borrow against the portfolio value or issue preferred stock , using the proceeds to buy additional bonds . STOP 
The *UNK* for investors lately has been painful . STOP 
Consider the New America High Income Fund . STOP 
With a leveraged position of about 45 % , the fund 's share price has plunged *UNKN* % so far this year . STOP 
That 's worse than the price drop sustained by the bonds in its portfolio , whose total return -LRB- *UNK-* changes plus interest -RRB- has amounted to a negative *UNKN* % . STOP 
Such problems may not be over . STOP 
*CUNKED* funds in particular `` are still extremely vulnerable , because we 're still at the beginning of problems in the junk market , '' says George *CUNK* , a managing partner at *CUNK* Management Associates in *CUNK* , Mass . STOP 
Many investors are *UNUNK* their funds have borrowed to speculate in such a risky market . STOP 
`` If someone actually sat down and thought about what they were being sold , '' says Gerald *CUNK* , editor of the Mutual Fund *CUNKER* in Chicago , they might *UNK* away . STOP 
In a typical leverage strategy , a fund tries to *UNK* the spread between what it costs to borrow and the higher return on the bonds it buys with the borrowed money . STOP 
If the market *UNKS* , holders can make that much more profit ; the leverage effectively acts as an *UNK-* margin account for investors . STOP 
But when the market moves against the fund , investors lose more than other junk holders because the market decline is *UNKED* by the amount the fund is leveraged . STOP 
Fund managers , for their part , defend their use of leverage . STOP 
Carl *CUNK* , who runs the *CUNKAL* *CUNK* High Income Fund , says the fund 's 25 % leverage has *UNKED* up its interest income . STOP 
`` As long as I am borrowing at *UNKN* % and each -LCB- bond -RCB- yields over that , it *UNKS* the yield , '' he maintains . STOP 
Mr. *CUNK* says he tries to offset the leverage by *UNKING* the fund 's portfolio . STOP 
Yet some funds have pulled in their *UNKS* . STOP 
New America High Income Fund recently said that it plans to reduce its leverage position by buying back $ 5 million in preferred stock and notes from investors . STOP 
The fund made a similar move earlier this year . STOP 
`` We are trying to increase our flexibility , '' says *CUNK* E. Terry , a vice president at *CUNKER* Capital Management , the fund 's investment adviser . STOP 
She declined to elaborate and would n't disclose the fund 's recent purchases , sales or cash position . STOP 
Ms. Terry did say the fund 's recent performance `` illustrates what happens in a leveraged product '' when the market does n't cooperate . STOP 
`` When the market turns around , '' she says , `` it will give a nice picture '' of how leverage can help performance . STOP 
Several leveraged funds do n't want to cut the amount they borrow because it would slash the income they pay shareholders , fund officials said . STOP 
But a few funds have taken other defensive steps . STOP 
Some have raised their cash positions to record levels . STOP 
High cash positions help *UNKER* a fund when the market falls . STOP 
Prospect Street High Income Portfolio , for instance , now holds about 15 % in cash and *UNKS* , nearly *UNK* the amount it held earlier this year , says John *CUNK* , portfolio *UNKER* . STOP 
He says the fund , which is 40 % leveraged , has maintained a `` substantial *UNKION* '' between its borrowing costs and the yields of the portfolio 's bonds . STOP 
`` I do n't want to be in a position to have to sell , '' Mr. *CUNK* says . STOP 
Other funds have recently sold weak junk bonds to raise cash . STOP 
At the *UNKED* *CUNK* Income Fund , portfolio manager John *CUNK* recently dumped Mesa Petroleum , *CUNKS* and *CUNK* Industries , among others , to raise his cash position to a record 15 % . STOP 
`` That 's a problem because cash is n't earning us very much money , '' Mr. *CUNK* says . STOP 
He concedes : `` This is the most difficult market that I 've been involved in . '' STOP 
Because of the recent *UNK-* turmoil , the fund is considering investing in other issues instead , including mortgage-backed bonds . STOP 
`` We 're looking at the leverage factor every day , '' says Robert Moore , president of *CUNK-* Inc. , a Shearson Lehman Hutton Inc. unit and the fund 's adviser . STOP 
`` At some point , if we are unable to cover our leveraged cost -- and at the moment we 're right on it -- we 're going to have to make a move . STOP 
One of the more *UNK* garden stories since *CUNK* has been *UNKING* for four years now , in the private *UNK-* *UNKS* of artist *CUNKER* Bartlett . STOP 
And if she and the *CUNK* Park City Authority have their way , her *UNKLY* *UNK* plan will soon go public as a real garden `` *UNK* '' in the downtown complex . STOP 
South Gardens , as the Bartlett scheme is called , will *UNK* the last 3.5 acres of open space at the *UNKEST* *UNK* of Manhattan . STOP 
It could cost taxpayers $ 15 million to install and *CUNK* residents $ 1 million a year to maintain . STOP 
*CUNKED* by an artist who *UNKS* her *UNK* of plants and *UNKS* , South Gardens , as now planned , will die from *UNK* garden design . STOP 
Ms. Bartlett 's previous work , which earned her an international reputation in the *UNKAL* art world , often took *UNKS* as its nominal subject . STOP 
*CUNK* this *UNKAL* connection made the *CUNK* *CUNK* *CUNKS* Committee think she had a *UNKAL* green *UNK* . STOP 
-LRB- Ms. Bartlett would not discuss her garden for this article . -RRB- STOP 
Last year she *UNKED* to *CUNK* magazine : `` I 'd never looked at a garden in my life . '' STOP 
And she proved no *UNKING* *UNK* in her initial statement to the BPCA , a New York State public benefit corporation : `` The only thing I was interested in doing was a very complicated garden , which would cost an enormous amount of money and be very expensive to maintain . '' STOP 
*CUNKED* , the BPCA hired Ms. Bartlett and another *UNKED* garden *UNKS* , the *UNK* Alexander *CUNKER* , who claimed he had never visited , much less built , a garden , and said of the project , `` I do n't view this as a landscape . STOP 
I view this as a building . '' STOP 
The third principal in the South Gardens *UNK* did have garden experience . STOP 
The firm of Bruce *CUNK* *CUNK* *CUNK* *CUNKS* had created Central Park 's *CUNK* *CUNKS* and *CUNK* *CUNK* . STOP 
The BPCA called its team a `` *UNKING* '' *UNKION* . STOP 
After four years , though , the South Gardens design is 100 % *UNKED* *CUNKER* Bartlett . STOP 
She has done little more than *UNK* her standard *UNKS* -- trees , water , landscape *UNKS* , *UNK* square houses , circles , *UNKS* , *UNKS* -- and fit them into a *UNK* , as if she were making one of her *UNKED* *UNKAL* works for a gallery wall . STOP 
But for South Gardens , the *UNK* was to be a *UNK* network of *UNK* or hedge walls with real plants inside them . STOP 
In a letter to the BPCA , *UNK* called this `` *UNK* and *UNK* . '' STOP 
The landscape *UNKS* were *UNKED* from the garden in July . STOP 
All the while , Ms. Bartlett had been busy at her *UNK* , *UNK* in her sense of *UNK-* . STOP 
As she put it in a 1987 *UNK* at the Harvard *CUNK* School of *CUNK* : `` I have designed a garden , not knowing the difference between a *UNK* and a *UNK* . '' STOP 
Moreover , she *UNKED* that `` landscape *UNKS* have been going wrong for the last 20 years '' in the design of open space . STOP 
And she further *UNKED* her *UNKS* by *UNKING* her secret garden design method : *CUNKING* a friend to spend `` five or six thousand dollars ... on books that I ultimately cut up . '' STOP 
After that , the *UNK* had been easy . STOP 
`` I 've always *UNKED* heavily on the *UNK* and found it never to fail . '' STOP 
Ms. Bartlett told her audience that she absolutely did not believe in compromise or in giving in to the client `` because I do n't think you can do *UNK-* versions of things . '' STOP 
-LRB- This was never a problem with South Gardens , because the client had long since given in to Ms. Bartlett 's every *UNK* . -RRB- STOP 
Last year the public was *UNKED* a *UNK* of Ms. Bartlett 's creation in a *UNK* version , at a *CUNK* exhibition . STOP 
The *UNKS* were *UNK* : `` Within its *UNKING* walls is a *UNK* of a thousand years in garden design ... a rose garden , *UNK* garden , *UNK* garden , *UNKER* fields , an apple *UNK* ... organized in a *UNK* of *UNK-* *UNKS* to form ` rooms ' ... here and there are simple *UNKAL* forms , a *UNKAL* jet of water , a *UNK* of *UNK* or *UNK* *UNK* , and chairs of every sort to drag around ... . STOP 
At the core of it all is a love for plants . '' STOP 
Plant *UNKS* who studied the *UNK* were *UNKED* . STOP 
They looked at the *UNK* and saw a giant *UNKLY* . STOP 
Ms. Bartlett 's little rooms left little room for plants or people . STOP 
*CUNK* had put South Gardens ' carrying capacity at four people per room , or about 100 humans overall . STOP 
This *UNK* of tiny *UNKED* *UNKS* was inspired by the artist 's own *UNKS* : `` My *UNK* was 50 by 100 feet , so 50 feet by 50 feet seemed like a good garden room . '' STOP 
*CUNK* the *UNK* were 24 of these plant cells *UNKED* full of clutter . STOP 
One she made into a *UNK* *UNK* room , *UNK* with plants *UNKED* into a *CUNKER* , TV , *UNK* and chairs . STOP 
In another , she *UNKED* *UNK* *CUNK* missile *UNKS* -- *UNKING* $ 10,000 each -- in *UNKS* up to 20 feet . STOP 
Another she *UNKED* with eight `` *UNK* *UNKS* '' for a *UNK* *UNK* lesson in the *UNKING* of plants . STOP 
In the *UNKAL* *UNK* she specified a `` *UNK* *UNK* garden '' *UNK* . STOP 
She ordered the *UNKER* done in a different *UNK* *UNKING* , and made the landscape *UNKS* study a book on *UNKS* . STOP 
In one garden *UNK* she *UNKED* a *UNK-* square glass *UNK* meant to show off a *UNK* *UNK* floor *UNK* , a `` *UNK* *UNK* , '' a `` huge *UNK* with *UNK* '' and a `` *UNK* with *UNKS* . '' STOP 
Next door she put a smaller *UNKED* glass house , where , she suggested , a flat of *UNKS* might be *UNKED* in the dead of winter . STOP 
In another *UNK* called the *CUNK* *CUNK* , 62 *UNK* trees were to be crowded together at killing *UNKS* of 10 or 16 feet . STOP 
-LRB- *CUNKS* need about 36 feet . -RRB- STOP 
One thing about the Bartlett plan was never in doubt : It would demand the *UNK-* skills of a *UNKION* of *UNK* *UNKS* , *UNKS* , *UNKS* and *UNKS* . STOP 
Ms. Bartlett *UNKLY* suggested calling upon `` *UNKED* garden club workers for maintenance . '' STOP 
*CUNK* , she had insisted on *UNKS* so narrow -LRB- five to eight feet -RRB- and hedge *UNKS* so square that standard maintenance equipment -- trucks or *UNK* *UNKS* -- could n't *UNKER* . STOP 
Then , to make these *UNKS* quite literally rooms , Ms. Bartlett had thrown up *UNKS* walls -LRB- *UNK* , *UNK* , hedge -RRB- eight to 10 feet *UNK* , casting her *UNKS* into *UNK-* *CUNK* *UNK* . STOP 
It was hard to see how *UNKS* would ever happen in South Gardens without *UNKING* the walls in a *CUNK-* array of *CUNKS* . STOP 
Finally , *UNKING* the BPCA 's *UNKS* to continue the popular *UNK-* *UNK* *CUNK* , *UNKED* for its *UNK* views of New York *CUNK* , the *CUNK* of *CUNK* and *CUNKS* Island , Ms. Bartlett threw up yet another wall , this time concrete , this time 10 1\/2 feet *UNK* . STOP 
She ran it the length of the South Gardens *UNK* , *UNKING* out the city 's great natural water features , the *UNK* and the *UNKER* . STOP 
-LRB- Within her garden , she has *UNKED* a *UNK* , a *UNK* , *UNKS* and other costly , *UNKAL* *UNKS* *UNK* the Hudson . -RRB- STOP 
While the model was still on view , Manhattan Community Board 1 passed a resolution against South Gardens . STOP 
The Parks Council wrote the BPCA that this `` too ` private ' ... exclusive , '' complex and expensive `` *UNKED* garden ... *UNKS* in almost any location but the *UNK* . '' STOP 
*CUNK* B. Miller , the noted public garden designer who restored Central Park 's *CUNK* *CUNK* , recalls her reaction to the South Gardens model in light of the public garden she was *UNKING* for *UNK* Street 's Bryant Park : `` Bryant Park , as designed in *UNKN* , failed as a public space , because it made people feel *UNKED* . STOP 
By removing the *UNKS* and some walls , the Bryant Park *CUNKION* is opening it up . STOP 
It seems to me the BPCA plan has the potential of making South Gardens a *UNKAL* jail for people and plants . '' STOP 
The three urban *UNK* experts with *CUNK* *CUNK* *CUNKION* *UNKED* in with a letter to the BPCA that began : `` We feel that the garden is *UNKLY* *UNKED* . '' STOP 
They then addressed the *UNKLY* `` *UNK* safety of ... a complex garden of *UNKS* *UNKING* places . STOP 
The 8 *UNK* *UNKS* which *UNK* views in and out of small ` rooms ' *UNK* ... that this garden will be a potential *UNKING* ground for crime . '' STOP 
-LRB- At Harvard , Ms. Bartlett had declared : `` There are going to be problems with safety ... STOP 
I 'm not going to address questions of safety ! '' -RRB- STOP 
Despite the *UNK* *UNKS* of *UNK* garden professionals , Ms. Bartlett 's South Gardens design somehow continues on , seemingly *OUS* to reason , stalled only by bureaucratic *UNK* and *UNKAL* *UNKS* . STOP 
BPCA President and *CUNK* David *CUNK* hopes to negotiate a *UNK* that could `` be significantly more *UNKLY* *UNK* . '' STOP 
And by *UNKING* yet another landscape *UNK* , Nicholas *CUNK* , he insists he can achieve that and other *UNKS* to *UNKING* reality while still *UNKING* the `` *UNK* vision '' of a `` truly great artist . '' STOP 
After four years of no progress in this direction , it is *UNK* any viable *UNKION* with Ms. Bartlett will suddenly now be possible . STOP 
-LRB- Mr. *CUNK* has said he plans to go with the *UNK* , regardless . -RRB- STOP 
There is still time , however , for Gov. *CUNK* *CUNK* or *CUNK* *CUNK* , chairman of the BPCA board , to prevent this *UNK* `` *CUNKED* *CUNK* . '' STOP 
These *UNK* might take counsel from William Robinson , author of `` The English *CUNKER* *CUNK* '' -- the *UNKER* 's *UNK* since *UNKN* -- who seems to have had a *CUNKER* Bartlett in mind when he wrote : `` *CUNKLY* , our *UNKS* for *UNKS* have suffered at the hands of the *UNK* artist when *UNKING* his ` designs ' to the garden ... . STOP 
It is this *UNKING* of *UNK* ` *UNKS* ' and patterns from old books to any surface where a *UNKER* garden has to be made that leads to bad and *OUS* design -- wrong in plan and *UNKS* for the life of plants . STOP 
I read the *UNKS* of Wayne *CUNK* 's exchange with a *CUNK* representative -LRB- `` Put the Soviet *CUNK* on Golden *CUNKS* , '' editorial page , Oct. 5 -RRB- with great interest , since the gold standard is one of my areas of research . STOP 
Mr. *CUNK* is *UNK* when he states that the Soviet Union 's large gold reserves would give it `` great power to establish credibility . '' STOP 
During the latter part of the *UNK* century , *CUNK* was on a gold standard and had gold reserves representing more than 100 % of its outstanding currency , but no one outside *CUNK* used rubles . STOP 
The Bank of England , on the other hand , had gold reserves that averaged about 30 % of its outstanding currency , and Bank of England notes were accepted throughout the world . STOP 
The most likely reason for this *UNK* is that the Bank of England was a private bank with substantial earning assets , and the *UNK-* rights of creditors to collect claims against the bank were well established in Britain . STOP 
By contrast , in *UNK-* *CUNK* an *UNK* government owned the bank and had the power to *UNK* payment whenever it chose , much as it would in today 's Soviet Union . STOP 
The success of the British gold standard was due to independent private banking and common law , rather than the choice of gold for *UNKING* the currency . STOP 
It is no *UNK* that from *UNKN* to *UNKN* , when the Bank of England was an independent private bank , the pound was never *UNKED* and payment of gold for pound notes was never suspended , but with the subsequent *UNKION* of the Bank of England , the pound was *UNKED* with increasing *UNK* and its use as an international medium of exchange declined . STOP 
The Soviet Union should keep these *UNKS* in mind as it seeks to establish the ruble as an international currency . STOP 
One way to make the ruble into a major international currency would be to leave reserves of gold and earning assets in a Swiss bank with *UNKS* based on Swiss laws . STOP 
Unless the laws *UNKING* the *UNKER* 's rights to payment are independent of the *UNKER* of those notes , however , a *UNKED* ruble would be as unsuccessful for the Soviets as it was for the *UNKS* . STOP 
Christopher R. *CUNK* STOP 
*CUNK* of *CUNKION* STOP 
California State University STOP 
*CUNK* , Calif . STOP 
Wednesday , October 25 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 3\/4 % high , 8 11\/16 % low , 8 3\/4 % near closing bid , 8 *UNKN* % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.45 % 30 to 44 days ; *UNKN* % 45 to 67 days ; *UNKN* % 68 to 89 days ; 8 % 90 to 119 days ; 7.875 % 120 to *UNKN* days ; *UNKN* % 150 to 179 days ; 7.50 % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : 8.55 % 30 days ; 8.45 % 60 days ; 8.40 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.09 % one month ; 8.09 % two months ; *UNKN* % three months ; 8 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : *UNKN* % one month ; 8.45 % three months ; *UNKN* % six months . STOP 
BANKERS ACCEPTANCES : *UNKN* % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; 7.98 % 150 days ; 7.90 % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 11\/16 % to 8 9\/16 % one month ; 8 9\/16 % to 8 7\/16 % two months ; 8 5\/8 % to 8 1\/2 % three months ; 8 1\/2 % to 8 3\/8 % four months ; 8 7\/16 % to 8 *UNKN* % five months ; 8 7\/16 % to 8 *UNKN* % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 11\/16 % one month ; 8 5\/8 % three months ; 8 7\/16 % six months ; 8 3\/8 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 9 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 23 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : 7.52 % 13 weeks ; 7.50 % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : *UNKN* % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
Securities and Exchange Commission Chairman Richard Breeden told a congressional subcommittee that he would consider imposing `` circuit breakers '' to halt program trading at volatile times . STOP 
Mr. Breeden , in his first testimony to Congress since taking the SEC post , said the agency is studying the Friday the 13th market plunge , including how current circuit breakers affected the market that day and the following Monday . STOP 
After the study , the SEC would be willing to consider adding new circuit breakers or *UNKING* the current ones , he added . STOP 
Circuit breakers , designed to give the markets a *UNKER* in cases of sharp price movements , curb trading of futures or stocks at various trigger points . STOP 
At certain points during the Friday the 13th drop , circuit breakers *UNKED* in on the futures market , slowing trading at times . STOP 
A circuit *UNKER* that would have closed down the New York Stock Exchange was n't *UNKED* . STOP 
Rep. Edward *CUNK* -LRB- D. , Mass. -RRB- , chairman of the House Telecommunications and Finance *CUNK* , is pushing the idea of a circuit *UNKER* for computer-driven program trading in hopes that would curb `` turmoil '' in the marketplace . STOP 
He argued that program-trading by roughly 15 big institutions is pushing around the markets and *UNKING* individual investors . STOP 
Mr. Breeden did n't reject the proposal . STOP 
After the SEC study of the drop is completed , he said , `` I 'm perfectly happy to work with this committee ... in *UNKING* whether we need other devices , '' such as a program-trading curb . STOP 
Mr. Breeden backed most of the provisions in a *UNK-* bill that the SEC brought to the subcommittee last year under *UNK-* David *CUNKER* . STOP 
The measure is expected to move through this Congress . STOP 
But the new chairman *UNKLY* opposed a provision in the bill that would give the agency the right to close the markets at times of stress . STOP 
Mr. Breeden contended that uncertainty over when the SEC might act could *UNK* volatility in the markets . STOP 
He argued that the current *UNKER* system allows investors to know `` *UNKLY* when and where any trading *UNKS* will occur and how long they will last . '' STOP 
Mr. Breeden offered strong support for two other provisions in the bill . STOP 
One would force brokerage houses to provide the SEC detailed information about loans made by their holding companies . STOP 
Such loans often are used to finance leveraged buy-outs , and the agency is worried that a sharp market drop could create capital problems for the firms . STOP 
He also backed a rule to require large traders to report transactions on a *UNK* basis . STOP 
That information , he argued , is critical to *UNKING* sharp market moves , such as the one nearly two weeks ago . STOP 
In a rare package sale of its real estate , K mart Corp. , *CUNK* , Mich. , has sold 17 of its strip shopping centers to a limited partnership led by New York developer Philip *CUNK* , according to sources familiar with the transaction . STOP 
They estimate the value of the transaction at close to $ 100 million . STOP 
K mart officials and Mr. *CUNK* would n't comment on the sale . STOP 
K mart previously had announced it would report its third consecutive decline in quarterly earnings for the period ended yesterday , the same day the real estate deal was completed . STOP 
Analysts are *UNKING* third-quarter earnings will drop between 13 % and 20 % to about 50 to 55 cents per share , compared with 63 cents per share in the year-ago quarter . STOP 
It is unclear what effect the sale of the shopping centers will have on earnings . STOP 
K mart developed the centers , which range in size from about 150,000 square feet to just over 250,000 square feet . STOP 
Most are *UNKED* by a K mart store . STOP 
The retailer reportedly will lease its stores back from the developer , who plans to expand the small centers . STOP 
The centers *UNK* a total of about 1.6 million square feet of retail space . STOP 
They are spread around the country and include locations in California , Florida , Washington and Arizona . STOP 
Mr. *CUNK* , who heads *CUNKS* International Holding Corp. , a New York-based real estate company , owns more than a dozen other shopping centers in which K mart is a *UNK* . STOP 
The company is active in office and residential development in New York . STOP 
However , nationally , Mr. *CUNK* controls through limited partnerships about 85 shopping centers with about 17 million square feet . STOP 
K mart runs *UNKN* K mart stores , primarily in leased facilities . STOP 
The company typically sells the centers it *UNKS* , but has usually sold only one or several at a time . STOP 
Motorola is fighting back against junk mail . STOP 
So much of the stuff *UNKED* into its Austin , Texas , offices that its mail rooms there simply stopped *UNKING* it . STOP 
Now , thousands of *UNKS* , *UNKS* and sales *UNKS* go straight into the *UNK* . STOP 
`` We just do n't have the staff to -LCB- deliver -RCB- it , nor do we have the space or the time , '' says a spokesman for the *CUNK* , Ill. , electronics company , which has 5,000 employees in the Austin area . STOP 
`` It 's the *UNK* problem and the weight problem we have . '' STOP 
Motorola is in good company . STOP 
*CUNKS* across the country are getting fed up with junk mail , and some are saying they just are n't going to take it anymore -- literally . STOP 
While no one has tracked how many company mail rooms throw out junk mail , *UNK-* advertising firms say the number is growing . STOP 
General Motors earlier this year said it would n't deliver bulk mail or free magazines in its *CUNK* , Mich. , office , while Air Products & *CUNKS* , *CUNK* , Pa. , says it screens junk mail and often *UNKS* out most of a given mass *UNKING* . STOP 
Why the *UNK* ? STOP 
*CUNK* with a *UNK* can answer that : *UNKER* , overwhelming , *UNKING* volume . STOP 
According to the *CUNK* Marketing Association , total direct mail -- to both businesses and consumers -- jumped 50 % to *UNKN* billion pieces in 1988 from five years earlier . STOP 
Though direct mail to businesses is n't broken out separately , the association says it 's growing even faster . STOP 
The *UNK* has *UNKED* *OUS* companies to action , with mail rooms throwing the stuff out rather than taking the time or money to deliver it . STOP 
The *UNK-* industry , not surprisingly , is *UNKING* at the *UNK* of it all . STOP 
After all , this is the industry that has a hard enough time getting any respect , that is the *UNK* of so many *UNKS* that television 's `` *CUNK* Law '' *UNKS* *UNK-* David as short , *UNK* , *UNKLY* *UNK* , and *UNKLY* *UNKING* . STOP 
The practice of businesses throwing out junk mail `` is a *UNKLY* known problem , and it 's increasing as companies attempt to put through budget cuts across the board , '' right down to the *UNK-* level , says Stephen *CUNK* , a list consultant and chairman of the *CUNK* Marketing Association 's *UNKS* council . STOP 
`` But it 's like *UNKING* the hand that *UNKS* them , because every one of these companies uses direct marketing . '' STOP 
It 's almost impossible to track the number of companies *UNKING* junk mail , since the decision is usually made in the mail room -- not the board room . STOP 
And the practice often *UNKS* from location to location even within a company . STOP 
But industry executives say businesses seem especially inclined to dump *UNKS* sent to *UNKS* rather than to individual names . STOP 
Motorola 's Austin operation was one of the first to lose *UNK* , deciding a few years ago to junk any bulk mail that was n't addressed to an individual . STOP 
*CUNKS* are n't delivered at all , even if an individual 's name is listed ; employees who want their magazines have to pick them up from the mail room or the company *UNK* -- and are told to change the *UNKS* to their home *UNKS* . STOP 
At Air Products , meanwhile , the *UNK* staff opens junk mail and often *UNKS* it away -- even if addressed to an individual . STOP 
`` If they get 50 *UNKS* of something , they open one , see what it says , throw 48 away and send two to people or departments they think are appropriate , '' a spokesman says . STOP 
*CUNK* marketers were especially *UNKED* when General Motors -- one of the country 's largest companies and a big *UNK-* user itself -- entered the *UNK-* battle . STOP 
As of March 1 , its *CUNK* office , with about *UNKN* employees , stopped *UNKING* bulk mail and *UNKION* magazines . STOP 
*CUNKS* were told that if they really wanted the publications , they would have to have them sent home instead . STOP 
The reason : *UNK* , especially of *UNKION* magazines . STOP 
*CUNK-* executives see GM 's stand as an *OUS* sign -- even if the *UNK-* *UNKS* did bring it on themselves . STOP 
`` Why anyone would want to close themselves off -LCB- from direct mail -RCB- , a *UNK* , does n't make any sense , '' says Michael *CUNKER* of *CUNKER* *CUNK* Associates , a Boston *UNK* firm . STOP 
`` It *UNKS* of big *UNK* . STOP 
They 're going to decide what their employees can or can not read . '' STOP 
The practice is , however , legal in most cases . STOP 
Jack *CUNKS* , a U.S. *UNKAL* *UNK* in New York , says the *CUNKAL* Service 's only job is to deliver the mail to the mail room ; once it gets there , a company can do with it what it *UNKS* . STOP 
The *UNK-* *UNKS* , ever optimistic , are looking for ways around the problem . STOP 
So far , they say , it has n't had any *UNK* effect on response rates . STOP 
And before it does , they 're trying to cut back on the clutter that created the situation in the first place . STOP 
Among other things , the industry is trying to come up with *UNKED* business lists that cut down on *UNKS* . STOP 
`` We 're going to have to mail a lot less and a lot *UNKER* , '' says Jack Miller , president of *CUNK* Corp. , a *CUNK* , Ill. , *UNKS* *UNKER* company . STOP 
But then again , *UNKING* less and *UNKER* wo n't be much help if the mail ends up in the *UNK* anyway . STOP 
New Hyundai *CUNK* STOP 
Hyundai Motor America , fighting quality complaints , declining sales and management turmoil , yesterday unveiled its 1990 ad strategy , *UNKED* `` We 're *CUNKING* More *CUNK* *CUNK* *CUNKER* . '' STOP 
The ad campaign , created by Saatchi & Saatchi 's Backer Spielvogel Bates agency , is an extension of the auto company 's `` *CUNKS* That *CUNK* *CUNK* '' campaign , which *UNKED* *UNK* . STOP 
TV ads *UNKING* the company 's new *CUNK* *CUNK* and its *UNK-* *CUNK* *UNK* will begin *UNKING* Monday . STOP 
One spot shows a *CUNK* next to a rival *UNKED* car , and an *UNKER* says , `` *CUNK* to what they 're saying about the Hyundai *CUNK* . '' STOP 
As the *UNKER* *UNKS* favorable quotes about the model from Motor *CUNK* and *CUNK* & *CUNK* magazines , the other car , which is white , slowly turns green . STOP 
`` No wonder the competition 's green with *UNK* , '' the *UNKER* says . STOP 
Ad Notes ... . STOP 
*CUNK* : STOP 
*CUNK* , formed by the merger of Eurocom and Della Femina *CUNK* WCRS , said it agreed to buy *CUNK* , an agency in *CUNK* . STOP 
Terms were n't disclosed . STOP 
*CUNK* *CUNK* : STOP 
Seagram will run two *UNK* ads in December magazines promoting its Chivas *CUNKAL* and *CUNK* Royal brands . STOP 
The Chivas ad illustrates -- via a series of *UNKS* -- the wild reactions from the pool man , *UNKER* and others if not given Chivas for Christmas . STOP 
The *UNK-* *CUNK* Royal ad features a *UNK-* shot of a *UNKING* holiday party -- and a set of *UNK* *UNKS* with which readers can dress it up . STOP 
Both ads were designed by *CUNK* 's *CUNK* *CUNK* agency . STOP 
Senate Democrats who favor cutting the capital-gains tax are n't ready to line up behind the leading Senate proposal . STOP 
Their reluctance to support the proposal is another blow to the capital-gains cut , which has had a *UNKER* existence since the beginning of the year , when it was considered dead and then suddenly revived and was passed by the House . STOP 
Nevertheless , Oregon Sen. Bob Packwood , the ranking GOP member on the *UNKING* Senate Finance Committee , last night introduced his plan as an amendment to a pending measure *UNKING* U.S. aid for Poland and Hungary . STOP 
Senate Majority Leader George Mitchell -LRB- D. , Maine -RRB- was confident he had enough votes to block the *UNKER* on procedural grounds , perhaps as soon as today . STOP 
Mr. Packwood all but conceded defeat , telling Mr. Mitchell : `` I sense at this stage you may have the votes . '' STOP 
The two lawmakers *UNKED* in a highly personal fashion , violating usual Senate *UNK* . STOP 
Their tone was *UNKED* , with Mr. Packwood saying he intended to offer the proposal again and again on future legislation and Sen. Mitchell saying he intended to use procedural means to block it again and again . STOP 
Although the proposal , *UNKED* by Mr. Packwood and Sen. William Roth -LRB- R. , *CUNK* -RRB- , appears to have general backing by Republicans , their votes are n't sufficient to pass it . STOP 
And Democrats , who are under increasing pressure from their leaders to reject the *UNK-* cut , are finding reasons to say no , at least for now . STOP 
A major reason is that they believe the *CUNK-* plan would lose *UNKS* of revenue over the long run . STOP 
The *CUNK-* proposal would reduce the tax depending on how long an asset was held . STOP 
It also would create a new individual retirement account that would shield from taxation the appreciation on investments made for a wide variety of purposes , including retirement , medical expenses , *UNK-* purchases and tuition . STOP 
`` A number of us are not going to touch capital gains , IRAs or anything else unless it *UNKS* to deficit-reduction , '' said Sen. Charles *CUNK* -LRB- D. , Va. -RRB- , who is one of the 10 to 20 Democrats who the Bush administration believes might favor giving *UNKAL* treatment to capital gains . STOP 
President Bush has been hearing this kind of opposition first hand during meetings over the past two days with Democratic senators at the White House . STOP 
And at a *UNK* meeting Tuesday of Democratic senators , there was *UNK* opposition to cutting the capital-gains tax this year , according to participants . STOP 
The trend is making advocates of the tax cut less optimistic about success . STOP 
`` There is a *UNK-* shot of getting it this year , '' said Sen. David Boren of Oklahoma , a leading Democratic *UNK* of cutting the capital-gains tax . STOP 
He called the battle `` *UNK* . '' STOP 
Other Democrats who favor a capital-gains cut are even more pessimistic . STOP 
`` There will be no capital-gains bill this year , '' said Sen. *CUNK* *CUNKS* -LRB- D. , *CUNK* . -RRB- . STOP 
`` I 'm probably not going to vote for any capital-gains proposal . STOP 
The IRA portion -LRB- of the *CUNK-* plan -RRB- is irresponsible . '' STOP 
Another significant factor in the *UNKS* debate is the extent to which it has become a *UNKLY* political battle between President Bush and Senate Majority Leader Mitchell . STOP 
Mr. Mitchell has made clear to his *UNKING* colleagues that the issue is important to him personally . STOP 
Today , Sen. Mitchell and other leading Democrats plan to turn up the heat again by holding a news conference to *UNK* the proposal . STOP 
*CUNKS* requested by Sen. Mitchell from the Congressional *CUNK* *CUNKION* Committee show that the *UNKEST* 100 taxpayers got an average benefit from the capital-gains *UNKAL* of $ 13 million each in 1985 , the last year for which figures are available . STOP 
White House officials acknowledged yesterday that Democrats still are reluctant to publicly *UNKS* support for the *CUNK-* capital gains proposal because they are *UNK* to *UNK* Sen. Mitchell . STOP 
As a result , the officials said they are open to making a variety of deals with Senate Democrats to win their support for a capital-gains tax cut . STOP 
Democrats asked in this week for discussions with President Bush have suggested ways of `` *UNKING* '' with the *CUNK-* proposal , suggesting an interest in looking for a *UNKED* version they can back , one official said . STOP 
In addition , White House aides think that there are numerous other important measures Democrats badly wanted passed -- such as the *UNKING* back of a controversial catastrophic health-care plan for the elderly -- that might provide the president leverage in cutting deals with Democrats . STOP 
A capital-gains tax cut might be *UNKED* with such measures to help ensure passage . STOP 
Other possibilities include a *UNK-* initiative and an increase in the minimum wage . STOP 
If they ca n't secure immediate passage of a capital-gains plan , administration officials also are n't ruling out making a deal with Congress to put off a vote until a firm date in the future , even next year . STOP 
But the officials insist that such a deal on a future vote would have to apply to both the House and the Senate . STOP 
Gerald F. *CUNK* contributed to this article . STOP 
Japanese *UNKION* authorities said they found *UNKN* more Chinese among Vietnamese *UNK* people , bringing the number of Chinese trying to enter Japan by *UNKING* as Vietnamese refugees this year to *UNKN* . STOP 
Japan plans to send the Chinese back home and is negotiating with the Chinese government , a Justice Ministry official said . STOP 
The Chinese were among *UNKN* *UNK* people *UNKLY* from Vietnam who arrived in Japan this year , compared with *UNKN* for all of 1988 , the official said . STOP 
The *UNKN* Chinese , who have been in a *UNK-* center , were sent to *UNKION* facilities yesterday pending *UNKION* to China , the official said . STOP 
On Sept. 13 , Japan began a policy of *UNKING* *UNK* people , accepting only those *UNKED* to be political refugees . STOP 
*CUNK* *CUNK* , *UNK-* former deputy director of France 's *UNK* , faces prison for her theft of some 67 rare coins from the *UNK* 's *UNKS* . STOP 
Second in command from 1979 to 1984 , Mrs. *CUNK* told a Paris court that the `` great *UNKER* '' that *UNKED* at the agency led her into *UNKION* . STOP 
Before an inventory in 1984 that showed the `` *UNK* '' of *UNKN* coins valued at about 2.9 million French francs -LRB- about $ *UNKN* -RRB- , there had n't been any *UNKING* since *UNKN* . STOP 
*CUNK* Lambert , Mrs. *CUNK* 's successor , says the *UNK* 's losses from the theft run into the hundreds of thousands of francs . STOP 
El *CUNK* is *UNKING* more than 1.6 million pounds of food that had *UNKED* in government *UNKS* , government officials said . STOP 
The state *CUNKLY* *CUNK* Institute is to *UNK* rice , corn and *UNKS* that *UNKED* because of *UNK* and corruption in the previous Christian Democrat government , a statement from the information service *CUNK* said . STOP 
During the past administration the *UNKS* were first bought by the institute , then sold at low prices to `` *OUS* businessmen '' who *UNK* them to the institute at *UNKED* prices , the statement said . STOP 
A *UNKED* *UNK* *UNKER* *UNKED* into *CUNKS* yesterday bringing 800 *CUNKS* threatening *UNK* if Italy *UNKS* to pay compensation for more than 30 years of *UNKAL* rule . STOP 
Another 250 *CUNKS* were already in Italy to stage a day of *UNKING* for victims of Italy 's *UNKAL* rule between *UNKN* and *UNKN* , when *CUNK* says *CUNK* *UNKED* 5,000 *CUNKS* and *UNKED* them as forced labor . STOP 
*CUNK* 's *UNK* *CUNKS* have threatened attacks on *CUNKS* if *CUNK* does n't pay compensation . STOP 
But officials in *CUNK* say the issue was *UNKLY* resolved by a settlement between Italy and King *CUNKS* , *UNKED* by *CUNK* *CUNK* *CUNK* in 1969 . STOP 
Canadian *CUNKS* are taking five countries to court in a bid to stop low military flights over their homes , the Dutch Defense Ministry said . STOP 
Representatives of the *CUNK* and *CUNK* *UNKS* living in Quebec and *CUNK* in *UNK* Canada told the ministry of the planned action at a meeting , a ministry spokesman said . STOP 
They also wanted to prevent a NATO training base being built in the region , he said . STOP 
The action , in the Canadian Federal Court , will be against Canada , the Netherlands , West Germany , Britain and the U.S. , the ministry spokesman said . STOP 
Japan suspended imports of French *UNKS* after finding some *UNKED* by radiation , an official of the Ministry of Health and *CUNK* said . STOP 
Japan has been testing imported food from Europe since the April 1986 *CUNK* accident in the Soviet Union , the spokesman said . STOP 
Since then , the ministry has announced 50 *UNKS* on food imports from European countries , including Italy , Spain , Turkey , Greece and the Soviet Union . STOP 
The Venice city council is *UNKING* plans to *UNK* huge gas fields off the coast that it says will speed up the city 's slow *UNKING* into its *UNK* . STOP 
*CUNK* , the state-owned energy giant , made the announcement about the gas field last month . STOP 
*CUNKED* six miles *UNK* of Venice , the field contains *UNKN* billion cubic feet of *UNK* gas - *UNK-* of Italy 's reserves . STOP 
*CUNKED* *UNKS* say the project could *UNK* costly efforts to stop , or slow down , the *UNK* that makes Venice subject to regular and *UNK* *UNKING* . STOP 
The council unanimously opposed the idea of *CUNK* *UNKING* out the *UNK* gas and *UNKLY* appealed to the company and to Prime Minister *CUNK* *CUNK* , who has yet to *UNKLY* . STOP 
*CUNK* refused to *UNKER* and says drilling is due to start early next year . STOP 
`` It 's unlikely *UNKING* the gas will cause *UNK* , '' says a spokeswoman . STOP 
*CUNKS* *UNK* a *UNK* century *UNK* from an abandoned church in *CUNK* , Italy , by removing the entire wall on which the work had been painted , police said ... . STOP 
West Germany 's *CUNK* *UNKED* the *CUNK* post office to test a *UNK* *UNKED* car . STOP 
The vehicle has a top speed of 65 miles an hour and requires *UNKING* from a standard wall *UNK* every 100 miles . STOP 
Total *CUNKS* Protection Inc. , *UNKING* from its earlier loss , expects to report earnings from operations of about $ 200,000 for the third quarter , J.C. *CUNK* , chairman , said . STOP 
Net income includes an extraordinary gain of about $ 100,000 from the reversal of bad debt and interest income . STOP 
Revenue was about $ 4.5 million . STOP 
In the 1988 third quarter , the company posted a net loss of $ *UNKN* , or 22 cents a share , on revenue of about $ 5.1 million . STOP 
Total *CUNKS* plans and designs computer centers , computer security systems and computer *UNK* systems . STOP 
*CUNKING* your Oct. 4 *UNK-* article `` *CUNK* *CUNK* '' on the *UNK-* battle : The *CUNK* Institute is not just a *UNK-* organization . STOP 
It is primarily a *UNKED* *UNK* treatment facility providing comprehensive services to people with *UNK* and their families . STOP 
The institute 's *UNK* efforts are based on the needs of the population it serves and represents . STOP 
In 1985 , the Medical *CUNK* reported that a growing number of critics are challenging the FDA *UNK-* *UNKION* . STOP 
`` They contend it is based on an assumption that has not yet been proven in valid tests , '' the *CUNK* said . STOP 
In 1986 , some institute patients were reporting *UNK* *UNKS* when they were switched from a specific *UNK-* *UNKION* to a *UNK* one or from one *UNK* manufacturer of a specific product to another . STOP 
In addition , *UNKS* were beginning to report these *UNKS* as well . STOP 
Call it *UNKAL* if you will . STOP 
But no *UNKAL* physician would switch patients who were doing well on a specific *UNKION* from a specific manufacturer to prove a point . STOP 
We do not depend on pharmaceutical companies for our support . STOP 
The institute has *UNKAL* service contracts for the provision of direct patient services ; *UNKS* patient fees ; receives money through contributions from individuals , *UNKS* and *UNKS* . STOP 
The funds received from pharmaceutical firms are used to offset physician *UNKS* , and these *UNKS* do not stress any particular *UNKION* or manufacturer . STOP 
The *CUNK* Institute 's reporting of *UNK* *UNKS* stemmed from concerns about the people we treat and care about daily . STOP 
This perhaps was perceived as a `` bold '' stance , and thus *OUS* . STOP 
But let us not *UNK* profits of big business *UNKING* as concerns for people 's health care or for the cost . STOP 
For whom is the saving ? STOP 
*CUNKLY* not to people with *UNK* who depend on the same levels of *UNKION* in their *UNK* daily to maintain *UNK* control . STOP 
*CUNK* *CUNKER* STOP 
Executive Director STOP 
Arnold M. Katz STOP 
Parker *CUNK* Corp. said it agreed to sell its three automotive parts divisions to a *UNKED* investor group for $ 80 million . STOP 
The buy-out group is headed by Paul R. *CUNKER* , president of Parker 's automotive group , and includes several other executives of the three divisions . STOP 
The units are the *CUNK* , *CUNKAL* and *CUNKS* divisions . STOP 
Net sales for the units for the fiscal year ended June 30 were $ *UNKN* million . STOP 
Parker officials said the company is selling the units to focus on its other businesses . STOP 
A *UNK* will *UNK* next month on the *UNKED* Strip : a *UNK-* mountain *UNKING* smoke and *UNK* every five minutes . STOP 
The *UNK-* *UNK* will tower over a *UNK-* *UNK* with more than four acres of *UNKS* , *UNKS* and *UNKS* . STOP 
*CUNKS* , *UNKED* from the Strip on a moving *UNK* , will *UNK* over a *UNK* for rare white *UNKS* , which will star in *UNKS* by the *UNKED* *UNK* team of *CUNKED* & Roy . STOP 
*CUNK* , six *UNKS* will *UNK* in a 1.5 *UNK-* *UNKER* *UNK* . STOP 
At the core of all this stands a hotel . STOP 
In the lobby behind its *UNK-* , *UNK-* *UNK* , a *UNK-* *UNK* will come alive with *UNKS* , *UNKS* , *UNK* , *UNKS* and other *UNKS* of the deep . STOP 
And *UNK* , yes . STOP 
There 's a casino , the financial heart of it all . STOP 
This is the Mirage , a $ *UNKN* million *UNK-* *UNK-* now being completed for opening in November by Golden *CUNK* Inc . STOP 
It 's the most *UNKING* example of Las Vegas 's *UNKED* effort to transform itself into a *OUS* *UNKION* resort for families as well as *UNKS* . STOP 
Las Vegas has seen nothing quite like it before . STOP 
Not for 15 years has a big new *UNK-* opened here . STOP 
Now the Mirage and Circus Circus Enterprises Inc. 's $ *UNKN* million *CUNK* are going up . STOP 
The *CUNK* , with a *UNK* hotel , *UNKING* *UNKS* and other *CUNK* *UNKS* , will be able to handle up to 30,000 visitors a day when it opens in 1990 . STOP 
If MGM Grand Inc. proceeds with its plan for an *UNK* park -- a $ 700 million *UNK* resort with a working studio , casino and *UNK-* hotel that would become Las Vegas 's biggest -- the investment in the three properties will total some $ 1.6 billion . STOP 
MGM Grand has agreed to buy a *UNK-* site for the resort for $ 93 million in cash plus stock currently valued at nearly $ 30 million . STOP 
*CUNKER* projects *UNK* the figure to at least $ 2.5 billion . STOP 
Still other projects that have been announced but not yet started could put expenditures above $ 3 billion over the next few years . STOP 
Stephen A. *CUNK* , who owns *UNKN* % of Golden *CUNK* 's shares , says the Mirage and other projects will help Las Vegas attract a whole new generation of visitors . STOP 
`` If you create a *UNK* , if you create something so exciting that the public *UNKS* of being part of it , then they 'll come , '' he says . STOP 
The projects already under construction will increase Las Vegas 's supply of hotel rooms by *UNKN* , or nearly 20 % , to *UNKN* . STOP 
By a rule of *UNK* of 1.5 new jobs for each new hotel room , Clark County will have nearly *UNKN* new jobs . STOP 
The *UNK* at the end of 1988 had *UNKN* jobs , *UNKN* of them in the tourist industry . STOP 
*CUNKS* in the talking or *UNK* stage would add a further *UNKN* rooms . STOP 
*CUNK-* operators play down the possibility of a labor shortage . STOP 
After all , 40,000 *UNKS* a year are settling in the Las Vegas Valley . STOP 
But Nevada state labor economists think a shortage is *UNK* . STOP 
Nobody yet seems to have calculated the total number of *UNK* machines , *UNK* tables or *UNK* *UNKS* Las Vegas will add to the enormous store that *CUNK* *CUNK* already *UNKS* here , much less the ultimate impact of the growth on schools and municipal services . STOP 
`` *CUNK* is certainly a concern , as is pollution , water and an adequate labor market , '' says Frank *CUNK* , executive director of the Las Vegas *CUNKION* and *CUNKS* Bureau . STOP 
City *UNKS* have managed to push through projects that are crucial for tourist growth , such as the expansion of *CUNK* International Airport to accommodate the 44 % of Las Vegas tourists who fly here . STOP 
This year , by one means of transport or another , more than 18 million people will visit the city . STOP 
The expansion will set off a marketing war among the big *UNKS* . STOP 
Las Vegas promises , or *UNKS* , to become a giant *UNKAL* , with rooms to be had for $ 45 a day or less , for visitors *UNKED* solely by gambling . STOP 
*CUNK* a *UNK* of *UNKING* *UNKS* , *UNKS* *UNKS* , *UNK-* *UNKS* and *UNKS* of the wild , *UNKER* competitors will fall . STOP 
*CUNKS* World Inc. plans to defend its *UNK* reputation by *UNKING* $ 190 million into its *UNK* *CUNKS* *CUNK* , next door to the new Mirage , and adding a $ 100 million shopping area *UNK* of *CUNK* *CUNK* . STOP 
The *CUNK* , with its *UNK* *UNKS* and *UNK* parties for high *UNKS* , is already well-known for its *CUNK* theme . STOP 
The *CUNK* *CUNK* , Imperial *CUNK* , *CUNKER* and others are pouring millions of dollars into *UNKS* , new room *UNKS* and casino floor space just to keep up . STOP 
Where 's this huge amount of investment capital coming from ? STOP 
Golden *CUNK* , Drexel Burnham Lambert Inc. 's first casino client , has borrowed on more than $ 600 million worth of mortgage notes , mostly sold to private investors by Drexel , to build the Mirage . STOP 
Other casino owners , Circus Circus among them , are financing their expansion with their own cash and *UNKING* credit lines from local lenders such as First Interstate Bank of Nevada . STOP 
Will the investments pay off ? STOP 
The growth of Las Vegas tourism in recent years *UNKS* lenders that they will . STOP 
*CUNK* revenues and hotel *UNK* rates are high . STOP 
Last year , the tourists left $ 3 billion with the area 's *UNKS* , nearly 10 % more than in 1987 . STOP 
The people with a stake in Nevada 's gambling industry believe that they have barely *UNKED* the potentially huge family trade . STOP 
`` If you build a better *UNK* , it will catch more *UNK* , '' says *CUNKED* *CUNKER* , chairman of MGM Grand . STOP 
*CUNK* *CUNKLY* , a tourist from *CUNK* , Ill. , seems inclined to agree . STOP 
`` I 'd love it if my daughter had something else to do here , '' says Ms. *CUNKLY* , watching *UNK-* *CUNK* on the water slide at the Strip 's *CUNK* *UNK* *CUNK* water park . STOP 
`` Two generations ago , *CUNK* came to Las Vegas by himself for a little *UNKION* , '' says Van *CUNKER* , executive vice president of the Nevada Hotel and *CUNK* Association . STOP 
`` One generation ago , *CUNK* joined *CUNK* . STOP 
Now , in the *UNKS* , we 're headed toward a total resort environment . '' STOP 
Only a decade or so ago , casino managers *UNKED* at *UNK-* TV sets and other *UNKS* that *UNKED* from gambling . STOP 
*CUNKS* today offer *UNKING* *UNKS* , water *UNKS* , golf courses , *UNKS* courts , *UNK* *UNKING* *UNKS* and other *UNKS* , and more such facilities are being designed . STOP 
Despite the new emphasis on the family trade , however , tourists in search of *UNKER* fun than gambling seem certain to find it , with Las Vegas call *UNKS* remaining on the scene . STOP 
A serious economic downturn , *UNKS* *UNK* , could hurt the *UNKS* . STOP 
For now , however , the *UNKS* ' voices are *UNKED* by the *UNK* of cement *UNKS* and the *UNKING* of construction *UNKS* along the Strip . STOP 
This is no place for *UNKS* , but at *UNKN* on a recent morning , when construction *UNKED* traffic at the famous Four *CUNKS* *UNKION* to one *UNK* , a *UNK* passenger found it faster to abandon the *UNK* and walk to her *UNKION* . STOP 
The *OUS* competition probably will drive some poorly managed properties into bankruptcy or new ownership . STOP 
It has happened before . STOP 
The *CUNKS* , the *CUNK* and the *CUNK* were all acquired by the present owners from bankruptcy proceedings *UNKED* by the last recession , in the early 1980s . STOP 
Yet that has n't *UNKED* investors . STOP 
Some have bought big *UNKS* of Strip property for what may turn into another wave of building . STOP 
Atlantic City casino owner Donald Trump is *UNKING* the Las Vegas market with an eye toward building an *UNKLY* *UNK* place . STOP 
Even before the huge new projects began , the Strip 's recent expansion squeezed smaller competitors . STOP 
Many *UNK-* customers of downtown 's *UNKS* gambling spots have been *UNKED* to the Strip or to *CUNK* , *CUNK* , a Colorado River town *UNKING* to *UNKS* and the *UNK-* crowd . STOP 
Hotel expansion and an *UNK* of *UNKING* tourists have hurt *UNKS* . STOP 
Since 1979 , the number of *UNK* rooms has fallen by *UNKN* . STOP 
Many people here expect a *UNK-* war as the new projects open . STOP 
`` There 's probably going to be some pressure on *UNK* and room rates over the next year , but after that you should see the market return to *UNKS* *UNK* and regular rates , '' says Paul *CUNK* , casino executive at Ramada Inc. , which runs the *CUNK* . STOP 
*CUNKS* wonder whether *UNKS* such as the Mirage will be able to squeeze a profit from their cash flow . STOP 
The Mirage will cost at least $ 1 million a day to operate . STOP 
Mr. *CUNK* seems confident that it will produce a healthy profit , but some securities analysts doubt it . STOP 
*CUNKS* and analysts say that among large existing properties Bally Manufacturing Corp. 's Bally Grand *UNK-* probably will be hardest hit among major properties . STOP 
Bally officials decline to discuss the situation . STOP 
Bally bought the former MGM Grand *UNK-* from *CUNK* *CUNK* four years ago . STOP 
Only now is it *UNKING* a badly needed *UNK* . STOP 
Its parking lot is *UNK* , the MGM *UNK-* *UNK* still appears in places , and customers still call it the Grand , rather than the Bally Grand . STOP 
It has a `` great location , but they 're going to have some real problems when everyone around them opens , '' says Daniel Lee , a Drexel analyst . STOP 
*CUNKER* properties that still have a 1950s image are also vulnerable . STOP 
Any *UNK-* without a strong identity will get *UNKED* by the new competition , says Glenn *CUNKER* , senior vice president of Circus Circus . STOP 
`` If you do n't know what you are , bigger wo n't make you better , '' he says . STOP 
`` But it 'll sure make you *UNKER* . '' STOP 
Circus Circus 's flagship casino has become the *UNK* of competitors for its ability to *UNK* cash from the *UNKS* of *UNKING* families . STOP 
The Circus Circus *UNKS* them with low room rates , *UNK* *UNKS* and entertainment for children at no extra charge . STOP 
The company 's *CUNK* will also appeal to families , of course . STOP 
Its *UNK* , Mr. *CUNKER* says , will be `` the most *UNKING* piece of *UNK* architecture ever built . '' STOP 
Some casino owners have resisted the *UNKION* to add rooms . STOP 
Instead , they are spending to reinforce the identity that they believe *UNKS* their customers . STOP 
`` More rooms are n't the answer for us , '' says *CUNKS* World chairman Henry *CUNK* . STOP 
While his company 's hotel is building a retail complex in Beverly Hills style and *UNKING* existing rooms , it has *UNKED* the number of its rooms . STOP 
Some have been combined into *UNKS* for the high *UNKS* . STOP 
*CUNKS* has made a specialty of *UNKING* to high *UNKS* from abroad , who are also being aggressively *UNKED* by the Mirage , the Las Vegas *CUNK* and others . STOP 
Other , smaller concerns are also pursuing market *UNKS* -- *CUNK* tourists , for example , or the local trade . STOP 
`` There 's still room for *UNK* properties , '' says James *CUNK* , president of *CUNK* *CUNKS* Inc . STOP 
*CUNK* the Strip , *CUNK* is building the *CUNK* , a *UNK-* with a Brazilian theme and only *UNKN* rooms -- all of them *UNKS* . STOP 
Despite the *UNKION* of tourist *UNKS* , Las *CUNKS* have n't *UNK* that gambling is still what the town is all about . STOP 
`` The days when when the *UNK* of *UNKS* was all high *UNKS* , with no windows and *UNKS* and lots of red and black *UNK* , are gone , '' Mr. *CUNK* of the visitors ' bureau says . STOP 
`` But 93 % of tourists still come for gambling . STOP 
We ca n't lose *UNK* of that . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* directors declared an initial dividend of 10 cents a share , payable Dec. 5 to stock of record Nov. 21 . STOP 
The *CUNKAL* Park , N.Y. , thrift has a strong *UNKS* ratio , said Vice President Michael *CUNK* *CUNKER* . STOP 
At Sept. 30 , the thrift , which converted to a stock form of ownership from a mutual form in April 1986 , had more than four million shares outstanding . STOP 
*CUNK* I , *CUNK* 7 , *CUNK* 2 : STOP 
Every Bill which shall have passed the House of Representatives and the Senate , shall , before it becomes a Law , be presented to the President of the United States ; If he approve he shall sign it , but if not he shall return it , with his *CUNKS* to that House in which it shall have *UNKED* , who shall enter the *CUNKS* at large on their Journal , and proceed to *UNKER* it . STOP 
If after such *CUNKION* two *UNKS* of that House shall agree to pass the Bill , it shall be sent , together with the *CUNKS* , to the other House , by which it shall *UNK* be *UNKED* , and if approved by two *UNKS* of that House , it shall become a Law ... . STOP 
*CUNK* I , *CUNK* 7 , *CUNK* 3 : STOP 
Every Order , Resolution , or *CUNK* to which the *CUNK* of the Senate and House of Representatives may be necessary -LRB- except on a question of *CUNK* -RRB- shall be presented to the President of the United States ; and before the *CUNK* shall take *CUNK* , shall be approved by him , or being *UNKED* by him , shall be *UNKED* by two *UNKS* of the Senate and House of Representatives , according to the *CUNKS* and *CUNKS* *UNKED* in the *CUNK* of a Bill . STOP 
President Bush told reporters a few months ago that he was looking for the right test case to see whether he already has the line-item veto . STOP 
Vice President Quayle and Budget Director Darman said recently they 've joined the search . STOP 
On Tuesday , the subject came up again when Marlin Fitzwater explained the constitutional argument based on the provisions above to the White House press *UNKS* . STOP 
President Bush does n't have any provision in mind , but *UNK-* *UNK* will be like *UNKS* at midnight in the coming *CUNKING* Resolution . STOP 
The harder question is whether anyone yet *UNKS* that Mr. Bush 's fight for his constitutional *UNKS* is about politics as much as it is about law . STOP 
We have been persuaded by the constitutional argument for the *UNK* line-item veto since 1987 , when lawyer Stephen *CUNKER* first made the case on this page . STOP 
The 1974 budget `` reform , '' passed over President Nixon 's veto , took away the presidential *UNK* power , thereby introducing *OUS* *CUNK* and *UNKING* the presidential veto . STOP 
Mr. *CUNKER* discovered that the *CUNKS* had worried that Congress might take the President out of the *UNK* . STOP 
*CUNK* I , Section 7 , *CUNK* 3 says that whether it 's called an `` order , resolution or vote '' or anything else , *CUNKS* must have the chance to veto . STOP 
*CUNKING* an *UNKS* budget a `` bill '' ca n't *UNK* the President of his power to veto items . STOP 
*CUNKING* a test case should n't be hard , but there is something to be said for picking the best one possible . STOP 
The White House had the perfect case , but Congress *UNKED* before it could go to court . STOP 
After the HUD and S&L stories broke , some *CUNK* began to worry that their influence *UNKING* at *UNK-* and independent agencies might some day get them in trouble . STOP 
They worried about an *CUNK* Department *UNK* to *UNK* all communications with Members or their staffs . STOP 
Congress *UNKED* the following into the *CUNK* *UNKION* : `` None of the funds available under this title may be used to prepare reports on contacts between employees of the *CUNK* of the *CUNK* and Members and committees of Congress and their staff . '' STOP 
The White House warned that this would be an *UNUNK* *UNKION* of its power . STOP 
When it threatened to use this provision as the test for a line-item veto , Congress *UNKED* . STOP 
The fear Congress has of any *UNK-* test led Members to add the single most *UNKED* and ridiculous provision this year , `` This section shall be effective only on Oct. 1 , 1989 . '' STOP 
This means *CUNK* contacts can not be *UNKED* only on one day -- a Sunday that had already passed . STOP 
If the White House is looking for another *UNUNK* bill , Rep. John *CUNK* is trying again to raise the *CUNKS* *CUNK* from the dead . STOP 
President Reagan *UNKED* this as a First Amendment violation . STOP 
The `` *CUNKS* '' *CUNK* 's *UNKS* are *UNKS* in the House who know the rules *UNK* *UNKLY* discussions on *UNKS* , *UNKING* *UNK* *UNKS* . STOP 
There are also other provisions requiring *CUNK* to join *UNKING* teams and new restrictions on *CUNK* . STOP 
*CUNKAL* bills make good legal targets , but the line-item veto is better understood as a political opportunity than as mere *UNKER* for lawyers . STOP 
*CUNKING* on the budget mess this week , President Bush said : `` The perception out there is that it 's the fault of Congress . STOP 
And you can look to the leadership and ask them why that is the perception of the American people . '' STOP 
*CUNKLY* right . STOP 
Now 's the time to make the political case that *CUNKS* need the line-item weapon to restore discipline to the budget . STOP 
Congress is in no position to *UNK* Mr. Bush now that we 're into Gramm-Rudman 's *UNKION* . STOP 
Just this week , the House-Senate conference met -- *UNKN* *UNKS* , divided into 26 different *UNKS* . STOP 
Senator Daniel *CUNK* agreed to close some bases in Hawaii in exchange for such *UNKS* as $ 11 million for a parking lot at Walter *CUNKED* Hospital . STOP 
Conference *UNK* Rep. Bill *CUNKER* pulled down $ 40 million in military bases for North Carolina and *UNKLY* allowed Senator James *CUNKER* $ 70 million for bases in Tennessee . STOP 
President Bush should take the Constitution in one hand and a budget *UNK* in the other and get to work . STOP 
He should *UNK* out both *UNUNK* provisions and budget pork . STOP 
Congress may have lost any sense of discipline , but that does n't mean the country must learn to live forever with this mess . STOP 
President Bush has the power to change how Washington works , if only he will use it . STOP 
*CUNKED* SCI Television Inc. proposed to restructure much of its $ 1.3 billion in debt to buy time to sell assets and pay its obligations . STOP 
The leveraged buy-out firm of *CUNK* Kravis Roberts & Co. , which owns 46 % of the common equity of SCI TV , indicated in the debt plan that it would reduce its equity stake to 15 % , giving the rest of its stake to bondholders in the restructuring . STOP 
KKR also signaled to the company 's creditors that Henry Kravis and other KKR directors of SCI TV would resign from the board once the restructuring is completed and *UNK* their voting rights . STOP 
*CUNKS* of SCI TV 's $ *UNKN* million of high-yield junk bonds are being asked to *UNK* a lot of debt in exchange for taking a 39 % equity stake in SCI TV . STOP 
They immediately *UNKED* the proposal inadequate and said the restructuring would not solve the company 's problems . STOP 
`` I think the current plan is *UNKLY* *UNKED* in a sufficient number of bondholders ' eyes that substantial revisions will be required to get it done , '' says analyst Craig Davis of *CUNK* Smith & Co. here . STOP 
Investors interpreted the KKR move as a desire by the firm to *UNK* its hands of SCI TV . STOP 
But a spokesman for KKR says that with only a 15 % equity stake , it would n't be appropriate for KKR to keep board representation . STOP 
KKR already has made about $ 1 billion of gains from earlier transactions with SCI TV , thus it is n't significantly affected by the company 's troubles . STOP 
SCI TV , which is controlled by *CUNK* , Tenn. , entrepreneur George Gillett , owns six TV stations , including several CBS Inc. affiliates . STOP 
It is having trouble meeting its debt payments because of heavy borrowing in 1987 for a leveraged buy-out . STOP 
Through investment banker Drexel Burnham Lambert Inc. , SCI TV is offering to exchange three classes of junk bonds for packages of new bonds and equity that investors value at ranges from 20 cents to 70 cents on the dollar . STOP 
KKR would give up a 31 % equity stake to bondholders , while Mr. Gillett would surrender an 8 % stake . STOP 
While one big SCI TV investor thinks that 's pretty generous , many *UNKS* had been hoping that KKR and Mr. Gillett would invest new money in SCI TV . STOP 
Those investors think SCI TV needs new equity to survive . STOP 
SCI TV 's debt restructuring plan would *UNKER* payment of $ *UNKN* million of bank debt . STOP 
It also would *UNKER* interest and principal on junk bonds that have fallen due ; the *UNK* period for paying the bill expires Nov. 16 . STOP 
At the same time , investors estimate the restructuring would cut the company 's annual cash interest bill from about $ 90 million to $ 85 million . STOP 
Yet to pay that interest bill , analysts say SCI TV will only produce about $ 80 million to $ 90 million of cash flow a year . STOP 
Office Market *CUNKS* In *CUNK* Northeast STOP 
THE *CUNK* office market is feeling serious *UNKS* of the *UNK* *UNKING* of the 1980s . STOP 
*CUNKS* and other signs of financial *UNKS* , most often associated with the real estate market in the Southwest , are *UNKING* in the suburban office market of the once *UNKING* Northeast . STOP 
Some projects are now in the hands of lenders , including a *UNK-* office facility in Little Falls , N.J . STOP 
The owners of a *UNK-* hotel and office complex in King of *CUNK* , Pa. , have *UNKED* for new financing . STOP 
*CUNKING* office vacancy rates in *CUNK* County , Conn. , have builders and bankers *UNKING* to restructure loans . STOP 
And in suburban Boston , developers are *UNKING* for *UNKS* in the computer industry , a major user of office space . STOP 
Many troubled properties have n't been *UNKED* on and are hard to identify , says Albert I. *CUNKER* , who heads the *CUNKS* , N.J. , office of *CUNK-* Inc. , a real estate brokerage . STOP 
*CUNKS* are voluntarily -- and quietly -- turning over properties to lenders through `` *UNKS* in *UNK* of *UNK* . '' STOP 
*CUNK* , developers stay on as property manager . STOP 
Real estate analyst Lloyd *CUNK* says the Northeast 's *UNKS* is *UNKED* by relatively low vacancy rates . STOP 
But in today 's *UNK* market , *UNKS* have many choices and are negotiating low *UNKS* that squeeze building owners . STOP 
On average , Mr. *CUNK* says , it now takes three to 3 1\/2 years to fill new office space , compared with 2 1\/2 years in 1988 . STOP 
Beverly Hills *CUNKS* To *CUNK* Tokyo STOP 
*CUNK* *CUNK* the Japanese cross the Pacific to buy American real estate when they can simply *UNK* it at home ? STOP 
Tokyu Development Corp. is spending $ 500 million to build *CUNK-* luxury homes in suburban Tokyo with rarely seen back *UNKS* , front *UNKS* , *UNKING* *UNKS* and *UNKS* courts . STOP 
The Japanese company hired *CUNK* *CUNK* Martin , a Newport Beach , Calif. , *UNKAL* firm , to design what the Japanese press has dubbed `` the Beverly Hills of Tokyo . '' STOP 
Instead of Japan 's typical small homes *UNKED* on narrow streets with no *UNKS* , the new `` One *CUNKED* Hills '' development will offer 65 houses on *UNK-* lots . STOP 
That 's more than 10 times the usual housing site size . STOP 
*CUNKS* with $ 6 million to spend can select from 11 designs , including a *CUNKED* California style , a traditional *CUNK* look and designs inspired by *CUNK* *UNK* Frank Lloyd Wright . STOP 
There are *OUS* living rooms and *UNKS* , plus a master *UNKS* *UNK* and a *UNKER* for removing shoes to suit Japanese life *UNKS* . STOP 
*CUNKS* are faced with *UNK* , wood or *UNK* , but the homes are made of *UNKED* concrete . STOP 
`` We were disappointed we could n't use wood , '' says *UNK* Walter J. *CUNK* , `` but the Japanese only want stronger materials . '' STOP 
At $ 1,000 per square foot , the Japanese want the feeling of *UNK* , he explains , not to mention protection from possible earthquake damage . STOP 
Housing *CUNKS* *CUNK* *CUNK-* *CUNKS* STOP 
*CUNK* builders , faced with a more competitive market , are turning to a traditional consumer marketing technique to establish *UNK-* identity . STOP 
`` One of the difficulties people in real estate have is that each product is like starting a new company , or starting a new line in the fashion business , '' says L. Robert *CUNK* president of Mountain Development Corp. in West *CUNK* , N.J . STOP 
So he 's using `` *UNKER* '' in many project names . STOP 
`` It 'll never be like what Bristol-Myers does , '' he adds , `` but it helps establish recognition with the public -- and with banks . '' STOP 
*CUNK-* Group Inc. of *CUNK* , N.J. , has built Cross Creek *CUNK* , *CUNK* *CUNK* and other *CUNKS* in New Jersey . STOP 
*CUNK* Development Corp of *CUNK* , N.Y. , has developed two apartment buildings called *CUNK* and plans a third . STOP 
*CUNKER* Steve *CUNK* says the same brand name indicates consistent quality , `` regardless of location , design or *UNKS* . '' STOP 
The leader in real estate brand names is developer *CUNK* *CUNK* . STOP 
His *UNK-* *UNKS* are *UNKED* Society Hill . STOP 
*CUNK* Hill is for `` *UNK-* '' town houses , and *CUNK* Hill , for *UNKLY* houses . STOP 
Because of *UNKED* designs , Mr. *CUNK* says , `` a buyer can *UNK* Society Hill regardless of where it is . '' STOP 
*CUNK* Not *CUNKLY* to *CUNK* The Commercial Market STOP 
THE *CUNK* in San Francisco has sent few tremors through the *UNKS* of real estate investors . STOP 
`` I think there 's a disease called buyer 's *UNK* , and I 'm sure it 's running *UNK* at this moment , but it gets *UNKED* in a short period of time , '' says Kenneth *CUNKAL* , *UNKING* partner of Kenneth *CUNKAL* & Co. , a Los Angeles accounting firm *UNKING* in real estate . STOP 
`` If I were buying a building in San Francisco now the first thing I 'd do is insist on a structural *UNKION* , then I 'd delay a little , *UNK* a little . '' STOP 
But like other real estate professionals *UNKED* to California 's quake risks , Mr. *CUNKAL* anticipates little long-term change in the city 's commercial real estate market . STOP 
Still , local builders are eager to tell the world that most of San Francisco does n't look like the TV images of destruction . STOP 
*CUNKS* of the Urban Land Institute real estate conference this week *UNKLY* added a panel on the quake 's effects . STOP 
`` The message is we build *UNK* right , '' says Peter *CUNK* , a California developer and officer at Urban Land Institute . STOP 
`` There 's seven million square feet of space that 's doing great . STOP 
*CUNK* *CUNK* gear up for a *UNKING* *UNK* . STOP 
Although their ads picture *UNK* young people in *UNK* *UNKS* , club owners know the future lies with the *UNKER* *UNK-* set . STOP 
`` It 's a *UNKION* that physical *UNKS* is something for the young and *UNKED* , '' says Michael *CUNK* , sales manager of the *CUNK* *CUNKS* club , *CUNK* *CUNK* , Calif . STOP 
About 10 % to 15 % of members at Atlanta 's Holiday *CUNK* Center are elderly , says Gerald Williams , *UNKS* consultant . STOP 
`` Most want *UNK* *UNKING* ... the No. 1 way of reducing risk of heart disease . '' STOP 
The Association of *CUNK* *CUNKS* , which puts 1988 industry revenue at $ 5 billion , surveyed the *OUS* *UNK-* market and found that 43 % exercise regularly . STOP 
Michael *CUNKS* , head of *CUNK* *CUNKS* , notes an industry `` *UNK* '' is in progress . STOP 
`` *CUNKS* need to be run like restaurants where every square foot makes a dollar , '' he says . STOP 
*CUNKER* people help profits by filling in `` *UNK* . '' STOP 
He adds : `` The medical market and the *UNKS* market *UNK* each other and are going to cross real soon . '' STOP 
People on fixed *UNKS* get a break at *CUNK* ; over 55 wins a 45 % discount at *CUNK* Imperial Health *CUNK* . STOP 
`` *CUNK* '' *CUNK* *UNKS* regulator , *UNKER* concern over import of *UNKED* *UNKS* . STOP 
A committee of *UNK* dealers *UNKS* the source of some `` hot '' blue *UNK* *UNKS* recently reported by a Hong Kong jewelry manufacturer . STOP 
In the U.S. , radiation limits are set and monitored by the *CUNK* *CUNK* Commission , which licenses *UNKS* that process the *UNK* . STOP 
The agency is working on *UNKING* *UNKS* but does n't currently monitor imports . STOP 
*CUNK* , a *UNK* *UNKAL* that is often *UNK* when taken from the ground , can be turned blue by *UNKION* , which *UNKS* it into a *UNK* that looks like an *UNK* . STOP 
`` The -LCB- *UNKS* -RCB- that were *UNKED* in the U.S. are safe , '' says John *CUNK* , chief of the *CUNK* operations branch , Washington . STOP 
`` We believe that the vast majority of imported material is safe . STOP 
But there is a small risk that some were imported with high radiation levels . '' STOP 
Mr. *CUNK* added that the *UNKS* found in Hong Kong are thought to carry double the U.S. radiation limit , although he noted that double or even *UNK* the U.S. limit is `` still in the range of safe levels . '' STOP 
Some *UNKS* have *CUNKER* *UNKS* to measure *UNK* radiation . STOP 
*CUNK* *CUNK* to Europe as 1992 *UNKION* *UNKS* . STOP 
Boston 's *CUNK* International raises $ 230 million from U.S. pension funds and other institutions to invest in Europe . STOP 
Other venture *UNKS* are already there : *CUNK* *CUNK* Group and its Alan *CUNK* Associates , New York ; *CUNK* , *CUNK* , *CUNK* & Co. , Boston ; and San Francisco 's Hambrecht & Quist have about $ 800 million to invest in European companies . STOP 
European venture capital funds total about $ 14 billion and are expected to continue growing 35 % annually . STOP 
*CUNKS* believe that the strongest growth area will be southern Europe . STOP 
Spain and Italy are most often mentioned as the future economic hot spots . STOP 
*CUNKED* ventures include media , telecommunications and retailing . STOP 
Most popular acquisition method : the leveraged buy-out . STOP 
*CUNKED* firms that need cash to grow are attractive , says John Turner of *CUNK* *CUNK* , *CUNK* . STOP 
*CUNK* AIDS *CUNK* from the American Foundation for AIDS Research rates and reviews educational materials . STOP 
`` *CUNKING* AIDS '' lists films , *UNKS* , *UNKS* , *UNKS* and other educational data . STOP 
The distributor is *CUNK* *CUNKER* , New York . STOP 
*CUNK* `` *CUNK* '' ads are challenged by the Better Business Bureau of Metropolitan New York . STOP 
The bureau found that only two of six New York furniture stores could prove their *UNK* prices were higher . STOP 
*CUNK* 'S *CUNK* this time of year , but a visit to his *CUNK* *UNK* is part of a Chicago-based *CUNKS* trip in the spring , *UNKLY* the count 's *UNK-* . STOP 
*CUNK* *CUNK* *UNKS* the *UNK* of the Federal Communications Commission . STOP 
AM radio , which has been losing *UNKS* to *CUNK* channels since the 1970s , approaches the 1990s with a diminished voice . STOP 
But it may have a good *UNKER* in Washington . STOP 
The FCC plans to hear a day of testimony Nov. 16 on the *UNK* of AM radio . STOP 
The commission believes that improving AM service would *UNK* listening *UNKS* and increase options for advertisers . STOP 
The issues are also thought to be important to the FCC 's new chairman , Alfred *CUNKS* , a former AM *UNKER* in his native Missouri . STOP 
The *CUNK* radio band , considered *UNKLY* superior because it can carry *UNK* *UNKS* , has *UNKED* the *UNKS* for *UNKING* music . STOP 
AM *UNK* remains largely *UNKED* because it lacks a uniform delivery system . STOP 
The National Association of *CUNKS* in June adopted an agenda for *UNKING* AM radio that includes , among other things , pursuing further FCC action on *UNKING* an AM *UNK* standard and seeking a law requiring all *UNK* *UNKS* to include AM *UNK* . STOP 
*CUNKS* turned to *UNKS* run on *UNKS* for news when the San Francisco earthquake and Hurricane Hugo cut power lines . STOP 
*CUNK* : STOP 
A *CUNK* Healthcare magazine article says 40 % of surveyed executives admitted falling *UNK* during formal *UNKS* ... . STOP 
Lee Co. , the *UNKS* maker , *UNKS* its *UNK* anniversary with a *UNKER* *UNK* featuring photos of its 10,000 employees . STOP 
Kemper Financial Services Inc. , charging that program trading is *UNKING* the stock market , cut off four big Wall Street firms from doing any of its *UNKING* business . STOP 
The move is the biggest *UNK* yet in the renewed outcry against program trading , with Kemper putting its money -- the millions of dollars in commissions it *UNKS* each year -- where its *UNK* is . STOP 
The Kemper Corp. unit and other critics complain that program trading causes wild swings in stock prices , such as on Tuesday and on Oct. 13 and 16 , and has increased chances for market *UNKS* . STOP 
Over the past nine months , several firms , including discount broker Charles *CUNK* & Co. and Sears , Roebuck & Co. 's Dean Witter Reynolds Inc. unit , have attacked program trading as a major market *UNK* . STOP 
Several big securities firms backed off from program trading a few months after the 1987 crash . STOP 
But most of them , led by Morgan Stanley & Co. , moved back in earlier this year . STOP 
The most volatile form of program trading is index arbitrage -- the *UNK-* , computer-guided buying and selling of stocks offset with opposite trades in stock-index futures and options . STOP 
The *UNK* is to *UNK* profits from *UNKING* price *UNKS* between the futures and options and the stocks themselves . STOP 
Index arbitrage recently has accounted for about half of all program trading on the New York Stock Exchange . STOP 
Last month , program trading accounted for *UNKN* million shares a day , or a record 13.8 % of the Big Board 's average daily volume . STOP 
On Tuesday afternoon , Kemper told Bear , Stearns & Co. , General Electric Co. 's Kidder , Peabody & Co. unit , Morgan Stanley and Oppenheimer & Co. that it will no longer do business with them because of their commitment to index arbitrage , officials inside and outside these firms confirmed . STOP 
Kemper officials declined to identify the firms but acknowledged a *UNKING* dispute with four securities firms and said the list of brokers it wo n't do business with may be *UNKED* in the months ahead . STOP 
`` We 've been opposed to '' index arbitrage `` for a long time , '' said Stephen B. *CUNKS* , chief investment officer at Kemper , which manages $ 56 billion , including $ 8 billion of stocks . STOP 
`` Index arbitrage does n't work , and it *UNKS* natural buyers '' of stock . STOP 
While Mr. *CUNKS* explained he 's `` not totally convinced index arbitrage changes the overall level of the stock market , '' he said that `` on an intraday basis , it has major effects . STOP 
We 've talked to *UNKS* of index arbitrage and told them to cool it because they 're *UNKING* the market . STOP 
They said , ` *CUNK* bad , ' so we finally said we 're not going to do business with them . '' STOP 
Kemper also *UNKED* the Big Board for ignoring the interests of individual and institutional holders . STOP 
`` The New York Stock Exchange has *UNKED* interests '' in its big member securities firms `` that *UNK* its *UNK* , '' Mr. *CUNKS* said . STOP 
`` It has never been interested in what we think . STOP 
The Big Board also has a terrible *UNKION* problem with individual investors , '' he added . STOP 
Small investors *UNK* that `` big operators '' *UNK* the market , said Thomas *CUNK* , chairman of the National Association of Investors and head of the exchange 's Individual Investors *CUNK* Committee set up after the 1987 crash . STOP 
`` The impression I 've got is they 'd love to do away with it -LCB- program trading -RCB- , but they -LCB- the exchange -RCB- ca n't do it , '' he said . STOP 
Big Board Chairman John J. Phelan said in a recent interview that he has no *UNKION* to eliminate program trading . STOP 
He said the market 's volatility *UNKS* him , but that all the exchange can do is `` slow down the process '' by using its circuit breakers and shock *UNKS* . STOP 
Mr. *CUNKS* *UNKED* that `` the mere fact they put in circuit breakers is an admission of their problems . '' STOP 
Morgan Stanley and Kidder Peabody , the two biggest program trading firms , *UNKLY* defend their strategies . STOP 
`` We continue to believe the position we 've taken is reasonable , '' a Morgan Stanley official said . STOP 
`` We would stop index arbitrage when the market is under stress , and we have recently , '' he said , citing Oct. 13 and earlier this week . STOP 
Michael Carpenter , president and chief executive officer at Kidder Peabody , said in a recent interview , `` We do n't think that index arbitrage has a negative impact on the market as a whole . '' STOP 
According to Lawrence *CUNKER* , a securities industry analyst at Prudential-Bache Securities Inc. , `` Kemper is the first firm to make a major statement with program trading . '' STOP 
He added that `` having just one firm do this is n't going to mean a *UNK* of *UNKS* . STOP 
But if this *UNKS* others to consider the same thing , then it may become much more important . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
*CUNKER* Entertainment Corp. -- $ 300 million -LRB- redemption amount -RRB- of zero-coupon convertible notes , also known as liquid yield option notes , due Nov. 1 , 2004 , priced at *UNKN* to yield at maturity 8 % . STOP 
The notes are zero-coupon securities and will not pay interest *UNKLY* . STOP 
The size of the offering was increased from the originally planned $ 250 million -LRB- redemption amount -RRB- . STOP 
The notes are convertible into common stock of *CUNKER* Entertainment at $ *UNKN* a share , representing a 12 % conversion premium over yesterday 's closing price . STOP 
Rated *CUNK-* by Moody 's Investors Service Inc. and *UNKS* by Standard & Poor 's Corp. , the issue will be sold through Merrill Lynch Capital Markets . STOP 
Merrill Lynch & Co. -- $ 200 million of *UNKN* % notes due Nov. 1 , 2019 , priced at *UNKN* to yield *UNKN* % . STOP 
The issue , which is *UNK* back to the company Nov. 1 , 1994 , was priced at a spread of 70 basis points above the Treasury 's five-year note . STOP 
Rated *UNK-* by Moody 's and *UNKS* by S&P , the noncallable issue will be sold through underwriters led by Merrill Lynch Capital Markets . STOP 
*CUNK* *CUNK* Corp. -- $ 150 million of *UNKN* % debentures due 2009 , priced at *UNKN* . STOP 
ITT Financial Corp. -- $ 150 million of *UNKN* % subordinated notes due Nov. 1 , 2004 , priced at *UNKN* to yield *UNKN* % . STOP 
The noncallable issue , which is *UNK* back to the company Nov. 1 , 1994 , was priced at a spread of 62.5 basis points above the Treasury 's five-year note . STOP 
Rated single-A-2 by Moody 's and *UNK-* by S&P , the issue will be sold through underwriters led by Merrill Lynch Capital Markets . STOP 
ITT Financial is a subsidiary of ITT Corp . STOP 
*CUNK* Chemical Co. -- $ 100 million of *UNKN* % debentures due Nov. 1 , 2019 , priced at *UNKN* to yield *UNKN* % . STOP 
Rated single-A-2 by Moody 's and *UNK-* by S&P , the issue will be sold through underwriters led by Salomon Brothers Inc . STOP 
*CUNK* River Authority , Texas -- $ *UNKN* million of regional *UNKER* system improvement revenue bonds , Series 1989 , due *UNKN* , 2009 and *UNKN* , through a Shearson Lehman Hutton Inc. group . STOP 
The bonds , insured and rated *UNK-* by Moody 's and S&P , were priced to yield from *UNKN* % in 1992 to 7.25 % in *UNKN* . STOP 
There are $ *UNKN* of 7 % term bonds due 2009 , priced at 97 7\/8 to yield 7.20 % , and $ *UNKN* million of 7.1 % term bonds due *UNKN* , priced at 98 1\/4 to yield 7.25 % . STOP 
*CUNKAL* bonds , which all carry 7 % coupons , are priced to yield from *UNKN* % in 1992 to 7 % in 2000 . STOP 
Beverly Hills , Calif. -- $ *UNKN* of refunding certificates of participation -LRB- *UNK* center improvements project -RRB- , due *UNKN* , *UNKN* , *UNKN* and 2019 , tentatively priced by a Goldman , Sachs & Co. group to yield from 6 % in 1990 to *UNKN* % in *UNKN* . STOP 
*CUNKAL* certificates yield to 7.10 % in 2004 . STOP 
They are all priced at par . STOP 
There are $ *UNKN* of 7 % term certificates due *UNKN* , priced to yield *UNKN* % . STOP 
The $ *UNKN* million of 7 % certificates due *UNKN* carry the issue 's high yield , priced at 97 3\/4 to yield *UNKN* % . STOP 
There are also $ 29 million of 6 3\/4 % certificates due 2019 , priced to yield 7.10 % . STOP 
The bonds are rated *UNK-* by Moody 's and *UNKS* by S&P , according to the lead underwriter . STOP 
Michigan -- $ 80 million of first general obligation bonds -LRB- Series 1989 environmental protection program and *UNKION* program -RRB- , tentatively priced by a Shearson Lehman Hutton group to yield from 6 % for current interest bonds due 1990 to 7.25 % for convertible capital appreciation bonds . STOP 
Environmental protection program current interest bonds are due *UNKN* , *UNKN* and 2009 . STOP 
They are tentatively priced to yield from *UNKN* % in 1995 to 7.10 % in 2009 . STOP 
The standard capital appreciation bonds in the issue , due *UNKN* , yield to maturity from *UNKN* % in 1998 to 7.10 % in *UNKN* . STOP 
The convertible capital appreciation bonds all yield 7.25 % to their *UNK* conversion *UNKS* , when they become 7 1\/4 % current *UNKING* bonds until maturity . STOP 
*CUNK* capital appreciation bonds with a final stated maturity of Nov. 15 , *UNKN* , convert Nov. 15 , 1999 . STOP 
*CUNK* capital appreciation bonds with a final stated maturity of Nov. 15 , 2019 , convert Nov. 15 , 2004 . STOP 
*CUNKION* program current interest bonds are due *UNKN* , and are priced to yield from 6 % in 1990 to *UNKN* % in 1995 . STOP 
All of the bonds are rated *UNK-* by Moody 's and double-A by S&P . STOP 
Federal National Mortgage Association -- $ 300 million of Remic securities in 10 classes through Goldman Sachs . STOP 
The issue is backed by Fannie Mae 9 % *UNKS* . STOP 
The offering is Fannie Mae 's Series *UNKN* . STOP 
Fuji Heavy Industries Ltd . -LRB- Japan -RRB- -- $ 300 million of 8 3\/4 % bonds due Nov. 17 , 1999 , priced at 101 3\/8 to yield *UNKN* % less full fees annually , via Daiwa Europe Ltd . STOP 
*CUNK* by Industrial Bank of Japan . STOP 
Fees 2 . STOP 
European Investment Bank -LRB- agency -RRB- -- $ 150 million of 8 1\/2 % bonds due Nov. 22 , 1999 , priced at *UNKN* to yield *UNKN* % at *UNKED* price , via lead manager *CUNK* Morgan Securities Ltd . STOP 
Nippon *CUNK* *CUNKS* Inc . -LRB- Japan -RRB- -- $ 200 million of bonds due Nov. 9 , 1993 , with equity-purchase warrants , indicating a 3 7\/8 % coupon at par , via Yamaichi International Europe . STOP 
Each $ 5,000 bond carries a warrant exercisable Nov. 24 , 1989 , through Oct. 29 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 31 . STOP 
*CUNK* Canada Ltd . -LRB- U.S. parent -RRB- -- 150 million Canadian dollars of *UNK-* notes due November 1996 , via *CUNK* Paribas Capital Markets Ltd . STOP 
*CUNK* , paid monthly , is *UNK-* Canadian bankers *UNK* rate . STOP 
*CUNK* by General Motors Acceptance Corp . STOP 
Call at par after two years and thereafter at par every six months . STOP 
Swedish *CUNK* Credit Corp. -- # 100 million of 12 % bonds due June 15 , 1994 , priced at 101 5\/8 to yield *UNKN* % annually less full fees , via Samuel *CUNK* & Co . STOP 
Fees 1 7\/8 . STOP 
*CUNK* -LRB- Finland -RRB- -- 10 billion yen of 5 3\/4 % bonds due Nov. 20 , 1992 , priced at 101 3\/8 to yield 5 3\/4 % less full fees , via *CUNK* International . STOP 
Fees 1 3\/8 . STOP 
*CUNK* *CUNK* Bank -LRB- Japan -RRB- -- 300 million Swiss francs of notes and bonds due March 31 , 1994 , with fixed *UNKN* % coupon at par via Swiss Bank Corp . STOP 
Put option March 31 , 1992 , at 107 3\/4 to yield a fixed *UNKN* % . STOP 
The issue is in two parts : 200 million Swiss francs of privately placed notes , 100 million Swiss francs of publicly listed bonds . STOP 
*CUNKAL* conditions for the two parts . STOP 
Other terms to be fixed Nov. 1 . STOP 
Kingdom of *CUNK* -- $ *UNKN* million -LRB- redemption amount -RRB- of zero-coupon government trust certificates , with maturities *UNKING* from May 15 , 1990 , to Nov. 15 , 1999 , priced at yields ranging from *UNKN* % to *UNKN* % . STOP 
All the issues were priced at a spread of 37 basis points above the Treasury *UNKS* with similar maturities . STOP 
Proceeds from the offering are about $ *UNKN* million . STOP 
Rated triple-A by Moody 's and S&P , the issue will be sold through underwriters led by *CUNK* Securities , a subsidiary of Bankers Trust New York Corp . STOP 
At a time when Jon Levy should be planning the biggest spring season in his dress company 's 17 years , his work day is *UNKED* with intense moments of concern about one of his biggest customers , Campeau Corp . STOP 
`` The dress business has always been a *UNK* , but it 's never been like this , '' says Mr. Levy , president of St. *CUNK* Group Ltd. , which has become a hot name thanks to a campaign of *UNK* TV commercials . STOP 
Every day , Mr. Levy checks orders from Campeau department store chains , trying to guess if he will be paid . STOP 
`` I 'm now monitoring every major account . '' STOP 
Campeau , owner of such retailers as Bloomingdale 's , *CUNK* *CUNK* , and *CUNK* Marsh , *UNKED* financial collapse last month after an emergency $ 250 million loan from *CUNK* & York *CUNKS* Ltd. , a Canadian developer and a major shareholder in Campeau . STOP 
The need for the loan surprised many analysts and bond holders who had been told at the company 's annual meeting in July that there were n't any major problems ahead . STOP 
The risk of doing business with Campeau 's Federated and Allied department store chains is about to increase greatly , not only for Mr. Levy but for hundreds of other small apparel makers , *UNK* suppliers , *UNKING* firms and *UNK* houses . STOP 
Next week , the country 's top *UNKS* and manufacturers will begin showing *UNKS* for spring 1990 , the second most important selling season of the year . STOP 
And as the *UNK* *UNKS* down in *UNKS* along *CUNK* Avenue and *CUNK* , *UNKLY* *UNK* Campeau buyers will begin writing orders . STOP 
*CUNKS* from Campeau retailers used to be cause for celebration . STOP 
This is no longer true because of Campeau 's massive debt load . STOP 
`` It 's all anybody wants to talk about , '' says Richard *CUNKER* , executive vice president for Credit Exchange Inc. , a leading credit service . STOP 
`` People wonder what 's going to happen next . '' STOP 
Many manufacturers are worried about being paid for merchandise already shipped to Campeau stores . STOP 
But those dollars at risk *UNK* in comparison to the investment required to make and ship spring goods to Campeau stores . STOP 
`` The few million dollars I could lose today is nothing against what I could lose on the spring line , '' says Mr. Levy , who estimates that Campeau stores will sell $ 25 million worth of his clothes this year . STOP 
`` I 'm buying *UNK* right now for clothes which I may not be paid for until April or May . STOP 
What happens to me if Campeau *UNKS* between now and then ? '' STOP 
Some credit concerns , such as Bernard *CUNKS* Credit *CUNKS* Inc. , have told clients not to ship anything to Federated or Allied stores on credit . STOP 
`` This is especially true for spring merchandise , '' says Jim *CUNKS* , credit manager at Bernard *CUNKS* . STOP 
`` Campeau has too much debt . '' STOP 
Other credit houses , such as Credit Exchange and *CUNK* Credit Service Corp. , are suggesting that their clients study each order before shipping . STOP 
`` *CUNKS* are good right now , but we are n't *UNKING* any long-term lines of credit , '' says Richard Hastings , a retail credit analyst , referring to credit lines which make inventory purchases automatic . STOP 
`` The Campeau situation is a little uncertain and very difficult to *UNK* . '' STOP 
Because of those concerns , some manufacturers say they will ask for letters of credit before shipping spring merchandise . STOP 
`` We 're being paid today , but we 're worried about tomorrow and will want '' letters of credit , says the sales director at one major dress maker who asked not to be identified . STOP 
Howard *CUNK* , president of the dress firm *CUNK* B Inc. , says : `` It 's big time *UNKS* today . STOP 
I 'm going to ship and hope I get paid . STOP 
If I need to ask for money up front later , I will . '' STOP 
Carol *CUNKER* , vice president , corporate communications at Campeau , says that all of the Federated and Allied chains are paying their bills in a *UNKLY* manner . STOP 
`` They continue to pay their bills and will do so , '' says Ms. *CUNKER* . STOP 
`` We 're confident we 'll be paying our bills for spring merchandise as well . '' STOP 
*CUNKLY* , manufacturers are paid 10 days after the month in which they ship . STOP 
If goods are shipped to Bloomingdale 's between Oct. 1 and Oct. 20 , manufacturers expect to be paid by Nov. 10 . STOP 
But manufacturers now buying *UNK* for spring season goods wo n't be paid until March , April or even May . STOP 
Some in the market question whether Campeau will be in a position to pay bills at that time . STOP 
`` Everybody is worried about the possibility of *UNKS* , '' says *CUNK* *CUNK* , publisher of *CUNK* 's *CUNK* Marketing Report . STOP 
`` The buyers who work for the various Campeau chains may lose their jobs . STOP 
The stores they work for may be sold . STOP 
What that will mean for manufacturers is anybody 's guess . '' STOP 
Campeau 's financial situation is complicated by an estimated $ *UNKN* billion in debt due next spring . STOP 
This includes a working capital facility for Allied Stores of $ 350 million that *UNKS* March 15 , 1990 , and an $ 800 million bridge loan due April 30 , 1990 . STOP 
The company has stated in recently filed financial documents that it anticipates refinancing its March 1990 payments . STOP 
In recent months , numerous retailers have filed for Chapter 11 bankruptcy protection , including *CUNK* *CUNKER* , B. *CUNK* & Co. , and Miller & *CUNKS* Inc . STOP 
Those filings , plus the expected sale of a number of financially healthy chains , such as Saks Fifth Avenue , Marshall Field 's and Bloomingdale 's , have added to the anxiety . STOP 
`` Right now , Federated owes us a considerable amount of money , '' says Morris *CUNK* , president of David Warren Enterprises , a major dress manufacturer . STOP 
`` We expect they will be current with their debts by the end of the week , but we are considering asking them for letters of credit before we take more orders . '' STOP 
Mr. *CUNK* adds that his company is now holding some goods in anticipation of being paid in full . STOP 
`` It 's become a *UNK-* business , '' he says . STOP 
`` Business has never been this tough before . STOP 
Not only does your product have to be excellent , but you also have to be able to collect . '' STOP 
Other manufacturers are equally cautious . STOP 
*CUNK* *CUNK* , president of *CUNK* Miller Inc. , says his company is now shipping only to the flagship stores of the Federated and Allied chains . STOP 
This limits his financial exposure , he says . STOP 
`` The branches are just *UNKED* over , empty *UNKS* , '' says Mr. *CUNK* . STOP 
`` Why should I be part of that problem ? STOP 
I 've got limited production , and I ca n't give it to *UNKS* . '' STOP 
Campeau 's Ms. *CUNKER* disputes Mr. *CUNK* 's comments . STOP 
`` Many of the branches are very lucrative , '' she says . STOP 
`` That 's just *UNK* . '' STOP 
As for Mr. Levy at St. *CUNK* , he says he will maintain his credit lines with the various Campeau stores unless they miss a payment . STOP 
`` If they slip for 10 cents for 10 minutes , I 'll stop , '' he says . STOP 
Bethlehem Steel Corp. , *UNKED* by higher costs and lower shipments to key automotive and *UNKER* customers , posted a 54 % drop in third-quarter profit . STOP 
Separately , two more of the nation 's top steelmakers -- Armco Inc. and National *CUNK* Inc. -- reported lower operating earnings in their steel businesses , marking what is generally believed to be the end of a two-year boom in the industry . STOP 
Wall Street analysts expect the disappointing trend to continue into the fourth quarter and through at least the first two quarters of 1990 , when the industry will increasingly see the effect of price *UNKION* in major product lines , such as rolled sheet used for cars , *UNKS* and construction . STOP 
`` It does n't *UNK* well for coming quarters , '' said John Jacobson , who follows the steel industry for *CUNK* *CUNKS* . STOP 
In fact , he thinks several steelmakers will report actual losses through the third quarter of 1990 . STOP 
Bethlehem , the nation 's second largest steelmaker , earned $ *UNKN* million , or 54 cents a share . STOP 
The figures include $ 15 million in costs related to a *UNK* *UNK* *UNK* and $ 8 million in losses from *UNKED* work *UNKS* at the company 's coal operations . STOP 
In the year-ago period , Bethlehem earned $ *UNKN* million , or $ *UNKN* a share , including a $ 3.8 million gain from early retirement of debt . STOP 
Third-quarter sales dropped 11 % to $ *UNKN* billion from $ *UNKN* billion a year ago . STOP 
In composite trading on the New York Stock Exchange , Bethlehem shares rose 50 cents to $ *UNKN* . STOP 
Of all the major steelmakers , Bethlehem would seem to be the most vulnerable to a slowdown . STOP 
It has n't diversified beyond steel , nor has it linked up with a joint venture partner to share costs and risks . STOP 
However , in *UNK* of the difficult industrywide environment of high cost and low volume , Bethlehem `` had pretty good earnings numbers , '' said *CUNK* *CUNKER* *CUNK* , an analyst with Salomon Brothers Inc . STOP 
Ms. *CUNK* had estimated third-quarter earnings of 55 cents a share , but said the losses for the unusual items were larger than expected . STOP 
Still , Bethlehem 's core basic steel operations experienced a steep drop in operating profit to $ *UNKN* million from $ *UNKN* million a year ago , when the industry enjoyed strong demand and pricing . STOP 
The company said its shipments declined as a result of a reduction in inventories by service centers , a lackluster automotive market and increasing competitive pressures in the construction market . STOP 
At the same time , production costs , compared with a year ago , were boosted by higher raw material and employment costs , which resulted from the company 's new labor pact effective June 1 . STOP 
`` We anticipate that steel market conditions will *UNK* a further moderate decline in the fourth quarter as the automotive sector remains weak and customers continue to adjust inventories , '' said Bethlehem Chairman Walter F. Williams . STOP 
He noted , however , that the company 's order entry has increased from the low levels of the early summer , following the end of labor negotiations . STOP 
Armco , hampered by lower volume in its specialty steel business , said third-quarter net income dropped 8 % to $ 33 million , or 35 cents a share , from $ 36 million , or 39 cents a share in the year-ago quarter . STOP 
Sales dropped to $ *UNKN* million from $ *UNKN* million , because the company no longer *UNKS* its Eastern Steel division , which is now a joint venture with *CUNK* Steel Corp . STOP 
Along with reduced volume , analysts said the nation 's fifth largest steelmaker was hurt by holding *UNK-* inventory when raw material costs of such key products as *UNK* dropped . STOP 
Operating profit dropped 46 % in its specialty *UNKED* steel segment . STOP 
Moreover , the company said higher sales and shipments to service centers from its Armco Steel Co. joint venture failed to offset weakness in the automotive market , higher production costs and a *UNKER* product mix . STOP 
Armco shares closed unchanged at $ *UNKN* in composite trading on the New York Stock Exchange . STOP 
National *CUNK* , which owns 50 % of the nation 's sixth largest steelmaker -- National Steel Corp. -- posted net income for the fiscal second-quarter of $ *UNKN* million , or 33 cents a share , compared with a net loss of $ *UNKN* million . STOP 
Sales increased in the quarter ended Sept. 30 to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
The latest period includes gains of $ *UNKN* million from early retirement of debt and tax loss *UNK-* . STOP 
Last year 's results were hurt by $ *UNKN* million in restructuring charges . STOP 
National *CUNK* stock closed at $ 15 , unchanged in composite trading on the New York Stock Exchange . STOP 
The company noted that its *CUNKER* Drug Co. , *CUNK* Franklin Stores Inc. and *CUNK* Corp. operations showed improvements as a result of restructuring moves . STOP 
However , its equity in the net income of National Steel declined to $ 6.3 million from $ *UNKN* million as a result of softer demand and lost orders following prolonged labor talks and a threatened strike . STOP 
National *CUNK* is negotiating for the sale of its 50 % interest in National Steel to concentrate more fully on drug distribution operations . STOP 
International Business Machines Corp. said it agreed to let Motorola Inc. participate in a semiconductor research project as part of its effort to bolster the U.S. semiconductor industry . STOP 
IBM , which made the announcement at the *UNKION* of a research center here , said it invited many other companies to participate as well , including some from Europe . STOP 
Jack *CUNKER* , IBM 's president , said IBM is also considering letting other companies participate in additional semiconductor work but declined to be more specific . STOP 
IBM , which said a year ago it was *UNKING* companies to participate in some semiconductor work , has become far more open about its technology as it has tried to rally U.S. industry to head off the Japanese , who now *UNK* the market for dynamic random access memory chips . STOP 
While IBM , *CUNK* , N.Y. , makes the bulk of the *CUNKS* it uses , it does n't make the equipment needed to produce those chips . STOP 
And IBM worries that the Japanese will take over that equipment market , too , unless U.S. semiconductor companies produce enough memory chips here to keep U.S. equipment makers healthy . STOP 
*CUNK* of U.S. equipment makers , IBM fears , would leave it dependent on many of the Japanese companies that compete with it in other parts of the market . STOP 
IBM also said it expects to benefit from the expertise that Motorola and other companies can bring to bear on the difficult problems involved in semiconductor manufacturing . STOP 
IBM already *UNKS* in one industrywide effort to improve *UNKING* techniques . STOP 
IBM said it expects industrywide efforts to become *UNK* because semiconductor manufacturing has become so expensive . STOP 
A *UNK-* plant cost $ 40 million in the *UNKS* but costs $ 500 million today because the technology is so complex . STOP 
And IBM said it expects the costs to continue climbing . STOP 
IBM , which said Motorola is paying just a nominal fee to cover the *UNK-* agreement , acknowledged some companies had turned down its *UNKION* to join in . STOP 
But it said that was mainly because the project may not bear fruit until the *UNKS* . STOP 
IBM said it thought more companies would become interested as the project *UNKS* . STOP 
The project involving Motorola concerns a technique , called *CUNK-* *UNK* , that figures to be crucial to future generations of memory chips . STOP 
Currently , chips are produced by *UNKING* light through a *UNK* to produce an image on the chip , much as a camera produces an image on film . STOP 
But details on chips must now be *UNKLY* fine , and the *UNKS* of even *UNK* light are long enough so that the images they draw may be too *UNK* -- much as someone using a wide *UNK* could produce a broad line but would have trouble painting a thin one . STOP 
*CUNKS* , by contrast , travel *UNKER* and can be focused more *UNKLY* than light . STOP 
*CUNKS* have problems , too . STOP 
They can make the *UNKS* *UNK* and can pass through material they 're not supposed to . STOP 
But , assuming those problems can be overcome , they should allow for memory chips that could approach one billion *UNKS* of information -- 250 times as much as is contained in the *UNK-* chips that are just reaching the market and a million times what was possible in the *UNKS* . STOP 
*CUNKAL* Aerospace Co. received a $ 65 million contract to *UNK* Continental Airlines ' *UNKN* planes with the *CUNKING* *CUNK* *CUNK* and *CUNKION* *CUNK* System . STOP 
The *UNK* system operates independent of *UNKED* radar systems , *UNKING* pilots of nearby aircraft , *CUNKAL* said . STOP 
The system also provides *UNKION* *UNKS* . STOP 
*CUNKAL* is a unit of *CUNKAL* Inc. , a manufacturer with interests in aerospace , automotive products and engineered materials . STOP 
Continental Airlines is a unit of Texas Air Corp. , Houston . STOP 
In a *UNKING* shift in direction , Provigo Inc. said it will sell all its *UNK-* operations to concentrate solely on its retail and wholesale grocery business . STOP 
The *UNK-* operations accounted for about 27 % of Provigo 's *UNKN* billion Canadian dollars -LRB- US$ 6.3 billion -RRB- in sales in the latest fiscal year . STOP 
In a related move , *CUNK* *CUNK* , chairman and chief executive , resigned . STOP 
Mr. *CUNK* joined Provigo in 1985 and *UNKED* the company 's drive to grow outside its traditional food business . STOP 
He could n't be reached for comment . STOP 
*CUNK* *CUNK* , newly appointed chairman and interim chief executive of Provigo , would n't say if Mr. *CUNK* was asked to leave . STOP 
`` Mr. *CUNK* felt less *UNK* , '' Mr. *CUNK* said , given the decision to dump Provigo 's *UNK-* operations . STOP 
`` At this stage it was felt I was perhaps more *UNK* as chief executive . '' STOP 
Mr. *CUNK* also is chairman and chief executive of *CUNK* Inc. , Provigo 's controlling shareholder . STOP 
At a news conference , Mr. *CUNK* said the sale of the three *UNK-* businesses , which account for nearly half the company 's C$ 900 million in assets , should be completed in a `` matter of months . '' STOP 
The three units are a nationwide pharmaceutical and *UNKS* distributor , a small *UNKS* chain , and a combination catalog *UNK* and *UNK-* chain . STOP 
Investors and analysts *UNKED* the news . STOP 
Provigo was the most active industrial stock on the Montreal Exchange , where it closed at C$ *UNKN* -LRB- US$ *UNKN* -RRB- , up 75 Canadian cents . STOP 
`` I think it 's a pretty positive development , '' said Ross *CUNK* , a financial analyst with *CUNK* *CUNK* *CUNKION* Inc. , of the decision to concentrate on *UNKS* . STOP 
Mr. *CUNK* 's departure , while sudden , was seen as *UNK* in light of the shift in strategy . STOP 
`` The *UNK-* operations were largely Mr. *CUNK* 's creation -LCB- and -RCB- his strategy did n't work , '' said Steven *CUNK* , a financial analyst with Midland *CUNK* Ltd . STOP 
Provigo 's profit record over the past two years *UNKED* the company 's and Mr. *CUNK* 's *UNKS* . STOP 
For the six months ended Aug. 12 , Provigo posted net income of C$ 6.5 million , or eight Canadian cents a share , compared with C$ *UNKN* million , or 21 Canadian cents a share , a year earlier . STOP 
Sales were C$ 4.2 billion compared with C$ 3.7 billion . STOP 
Last month , Canadian Bond *CUNKING* Service *UNKED* Provigo 's commercial paper and debentures because of its lackluster performance . STOP 
Analysts are skeptical Provigo will be able to sell the *UNK-* businesses as a group for at least book value , and are expecting write-downs . STOP 
Mr. *CUNK* said he could n't yet say if the sale prices would match book values . STOP 
He said all three *UNK-* operations are profitable . STOP 
Mr. *CUNK* said discussions are under way with potential *UNKS* of each of the units . STOP 
He declined to confirm or deny reports that Provigo executive *CUNK* Roy is trying to put together a management buy-out of the *UNK* *UNK* unit . STOP 
Mr. Roy could n't be reached . STOP 
*CUNK* *CUNKS* was named senior executive vice president and chief operating officer of Provigo , a new position . STOP 
Mr. *CUNKS* was president and chief operating officer of Provigo 's Quebec retail and wholesale grocery unit . STOP 
Mr. *CUNK* said he intends to remain Provigo 's chief executive only until the *UNK-* businesses are sold , after a which a new chief executive will be named . STOP 
*CUNKS* by Federal Reserve Board Chairman Alan Greenspan *UNK* some support to the dollar , but the U.S. unit ended yesterday lower against most major currencies . STOP 
*CUNK-* dealers noted that the impact of the chairman 's remarks was slight and warned that the currency remains sensitive to developments on Wall Street . STOP 
Traders said that Mr. Greenspan , whose statements are *UNKLY* cautious , was especially careful to avoid any *UNKING* *UNKS* , with fears about equities still *UNKING* financial markets . STOP 
*CUNKING* before a panel of the House Banking Committee , Mr. Greenspan said the short-term value of the dollar on foreign-exchange markets is n't the primary policy focus of the central bank . STOP 
`` Our essential focus is on domestic policy , '' Mr. Greenspan said , referring to the goals of price stability and a stable economy . STOP 
In perhaps his most telling *UNK* , Mr. Greenspan *UNKED* the current U.S. inflation rate of around 4.5 % as `` much too high to be ignored . '' STOP 
He added , however , that inflation could be brought down `` close to zero '' without throwing the economy into a recession . STOP 
Analysts viewed the chairman 's comments as an indication that the central bank is *UNKED* to ease monetary policy further in the near future . STOP 
The dollar climbed immediately higher on news of Mr. Greenspan 's testimony , settling lower in later trade as dealers *UNKED* positions ahead of today 's preliminary report on third-quarter U.S. gross national product . STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , down from *UNKN* marks Tuesday , and at *UNKN* yen , up from 141.45 yen late Tuesday . STOP 
Sterling was quoted at $ *UNKN* , up from $ *UNKN* late Tuesday . STOP 
In Tokyo Thursday , the U.S. currency opened for trading at *UNKN* yen , up from Wednesday 's Tokyo close of *UNKN* yen . STOP 
Many traders forecast a *UNKION* of the market 's recent bearish trend and predict the U.S. currency will remain stuck in its relatively narrow ranges in the near term and then shift lower . STOP 
But according to *CUNK* Madison , a corporate trader with Bank of America in Los Angeles , a large number of short positions must first be *UNKED* , *UNKING* a temporary *UNKING* , before the unit can turn lower . STOP 
He predicts a downward move in *UNK-* trade and a less dramatic slip in *UNK-* , noting that there continues to be a large pool of Japanese investor interest in U.S. securities , which could provide a solid base for the dollar at around 140 yen . STOP 
Market participants hope today 's GNP report will offer more substantial evidence on U.S. economic growth , although analysts are quick to point out that the figures may *UNK* the economy 's *UNK* . STOP 
`` The ` *UNK* ' word is *UNKING* again , '' says one dealer , referring to persistent concern among some market analysts that the U.S. economy is heading toward a major slowdown if not a recession . STOP 
Some dealers note that while the third-quarter figures may appear relatively bullish -- the market consensus calls for a 2.5 % annual growth rate , unchanged from the second-quarter rate -- it would take a significantly stronger figure to alter market *UNKS* that the economy is *UNKING* . STOP 
Some analysts *UNK* that the next quarter 's figures will present a more *UNK* picture of the U.S. economy , showing a marked slowdown in a number of sectors , including housing starts and equities . STOP 
On the Commodity Exchange in New York , gold for current delivery settled at $ *UNKN* an ounce , down $ 1.10 . STOP 
Estimated volume was a light 1.7 million ounces . STOP 
In early trading in Hong Kong Thursday , gold was quoted at $ *UNKN* an ounce . STOP 
Lawrence Insurance Group Inc. said it acquired United Republic *CUNK* Co. , a Houston property and casualty reinsurance company , from United Savings Association of Texas for $ 28 million . STOP 
Lawrence Insurance also sold *UNKN* million of its shares for $ *UNKN* each to its parent , Lawrence Group Inc . STOP 
Lawrence Insurance , based in *CUNK* , N.Y. , plans to use the $ *UNKN* million in proceeds to help finance the acquisition of United Republic . STOP 
By acquiring the shares , Lawrence Group increased its stake in Lawrence Insurance to *UNKN* % from *UNKN* % . STOP 
Lawrence Insurance *UNKS* mostly primary insurance , a company spokesman said . STOP 
A reinsurance company effectively *UNKS* insurance companies that wish to spread the risk of a particular policy . STOP 
Lawrence Group also owns Lawrence Agency Corp. , *CUNK* , N.Y. , an insurance agency and brokerage . STOP 
*CUNK* *CUNKS* Associates Inc. , the closely held owner of *CUNK* *CUNKS* & Co. , said its fiscal third-quarter earnings jumped to $ *UNKN* million from $ *UNKN* million a year earlier , aided by a $ *UNKN* million gain from the sale of stock in a Japanese subsidiary . STOP 
The apparel holding company had sales in the quarter ended Aug. 27 of $ 1 billion , up 12 % from $ *UNKN* million a year ago . STOP 
The company said its quarterly results are now being publicly filed as the result of the formation earlier this year of employee stock investment plans . STOP 
Wall Street would like UAL Corp. 's board to change its mind about keeping the company independent . STOP 
But what happens next in the continuing takeover drama may depend more on the company 's two most powerful and *OUS* unions : the pilots and machinists . STOP 
Some people familiar with the situation believe that the collapse of the previous $ 6.79 billion buy-out , if anything , may have strengthened the hands of these two labor groups . STOP 
As a result , both may now have *UNKAL* veto power over any UAL transaction . STOP 
One reason : banks -- likely to *UNK* to any new UAL deal with even more caution than the first time around -- probably will insist on labor *UNK* before they agree to put up cash for any new bid or even a *OUS* recapitalization plan . STOP 
`` United pilots have shown on a number of occasions they are willing and able to strike , '' said an executive at Fuji Bank , one of UAL 's large lenders . STOP 
`` If you have both -LCB- labor -RCB- groups on strike , you 've got no revenue and that 's a very *UNK* thing for a bank to be looking at . '' STOP 
Just this past week , a leading Japanese bank asked for a meeting with the machinists ' union leaders to determine where the union would stand if another bid or recapitalization became possible . STOP 
Another reason : *CUNKED* by their success in helping to scuttle the previous transaction , the machinists are likely to be more aggressive if a second buy-out attempt occurs . STOP 
The two unions already had significant leverage simply because their employer has yet to settle with either on new contracts . STOP 
That gives them both the threat of a strike and the ability to *UNK* any wage concessions that may be necessary to make a transaction work . STOP 
Thus , even investors who are pushing for the board to do a recapitalization that would pay shareholders a special dividend and possibly grant employees an ownership stake *UNK* that the unions are key . STOP 
`` There 's less likelihood of creating and completing a transaction without the unions ' cooperation and wage concessions , '' said Richard *CUNK* , of Baker , *CUNK* Investments , a New York takeover *UNKER* . STOP 
Mr. *CUNK* thinks the UAL board should be ousted if it does n't move soon to increase shareholder value . STOP 
Both the pilots and machinists have made it clear that they intend to block any transaction they do n't like . STOP 
`` The pilots will be involved in any transaction that takes place around here , '' pilot union chairman Frederick C. *CUNK* declared yesterday . STOP 
But whether the pilots can team up with their longtime *UNKS* , the machinists , is another question . STOP 
The pilots ' Mr. *CUNK* says his union would like majority ownership for employees . STOP 
At the very least , the pilots want some form of control over the airline , perhaps through *UNK-* voting rights . STOP 
On the other hand , the machinists have always opposed majority ownership in principle , saying they do n't think employees should be owners . STOP 
Still , in recent days , machinists ' union leaders have shown some new flexibility . STOP 
`` We may be able to reach a *UNK* where we can accommodate -LCB- the pilot union 's -RCB- concerns and *UNKS* , '' said Brian M. Freeman , the machinists ' financial adviser . STOP 
Mr. Freeman said machinists ' union advisers plan to meet this week to try to draw up a *UNK* for some form of recapitalization that could include a special dividend for shareholders , an employee stake and , perhaps , an equity investment by a friendly investor . STOP 
If a compromise ca n't be reached , the pilots maintain they can do a transaction without the support of the machinists . STOP 
But at this point , that may just be *UNK* thinking . STOP 
The machinists *UNKED* heavily against the original bid from UAL pilots and management for the company . STOP 
Their opposition helped *UNK* off some Japanese banks . STOP 
The pilots ' *UNK* on majority ownership also may make the idea of a recapitalization difficult to achieve . STOP 
`` Who wants to be a public shareholder investing in a company controlled by the pilots ' union ? '' asks *CUNK* *CUNKING* , an analyst at *CUNK* *CUNKER* & Co . STOP 
`` Who would the board be working for -- the public shareholders or the pilots ? '' she adds . STOP 
Ms. *CUNKING* says she believes a recapitalization involving employee ownership would succeed only if the pilots *UNK* on their demand for control . STOP 
She also notes that even if the pilots accept a minority stake now , they still could come back at a later time and try to take control . STOP 
Another possibility is for the pilots ' to team up with an outside investor who might try to force the *UNKER* of the board through the solicitation of *UNKS* . STOP 
In that way , the pilots may be able to force the board to approve a recapitalization that gives employees a majority stake , or to consider the labor-management group 's latest proposal . STOP 
The group did n't make a formal offer , but instead told UAL 's advisers before the *UNK-* board meeting that it was working on a bid valued at between $ 225 and $ 240 a share . STOP 
But again , they may need the help of the machinists . STOP 
`` I think the *UNKS* of this situation are that something 's got to happen , '' said one official familiar with the situation . STOP 
The board and UAL 's management , he says , `` ca n't go back '' to business as usual . STOP 
`` The pilots wo n't let them . STOP 
Delta Air Lines earnings soared 33 % to a record in the fiscal first quarter , *UNKING* the industry trend toward declining profits . STOP 
The *CUNKED* airline , the third largest in the U.S. , attributed the increase to higher passenger traffic , new international routes and reduced service by rival Eastern Airlines , which is in bankruptcy proceedings in the wake of a strike that began last spring . STOP 
For the quarter ended Sept. 30 , Delta posted net income of $ *UNKN* million , or $ *UNKN* a share , up from $ 100 million , or $ *UNKN* a share , a year earlier . STOP 
Revenue rose 15 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
During the quarter , Delta issued 2.5 million shares of common stock to *CUNK* , and *UNKED* 1.1 million shares for use in a company employee stock ownership plan . STOP 
`` The key to Delta 's record earnings continued to be excellent passenger revenue growth , '' said Thomas *CUNK* , chief financial officer . STOP 
*CUNKER* traffic jumped 14 % in the quarter , while profit per passenger grew 2 % . STOP 
Delta has benefited more than other carriers from the weakness of Eastern Airlines , which shares the Atlanta *UNK* . STOP 
Although Eastern is back to about 80 % of its *UNK-* schedule now , the Texas Air Corp. subsidiary was only beginning to get back on its feet during the quarter . STOP 
Separately , America West Airlines , Phoenix , Ariz. , reported third-quarter profit jumped 45 % to $ 5.8 million , or 28 cents a share , from $ 4 million , or 24 cents a share , a year earlier . STOP 
The latest results include a $ 2.6 million one-time payment from a `` foreign entity . '' STOP 
America West would n't identify the entity , but said the payment was for the foreign company 's use of certain tax benefits in connection with America West plane purchases . STOP 
*CUNKER* results included an extraordinary gain of $ 1.6 million from a buy-back of convertible subordinated debentures . STOP 
Revenue rose 21 % to $ *UNKN* million from $ *UNKN* million . STOP 
For the nine months , America West posted earnings of $ *UNKN* million , or 97 cents a share , compared with a loss of $ 9.7 million , or 74 cents a share , a year earlier . STOP 
Revenue rose 27 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* : STOP 
Thomson Corp. 's Globe & *CUNK* newspaper in November will begin *UNKING* an *UNKAL* edition to selected subscribers ' *UNK* machines . STOP 
The *UNK-* news *UNK* will be aimed at readers outside Canada or in Canadian locations where the national daily is n't available on the day of publication . STOP 
In the U.S. , the Hartford *CUNK* has a *UNK* edition and some other newspapers are considering the idea . STOP 
*CUNK* 'S *CUNK* : STOP 
Michael T. *CUNK* , advertising director of *CUNK* magazine , was named publisher of National *CUNK* and Heavy *CUNKAL* magazines , succeeding George *CUNK* . STOP 
It was the first management change since *UNKS* Daniel *CUNK* and *CUNK* *CUNK* took control of National *CUNK* Inc. in March . STOP 
They are looking for a new editor for National *CUNK* and are trying to sell Heavy *CUNKAL* . STOP 
Columbia Savings & Loan Association , *UNKING* from *UNKING* changes *UNKED* by Congress and the recent collapse of the junk-bond market , announced a loss for the third quarter of $ *UNKN* million , or $ *UNKN* a share . STOP 
For the quarter a year ago , Columbia reported earnings of $ *UNKN* million , or 37 cents a share . STOP 
Total assets increased to $ *UNKN* billion in the latest quarter from $ *UNKN* billion a year earlier . STOP 
The loss stems from $ *UNKN* million of write-downs on Columbia 's $ 4.4 billion high-yield investment securities portfolio , which includes about $ 3.7 billion of junk bonds , $ 400 million of preferred stock , and Treasury securities . STOP 
Columbia owes its *UNK* growth in recent years to its junk-bond portfolio , the largest of any U.S. thrift . STOP 
Much of Columbia 's junk-bond trading has been done through the high-yield department of its Beverly Hills *UNK* , Drexel Burnham Lambert Inc . STOP 
For the nine months , losses totaled $ *UNKN* million , or $ *UNKN* a share , compared with net income of $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
The results include a $ *UNKN* million write-down of the securities in the high-yield portfolio to the lower of their cost or market value . STOP 
Columbia also added $ *UNKN* million to reserves for losses on the portfolio , increasing general reserves to $ 300 million , or about 6.7 % of the total portfolio , as of Sept. 30 . STOP 
On June 30 , loss reserves stood at $ *UNKN* million . STOP 
Thrift officials said the $ 300 million reserve will be adjusted quarterly and will reflect the rate of *UNKS* and market conditions . STOP 
The adjustments result from the recently passed *UNK-* bailout legislation , which requires thrifts to *UNKEST* all high-yield bond investments by 1994 . STOP 
Previously , Columbia did n't have to adjust the book value of its junk-bond holdings to reflect declines in market prices , because it held the bonds as long-term investments . STOP 
Because Columbia now must sell the bonds within five years , accounting rules require the thrift to value the bonds at the lower of cost or market prices . STOP 
For its future strategy , Columbia officials said the thrift may branch out into commercial lending or managing outside investments , as well as *UNKING* up more traditional thrift activities . STOP 
The quarterly results also reflected $ *UNKN* million in *UNKING* losses from commercial real-estate activities in California . STOP 
Thomas Spiegel , Columbia 's chairman , said in a statement that the thrift was `` disappointed '' by the effects of the accounting changes . STOP 
But he said Columbia remains `` one of the most strongly *UNKED* thrifts in the industry , '' based on the economic value of its assets and *UNK* capital . STOP 
Columbia announced the results after the close of the stock market . STOP 
Its shares closed at $ *UNKN* each in composite New York Stock Exchange trading , down 37.5 cents . STOP 
The price of Columbia shares has been cut nearly in half since August , when they traded at about $ 10 , as investors apparently realized that the thrift would be forced to take a big write-down . STOP 
The stock 's decline *UNKED* in the past two weeks , from a price of $ 8 a share on Oct. 9 . STOP 
Columbia officials said they do n't know how quickly they will *UNK* of the thrift 's junk bonds , because federal regulations , such as those that would allow thrifts to continue holding the bonds in separately *UNKED* subsidiaries , have n't yet been completed . STOP 
Columbia officials also said the thrift should n't face problems meeting regulatory capital requirements , despite the large reserves and write-downs and *UNKER* regulatory requirements that should be in place by year 's end . STOP 
Its ratio of *UNK* equity to total assets as of Sept. 30 was 3.6 % , and total equity was $ *UNKN* million . STOP 
The thrift *UNKED* that it has a large portfolio of equity securities issued in connection with corporate *UNKS* and leveraged buy-outs , which has a book value of $ 90 million . STOP 
Although many of the transactions related to those securities have n't been completed , Columbia said the ultimate gain on the sale of those assets will range from $ 200 million to $ 300 million . STOP 
Columbia also has *UNKED* gains in its public equity securities portfolio of more than $ 70 million . STOP 
David B. *CUNKER* in New York contributed to this article . STOP 
*CUNK-* Cos. said it plans to aggressively discount its major beer brands , setting the stage for a potentially *UNKING* price war as the maturing industry 's growth continues to slow . STOP 
Anheuser , the world 's largest *UNKER* and U.S. market leader , has historically been reluctant to engage in *UNKING* as a means of boosting sales volume . STOP 
With the passing of the *UNK* days of *UNKING* industry sales , however , the *UNK-* and brief *UNKS* into discounting are becoming standard competitive weapons in the beer industry . STOP 
Over the summer , Anheuser competitors offered more and deeper discounts than industry observers have seen for a long time . STOP 
Some experts now predict Anheuser 's entry into the *UNK* means near-term earnings trouble for all the industry players . STOP 
The St. Louis company said major rivals , Philip Morris Co. 's Miller Brewing unit and *CUNK* Coors Co. `` have been following a policy of *OUS* and deep discounting for at least the past 18 months '' on their premium brands , pricing their product as much as 25 cents a *UNK-* below Anheuser 's *CUNKER* label in many markets . STOP 
Anheuser said it 's discounting policy basically would involve matching such moves by rivals on a *UNK-* basis . STOP 
*CUNK-* announced its plan at the same time it reported third-quarter net income rose a *UNKED* 5.2 % to $ *UNKN* million , or 83 cents a share , from $ *UNKN* million , or 78 cents . STOP 
*CUNK-* sales were $ *UNKN* billion , up from last year 's $ *UNKN* billion . STOP 
Anheuser said its new strategy -- started in some markets last month and expected to be applied soon in selected markets nationwide -- will mean *UNKED* earnings for the last half of 1989 and for 1990 . STOP 
The projection sent Anheuser shares *UNKING* $ *UNKN* in New York Stock Exchange composite trading yesterday . STOP 
The stock closed at $ *UNKN* on heavy volume of about 3.5 million shares . STOP 
Shares of Coors , the company 's sole publicly traded major competitor , fell $ 1.50 apiece to $ *UNKN* in national over-the-counter trading , apparently on investor concerns over potential *UNK* from the coming pricing struggle . STOP 
Anheuser noted that `` beer industry sales volume is 1989 is following the trend that has *UNKED* the last half of the *UNKS* , with sales volume being essentially flat '' while consolidation creates fewer , bigger players . STOP 
`` We can not permit a further slowing in our volume trend , '' Anheuser said , adding it will take `` appropriate competitive pricing actions to support our long-term market share growth strategy '' for the premium brands . STOP 
Anheuser said it continues to hold to its *UNKED* goal of a 50 % U.S. market share by the *UNKS* . STOP 
*CUNK* the *UNK* *UNK-* *UNK* lies a powerful threat from the brewing giant , which last year accounted for about 41 % of all U.S. beer sales and is expected to see that grow to *UNKN* % in the current year . STOP 
`` Anheuser is the biggest guy in the bar , and he just decided to join in the *UNK* *UNK* , '' said Joseph J. *CUNK* , an analyst with Smith Barney , Harris Upham & Co . STOP 
`` It 's going to get *UNK* . '' STOP 
Jerry *CUNK* , publisher of *CUNKER* *CUNKS* *CUNKS* , a trade newsletter , said Anheuser 's announcement means `` everybody else in the industry is going to have a difficult time reaching their profit objectives . '' STOP 
Prudential-Bache Securities Inc. analyst George E. Thompson *UNKED* the importance of the announcement , and called any comparison between the coming *UNK-* *UNK* and the seemingly *UNKING* `` *UNK* wars , '' *UNKED* . STOP 
Mr. Thompson calls discounting `` a *UNKER* 's game for anyone without a dominant market share , '' and projected that Anheuser 's statement of intent could simply be a means of warning competitors to ease up on *UNKING* or face a costly and *UNKS* battle . STOP 
Mr. Thompson noted that the disappointing earnings , which fell five cents a share short of his own projections , contributed to the sell-off by an *UNK* and currently *UNKING* investing public . STOP 
But Smith Barney 's Mr. *CUNK* , who yesterday trimmed his 1990 Anheuser earnings projection to $ *UNKN* a share from $ *UNKN* , called the market 's reaction `` justified . '' STOP 
While the third-quarter earnings were a `` moderate disappointment , '' he said , `` the real bad news is the *UNK* of price competition '' in the *UNKER* sector . STOP 
According to Mr. *CUNK* , the newsletter publisher , Anheuser 's market share is nearly twice that of its *UNKEST* competitor , Miller Brewing , which had a *UNKN* % stake last year . STOP 
It 's followed by *CUNK* *CUNK* Co. , which has agreed to sell its assets to Coors . STOP 
Both Coors and *CUNK* have recently been *UNKING* market share to Miller and Anheuser . STOP 
Tokyo stocks closed easier for the second consecutive day , finishing at the intraday low on *UNKED* investment trust fund selling toward the end of the afternoon session . STOP 
Stocks rose in London , but fell again in Frankfurt . STOP 
Tokyo 's Nikkei index fell *UNKN* points to *UNKN* . STOP 
Trading was active . STOP 
Volume on the first section was estimated at 1 billion shares , up from *UNKN* million Tuesday . STOP 
The Tokyo stock price index of first section issues was down *UNKN* at STOP 
In early trading in Tokyo Thursday , the Nikkei index rose *UNKN* points to *UNKN* . STOP 
On Wednesday , the market opened *UNKLY* with high turnover , ignoring the volatility in New York stocks . STOP 
But losers were spread in a broad range by the end of the session . STOP 
A trader said that the more an issue gained recently , the *UNKER* the loss sustained Wednesday . STOP 
A trader at Yamaichi Securities said the market 's mood was *UNUNK* by the continuing fall of Nippon Telegraph & Telephone shares , which declined to their lowest level since the *UNKING* of this year . STOP 
*CUNK* lost 30,000 yen to *UNKN* yen -LRB- $ *UNKN* -RRB- . STOP 
Some traders noted individual investors dumped *CUNK* shares amid growing *UNKION* for a division of the company as suggested by a recent *UNKED* panel . STOP 
Dealers said they also took profits to reduce holdings in their own account at the end of the October transaction period . STOP 
Among pharmaceutical shares , Chugai lost 60 yen to *UNKN* yen -LRB- $ *UNKN* -RRB- , and *CUNK* fell 150 to *UNKN* . STOP 
Other losing issues included *CUNK* Shell , which fell 40 to *UNKN* . STOP 
Toyota Motor fell 40 to *UNKN* . STOP 
*CUNK* House , which gained 150 Tuesday , lost 70 to *UNKN* . STOP 
Daiwa House also ended easier , but *CUNK* Home was *UNKER* . STOP 
Pioneer Electronic and Sony , both of which dominated buying earlier this month , continued to fall Wednesday . STOP 
Pioneer was down 90 at *UNKN* , and Sony lost 40 to *UNKN* , down 10 % from its record set Oct. 11 . STOP 
London share prices closed modestly higher largely on technical factors , although the market was *UNKED* near the end of the session by Wall Street 's *UNKER* trend . STOP 
The Financial Times 100-share index finished at *UNKN* , up *UNKN* points . STOP 
The 30-share index ended *UNKN* points higher at *UNKN* . STOP 
Volume was thin at *UNKN* million shares traded , down from *UNKN* million Tuesday . STOP 
Dealers said the market gained some late steam on a *UNK* of buying by *UNKS* looking at blue-chip issues and stocks viewed as *UNK* during the market 's recent *UNK* . STOP 
*CUNK* what essentially amounted to a *UNKING* exercise , dealers said London dealings were largely *UNKED* by the absence of active interest beyond the *UNKS* . STOP 
The late buying was drawn into the London market , dealers added , after Wall Street showed signs of stability following its *UNK* opening . STOP 
Stocks that suffered on the day were those with active U.S. operations , dealers noted . STOP 
Among them were B.A.T Industries , which settled 6 pence a share lower at *UNKN* -LRB- $ *UNKN* -RRB- . STOP 
*CUNK* , with 15 million shares traded , closed 2.5 lower at *UNKN* . STOP 
Dealers said the shares were hit by fears of a slowdown in the U.S. economy . STOP 
Cable & *CUNKS* benefited from a market squeeze , *UNKING* 13 to *UNKN* in moderately active volume . STOP 
Jaguar was boosted 21 to *UNKN* on *UNK-* buying after Ford Motor 's announcement Tuesday that it might be prepared to mount a full bid for the U.K. luxury auto maker . STOP 
It was further helped by Ford , which announced after London 's close that it had raised its stake to 12 % from just under 11 % on Tuesday . STOP 
Frankfurt prices closed sharply lower in thin dealings , hurt by the *UNKER* session on Wall Street Tuesday and worries about wage demands by the largest West German trade union . STOP 
The German stock index tumbled *UNKN* to end at STOP 
`` It was dead , *UNKS* , *UNKING* and negative , '' said one trader at a U.S. bank in Frankfurt . STOP 
`` There was little turnover and nothing to *UNK* the market . '' STOP 
*CUNKS* tumbled at the opening as Tuesday 's gyrations on Wall Street , where the Dow Jones Industrial Average recovered most of an *UNK-* loss , fueled fears of another stock market crash , brokers said . STOP 
*CUNK* talk from trade union officials at the conference of the powerful *CUNK* *CUNK* metals worker union in West Berlin raised the *UNKER* of nationwide strikes next spring , they said . STOP 
For the 1990 wage negotiations , the *CUNK* *CUNK* is demanding a further cut in the German *UNK* and steep wage increases , which could sharply increase the costs for German industry . STOP 
`` All the positive figures on the economy are out already , and people are focusing more on the *UNKS* for next year , mostly the wage talks and the -LCB- parliamentary -RCB- elections , '' the U.S. trader said . STOP 
The market also *UNKED* off positive factors , such as higher bond prices and a slowdown in monetary growth in September , traders said . STOP 
They said they expect the bearish mood to *UNK* a while longer , as trading volume is falling toward the end of the year and the market is becoming more volatile . STOP 
In the auto sector , *CUNK* *CUNK* *CUNK* plunged *UNKN* marks to *UNKN* marks -LRB- $ *UNKN* -RRB- , Daimler-Benz dropped 10.5 to 700 , and *CUNK* slumped 9 to *UNKN* . STOP 
Continental gave up some of its recent gains , dropping 8 to *UNKN* , as rumors of an impending takeover attempt for the *UNKER* *UNKED* , brokers said . STOP 
Deutsche Bank plummeted 12 to *UNKN* , hurt by the general mood . STOP 
Other banks were slightly more *UNK* , with *CUNKER* Bank *UNKING* 4.8 to *UNKN* , and *CUNK* slipping 2.5 to STOP 
Meanwhile , Wall Street 's volatility *UNKED* investors in other markets . STOP 
Share prices closed lower in Paris , Zurich , Brussels , Milan and Stockholm , and mixed in Amsterdam . STOP 
Among Pacific markets , prices closed lower in Sydney , Seoul , Hong Kong , Manila , Singapore and Wellington . STOP 
Trading in Taipei was suspended for a national holiday . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
French chemicals group , Orkem S.A. , said Wednesday it has made a bid for control of *CUNKS* Brothers PLC , a British manufacturer of *UNKS* and *UNKER* *UNKS* . STOP 
*CUNKED* Orkem already owns *UNKN* % of *CUNKS* . STOP 
The remainder is held by the public and by family interests , a spokeswoman for the French group said . STOP 
Orkem declined to give details of its offer , saying only that the bid will be submitted for approval by the board of the British company . STOP 
The *CUNKED* House , by a margin of 51 votes , failed to override President Bush 's veto of legislation renewing federal support of Medicaid abortions for poor women who are victims of rape and incest . STOP 
The *UNKN* roll call illustrates the limits of power a *UNK* abortion-rights movement still faces . STOP 
It continues to gain strength in the chamber but remains far short of the two-thirds majority required to *UNK* over Mr. Bush . STOP 
Democrats voted to override by a *UNKN* margin , but Republicans were equally firm in support of the president , who has threatened to make abortion a *UNK* issue on at least three separate fiscal 1990 spending bills . STOP 
Yesterday 's vote *UNK* with the largest of these bills , an estimated $ *UNKN* billion measure funding the departments of Labor , Education , and Health and Human Services . STOP 
To gain more leverage , abortion-rights advocates may seek to *UNK* the bill into an *UNKS* continuing resolution next month . STOP 
But the *UNK* numbers yesterday -- when *UNKN* votes were needed -- indicate the president is in a *UNKING* position for at least this year . STOP 
`` Unless he changes , they lose , '' said a Democratic leadership aide . STOP 
The action came as Congress sent to the president last night a *UNK* spending bill to keep the government operating through Nov. 15 and provide $ 2.85 billion in emergency funds to assist in the recovery from Hurricane Hugo and the California earthquake . STOP 
By a *UNKED* *UNKN* margin , the Senate approved the measure after *UNKING* further provisions sought by the influential California delegation and , despite *UNKS* , the House adopted the bill on a *UNKN* roll call . STOP 
The package is more than $ 1 billion above the recommendations of Budget Director Richard Darman this week . STOP 
But given the political importance of California , the administration was content to use its influence to prevent any Senate amendments adding further new appropriations . STOP 
The $ 2.85 billion measure comes on top of $ 1.1 billion *UNKED* after Hugo struck the *CUNKS* and Caribbean last month , and these *UNKS* do n't reflect the additional benefit of *UNKEST* disaster loans . STOP 
The bill last night includes $ 500 million to help finance this credit and further raises the obligation ceiling for the Small Business Administration *UNK* to $ 1.8 billion to accommodate the expected loan activity . STOP 
In direct cash assistance , $ 1 billion is provided in federal highway construction funds , and $ 1.35 billion is divided between general emergency aid and a reserve to be available to the president to meet *UNKED* costs from the two disasters . STOP 
In the Senate , Majority *CUNK* Alan Cranston used his position to win not only the expanded credit but also more generous treatment than the House had permitted in the distribution of highway funds in the next six months . STOP 
The emergency assistance would n't be counted against a state 's normal allocation of annual highway funds , and the bill *UNKS* existing restrictions that otherwise would prevent the use of federal aid to repair a toll road , such as the San *CUNK-* Bay Bridge damaged in last week 's earthquake . STOP 
The underlying *UNK* bill is the second required by Congress this fall and , since the current fiscal year began Oct. 1 , only the Energy and *CUNK* departments are operating on permanent appropriations enacted into law . STOP 
The *UNK* over abortion is certain to contribute to further delays and , apart from the health and education measure *UNKED* by Mr. Bush , bills funding the District of Columbia and the entire U.S. *UNK-* budget are in *UNK* because of related abortion or *UNKING* issues . STOP 
The vote yesterday was the most *UNK* in many years , and though the Democratic leadership is *UNK* about how to address the abortion issue , the debate is increasingly measured in party terms . STOP 
The *UNKN* Democrats who supported the override yesterday compare with *UNKN* who initially backed the *UNKEST* *UNKION* two weeks ago and *UNKN* last year on a similar vote . STOP 
By comparison , Republicans have held closer to the anti-abortion movement . STOP 
Only 42 GOP members opposed the president 's veto , a marginal increase over the vote two weeks ago and just 12 more than the 30 who supported the *UNKEST* *UNKION* last year . STOP 
At a recent White House meeting , Rep. *CUNK* *CUNK* -LRB- R. , Mass. -RRB- , the ranking minority member of the House Appropriations Committee , argued with his friend Mr. Bush against a veto , and though Mr. *CUNK* and *CUNK* Leader Robert *CUNK* of Illinois stood with the president yesterday , they are *UNKLY* *UNUNK* with his position . STOP 
`` This is n't a political issue , this is a moral issue , '' said Rep. Henry *CUNK* -LRB- R. , Ill. -RRB- , the most *UNK* spokesman for the anti-abortion movement . STOP 
But after years of using the issue for its benefit , the GOP finds its candidates on the defensive . STOP 
New Jersey *UNKAL* candidate Rep. James Florio *UNKLY* returned from *UNKING* to vote against the president yesterday in contrast with his *UNK* , GOP Rep. James Courter , who has *UNKLY* supported abortion restrictions in the past but was *UNK* . STOP 
In an extraordinary mix of *UNKS* and *UNK-* powers , Rep. Robert *CUNK* -LRB- R. , Calif . -RRB- *UNKED* his fellow Roman *CUNKS* -- including Mr. Florio -- for having the `` *UNK* '' to disagree with the *UNK* of their church on abortion . STOP 
Rep. *CUNK* *CUNK* was as *UNK* on behalf of the abortion-rights movement . STOP 
`` This may not make George Bush a *UNK-* president , '' said the Oregon liberal , *UNKING* the Republican side of the House . STOP 
`` But if you support him over rape victims , this may be your last term . '' STOP 
Separately , the House last night approved a nearly $ 67 billion compromise spending bill providing the first construction funds for the administration 's ambitious space station in fiscal 1990 and *UNKING* far-reaching provisions affecting the federal mortgage market . STOP 
The current ceiling on home loans insured by the Federal Housing Administration would be increased to $ *UNKN* , and the bill gives the Department of Housing and Urban Development new authority to *UNK* the refinancing of subsidized loans for low-income homeowners . STOP 
By a *UNKN* margin , the Appropriations Committee leadership beat back an early challenge by House Banking Chairman Henry Gonzalez -LRB- D. , Texas -RRB- to the FHA provision . STOP 
And on a closer *UNKN* roll call , lawmakers *UNK* controversial agreements made by a House-Senate conference *UNKING* community development funds for more than 40 projects backed by often influential members . STOP 
*CUNK* *CUNK* acquired a 25 % stake in *CUNK* *CUNK* S.A. , the leading Spanish magazine and newspaper publisher said . STOP 
The transaction called for Mr. *CUNK* 's News International PLC , a unit of *CUNKED* News Corp. , to *UNK* to a rights issue by *CUNK* valued at *UNKN* billion *UNKS* -LRB- $ 57 million -RRB- . STOP 
Also participating in the issue was *CUNK* Spain *CUNK* *CUNK* . STOP 
The film producer , owned by *CUNKED* financier *CUNKS* *CUNK* , received a 5 % stake in the *CUNKED* publishing group . STOP 
The cash *UNKION* boosted *CUNK* 's capital more than *UNK-* , to *UNKN* billion *UNKS* from *UNKN* billion *UNKS* , greatly *UNKING* the group 's ability to make investments , *CUNK* officials said . STOP 
Following its failure last month to win a license for one of Spain 's first three private television stations , *CUNK* is seeking investment opportunities in communications and publishing . STOP 
With annual sales of about 30 billion *UNKS* , *CUNK* publishes over a dozen magazines , including the popular *CUNK* , *CUNK* and *CUNK* , and three regional *UNKS* . STOP 
Chairman Antonio *CUNK* will retain a 70 % share in *CUNK* . STOP 
The New York Stock Exchange is expected to launch its own program trading vehicle today , just as controversy over this trading strategy *UNKS* up . STOP 
The Big Board this morning plans to begin trading its Exchange Stock Portfolio `` basket '' product , the first program-trading vehicle carrying the exchange 's *UNKAL* of approval . STOP 
*CUNKS* will allow institutional investors to buy or sell all 500 stocks in Standard & Poor 's index in a single trade of a minimum of $ 5 million . STOP 
`` *CUNKED* '' baskets of fewer stocks will also be available . STOP 
The Securities and Exchange Commission gave provisional six-month approval to the Big Board basket at a meeting late yesterday . STOP 
The SEC at the same time approved a similar but smaller basket product on the Chicago Board Options Exchange , where the minimum will be $ 1.7 million . STOP 
Also approved was a plan to trade stock portfolios by computer after regular hours on the Midwest Stock Exchange . STOP 
The basket products are `` an *UNK* step '' in *UNKING* problems in trading big blocks of stock that came to light in the 1987 market crash , said SEC *CUNKER* Joseph *CUNKEST* . STOP 
New SEC Chairman Richard Breeden , *UNKING* his first public meeting , said there have been concerns that the Big Board 's basket could attract investors with a `` short-term perspective '' who would rapidly turn over the product , thus increasing volatility . STOP 
But Richard *CUNK* , the SEC 's market regulation chief , said he did n't believe `` this will *UNK* dramatic new program-trading strategies that will be *UNKING* . '' STOP 
The baskets on the Big Board and CBOE -- which involve the actual S&P stocks , unlike the stock-index contracts currently traded on the Chicago futures markets , and index options on the CBOE -- will begin trading as critics step up their attacks on program trading and its contributions to the stock market 's wild price swings . STOP 
The Big Board argues that its new product will help rather than hurt the situation by possibly drawing business from *UNK-* forms of program trading . STOP 
*CUNKS* are also an attempt by the Big Board to head off the exodus of program trading business to overseas markets such as London . STOP 
Big Board officials also hope Japanese investors will become interested in the exchange 's product . STOP 
Already , many of the Big Board 's own floor traders are warning that the *CUNK* baskets are risky and not in the best interests of the investing public . STOP 
The *UNKER* Alliance of *CUNK* *CUNKS* said the new product , with the $ 5 million minimum , will benefit only big institutional investors and could lead to `` wild *UNKS* of volatility . '' STOP 
*CUNKS* who *UNKER* to individual investors said the Big Board 's new product *UNKS* the exchange does n't want to *UNK* program trading , which last month accounted for a record 13.8 % of the exchange 's average daily volume . STOP 
`` The New York Stock Exchange is losing its cool here , '' said James *CUNKS* , head of institutional trading at *CUNK* *CUNK* Scott Inc. in Philadelphia . STOP 
The new stock baskets `` are going to make it easier for program trading to be done . STOP 
And it 's going to be done more frequently as the result of having more access to it at different places . '' STOP 
Both the Big Board 's Exchange Stock Portfolio and the Chicago exchange 's Market *CUNK* are designed for institutional investors . STOP 
The Big Board lists its targets as pension plans , mutual fund managers and *UNK-* traders . STOP 
In index arbitrage , program traders buy and sell stocks and stock-index futures to profit from small price *UNKS* between the markets . STOP 
At the same time , only four securities firms have signed up with the Big Board to buy and sell *CUNKS* as market makers , an *UNUNK* response . STOP 
The market makers so far are CS First Boston Group 's First Boston Corp. unit , Morgan Stanley & Co. , PaineWebber Group Inc. and Salomon Inc. 's Salomon Brothers Inc. unit . STOP 
Kidder , Peabody & Co. , a General Electric Co. unit that has become the biggest program trader along with Morgan Stanley , is n't a market maker , although the Big Board hopes that will change . STOP 
Similarly , the Big Board hopes to *UNK* Merrill Lynch & Co . STOP 
Neither has plans to be a market maker for now . STOP 
Traders said major securities firms are reluctant to become market makers because they fear the baskets may attract only limited trading . STOP 
Big Board officials say only 25 contracts a day may trade at first , equivalent to a day 's action at a small , regional exchange . STOP 
Even though the Big Board says its product represents a *UNK-* `` reform , '' some traders suggest that if the new basket had been trading during this month 's Friday the 13th market plunge , the Dow Jones Industrial Average might have dropped more than the 190 points it did . STOP 
With the futures locked into a trading halt Oct. 13 and trading in some individual stock difficult , program traders would have *UNKLY* fled to the basket system , the traders say . STOP 
`` If we had the baskets , we would be leaving in *UNKS* , '' one trader said . STOP 
The SEC 's Mr. Breeden said the *UNKS* trading on the Midwest exchange would help the U.S. win back business that has moved overseas to conduct *UNKS* trades . STOP 
Comprehensive Care Corp. , which has agreed to be acquired by closely held First Hospital Corp. , reported a $ 4.7 million loss for its Aug. 31 first quarter and said it is negotiating an extension of senior bank debt past its Oct. 18 due date . STOP 
In composite trading yesterday on the New York Stock Exchange , Comprehensive Care shares plunged $ *UNKN* to close at $ *UNKN* on volume of *UNKN* shares . STOP 
The loss in Comprehensive Care 's latest quarter is equal to 46 cents a share . STOP 
In the year-earlier quarter , Comprehensive Care earned $ 1.6 million , or 18 cents a share . STOP 
Revenue in the latest quarter fell 17 % to $ 44 million from $ *UNKN* million , the company said , reflecting poor utilization of the company 's facilities and its *UNKAL* medicine contracts . STOP 
Comprehensive Care shareholders have approved acquisition of the developer and operator of *CUNK-* chemical *UNK* and *UNK* programs for about $ 58 million in cash , notes and stock of First Hospital , Norfolk , Va . STOP 
The price was reduced last August from an indicated value of $ 76 million . STOP 
Comprehensive Care said First Hospital had advised it that both bank debt and senior notes would be repaid after the acquisition , although it is n't assured the acquisition will be completed . STOP 
If it is n't completed , Comprehensive Care said it would be `` required to promptly restructure its debt . '' STOP 
First Hospital advised Comprehensive Care that an agent for the financial institutions providing financing of its acquisition is scheduled to make a final credit *UNKION* tomorrow , and that a favorable *UNKION* could result in a reorganization at Comprehensive Care `` by the end of October . '' STOP 
*CUNK* to win such a *UNKION* , however , would lead Comprehensive Care directors to `` consider various alternatives , '' Comprehensive Care said , without *UNKING* . STOP 
Separately , First Hospital reported a 1.6 % rise in net income to $ *UNKN* million for its year ended June 30 on a 27 % increase in revenue to $ *UNKN* million . STOP 
It said , however , that net income for the *UNK-* period ended Aug. 31 plunged to $ 150,000 from $ *UNKN* in the prior year on a 33 % rise in revenue to $ *UNKN* million . STOP 
A group including New York investors Douglas A. *CUNKS* and Anthony *CUNK* holds the equivalent of a *UNKN* % stake in *CUNK* Robertson Co. 's common shares outstanding , according to a filing with the Securities and Exchange Commission . STOP 
Officials of *CUNKED* *CUNK* Robertson , which makes steel *UNKS* , store *UNKS* and building parts , declined comment . STOP 
As reported last month , Mr. *CUNKS* said he was interested in making an offer to buy *CUNK* Robertson for $ 13 a share . STOP 
In the SEC filing , the *CUNK-* group said it intends to acquire additional *CUNK* Robertson shares `` with a view *UNKS* a possible change in control of the company . '' STOP 
It has not , however , made a formal proposal . STOP 
The group also is engaged in talks with third parties regarding obtaining financing to buy more shares , but no agreements have yet been reached , the filing said . STOP 
The group controls *UNKN* *CUNK* Robertson common shares , assuming exercise of an option it acquired from Executive Life Insurance Co. to buy *UNKN* shares . STOP 
Its stake includes *UNKN* shares bought in the open market from Aug. 30 to Oct. 18 for $ *UNKN* to $ *UNKN* a share . STOP 
In New York Stock Exchange composite trading yesterday , *CUNK* Robertson closed at $ *UNKN* , up 62.5 cents . STOP 
After coming close to a partial settlement a year ago , shareholders who filed civil suits against *CUNK* F. Boesky and the partnerships he once controlled again are *UNKING* an accord , people familiar with the case said . STOP 
Meanwhile , within the next few weeks , the limited partners in *CUNK* F. Boesky & Co . *CUNK* are expected to reach a partial settlement with Drexel Burnham Lambert Inc. regarding the distribution of the $ *UNKN* million in partnership assets , said one of the individuals . STOP 
Under the terms of the settlement , the limited partners would drop their civil suits against Drexel , now pending in federal court in New York , another individual said . STOP 
*CUNKS* involved in the talks said that the parties were closer to accord than they were a year ago , when reports of an imminent agreement *UNKED* . STOP 
One individual said the shareholders ' accord was `` well worked out . '' STOP 
However , less optimistic attorneys warned that because of the *UNK* of numerous defendants and plaintiffs with *UNKING* claims , there is always the possibility that the talks will again fall apart . STOP 
A shareholders ' accord would provide the first *UNKION* to thousands of individuals and institutions claiming losses as a result of insider trading by Boesky & Co. , once the largest arbitrage fund in the U.S. . STOP 
The plaintiffs are investors who bought and sold securities in which Mr. Boesky and his partnerships were dealing . STOP 
Some claim they suffered losses because they sold while he was buying and others because they bought while he was selling . STOP 
Stocks involved in the shareholder suits include Union Carbide , RJR Nabisco , American Natural Resources , *CUNK* *CUNK* Corp. , General Foods Corp. , Houston Natural Gas and *CUNK* Corp . STOP 
There are at least 27 *UNKION* shareholder suits that have been consolidated in federal court in New York under U.S. District Judge Milton *CUNK* . STOP 
Among the defendants are Mr. Boesky ; the *UNK-* *CUNK* F. Boesky & Co. ; Mr. Boesky 's main underwriter , Drexel Burnham ; and *CUNK* & General Securities PLC , a British investment fund once controlled by Mr. Boesky . STOP 
*CUNKS* familiar with the negotiations said the partial settlement being negotiated would remove the Boesky partnership , the British fund and Mr. Boesky as defendants , while Drexel and other defendants would remain . STOP 
Charles *CUNK* , of the Washington , *CUNKED* law firm *CUNKER* , *CUNKER* & *CUNKING* , which represents Mr. Boesky in this matter , said only that `` discussions are under way . STOP 
There are no agreements yet . '' STOP 
It has been three years since Mr. Boesky , now in prison , agreed to pay a $ 100 million fine to settle the government 's charges that he had traded illegally using insider information . STOP 
Out of this , the government set up a $ 50 million fund for plaintiffs who can prove their financial losses . STOP 
According to William *CUNK* , an attorney at *CUNKS* & *CUNKS* , the *UNK* agents for the fund , as of Sept. 30 the fund amounted to $ *UNKN* million . STOP 
Separately , attorneys for the 42 or so limited partners have had serious discussions that could lead to the distribution of the partnership 's assets . STOP 
The limited partners include insurance companies , financial institutions and individual investors . STOP 
An agreement with Drexel regarding the limited partners ' investments is an essential step toward getting their money back . STOP 
This is because a Delaware court earlier this year said that Drexel is *UNKED* to get its money back before or at the same time as the limited partners . STOP 
Drexel is owed $ 20 million by the partnership . STOP 
An individual familiar with the negotiations said that whatever investments the limited partners do not *UNK* from the $ *UNKN* million in partnership assets , they will receive from the $ 350 million *UNKION* fund available as a result of Drexel 's settlement with the government in December 1988 . STOP 
Drexel agreed to plead guilty to six felony counts and pay $ 650 million , of which $ 350 million was set aside for shareholders and other plaintiffs , including the limited partners , who claim they were injured by Drexel . STOP 
*CUNK* *CUNK-* activist wins a battle against the STOP 
U.S. District Judge Robert P. *CUNK* Jr. ordered the FBI to immediately begin processing *CUNK* Benjamin *CUNK* 's request for documents stemming from the agency 's investigation of him during the 1960s . STOP 
The FBI had said it would not be able to begin processing the request until June STOP 
Mr. *CUNK* , who is 68 years old , fled the U.S. in 1970 after *UNKING* his appeals of a *UNKN* conviction on conspiracy to murder . STOP 
He turned himself in to authorities in New York earlier this year . STOP 
He maintains that the information from the FBI will help him get his *UNKN* conviction *UNKED* and his *UNKING* indictment dismissed . STOP 
His attorneys claim he was *UNKED* by the FBI and New York police as part of a campaign to destroy the black *UNKION* movement of the 1960s . STOP 
Because the federal *CUNK* of Information Act was n't law at that time , the FBI was n't required to turn over information on its investigations when Mr. *CUNK* appealed his conviction in the 1960s . STOP 
But in federal court in Manhattan , Judge *CUNK* said the FBI records could show that Mr. *CUNK* 's arrest was the result of *UNK* legal practices . STOP 
The judge said that if the FBI 's proposed schedule was followed in *UNKING* the documents , `` a delay of over one year will have occurred and *UNK* will have served approximately two-thirds of his 3 *UNK-* minimum sentence by the time he receives the files . '' STOP 
*CUNK* W. *CUNK* , the assistant U.S. attorney handling the case for the FBI , said no decision has been made about *UNKING* the judge 's ruling . STOP 
FEDERAL *CUNK* *CUNK* to cut costs and reduce delays of civil suits . STOP 
The study , conducted by a task force of the *CUNKS* *CUNKION* , suggests that Congress should require the courts to develop the plans . STOP 
The study was *UNKED* by Senate *CUNK* Committee chairman Joseph *CUNK* -LRB- D. , *CUNK* . -RRB- . STOP 
The Washington , D.C. , think tank recommends that the courts adopt different `` tracks '' for different types of civil cases in order to separate the handling of highly complex suits from *UNKER* ones . STOP 
*CUNK* cases , such as antitrust suits and many business disputes , would receive intense *UNKION* by federal judges to keep *UNKAL* proceedings moving . STOP 
Standard cases would require less judicial attention , and *UNK-* cases could be resolved quickly . STOP 
The study also said each federal court should set strict time limits for the *UNKAL* exchange of documents and evidence , ranging from as much as 100 days for cases in the fast track to as much as 18 months for complex disputes . STOP 
And the study said federal courts should set firm trial *UNKS* early in the process . STOP 
To take advantage of local expertise and *UNK* , the study said , Congress should require each of the *UNKN* federal district courts to adopt its own plan to speed the handling of civil suits and to reduce the high costs in civil cases . STOP 
Although some of the study 's recommendations *UNK* those of similar projects , the *UNK* of the task force was unusually *UNK* , adding *UNK* to the effort . STOP 
It included lawyers from civil rights and consumer groups , plaintiffs ' lawyers and defense attorneys , corporate counsel and law *UNKS* . STOP 
*CUNK* Inc. said it purchased a major regional computer retailer , Data Systems Computer *CUNK* Inc. , *CUNK* , New Jersey . STOP 
Terms were n't disclosed . STOP 
The purchase *UNKS* San Jose , *CUNKED* *CUNK* 's links to the large corporations who are among the biggest buyers of computers . STOP 
Data Systems has five retail stores in the *UNK* , but specializes in selling personal computers made by International Business Machines Corp. and Apple Computer Inc. to banks , brokerage firms and other big businesses based in the New York metropolitan area . STOP 
John *CUNKS* , chief executive officer of Data Systems , said the company was profitable and expected sales of nearly $ 100 million this year . STOP 
He said *CUNK* , which operates stores in 50 U.S. metropolitan areas , planned to absorb his firm 's operations . STOP 
Eastman Kodak Co. of Rochester , N.Y. , said its *CUNK* & *CUNK* Products subsidiary was restructured to form two operating groups , one for household products such as *UNKS* and *UNKS* and the other for *UNK-* products such as wood *UNKS* and *UNKS* . STOP 
The *CUNK* , N.J. , unit said the new operating structure `` creates a more focused and *UNK* organization *UNKED* to effectively managing the size and *UNK* of the unit 's current business . '' STOP 
The consumer brands unit was *UNKED* by the *UNK* , pharmaceutical and chemical concern last year when it acquired Sterling Drug Inc . STOP 
In a related matter , Peter Black , president of consumer brand *CUNK* , was named group vice president for the household products operating group . STOP 
Kenneth M. Evans , president of Thompson & *CUNK* brand , was named group vice president of the *UNK-* operating group . STOP 
Sotheby 's Holdings Inc. , the parent of the auction house Sotheby 's , said its net loss for the seasonally slow third quarter narrowed from a year earlier on a *UNK* in operating revenue . STOP 
The New York-based company reported a third-quarter net loss of $ 5.1 million , or 10 cents a share , compared with a year-earlier net loss of $ 6.2 million , or 12 cents a share . STOP 
Operating revenue surged 54 % in the latest period to $ *UNKN* million from $ *UNKN* million . STOP 
The company said 80 % of its auction business is usually conducted in the second and fourth quarters , with the current quarter having begun `` extremely well . STOP 
West Texas *CUNK* , the U.S. benchmark crude , seemed *UNKED* again yesterday in trading on the New York Mercantile Exchange . STOP 
*CUNKLY* expected to open 10 to 15 cents a barrel higher on the strength of statistics from the American Petroleum Institute , the December contract managed to start the session only eight cents higher . STOP 
In the last hour of the trading day , December contract took a tumble to end the session 10 cents lower at $ *UNKN* a barrel . STOP 
And now that the price has fallen below $ *UNKN* , which many had said showed considerable resistance , some traders and analysts figure there 's little to stop the price from going lower on technical decisions . STOP 
With no *UNKED* news or changes in the fundamentals to *UNK* price moves , `` technicians are *UNKING* to sell this stuff , '' said *CUNK* *CUNKING* of *CUNK* Trading Corp . STOP 
`` And short-term , the technicians may have their way . '' STOP 
The market quickly discounted the weekly inventory report showing a 6.3 million barrel decrease in U.S. crude oil stocks as the *UNK* of Hurricane Jerry . STOP 
That storm hit the Gulf Coast Oct. 13 , closing the Louisiana *CUNK* Oil *CUNK* for a time and *UNKING* *UNKS* from *UNKING* . STOP 
Next week 's report could very well show an increase in crude inventories . STOP 
*CUNKING* the trade group 's numbers left traders plenty of time to worry *UNK* about the latest reports on OPEC production . STOP 
An *CUNK-* Jones survey of integrated oil companies , independent *UNKS* , and oil industry consultants indicates that the Organization of Petroleum *CUNKING* *CUNKS* increased its production to *UNKN* million barrels a day in September . STOP 
*CUNKS* suggest October 's figure may be even higher . STOP 
That level of production is n't of much concern as long as demand continues strong , analysts said . STOP 
But the first quarter of the year is generally the *UNKEST* and OPEC production does n't seem to be *UNKING* in anticipation of that . STOP 
Also , maintaining current demand assumes no significant slowdown in world economies . STOP 
To top off the bearish factors affecting yesterday 's trading , late October weather , especially in the Northeast U.S. , continues to be very moderate , leaving *UNKING* oil futures trading lackluster . STOP 
`` We are n't seeing any cold weather here , '' Mr. *CUNKING* said from New York . STOP 
In other commodity markets yesterday : STOP 
*CUNK* AND *CUNK* : STOP 
*CUNK* and corn futures prices moved higher on the strength of buying from commodity pool managers trying to profit from technical price trends , as well as continued export strength . STOP 
A *UNKING* off of farmer selling tied to the harvest also removed some of the downward pressure on futures contract prices . STOP 
*CUNK* futures prices fell , however , at least partly in reaction to the rumored selling of futures contracts equal to several million *UNKS* of wheat by commodity *UNK* Richard Dennis . STOP 
Neither Mr. Dennis nor officials of his Chicago trading company , *CUNK* Commodities , could be reached for comment . STOP 
As for corn and soybean futures , `` a lot of commission house buying this morning and computer-driven buying '' supported prices in early trading , said Steven *CUNKED* , a futures analyst with Dean Witter Reynolds Inc. in Chicago . STOP 
*CUNK* futures for November delivery gained *UNKN* cents a *UNK* to close at $ *UNKN* a *UNK* on the Chicago Board of Trade . STOP 
December corn futures added 2.25 cents a *UNK* to close at $ *UNKN* a *UNK* on the Board of Trade . STOP 
*CUNKED* and anticipated purchases from foreign countries are also supporting futures prices . STOP 
`` Russian ships are *UNKING* in the *UNK* and there is n't enough grain in the pipeline , '' said *CUNK* *CUNKER* , a futures analyst with Merrill Lynch & Co. in New York . STOP 
The Soviet Union has purchased roughly eight million tons of grain this month , and is expected to take delivery by year end , analysts said . STOP 
*CUNK* : STOP 
Futures prices rose modestly , but trading volume was n't very heavy . STOP 
The December contract settled at *UNKN* cents a pound , up *UNKN* cent , but it rose as high as *UNKN* cents . STOP 
Several cotton analysts said that the move appeared to be mostly technical . STOP 
Traders who had sold contracts earlier , in hopes of buying them back at lower prices , yesterday were buying contracts back at higher prices to limit their losses . STOP 
*CUNK* traders also said that the market could have been helped by rumors , which have been *UNKING* for the past two days , about China purchasing cotton . STOP 
The *UNK* , which has been neither confirmed nor denied , has China buying *UNKN* to 200,000 *UNKS* for near-term delivery . STOP 
One floor trader said that if there were Chinese purchases , they should have had a bigger effect on the market . STOP 
Another said that if China was a buyer , it would be the *UNKEST* that country had made purchases since the *UNKN* crop year , and thus would be a bullish sign . STOP 
This trader *UNKED* the recent price action as a contest between the *UNKS* , who see higher prices ahead , and the technicians , who are basically buying cotton toward the bottom of the current trading range , around 71 cents , and selling it when the price *UNKS* more than 74 cents . STOP 
This trader said that he thought the market would turn aggressively bullish from a technical *UNK* if the December contract was able to exceed *UNKN* cents . STOP 
He also noted that stocks on Aug. 1 , 1990 , are currently projected at 3.3 million *UNKS* , the *UNKEST* *UNK-* supply since 1985 . STOP 
*CUNK* : STOP 
The modest sell-off , which started on Tuesday , continued . STOP 
The December contract ended at $ *UNKN* a metric ton , down $ 15 . STOP 
The market is *UNKING* , at least partly , because of a lack of crop information out of *CUNK* and the *CUNK* Coast , the two largest African producers . STOP 
Harry Schwartz , a soft commodity specialist for *CUNK* Investors Services in New York , said the only report *CUNK* has issued about the *UNKAL* of cocoa from the *UNK* was for *UNKN* metric tons as of Oct. 12 . STOP 
By this time last year , he noted , *UNKS* totaling *UNKN* tons had been announced . STOP 
A similar situation apparently *UNKS* in the *CUNK* Coast with no figures released yet this year , compared with *UNKN* tons as of this time a year ago . STOP 
He said that if little cocoa actually has arrived at the *UNKS* , shipping delays could result . STOP 
This is the worry that probably brought *UNKS* to the market earlier in the week , he said . STOP 
There was also some fear that without *CUNK* Coast cocoa a large French cocoa merchant , Cie . Financiere *CUNK* *UNK* *CUNKS* , might not be able to deliver cocoa against the contracts it had sold earlier for December delivery in London . STOP 
However , the French merchant has about 200,000 tons of old crop *CUNK* Coast cocoa *UNKED* in the Netherlands from an agreement it had negotiated with the *CUNK* Coast last spring . STOP 
*CUNK* thinks that even though the merchant has a contract *UNKING* that it wo n't bring this cocoa to market until after March 1991 , there is some evidence the contract has been *UNKED* . STOP 
This *UNKION* , apparently , would permit the French merchant to deliver this cocoa , if necessary , against existing short positions . STOP 
Richard D. Sutton , 64 years old , chairman of this *UNKING* company , was named acting president and chief executive officer of the company and its First National Bank of *CUNKS* River subsidiary . STOP 
Joseph W. Robertson , 61 , was dismissed from those posts , the company said . STOP 
He could n't be reached and a company spokesman would n't comment on the dismissal . STOP 
Mr. Robertson was also removed from the board of First National Bank of New *CUNK-* County , another unit , and the *CUNKS* River bank . STOP 
American Medical International Inc. said it has n't received any other offers to acquire the owner and operator of hospitals , and took another step toward completion of its $ 3 billion acquisition by IMA Holdings Corp . STOP 
Earlier this month IMA , an investment group that includes Chicago 's *CUNKER* family and First Boston Corp. , submitted a reduced bid for American Medical after it could n't finance its initial offer . STOP 
Under the new offer , IMA will pay $ *UNKN* a share for 63 million shares , or about 86 % of the shares outstanding . STOP 
IMA also will assume $ 1.4 billion in debt . STOP 
Yesterday , in composite trading on the New York Stock Exchange , *CUNK* common closed at $ *UNKN* , up 12.5 cents , on volume of almost 1.8 million . STOP 
Earlier , American Medical said it had been approached again by two other possible *UNKS* , whom it would n't identify but who had previously submitted bids for the company . STOP 
Yesterday , American Medical said that the two other parties told the company that they do n't have any current intention of making a takeover bid . STOP 
American Medical said its directors have approved what is , in effect , a *UNK* of a *UNK* opinion on the acquisition , submitted by the Los Angeles-based investment banking and evaluation consulting firm of *CUNK* *CUNK* Howard & *CUNK* Inc . STOP 
A final opinion must be approved prior to the *UNK* of tendered shares for payment under the offer , which was due to expire at *UNKN* a.m. EDT today . STOP 
Separately , Moody 's Investors Service Inc. *UNKED* the ratings of American Medical 's senior and subordinated debt issues and those of its international affiliate . STOP 
The *UNK* anticipates completion of the IMA Holdings acquisition today , Moody 's said . STOP 
The ratings concern said the acquisition should result in pretax losses from operations because of increases in interest expense and charges for depreciation and *UNKION* , but that it expects the losses to be reduced through productivity gains and above average growth of the company 's hospitals . STOP 
Moody 's said the ratings anticipate a successful *UNKION* program and modest improvement in *UNK* cash flow because of planned asset sales . STOP 
Moody 's changes affected the following issues : STOP 
American Medical International : *CUNK* notes , *UNK-* debentures , *CUNK* notes , *CUNKS* , Swiss franc bonds , unsecured loan stock to *CUNK* from *CUNK* ; convertible subordinated debentures , notes , and *UNK-* debentures to *CUNK* from *CUNK* . STOP 
American Medical International N.V. : Guaranteed *CUNKS* to *CUNK* from *CUNK* . STOP 
An American Medical spokeswoman said the Moody 's *UNKING* was expected because of the nature of the takeover . STOP 
Bay Financial Corp. , Boston , which has been reporting big losses and warning of a possible bankruptcy-law filing , said it was sued by a holder . STOP 
The real estate investment trust said the `` *UNKED* class action suit , '' seeks `` damages and other *UNKS* under federal securities law and state law . '' STOP 
Gerald E. Wilson , corporate secretary and legal counsel , said the company would n't disclose further details . STOP 
He declined to name the shareholder , the *UNK* 's lawyer or the court where the lawsuit was filed . STOP 
Bay , which has substantial investments in the *UNKING* Massachusetts market , reported a loss of $ 62 million , or $ *UNKN* a share , for the fiscal year ended June 30 . STOP 
It has said it might seek *UNK-* protection from creditor lawsuits if it ca n't *UNK* its borrowings . STOP 
In New York Stock Exchange composite trading , Bay closed at $ *UNKN* , down 25 cents . STOP 
Keith A. *CUNKER* was named a director of this insurance and financial services concern . STOP 
Mr. *CUNKER* , 44 years old , is president of *CUNKEST* Securities Corp. and senior vice president of *CUNKEST* Inc. , closely held investment companies based in Miami . STOP 
His selection increases the size of the board to 12 members . STOP 
*CUNK* also said that Samuel E. *CUNK* Jr. , 37 , vice president and general counsel , was selected to serve the remainder of the term *UNKED* by John *CUNK* *CUNK* , who resigned as director . STOP 
Philip Morris Cos. , New York , adopted a defense measure designed to make a hostile takeover *UNKLY* expensive . STOP 
The giant *UNKS* , tobacco and brewing company said it will issue *UNK-* purchase rights to shareholders of record Nov. 8 . STOP 
Under certain circumstances , the rights would *UNK* Philip Morris holders to buy shares of either the company or its *UNKER* for half price . STOP 
The board is n't aware of any attempts to take over Philip Morris , the company said . STOP 
As of Sept. 30 , Philip Morris had *UNKN* million shares outstanding . STOP 
In composite trading on the New York Stock Exchange , Philip Morris shares closed yesterday at $ *UNKN* each , down $ 1 . STOP 
*CUNK-* S.A. said that it plans to sell its remaining paper operations by the end of January as part of a drive to *UNKS* on the food sector and lower its debt . STOP 
The French unit of *CUNK* *CUNK* *CUNK* also disclosed a 40 % rise in its consolidated net profit for the first half of 1989 , excluding *UNKING* items and after payments to minority interests . STOP 
*CUNK-* said the sale will be done in two parts and will raise a total of *UNKN* billion francs -LRB- $ *UNKN* million -RRB- . STOP 
This will include the sale of its interest in the joint venture *CUNK* *CUNK* to *CUNK* AG . STOP 
The West German paper company entered the venture in April 1988 by acquiring a 50 % stake , also from *CUNK-* . STOP 
The other part of the transaction will see *CUNK-* sell its 50 % stake in its *CUNK* paper affiliate to an unspecified unit of the petrochemical group *CUNK* *CUNK* . A. , which is also controlled by *CUNK* . STOP 
And in a separate transaction , *CUNK-* will sell its remaining 25 % interest in *CUNK* , a holding company for international trading assets , to an unspecified unit of *CUNK* for *UNKN* million francs . STOP 
*CUNK* AB , the Stockholm office supplies company , as expected , proposed to acquire the 22 % it does n't own of its U.S. unit , *CUNK* Business Systems Inc . STOP 
The price in the proposal is $ *UNKN* for each of the 4.9 million shares the parent does n't own , or $ *UNKN* million . STOP 
In New York Stock Exchange composite trading , *CUNK* closed yesterday at $ *UNKN* a share , up $ 1 . STOP 
A committee of outside directors for the *CUNK* City , N.Y. , unit is *UNKING* the proposal ; the parent asked it to respond by Oct. 31 . STOP 
The unit said it can provide no assurance a transaction will occur . STOP 
*CUNK* AB sold the minority stake five years ago in a $ 40 million international share offering . STOP 
The unit , which is the holding company for *CUNK* 's *UNK-* units , accounted for 58 % of sales and 71 % of operating profit last year . STOP 
Separately , *CUNK* Business Systems reported third-quarter net income fell 5.9 % to $ 9.5 million , or 46 cents a share , from $ *UNKN* million , or 49 cents a share , in the year-ago period . STOP 
Sales rose 2.9 % to $ *UNKN* million from $ *UNKN* million . STOP 
House and Senate *UNKS* agreed to continue production of Grumman Corp. 's *CUNK-* and to provide more than $ 3.8 billion for the *CUNK* Defense *CUNK* during the current fiscal year . STOP 
Industry officials and congressional aides said that the main points of a compromise defense authorization bill , *UNKED* out during a *UNK* of private meetings over the past few days , provide a *UNKING* compromise for both the White House and House Democrats . STOP 
Although *UNKS* are still putting the finishing *UNKS* on the package , the final agreement could be announced as early as tomorrow . STOP 
An announcement is more likely next week , though . STOP 
President Bush and other supporters of SDI will be able to take credit for blocking House efforts to significantly cut the program to develop a *UNKED* *UNK* system , which already has cost some $ 17 billion . STOP 
Senate *CUNKED* Services Committee Chairman Sam *CUNK* -LRB- D. , *CUNK* . -RRB- and other Senate *UNKS* have opposed the House cuts , *UNKING* for almost two months action on a number of *UNK-* items in the Pentagon 's budget . STOP 
The Senate voted to *UNK* $ 4.5 billion for SDI spending in the current fiscal year , but the House , reflecting a dramatic *UNKION* of support for the program , *UNKED* only $ 3.1 billion . STOP 
Despite the *UNKING* gap between the two sides , *UNKS* eventually followed the pattern set in previous years by *UNKING* to roughly split the difference . STOP 
That would hold spending on the program at about the previous year 's level . STOP 
The decision to keep the *UNKED* *CUNK-* 's production line running for at least another year is an important victory for the House , and especially for Rep. *CUNK* *CUNK* -LRB- D. , *CUNK* . -RRB- . STOP 
As the head of the House *UNKS* , Rep. *CUNK* has been under intense pressure from his colleagues to reject Senate provisions that would have *UNKLY* cut further *CUNK-* production . STOP 
The package `` provides a temporary , golden *UNK* for Grumman , '' according to one congressional aide familiar with the *UNK-* bargaining . STOP 
But as part of the overall agreement , Grumman and its *UNK* supporters on Capitol Hill effectively will be *UNKED* from *UNKING* the emotional issue in the debate over next year 's budget . STOP 
Defense Secretary Dick Cheney and most senators contend that the Navy 's *CUNK-* is too expensive in an era of *UNKING* Pentagon budgets . STOP 
But the plane boasts a strong core of support in the House , where members are intent on saving Grumman jobs and are worried about potential shortages of *UNKED* aircraft by the late 1990s . STOP 
*CUNKS* also agreed to Pentagon requests to *UNK* a total of nearly $ 1 billion for work on both *UNK* *CUNK* and *CUNK* nuclear missiles , according to congressional aides . STOP 
And lawmakers are putting the finishing *UNKS* on a compromise that would give the Air Force nearly all of the $ 2.4 billion it wants for production of Northrop Corp. 's *UNKING* *CUNK* *UNKS* , which cost $ *UNKN* million apiece . STOP 
The final *CUNK* agreement is certain to require detailed testing and *UNKION* of the *UNKER* 's *UNKS* , but congressional aides said the accord wo n't include a *CUNKED* provision that would have *UNK* production funds until Congress *UNKS* a cheaper , *UNK-* version of the $ 70 billion fleet of *UNKN* *CUNKS* *UNKED* by the Pentagon . STOP 
Consolidated *CUNKS* Inc. reported a 77 % drop in third-quarter net income , citing expected losses in its *CUNK* *CUNK* shipping business . STOP 
The *CUNK* Park , Calif. , company said net was $ *UNKN* million , or 22 cents a share , down from $ *UNKN* million , or 86 cents a share , a year ago . STOP 
Revenue totaled $ *UNKN* billion , a 43 % increase from $ *UNKN* million , reflecting the company 's acquisition of *CUNK* earlier this year . STOP 
Profit also suffered because of `` intense '' discounting in its *UNK-* *UNKING* business , the company said . STOP 
Analysts had expected Consolidated to post a *UNK* profit , and the company 's stock was down only 25 cents to $ *UNKN* in New York Stock Exchange composite trading yesterday . STOP 
`` They have to continue to *UNK* their *UNKS* , '' said Craig *CUNKER* , an analyst at Goldman , Sachs & Co . STOP 
A round of *UNKED* program selling near the close sent the stock market lower in otherwise *UNKS* trading . STOP 
*CUNKS* that the market has n't seen the last of its recent volatility kept trading at a moderate pace , as did anticipation of a report on the economy 's third-quarter performance . STOP 
The Dow Jones Industrial Average , which plunged more than 80 points in early trading Tuesday and then recovered nearly all of its losses by the close , fell *UNKN* to *UNKN* in the latest session . STOP 
The average *UNKED* in a trading range of about 30 points throughout the day . STOP 
The lower *UNK* was established just after the opening in a brief round of selling ; the upper *UNK* was set at *UNK* as *UNKED* *UNKING* pushed prices higher . STOP 
Buying interest in Du Pont , which declared a stock split and a dividend boost , and certain other blue-chip issues gave the industrial average a better performance than broader indexes . STOP 
Standard & Poor 's *UNK-* Index dropped 1.20 to *UNKN* ; the decline was the equivalent of a *UNK-* setback in the *UNK-* average . STOP 
The Dow Jones Equity Market Index fell *UNKN* to *UNKN* and the New York Stock Exchange Composite Index slid *UNKN* to *UNKN* . STOP 
But *UNKING* issues topped decliners by *UNKN* to 700 on the Big Board despite the late sell programs , resulting from stock-index arbitrage . STOP 
The programs occurred against the *UNK* of a late *UNK* in UAL , which had held at slightly lower levels through most of the session amid *UNK* that another bidder might surface . STOP 
Traders said program activity was n't in evidence through most of the session , however , and Big Board volume dropped to *UNKN* shares from about *UNKN* million Tuesday as concerns about the potential for additional sharp swings in the market kept other trading in check . STOP 
`` People are sort of nervous to do anything in the market now . STOP 
Our phones are quiet around here , '' said Don R. *CUNKS* , director of investment strategy at *CUNK* First *CUNKER* & *CUNKER* Inc. , Richmond , Va . STOP 
The gross national product report , due to be released before today 's opening , is expected to show that the economy continued to expand in the third quarter at a moderate pace . STOP 
The consensus of economists *UNKED* by Dow Jones Capital Markets Report calls for a 2.5 % annual growth rate for GNP during the quarter . STOP 
Du Pont , which announced plans for a *UNKN* stock split and raised its quarterly dividend by 14 % , jumped 2 1\/2 to *UNKN* 3\/8 . STOP 
The company also posted third-quarter earnings that were in line with analysts ' forecasts . STOP 
*CUNK-* consumer stocks also provided a lift to the industrial average . STOP 
American Telephone & Telegraph rose 3\/8 to 43 1\/2 in Big Board composite trading of 1.5 million shares , Chevron advanced 1 3\/4 to 66 5\/8 on 2.3 million shares , *CUNK* rose 1 to 58 5\/8 , Coca-Cola Co. gained 5\/8 to 72 1\/2 and Eastman Kodak added 3\/8 to 44 1\/2 . STOP 
But General Motors dropped 1 7\/8 to 44 7\/8 . STOP 
Its GM Hughes Electronics and financial-services units both reported that third-quarter earnings were down from a year earlier . STOP 
*CUNK-* plunged 4 3\/8 to 38 1\/2 on 3.5 million shares . STOP 
Its third-quarter earnings were lower than analysts had forecast , and the company said it had lowered its projections for earnings growth through the end of 1990 because of planned price cuts . STOP 
Xerox fell 3 1\/8 to 59 5\/8 . STOP 
*CUNK* with the company 's earnings for the quarter led Prudential-Bache Securities to reduce its 1989 and 1990 earnings estimates , according to Dow Jones Professional Investor Report . STOP 
Computer Associates International , the most active Big Board issue , was another victim of an *UNKED* sell-off . STOP 
The stock fell 3\/4 to 12 7\/8 as 3.6 million shares were traded in the wake of its report that fiscal second-quarter net income fell 66 % from a year ago . STOP 
Insurance stocks moved higher in the wake of a strong third-quarter earnings report from *CUNK* , coming on the heels of speculation that last week 's devastating earthquake in the San Francisco area would lead to higher premium rates . STOP 
*CUNK* , whose net income for the quarter exceeded most analysts ' expectations , rallied 3 3\/4 to 86 1\/2 . STOP 
Aetna Life & Casualty gained 1 3\/8 to 61 1\/8 , *CUNK* advanced 7\/8 to 64 3\/4 , Travelers added 1\/2 to 40 3\/8 and American International Group rose 3 1\/8 to 107 3\/4 . STOP 
Comprehensive Care plunged 4 3\/4 to 3 5\/8 on 1.2 million shares . STOP 
The company reported a third-quarter loss and said it is holding talks with its bank lenders for an extension on some *UNK* debt payments . STOP 
TW Services dropped 1 1\/4 to 31 1\/4 following the *UNK* of a $ 1.4 billion junk-bond offering that would have permitted Coniston Partners to complete its takeover of the company . STOP 
Coniston said it would pursue `` various financing alternatives . '' STOP 
UAL stock declined by 9 to *UNKN* after nobody surfaced to claim credit for aggressive buying Tuesday by Bear Stearns that sent UAL stock up 35 points in a matter of hours . STOP 
Tuesday 's rumored buyer , Coniston Partners , would n't comment on speculation that Coniston , which *UNKED* the UAL board in 1987 , might challenge the board 's decision Monday to remain independent . STOP 
Other airline stocks were mixed . STOP 
AMR , which owns American Airlines , rose 3 3\/8 to 72 1\/4 ; USAir Group fell 1 1\/2 to 38 5\/8 , and Delta Air Lines rose 1\/2 to 66 1\/2 after posting higher earnings for the September quarter . STOP 
Stocks that reportedly benefited Tuesday from a Japanese buy program handled by PaineWebber gave back some of their gains . STOP 
Procter & Gamble went down 3 1\/2 to 130 , Dow Jones fell 3 1\/2 to 37 1\/2 and Rockwell International dropped 2 1\/8 to 25 . STOP 
However , Atlantic *CUNK* *UNKED* its *UNK* advance in the previous session and added 1\/8 to 103 7\/8 . STOP 
General Mills gained 2 1\/4 to 72 7\/8 . STOP 
Goldman Sachs placed the stock back on its list of recommended issues , raised its 1990 earnings estimate and recommended that its clients shift funds from Kellogg to General Mills . STOP 
Kellogg dropped 1 3\/4 to 73 1\/4 . STOP 
Manville advanced 3\/4 to 10 . STOP 
The company offered to purchase $ 500 million of convertible preferred stock from the trust that *UNKS* its payments to asbestos victims . STOP 
*CUNK* *CUNK* gained 1 to 30 3\/4 after the company said it is starting negotiations with *UNKED* parties interested in acquiring its units . STOP 
Investor Arthur Goldberg is pursuing a $ *UNK-* takeover offer . STOP 
*CUNK* Business Systems rose 1 to 43 1\/2 . STOP 
*CUNK* AB of Sweden offered $ *UNKN* a share for the 22 % of the company it does n't already own . STOP 
Public Service of New Hampshire went up 3\/8 to 4 . STOP 
Northeast Utilities boosted its offer to acquire the company by $ 400 million , to $ 2.25 billion . STOP 
*CUNK* , which declared a *UNKN* stock split and boosted its quarterly dividend by 14 % , added 7\/8 to 49 3\/8 . STOP 
Also , the company posted improved third-quarter earnings . STOP 
The American Stock Exchange Market Value Index fell *UNKN* to *UNKN* . STOP 
Volume totaled *UNKN* shares . STOP 
*CUNKION* *CUNK* Partners lost 5 1\/4 to 14 1\/8 . STOP 
The partnership , which had *UNKED* takeover offers , said it failed to receive any adequate bids for all of its operations but is reviewing offers for individual properties . STOP 
Japan is going on a *UNKING* *UNK* that could make its trade *UNKS* even harder to *UNK* . STOP 
Its capital spending is growing at *UNK-* rates for the second year in a row , and its *UNK* producers of everything from cars to computer chips are rushing to expand capacity , modernize factories and develop new products . STOP 
`` The boom 's so huge , '' says *CUNK* *CUNK* , an economist at *CUNK* Research Institute , `` it makes you think of the Golden *UNKS* , '' when Japan developed rapidly . STOP 
The more factories and *UNKS* Japanese manufacturers add , the more they will be able to export , and the less their domestic customers will need to import . STOP 
At *CUNK* Inc. , for example , sales are up nearly 20 % this year ; so , the maker of *UNKS* and computer *UNKS* is doing what any Japanese company would do under the circumstances : It is increasing capital spending -- by 60 % . STOP 
It is building , among other things , a new *UNKER* factory in western Japan that can produce up to 150,000 *UNKS* next year . STOP 
Some 70 % of them are to be *UNKED* to the U.S. . STOP 
Even companies in *UNK* industries *UNKING* with world-wide *UNK* are joining the boom . STOP 
Japan 's steelmakers are raising capital spending 22 % this year to $ 4.8 billion . STOP 
Hitachi *CUNK* Corp. , a *UNKER* *UNKED* in debt just a few years ago , will build a machinery plant , its first expansion in 14 years . STOP 
So big is the *UNKING* boom that Japanese companies ' outlays in Japan topped American companies ' domestic outlays by $ *UNKN* billion to $ *UNKN* billion in the 12 months ended March 31 even though Japan 's total output of goods and services is less than two-thirds America 's . STOP 
From a financial *UNK* , the boom could n't come at a better time . STOP 
Many Japanese companies expect record profits this fiscal year , and Japanese interest rates , though up a bit recently , are still low . STOP 
And in a business system where shareholders have few rights and expect only modest dividends , companies can *UNK* their profits back into plant and equipment . STOP 
But some economists and government officials here are n't *UNKING* . STOP 
They fear that the boom may be too big for Japan 's or anyone else 's good . STOP 
`` It 's an *UNK* *UNK* '' thrown at the world , says Kenneth *CUNKS* , senior economist at the Tokyo unit of Deutsche Bank Group . STOP 
The Ministry of International Trade and Industry is so concerned that it recently took the unusual step of urging Japanese auto companies to exercise caution in capital spending . STOP 
*CUNK* officials hope to avoid *UNKER* source of trade *UNKION* with the U.S. even though export *UNKS* currently limit Japanese car exports to the U.S. . STOP 
Not everyone is worried , however . STOP 
Some economists -- and many Japanese companies -- are *UNKED* by the warnings . STOP 
The investment boom is mainly sparked , they say , by strong domestic demand and is n't likely to increase exports sharply . STOP 
Moreover , much investment is n't aimed at increasing capacity . STOP 
According to a survey of some *UNKN* large companies by the Japan Development Bank , expanded capacity is the goal of just *UNKN* % of the outlays ; for manufacturers alone , the figure is 32 % . STOP 
The manufacturers said *UNKN* % of their spending is designed to improve products or add new ones , *UNKN* % is to cut costs , 12.5 % is for research and development , and the rest is for maintenance and other purposes . STOP 
But the *UNKS* remain *UNKED* . STOP 
With Japan running enormous trade *UNKS* against much of the world , they think that Japan should meet the increased domestic demand by *UNKING* more . STOP 
And eventually , they contend , domestic demand will weaken , forcing companies to *UNK* exports again . STOP 
`` If there 's a further drive to export , '' says *CUNK* *CUNK* , an economist at the Japan Development Bank , `` that 'll be a problem . '' STOP 
Even in the short run , the investment boom could *UNK* a *UNKING* trend : Japanese exports are showing surprisingly little *UNK* to ease . STOP 
Japanese auto makers , for example , are increasing their production capacity in the U.S. ; the additional production should , in part , replace imported vehicles with *UNKLY* manufactured ones . STOP 
But although Japanese companies increased their U.S. auto output by 42 % from January to September compared with the year-earlier period , their exports to the U.S. will drop only 9 % this year , Nikko Research Center estimates . STOP 
In contrast to previous economic *UNKS* , Japanese auto companies are n't just trying to boost production . STOP 
Many are pouring money into developing high-quality products to target affluent consumers and , to some extent , to avoid direct combat with cheaper cars from South Korea and Taiwan . STOP 
Others are replacing older facilities with flexible assembly lines on which different models can be turned out at once . STOP 
So many companies are investing in high-tech machinery that *CUNK* Ltd. , a *UNK* maker , also had to build a new plant . STOP 
The *UNK* is `` making Japan clearly more efficient , more *UNKLY* advanced and more competitive , '' declares a Western *UNK* in Tokyo . STOP 
But whatever its effects on exports and imports , Japan 's investment boom during the past two years has been *UNKED* at least partly by soaring domestic demand . STOP 
Japan 's *UNK* economy , growing at 4.3 % this year , is now in its *UNK* month of expansion , and some economists are betting that the boom will *UNK* the record *UNK-* expansion in the late 1960s . STOP 
Japanese consumers are increasingly eager to spend their money , especially on *UNKED* goods such as *UNK-* television sets and luxury cars . STOP 
Nissan Motor Co. 's domestic auto sales are up 20 % this year largely because its expensive *CUNK* , *CUNK* and *CUNK* models are in heavy demand . STOP 
`` One dealer told me that if he had more cars , he 'd sell them right away , '' says *CUNK* *CUNK* , Nissan executive vice president . STOP 
He adds that the company is trying to keep up with demand `` by *UNKING* '' its employees . STOP 
Similarly , Honda Motor Co. 's sales are so brisk that workers *UNK* they have n't had a Saturday off in years , despite the government 's *UNK* of more *UNK* activity . STOP 
With demand growing and workers in short supply , many Japanese manufacturers are spending heavily on *UNKION* . STOP 
Among them are the *UNKS* , which had *UNKED* their shipyard work forces to cut costs during a prolonged slump in demand but now are *UNKING* an increased share of the strengthening global market . STOP 
*CUNK* Heavy Industries Co. , a *UNKED* *UNKER* , expects its sales to increase 30 % this year , largely because of rising demand for oil *UNKS* . STOP 
Once one Japanese company steps up its investments , the whole industry follows . STOP 
Because most businesses put market share above profitability , to let a competitor 's addition to capacity go *UNKED* is to concede defeat . STOP 
The emphasis on market share is evident at *CUNK* Industries Ltd. , Japan 's biggest maker of industrial air *UNKS* . STOP 
*CUNKING* new office buildings *UNK* up and its sales soar , *CUNK* is building another plant , which will lift its production capacity 50 % . STOP 
The expansion is aimed not just at meeting demand but also at expanding the company 's market share to 30 % from 27 % currently . STOP 
Besides , *CUNK* 's major competitors , Hitachi Ltd. and Mitsubishi Heavy Industries Ltd. , `` are all adding production lines , '' a *CUNK* spokesman says . STOP 
`` Until now , we were trying to increase productivity with the facilities we already had . STOP 
But we ca n't produce enough anymore . '' STOP 
The competition is even more *UNKED* in the auto industry , where companies are *UNKING* one another in a world-wide market . STOP 
Nissan aims to expand its 25 % share of the market to 30 % by spending $ *UNKN* million on a plant in southern Japan that could make as many as *UNKN* cars a year . STOP 
Meanwhile , Toyota Motor Corp. 's $ *UNKN* million *UNK* is increasing its annual capacity by *UNKN* cars , and Honda is spending $ *UNKN* million on expansion . STOP 
Mazda Motor Corp. is still considering its options , but it *UNKLY* aims to double its annual domestic sales to 800,000 cars in the next four years . STOP 
Those who are n't worried about how Japanese manufacturers ' investments will affect trade note that many new products are n't *UNKS* for imports . STOP 
Although imports account for less than 1 % of beer sales in Japan , *CUNK* *CUNKS* Ltd. , which has been gaining share with its popular dry beer , plans to fend off Japanese competitors by pouring $ *UNKN* billion into facilities to *UNK* 50 % more beer . STOP 
But *UNK-* development will make Japanese companies stronger , and big investments in `` domestic '' industries such as beer will make it even tougher for foreign competitors to crack the Japanese market . STOP 
Moreover , much of the investment boom is in high-tech fields in which Japanese companies have only limited foreign competition ; so , more investment *UNKLY* *UNKS* more exports . STOP 
Toshiba Corp. , for example , is spending $ *UNKN* million on two new plants to build *UNK-* dynamic random access memories , the next generation of computer chips . STOP 
The product is n't widely used yet , but Toshiba , which has already *UNK* everyone else in producing the *UNKION* *UNK-* *CUNKS* , believes that its early investment will *UNK* its chances of *UNKING* its competitors again . STOP 
`` It 's important to gain leadership , '' a Toshiba spokesman says . STOP 
Meanwhile , Toshiba 's Japanese rivals , Hitachi , Fujitsu Ltd. and NEC Corp. , are n't sitting still . STOP 
After doubling production in one plant , NEC is spending $ *UNKN* million to build another plant that , in two years , will be able to make a million *UNK-* *CUNKS* a year . STOP 
The new chip plants `` wo n't be excessive investment , '' says *CUNK* *CUNK* , an NEC vice president . STOP 
`` We have enough products to make and the markets to sell these products . '' STOP 
Some of Japan 's goods being produced as a result of the investment boom are already successful overseas . STOP 
Toyota 's $ *UNKN* Lexus automobile , a luxury model that it started shipping to the U.S. only last month , is *UNKING* up orders at a time when *CUNK-* luxury-car sales are slow . STOP 
Toyota plans to raise Lexus exports when a new plant starts up next year . STOP 
What if its sales weaken *UNK* ? STOP 
Japanese companies have a *UNK* competitor attitude . STOP 
If excess capacity *UNKS* , they say , not everyone will suffer . STOP 
The losers will be those with the least attractive products , and many of them , analysts think , will be foreign companies . STOP 
Benjamin Franklin Federal Savings & Loan Association said it plans to restructure in the wake of a third-quarter loss of $ 7.7 million , or $ *UNKN* a share , reflecting an $ 11 million addition to loan-loss reserves . STOP 
The *CUNK* , *CUNK* , thrift said the restructuring should help it meet new capital standards from the Financial *CUNKION* Reform , *CUNK* and *CUNK* Act . STOP 
A year ago , Benjamin Franklin had profit of $ 1.8 million , or 23 cents a share . STOP 
In over-the-counter trading yesterday , Benjamin Franklin rose 25 cents to $ 4.25 . STOP 
The company said the restructuring 's initial phase will feature a *UNKAL* reduction in assets and staff positions . STOP 
The plan may include selling branches , *UNKING* or eliminating departments , and *UNKING* down or *UNKING* of *UNUNK* units within 18 months . STOP 
*CUNKLY* , the company said it will close its commercial real-estate lending division , and stop *UNKING* new leases at its commercial lease subsidiary . STOP 
*CUNKS* of the restructuring wo n't be made final until regulators approve the regulations *UNKED* by the new federal act , the company said . STOP 
*CUNK* Corp. , a maker of mainframe computers , reported a sharp decline in net income for its third quarter , citing *UNKING* by competitors and adverse effects from a strong U.S. dollar . STOP 
Net income fell 37 % to $ *UNKN* million , or 30 cents a share , from $ *UNKN* million , or 48 cents a share , in the year-ago period . STOP 
Revenue rose 15 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* 's results were somewhat worse than expected . STOP 
Jay Stevens , an analyst with Dean Witter Reynolds , said he expected the Sunnyvale , Calif. , company to earn 35 cents a share for the quarter and said the firm 's weaker profit was partly the result of increased competition from International Business Machines Corp. , *CUNK* 's principal competitor for mainframe sales . STOP 
*CUNK* Ltd. declared a 10 % stock dividend , payable Dec. 15 to stock of record Nov. 17 . STOP 
The *CUNK* , N.Y. , maker of consumer , *UNK-* and industrial products also declared a quarterly cash dividend of 12 cents a share , with the same payable and record *UNKS* . STOP 
The cash dividend paid on the common stock also will apply to the new shares , the company said . STOP 
The move *UNKS* shareholders and should improve the stock 's liquidity , *CUNK* said . STOP 
The company has about 8.8 million shares outstanding . STOP 
In New York Stock Exchange composite trading yesterday , *CUNK* 's shares closed at $ *UNKN* a share , unchanged . STOP 
Federal health officials are expected today to approve a program *UNKING* *UNKED* access to the drug AZT for children with acquired immune *UNK* syndrome . STOP 
*CUNK* of the approval is expected to be made by Louis Sullivan , secretary of Health and Human Services . STOP 
The clearance by the Food and Drug Administration comes after two years of restricted access for the *UNKEST* victims of AIDS to the only *UNKAL* drug yet cleared to treat the *UNKAL* disease . STOP 
The drug will be given treatment *UNKAL* new drug status , a label *UNKED* to drugs believed effective but *UNKING* formal approval . STOP 
The move will make the drug available free of charge for a time to children with the disease and symptoms of advanced *UNKION* . STOP 
*CUNKS* with AIDS have had access to AZT since FDA approved the drug 's *UNK* for adults in March 1987 . STOP 
But despite more than two years of research showing AZT can *UNK* *UNK* and other symptoms in children , the drug still lacks federal approval for use in the *UNKEST* patients . STOP 
As a result , many *UNKS* have been unable to obtain the drug and , for the few exceptions , insurance carriers wo n't cover its cost of $ *UNKN* a year . STOP 
So far , AIDS has *UNK* *UNKN* children under age 13 , with many times that number believed to carry the *UNKION* without symptoms . STOP 
To date , *UNKN* of those children have died , according to the federal *CUNKS* for *CUNK* Control . STOP 
*CUNKS* of young AIDS patients expressed *UNKER* satisfaction . STOP 
`` *CUNK* *UNKS* it 's happening . STOP 
It should have happened sooner , '' said Elizabeth *CUNKER* , a Los Angeles mother and activist who contracted the AIDS virus through a blood *UNKION* , and *UNKED* it to two of her children . STOP 
One of them , a daughter *CUNK* , died a year ago at age seven after her parents *UNKLY* pleaded for the drug . STOP 
`` I could get AZT , '' says Mrs. *CUNKER* , who bears her *UNKION* without any symptoms . STOP 
`` But my daughter could n't , until she was too ill to take it . STOP 
To watch your child die is an *UNK* experience . '' STOP 
Her son , healthy and *UNK-* , currently takes no *UNKION* . STOP 
The delay in getting AZT to children has been blamed on a combination of factors . STOP 
*CUNKLY* , the medical establishment has waited two years to approve *UNK* *UNKS* for *UNK* uses , because of a combination of conservative safety standards and red tape . STOP 
*CUNKLY* , critics have charged AZT 's maker *CUNKS* *CUNK* Co. with corporate *UNK* because children account for just 1 % of the patient population and *UNK* a small part of the large and lucrative market . STOP 
*CUNK* has *UNKED* that it is moving ahead to *UNK* the relevant data , and recently promised to develop a *UNK* *UNK* form easier for *UNKS* to take . STOP 
Still , all this comes nearly a year and a half after Philip *CUNK* of the National Cancer Institute offered evidence that AZT could reverse the *UNKS* of AIDS *UNK* , sometimes prompting dramatic recovery of *CUNK* levels and *UNK* of lost motor skills . STOP 
Since then , roughly 50 *UNK* patients have received the drug in his program . STOP 
To some *UNKS* , the expected FDA action is a *UNK* reminder of what might have been . STOP 
`` My first reaction is I do n't understand why it 's taken so long . STOP 
Why has it taken people so long for people to understand *UNK* AIDS is a major problem ? '' asked *CUNK* *CUNK* , whose son Samuel died six years ago at age three , victim of a *UNKED* *UNKION* . STOP 
*CUNK* *UNKS* were *UNKED* on Capitol Hill . STOP 
`` While I 'm pleased the FDA is finally *UNKING* AZT for children , it 's taken much too long to get to this point , '' said Rep. Ted *CUNKS* . STOP 
`` Why did it take *CUNKS* *CUNK* so long to apply '' for treatment *UNKAL* new drug status ? the New York Democrat asked . STOP 
`` Let 's not forget this is the same company that has been *UNKING* with this drug for 2 1\/2 years , '' Mr. *CUNKS* added . STOP 
Mrs. *CUNKER* , who is a *UNKER* of the *CUNK* AIDS Foundation , based in Santa *CUNK* , Calif. , *UNKED* neither bureaucratic nor corporate *UNKING* . STOP 
`` There 's no *UNKER* to be pointed , '' she said . STOP 
`` The crucial thing is that we learn our lesson well , and to make sure other *UNKAL* drugs , like Bristol-Myers Co. 's *CUNK* , do n't follow the same *UNKING* course as AZT . '' STOP 
AIDS *UNK* -- which gradually *UNKS* children 's ability to speak , walk and think -- is often the most striking aspect of the *UNK* syndrome . STOP 
For some patients , AZT has restored the ability to ride a *UNK* or solve *UNKS* , giving back a piece of their *UNK* if only temporarily . STOP 
`` It 's impossible to *UNK* how much this means to the families of these patients , '' said Samuel *CUNKER* , director of the National Cancer Institute and a main developer of AZT . STOP 
*CUNK* *CUNK-* & *CUNK* Corp. said it declared a dividend of one warrant for each three shares of common stock . STOP 
Currently , *CUNK* , based in Santa *CUNK* , Calif. , has 3.3 million common shares outstanding . STOP 
About 1.1 million Class C warrants were issued , the company said . STOP 
Each of the Class C warrants will enable the holders to purchase one share of common stock at $ *UNKN* . STOP 
The warrants may be exercised until 90 days after their issue date . STOP 
*CUNK* also said it will issue an additional *UNKN* of the Class C warrants to holders of its Class A , Class B and *UNKED* warrants . STOP 
*CUNK* of those warrants will be at the rate of one-third warrant for each warrant exercised . STOP 
THE *CUNK* *CUNK* *CUNK* to launch its own vehicle for program trading today amid growing controversy over the practice . STOP 
The new `` baskets '' of stocks will allow big investors to buy or sell all 500 S&P index stocks in a single trade . STOP 
The exchange argues that the product , which the SEC temporarily approved yesterday , will help ease rather than *UNK* any volatility in the stock market . STOP 
SEC Chairman Breeden said he would consider imposing `` circuit breakers '' to halt program trading during sharp swings in the market . STOP 
Kemper Financial Services has stopped *UNKING* its stock trades through four big securities firms because of their involvement in program trading , which Kemper and others say is *UNKING* the market . STOP 
The main capital-gains tax plan in the Senate is n't winning support from Democrats who favor a reduction . STOP 
The trend is making *UNKS* less optimistic a tax cut will pass . STOP 
Bethlehem Steel 's profit plunged 54 % in the third quarter , hurt by higher costs and lower shipments to key clients . STOP 
Also , Armco and National *CUNK* had lower operating profit in steel , marking what may be the end of a two-year industry boom . STOP 
Columbia S&L posted a quarterly loss of $ *UNKN* million as the Beverly Hills thrift *UNKED* from new industry rules and turmoil in junk bonds . STOP 
*CUNK-* plans to aggressively discount its major beer brands , setting the stage for a price war as the beer industry 's growth *UNKS* . STOP 
PS New Hampshire received a sweetened bid from another suitor , United Illuminating , which valued its new proposal at $ *UNKN* billion , apparently *UNKING* all others so far . STOP 
Financial markets *UNKED* , with stock prices *UNKING* lower , bonds *UNKING* up and the dollar almost unchanged . STOP 
The Dow Jones industrials closed off *UNKN* points , at *UNKN* . STOP 
Fed Chairman Greenspan said the central bank can *UNK* out inflation without causing a recession , but doing so will *UNK* short-term *UNK* . STOP 
GM 's Hughes Electronics unit said profit slid 22 % in the third quarter . STOP 
The finance unit , *CUNK* , said net fell 3.1 % , but *CUNK* 's profit rose 16 % . STOP 
Campeau reportedly may receive a $ 1.3 billion offer for Bloomingdale 's from Tokyu Department *CUNK* of Japan . STOP 
Campeau declined to comment . STOP 
UAL 's pilots and machinists unions appear to hold the key to any future takeover bid for the airline . STOP 
Provigo plans to sell all *UNK-* operations to *UNKS* on its retail and wholesale grocery business . STOP 
Also , Chairman *CUNK* *CUNK* resigned . STOP 
Westinghouse expects operating margins of over 10 % and sharply higher earnings per share next year due to a major restructuring . STOP 
Some major U.S. trade partners quickly rejected a compromise proposal by Bush to *UNK* trade and reduce *UNK-* subsidies . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , off *UNKN* ; transportation *UNKN* , off *UNKN* ; utilities *UNKN* , up *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , up STOP 
Commodities : Dow Jones futures index *UNKN* , up *UNKN* ; spot index *UNKN* , off *UNKN* . STOP 
Dollar : *UNKN* yen , up *UNKN* ; *UNKN* marks , off *UNKN* . STOP 
*CUNK* *CUNK* Moscow wo n't *UNK* in East bloc moves to democracy . STOP 
The *CUNK* leader , on the first day of a *UNK-* official visit to *CUNK* , assured Finland 's president that the Soviet Union has `` no moral or political right '' to interfere with moves toward democracy in Poland , Hungary or elsewhere in Eastern Europe . STOP 
In Moscow , the Soviet State Bank announced a 90 % devaluation of the ruble against the dollar for private transactions , in an apparent attempt to curb a black market for hard currency . STOP 
The action will establish a *UNKER* exchange rate . STOP 
Workers at six mines in *CUNK* *CUNK* coal fields called strikes over a series of economic and political demands . STOP 
The move *UNKED* a law , approved in Moscow this month , banning such *UNKS* . STOP 
THE *CUNK* *CUNK* to override Bush 's veto of a bill easing abortion funding . STOP 
The chamber voted *UNKN* , 51 votes short of the two-thirds majority needed to *UNK* the president 's veto of legislation renewing support of Medicaid abortions for poor women who are victims of rape and incest . STOP 
The roll call was considered an illustration of the limits of power that the *UNK* abortion-rights movement faces . STOP 
The legislation was part of a $ *UNKN* billion measure funding the departments of Labor , Education , and Health . STOP 
Michigan 's Senate passed a bill requiring *UNKS* to get *UNKAL* consent for an abortion and Pennsylvania 's House cleared a measure banning abortions after the *UNK* week of pregnancy . STOP 
The FDA is expected to approve today a program *UNKING* access free of charge to the drug AZT for children with AIDS . STOP 
*CUNKS* have had access to the only approved *UNKAL* drug since 1987 . STOP 
Research shows AZT can *UNK* *UNK* and other symptoms in children , *UNKN* of whom are known to have been infected . STOP 
Congress sent to Bush a $ 2.85 billion emergency package to assist in the recovery from last week 's California earthquake and from Hurricane Hugo . STOP 
The action came after the Senate approved the *CUNKED* measure . STOP 
In the San Francisco Bay area , more than *UNKN* people were *UNKS* and *UNKS* threatened more houses . STOP 
House-Senate *UNKS* agreed to continue production of Grumman Corp. 's *CUNK-* jet and to provide more than $ 3.8 billion during the current fiscal year to develop a *UNKED* *UNK-* system . STOP 
The final package is expected to be announced within the next week . STOP 
The White House has decided to seek changes in *UNK* law that are aimed at *UNKING* the removal of *UNK* chemicals from the food supply . STOP 
The changes , which could be announced as early as today , would apply to pesticides and other *UNKS* found on fresh and processed *UNKS* , officials said . STOP 
East German leader Krenz said he was willing to hold talks with opposition groups pressing for internal changes . STOP 
The Communist Party chief , facing what is viewed as the nation 's worst *UNKEST* in nearly 40 years , also said he would allow East Germans to travel abroad more freely , but made clear that the Berlin Wall would remain . STOP 
A *CUNK* Christian alliance accepted an *CUNKED* proposal aimed at ending Lebanon 's *UNK-* civil war . STOP 
The move by the coalition of political parties and Lebanon 's largest Christian *UNK* isolated military chief *CUNK* , who has rejected the plan , which includes political changes and a *CUNK* *UNK* withdrawal from *CUNK* . STOP 
Baker offered to review Israel 's `` suggested changes '' to his proposal for direct *CUNK-* talks . STOP 
But the secretary of state advised Israel that attempting to overhaul the *UNK-* plan *UNKED* *UNKING* the negotiations aimed at *CUNK* peace . STOP 
NATO defense ministers said the *UNKION* alliance continues to need a strong nuclear strategy despite political changes in Eastern Europe . STOP 
The ministers , *UNKING* a two-day meeting in southern *CUNKAL* , *UNKED* Moscow 's *UNKS* to cut its military forces , but urged the Soviets to do more to slash *UNK-* nuclear weapons . STOP 
The Justice Department indicated a possible challenge to a court order allowing former National Security *CUNKER* *CUNKER* to *UNK* *UNK-* Reagan 's personal papers for use in the defense case against Iran-Contra charges . STOP 
A department spokesman said the ruling `` raised a serious question '' about the office of the president . STOP 
Bush said Washington would continue a trade *UNK* against Nicaragua , *UNKING* that the Central American country *UNKS* `` an unusual and extraordinary threat '' to the security of the U.S. . STOP 
Meanwhile , Secretary of State Baker said the U.S. *UNKED* to Moscow over shipments of East bloc arms to *CUNK* rebels from *CUNK* . STOP 
A *UNK* *UNKED* a *UNK* *UNK* in *CUNK* *CUNK* , Brazil , and at least 20 people , most of them children , were missing and feared dead . STOP 
The city 's mayor vowed to take legal action against developers who had been *UNKING* at the *UNKEST* of the *UNK* . STOP 
*CUNK* 's premier said he supports broad political and economic restructuring , but ruled out any dialogue between *CUNK* 's Communist government and independent *UNKS* or dissident groups . STOP 
*CUNK* *CUNK* , ending a two-day visit to *CUNK* , pledged changes in *CUNK* , including *UNKER* travel to the West . STOP 
*CUNKED* : Mary *CUNK* , 77 , *UNK* and *UNK* critic , in New York City , of cancer ... . STOP 
*CUNKION* *CUNKER* , 73 , founder and *UNK-* executive of Interpublic Group of Cos. , in Oklahoma City , of a heart attack . STOP 
*CUNK* Coors Co. said William K. Coors , chairman , assumed the additional responsibilities of president , succeeding Jeffrey H. Coors . STOP 
Jeffrey Coors , 44 years old , had been president since 1985 , when he succeeded his father Joseph in the job . STOP 
But the *UNKER* said Jeffrey Coors voluntarily gave up the position to focus more of his energy on Coors Technology Co. , a small unit of Coors he has run for several years . STOP 
A Coors spokesman said the company does n't believe the move will further increase William Coors 's influence or reduce the influence of Jeffrey Coors , Peter Coors or Joseph Coors Jr. , who run the company 's three operating units . STOP 
`` It certainly was n't intended to be a *UNKION* , '' the spokesman said . STOP 
`` *CUNK* and Jeff and Joe Jr. have taken over the *UNKS* and are doing most of the work . STOP 
We do n't think this will affect that . '' STOP 
Jeffrey , Peter and Joseph Jr. are brothers . STOP 
William Coors is their *UNUNK* . STOP 
Jeffrey , Peter , Joseph Jr. , William and Joseph *CUNK* constitute the company 's board . STOP 
Peter Coors runs the Coors Brewing Co. unit , the nation 's *UNKEST* *UNK* that accounted for $ *UNKN* billion of *CUNK* Coors 's $ *UNKN* billion in 1988 sales . STOP 
Joseph Jr. runs Coors *CUNKS* Co. , the other operating unit , which had about $ 150 million in 1988 sales . STOP 
Dun & Bradstreet Corp. said business failures fell *UNKN* % to *UNKN* in the third quarter from *UNKN* in the year-earlier period . STOP 
In the first nine months of this year , business failures dropped 15.6 % to *UNKN* from *UNKN* . STOP 
*CUNK* for a few spots , notably Georgia , Virginia and Michigan , failures declined almost across the board , according to the business information services company . STOP 
*CUNK* *UNKS* a business failure as a company that *UNKS* with losses to creditors . STOP 
The current decline in failures continues a trend begun in late 1987 , *CUNK* said . STOP 
The drop *UNKED* in this year 's third quarter , *UNKING* an overall lack of stress in the U.S. economy , the company said . STOP 
*CUNKS* in seven of nine regional areas fell more than 10 % in the nine months . STOP 
The South Atlantic States were the only region to report an increase in *UNKS* , up 5.3 % to *UNKN* from *UNKN* . STOP 
This occurred partly because of more competition as the number of new businesses surged . STOP 
The only industry sector to report more business failures for the nine months was the finance , insurance and real-estate sector , where *UNKS* grew *UNKN* % to *UNKN* from *UNKN* . STOP 
The troubled savings-and-loan industry and subsequent stress in real-estate businesses fueled *UNKS* in this sector , *CUNK* said . STOP 
A major Tokyo newspaper reported that a Japanese department store concern is planning to offer about $ 1.3 billion to buy Bloomingdale 's . STOP 
Campeau Corp. , the chain 's owner , declined to comment on the report . STOP 
A spokeswoman said Toronto-based Campeau has received `` *UNKS* of interest '' in Bloomingdale 's , but she declined to comment on whether any actual bids had been made . STOP 
*CUNK* *CUNK* *CUNK* , Japan 's leading economic newspaper , reported Wednesday that Tokyu Department *CUNK* Co. is planning to team up with U.S. and Western European financing to buy the New York-based retail chain , which Campeau has put up for sale . STOP 
The service did n't identify its Tokyu sources . STOP 
`` This is the first of many rumors we expect to hear during the sale 's process , '' said a Bloomingdale 's spokesman . STOP 
`` We wo n't comment on them . '' STOP 
Tokyu executives were n't available for comment early Thursday morning in Tokyo . STOP 
Campeau 's chairman , Robert Campeau , said at its annual meeting in July that he valued Bloomingdale 's at $ 2 billion . STOP 
Among previously disclosed possible bidders is Bloomingdale 's Chairman Marvin *CUNK* , who has *UNKED* himself with Drexel Burnham Lambert Inc. and *CUNK* Group . STOP 
Investment bankers in Tokyo confirmed that Tokyu Department *CUNK* is one of several Japanese companies that has been approached by representatives of a management committee headed by Bloomingdale 's Mr. *CUNK* . STOP 
But they said detailed financial figures have n't been passed yet to any prospective buyers . STOP 
`` Nobody is going to make a real bid before the middle of November , '' said one investment banker familiar with the discussions in Japan . STOP 
`` Tokyu is one of the potential buyers who might raise its hand . STOP 
But it 's in very early stages still . '' STOP 
Bloomingdale 's is a *UNK-* chain acquired last year by Campeau in its $ 6.6 billion acquisition of Federated . STOP 
Bloomingdale 's does an estimated $ 1.2 billion in annual sales . STOP 
The sale of Bloomingdale 's is a condition of efforts by Toronto-based *CUNK* & York *CUNKS* Ltd. to *UNK* $ 800 million in bridge financing for Campeau , which disclosed last month that its retailing units , Federated Department Stores Inc. and Allied Stores Corp. , were *UNKED* for cash . STOP 
*CUNK* , owned by Toronto 's *CUNK* family , is also *UNKING* major restructuring and refinancing of Campeau , a Toronto-based real estate and retailing company . STOP 
One executive familiar with the Bloomingdale 's situation said , `` No book has been issued regarding Bloomingdale 's , there are no projections , so I doubt very much whether any bid has been made . '' STOP 
Separately , a Campeau shareholder filed suit , charging Campeau , Chairman Robert Campeau and other officers with violating securities law . STOP 
The suit , filed in U.S. District Court in Manhattan , seeks *UNKION* status . STOP 
The suit *UNKS* the retailer and several of its officers of making false and misleading statements about the company 's business affairs . STOP 
The suit says the company failed to disclose material adverse information about its financial condition . STOP 
A spokesman for the company said Campeau has n't seen the suit and declined to comment . STOP 
McCaw Cellular Communications Inc. must extend its offer for LIN Broadcasting Corp. because it has `` not yet announced committed financing sufficient to complete '' the bid , LIN said in New York . STOP 
According to Securities and Exchange Commission rules , McCaw is required to keep its offer for the *UNK-* and broadcasting concern open for at least five business days after the announcement of the financing , LIN said . STOP 
McCaw 's offer is scheduled to expire tomorrow . STOP 
Last week , McCaw said it obtained `` firm '' financing commitments from three major banks in regard to its bid to control LIN Broadcasting . STOP 
The banks jointly committed $ 1.2 billion of financing , subject to certain conditions , McCaw said . STOP 
A spokesman for McCaw said the company was `` moving forward with our financing . '' STOP 
He added that `` *UNKLY* LIN will conduct a fair auction . '' STOP 
McCaw wants to buy 22 million shares of LIN for $ 125 each , or $ 2.75 billion , which would result in McCaw 's owning *UNKN* % of LIN . STOP 
The offer is in *UNK* , however , because LIN has agreed to merge its *UNK-* businesses with BellSouth Corp . STOP 
In national over-the-counter trading yesterday , LIN rose 50 cents , to $ *UNKN* . STOP 
*CUNK* *CUNK* declared a *UNKN* split of its common stock , payable Nov. 27 to stock of record Nov. 10 . STOP 
The clinical testing services holding company is based in San *CUNK* *CUNK* , Calif . STOP 
StatesWest Airlines , Phoenix , Ariz. , said it sent a more detailed merger proposal to *UNKER* Mesa Airlines . STOP 
*CUNK* , *CUNKED* Mesa has consistently rejected StatesWest 's offers , and early this week said its board would n't give the proposal further consideration , calling it `` *UNK* and *UNKED* '' because it did n't describe the source of funds or the specific terms of StatesWest securities which were part of the offer . STOP 
The new letter *UNKS* to do this , saying that in addition to $ 7 a share in cash , StatesWest would offer one share of new 6 % convertible preferred stock of StatesWest it values at $ 3 a share . STOP 
It also said the cash portion of the transaction would be financed with StatesWest 's own cash and short-term investments , plus debt and other financing arranged through *CUNK* Brown & Co. , the company 's investment banker . STOP 
In national over-the-counter trading yesterday , Mesa closed at $ 7.25 , up 25 cents . STOP 
StatesWest asked Mesa to *UNK* by Oct. 31 . STOP 
Mesa President Larry *CUNK* said his board had received *CUNKEST* 's most recent offer and was reviewing it . STOP 
Spiegel Inc. , citing continuing improvement in the apparel market , said third-quarter net income jumped 65 % from the soft year-earlier period , on an 11 % increase in revenue . STOP 
The catalog retailer reported net income of $ *UNKN* million , or 21 cents a share , up sharply from $ 6.6 million , or 13 cents a share , a year earlier . STOP 
Revenue rose to $ *UNKN* million from $ *UNKN* million . STOP 
Spiegel said margins improved because its inventory position this year did n't need the costly *UNKS* required to trim last year 's *UNK* levels . STOP 
A spokeswoman said the apparel market *UNKED* in the first half of 1988 , then began showing improvement in the second half of last year . STOP 
`` We 've seen continued improvement in 1989 , '' she said . STOP 
The year-ago quarter 's results were *UNKED* by expenses associated with Spiegel 's $ *UNKN* million acquisition of *UNKER* *CUNK* *CUNKER* , Spiegel noted . STOP 
In addition , the company said ongoing cost-cutting efforts contributed to the latest period 's earnings *UNK* . STOP 
Spiegel is *UNKED* by the *CUNK* family of West Germany . STOP 
In national over-the-counter trading , the company 's shares climbed 37.5 cents to $ *UNKN* . STOP 
For the latest nine months , Spiegel 's net climbed a solid 47 % to $ *UNKN* million , or 46 cents a share , from $ *UNKN* million , or 34 cents . STOP 
Unlike the quarter 's results , which were based on roughly equal shares outstanding , nine-month per-share figures reflect an increase in average common shares outstanding to *UNKN* million from 47 million . STOP 
*CUNK-* revenue was $ 1.02 billion , up 22 % from $ *UNKN* million . STOP 
The bad news in the junk bond market yesterday was that TW Services , a group of restaurant chains , became the latest prospective *UNKER* to get a cold *UNKER* from bond buyers . STOP 
The good news -- to fans of stable credit , at least -- is what the rejection says about the state of mind of junk buyers . STOP 
*CUNKLY* they are learning to say no to excess risk . STOP 
Coniston Partners , which with related entities controls 80 % of TW , had been planning to sell $ 1.15 billion of junk bonds , among other things to finance their acquisition of the remaining public shares . STOP 
But Coniston , a New York partnership managed by the firm of *CUNK* , *CUNK* & Oliver , yesterday announced that `` in view of unsettled conditions in securities markets '' the offering would be postponed and restructured . STOP 
What was n't mentioned is that Coniston and its investment banker , Donaldson , Lufkin & Jenrette , just completed a *UNK-* `` road show '' for the purpose of marketing the bonds . STOP 
And investors , at least for now , took a pass . STOP 
TW 's junk bonds were n't , as junk bonds go , unusually weak . STOP 
Its fast-food restaurants -- including *CUNK* 's , *CUNK* 's , *CUNK* 's and El *CUNK* *CUNK* -LRB- `` the only significant fast-food chain to *UNK* in *UNKED* *UNK* '' -RRB- -- are stable , *UNK-* and growing . STOP 
But unless they continued to grow , TW , based in *CUNKS* , N.J. , would have run into trouble . STOP 
Until recently , such *UNK-* , *UNKER* deals were routine . STOP 
`` But people do n't buy anything on *UNKION* anymore , '' says Jack *CUNKER* , who manages the high-yield fund of *CUNK* Financial Services . STOP 
`` Investors , '' he adds , `` are getting *UNKION* . '' STOP 
The TW buy-out may yet be financed . STOP 
`` There is nothing wrong with the company , '' says Coniston principal Paul *CUNK* . STOP 
The *UNK* , he says , is that `` the junk market is n't as deep '' as before . STOP 
TW 's *UNKER* meeting was postponed from tomorrow to Nov. 21 . STOP 
By then , *CUNK* hopes to be able to sell *UNK-* junk bonds . STOP 
*CUNK* , *CUNK* & Oliver is likely to contribute more than the $ 120 million in equity it had planned on . STOP 
Banks may contribute more senior debt . STOP 
And the total amount of junk financing will be reduced . STOP 
A *CUNK* banker , putting a best possible face on it , asserts that `` very few people said they did n't like the credit quality . STOP 
People said they did n't think a *UNK-* deal would trade . '' STOP 
But trading risk stems from credit risk . STOP 
And by adding equity , *CUNK* would seem to be *UNKING* that credit risk was a concern . STOP 
Indeed , the *CUNK* banker says , in the *UNK* capital structure cash coverage of interest `` will *UNKLY* improve . '' STOP 
As he *UNKS* it up : `` We are listening to the market . '' STOP 
What is it , to borrow a term from Coniston , that so unsettled the market ? STOP 
Some of the same risks that were cited -- and seemingly ignored -- in dozens of previous junk offerings . STOP 
The TW prospectus says that if the acquisition had been completed earlier , pretax earnings `` would have been *UNK* to cover its fixed charges , including interest on debt securities , '' by approximately $ *UNKN* million in the first six months of 1989 . STOP 
TW notes , as many junk issuers do , that `` adjusted to eliminate *UNK-* charges '' TW would have run a cash surplus -- in this case , of $ 56 million over six months . STOP 
But such calculations ignore the *UNK* charge of depreciation , taken to allow for the *UNKAL* wearing out of *UNK* *UNKS* , deterioration of stores and the like . STOP 
In fact , *CUNK* says , the company *UNKS* capital expenses of about $ 180 million a year . STOP 
TW 's pitch was that sales and earnings at its restaurants have risen steadily and that people wo n't stop eating during a downturn . STOP 
But they wo n't necessarily eat at *CUNK* 's . STOP 
The fast-food business is `` *UNKLY* competitive , '' notes *CUNK* *CUNKER* analyst John *CUNKS* . STOP 
*CUNK* bond buyers noted that TW historically has *UNKED* because it has been willing to spend aggressively on *UNKING* restaurants and *UNKING* *UNKS* . STOP 
`` We were concerned that they were n't going to generate enough cash for capital spending and also to pay down debt , '' says a big investor in high-yield debt . STOP 
*CUNK* argues that TW could , if necessary , cut capital spending , since half of what it plans to spend is for `` growth , '' rather than maintenance . STOP 
But investors noted that under the *UNKED* offering , TW would have needed to grow to meet its debt payments . STOP 
Its calculations for meeting cash charges ignore $ 52 million a year in interest on *UNKED* , or zero-coupon debentures -- which ultimately would have had to be paid . STOP 
The prospectus notes `` there can be no assurance '' that future growth will continue at past levels . STOP 
In the recent past , bond buyers did n't seek such assurance . STOP 
Now , apparently , they do . STOP 
TW Services STOP 
-LRB- NYSE ; *CUNK* : TW -RRB- STOP 
Business : *CUNKS* STOP 
Year ended Dec. 31 , 1988 \* STOP 
Revenue : $ *UNKN* billion STOP 
Net Income : $ *UNKN* million ; $ *UNKN* a share *UNK* STOP 
Third quarter , Sept. 30 , 1989 : -LRB- Net *CUNKS* : 7 cents share -RRB- vs. net income : 51 cents a share STOP 
Average daily trading volume : *UNKN* shares STOP 
*CUNK* shares outstanding : 49 million STOP 
\* *CUNKS* results of *CUNK* 's Inc. , acquired in September STOP 
*UNK* *CUNKS* $ 9 million write-down of assets and takeover defense costs . STOP 
*CUNK* Thatcher must be doing something right ; her political enemies are *UNKING* *UNKER* than ever . STOP 
Mrs. Thatcher , who was *UNKING* the *UNKS* school of politics years before Mr. Bush *UNKED* it , has made clear her opposition to *UNKING* Britain 's free-market policies to suit the bureaucrats in Brussels . STOP 
In return , Mrs. Thatcher is *UNKED* from *CUNK* Street to Paris as an *UNK* . STOP 
Well , it now turns out that Mrs. Thatcher had to travel across the *UNK* to the *UNKER* Commonwealth summit in *CUNK* *CUNK* to *UNK* the *CUNKLY* Order of *CUNKS* *CUNKS* . STOP 
`` A *OUS* *UNK* in Malaysia , '' *UNKED* the *CUNKER* *CUNK* . STOP 
`` She can no longer be *UNKED* to *UNK* in a *UNKED* -- that is *UNUNK* -- fashion when abroad . '' STOP 
*CUNK* . STOP 
Canada 's Brian *CUNK* and Australia 's Bob *CUNK* , the paper said , were `` *UNKED* . '' STOP 
The London Times said she had `` *UNKED* *UNK* . '' STOP 
As usual , her *UNK* was saying what she thought . STOP 
She issued a separate statement , *UNKING* herself from a Commonwealth document *UNKING* the political value of imposing sanctions against South Africa . STOP 
While supporting the Commonwealth `` in *UNKLY* *UNKING* apartheid , '' her statement urged it to `` encourage change '' rather than *UNK* further *UNK* on the country 's black population . STOP 
*CUNKLY* there is a consensus somewhere on sanctions : In May a *CUNK* *CUNK* found that most South African blacks , 85 % , oppose economic sanctions . STOP 
Still , Mrs. Thatcher had once again gone against the grain . STOP 
Malaysia 's Prime Minister *CUNK* *CUNK* *UNKED* , `` If everybody else puts out their left foot and you put out your right foot , you are out of step . '' STOP 
Mrs. Thatcher : `` If it 's one against 48 , I 'm very *UNK* for the 48 . '' STOP 
If indeed Mrs. Thatcher has one *UNK* that could throw her off political course it is Britain 's *UNKLY* *UNK* inflation problem . STOP 
We can not , however , join the political *UNKS* that as one *UNKS* how *UNKING* it is that Mrs. Thatcher *UNKS* to get along by going along . STOP 
It is *UNKING* to see at least one world figure who knows what she believes in and is not inclined to *UNKLY* compromise those *UNKS* . STOP 
Perhaps Mrs. Thatcher *UNKS* better than those *UNKED* at her style that ultimately history and Britain 's voters will decide who is right about Europe , *UNKING* South Africa or running Britain 's economy . STOP 
*CUNK* With Care STOP 
`` *CUNK* hard , play hard '' is advice *CUNKEST* taken with some caution , For it can bring *UNKS* and success Or a state of total *UNKION* . STOP 
-- Edward F. *CUNK* . STOP 
*CUNK* *CUNK* STOP 
The *UNKEST* paid his bill at the resort hotel , and as he *UNKED* he noticed a sign saying , `` *CUNK* You *CUNK* *CUNKING* ? '' STOP 
The man went back and spoke to the desk *UNK* : `` That sign is wrong , '' he said . STOP 
`` It should read , `` *CUNK* You *CUNKING* *CUNK* ? '' STOP 
-- Sam *CUNKING* . STOP 
After being *UNKED* in Tuesday 's selling *UNK* , the Nasdaq over-the-counter market *UNKED* itself off and moved on in moderate trading . STOP 
But while the Composite gained *UNKN* , to *UNKN* , many issues did n't participate in the advance . STOP 
`` It was a mixed *UNK* , '' said Richard *CUNK* , who heads over-the-counter trading at PaineWebber . STOP 
`` We played *UNK-* in some areas , and sold off in some others . '' STOP 
Volume totaled *UNKN* million shares , which is about average for the year . STOP 
Of the *UNKN* issues that changed hands , *UNKN* advanced and *UNKN* declined . STOP 
Big financial stocks carried the day . STOP 
The Nasdaq Financial Index rose *UNKN* , to *UNKN* . STOP 
Meanwhile , the Nasdaq 100 Index of the big *UNKAL* stocks basically stood still , easing *UNKN* , to *UNKN* . STOP 
Despite the Composite 's advance , some trading officials are *UNKLY* optimistic that the market is on the road to recovery . STOP 
*CUNK* *CUNKER* , head of over-the-counter trading at Kidder Peabody , said it is difficult to make predictions based on yesterday 's trading volume . STOP 
The advance felt more like a technical *UNK* , he said . STOP 
`` The market acted better , but it was n't a tremendous comeback , '' Mr. *CUNKER* observed . STOP 
`` If we get a decent rally -LCB- today -RCB- , maybe the buyers will come back . '' STOP 
If *CUNK* `` *CUNK* '' *CUNK* is right , a *UNK* may come in *UNK* during the next few sessions . STOP 
The president of *CUNK* , *CUNK* , Mr. *CUNK* expects the market to be `` very *UNK* '' for a while . STOP 
`` There 's a lot of uncertainty out there , and it will cause a lot of swings , '' he said . STOP 
Among active stocks , MCI Communications rose 7\/8 to 43 on 2.2 million shares , *CUNK* Graphics added 1\/8 to 16 3\/8 on turnover of 1.5 million shares . STOP 
Apple Computer dropped 1 1\/8 to 46 1\/2 on one million shares . STOP 
*CUNK* one million shares of Sun Microsystems changed hands , but the issue was unchanged at 17 3\/4 . STOP 
*CUNK* issues were strong . STOP 
*CUNK* advanced 1 1\/2 to 56 ; Chiron jumped 2 to 29 3\/4 ; *CUNKS* gained 1 to 16 7\/8 and *CUNK* rose 5\/8 to 14 5\/8 . STOP 
The American depositary receipts of Jaguar jumped 3\/8 to 11 5\/8 on turnover of 1.9 million . STOP 
Ford Motor said it raised its stake in the British car maker to *UNKN* % of the ordinary shares outstanding . STOP 
In a Securities and Exchange Commission filing , Ford said it holds *UNKN* million ordinary shares . STOP 
The company has said it is prepared to make a bid for all of the shares outstanding of Jaguar if British government restrictions to such a transaction are removed . STOP 
Another takeover target , LIN Broadcasting , rose 1\/2 to *UNKN* 1\/4 on *UNKN* shares . STOP 
Its suitor , McCaw Cellular , also added 1\/2 to 40 1\/2 on *UNKN* shares . STOP 
Other stocks were affected by corporate earnings . STOP 
*CUNK* , which recently said third-quarter net income rose to 16 cents a share from a penny a share a year ago , gained 1 5\/8 to 13 5\/8 on *UNKN* shares . STOP 
The 1988 results included a one-time gain . STOP 
*CUNK* *CUNK* rose *UNKN* , or 39 % , to 2 7\/8 on volume of *UNKN* shares . STOP 
The maker of software products and services , which had a net loss in the 1988 third quarter , earned 200,000 , or a penny a share , in this year 's quarter . STOP 
It was Nasdaq 's biggest percentage *UNKER* . STOP 
Star States plunged 3 1\/4 to 8 3\/4 on *UNKN* shares . STOP 
The company suffered a $ 9 million loss in the third quarter , compared with net of $ 2.5 million a year earlier . STOP 
*CUNK* dropped 2 5\/8 to 15 5\/8 on *UNKN* shares . STOP 
In its *UNK-* quarter ended Sept. 30 , the *UNKS* maker earned 10 cents a share , up from eight cents a share in the 1988 quarter , which included an extraordinary credit . STOP 
*CUNK-* Care Health fell 1 3\/4 to 15 1\/2 on *UNKN* shares . STOP 
The company 's third-quarter earnings also rose to 10 cents a share from eight cents a share a year ago . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
One day last March , CBS Sports President Neal Pilson and Olympics *UNK* Barry Frank met for lunch at the *CUNKS* Club here . STOP 
Mr. Frank told Mr. Pilson that Olympics officials wanted $ *UNKN* million or more for TV rights to the 1994 Winter *CUNKS* in *CUNK* . STOP 
The CBS official said that price *UNKED* fine . STOP 
At that price , CBS was the only player at the table when negotiations with the International *CUNK* Committee started in Toronto Aug. 23 . STOP 
Dick *CUNK* , a committee member , began by *UNKING* that ABC and NBC had refused to even bid . STOP 
Then , he asked Mr. Pilson to raise his offer anyway : `` If we can have a number that starts with a three , you can have a *UNK* . '' STOP 
Mr. Pilson and his team *UNKED* in a *UNK* and took just 10 minutes to return with a $ 300 million offer . STOP 
Mr. *CUNK* responded , `` It 's a deal . '' STOP 
A *UNKING* Mr. Pilson announced his *UNKEST* coup at a news conference that afternoon . STOP 
Mr. Pilson 's rivals at ABC and NBC *UNKED* at the price . STOP 
How could CBS get pushed into *UNKING* itself ? STOP 
Well , CBS , *UNKED* in the ratings *UNK* and looking to sports as a way out , wanted to close the deal immediately and block its rivals from getting another chance to bid . STOP 
But Mr. Pilson has been put in the *UNUNK* role of setting off a bidding *UNK* for sports rights , a *UNK* that the networks had hoped to avoid . STOP 
`` The price of *UNKER* has gone up , '' *UNKS* Charles M. *CUNKS* , the College Football Association 's executive director . STOP 
With CBS Inc. on a spending spree that may top $ 2.5 billion for four years of major sports events , the new *UNK* of *UNKION* could *UNK* the entire broadcast business . STOP 
CBS itself could run up losses of a few hundred million dollars on four years of various sports if its big *UNK* goes wrong . STOP 
ABC , a unit of Capital *CUNK* Inc. , and General Electric Co. 's National Broadcasting Co. also risk losses if they *UNK* CBS for other contracts . STOP 
While rights fees head *UNK* , ad rates wo n't . STOP 
*CUNKS* already are *UNKING* at higher prices . STOP 
`` The networks are paying too much for rights , '' warns *UNK* Paul *CUNK* of Young & Rubicam . STOP 
`` If they ask advertisers to absorb the costs , they 're likely to lose all but a few who need sports , above all . '' STOP 
*CUNKS* may not be *UNKING* , either . STOP 
*CUNKING* rights fees will lead to an even greater clutter of commercials . STOP 
At the same time , some sports events will move off `` free '' television and onto cable or *UNK-* , where half the nation 's TV homes ca n't see them . STOP 
CBS has changed the rules by throwing out the old basis for sports bids -- that is , can the network alone make a profit on it ? STOP 
Mr. Pilson *UNKS* the *UNK* benefits of positive press , *UNKED* affiliate stations , *UNK* advertisers and huge audiences that might stick around to watch other CBS programs when the game is over . STOP 
The *UNK-* question is , How much are those benefits worth ? STOP 
Some TV people doubt they will *UNK* and argue that even if they do , they wo n't offset the *UNK-* deficits that CBS could run up . STOP 
`` As we 've seen in the *UNKS* , '' says Roger *CUNKER* , the president of the *CUNK* sports channel , `` those deals can turn sour if the numbers do n't work . STOP 
And three years later , in a sea of red ink , the *UNKS* can find themselves with a lot of explaining to do . '' STOP 
CBS *UNKS* top sports `` to *UNK* the fact that they are n't supporting affiliates , viewers and advertisers , '' charges Thomas H. *CUNK* , who was ousted as chairman of CBS Inc. after *CUNK* A. *CUNK* bought a *UNKN* % stake in the company and took over three years ago . STOP 
`` They lost the entertainment *UNK* , and they needed one . STOP 
And they 've bought one . '' STOP 
On just three big deals -- for four years of baseball and for the *CUNK* Winter *CUNKS* in both 1992 and 1994 -- Pilson bid a total of $ *UNKN* billion . STOP 
That 's well over half a billion dollars more than ABC and NBC were willing to pay . STOP 
-LRB- After 1992 , the winter and summer Olympics will be held two years apart , with the revised schedule beginning with the winter games in 1994 and the summer games in 1996 . -RRB- STOP 
Now , Mr. Pilson -- a former college basketball player who says a good *UNK* needs `` a level of focus and intellectual attention '' similar to a good *UNKS* is facing the consequences of his own *UNKS* . STOP 
Next month , talks will begin on two *UNKED* CBS contracts , for the pro and college basketball *UNKS* . STOP 
CBS is likely to spend whatever it takes to keep them . STOP 
The potential bill : more than $ 600 million for several seasons , an 80 % jump . STOP 
A few months later , CBS 's college and pro football contracts come up for *UNKAL* ; they could go for close to $ 100 million more than CBS now pays , a 40 % to 50 % rise . STOP 
`` What happens to those two basketball contracts will shape the next five years of network sports , '' says Peter *CUNK* , a former CBS Sports president now at *CUNK* Inc . STOP 
J. William *CUNKS* , former president of *CUNK* , says NBC may `` come in with a huge bid for college basketball to take it away from CBS and say , ` We can *UNK* , too . ' STOP 
And the winners will be the *UNKS* , not either network . STOP 
Nor , by the way , advertisers . '' STOP 
Mr. Pilson is an unlikely big *UNKER* . STOP 
In the *UNKS* , after ABC had just bid a record $ *UNKN* million for the 1988 Winter *CUNKS* , he *UNKED* at rivals for paying reckless prices . STOP 
`` I love Pilson , but he was the guy who complained most *UNKLY* and *UNKLY* , '' says Robert *CUNKER* , a former CBS Sports president . STOP 
`` And yet his company is one reason why rights are so high today . '' STOP 
*CUNKS* *UNK* at `` the principle of Pilson , '' as NBC 's Arthur Watson once put it -- `` he 's always *UNKING* that rights are too high , then he 's going crazy . '' STOP 
But the *UNK-* Mr. Pilson is hardly a man to ignore the numbers . STOP 
A Yale law school *UNK* , he began his career in corporate law and then put in years at *CUNK* Inc. and the William Morris talent agency . STOP 
In 1976 , he joined CBS Sports to head business affairs and , five years later , became its president . STOP 
Mr. Pilson says that when he spoke out a few years ago , `` I did n't say forever , and I did n't say every property . '' STOP 
The market changed , he adds . STOP 
And he is n't the only big *UNKER* : NBC will pay a record $ *UNKN* million for the 1992 *CUNKER* *CUNKS* , and *CUNK* , *UNKED* by Capital *CUNK* , will *UNK* out $ 400 million for four years of baseball , airing *UNKN* *UNK-* games a year . STOP 
`` Our competitors say we *UNK* them . STOP 
Who *UNKS* ? STOP 
Maybe we recognize values the other guys do n't , '' Mr. Pilson says . STOP 
Mr. Pilson 's `` Major *CUNKS* '' strategy *UNKED* after Mr. *CUNK* took over . STOP 
Mr. Pilson recalls that in April 1986 , after CBS 's annual meeting in Philadelphia , he and Mr. *CUNK* took the *UNK-* train ride back to New York , and Mr. Pilson used this extended private audience to *UNK* his *UNKS* . STOP 
Mr. *CUNK* , a *UNK* in hotels and finance , was just learning the TV business . STOP 
Five months later , Mr. *CUNK* took over as CBS 's chief executive , and soon he was *UNKING* sole approval each time Mr. Pilson *UNKED* a *UNKLY* large figure on a slip of paper , *UNKED* it in an *UNK* and gave it to sports negotiators . STOP 
Then , in May 1988 , Mr. *CUNK* *UNKLY* needed to make a bold statement to *UNK* rumors that he might sell the network . STOP 
Mr. Pilson gave him one : He bid $ *UNKN* million for rights to the 1992 Winter *CUNKS* in *CUNK* , France ; ABC and NBC would n't bid even $ 200 million . STOP 
That started the *UNKING* bidding wars . STOP 
The `` Major *CUNKS* '' strategy , Mr. Pilson says , is designed to *UNK* a place for CBS on the crowded TV *UNKAL* of the 1990s . STOP 
It 's also a fast *UNK* for an *UNKING* image . STOP 
He sees *UNK* sports as the only way the *UNK-* network can cut through the clutter of cable and *CUNKS* , grab millions of new viewers and tell them about other shows *UNKING* a few weeks later . STOP 
Next October , CBS , for the first time , wo n't have to start the season against the *UNKED* American and National baseball league *UNKS* and the World Series . STOP 
`` I 've been struggling against that for years , '' says Jonathan *CUNKS* , who runs *CUNK-* , the *CUNKED* station in Chicago . STOP 
Even if baseball *UNKS* losses at CBS -- and he does n't think it will -- `` I 'd rather see the games on our air than on NBC and ABC , '' he says . STOP 
That is n't surprising . STOP 
*CUNK* TV series ratings have slumped in the past five years , and *UNKING* new shows is `` a *UNK* *UNK* , '' Mr. Pilson says . STOP 
But top sports events are still a strong bet to lure audiences 30 % or 40 % larger than those CBS usually gets . STOP 
Mr. Pilson says baseball and the Olympics may help CBS move up to No. 2 in the household ratings race , putting *UNK* back into the network 's image . STOP 
And the Winter Olympics will air during the February `` *UNKS* , '' when ratings are used to set ad rates for local stations . STOP 
That will *UNK* *UNK-* affiliates -- another aim of the Pilson plan . STOP 
They *UNKLY* *UNK* the `` dream season '' in 1990 . STOP 
CBS will air the *CUNKER* *CUNK* , baseball *UNKS* , college and pro basketball *UNKS* and other premier sports events . STOP 
`` It 's made me more committed to CBS , '' says Philip A. Jones , the president of Meredith Corp. 's broadcast group , which has two CBS affiliates . STOP 
The CBS plan to use *UNK-* sports as a platform for other series carries no guarantee of success , however . STOP 
No amount of *UNK* will bring viewers back if the shows are weak . STOP 
`` In this market of 40 channels , sophisticated viewers and the *UNK* control , trial is n't a guarantee of anything , '' *CUNK* 's Mr. *CUNKER* says . STOP 
`` If the show *UNK* n't a *UNKER* , they 're gone . '' STOP 
During the 1984 *CUNKER* *CUNKS* , for example , ABC *UNKED* `` Call to *CUNK* , '' but the military drama was missing in action within weeks . STOP 
Last October , during the 1988 *CUNKER* *CUNKS* , NBC *UNKLY* *UNKED* a new series , `` *CUNKS* . '' STOP 
It *UNKED* anyway . STOP 
Moreover , sports is hardly the best way to lure *UNK* women . STOP 
Though CBS might move up to No. 2 in household ratings , most advertisers buy based on ratings for women *UNKED* 18 to 49 . STOP 
CBS may remain a *UNK* No. 3 in that regard . STOP 
Nor is CBS a *UNK-* to get *UNKER* ratings . STOP 
In recent years , the World Series and the Olympics were *UNKED* against CBS 's *UNK-* *UNK* . STOP 
But CBS will put the *UNKS* up against Bill *CUNK* , `` *CUNKS* '' and other shows in NBC 's No. 1 schedule . STOP 
Even the *UNK* to affiliate relations may be limited . STOP 
The sports *UNK* may add only 1 % to 5 % to a station 's annual profits . STOP 
It alone is n't likely to stop a station from *UNKING* CBS shows . STOP 
`` The World Series , seven nights , was n't enough of an incentive , '' says Arnold *CUNK* of *CUNK-* in Rochester , which dropped CBS for NBC six weeks ago . STOP 
`` You 've got to judge where the network will be in three years . '' STOP 
The *UNK* benefits may prove extremely costly if CBS ca n't avoid big losses on the sports coverage itself . STOP 
And *UNKING* such losses will take a *UNKAL* effort . STOP 
On the $ *UNKN* billion baseball agreement alone , CBS is likely to lose $ 250 million in four years , contends Mr. *CUNKER* , the former CBS man , now at *CUNK* Inc . STOP 
Nevertheless , he *UNKS* the deal `` plain smart '' for its huge promotional value . STOP 
Mr. Pilson calls that loss estimate `` *UNKLY* *UNK* , '' *UNKING* only that CBS will lose money on baseball in the first year . STOP 
`` It 's too early to tell '' what happens after that , he says . STOP 
But Mr. *CUNK* expects losses in all four years of the contract , he told U.S. senators last June . STOP 
CBS will pay an average of $ *UNKN* million more each year than ABC and NBC had paid together -- and those two networks expect losses on baseball this season . STOP 
Yet CBS will air only 12 *UNK-* games , 26 fewer than ABC and NBC . STOP 
That has *UNKED* some fans . STOP 
It also indicates a $ 50 million drop in ad sales for *UNK-* games -- a risk CBS took to get an unprecedented lock on all *UNK* games . STOP 
If the *UNKS* end in *UNK-* *UNKS* , losses could soar . STOP 
*CUNKS* are *UNKING* higher prices , which would help close the gap . STOP 
CBS signed General Motors and Toyota to be the only *UNKER* sponsors in baseball for four years . STOP 
Price : $ *UNKN* million . STOP 
But ad executives who negotiated the deal say that works out to only $ *UNKN* for a *UNK-* ad in the World Series through 1993 -- 17 % less than what ABC is charging for the Series this month . STOP 
Moreover , `` there 's no question ad rates will come down considerably '' from the *CUNK-* price , says Arnold Chase of *CUNK* Inc . STOP 
Other *UNK* , however , say rates could rise later if ad spending *UNKS* . STOP 
The Winter *CUNKS* outlook also is mixed . STOP 
CBS expects to make modest profits , but rivals contend that it will take a *UNKING* . STOP 
ABC lost $ 75 million on the 1988 Winter *CUNKS* , partly because of its $ *UNKN* million rights fee . STOP 
It *UNKED* *UNKN* hours of mostly live events in *CUNK* -- helping raise ratings slightly from 1984 -- but still failed to deliver the audience promised to advertisers . STOP 
CBS will add 25 1\/2 hours to that load in 1992 , and ratings could be hurt by a lack of live events . STOP 
All prime-time fare will be on *UNK-* because of time differences with *CUNK* , so the results can be announced on the 6 *UNK* news . STOP 
-LRB- Turner Broadcasting will pay CBS $ 25 million to air 50 hours of CBS coverage plus 50 hours of additional events . -RRB- STOP 
Barry Frank , the agent who took Mr. Pilson to lunch last March , says that even if CBS *UNKS* , say , $ 10 million , it matters little . STOP 
`` *CUNK* million *UNK* n't *UNK* , man , when you got $ 3 billion sitting in the bank , '' says Mr. Frank , senior vice president at International Management Group , citing CBS 's enormous cash reserves from selling off various businesses . STOP 
`` It does n't mean anything -- it 's *UNKS* money . '' STOP 
Moreover , sports has `` claimed its place '' as a guaranteed *UNKER* , says David J. *CUNK* , the commissioner of the National *CUNK* Association . STOP 
`` This is n't *UNK* bidding ; this is a situation of very careful businessmen making *UNKS* about the worth of product and acting on it ... . STOP 
I would tend to trust their judgment . '' STOP 
That 's easy for him to say : CBS 's four-year *CUNK* pact , now at $ *UNKN* million for four years , could double in price by the time his talks with Mr. Pilson are completed later this month . STOP 
That would cut into CBS 's *UNK* margin for profit -- and error . STOP 
CBS Sports earned $ 50 million or so last year . STOP 
And CBS takes in the least money in prime time ; ABC and NBC charge 30 % to 35 % more for ads , according to a *CUNK* survey . STOP 
But CBS 's costs are huge , and the risks go up with each new sports package that CBS *UNKS* up . STOP 
Although sports officials predict *UNKS* of 50 % to 100 % in the major contracts coming up for *UNKAL* , ad rates may rise only 20 % . STOP 
CBS hopes to save money by ordering fewer *UNKS* of regular series because sports will fill up a few weeks of prime time . STOP 
But the savings will be *UNK* . STOP 
Each hour of Olympics and baseball in prime time will cost CBS $ 2.6 million to $ 2.8 million ; an *UNK-* drama costs only $ *UNKN* , and it is *UNKED* twice . STOP 
CBS may *UNKION* losses with about $ 200 million a year in interest earned on the proceeds from selling CBS Records and other businesses . STOP 
But *UNK-* analyst Richard J. *CUNK* of *CUNK* *CUNK* *CUNKLY* says Wall Street wo n't take *UNKLY* to that . STOP 
`` On a *UNK-* basis , the network ought to make money , '' he says . STOP 
When Mr. Pilson is asked directly -- can you make money on all this ? -- he does n't exactly say yes . STOP 
`` What you 're really asking is , Are the profit and loss margins anticipated on the events acceptable to management ? '' he says . STOP 
Then , he answers his own question . STOP 
`` *CUNK* , they are . STOP 
That 's the only question we need to address . STOP 
*CUNK* a phone order through most any catalog and chances are the *UNK* who answers wo n't be the only one on the line . STOP 
*CUNKS* have big *UNKS* these days . STOP 
Or open up an electronics magazine and *UNK* the ads for *UNK* tape recorders and other *UNKING* *UNKS* . STOP 
Some would make even James Bond green with *UNK* . STOP 
*CUNKING* -- both corporate and private -- is on the rise , thanks to the *UNKION* of *UNK* technologies . STOP 
And while sellers of the equipment and companies `` monitoring '' employees have few *UNKS* , *UNK-* advocates and some lawmakers are *UNKED* . STOP 
`` New technologies are changing the way we deal with each other and the way we work , '' says *CUNK* Goldman , a staff attorney at the American Civil *CUNKS* Union . STOP 
`` Our *UNKION* of *UNK* is being *UNKED* . '' STOP 
On the corporate side , companies claim that monitoring employee phone conversations is both legal and necessary to gauge productivity and ensure good service . STOP 
The practice is common at catalog , insurance and phone companies , banks and *UNKS* , according to trade groups and worker organizations . STOP 
It 's also widespread for *UNKS* *UNKS* in the airline , *UNKAL* , hotel and railroad industries . STOP 
The Communications Workers of America , which opposes such monitoring , says *UNKS* listen in on an estimated 400 million calls each year . STOP 
Among companies saying they monitor employees are United Airlines , American Airlines , United *CUNK* Service , Nynex Corp. , Spiegel Inc. , and the circulation department of this newspaper . STOP 
Some Wall Street firms monitor for *UNKING* purposes . STOP 
Dictaphone Corp. says there 's a big business demand for its *UNKED* *UNKING* systems , whether the sophisticated *CUNK* *UNKN* system , which costs from $ 10,000 to $ *UNKN* and can record 240 conversations simultaneously , or simple *UNK* units selling for $ *UNKN* . STOP 
*CUNKS* `` want to *UNK* information and ensure *UNK* , '' says John *CUNK* , Dictaphone 's manager of media relations . STOP 
The state of Alaska recently bought the *CUNK* system , he says , `` to monitor the Exxon cleanup effort . '' STOP 
Merrill Lynch & Co. and Shearson Lehman Hutton Inc. say they use *UNKED* systems to record and *UNK* orders between salesmen and traders . STOP 
Shearson says it has taped some of its institutional trading desks , such as commodities and futures , for about four years . STOP 
Both companies stress that employees know they are being recorded and that customer conversations are n't taped . STOP 
Kidder Peabody & Co. says it *UNKS* *UNKING* conversations between brokers and customers to *UNK* order *UNK* . STOP 
*CUNKING* by individuals is harder to measure . STOP 
But devices are there for the asking , whether in stores or through the mail . STOP 
The *CUNKER* *CUNK* *CUNK* in Washington , D.C. , for instance , offers the `` *CUNK* *CUNKION* '' *UNK* case , which can *UNKLY* record conversations for nine hours at a stretch . STOP 
That and other fancy *UNKS* may cost thousands , but simple *UNKED* tape recorders sell for as little as $ 70 at electronics stores like Radio *CUNK* . STOP 
The most common use of *UNKING* devices is in *UNK* cases , say private investigators . STOP 
While tape *UNKS* to *UNKER* , say , *UNK* are n't *UNK* in court , they can mean leverage in a settlement . STOP 
*CUNKED* with the increased availability of *UNK* technology and *UNKER* use of it , lawmakers have proposed laws *UNKING* the issue . STOP 
*CUNK* states have introduced bills requiring that workers and customers be made aware of monitoring . STOP 
And four states -- California , Florida , Michigan and Pennsylvania -- have adopted rules that all parties involved must consent when phone calls are recorded . STOP 
Two bills in Congress hope to make such restrictions national . STOP 
In May , Rep. Don Edwards -LRB- D. Calif . -RRB- introduced congressional legislation that would require an *UNK* *UNKING* during any employee monitoring , warning people that they are being heard . STOP 
-LRB- The legislation is similar to a 1987 `` *UNKER* bill '' that was defeated after heavy lobbying by the *UNKING* industry . -RRB- STOP 
Also last spring , Rep. Ron *CUNKS* -LRB- D. , Calif. -RRB- , introduced a bill requiring universal *UNK-* consent to any *UNKS* in cases that do n't involve law enforcement . STOP 
In addition , products such as *UNKED* tape recorders would have to include *UNK* *UNKS* and *UNKS* explaining federal laws on *UNKING* . STOP 
The outlook on both federal bills is uncertain , especially *UNKING* the 1987 defeat . STOP 
The *CUNK* and worker organizations back tighter laws , but employers and device manufacturers *UNK* . STOP 
`` I 'm *UNK* with workers who feel under the *UNK* , '' says Richard *CUNK* of the *CUNK* Marketing Association of America , which is lobbying *UNKLY* against the Edwards *UNKER* bill . STOP 
`` But the only way you can find out how your people are doing is by listening . '' STOP 
The powerful group , which represents many of the nation 's *UNKS* , was *UNKAL* in *UNKING* the 1987 bill . STOP 
Spiegel also opposes the *UNKER* bill , saying the *UNK* it requires would interfere with customer orders , causing *UNKION* and even errors . STOP 
*CUNK* *CUNK* , center manager at the catalog company 's customer order center in *CUNK* , *CUNK* , *UNKS* monitoring . STOP 
`` We like to follow up and make sure operators are *UNKING* our standards of company service , '' says Ms. *CUNK* , who *UNKS* 350 operators . STOP 
John *CUNK* , a Nynex spokesman , says the telephone company needs to monitor operators to evaluate performance during the first six months on the job . STOP 
`` Sometimes , '' he says , `` we 'll pull someone off the phones for more training . '' STOP 
Federal *UNK* *UNKS* recognize the right of employers to monitor employees ' for evaluation purposes . STOP 
And in the past , Congress has viewed monitoring as an issue best handled in union negotiations . STOP 
But opponents , led by the *CUNK* , say new laws are needed because monitoring is heavily concentrated in service industries and 81 % of monitored workers are n't represented by unions . STOP 
The *CUNK* claims that monitoring not only *UNKS* on employee *UNK* , but increases stress . STOP 
`` *CUNK* to Five , '' a *CUNKED* office workers organization that supports the *UNKER* bill , six months ago started a *UNK* hot line to receive reports of alleged monitoring abuses . STOP 
Meanwhile , supporters of the *CUNKS* *UNK-* consent bill say it is needed because of a giant *UNK* in the *UNK-* consent law . STOP 
Currently , if the person *UNKING* is a party to the conversation , it 's all right to record without the knowledge of the other person on the line . STOP 
-LRB- *CUNKING* other people 's private conversations is illegal and *UNK* by five years in prison and fines of $ 10,000 . -RRB- STOP 
The electronics industry is closely following the *CUNKS* bill . STOP 
Some marketers of *UNK* gear -- including Communication Control System Ltd. , which owns the *CUNKER* *CUNK* *CUNK* and others like it -- already put warning *UNKS* in their *UNKS* *UNKING* customers of the *UNK-* law . STOP 
But *UNKS* contend that they ca n't control how their products are used . STOP 
Radio *CUNK* says it has a policy against selling products if a *UNK* *UNKS* they will be used illegally . STOP 
`` Everything sold at Radio *CUNK* has a legal purpose , '' says Bernard *CUNK* , president of the Tandy Corp. subsidiary . STOP 
He says he has n't yet studied the *CUNKS* bill , but that requiring a *UNKING* tone on recorders `` would be *OUS* . '' STOP 
Still , Radio *CUNK* is aware that some of its products are controversial . STOP 
A few years ago , the company voluntarily stopped selling `` The Big *CUNK* , '' a powerful *UNK* . STOP 
With its ability to pick up *UNKS* and *UNKING* *UNKS* , `` it was meant to be a toy for children for *UNK* watching , '' says Mr. *CUNK* . STOP 
`` But we were getting too many complaints that people were using them to *UNK* on their neighbors . '' STOP 
The hottest *UNK* in the computer industry *UNKED* sharply yesterday as Digital Equipment Corp. announced its first line of mainframe computers , targeting International Business Machines Corp. 's largest market . STOP 
IBM fired back with new mainframes of its own , extending the *UNK-* *UNKN* line with a 7 % to 14 % power boost . STOP 
Up to now , the intense competition between IBM and Digital has been *UNKED* largely to the broad *UNK* of the computer market , where Digital sought to exploit IBM 's weaknesses in *UNKING* . STOP 
But Digital 's move into mainframes will target IBM 's home *UNK* , where it has a *UNKING* 70 % share of the market . STOP 
Digital , Maynard , Mass. , insisted yesterday that its marketing focus would *UNKER* sharply from IBM 's . STOP 
`` This is not your father 's mainframe , '' said *CUNK* *CUNK* , a Digital spokesman . STOP 
`` It 's a whole new generation , '' he said . STOP 
IBM , which gets about half its revenue and more than half its profit from mainframes , also announced *UNKED* operating system software that , together with the new hardware , *UNKS* customers do so-called *UNK* processing as much as 60 % faster . STOP 
*CUNK* processing is the *UNK-* , *UNK-* data processing that most mainframes typically *UNK* through at night , such as *UNKING* accounts at banks . STOP 
IBM said the 16 new *CUNK* and *CUNK* models will generally be available immediately , though three wo n't ship until the third quarter of next year . STOP 
Prices on the larger models , which range as high as $ 13 million , generally wo n't change . STOP 
Small models , whose performance increased as much as 46 % , will carry higher prices . STOP 
*CUNKS* to bigger models also will be *UNKER* . STOP 
Digital 's *CUNK* *UNKN* mainframes , which it claimed were among the *UNKEST* available , were priced from $ 1.2 million to $ 3.9 million , sharply lower than IBM models of comparable power . STOP 
The first models will ship in the spring , with the largest following in the fall . STOP 
Analysts were disappointed that Digital 's new line apparently wo n't contribute much to earnings before the next fiscal year , which begins in July . STOP 
Jay Stevens of Dean Witter Reynolds Inc. said he may cut his earnings estimate for the current fiscal year because he had expected at least some mainframe profit this year . STOP 
But he added that he expected to raise his estimate for fiscal 1991 at the same time . STOP 
After the announcement yesterday , Digital shares gained $ 1.25 to close at $ *UNKN* in New York Stock Exchange composite trading . STOP 
IBM shares closed at $ 103 , down 50 cents , in Big Board trading . STOP 
Analysts have predicted strong *UNK-* demand for the new line among Digital 's customers . STOP 
*CUNK* Digital buyers say the new *CUNK* will let them stay with Digital when they need the power of a mainframe , instead of turning to IBM . STOP 
`` I 'm convinced there 's a huge market for this machine , '' said Stephen Smith of PaineWebber Inc . STOP 
Digital also plans to compete fiercely with IBM when the giant 's customers are *UNKING* new aspects of their businesses . STOP 
Digital , however , does n't expect to *UNK* IBM mainframes that are already installed at big companies . STOP 
In addition to commercial markets , Digital 's new line targets the low end of the engineering and scientific supercomputer market , when it 's packaged with an *UNKAL* *UNKER* , known as a *UNK* *UNK* . STOP 
Digital 's push into mainframes comes at a time when its *UNK* *UNKER* line is under growing pressure from smaller personal computers and workstations that operate on standard operating systems rather than on the *UNK* systems that older *UNKS* use . STOP 
Although Digital has *UNKED* out a major presence in the booming *UNKION* market , profit margins in that market are much *UNKER* than for mainframes . STOP 
The *UNKING* mainframe market also has shown new signs of life lately . STOP 
IBM 's mainframe sales have held up better than expected this year , with analysts *UNKING* they have risen 10 % to 12 % . STOP 
`` Demand for these systems has been very , very strong , '' said Bill *CUNK* , a senior IBM marketing executive . STOP 
`` We have a good strong backlog for the fourth quarter even without '' the systems that were announced yesterday . STOP 
But the *UNKN* line is nearly five years old -- which is getting up there in mainframe years -- and its growth is expected to slow in 1990 . STOP 
IBM , *CUNK* , N.Y. , said it wanted to bring out the mainframes as soon as it could to spark as many sales as possible by the end of the year . STOP 
The fourth quarter is always IBM 's biggest by far , with most sales coming in December as customers seek to use budgets before year end . STOP 
Still , Steve Cohen , an analyst at *CUNK* Financial Group Inc. , said , `` I do n't see that this will be sufficient to give IBM a significant *UNK* in the fourth quarter . '' STOP 
IBM has already indicated it will have problems in the quarter , partly because of a delay in shipping a *UNK-* disk drive and partly because the strong dollar will cut significantly the value of IBM 's overseas earnings when translated into dollars . STOP 
Some analysts have estimated IBM 's fourth-quarter per-share earnings will fall 10 % to $ *UNKN* a share from $ *UNKN* a share a year earlier . STOP 
In addition to the new mainframe hardware and software , IBM announced a *UNK-* system for data storage that it said *UNKS* half as much floor space as older systems but can store five times as much data on a single *UNK* . STOP 
That should help IBM address the damage that a *UNK* *CUNK* Technology Corp. has *UNKED* in that market . STOP 
*CUNK* *CUNK* Corp. completed the acquisition of Peter *CUNKER* *CUNK* . H. , a West German *UNK* products distributor . STOP 
Terms were n't disclosed . STOP 
*CUNK* is a camera and *UNK* products company . STOP 
The Navy awarded *CUNK* Industries Inc. 's *CUNKS* *CUNKING* division $ *UNKN* million for shipyard services on the *CUNKS* *UNKER* program . STOP 
The award *UNKS* a Navy option to extend a contract given in 1984 . STOP 
The White House called on Congress to *UNK* the proposed capital-gains tax cut to its final deficit-reduction bill , but lawmakers seem likely to *UNK* at the idea . STOP 
Earlier this month , the White House endorsed *UNKING* the controversial tax measure from the bill so that Congress could pass quickly a `` clean '' bill containing only provisions specifically designed to meet federal budget targets under the Gramm-Rudman act . STOP 
But now that Congress has missed the legal deadline for meeting the Gramm-Rudman targets , the White House said it has returned to its original view that a capital-gains cut should be part of the deficit-reduction bill , on which Congress continues to work . STOP 
`` If that does n't happen , then we press forward on another vehicle and a separate vote , '' said press secretary Marlin Fitzwater . STOP 
On Capitol Hill , though , there does n't seem to be sufficient sentiment to *UNK* capital gains and the deficit-reduction bill . STOP 
Texas Rep. William *CUNKER* , the ranking Republican on the House *CUNKS* and Means Committee said , `` I do n't see how we have the votes '' to place a capital-gains tax cut there . STOP 
Meanwhile , President Bush stepped up his personal lobbying for the capital-gains tax cut . STOP 
The White House said he plans to hold a series of private White House meetings , mostly with Senate Democrats , to try to persuade lawmakers to fall in line behind the tax cut . STOP 
The first meeting yesterday was with 10 Senate Democrats who have expressed an interest in cutting the tax . STOP 
According to some who attended , the senators argued that the president should give the Democratic leaders in Congress a victory of their own to compensate them for allowing the president to win on the controversial capital-gains issue . STOP 
Issues discussed in this context were an increase in the minimum wage and an increase in *UNK-* spending . STOP 
The president was said to have been *UNKAL* . STOP 
Toshiba Corp. said its new French marketing concern has started operating under the *UNKS* of the company 's West German subsidiary , which formerly handled all sales of Toshiba electronic products in France . STOP 
A recent change in French law , according to Toshiba , permitted formation of the semiconductor marketing arm in Paris . STOP 
American Telephone & Telegraph Co. unveiled new optical *UNKION* systems for data , video and voice communications . STOP 
Two products in what the telecommunications giant called a new generation of such equipment are available now , AT&T said , and three others will be introduced in 1990 and 1991 . STOP 
The products are aimed at a market expected to total more than $ 1 billion a year in sales by 1995 , said Morgan *CUNKER* Jr. , vice president of *UNKION* systems for AT&T . STOP 
The products already available are *UNK-* systems , used instead of *UNKS* of *UNKING* to *UNK* other telecommunications equipment . STOP 
This cuts down greatly on labor , Mr. *CUNKER* said . STOP 
To be introduced later are a *UNKER* , which will allow several signals to travel along a single optical line ; a *UNK-* system , which carries voice channels ; and a network *UNKER* , which directs data flow through *UNK-* systems . STOP 
AT&T said the products , unlike previous generations , will meet so-called *CUNK* *UNK* standards , which AT&T expects to be broadly adopted . STOP 
*CUNK* , or *OUS* optical network , products have more capacity than earlier models . STOP 
`` These products are the heart of our *UNK-* line , '' Mr. *CUNKER* said . STOP 
He declined to disclose specific prices , but said each product costs in the *UNKS* of thousands , or even hundreds of thousands , of dollars . STOP 
AT&T said it expects to beat to the marketplace two rivals , Northern *CUNK* Ltd. of Canada and France 's *CUNK* N.V. , which also have announced *CUNKED* products . STOP 
AT&T predicted strong growth in demand for such products . STOP 
It noted that last July , Nippon Telegraph & Telephone Corp. of Japan selected AT&T to supply $ *UNKN* million of such equipment over a four-year period starting next year . STOP 
Law firms that have *UNKED* and grown on the revenue from mergers and acquisitions work are feeling the squeeze as that work declines . STOP 
The disarray in the junk-bond market that began last month with a credit crunch at Campeau Corp. and the failure of banks to deliver financing for a leveraged buy-out of United Airlines parent UAL Corp. has *UNKED* through some of the nation 's largest law firms . STOP 
While it is still too early to tell whether the *UNK* of takeover activity is only temporary , many lawyers say their firms are *UNKING* for lower revenue from merger work , which has been so lucrative in the past . STOP 
Much of this work was done for higher fees than other legal work and was not generally *UNKED* by the hour . STOP 
If deals take longer to complete and there are fewer of them to do , `` you ca n't bill the same kind of premium as when deals took a few weeks from start to finish , '' says one lawyer at a large New York firm . STOP 
`` We 're planning on a *UNKING* year in 1989 , but next year we 'll be another story , '' said Robert *CUNK* , a partner at *CUNK* *CUNKER* & Bartlett . STOP 
`` We 're settling down to a less active period . '' STOP 
Lawyers at such firms as Sullivan & *CUNK* ; *CUNK* *CUNK* & *CUNKER* ; *CUNK* , *CUNK* , Rosen & Katz ; and *CUNKED* , Frank , Harris , *CUNKER* & Jacobson all say they , too , have experienced a significant slowdown , particularly during the past few weeks . STOP 
`` Everyone is waiting to see if deals can be done at *UNK* prices and if money is available , '' said Jack *CUNK* , *UNK-* of *CUNK* *CUNK* . STOP 
`` It 's hard to know right now if the change is fundamental or cyclical . '' STOP 
Some lawyers say the slump , while more obvious in recent weeks , began earlier this year . STOP 
Dennis Block , a partner at the New York firm of *CUNK* , *CUNKAL* & *CUNKS* , said that in the first eight months of this year , 89 hostile offers were launched , compared with *UNKN* for the first eight months of STOP 
What 's more , he said , `` transactions are taking a much longer time to conclude and many fall apart for lack of financing '' and more *UNK* scrutiny by state courts . STOP 
Lawyers also say an *UNK* stock market and uncertain financing conditions have sharply reduced the number of lucrative big deals likely to be proposed . STOP 
Still , some lawyers say the mergers slowdown has n't affected foreign buyers as much as domestic ones . STOP 
`` We just took another floor for our London offices , '' said Joseph *CUNK* of the New York firm of *CUNK* , *CUNKS* , *CUNK* , *CUNKER* & *CUNK* . STOP 
Davis *CUNK* & *CUNK* also said its international clients are keeping mergers and acquisitions partners busy . STOP 
`` European companies are looking to buy American ones , '' said Henry King , the managing partner at that firm . STOP 
`` But the question is whether things people are looking at will actually surface in live transactions in light of the current market conditions . '' STOP 
*CUNK* *CUNK* charged in *CUNKS* Securities Corp . *UNKION* trial . STOP 
In the trial of former *CUNKS* Securities Chairman *CUNK* Laff , the defense accused one of the government 's chief witnesses of threatening to kill Mr. Laff . STOP 
Mr. Laff 's attorney , John Lang , filed a *UNK* asking that the trial record include a *UNKLY* taped conversation in which the witness , Henry Lorin , told a *CUNKS* *UNKER* that Mr. Laff should be killed . STOP 
The conversation was taped by federal investigators in what Mr. Lang said was an effort to get Mr. Lorin to *UNK* Mr. Laff . STOP 
In his opening arguments last week in federal court in New York , Mr. Lang told the jury that Mr. Lorin was the `` real master criminal '' behind the stock *UNKION* , and that Mr. Laff knew nothing about it . STOP 
In March , Mr. Laff was indicted on 15 counts of conspiracy , mail and securities fraud , and *UNKING* an investigation by the Securities and Exchange Commission . STOP 
The government has charged that Mr. Lorin and Mr. Laff were part of a conspiracy to maintain the prices of certain stocks at *UNKLY* high prices . STOP 
Mr. Lorin , a stock *UNKER* , pleaded guilty to the *UNKION* charges in April and agreed to cooperate with the government 's investigation of Mr. Laff . STOP 
During his cross examination of Mr. Lorin , Mr. Lang read from the *UNKS* of a conversation that was taped Oct. 20 , 1988 . STOP 
Stanley *CUNK* , the *CUNKS* broker who agreed to carry a hidden *UNK* during the conversation , also has pleaded guilty to conspiracy to *UNK* securities violations in the stock *UNKION* and agreed to cooperate . STOP 
According to the *UNK* , Mr. Lorin said Mr. Laff should be killed after Mr. *CUNK* told him that information given to Mr. Laff by another *UNK* could *UNK* the stock scheme . STOP 
Mr. Lorin then repeated the threat , and Mr. *CUNK* urged him not to say such things . STOP 
From the parts of the *UNK* read by Mr. Lang , it was unclear what exactly Mr. Lorin feared might happen . STOP 
When asked for a copy of the *UNK* , Mr. Lang said Judge Thomas P. *CUNK* had *UNKED* him not to release it or the *UNK* . STOP 
During the trial , Mr. Lang asked Mr. Lorin whether he had been so upset `` that you considered killing Mr. Laff ? ... STOP 
Is n't it true that you were so worked up that *UNKING* Mr. Laff for this crime was the least that you planned for him ? '' STOP 
Mr. Lorin responded , `` No . '' STOP 
When Mr. Lang asked Mr. Lorin whether he had taken steps to have Mr. Laff killed , the witness again said no . STOP 
Peter *CUNK* , the assistant U.S. attorney *UNKING* the case , declined to comment on the trial . STOP 
*CUNK* *CUNK* *CUNK* settlement payments to *CUNK* *CUNK* *UNKS* *UNKS* . STOP 
Stephen A. *CUNK* , one of five *UNKS* appointed to monitor payments to women injured by the *CUNK* *CUNK* *UNK* *UNK* , resigned , citing personal reasons . STOP 
Mr. *CUNK* , who *UNKS* evidence at the University of Virginia School of Law and was a deputy assistant attorney general in the U.S. Justice Department until August , submitted his resignation earlier this month to federal Judge Robert R. *CUNK* Jr. , in Richmond , Va . STOP 
Judge *CUNK* is *UNKING* the bankruptcy-law reorganization of *CUNK* *CUNKS* Co. , the company that manufactured the shield . STOP 
In a letter Monday to Mr. *CUNK* , the judge said he would `` *UNKLY* '' accept the resignation . STOP 
The $ *UNKN* billion *CUNK* *CUNK* *CUNKS* Trust was established as part of *CUNK* *CUNKS* ' *UNKION* plan to resolve *UNK* claims *UNKING* from use of the shield . STOP 
American Home Products Corp. proposes to acquire the company . STOP 
The remaining four *UNKS* on the *CUNKS* Trust have 60 days to *UNK* a successor to Mr. *CUNK* . STOP 
Judge *CUNK* will make the appointment . STOP 
*CUNK* *CUNK* *CUNK* *UNKS* American Express Co. vice president : STOP 
*CUNK* *CUNK* Harris & *CUNK* brought in Howard A. *CUNK* as a partner in its Washington , D.C. , office , which opened Oct. 1 . STOP 
For the past six years , Mr. *CUNK* , 43 years old , served as vice president for government affairs at American Express . STOP 
He previously was staff director and counsel for the Senate committee on banking , housing and urban affairs . STOP 
The other lawyer in the office is partner Robert A. *CUNK* , the firm 's legislative director . STOP 
THE *CUNK* law firm of *CUNK* , *CUNK* , *CUNKS* & Ingersoll said three partners have joined its business and finance department . STOP 
John *CUNK* , 48 , a former *UNK-* in charge of legal compliance at American Capital Management & Research Inc. , in Houston , will join *CUNK* *CUNK* 's *UNKS* practice . STOP 
*CUNK* Walker , 45 , a former partner at the Philadelphia law firm of *CUNK* , *CUNK* , *CUNK* , *CUNKER* & *CUNK* , will *UNK* in antitrust , real estate and mergers and acquisitions . STOP 
Richard L. *CUNK* , 42 , will advise *UNKED* businesses . STOP 
Mr. *CUNK* is former deputy general counsel for *CUNK* *CUNK* Corp. , in Philadelphia , now *CUNK* *CUNK* PLC , in London . STOP 
Delmed Inc. 's top two officers resigned and were succeeded by executives of Fresenius USA Inc. and its parent , Fresenius AG , a major Delmed holder that has been negotiating to acquire a controlling stake . STOP 
In addition , Delmed , which makes and sells a *UNKS* solution used in *UNKING* kidney diseases , said negotiations about pricing had collapsed between it and a major distributor , National Medical Care Inc . STOP 
Delmed said Robert S. *CUNK* resigned as chairman , president and chief executive . STOP 
Mr. *CUNK* will continue as a director and a consultant . STOP 
*CUNK* I. *CUNK* , chief operating officer and chief financial officer , also resigned , the company said . STOP 
Mr. *CUNK* was succeeded as chairman by *CUNK* *CUNK* , a director of Fresenius , a West German pharmaceutical concern . STOP 
*CUNK* *CUNKS* , president of Fresenius USA , was named president , chief executive and chief operating officer . STOP 
None of the officials was available for comment . STOP 
In trading on the American Stock Exchange , Delmed closed at 50 cents , down 6.25 cents . STOP 
Fresenius owns about 42 % of Delmed 's fully diluted common stock . STOP 
The two companies have been discussing a transaction under which Fresenius would buy Delmed stock for cash to bring its beneficial ownership to between 70 % and 80 % of Delmed 's fully diluted common stock . STOP 
The transaction also would combine Fresenius USA and Delmed . STOP 
Under the proposal , Delmed would issue about *UNKN* million additional Delmed common shares to Fresenius at an average price of about 65 cents a share , though under no circumstances more than 75 cents a share . STOP 
Yesterday , Delmed said it `` continues to explore the possibility of a combination with Fresenius USA . '' STOP 
It added that it is apparent that any terms of a combination `` would be substantially less favorable than those previously announced . '' STOP 
While the discussions between Delmed and National Medical Care have been discontinued , Delmed will continue to supply *UNKS* products through National Medical after their exclusive agreement ends in March 1990 , Delmed said . STOP 
In addition , Delmed is exploring distribution arrangements with Fresenius USA , Delmed said . STOP 
Philip L. Hall , president of J. Lawrence Hall Co. , Nashua , was named a director of this thrift holding company , filling a vacancy . STOP 
*CUNKAL* Inc. said it intends to acquire *CUNK* America Inc. for $ 44 million plus a consideration of as much as an additional $ 12 million , payable over five years . STOP 
*CUNKAL* is a *UNKS* and *UNKS* company . STOP 
*CUNK* , whose principal offices are in Detroit , is a *UNKER* *UNKER* of industrial tools and supplies . STOP 
The acquisition is subject to approval by *CUNKAL* 's board . STOP 
Genentech Inc. said third-quarter profit more than doubled to $ *UNKN* million , or 13 cents a share , from a depressed 1988 third-quarter performance of $ 5.3 million , or six cents a share . STOP 
Revenue rose 23 % to $ 100 million from $ *UNKN* million . STOP 
Net product sales accounted for $ 76 million , up from $ *UNKN* million a year earlier . STOP 
Sales of the heart drug *CUNK* were $ *UNKN* million , better than last year 's depressed third period when the company sold just $ *UNKN* million of the drug . STOP 
But *CUNK* sales fell below levels for this year 's first and second quarter sales of $ 48 million , *UNKING* investors . STOP 
Genentech stock fell 12.5 cents in trading yesterday on the New York Stock Exchange to $ *UNKN* . STOP 
In the nine months , net income slid 21 % to $ *UNKN* million , or 33 cents a share , from $ 36 million , or 42 cents a share . STOP 
*CUNKS* climbed 18 % to $ *UNKN* million from $ *UNKN* million . STOP 
`` We continue to be on target for ... increasing *CUNK* sales 20 % to 25 % this year , '' said founder and Chief Executive *CUNKER* Robert *CUNK* . STOP 
But some analysts remain sour on the company . STOP 
`` *CUNK* sales are down quarter to quarter . STOP 
*CUNKS* are flat and that 's a good sign . STOP 
There 's contract revenue from -LCB- limited research and development -RCB- partnerships . STOP 
But I still think the fundamentals are poor , '' said *CUNK* *CUNK* , an analyst with *CUNK* Securities in San Francisco . STOP 
Genentech faces competition in the *UNK-* market from *CUNK* *CUNK* PLC 's heart drug *CUNK* , expected to receive market approval shortly . STOP 
And Genentech is n't likely to have any new products ready for market until at least 1992 , Ms. *CUNK* added . STOP 
`` The company 's stock is trading at 40 times next year 's numbers , and that 's too much , '' she said . STOP 
On the plus side , Genentech is *UNKING* from a lower tax rate due to its research outlays , giving a boost to earnings , she said . STOP 
THE *CUNK* *CUNK* *CUNK* 'S 1988 costs of fund raising and administration were $ *UNKN* million , or *UNKN* % of its revenue . STOP 
A chart in last Friday 's special report on personal finance contained an *UNK* figure supplied by *CUNK* Times , a monthly newspaper covering charities . STOP 
Ryder System Inc. posted a third-quarter net loss of $ *UNKN* million , because of an expected $ 57 million after-tax charge and continued weakness in the company 's *UNKAL* business . STOP 
The loss , which is 38 cents a share , is the transportation services concern 's first quarterly setback in more than a decade and compares with net income of $ *UNKN* million , or 68 cents a share , in the year-ago period . STOP 
The previous year 's third quarter included gains on the sale of aircraft by the company 's Aviation *CUNKING* & Services Division . STOP 
Revenue was flat at $ 1.3 billion . STOP 
The latest quarter 's after-tax charge -- which is 75 cents a share -- was related to adjustments to reserves for workers ' compensation claims ; reductions in vehicle *UNKS* , staff and facilities ; and *UNKS* of assets . STOP 
Although Ryder did n't break out the charge , analysts estimated that the majority of the $ 57 million was linked to workers ' compensation reserves and anticipated losses on the *UNKAL* of trucks . STOP 
Many analysts said they were n't surprised that problems in many of Ryder 's lines of business continued to *UNK* the company . STOP 
`` It pretty much *UNKS* what we had been expecting , '' said Anthony *CUNK* , an analyst at PaineWebber Inc . STOP 
In New York Stock Exchange composite trading yesterday , Ryder closed at $ *UNKN* , down 37.5 cents . STOP 
M. Anthony *CUNKS* , Ryder 's chairman and chief executive officer , said : `` We 're constantly trying to find ways to regain the earnings momentum . STOP 
But we 're still at the beginning stages of some of these changes . '' STOP 
He said the fourth quarter will be `` challenging , '' and maintained his conservative forecast that 1990 `` wo n't be a *UNK* *UNKER* . '' STOP 
In the nine months , net income fell 79 % to $ *UNKN* million , or 33 cents a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Revenue rose slightly to $ 3.8 billion from $ 3.7 billion . STOP 
Robert L. *CUNK* , *UNK-* chief financial officer , was named chairman and chief executive officer of this independent power producer , succeeding Raymond L. *CUNK* , 63 . STOP 
Mr. *CUNK* , who resigned effective Jan. 1 for health reasons , remains a director . STOP 
Advanced Medical Technologies Inc. said it purchased 93 % of a unit of *CUNK* Group Inc . STOP 
Advanced Medical paid $ 106 million in cash for its share in a unit of *CUNK* 's *CUNKER* *CUNK* subsidiary . STOP 
The unit makes *OUS* *UNKS* used by hospitals and had more than $ 110 million in sales last year , according to Advanced Medical . STOP 
*CUNK* Health *CUNKS* Inc. , operating under Chapter 11 *UNK-* protection , *UNKED* terms of its reorganization plan that calls for creditors and shareholders to receive at least $ *UNKN* million in cash and $ 67 million face amount of 10-year , *UNKN* % notes . STOP 
The plan , *UNKED* in a filing with the Securities and Exchange Commission , also calls for creditors and shareholders to receive common stock and warrants in the new company . STOP 
The *UNK-* concern said it reached the agreement with its *UNKED* creditors ' committees Sept. 28 , and intends to submit the plan to the bankruptcy court in November . STOP 
*CUNK* , which filed for bankruptcy protection March 16 , has total debt of $ 750 million . STOP 
The company has promptly paid all its expenses and obligations since March 16 , a *CUNK* spokesman said . STOP 
General unsecured creditors of *CUNK* 's continuing operations initially will receive $ 47 million in cash , $ 35 million face amount of senior notes , and 49 % of the new company 's stock . STOP 
Those creditors , whose claims are estimated at about $ 200 million , include doctors and hospitals . STOP 
General unsecured creditors of *CUNK* 's discontinued operations , whose claims total $ 110 million , initially will receive $ *UNKN* million in cash and $ 10 million in senior notes . STOP 
*CUNK* 's public shareholders will receive 2 % of the new company 's stock and warrants *UNKING* them to acquire as much as an additional 5 % of the stock on a *UNKED* basis . STOP 
General unsecured creditors of the parent holding company initially will receive $ 14 million in cash , $ 22 million face amount of senior notes and 49 % of the new company 's stock . STOP 
That group includes banks and bondholders , who have claims of $ 150 million and $ 350 million respectively . STOP 
*CUNK* also will guarantee that the banks will realize at least $ 7 million on certain notes pledged to them . STOP 
*CUNK* said the plan *UNKS* that *UNKS* in the company 's health plans will have valid claims covered in full . STOP 
Those claims , along with priority employee claims , administrative claims , priority tax claims and administrative *UNK* claims , are expected to total about $ 16 million . STOP 
The plan is subject to approval by the bankruptcy court and others . STOP 
The spokesman said *CUNK* hopes to complete the reorganization by early 1990 . STOP 
Birmingham Steel Corp. said that its *CUNK* , Calif. , *UNK* sustained only minor damage from last week 's earthquake . STOP 
*CUNKING* resumed Oct. 18 , but the company expects production to be hampered in the next few months by traffic *UNKS* around the plant and *UNKS* for repair to gas and electric power systems . STOP 
The average interest rate rose to *UNKN* % at Citicorp 's $ 50 million weekly auction of *UNK-* commercial paper , or corporate *CUNKS* , from *UNKN* % at last week 's sale . STOP 
*CUNKS* totaling $ *UNKN* million were submitted . STOP 
*CUNKED* bids *UNKED* from *UNKN* % to *UNKN* % . STOP 
However , Citicorp said that the average rate fell to *UNKN* % at its $ 50 million auction of *UNK-* commercial paper from *UNKN* % at last week 's sale . STOP 
*CUNKS* totaling $ *UNKN* million were submitted . STOP 
*CUNKED* bids were all at *UNKN* % . STOP 
The bank holding company will auction another $ 50 million in each maturity next Tuesday . STOP 
Hughes *CUNK* Co. , a General Motors Corp. unit , said the *CUNK* *CUNK* commercial communications satellite is set to be launched Friday . STOP 
The satellite , built by Hughes for the International Telecommunications Satellite Organization , is part of a $ 700 million contract awarded to Hughes in 1982 to develop five of the *UNK-* *UNKS* . STOP 
Italian car manufacturer Fiat said it is n't interested in partnership or industrial cooperation with Swedish auto and aerospace group *CUNK-* AB , which faces heavy losses in its car division . STOP 
Fiat said it 's only interested in technical cooperation with Saab . STOP 
`` We know that Saab is looking for a partner for industrial and financial cooperation , '' Fiat said . STOP 
`` But that partner is n't Fiat . '' STOP 
The Italian auto maker confirmed that it was discussing technical cooperation with Saab , but declined to comment on rumors that it was planning to buy Saab 's car division . STOP 
Fiat 's rejection of partnership with Saab means that the Swedish company , which announced last Friday that its pretax profit for the first eight months plummeted 49 % , will have to look for a partner among other car manufacturers as both Ford Motor Corp. and Fiat have turned down the offer . STOP 
News reports said yesterday that Saab is trying to start negotiations with French *UNKS* *CUNK* and Renault . STOP 
ITT Corp. , its insurance business hurt by Hurricane Hugo , reported a 4 % decline in third-quarter net income , despite a 4.2 % rise in revenue . STOP 
ITT also forecast a fourth-quarter blow to earnings from the California earthquake . STOP 
*CUNK* for insurance , however , ITT said it expects improved operating earnings `` in all of our businesses for the full year . '' STOP 
Third-quarter net income dropped to $ *UNKN* million , or $ *UNKN* a share , from $ 230 million , or $ *UNKN* a share , in the year-earlier period . STOP 
ITT bought back 8.8 million shares this year , including 2.8 million during the third quarter . STOP 
Third-quarter revenue rose to $ 4.9 billion from $ 4.7 billion . STOP 
In New York Stock Exchange composite trading yesterday , ITT common stock fell 62.5 cents to close at $ *UNKN* a share . STOP 
In addition to insurance and finance , ITT has interests in electronic parts , defense technology , automotive parts , *UNK* technology , pulp and *UNKER* , and communications and information services . STOP 
`` Hurricane Hugo losses and the continuing industrywide downturn in the property and casualty insurance business were the major factors affecting quarterly comparisons , '' said *CUNK* V. *CUNK* , chairman and chief executive officer . STOP 
ITT 's Hartford Insurance Group had a $ 53 million quarterly pretax loss from Hurricane Hugo , ITT said . STOP 
Hartford expects to report a further pretax loss of about $ 30 million for the current quarter , as a result of the California earthquake this month , ITT added . STOP 
The company also disclosed its financial operations had increased reserves for *UNK* accounts , resulting in a $ 40 million pretax charge for the third quarter . STOP 
This charge was partly offset , however , by $ 19 million in pretax capital gains . STOP 
ITT also said its consumer finance unit agreed in September to settle a civil suit with the California attorney general over alleged *UNKER* lending and sales practices . STOP 
*CUNKING* this settlement , the company recorded a pretax charge of $ 24 million during the fourth quarter of 1988 . STOP 
An ITT spokesman said the charge was n't publicly reported at the time . STOP 
`` The company 's product businesses , with the exception of electronic components , had higher operating earnings for the first nine months of 1989 , '' the company said . STOP 
*CUNKING* on the exception , it said volume and margins were lower in semiconductor and power systems operations . STOP 
Amoco Corp. said it plans to install two *UNKS* and *UNK* as many as 22 wells to develop oil reserves it discovered in the Atlantic Ocean about 25 miles off the coast of *CUNK* . STOP 
Amoco , an energy concern , is the operator of the project with a *UNKN* % working interest , and other partners include *CUNK* *CUNK* , the *CUNK* state oil company , with a 50 % interest , and *CUNK* Foreign Petroleum Exploration Co. with a 6.25 % stake . STOP 
*CUNKION* is expected to be about 40,000 barrels of oil a day after completion of the drilling program . STOP 
*CUNKS* Engineering Group Inc. 's *CUNKS* International unit was selected to design and build a *UNKS* manufacturing plant in County *CUNK* , Ireland , for Intel Corp . STOP 
*CUNKS* is an international engineering and construction concern . STOP 
Total capital investment at the site could be as much as $ 400 million , according to Intel . STOP 
The *UNK-* plant will be *UNKED* on a *UNK-* site near *CUNK* . STOP 
*CUNKS* Engineering officials could n't be reached for comment . STOP 
Bob Evans Inc. said its board authorized the purchase of as many as 500,000 shares of its common . STOP 
The stock , to be purchased on the open market or through privately negotiated transactions , will be held as treasury shares for stock options or other general corporate purposes . STOP 
The program expires April 27 . STOP 
The restaurant operator had *UNKN* million shares outstanding as of Sept. 29 . STOP 
*CUNK* Energy Inc. said it completed the sale of *CUNKION* Co. to *CUNK* *CUNK* Co. , for $ 17 million in cash and notes . STOP 
*CUNK* , an oil and gas concern , said it and its partners received $ 7 million in cash and $ 10 million in five-year notes for the Kansas *UNK* pipeline . STOP 
*CUNK* owned 60 % of the pipeline and private entities owned the rest . STOP 
*CUNK* is based in *CUNK* , Kansas . STOP 
French consumer prices rose 0.2 % in September from August , according to provisional estimates by the National Statistics Institute . STOP 
The agency noted that because of a strike by Finance Ministry personnel the provisional estimate does n't *UNK* exactly to the consumer price index usually published . STOP 
The agency noted , however , the estimate will likely be confirmed . STOP 
The institute did n't estimate annual price growth in September , but a 0.2 % rise by the consumer price index would put growth at either *UNKN* or *UNKN* , up 3.3 % or 3.4 % from the year-earlier level of *UNKN* . STOP 
The index was *UNKN* in August and is based on 1980 equaling 100 . STOP 
International Technology Corp. and *CUNK* *CUNK* Corp. , a unit of London 's *CUNK* Corp. , said they were awarded a $ 55 million contract by the U.S. Army *CUNKS* of *CUNKS* for the *UNK* of the *CUNK* *CUNKER* *CUNK* Superfund site in *CUNK* *CUNK* , N.J . STOP 
International Technology , an environmental management concern , said the contract includes construction of *UNK* walls , gas collection systems , a *UNKER* cap and water treatment plant . STOP 
U.S. Memories Inc. , the venture that seeks to crack Japan 's *UNKION* of the *UNK-* market , said it has chosen four potential sites for its operations after a *UNK* bidding war by 15 states . STOP 
U.S. Memories said it will begin visits during the next several weeks to sites in Austin , Texas ; Colorado Springs , Colo. ; *CUNK* , N.Y. ; and Phoenix , *CUNK* . STOP 
Sanford *CUNK* , president , said the *UNKS* were chosen from among 57 locations based on financial , business , and quality of life considerations . STOP 
*OUS* by its absence is California . STOP 
San Jose and several other California cities mounted major campaigns during the summer to *UNK* the group , which was founded last June by seven electronics concerns . STOP 
The venture plans to announce a final site by late November . STOP 
It expects to begin construction by year end and start shipping *UNK-* dynamic *UNKS* memory chips by *UNK-* . STOP 
U.S. Memories investors include Advanced *CUNK* *CUNKS* Inc. , Digital Equipment Corp. , Hewlett-Packard Co. , International Business Machines Corp. , Intel Corp. , *CUNK* *CUNK* Corp. , and National Semiconductor Corp . STOP 
Mr. *CUNK* said he expects several other companies to join some time after the venture *UNKS* a business plan , probably later this week . STOP 
A seat on the Chicago Board of Trade was sold for $ *UNKN* , unchanged from the previous sale Oct. 13 . STOP 
*CUNKS* currently are quoted at $ *UNKN* bid , $ *UNKN* asked . STOP 
The record price for a full membership on the exchange is $ *UNKN* , set Aug. 31 , 1987 . STOP 
Dennis R. *CUNK* , a general manager of *CUNK* *CUNKS* , was named vice president of research and development , a new post at this steel company . STOP 
*CUNKED* D. Thompson , a *UNK-* attorney in private practice in Washington and *CUNK* , Tenn. , was elected to the board of this engineering and construction company . STOP 
The board increased to 11 seats . STOP 
Sun Microsystems Inc. said Prime Computer Inc. has agreed to *UNK* as much as $ 200 million worth of Sun 's machines over the next two years . STOP 
The computers use the company 's own *UNK* called *CUNK* , Sun said . STOP 
*CUNK* Systems Inc. said it filed a lawsuit against Apple Computer Inc. , claiming patent *UNK* in an element of Apple 's popular *CUNK* software program . STOP 
The suit , filed in Minneapolis federal court , claims that Apple violated a *CUNK* patent that allows computer users to display `` only *UNKS* of multiple fields on a computer screen with the ability to see the entire *UNKS* of any given field . '' STOP 
The *CUNK* program allows users to design applications for *CUNK* computers without having to be *UNK* *UNKS* and is distributed with every *CUNK* sold . STOP 
It 's one of the most popular computer programs of all time , but analysts said the *CUNK* suit does n't appear to *UNK* major difficulties for Apple . STOP 
The technology at issue `` is not an underlying technology of *CUNK* to my knowledge , '' said *CUNK* *CUNK* , a San *CUNK-* *CUNK* program developer . STOP 
Nonetheless , the suit seeks unspecified damages that an attorney for *CUNK* claimed could run into the millions of dollars . STOP 
In *CUNK* , Calif. , Apple said that it believes the case has no merit , and that *CUNK* does not *UNK* `` any valid claims '' of the *CUNK* patents . STOP 
It said it filed an action of its own in federal court in San Jose , Calif. , seeking a *UNKION* that *CUNK* 's claims are *UNK* . STOP 
This is in response to *CUNK* *CUNK* 's *CUNKER* 's Journal , `` Looking for the Real *CUNKING* in Sony '' -LRB- editorial page , Oct. 2 -RRB- . STOP 
Though I agree with many of Mr. *CUNK* 's comments , I believe he points the *UNK* in the wrong direction : It is n't the Americans who must be criticized for not understanding the Japanese culture , but the Japanese who insist on forcing their culture on Americans . STOP 
The Japanese want us to accept their culture , but they refuse to accept the American culture . STOP 
Japanese managers ca n't expect Americans to *UNK* as if they were Japanese ; instead , they must manage Americans as Americans . STOP 
Americans are expected to *UNK* to the Japanese culture when in Japan . STOP 
What is wrong with expecting the Japanese to *UNK* to American *UNKS* when they *UNK* here ? STOP 
Americans place native or native *UNKS* in charge of subsidiaries overseas . STOP 
European *UNKS* do *UNK* ; even in America , their affiliates are usually run by American managers . STOP 
But the Japanese insist upon Japanese managers *UNK* they set up shop . STOP 
Do the Japanese feel so superior that they can not find capable American managers ? STOP 
Paul A. *CUNK* *CUNK* University *CUNK* , *CUNK* . STOP 
Mr. *CUNK* suggests that *CUNK* Electronics Industries workers were having difficulty understanding their foreign *UNKS* ' perspective . STOP 
While Mr. *CUNK* does an excellent job of explaining the differences , both cultural and *UNK* , I question his perspective . STOP 
*CUNK* he suggest that employees of an American company doing business in Japan *UNK* to their new *UNKS* ' culture and philosophy ? STOP 
Obviously not . STOP 
Thus the conclusion is that the burden *UNKS* with management to *UNUNK* the culture and philosophy of the country in which they are operating . STOP 
The workers can be *UNKED* , and the company reach its full potential , only when management *UNKS* the employees ' perspective . STOP 
A. *CUNK* *CUNK* President Municipal Code Corp . *CUNK* , *CUNK* . STOP 
I believe Mr. *CUNK* left out one major aspect of Japanese culture that *UNKED* his piece : the belief in the *UNK* of Japanese culture and behavior vs. others . STOP 
A manager should not have to *UNK* the opinions of his employees about the style of his management . STOP 
Instead , he should listen to see how that criticism can be used *UNKLY* to advance his *UNK* of carrying out a set of tasks through the efforts of his *UNKS* . STOP 
Japanese culture vs. American culture is *UNK* . STOP 
The key is how a manager from one culture can *UNK* employees from another . STOP 
For Mr. *CUNK* to argue that American employees must *UNKLY* accept a direct *UNKION* of the Japanese way of doing things is *UNK* cultural *UNK* of the first order . STOP 
The Japanese are *UNKING* the opportunity to *UNK* a new corporate culture based on a fusion of the best aspects of both national *UNKS* . STOP 
Mr. *CUNK* is *UNK* to deny a specific *UNK-* bias . STOP 
It is more difficult to deny a general *UNK* in seeing things only the Japanese way . STOP 
When the response to criticism is only a better explanation of policies without *UNKING* the reasons for the criticism , I am convinced that Mr. *CUNK* has still failed to attack the *UNK* cause of the problem and is simply *UNKING* symptoms . STOP 
Norman L. *CUNKS* *CUNK* , *CUNK* . STOP 
Cie . Generale *UNK* *CUNK* reported that net profit climbed 30 % in the first half of 1989 and said that it expects a gain of about 25 % for the full year . STOP 
The French water treatment group said consolidated net profit after payments to minority interests rose to *UNKN* million francs -LRB- US$ *UNKN* million -RRB- from *UNKN* million francs in the first half of 1988 . STOP 
Revenue climbed 13 % to *UNKN* billion francs from *UNKN* billion . STOP 
Generale *UNK* *CUNK* said the earnings gain was led by its water , energy and building activities . STOP 
As a presidential candidate in 1980 , George Bush *UNKLY* expressed his position on abortion in an interview with *CUNKING* Stone magazine published that March . STOP 
What did he think of the Supreme Court 's decision *UNKING* abortion ? STOP 
`` I happen to think it was right , '' Mr. Bush said *UNKLY* . STOP 
A few months later , Mr. Bush became Ronald Reagan 's running *UNK* . STOP 
*CUNKLY* , George Bush the pro-choice *UNK* became George Bush the *UNK-* . STOP 
And the *UNKION* did n't end there . STOP 
Just a month ago , Mr. Bush *UNKLY* threatened to veto a pending *UNK* bill if it provided any abortion funds , except to save a woman 's life . STOP 
Then , two weeks ago -- *UNKING* that `` I 'm not looking for any conflict over this '' -- the president said he would consider a compromise to fund abortions for poor women in cases of rape and incest . STOP 
But only four days after that , Mr. Bush *UNKED* the veto threat . STOP 
`` I do not support federal funding for abortions except where the mother 's life is threatened , '' he *UNKED* , and finally *UNKED* the measure last weekend . STOP 
So what does George Bush really believe ? STOP 
The answer is so *UNK* that it is beginning to get this popular president in trouble with each of the increasingly *UNKAL* , increasingly powerful sides of the abortion issue . STOP 
The result is *UNK* and criticism from all around . STOP 
*CUNKION* forces regard him as at best an uncertain ally . STOP 
`` In all *UNK* if you ask me , ` Is this man a true *UNKER* ? ' I do n't know , '' says John *CUNKER* , head of the *CUNKED* Ad *CUNK* Committee in Defense of Life Inc . STOP 
Yet abortion-rights forces remain *UNKLY* critical . STOP 
Douglas Gould , vice president of communications for the *CUNKED* *CUNK* Federation of America , calls Mr. Bush 's position on the *UNKING* issue `` extremely *UNK* , '' adding : `` The guy has n't done one thing about *UNKION* . STOP 
He 's totally *UNKED* to a *UNK* position . '' STOP 
Mr. Bush is *UNKLY* *UNUNK* with the entire abortion question . STOP 
For most of the past nine years , he has *UNK* to convince anti-abortion activists of his *UNK* support for their position . STOP 
But ever since the Supreme Court 's Webster vs. *CUNK* Health Services decision this year changed the political landscape of the abortion issue , the president seemingly has tried just as hard to avoid saying anything more unless pressed to the wall . STOP 
Many Americans still *UNK* over their own personal feelings about abortion . STOP 
Mr. Bush 's problem is n't so much that he seems to be *UNKING* over the issue as it is that he seems to *UNK* on it . STOP 
The political risk would be far less if the president drew a firm line and *UNKED* to it , experts insist . STOP 
`` If you have a position , you 're better off to stick with it than to move around very much , '' says Republican strategist John Sears . STOP 
The need for *UNK* is especially *UNK* for Mr. Bush , who , Mr. Sears maintains , lacks a strong *UNKAL* base . STOP 
By his moderate Republican *UNK* as well as the warnings of political advisers who say the issue is *UNKAL* to younger voters , the president might seem to have at least some *UNK* with abortion-rights arguments . STOP 
Yet he is also firmly *UNK* by his *UNK-* rhetoric and promises he made to anti-abortion activists during his long pursuit of the White House . STOP 
On many issues -- *UNKING* , for instance -- his *UNK* political *UNKS* overcome such conflicts . STOP 
But Mr. Bush and his advisers *UNKED* the politics of the abortion issue , failing to *UNK* how *UNKLY* the abortion-rights movement would be *UNKED* following last summer 's Supreme Court decision to restrict those rights in the Webster case . STOP 
`` It was one of the *UNKEST* changes in public attitudes I 've ever seen , '' says former Reagan *UNKER* Richard *CUNK* . STOP 
These days , when others raise the subject of abortion , the usually *OUS* president can be *UNKED* almost to the point of *UNKS* . STOP 
*CUNK* days ago he was asked to *UNK* the reasons behind his anti-abortion stance . STOP 
`` My position is well-known and *UNKED* , '' he *UNKED* . STOP 
A close look at his record over the last 15 years suggests that Mr. Bush has *UNKED* his views -- on all sides of the issue . STOP 
In 1974 , as the U.S. representative to the United *CUNKS* , he wrote an introduction to a book on world population in which he *UNKED* of his leadership during his term in Congress in expanding *UNKING* services for the poor . STOP 
*CUNKING* for president in early 1980 , he was also quoted as supporting federal funding for abortions in cases of rape , incest and to save the life of the mother . STOP 
In his *CUNKING* Stone interview in 1980 , Mr. Bush *UNKED* his abortion-rights remarks to contrast himself with his rival , Ronald Reagan . STOP 
In addition to supporting the *UNK* *CUNK* vs. *CUNK* Supreme Court decision *UNKING* abortion , Mr. Bush said he opposed the constitutional ban on abortion that Mr. Reagan was promising to promote . STOP 
As Mr. Reagan 's running *UNK* , though , Mr. Bush plunged *UNK* into the anti-abortion position , *UNKING* a constitutional amendment *UNKING* abortion . STOP 
He acknowledged only one difference with Mr. Reagan -- that the amendment ought to have exceptions for rape and incest as well as to save a woman 's life . STOP 
*CUNK* the early 1980s , Mr. Bush was quoted sometimes supporting federal funding for abortion in cases of rape and incest and sometimes opposing it . STOP 
In April 1986 , *UNK-* President Bush had his staff write a letter *UNKING* out that he would support a constitutional amendment banning abortions except in cases of rape , incest and life *UNK* , but that he opposed federal funding in all but the latter case . STOP 
At the GOP convention last year , he again came out for an amendment with exceptions for rape , incest and life *UNK* . STOP 
His rhetoric gathered momentum as he rolled into office , *UNKING* his `` firm support of our cause '' during an anti-abortion rally three days after his *UNKION* last January . STOP 
He again urged passage of a constitutional amendment *UNKING* abortion . STOP 
But when the high court ruled in the Webster case in July , the president began to lower the volume . STOP 
When the ruling was handed down , the *UNKING* president *UNKED* Chief of *CUNK* John *CUNK* to issue a statement and refused to answer questions himself . STOP 
He did later *UNK* *UNKS* over legislation *UNKING* the District of Columbia 's right to use its own tax money to fund abortions for poor women and over *UNKING* funding to the United *CUNKS* *CUNKION* Fund . STOP 
But in the months since then , while trying to *UNK* up support for other issues -- such as an *UNKING* constitutional amendment -- he has *UNKED* away from talking about abortion . STOP 
What few comments he has *UNKED* have been *UNK* , such as urging `` greater efforts toward the protection of human life '' at a meeting of *CUNK* lawyers in Boston last month . STOP 
The White House has *UNK* avoided any involvement in Florida 's recent special legislative session on abortion , which anti-abortion forces had regarded as a key test of their ability to get state lawmakers to *UNK* abortion restrictions . STOP 
The session failed to *UNK* any new *UNKS* . STOP 
Now , some see Mr. Bush *UNKED* in a position he is neither comfortable with nor able to escape . STOP 
*CUNK* *CUNK* , head of the Republican *CUNK* Committee , a group of party *UNKS* , *UNKS* : `` The administration finds itself in an *UNKAL* *UNK* de *UNK* that it will find it difficult -- if not impossible -- to get itself out of . STOP 
Christopher *CUNK* 's Oct. 13 *UNK-* article `` *CUNK* More *CUNKING* *CUNKS* ... '' *UNKS* the point . STOP 
The 1989 Americans With *CUNKS* Act is about eliminating *UNK* barriers . STOP 
When we look closely at our own history , it is clear that our *UNKLY* *UNKED* civil rights have *UNKED* not through the *UNKS* of people 's *UNKS* but through legislation and constitutional amendments . STOP 
This is how American women won the right to vote . STOP 
And it is how *CUNKS* and other minority groups were guaranteed their equal rights as citizens in this nation . STOP 
For the more than 43 million Americans with *UNKS* , the 1989 Americans With *CUNKS* Act provides the missing piece . STOP 
*CUNKED* Americans have had their civil rights guaranteed in all federally funded programs since Section *UNKN* was passed as a part of the 1973 *CUNKION* Act . STOP 
The 1989 act simply *UNKS* these guarantees to the private sector . STOP 
Those who fear a *UNK* of suits *UNKING* our legal system need only look at the record on the *CUNKION* Act . STOP 
Without legal *UNK* , there are no guarantees of civil rights for anyone . STOP 
John R. *CUNK* President National *CUNKER* *CUNKAL* Society STOP 
Ford Motor Co. said it is *UNKING* control of its Asian operations under a new organization here that will be headed by W. Wayne *CUNKER* . STOP 
Ford *CUNK-* will coordinate the activities of Ford subsidiaries in Japan , Australia , Taiwan and New Zealand and work with Ford business associates throughout the region . STOP 
These functions are currently performed out of *CUNK* , Australia , and at Ford 's headquarters in *CUNK* , *CUNK* . STOP 
Mr. *CUNKER* , executive director of Ford 's Latin America *CUNK* *CUNKS* since December 1988 , was named vice president of Ford *CUNK-* . STOP 
Goodyear *CUNK* & *CUNKER* Co. , buoyed by improved operating profit in its tire segment , reported that third-quarter net income rose 11 % to $ *UNKN* million , or $ *UNKN* a share . STOP 
In the year-ago period , Goodyear had net of $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose slightly to $ *UNKN* billion , from $ *UNKN* billion . STOP 
Analysts had mixed responses to the results . STOP 
Donald *CUNK* , an independent analyst in New *CUNK* , Conn. , said he was `` *UNKED* with the company 's performance . '' STOP 
He said results were better than he 'd expected and indicate that Goodyear is in the midst of a turnaround from a string of lackluster quarters that have *UNKED* the company for a year . STOP 
However , Harry *CUNKS* , an analyst at McDonald & Co. , Cleveland , said Goodyear 's results `` fell at the bottom '' of his range of estimates . STOP 
Excluding an increase in the tax rate and the effects of foreign currency *UNKS* , Mr. *CUNKS* said the company 's results `` were still a little disappointing . '' STOP 
Goodyear 's stock , which has been weak in recent weeks , fell $ *UNKN* yesterday to close at $ *UNKN* a share in composite trading on the New York Stock Exchange . STOP 
The *CUNK* , *CUNKED* company said pretax operating income in its tire segment jumped about 31 % to $ *UNKN* million from $ *UNKN* million a year earlier , reflecting improvements in raw material costs , sales of replacement tires and pricing . STOP 
McDonald 's Mr. *CUNKS* said Goodyear appeared to have held or gained some market share in the U.S. for the first time since the second quarter of 1988 . STOP 
But Goodyear said total U.S. tire unit sales were off about 2 % . STOP 
Total tire segment sales were up only about 1 % to $ 2.2 billion , and the company said it reduced manufacturing levels at some of its U.S. tire plants because of inventory adjustments and *UNKED* production by auto makers . STOP 
In the latest quarter , Goodyear 's tax rate was 51 % compared with 41 % a year earlier . STOP 
As a result , total tax outlays were $ *UNKN* million , compared with $ *UNKN* million the year earlier . STOP 
For the nine months , profit *UNKED* about 35 % , reflecting charges taken in this year 's second quarter and the effect of *UNKS* of weaker foreign currencies into the stronger U.S. dollar . STOP 
Net was $ *UNKN* million , or $ *UNKN* a share , compared with net of $ *UNKN* million , or $ *UNKN* a share , the year earlier . STOP 
The latest nine months included charges of $ 95 million related to the company 's South African subsidiary and *UNKED* *UNK* sold by its crude oil pipeline unit . STOP 
Sales rose nearly 2 % to $ *UNKN* billion from $ 7.98 billion . STOP 
Environmental Control Group Inc. said it expects to report `` minimal '' earnings or a loss for the third quarter . STOP 
The environmental services company said that the *UNKION* of unsuccessful product lines and an increase in *UNK* reserves probably will result in charges of $ 2.5 million to $ 4 million , most of which will be taken against third-quarter results . STOP 
In the year-ago quarter , the company reported earnings of $ 2.2 million , or 35 cents a share . STOP 
*CUNKER* USX Corp. Chairman David M. Roderick may have been lucky he retired last May . STOP 
As he handed over the *UNKS* to successor Charles A. Corry , steel profits were close to a cyclical peak . STOP 
Though imports were *UNK* , they were n't running away with the market , and American companies had high hopes that steel import quotas would be extended for another five years . STOP 
Perhaps most important , Carl Icahn , who had once threatened a hostile takeover bid , was *UNKED* . STOP 
He and Mr. Roderick were even *UNKING* out together . STOP 
Today , Mr. Corry *UNKS* over a company whose *UNKS* have changed *UNKLY* . STOP 
Mr. Icahn , the company 's *UNKED* , *OUS* *UNK* , recently disclosed that he had raised his USX stake to 13.1 % , and he again threatened a takeover . STOP 
A battle with Mr. Icahn would *UNK* even the most *UNKED* chief executive , to say nothing of one who took the *UNK* less than five months ago . STOP 
In addition , USX 's giant steel segment , representing 34 % of its 1988 sales , is facing *UNKING* demand and slipping prices as well as increasing competition from foreign steelmakers and low-cost *UNKS* . STOP 
The import quotas got only a 2 *UNK-* extension , and USX is *UNKING* under a *UNKING* $ 5.8 billion debt at a time when it must spend money to *UNK* steel mills and *UNK* for oil . STOP 
`` It 's a *UNK* of fire for Corry , '' says one USX executive . STOP 
The *UNKING* question is whether the new chief can *UNK* Mr. Icahn without being pushed into *UNUNK* moves . STOP 
Mr. Corry might have to *UNKER* the company more than he wants to . STOP 
Or he might have to *UNK* a huge expense of either buying Mr. Icahn 's stock , possibly at a premium , or paying stockholders a special dividend partly because of Mr. Icahn 's pressure . STOP 
With his recent purchases of USX common stock , Mr. Icahn *UNKED* a *UNK-* , *UNUNK* *UNK* agreement with Mr. Roderick . STOP 
In 1986 , Mr. Roderick *UNKLY* *UNKED* Mr. Icahn 's first *UNK* after the takeover specialist had built up an *UNKN* % stake . STOP 
Mr. Roderick did so by having USX redeem a series of guaranteed notes , a move that , in effect , raised the cost of a $ *UNKN* billion Icahn bid by about $ 3 billion . STOP 
And he managed to fend off further advances and even strike up an unlikely *UNK* with the *UNKER* . STOP 
Over *UNKS* at New York 's *CUNK* Club and *CUNKS* Club restaurants , the steel executive and the big investor talked steel , international trade and *UNKED* *UNKS* . STOP 
Mr. Corry , who has *UNKED* up on corporate *UNKS* by reading T. *CUNK* *CUNKS* 's *UNK* , had hoped the *UNK* would continue . STOP 
He was *UNKED* , associates say , to learn of Mr. Icahn 's new takeover threat . STOP 
-LRB- Both men declined to be interviewed for this article . -RRB- STOP 
But the fiercely competitive Mr. Corry quickly showed he 's no *UNKER* . STOP 
He *UNKED* with directors at a special meeting two weeks ago and tried to block his *UNK* . STOP 
Although the board believed that Mr. Icahn is more interested in talking the stock price higher than acquiring USX , it adopted a *UNK-* defense , to be *UNKED* if anyone *UNKS* a 15 % stake . STOP 
Now , it 's Mr. Icahn 's move . STOP 
Will he try to gain a seat on or control of the board and force a radical split of USX into separate oil and steel companies ? STOP 
Given the weakness of the junk-bond market , can he finance a buy-out ? STOP 
Mr. Icahn may not want to sell out unless he can get a special dividend similar to one he received before selling his stake in Texaco Inc. in June -- a coup that gave him enough cash to make his USX move . STOP 
And although the recent turmoil in the stock and junk-bond markets , by making it harder to *UNK* takeover financing , has eased some of the pressure on Mr. Corry , it does n't end the takeover threat . STOP 
`` I know it 's not over , '' a *UNKED* Mr. Corry acknowledged while *UNKING* steel suppliers in New York on Oct. 12 and *UNKING* them to a *UNK* of *UNK* and *UNK* in honor of *CUNK* Steel Ltd. , USX 's partner in a steel mill in *CUNK* , Ohio . STOP 
In fact , it 's barely begun for Mr. Corry , who faces tough decisions before he has had a chance to get settled into his new job . STOP 
`` He 's in a vulnerable position because he has n't established much credibility on his own , '' says *CUNK* *CUNK* , a securities analyst at PaineWebber Inc . STOP 
The *UNK-* tax attorney never even *UNKED* to the job of chief executive . STOP 
An *UNKED* college student who *UNKED* in *UNK* until he concluded that he could n't stand cutting up *UNKS* , Mr. Corry wanted to work for a big company `` that could do big things . '' STOP 
But after joining the tax department of a USX subsidiary 30 years ago , he set the modest goal of becoming tax manager by the age of 46 . STOP 
For years , he quietly stuck to the back accounting rooms , wearing a *UNK* to work because everyone else did . STOP 
`` I was never a *UNK* , '' he said in an earlier interview . STOP 
`` I do n't think most of the people that have been around me would ever say they 've seen me pound the table or get angry . '' STOP 
Yet , the *UNKING* Mr. Corry helped chart USX 's transition from Big Steel to Big Oil . STOP 
He served as Mr. Roderick 's front man in *UNK* negotiations for the 1982 purchase of *CUNK* Oil for $ 5.9 billion . STOP 
Nevertheless , Mr. Corry , once named chief executive , did n't waste any time *UNKING* himself from his former boss , who still has an office on the *UNK* floor of the USX tower in Pittsburgh . STOP 
Soon after taking over last June , Mr. Corry *UNKED* a pay cut imposed on *UNKAL* workers , a move that Mr. Roderick had n't made in *UNK* of improved earnings . STOP 
Mr. Corry also ruled that all board meetings would be held in Pittsburgh instead of New York or *CUNK* , Ohio , *CUNK* 's home . STOP 
And , earlier this month , he announced the sale of the reserves of Texas Oil & Gas , which was acquired three years ago and has n't posted any significant operating profits since . STOP 
One former executive says , `` Nobody wanted that deal inside USX except Dave Roderick , '' who was a *UNKING* and fishing *UNK* of William L. *CUNK* , chairman of Texas Oil & Gas . STOP 
The executive recalls Mr. Corry *UNKING* to him and others , `` *CUNKER* , this was Dave 's deal . '' STOP 
What *UNKED* many USX executives and shareholders was that the acquisition , for $ 3 billion of stock , doubled the USX shares outstanding and considerably diluted them . STOP 
What 's more , the takeover occurred as *UNKS* prices were falling and just as Texas Oil & Gas reported its first annual loss in 28 years . STOP 
Mr. Corry expected the Texas Oil & Gas sale to *UNK* Mr. Icahn by *UNKING* his concern about boosting shareholder value . STOP 
But when the two men met in New York a day after Mr. Icahn disclosed the rise in his USX stake , Mr. Corry learned that Mr. Icahn wanted him to sell all of Texas Oil -- not just its reserves of about 1.2 trillion cubic feet of natural gas and 28 million barrels of oil but also its pipeline , *UNKING* and *UNKING* operations . STOP 
That would leave USX with *CUNK* , its steel mills and its diversified business segment , which includes , among other things , *UNKAL* and transportation products . STOP 
Some speculate that Mr. Corry would agree if he could find a buyer at the right price . STOP 
The problem is that Mr. Icahn is pushing him to move faster and further in restructuring USX than Mr. Corry had planned . STOP 
Mr. Icahn has long believed , associates say , that the company , whose 1988 sales totaled $ *UNKN* billion , is worth $ 70 a share if broken up . STOP 
The stock closed yesterday at $ *UNKN* , giving Mr. Icahn 's *UNKN* million shares a value of $ *UNKN* billion . STOP 
Mr. Icahn advocates the sale of the company 's steel operations , and Mr. Corry does n't necessarily disagree . STOP 
Unlike his predecessor , who saw steel as America 's *UNK* , Mr. Corry tends to view it as a *UNKING* and *UNK-* business with limited potential , associates say . STOP 
In the past five years , USX has turned steel into a profit maker by closing several plants and reducing labor costs . STOP 
But the short-term outlook is *UNK-* . STOP 
It is n't surprising that Messrs. Roderick and Corry view steel so *UNKLY* . STOP 
While Mr. Roderick was *UNKED* in the *UNKS* of Pittsburgh 's smoking mills , Mr. Corry grew up in Cincinnati , a city *UNKED* `` *CUNKS* '' and more *UNKED* to pork *UNKS* than *UNK* iron . STOP 
He has never met *CUNK* Williams , the president of the United *CUNKS* union , and is n't active in the industry 's main trade group , the American Iron and Steel Institute , which Mr. Roderick served as chairman . STOP 
`` Dave thought the country needed a strong U.S. Steel and , while *CUNK* agreed , he was more *UNK* to say , ` Not at any cost to shareholders , ' '' a former executive says . STOP 
Indeed , Mr. Corry , at an August press conference , talked about investing in steel as long as it provides a good return and `` not a day longer . '' STOP 
However , *UNKING* steel would run directly counter to Mr. Roderick 's original *UNK* for *UNKING* into oil and gas : Having two major products would *UNK* the company 's *UNK* to one market 's down cycle and help smooth out the flow of cash and earnings . STOP 
As Mr. Roderick once said : `` We 're a *UNK-* company and , *UNK* , if you ca n't figure out the value of those two parts , you are so *UNK* *UNK* that you do n't *UNK* on Wall Street . '' STOP 
Moreover , the opportunity to sell steel at a price acceptable to USX may be gone , for now . STOP 
`` The time has passed for us to spin off steel , '' either in a public offering or to a buyer , one executive contends . STOP 
About the only way that USX now can get out of steel is to *UNK* it out , piece by piece , in separate joint ventures , he adds . STOP 
With Mr. Icahn *UNKING* down his neck , however , Mr. Corry may have little choice but to sell at a weak price , even if it means losing some *UNKED* *UNKS* *UNKS* . STOP 
That would leave USX essentially an oil company with *CUNK* as its core . STOP 
*CUNK* has benefited from higher *UNK-* prices and strong demand for *UNKED* products . STOP 
Oil has long been Mr. Corry 's *UNK* . STOP 
Indeed , when the Bush administration finally decided this summer to *UNK* import restrictions -- *UNKLY* the most important decision to affect the steel industry in five years -- Mr. Corry and his directors were *UNK* *UNKS* , high above *CUNK* 's rich oil reserves in the North Sea . STOP 
Should USX be left with only *CUNK* , Mr. Corry might well feel pushed to *UNK* out other energy companies . STOP 
However , even USX executives who work closely with him are n't sure about his long-term goals . STOP 
`` I do n't think he has a clear sense of where he wants the company to go , '' one says . STOP 
Right now , the executive adds , `` he wants to continue to focus on paying down '' USX 's debt by selling assets . STOP 
One thing is certain , however : Mr. Corry , while studying other options , probably wo n't make a major move until he 's clear about Mr. Icahn 's intentions . STOP 
And then , `` he wo n't panic , '' says J. Bruce *CUNK* , a former USX executive and now a labor and benefit consultant with *CUNKER* Cohen & *CUNK* in Pittsburgh . STOP 
Mr. Corry learned presence under fire when , as vice president of corporate planning , he handled what Mr. *CUNK* calls `` *UNK-* '' negotiations that led to USX 's *UNKING* of a wide array of assets ranging from chemicals to construction . STOP 
When negotiating , Mr. Corry played his cards close to the *UNKEST* . STOP 
*CUNK* Johnson , who worked for Mr. Corry in strategic planning , recalls how his boss would routinely ask a *UNK* to research an entire industry to target acquisition candidates . STOP 
`` What he really wanted to know was about a particular company , but you did n't know that . STOP 
He wanted your own *UNKED* , *UNK* opinion , '' says Mr. Johnson , now managing director at *CUNK* & Co. , a *UNKION* and *UNKS* firm . STOP 
*CUNKER* the *UNK* , Mr. Corry said in August that he realized that USX is on `` acquisition screens all over the country . '' STOP 
`` It 's part of the *UNK* market system that equity can be bought and equity is bought , '' he said . STOP 
USX , he noted , was formed 88 years ago , `` by in effect buying out a *UNK* of other companies ... . STOP 
People got rich through takeovers in those days , as they do today . '' STOP 
Thomas F. *CUNK* contributed to this article . STOP 
Westinghouse Electric Corp. said it will buy *CUNKER* Co . STOP 
Terms were n't disclosed . STOP 
*CUNKER* , based in *CUNK* , Mich. , makes metal files and desks , and *UNKING* and office systems furniture . STOP 
Israel has launched a new effort to prove the *CUNK* *CUNKION* Organization continues to practice terrorism , and thus to persuade the U.S. to break off talks with the group . STOP 
U.S. officials , however , said they are n't buying the Israeli argument . STOP 
Israeli *UNK* officials provided the State Department with a *UNK-* list of recent *UNK* *UNKS* they *UNK* directly to forces controlled by PLO Chairman *CUNKER* Arafat . STOP 
Mr. Arafat publicly *UNKED* terrorism Dec. 15 , *UNKING* the U.S. *UNKION* for a direct `` dialogue '' with the PLO . STOP 
A U.S. *UNK* official said experts are studying the Israeli list . STOP 
`` We have no independent evidence linking *CUNK* to any acts of terrorism since Dec. 15 , 1988 , '' he said , referring to the specific PLO group that Mr. Arafat heads . STOP 
`` So far , this list does n't change our view . STOP 
Israel wants to end the dialogue , but our analysts take a different view than theirs . '' STOP 
Israeli Prime Minister *CUNK* *CUNK* 's top adviser on *UNK* , *CUNKAL* *CUNK* , was here Monday to present the report to members of Congress , reporters and others . STOP 
Mr. *CUNK* said he also presented the list last week to William Brown , U.S. *CUNK* to Israel . STOP 
Separately , the New York Times reported that the Israeli government had provided its *UNK* in *CUNK* with different documents that Israel said prove the PLO has been conducting terrorism from the *UNKED* Arab *UNKS* . STOP 
The State Department said it has n't yet seen copies of those papers . STOP 
`` If the dialogue was based on the assumption that Arafat or the PLO would stop terrorism , and we have evidence of continued terrorism , what would be the *UNKAL* conclusion ? '' Mr. *CUNK* asked . STOP 
Israel has long claimed Mr. Arafat never meant to *UNK* terrorism , particularly because he and his *UNKS* *UNKED* the right to press `` *UNKED* struggle '' against the Jewish state . STOP 
Now , *CUNK* says it is backing up its *UNKION* with detailed accounts of alleged *UNK* acts and plans linked to Mr. Arafat . STOP 
It *UNKS* most of these on *CUNK* . STOP 
The new accusations come at a *UNK* time in U.S. efforts to bring about talks between Israel and Palestinian representatives . STOP 
The State Department said it had received a new letter on the subject from Israeli Foreign Minister *CUNK* *CUNKS* , *UNKING* Israel 's previous *UNKION* to negotiating with any Palestinian tied to the PLO . STOP 
*CUNKING* what *UNKS* `` terrorism '' can be a *UNK* exercise . STOP 
The U.S. *UNKS* it as `` *UNKED* , politically *UNKED* violence *UNKED* against *UNK* targets by *UNKAL* groups or *UNK* state agents . '' STOP 
To meet the U.S. criteria , Israel contended it only listed *UNKS* that involved *UNKS* and occurred inside its *UNK-* *UNKS* . STOP 
At the heart of Israel 's report is a list of a dozen *UNKS* *CUNK* *UNKS* to *CUNK* , including the use of *UNKS* and *CUNK* *UNKS* . STOP 
But U.S. officials say they are n't satisfied these *UNKS* constitute terrorism because they may be *UNKS* of the *UNK* , the Palestinian *UNKION* in the *UNKED* *UNKS* , which the U.S. does n't *UNK* as terrorism . STOP 
In addition , the officials say Israel has n't presented *UNKING* evidence these acts were ordered by *CUNK* or by any group Mr. Arafat controls . STOP 
U.S. terrorism experts also say they are highly uncertain about the *UNK* of the separate documents *UNKED* to the New York Times . STOP 
The papers , which Israel says were discovered in *CUNKED* *CUNK* , *UNKER* to *UNK* acts to be carried out in the name of a group called `` the *CUNK* *CUNKS* . '' STOP 
Some supporters of Israel say U.S. policy on Palestinian terrorism is *UNKED* by an intense desire to maintain the dialogue with the PLO . STOP 
But State Department officials *UNK* Israel of *UNKING* *UNK* claims to *UNKS* the U.S. . STOP 
The dollar finished lower yesterday , after tracking another *UNKER* session on Wall Street . STOP 
*CUNK* about the volatile U.S. stock market had *UNKED* in recent sessions , and traders appeared content to let the dollar *UNK* in a narrow range until tomorrow , when the preliminary report on third-quarter U.S. gross national product is released . STOP 
But *UNK* gyrations in the Dow Jones Industrial Average yesterday put Wall Street back in the *UNK* and inspired market participants to bid the U.S. unit lower . STOP 
UAL 's decision to remain an independent company sent share prices *UNKING* . STOP 
By *UNKING* , the *CUNK* had plunged 80 points and foreign-exchange dealers quickly drove the dollar down . STOP 
When the *CUNK* modestly rebounded , the dollar *UNKED* back in *UNK* dealings but ended the day below the levels of late Monday . STOP 
Stock prices , meanwhile , posted significant gains in later trading and closed down by only *UNKN* points on the day . STOP 
Some dealers said that the market 's strong reaction to Wall Street reflects a general *UNKS* about the dollar . STOP 
They added that the *CUNK* 's *UNK* drop proved an easy excuse for the market to drive the U.S. currency in the direction it was already headed . STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , down from *UNKN* marks Monday , and at 141.45 yen , down from 141.90 yen late Monday . STOP 
Sterling was quoted at $ *UNKN* , up from $ *UNKN* late Monday . STOP 
In Tokyo Wednesday , the U.S. currency opened for trading at *UNKN* yen , down from Tuesday 's Tokyo close of *UNKN* yen . STOP 
Tom *CUNK* , a vice president with *CUNK* Paribas in New York , sees a break in the dollar 's long-term upward trend , a trend that began in January 1988 . STOP 
He argues that the dollar is now `` moving *UNKS* , '' adding that `` the next leg could be the beginning of a longer term bearish phase . '' STOP 
Analysts *UNK* the dollar 's recent weakness to an underlying slowdown in the U.S. economy , *UNKED* by recent economic data , particularly a surprisingly sharp *UNKING* in the August U.S. trade gap . STOP 
They also point out that *UNKING* interest-rate *UNKS* between the U.S. and its major trading partners tend to make the U.S. currency less attractive to foreign investors . STOP 
Despite several *UNKS* of dollar trading , it was noted that *UNK-* cross trade *UNKED* much of the market 's attention . STOP 
Following the *UNK* in U.S. stocks , the mark has strengthened more than its major counterparts . STOP 
Traders *UNK* the mark 's surge to a robust West German economy and higher rate *UNKS* . STOP 
But , they add that the mark 's strength is in part a *UNKION* of a shift away from U.S. assets by Japanese investors into West German investments . STOP 
`` The question remains : how much can the West German market absorb ? '' says one senior dealer . STOP 
Some dealers say that Bank of Japan *CUNK* *CUNK* *CUNK* 's *UNK* that Japanese monetary policy wo n't be changed for the time being has given investors an added excuse to push the yen down even further against the mark . STOP 
Despite the yen 's weakness with respect to the mark , Tokyo traders say they do n't expect the Bank of Japan to take any action to support the Japanese currency on that front . STOP 
Meanwhile , sterling slumped on news that the United Kingdom posted a *UNKED* trade deficit in September . STOP 
The news also knocked the British unit to below *UNKN* marks in London , but a *UNK* of *UNKING* helped sterling *UNK* some of its earlier losses . STOP 
On the Commodity Exchange in New York , gold for current delivery jumped $ *UNKN* to $ *UNKN* an ounce . STOP 
The close was the highest since Aug. 15 . STOP 
Estimated volume was a light two million ounces . STOP 
In early trading in Hong Kong Wednesday , gold was quoted at $ *UNKN* an ounce . STOP 
Boston Co. , the *UNK-* financial services concern that was *UNKED* by a management scandal late last year , has had a sharp drop in profitability -- mainly because a high-risk bet on interest rates *UNKED* . STOP 
Boston Co. 's fall from *UNK* is bad news for its parent , Shearson Lehman Hutton Holdings Inc. , which has *UNKED* heavily on the banking and money management unit 's contributions in recent years . STOP 
In 1988 , for example , Boston Co. had an estimated pretax profit of at least $ 110 million , while Shearson managed net income of just $ 96 million . STOP 
Shearson does n't break out the earnings of its subsidiaries . STOP 
But people familiar with Boston Co. 's performance say the unit had profit of around $ 17 million for the third quarter , after barely breaking even for the first six months . STOP 
Shearson , meanwhile , posted net income of $ 106 million for the first nine months of the year , down slightly from $ 110 million for the year-ago period . STOP 
Moody 's Investors Service Inc. last week *UNKED* the long-term deposit rating of Boston Co. 's Boston *CUNK* Deposit & Trust Co. subsidiary , to *UNK-* from *UNK-* , citing problems in the company 's `` aggressively managed securities portfolio . '' STOP 
John *CUNK* , a Moody 's vice president , said Boston *CUNK* Deposit 's performance has been hurt this year by a *UNK* in the maturities of its assets and liabilities . STOP 
The *UNK* exposed the company to a high degree of interest-rate risk , and when rates moved *UNKLY* -- beginning late last year and continuing into this year -- `` it cost them , '' Mr. *CUNK* said . STOP 
Mr. *CUNK* noted that Boston *CUNK* Deposit `` has taken some actions to better control *UNK-* management and improve controls in general , and we think these will serve to improve credit quality . '' STOP 
As some securities mature and the proceeds are *UNKED* , the problems ought to ease , he said . STOP 
But he also cited concerns over the company 's mortgage exposure in the troubled New England real estate market . STOP 
Boston Co. officials declined to comment on Moody 's action or on the unit 's financial performance this year -- except to deny a published report that outside accountants had discovered evidence of significant accounting errors in the first three quarters ' results . STOP 
An accounting controversy at the end of last year forced Boston Co. to admit it had *UNKED* pretax profits by some $ 44 million . STOP 
The resulting scandal led to the *UNKING* of James N. *UNK* *CUNK* as Boston Co. 's president and to the resignations of the company 's chief financial officer and treasurer . STOP 
The executives were accused of *UNKLY* *UNKING* expenses and *UNKING* revenue early , in an effort to dress up results -- and perhaps bolster *UNKED* bonuses . STOP 
Mr. *UNK* *CUNK* , in turn , attributed the controversy to *UNKAL* errors by accountants and accused Shearson of conducting a `` *UNK* *UNK* . '' STOP 
Mr. *CUNK* of Moody 's said the problems in the securities portfolio stem largely from positions taken last year . STOP 
The company 's current management found itself `` locked into this , '' he said . STOP 
Mexico *UNKED* an average of *UNKN* barrels of crude oil a day at an average of $ *UNKN* a barrel during 1989 's first eight months for a total of $ *UNKN* billion , *CUNKS* *CUNKS* S.A. said . STOP 
The state petroleum *UNKLY* said sales in the period gained 15 % , and $ *UNKN* million more than originally projected at an average of $ 10 a barrel on an export platform of *UNKN* barrels a day . STOP 
*CUNK* - STOP 
Sears , Roebuck & Co. is struggling as it *UNKS* the critical Christmas season . STOP 
Yesterday , the retailing and financial services giant reported a 16 % drop in third-quarter earnings to $ *UNKN* million , or 75 cents a share , from a restated $ *UNKN* million , or 80 cents a share , a year earlier . STOP 
But the news was even worse for Sears 's core U.S. retailing operation , the largest in the nation . STOP 
Sears said its U.S. stores had a loss of $ 6.9 million , their first deficit for the period in more than five years . STOP 
Analysts estimated that sales at U.S. stores declined in the quarter , too . STOP 
The results *UNUNK* Sears 's difficulties in *UNKING* the `` *UNK* low pricing '' strategy that it adopted in March as part of a broad attempt to revive its retailing business . STOP 
Under the new approach , Sears set prices that were somewhere between its old `` regular '' and `` sale '' prices . STOP 
The company said it would resort far less often to *UNKING* prices to *UNK* *UNKS* . STOP 
Sears officials insist they do n't intend to abandon the *UNK* pricing approach in the face of the poor results . STOP 
Instead , a spokesman *UNKS* the dismal third-quarter showing on `` an environment that is being *UNKED* by a very *UNK* climate for sales of durable goods , '' which account for roughly two-thirds of Sears 's annual merchandise volume . STOP 
The new pricing strategy `` is working , '' the spokesman asserted . STOP 
He added that , after an initial surge triggered by an advertising *UNK* in March , Sears expected that the pricing program would n't have any effect on revenue . STOP 
Sears has been counting on growth coming from the large displays of *UNK-* merchandise it is adding to its stores over the next two years in what it calls `` power *UNKS* . '' STOP 
But analysts say Sears faces an especially *UNKING* challenge on the *UNK* of the Christmas shopping season . STOP 
`` I believe *UNK* pricing in the current environment does n't work , '' says Walter *CUNK* of Morgan Stanley & Co. , *UNKING* to soft *UNKS* sales . STOP 
`` Sears is likely to be unsuccessful if it continues with its pricing policy when everyone else is offering unusual values . '' STOP 
In what amounts to an admission that the transition has n't gone as smoothly as Sears had hoped , the giant retailer is now trying new ways to *UNK* up business without *UNKING* to abandon its *UNK-* strategy . STOP 
The company is *UNKING* more special deals in its advertising and stores , and it 's offering to *UNKER* finance charges on certain *UNK-* items . STOP 
Sears is also *UNKING* up its television ads and changing its message . STOP 
In a new TV ad , for instance , a woman going through the Sunday newspaper brands as *UNK* claims by other stores that they are offering goods for `` 50 % , 60 % and 70 % off . STOP 
'' By lowering prices throughout its stores , she says , `` Sears has the right idea . '' STOP 
But the ad also *UNKS* Sears 's sales -- a topic that the retailer has avoided since *UNKING* to *UNK* pricing . STOP 
`` When Sears has a sale at a special price , '' the woman in the ad declares , `` it 's something you do n't want to miss . '' STOP 
*CUNK* surveys by *CUNK* J. *CUNK* & Associates , a market research firm in Chicago , suggest that Sears is having a tough time attracting *UNKS* because it has n't yet done enough to improve service or its selection of merchandise . STOP 
The number of people who said they were more likely to shop at Sears fell in September to 37 % from 66 % in March , when Sears *UNKED* the *UNKS* with ads about its new pricing strategy . STOP 
Moreover , the number of people who *UNKLY* cited lower prices as the reason for their interest in Sears declined to 16 % in September from 33 % in March . STOP 
Just 5 % of the respondents mentioned brands in September , up slightly from 2 % in March . STOP 
Only 2 % of the people in September cited Sears 's `` friendly personnel . '' STOP 
`` The power of price as an appeal , which was very considerable in driving traffic in March and April , has diminished , '' says George *CUNK* , president of *CUNK* & Associates . STOP 
`` You see some improvement in these other areas , but it 's a very small and slow process . '' STOP 
For the third quarter , Sears said its total revenue rose 4.8 % to $ *UNKN* billion from $ *UNKN* billion a year earlier . STOP 
Net income at Sears 's merchandise group , which includes international and credit card operations , as well as U.S. stores , fell 25 % . STOP 
Profit at Sears 's *CUNK* insurance unit fell 38 % to $ *UNKN* million because of Hurricane Hugo , which *UNKED* the greatest single storm damage loss in the company 's history . STOP 
Sears said claims from the storm , as expected , reduced its third-quarter net by $ 80 million , or 23 cents a share . STOP 
*CUNK* is expected to absorb another big hit in the fourth quarter as claims *UNK* in from the San Francisco earthquake . STOP 
But a spokesman said the quake wo n't have as big a financial impact on *CUNK* as Hurricane Hugo did . STOP 
Net income at Sears 's Dean Witter *CUNKS* Services group , meanwhile , rose nearly 32 % to $ *UNKN* million , reflecting improvements in its basic stock brokerage and *CUNKER* credit card businesses . STOP 
Profit at Sears 's *CUNK* *CUNKER* Real Estate Group nearly *UNKED* to $ *UNKN* million because of gains on sales of property . STOP 
In New York Stock Exchange composite trading yesterday , Sears shares closed at $ *UNKN* , up 87.5 cents . STOP 
Oil imports to Japan rose 12 % in September from year-earlier levels , according to statistics released by the government 's Ministry of International Trade and Industry . STOP 
The imports , totaling *UNKN* million barrels , were 11 % lower than August levels . STOP 
The *UNK-* rise was partly because of higher demand for petroleum products , and partly because of tax changes in 1988 that left oil companies with high inventories in the *UNK-* *CUNK* . STOP 
*CUNKS* of crude from the Middle East grew 17 % from year-earlier levels , and *CUNK* Asian crude imports grew 43 % . STOP 
While *CUNK* crude imports were higher compared with year-earlier levels , they fell 18 % compared with August imports . STOP 
*CUNK* Asian crude imports , however , were 3.6 % higher than August . STOP 
This is in response to George *CUNK* 's Business World column `` The Housing Market Is a *CUNKER* *CUNKS* *CUNK* You *CUNK* '' -LRB- *UNKED* page , Sept. 26 -RRB- . STOP 
In Houston , we have seen how bad the housing problem can become . STOP 
*CUNKED* houses *UNK* rapidly , affecting the value of nearby homes ; in a *UNK* effect , the entire neighborhood can fall victim . STOP 
At this stage some people just `` walk away '' from homes where the mortgage exceeds current market value . STOP 
But most of them could have *UNKED* to keep up their payments -- they chose not to do so . STOP 
The problem is so vast that we need to try *UNK* solutions -- in *UNK-* experiments . STOP 
Here are some ideas : STOP 
1 -RRB- *CUNKED* homes could be sold by the FHA for no down payment -LRB- the biggest obstacle to young buyers -RRB- , but with personal liability for the mortgage -LRB- no walking away by choice -RRB- . STOP 
2 -RRB- *CUNK* long-term *UNK* by *UNKING* one month 's payment -LRB- off the *UNK* end of the mortgage -RRB- for every six months paid ; or perhaps have the down payment *UNKED* to the end of the mortgage -LRB- balloon -RRB- , but `` *UNK* '' on a monthly *UNK-* basis as long as the owner remains the *UNK* . STOP 
3 -RRB- *CUNK* rental agreements with exclusive purchase options for the *UNKER* . STOP 
An *UNK* will , in most every case , be better for the home and neighborhood than a vacant house . STOP 
In this way , the house is not dumped on to a *UNKED* market . STOP 
John F. Merrill STOP 
Houston STOP 
The Federal Housing Administration , *CUNKS* Administration and the Department of Housing and Urban Development further *UNK* the problem of *UNK* housing stock by `` buying in '' to their *UNKED* properties -LRB- of which there are , *UNKS* , many -RRB- at an *UNKED* `` balance due '' -- say $ 80,000 on a house worth $ *UNKN* -- instead of allowing a free market to price the house for what it 's really worth . STOP 
*CUNK* , the properties then sit around deteriorating for maybe a year or so , but are *UNK* eventually -LRB- because of the *UNKS* of the low down payment , *UNK* . -RRB- to a marginal buyer who ca n't afford both the mortgage and needed repairs ; and having little *UNKED* interest that buyer will walk away and the *OUS* cycle *UNKS* itself all over again . STOP 
Paul *CUNK* STOP 
Italy 's unemployment rate rose to 12 % of the labor force in July from *UNKN* % in April , and was up from *UNKN* % a year earlier , according to quarterly figures from the state statistical institute . STOP 
*CUNK* said a national survey during the first week of July showed the number of job *UNKS* was *UNKN* up from *UNKN* in April , and from *UNKN* a year ago . STOP 
The unemployment rate was by far the highest in the southern , so-called *CUNK* region . STOP 
The southern unemployment rate rose to *UNKN* % in July from *UNKN* % in April and from *UNKN* % a year earlier . STOP 
*CUNK* said *UNKN* more people were employed in July than in April . STOP 
Xerox Corp. 's third-quarter net income grew 6.2 % on *UNKN* % higher revenue , earning mixed reviews from Wall Street analysts . STOP 
*CUNKER* net for the *UNKS* and financial-services company rose to $ 155 million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , in the year-earlier period . STOP 
Revenue rose to $ *UNKN* billion from $ *UNKN* billion . STOP 
In New York Stock Exchange composite trading , Xerox closed at $ *UNKN* a share , up $ 1 . STOP 
Sales growth and profit in business products and systems -- Xerox 's main business -- were `` disappointing , '' said B. Alex Henderson , who follows the company for Prudential-Bache Securities Inc . STOP 
Sales of Xerox *UNKS* and other office products grew 1.6 % ; `` we expected growth of 6 % to 7 % , '' Mr. Henderson said . STOP 
*CUNK-* margins slipped almost 18 % , to 4.3 % of sales , the analyst noted . STOP 
Still , with competitors such as Eastman Kodak Co. *UNKING* in *UNKER* sales , Xerox 's sales increases `` were encouraging , '' says *CUNK* *CUNKER* of Dean Witter Reynolds Inc . STOP 
`` They are holding their own in a weak market , and the restructuring is working , '' he says . STOP 
David T. *CUNKS* , Xerox chairman and chief executive officer , cited the restructuring and `` strong '' cost controls for the 13 % growth in profit from business products and systems operations . STOP 
Mr. *CUNKER* expects Xerox to experience tough *UNKING* , though , in financial services because of rate pressures and uncertainty surrounding tax treatment of capital gains . STOP 
In the quarter , the *CUNK* & *CUNKER* insurance unit reported $ 200 million before tax of capital gains from property and casualty operations . STOP 
The subsidiary also increased reserves by $ 140 million , however , and set aside an additional $ 25 million for claims connected with Hurricane Hugo . STOP 
For the nine months , Xerox earned $ *UNKN* million , or $ *UNKN* a share , up 5.8 % from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue rose 7.6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
New orders for durable goods fell back slightly in September after *UNKING* up the month before , reflecting weakening auto demand after a *UNK* of orders for new 1990 models , the Commerce Department reported . STOP 
*CUNKS* for military equipment , household *UNKS* , machinery and other goods expected to last at least three years *UNKED* 0.1 % last month , to $ *UNKN* billion , after *UNKING* 3.9 % in August , the department said . STOP 
Most analysts had expected a *UNKER* decline after the steep rise in August . STOP 
Moreover , a recent government report showing widespread *UNKS* in manufacturing had contributed to *UNKS* that the manufacturing sector of the economy had slowed to a *UNK* . STOP 
But many economists pointed to a 1.8 % September rise in orders outside the volatile transportation category . STOP 
That `` suggests the manufacturing sector is not falling apart , '' said *CUNKLY* *CUNK* , an economist at Manufacturers Hanover Securities Corp. in New York . STOP 
She added , however : `` It is not robust by any means . '' STOP 
While a decline in orders for cars and *UNK* *UNKS* pulled down the orders total , an enormous jump in orders for heavy military equipment *UNKED* it up . STOP 
*CUNKS* for capital defense goods *UNKED* 56 % , and a government analyst said nearly all areas saw increases , including *UNKS* , missiles , ships , tanks and communications equipment . STOP 
*CUNKS* for military goods usually *UNK* in September , government officials say , as the Pentagon *UNKS* to spend its money before the new fiscal year begins Oct. 1 . STOP 
While all the numbers in the durable goods report were adjusted for seasonal fluctuations , a Commerce Department analyst said that the adjustment probably did n't factor out all of the *UNKING* surge in defense orders . STOP 
Without the increase in defense *UNKS* , September orders would have plummeted 3.9 % . STOP 
Analysts were most unsettled by evidence the backlog of orders at factories is slipping . STOP 
*CUNKED* orders for durable goods rose 0.4 % in September , to $ *UNKN* billion , after declining for the first time in 2 1\/2 years in August . STOP 
In July *UNKED* orders grew 1 % . STOP 
But analysts noted that excluding transportation - where what they believe was a temporary surge in auto demand pushed up the figures - order *UNKS* have declined for three months in a row . STOP 
`` It means we 're eating into the *UNK* that keeps us going . STOP 
That is a little *UNKING* , '' Ms. *CUNK* said . STOP 
`` It also means if you have a real *UNK-* in orders , production will likely fall off very quickly because there is less to keep things going . '' STOP 
Capital goods orders outside of the defense sector tumbled for the second month in a row , posting a 5.6 % drop after a *UNKN* % decline . STOP 
Such steep drops in a category seen as a *UNKER* of business investment would *UNKLY* be *UNK* news for the economy . STOP 
But a Commerce Department analyst said that in both months orders would have risen had it not been for a drop in *UNK* aircraft *UNKS* , a category that is showing declines only after a huge surge earlier this year . STOP 
Still , Milton Hudson , senior economic adviser at Morgan *CUNK* Trust Co. in New York , said : `` If you look back a *UNK-* or so the evidence was pretty good of *UNK* strength in the *UNKS* sector . STOP 
Now at least there are question marks about that , and without any question the pace of growth has slowed . STOP 
Norfolk Southern Corp. directors authorized the railroad company to buy back as many as 45 million of its shares , which would have a current value of more than $ 1.7 billion . STOP 
The buy-back , *UNKED* with a nearly completed earlier purchase of 20 million shares , would reduce shares outstanding by more than 26 % . STOP 
The Norfolk , Va. , company has *UNKN* million shares outstanding . STOP 
In a statement , Arnold B. *CUNK* , chairman and chief executive officer , noted that the new repurchase program `` should serve to enhance shareholder value . '' STOP 
A spokeswoman said the company will finance the buy-back with cash on hand , borrowing and `` cash Norfolk expects to generate . '' STOP 
Analysts said they expected the action , and investors *UNKED* the move . STOP 
In composite trading on the New York Stock Exchange , Norfolk Southern shares closed at $ *UNKN* , up $ 1.125 . STOP 
Still , analysts do n't expect the buy-back to significantly affect per-share earnings in the short term . STOP 
`` The impact wo n't be that great , '' said *CUNK* *CUNK* of First Boston Corp . STOP 
That is in part because of the effect of having to average the number of shares outstanding , she said . STOP 
In addition , Mrs. *CUNK* said , Norfolk is likely to draw down its cash initially to finance the purchases and thus *UNK* some interest income . STOP 
*CUNKER* term , however , the buy-back is expected to increase earnings , especially after 1990 , Mrs. *CUNK* said . STOP 
Moreover , the extensive program in effect *UNKS* a floor for the stock price , said Joel Price , analyst for Donaldson , Lufkin & Jenrette . STOP 
The buy-back `` is really a *UNK* to those who want to buy the stock that there is a -LCB- price -RCB- floor , '' he said . STOP 
`` At a certain price , if the management thinks -LCB- the stock -RCB- is cheap , they can go in and buy it . '' STOP 
Under the program , Norfolk plans to acquire shares in the open market . STOP 
Under the earlier plan , Norfolk was authorized in 1987 to buy up to 20 million shares . STOP 
It has purchased about 19 million of them . STOP 
John B. *CUNK* , 55 years old , resigned as chairman of this *UNK* truck manufacturer , effective upon appointment of a successor . STOP 
Last month , Mr. *CUNK* was succeeded by Ralph E. *CUNKS* as chief executive officer following several quarters of lackluster or declining performance . STOP 
Falcon Holding Group Inc. said it agreed to acquire about *UNKN* subscribers from First Carolina Cable TV Limited Partnership for about $ 100 million , or roughly $ 2,000 a *UNKER* . STOP 
The subscribers are in 52 different communities in Georgia , *CUNK* and Mississippi . STOP 
*CUNKION* of the sale is expected early next year , Falcon said . STOP 
Currently , Falcon has about *UNKN* *UNKION* subscribers around the nation ; the company 's *UNKION* unit reported 1988 revenue of about $ 100 million . STOP 
In composite trading on the American Stock Exchange , Falcon closed at $ 20 , unchanged . STOP 
Richard W. *CUNK* , retired vice president and treasurer of *CUNKS* Inc. , was named a director of this transportation industry supplier , increasing its board to six members . STOP 
USX Corp. said it delayed the proposed initial public offering of common stock of *CUNK* *CUNK* Co. because of market conditions . STOP 
*CUNK* *CUNK* is owned jointly by USX and Quantum Chemical Corp . STOP 
USX , which had n't set a date for the offering , did n't disclose any timetable for the offering . STOP 
Your Oct. 2 editorial `` *CUNKING* , *CUNKING* & *CUNK* '' on the recent `` education summit '' was like most pieces on the subject of education : It had little to say . STOP 
*CUNKLY* , though , on the very same page you *UNKED* a comment that *UNKS* one of the most serious *UNKS* of the American education system . STOP 
Unfortunately , the comment was *UNKED* in another article , so it could not stand out in an education context . STOP 
In the *CUNKER* 's Journal , *CUNK* *CUNK* , in *UNKING* on many differences between American and Japanese culture , said , `` Japanese children are raised in a way many Americans would find severe . STOP 
After a *UNKLY* *OUS* early *UNK* , they are exposed to rigid discipline as soon as they enter school . '' STOP 
What far too many people concerned about education either fail to understand or choose to ignore is that American children , on the whole , are among the most *UNKED* in the world , making any attempt at improvements in the *UNK* of education potentially unsuccessful . STOP 
Unless parents and *UNKS* alike start to develop more discipline in children , all the *UNK* concern , discussions and actions will not solve the problem . STOP 
Allen B. *CUNKS* *CUNK* , *CUNK* . STOP 
*CUNKED* *CUNK* William J. *CUNK* , former chairman of the *CUNK* *CUNKS* of *CUNK* , and Robert P. *CUNK* , chairman and chief executive officer of Schering-Plough Corp. , were elected directors of this securities firm . STOP 
The board expanded to 17 seats . STOP 
Tuesday , October 24 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 3\/4 % high , 8 5\/8 % low , 8 11\/16 % near closing bid , 8 11\/16 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.45 % 30 to 44 days ; 8.25 % 45 to 68 days ; *UNKN* % 69 to 89 days ; *UNKN* % 90 to 119 days ; 8 % 120 to *UNKN* days ; 7.875 % 150 to 179 days ; 7.50 % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : 8.55 % 30 days ; *UNKN* % 60 days ; 8.45 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.09 % one month ; 8.09 % two months ; *UNKN* % three months ; 8 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : 8.55 % one month ; 8.50 % three months ; *UNKN* % six months . STOP 
BANKERS ACCEPTANCES : *UNKN* % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; 8 % 150 days ; 7.90 % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 11\/16 % to 8 9\/16 % one month ; 8 5\/8 % to 8 1\/2 % two months ; 8 5\/8 % to 8 1\/2 % three months ; 8 9\/16 % to 8 7\/16 % four months ; 8 1\/2 % to 8 3\/8 % five months ; 8 7\/16 % to 8 *UNKN* % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 11\/16 % one month ; 8 11\/16 % three months ; 8 1\/2 % six months ; 8 1\/2 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 9 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 23 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : 7.52 % 13 weeks ; 7.50 % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : *UNKN* % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
Roy E. *CUNK* , the company 's president and chief operating officer since Sept. 1 , was named to its board . STOP 
The appointment increased the number of directors to 10 , three of whom are company employees . STOP 
*CUNK* is an auto parts maker . STOP 
Japan has climbed up from the *UNKS* of World War II and a gross national product of about $ 800 per *UNK* to reach the *UNK* class among industrialized nations . STOP 
Now this remarkable economic growth seems to be coming to an end because the government has not converted itself into a modern , democratic , `` developed nation '' *UNK* of operation . STOP 
Until 1980 , when Japan joined the $ 10,000 per *UNK* GNP club of the advanced countries , it was a model developing nation . STOP 
The government built *UNKS* , bridges , highways , schools , hospitals and *UNKS* . STOP 
When industries were weak , it protected them . STOP 
It gave the Japanese people a value system , based on the *UNKION* that given the country 's lack of natural resources , they must work hard to create value through exports and buy food with the surplus . STOP 
Individual *UNK* inevitably would result . STOP 
That system has worked . STOP 
The standard of living has increased steadily over the past 40 years ; more than 90 % of the people consider themselves middle class . STOP 
The people have given their leading and only *UNK* political party , the *CUNKAL* Democratic Party , clear and *UNKED* power for those 40 years . STOP 
The LDP won by a *UNK* in the last election , in July 1986 . STOP 
But less than two years later , the LDP started to *UNK* , and *UNK* rose to unprecedented *UNKS* . STOP 
The symptoms all point to one thing : Japan does not have a modern government . STOP 
Its government still wants to sit in the *UNKER* 's seat , set the speed , step on the gas , apply the *UNKS* and *UNKER* , with 120 million people in the back seat . STOP 
In a modern system , the government 's role is to give the people as much choice as possible and to keep them well informed so they are capable of making a choice . STOP 
It also allows people to buy the best and the *UNKEST* goods from anywhere in the world . STOP 
The Japanese government does n't allow this . STOP 
The Ministry of Agriculture and *CUNK* actually is a ministry for farmers and *UNK* instead of a ministry of provisions . STOP 
The Ministry of Health and *CUNK* is a ministry of doctors and pharmaceutical companies rather than an organization *UNKED* to protecting the health of the people . STOP 
The Ministry of Education is nothing but a *UNK* for licensed teachers , and certainly does not act on behalf of students . STOP 
The Ministry of Construction spreads concrete throughout the country and boasts in international *UNKS* that Japan 's *UNKED* *UNK* per *UNK* is the *UNKEST* in the world , but they *UNK* think of the poor commuters who spend so much time sitting in traffic . STOP 
The Ministry of Transportation serves the industry , certainly not the passengers who must pay *UNKLY* high prices . STOP 
And the Ministry of Foreign Affairs works for itself , supporting Japanese *UNKS* who *UNK* *UNK* aid money around the world to ensure that their seat at the dinner table is next to the host 's . STOP 
This ministry has done nothing to correct the *UNKS* and *UNKS* that are at the *UNK* of Japan 's deteriorating image . STOP 
Instead , it seems to be using foreign pressure and even the trade conflict to expand its *UNK* of influence *UNK* a *UNK* other *UNKS* . STOP 
All this illustrates that Japanese *UNKS* still have a `` provider '' *UNK* ; they do not serve the people , and particularly not consumers . STOP 
They serve the industries and the *UNKEST* groups . STOP 
The rest of the world accepted such methods when Japan was developing . STOP 
Japanese put up with it because the government provided job stability and growing *UNKS* . STOP 
Japan is not a political country . STOP 
It is a bureaucratic country . STOP 
The *CUNK* plays a minor role compared with the powerful bureaucratic system . STOP 
Most bills are *UNKED* by bureaucrats , not politicians . STOP 
The *CUNK* does n't normally even debate bills because the opposition parties are so often opposed to whatever LDP does that it would be a waste of time . STOP 
So most bills are passed without full discussion ; particularly difficult bills are passed in the absence of the opposition parties . STOP 
A recent example is the 3 % consumption tax on all commercial activities . STOP 
This makes enormous sense in Japan , where direct tax accounts for more than 70 % of revenues and the *UNK* rate of direct tax is so unfair . STOP 
If you are a *UNKED* man , *CUNK* ! 100 % captured . STOP 
If you are a retailer , 50 % , and a farmer , 30 % . STOP 
To correct this *UNK* , most people would have favored an *UNK* tax , like the consumption tax . STOP 
But the bill was passed without debate in the *CUNK* , in the absence of the opposition . STOP 
As a result , the Japanese people did n't know what to expect when the new law was introduced on April 1 . STOP 
They were frustrated by the longer *UNKS* at the *UNKER* and the small coins given as change . STOP 
All of a sudden , prices were no longer in denominations of 100 or 200 . STOP 
They were 103 or *UNKN* . STOP 
*CUNKS* *UNKED* with *UNK-* coins . STOP 
While people were *UNKING* their change , the LDP politicians were caught in scandals . STOP 
Money , such as in *CUNK* 's political donations , and women , as in the cases of Prime Minister *CUNK* *CUNK* and Secretary General *CUNK* *CUNK* , *UNK* have caused political scandals in Japan . STOP 
*CUNKS* most men were a bit *UNK* about the sex scandals -LRB- though they were *OUS* about *CUNK* -RRB- , women were upset about both and surged to the polls . STOP 
In the recent *CUNKER* House and Tokyo metropolitan congressional elections , in which the Socialist Party won a *UNK* victory , 60 % of all women voted , as opposed to the usual 40 % . STOP 
It is difficult to *UNK* how much of their anger was due to *CUNK* , the sex scandals , or the *UNK-* coins in their *UNKS* , but they obviously were voting to *UNK* the LDP . STOP 
*CUNK* by surprise , the Socialist Party is busy changing its *UNKS* . STOP 
It 's now OK to deal with the U.S. , but not the Soviet Union . STOP 
*CUNK* power plants are acceptable . STOP 
The *CUNK-* Security *CUNK* can continue , sort of . STOP 
And so on . STOP 
*CUNK* the rapid *UNK* overhaul of the Socialist Party the LDP has been *UNKED* . STOP 
Now is the time to reform the government from a provider , *UNK-* *UNK* role to that of a modern , industrialized nation in which consumers have the ultimate choice . STOP 
If the LDP , as currently *UNKED* , ca n't make the *UNKION* , then it should split into two parties . STOP 
One party could stand for consumer interests , small government , free trade and *UNK* to put Japan clearly among the most developed and open countries . STOP 
The other party could continue on the traditional track of the LDP , representing the manufacturers ' preference for larger government , control , regulation and *UNK* . STOP 
The LDP must make a decision immediately ; *CUNKER* House elections must take place before June . STOP 
In the current mood of the Japanese people , journalists and even some *UNKS* , giving power to the *CUNKS* might be good for the LDP , *UNKING* it of past *UNKS* . STOP 
We must not forget , however , that such a *UNK* political experiment could cause a global *UNKAL* wave of *UNKS* in real-estate and financial markets . STOP 
At the most there is only nine months before the LDP *UNK* *UNKS* out . STOP 
Mr. *CUNK* is managing director of *CUNK* & Co. in Japan . STOP 
Early this century , *UNK* mining in the *UNK* *UNKS* where the *CUNK* *CUNK* *UNKS* the Atlantic Ocean was a day at the *UNK* . STOP 
*CUNK* would *UNK* in the sand looking for *UNK* *UNKS* . STOP 
It was as easy as collecting sea *UNKS* at *CUNK* . STOP 
*CUNK* are still *UNKING* the *UNK* with *UNKS* and hand *UNKS* , *UNKING* for that unusual *UNK* . STOP 
But only after a fleet of *UNKN* *UNK* *UNKING* vehicles *UNKING* to De Beers Consolidated *CUNKS* Ltd. , the world 's *UNK* *UNKS* , do their work . STOP 
Last year , 43 million tons of desert were moved from one *UNK* to another to recover *UNKN* *UNKS* , which comes to 46 tons of sand per *UNK* , or *UNK-* *UNK* . STOP 
*CUNK* yes , the Atlantic was also pushed back 300 *UNKS* . STOP 
`` If there 's diamonds out there , we 'll get to them , '' says *CUNK* Johns , De Beers 's engineering manager . STOP 
Here , *UNKED* between shifting *UNKS* and *UNKING* waves at the world 's most *UNK* *UNK* *UNK* , lies the earth 's most precious *UNK* box . STOP 
*CUNKS* to *UNKS* of *UNKING* by *CUNKER* *CUNK* -- first in the *UNK* current of the Orange River that carried the *UNKS* from South Africa 's *UNK* , then in the cold *UNK* of the *UNK* , and finally in the *UNK* *UNKS* of the desert -- 98 % of the diamonds uncovered are of *UNK* quality . STOP 
While other mines might yield more *UNKS* , a higher percentage of them go to industrial use . STOP 
Since this *UNK* *UNKEST* is too big to fit in a bank *UNK* , it has been turned into one . STOP 
*CUNKS* after *UNK* worker *CUNKS* *CUNK* first picked up a *UNK* from the sand in *UNKN* , the German *UNKS* who controlled *CUNK* *UNKED* a wide *UNK* of the desert -- about 200 miles north from the Orange River and 60 miles *UNK* from the Atlantic -- a restricted area , a *UNKION* normally *UNKED* for military operations . STOP 
When the Germans lost World War I , they lost *CUNK* to South Africa and the diamonds to *CUNKEST* Oppenheimer , *UNK* of *CUNK* American Corp. and De Beers . STOP 
Today , no one gets in or out of the restricted area without De Beers 's *UNK* approval . STOP 
The mining *UNK* has thus remained one of the most *UNK* places in Africa . STOP 
*CUNK* *UNKS* *UNK* the *CUNK* *UNKS* , proving diamonds are n't forever . STOP 
*CUNK* , the mine headquarters , is a *UNKLY* corporate *UNKS* of *UNKN* residents . STOP 
*CUNKS* *UNK* the streets at night , and *UNK* , *UNK* *UNK* with long straight *UNKS* , *UNKER* in from the desert to drink from water *UNKS* . STOP 
On most days , the desert 's heat and the cool of the *UNK* combine to create a *UNK* like a damp *UNK* . STOP 
The wind , *UNKING* with sand , never seems to stop . STOP 
Still , *UNKS* from all parts of *CUNK* as well as professional staff from De Beers 's head offices in South Africa and London keep coming . STOP 
And *CUNK* boasts *UNKS* *UNKS* diamonds . STOP 
There are six video rental shops , three restaurants , one *UNK* and 34 sports and *UNKION* *UNKS* for everything from *UNK* to lawn *UNKING* . STOP 
The pride of *CUNK* is the *UNK-* golf course -- with the largest sand *UNK* in the world . STOP 
Last year , when the rising Orange River threatened to *UNK* the course , the same engineers who are pushing back the Atlantic rushed to build a wall to hold back the *UNK* . STOP 
`` Nothing is too good for our golf course , '' says *CUNK* George , a mining engineer . STOP 
Despite fears the mine may be *UNKLY* *UNKED* by the new *CUNK* government following next month 's elections *UNKING* the country from South African control , De Beers engineers are working to extend the mine 's *UNK* life for another 25 years , from the current estimate of 10 . STOP 
*CUNK* machines that look as though they came from the Star *CUNKS* *UNK-* scene *UNKER* among the *UNKS* . STOP 
*CUNKED* *UNK* *UNKS* probe the sand like giant *UNKS* ; a *UNKING* *UNKS* *UNK* *UNK* , with *UNKS* instead of seats , *UNKS* through *UNKS* of *UNKED* sand ; tracks and *UNK* *UNKS* , *UNKING* sand to the *UNKING* plants , *UNKS* the *UNK* . STOP 
Then there is the *UNKAL* sea wall , 600 *UNKS* long and 60 *UNKS* *UNK* , *UNKING* into the *UNK* . STOP 
*CUNK* of sand , it receives *UNK-* *UNK* against the *UNKING* waves . STOP 
When the mining in front of the wall is complete , it is moved *UNK* . STOP 
A *UNKION* *UNK* that helps hold back the sea looks like a *UNKING* *UNK* . STOP 
*CUNKS* first used concrete blocks to bolster the barrier , but the *UNK* *UNKED* them aside like *UNK* . STOP 
Then someone decided to try *UNK-* *UNKING* equipment that , *UNKLY* , held against the waves . STOP 
`` The *CUNK* people are n't too happy when they see their equipment used like that , '' *UNKS* Mr. George . STOP 
`` They figure it 's not a very good *UNK* . '' STOP 
Despite all these *UNKS* , most of the diamonds are still found in the sand *UNK* away by the men *UNKING* *UNKS* and *UNKS* -- the *UNKLY* named `` *UNK* *UNKS* '' who *UNK* in the wake of the *UNKS* . STOP 
*CUNKING* in blue and gray *UNKS* , they are supposed to concentrate on cleaning out *UNKS* , and not strain their eyes looking for diamonds . STOP 
But should they spy one , the company will pay a bonus equal to one-third its value . STOP 
For these workers at the bottom of the mine 's pay scale , this is usually enough to overcome the *UNKION* to steal -- a crime that could earn them up to 15 years in jail . STOP 
Still , employees do occasionally try to *UNK* out a *UNK* or two . STOP 
One man *UNKED* several diamonds in the *UNK* of his *UNK* . STOP 
Another *UNKED* a hole in the *UNK* of his *UNK* . STOP 
A food *UNKER* *UNKED* *UNKS* in the false bottom of a milk *UNK* . STOP 
None made it past the body *UNKS* and *CUNKS* of mine security . STOP 
*CUNK* *CUNK* are n't *UNKING* to raise taxes for relief and recovery . STOP 
Not yet , anyway . STOP 
Just after Hurricane Hugo battered South Carolina , some officials talked of perhaps adding a penny to the state gasoline tax or raising property taxes . STOP 
Gov. *CUNK* responded , `` They 're *UNKING* *UNK* when there 's been a *UNKING* in the family . '' STOP 
A spokesman says the governor believes he can avoid increases by *UNKING* on federal aid and shifting funds in state programs . STOP 
Still , Hugo 's impact may revive unsuccessful proposals to give local governments authority to *UNK* sales taxes . STOP 
A spokesman for North Carolina Gov. Martin says Hugo has n't prompted proposals for state or local increases . STOP 
California , where earthquake damage may top $ 5 billion , plans a special legislative session . STOP 
*CUNK-* relief is likely . STOP 
*CUNKS* are talking about temporary rises in sales or gasoline taxes , although Gov. *CUNK* says they should be a last resort . STOP 
*CUNKS* are n't clear , and the state *UNKION* makes increasing taxes and spending very difficult . STOP 
But some legislators think the time may be *UNK* to *UNK* the *UNKION* . STOP 
THE IRS *CUNK* *CUNK* if its error *UNKS* you with bank charges . STOP 
Policy statement *CUNK-* sets out terms . STOP 
As a result of an *OUS* IRS *UNK* on a bank account , a *UNKER* may *UNK* administrative and *UNK* charges . STOP 
If the IRS admits its error and the charges have been paid , it will *UNK* a *UNKER* who has n't refused to give *UNKLY* answers to IRS inquiries or has n't contributed to continuing or *UNKING* the error . STOP 
The IRS recently amended the policy to cover *UNK-* charges for checks lost by the IRS . STOP 
If the IRS asks for and gets a replacement for a check that it concedes it lost in processing , it will *UNK* the *UNKER* for the *UNK-* charge on the original . STOP 
*CUNK* claims must be filed with the IRS district or *UNKER* director within a year after the expense *UNKS* . STOP 
If the IRS seeks *UNK-* interest because of the lost check , you should request interest *UNK* , publisher *CUNK* Hall notes . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* are all we need to feel really at home , they say . STOP 
A couple we 'll call the *CUNKS* spent nearly $ 800,000 on a *UNK-* plot and main home and have an old $ *UNKN* mortgage exempt from the new limit on *UNKEST* deductions . STOP 
They plan to expand the home site by buying five *UNKING* acres for $ 200,000 , borrowed against a first mortgage on the five acres and also *UNKED* by the 15 acres . STOP 
Their debt will be well under the $ 1 million limit -- on borrowing to acquire , build , or improve a home -- that *UNKS* for *UNKEST* deductions . STOP 
As you can guess , the *CUNKS* want to *UNK* *UNK-* interest on the $ 200,000 loan . STOP 
But , IRS private ruling *UNKN* notes , no rule or court case bears directly on the issue of adding land to a principal *UNK* . STOP 
So the IRS has drawn a *UNK* from the sale of a home site split in two and sold in different years to the same buyer ; a court let the seller in that old case treat this as the sale of one *UNK* . STOP 
Thus , the IRS says , the *CUNKS* ' $ 200,000 loan is *UNKION* debt , and interest on it is fully *UNK* . STOP 
*CUNK* *CUNK* facing imminent filing and payment *UNKS* will get *UNKS* and penalty *UNKS* like those provided for Hugo 's victims ; IRS *CUNK* *UNKN* has details . STOP 
*CUNK* *UNKN* offers added relief for *UNK-* concerns that must file pension and *UNK-* returns . STOP 
*CUNK* OF *CUNK* to independent contractors for services must be filed by businesses , but do n't bet that contractors ' *UNKED* income will be *UNKED* that way . STOP 
The General Accounting Office estimates that 50 % of IRS *UNKS* do n't spot companies that fail to file the reports . STOP 
*CUNK* *CUNK* : STOP 
A claim by Peter *CUNK* of New York that a *UNKER* paid him $ 500 to go into a bank and change $ *UNKN* in small bills into large bills `` is *UNKING* , '' the Tax Court found . STOP 
It held that *CUNK* is taxable on $ *UNKN* of *UNKED* income . STOP 
*CUNK* *CUNK* A *CUNK* for *UNK* *UNKS* ? a *UNK* asks . STOP 
A retired electrical engineer we 'll call *CUNK* works *UNK-* as a consultant , but he does n't want to earn so much that Social Security reduces his benefits . STOP 
So he has arranged for a university foundation to set up a *UNK* fund for *UNUNK* engineering students . STOP 
He plans to tell clients to pay certain fees directly to the foundation instead of to him ; he would *UNK* those fees from income reported on his return . STOP 
So he asked the IRS if the plan would work . STOP 
Well , notes IRS private ruling *UNKN* , `` a fundamental principle '' is that income must be *UNKED* to *UNKER* *UNKS* it . STOP 
The rule goes back at least as far as a *UNKN* Supreme Court decision , Robert *CUNKS* of Shearson Lehman Hutton says . STOP 
If you *UNK* your income to another , you still have controlled its *UNKION* and enjoyed the *UNKS* of your labor , even if indirectly . STOP 
*CUNK* *UNKS* any fees sent directly to charity and is taxable on them , the IRS says ; of course , he also may take a *UNK* deduction for them . STOP 
*CUNK* : STOP 
*CUNKS* and Means veteran *CUNK* -LRB- D. , *CUNK* . -RRB- moves to the House Budget Committee ; Rep. *CUNK* -LRB- D. , *CUNK* . -RRB- *UNKS* him ... . STOP 
Seattle 's license fees for *UNK* *UNK* shows vary from those for other *UNKED* *UNKS* without serving a substantial government interest and are *UNUNK* , the *UNK-* appeals court holds for *CUNK* Investments Inc . STOP 
*CUNK-* advertisers have plenty of complaints about the magazines they *UNK* in , ranging from inadequate consumer research to ad `` clutter '' and a seemingly *UNKED* *UNKION* of special interest magazines . STOP 
*CUNK* from such big advertisers as *CUNK* Lauder Inc. , *CUNK-* Co. and Seagram Co. put a *UNKER* on the *UNK* at the American Magazine Conference here . STOP 
The conference opened Monday with *UNKING* reports about consumer magazines ' growth in circulation and advertising revenue in the past year . STOP 
`` *CUNKS* are not providing us *UNK-* information on circulation , '' said *CUNK* *CUNK* Jr. , president and chief operating officer of Seagram , in a panel discussion . STOP 
`` How do readers feel about the magazine ? STOP 
How deeply do they read it ? STOP 
Research does n't tell us whether people actually do read the magazines they *UNK* to . '' STOP 
*CUNK* Mark , chief executive of *CUNK-* , said advertisers lack detailed *UNK* and *UNK* *UNKS* of magazines ' audiences . STOP 
`` We need research that *UNKS* us that magazines are a real value in *UNKER* 's lives , that readers are really involved . '' STOP 
The critics also *UNKED* the magazine industry for something executives often are very *UNK* of : the growth in magazine *UNKS* during the 1980s . STOP 
Leonard Lauder , president and chief executive officer of *CUNK* Lauder , said consumer magazines are suffering from what he called `` *UNKS* , '' the increasing number of magazines that target the *UNK* interests of readers . STOP 
`` *CUNKS* *UNKS* our advertising dollars , '' said Mr. Lauder . STOP 
`` We are being *UNKED* . STOP 
We are constantly faced with deciding which partnerships -LCB- with magazines -RCB- we can keep . '' STOP 
He added : `` There 's probably even a magazine for *UNKED* *UNKS* ... but the general interest magazine is something we all miss , and it should come back . '' STOP 
Mr. Lauder also attacked what he sees as the wide *UNKION* of *CUNK* , a fashion magazine published by *CUNKS* Communications Inc. , and criticized the practice of *UNKING* ads at the front of magazines . STOP 
`` *CUNKS* do n't want to face all those ad pages at the front of a magazine , '' he said . STOP 
Magazine *UNKS* did not take the *UNKS* *UNKING* down . STOP 
`` We spend a *UNK* on research information , '' said Steve *CUNK* , publisher of Meredith Corp. 's Metropolitan Home . STOP 
And *CUNK* Brown , editor of *CUNK* *CUNK* Publications Inc. 's *CUNK* *CUNK* , said advertisers are frequently asked to take advertising positions in the back of her magazine to *UNK* ad clutter . STOP 
`` But advertisers would n't think of it , '' she said . STOP 
Bernard *CUNKER* , president of *CUNK* *CUNK* , added : `` Our research shows we sell more of our *UNKER* issues ... because readers believe they are getting more for what they pay for . STOP 
Wall Street securities giant Salomon Inc. posted a big , unexpected earnings gain in the third quarter , buoyed by its securities trading and investment banking activities . STOP 
Salomon said net income soared to $ *UNKN* million , or $ *UNKN* a share , from $ 65 million , or 38 cents a share , a year earlier . STOP 
Revenue more than doubled to $ *UNKN* billion from $ *UNKN* billion . STOP 
A Salomon spokesman said its stock , bond and foreign exchange trading , as well as its investment banking operations , were mostly responsible for the earnings jump . STOP 
`` The earnings were fine and above expectations , '' said Michael W. *CUNK* , an analyst at First Boston Corp . STOP 
Nevertheless , Salomon 's stock fell $ 1.125 yesterday to close at $ *UNKN* a share in New York Stock Exchange composite trading . STOP 
`` I suspect October was n't as good as the third quarter , and they 'll have difficulty matching the third quarter in the fourth quarter , '' Mr. *CUNK* said . STOP 
But some analysts say Salomon has turned the corner . STOP 
`` I *UNKED* the firm to my buy list because I certainly see signs of improvement , '' says Lawrence *CUNKER* , an analyst at Prudential-Bache Securities . STOP 
`` The market has been *UNKLY* *UNK* to them . '' STOP 
Analysts say investors remain *UNK* toward Salomon because of its volatile earnings . STOP 
In the first quarter , Salomon had a record loss of $ 28 million on revenue of $ *UNKN* billion . STOP 
But in the second quarter , Salomon posted a record $ *UNKN* million net on revenue of $ *UNKN* billion . STOP 
For the real estate industry , a *UNK* for the 1990s will be buy , more than build . STOP 
That 's the word expected to be on the *UNKS* of the more than 3,000 developers , *UNK-* advisers and real estate *UNKS* slated to *UNK* a *UNK-* conference , beginning here today , sponsored by the Urban Land Institute . STOP 
The *CUNK* is a *UNK-* research and education group based in Washington , D.C. , with *UNKN* members nationwide . STOP 
With the market *UNK* , builders are finding limited opportunities and increased risks . STOP 
*CUNKS* and money managers are looking for *UNKS* among the thousands of financially troubled properties around the country . STOP 
Real estate professionals now often bill themselves as `` turnaround experts '' and `` *UNK* specialists . '' STOP 
Conference *UNKS* are expected to be *UNKING* about the *UNKS* of the recently formed Resolution Trust Corp. , a federal agency charged with *UNKING* of an estimated $ 200 billion of real estate dumped in government hands by insolvent savings and loans . STOP 
*CUNKS* are also *UNKING* the real estate portfolios of major corporations . STOP 
Some plan to pursue foreign development ventures , mostly in Europe . STOP 
And other developers may shift from commercial to residential development in the U.S. . STOP 
`` There are n't as many *UNKLY* viable alternatives for real estate developers in this country as 10 years ago , '' says Charles *CUNK* , a Chicago-based real estate developer . `` STOP 
So developers are saying they will look into *UNKED* properties . STOP 
They 'll go into someone else 's *UNK* as long as it 's *UNKER* than the one they 're in now . '' STOP 
*CUNKS* are also *UNKING* more joint ventures with pension funds and insurance companies that can finance big projects . STOP 
The builders are more willing to give up some equity and rely on management and consulting fees to stay *UNK* in the soft market . STOP 
`` *CUNKS* are *UNKING* up with institutions often acting as project managers , '' says *CUNKS* York , *CUNK* president and president of York *CUNKS* Inc. , of *CUNK* , *CUNK* . STOP 
`` They are growing more *UNK* about their role . '' STOP 
Real estate firms are also using their alliances with financial institutions to *UNKS* acquisition funds . STOP 
`` Why should you beat your *UNKS* out fighting the environmentalists , the neighborhood groups , dealing with traffic *UNKION* , *UNKS* and fighting city *UNK* , then try to convince a *UNKER* to lend you money in an *UNK* market when you can get pension fund money , buy a portfolio , sell off pieces off it and play your own game ? '' says Jack *CUNK* , managing partner of the Los Angeles office of Kenneth *CUNKAL* Inc. a national accounting firm . STOP 
But experts say that when it comes to *UNKED* properties , finding diamonds in the rough is n't easy . STOP 
The level of interest in the RTC 's properties has been greater than expected , and has come from larger companies than initially anticipated , says *CUNK* Ross , *CUNKAL* 's *UNKING* partner . STOP 
And to succeed in the turnaround business , he says , developers may have to put in a lot of money and time . STOP 
*CUNKING* pension funds and other sources willing to invest is a high priority . STOP 
*CUNKS* David *CUNK* , director of real estate research for Salomon Brothers Inc. : `` A theme of the Urban Land conference will be ` take a pension fund manager to lunch . STOP 
*CUNK* Corp. and Pan American World Airways announced that they and two Soviet partners will *UNK* two `` *UNKS* '' hotels within a *UNK* of Red Square in Moscow . STOP 
U.S. and Soviet officials *UNKED* the joint project as a new indication of the further *UNK* in *CUNK-* relations . STOP 
`` This is an outstanding example of how the East and the West can work together for their mutual benefit and progress , '' said Soviet *CUNK* *CUNK* *CUNK* , who *UNKED* a signing *UNK* for the venture 's partners at the Soviet *UNK* here . STOP 
Commerce Secretary Robert *CUNKER* , who attended the *UNK* , called the *UNKING* a `` *UNK* step '' in the *UNKION* of *CUNK-* ties . STOP 
He added that it likely will have a `` *UNKER* effect '' in *UNKING* further trade between the two countries . STOP 
The project will be the largest *CUNKED* joint venture to be undertaken in the Soviet Union in recent years . STOP 
One of the hotels , to be called the *CUNK* Moscow , will have 450 rooms and will cost an estimated $ 75 million to build . STOP 
The *UNK-* hotel will be on Gorky Street and initially will *UNKER* mostly to business travelers . STOP 
It will have a Russian *UNK* , an English *UNK* , a *UNK* and Japanese and Italian restaurants , according to a *CUNK* announcement . STOP 
The hotel is scheduled to open in 1992 . STOP 
The second hotel , to be called the *CUNKEST* Hotel , is to be *UNKED* at a site even closer to Red Square . STOP 
*CUNKS* about its size and cost have n't yet been determined . STOP 
*CUNK* , a subsidiary of ITT Corp. , will have a 40 % share in the two hotels ; Pan American , a subsidiary of Pan Am Corp. , will have a 10 % share . STOP 
The Soviet owners will be *CUNK* , Moscow 's city governing body , and Aeroflot , the Soviet national airline . STOP 
Although a Finnish group has a minority interest in an already operating Moscow hotel , the *CUNK-* Am venture will be the first *UNK-* hotels in the Soviet Union to have as much as 50 % foreign ownership . STOP 
U.S. companies account for less than 8 % of the 1,000 or more Soviet joint ventures that have been announced since the Soviets began encouraging such *UNKS* in 1987 . STOP 
But some U.S. companies are negotiating projects that could be among the biggest ones to be launched . STOP 
Chevron Corp. , Amoco Corp. , *CUNK-* Co. , and Eastman Kodak Co. are among the U.S. companies known to be considering such ventures . STOP 
*CUNK* and Pan Am said they are assured under the Soviet *UNK-* law that they can *UNK* profits from their hotel venture . STOP 
The *CUNK* Moscow will charge about $ 140 to $ 150 a day for each of its rooms , and it will accept payment only in currencies that can be traded in foreign exchange markets , according to a *CUNK* executive . STOP 
Thomas *CUNK* , Pan Am 's chairman , said the U.S. airline 's participation is a natural *UNK* of its current arrangements with Aeroflot to jointly operate *UNK* New *CUNK-* flights . STOP 
He said the rising volume of passenger traffic on this route *UNKS* a major investment in new *UNK-* Moscow hotels . STOP 
David *CUNKER* was named to the new post of executive vice president of the Maxwell Macmillan group of this communications giant . STOP 
Mr. *CUNKER* takes primary responsibility for the electronic and *UNKS* group . STOP 
He had been group vice president of the *UNKING* group . STOP 
Also , *CUNK* *CUNK* , formerly a vice president at Maxwell , was named group vice president with responsibility for various electronic and *UNK-* companies . STOP 
*CUNK* Honda 's picture now *UNKS* with Henry Ford 's in the U.S. *CUNK* Hall of *CUNK* , and the *UNK-* `` *CUNK* '' is soon to be *CUNKED* . STOP 
But no matter how much Japan gets under our skin , we 'll still have *UNK* and apple *UNK* . STOP 
On second thought , make that just *UNK* . STOP 
A Japanese apple called the Fuji is *UNKING* up in *UNKS* the way *CUNKS* did on U.S. roads . STOP 
By 1995 it will be *UNKED* more often than any other apple *UNK* , according to a recent survey of six *UNK-* *UNKS* by Washington State University *UNK* Robert Norton . STOP 
Some fruit *UNKS* say the Fuji could *UNK* tumble the Red Delicious from the top of America 's apple *UNK* . STOP 
It certainly wo n't get there on looks . STOP 
*CUNKED* to the Red Delicious , the *UNK* of apple *UNK* , the Fuji is *UNKLY* more *UNK* -- generally smaller , *UNKLY* *UNKED* , *UNK* , with *UNKS* of red . STOP 
To hear most U.S. growers tell it , we 'd still be in *CUNK* if the *UNK* had *UNKED* one to *CUNK* . STOP 
But how sweet it is . STOP 
It has more sugar `` than any apple we 've ever tested , '' says *CUNK* *CUNK* , a University of Massachusetts *UNK* , or apple *UNK* . STOP 
It has a long shelf life and `` does n't *UNK* the public , '' says *CUNK* *CUNK* , an *CUNK* , Wash. , *UNKER* who is *UNKING* *CUNKS* and spreading the good word about them . STOP 
`` It does n't look nice on the outside while getting *UNKLY* inside . '' STOP 
Mr. *CUNK* , *UNK* sharp at 83 , has picked and *UNKED* a *UNKION* *UNKS* of apples over the past 65 years . STOP 
He is known as the father of the *CUNK-* *CUNK* Smith , a *UNKLY* different apple that the conventional wisdom once said would never catch on . STOP 
It did , shaking the apple establishment to its *UNKS* . STOP 
Now , even more radical changes seem *UNK* as the grand old *UNK* of American apples plays the role of *CUNK* *CUNKED* . STOP 
`` The Fuji is going to be No. 1 to replace the Red Delicious , '' he says . STOP 
The Delicious *UNK* wo n't end *UNK* soon . STOP 
New apple trees grow slowly , and the Red Delicious is almost as *UNKED* as *UNK* . STOP 
Its *UNKS* are *UNK* -- with the first trees *UNKING* in *UNKN* in an *UNK* near Peru , Iowa , to be exact . STOP 
For more than 50 years , it has been the apple of our eye . STOP 
A good Delicious can indeed be *OUS* . STOP 
More than twice as many Red Delicious apples are grown as the Golden variety , America 's No. 2 apple . STOP 
But the apple industry is *UNK* for change . STOP 
`` Red Delicious has been *UNKED* , and its prices have dropped below the cost of production , '' says Washington State 's Mr. Norton . STOP 
The *UNK* over *CUNK* , a growth regulator that makes apples *UNKER* and *UNKER* but may be *UNK* , made consumers *UNK* away from the Delicious , though they were less affected than the *CUNK* . STOP 
The *UNK* and *UNK* lower prices , combined with cancer fears , was a very serious blow to growers . STOP 
`` A lot of growers wo n't be around in a few years , '' says Mr. Norton , although they have stopped using *CUNK* . STOP 
One may be William *CUNK* , a Sterling , Mass. , *UNKER* . STOP 
`` This is *UNK* stuff , '' he says , looking *UNKLY* at big *UNKS* of *UNKED* Red Delicious next to his *UNK* . STOP 
`` But I 'm going to lose $ 50,000 to $ 60,000 on it . STOP 
I 'm going to have to get another job this year just to eat . '' STOP 
Besides *UNK* prices , he has been hit recently by *UNK* , a *UNKING* *UNK* of *UNK* , *UNK* and bugs . STOP 
Some 500 *UNKS* and 150 diseases *UNK* , *UNK* and *UNK* through growers ' *UNKS* , including *UNKS* , *UNKS* , *UNK* , *UNKS* , black *UNK* and the *UNKED* *UNKER* . STOP 
Even if a *UNKER* *UNKS* them back , his $ 2,000 *UNKED* *UNKS* might *UNK* off to the neighbors ' *UNKS* instead of *UNKING* his , Mr. *CUNK* says . STOP 
Though growers ca n't always keep the worm from the apple , they can protect themselves against the price *UNKS* of any one variety by *UNKING* -- into the recently imported *CUNK* , a sweet New Zealand native ; the *CUNKS* *CUNK* , reportedly Thomas *CUNK* 's favorite apple ; *UNK-* kinds like the *CUNK* . STOP 
`` I 've *UNKED* out a lot of Delicious '' and *UNKED* the trees with many different *UNKS* , says Steve *CUNK* , a West Lebanon , *CUNK* , *UNKER* , *UNKING* through his *UNK-* *CUNK* Lane *CUNK* on a *UNK* *UNK* day recently . STOP 
`` I 've got 70 kinds of apples . STOP 
Here 's a *CUNK* , '' he *UNKS* , picking one off a *UNK* . STOP 
He *UNKS* it , *UNKS* and *UNKS* it down . `` STOP 
It 's a real dog . '' STOP 
*CUNKS* are getting into the variety act , too . STOP 
They still buy apples mainly for big , red good looks -- that 's why so many taste like *UNKS* ' *UNKING* bags . STOP 
But *UNKS* counts more than it once did , and stores are expanding shelf space for *UNUNK* , but *UNKER* , and often *UNKER* , apples . STOP 
`` Rather than sell *UNK-* Delicious , maybe we can sell *UNK-* *CUNKS* , '' says *CUNK* *CUNK* , *UNKS* director for *CUNKER* *CUNK* Inc. , a Minneapolis supermarket chain and food distributor . STOP 
The Fuji is a product of *OUS* Japanese *UNKAL* engineering , which *UNKED* it 50 years ago at a government research *UNK* . STOP 
Japanese researchers have *UNKED* dozens of *UNKS* of *CUNKS* to *UNK* its color , taste and shelf life . STOP 
Now the best of them age as *UNKLY* as *CUNKS* , the industry 's gold standard for *UNK* . STOP 
In the *UNK* of *UNK-* apples , the Fuji 's track record stands out : During the past 15 years , it has gone from almost *UNK* to some 50 % of Japan 's market . STOP 
`` The Japanese apple market is very *UNKED* to high quality , '' says David Lane , a scientist at a Canadian *UNK* research center in *CUNK* , British Columbia , and so apples are more of a *UNK* there than a big food commodity . STOP 
The U.S. Department of Agriculture estimates that this year Americans will eat about 40 % more fresh apples per *UNK* than the Japanese . STOP 
The Fuji is still small *UNKS* in the U.S. , sold mainly in fruit *UNKS* . STOP 
But in California , says Craig *CUNK* , a *CUNK-* *UNKER* , `` There 's a Fuji apple *UNK* . STOP 
Once somebody *UNKS* one , they get *UNKED* . '' STOP 
Mr. *CUNK* , the Washington *UNKER* , says that he could sell *CUNKS* to Taiwan buyers at $ 40 a box if he had them . STOP 
-LRB- Taiwan already is a big *UNKER* of *CUNKS* from other places , he adds . -RRB- STOP 
But his first crop wo n't be picked *UNK* next year . STOP 
`` I expect to see the demand exceed supply for *CUNKS* for the next 10 to 15 years , '' he adds . STOP 
Washington Red Delicious , by the way , are *UNKING* for less than $ 10 a box these days . STOP 
Mr. *CUNK* sees *CUNKS* , in part , as striking a blow against the *UNKION* of U.S. apples by *UNKS* . STOP 
`` When the chain stores took over , there was no longer a connection between *UNKER* and consumer . STOP 
A guy is sitting up in an office deciding what you 're going to eat . '' STOP 
After all , until the 1950s even the Red Delicious was a firm , *UNK* *UNK* . STOP 
Then , as growers *UNKED* them more for looks , and to satisfy supermarket chains ' demands of long-term storage , the Red went into decline . STOP 
Now , those red *UNK* things stores sell in summer are *UNK* *UNKLY* , but usually not good eating . STOP 
They do *UNK* respect , however -- they are almost a year old , probably equal to about 106 in human years . STOP 
The Fuji , to be sure , has *UNKS* too . STOP 
It *UNKS* later than most apples , and growing it in U.S. areas with *UNKLY* *UNKS* may be *UNK* . STOP 
Moreover , the *UNK* Fuji must compete with an increasingly *UNK* Delicious . STOP 
Mr. *CUNK* , the Massachusetts *UNKER* , says the `` big boss '' at a supermarket chain even rejected his Red Delicious recently because they were n't *UNKED* and *UNKED* for extra *UNK* . STOP 
And he had n't used *UNKS* , which many growers *UNK* to *UNK* their Delicious apples for greater eye appeal . STOP 
Still , Mr. *CUNK* points out , *CUNKS* became popular without big , red looks , so why not *CUNKS* ? STOP 
He sees a shift in American values -- at least regarding apples -- toward more emphasis on *UNK* and less on *UNK* . STOP 
`` *CUNK* has finally come to the *UNK* , '' he says . STOP 
Or , for that matter , the core . STOP 
*CUNK* *CUNK* Inc. said its board increased the number of shares of common stock to be purchased under a previously authorized program to 3.9 million from 2.9 million . STOP 
The maker of engineered materials has acquired more than 2.7 million shares under the program . STOP 
The state attorney general 's office filed suit against five New York brokerage firms , charging them with responsibility for much of a $ 200 million loss incurred by the state treasurer 's office in 1987 . STOP 
The suit sets the firms ' liability at more than $ *UNKN* million . STOP 
The firms are Morgan Stanley & Co. , Salomon Brothers Inc. , County *CUNKEST* Government Securities Inc. , Greenwich Capital Markets Inc. and Goldman , Sachs & Co . STOP 
The firms have all said that West Virginia 's suit is without merit . STOP 
On Friday , the firms filed a suit against West Virginia in New York state court asking for a *UNK* judgment *UNKING* them of liability . STOP 
That suit is pending . STOP 
The suits *UNK* to a $ 200 million loss , disclosed in December , that was suffered by West Virginia 's consolidated investment pool . STOP 
The pool invested idle cash for many state agencies and local governments . STOP 
In its suit , the attorney general 's office alleges that brokers encouraged members of the treasurer 's office to engage in *UNK-* , high-risk transactions that benefited the brokers . STOP 
Few people are aware that the federal government *UNKS* almost as much money as it *UNKS* . STOP 
From 1980 to 1988 , while federal budget deficits totaled $ *UNKN* trillion , the government issued $ *UNKN* billion of new direct loans and an additional $ *UNKN* billion of new primary loan guarantees . STOP 
These figures *UNK* secondary guarantees , deposit insurance , and the activities of *CUNKED* Enterprises -LRB- a huge concern in its own right , as detailed on this page May 3 -RRB- . STOP 
Federal credit programs date back to the New *CUNKAL* , and were meant to break even financially . STOP 
Since the 1950s , federal lending has experienced extraordinary growth in credit volume , *UNK* rates , and policy applications , *UNKED* on by the growth of government in general and budget *UNKS* and *UNK* management in particular . STOP 
As we will see , many of these obligations do n't show up as part of the federal deficit . STOP 
But recent events indicate that federal credit is out of control . STOP 
*CUNK* loan defaults remain high at about 12 % , and the program has been *UNKED* by allegations of fraud and *UNK* . STOP 
Farmers Home Administration -LRB- *CUNK* -RRB- loans have turned into de *UNK* *UNK* programs ; losses over the next three years are expected to exceed $ 20 billion . STOP 
*CUNKS* on *CUNKS* Affairs loan guarantees have *UNKED* in the past eight years . STOP 
Last month , the General Accounting Office reported that defaults in Federal Housing Administration guarantees were five times as high as previously estimated , and that FHA 's equity fell to *UNKS* $ 2.9 billion . STOP 
*CUNK* 's findings are particularly *UNKING* because the FHA has about $ 300 billion in obligations outstanding and had previously been considered one of the most financially secure credit programs . STOP 
*CUNKS* of other credit programs , *UNKING* agriculture , small business , *UNKS* , defense , energy , transportation and others , are less visible but in no better shape . STOP 
If the programs continue their present path , the potential government losses are *UNKING* : The federal government holds $ *UNKN* billion in direct loans outstanding and backs an additional $ 550 billion in primary guarantees . STOP 
-LRB- *CUNK* guarantees of *UNKS* of FHA - and *CUNKED* loans by the agency known as Ginnie Mae currently exceed $ *UNKN* billion . -RRB- STOP 
Although *UNKAL* events have contributed to the *UNKS* , the principal causes of the current crisis are internal and *UNK* to all programs . STOP 
To reduce the risks while still *UNKING* the legitimate benefits these programs can provide , credit policy must : 1 . *CUNK* credit to improve the operation of capital markets , not to provide subsidies . STOP 
There is a fundamental conflict between providing a *UNK* and maintaining the integrity of a credit program . STOP 
If the program is meant to provide a *UNK* , collecting the debt *UNKS* the original goal . STOP 
Thus , subsidized loans tend to turn into *UNK* programs , with increasing *UNK* and default rates over time . STOP 
To avoid this problem , government should issue credit only if it intends to use every legal method to collect . STOP 
In contrast , credit programs can be appropriate tools to improve the operation of capital markets . STOP 
For example , legal restrictions on interstate banking once *UNKED* the supply of credit to the agricultural sector . STOP 
Farm lending was enacted to correct this problem by providing a *UNK* flow of *UNK* funds . STOP 
However , this in no way *UNKS* the huge government subsidies and losses on such loans . STOP 
Credit policy should separate these two competing objectives and eliminate aspects that provide the *UNK* . STOP 
For example , student loans currently attempt to *UNK* college *UNK* and *UNK* problems created by the fact that students ' future earnings are not accepted as collateral . STOP 
The program provides highly subsidized loans to any student whose family *UNKS* less than a particular amount . STOP 
High default rates , a low interest rate , and government coverage of all interest costs while the student is in school make program costs extremely high . STOP 
*CUNKS* that do not need the loan can make money simply by putting the loan in the bank and paying it back when the student *UNKS* . STOP 
In contrast , a student loan program that was meant solely to correct *UNK-* *UNKS* would allow loans for any student , regardless of family income , at market or *UNK-* rates . STOP 
While the student was in school , interest costs would either be paid by the student or added to the loan balance . STOP 
This program , combined with cash grants to *UNK* students , would reduce program costs and much more effectively target the intended beneficiaries . STOP 
2 . *CUNK* better incentives . STOP 
Given the structure of most credit programs , it is surprising that default rates are not even higher . STOP 
*CUNK* rates are typically 100 % , giving lenders little reason to screen customers carefully . STOP 
*CUNKING* those rates moderately -LRB- say , to 75 % -RRB- would still provide substantial assistance to borrowers . STOP 
But it would also encourage lenders to choose more *UNK* customers , and go a long way toward reducing defaults . STOP 
For example , the Small Business Administration has had reasonable success in reducing both guarantee rates and default rates in its *CUNKED* *CUNKS* ' Program . STOP 
*CUNKS* ' incentives are equally *UNKED* . STOP 
Since the government has a dismal record of collecting bad debts , the costs to the *UNKER* of *UNKING* are usually low . STOP 
In addition , it is often possible to obtain a new government loan even if existing debts are not paid off . STOP 
*CUNK* policy *UNKS* in this case would be to improve debt collection -LRB- taking the *UNKS* off contracted collection agencies -RRB- and to deny new credit to *UNKS* . STOP 
These provisions would be difficult to *UNK* for a program intended to provide a *UNK* , but would be reasonable and effective devices for programs that attempt to offset market *UNKS* . STOP 
3 . *CUNK* the true costs of credit programs in the federal budget . STOP 
Since the budget measures cash flow , a new $ 1 direct loan is treated as a $ 1 *UNK* , even though at least part of the loan will be paid back . STOP 
Loan guarantees do n't appear at all until the *UNKER* defaults , so new guarantees do not raise the deficit , even though they create future liabilities for the government . STOP 
By converting an *UNK* or loan to a guarantee , the government can ensure the same flow of resources and reduce the current deficit . STOP 
*CUNKLY* , guarantees outstanding have risen by $ 130 billion since 1985 , while direct loans outstanding have fallen by $ 30 billion . STOP 
The true *UNK* cost of a credit *UNK* is the discounted value of the net costs to government . STOP 
This figure could be estimated using techniques employed by private lenders to forecast losses , or determined by selling loans to private owners -LRB- without federal guarantees -RRB- . STOP 
Neither technique is perfect , but both are better than the current system , which *UNKS* the costs of new credit programs by amounts that vary substantially and average about $ 20 billion annually , according to the Congressional Budget Office . STOP 
A budget that reflected the real costs of lending would eliminate incentives to convert spending or lending programs to guarantees and would let taxpayers know what Congress is *UNKING* them to . STOP 
4 . *CUNK* standard accounting and administrative practices . STOP 
*CUNK* accounting is a *UNK* of federal credit . STOP 
Many agencies roll over their debt , paying off *UNK* loans by issuing new loans , or converting *UNKED* loan guarantees into direct loans . STOP 
In any case , they avoid having to write off the loans . STOP 
Some agencies simply keep bad loans on the books ; as late as 1987 , the *CUNK-* Bank held in its portfolio at face value loans made to Cuba in the 1950s . STOP 
More seriously , *CUNK* has carried several billion dollars of *UNKED* loans at face value . STOP 
Until *CUNK* 's recent audit , FHA books had not been subject to a complete *UNKAL* audit in 15 years . STOP 
The administration of federal credit should closely *UNK* private lending practices , including the development of a loan loss reserve and regular outside *UNKS* . STOP 
*CUNKING* these practices would permit earlier *UNKION* of emerging financial *UNKS* , provide better information for loan sales and *UNKING* decisions , and reduce fraud . STOP 
Government lending was not intended to be a way to *UNK* spending figures , hide fraudulent activity , or provide large subsidies . STOP 
The reforms described above would provide a more limited , but *UNKER* , safer and ultimately more useful role for government as a *UNKER* . STOP 
Without such reforms , credit programs will continue to be a *UNK-* , high-risk *UNKION* for taxpayers . STOP 
Mr. *CUNK* is an assistant professor of economics at *CUNK* . STOP 
Malcolm S. *CUNK* was named vice president and senior officer in charge of equipment leasing to *UNKS* , a new effort of this bond insurer . STOP 
Mr. *CUNK* had been vice president and treasurer of *CUNK* Corp . STOP 
President Bush is considering casting a line-item veto as a test to determine whether the courts will rule that he has such authority . STOP 
Mr. Bush has long *UNKED* for passage of a bill or a constitutional amendment that would *UNKLY* give him a line-item veto , which would enable him to kill individual items in a big spending bill without having to kill the entire bill . STOP 
He has argued that such presidential power is necessary to *UNK* in congressional spending . STOP 
But some analysts , particularly conservative legal *UNKS* , have urged Mr. Bush not to wait for *UNK* authorization but simply to *UNK* that the Constitution already *UNKLY* gives him the power to exercise a line-item veto . STOP 
Such an *UNKION* most likely would bring about a court challenge from Congress that would *UNK* whether a president already has such power . STOP 
White House spokesman Marlin Fitzwater , *UNKING* comments made this week by Vice President Dan Quayle , said Mr. Bush is `` interested '' in finding a *UNK* test case . STOP 
But he also said that *UNKING* a test line-item veto is n't a `` top initiative '' on the president 's agenda because he faces *UNKING* budget issues at the moment . STOP 
Harris *CUNK* , executive vice president of customer satisfaction , was named executive vice president , finance and administration of this maker of data storage equipment . STOP 
Mr. *CUNK* succeeds William R. *CUNK* Jr. , who will remain with the company until the end of the year to support the transition and to complete important projects . STOP 
The Bush administration said it is *UNKING* a `` comprehensive '' proposal for *UNKING* agricultural trade that could help break an *UNK* in the current round of *UNKAL* trade negotiations . STOP 
The proposal *UNKS* the U.S. desire to *UNK* or reduce a host of *UNKING* subsidies on farm products . STOP 
But it would allow considerable flexibility in *UNKING* how and when these goals would be achieved . STOP 
The U.S. plan also would ease the transition to *UNKER* agriculture trade by allowing some countries to convert *UNK-* barriers into tariffs that , together with existing tariffs , then would be *UNKED* out over 10 years . STOP 
Trade *CUNK* *CUNK* Hills , who along with Agriculture Secretary *CUNK* *CUNKER* unveiled the proposal , said she is confident it will gain considerable support from the U.S. 's trading partners . STOP 
Mr. *CUNKER* , seeking to *UNK* European *UNKS* to an earlier U.S. plan that called for eliminating all *UNK-* barriers by the year 2000 , said the new U.S. proposal would n't `` put farmers out of business '' but would only encourage them to `` grow what the markets desire instead of what the government wants . '' STOP 
The U.S. is *UNKING* the proposal today in Geneva , hoping that the initiative will spur members of the General *CUNK* on *CUNKS* and Trade to reach agreement on new trade rules before their current negotiating round concludes in December 1990 . STOP 
Another U.S. proposal filed Monday *UNKS* more `` fair play '' in services trade , including *UNK* and clear rules and *UNK* in the treatment of foreign and domestic service companies . STOP 
Unlike the earlier U.S. *UNK-* proposal which struck European countries as too extreme , the latest plan would provide some room for *UNKER* . STOP 
For instance , the new U.S. package makes clear there would be a transition period during which *CUNK* members could use a combination of tariffs and quotas to *UNKION* their farmers from foreign competition . STOP 
It also says countries could temporarily raise tariffs on certain products if they experience an unusually heavy volume of imports . STOP 
Instead of proposing a complete *UNKION* of farm subsidies , as the earlier U.S. proposal did , the new package calls for the *UNKION* of only the most *UNKING* ones . STOP 
*CUNKS* *UNK* ones would be subject only to some *UNKS* , and others with a `` relatively minor trade impact '' would be allowed to continue under certain conditions . STOP 
The new U.S. plan also would establish procedures to prevent countries from using health and *UNKION* rules to *UNK* trade *UNKLY* . STOP 
The goal would be to resolve disputes such as one prompted by the European Community 's current attempt to bar imports of beef from *UNKED* U.S. cattle . STOP 
The U.S. contends that the rules are n't justified on health grounds . STOP 
To encourage more competition among *UNKING* countries , the U.S. is proposing that export subsidies , including tax incentives for *UNKS* , be *UNKED* out in five years . STOP 
Procter & Gamble Co. , helped by a gain from a lawsuit settlement and continued growth overseas , posted a 38 % rise in fiscal *UNKER* net income . STOP 
Net for the quarter ended Sept. 30 climbed to $ *UNKN* million , or $ *UNKN* a share , from $ 400 million , or $ *UNKN* a share , a year earlier . STOP 
Per-share figures have been adjusted for a *UNKN* stock split effective Oct. 20 . STOP 
Sales increased 6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Earnings at the *UNKS* giant were boosted by a gain of $ 125 million , or about 25 cents a share , stemming from last month 's settlement of litigation with three of P&G 's competitors over patents on P&G 's *CUNK* *CUNKS* *UNKS* . STOP 
Excluding the gain , P&G 's earnings were close to analysts ' predictions of about $ *UNKN* a share for the quarter . STOP 
Wall Street had expected a modest rise in the company 's domestic sales and earnings , and more substantial increases in overseas results . STOP 
One factor helping sales and earnings was a 3 % price rise for most P&G products , except coffee , analysts said . STOP 
*CUNK* volume , or amount of products shipped , rose about 11 % in the international segment , with P&G continuing to win market share in Japan 's *UNKER* and *UNK* markets . STOP 
Jay *CUNK* , analyst with Kidder , Peabody & Co. , said P&G 's *CUNKS* *UNK* *UNK* , sold under the *CUNKER* name in Japan , has firmly established itself as a leading brand . STOP 
He figures P&G will expand its *UNK-* product line in Japan to `` continue that momentum . '' STOP 
P&G 's U.S. shipments were up just 1 % , partly because the company decided to shift more promotions and sales for health and beauty products to the fiscal second quarter . STOP 
*CUNK* *CUNK* , analyst with Salomon Bros. , predicts the shift will mean P&G 's sales growth in the second quarter will be `` in the double *UNKS* . '' STOP 
Also slowing growth in the U.S. were lackluster results for P&G 's *UNKING* *UNKS* , which had a strong year-earlier first quarter . STOP 
Last year 's *UNK* in the Midwest prompted retailers to stock up on *UNKS* ahead of anticipated price increases , boosting sales for *CUNK* and *CUNK* *UNKS* , analysts said . STOP 
For fiscal 1990 , analysts expect P&G 's sales to continue to grow , with earnings climbing between 15 % and 20 % . STOP 
*CUNK* *CUNK* , vice president of equity research for First Boston Corp. , expects P&G to post net of about $ *UNKN* a share , on a *UNK-* basis . STOP 
`` But I 'm *UNKING* there 's a good chance they 'll do a bit better than that , '' she says . STOP 
In fiscal 1989 , P&G earned $ *UNKN* a share , adjusted for the stock split . STOP 
One big factor affecting the fiscal second half will be the new *UNK* of *CUNK* L. *CUNK* , who becomes chairman and chief executive officer in January . STOP 
Because of his remarkable success turning around P&G 's international operations , analysts have high hopes for his tenure . STOP 
`` If he does to the domestic operations what he did *UNKLY* , '' says Mr. *CUNK* , `` this company will earn $ 6 or $ 7 a share in a few years . STOP 
The *CUNKING* Rights Act of *UNKN* was enacted to keep the promise of the *CUNK* Amendment and enable Southern blacks to go to the polls , *UNKED* by *UNK* tests and other *UNK* devices . STOP 
*CUNK-* years later , the *CUNKING* Rights Act has been *UNKED* by the courts and the Justice Department into a program of racial *UNKING* designed to increase the number of blacks and other minorities -- *CUNKS* , *CUNKS* and native Americans -- holding *UNK* office . STOP 
In the 1980s , the Justice Department and lower federal courts that *UNK* the *CUNKING* Rights Act have required state *UNKS* and municipal governments to create the maximum number of `` safe '' minority election districts -- districts where minorities form between 65 % and 80 % of the voting population . STOP 
The program has even been called upon to create `` safe '' white *UNKAL* districts in *UNKS* where whites are the minority . STOP 
Although Section 2 of the act *UNKLY* *UNKS* requiring that minorities win a *UNKAL* share of *UNK* offices , few municipal and state government plans achieve *UNK* by the Justice Department or survive the scrutiny of the lower federal courts unless they *UNK* out as many *UNKLY* minority districts as possible . STOP 
The new goal of the *CUNKING* Rights Act -- more minorities in political office -- is *UNK* . STOP 
For the political process to work , all citizens , regardless of race , must feel represented . STOP 
One essential indicator that they are is that members of minority groups get elected to public office with reasonable *UNK* . STOP 
As is , blacks constitute 12 % of the population , but fewer than 2 % of elected leaders . STOP 
But racial *UNKING* is not the best way to accomplish that essential goal . STOP 
It is a quick *UNK* for a complex problem . STOP 
Far from promoting a *UNK* of interests among black , white , Hispanic and other minority voters , drawing the district lines according to race suggests that race is the *UNKER* 's and the candidate 's most important *UNK* . STOP 
Such a policy implies that only a black *UNK* can speak for a black person , and that only a white *UNK* can *UNK* on behalf of a white one . STOP 
*CUNKS* of the *UNK* effects of racial *UNKING* can be seen in two cities -- New York and Birmingham , *CUNK* . STOP 
When they *UNKION* their districts after the 1990 *UNKS* , every other *UNK* and state in the country will face this issue . STOP 
New York City : STOP 
*CUNKAL* *UNKING* has been a familiar policy in New York City since 1970 , when Congress first amended the *CUNKING* Rights Act to expand its reach beyond the Southern states . STOP 
In 1972 , the Justice Department required that the *UNKAL* *UNK* in the borough of Brooklyn be *UNK* to concentrate black and Hispanic votes , despite protests that the new *UNKAL* *UNKS* would split a neighborhood of *CUNK* *CUNKS* into two different districts . STOP 
This year , a commission appointed by the mayor to *UNK* New York 's system of government completed a new charter , expanding the City Council to 51 from 35 members . STOP 
*CUNK* in 1991 , as soon as the 1990 *UNKS* becomes available , a *UNKING* panel will *UNK* the City Council district lines . STOP 
The *CUNKER* *CUNKION* Commission has made it clear that in response to the expectations of the Justice Department and the commission 's own commitment to *UNKING* minority political leadership , the new district lines will be drawn to *UNK* the number of *UNKLY* minority districts . STOP 
*CUNKS* and *CUNKS* currently make up 38 % of the city 's population and hold only 25 % of the seats on the council . STOP 
Several of the city 's black leaders , including Democratic mayoral *UNK* David Dinkins , have *UNK* out for racial *UNKING* to accord blacks and *CUNKS* `` the *UNKEST* opportunity for representation . '' STOP 
In this connection , it is important to note that several members of New York 's sitting City Council represent *OUS* districts that bring together sizable black , Hispanic , and *UNK-* white *UNKS* -- *CUNK* *CUNK* 's *UNK* district in northern Manhattan and the south *CUNK* and *CUNK* *CUNKER* 's *UNK* district in Brooklyn , for example . STOP 
To win their seats on the council , these political leaders have had to listen to all the voices in their district and *UNK* public policies that would benefit all . STOP 
*CUNK* they have found that the relevant issue is not race , but rather housing , crime *UNKION* or education . STOP 
Birmingham , *CUNK* : STOP 
The unusual situation in Birmingham *UNKLY* illustrates the *UNK* consequences of *UNKING* out safe districts for racial minorities . STOP 
In Birmingham , which is 57 % black , whites are the minority . STOP 
*CUNKING* that they are protected by the *CUNKING* Rights Act , a group of whites brought a federal suit in 1987 to demand that the city abandon *UNK-* voting for the nine member City Council and create nine *UNKAL* districts , including four safe white districts . STOP 
The white group argued that whites were not fully and fairly represented , because in *UNK-* elections only black candidates or white candidates who *UNKED* to `` black interests '' could win . STOP 
No federal court has ruled that the *CUNKING* Rights Act *UNKS* a white minority , but in June the Justice Department approved a *UNKING* plan for Birmingham that *UNKS* out three *UNK-* districts and six *UNK-* districts . STOP 
Richard *CUNK* , Birmingham 's black mayor , *UNKED* the consequences . STOP 
`` In the past , people who had to run for office had to moderate their views because they could n't afford to *UNK* blacks or whites , '' he said . STOP 
`` Now you go to districts , you 're likely to get candidates whose views are more extreme , white and black , on racial issues . '' STOP 
Two hundred years ago , critics of the new United States Constitution warned that the *UNKAL* districts for Congress were too large and *UNKED* too many different economic interests . STOP 
A small farmer and a *UNK* merchant could not be represented by the same spokesman , they said . STOP 
But James Madison *UNKED* that argument in one of the most *UNKED* political *UNKS* ever written , No. 10 of the *CUNK* *CUNKS* . STOP 
Madison explained that a representative 's duty was to speak not for the narrow interests of one group but instead for the common good . STOP 
*CUNK* , *OUS* election districts would encourage good government , said Madison , because a representative would be *UNKED* to serve the interests of all his constituents and be *UNK* to none . STOP 
Madison 's *UNK* and *UNKING* vision of the representative still can guide us . STOP 
As long as we believe that all Americans , of every race and *UNK* background , have common interests and can live together *UNKLY* , our political *UNK* should reflect our belief . STOP 
*CUNKAL* *UNKING* -- creating separate black and white districts -- says that we have *UNKED* that belief in our ability to live together and *UNK* ourselves as one people . STOP 
Ms. *CUNK* is a constitutional *UNK* at the Center for the *CUNK* of the *CUNK* in New York . STOP 
The Justice Department has distributed these new guidelines for U.S. *CUNKS* *UNKING* RICO cases . STOP 
A related editorial appears today . STOP 
Under -LCB- RICO -RCB- , the government may seek a temporary *UNKING* order -LRB- *CUNK* -RRB- upon the filing of a RICO indictment , in order to preserve all *UNK* assets until the trial is completed and judgment entered . STOP 
Such orders can have a *UNKING* impact on third parties who do business with the defendants , including clients , *UNKS* , banks , investors , creditors , *UNKS* , and others . STOP 
Some highly *UNKED* cases involving RICO *CUNKS* have been the subject of considerable criticism in the press , because of a perception that *UNKAL* *UNKING* of assets is *UNK* to a *UNK* of property without due process . STOP 
In order to ensure that the rights of all interested parties are protected , the *CUNKAL* Division has *UNKED* the following requirements to control the use of *CUNKS* in RICO prosecutions . STOP 
-LRB- It should be noted that these requirements are in addition to any other existing requirements , such as review by the Asset *CUNK* Office . -RRB- : STOP 
1 . As part of the approval process for RICO prosecutions , the prosecutor must submit any proposed forfeiture *CUNK* for review by the *CUNKED* *CUNK* and *CUNKING* Section . STOP 
The prosecutor must show that *UNK-* *UNKS* -LRB- such as bonds -RRB- are not likely to preserve the assets for forfeiture in the event of a conviction . STOP 
2 . In seeking approval of a *CUNK* , the prosecutor must *UNK* any anticipated impact that forfeiture and the *CUNK* would have on *UNK* third parties , *UNKED* against the government 's need to preserve the assets . STOP 
3 . In deciding whether forfeiture -LRB- and , *UNK* , a *CUNK* -RRB- is appropriate , the Section will consider the nature and *UNK* of the *UNK* ; the government 's policy is not to seek the *UNKEST* forfeiture *UNK* under the law where that forfeiture would be *UNK* to the defendant 's crime . STOP 
4 . When a RICO *CUNK* is being sought , the prosecutor is required , at the *UNKEST* appropriate time , to state publicly that the government 's request for a *CUNK* , and eventual forfeiture , is made in full recognition of the rights of third parties -- that is , in *UNKING* the *CUNK* , the government will not seek to *UNK* the normal , legitimate business activities of the defendant ; will not seek through use of the *UNK-* *UNK* to take from third parties assets *UNKLY* transferred to them ; will not seek to *UNK* legitimate business transactions *UNKING* between the defendant and third parties ; and will , in all other *UNKS* , assist the court in *UNKING* that the rights of third parties are protected , through proceeding under -LCB- RICO -RCB- and otherwise . STOP 
The Division expects that the prosecutor will announce these principles either at the time the indictment is returned or , at the latest , at the first proceeding before the court concerning the *CUNK* . STOP 
Sales of North *CUNK-* cars and trucks plunged *UNKN* % in mid-October from a year earlier , as domestic manufacturers paid the price for heavy incentives earlier this year . STOP 
`` People are waiting for -LCB- new -RCB- factory *UNKS* , '' said *CUNK* *CUNK* , sales manager of Bob *CUNKEST* *CUNK* World in *CUNK* , Mass. , whose sales are slow . STOP 
This trend appears to be especially true at General Motors Corp. , which used both dealer and consumer incentives to *UNK* sales in August and September . STOP 
Since then , *UNKS* have slumped . STOP 
GM 's car sales dropped *UNKN* % in mid-October to *UNKN* , while truck sales fell 26 % to *UNKN* . STOP 
GM also had dismal results in the first 10 days of the month , while other auto makers reported mixed results . STOP 
All of the Big Three suffered in the *UNKED* period , however , with sales of all *UNKLY* made cars , including those built at *CUNKED* plants , falling 19 % to *UNKN* from a year earlier . STOP 
The seasonal adjusted annual selling rate was six million vehicles , a small improvement from the 5.8 million rate of early October , but a big drop from the 7.1 million rate a year ago . STOP 
Sales of *UNKLY* made trucks also continued to be sluggish in mid-October , dropping *UNKN* % to *UNKN* from a year ago . STOP 
The Big Three auto makers already have slashed fourth-quarter production plans 10.4 % below year-ago levels , but that may not be enough to prevent inventories from *UNKING* if sales do n't improve . STOP 
Industry analyst John H. *CUNKS* , a vice president with Hill & *CUNK* in St. Louis , forecasts that domestic auto makers will have a *UNK-* supply of cars at the end of the year , even if car sales improve to a 6.5 million vehicle rate for the quarter . STOP 
Ford Motor Co. reported a *UNKN* % drop in sales of *UNK-* cars to *UNKN* and a *UNKN* % drop in domestic trucks to *UNKN* . STOP 
The sales are being *UNKED* down by a *UNK* of 1989 vehicles , said Joel *CUNK* , a Ford analyst . STOP 
The earlier use of incentives *UNKED* the market of `` *UNKS* '' for *UNK-* 1989 cars , he said . STOP 
*CUNK* & *CUNK* Ford in Charlotte , N.C. , still needs to move about 850 1989 cars and trucks . STOP 
Business had been fairly strong until Hurricane Hugo hit the area , but has been down since . STOP 
Chrysler Corp. also hit the *UNKS* in mid-October . STOP 
The No. 3 U.S. auto maker had a *UNKN* % plunge in car sales to *UNKN* and a *UNKN* % drop in truck sales to *UNKN* , which include its *UNKS* and *CUNKS* . STOP 
Honda Motor Co. , which continues to have short supplies of *UNKLY* made *CUNKS* , saw its sales of North *CUNK-* cars fall *UNKN* % to *UNKN* . STOP 
But sales of domestic cars and trucks at Nissan Motor Corp. rose *UNKN* % to *UNKN* . STOP 
A Nissan spokesman attributed the increase to the use of incentives this year and not a year ago and to higher fleet sales . STOP 
Toyota Motor Corp. , which opened a plant in *CUNK* , Ky. , last year , saw sales *UNK* to *UNKN* vehicles . STOP 
a - *CUNKS* include only vehicle sales reported in the period . STOP 
*UNK* - *CUNK* car STOP 
*UNK* - *CUNK* change greater than *UNKN* % . STOP 
*UNK* - There were 9 selling days in the most recent period and 9 a year earlier . STOP 
*CUNK* differences based on daily sales rate rather than sales volume . STOP 
Short interest in Nasdaq over-the-counter stocks rose 6 % as of mid-October , its biggest jump since 6.3 % last April . STOP 
The most recent OTC short interest statistics were compiled Oct. 13 , the day the Nasdaq composite index slid 3 % and the New York Stock Exchange tumbled 7 % . STOP 
The *UNK* might lead to the conclusion that *UNKS* bet heavily on that day that OTC stocks would decline further . STOP 
As it happens , the Nasdaq composite did continue to fall for two days after the initial plunge . STOP 
However , the short interest figures reported by brokerage and securities clearing firms to the National Association of Securities Dealers include only those trades completed , or settled , by Oct. 13 , rather than trades that occurred on that day , according to *CUNK* *CUNK* , chief economist for the *CUNK* . STOP 
*CUNKLY* , it takes five business days to transfer stock and to take the other steps necessary to settle a trade . STOP 
The total short interest in Nasdaq stocks as of mid-October was *UNKN* million shares , up from *UNKN* million in September but well below the record level of *UNKN* million shares established in July 1987 . STOP 
The sharp rise in OTC short interest compares with the 4.2 % decline in short interest on the New York Stock Exchange and the 3 % rise on the American Stock Exchange during the *CUNKER* period . STOP 
*CUNKLY* , a short seller expects a fall in a stock 's price and aims to profit by selling borrowed shares that are to be replaced later ; the short seller hopes the replacement shares bought later will cost less than those that were sold . STOP 
Short interest , which represents the number of shares borrowed and sold , but not yet replaced , can be a *UNKS* *UNKER* for many stocks . STOP 
Among *UNKN* of the largest OTC issues , short interest rose to *UNKN* million shares , from *UNKN* million in *UNKN* stocks in September . STOP 
Big stocks with large short interest gains as of Oct. 13 included First Executive , Intel , Campeau and LIN Broadcasting . STOP 
Short interest in First Executive , an insurance issue , rose 55 % to 3.8 million . STOP 
Intel 's short interest jumped 42 % , while Campeau 's increased 62 % . STOP 
Intel makes *UNKS* and Campeau operates department-store chains and is *UNKED* for cash . STOP 
*CUNK* Savings again had the *OUS* honor of being the OTC stock with the biggest short interest position on Nasdaq . STOP 
*CUNK* has headed the list since May . STOP 
First Executive and troubled Valley National Corp. of Arizona were next in line . STOP 
Short selling is n't necessarily bad for the overall market . STOP 
*CUNKED* shares must eventually be replaced through buying . STOP 
In addition , changes in short interest in some stocks may be caused by arbitrage . STOP 
For example , an investor may seek to profit during some takeover *UNKS* by buying stock in one company involved and *UNKING* the stock of the other . STOP 
Two big stocks involved in takeover activity saw their short interest surge . STOP 
Short interest in the American depositary receipts of Jaguar , the target of both Ford Motor and General Motors , more than doubled . STOP 
Nasdaq stocks that showed a drop in short interest included *CUNK* Systems , Class A shares of Tele-Communications and takeover targets *CUNKED* and *CUNK* . STOP 
The *CUNK* , which operates the Nasdaq computer system on which *UNKN* OTC issues trade , *UNKS* short interest data in two categories : the approximately two-thirds , and generally biggest , Nasdaq stocks that trade on the National Market System ; and the one-third , and generally smaller , Nasdaq stocks that are n't a part of the system . STOP 
Short interest in *UNKN* *UNK-* securities totaled *UNKN* million shares , compared with almost 38 million shares in *UNKN* issues in September . STOP 
The October short interest represents 1.04 days of average daily trading volume in the smaller stocks in the system for the reporting period , compared with *UNKN* day a month ago . STOP 
Among bigger OTC stocks , the figures represent *UNKN* days of average daily volume , compared with *UNKN* days in September . STOP 
The *UNK* tables show the issues in which a short interest position of at least 50,000 shares *UNKED* as of Oct. 13 or in which there was a short position change of at least 25,000 shares since Sept. 15 -LRB- see accompanying tables -- *CUNK* Oct. 25 , 1989 -RRB- . STOP 
From the Sept. *UNK-* . 4 issue of The *CUNK* : STOP 
What defeated General *CUNK* was not only the weight of the *CUNK* army . STOP 
The weight of Lebanon 's history was also against him ; and it is a history Israel is in danger of *UNKING* . STOP 
Like Lebanon , and however *UNKLY* , Israel is regarded by the Arab world as a *UNKAL* *UNKION* . STOP 
Its best hope of *UNK* by its *UNKS* lies in reaching a settlement with the *CUNKS* . STOP 
Like Lebanon , Israel is being *UNK* by *UNK* . STOP 
In *CUNKER* Israel more than half the children under six are *CUNKS* . STOP 
Within 25 years *CUNKS* will probably be the minority . STOP 
Yet Israel will neither share power with all these *CUNKS* nor , says its present prime minister , *UNK* its *UNKS* closer to its *UNK-* Jewish *UNK* . STOP 
By not *UNKING* one of these options , *CUNKS* will *UNK* themselves , as the *CUNKS* did , to *UNKAL* war with the *CUNKS* in their midst , and so to the internal *UNKION* of their state . STOP 
Unlike the *CUNKS* , Israel 's *CUNKS* will not let themselves become the *UNKEST* force in a system of private *UNKS* ; *CUNK* will become *CUNK* before it becomes *CUNK* . STOP 
But that is not much of a *UNKION* to draw from the failure of General *CUNK* . STOP 
The Nasdaq over-the-counter market did n't fully recover from a selling *UNK* , and closed down 1.2 % . STOP 
The effects on the market of the mostly computer-driven sell-off among *UNKED* stocks *UNKED* many market makers , who watched the Nasdaq Composite Index tumble in *UNK* with the Dow Jones Industrial Average , and then saw it get left behind in the subsequent rally . STOP 
After *UNKING* 1.8 % at one point during the day , the composite rebounded a little , but finished down *UNKN* , at *UNKN* . STOP 
In contrast , the industrial average recovered almost completely from its *UNK* and closed down 0.1 % . STOP 
The New York Stock Exchange Composite was 0.4 % lower for the day . STOP 
As usual , the over-the-counter market 's biggest technology stocks were hardest hit . STOP 
Microsoft , battered by profit taking in recent sessions , sank as much as 4 ; but it finished at 80 7\/8 , down 2 1\/4 on volume of one million shares . STOP 
MCI Communications , the most active issue , finished down 5\/8 to 42 1\/8 . STOP 
MCI traded as low as 41 3\/8 during the session . STOP 
Other active stocks included Jaguar , whose American depositary receipts added 1\/8 to 11 1\/4 . STOP 
Apple Computer improved 7\/8 to 47 5\/8 ; Intel slipped 1\/4 to 33 1\/4 , and Valley National Corp. was up 1\/8 to 15 1\/8 . STOP 
`` The market started with several strikes against it , '' said Peter *CUNK* , head of retail equity trading at Shearson Lehman Hutton , referring to news that the labor-management buy-out of UAL Corp. continued to *UNUNK* , and reports that the junk-bond market is *UNKING* . STOP 
But the computer-guided selling in response to those developments *UNK* a serious blow to the over-the-counter market , Mr. *CUNK* said . STOP 
Even though the over-the-counter market usually does n't fall by as much as listed stocks during *UNKING* *UNKS* , he said , `` when the market does recover , the damage is done and it leaves Nasdaq down more than the Big Board . '' STOP 
Mr. *CUNK* also complained that the sharp swings in stock prices lately is *UNKING* away retail and foreign investors . STOP 
While Shearson does n't do computer-guided program trading for its own account , the firm does execute orders for clients involved in the buying and selling of shares tied to movements in certain stock indexes , Mr. *CUNK* acknowledged . STOP 
The volatility *UNK* in program trading troubled other traders , too . STOP 
They do n't like the risks they are forced to assume when prices *UNKING* so *UNKLY* . STOP 
Market makers are supposed to keep supplies of stocks on hand to maintain *UNKLY* trading when *UNKS* occur . STOP 
That means that on days when prices are *UNKING* and sellers *UNK* they must be willing to buy shares from sellers when no one else will . STOP 
In such an environment , a market maker can absorb huge losses . STOP 
But the recent volatility in stock prices caused by the program trading has made some market makers less willing to *UNK* up the stocks that are for sale . STOP 
The market makers say they are n't comfortable carrying big positions in stocks because they realize prices can tumble quickly . STOP 
The situation makes it harder to buy and sell shares quickly , *UNKING* the rise and fall in stock prices during *UNKED* trading . STOP 
*CUNKED* Robert *CUNK* , head of over-the-counter trading at Donaldson , Lufkin & Jenrette : `` It 's making it tough for traders to make money . '' STOP 
He said that when sell programs *UNK* in , many traders believe that `` there 's no sense in *UNKING* your *UNK* out because you 're an instant *UNKER* . '' STOP 
*CUNK-* *CUNKING* *CUNKS* added 1\/4 to 4 7\/8 on *UNKN* shares . STOP 
*CUNK* Group said it will make a $ *UNK-* offer for the remaining *CUNK-* *CUNKING* Center common stock if it *UNKS* a majority of the company 's shares in a pending rights offering by *CUNK-* *CUNKING* Center 's parent , *CUNK-* Inc . STOP 
Shares of *CUNK* Inc. closed at 3 1\/2 , also up 1\/4 , on volume of *UNKN* . STOP 
Ohio Casualty dropped 2 1\/8 to 49 1\/2 . STOP 
The company posted third-quarter earnings of 95 cents a share , down from $ *UNKN* a year earlier . STOP 
The company estimated that losses from Hurricane Hugo reduced net income by 32 cents a share in the most recent quarter . STOP 
The company said losses from the Oct. 17 earthquake in California have n't yet been determined , but that it provides earthquake coverage to about *UNKN* properties in the *UNK* area . STOP 
Any *UNKED* losses will be reported in the fourth quarter , the company said . STOP 
North Atlantic Industries jumped 1 to 5 3\/4 . STOP 
The *UNKS* maker is to be acquired by Asset Management Associates for $ 7.25 a share . STOP 
LIN Broadcasting slid 1 3\/8 to *UNKN* 3\/4 , despite reporting third-quarter net of 46 cents a share , up from 39 cents the previous year . STOP 
The company said the latest quarter included about $ 3.4 million in special legal and financial advisory costs related to McCaw Cellular Communications ' bid for the company and LIN 's merger pact with BellSouth . STOP 
McCaw was unchanged at 40 . STOP 
*CUNK* slid 2 1\/4 to 16 1\/2 amid continuing concerns about the company 's contract negotiations with International Business Machines . STOP 
IBM is reviewing its entire *UNKS* program , and *CUNK* confirmed earlier this month that it was in talks with the company about possible *UNKS* to its current *CUNKER* contract . STOP 
*CUNKS* make *UNKS* to IBM 's computer hardware and *UNK* the products . STOP 
*CUNK* Capital Group surged 1 3\/4 to 16 1\/4 . STOP 
The company said net rose to 38 cents a share in its *UNK-* quarter ended Sept. 30 , from 35 cents a shares a year ago . STOP 
*CUNKLY* the most *UNK-* Soviet violation , for example , is the *CUNK* radar . STOP 
-- `` *CUNKS* Control *CUNK* , '' Nov. 20 , 1984 , the first of some 20 Journal *UNKS* saying that *CUNK* violated the ABM treaty . STOP 
-- `` Whether the *UNKION* is for early warning or space track , it clearly is not *UNKED* , '' the lawmakers said . STOP 
`` Thus we judge it to be not a violation of the ABM treaty at this time . '' STOP 
The delegation included a reporter from the New York Times , aides to Sen. Edward M. Kennedy and Rep. *CUNK* *CUNK* , and Natural Resources Defense Council staff members . STOP 
-- The Washington *CUNK* , Sept. 9 , 1987 . STOP 
-- The U.S.S.R. has taken unprecedented *UNUNK* measures of *UNKS* , by giving American representatives a possibility to *UNK* the building site of the *CUNK* radar as well as radar *UNKS* in the areas of *CUNK* and Moscow , so as to see for themselves that there are no violations of the ABM treaty of 1972 on the part of the Soviet Union . STOP 
-- *CUNKER* from *CUNK* Shevardnadze to U.N. *CUNKAL* *CUNK* de *CUNK* , reported in *CUNKS* , June 10 , 1988 . STOP 
-- The construction of this station equal in size to the *CUNK* *UNKS* *UNKED* , I say it directly , a clear violation of ABM . STOP 
-- *CUNK* Shevardnadze , Oct. 23 , 1989 . STOP 
We 're happy , we guess , to receive confirmation of the *CUNK* violation from the Soviets , five years after we started writing about it . STOP 
Perhaps even the American *UNKS* will now *UNK* . STOP 
Without question , something *UNKING* is going on in the policy *UNKS* of the Politburo . STOP 
As it bids for new agreements , new loans and indeed admission to the *UNKED* world , the Soviet government has recognized it has a credibility problem . STOP 
So after 70 years , it is *UNKING* the obvious , hoping to be believed about other things . STOP 
It 's not enough . STOP 
If the Soviets want to be believed , they need to start telling the truth about more than the totally obvious . STOP 
Our own test of `` glasnost 's '' *UNK* would be a Soviet decision to open itself to a complete international examination of one of the most *UNKING* *UNKS* in *CUNK-* relations -- the reported 1979 *UNK* *UNK* at a Soviet military facility in *CUNK* . STOP 
The U.S. government has never *UNKED* in its assessment of this incident as an accident at a *UNKAL* weapons facility there , and *UNK* a violation of the 1972 *CUNKAL* *CUNKS* *CUNKION* . STOP 
The Pentagon 's recently issued `` Soviet *CUNK* Power , '' though in general *UNKING* a softer line , repeated the *CUNK* assessment . STOP 
It also was detailed in Congressional testimony this past February : An *UNKION* at the *CUNK* and *CUNK* Institute in *CUNK* released *UNK* *UNKS* that caused a significant number of deaths . STOP 
Since Mr. Shevardnadze did not address this topic before the Supreme Soviet , the Soviet Union 's official position remains that the *UNK* deaths were caused by *UNKED* meat . STOP 
We doubt this claim just as we *UNKED* Mr. Shevardnadze 's assurance last year that *CUNK* did n't violate the ABM treaty . STOP 
And just as we did not believe the *OUS* claims of the *CUNK* and *UNK-* advocates who visited *CUNK* , we are in no way persuaded by the *UNK* to the *UNK-* theory by a U.S. team of scientists who met with Soviet counterparts in Washington last year . STOP 
The Soviets ' explanation is that the *UNK* came from one lot of animal feed made from the *UNKS* of cattle that *UNKED* on soil that was naturally infected with *UNK* *UNKS* . STOP 
Harvard 's *CUNK* *CUNK* -- who we read has sold something called the `` scientific community '' on the notion that `` *UNK* rain '' attacks on the *CUNK* *CUNK* were in fact the result of *UNKAL* *UNKS* by giant *UNKS* -- found the Soviet *UNK* scenario `` completely *UNK* . '' STOP 
We do n't believe it . STOP 
And we certainly do not believe that Mr. Gorbachev or any of his *UNKS* yet *UNK* to have the West take their word for it . STOP 
*CUNK* is a large gray *UNK* over glasnost and indeed over the *UNK* of the *UNK-* process itself . STOP 
The U.S. government 's *CUNK* complaint , as with *CUNK* , is no mere political *UNKING* . STOP 
*CUNKAL* weapons violations have figured little in political debate , and indeed have not been pressed *UNKLY* enough by the U.S. government . STOP 
But the stated U.S. position is detailed and specific , and the prospect of *UNKAL* *UNK* is *UNKLY* *UNKING* . STOP 
The Soviets should be willing to set in motion a process that would allow them to *UNK* that *CUNK* violated the 1972 agreement or , *UNKLY* , that would give U.S. specialists reasonable confidence that this was a *UNKLY* *UNK* accident . STOP 
Until that happens , glasnost can not begin to *UNK* the kind of credibility Mr. Shevardnadze was bidding for with his *UNKS* on Monday . STOP 
Manville Corp. said it offered to buy $ 500 million of its convertible preferred stock from the Manville Personal *CUNK* *CUNK* Trust in a move that would improve the trust 's liquidity and reduce the potential number of Manville shares outstanding . STOP 
Manville said it made the offer within the past several weeks as part of an effort to improve shareholder value . STOP 
It said it would purchase the stock at market price . STOP 
Manville and a spokeswoman for the trust said that the two are discussing the proposal but a decision has n't been made . STOP 
`` We are considering that offer along with all other alternatives , '' the trust spokeswoman said . STOP 
`` We need to look at how to *UNK* our cash flow to pay our beneficiaries . '' STOP 
The trust , created as part of Manville 's bankruptcy-law reorganization to compensate victims of *UNKED* diseases , owns 7.2 million of the Series A convertible preferred shares , which are each convertible into 10 Manville common shares . STOP 
The trust also owns half of Manville 's 48 million common shares outstanding . STOP 
*CUNKED* on Manville 's closing price yesterday of $ *UNKN* a share , Manville 's offer would purchase about 5.4 million of its preferred shares , or about 75 % of the trust 's preferred stock holding . STOP 
In addition to the stock and 20 % of Manville 's profits beginning in 1992 , the trust is supposed to receive $ 2.5 billion over its *UNK-* life . STOP 
But it initially was funded with about $ *UNKN* million and may soon face a cash crunch . STOP 
As of June 30 , it had settled about 15,000 of *UNKN* claims filed and its *UNUNK* claims totaled $ *UNKN* million , a large portion of its $ *UNKN* million in cash and *UNK* securities . STOP 
Since most of its assets are tied to Manville , a forest and building products concern , the trust might also want to *UNK* its holdings . STOP 
As part of its offer , Manville said it requested changes in some *UNKS* between it and the trust to allow Manville to `` reflect a more typical corporate ownership and financial structure . '' STOP 
A Manville spokesman would n't elaborate on the proposed changes . STOP 
But he said they are `` to a large degree , *UNKING* , '' although some may generate some *UNK* . STOP 
Manville said the shares issued to the trust were intended to be sold , as needed , and that Manville has the right of first *UNKAL* to buy those shares . STOP 
Northeast Utilities raised its bid for Public Service Co. of New Hampshire , which is operating under Bankruptcy Code protection , to $ 2.25 billion from $ *UNKN* billion . STOP 
Northeast 's raised bid , which was supported by PS of New Hampshire 's official shareholder committee , is a *UNK* to what is expected to be a round of higher bids by the other groups trying to acquire the company , the largest utility in New Hampshire . STOP 
The $ 2.25 billion value claimed by Northeast , based in Hartford , Conn. , is the highest yet given to a bid . STOP 
Some of the three other bidding groups are expected to increase their offers tomorrow , a date set for revised offers by a bankruptcy court judge . STOP 
A hearing is set for Nov. 15 , but participants do n't expect a resolution until July 1990 . STOP 
Under the new Northeast Utilities plan , it would pay $ *UNKN* billion in cash to creditors and assume $ 100 million in pollution control bonds . STOP 
*CUNKED* creditors would recover both principal and interest , while unsecured creditors would receive only principal and interest accrued before PS of New Hampshire filed for Bankruptcy Code protection in January STOP 
The biggest change in Northeast 's offer was in improvements made for equity holders who had been given short *UNK* previously . STOP 
*CUNKING* full operation of the *CUNK* nuclear power plant , which is completed but is n't yet operating , equity holders would receive up to $ 500 million in cash , preferred stock and new 10-year *CUNK* bonds . STOP 
Northeast 's previous offer had proposed that equity holders receive just $ *UNKN* million . STOP 
In addition , Northeast promised the State of New Hampshire that rate increases would be limited to 5.5 % annually for seven years . STOP 
Its previous proposal had *UNKED* rate limits on *CUNK* operations and other *UNKS* . STOP 
*CUNK* Ross , financial adviser to the equity holders said , `` Given the state 's strong bargaining position ... we believe the *CUNK* plan provides the best recovery available '' to PS of New Hampshire 's equity holders . STOP 
Officials of PS of New Hampshire could n't be reached for comment . STOP 
The company has filed an internal reorganization plan it valued at $ 2.2 billion that would require 5.5 % rate increases . STOP 
That plan would leave existing preferred shareholders with at least a 41 % stake and give common shareholders as little as 13 % . STOP 
New England Electric System , *CUNK* , Mass. , has proposed buying the company for $ 2 billion as part of a plan that would require rate increases of only 4.8 % annually for seven years . STOP 
The state of New Hampshire has favored that plan . STOP 
The other bidder is United Illuminating Co. , New *CUNK* , Conn. , with a bid valued at $ 2.2 billion and and a proposal for seven years of 5.5 % rate increases . STOP 
The Polish *UNK* will eat well this winter . STOP 
*CUNKS* of *UNKLY* *UNKING* *UNKS* , *UNK* and wheat will fill damp *UNKS* across the land as thousands of farmers turn the state 's buyers away . STOP 
Many a *UNK* wo n't be born as a result , and many a *UNK* will never *UNK* in a *UNKER* shop . STOP 
But with inflation *UNKING* , grain in the *UNK* will still be a safer bet for the private farmer than money in the bank . STOP 
Once again , the *UNK* *UNK* holds Poland 's future in his hands . STOP 
Until his labor can produce a profit in this *UNKING* and *UNKED* system , even Solidarity 's *UNK* new government wo n't win him over . STOP 
In coming months , emergency food aid moving in from the West will be the one *UNKER* between a *UNK-* public and a new political *UNK* . STOP 
*CUNK* workers on strike knocked Poland 's Communist *UNKS* off balance last year ; this year , it was the farmers who brought them down . STOP 
In June , farmers held onto meat , milk and grain , waiting for July 's usual *UNKED* price rises . STOP 
The Communists *UNK* prices instead . STOP 
The farmers ran a *UNK* , and meat *UNKED* from the shops . STOP 
On Aug. 1 , the state *UNK* up its controls , and food prices *UNKED* . STOP 
Without *UNKER* stocks , inflation *UNKED* . STOP 
That was when the *UNK* old *CUNKS* ' Party , *UNK* to live through the crisis , broke ranks with the Communists and joined with Solidarity in the East *CUNK* 's first *UNKED* government . STOP 
But by the time Solidarity took office in September , the damage was done . STOP 
`` *CUNKION* , '' as economists have come to call it , had gone *UNKER* . STOP 
The cost of raising a *UNK* kept *UNKING* ahead of the return for selling one . STOP 
The farmers stayed angry . STOP 
They still are . STOP 
At *UNK* on a cool day , hundreds travel to the private market in *CUNK* , a town not far from Warsaw , *UNKING* *UNKS* , cattle and *UNKS* of feed that the state 's official buyers ca n't induce them to sell . STOP 
Here , they are *UNKING* for a higher price . STOP 
In a crush of trucks and horse *UNKS* on the *UNK* field , *CUNK* *CUNK* *UNKS* a *UNKING* , *UNK* *UNK* into the *UNK* of a private *UNKER* 's Polish Fiat . STOP 
`` Of course it 's better to sell private , '' he says , as the *UNKER* *UNKS* away . STOP 
`` Why should anybody want to sell to them ? '' STOP 
The young farmer makes money on the few *UNKS* he sells here . STOP 
He wo n't for long , because his old state sources of *UNK* and *UNKS* are *UNKING* up . STOP 
`` There 's no feed , '' he says . STOP 
`` You ca n't buy anything *UNKS* . STOP 
I do n't know why . '' STOP 
Edward *CUNK* does . STOP 
His truck is *UNKED* across the field , in a row of grain sellers . STOP 
Like the others , it is *UNKED* with *UNK* , wheat and *UNKS* in *UNKS* *UNKED* `` *CUNKS* . *CUNK* in *CUNK* . '' STOP 
The farmer at the next truck *UNKS* , `` *CUNK* ! STOP 
It 's nice ! STOP 
It wo n't be cheaper ! STOP 
We sell direct ! '' STOP 
A heavy , *UNKED* woman runs a handful through her *UNKS* , and counts him out a *UNK* of *UNKS* . STOP 
`` *CUNK* people *UNKED* *UNKS* , '' says Mr. *CUNK* , *UNKING* against the back of his truck . STOP 
`` They ca n't buy feed from the state . STOP 
There is n't enough . STOP 
Some state middlemen come to buy from me . STOP 
I sell -- a little . STOP 
I am waiting . STOP 
I have plenty more at home . '' STOP 
On this morning , he does n't sell much in *CUNK* , either . STOP 
At closing time , farmers *UNK* out most of what they *UNKED* in . STOP 
A private market like this just is n't big enough to absorb all that business . STOP 
The *UNK* of *CUNK* , it seems , will not quickly *UNK* away . STOP 
State *UNKS* will keep on *UNKING* trade , `` free '' prices or not , until something else *UNKS* them . STOP 
Polish agriculture will need a whole private network of *UNK* , processing and distribution -- plus a new manufacturing industry to supply it with *UNKS* , pesticides , *UNKS* and feed . STOP 
The Communists spent 40 years working to ensure that no such *UNK* structures ever *UNK* here . STOP 
Building them now will require *UNKING* from the West , and removal of political *UNK* , a job that Solidarity has barely started . STOP 
But Polish agriculture does *UNKS* one great asset already : the private farmer . STOP 
`` We are dealing with real entrepreneurs , '' says *CUNK* *CUNK* , an economist who advises *CUNKAL* Solidarity , the union 's *UNK* *UNK* . STOP 
`` There are a lot of them , and they have property . '' STOP 
Polish *UNKS* , *UNKING* the *UNKS* , were once a source of *UNK* to *UNK* Communists . STOP 
Now , among Communist *UNKS* , they are *UNKS* of *UNK* . STOP 
Food is the *UNKER* 's top priority , the key to popular support . STOP 
As the Chinese have shown and the Soviets are learning , family farms *UNK* where *UNKS* fail . STOP 
*CUNK* , it seems , is the best *UNKER* . STOP 
The *CUNKS* have had it all along . STOP 
Poland 's 2.7 million small private farms cover 76 % of its *UNK* land . STOP 
On it , a quarter of the country 's 39 million people produce *UNKS* of its grain , beef , eggs and milk , and *UNKS* of its fruit , *UNKS* and *UNKS* . STOP 
Like the Roman *CUNK* Church , the Polish *UNK* is a *UNK* of the nation . STOP 
*CUNK* as they might , the Communists could neither replace nor break him . STOP 
And they did try . STOP 
A few miles past *CUNK* , a *UNK* road *UNKS* to a track of sand and leads into *CUNK* , a *UNK* of *UNK* farms . STOP 
*CUNK* *CUNK* owns 30 acres in 14 *UNKED* *UNKS* . STOP 
He grows *UNK* and *UNKS* for a few *UNKS* , five *UNKS* and 25 *UNKS* . STOP 
In *UNKED* *UNKS* and *UNK* shoes , he stands in his *UNK* *UNKING* the ground with a look both *UNKS* and *UNK* . STOP 
`` It 's bad soil , '' he says . STOP 
Until *UNKN* , it was good soil . STOP 
Then the state put in a *UNK* to supply the area with drinking water . STOP 
Farmers lay down before the *UNKS* . STOP 
Their protest was ignored . STOP 
The *UNK* caused the water level to drop in *CUNK* . STOP 
*CUNK* *CUNK* *UNKS* and his *UNK* *UNKS* . STOP 
He expected as much . STOP 
In his *UNK* , 47 years , the Communists brought electricity to his *UNK* and *UNKED* in drinking water from the *UNK* . STOP 
No phones . STOP 
No gas . STOP 
`` We wanted them to build a road here , '' he says . STOP 
`` They started , and then abandoned it . '' STOP 
A *UNK* , his only *UNKED* equipment , stands in front of the *UNK* . STOP 
`` It 's Russian . STOP 
*CUNK* for nothing . STOP 
*CUNKS* are a *UNK* . STOP 
Even if I had a lot of money , I could n't buy what I need . '' STOP 
The farmer can say the same for coal , cement , saw *UNKS* . STOP 
In Poland , only 4 % of all investment goes toward making things farmers want ; in the West , it is closer to 20 % . STOP 
The few big state farms take first crack at what does get made . STOP 
They use 60 % more *UNKER* per *UNK* , twice the *UNK-* feed . STOP 
Yet their best *UNK* is that they produce 32 % of Polish pork . STOP 
`` I 've heard from friends that state farms are subsidized , '' Mr. *CUNK* says as his wife , *CUNK* , sets some chairs out in the *UNK* . STOP 
`` We have one near here . STOP 
There is a lot of waste . STOP 
A private farmer never *UNKS* anything . '' STOP 
The state quit *UNKING* *UNKS* onto its subsidized farms over 30 years ago . STOP 
But it never did let up on the pressure . STOP 
Until recently , a farmer with no *UNK* had to will the state his land to collect his pension . STOP 
The pension 's size still depends on how much produce he sells the state . STOP 
His *UNK* of materials also did , until the state could n't hold up its end of that bargain . STOP 
Yet the state alone sells seeds and machines . STOP 
When supplies are short , it often hands them over only in exchange for milk or grain . STOP 
A private farmer in Poland is free to buy and sell land , hire help , decide what to grow and how to grow it . STOP 
He is free to invest in *UNKS* , and to fail for lack of *UNK* wire . STOP 
He has plenty of freedom -- but no choices . STOP 
`` I 'm on my own land , '' Mr. *CUNK* says . STOP 
`` I do n't have to listen to what anybody tells me to do . '' STOP 
`` Sometimes , '' says his wife , `` we 're happy about that . '' STOP 
By *UNKING* the *UNK* , the Communists have *UNKED* Poland . STOP 
*CUNKS* like *CUNK* exist in a desert of poor schools and few doctors . STOP 
Farm income is 15 % below the average . STOP 
The young leave , especially *UNKS* who wo n't milk *UNKS* by hand . STOP 
Some men stay , their best friend a *UNK* of *UNK* , but two million acres have gone *UNK* . STOP 
Without machines , good farms ca n't get bigger . STOP 
So the *UNK* crop , once 47 million tons , is down to 35 million . STOP 
*CUNK* consumption is at 1979 's level , pork production at 1973 's , milk output at 1960 's . STOP 
If a food crisis *UNUNK* the Communists , a food revolution will make Solidarity . STOP 
The potential is *UNKED* along every road into Warsaw : row upon row of *UNKS* , *UNKING* out behind modern *UNKS* that *UNK* their owners ' wealth . STOP 
*CUNKS* are *UNK* and full of *UNK* in Poland , the *UNKS* and *UNK* *UNK* , the state *UNKS* long broken . STOP 
*CUNK* , milk and meat come next . STOP 
A private challenge to the *UNK* *UNK* industry will take more time and money than Poland can spare , although a *UNK* or a local *UNK* can spring up fast . STOP 
Poland makes no machinery for a plant on that scale . STOP 
Solidarity wants it from the West . STOP 
*CUNK* *CUNK* , one of its farm experts , *UNKS* it on the line : `` The World Bank will be brought in to help us destroy the old system . '' STOP 
*CUNK* *CUNKS* is *UNKING* it now . STOP 
He *UNKS* pork . STOP 
A law went on the books in January that let him smoke *UNK* without *UNKING* *UNKS* . STOP 
He *UNKED* in . STOP 
Poland is short on enterprises , not *UNK* . STOP 
`` I pay a lot to the farmer and five times the state salary to my employees , '' he says . STOP 
He is in Warsaw to open a shop . STOP 
`` I hire transportation , and my customers have fresh cold cuts every day . STOP 
I do n't *UNK* anyone . STOP 
Everyone around me lives well . STOP 
*CUNK* , my prices are high . STOP 
If nobody buys , I bring my prices down . STOP 
That 's the rule . STOP 
That 's the market . '' STOP 
Mr. *CUNKS* is making a *UNK* -- $ 10,000 a month , he says . STOP 
He has bought some *UNK* Western clothes , and a green *CUNKS* with an American flag in the window . STOP 
But the *UNKING* machines he picked up are 50 years old . STOP 
`` I do n't want expensive machines . STOP 
If the situation changes , I 'll get stuck with them . '' STOP 
That 's politics . STOP 
By taking power in a deal with the *CUNK* Party 's *UNK* Communist *UNKS* , Solidarity has *UNKED* the rural entrepreneur . STOP 
*CUNKAL* Solidarity *UNKED* , to no *UNK* , when Solidarity leader *CUNK* *CUNK* accepted the *CUNKS* ' support . STOP 
It *UNKED* again in September when Prime Minister *CUNK* *CUNK* *UNKLY* named a *CUNK* Party man as his agriculture minister . STOP 
Both the *CUNKS* and *CUNKAL* Solidarity are *UNKING* new political parties for farmers . STOP 
The *CUNKS* can make a *UNK* case , against Solidarity , that *UNK-* reform will drive millions from the land . STOP 
Next *CUNKING* , the two will battle in local elections . STOP 
But until then , and probably long *UNK* , the Communists ' *UNK* of *UNKION* -- from the head of the *UNK* *UNK-* to the *UNK* bank manager -- will stay *UNKED* in the Polish *UNK* . STOP 
`` We know how to get from capitalism to socialism , '' *CUNK* *CUNK* is saying one afternoon . STOP 
`` We do n't know how to get from socialism to capitalism . '' STOP 
He farms 12 acres in *CUNK* , two miles from the Soviet border in one of Poland 's *UNKEST* places . STOP 
Now he is mounting the steps of a *UNK* building in a nearby *UNK* , on a visit to the Communist *UNK* , the `` *UNK* . '' STOP 
`` Many people in Poland hope this government will break down , '' says Mr. *CUNK* , who *UNKS* to the local council and to *CUNKAL* Solidarity . STOP 
`` That 's what the *UNK* counts on . STOP 
He is our most dangerous *UNK* . STOP 
Every time he sees me , he gets very nervous . '' STOP 
The farmer *UNKS* into the *UNK* 's office . STOP 
A thin man in a gray suit looks up from a newspaper . STOP 
Mr. *CUNK* *UNKS* . STOP 
*CUNK* *CUNK* 's leg begins *UNKING* *UNK* his desk . STOP 
`` Solidarity does n't care for the good of this region , '' he says after a few *UNKS* . STOP 
`` They want to turn everything *UNK* down in a week . STOP 
Mr. *CUNK* here wants 60 acres used at the moment by a state farm . STOP 
He ca n't guarantee that he can use it any better . '' STOP 
`` I am ready at any moment to compete with a state farm . '' STOP 
The *UNK* *UNKS* his eyes . STOP 
`` What have you got ? STOP 
Not even a *UNK* . STOP 
And you want to make *UNKER* baskets , too . '' STOP 
`` I can do five things at once -- to be a businessman . '' STOP 
`` Big business , '' Mr. *CUNK* *UNKS* in English . STOP 
The farmer stands to go . STOP 
The *UNK* stands , too . STOP 
`` I care very much for this post , '' he says . STOP 
`` *CUNK* years I 've had it . STOP 
A cultural center has been built , shops . STOP 
*CUNKLY* , I am not a comfortable man for Solidarity . STOP 
I have *UNKED* too much . STOP 
They want to do more . STOP 
I wish them all the best ! '' STOP 
The farmer leaves . STOP 
And the *UNK* *UNKS* his door . STOP 
The House approved a short-term spending bill to keep the government operating through Nov. 15 and provide $ 2.85 billion in emergency funds to assist in the recovery from Hurricane Hugo and the California earthquake . STOP 
The *UNKN* roll call vote reflected broad support for the disaster assistance , but the cost to the Treasury is sure to *UNK* budget pressures this year and next under the Gramm-Rudman deficit reduction law . STOP 
By a *UNKED* *UNKN* margin , the chamber rejected an effort to *UNK* Gramm-Rudman for purposes of *UNKING* the two disasters , and budget analysts estimate the increased appropriations will *UNK* the fiscal 1990 deficit by at least $ *UNKN* billion unless offsetting spending cuts or new revenues are found by Congress . STOP 
The budget impact will be greater still in fiscal 1991 , and the issue forced a confrontation between the Appropriations Committee leadership and Budget Committee Chairman *CUNK* *CUNK* , whose California district was at the center of the earthquake last week . STOP 
*CUNKING* to the well of the chamber , Mr. *CUNK* demanded the costs be fully counted . STOP 
His prominent role put him in the *UNK* position of challenging the very committee members on whom his state will be most dependent in the months ahead . STOP 
`` We do not come to this House asking for any *UNK* , '' said the California Democrat . STOP 
`` We do not intend to hide these costs from the American people . '' STOP 
The $ 2.85 billion package *UNKS* $ 500 million for *UNKEST* disaster loans , $ 1 billion in highway construction funds , and $ 1.35 billion divided between general emergency assistance and a reserve to be available to President Bush to meet *UNKED* costs from the two disasters . STOP 
The funds are in addition to $ 1.1 billion *UNKED* last month to assist in the recovery from Hugo , bringing the total for the two disasters to nearly $ 4 billion in *UNKED* spending . STOP 
Because of the *UNKS* of Gramm-Rudman , the immediate impact is relatively small . STOP 
But the appropriations set in motion spending that adds to an already *UNK* budget picture for fiscal 1991 . STOP 
Within the appropriations process , the situation is even more difficult since the costs will be counted against the share of funds to be *UNKED* to those *UNKS* that recently have had the greatest difficulty in *UNKING* within the budget . STOP 
The underlying bill approved yesterday is required to keep the government operating past midnight tonight , and this *UNK* has contributed to the speed -- and , critics say , mistakes -- that have accompanied the package of disaster assistance . STOP 
The *UNKLY* *UNKED* measure could hurt California by requiring it to put up more matching funds for emergency highway assistance than otherwise would be required . STOP 
And the state 's delegation is *UNK* that the new funding will be counted against a separate $ *UNKN* million in federal highway funds it would expect to receive under its normal allocation this year . STOP 
Also , the high price of San Francisco real estate puts the state at odds with federal regulations more *UNKED* to the national average . STOP 
For example , disaster loans , which will go to small businesses and homeowners , offer credit as low as 4 % in some cases . STOP 
But the San Francisco delegation finds itself asking that the cap per household be lifted to $ 500,000 from $ 100,000 to assist the hard hit but often wealthy Marina district . STOP 
The Senate is expected to make some *UNKS* today , but both the White House and Congress appear most anxious to speed final approval before tonight 's deadline . STOP 
Administration pressure *UNKS* any effort to add to total funding , and the Senate changes are expected to be largely technical -- dealing with highway aid and *UNKING* the ceiling on total Small Business Administration loans to $ 1.8 billion to accommodate the increased activity expected . STOP 
Yesterday 's floor action came as a House-Senate conference approved a nearly $ 8.5 billion fiscal 1990 military construction bill , representing a 5 % reduction from last year and making severe cuts from Pentagon requests for installations abroad . STOP 
An estimated $ *UNKN* million is *UNKED* to continue work in *CUNK* . STOP 
But all funding is cut for the Philippines , and projects in South Korea are cut to $ *UNKN* million , or less than a sixth of the administration 's request . STOP 
*CUNKER* to home , the negotiators were more generous . STOP 
An estimated $ *UNKN* million was set aside for military installations in the home state of North Carolina Rep. *CUNK* *CUNKER* , the House chairman . STOP 
And $ *UNKN* million would go to projects in Tennessee represented by his Senate counterpart and fellow Democrat , Sen. James *CUNKER* . STOP 
Texas and California are traditionally powerful within the conference , but equally striking is the *UNK* of Alaska , Pennsylvania and West Virginia because of their power elsewhere in the appropriations process . STOP 
Senate Appropriations Committee Chairman Robert *CUNK* -LRB- D. , *CUNK* . -RRB- even added report language listing $ *UNKN* million in projects he wants in the budget next year . STOP 
No individual *UNKED* this mix of power more yesterday than Sen. Daniel *CUNK* -LRB- D. , Hawaii -RRB- , who chairs the Senate defense subcommittee . STOP 
In the final trading , the House was *UNK* on setting aside $ 500 million to carry out base *UNKS* ordered to begin in fiscal 1990 . STOP 
But it gave ground to Mr. *CUNK* on a number of projects , ranging from a $ 11 million parking *UNK* here , to a land transfer in Hawaii , to a provision to assist the *CUNK* Indian *CUNK* in Washington state . STOP 
The *UNK* is one of the *UNKEST* in the Pacific Northwest . STOP 
Mr. *CUNK* , who chairs the select committee on Indian Affairs , used his power to move $ 400,000 from the Air Force to the Bureau of Indian Affairs to assist in *UNKING* a *UNKED* base to accommodate a drug and *UNK* *UNKION* center . STOP 
Meanwhile , House-Senate negotiators have tentatively agreed on a $ *UNKN* billion *UNK-* and *UNK-* *UNK* , cutting other federal spending *UNKN* % to pay for it . STOP 
A formal House-Senate conference is expected to *UNK* the accord later this week . STOP 
Mobil Corp. is preparing to slash the size of its work force in the U.S. , possibly as soon as next month , say individuals familiar with the company 's strategy . STOP 
The size of the cuts is n't known , but they 'll be *UNKED* in the exploration and production division , which is responsible for *UNKING* oil reserves , drilling wells and *UNKING* crude oil and natural gas . STOP 
*CUNKS* have n't yet been notified . STOP 
*CUNKS* said that meetings to discuss the staff reductions have been scheduled for Friday at Mobil offices in New *CUNKS* and Denver . STOP 
This would be a second round of cuts by Mobil , which along with other oil producers and *UNKS* reduced its work force by 15 % to 20 % during the *UNKS* as part of an industrywide *UNK* . STOP 
Mobil 's latest move could signal the beginning of further reductions by other oil companies in their domestic *UNKING* operations . STOP 
In yesterday 's third-quarter earnings report , the company *UNKED* to a $ 40 million provision for restructuring costs involving U.S. exploration and production operations . STOP 
The report says that `` the restructuring will take place over a two-year period and will *UNKLY* involve the transfer and *UNKION* of employees in our U.S. operations . '' STOP 
A company spokesman , reached at his home last night , would only say that there will be a public announcement of the reduction program by the end of the week . STOP 
Most oil companies , including Mobil , have been reporting lower third-quarter earnings , largely as a result of lower earnings from chemicals as well as refining and marketing businesses . STOP 
*CUNKS* familiar with Mobil 's strategy say that Mobil is reducing its U.S. work force because of declining U.S. output . STOP 
Yesterday , Mobil said domestic exploration and production operations had a $ 16 million loss in the third quarter , while comparable foreign operations earned $ *UNKN* million . STOP 
*CUNK* , oil production in this country fell by 500,000 barrels a day to 7.7 million barrels in the first eight months of this year . STOP 
Daily output is expected to decline by at least another 500,000 barrels next year . STOP 
Some Mobil executives were *UNKED* that a *UNK* to the *UNKS* was included in the earnings report before workers were notified . STOP 
One Mobil executive said that the $ 40 million charge related to the action indicates `` a substantial '' number of people will be involved . STOP 
Some will likely be offered *UNK* packages while others will be transferred to overseas operations . STOP 
The Justice Department is in the process of trying to gain control over a law that federal Judge David *CUNK* recently called a `` *UNKER* . '' STOP 
*CUNKS* to say , he was talking about RICO . STOP 
With its recently revised guidelines for RICO , Justice makes it clear that the law currently holds too many incentives for abuse by prosecutors . STOP 
The text of the `` new policy '' guidelines from the *CUNKAL* Division are *UNKED* nearby . STOP 
They strongly suggest that Justice 's prosecutions of Drexel Burnham Lambert , Michael *CUNK* and *CUNK* violated *UNKS* of fundamental *UNKS* . STOP 
Justice is attempting to avoid a *UNK* of these tactics . STOP 
This amounts to an extraordinary *UNKION* of the tenure of New York mayoral candidate and former U.S. Attorney *CUNK* Giuliani , who was more inclined to gathering *UNKS* than understanding markets . STOP 
The new guidelines limit the *UNKAL* *UNKS* of assets of *CUNKED* defendants and their investors , clients , bankers and others . STOP 
This follows earlier new guidelines from the Tax Division *UNKING* *CUNK-* tax cases from *UNKING* as RICO cases . STOP 
The forfeiture memo cited `` considerable criticism in the press , because of a perception that *UNKAL* *UNKING* of assets is *UNK* to a *UNK* of property without due process . '' STOP 
It told prosecutors not to seek *UNKS* if there are `` less *UNK* '' alternatives , such as bonds , and in any case not to seek *UNKS* `` *UNK* to the defendant 's crime . '' STOP 
These changes come a *UNK* late for *CUNK* , the first *CUNKED* securities firm . STOP 
It was forced into liquidation before trial when investors *UNKED* their funds after the government demanded a huge *UNKAL* asset forfeiture . STOP 
*CUNK* investors , including *CUNK* & Co. and the Harvard *UNK* , made the rational decision to withdraw their money ; for the firm , the liquidation was sentence first , verdict later . STOP 
*CUNKS* wanted $ *UNKN* million in forfeiture for alleged tax fraud of some $ 400,000 . STOP 
The experience of *CUNK* and *UNKION* of other *CUNK-* cases against legitimate businesses taught Drexel that a *CUNKED* investment bank would be an *UNK-* bank . STOP 
Drexel therefore agreed instead to an arrangement allowing it to plea to charges `` which the company is not in a position to dispute '' because of RICO . STOP 
Part of Drexel 's plea was to cut Mr. *CUNK* loose . STOP 
So after all the *UNKAL* *UNK* no one has established what , if anything , Drexel did wrong . STOP 
So two *UNKS* for the new rules . STOP 
Justice has finally recognized its employees ' abuses , thanks largely to the demands for reform by former U.S. attorney in Washington Joseph *UNK* , who wants to *UNK* RICO for real criminals . STOP 
But *UNKAL* guidelines are effective only if someone at Justice is willing and able to *UNK* *UNK* prosecutors . STOP 
Judge *CUNK* , of the appeals court in Washington , made this point at a *CUNK* Institute conference last week in a remarkable speech *UNKED* , `` RICO : The *CUNKER* That *CUNK* *CUNK* . '' STOP 
He said *UNKS* is supposed to be `` a government of laws not of men , '' and yet RICO *UNKS* `` tell us that we should rely on *UNKAL* *UNKION* to protect against *UNK* of RICO . '' STOP 
No *UNKAL* guidelines , observed or *UNKED* , limit civil RICO cases by plaintiffs for damages . STOP 
What now for *CUNK* officials , Drexel and Mr. *CUNK* ? STOP 
Justice should review these cases to see what other *UNKAL* abuses may have occurred . STOP 
We suspect that Justice will some day agree that only the complete repeal of RICO can guarantee an end to *UNKS* in its name . STOP 
`` The *OUS* Teddy Z , '' which CBS Inc. had hoped would emerge as one of the few bright spots in its otherwise lackluster prime-time schedule , is n't turning out to be the hit the network *UNKED* . STOP 
Although the half-hour situation comedy seen *CUNKS* at *UNKN* *UNK* . Eastern and Pacific time is n't a candidate for *UNKION* , it is slated for *UNKING* and by next week the network may announce `` Teddy Z '' is moving to *UNKN* p.m. from its *UNKN* time *UNK* , replacing `` The People Next *CUNK* , '' which became the first network show to be canceled this season . STOP 
`` Teddy Z , '' which centers on a *UNK* *UNKED* agent at a Hollywood talent agency , was scheduled in the *UNKED* *UNKN* p.m. *UNK* to follow `` Murphy Brown , '' a situation comedy about a television news magazine , *UNKING* *CUNK* *CUNK* . STOP 
`` Teddy Z '' was boosted by favorable reviews and a *UNK-* promotional *UNK-* contest with K mart Corp . STOP 
It was *UNKED* on cable services , including *CUNK* , *CUNK* at Night and *CUNK-* , and *UNKED* as the No. *UNKED* show for the week . STOP 
But five weeks after the *UNK* , the series has *UNKED* . STOP 
In figures released yesterday by *CUNK* *CUNK* Co . `` Teddy Z , '' produced by the television unit of Columbia Pictures Entertainment Inc. , was in *UNK* place . STOP 
*CUNK* , every week it *UNKS* audience *UNK-* from `` Murphy Brown '' and *UNK* on CBS picks up again once `` Teddy Z '' is over and is followed by `` *CUNKING* *CUNK* . '' STOP 
`` There is strong indication that ` Teddy Z ' is not *UNK* with the shows it is surrounding , '' said John *CUNK* , senior vice president at J. Walter Thompson Co. , a unit of WPP Group PLC . STOP 
Last week , `` Murphy Brown '' was viewed by *UNKN* % of the available television households , while the number dropped to *UNKN* % for `` Teddy Z '' and rose to *UNKN* % for `` *CUNKING* *CUNK* . '' STOP 
CBS executives said the program is also slated to *UNUNK* some plot changes . STOP 
*CUNK* *CUNK* Wilson , for example , included the lead character 's *CUNK* family in the cast , `` but that is not the right focus anymore , '' said one CBS executive . STOP 
Instead , CBS hopes the show will increasingly *UNK* the talent agency and the business of being an agent . STOP 
`` We 're making adjustments on the show , yes , but nothing radical , '' said Craig Nelson , the story consultant on `` Teddy Z . '' STOP 
`` But we hope to keep a balance between the office and the family . '' STOP 
The opening credits are being *UNK* , Mr. Nelson said , `` to make Teddy 's situation clear to viewers who have not been with us since the beginning . STOP 
Those viewers find the show confusing . STOP 
The stock market 's *UNKS* *UNKED* currency traders but prompted a quiet little party among bond investors . STOP 
Prices of long-term Treasury bonds moved *UNKLY* to the stock market as investors sought safety amid growing evidence the economy is weakening . STOP 
But the *UNK* economic outlook and the volatile stock market forced the dollar lower against major currencies . STOP 
The bond market got an early boost from the *UNK-* sell-off in stocks . STOP 
That *UNK* was triggered by UAL Corp. 's announcement late Monday that the proposed *UNK-* buy-out had collapsed . STOP 
The *UNK-* decline in the Dow Jones Industrial Average during the morning trading session *UNKED* off a flight to safety that saw investors shifting assets from stocks to Treasury bonds . STOP 
At its strongest , the Treasury 's benchmark 30-year bond rose more than a point , or more than $ 10 for each $ 1,000 face amount . STOP 
As the stock market recovered some of its losses later in the day , bond prices retreated . STOP 
But analysts said the combination of a second consecutive decline in monthly *UNKS* orders and lackluster mid-October auto sales helped *UNK* up the Treasury market . STOP 
A slowing economy and the *UNKION* of lower inflation and interest rates tend to bolster bond prices . STOP 
On the surface , the decline in September durable goods -- only 0.1 % -- did n't appear very weak . STOP 
But orders for *UNK-* capital goods , a *UNK* of future plant and equipment spending , were off 5.6 % after falling *UNKN* % in August . STOP 
*CUNK* makers reported that mid-October sales were running at an annual rate of about 5.8 million units , far less than the 6.6 million units analysts had expected . STOP 
*CUNK* together , the *UNKS* and *UNKS* reports confirmed *UNKS* that the economy is *UNKING* down . STOP 
Although analysts do n't expect the Federal Reserve to ease credit policy soon , reports like those yesterday help build the case for lower rates . STOP 
Now bond investors are looking toward next week 's report from national purchasing managers and the government 's October employment report as potentially prompting the Fed to lower rates . STOP 
The stock market 's *OUS* drop *UNKED* foreign investors , who quickly bid the dollar lower . STOP 
But as stock prices recovered some of the early losses , so did the U.S. currency . STOP 
Although dealers said investors are becoming more bearish toward the dollar in the wake of the stock market 's recent troubles and as the U.S. economy *UNKS* , the dollar ended down only modestly . STOP 
In major market activity : Bond prices rose . STOP 
The Treasury 's benchmark 30-year bond gained nearly half a point , or about $ 5 for each $ 1,000 face amount . STOP 
The yield on the issue slipped to *UNKN* % . STOP 
The dollar retreated . STOP 
In late New York trading the currency was quoted at *UNKN* marks and 141.45 yen , compared with *UNKN* marks and 141.90 yen Monday . STOP 
`` *CUNKS* of the Rich and *OUS* '' may be *UNKING* some new *UNKS* in the near future . STOP 
Judge Robert -LRB- `` *CUNK* Bob '' -RRB- *CUNKER* sentenced Jim *CUNKER* to 45 years in the big house yesterday , while a Beverly Hills judge *UNKED* away *CUNK* *CUNK* *CUNK* for three days , plus 120 hours of work with *UNKS* women . STOP 
Miss *CUNK* *UNKED* her *UNKED* fear of *UNK* *UNKS* . STOP 
Mr. *CUNKER* said he was guilty of *UNK* but not fraud . STOP 
We can only wonder who will be the next lost *UNK* chosen to be America 's *CUNK* *CUNK* . STOP 
Boeing Co. said Trans European Airways ordered a dozen *UNKN* *UNKS* valued at a total of about $ 450 million . STOP 
The 300 and 400 series aircraft will be *UNKED* by engines jointly produced by General Electric Co. and *CUNK* of France . STOP 
Currently , Boeing has a backlog of about $ 80 billion , but production has been slowed by a strike of *UNKN* machinists , which entered its *UNK* day today . STOP 
Last week , a mediator failed to *UNK* talks between the company and the *UNKS* , who have rejected a pay raise offer of 10 % over three years . STOP 
When the good *UNK* assigned to *CUNK* *UNKED* over the *UNK* of *CUNK* *CUNK* many years ago in *CUNK* , she *UNKED* her with high *CUNK* *UNKS* , *UNKING* *CUNK* , clean *UNKS* , and *UNK* *UNKS* *UNK* as *UNK* *UNK* . STOP 
Maybe she could drop by at the Metropolitan *CUNK* and bring along what she *UNK* , a little *UNK* , a few *UNKS* of *UNK* skills and a nice *UNK* . STOP 
*CUNK* as *CUNK* *CUNK* in a new production of *CUNK* 's `` La *CUNK* , '' Ms. *CUNK* last week did many things *UNKLY* and others not so well . STOP 
It is n't every day that we hear a *CUNK* who can *UNKING* the first act 's *UNKING* music with all the little notes perfectly *UNKED* and *UNKLY* *UNKED* together . STOP 
Never once did she *UNK* for air or *UNK* her *UNK* . STOP 
She was as cool as a *UNKER* . STOP 
But as you may know , things are not going well for *CUNK* . STOP 
There are times when she must show a little *UNKION* . STOP 
She has *CUNK* , after all , and a *UNKED* *UNKER* ; and though a successful *UNK* , she is just about *UNK* at the bank . STOP 
*CUNK* , her walls move all the time -- at least in this production . STOP 
Just when Ms. *CUNK* sat down away from her *UNKS* to *UNK* in private , her *UNK* began *UNKING* around the stage ; her country *UNK* also has a very active set of *UNKS* . STOP 
*CUNK* on to those funny *UNKS* ! you wanted to caution her as the sets started to roll around once more . STOP 
This is the most moving `` *CUNK* '' I 've ever seen . STOP 
*CUNKLY* , *CUNK* can go about her business without wondering whether she is moving as *UNKLY* as the *UNK* . STOP 
But this is a production designed and directed by *CUNK* *CUNK* and paid for by *CUNK* *CUNK* , who has no need to count her *UNKS* , unlike *CUNK* , down to 20 *UNKS* at the *UNK* 's end . STOP 
*CUNKING* all those millions in action , I was just so *UNKED* that Ms. *CUNK* , *UNK* thing that she is , did n't *UNKLY* *UNKER* herself in a *UNK* . STOP 
*CUNK* and *UNK* , `` *CUNK* '' is another addition to the Met 's growing stock of *UNK-* *UNKS* mostly by Mr. *CUNK* . STOP 
They have a life of their own and can be counted on to look good and perform whenever a cast is n't up to either . STOP 
If a strike ever hits the Met , the company can still sell tickets to his `` *CUNK* '' and `` *CUNK* '' and boom out *UNKS* -LRB- of another era -RRB- . STOP 
Last week 's *UNKING* audience gave a bigger hand to a greenhouse than to the *UNK* *CUNK* *CUNK* , who *UNK* an *UNK* inside it . STOP 
*CUNKLY* *UNKED* as a *UNKAL* student , *UNKING* around on *UNKS* , Mr. *CUNK* hardly seemed the fellow to catch a fancy *UNK* 's eye . STOP 
I wish he could wear *UNKS* in his voice . STOP 
Not nearly in his best form , the *UNK* made *UNK* sounds along with his usual *UNK* hand *UNKS* . STOP 
Maybe Mr. *CUNK* was too busy *UNKING* his set to work with his naturally *UNKLY* *CUNK* . STOP 
Or is it that Mr. *CUNK* is getting a little *UNKED* of `` *CUNK* '' ? STOP 
This is the same production already seen in Paris and *CUNK* , and its *UNK* ideas *UNK* the movie he made with *CUNK* *CUNK* and *CUNK* *CUNKS* . STOP 
*CUNKS* earlier , *CUNK* *CUNKS* *UNK* the Dallas *UNKING* that introduced the *UNK* idea . STOP 
In an *UNKION* that drives *CUNK* *UNKS* *UNKS* , *CUNK* lies *UNKING* in bed during the *UNK* , rising *UNKLY* when then she *UNKS* the great parties she used to throw . STOP 
The entire *UNK* is her dream . STOP 
Given the *UNK* 's *UNK* *UNKS* with the music *UNKING* the last act , the idea is more *UNK* than bad , though as *UNK* would have it , for a change there actually was a *UNK* in the pit whom we wanted to hear , Carlos *CUNKER* , trying to make *UNK* music while we all waited for the bed *UNK* to *UNK* into song . STOP 
Once she did so , the *UNKED* German *UNK* with the *UNK* nerves who so often *UNKS* offered a *UNK* , *UNKING* performance that in its *UNKED* and *UNKING* approach was totally at odds with the *UNKING* . STOP 
Of *UNKING* moments there were nearly none , and whether this has to do with Mr. *CUNKER* or the *UNK* cast is hard to say . STOP 
In any event , Ms. *CUNK* barely *UNKED* *CUNK* 's *UNK* in her long meeting with *CUNK* *CUNK* , who as *CUNK* seemed fairly *UNK* trying to *UNK* an *CUNK* *UNK* into his heavy , *UNK* *UNK* . STOP 
`` *CUNK* *CUNK* '' was n't much of an *UNK* for *UNK* , southern France . STOP 
Perhaps Mr. *CUNKER* could let him substitute one of the *UNKS* about dead children and dark nights from *CUNKER* 's `` *CUNKER* . '' STOP 
*CUNKING* of dark nights , the Met 's *UNK-* *UNK* , the New York City *CUNK* , has canceled its season after failing to reach a settlement with its *UNKS* , who wanted pay parity with the the Chicago *CUNK* and San Francisco *CUNK* *UNKS* . STOP 
Well , they can now go and *UNKION* there . STOP 
*CUNK* *UNK* . STOP 
*CUNK* sense suggests that people who play for a company that charges about half what those houses do for a ticket are not in the same market . STOP 
The *UNKION* *UNKS* poorly for a company already *UNK* with an identity crisis *UNKED* by the retirement of general director Beverly *CUNKS* and the *UNKING* appointment of Christopher *CUNK* as her successor after his years of *UNKS* *UNKING* in the pit . STOP 
As the Met discovered years ago following a *UNKED* December opening , it is nearly impossible to *UNK* subscribers once they have had time to *UNKER* their entertainment choices . STOP 
I , for instance , was perfectly happy at Avery *CUNKER* Hall the other day listening to *CUNK* *CUNKING* conduct the *CUNK* per *CUNK* , a strange piece written by 13 different Italian *UNKS* to honor *CUNK* after his death in *UNKN* . STOP 
Each of them contributed a section at the *UNKEST* of *CUNK* , who was nearly driven to his own early *UNK* by the *UNK* arrangements . STOP 
For all that , the piece *UNKED* *UNKED* in a *UNK* *UNK* after *CUNK* refused to supply a *UNKS* and *UNK* . STOP 
We know *CUNK* 's own contribution was *UNK* impressive since the *UNK* `` *CUNK* me '' was *UNKED* for the *CUNK* *CUNK* , of which he wrote every note himself having learned his lesson . STOP 
The surprising discovery of the evening at *CUNKER* was the high standard achieved by some of his *UNK-* colleagues , notably *CUNK* *CUNK* . STOP 
His *OUS* `` *CUNKS* '' was smoothly *UNK* by *UNKS* Brian *CUNKS* . STOP 
Also , *CUNK* *CUNK* 's `` *CUNK* *UNK* '' was *UNKLY* *UNKED* and *UNKLY* put across by Mr. *CUNKING* . STOP 
He brought along his *CUNKED* *CUNKER* *CUNK* *UNKS* , and even better , the *CUNK* *UNK* *CUNK* *CUNK* . STOP 
She was in her most *UNK* , *UNK* voice . STOP 
Maybe she could step across the *UNK* to the Met -- where she has still to make her debut -- and help out her *CUNK* *UNK* by *UNKING* the slow parts of `` *CUNK* . '' STOP 
The Tokyo International Film *CUNKAL* was no match for the *CUNKS* Film *CUNKAL* in terms of *UNK* , but it made its mark : It awarded the largest cash *UNK* of any film *UNKAL* to young and *UNK-* film makers . STOP 
At this year 's event , the third since the *UNKAL* got under way in 1985 , *CUNK* *CUNK* of *CUNK* *CUNK* won the *CUNK* Gold *UNK* of $ *UNKN* for `` *CUNK* '' -LRB- `` Old Woman '' -RRB- . STOP 
By comparison , *CUNKS* now gives $ *UNKN* to the winner of its young director 's award . STOP 
Says director George Miller -LRB- `` *CUNK* Max '' -RRB- : `` I think the Tokyo *UNKAL* may become known as a major *UNKION* for young directors because of the money as well as the recognition . '' STOP 
There are *UNKS* . STOP 
Vincent *CUNK* , a *UNK* for the French magazine *CUNK* , says of the recently ended Tokyo *UNKAL* : `` No one makes deals ... and most of the films have been seen before at other *UNKS* . '' STOP 
Belgium decided that investors who demand the delivery of their securities when they buy shares or domestic bonds will have to pay an additional 100 *CUNK* francs -LRB- about $ *UNKN* -RRB- for each transaction , bringing the total fee to 200 francs . STOP 
While no figures exist , it is thought that many small investors in Belgium store securities privately , in some cases to avoid paying high *UNK* taxes . STOP 
The law could *UNK* to the advantage of brokers and banks , who *UNK* high administrative costs to deliver securities to investors . STOP 
Japan is considering giving aid to Hungary and Poland to support their recent political reforms , a spokesman for the Foreign Ministry said . STOP 
`` This is the first time , if we decide to do so , for Japan to extend aid of this kind to Eastern European countries , '' the spokesman said . STOP 
He said Prime Minister *CUNK* *CUNK* also is studying the possibility of a visit to the two Eastern bloc nations and to Western Europe next January . STOP 
*CUNKS* were a major issue in two days of talks between French President *CUNKS* *CUNK* and Spanish Prime Minister *CUNK* Gonzalez . STOP 
`` I demand the *UNK* *UNK* in the fight against drug *UNKS* , '' President *CUNK* said after the meeting in *CUNK* , Spain . STOP 
He added : `` Banks must open their books . '' STOP 
The leaders ' talks *UNKED* with a meeting in *CUNK* of *UNK-* experts from the U.S. , France , Italy , Spain , Peru , *CUNK* and Colombia . STOP 
That conference , which began yesterday , was expected to cover such matters as police training and *UNKION* agreements , Spanish officials said . STOP 
Three Soviet government officials -- the ministers of *UNKS* , of foreign economic relations and of *UNK-* building -- will visit *CUNK* next month for talks , Iran 's official news agency reported . STOP 
Under an agreement signed last June , the Soviets will help Iran in oil exploration and other areas in return for exports of Iranian natural gas . STOP 
And in Paris , *CUNK* *CUNK* , Iran 's vice minister of foreign affairs , began a *UNK-* visit to discuss such matters as compensation to French enterprises for contracts broken by the *CUNK* regime . STOP 
*CUNK* Co. , a Japanese *UNKS* maker , has developed a *UNK* that can check the user 's health . STOP 
A *CUNK* spokesman said the *UNK* not only tests blood pressure , *UNK* and *UNK* , it also stores the data for up to 130 days . STOP 
Nippon Telegraph & Telephone Corp. and *CUNK* *CUNK* Electronics are involved with *CUNK* 's new product , which will go on the market in about two years time . STOP 
`` It will be very expensive , '' the spokesman warned . STOP 
`` The price can not be less than $ *UNKN* . '' STOP 
Since Mexican President Carlos *CUNKS* de *CUNK* took office last December , special agents have arrested more than 6,000 federal employees on charges ranging from *UNKION* to tax *UNKION* . STOP 
*CUNK* *CUNK* *CUNK* , chief prosecutor at the Attorney General 's Office , said that an estimated $ *UNKN* million in government property and *UNUNK* taxes have been recovered in the campaign to *UNK* out official corruption . STOP 
Mr. *CUNK* 's office will reportedly issue warrants during the next six months for the arrest of another 10,000 federal employees . STOP 
Those employees are *UNKED* of illegally gaining an estimated $ *UNKN* million , the prosecutor was quoted as saying by the *CUNK* news service . STOP 
He added that federal agents hope to recover at least half that amount . STOP 
`` The rest will probably not be *UNK* either because the statute of limitations expired or because many prefer to spend additional time in jail rather than return the money , '' the prosecutor said . STOP 
The United *CUNKS* , which is *UNKING* farm tools to returning refugees in *CUNK* , is *UNKING* a plan to hand out *UNKS* because of the *UNK* political climate during *UNKS* for independence from South Africa . STOP 
`` The decision to distribute *UNKS* at this time , which could be used as weapons , is under review , '' said a U.N. spokesman ... . STOP 
*CUNKS* close to the family of *CUNK* Prime Minister *CUNK* *CUNK* said she is expecting a second child , probably early next year . STOP 
Cray Research Inc. forecast that 1990 will be a *UNK-* year for its supercomputer line . STOP 
In what has become a series of *UNKS* announcements , the world 's largest maker of *UNKS* said that after reviewing its order prospects , `` we have concluded it is *UNK* to plan for next year on the assumption that revenue again will be flat . '' STOP 
Cray *UNKED* the market in July when it slashed revenue and earnings projections for this year , citing a slowing economy that has delayed orders from government as well as commercial customers . STOP 
The company made its 1990 projection -- an unusual event for Cray -- in announcing improved net income for the third quarter . STOP 
Cray said it earned $ *UNKN* million , or $ 1.04 a share , up 35 % from $ *UNKN* million , or 73 cents a share , a year ago . STOP 
Revenue gained 45 % to $ *UNKN* million from $ *UNKN* million . STOP 
For the nine months , earnings totaled $ *UNKN* million , or $ *UNKN* a share , down 46 % from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Revenue was $ *UNKN* million , a 6.9 % gain from $ *UNKN* million . STOP 
Cray made its announcement after the stock market closed . STOP 
In New York Stock Exchange composite trading yesterday , Cray closed down $ 1.125 at $ *UNKN* . STOP 
Cray said its order backlog at Sept. 30 was $ *UNKN* million , down $ 25 million from June 30 . STOP 
*CUNK* *CUNK* , president , said the company `` did well in the quarter as far as revenues and earnings are concerned , and not quite as well in terms of signing orders . '' STOP 
As for the current period , Mr. *CUNK* said , `` We anticipate that fourth-quarter revenue and earnings will be substantially greater than any of the *UNKING* three quarters , but not up to the record levels of last year 's fourth quarter '' when Cray earned $ *UNKN* million , or $ *UNKN* a share . STOP 
He added that the company expects `` strong '' operating profit for the year , `` but at a level significantly lower than last year . '' STOP 
He said 1989 's net income could be 11 % to 13 % of revenue , which , assuming current expectations , would be 40 % to 45 % below 1988 's level . STOP 
Last year , Cray earned $ *UNKN* million , or $ *UNKN* a share , on revenue of $ *UNKN* million . STOP 
Next year `` looks dismal , '' said analyst Paul *CUNKER* of Robert *CUNK* & Co. , *CUNK* . STOP 
*CUNKING* that Cray does n't have a *UNK-* supercomputer to compete with the likes of *CUNK* Computer Corp. and International Business Machines Corp. , Mr. *CUNKER* said such a machine would be necessary `` to get things back on line here . '' STOP 
Cray has indicated it will decide on whether to build such a machine before year end . STOP 
Johnson & Johnson reported a 10 % rise in third-quarter net income on a 12 % sales increase - results that were driven particularly by new products including pharmaceuticals and the company 's professional operations . STOP 
Net for the New *CUNK* , N.J. , maker of health-care products climbed to $ *UNKN* million , or 80 cents a share , from $ 240 million , or 71 cents a share , in the year-earlier period . STOP 
Sales rose to $ *UNKN* billion from $ 2.2 billion . STOP 
The year-ago per-share earnings are adjusted to reflect a *UNKN* stock split last May . STOP 
In a statement , Ralph S. *CUNK* , chairman and chief executive officer , said the company was pleased with its third-quarter sales performance , `` especially in light of the extremely competitive environment in domestic consumer markets and the negative impact of *UNUNK* exchange rates this quarter . '' STOP 
David J. *CUNK* , an industry analyst for PaineWebber Group Inc. , said Johnson & Johnson 's results slightly exceeded his expectations for the third quarter . STOP 
In New York Stock Exchange composite trading yesterday , Johnson & Johnson shares fell 37.5 cents to $ *UNKN* . STOP 
Mr. *CUNK* noted `` substantial sales growth '' for the recently introduced *CUNK* disposable contact *UNKS* and *CUNKAL* , a *UNK-* *UNK* . STOP 
*CUNK* , used by *UNKS* patients who are *UNK* , and *CUNK* , a *UNKAL* drug , did well overseas , he said . STOP 
Despite health-care cost controls and programs to hold down inventory , the professional division , which makes products including *UNKS* and *UNKAL* *UNKING* equipment , `` achieved solid growth , '' Johnson & Johnson said . STOP 
But domestic consumer sales slipped 1.2 % for the quarter , to $ *UNKN* million from $ *UNKN* million . STOP 
The company cited *UNKS* in the retail health and beauty *UNKS* category , `` as well as the intense competition in the company 's *UNK* protection product line . '' STOP 
*CUNKS* sales were stronger , *UNKLY* because of a rebound in Brazil , where economic turmoil had hurt year-earlier results , Johnson & Johnson said . STOP 
Mr. *CUNK* of PaineWebber said the company 's sales pace has been picking up largely because the effect of *UNUNK* exchange rates has been easing -- a pattern continuing this quarter . STOP 
He cautioned , however , that a `` tough *UNK-* comparison '' may slow the company 's earnings growth for the current quarter . STOP 
For last year 's fourth quarter , the company 's tax rate was less than 20 % , he said . STOP 
While the third period contained no major *UNKS* , Mr. *CUNK* said , the results show how sensitive the *UNKS* can be to developments in a single country such as Brazil . STOP 
He also questioned whether recent gains in that country can be sustained . STOP 
The following issues were recently filed with the Securities and Exchange Commission : STOP 
*CUNK* *CUNK* Corp. , proposed offering of liquid yield option notes , via Merrill Lynch Capital Markets . STOP 
Columbia Gas System Inc. , shelf offering of up to $ 200 million of debentures . STOP 
*CUNK* , initial offering of *UNKN* common shares , of which *UNKN* shares are to be sold by the company and *UNKN* by holders , via Alex . Brown & Sons Inc. and *CUNK* , *CUNK* & *CUNK* . STOP 
*CUNK* Systems Inc. , proposed offering of *UNKN* common shares , to be sold by holders . STOP 
Western Gas System Inc. , initial offering of *UNKN* common shares , of which *UNKN* shares will be sold by the company and *UNKN* by a holder , via Prudential-Bache Capital Funding , Smith Barney , Harris Upham & Co. and *CUNK* , *CUNK* Inc . STOP 
*CUNKS* have been selling shares in Dun & Bradstreet Corp. , the huge *UNKION* concern . STOP 
*CUNK* top executives at the New York-based company sold shares in August and September . STOP 
Four of those insiders sold more than half their holdings . STOP 
The stock , in New York Stock Exchange composite trading yesterday , closed at $ *UNKN* , up 62.5 cents , well below the $ *UNKN* to $ 60 a share the insiders received for their shares . STOP 
Much of the recent slide in Dun & Bradstreet 's stock came late last week , after negative comments by analysts at Merrill Lynch & Co. and Goldman , Sachs & Co . STOP 
A company spokesman declined to comment and said that the officials who sold shares would n't comment . STOP 
One of Dun & Bradstreet 's chief businesses is *UNKING* reports that rate the *UNKS* of millions of American companies . STOP 
It also owns Moody 's Investors Service , which *UNKS* *UNKS* to bonds and preferred stock ; *CUNK* *CUNK* , known for its data on *UNKING* patterns , and *CUNKS* publisher *CUNK* . STOP 
Last March , this newspaper reported on widespread allegations that the company *UNKED* many customers into purchasing more *UNK-* services than needed . STOP 
In June , the company agreed to settle for $ 18 million several lawsuits related to its sales practices , without *UNKING* or *UNKING* the charges . STOP 
An investigation by U.S. *CUNKAL* *UNKS* is continuing . STOP 
Among the insider sales , Charles *CUNKS* , the firm 's general counsel , sold *UNKN* shares in August , representing 46 % of his holdings in the company . STOP 
He received $ *UNKN* for the shares , according to insider filings with the Securities and Exchange Commission . STOP 
John C. *CUNK* , an executive vice president and Dun & Bradstreet director , sold 10,000 shares on Aug. 31 for $ *UNKN* , filings show . STOP 
He retains *UNKN* shares . STOP 
William *CUNK* *CUNK* , the firm 's secretary and associate general counsel , sold *UNKN* shares in two separate sales in September for $ *UNKN* . STOP 
The shares represented 66 % of his Dun & Bradstreet holdings , according to the company . STOP 
The other insiders , all senior or executive vice presidents , sold between *UNKN* and *UNKN* shares , representing between 8 % and 70 % of their holdings , according to SEC filings . STOP 
Dun & Bradstreet 's stock price began its recent *UNKAL* downward last Wednesday , when the company reported third-quarter results . STOP 
Net income rose to 83 cents a share from 72 cents a share the year-earlier period . STOP 
But analysts focused more on the drop in revenue , to $ 1.04 billion from $ *UNKN* billion , reflecting in part a continuing drop in sales of the controversial *UNKING* services . STOP 
Last Thursday , Merrill Lynch securities analyst Peter *CUNK* *UNKED* his investment rating on the firm , according to Dow Jones Professional Investors Report , citing a slowdown in the *UNKING* business . STOP 
He cut his rating to a short-term hold from *UNK-* *UNKER* and reduced his 1990 earnings estimate . STOP 
Mr. *CUNK* continues to *UNK* the stock a *UNK* buy . STOP 
The stock slid $ *UNKN* on more than four times average daily volume . STOP 
The stock received another blow on Friday , when Goldman Sachs analyst *CUNK* *CUNK* advised that investors with short-term *UNKS* should avoid Dun & Bradstreet stock because it is unlikely to *UNK* the market . STOP 
The stock fell 75 cents . STOP 
*CUNKER* selling is not unusual at Dun & Bradstreet ; in fact , the recent pace of selling is just about average for the company , according to figures compiled by *CUNK* , a North Miami , Fla. , firm that specializes in tracking and *UNKING* SEC insider filings . STOP 
But previous sales have often been sales of shares purchased through the exercise of stock options and sold six months later , as soon as allowed , said Robert *CUNK* , president of *CUNK* . STOP 
The most recent sales do n't appear to be *UNKED* , he said . STOP 
*CUNK* *CUNK* : STOP 
Michael A. *CUNKS* , chief executive officer of Philip Morris *CUNK* . ' Kraft General Foods unit , bought 6,000 shares of the company on Sept. 22 for $ *UNKN* each . STOP 
The $ *UNKN* purchase raised his holdings to *UNKN* shares . STOP 
The stock split *UNK-* on Oct. 10 . STOP 
Mr. *CUNKS* 's newly purchased shares are now worth $ *UNKN* , based on Philip Morris 's closing price of $ *UNKN* , up 62.5 cents , in composite trading on the New York Stock Exchange yesterday . STOP 
A spokesman for Mr. *CUNKS* said he bought the shares because he felt they were `` a good investment . '' STOP 
The executive made his purchases shortly before being named to his current chief executive officer 's position ; formerly he was Kraft General Foods ' chief operating officer . STOP 
*CUNK* *CUNK* : STOP 
Two directors of *CUNKS* Gold Inc. , a *CUNK* , Wash. , *UNKS* mining firm , sold most of their holdings in the company Aug. 31 . STOP 
John J. *CUNK* sold *UNKN* shares for $ *UNKN* each , leaving himself with a stake of 500 shares . STOP 
He received $ *UNKN* . STOP 
Peter *CUNK* sold 5,000 shares , all of his holdings , for $ *UNKN* a share , or $ *UNKN* . STOP 
Gary *CUNK* , corporate counsel for the company , said the directors sold for `` personal financial reasons . '' STOP 
Both insiders declined to comment . STOP 
On Wall Street , Merrill Lynch & Co. analyst Daniel A. *CUNKING* rates the stock `` *UNKAL* '' and Drexel Burnham Lambert Inc. lists it as a `` buy . '' STOP 
*CUNKS* Gold `` has been on a lot of recommended lists as a *UNK* growth company *UNKING* into the big *UNKS* , '' says *CUNK* *CUNK* , metals analyst at *CUNK* & *CUNK* , a New York investment firm . STOP 
`` It 's a good company , and growing ; there 's nothing that would warrant that it be sold . '' STOP 
Yesterday , in composite trading on the American Stock Exchange , *CUNKS* closed at $ *UNKN* , up 12.5 cents . STOP 
*CUNKAL* *UNKS* used to hold the *UNK* belief that it was more perfect to exist than not to exist , and that to exist as a matter of *UNK* was most perfect of all . STOP 
Now , only God *UNKS* as a matter of *UNK* *UNK* ; it is built into His nature . STOP 
But since the time of *CUNK* , we humans could at least claim a sort of natural *UNK* for the existence of our *UNKS* . STOP 
Are n't we , after all , the *UNK* *UNKION* of that *UNKLY* *UNK* called *UNKION* ? STOP 
If *UNKION* and natural selection slowly but surely give rise to more and more advanced forms of life , then it was only a matter of *UNKS* before *UNK* *UNKS* *UNKED* with reason , *UNKS* and taste *UNKED* onto the scene . STOP 
Now along comes Stephen Jay Gould to *UNK* this *UNKING* *UNKION* . STOP 
His credentials are excellent for the task . STOP 
Star *UNKER* at Harvard , author of numerous popular books on science , and *UNK* of the *UNK* lobby , Mr. Gould is perhaps the world 's most *UNK* *UNK* *UNK* . STOP 
Yet he puts quite a *UNK* on the old story handed down from *CUNK* . STOP 
For him , natural history is anything but a *UNKAL* , *UNK* *UNK* from *UNKAL* *UNK* to human *UNKS* ; it is a *UNKING* , *UNK* affair in which the *UNK* of a *UNKS* *UNKED* was a *UNKION* shot . STOP 
In `` *CUNK* Life : The *CUNKS* *CUNK* and the *CUNK* of *CUNK* '' -LRB- Norton , *UNKN* pages , $ *UNKN* -RRB- , Mr. Gould makes his case for `` the *UNK* *UNK* of human *UNKION* . '' STOP 
The argument turns on the discovery in *UNKN* of an *UNKING* *UNK* *UNK* high in the Canadian *CUNKS* called the *CUNKS* *CUNK* . STOP 
Here , in an area smaller than a city block , lay *UNKED* *UNKS* of *UNKS* *UNK* *UNKS* that had *UNKED* more than 500 million years ago -- *UNKS* whose *UNKAL* variety far exceeded what can be found in all the world 's *UNKS* today . STOP 
Such an embarrassment of *UNKS* was *UNK* to the man who discovered the *CUNKS* *CUNK* , one Charles *CUNK* *CUNK* . STOP 
The received *CUNK* wisdom of the day said that animals living so long ago must be simple in design , limited in *UNK* and *UNKAL* to *UNK* *UNKS* . STOP 
*CUNKLY* , the *UNK* *UNK* *UNKED* *UNKAL* *UNKS* from the *CUNKS* *UNKS* in such a way that they could be *UNKED* into familiar categories . STOP 
It was not until the early 1970s that Cambridge *CUNK* Harry *CUNK* and two sharp *UNK* students began to publish a *UNKION* of the *CUNKS* *CUNK* . STOP 
By making *UNKER* *UNKS* about how the *UNKED* and *UNKED* *UNK* remains *UNKED* to *UNKAL* structures , this *UNK* was able to piece together a series of *OUS* *UNKS* quite unlike anything currently on the planet . STOP 
One was so *UNK* in appearance , it was dubbed *CUNK* . STOP 
*CUNK* that Mr. Gould 's minute *UNKS* of these *UNKS* was always so *UNK* . STOP 
A good deal of the book is *UNKING* , particularly the *UNKS* *UNKS* to high and pop culture and the frequent *UNKS* *UNKING* the text . STOP 
These turns do not provide sufficient relief from *UNKS* like , `` Most modern *UNKS* have six *OUS* *UNKS* on the *UNK* . '' STOP 
Interest picks up , though , when Mr. Gould gets around to discussing the meaning of the *CUNKS* *UNKS* for the theory of *UNKION* . STOP 
Not long after the appearance of life , *UNKLY* , there was an *UNK* *UNKION* in the number of animal designs seen on the earth . STOP 
The vast majority of them , however , were *UNKED* out by a *UNKION* of environmental *UNKS* that were too sudden and catastrophic for the normal rules of natural selection to operate . STOP 
*CUNKLY* , the *UNKING* process was like a *UNK* `` in which each group -LCB- held -RCB- a ticket unrelated to its *UNKAL* *UNKS* . STOP 
'' So much for survival of the *UNKEST* . STOP 
So much , too , for the notion that we humans *UNKED* in the *CUNK* struggle by *UNKING* big *UNKS* . STOP 
Our *UNK* *UNKS* *UNKED* out through the *UNKAL* impact that did in the *UNKS* because they were small , not smart . STOP 
If anyone has difficulty *UNKING* a world in which history went *UNKLY* on without us , Mr. Gould *UNKS* several . STOP 
In one , *UNKS* are the dominant *UNKS* ; in another the *UNKS* *UNK* with `` little *UNKS* . '' STOP 
Back when the *CUNKS* *UNK* were *UNKING* , it seems , human *UNK* hopes *UNK* on the survival of a little worm with a *UNK* called *CUNK* . STOP 
Mr. Gould finds this *UNKLY* *UNKING* ; like an *UNK* of old , he views our *UNK* as `` a source of both freedom and *UNK* moral responsibility . '' STOP 
I , by contrast , can not help feeling that if some other *UNK* from the *CUNKS* *CUNK* had survived instead , *UNKS* at once *UNKER* and less *UNK* than *CUNK* *UNKS* might have eventually gained *UNKLY* *UNKION* . STOP 
But even if no *OUS* life had *UNKED* here at all , the *UNUNK* is a big place , and given the right conditions , *UNK* to creating some form of life . STOP 
*CUNKLY* at some other *UNK* address a *CUNK* *UNK* would have risen out of the *UNK* to explain why , *UNKLY* *UNKING* , `` it is , indeed , a *UNK* life . '' STOP 
Mr. *CUNK* is a columnist for the *CUNK* Review in London . STOP 
The Justice Department scrambled to play down the *UNK* of its new guidelines concerning prosecutions under the federal racketeering law . STOP 
The guidelines were distributed to U.S. attorneys last summer but were disclosed for the first time by press reports this week . STOP 
They *UNK* prosecutors , under certain circumstances , from seeking court orders *UNKING* the assets of racketeering defendants prior to trial . STOP 
But David Runkel , chief Justice Department spokesman , said the guidelines `` are a *UNKION* and a *UNKION* far more than a new direction . '' STOP 
*CUNK* of the *CUNKER* *CUNKED* and *CUNK* *CUNKS* law against white-collar defendants , as opposed to alleged *UNK-* figures , has come under attack from some defense lawyers and legal *UNKS* . STOP 
Critics have complained that the law *UNKLY* *UNKS* defendants of assets before a jury *UNKS* they have committed a crime and that aggressive use of the forfeiture provisions can *UNK* corporate defendants or force them into *UNUNK* plea *UNKS* . STOP 
In the new guidelines , the Justice Department says that in attempting to *UNK* disputed assets before trial , `` the government will not seek to *UNK* the normal , legitimate business activities of the defendant '' and `` will not seek ... to take from third parties assets *UNKLY* transferred to them . '' STOP 
The guidelines also state , `` The government 's policy is not to seek the *UNKEST* forfeiture *UNK* under the law where that forfeiture would be *UNK* to the defendant 's crime . '' STOP 
Another provision *UNKS* certain limits on when prosecutors may use *UNK-* charges as a basis for bringing a racketeering case . STOP 
Mr. Runkel declined to speculate on whether the guidelines would curb racketeering prosecutions against corporate defendants . STOP 
`` The impact , if there is any , will be impossible to judge ahead of time because the decision whether to use -LCB- racketeering charges -RCB- is made in individual cases '' by Justice Department officials in Washington , he said . STOP 
In a *UNK* describing the guidelines , *CUNK* Attorney General Edward Dennis Jr. said that government efforts to *UNK* defendants ' assets pending racketeering prosecutions `` have been the subject of considerable criticism in the press . '' STOP 
But Mr. Runkel said the government is n't `` backing off on these kinds of matters at all . STOP 
California legislators , *UNKING* for ways to pay for the $ 4 billion to $ 6 billion in damages from last week 's earthquake , are *UNKING* the *UNK* for a temporary increase in the state 's sales tax . STOP 
The talk of a sales tax rise follows a *UNK* from Congress on the question of how much the federal government is willing to spend to aid in California 's earthquake relief efforts . STOP 
The state had sought as much as $ 4.1 billion in relief , but yesterday the House approved a more general *UNK-* measure calling for $ 2.85 billion in aid , the bulk of which would go to California , with an unspecified amount going to regions affected by Hurricane Hugo . STOP 
That leaves the state roughly $ 2 billion to $ 4 billion short . STOP 
A sales tax increase appears to be the *UNKEST* and *UNKEST* to raise funds in a *UNK* . STOP 
According to the state department of finance , a *UNK-* increase in the state 's *UNK-* per dollar sales tax could raise $ 3 billion . STOP 
*CUNK* Brown , *UNKER* of California 's Assembly , said that Gov. George *CUNK* has agreed to schedule a special session of the legislature within two weeks . STOP 
California 's so-called *CUNK* limit effectively *UNKS* the state from spending new tax money and so *UNKLY* limits its options in an emergency . STOP 
Both Mr. Brown , the state 's most influential legislator , and Gov. *CUNK* favor a temporary sales tax increase -- should more money be needed than the state can raise from existing sources and the federal government . STOP 
According to a spokesman , the governor is also studying the possibility of raising state gasoline taxes . STOP 
Mr. Brown , meanwhile , believes `` only one tax will be *UNK* , and it will be a *UNK-* sales tax increase , '' said *CUNK* *CUNK* , an aide . STOP 
One immediate source of money is an emergency fund set up by Gov. *CUNK* . STOP 
The fund has about $ 1 billion and is set up to handle `` *UNKLY* the kind of emergency '' the state faces , said Tom *CUNK* , the *CUNK* 's deputy press secretary . STOP 
But the fund 's size is disputed by Mr. Brown 's office , which estimates the fund holds from $ *UNKN* million to $ 800 million . STOP 
Moreover , an aide to Mr. Brown said Gov. *CUNK* `` has expressed a desire not to spend all the reserve on this . '' STOP 
To push through a sales tax increase , however , the state will have to *UNK* the *CUNK* limit , citing an emergency . STOP 
And then it will be required to lower taxes by a *UNKING* amount during a three-year period after the temporary tax increase ends , said *CUNK* Katz , assistant director of the state department of finance . STOP 
A sales tax increase would require two-thirds approval in both houses of the state 's legislature . STOP 
But observers expect broad support . STOP 
`` If there 's an emergency and there are n't sufficient funds from elsewhere , I think the attitude will be *UNK* , '' said *CUNK* West , president of the California Chamber of Commerce . STOP 
But others think property owners ought to pay a higher portion of the state 's earthquake relief *UNK* . STOP 
Since the late 1970s , California property owners have benefited from a tax *UNK* as a result of a state *UNK* initiative known as *CUNKION* 13 . STOP 
The state could also increase gasoline taxes ; every one penny increase in the tax would yield $ 11 million a month . STOP 
But Gov. *CUNK* and others are reluctant to do anything to harm the state 's chances of sharply raising gasoline taxes on a permanent basis . STOP 
To raise more highway funds , a measure to double the state 's *UNK-* a *UNK* tax over five years is set to appear on the state 's June election *UNK* . STOP 
But some fear imposing a temporary gasoline tax increase in the meantime could *UNUNK* support among voters for the measure . STOP 
Not everyone is convinced the state must raise new revenue to meet its earthquake needs . STOP 
`` It 's possible , though not *UNK* , '' that the state could get by with its existing resources and federal help , said *CUNK* *CUNK* , chairman of the state *UNK* 's transportation committee . STOP 
Separately , two men injured in last week 's *UNKED* freeway collapse in Oakland began a legal battle against the state over whether officials *UNKLY* *UNKED* warnings about the structure 's safety . STOP 
The claims , which were filed with the State Board of Control but will probably end up in court , are the first *UNKING* out of the collapse of the so-called *CUNKS* structure *UNK* . STOP 
The men can defeat *UNKS* that states often *UNK* in court by showing that officials knew or should have known that design of the structure was defective and that they failed to make reasonable changes . STOP 
A Board of Control spokesman said the board had not seen the claim and declined to comment . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
Exxon Capital Corp. -- $ 200 million of 8 1\/4 % notes due Nov. 1 , 1999 , priced at *UNKN* to yield *UNKN* % . STOP 
The notes , which are noncallable , were priced at a spread of 45 basis points above the Treasury 's 10-year note . STOP 
Rated triple-A by both Moody 's Investors Service Inc. and Standard & Poor 's Corp. , the issue will be sold through Salomon Brothers Inc . STOP 
Citicorp -- $ 200 million of 8 3\/4 % notes due Nov. 1 , 1996 , priced at *UNKN* to yield *UNKN* % . STOP 
The noncallable issue was priced at a spread of 98 basis points above the Treasury 's *UNK-* note . STOP 
Rated *UNK-* by Moody 's and double-A by S&P , the issue will be sold through Salomon Brothers . STOP 
*CUNK* 's *CUNKS* Inc. -- $ 150 million of 9 1\/4 % subordinated notes due Nov. 1 , 2001 , priced at *UNKN* to yield *UNKN* % . STOP 
The noncallable issue was priced at a spread of 140 basis points above the Treasury 's 10-year note . STOP 
Rated single-A-3 by Moody 's and *UNKS* by S&P , the issue will be sold through underwriters led by Morgan Stanley & Co . STOP 
Xerox Corp. -- $ 150 million of 8 3\/4 % notes due Nov. 1 , 1995 , priced at *UNKN* to yield *UNKN* % . STOP 
The noncallable issue was priced to yield 105 basis points above the Treasury 's *UNK* note . STOP 
Rated single-A-2 by Moody 's and *UNKS* by S&P , the issue will be sold through underwriters led by Salomon Brothers . STOP 
American General Finance Corp. -- $ 150 million of 8.45 % notes due Oct. 15 , 2009 , through Bear , Stearns & Co. , being offered at a price of *UNKN* to yield 8.50 % . STOP 
The noncallable issue , which has a one-time put Oct. 15 , 1999 , was priced at a spread of 66 basis points above the Treasury 's 10-year note . STOP 
The issue is rated *UNK-* by Moody 's and *UNKS* by S&P . STOP 
Baltimore Gas & Electric Co. -- $ 100 million of first and refunding mortgage bonds , due Oct. 15 , 1999 , through Shearson Lehman Hutton Inc. , offered at par to yield 8.40 % . STOP 
The noncallable issue is rated *UNK-* by Moody 's and *UNKS* by S&P . STOP 
It was priced at a spread of 55 basis points above the Treasury 's 10-year note . STOP 
Massachusetts -- $ 230 million of general obligation bonds , consolidated loan of 1989 , Series D , due *UNKN* , through a Goldman , Sachs & Co. group . STOP 
The insured bonds , rated triple-A by Moody 's and S&P , were priced to yield from *UNKN* % in 1990 to 7.20 % in 2009 . STOP 
*CUNK* County School District , Fla. -- $ *UNKN* million of school district general obligation bonds , Series 1989 , due *UNKN* and *UNKN* , tentatively priced by a First Boston Corp. group to yield from *UNKN* % in 1991 to *UNKN* % in *UNKN* . STOP 
There are $ *UNKN* million of 7 1\/8 % term bonds due *UNKN* , priced to yield *UNKN* % . STOP 
*CUNKAL* bonds are priced to yield to 7 % in 1999 . STOP 
The bonds are rated *UNK-* by Moody 's and *UNKS* by S&P . STOP 
*CUNKER* City *CUNK* Financing Authority , Calif. -- $ 145 million of revenue bonds , Series 1989 , tentatively priced by a Stone & *CUNK* group . STOP 
The issue includes $ 100 million of insured senior *UNK* bonds . STOP 
These *UNK* of current interest bonds due *UNKN* , *UNKN* and *UNKN* , and capital appreciation bonds due *UNKN* and 2004 , tentatively priced to yield from *UNKN* % in 1990 to *UNKN* % in *UNKN* . STOP 
Bonds due *UNKN* , 2004 and *UNKN* are n't being formally *UNKED* . STOP 
There are also $ 40 million of *UNKED* *UNK* *UNK* bonds , due Dec. 1 , *UNKN* , and Dec. 1 , *UNKN* . STOP 
There are $ *UNKN* of 7 1\/2 % bonds priced at par and due *UNKN* and $ *UNKN* of 7.6 % bonds priced at par and due *UNKN* . STOP 
The insured bonds are rated triple-A by Moody 's and S&P . STOP 
The *UNKED* *UNK* *UNK* bonds are n't rated , according to the lead underwriter . STOP 
West Virginia *CUNKS* , Economic Development and *CUNK* Authority -- $ *UNKN* million of *UNK* revenue bonds , Series 1989 , with current interest bonds due *UNKN* and 2019 and capital appreciation bonds due *UNKN* , tentatively priced by a PaineWebber Inc. group to yield from 6 % in 1990 to *UNKN* % in 2019 . STOP 
There are $ *UNKN* of 7 1\/8 % bonds priced at 97 3\/4 to yield *UNKN* % in 2019 . STOP 
*CUNK* interest *UNKAL* bonds are tentatively priced to yield to *UNKN* % in *UNKN* . STOP 
Capital appreciation bonds are priced to yield to maturity from 7.10 % in *UNKN* to 7.25 % in *UNKN* and *UNKN* . STOP 
The bonds are insured and rated triple-A by Moody 's and S&P . STOP 
Connecticut Housing Finance Authority -- $ *UNKN* million of housing mortgage revenue bonds priced by a PaineWebber Inc. group . STOP 
The $ *UNKN* million of Series B bonds , which are n't subject to the alternative minimum tax , were priced at par to yield from *UNKN* % in 2000 to 7.20 % in 2009 . STOP 
Meanwhile , the $ 50 million of Series C bonds , which are *UNK* to the alternative minimum tax , were priced at par to yield from 6.25 % in 1990 to 7.10 % to 2000 . STOP 
The issue is expected to receive a double-A rating from Moody 's , the underwriter said . STOP 
An S&P rating of *UNKS* has already been confirmed . STOP 
*CUNK* County , Md. -- $ 75 million of general obligation , Series B , consolidated public improvement bonds of 1989 , through a Manufacturers Hanover Trust Co. group . STOP 
The bonds , rated triple-A by Moody 's and S&P , were priced to yield from *UNKN* % in 1990 to *UNKN* % in *UNKN* to 2009 . STOP 
Federal Home Loan Mortgage Corp. -- $ 500 million of Remic mortgage securities being offered by Prudential-Bache Capital Funding Inc . STOP 
There were no details available on the pricing of the issue , Freddie Mac 's Series *UNKN* . STOP 
The issue is backed by Freddie Mac 8 1\/2 % securities . STOP 
*CUNK* Co . -LRB- Japan -RRB- -- *CUNK-* , $ 800 million issue of bonds due Nov. 9 , 1994 , with equity-purchase warrants , indicating a 4 3\/8 % coupon at par . STOP 
European portion of $ 700 million via Yamaichi International Europe Ltd . STOP 
Asian portion of $ 100 million via *CUNK* Securities Europe Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Nov. 28 , 1989 , through Oct. 26 , 1994 , to buy shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 26 . STOP 
Japan *CUNK* *CUNK* Co. -- $ 100 million of bonds due Nov. 9 , 1993 , with equity-purchase warrants , indicating a 3 7\/8 % coupon at par via Nikko Securities Co . -LRB- Europe -RRB- Ltd . STOP 
Guaranteed by Mitsubishi Bank Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Nov. 27 , 1989 , through Oct. 26 , 1993 , to buy shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Nov. 1 . STOP 
*CUNK* Inc . -LRB- Japan -RRB- -- $ 100 million of bonds due Nov. 9 , 1993 , with equity-purchase warrants , indicating a 3 7\/8 % coupon at par , via Nomura International . STOP 
Guaranteed by *CUNK-* *CUNK* Bank Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Nov. 21 , 1989 , through Oct. 19 , 1993 , to buy shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 31 . STOP 
Nippon *CUNKAL* Co . -LRB- Japan -RRB- -- 80 million marks of bonds with equity-purchase warrants , indicating a 1 1\/2 % coupon , due Nov. 9 , 1994 , and priced at par , via *CUNK* . STOP 
Guaranteed by Fuji Bank . STOP 
Each 5,000 mark bond carries one warrant and one *UNK* for four warrants , exercisable from Dec. 18 , 1989 , to Oct. 26 , 1994 , to buy shares at an expected premium of 2 1\/2 % above the closing share price when prices are fixed Oct. 30 . STOP 
*CUNK* Oil & *CUNK* Co . -LRB- Japan -RRB- -- 120 million Swiss francs of privately placed convertible notes due Dec. 31 , 1993 , with a fixed 0.25 % coupon at par , via Union Bank of Switzerland . STOP 
Put option on Dec. 31 , 1991 , at a fixed 107 to yield *UNKN* % . STOP 
Each 50,000 Swiss franc bond convertible from Nov. 28 , 1989 , to Dec. 20 , 1993 , at a 5 % premium over closing share price Oct. 30 , when terms are scheduled to be fixed . STOP 
*CUNKER* *CUNK* . -LRB- Netherlands -RRB- -- 150 million Swiss francs of convertible bonds due Nov. 15 , 1997 , with a fixed 4 % coupon at par via Union Bank of Switzerland . STOP 
Each 5,000 Swiss franc bond convertible from Jan. 3 , 1989 , to Oct. 31 , 1997 . STOP 
Fees 2 1\/8 . STOP 
*CUNK* *CUNKION* Ltd . -LRB- Japan -RRB- -- 50 million Swiss francs of privately placed convertible notes due Dec. 31 , 1994 , with a 0.25 % coupon at par , via Yamaichi Bank -LRB- Switzerland -RRB- . STOP 
Put option on Dec. 31 , 1991 , at an indicated 107 7\/8 to yield *UNKN* % . STOP 
Each 50,000 Swiss franc note convertible from Dec. 1 , 1989 , to Dec. 16 , 1994 , at 5 % premium over the closing share price Oct. 26 , when terms are scheduled to be fixed . STOP 
Credit *CUNKAL* de France -- 100 million Swiss francs of 6 % , privately placed notes due Dec. 1 , 1996 , priced at 100 1\/2 to yield *UNKN* % , via Swiss Bank Corp . STOP 
People start their own businesses for many reasons . STOP 
But a chance to fill out *UNK-* records is rarely one of them . STOP 
Red tape is the *UNK* of small business . STOP 
*CUNKLY* , the person who wants to run his or her own business is probably the active , *UNKED* sort most likely to hate meeting the rules and *UNKING* demands of federal , state and local regulators . STOP 
Yet every business owner has to face the *UNK* of forms and regulations -- and often is the only one available to *UNK* it . STOP 
There is hope of change . STOP 
Last week , Sen. Malcolm *CUNK* -LRB- R. , *CUNK* . -RRB- held hearings on a bill to strengthen an existing law designed to reduce regulatory *UNKS* for small businesses . STOP 
`` A great many federal regulations are meant for larger entities and do n't really apply to small businesses , '' says *CUNK* *CUNK* , a legislative aide to Sen. *CUNK* . STOP 
Other lawmakers are busy trying to revive the recently *UNKED* *CUNK* *CUNKION* Act , which many feel benefited small enterprises . STOP 
Thus , optimistic entrepreneurs *UNK* a promised land of less red tape -- just as soon as *CUNK* Sam gets around to *UNKING* it . STOP 
Meanwhile , they *UNK* the *UNKS* of paper -- and *UNK* about a dream world where *UNK-* *UNKAL* regulations and government *UNKS* are *UNKED* . STOP 
To find out what red tape *UNKS* entrepreneurs most , the Journal asked a completely *UNUNK* , random *UNK* of business owners to *UNK* about the forms and regulations they would most like to get lost in the mail . STOP 
Some entrepreneurs say the red tape they most love to hate is red tape they would also hate to lose . STOP 
They concede that much of the government *UNKING* that *UNKS* them is essential to the public good , and even to their own businesses . STOP 
*CUNKS* that set standards for products or *UNK* business behavior , generally the best regarded form of red tape , `` create a level playing field and keep *OUS* competitors away , '' says *CUNK* West , president of *CUNK* International Inc. , a *CUNK* , Va. , business that designs *UNKION* and other products . STOP 
Mr. West *UNKS* the Federal Communications Commission and its standards for telecommunications equipment : `` They monitor product quality and prevent junk from *UNKING* the market . '' STOP 
Some *UNKS* about red tape are *UNK* : *CUNKS* complain about a host of building regulations , auto leasing companies about car insurance rules . STOP 
*CUNKING* when *UNKED* access is required can be a *UNK* for *UNKS* , says Mark *CUNKING* , president of *CUNKING* & Co. , a *CUNK* , Mass. , *UNKAL* firm . STOP 
There is such a *UNK* of federal , state and local *UNKS* that `` building *UNKS* are backing away from *UNKING* them , '' Mr. *CUNKING* says . STOP 
*CUNK* , leasing and other companies that maintain *UNKS* of vehicles *UNK* substantial resources to *UNKING* with state insurance laws and a host of agencies . STOP 
`` It 's very costly and *UNKING* , '' says *CUNK* Rosen , a partner in *CUNK* & *CUNKING* Management Inc. , a Boston *UNKING* company . STOP 
One senior executive at his firm spends nearly 20 % of his time on insurance , he says . STOP 
Other forms of red tape are more *UNK* . STOP 
The most *OUS* , many entrepreneurs say , is the *UNKING* and filing required by tax authorities . STOP 
*CUNKING* with environmental and *UNK* regulations runs a close second . STOP 
But *UNKS* run the *UNK* . STOP 
Here is the red tape that *UNKS* surveyed business owners the most : STOP 
*CUNK* *CUNK* : STOP 
Next to medical insurance , `` costs of compliance '' are the *UNKING* expense at *CUNK* Inc. , a *CUNK* , *CUNK* , chemical company . STOP 
Peter *CUNK* , the company 's owner , says spending on regulatory paper work and the people to do it -- mostly to comply with federal , state and local environmental laws -- will rise almost 30 % this year to $ 100,000 . STOP 
Mr. *CUNK* adds that spending on environmental red tape amounts to between 6.5 % and 7.5 % of *CUNK* 's total operating expenses . STOP 
Eastern *CUNKION* Corp. , a *CUNK* , Mass. , maker of thin metal *UNKION* parts , must report to five federal and state agencies as well as to local fire , police , hospital and *UNKING* authorities , says Robert *CUNK* , president . STOP 
One state environmental regulator returned a report because `` it was n't heavy enough , it could n't have been correct , '' Mr. *CUNK* says . STOP 
*CUNK* *CUNK* : STOP 
*CUNKS* must deposit *UNKING* taxes exceeding $ 3,000 within three days after payroll -- or pay stiff penalties -- and that 's a big problem for small businesses . STOP 
It 's especially *UNK* `` if you 're on the road and you 're the one responsible , '' says *CUNK* Brown , president of Brown Capital Management Inc. , a Baltimore *UNK-* firm . STOP 
*CUNK* *CUNK* : STOP 
*CUNKING* employee *UNKS* on *UNKS* , health care and other subjects costs over $ 25,000 a year for *CUNK* *CUNK* , president of Professional *CUNKAL* Management Inc. , a *CUNK* , Calif. , provider of business services to farmers . STOP 
An employer leaves itself open to a great deal of liability if its employee *UNKS* do n't reflect the most recent laws , he says . STOP 
But the *UNKING* laws are usually so complicated and confusing that `` you need professionals to help you ; you ca n't do it *UNK* , '' he adds . STOP 
*CUNK* AND *CUNK-* *CUNK* : STOP 
*CUNKING* with these is enough to make business owners look forward to their own pension days . STOP 
*CUNKLY* changes in federal benefit laws force small businesses to repeatedly *UNK-* and *UNK* existing plans . STOP 
*CUNK* *CUNK* , who runs her own *UNKS* concern in New York , says she has had to overhaul her pension and *UNKING* plans three times in the past three years . STOP 
`` It does n't increase benefits , but it 's costly and *UNKING* , '' Ms. *CUNK* says . STOP 
*CUNK* added 15 % to 20 % to her accounting bill last year , she says . STOP 
*CUNK* *CUNK* *CUNK* : STOP 
Advertising agencies and other service companies are exempt from city and state sales tax in most *UNKS* -- but the *UNKION* comes at a price of *UNK* records and *OUS* reviews . STOP 
To justify their exempt status and avoid penalties , these businesses must show once a year that each and every transaction on which they did n't pay sales tax was a legitimate business expense . STOP 
`` You need one person to just take care of sales tax , '' says *CUNK* *CUNK* , executive vice president of Lee *CUNK* & *CUNK* Advertising Inc. , New York . STOP 
When the *CUNK* *CUNK* *CUNKER* named *CUNK* Bogart its *UNK* director last spring , the nation 's *UNKAL* *UNK* *UNKED* a collective *UNK* . STOP 
Ms. Bogart , an *UNKED* *UNK* of *UNKED* dramatic *UNKS* that *UNK* into such *UNKED* *UNKS* as *CUNKS* and *CUNK* 's `` South Pacific , '' is *UNKLY* downtown . STOP 
*CUNK* *CUNK* meanwhile is one of the nation 's *UNKEST* and most *UNKED* regional *UNKS* , still *UNKING* an annual `` A Christmas Carol . '' STOP 
How would this *UNKION* of traditional values fare in Ms. Bogart 's *UNK* hands ? STOP 
She held her fire with her first production at the *CUNK* earlier this season . STOP 
It was a *UNK* revival of her *UNKING* *UNK-* *UNK* of *CUNK* *CUNK* 's *UNKAL* *UNKS* , called `` No *CUNKS* , No *CUNK* . '' STOP 
Now , with the opening of *CUNK* Gorky 's *UNKING* `` *CUNK* , '' Ms. Bogart has laid her cards on the table . STOP 
*CUNKS* is a hand that will test the *UNK* of her audiences . STOP 
For Ms. Bogart , who initially studied and directed in Germany -LRB- and *UNKS* such European directors as Peter Stein , *CUNK* *CUNKER* and *CUNK* *CUNK* as *UNKS* -RRB- tends to stage her *UNKS* with a *CUNK* *UNK* -- whether the text demands it or not . STOP 
And Gorky , considered the father of Soviet socialist *UNK* , did not write plays that easily lend themselves to deliberately *UNK* *UNKING* techniques . STOP 
Gorky was a loyal if occasionally *UNK* *UNK* writer committed to *UNKING* the *UNKS* with plain *UNKING* *UNKED* in a slightly sour version of *CUNK* *UNK* . STOP 
And `` *CUNK* , '' *UNKED* in *UNKN* as a kind of *UNK* to *CUNK* 's `` *CUNK* *CUNK* , '' is a lawn party of Russian *UNKS* engaged in an *UNKING* *UNKAL* fight to the finish between the *UNKS* and the *UNKS* . STOP 
Along the way there also are lots of *UNK* *UNKS* . STOP 
*CUNKLY* Ms. Bogart has kept Gorky 's time and place intact . STOP 
Despite the absence of *UNKS* -LRB- and a *UNK* to turn the furniture *UNK* down -RRB- , the production is rich in Russian *UNK* *UNKED* by *OUS* *UNK* *UNKING* *UNK* *UNK* and *UNKED* cotton , with *UNKS* and fishing *UNKS* *UNK* . STOP 
But beyond this *UNK* *UNK* to tradition , Ms. Bogart and company head off in a *UNK* direction that all but *UNKS* Gorky 's *UNK* drama into something *UNK* to , well , *UNK* . STOP 
The director 's attempt to force some *CUNK* distance between her actors and their characters frequently *UNKS* with *UNKS* that are *UNKLY* *UNKED* . STOP 
Not only do the actors stand outside their characters and make it clear they are at odds with them , but they often literally stand on their heads . STOP 
Like Peter *CUNKS* , Ms. Bogart *UNKS* her actors as if they were *UNK* *UNKS* , *UNKING* them on *UNKS* , *UNKING* them off tables , even *UNKING* them from *UNKS* while having them perform some *UNK* *UNKS* of *UNK-* . STOP 
There are moments in this `` *CUNK* '' when the characters *UNKING* the vast *UNK* country house -LRB- which looks like a *UNK* of Frank Lloyd Wright and is designed by *CUNK* *CUNK* -RRB- *UNK* *UNK* *UNK* *UNKS* with the *OUS* *UNK-* *UNKING* of `` *CUNK* In . '' STOP 
`` *CUNK* *UNKS* from where it *UNKS* , '' one of them says . STOP 
The *UNK* of *UNKS* *UNKS* this treatment , but the *UNK* and *UNKS* of Gorky 's individual characters have *UNKED* in the *UNK* . STOP 
As for the *UNK* that Gorky 's text provides , when *UNKED* in such broad *UNKS* -LRB- particularly by the *UNKER* members of the *UNK* -RRB- it looks and sounds forced . STOP 
Ms. Bogart does better with music than with words when she wants , as she so often does want , to *UNKS* herself through Gorky 's *UNKS* play . STOP 
Here she has the aid of her longtime associate Jeff *CUNK* , whom she appointed *CUNK* 's *UNKER* musical director and whom she *UNKED* with a *UNKING* new $ 60,000 sound system and recording studio . STOP 
For Gorky , Mr. *CUNK* provided an *UNKAL* *UNK* of *CUNK* and *CUNK* , which is less a score than a separate character with a *UNK* point of view . STOP 
Like *CUNK* , and indeed *CUNK* *CUNK* , Ms. Bogart has said that her intent in such *UNK* *UNKING* of the *UNKS* is simply an attempt to `` make it new . '' STOP 
Indeed , during a recent *UNKION* audience discussion , the director explained that her *UNKEST* *UNK* wish was to find a way to play `` *CUNK* Over the *CUNK* '' so that the song 's `` original beauty comes through , '' *UNKING* the *UNK* . STOP 
The danger that Ms. Bogart seems to be *UNKING* here is one of *UNKION* rather than *UNKION* , a vision so at odds with the *UNK* 's that the two points of view *UNK* , rather than *UNK* , each other . STOP 
Ms. Bogart 's cast is part and *UNK* of the problem . STOP 
*CUNK* *CUNK* and Barbara *CUNK* never find a real reason for their love affair as the *UNK* , *UNK* young *CUNKS* and the *UNKLY* *UNK* doctor *CUNK* *CUNK* . STOP 
*CUNK* *CUNK* as the *UNKING* *CUNK* is a *UNK* *UNKER* , not the *UNKAL* *UNK* Gorky intended . STOP 
Better to look in the *UNKS* for *UNKS* that *UNK* or *UNK* . STOP 
*CUNK* *CUNKS* , in addition to *UNKING* one of the evening 's more impressive *UNKAL* instruments , brings an *UNKED* *UNK* touch to her role of *CUNK* , everybody 's favorite *UNK* . STOP 
*CUNK* *CUNK* plays the *UNK* with so much edge as to steal her two *UNKS* . STOP 
But it is the *CUNK* *CUNK* *UNKER* , Jonathan *CUNKED* -LRB- *CUNK* , the *UNKAL* -RRB- who is the actor to watch , whether he is *UNKING* it up while conducting the chamber *UNKS* or *UNKING* his *UNK* 's wife -LRB- *CUNK* *CUNK* -RRB- by *UNKING* her *UNK* . STOP 
Ms. de *CUNKS* writes frequently about theater . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* *CUNK* , THE *CUNK* *CUNK* investment house , in 1974 helped a corporate client complete a hostile takeover . STOP 
It was the start of a boom in *UNKLY* , even *UNKLY* , mergers . STOP 
On July 18 , 1974 , International *CUNK* of Canada -- advised by Morgan -- offered $ 28 a share , equal to $ *UNKN* million , for *CUNK* , a Philadelphia *UNK* maker . STOP 
*CUNK* said it was given only a *UNK-* advance warning on a `` take it or leave it '' basis from Inco , as the Toronto company is called . STOP 
`` *CUNK* is aware that a hostile tender offer is being made by a foreign company for all of *CUNK* 's shares , '' said *CUNK* *CUNK* , *CUNK* 's president . STOP 
`` *CUNK* '' thus entered the *UNKION* *UNK* . STOP 
Joseph *CUNK* , of *CUNK* , *CUNKS* , *CUNK* , *CUNKER* & *CUNK* , which became a leading legal firm in merger cases , said the case `` made takeovers *UNK* . '' STOP 
*CUNK* *UNKED* Inco and within five days *CUNK* had a `` white knight '' as United *CUNK* -- headed by Harry Gray , a *UNKLY* friendly *UNKER* of companies -- offered $ 34 a share . STOP 
Gray was advised by Goldman Sachs and Merrill Lynch . STOP 
*CUNK* directors *UNKLY* accepted , but a *UNK* bidding match *UNKED* . STOP 
Within a few days in July , Inco raised its bid to $ 36 and United matched it . STOP 
On a single day Inco lifted its offer to $ 38 and then to $ 41 , equal to $ *UNKN* million . STOP 
United met the $ 38 but then withdrew . STOP 
*CUNK* on July 29 accepted the Inco offer and the brief battle -- unlike the *UNK* and lengthy big takeovers of *UNKN* -- was over . STOP 
The new *UNK* game became a money maker for Wall Street 's once *UNK* *UNK-* houses . STOP 
Inco paid Morgan an advisory fee of about $ 250,000 , a *UNK* figure by today 's measures . STOP 
Early this year Morgan and three other investment houses each received $ 25 million in advisory fees from *CUNK* Kravis & Roberts in its $ 25 billion friendly buy-out of RJR Nabisco . STOP 
HomeFed Corp. said third-quarter net income slid 14 % to $ *UNKN* million , or $ 1.10 per fully diluted share , from $ *UNKN* million , or $ *UNKN* a fully diluted share , because of increased bad assets and unexpected trouble in *UNKING* *UNKED* property . STOP 
The decline surprised analysts and *UNKED* HomeFed 's stock , which lost *UNKN* % of its value , closing at $ *UNKN* on the New York Stock Exchange , down $ *UNKN* . STOP 
HomeFed had been one of the handful of large West Coast thrifts that in recent quarters had *UNKED* interest-rate problems *UNKING* the industry by keeping a *UNK* on problem assets and lending heavily into the *OUS* California housing market . STOP 
Analysts had been *UNKING* fully diluted earnings in the third quarter in the range of about $ *UNKN* a share . STOP 
However , HomeFed 's loan *UNKS* and purchases plunged 26 % in the quarter , to $ 1.4 billion from $ 1.9 billion a year earlier . STOP 
Meanwhile , *UNKING* assets rose to $ *UNKN* million from $ *UNKN* million . STOP 
Some $ *UNKN* million of the troubled assets is *UNKED* real estate , a *UNKN* % surge from the $ *UNKN* million of *UNKED* property HomeFed held a year ago . STOP 
HomeFed has $ *UNKN* billion of assets . STOP 
HomeFed said most of the troubled assets are apartment *UNKS* , shopping *UNKS* and other commercial real estate . STOP 
It said about half are in California , with the rest *UNKED* across the country . STOP 
It said sales of such properties were slower than anticipated in the third quarter , but it expects sales to pick up in the rest of the year . STOP 
HomeFed said the slide in loan *UNKS* was more a matter of design than a sign of *UNKING* in the California market . STOP 
Any such downturn in California would be *UNK* news for West Coast thrifts , particularly the less healthy ones , which have performed poorly even with a *UNK* market . STOP 
But HomeFed said it *UNKLY* *UNKED* loan *UNKS* in the quarter because of uncertainty over the new capital requirements and regulations that will emerge from negotiations over *UNKING* the government 's massive thrift bailout bill . STOP 
It said its real-estate operations earned a record $ *UNKN* million , more than double year-earlier real estate profit of $ 9 million . STOP 
And analysts said they see no signs of an imminent *UNK* in California real estate , even with last week 's earthquake . STOP 
The thrift said earnings also were *UNKED* in the quarter by a $ 4 million provision for losses associated with its previously reported plan to *UNK* a real-estate franchise network . STOP 
For the nine months , HomeFed earned $ *UNKN* million , or $ *UNKN* a fully diluted share , a 4.3 % increase from year-earlier net income of $ *UNKN* million , or $ *UNKN* a fully diluted share . STOP 
Yields on certificates of deposit at major banks were little changed in the latest week . STOP 
The average yield on six-month CDs of $ 50,000 and less slipped to 7.96 % from *UNKN* % , according to Banxquote Money Markets , an information service based here . STOP 
On one-year CDs of $ 50,000 and less , the average slid to *UNKN* % from *UNKN* % . STOP 
Both issues are among the most popular with individual investors . STOP 
`` Because of *UNK* in the economy , rates can be expected to decline over a one-year *UNK* , '' said *CUNK* *CUNK* , chairman of Banxquote . STOP 
`` It 's unclear how much rates can fall and how soon . '' STOP 
*CUNKS* in CD yields in the week ended Tuesday were in line with *UNKS* up and down within a fairly narrow range for the last two months . STOP 
Interest rates generally began declining last spring after moving steadily upward for more than a year . STOP 
The average yield on *UNKION* three-month CDs moved up *UNKS* of a percentage point in the latest week to *UNKN* % . STOP 
*CUNK-* CDs declined just a *UNKION* . STOP 
The average yield on both two-year CDs and five-year CDs was 7.98 % . STOP 
Only CDs sold by major brokerage firms posted significant increases in average yields in the latest week , reflecting increased yields on Treasury bills sold at Monday 's auction . STOP 
The average yield on six-month *UNK-* CDs rose to *UNKN* % from 8.05 % and on one-year CDs the average yield rose to *UNKN* % from 8.09 % . STOP 
The brokerage firms , which negotiate rates with the banks and thrifts whose CDs they sell , generally feel they have to offer clients more than they can get on *CUNKS* or from banks and thrifts directly . STOP 
*CUNKS* sold at Monday 's auction *UNKED* 7.90 % for six months and *UNKN* % for three months , up from *UNKN* % and *UNKN* % , respectively , the week before . STOP 
*CUNKED* *UNK* CDs , typically in denominations of $ *UNKN* and up , also usually follow *CUNKS* and interest rate trends in general more than those aimed at small investors . STOP 
Some *UNKS* posted *UNKAL* changes in average yields this week , both up and down . STOP 
The average yield on *UNK* *UNKS* rose to *UNKN* % from 7.96 % , while the two-year average fell by the same amount to *UNKN* % . STOP 
*CUNK-* and *UNK* yields were unchanged , on average . STOP 
`` The -LRB- CD -RRB- market is unsettled right now , '' said Banxquote 's Mr. *CUNK* . STOP 
`` It 's very easily influenced by changes in the stock market and the junk bond market . '' STOP 
The small changes in averages reflect generally unchanged yields at many major banks . STOP 
Some , however , lowered yields significantly . STOP 
At Chase Manhattan Bank in New York , for example , the yield on a small *UNKION* six-month CD fell about a quarter of a percentage point to *UNKN* % . STOP 
In California , Bank of America dropped the yield on both six-month and one-year `` savings '' CDs to *UNKN* % from *UNKN* % . STOP 
Yields on money-market deposits were unchanged at an average *UNKN* % for $ 50,000 and less and down just a *UNK* of a percentage point to *UNKN* % for *UNK* deposits . STOP 
*CUNKION* Nathan Ltd. agreed to buy the franchise to *UNK* , distribute and market *CUNK-* soft-drink products in Australia , the company said . STOP 
The New Zealand brewing and retail concern did n't disclose terms . STOP 
The agreement is effective Jan. 1 and is subject to approval from Australia 's Foreign Investment Review Board . STOP 
*CUNK* *CUNKS* Australia Ltd. has held the Australian *CUNK* franchise for the past four years . STOP 
*CUNKION* Nathan and *CUNK* Australia , a unit of PepsiCo Inc. of the U.S. , did n't say why *CUNK* *CUNKS* will no longer hold the franchise . STOP 
Wang Laboratories Inc. has sold $ 25 million of assets and reached agreements in principle to sell an additional $ *UNKN* million shortly , Richard Miller , president , said at the annual meeting . STOP 
He said Wang had reached an agreement with a `` major financial firm '' to sell for $ 150 million its domestic equipment lease portfolio and that of its Wang Credit Corp. subsidiary . STOP 
He said it also agreed to sell a portion of its European real estate unit for $ 37 million . STOP 
Mr. Miller said that Wang has already sold some $ 12 million of *OUS* assets and disclosed that it had received $ 13 million from Compaq Computer Corp. , Houston , in the previously announced sale of its *CUNKING* , *CUNK* , plant . STOP 
Mr. Miller repeated that in the next six months he plans to sell another $ 200 million to $ 300 million of assets to repay debt and reduce interest costs at Wang , a *UNKER* maker in *CUNK* , Mass . STOP 
In response to questions after the annual meeting , Mr. Miller said the company is no longer looking for an equity investor . STOP 
During the summer , Wang executives had said they might seek outside investment . STOP 
*CUNK* *CUNK* Co. said it is establishing a subsidiary in Britain to produce electric parts , including *UNK* *UNKS* . STOP 
The Tokyo maker of *UNK* *UNKS* said it purchased a plant in *CUNK* . STOP 
The company did n't disclose a purchase price or capitalization figures . STOP 
*CUNK* said , however , it will invest about 1.4 billion yen -LRB- $ *UNKN* million -RRB- in the new company . STOP 
*CUNKION* is slated to begin in April . STOP 
The company , which has a European *UNK* , *CUNK* Europe Management *CUNK* . H. in Germany , said the latest venture is designed to meet demand for electric parts in European Community countries ahead of the creation of the *UNKED* market by the end of 1992 . STOP 
*CUNK* expects sales at the unit of about 1.5 billion yen in the first year . STOP 
*CUNK* Stores Inc. reported a 69 % decline in profit for the fiscal third quarter , but said operating improvements were *UNKED* by unusual gains in the year-earlier period . STOP 
The Oakland grocery retailer , closely held since a $ 4.2 billion leveraged buy-out in 1986 , said profit for the three months ended Sept. 9 was $ 7.1 million , compared with $ 23 million a year earlier . STOP 
But it said the year-earlier results included gains of $ *UNKN* million from *UNKS* . STOP 
Sales rose 4.2 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
For the nine months , the company said profit fell 49 % to $ *UNKN* million from $ 46 million in the year-earlier quarter , which included *UNKED* gains of $ *UNKN* million . STOP 
Sales increased 5.5 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Benjamin Jacobson & Sons has been the New York Stock Exchange specialist firm in charge of trading stock in UAL Corp. and its *UNKS* since the early 1930s . STOP 
But the firm has never had a day like yesterday . STOP 
At first UAL did n't open because of an order *UNK* . STOP 
When it did a half-hour into the session , it was priced at $ 150 a share , down more than $ 28 from Monday 's close . STOP 
It sank further to as low as $ 145 , but a big rally developed in the last half hour , pushing the stock back up to close at $ 170 , down just $ 8.375 from Monday . STOP 
In the process , 4.9 million shares traded , making UAL the second most active issue on the Big Board . STOP 
*CUNKING* *UNK* when they could and *UNKING* until their voices gave out , the two Benjamin Jacobson specialists at the Big Board 's UAL trading post yesterday *UNKED* over what can only be described as a financial *UNK-* . STOP 
`` It was *UNK* . STOP 
But we like to call it ` controlled *UNKS* , ' '' said *UNK-* Robert J. Jacobson Jr. , *UNK* of the firm 's founder . STOP 
He *UNKED* the UAL post yesterday with Christopher Bates , 33 , an *UNK* Long *CUNKER* who 's a dead *UNKER* for actor *CUNKS* *CUNK* . STOP 
Who was doing all the selling ? STOP 
`` Options traders , arbitrage traders -- everyone , '' said Mr. Bates , *UNKING* down with a *UNK* of apple *UNK* after the close yesterday . STOP 
*CUNKED* Mr. Jacobson , `` There were some pretty bad losses in the stock . '' STOP 
Big Board traders said a *UNK-* buy order at $ 150 a share entered by Bear , Stearns & Co. , which was active in UAL stock all day , is what set off the UAL crowd in the late afternoon . STOP 
A subsequent rally in UAL helped the *UNKING* stock market stage an *UNKING* recovery from an *UNK-* deficit to finish only slightly below Monday 's close . STOP 
Both Jacobson traders , who had been hoping UAL trading would get back to normal , read the news about the *UNKING* of UAL takeover plans on the train into work yesterday morning . STOP 
The news told them it would be a while longer before UAL resumed trading like a regular airline stock after months of gyrations . STOP 
When Mr. Jacobson *UNKED* into the office at *UNKN* a.m. EDT , he announced : `` OK , *UNK* up . '' STOP 
Messrs. Jacobson and Bates *UNKED* on the Big Board floor at about *UNKN* a.m. yesterday and immediately *UNKED* trouble . STOP 
Already entered in the Big Board 's computers and *UNKED* to their post were sell orders for *UNKN* UAL shares . STOP 
The UAL news had already caused a selling *UNK* in the so-called third market , in which firms buy and sell stock away from the exchange floor . STOP 
UAL , which closed on the Big Board Monday at $ *UNKN* a share , traded in the third market *UNK* as low as $ *UNKN* a share . STOP 
There were rumors of $ *UNK-* trades . STOP 
In the 45 minutes before the *UNKN* opening *UNK* , the Jacobson specialists kept getting sell orders , *UNKER* than they *UNKED* . STOP 
And at *UNKN* , they posted a $ 135 to $ 155 `` first indication , '' or the price range in which the stock would probably open . STOP 
That range was quickly narrowed to $ 145 to $ 155 , although traders surrounding the post were told that $ *UNKN* to $ 150 would be the likely target . STOP 
When UAL finally opened a half hour late , some 400,000 shares traded at $ 150 . STOP 
There was `` selling pressure from everyone , '' said one trader . STOP 
This month 's *CUNK-* market plunge *UNKED* by UAL news was n't as bad for the Jacobson specialists as yesterday 's action . STOP 
On that earlier day , the stock 's trading was halted at a critical time so the specialists could catch their *UNK* . STOP 
Not yesterday . STOP 
Mr. Jacobson , his gray hair flying , did n't wear out his *UNK-* *UNKS* , but he *UNK* so much he considered sending out for a new *UNK* . STOP 
Mr. Bates usually *UNKS* day-to-day UAL trading on his own . STOP 
But yesterday , the heavy trading action eventually consumed not only Messrs. Jacobson and Bates but four other Jacobson partners , all doing their *UNK-* job of *UNKING* buyers and sellers together and *UNKING* prices to accommodate the market . STOP 
About 30 floor traders *UNKED* near the UAL post most of the day , and probably hundreds more came and went -- a `` *UNKING* mass , '' as one trader described it . STOP 
The 4.9 *UNK-* volume *UNKING* through the Jacobson specialist operation was about five times normal for the stock . STOP 
The heavy buying in the last half hour led the specialists to take special steps . STOP 
The Bear Stearns order that marked the *UNK-* turnaround caused a `` massive buying effort '' as UAL jumped $ 20 a share to $ 170 in the last half hour , said Mr. Bates . STOP 
With 15 seconds of trading to go , Mr. Jacobson , with what voice he had left , announced to the trading *UNK* : `` We 're going to trade one price on the *UNK* . '' STOP 
That meant no trading would occur in the final seconds , as a way of making sure that *UNK-* orders are n't *UNKED* to a sudden price *UNKING* that would upset customers . STOP 
About *UNKN* shares sold at $ 170 on the *UNK* , representing about eight to 10 late orders , the specialists estimate . STOP 
Big Board traders *UNKED* the Jacobson specialists for getting through yesterday without a trading halt . STOP 
In Chicago , a UAL spokesman , `` by way of policy , '' declined to comment on the company 's stock or the specialists ' performance . STOP 
*CUNKING* the exchange at about 5 p.m. , the Jacobson specialists made no predictions about how trading might go today . STOP 
*CUNK* *CUNK* *CUNKS* , a Jacobson partner who got involved in the UAL action , `` It all starts all over again '' today . STOP 
Britain 's current account deficit dropped to # 1.6 billion -LRB- $ *UNKN* billion -RRB- in September from an adjusted # 2 billion -LRB- $ *UNKN* billion -RRB- the previous month , but the improvement comes amid increasing concern that a recession could strike the U.K. economy next year . STOP 
The *CUNKION* of British Industry 's latest survey shows that business executives expect a *UNKED* slowdown , largely because of a *UNK-* series of interest-rate increases that has raised banks ' base lending rates to 15 % . STOP 
`` The outlook has *UNKED* since the summer , with orders and employment falling and output at a *UNK* , '' said David *CUNK* , chairman of the industry group 's economic committee . STOP 
He also said investment by businesses is falling off . STOP 
Of *UNKN* companies surveyed , 31 % expect to cut spending on plant equipment and machinery , while only 28 % plan to spend more . STOP 
But despite mounting recession fears , government data do n't yet show the economy *UNKING* to a halt . STOP 
*CUNK* , for example , has continued to decline , and the September trade figures showed increases in both imports and exports . STOP 
As a result , Prime Minister Margaret Thatcher 's government is n't currently expected to ease interest rates before next spring , if then . STOP 
Chancellor of the Exchequer Nigel Lawson views the high rates as his chief weapon against inflation , which was *UNKED* by tax cuts and loose credit policies in 1986 and 1987 . STOP 
Officials fear that any *UNKING* this year could *UNK* inflation or further weaken the pound against other major currencies . STOP 
*CUNKING* off attacks on his economic policies in a House of *CUNKS* debate yesterday , Mr. Lawson said inflation `` remains the greatest threat to our economic *UNKING* '' and promised to take `` whatever steps are needed '' to *UNK* it off . STOP 
The latest government figures said retail prices in September were up 7.6 % from a year earlier . STOP 
Many economists have started predicting a *UNK* recession next year . STOP 
David Owen , U.K. economist with Kleinwort Benson Group , reduced his growth forecast for 1990 to 0.7 % from 1.2 % and *UNKED* the risk of recession next year `` quite high . '' STOP 
But he said the downturn probably wo n't become a `` major *UNKION* '' similar to those of 1974 and 1982 . STOP 
Still , Britain 's current slump is a cause for concern here as the nation *UNKS* in the European Community 's plan to create a *UNKED* market by 1992 . STOP 
*CUNKED* with the major economies on the *CUNK* , the U.K. faces both higher inflation and lower growth in the next several months . STOP 
As a result , Mr. Owen warned , investment will be more likely to flow toward the other European economies and `` the U.K. will be less prepared for the single market . '' STOP 
Britain 's latest trade figures contained some positive news for the economy , such as a surge in the volume of exports , which were 8.5 % higher than a year earlier . STOP 
But while September exports rose to # *UNKN* billion , imports shot up to # *UNKN* billion . STOP 
The resulting # 1.9 billion merchandise trade deficit was partly offset by an assumed surplus of # 300 million in so-called *UNK* items , which include income from investments , services and official transfers . STOP 
Despite the *UNKING* of the monthly trade gap , economists expect the current account deficit for all of 1989 to *UNK* to about # 20 billion from # *UNKN* billion in 1988 . STOP 
*CUNKLY* , economists say the big deficit reflects the slipping competitive position of British industry . STOP 
`` When the country gets *UNKER* , we tend to buy high-quality imports , '' Mr. Owen said . STOP 
*CUNKS* PLC , a British aerospace , defense and automotive conglomerate , said it reached an agreed cash bid of # *UNKN* million -LRB- $ *UNKN* million -RRB- for Ross *CUNK* Group PLC , a maker of specialty *UNK* and *UNKS* . STOP 
The company said it expects to receive *UNKS* for its offer of *UNKN* pence -LRB- $ *UNKN* -RRB- per share representing at least 67 % of Ross *CUNK* 's issued share capital , or *UNKN* million ordinary shares . STOP 
*CUNKS* said its offer also includes an option to receive a *UNK* loan note in *UNK* of cash . STOP 
The notes can be *UNKED* starting in July 1991 . STOP 
The company said its acquisition of Ross *CUNK* will be covered largely by cash raised in its July *UNKAL* of *CUNK-* for # *UNKN* million . STOP 
If *UNKS* wo n't pay high prices for *UNKS* anymore , who will ? STOP 
*CUNKS* are betting on the common *UNK* . STOP 
The *CUNKED* *CUNKS* and *CUNKS* Association , a Lexington , *CUNKED* trade group , has launched `` *UNKS* '' for `` potential investors '' at race tracks around the country . STOP 
The group , which has held half a dozen *UNKS* so far , also is considering promotional *UNKS* and perhaps a pitch to Wall Street investment bankers . STOP 
`` People in this business have been *UNKED* , '' says *CUNK* *CUNKS* , a horse *UNKER* from *CUNK* Air , *CUNK* . STOP 
`` But the real future of this game is in a number of people owning a few *UNKS* . '' STOP 
At the *CUNK* race track , the *UNKS* are *UNKING* people like *CUNK* *CUNKS* , a beer packaging plant worker . STOP 
Right now , Mr. *CUNKS* is *UNKING* his *UNKING* program , *UNKING* for *CUNK* on the *CUNK* , a *UNK* *UNKED* *UNKING* down the home stretch . STOP 
Mr. *CUNKS* *UNKS* that he sold all his stocks a week before the market plummeted 190 points on Oct. 13 , and he is using the money to help buy a *UNK-* horse farm . STOP 
`` Just imagine how exciting that would be if that 's your horse , '' he says . STOP 
But experts caution that this is n't a game for anyone with a weak *UNK* or *UNK* . STOP 
`` It 's a *UNK-* business , '' warns Charles C. *CUNK* , a Lexington attorney and former Kentucky state securities commissioner . STOP 
`` You have to go into it firmly *UNKING* that it 's the kind of investment where you can lose everything . '' STOP 
And many have done just that . STOP 
Consider *CUNK* Farm , a prominent Lexington horse farm that went public in 1983 but hit hard times and filed for *UNK-* protection last year . STOP 
A group of investors recently bought the remaining assets of *CUNK* , hoping to rebuild it . STOP 
Other investors have lost millions in partnerships that bought *UNKED* *UNKS* or *UNKION* *UNKING* rights . STOP 
One big problem has been the *UNKED* *UNK* market . STOP 
From 1974 to 1984 , prices for the best *UNKS* at the summer sales rose *UNKN* % to an average of $ *UNKN* . STOP 
Since then , prices have slumped , to an average of $ *UNKN* this summer . STOP 
But that 's for the best *UNKS* , with most selling for much less -- as little as $ 100 for some *UNK* *UNKS* . STOP 
Even while they move outside their traditional *UNK* circle , *UNK* owners still try to *UNK* on the *UNK* of the sport . STOP 
*CUNK* *UNKS* *UNKED* at *UNKS* *UNK* about the *UNK* of the winner 's circle and *UNK-* *UNKING* . STOP 
One *UNK* promises : `` *CUNKS* , parties , post times , *UNKS* and *UNK* . '' STOP 
`` It 's just a matter of marketing and promoting ourselves , '' says *CUNK* Bell , a *UNKION* horse *UNKER* from Lexington . STOP 
Maybe it 's not that simple . STOP 
For *UNKS* , *UNK* buyers have to remember the basic problem of such ventures : These *UNKS* do n't come with *UNKS* . STOP 
And for every champion , there are plenty of *UNKS* . STOP 
*CUNK* *CUNKS* , a veteran *UNKER* at the *CUNK* , Md. , track , offers *UNKS* a *UNKING* tour of a horse *UNK* , noting that only three of about a dozen *UNKS* have won sizable *UNKS* . STOP 
One *UNK* *UNK-* *UNKLY* was *UNKING* from a cold , while another had *UNKS* on its *UNKS* , keeping both animals from the *UNK* . STOP 
`` You can see the highs and lows of the business all under one *UNK* , '' she tells the group . STOP 
`` There are n't too many winners . '' STOP 
Perhaps the biggest *UNK* owners face is *UNKING* *UNKS* that this is a *UNK* business . STOP 
Some badly managed partnerships have *UNKED* investors , sometimes after they received advice from industry `` consultants . '' STOP 
So owners have developed a `` code of ethics , '' *UNKING* rules for consultants and agents , and disclosure of fees and any conflicts of interest . STOP 
But some are skeptical of the code 's *UNKS* . STOP 
`` The industry is based on individual *UNK* , '' says Cap *CUNK* , a Lexington horse farmer and one of the investors who bought *CUNK* . STOP 
Despite the drop in prices for *UNKS* , owning one still is n't cheap . STOP 
At the low end , investors can spend $ 15,000 or more to own a *UNK* in partnership with others . STOP 
At a *UNKING* sale , a buyer can go *UNK* and get a horse for a few thousand dollars . STOP 
But that means paying the horse 's maintenance ; on average , it costs $ 25,000 a year to raise a horse . STOP 
For those looking for something between a minority stake and total ownership , the owners ' group is considering a special sale where established horse *UNKS* would sell a 50 % stake in *UNKS* to *UNKS* . STOP 
*CUNK* *CUNK* Inc. *UNKED* its quarterly dividend to five cents a share , payable Nov. 17 to stock of record Nov. 3 . STOP 
The company 's quarterly dividend had been 10 cents a share since April 30 , 1988 . STOP 
*CUNK* recently said it would *UNK* an *UNK* charge of about $ 3.6 million in its fourth quarter ending Tuesday , in connection with the sale and *UNK* of several lines at a plant . STOP 
The *CUNK* , Conn. , maker of industrial *UNKS* and metal *UNKS* has 2.3 million shares outstanding . STOP 
*CUNK* ' *CUNKS* Inc. , *UNKING* a takeover proposal by Canada 's *CUNK* Acquisition Corp. , said that its directors will evaluate takeover offers submitted by Nov. 10 . STOP 
*CUNK* ' *CUNKS* , based in *CUNK* , Mass. , previously said it would explore `` alternatives , '' including a leveraged buy-out of the company , but had n't set a date for *UNKION* of proposals . STOP 
*CUNK* ' *CUNKS* Chairman and Chief Executive Robert M. *CUNK* said `` a sale is one alternative being considered , '' but he added the board has n't decided whether to sell the *UNK* *UNKER* . STOP 
*CUNK* Acquisition , jointly owned by *CUNK* Canada Corp. 's *CUNK* Capital Group unit and *CUNK* *CUNKS* Ltd. , has made a $ *UNK-* tender offer valued at $ *UNKN* million for *CUNK* ' *CUNKS* . STOP 
*CUNK* ' *CUNKS* ' announcement followed *CUNK* Acquisition 's request to the Delaware Court of *CUNK* Monday to set a trial date for its suit against the company . STOP 
The trial had been postponed to allow *CUNK* ' *CUNKS* to seek alternatives to *CUNK* Acquisition 's offer . STOP 
*CUNKION* Engineering Inc. said third-quarter net income of $ *UNKN* million , *UNKING* a $ *UNKN* million year-earlier loss . STOP 
The Stamford , Conn. , *UNKION* products and services company said per-share earnings were 56 cents compared with the year-ago loss of $ *UNKN* . STOP 
Sales fell 1.5 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* profit in the process industries , including chemical and pulp and paper , were offset by higher interest expense and by lower earnings as the company closed out certain long-term contracts . STOP 
*CUNKION* reported improved profits in its *UNKION* and control products businesses , and it narrowed its losses in its public sector and environmental segment . STOP 
Power generation had higher sales but lower earnings ; the company cited factors including work on certain low *UNK-* contracts from previous years . STOP 
Net in the latest quarter included a pretax gain of $ *UNKN* million from the sale of *CUNKION* 's minority interest in Stein *CUNK* to *CUNK* *CUNK* N.V. of the Netherlands . STOP 
Last year 's results reflected a gain of $ *UNKN* million on *UNKION* of assets and a $ *UNKN* million pretax provision mainly from costs of completing certain *UNK-* and other power plants . STOP 
*CUNK* *CUNK* , chairman and chief executive officer , of *CUNK-* *CUNKS* , pledged to retain employees and management of Farmers Group Inc. , including *CUNK* E. *CUNK* Jr. , chairman and chief executive officer , if *CUNK* succeeds in acquiring Farmers . STOP 
Mr. *CUNK* added that the French insurer would keep Farmers ' headquarters in Los Angeles and `` will not send French people to run the company . '' STOP 
*CUNK* would also maintain Farmers ' relationships with the insurance exchanges that it manages . STOP 
Mr. *CUNK* made his remarks at a *UNK* meeting with reporters here yesterday as part of a tour in which he is trying to rally support in the U.S. for the proposed acquisition . STOP 
The bid is part of Sir James Goldsmith 's *UNKLY* takeover attempt for B.A.T Industries PLC , the British tobacco , retailing , paper and financial-services giant that acquired Farmers last year for $ 5.2 billion . STOP 
*CUNK* has agreed to acquire Farmers from Sir James 's investment vehicle , *CUNK* Investments Ltd. , for $ 4.5 billion plus a $ 1 billion investment in *CUNK* . STOP 
Any acquisition of Farmers needs the approval of insurance *UNKS* in the nine states where Farmers operates , and Mr. *CUNK* 's trip will take him to *CUNK* , Arizona and New York after his stay here ; he will meet with insurance regulators , legislators , industry *UNKS* and the press . STOP 
*CUNKS* on *CUNK* 's acquisition application have been set for Nov. 13 in *CUNK* ; Nov. 20 in Illinois ; Nov. 24 and Dec. 4 in Arizona ; Dec. 11 in Washington state ; and Jan. 8 in Oregon . STOP 
*CUNKS* have n't yet been set in Texas , Ohio and Kansas . STOP 
California 's insurance commissioner does n't hold hearings on acquisition applications . STOP 
Although *CUNK* has been *UNKED* by Farmers and has n't had any meetings with management , Mr. *CUNK* nonetheless appears to be trying to *UNK* the company 's executives with promises of *UNK* and *UNK-* authority under *CUNK* . STOP 
He said Mr. *CUNK* would be a member of the top management team of the *CUNK-* group of companies , and would `` help *UNK* policies and strategies of the group . '' STOP 
Farmers was quick yesterday to point out the many negative aspects it sees in having *CUNK* as its parent . STOP 
For one , *CUNK* plans to do away with certain tax credits that have resulted in more than $ 600 million paid to the Farmers exchanges during the past few years to offset underwriting losses . STOP 
Those credits result because of taxes that Farmers , as the management company , has paid , and have `` proved to be very important for the exchanges , '' a Farmers spokesman said . STOP 
Mr. *CUNK* contended that the tax cost to the exchanges under the revised structure would be about $ 8 million a year , which he described as `` *UNKS* . STOP 
Honeywell Inc. , Minneapolis , said it completed its previously announced sale of 16 % of the shares outstanding in its Japanese joint venture , *CUNK-* , for $ *UNKN* million . STOP 
The stake was acquired by a group of 10 Japanese financial institutions and industrial corporations , primarily insurance companies , Honeywell said . STOP 
Proceeds will be used to repurchase as many as 10 million shares of Honeywell stock , as previously announced . STOP 
Honeywell said a second sale of *CUNK-* is still being negotiated . STOP 
The company , which now holds a 34 % stake in the venture , has indicated that it intends to retain at least a 20 % stake long term . STOP 
A 20 % stake would allow Honeywell to include *CUNK* earnings in its results . STOP 
A company spokesman said the gain on the sale could n't be estimated until the `` tax treatment has been determined . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* increased the quarterly distribution to 40 cents a limited partnership unit from *UNKN* cents . STOP 
The distribution represents available cash flow from the partnership between Aug. 1 and Oct. 31 . STOP 
It is payable Nov. 30 to units of record Oct. 31 . STOP 
The money manager is controlled *UNKN* % by its top officers and top officers of Oppenheimer & Co. , a securities firm . STOP 
Both firms are in New York . STOP 
Oppenheimer Capital has about *UNKN* million limited partnership units outstanding . STOP 
In New York Stock Exchange composite trading yesterday , the units closed at $ *UNKN* , up 12.5 cents . STOP 
Bank of Montreal said it added 850 million Canadian dollars -LRB- US$ *UNKN* million -RRB- to its reserves against losses on Third World loans , bringing the total it has set aside this year to C$ 1 billion . STOP 
The bank said the C$ 1 billion in reserves will result in a charge of C$ *UNKN* million against earnings but said it still expects to report a profit for the year ending Tuesday . STOP 
The bank reported net income of C$ *UNKN* million for the nine months ended July 31 . STOP 
The bank said the increase in loan-loss provisions wo n't affect the payment of dividends . STOP 
The bank said reserves now amount to 61 % of its total *UNK-* exposure . STOP 
Excluding Mexico , reserves equal 95 % of *CUNK* exposure . STOP 
In Toronto Stock Exchange trading , Bank of Montreal closed at C$ *UNKN* , up 87.5 Canadian cents . STOP 
*CUNKER* Inc. said third-quarter earnings jumped 18 % , partly because of the sale of two of its media properties . STOP 
The media concern said net income rose to $ *UNKN* million , or 72 cents a share , from $ 32 million , or 57 cents a share , in the year-earlier period . STOP 
The latest results include a gain of $ 4.2 million , or eight cents a share , on the sale of television stations in Oklahoma City and *CUNK* , *CUNK* . STOP 
Revenue increased 7.5 % to $ *UNKN* million from $ *UNKN* million . STOP 
Robert F. *CUNK* , *CUNKER* 's chief financial officer , said the company was `` pleased '' with its overall performance , despite only *UNK-* growth in newspaper revenue . STOP 
That division 's revenue rose 2.3 % to $ *UNKN* million from $ *UNKN* million in the year-ago period . STOP 
*CUNKS* in advertising revenue , however , resulted in operating profit of $ *UNKN* million -- up 20 % from $ *UNKN* million . STOP 
In New York Stock Exchange composite trading , *CUNK* *CUNKER* closed at $ *UNKN* a share , down 12.5 cents . STOP 
*CUNK* *CUNK* Co. , *CUNK* , said it filed a preliminary prospectus for an offering of common shares . STOP 
The natural resources development concern said proceeds will be used to repay long-term debt , which stood at *UNKN* million Canadian dollars -LRB- US$ *UNKN* million -RRB- at the end of 1988 . STOP 
The company plans to raise between C$ 75 million and C$ 100 million from the offering , according to a spokeswoman at *CUNK* *CUNKS* of Canada Ltd. , lead underwriter . STOP 
The shares will be priced in early November , she said . STOP 
General Electric Co. executives and lawyers provided `` misleading and false '' information to the Pentagon in 1985 in an effort to cover up `` longstanding fraudulent '' billing practices , federal prosecutors alleged in legal *UNKS* . STOP 
The government 's *UNKING* allegations , filed only days before the scheduled start of a criminal *UNK* trial against GE in Philadelphia federal district court , challenge the *UNKS* and *UNK* of the nation 's *UNKEST* defense contractor . STOP 
In a strongly *UNKED* response *UNKING* a filing made in the same court yesterday , GE asserted that `` prosecutors have *UNKED* the testimony of witnesses , *UNKED* documents and ignored important facts . '' STOP 
The company attacked the government 's allegations as `` reckless and *UNKS* *UNKING* , '' and said its management `` promptly and *UNKLY* reported '' to the Pentagon all relevant information about billing practices . STOP 
The case strikes at the corporate image of GE , which provides the military with everything from jet engines and electronic *UNK* equipment to highly *UNKED* design work on the *CUNK* Defense *CUNK* , and could cause a loss of future defense contracts if Pentagon and Justice Department officials take a tough stance . STOP 
The company has been considered an industry leader in *UNKING* cooperation and *UNK* *UNKS* of *UNKER* or *UNKED* billing practices . STOP 
But the government now claims that a group of company managers and lawyers engaged in an elaborate strategy over five years to *UNK* from federal authorities the extent and details of `` widespread '' fraudulent billing practices . STOP 
The problems were uncovered during a series of internal investigations of the company 's Space Systems division , which has been the focus of two separate *UNK* prosecutions by the government since 1985 . STOP 
The dispute stems from *UNKAL* *UNKING* in the pending court case , in which prosecutors have been demanding access to a host of internal company *UNKS* , reports and documents . STOP 
Last November , a federal grand jury indicted GE on charges of fraud and false claims in connection with an alleged scheme to *UNK* the Army of $ 21 million on a *UNKS* computer contract . STOP 
The company , for its part , maintains that many of the disputed documents are *UNKED* *UNK-* communications that should n't be turned over to prosecutors . STOP 
A hearing is scheduled on the issue today . STOP 
The government 's *UNK-* filing covers events leading up to the current case and an earlier indictment in March 1985 , when GE was accused of *UNKING* the Pentagon by illegally claiming cost *UNKS* on *CUNK* missile contracts . STOP 
GE pleaded guilty and paid a fine of more than $ 1 million in the *CUNK* case , which involved some of the same individuals and operations that are at the center of the dispute in the Philadelphia court . STOP 
In order to show that all of its units had *UNKED* billing problems and therefore should become eligible again for new contracts , prosecutors contend that `` *UNK-* GE executives '' and company lawyers provided `` misleading statements '' to *UNK-* Force Secretary *CUNK* *CUNK* and other Pentagon officials during a series of meetings in 1985 . STOP 
Overall , the government contends that GE 's disclosure efforts largely were intended to `` *UNK* favor '' with Pentagon officials without *UNKING* the extent of the management *UNKS* and allegedly *UNK* billing *UNKS* uncovered by company investigations . STOP 
*CUNKS* *UNK* a company that allegedly sat on *UNKING* evidence of *UNKS* from 1983 to 1985 , despite warnings from an internal *UNK* . STOP 
When GE finally disclosed the problems , prosecutors contend that Mr. *CUNK* `` was *UNKLY* informed that the -LCB- *UNKED* -RCB- practices had only just been discovered '' by GE management . STOP 
In its brief , the government asserted that it needs the internal GE documents to *UNK* anticipated efforts by GE during the trial to *UNK* `` its good corporate character . '' STOP 
GE , which was surprised by the *UNK-* *UNK* for more than 100 *UNKS* and file *UNKS* of documents , *UNKED* that senior GE managers did n't find out about *UNK* billing practices until 1985 , and that the information was passed on quickly to Mr. *CUNK* at his first meeting with company representatives . STOP 
*CUNK* meetings , *UNKED* after the company and two of its units were briefly suspended from federal contracts , were held to *UNK* Mr. *CUNK* with the company 's *UNKING* procedures and to disclose additional information , according to GE . STOP 
GE 's filing contends that the billing practices at the heart of the current controversy involved technical disputes rather than criminal activity . STOP 
The company 's conduct `` does not even raise a question of *UNK* corporate intent , *UNKION* or *UNK-* , '' GE 's brief asserts . STOP 
`` On the contrary , it shows a corporation *UNKING* *UNKLY* and aggressively to very difficult issues in largely *UNKED* waters . '' STOP 
Mr. *CUNK* could n't be reached for comment yesterday . STOP 
*CUNKED* *CUNK* Energy Corp. of City of Industry , Calif. , said it and its majority shareholder , American *CUNK* Co. , signed a *UNKING* letter of intent for the acquisition of *CUNKED* *CUNK* by McDonnell Douglas Corp. for about $ 38 million . STOP 
The proposed acquisition provides for a cash payment of $ 10 a share at closing and a *UNK* payment of as much as 80 cents a share placed in *UNK* . STOP 
*CUNKS* of the *UNK* agreement have n't been completed , the companies said . STOP 
There are 3.5 million shares of *CUNKED* *CUNK* , of which American *CUNK* owns 2.7 million . STOP 
American *CUNK* is a Wayne , N.J. , chemicals , drugs and *UNKER* concern . STOP 
*CUNKION* of the acquisition is subject to execution of a definitive agreement , approval by all three companies ' boards and the approval of *CUNKED* *CUNK* 's shareholders . STOP 
An *CUNKED* *CUNK* spokesman said completion is expected at the end of the year or early next year . STOP 
A spokeswoman for the St. Louis aerospace and defense concern said it wanted the *UNKION* because *CUNKED* *CUNK* is involved in *UNK* cells and *UNK-* *UNKER* components , and this fits with McDonnell 's business of *UNKER* applications for military space . STOP 
Trading in Cineplex Odeon Corp. shares was halted on the New York and Toronto stock exchanges late yesterday afternoon at the company 's request , Toronto Stock Exchange officials said . STOP 
Brian *CUNKING* , a spokesman for the company 's committee of independent directors , established in May to *UNK* and evaluate offers for the company , said it was expected to make an announcement early this morning . STOP 
But Mr. *CUNKING* said he was n't aware of the nature of the talks under way between committee members and their advisers . STOP 
Cineplex traded on the New York Stock Exchange at $ *UNKN* a share , up $ 1.125 , before trading was halted . STOP 
Analysts have speculated in recent days that the value of offers received by the committee fell well short of what they had hoped , or even that the company 's chairman , president and chief executive officer , *CUNK* Drabinsky , is the only bidder for the company as a whole . STOP 
The current effort to auction off the company was triggered by a dispute between Mr. Drabinsky and the Toronto-based movie chain 's major shareholder , MCA Inc . STOP 
London share prices closed sharply lower Tuesday on the back of Wall Street 's steep drop and renewed fears over U.K. economic fundamentals . STOP 
Tokyo 's winning *UNK* came to an end , and stocks fell in Frankfurt and across Europe as well . STOP 
London 's Financial Times 100-share index shed *UNKN* points to finish at *UNKN* . STOP 
At London 's close , the Dow Jones Industrial Average was *UNKN* points lower at *UNKN* . STOP 
Dealers said the initial pressure came from *UNKLY* disappointing U.K. trade figures for September and a *UNK* report by the *CUNKION* of British Industry that a decline in orders for manufactured goods is *UNKING* both business *UNK* and investment plans for the coming year . STOP 
The trade and *CUNK* reports *UNKED* attention on high interest rates and corporate profitability and helped *UNK* underlying concerns over prospects for a recession in the U.K. , dealers said . STOP 
The 30-share index fell *UNKN* points to *UNKN* . STOP 
Volume was a modest *UNKN* million shares traded , but better than the year 's lowest turnover of *UNKN* million Monday . STOP 
Market *UNKS* also noted an absence of institutional interest later in the session helped *UNK* the way for broader declines when Wall Street opened weaker . STOP 
They added that *UNKS* were knocking share prices down in *UNK* in a bid to attract some interest , but the action largely helped open the way for London 's late declines . STOP 
Insurance stocks provided some early support to the market , partly on favorable brokerage *UNKS* and talk of *UNKAL* European interest in British life and composite insurers . STOP 
British life insurer London & General , which *UNKED* 2 pence to *UNKN* pence -LRB- $ *UNKN* -RRB- , and composite insurer Royal Insurance , which finished 13 lower at *UNKN* , were featured in the talk . STOP 
On the life insurance side , *CUNK* Group finished 5 lower at *UNKN* , and Sun Life dropped 15 to # *UNKN* . STOP 
Jaguar finished 4 lower at *UNKN* . STOP 
Dealers said the market did n't *UNK* substantially to Ford Motor Co. 's disclosure to the U.S. Securities and Exchange Commission that it will seek 100 % of Jaguar 's shares outstanding when U.K. government share regulations are lifted at the end of next year . STOP 
Tokyo stocks closed easier , posting their first loss in six trading days , partly because of *UNKED* *UNKED* selling by trust investment funds in the afternoon session . STOP 
The Nikkei index fell *UNKN* points to *UNKN* . STOP 
The index gained *UNKN* points Monday . STOP 
In early trading in Tokyo Wednesday , the Nikkei index rose *UNKN* points to *UNKN* . STOP 
On Tuesday , the Tokyo stock price index of all first section issues was down *UNKN* at *UNKN* . STOP 
First section volume was estimated at 900 million shares , up from *UNKN* million Monday . STOP 
*CUNKS* said the market again failed to find a trading focus , discouraging much participation by investors . STOP 
The market , however , is expected to remain stable and expectations for future gains are high , traders said . STOP 
Such sentiment is being supported by word that a large amount of cash from investment trust funds is scheduled to enter the market later this week and in early November . STOP 
The expected amount is said to be 700 billion yen -LRB- $ *UNKN* billion -RRB- to 1.05 trillion yen -- the second largest amount this year in a given period , following the record high set at the end of July , according to market observers . STOP 
In addition to a large amount of investment trust fund cash , analysts generally see the market environment improving compared with the past couple of weeks . STOP 
*CUNK* *CUNK* , an analyst at Yamaichi Securities , said , `` The market sentiment is bullish , simply because there are few bad factors . '' STOP 
Buying activity Tuesday *UNKED* on a wide range of *UNKION* , domestic *UNKED* shares whose prices range from 1,000 to 2,000 yen . STOP 
Investors expect these shares will be targets of investment trust funds , which often buy small amounts spread across a wide range of issues . STOP 
On the other hand , *UNKED* shares such as Pioneer Electronic and Sony failed to spark investor interest because these issues are unlikely to be bought by investment trust funds , observers said . STOP 
Tuesday 's *UNK* losers were *UNKED* shares such as Pioneer , which shed *UNKN* yen to *UNKN* yen . STOP 
Sony was down 130 to *UNKN* . STOP 
*CUNK* fell 120 to *UNKN* , Fuji *CUNK* Film declined 160 to *UNKN* , and *CUNK* dropped 160 to *UNKN* . STOP 
Share prices on the Frankfurt stock exchange closed sharply lower in thin dealings as worried investors remained idle as the result of two potentially *UNKING* domestic developments . STOP 
The *CUNK* index fell *UNKN* to end at *UNKN* . STOP 
*CUNKING* against the downward trend was Continental , which jumped 4 marks to *UNKN* marks -LRB- $ *UNKN* -RRB- in heavy trading on rumors that the tire maker is about to be taken over . STOP 
It jumped 7.5 Monday . STOP 
Traders said the market was *UNKLY* thin , as small investors remain on the sidelines . STOP 
Market participants say investors are not only *UNKING* their *UNKS* following the *UNK* last week , but they have also been made nervous by two events in West Germany . STOP 
On Sunday , the governing Christian Democratic Union suffered a series of *UNKS* , the extent of which became fully known only late Monday , in municipal elections in *CUNK-* . STOP 
Traders say investors are worried that the *CUNK* wo n't be able to hold office in federal elections at the end of 1990 . STOP 
And statements by the chairman of the *CUNK* *CUNK* labor union , *CUNK* *CUNKER* , also cast a *UNK* over trading , dealers said . STOP 
Mr. *CUNKER* said at a convention in West Berlin that the union has to prepare for `` a big fight '' to achieve its main goal of a *UNK-* *UNK* , down from current *UNK-* *UNK* . STOP 
The decline in prices cut broadly through the blue-chip issues , as *CUNKS* tumbled 7.5 to *UNKN* , Deutsche Bank plunged 7 to *UNKN* , and the auto makers fell sharply as well . STOP 
Daimler-Benz dropped 12.5 to *UNKN* , *CUNK* *CUNK* *CUNK* dropped 10.5 to *UNKN* , and *CUNK* lost 7.1 . STOP 
Elsewhere , share prices closed lower in Zurich , Amsterdam , Milan and Stockholm . STOP 
*CUNKS* about Wall Street was cited in several markets . STOP 
Prices closed lower in Sydney , Singapore and Wellington , were mixed in Hong Kong and higher in Taipei , Manila , Paris , Brussels and Seoul . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
*CUNKS* of *CUNK* Bank and *CUNK* *CUNK* *CUNK* , two of *CUNK* 's leading banks , announced they had agreed to the formal merger of the banks . STOP 
The merger would create *CUNK* 's *UNK* largest bank , with combined assets of *UNKN* billion *CUNK* *UNKER* -LRB- $ *UNKN* billion -RRB- . STOP 
The banks said an application for a *UNKION* to merge into one entity to be called *CUNK* *CUNK* Bank *CUNK* was sent Monday to the Finance Ministry . STOP 
The two boards said in a joint statement that the proposed merger agreement was considered in separate board meetings in *CUNK* Monday . STOP 
They said the agreement will be submitted to their *UNK* *UNK* boards next Wednesday . STOP 
*CUNK* general meetings , to be held Nov. 28 , will decide the share exchange ratio . STOP 
The merger requires the approval of *CUNK* authorities . STOP 
Savings and loans reject blacks for mortgage loans twice as often as they reject whites , the Office of Thrift *CUNKION* said . STOP 
But that does n't necessarily mean thrifts are *UNKING* against blacks , the agency said . STOP 
The office , an arm of the Treasury , said it does n't have data on the financial position of *UNKS* and thus ca n't determine why blacks are rejected more often . STOP 
Nevertheless , on Capitol Hill , where the information was released yesterday at a Senate banking subcommittee hearing , lawmakers said they are worried that financial institutions are routinely *UNKING* against minorities . STOP 
They asked regulators to suggest new ways to force banks and thrifts to comply with *UNKION* laws . STOP 
Sen. Alan *CUNK* -LRB- D , Ill. -RRB- , chairman of the subcommittee on consumer and regulatory affairs , said , `` I 'm not a *UNK* . STOP 
But when blacks are getting their loan applications rejected twice as often as whites -- and in some cities , it is three and four times as often -- I conclude that discrimination is part of the problem . '' STOP 
James *CUNK* , a spokesman for the U.S. League of Savings Institutions , said , `` The data is a red flag , but *UNKING* the financial data you ca n't make a case that discrimination is widespread . '' STOP 
The trade group official added : `` *CUNKLY* the federal government should take a hard look at it . '' STOP 
Sen. *CUNK* held the hearing to follow up on a provision in the savings and loan bailout bill that required regulators to report on evidence of *UNKION* in mortgage lending . STOP 
The legislation also requires broad new *UNKS* of the race , sex and income level of borrowers , but that information wo n't be gathered in new studies for several months at least . STOP 
The Federal Reserve said its studies in recent years , which adjust for income differences and other *UNKS* , showed that blacks received fewer home mortgages from banks and thrifts than whites . STOP 
But John *CUNK* , a Fed governor , told the subcommittee the evidence is mixed and that the Fed 's believes the vast majority of banks are n't *UNKING* . STOP 
For instance , he noted , the Fed studies have shown that blacks receive more home improvement loans than whites . STOP 
Several lawmakers were *UNKED* that the bank and thrift regulators generally said they have been too busy handling the record number of bank and thrift failures in the past few years to put much energy into investigating possible discrimination . STOP 
`` We would be the first to admit that we have not devoted the necessary amount of emphasis over the past several years '' to developing *UNKS* for discrimination , said Jonathan *CUNKER* , a top official of the Office of Thrift *CUNKION* . STOP 
`` If we 've got *UNKS* out there who are being turned away in the mortgage market *UNKLY* and *UNKLY* , '' said Sen. Donald *CUNK* -LRB- D. , Mich. -RRB- , chairman of the banking committee , `` then that is a matter that needs *UNK* now , not six months from now , or six years from now , or 26 years from now . '' STOP 
Officials of the Federal Deposit Insurance Corp. and the Office of the *CUNKER* of the *CUNK* said they have *UNKED* only a few banks for violations of *UNKION* laws . STOP 
The *CUNK* said it has issued five *UNKS* to banks over the past three years for *UNK* practices . STOP 
The comptroller 's office said it found no indications of illegal discrimination in *UNKN* *UNKS* of banks since April 1987 . STOP 
The comptroller 's office also said that of *UNKN* complaints it received since January 1987 , only 16 alleged racial discrimination in real estate lending . STOP 
The agency *UNKED* the complaints but no violations were cited . STOP 
Thrift regulators did n't give any figures on their enforcement actions . STOP 
Mr. *CUNKER* said that among the possibilities being considered by regulators to fight discrimination is the use of `` *UNKS* '' -- government investigators who would *UNK* as home buyers . STOP 
The Department of Housing and Urban Development has used *UNKS* to investigate discrimination in rental housing . STOP 
Using *UNKS* could be controversial with financial institutions , but Mr. *CUNK* said the U.S. League of Savings Institutions had n't yet taken any position on the matter . STOP 
Time Warner Inc. is considering a legal challenge to Tele-Communications Inc. 's plan to buy half of Showtime *CUNKS* Inc. , a move that could lead to *UNK-* war between the cable industry 's two most powerful players . STOP 
Time is also fighting the transaction on other *UNKS* , by attempting to *UNK* other cable operators from joining Tele-Communications as investors in Showtime , *UNK-* industry executives say . STOP 
Time officials declined to comment . STOP 
Last week , Tele-Communications agreed to pay Viacom Inc. $ 225 million for a 50 % stake in its Showtime subsidiary , which is a *UNK* second to Time 's Home *CUNK* Office in the delivery of *UNK-* networks to cable subscribers . STOP 
Tele-Communications , the U.S. 's largest cable company , said it may seek other cable partners to join in its investment . STOP 
Tele-Communications is HBO 's largest customer , and the two have a number of other business relationships . STOP 
Earlier this year , Time even discussed bringing Tele-Communications in as an investor in HBO , executives at both companies said . STOP 
The purchase of the Showtime stake is `` a direct *UNK* in our face , '' said one senior Time executive . STOP 
Time is expected to mount a legal challenge in U.S. District Court in New York , where Viacom in May filed a $ 2.5 billion antitrust suit charging Time and HBO with *UNKING* the *UNK-* business and trying to crush competition from Showtime . STOP 
Executives involved in *UNKING* Time 's defense say it is now preparing a *UNK* *UNKING* both Viacom and Tele-Communications as defendants . STOP 
The executives say Time may seek to break up the transaction after it is *UNKED* , or may seek *UNKS* that would prevent Tele-Communications from dropping HBO in any of its cable systems in favor of Showtime . STOP 
Viacom officials declined to comment . STOP 
*CUNK* *CUNK* , Tele-Communications ' chief outside counsel , said he was n't aware of Time 's legal plans . STOP 
But he said that any effort by Time to *UNK* the Tele-Communications investment in Showtime as *UNK-* would be `` the *UNK* calling the *UNK* black . '' STOP 
`` It 's hard to see how an investment by the largest -LCB- cable operator -RCB- in the weaker of the two networks is *UNK-* , when the stronger of the two networks is owned by the second largest '' cable operator , Mr. *CUNK* said . STOP 
In addition to owning HBO , with 22 million subscribers , Time Warner separately operates *UNK-* system serving about 5.6 million *UNK-* subscribers . STOP 
Tele-Communications controls close to 12 million cable subscribers , and Viacom has about one million . STOP 
In its suit against Time , Viacom says the ownership of both cable systems and *UNKING* networks gives the company too much market power . STOP 
Time argues that in joining up with Tele-Communications , Viacom has potentially more power , particularly since Viacom also owns cable networks *CUNK* , *CUNK-* and *CUNK* at *CUNK* . STOP 
*CUNKLY* , Tele-Communications and Time have often worked closely in the cable business . STOP 
*CUNKER* , they control nearly 40 % of Turner Broadcasting Systems Inc. ; Tele-Communications has a *UNKN* % stake , while Time Warner has a *UNKN* % stake . STOP 
But since Time 's merger with Warner Communications Inc. , relations between the two have become *UNKED* . STOP 
Each company worries that the other is becoming too powerful and too *UNKLY* integrated . STOP 
Meanwhile , some legal observers say the Tele-Communications investment and other developments are weakening Viacom 's antitrust suit against Time . STOP 
Viacom *UNKS* Time in its suit of *UNKING* to carry Showtime or a sister service , The *CUNK* Channel , on Time 's Manhattan Cable TV system , one of the nation 's largest urban systems . STOP 
But yesterday , Manhattan Cable announced it will launch Showtime on Nov. 1 to over *UNKN* subscribers . STOP 
Showtime has also accused HBO of *UNKING* up the *UNKION* 's share of Hollywood 's movies by signing exclusive contracts with all the major *UNKS* . STOP 
But Showtime has continued to sign new contracts with Hollywood *UNKS* , and yesterday announced it will buy movies from Columbia Pictures Entertainment Inc. , which currently has a *UNK-* arrangement with HBO . STOP 
The Federal Trade Commission said it authorized its staff to seek a preliminary injunction *UNKING* *CUNK* Industries Inc. from acquiring the shares outstanding of the U.S. unit of the British company , United *CUNK* Holdings PLC , for $ 69 million . STOP 
The FTC said it `` had reason to believe that the proposed acquisition could substantially reduce competition '' in the production of certain image *UNKER* *UNKS* , which are important components of *UNKION* devices sold primarily to the defense industry . STOP 
The FTC said it would seek to *UNK* the proposed acquisition in a federal trial court , but declined to specify which one . STOP 
Under federal law , if the court grants a preliminary injunction , the FTC must begin administrative proceedings to determine the *UNK* of the proposed stock purchase within 20 days . STOP 
Officials at the United *CUNK* unit , *CUNK-* Corp. of *CUNK* , Texas , and at *CUNK* Industries of *CUNK* , N.J. , could n't be reached for comment . STOP 
The airline industry 's *UNKS* , in *UNKING* shape for most of the year , have taken a sudden turn for the worse in the past few weeks . STOP 
*CUNKING* rising fuel costs , promotional fare cuts and a general slowdown in travel , several major carriers have posted or are expected to post relatively poor third-quarter results . STOP 
Yesterday , USAir Group Inc. , recently one of the industry 's *UNK* *UNKS* , posted a *UNKED* $ *UNKN* million net loss for the period . STOP 
So far , the industry 's fourth quarter is n't looking too strong either , prompting many analysts to slash earning projections for the rest of the year by as much as *UNK-* . STOP 
And they say the outlook for 1990 is nearly as bad . STOP 
Airlines in 1989 `` came in like a *UNK* and are going out like a *UNKER* , '' said *CUNK* Murphy , an airline analyst at Morgan Stanley & Co . STOP 
This turn of events has put a big *UNKER* on an industry that seemed almost *UNK* last spring , when fares were rising at *UNK-* rates and many carriers seemed to be growing fat on *UNKS* in certain markets . STOP 
Now , many airline companies might become a lot less attractive as takeover targets on Wall Street . STOP 
The downturn also raises questions about the carriers ' ambitious orders for new *UNKS* , which currently total $ *UNKN* billion over the next three years . STOP 
For travelers , though , the industry 's problems have had some positive effects . STOP 
In recent weeks , airlines have cut numerous fares in *UNK* markets to try to win back customers . STOP 
Others have tried to *UNK* up *UNKER* programs . STOP 
Previously , airlines were limiting the programs because they were becoming too expensive . STOP 
Just last week , for example , Trans World Airlines and Pan Am Corp. 's Pan American World Airways went so far as to offer cash *UNKS* or *UNK* checks of $ 200 to $ 1,000 to certain *UNKER* members making *UNK-* flights in business class or first class . STOP 
The industry 's slowdown became apparent this month when AMR Corp. , parent of American Airlines , reported an 8.8 % drop in third-quarter net income and said its fourth quarter would be `` disappointing . '' STOP 
*CUNKLY* before that , USAir had said its third-quarter results would be `` significantly lower '' than a year earlier . STOP 
Yesterday , it provided the details : STOP 
Its loss of $ *UNKN* million , or $ *UNKN* a share , *UNKED* with net of $ *UNKN* million , or $ *UNKN* a share , in the 1988 third quarter . STOP 
Revenue rose only 3.3 % in the latest period , to $ *UNKN* billion from $ *UNKN* billion . STOP 
For the nine months , the *CUNK* , Va. , company 's net plunged 73 % to $ *UNKN* million , or 76 cents a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue rose 12 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The results surprised many analysts , because USAir has almost no competition in its Pittsburgh *UNK* and has expanded operations by completing its acquisition of *CUNK* Airlines . STOP 
*CUNKLY* after announcing its quarterly loss , USAir 's stock tumbled $ 3 a share . STOP 
It ended at $ *UNKN* , down $ *UNKN* , in New York Stock Exchange composite trading . STOP 
`` Nobody was expecting this size of a loss , '' said Paul *CUNKS* , an analyst with First Boston Corp . STOP 
One airline executive , who declined to be identified , called the loss `` *UNKING* . '' STOP 
In announcing the results , USAir cited many of the same problems that several other industry officials have named recently . STOP 
It said the industry 's domestic traffic was flat in the third quarter ; analysts say this was because hefty fare increases earlier in the year scared off many *UNK* travelers this summer . STOP 
To try to combat the traffic slowdown , airlines started reducing fares ; average fares rose only 1.7 % in August , in contrast to increases of 16 % each in February and March . STOP 
But so far , the effort has failed , and traffic is still slow . STOP 
Some other fare promotions have *UNKED* . STOP 
This summer , the industry introduced a `` kids fly free '' program , in which children were allowed to fly free if they were *UNKING* with an *UNK* . STOP 
Airlines tried to restrict the program substantially by limiting the offer to certain days of the week , but it still was apparently used far more heavily than the airlines expected . STOP 
Airlines also say their *UNKER* programs are *UNKING* profits because *UNKS* are being *UNKED* at a *UNKAL* rate . STOP 
One airline official said about three times as many *UNK-* coupons are being turned in as in previous years -- not surprisingly , as the airlines last year allowed many travelers to build up *UNK* at *UNK* the normal rate . STOP 
*CUNKING* operating expenses are another problem . STOP 
*CUNK* costs were up 10 % in the third quarter . STOP 
Labor costs , which *UNKED* off in the past few years because of lower pay *UNKS* for newer employees , are on the *UNKING* again at many carriers . STOP 
And some carriers are facing other unexpected *UNKS* : USAir , for example , blamed some of its loss on merger expenses and on *UNKS* caused by Hurricane Hugo last month . STOP 
`` We can not *UNK* the total adverse effects of Hugo , '' said *CUNK* *CUNK* , chairman and president of USAir Group . STOP 
Whatever the cause for the downturn , few people are predicting any sudden improvement . STOP 
*CUNK* *CUNKS* Inc. , an *UNKION* consulting firm , is *UNKING* an industrywide operating profit of $ 2.5 billion for 1989 , compared with earlier forecasts of $ 3 billion to $ 3.5 billion . STOP 
As for 1990 , the firm predicts that profit will slip to between $ 1 billion and $ 1.5 billion . STOP 
*CUNK* *UNK* ! STOP 
*CUNK* Brown is selling out . STOP 
Those Metropolitan Life ads were bad enough . STOP 
But now , *CUNK* Brown is about to start *UNKING* everything from *CUNK* Party *CUNK* to light *UNKS* . STOP 
Why is he *UNKING* in now ? STOP 
*CUNKS* out that next year , *CUNK* Brown , *CUNK* and the *UNK* turn 40 -- and *CUNKS* Howard 's United *CUNK* unit , the *UNK* and *UNKING* agent for Charles *CUNK* 's comic strip , sees a *UNK* in *UNKING* the *UNK* characters to a *UNK* of advertisers for ads , *UNKS* and promotions . STOP 
`` *CUNKS* has become a major part of American culture , '' says Peter *CUNK* , United *CUNK* 's vice president of marketing and *UNKING* . STOP 
The comic strip `` has a *UNKAL* , *UNKING* quality about it . STOP 
Our plan is to honor Charles *CUNK* and the strip all year long . '' STOP 
The effort will make the *CUNKS* *UNK* very familiar *UNK* in 1990 . STOP 
General Electric plans to use the characters to *UNK* its *CUNKER* light *UNK* . STOP 
*CUNK* will run TV ads at *CUNK* 's Day promoting its `` *CUNK* 's *CUNK* *CUNK* . '' STOP 
*CUNK* *CUNK* will promote its *CUNK* Party *CUNK* 's three new *UNK* *UNKS* named for *CUNK* Brown , *CUNK* and *CUNKS* . STOP 
The characters will also be featured in a new public service effort for the United Way . STOP 
Beyond the *UNKS* , the *UNK* is planning a *UNKING* *UNK* show , new TV *UNKS* for CBS and even an *UNK* at the *CUNK* Institute . STOP 
The *UNK* schedule of *UNKS* will be *UNKED* off officially with a combination live and *UNKION* *UNK-* special at the *CUNKER* *CUNK* in January . STOP 
All the *UNKS* , though , have some marketing experts *UNKING* whether the party may go too far . STOP 
`` There are too many people participating , '' says *CUNK* *CUNKS* , of *CUNK* & *CUNKS* , a Greenwich , Conn. , marketing consulting firm . STOP 
`` If you want to cut through the clutter , you have to make your message as *UNK* , sharp and individual as possible . STOP 
*CUNKING* a character with other advertisers is n't a way to do that . '' STOP 
But United *CUNK* says it 's very *OUS* with the contracts it hands out . STOP 
`` We 're not interested in promoting every single product that comes along , '' Mr. *CUNK* says . STOP 
Metropolitan Life ad executives could n't be reached about the use of the *CUNKS* characters by others . STOP 
But Mr. *CUNK* says that company 's exclusive advertising rights extend only to the insurance and financial services category . STOP 
Berry *CUNKS* WPP Group STOP 
Norman Berry , the creative executive who was apparently squeezed out of Ogilvy & Mather in June , is returning to Ogilvy 's parent company , WPP Group PLC . STOP 
Mr. Berry , 58 , had resigned after being asked by Ogilvy 's chairman and chief executive officer , Kenneth Roman , to give up his title as creative head of the New York office and to take a *UNKER* international role . STOP 
Yesterday , just a day after Mr. Roman announced he would leave to take a top post at American Express , WPP said Mr. Berry would return to take an international role at the parent company . STOP 
Mr. Berry said the timing was a *UNK* and that his decision was unrelated to Mr. Roman 's departure . STOP 
RJR *CUNKS* *CUNKER* STOP 
RJR Nabisco Inc. awarded its national broadcast *UNKING* *UNK* to *CUNKER* Katz Partners , the New York *UNK* of Chicago-based *CUNK* , *CUNK* & *CUNKING* . STOP 
The *UNKING* of *CUNKER* Katz Partners as agency of record for Nabisco Brands Inc. and *CUNKS* *CUNKS* Co. follows RJR Nabisco 's announcement last week that it will *UNK* its RJR Nabisco *CUNK* division and *UNKS* its 14 employees Dec. *UNK* to cut costs . STOP 
New York-based RJR Nabisco would n't say what it spends annually , but industry executives say it will spend more than $ 140 million this year , down from about $ 200 million last year . STOP 
Ad Notes ... . STOP 
*CUNK* : STOP 
Interpublic Group of Cos. said third-quarter net rose 15 % to $ 6.9 million , or 21 cents a share , from $ 6 million , or 18 cents a share , in the year-earlier period . STOP 
Revenue increased more than 5 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* *CUNK* : STOP 
PepsiCo Inc. will give away 4,000 sets of `` *CUNK* *CUNK* , '' *CUNK* 's new *UNK-* video game in a *UNK-* promotion scheduled to begin Nov. 1 . STOP 
*CUNK* said it will spend $ 10 million advertising the promotion . STOP 
International Business Machines Corp. agreed to acquire a 15 % stake in *CUNKS* Corp. , an Australian *UNK-* and *UNKS* concern , for 20 million Australian dollars -LRB- US$ 17 million -RRB- . STOP 
The investment will be made through IBM Australia Ltd. , a unit of IBM , the two companies said yesterday . STOP 
IBM can raise its stake in *CUNKS* to 20 % over three years , but agreed to not go beyond 20 % in that time . STOP 
*CUNKS* said in a statement it has several `` well developed product and services relationships '' with the U.S. computer company , and plans to expand these links . STOP 
The company *UNKS* about half its revenue overseas and plans further expansion . STOP 
A majority stake in *CUNKS* currently held by *CUNK* Corp. will be diluted to slightly less than 50 % after IBM *UNKS* its interest . STOP 
The agreement requires approval from Australia 's Foreign Investment Review Board and National Companies and Securities Commission , and from shareholders of *CUNKS* . STOP 
Bond Corp . Holdings Ltd. 's consolidated debt *UNKS* 6.9 billion Australian dollars -LRB- US$ *UNKN* billion -RRB- , including A$ 1.6 billion of bonds convertible into shares . STOP 
Alan Bond , chairman and controlling shareholder of the *UNKED* Australian media , brewing , resources and property concern , disclosed the debt figures yesterday . STOP 
The disclosure follows last Friday 's news that Bond Corp. incurred an overall loss of A$ *UNKN* million for the fiscal year ended June 30 , the largest loss in Australian corporate history . STOP 
The debt load would have been higher but for a reduction of A$ 5 billion over the past year from asset sales , Mr. Bond said at a business gathering . STOP 
Mr. Bond indicated the consolidated debt figures , which include debt of units such as Bell Group Ltd. , will be published soon in Bond Corp. 's 1989 annual accounts . STOP 
He predicted the debt will be reduced by another A$ 3.8 billion this fiscal year ending June 30 , 1990 , but did n't explain how this will be achieved . STOP 
Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group `` with its very high levels of *UNK* debt '' for producing a condition `` that was no longer *UNK* . STOP 
`` In order to restore confidence and ensure the support of our principal lenders , '' Mr. Bond said , `` we *UNKED* on *UNKAL* changes in the structure and direction of the group . '' STOP 
That *UNK* resulted in continuing asset sales , as well as *UNKS* exceeding A$ 1.1 billion last fiscal year . STOP 
`` In *UNK* we have made a decision to clear the *UNKS* , '' Mr. Bond told the meeting . STOP 
While some assets have been written down , others are *UNKED* in the accounts , Mr. Bond maintained . STOP 
Among these are the company 's Australian brewing assets , in the books at A$ *UNKN* million but actually worth A$ 2.5 billion , he said . STOP 
An investment in *CUNK* 's telephone company is carried at US$ 300 million but really worth US$ 500 million , and the company 's property portfolio is *UNKED* by at least A$ 250 million , Mr. Bond said . STOP 
Mr. Bond forecast that by next June , `` what will emerge will be a company with a *UNKED* sense of purpose ... a stable balance sheet , with *UNK-* assets in brewing , telecommunications , media and property . '' STOP 
He did n't name energy resources in that list , *UNKING* that all the company 's coal and oil interests might be for sale in total or in part . STOP 
Some of the oil interests already have been sold . STOP 
*CUNK-* of North America Inc. , *CUNK* *CUNK* *CUNKS* , Mich. , estimated it will sell about as many cars in 1990 as the *UNKN* it expects to deliver this year . STOP 
*CUNKS* officials said they expect flat sales next year even though they see the U.S. luxury-car market expanding slightly . STOP 
*CUNK* *CUNK* , president of the U.S. sales arm of West German auto maker *CUNKER* *CUNK* AG , predicted luxury-car sales will rise to *UNKN* in 1990 from *UNKN* this year primarily because of the new Japanese makes . STOP 
Most of the growth , he said , will come in the $ *UNKN* price range , where *CUNKS* has a 35 % U.S. market share . STOP 
*CUNKS* sold *UNKN* cars in 1988 . STOP 
Mr. *CUNK* also said that *CUNKS* plans to bring out new models every year through the *UNKS* and it will *UNK* its product development cycle to eight years from 10 or 12 years to compete more effectively with Toyota Motor Corp. 's Lexus , Nissan Motor Co. 's Infiniti and Honda Motor Co. 's *CUNK* luxury-car divisions . STOP 
*CUNK* *CUNKING* Co. , San Francisco , blamed the continued slump in gold prices for an 83 % plunge in third-quarter net income to $ 2 million , or two cents a share , from $ *UNKN* million , or 12 cents a share , a year earlier . STOP 
Revenue rose 5 % to $ *UNKN* million from $ *UNKN* million . STOP 
In New York Stock Exchange composite trading , *CUNK* closed at $ *UNKN* , down 25 cents . STOP 
`` A significant increase in gold sales to *UNKN* ounces for the quarter from *UNKN* in the third quarter of 1988 was more than offset by the continued decline in average gold price *UNKION* to $ *UNKN* from $ *UNKN* per ounce , '' the company said . STOP 
For the nine months , the mining company posted a 40 % drop in profit to $ *UNKN* million , or 31 cents a share , from $ *UNKN* million , or 52 cents a share , on a 6 % rise in revenue to $ *UNKN* million from $ *UNKN* million . STOP 
The Treasury plans to raise $ 1.8 billion in new cash with the sale Monday of about $ 15.6 billion in short-term bills to redeem $ *UNKN* billion in maturing bills . STOP 
The offering will be divided *UNKLY* between *UNK-* and *UNK-* bills maturing Feb. 1 , 1990 , and May 3 , 1990 , respectively . STOP 
*CUNKS* for the bills , available in minimum $ 10,000 denominations , must be received by 1 p.m. EST Monday at the Treasury or at Federal Reserve banks or branches . STOP 
The Treasury said it will alter the *UNKS* unless it has assurance of *UNK* of legislation to raise the *UNK* debt limit before the scheduled *UNKS* Monday . STOP 
*CUNK* Enterprises Inc. said profit for the third quarter ending Dec. 2 will fall below the year-earlier results because of an after-tax charge of $ 1.9 million related to a project that was guaranteed by the company . STOP 
A year ago , the Minneapolis glass products and aluminum window maker earned $ 4 million , or 30 cents a share , on revenue of $ *UNKN* million . STOP 
*CUNK* said the charge stems from a building supply contract in which the company guaranteed a contractor 's performance . STOP 
*CUNK* said a *UNK* had severe cost *UNKS* and was unable to *UNK* the contract terms on its own , making it necessary for *CUNK* to advance cash to ensure completion of the project . STOP 
The company said its core businesses have performed well and it expects them to continue to do so in the remainder of the fiscal year . STOP 
Japan 's production of cars , trucks and *UNKS* in September fell 4.1 % from a year ago to *UNKN* units because of a slip in exports , the Japan *CUNK* Manufacturers ' Association said . STOP 
*CUNK* demand continues to grow , but its contribution to higher production was *UNKED* in September by the estimated 2 % fall in imports , accompanied by a growing *UNK* for Japanese manufacturers to build vehicles overseas , according to the association . STOP 
The association said domestic demand grew 8.8 % in September . STOP 
Demand has been growing consistently under the *UNK* of *UNKION* government policies , an association spokesman said . STOP 
He also said the introduction of a 3 % consumption tax in April has helped sales . STOP 
The new tax , though a source of general *UNK* among Japanese taxpayers , replaced a higher commodities tax that applied to *UNKS* . STOP 
Japanese domestic *UNK-* sales rose 12 % in September , the Japan *CUNK* Dealers ' Association said earlier this month . STOP 
The manufacturers ' association will issue statistics on vehicle exports later this month . STOP 
*CUNKION* of cars rose to *UNKN* units in September , a 5.5 % increase from a year earlier . STOP 
*CUNKED* cars accounted for the greatest growth in units , rising *UNKN* units to *UNKN* units , or 88 % . STOP 
*CUNK* output more than tripled . STOP 
Manufacturers produced *UNKN* of the vehicles -- which have engines of 500 cubic *UNKS* or less -- an increase of *UNKN* units . STOP 
Total truck production fell 22 % from a year earlier to *UNKN* units . STOP 
*CUNK* production fell 13 % to *UNKN* units . STOP 
*CUNK* production also slipped , by 49 % from a year earlier to *UNKN* units . STOP 
The association spokesman said bus production has declined since January , but could n't offer an explanation for the fall . STOP 
*CUNK* production for the first half of the fiscal year , which began in August , totaled *UNKN* units , the association said . STOP 
*CUNK-* production was up 3.4 % compared with the same period a year earlier . STOP 
Stock of United Airlines parent UAL Corp. *UNKED* *UNKLY* yesterday amid speculation that one or more investors may challenge the UAL board 's decision to remain independent instead of pursuing a buy-out or other transaction . STOP 
The board 's decision , announced after the market closed Monday , initially prompted a severe sell-off in UAL shares , which at *UNK* traded as low as $ 145 a share , down $ 33 a share , in composite trading on the New York Stock Exchange . STOP 
The *UNKING* *UNK* for *UNK-* traders , who by then had seen UAL stock tumble 49 % since Oct. 12 , also triggered a *UNK* sell-off that sent the Dow Jones Industrial Average down more than 80 points at *UNKN* a.m . STOP 
But then steady , concentrated buying by Bear , Stearns & Co. , which frequently buys stock for corporate *UNKS* , took hold and *UNKED* the fall in UAL , which eventually buoyed the entire market . STOP 
The industrial average closed down only *UNKN* points at *UNKN* . STOP 
Late in the afternoon , several big purchases by Bear , Stearns , particularly a block of 200,000 shares at *UNKN* p.m. at $ 150 a share , triggered a buying spree that took UAL up more than 18 points in the final hour of trading . STOP 
UAL stock closed at $ 170 a share , down $ 8.375 . STOP 
Volume was a *OUS* 4.9 million shares , or 22 % of the *UNKN* million UAL shares outstanding . STOP 
Traders estimated that Bear , Stearns bought more than 1 million shares . STOP 
The two most frequently rumored buyers , neither of whom would comment , were Coniston Partners , which *UNKED* the UAL board in 1987 , and New York real estate developer Donald Trump , who recently made and withdrew an offer for American Airlines parent AMR Corp . STOP 
However , one person familiar with UAL said the signs pointed to Coniston because Mr. Trump has n't asked for permission to buy more than $ 15 million of stock under federal antitrust rules . STOP 
*CUNK-* traders , *UNK* by their huge losses in UAL stock , remained eager for some action by an outside catalyst following the collapse Oct. 13 of a $ 300-a-share , $ 6.79 billion labor-management buy-out . STOP 
Their hope was that the catalyst would seek to oust the board in a solicitation of shareholder *UNKS* . STOP 
Baker , *CUNK* Investments , a New York *UNK-* trader that owns UAL stock , would n't comment on reports the firm is considering seeking such a shareholder vote . STOP 
But partner Richard *CUNK* said , `` This is the most extraordinary failed transaction I 've seen in 25 years in this business . STOP 
It would make sense for somebody to do it . STOP 
I have never seen a case of *UNK* shared by so many participants . '' STOP 
In 1986 , Baker , *CUNK* *UNKED* a proxy fight for control of *CUNK* Transportation Inc. that ultimately led to *CUNK* 's being sold . STOP 
Some traders pointed *UNKLY* to earlier estimates by UAL 's investment adviser , First Boston Corp. , that *UNKS* could yield $ *UNKN* to $ *UNKN* a share . STOP 
But those would require pilots ' cooperation . STOP 
Any investor who *UNKS* UAL stock in an attempt to force a buy-out or recapitalization must deal with United 's *OUS* unions . STOP 
The pilots are working under an expired contract , and the machinists contract expires next month . STOP 
That gives them enormous leverage , including the threat of a strike to block any buy-out or recapitalization attempt they oppose . STOP 
However , a catalyst like Coniston could seek shareholder support for a sale to a labor-management group at the last price discussed by that group before the board meeting Monday . STOP 
The pilots had been working on a buy-out bid between $ 225 and $ 240 a share , or $ *UNKN* billion to $ *UNKN* billion . STOP 
One person familiar with UAL said the unsettled labor situation and the uncertain world-wide financial markets contributed to the board 's decision to avoid `` rushing around selling the company at a bargain price , '' particularly since it accepted a $ 300-a-share offer just last month . STOP 
Even some *UNK-* traders said they could n't *UNK* with the board 's *UNK* . STOP 
But the board 's decision prompted many to *UNK* out of the stock yesterday . STOP 
`` We had a lot of people who threw in the *UNK* today , '' said *CUNK* *CUNKS* , a partner in Benjamin Jacobson & Sons , a specialist in trading UAL stock on the Big Board . STOP 
Another trader noted that many arbitrage firms are afraid to sell their UAL stock at the bottom , but already own so much they ca n't buy any more . STOP 
`` This deal is like a *CUNK* *CUNK* , '' he said . STOP 
`` They check in , but they ca n't check out . '' STOP 
But both the traders and the pilots remain interested in some transaction . STOP 
So too , according to many reports , is British Airways PLC , despite its public withdrawal from the buy-out . STOP 
The pilots might end up *UNKING* up with their longtime *UNKS* , the machinists union , in a recapitalization . STOP 
The machinists are reviewing proposals they made in the past for *UNKS* that would pay a special shareholder dividend and give employees a minority stake . STOP 
The company rejected those past proposals . STOP 
It is unclear , however , if the machinists would support a majority stake , as the pilots want . STOP 
A *UNK* official said that would depend on how much in concessions machinists would have to give in return for the majority stake . STOP 
Some investors whose names were *UNKED* about by traders as potential UAL stock buyers said they were n't buying . STOP 
`` I 'm not interested , '' said Dallas investor Harold Simmons . STOP 
A source close to Carl Icahn , a corporate raider who owns Trans World Airlines Inc. , said he has n't owned any UAL stock and is n't buying . STOP 
One person familiar with Texas *UNK* Robert Bass said he is n't likely to make any hostile moves . STOP 
And a spokesman for *CUNK* Group Holdings Inc. , which had held 7 % of UAL before the first buy-out bid but later reduced its holdings below 5 % , would n't comment . STOP 
Marvin Davis , whose $ 5.4 billion takeover bid originally put the nation 's second-largest airline in play , is limited by a *UNK* agreement with UAL he signed in September . STOP 
The Los Angeles investor ca n't buy UAL stock , *UNK* shareholder *UNKS* or make a new offer unless he makes a formal offer of $ 300 a share or UAL *UNKS* an offer below $ 300 . STOP 
However , Mr. Davis could pressure the board by asking that the agreement be *UNKED* , or letting it be known that he has financing for an offer at a lower price . STOP 
Times *CUNK* Co. said third-quarter net income fell 13 % to $ *UNKN* million , or 54 cents a share , compared with net income of $ 81 million , or 62 cents a share , a year earlier . STOP 
The Los Angeles media concern said that the year-ago period included a $ *UNKN* million gain from the sale of assets , primarily *UNKS* . STOP 
Revenue was $ *UNKN* million , up *UNKN* % from $ *UNKN* million . STOP 
*CUNKER* results from the company 's broadcast and cable television units and professional and *UNK* publishing divisions , plus increased advertising at the company 's largest newspaper , the Los Angeles Times , offset advertising declines in the company 's newspapers in the Eastern U.S. , the company said . STOP 
`` Looking ahead to the fourth quarter , the outlook for the newspaper group remains *UNKED* , with no improvement yet seen in operating trends in our Eastern markets , '' said Robert F. *CUNK* , Times *CUNK* 's chairman and chief executive . STOP 
*CUNKER* futures sold off sharply yesterday , influenced by declines in the stock market and dollar , and a rally in bonds . STOP 
December copper opened near Monday 's close , tried to rally but failed , and then triggered *UNKS* orders on its way down to settle at $ *UNKN* a pound , off *UNKN* cents for the day . STOP 
*CUNKS* orders are placed previously with instructions to execute them if the market hits a *UNKED* price . STOP 
William Kaiser , president of the Kaiser Financial Group in Chicago , said the decline was almost certainly influenced by the early sell-off in the stock market , which partly reflected a weakening economy . STOP 
He said the recent decline in copper stocks was misleading in the face of a slowdown in manufacturing . STOP 
Mr. Kaiser said traders could have picked up signals of an imminent price decline had they been watching the *UNK* metal markets , which became *UNKLY* weaker two to three weeks ago . STOP 
But though a weakening economy implies reduced demand , Mr. Kaiser said that Third World *UNKING* countries have n't any choice but to sell copper . STOP 
They might even step up sales in a falling market , he said , in an effort to maintain the flow of foreign exchange into their *UNKS* . STOP 
*CUNKLY* , Mr. Kaiser noted that a lot of traders had bought into the market when the price was in the $ *UNKN* to $ *UNKN* range , thinking there was support at the $ 1.20 level . STOP 
When the market fell below that level on Monday and then yesterday could n't climb above that level , traders started selling out their positions . STOP 
*CUNK* *CUNKS* , senior metals analyst at Prudential-Bache Securities in New York , agreed that most of the selling was of a technical nature . STOP 
She said the market hit the $ *UNKN* level at around 10 a.m. EDT where it *UNKED* a large number of *UNKS* orders . STOP 
More *UNKS* orders were *UNKED* off all the way down to below $ *UNKN* , where modest buying was attracted . STOP 
Ms. *CUNKS* said the settling of strikes in Canada and Mexico will have little effect on supplies of copper until early next year . STOP 
She thinks the next area of support for copper is in the $ *UNKN* to $ 1.10 range . STOP 
`` I believe that as soon as the selling *UNKS* somewhat we could see a rally back to the $ 1.20 region , '' she added . STOP 
She thinks a recovery in the stock market would help copper rebound as well . STOP 
She noted that the preliminary estimate of the third-quarter gross national product is due out tomorrow and is expected to be up about 2.5 % to 3 % . STOP 
`` If the number is a little better , then copper will respond *UNKLY* , if it is worse then more selling could *UNK* , '' she predicted . STOP 
Ms. *CUNKS* noted that relating economic numbers to specific market activity is *UNK* . STOP 
Yesterday , for example , `` the durable goods numbers came out for September and the number was down only 0.1 % , '' she said . STOP 
`` However , if you exclude *UNKED* orders then durable goods were down 3.9 % . STOP 
I believe that number reflects a slowing economy . '' STOP 
She said copper traders will also be looking toward the release of the index of leading economic indicators next Tuesday . STOP 
However , David *CUNK* , president of *CUNK* & Co. , an international metals company , noted that so far this year copper consumption is way ahead of the same period of 1988 , and that projected production is below last year . STOP 
Mr. *CUNK* said the copper market seems to be *UNKING* a recession in three months , with declining use being the result . STOP 
`` But , '' he added , `` we have had that exact same perception six times in the last six years . '' STOP 
He noted that currently the ratio of available copper to consumption is about 3.5 weeks . STOP 
He said the normal ratio is five to six weeks . STOP 
According to Mr. *CUNK* , the *UNK* in copper production is n't at the mines but at the copper *UNKS* . STOP 
`` It takes three months to turn copper concentrate into *UNKS* , '' he said . STOP 
If there is n't a recession , he said , `` we will be out of copper by the end of March . STOP 
If there is a recession that will change the statistical situation . '' STOP 
He thinks that without a recession copper prices could exceed a high of $ *UNKN* a pound , which was reached last year . STOP 
In the past Mr. *CUNK* has been known to have substantial long positions that is , he had bought copper futures in anticipation of rising prices -- in the copper futures market . STOP 
In other commodity markets yesterday : STOP 
*CUNK* : The attitude was `` *UNK-* '' in crude oil futures yesterday in trading on the New York Mercantile Exchange . STOP 
Prices for the U.S. benchmark West Texas *CUNK* crude remained locked in a fairly narrow range before ending the session four cents lower at $ *UNKN* a barrel for December delivery . STOP 
Several analysts and brokers said the petroleum market was ready to rally after two days of price declines from *UNKING* . STOP 
But an early *UNK-* drop in the Dow Jones Industrial Average stopped the crude rally cold . STOP 
The industrial average recovered to close only *UNKN* points lower , but petroleum futures never shook off the *UNK* . STOP 
Most market participants said they were looking to this week 's inventory statistics from the American Petroleum Institute to give the market some direction . STOP 
The report is n't generally available until late on *CUNKS* . STOP 
*CUNK* *CUNK* : Futures prices *UNKED* upward in mostly lackluster trading . STOP 
December gold was up $ *UNKN* an ounce at $ *UNKN* ; December silver gained *UNKN* cents to $ *UNKN* an ounce . STOP 
January platinum rose $ *UNKN* an ounce to $ *UNKN* . STOP 
Mr. Kaiser said there were no fundamental factors moving these markets . STOP 
He noted that two weeks ago there were rumors of Soviet sales of precious metals to finance grain purchases , but the sales do n't seem to have *UNKED* . STOP 
Ms. *CUNKS* thought yesterday 's price action reflected weakness in the stock market and the dollar . STOP 
`` Gold still acts as a *UNK* when uncertainty *UNKS* in the financial markets as it did '' yesterday , she said . STOP 
Mr. Kaiser noted that gold was more than 71 times the price of silver at the close yesterday , which is historically high . STOP 
`` The high ratio reflects the fact that silver is still regarded as about a *UNKAL* metal and its price lagging relative to gold says that traders are expecting a weakening economy , '' he said . STOP 
*CUNK* AND *CUNK* : Prices closed lower after trading in relatively narrow ranges because of strong selling in the cash market and continued favorable harvest weather . STOP 
The sale to the Chinese government of *UNKN* metric tons of wheat under the government 's export *UNK* program was announced after the close of trading Monday , but the sale was expected and failed to *UNK* prices yesterday , said *CUNK* *CUNK* , a futures analyst with Drexel Burnham Lambert Inc. in Chicago . STOP 
As for other export customers , the Soviet Union is n't expected to be back buying U.S. corn in significant amounts until early next year , he said . STOP 
A number of commercial grain users *UNKED* that opinion yesterday by buying certain corn options for delivery in March , indicating to analysts that the commercial companies would use the options to hedge against expected corn sales in next year 's first quarter . STOP 
*CUNK* : Futures at first continued the rally begun on Monday , but then *UNKED* and closed lower . STOP 
The December contract opened just under Monday 's close , triggered some previously placed buy orders just above $ *UNKN* a metric ton , pushing the price to $ *UNKN* , and then *UNKED* heavy selling by traders who buy and sell for their own accounts and by commercial interests . STOP 
The contract settled at $ *UNKN* a ton , off $ 13 . STOP 
Robert *CUNKER* , senior commodities analyst at Kaiser Financial Group , said Monday 's rally continued yesterday for only about 20 minutes after the opening . STOP 
He said even though there was arbitrage buying in New York because of the weak dollar , cocoa fell to *UNKS* pressure from bearish traders . STOP 
But he noted that speculators apparently do n't believe there is much more of a decline in store for cocoa . STOP 
The December contract reached its *UNK-* low of $ *UNKN* a ton on Oct. 11 ; its *UNK* high was $ *UNKN* , set in 1988 , and its recent high was $ *UNKN* , set in early August . STOP 
The last time cocoa traded at prices as low as currently was in 1974 . STOP 
But while further modest declines might be ahead , Mr. *CUNKER* said it would be difficult to get through resistance levels just above yesterday 's high . STOP 
Citizens First Bancorp . Inc. said it agreed to buy *CUNK* First Financial Group Inc. , a *CUNK* , N.J. , bank holding company , for about $ *UNKN* million in cash and stock . STOP 
Citizens First , which controls Citizens First National Bank and is based in *CUNK* Rock , N.J. , will pay a maximum of 40 % in cash for the parent of *CUNK* Savings Bank and the remainder in convertible preferred stock , with a liquidation value of $ 18 a share . STOP 
*CUNK* holders will have the option to request either stock or cash . STOP 
The convertible preferred will pay dividends at 7.875 % and be convertible into shares of Citizens First at a rate equal to 20 % above the average closing price of the stock during a *UNK-* period prior to the transaction 's completion . STOP 
The deal requires regulatory and shareholder approval . STOP 
*CUNK* Systems Technology Inc. , Los Angeles , said its major creditor , General Electric *CUNKION* Trust , agreed to convert $ *UNKN* million of debt owed into 25 % of *CUNK* System 's fully diluted common stock . STOP 
The agreement also calls for General Electric *CUNKION* , a unit of General Electric Co. , to receive as much as 10 % of *CUNK* Systems ' fully diluted common stock , depending on the proceeds from the sale of the *CUNK* Film *CUNK* and its receivables . STOP 
General Electric *CUNKION* took control of the *UNK-* *UNK* last month after *CUNK* Systems *UNKED* on the loan . STOP 
The agreement depends on *CUNK* Systems ' ability to win similar concessions from other creditors . STOP 
*CUNK* Young , president , said the company expects to conclude negotiations with other creditors within 60 days . STOP 
*CUNK* Systems , which *UNKS* *UNK-* film to color *UNK* , posted a loss of $ 7.1 million , or $ *UNKN* a share , on revenue of $ *UNKN* million for the fiscal year ended June 30 . STOP 
Its stock fell 12.5 cents , to $ *UNKN* , in American Stock Exchange composite trading yesterday . STOP 
Next to *CUNK* Kravis Roberts 's *UNKION* RJR Nabisco deal , SCI Television is small *UNK* . STOP 
But the troubles of SCI TV are a classic tale of the leveraged buy-out *UNKS* of the 1980s , especially the *UNKING* game . STOP 
SCI TV , which expects to release a plan to restructure $ 1.3 billion of debt in the next day or so , is n't just another LBO that went bad after *UNKING* on debt -- though it did do that . STOP 
The cable and TV station company was an LBO of an LBO , a set of assets that were leveraged twice , *UNKING* the blue-chip buy-out king Henry Kravis in 1987 to take more than $ 1 billion of cash out of the *UNK* - *UNK* . STOP 
SCI TV 's buy-out was an *UNK* in the hole for Mr. Kravis and for investors in KKR partnerships . STOP 
But it has left holders of SCI TV 's junk bonds holding the *UNK* , including some *UNKS* that KKR might need to finance future deals , such as Kemper Financial Services , First Executive , Columbia Savings & Loan and Prudential Insurance Co. of America . STOP 
Some *UNKS* are said to be considering legal action against KKR or moves to force SCI TV into bankruptcy court . STOP 
And KKR 's majority partner in SCI TV 's buy-out , *CUNK* , Tenn. , entrepreneur George Gillett , also is said to be very *UNUNK* . STOP 
SCI TV 's six stations once were part of *CUNKER* Communications . STOP 
KKR *UNKED* up the cable and television company with debt in an 1985 buy-out , then later sold *CUNKER* 's cable operations at a fat profit . STOP 
In 1987 , KKR for the second time *UNKED* debt onto *CUNKER* 's TV stations , selling them for $ 1.3 billion to a new entity that was *UNKED* by KKR and *UNKED* by Gillett Corp. , which now operates the SCI TV stations . STOP 
In this second LBO , KKR with one hand took more than $ 1 billion of cash out of the TV company 's assets and moved it into the *CUNKER* cable operations , making them more valuable in a 1988 sale . STOP 
-LRB- *CUNKER* also took $ 125 million of *UNK* SCI TV bonds as partial payment for the TV assets . -RRB- STOP 
With the other hand , KKR put back into SCI TV less than 10 % of the cash it had taken out , buying SCI TV common and preferred shares . STOP 
So , while KKR today has an estimated $ 250 million *UNK* in *UNK-* SCI TV , including equity and debt , the LBO firm still is $ 1 billion ahead on the SCI TV buy-out after taking cash up front . STOP 
On *CUNKER* as a whole , KKR *UNKED* up compound annual returns of 60 % in the three years it owned *CUNKER* . STOP 
Meanwhile , Mr. Gillett risks losing his entire equity investment of about $ 100 million in SCI TV if the company ca n't be restructured . STOP 
Overall , Mr. Gillett 's holding company , Gillett Holdings , is heavily *UNKED* and , except for its *CUNK* Mountain resorts , is n't doing very well . STOP 
With the TV business falling on hard times in recent years , analysts say that if SCI TV had to be *UNKED* today , it might fetch 30 % less than in the 1987 buy-out , *UNKING* out most of the company 's *UNKS* and its stockholders . STOP 
Meanwhile , SCI TV can barely pay its cash interest bill , and to stay out of bankruptcy court it must soon *UNK* a lot of bank loans and junk bonds that have fallen due . STOP 
SCI TV 's *UNK* period for paying its bills is due to expire Nov. 16 . STOP 
It now is quietly *UNKING* among creditors a preliminary plan to restructure debt . STOP 
*CUNKS* `` have started *UNK* - *UNKLY* , but that 's not to say we like this particular offer , '' says *CUNK* Ross of Rothschild Inc. , adviser to SCI TV *UNKS* . STOP 
No major player in the SCI TV deal will talk publicly . STOP 
But it 's understood that Mr. Kravis is disappointed that Mr. Gillett did n't manage to boost SCI TV 's operating profit after the buy-out . STOP 
Mr. Kravis apparently thinks SCI TV can survive if lenders extend its debt payments until TV stations rise in value again , allowing SCI TV to sell assets to pay debt . STOP 
Mr. Gillett is said to be *UNK* of his operating record ; he has lifted some stations ' ratings and turned around a Detroit station . STOP 
As for *UNKS* , they 're *UNKING* it can be a mistake to take the other side of a trade by KKR . STOP 
The bonds of SCI TV now are being quoted at prices ranging from only five cents to about 60 cents on the dollar , according to *CUNK* Smith & Co. in New York , which trades *UNKED* securities . STOP 
People who have seen SCI TV 's restructuring plan say it offers concessions by KKR and Gillett Corp . STOP 
They would both give part of their combined $ 50 million in common equity in SCI TV to holders of SCI TV 's $ *UNKN* million of junk bonds , as a *UNK* to persuade them to accept new bonds that might reduce the value of their claims on the company . STOP 
But some *UNK* SCI TV *UNKS* say that 's not enough . STOP 
They contend that SCI TV 's equity now is *UNKS* . STOP 
They add that it is n't *UNKING* KKR anything to give up equity because of its big *UNK-* cash profit on the buy-out , which they think contributed to SCI TV 's current problems . STOP 
Kemper , the biggest holder of senior SCI TV bonds , has refused to join the *UNKS* committee and is said to be reviewing its legal options . STOP 
To protect their claims , some *UNKS* want KKR and perhaps Mr. Gillett to invest new money in SCI TV , perhaps $ 50 million or more . STOP 
One investment banker who is n't involved in the deal says SCI TV needs at least $ 50 million of new equity to survive . STOP 
*CUNKS* say they have a stick to beat KKR with : `` The threat of bankruptcy is a legitimate tool '' to *UNK* money from KKR , says one big SCI TV holder . STOP 
This could be the first major bankruptcy-law proceeding for KKR , he adds . STOP 
A big *UNK-* case might *UNK* KKR 's name , and provide new fuel for critics of LBOs in Washington and elsewhere . STOP 
But others say *UNKS* have nothing to gain by putting SCI TV into bankruptcy-law proceedings . STOP 
While KKR does n't control SCI TV which is unusual for a KKR investment -- it clearly has much deeper *UNKS* than Mr. Gillett . STOP 
Bankruptcy specialists say Mr. Kravis set a *UNK* for putting new money in sour LBOs recently when KKR restructured *UNKING* *CUNK* *CUNK* , doubling KKR 's equity stake . STOP 
But with *CUNK* , KKR was only trying to *UNK* its original investment , says bankruptcy investor James *CUNK* of *CUNKS* *CUNK* *CUNK* in New York . STOP 
By contrast , KKR probably has already made all the money it can on SCI TV . STOP 
And people who know Mr. Kravis say he is n't in a *UNK* to *UNK* more money into SCI TV . STOP 
Rubbermaid Inc. , reflecting strong earnings growth , boosted its quarterly dividend 18 % , to 13 cents a share from 11 cents . STOP 
The maker of household products said the new dividend is payable Dec. 1 to shares of record Nov. 10 . STOP 
Separately , the company 's board adopted a proposal to *UNK* its 1986 shareholder rights plan , further *UNKING* the company from takeover . STOP 
Rubbermaid officials said they are n't aware of any effort to take over the company , but believed the shareholder plan needed to be strengthened . STOP 
`` The board has stated repeatedly that Rubbermaid should be independent , '' said Walter W. Williams , Rubbermaid president . STOP 
Some changes to the plan were minor adjustments , but the most significant was an amendment that provides that if any investor holds 25 % or more of Rubbermaid 's voting securities , each right held by others would *UNK* the holder to buy Rubbermaid shares with a market value of twice the right 's exercise price . STOP 
Mr. Williams said the exercise price is $ 125 , meaning holders would have the right to buy $ 250 of Rubbermaid stock for half price , *UNKING* the investor 's 25 % stake . STOP 
For the third quarter , Rubbermaid earned $ *UNKN* million , or 44 cents a share , up 16 % from $ *UNKN* million , or 38 cents a share , a year earlier . STOP 
Sales rose 9.7 % to $ *UNKN* million from $ *UNKN* million . STOP 
Rubbermaid shares closed yesterday at $ *UNKN* , off 12.5 cents , in New York Stock Exchange composite trading . STOP 
The stock market went on a *UNKING* ride as UAL , parent of United Airlines , once again led shares into a *UNKING* decline and then an afternoon comeback . STOP 
At the end of it all , the Dow Jones Industrial Average closed down *UNKN* to *UNKN* . STOP 
At one point yesterday morning , the Dow was down *UNKN* points . STOP 
New York Stock Exchange volume was *UNKN* shares . STOP 
*CUNKING* issues *UNKED* *UNKS* , *UNKN* to *UNKN* . STOP 
Yesterday 's sell-off and rebound was a powerful reminder that 11 days after the 190-point plunge on Friday the 13th , the stock market still has a bad case of nerves . STOP 
Takeover stock speculation and *UNKED* program trading drove the industrial average through wide ranges . STOP 
And there is more volatility to come . STOP 
`` October 13th left us with a cut and exposed *UNK* , '' said Jack *CUNK* , technical analyst for Bear Stearns . STOP 
`` People are *UNK* and sensitive . STOP 
Everybody 's *UNKER* is one *UNK* closer to the *UNK* . STOP 
I have never had as many calls as I had this morning . STOP 
*CUNK* is here to stay . '' STOP 
The Dow Jones Industrial Average plunged about 80 points in slightly more than one hour after the opening *UNK* . STOP 
For many , it began to look like a *UNK* of Oct. 13 . STOP 
As stocks and stock-index futures fell , a trading limit was hit in the S&P 500 stock futures pit . STOP 
Under a *UNK-* crash reform , the Chicago Mercantile Exchange would n't permit the December S&P futures to fall further than 12 points for a half hour . STOP 
That caused a brief period of panic selling of stocks on the Big Board . STOP 
But at a critical moment , stock-index arbitrage traders showed their power and control . STOP 
They *UNKED* up hundreds of S&P futures when the market needed it most . STOP 
At about *UNKN* a.m. EDT , several big buy orders hit the S&P pit simultaneously , *UNKING* the futures up out of the trading limit and eventually into ranges that caused computer-driven program buying of stocks . STOP 
`` It is very clear that those buy orders came from people who wanted their franchise protected , '' said one Chicago-based futures trader . STOP 
`` These guys wanted to do something to show how powerful they are . '' STOP 
Traders said Goldman Sachs , Shearson Lehman Hutton and Salomon Brothers were the main force behind the futures buying at the *UNKAL* moment . STOP 
Shearson Lehman Hutton declined to comment . STOP 
Officials at Goldman Sachs and Salomon Brothers were unavailable for comment . STOP 
As in the Oct. 13 massacre , yesterday morning 's drop was triggered by bad news for speculators in UAL . STOP 
A UAL statement after the market closed Monday indicated that the airline 's board wanted to keep the company independent , effectively *UNKING* hopes of an immediate buy-out . STOP 
Five minutes before the Big Board opened , a preliminary price was *UNKED* for UAL -- somewhere between 135 and 155 , a loss of as much as $ 43 a share from Monday 's close . STOP 
UAL finally opened for trading at *UNKN* a.m. at 150 , down $ 28 . STOP 
*CUNK* traders said there was a huge crowd around the Big Board specialist 's post where UAL trades . STOP 
`` There was a *UNKING* mass of people , '' said one floor trader . STOP 
`` Then there was a big liquidation of stock '' across the board , he added . STOP 
Takeover speculators -- who have already taken a record loss estimated at more than $ 700 million on UAL -- started selling other stocks as well as S&P futures in an attempt to hedge against a further UAL blood *UNK* . STOP 
*CUNKLY* after the UAL opening , program traders started selling stocks in the Major Market Index and S&P 500 index . STOP 
The *UNK-* *CUNK* *UNKS* the Dow Jones Industrial Average . STOP 
By *UNKN* a.m. the Dow was down *UNKN* . STOP 
All *UNKS* in the *CUNK* except Exxon , General Motors and Sears were down $ 1 to $ 2 . STOP 
At *UNKN* , when the S&P 500 December futures contract *UNKED* to a *UNK-* loss under the force of sell programs , S&P futures trading was halted and program trades on the Big Board were *UNKED* into a special computer that *UNKS* for order *UNKS* . STOP 
Under the rules adopted by the Chicago Mercantile Exchange , the futures contract can not drop below the limit , but buyers can purchase futures . STOP 
At this point , the Dow industrials were down *UNKN* points and falling . STOP 
The trading halt in the S&P 500 futures *UNKED* selling and confusion , many traders maintain . STOP 
But as the *UNK* began to spread through the S&P pit , the big brokerage firms came in and bought futures aggressively . STOP 
`` It was *UNK* ! '' said one futures trader . STOP 
In five minutes , the Dow industrials climbed almost 30 points . STOP 
The big futures buying triggered stock-index buy programs that eventually trimmed the Dow 's loss to 31 points by 11 a.m . STOP 
Traders said the futures buying was *UNKLY* calculated by program traders . STOP 
These firms sold stock into the big morning decline , but seeing the *UNK* of the market 's drop , held back on their offsetting purchases of futures until the S&P futures hit the trading limit . STOP 
Then they completed the other side of the trade by buying futures , which *UNKLY* halted the stock market 's decline as traders began to buy stocks . STOP 
From then on , the Dow industrials held at a loss of 40 to 50 points . STOP 
Then , in *UNK-* trading , *UNK-* buy orders for UAL hit the market , including a *UNK-* order through Bear Stearns that seemed to spark UAL 's late price surge . STOP 
*CUNK* simultaneously , PaineWebber began a very visible buy program for dozens of stocks . STOP 
The combined buying rallied the Dow into a small gain , before closing at a slight loss . STOP 
Some institutional traders *UNKED* the wild ride . STOP 
`` This is fun , '' asserted *CUNK* *CUNK* *CUNK* , head equity trader at Travelers Investment Management Co . STOP 
She said she used the market 's wild swings to buy shares *UNKLY* on the sell-off . STOP 
On the comeback , Ms. *CUNK* *CUNK* *UNKED* shares she has been *UNKING* to get rid of . STOP 
But traders who risk money handling big blocks of stock were *UNK* . STOP 
`` This market is eating away my youth , '' said Chung *CUNK* , head equity trader at Kleinwort Benson North America Inc . STOP 
`` *CUNK* sounds *UNK* . STOP 
But I think we are losing credibility because when the market does this , it does n't present itself as a rational investment . STOP 
But if you *UNK* all this , it is a *UNK* market for investment still . '' STOP 
Traders attributed rallies in a number of stocks to a Japanese buy program that PaineWebber carried out as part of a shift in portfolio strategy , according to Dow Jones Professional Investor Report . STOP 
Dow Jones climbed 5 3\/4 to 41 on very heavy volume of *UNKN* shares . STOP 
Analysts said a big Japanese buy order was behind the rise . STOP 
A Dow Jones spokesman said there were no corporate developments that would account for the activity . STOP 
Other issues said to be included in the buy program were Procter & Gamble , which rose 2 7\/8 to *UNKN* 1\/2 ; Atlantic *CUNK* , which gained 2 to 103 3\/4 , and Rockwell International , which jumped 2 3\/4 to 27 1\/8 . STOP 
PaineWebber declined to comment . STOP 
UAL finished at 170 , off 8 3\/8 . STOP 
Other airline stocks fell in response to the UAL board 's decision to remain independent for now , including USAir Group , which separately reported a third-quarter loss of $ *UNKN* a share compared with a year-ago profit . STOP 
USAir fell 2 1\/2 to 40 . STOP 
AMR , the parent of American Airlines , fell 1 3\/4 to 68 7\/8 on 2.3 million shares ; Delta Air Lines lost 1 1\/2 to 66 , Southwest Airlines slid 3\/4 to 24 1\/4 and *CUNK* Airlines dropped 1\/4 to 14 7\/8 . STOP 
Texas Air , which owns Continental and Eastern airlines , lost 3\/8 to 13 1\/8 on the American Stock Exchange . STOP 
*CUNKS* stocks also were especially weak , as concerns about the earnings outlook for cyclical companies *UNKED* on the group . STOP 
*CUNK* Co. of America dropped 1 1\/2 to 70 1\/4 , *CUNKS* Dodge fell 4 to 59 7\/8 , *CUNK* lost 1 3\/8 to 31 3\/4 , Reynolds *CUNKS* slid 1 3\/8 to 50 3\/8 , *CUNK* dropped 1 1\/8 to 21 5\/8 and *CUNKS* *CUNKS* *UNKED* 2 to 26 3\/4 . STOP 
*CUNK* *CUNK* was an exception , as it gained 1 3\/8 to 23 on two million shares . STOP 
Goodyear *CUNK* & *CUNKER* tumbled 2 7\/8 to 43 7\/8 . STOP 
Its third-quarter earnings were higher than a year ago , but fell short of expectations . STOP 
Other stocks in the Dow industrials that failed to benefit from the market 's rebound included United Technologies , which dropped 1 to 53 5\/8 , and *CUNK* *UNK* Steel , which fell 1 to 16 7\/8 . STOP 
BankAmerica dropped 1 1\/4 to 29 1\/2 on 2.3 million shares amid rumors that the earthquake last week in the San Francisco area had caused structural damage to its headquarters building . STOP 
The company denied the rumors and noted that it does n't own the building . STOP 
Stocks of *CUNKED* thrifts also were hard hit . STOP 
Great Western Financial lost 1 1\/8 to 20 1\/2 on 1.6 million shares , Golden West Financial dropped 1 1\/4 to 28 1\/2 and *CUNK* *CUNK* *UNKED* 5\/8 to 21 1\/4 . STOP 
HomeFed plunged 3 5\/8 to 38 1\/2 ; its third-quarter earnings were down from a year ago . STOP 
Golden Valley *CUNK* Foods *UNKED* 3 5\/8 to 31 3\/4 after warning that its fourth-quarter results could be hurt by `` some fairly large international marketing expenses . '' STOP 
*CUNKED* trading *UNKED* volume in two issues : Security Pacific , which fell 7\/8 to 44 1\/2 and led the Big Board 's most *UNKS* list on composite volume of *UNKN* million shares , and *CUNK* Industries , which lost 3\/8 to 17 3\/8 on 4.4 million shares . STOP 
Both stocks have dividend yields of about 5 % and will go *UNK-* Wednesday . STOP 
Kellogg surged 4 1\/4 to 75 . STOP 
Donaldson , Lufkin & Jenrette placed the stock on its list of recommended issues . STOP 
The company noted that its third-quarter results should be released later this week or early next week . STOP 
*CUNK* Chemical rose 1 3\/8 to 38 5\/8 after Bear Stearns added the stock to the firm 's buy list , citing recent price weakness . STOP 
Georgia Gulf , another producer of commodity chemicals , advanced 2 to 49 1\/2 ; Dallas investor Harold Simmons , who holds about 10 % of its shares , said he has n't raised his stake . STOP 
Norfolk Southern went up 1 1\/8 to 37 7\/8 . STOP 
The company 's board approved the repurchase of up to 45 million common shares , or about 26 % of its shares outstanding , through the end of 1992 . STOP 
*CUNK* *CUNK* climbed 1 1\/8 to 38 1\/2 . STOP 
Its third-quarter earnings more than doubled from a year earlier and exceeded analysts ' expectations . STOP 
John *CUNK* , which will replace American Medical International on the S&P 500 following Wednesday 's close , gained 5\/8 to 24 1\/8 . STOP 
The Amex Market Value Index fell *UNKN* to *UNKN* . STOP 
Volume totaled *UNKN* shares . STOP 
*CUNK* Co. raised its quarterly dividend 11 % to 30 cents a share from 27 cents , payable Jan. 2 , 1990 , to shares of record Dec. 8 , 1989 . STOP 
The action increases the annual dividend to $ 1.20 a share from $ *UNKN* . STOP 
This is the *UNK* year in which the Washington media company has increased dividends . STOP 
*CUNK* 's third-quarter earnings rose 11 % to 52 cents a share from 47 cents in the year-ago period . STOP 
Sales rose 2.9 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* has *UNKN* million shares outstanding . STOP 
Fireman 's Fund Corp. said third-quarter net income plunged 85 % to $ 7.2 million from last year 's $ *UNKN* million , or 99 cents a share , because of *UNKS* of Hurricane Hugo and increased reserves for legal expenses . STOP 
*CUNK* of preferred dividends resulted in a net loss of five cents a share in the most recent quarter . STOP 
Revenue edged up 3.4 % to $ *UNKN* million from $ *UNKN* million in last year 's third quarter . STOP 
In New York Stock Exchange composite trading , Fireman 's closed at $ *UNKN* a share , down 50 cents . STOP 
*CUNK* of the Oct. 17 San Francisco earthquake , which will be recorded in the fourth quarter , is n't expected to exceed $ 50 million after taxes , the company added . STOP 
For the nine months , the insurance company said net fell 46 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , the previous year . STOP 
Revenue slid 7 % to $ 2.6 billion from $ 2.8 billion a year earlier . STOP 
Fireman 's Fund *UNK-* subsidiaries reported a *UNKN* % combined underwriting ratio for the nine months , up from *UNKN* % for the year-ago period . STOP 
Hurricane Hugo accounted for about $ 36 million in pretax third-quarter losses , net of reinsurance *UNKS* . STOP 
The company said there was an additional increase in loss and *UNK-* reserves of $ 71 million reflecting `` higher than expected '' development in claims legal expenses from to prior periods . STOP 
For the third quarter , net premiums were $ *UNKN* million , up 9.6 % from $ *UNKN* million in last year 's quarter , because of the expiration of the National *CUNK* *UNK* share reinsurance agreement . STOP 
Net premiums written through Sept. 30 fell 5 % to $ 2.1 billion from $ 2.2 billion a year ago , because of the writing of fewer policies at flat prices , the company said . STOP 
Third-quarter and nine-month results do n't include any provision for premium returns that could be ordered by the California Department of Insurance under *CUNKION* 103 . STOP 
Fireman 's Fund said it has applied for an *UNKION* from these rate *UNKS* , and plans to defend its filing in hearings before the department . STOP 
*CUNK* *CUNK* Corp. said it is offering to purchase the $ *UNKN* million amount of its 12 3\/4 % senior notes due June 15 , 1991 , at par , plus accrued interest to the Dec. 8 purchase date . STOP 
The Minneapolis computer systems and services concern said the offer is required under the senior note *UNK* as a result of Control Data 's recent sale of its disk drive subsidiary , *CUNKS* , to *CUNK* Technology Inc . STOP 
*CUNK* 's *CUNK* STOP 
There was very slow play on the market today , They were selling and buying by *UNKS* ; Instead of trading like *CUNKS* and *CUNKS* , They *UNKED* like *UNKS* and *UNKS* . STOP 
-- George O. *CUNK* . STOP 
*CUNK* STOP 
I 've learned one thing from candidates , A technique so *UNKLY* done : If a question ca n't be *UNKED* , *CUNKLY* answer an *UNKED* one ! STOP 
-- *CUNK* *CUNK* . STOP 
*CUNK* STOP 
We need to get a space platform set up soon -- just in case we want to step out for a *UNK* of fresh air . STOP 
-- *CUNK* *CUNK* . STOP 
After being *UNKED* by a volatile stock market , Treasury bonds closed higher . STOP 
But junk bonds took more hits . STOP 
Early in the day , bond dealers said trading volume was heavy as large institutional investors scrambled to buy long-term Treasury bonds on speculation that the stock market 's volatility would lead to a `` *UNK-* '' rally . STOP 
That happens when nervous stock investors dump equities and buy Treasurys , which are higher in quality and thus considered safe . STOP 
`` Some retail accounts , such as commercial banks and pension funds , wanted to get on the *UNK* before it was too late , '' said *CUNK* *CUNK* *CUNK* , chief economist at *CUNKEST* Corp. , Minneapolis . STOP 
At one point , the Dow Jones Industrial average fell about 80 points on news that UAL Corp. decided to remain independent . STOP 
In response , Treasury prices soared 1 1\/8 points , or about $ *UNKN* for each $ 1,000 face amount . STOP 
But the gains in Treasury bonds were *UNKED* as stocks *UNKED* a partial recovery . STOP 
The industrial average ended at *UNKN* , down *UNKN* points . STOP 
Economists said the bond market 's strength also is a sign that investors expect the Federal Reserve to cut interest rates amid growing evidence that the economy is slowing . STOP 
While they do n't expect the Fed to move right away , they say the case for lower rates is building . STOP 
Yesterday , for example , the Commerce Department reported that new orders for durable goods fell 0.1 % , while the nation 's auto makers reported lackluster mid-October sales . STOP 
The Treasury 's 30-year bond ended over 1\/4 point higher . STOP 
Municipal , mortgage-backed and investment-grade corporate bonds rose 1\/8 to 1\/2 point . STOP 
But high-yield , high-risk bonds fell 1\/4 to 1\/2 point with the stock market early in the session and never recovered . STOP 
According to a trader at Drexel Burnham Lambert Inc. , the hardest hit junk bonds were those issued by RJR Holdings Capital Corp. , which are the *UNKEST* to sell . STOP 
RJR 's *UNKN* % bonds due *UNKN* fell 2 1\/2 points . STOP 
Trading activity in the junk market was extremely light as dealers could n't find enough buyers to match sellers . STOP 
`` While the stock market was falling , most -LCB- junk bond holders -RCB- were just watching it not knowing what to do , '' said Paul *CUNK* , director of fixed-income securities at Oppenheimer Management Corp . STOP 
`` It was like driving down the highway watching a *UNK* . STOP 
Everybody was *UNKING* . '' STOP 
*CUNKING* to the junk market 's *UNKS* were reports that Donaldson , Lufkin & Jenrette Securities Corp. is having trouble *UNKING* a $ 1.6 billion offering for TW Food Services Inc. and will postpone or even cancel the issue . STOP 
TW is the largest franchisee of *CUNK* 's , a fast-food restaurant , and operates several other food chains . STOP 
Donaldson Lufkin would n't comment . STOP 
Credit analysts said investors are nervous about the issue because they say the company 's ability to meet debt payments is dependent on too many *UNKS* , including the sale of assets and the need to mortgage property to retire some existing debt . STOP 
Also , the TW offering includes *UNKED* and *UNK-* securities , which are currently *UNUNK* . STOP 
Meanwhile , investors turned a cold *UNKER* to the Treasury 's sale of $ 10 billion of new two-year notes yesterday . STOP 
`` It 's not too surprising that the auction was *UNK* , given the volatility in the bond market because of stocks , '' said Robert T. *CUNK* , a senior vice president at *CUNK* Bank Ltd . STOP 
`` People are looking past supply to lower interest rates , but they 're also worried about being *UNKED* by the volatility in the stock market . '' STOP 
The new two-year notes were priced with an average yield of *UNKN* % . STOP 
That was higher than the *UNKN* % to *UNKN* % average yield that traders had expected . STOP 
In *UNKED* trading , the notes were quoted at a price to yield *UNKN* % . STOP 
*CUNK* demand was also *UNKED* by the weak *UNKN* *UNKER* ratio , which was lower than the average *UNKN* ratio at the last 12 similar *UNKS* . STOP 
The ratio , which reflects the number of bids the Treasury receives for each bid accepted , is used to gauge investor demand . STOP 
Dealers said players *UNKED* away from the note sale because they were concerned that prices at the time of the auction might *UNK* if the stock market *UNKED* a recovery , which , in fact , did happen . STOP 
Individual and Japanese participation in the auction was disappointing , according to dealers . STOP 
`` Interest by Japanese investors was limited , '' said Michael *CUNK* , chief economist at Daiwa Securities America Inc . STOP 
`` They are typically not active in two-year note *UNKS* , but today 's participation could be viewed as *UNKAL* . '' STOP 
However , Mr. *CUNK* added that the Japanese generally have a positive view of the U.S. bond market because of expectations that the dollar will remain strong and interest rates will decline . STOP 
He said , `` *CUNKLY* , they 're waiting to buy at the -LRB- quarterly -RRB- refunding '' of government debt to be held next month by the Treasury . STOP 
A trader at a Japanese firm estimated that the Japanese purchased no more than 10 % of the two-year notes . STOP 
Treasury , Agency Securities STOP 
Today investors will focus on the *UNKED* auction of $ 4.5 billion of 30-year bonds by Resolution Funding Corp . STOP 
The initial bond offering by the new government agency , which was created to help rescue the nation 's troubled thrifts , is n't expected to see robust demand . STOP 
A small yield premium over comparable Treasurys and a lack of liquidity is *UNKING* dealers ' efforts to *UNK* up interest in the so-called bailout bonds . STOP 
In *UNKED* trading , the *CUNK* bonds were quoted at a price to yield *UNKN* % . STOP 
Yesterday , the benchmark 30-year bond was quoted late at 102 *UNKN* to yield *UNKN* % , compared with 102 *UNKN* to yield *UNKN* % on Monday . STOP 
The latest 10-year Treasury was quoted at 100 *UNKN* to yield *UNKN* % , compared with 100 *UNKN* to yield *UNKN* % . STOP 
*CUNK-* rates were unchanged to slightly lower . STOP 
The discount rate on three-month Treasury bills was quoted at 7.52 % for a *UNK-* yield of *UNKN* % , while the rate on six-month Treasury bills was quoted at *UNKN* % for a yield of *UNKN* % . STOP 
*CUNKS* are determined by the difference between the purchase price and face value . STOP 
Thus , higher bidding *UNKS* the investor 's return while lower bidding *UNKS* it . STOP 
Corporate Issues STOP 
Several blue-chip companies *UNKED* the *UNK-* market yesterday to take advantage of falling interest rates . STOP 
Three of the largest offerings , by Exxon Capital Corp. , Xerox Corp. and Citicorp , were *UNUNK* by groups led by Salomon Brothers Inc . STOP 
Exxon Capital , *UNKED* to be a potential debt *UNKER* , offered $ 200 million of 10-year notes priced to yield *UNKN* % . STOP 
Citicorp issued $ 200 million of *UNK-* notes priced to yield *UNKN* % , and Xerox priced $ 150 million of *UNK-* notes to yield *UNKN* % . STOP 
Meanwhile , International Business Machines Corp. *UNKED* the way for a visit to the credit markets by filing a shelf registration with the Securities and Exchange Commission for $ 800 million in new debt . STOP 
This is in addition to IBM 's existing shelf registration under which $ 200 million in debt securities are available for issuance . STOP 
In secondary trading , investment-grade corporate bonds ended 1\/8 to 1\/4 higher . STOP 
*CUNKS* STOP 
*CUNKLY* traded municipal bonds ended 1\/4 to 1\/2 point higher in brisk trading , despite a *UNK* of new supply . STOP 
New Jersey *CUNK* Authority 's 7.20 % issue of *UNKN* finished 1\/4 point stronger at 98 1\/2 bid , to yield *UNKN* % . STOP 
Traders said *UNKS* were *UNKED* by *UNKS* including the climb in Treasury issue prices . STOP 
Also , municipal bonds *UNKED* buying because the stock market remains *UNKLY* , traders contended . STOP 
*CUNKLY* , though , it was a favorable outlook for yesterday 's new supply that *UNKED* up *UNKS* , some traders said . STOP 
Among the new issues was Massachusetts 's $ 230 million of general obligation bonds . STOP 
The bonds were won by a Goldman , Sachs & Co. group with a true interest cost of *UNKN* % . STOP 
They were priced to yield from *UNKN* % in 1990 to 7.20 % in 2009 . STOP 
The Massachusetts deal had an *UNUNK* balance of $ *UNKN* million in late trading , the underwriter said . STOP 
Mortgage - , *CUNKED* Securities STOP 
Mortgage securities gained *UNKN* to *UNKN* point after a *UNK* session , with Government National Mortgage Association 8 % securities as the *UNK* issue . STOP 
The Ginnie Mae issue rose amid talk of large purchases of the securities by institutional investors . STOP 
The derivative markets remained active as one new issue was priced and talk *UNKED* about more offerings in the next day or two . STOP 
The Federal Home Loan Mortgage Corp. issued a $ 500 million real estate mortgage investment *UNK* backed by its 8 1\/2 % securities . STOP 
In the asset-backed market , a big offering of Ford Motor Credit Corp . *UNK-* securities was increased in size after strong institutional demand . STOP 
The deal by the Ford Motor Co. unit , priced Monday , was increased to $ *UNKN* billion from $ *UNKN* billion . STOP 
Among major *UNK-* issues , Ginnie Mae 9 % securities for November delivery ended at 98 *UNKN* , up *UNKN* , after *UNKING* an early high of 98 *UNKN* ; 8 % securities were at *UNKN* *UNKN* , up *UNKN* ; 9 1\/2 % securities at 100 *UNKN* , up *UNKN* ; and 10 % securities at 102 *UNKN* , up *UNKN* . STOP 
Freddie Mac 9 % securities were at 97 *UNKN* , up *UNKN* . STOP 
The Ginnie Mae 9 % issue was yielding *UNKN* % to a 12-year average life assumption , as the spread above the Treasury 10-year note held at *UNKN* percentage points . STOP 
Foreign Bonds STOP 
The *CUNK* bond market *UNK* to life late in the European trading session after the Dow Jones Industrial Average tumbled . STOP 
*CUNK* bonds are often issued by foreign corporations , but interest and principal are paid in dollars . STOP 
The bonds ended about 1\/2 point higher yesterday . STOP 
Prices of European government bonds also rose as U.S. stocks declined . STOP 
West Germany 's 7 % issue due October 1999 rose *UNKN* point to *UNKN* to yield *UNKN* % , while the 6 3\/4 % issue due July 1994 rose *UNKN* to *UNKN* to yield *UNKN* % . STOP 
Britain 's 11 3\/4 % Treasury bond due *UNKN* rose *UNKN* to *UNKN* *UNKN* to yield *UNKN* % , while the 12 % notes due 1995 rose *UNKN* to *UNKN* *UNKN* to yield *UNKN* % . STOP 
In Japan , government bond prices fell . STOP 
The No. 111 4.6 % bond due 1998 ended on brokers ' screens at *UNKN* , down *UNKN* point , to yield *UNKN* % . STOP 
*CUNK* *CUNK* Inc. , *CUNK* , N.Y. , said it increased its regular quarterly dividend 50 % , to 15 cents a share from 10 cents . STOP 
It is payable Dec. 10 to stock of record Nov. 24 . STOP 
The move was made because of the *UNKING* company 's increased profitability , officials said . STOP 
In the third quarter , *CUNK* earned $ 2 million , up from $ 1.8 million a year earlier . STOP 
In national over-the-counter trading yesterday , *CUNK* closed at $ *UNKN* , up 12.5 cents . STOP 
*CUNK* has 3.1 million shares outstanding . STOP 
*CUNK* *CUNKAL* Co. 's board said that it has removed Thomas R. *CUNKER* as president and chief executive officer and that John R. Wolf , formerly executive vice president , sales and marketing , has been named president and chief executive officer . STOP 
Mr. *CUNKER* has been involved in a dispute with the board since August , when he ousted all the directors . STOP 
Later they said they fired him , and two directors attempted to place the company under bankruptcy-law protection . STOP 
A federal judge turned down the Chapter 11 petition . STOP 
The company 's latest announcement said Mr. *CUNKER* will remain a director of *CUNK* , a maker of products for *UNKION* surgery . STOP 
Mr. Wolf and other members of the board declined to comment on the announcement . STOP 
Mr. *CUNKER* could n't be reached . STOP 
The *CUNK* board also said that John R. Ford resigned as a director , and that Mr. Wolf was named a member of the board . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* against further *UNK-* protests . STOP 
After the legislature confirmed him as the Communist Party leader , Krenz said demonstrations to demand democratic *UNKS* could cause a `` *UNKING* of the situation , or confrontation . '' STOP 
He also *UNKED* East Germany 's *UNK* to Communist *UNK* . STOP 
But as many as *UNKN* people *UNKED* in East Berlin after the speech to protest his election . STOP 
During the *UNKING* , 26 members of the *UNK-* Parliament voted against Krenz , a move considered unprecedented in the country 's *UNK-* history . STOP 
Officials in East Berlin , responding to complaints from opposition groups , admitted police used excessive force in *UNKING* protesters this month . STOP 
The Iran-Contra judge agreed to allow *CUNKER* to *UNK* the personal papers of *UNK-* Reagan , ruling that there was sufficient evidence that the data would be important to the defense . STOP 
But the judge denied a request by the former national security adviser , who faces five criminal charges , to seek documents from Bush . STOP 
San Francisco Bay area officials said nine people remain missing in the aftermath of last week 's earthquake . STOP 
The death toll rose to 63 . STOP 
The House , meanwhile , approved $ 2.85 billion to aid in the recovery from the temblor and from Hurricane Hugo as state legislators moved toward a temporary *UNK-* increase . STOP 
U.S. officials expressed *UNK* over an Israeli effort to show the PLO continues to practice terrorism . STOP 
Israel provided the State Department with a list of recent alleged *UNK* *UNKS* attributed to forces controlled by Arafat , but the U.S. said it was n't satisfied that the *UNKS* *UNKED* terrorism . STOP 
TV *UNK* Jim *CUNKER* was sentenced to 45 years in prison and fined $ 500,000 for *UNKING* *UNKS* of his *CUNK* ministry . STOP 
*CUNKER* , who was immediately taken into *UNK* , was convicted Oct. 5 by a federal court jury in Charlotte , N.C. , of fraud and conspiracy for *UNKING* more than $ 3.7 million of ministry funds for personal use . STOP 
Lawmakers in Moscow voted to deny the Communist Party its 100 guaranteed seats in the Soviet Congress , meaning Gorbachev and other aides might have to face voters . STOP 
In Warsaw , Shevardnadze held his first talks with the *CUNKED* government and vowed to maintain fuel supplies . STOP 
Poland 's premier is to visit Moscow next month . STOP 
The Arab League pledged an accord for a complete *CUNK* *UNK* *UNK* from Lebanon , where about 70,000 people *UNKED* to the headquarters of Christian leader *CUNK* to support his rejection of a peace plan approved Sunday by Lebanon 's legislature . STOP 
The plan lacked a withdrawal timetable . STOP 
*CUNK-* *UNKS* renewed an offer to trade their *UNKS* in Lebanon for at least 15 *CUNK* *CUNK* *UNKS* *UNKED* in *CUNK* . STOP 
The statement by *CUNK* *CUNK* , which holds at least two U.S. *UNKS* , was accompanied by a *UNK* of *CUNKED* Press *UNK* Terry Anderson , *UNKEST* held of 18 Western *UNKS* . STOP 
The Treasury Department said *CUNKS* reject blacks for mortgage loans twice as often as they reject whites . STOP 
The department 's Office of Thrift *CUNKION* said that does n't necessarily mean thrifts are *UNKED* , but conceded that it does n't have data about *UNKS* to determine why blacks are rejected more often . STOP 
*CUNK* *UNKS* *UNKED* through the *UNKED* rubble of a Phillips Petroleum Co. plastics plant near *CUNK* , Texas , where a series of *UNKS* Monday killed at least two people and injured *UNKN* . STOP 
Company officials said 22 workers were missing and *UNKED* dead . STOP 
Safety authorities did n't immediately know the cause of the *UNKS* . STOP 
NATO defense ministers opened a two-day meeting in *CUNKAL* to assess the alliance 's *UNKS* needs amid reduced *CUNKEST* *UNKS* . STOP 
The ministers ordered a study on the strategic role of nuclear arms in Western Europe once Soviet conventional weapons are reduced in the East bloc . STOP 
The Justice Department scrambled to play down the *UNK* of revised guidelines concerning prosecutions under the federal racketeering law . STOP 
The guidelines , which *UNK* prosecutors from seeking court orders *UNKING* the assets of certain racketeering defendants prior to trial , were first disclosed this week . STOP 
*CUNKED* : S. Clark *CUNK* , 91 , *UNK-* and chief executive officer of Bank of America *CUNK* , Saturday , in *CUNK* , Calif . STOP 
*CUNK* *CUNK* *CUNK* *UNKLY* as the market reacted to an initial plunge by UAL shares , followed by a sharp rebound in the afternoon . STOP 
The Dow Jones industrials , down over 80 points in the morning , closed off *UNKN* , at *UNKN* . STOP 
Bond prices surged in reaction to the sell-off in stocks , then eased slightly during the afternoon recovery . STOP 
The dollar finished lower . STOP 
UAL 's stock *UNKED* most of an early loss amid speculation one or more investors may challenge the airline 's decision to stay independent . STOP 
The stock closed down $ 8.375 , at $ 170 , after *UNKING* $ 33 , to $ 145 . STOP 
Ford may seek all of Jaguar , setting the stage for a possible bidding war with GM . STOP 
Jaguar has been discussing an alliance with GM , but Ford 's move may *UNK* the talks . STOP 
Car and truck sales slid *UNKN* % in mid-October as U.S. manufacturers paid the price for heavy incentives earlier in the year . STOP 
General Motors continued to be hardest hit . STOP 
*CUNK* goods orders slipped 0.1 % in September , reflecting weakening auto demand after a *UNK* of orders for new 1990 models . STOP 
Excluding transportation items , orders rose 1.8 % . STOP 
Norfolk Southern 's board approved a buy-back of up to 45 million shares , valued at over $ 1.7 billion . STOP 
The repurchase , *UNKED* with an earlier *UNK* , will reduce the firm 's shares outstanding by over 26 % . STOP 
PS New Hampshire received a sweetened $ 2.25 billion offer from Northeast Utilities , likely *UNKING* a new round of bidding for the utility . STOP 
GE executives were accused by U.S. prosecutors of providing `` misleading and false '' data to the Pentagon in 1985 to cover up `` longstanding fraudulent '' billing practices . STOP 
Texaco said profit rose 11 % in the quarter , partly due to a massive restructuring . STOP 
Sun posted a gain . STOP 
Mobil , Shell and Chevron had declines . STOP 
Mobil is preparing to slash its work force in the U.S. , possibly as soon as next month , sources said . STOP 
Sears posted a 16 % drop in third-quarter profit as U.S. retail operations recorded the first loss in over five years . STOP 
The results show Sears is struggling to attract *UNKS* . STOP 
Digital Equipment announced its first mainframe computers , targeting IBM 's largest market and *UNKING* up the industry 's biggest *UNK* . STOP 
Cray Research expects supercomputer sales to be flat next year , the latest in a series of negative announcements by the company . STOP 
Short interest increased 6 % in the Nasdaq over-the-counter market for the month ended Oct. 13 . STOP 
Salomon posted an unexpectedly big gain in quarterly earnings , aided by its securities trading and investment banking activities . STOP 
Procter & Gamble 's profit surged 38 % in its latest fiscal quarter , aided by a gain from a legal settlement and continued growth overseas . STOP 
Goodyear 's profit rose 11 % in the quarter , buoyed by improved operating results in its tire business . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , off *UNKN* ; transportation *UNKN* , off *UNKN* ; utilities *UNKN* , off *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , up STOP 
Commodities : Dow Jones futures index *UNKN* , off 0.25 ; spot index *UNKN* , off *UNKN* . STOP 
Dollar : 141.45 yen , off *UNKN* ; *UNKN* marks , off *UNKN* . STOP 
*CUNK* *CUNK* *CUNKED* In *UNK-* *CUNK* STOP 
*CUNK* *UNKED* a genetic *UNK* in a *UNK-* *UNK* *UNK* in an experiment directly *UNK* to humans . STOP 
*CUNKAL* *UNKS* of genetic defects as early as the sixth week of pregnancy is increasingly common today . STOP 
But the *UNK* experiment at a Medical Research Council laboratory in London shows genetic defects can be *UNKED* three days after *UNKION* using a new *CUNKED* *UNKING* technique . STOP 
The experiment , *UNK* to many genetic *UNKS* , involved *UNK-* , a severe blood *UNK* resulting from a missing *UNK* gene . STOP 
It 's an *UNKED* human *UNKER* that 's been *UNKED* in *UNK* . STOP 
In the experiment , *UNK* with the defective gene were *UNKED* . STOP 
Three days later , before the new *UNK* had become *UNKED* in the *UNKS* , it was *UNKED* out of the mother *UNK* . STOP 
The *UNK* had *UNKED* only to a *UNK* of eight *UNKAL* cells . STOP 
One cell was *UNKED* out , and its *CUNK* *UNKED* . STOP 
Using the new technique developed by *CUNKS* Corp. , called the *UNK* chain reaction , the scientists rapidly made millions of copies of the section of *CUNK* that *UNKLY* contains the *UNK* gene , providing enough copies to test . STOP 
A genetic probe showed the *UNK* gene was missing , the researchers report in the medical journal *CUNK* . STOP 
In the report , two *UNK* *UNKS* suggest such *UNK* *UNKS* can be used by couples at high risk of passing a genetic *UNK* to a child . STOP 
For example , *UNK* couples who have the woman 's eggs *UNKED* in the test *UNK* usually have several eggs *UNKED* at a time . STOP 
When the *UNKED* cells *UNK* to eight cells , a single cell from each *UNK* can be tested for genetic defects . STOP 
A healthy *UNK* can be picked for *UNKION* and defective ones *UNKED* . STOP 
Or in other couples , the *UNK* could be temporarily taken out and tested three days after *UNKION* and returned if healthy , or *UNKED* if not . STOP 
*CUNK* *CUNKED* to *CUNK* *CUNKED* *CUNKS* STOP 
*CUNK* *CUNK* *CUNK* finds a *UNK* in the *UNK* world of *UNK* . STOP 
In the early 1970s , when the `` world food crisis '' was a major worry , Phillips Petroleum Co. , like several other big companies , began developing `` *UNK-* protein , '' *UNK* protein made by *UNKS* *UNKING* on *UNK-* materials . STOP 
Phillips found and improved a *UNK* , `` *CUNK* *UNKS* , '' which made protein from natural *UNKED* *UNK* . STOP 
It also could convert *UNK* from farm *UNKS* into *UNK* protein . STOP 
*CUNK-* protein never *UNKED* out , and most companies abandoned such research . STOP 
But Phillips *UNKED* , calling in scientists from the *CUNK* Institute . STOP 
They 've now *UNKED* the *UNK* to making *UNKLY* engineered drugs . STOP 
Like the bacteria used by genetic engineers , the *UNK* can take in human genes and *UNK* out human proteins for medical use . STOP 
But the *UNK* genetic *UNKS* is more like that of animals than the *UNKAL* genetic *UNKS* . STOP 
Thus , the proteins from the *UNK* are *UNKLY* more like human proteins than those from bacteria . STOP 
The oil company claims its *UNK* system also is better than bacteria at *UNK-* production of *UNKLY* engineered drugs . STOP 
Chiron Corp. , an *CUNK* , Calif. , biotechnology firm , is seeing if the Phillips *UNK* can be used to make its *UNKLY* engineered human proteins . STOP 
*CUNKING* *CUNK* *CUNKS* From *CUNK* the *CUNK* STOP 
*CUNK* *CUNK* vessels without *UNKING* *UNKS* into the body may come out of research at AT&T Bell Laboratories . STOP 
*CUNKS* , heart attacks , leg *UNKS* -LRB- *UNK* *UNKION* -RRB- and other problems stem from *UNKING* of the *UNKS* by *UNK-* deposits . STOP 
At present , doctors can see how badly an *UNK* is *UNKED* only by *UNKING* a thin *UNKER* into the *UNK* and *UNKING* a *UNK* that makes the *UNKS* visible on *CUNKS* . STOP 
A *UNK-* method is being *UNKED* by *UNK* *CUNK* *CUNK* at the AT&T unit . STOP 
It *UNKS* on the fact that certain *UNKS* give off *UNK* signals when *UNKED* to an intense magnetic field . STOP 
It 's the same phenomenon used in the new *CUNK* -LRB- magnetic *UNK* *UNKING* -RRB- *UNKS* being used in hospitals in place of *CUNK-* *UNKS* . STOP 
In the Bell *CUNKS* experiments , an *CUNK-* of machine , *UNKED* with the *UNK* via an *UNK* , rapidly *UNKS* a magnetic field on and off as blood *UNKS* a certain point in a *UNK* . STOP 
The rapidly *UNKING* return signals from *UNKED* *UNK* *UNKS* in the blood give a `` *UNKION* '' movie of the *UNKED* *UNK* , -LRB- like the `` *UNKION* '' seen in *UNK* *UNKS* when a *UNK* light is *UNKING* -RRB- . STOP 
The scientists have *UNKED* on the tiny neck *UNKS* of *UNKS* . STOP 
They 've been able to measure the *UNK* movements of the *UNK* wall as the *UNKING* heart raises and *UNKS* the pressure of the *UNKING* blood , a first for such tiny blood vessels , they report in *CUNK* , a scientific journal . STOP 
They now are *UNKING* with *UNKING* blood flow . STOP 
The ultimate hope is that the technique could identify *UNKED* vessels . STOP 
*CUNKS* and *CUNKS* STOP 
*CUNK* *CUNK* *UNK-* *UNKS* from *CUNK* indicate *UNK* wood *UNKS* did n't produce *UNKS* or *UNKS* , *UNKING* a theory the two *UNKS* today are coming from wood *UNKING* , General Electric Co. reports in Environmental Science & Technology magazine ... . STOP 
*CUNK* 40 % of *UNK* men have an *UNKED* sense of *UNK* vs. fewer than 10 % of *UNK* women , reports the American Journal of *CUNK* . STOP 
The Justice Department said it filed a lawsuit seeking more than $ 7.7 million from a Meredith Corp. unit on charges that the company *UNKED* the government on a contract to provide *UNKION* services for federal employees . STOP 
The suit , filed in federal trial court in *CUNK* *CUNKS* , Iowa , where Meredith is based , alleges that the diversified media company 's *UNKION* unit *UNKED* the government by *UNKING* the value of government employees ' homes . STOP 
The government contract required Meredith *CUNKION* Corp. to purchase employees ' homes based on independent *UNKS* . STOP 
The Justice Department alleges that the company `` engaged in various forms of *UNKION* '' with the goal of reducing the *UNKED* value of employees ' homes . STOP 
In the suit , the department seeks to recover $ 7.7 million in costs incurred when the government terminated its contract with Meredith *CUNKION* and sought other contracts to replace it . STOP 
The department also said it seeks `` three times the government 's damages , which are *UNKLY* *UNKED* , plus penalties . '' STOP 
Officials with Meredith did n't have any immediate comment on the suit . STOP 
Lloyd 's of London said it plans to *UNK* down on the ability of underwriting *UNKS* to leave their annual accounts open beyond the *UNK* three years . STOP 
*CUNKING* *UNKS* at Lloyd 's , the world 's largest insurance market , generally do n't close their accounts for three years , to allow for the filing of claims and litigation . STOP 
When such claims and litigation extend beyond the period , the *UNKS* can extend their accounting *UNKS* . STOP 
Lloyd 's said there are currently 115 open account years involving 68 of the market 's roughly *UNKN* *UNKS* . STOP 
The *UNK-* accounting practice `` is widely recognized within Lloyd 's as of serious concern '' to the *UNKN* member investors , who underwrite insurance at Lloyd 's in return for premium and investment income , Lloyd 's said . STOP 
The procedure causes `` great uncertainty '' because an investor ca n't be sure of his or her individual liability , Lloyd 's said . STOP 
As a result , the insurance market plans new measures to restrict the ability of syndicate officials to leave years open . STOP 
Lloyd 's said it expects to *UNK* new rules *UNKING* the changes by year end . STOP 
Under the new rules , the officials will have to secure additional information and reports from *UNKS* , including an assessment of whether officials have acted reasonably . STOP 
In addition , officials will have to get quotes for certain reinsurance contracts and obtain approvals from other syndicate directors . STOP 
Computer Associates International Inc. reported earnings for the second quarter , ended Sept. 30 , plummeted 66 % , primarily because of the acquisition of *CUNK* *CUNK* Inc . STOP 
The nation 's largest software company earned $ 9.6 million , or five cents a share , compared with $ 28 million , or 16 cents a share , a year earlier . STOP 
Revenue rose 5 % to $ *UNKN* million from $ *UNKN* million . STOP 
The drop in earnings had been anticipated by most Wall Street analysts , but the results were reported after the market closed . STOP 
Computer Associates closed at $ *UNKN* , down 25 cents , in composite trading on the New York Stock Exchange . STOP 
Anthony Wang , president , attributed the drop to the disruption of the company 's business resulting from the prolonged process of acquiring *CUNK* . STOP 
The acquisition was completed in September . STOP 
In August , the company warned investors that the acquisition was being delayed , and many customers were holding off on purchase decisions until the takeover was completed . STOP 
The delays mainly affected sales of data base management products , a core area for both Computer Associates and *CUNK* , as well as sales of other products as part of package sales . STOP 
*CUNKS* of this city soon will be seeing ads urging them to visit `` Cleveland 's *UNK* *UNK* '' -- Lake View *CUNK* . STOP 
Despite such famous *UNKS* as oil *UNK* John D. Rockefeller , Lake View *CUNK* has fallen on hard times . STOP 
So the *UNK-* *UNKAL* ground is trying to *UNK* itself with a television advertising campaign . STOP 
The ads *UNK* the *UNKS* of some of Lake View 's residents . STOP 
A spot *UNKING* Bill White , the *UNK* of *UNKING* *UNK* , shows a woman trying to *UNK* her *UNKED* *UNK* from a *UNK* of *UNK* . STOP 
Another *UNKS* on Charles *CUNK* , the first person to light a city *UNKLY* . STOP 
It shows a *UNK* *UNKING* *UNKS* at a street *UNK* . STOP 
Street *UNKS* , the ad points out , `` helped *UNK* the arm of many a *UNKING* baseball player . '' STOP 
*CUNK* officials hope the ads , which will begin airing next month , will not only draw visitors but bolster *UNKS* and *UNK* fund contributions . STOP 
Lake View had an operating deficit last year and has a poor reputation as an *UNK-* and *UNKED* *UNK* . STOP 
The private , *UNK-* *UNK* has had trouble competing against its *UNK-* counterparts , which use direct mail and other advertising to sell lots . STOP 
`` We do n't want to be known as *UNK* *UNKS* , '' says William *CUNK* , Lake View 's president . STOP 
`` We want people to think of Lake View as an historical park and educational experience ... . STOP 
A *UNK* place to come and spend a few hours . '' STOP 
Not all of the *UNK* 's *UNK-* *UNKS* lend themselves to the promotional job at hand , however . STOP 
For example , President James A. *CUNK* is *UNKED* here , the victim of an assassination in *UNKN* . STOP 
-LRB- Mr. *CUNK* notes , however , that the *CUNK* *UNK* is one of the nation 's premier *UNKS* of *CUNK* architecture . -RRB- STOP 
Mr. Rockefeller , *UNKED* *UNK* a *UNK-* *UNK* *UNK* , did n't seem right for an ad either . STOP 
The oil *UNK* , who spent his later years passing out *UNKS* to counter his *UNKING* image , `` is n't *UNKLY* *UNKING* , '' says Barry *CUNK* , creative director at *CUNK-* , *CUNK* , Ohio , which is producing the ads . STOP 
But there are plenty of other promising prospects at Lake View , *UNKS* believe : *CUNKEST* *CUNK* , for instance , who wrote `` When Irish *CUNKS* are *CUNKING* , '' and *CUNK* Morgan , the *UNK* of the gas *UNK* and the *UNKED* traffic light . STOP 
*CUNK* *CUNK* shares made a debut like *CUNK* White yesterday while most of the London stock market looked like it had *UNK* the *CUNK* *CUNK* 's *UNKED* apple . STOP 
In its first day of *UNKED* trading here , *CUNK* Disney soared like *CUNK* to close at *UNKN* pence -LRB- $ *UNKN* -RRB- , up 15 % from its *UNK-* offering price . STOP 
The overall London market , following Wall Street 's early *UNK* , took a late *UNKING* . STOP 
The Financial *CUNK-* Exchange *UNK-* Index plummeted *UNKN* points to close at *UNKN* . STOP 
Traders credited *CUNK* Disney 's share performance to the tremendous *UNKING* of the project that the shares are *UNKED* to help finance : Walt Disney Co. 's *UNK-* theme park 20 miles *UNK* of Paris . STOP 
The park is slated to open in 1992 . STOP 
`` The issue was very *UNKED* -- Disney is such a well-known , you can say world-wide , name , '' said *CUNK* *CUNK* , head trader of European equities at Kleinwort Benson Ltd. , which is making a market in the issue . STOP 
Mr. *CUNK* estimated that the issue 's London debut was accompanied by `` very , very heavy turnover -- between five million and six million shares . '' STOP 
Most of the buying was institutional , he added . STOP 
*CUNKAL* trading in the shares will start in London , Paris and Brussels on Nov. 6 , when the *CUNK-* *UNKED* offering , valued at the equivalent of nearly $ 1 billion , comes to market in the European Community . STOP 
U.S. investors will be permitted to buy the shares from EC investors 90 days later . STOP 
Because of the interest connected with the issue , the London exchange took the unusual step of letting traders establish an officially *UNKED* *UNKED* market . STOP 
A volatile , *UNUNK* `` gray '' market in the shares has been operating in Paris for about two weeks . STOP 
In contrast to the London performance , *CUNK* Disney there closed down three francs yesterday , at 79 1\/2 francs -LRB- $ *UNKN* -RRB- bid , but still about 10 % over the *UNK-* offering price . STOP 
`` A lot of people are getting hurt on this *UNKED* *UNKING* , '' cautioned *CUNK* *CUNK* , a London-based Salomon Brothers International Ltd. trader who makes a market in *UNKED* *CUNK* Disney shares . STOP 
`` There should be no great rush for investors to buy this . STOP 
A lot of big European banks , mostly French , and Swiss *UNK* accounts have been buying the stock just to *UNK* it '' for a quick profit , he said . STOP 
Albert *CUNKED* Jr. , a *UNK-* director and holder of a 9.5 % stake in the company , was named chairman of this maker of products for the construction equipment , material handling and railroad industries . STOP 
He succeeds *CUNK* White Jr. , 62 , who resigned but continues as a director . STOP 
Mr. *CUNKED* also is the managing partner of Albert *CUNKED* & Co . STOP 
Ford Motor Co. *UNKED* its battle with General Motors Corp. over Jaguar PLC by saying it is prepared to make a bid for all of the British auto maker when restrictions on its *UNKING* are lifted . STOP 
The statement was part of a Ford filing with the U.S. Securities and Exchange Commission . STOP 
Ford did n't say how much it might offer for Jaguar , or when . STOP 
The British government currently *UNKS* any outside investor from holding more than 15 % of the company 's shares without permission until Dec. 31 , STOP 
But with its stake in Jaguar , which it raised yesterday to *UNKN* % , Ford could *UNK* a special Jaguar shareholders ' meeting and urge holders to vote to drop the *UNKION* sooner . STOP 
A successful vote would put pressure on the British government to lift the *UNKION* . STOP 
`` We have not made that decision '' to seek a Jaguar special shareholders ' meeting , said *CUNK* *CUNKS* , a Ford spokesman in London . STOP 
He *UNKED* that the car maker only would bid for all of Jaguar under the right circumstances , and said `` those circumstances are n't right or possible at the moment . '' STOP 
Last month , Ford announced plans to acquire as much as 15 % of Jaguar . STOP 
Since then , Jaguar officials have confirmed that they are discussing an alliance with GM and said last week that they hoped to reach an agreement within a month . STOP 
Analysts have been expecting a *CUNK-* pact that would give the U.S. car maker an eventual 30 % stake in the British company and create joint ventures that would produce an *UNK-* range of cars . STOP 
But the *UNKER* of Ford eventually launching a *UNKED* bid could *UNUNK* the *CUNK-* talks . STOP 
Jaguar seems to be losing interest in giving GM a minority stake , said one individual close to the talks , adding , `` It would n't surprise me if -LCB- Jaguar executives -RCB- want to wait and see what the color of that -LCB- Ford bid -RCB- is '' first . STOP 
He predicted Ford officials will meet with Jaguar executives in the next week to *UNK* their proposed offer . STOP 
Sir John *CUNK* , Jaguar 's chairman , so far has refused to meet with Ford officials , but he is believed to be willing to consider a specific bid proposal . STOP 
As for GM , its `` *UNK* position has to be a full bid itself , '' said Stephen *CUNK* , European *UNK-* analyst at London brokers *CUNKS* & *CUNK* . STOP 
A Ford takeover of Jaguar would `` have such implications for the balance of power in the 1990s that General Motors ca n't afford to step aside . STOP 
They will have to throw their *UNK* in the *UNKING* . '' STOP 
A GM spokesman yesterday *UNKED* the company 's interest in acquiring a minority stake to help Jaguar remain independent . STOP 
A *UNKED* battle could mean Jaguar would fetch # 10 -LRB- $ *UNKN* -RRB- a share , or about # 1.8 billion -LRB- $ *UNKN* billion -RRB- , several analysts believe . STOP 
The prospect of such a takeover fight has sent Jaguar shares soaring in recent weeks . STOP 
U.S. *UNK-* speculators now own an estimated 25 % of Jaguar shares . STOP 
In a declining London stock market yesterday , Jaguar shares were down four pence from Monday in late trading , at *UNKN* pence -LRB- $ *UNKN* -RRB- a share . STOP 
In the U.S. , Jaguar 's American depositary receipts rose 12.5 cents in over-the-counter trading , to $ *UNKN* . STOP 
Both Ford and GM badly need a luxury brand to combat new competition from the Japanese in the European and U.S. markets . STOP 
And financially *UNKED* Jaguar has spent over a year looking for a rich *UNUNK* to provide cash and *UNKAL* *UNK-* . STOP 
The company has expressed a preference for GM over Ford because GM has promised it would keep Jaguar independent . STOP 
Ford 's need to acquire some or all of Jaguar became more *UNK* last week when it abandoned a four-year effort to market its *CUNK-* Merkur *CUNK* sedan as a European luxury import in the U.S. . STOP 
Then , last Friday , Ford 's talks about a possible alliance with *CUNK-* AB of Sweden collapsed . STOP 
GM 's interest in Jaguar reflects a desire to help *UNK* the U.S. company 's products in the growing luxury-car segment of the market . STOP 
Its *CUNK* line has a solid image and a recent string of highly successful new models , but it lacks Jaguar 's *UNK* . STOP 
GM officials also see a lot of potential in *UNKING* Jaguar 's cars to the *UNKAL* *UNK-* of Group Lotus PLC , a British engineering and specialty car maker GM bought in 1986 . STOP 
Texaco Inc. reported an 11 % increase in third-quarter earnings , which it attributed partly to the company 's massive restructuring after it emerged from bankruptcy-law proceedings 18 months ago . STOP 
Sun Co. also reported higher earnings . STOP 
Meanwhile , like many other oil companies hurt by *UNK-* *UNK* businesses , Mobil Corp. , Shell Oil Co. and Chevron Corp. reported lower quarterly earnings . STOP 
Texaco STOP 
Texaco 's exploration and production earnings improved as a result of its streamlining of those operations as it sold many of its marginal producing properties over the past 18 months . STOP 
An increase in production at some major oil fields in the North Sea , which had been knocked out by an *UNKION* in July 1988 , also aided results . STOP 
The sale of a portion of refining and marketing operations to Saudi Arabia helped *UNK* the decline in earnings from that business . STOP 
`` The company has been completely revamped , '' said Frank *CUNK* , analyst for Prudential-Bache Securities Inc . STOP 
Third-quarter net income at Texaco rose to $ *UNKN* million from $ *UNKN* million last year . STOP 
Revenue declined 3.4 % , to $ *UNKN* billion from $ *UNKN* billion . STOP 
Per-share earnings declined to $ 1.10 a share from $ *UNKN* a share , largely because of 21 million additional shares issued to retire $ 1 billion of debt . STOP 
Per-share earnings also *UNK* because of dividends on a new series of preferred stock . STOP 
Sun Sun Co. 's net income climbed 18 % to $ 85 million , or 80 cents a share , from $ 72 million , or 67 cents a share . STOP 
Revenue increased 11 % , to $ *UNKN* billion from $ *UNKN* billion . STOP 
Sun said some of the growth reflects higher earnings in the oil *UNKS* operation of *CUNK* , a *UNKED* Canadian subsidiary . STOP 
Chairman Robert *CUNKS* Jr. said the *UNK* crude oil production from the facility rose even as the price for that oil increased . STOP 
*CUNKS* exploration and production results also improved because of additional output from the North Sea *CUNKS* Field , a portion of which was acquired by Sun earlier this year . STOP 
Results declined , however , in Sun 's refining and marketing and coal businesses . STOP 
Shell Oil STOP 
*CUNKS* of Shell , a subsidiary of the Royal *CUNK* Group , tumbled $ 24 million , or 6.6 % , to $ *UNKN* million , despite a gain of $ 30 million from an insurance settlement . STOP 
President Frank *CUNK* attributed the decline to lower natural gas prices , which *UNKED* higher earnings from the crude oil sector of Shell 's exploration and production operation . STOP 
*CUNKING* away some of the gain in that unit was a decline in U.S. oil production to *UNKN* barrels of oil a day during the quarter from *UNKN* barrels a day last year . STOP 
Shell 's chemical earnings fell by $ 67 million , to $ *UNKN* million , reflecting lower margins and less demand for commodity chemicals . STOP 
Mobil STOP 
Net income at Mobil Corp. slipped 4.5 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue declined $ *UNKN* million , to $ *UNKN* billion . STOP 
Earnings included a one-time gain of $ *UNKN* million on a property transaction in Hong Kong . STOP 
Exploration and production profits slumped $ 40 million due to a provision for restructuring costs . STOP 
The restructuring will take place over a two-year period and will involve the transfer and *UNK* of employees in U.S. operations to reduce costs and focus efforts in other areas . STOP 
Last year , third-quarter earnings included a $ *UNKN* million gain from foreign tax rate changes and a loss from a $ 65 million *UNK-* of reserves . STOP 
Chevron STOP 
Chevron 's net income fell 0.7 % , to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Results included a $ 37 million gain from the sale of rights from Chevron 's investment in *CUNK* Inc. , and a loss of $ 30 million from the sale of California oil and gas properties . STOP 
Revenue rose 11 % , to $ 8 billion from $ 7.2 billion . STOP 
Chevron said higher crude oil prices boosted profits from production operations , but margins in refining and marketing declined . STOP 
*CUNKS* from U.S. exploration and production operations totaled $ 58 million , after the property sale loss , compared with a year-earlier $ 44 million loss that included a $ 16 million reorganization charge . STOP 
*CUNKING* and marketing operations earned $ 130 million in the quarter this year , compared with earnings of $ *UNKN* million a year earlier that included $ 18 million in charges for environmental programs . STOP 
Foreign earnings fell to $ 180 million from $ *UNKN* million that included a $ 48 million gain from lower Canadian and Australian taxes . STOP 
Chemical profits fell to $ 78 million from $ 98 million . STOP 
Jeff Rowe contributed to this article . STOP 
*CUNK* Inc. , continuing its effort to *UNKS* its business , ended its involvement in asbestos mining in the third quarter and said it would stop mining and selling coal by year end . STOP 
The mining , metal and *UNKAL* concern said combined revenue for asbestos and coal was about $ 40 million of the company 's total revenue in 1988 of $ *UNKN* billion . STOP 
Richard de J. *CUNK* , chairman , president and chief executive officer , said the company 's `` decisions to get out of asbestos and *UNK-* coal continue the process of *UNKING* and focusing the company in areas with a better future . '' STOP 
*CUNK* also reported third-quarter net income rose 14 % , to $ *UNKN* million , or $ 1.25 a share , from a restated $ *UNKN* million , or $ 1.10 a share , a year earlier . STOP 
*CUNK* said the gain reflected continued strength in prices for *UNKED* copper , lead and *UNK* , and higher equity earnings in Mexico *CUNK* Industrial *CUNK* S.A. , a Mexican mining company in which *CUNK* has a 34 % stake . STOP 
The 1988 results were restated for *UNKS* changes . STOP 
Sales rose 4.5 % to $ *UNKN* million from $ *UNKN* million . STOP 
In August , *CUNK* , through its *CUNK* *UNK* *UNK* Quebec subsidiary , sold its remaining one-third interest in an asbestos mining limited partnership in Canada for $ *UNKN* million . STOP 
*CUNK* said it plans to shut down or sell its *CUNK* coal mine and will end its involvement in southern Illinois strip mining . STOP 
The company said that it is discussing a *UNK-* buy-out of the facility , but that it would stop mining and selling coal at year end when existing sales contracts expire , regardless of the outcome of those talks . STOP 
In New York Stock Exchange composite trading , *CUNK* fell $ *UNKN* to close at $ *UNKN* . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
David W. *CUNK* was elected vice president and chief financial officer , effective Nov. 1 . STOP 
Mr. *CUNK* , 48 years old , a former finance executive at *CUNKER* *CUNKING* *CUNK* Co. and *CUNK* Corp. , succeeds Francis L. *CUNK* , 64 , who plans to retire from the company next year . STOP 
Carlos A. *CUNK* , vice president , pharmaceutical manufacturing , will assume responsibility for manufacturing in *CUNK* , Mich. , effective Nov. 1 . STOP 
Mr. *CUNK* , 53 years old , succeeds John C. *CUNK* , 57 , who is retiring as corporate vice president of pharmaceutical manufacturing . STOP 
*CUNK* is a world-wide provider of health-care products and services , seeds and *UNK* chemicals . STOP 
This Brooklyn , N.Y. , *UNK-* maker announced a 5 % stock dividend payable Dec. 15 , to holders of record Nov. 15 . STOP 
As of Sept. 30 , *CUNK* had 5.3 million common shares outstanding . STOP 
Jay *CUNKS* , president , said the move `` reflects the confidence of our board and management in *CUNK* 's long-term prospects and our desire to provide our shareholders with an attractive return on their investment . '' STOP 
In American Stock Exchange composite trading , *CUNK* closed at $ *UNKN* a share , up 6.25 cents . STOP 
Walter M. Brady was named a senior vice president of this insurer in the Canadian head office . STOP 
He had been vice president in that office . STOP 
John B. *CUNK* was named senior vice president and remains responsible for the individual policy services department . STOP 
Frank J. *CUNK* was named senior vice president in charge of the mortgage finance department . STOP 
He had been vice president of the department , which was formerly called the real estate department . STOP 
*CUNK* C. Brown , a vice president , was named executive vice president and a director of this *UNKING* and specialty products concern . STOP 
In the director post , Mr. Brown , 38 years old , succeeds Joseph W. *CUNK* , who retired from the board in August . STOP 
C. *CUNK* *CUNKER* , 49 , vice president and chief financial officer , was named senior vice president of corporate development and acquisitions , a new post . STOP 
*CUNK* J. *CUNKER* , 37 , vice president , secretary and treasurer , was named vice president of finance and chief financial officer . STOP 
He remains secretary . STOP 
Ronald B. *CUNK* , 55 years old , was named a senior managing director of the *CUNKAL* & Co. brokerage subsidiary of this insurance and financial-services firm . STOP 
Mr. *CUNK* will build the *UNK-* and investment-banking business of *CUNKAL* , which has primarily been a *UNKED* firm . STOP 
He was chairman and *UNK-* executive officer of *CUNK* , *CUNK* & Co. until July , when he was named *UNK-* of the investment-banking firm along with Howard L. *CUNK* Jr. , who then became the sole chief executive . STOP 
Yesterday , Mr. *CUNK* , 41 , said he was n't aware of plans at *CUNK* to name a *UNK-* to succeed Mr. *CUNK* and said the board would need to approve any *UNKS* or title changes . STOP 
Mr. *CUNK* added he was n't surprised Mr. *CUNK* resigned , but his departure was `` nothing that we *UNKED* or worked for . '' STOP 
Mr. *CUNK* said : `` I just got a tremendous offer from *CUNKAL* . STOP 
MCI Communications Corp. said it received a $ 12 million contract to provide *UNKAL* network services to *CUNK* Corp. 's *UNKN* corporate and retail sites in the STOP 
The contract also provides for advanced billing and network management services . STOP 
*CUNK* said it expects to expand *UNK* of the MCI services as it adds about 6,000 business locations over the next few years . STOP 
The Philippine merchandise trade deficit widened to $ *UNKN* billion during the first eight months of 1989 from $ *UNKN* million a year earlier . STOP 
*CUNKS* continued to *UNK* Philippine exports , despite gains in shipments abroad , the government National Statistics Office said . STOP 
*CUNKS* reached $ *UNKN* billion , up from $ *UNKN* billion a year earlier , while imports rose to $ *UNKN* billion from $ *UNKN* billion . STOP 
The trade deficit in the first eight months is already wider than the trade gap of $ *UNKN* billion for all of 1988 . STOP 
Analysts expect the trade gap for the year to *UNKS* $ 2 billion as demand for capital equipment and raw materials continues to push imports higher . STOP 
*CUNKER* Corp. said it signed a definitive agreement with *CUNK* *CUNK* Inc. , a *CUNK* Hill , N.J. , maker of health-care products , for the purchase of the company 's *CUNK* *CUNK* division for about $ 11 million . STOP 
*CUNKER* , a maker of electronic medical equipment , said the transaction is expected to close on or before Nov. 30 . STOP 
*CUNK* had 1988 sales of about $ 14 million , *CUNKER* said . STOP 
*CUNK-* , N.C. -- STOP 
First *CUNK* Corp. said John F. *CUNK* III will retire as president and chief executive officer of this regional banking company 's *CUNK* Corp. and *CUNK* Bank & Trust Co. subsidiaries on Dec. 31 . STOP 
Mr. *CUNK* , 62 years old , will be succeeded by *CUNK* `` *CUNK* '' Baker Jr. , 47 , the parent 's chief credit officer and head of its administration division . STOP 
Mr. Baker will *UNK* his previous positions , but a successor for him has n't been named yet . STOP 
In addition , on Jan. 1 , Thomas A. Bennett , 52 , will become vice chairman and chief operating officer of *CUNK* and *CUNK* Bank & Trust , filling a vacancy left by the retired *CUNKS* W. *CUNKS* in April . STOP 
Mr. Bennett will continue as executive in charge of the North Carolina banking operation . STOP 
Messrs. Baker and Bennett have been elected directors of *CUNK* and *CUNK* Bank & Trust filling vacant seats on both boards . STOP 
Canadian retail sales rose 0.2 % in August from July , Statistics Canada , a federal agency , said . STOP 
The August increase followed a 0.3 % decline in July . STOP 
During the past four months , retail sales have remained generally weak , *UNKING* an average 0.2 % a month , the agency said . STOP 
*CUNK-* production by the nation 's mills *UNKED* 0.7 % last week to *UNKN* tons from *UNKN* tons the previous week , the American Iron and Steel Institute said . STOP 
Last week 's output fell 1.7 % from the *UNKN* tons produced a year earlier . STOP 
The industry used *UNKN* % of its capability last week , compared with *UNKN* % the previous week and *UNKN* % a year ago . STOP 
The American Iron and Steel Institute reported : The capability utilization rate is a *UNKION* designed to indicate at what percent of its production capability the industry is operating in a given week . STOP 
With reduced exports and rising imports , South Korea 's trade *UNKS* with the U.S. and Europe between January and September fell sharply from a year ago , the *CUNKS* Administration said . STOP 
Officials said South Korea 's trade surplus with the U.S. for the first nine months of the year totaled $ *UNKN* billion , down 43 % from the same period last year on a *UNK-* basis . STOP 
South Korean exports to the U.S. during the period fell 1.6 % from a year ago to $ *UNKN* billion , while imports from the U.S. soared 26 % to $ *UNKN* billion . STOP 
The trade surplus with Europe was *UNKED* at $ *UNKN* million , down 57 % from a year ago . STOP 
Officials said South Korean exports to Europe dropped 5.3 % to $ *UNKN* billion while imports from there went up 17 % to $ *UNKN* billion . STOP 
*CUNK* & *CUNK* Inc. said its pharmaceuticals subsidiary agreed to supply *UNK* *UNKAL* *UNKS* for animal eye surgery to a unit of International *CUNKS* & Chemical Corp . STOP 
Terms were n't disclosed . STOP 
The agreement marks *CUNK* & *CUNK* 's first venture selling its eye care products for use by *UNKS* . STOP 
The *UNK* *UNKAL* shield helps speed *UNKING* of the *UNK* after eye surgery . STOP 
The product will be distributed by *CUNK-* Inc. , a subsidiary of International *CUNKS* . STOP 
France 's industrial production index for July and August rose 1 % from June and was up 4.6 % from a year ago , according to seasonally adjusted data from the National Statistics Institute . STOP 
The state agency , which usually publishes the data on monthly basis , but traditionally *UNKS* the index for the two *UNK-* months , said the advance was led by output of consumer goods , which rose 3.5 % from June and was up 7.2 % from a year earlier . STOP 
*CUNKED* goods turned in a strong showing , with a monthly rise of 2 % and a *UNK-* advance of 3 % . STOP 
Food production was ahead 1.7 % from June and 5.3 % from a year earlier . STOP 
*CUNK* in the *UNKS* sector was ahead 0.9 % on a monthly basis and 2.7 % year on year . STOP 
These gains were partly offset by output of cars and other consumer *UNKS* , which eased 3.9 % from June 's high level . STOP 
The sector was still 8.8 % above its output levels from a year earlier , however . STOP 
International *CUNKS* & Chemical Corp. said it agreed *UNKLY* to sell its international *UNK* business to *CUNKER* AG of West Germany . STOP 
Terms were n't disclosed . STOP 
The maker of animal health and *UNKION* products said the business , *CUNKS* *CUNKS* of *CUNK* *CUNKS* , Switzerland , and *CUNK* , N.Y. , is a division of its *CUNK* Inc. subsidiary and had sales of about $ 30 million for its most recent year . STOP 
International *CUNKS* said the sale will allow *CUNK* to focus its resources on its core businesses of medical products , specialty chemicals and *UNKS* . STOP 
Consumers Power Co. filed with the Michigan Public Service Commission a contract to buy power from the *CUNKS* nuclear plant under a proposed new ownership arrangement for the plant . STOP 
Consumers Power and *CUNK* Power Corp. last year announced a joint venture to buy the plant , currently owned completely by the utility . STOP 
Two Japanese scientists said they discovered an *UNK* that , in laboratory *UNK-* experiments , *UNKS* *CUNKED* cells while *UNKING* healthy cells . STOP 
If further experiments are successful , the work would represent a major advance in research on acquired immune *UNK* syndrome . STOP 
The drug AZT , the only treatment currently on the market , claims only to help stop the spread of AIDS , not to *UNK* it . STOP 
But several analysts and Japanese scientists familiar with the study , which was announced at a conference in *CUNK* yesterday , expressed *UNK* over the *UNK* of the results . STOP 
And the researchers themselves acknowledged they still must do much more work before they can say whether the treatment would actually *UNK* humans . STOP 
*CUNK* *CUNK* , a research scientist at the Tokyo Metropolitan Institute of Medical Science , said the *UNK* he discovered works by *UNKING* an *UNK* called a *CUNK-* , which is *UNK* of an infected cell . STOP 
The *UNK* then *UNKS* the cell . STOP 
Dr. *CUNK* and his partner , *CUNK* *CUNK* of *CUNK* University , said their experiments showed that the *UNK* *UNKED* out an average of 60 % of *CUNKED* cells within three days . STOP 
In some of the experiments , it killed almost all the infected cells , the researchers said . STOP 
Meanwhile , fewer than 10 % of the healthy cells were killed . STOP 
The two said they must still do more laboratory tests , then experiment on animals . STOP 
They said they hoped to conduct tests on human patients in the U.S. by late next year . STOP 
Japan does n't have enough AIDS patients to do significant *UNKION* in that country , they said . STOP 
The announcement got wide exposure in the Japanese media , and even moved some pharmaceutical stocks yesterday . STOP 
But *CUNK* *CUNK* , director of the *UNK* department at Japan 's National Institute of Health and secretary of the government 's *CUNK-* center , said , `` I 'm not so optimistic of its future use in *UNK* methods . '' STOP 
He said some infected cells may not have the relevant *UNK* and so would n't be killed even after exposure to the *UNK* . STOP 
`` The results seem to be very *UNK* , '' said *CUNK* *CUNK* , editor of Nikkei *CUNK* , a leading Japanese industry newsletter . STOP 
Dr. *CUNK* responded that he thought the *UNK* could potentially kill all infected cells . STOP 
But he and Dr. *CUNK* said there were still several uncertainties , particularly regarding possible side effects . STOP 
`` Our *UNK* specifically killed infected cells at a very low *UNK* , but it can also kill other cells , '' said Dr. *CUNK* . STOP 
`` We do n't know the effect of our *UNK* on the human body . '' STOP 
AIDS is n't considered a widespread problem in Japan -- the government reports about 1,000 known carriers of the virus -- but many companies have *UNKED* substantial resources into research in recent years , hoping to cash in on a possible *UNK* . STOP 
Dr. *CUNK* said about 35 projects are currently under way in Japan , and that Japanese researchers in the past year have made available three possible *UNKS* to American researchers for clinical tests . STOP 
He said that when scientists from the two countries meet again in January in New *CUNKS* , the Japanese will present at least three more drugs for human testing . STOP 
AZT is the world 's only *UNKION* medicine approved for *UNKING* the disease . STOP 
*CUNK* PLC , a major British pharmaceutical maker , sells the drug under the name *CUNK* . STOP 
A *CUNK* spokesman declined to comment on the discovery of the *UNK* in Japan . STOP 
But Andrew *CUNKER* , a *UNK-* analyst at Nikko Securities Co. in London , said if the product were to be successfully developed it would represent `` a potential threat to the long-term *UNK* of *CUNK* . STOP 
The following issues were recently filed with the Securities and Exchange Commission : STOP 
American Exploration Co. , offering of five million common shares , via Smith Barney , Harris Upham & Co. and Shearson Lehman Hutton Inc . STOP 
Chemical *CUNK* Management Inc. , proposed global offering of *UNKN* shares of common stock , of which seven million of the shares will be offered in the U.S. and *UNKN* shares will be offered overseas , via Merrill Lynch Capital Markets -LRB- domestic -RRB- and Kidder , Peabody & Co . -LRB- international -RRB- . STOP 
*CUNK* Corp. , proposed offering of $ 200 million of senior subordinated debentures , via Goldman , Sachs & Co . STOP 
*CUNK* Capital Corp. , *CUNK* Cable Systems *CUNK* and *CUNK* Cable Partners , offering of senior subordinated discount reset debentures , via Drexel Burnham Lambert Inc . STOP 
John *CUNK* & Co. , initial offerings of the *CUNK* California *CUNK* *CUNKS* Municipal Fund Inc. and the *CUNK* New York *CUNK* *CUNKS* Municipal Fund Inc. , via Alex . Brown & Sons Inc . STOP 
*CUNK* Inc. , initial offering of three million shares of its common stock , of which *UNKN* shares will be sold by the company and *UNKN* will be sold by holders , via *CUNK* Securities and Donaldson , Lufkin & Jenrette Securities Corp . STOP 
MGM Grand Inc. , proposed offering of six million shares of common stock , via Merrill Lynch . STOP 
*CUNK* Corp. , formerly called Old *CUNKION* Systems Inc. , offering of 1.2 million common shares , of which one million will be sold by the company , and the balance by holders , via Hambrecht & Quist and *CUNK* , *CUNK* & Co . STOP 
Scott Paper Co. , shelf offering of up to $ *UNKN* million of debt securities , via Goldman Sachs , Salomon Brothers Inc. and Smith Barney , Harris Upham . STOP 
Sullivan Graphics Inc. , offering of $ 110 million of senior subordinated notes , via Merrill Lynch . STOP 
Sun *CUNK* Inc. , initial offering of 1.7 million common shares , of which one million shares will be sold by the company , and the balance by a holder , via Salomon Brothers Inc. and *CUNKER* , *CUNK* & *CUNK* Inc . STOP 
*CUNK* *CUNKING* Co. , proposed initial offering of *UNKN* common shares , of which *UNKN* shares will be offered by the company and *UNKN* by holders , via *CUNKER* *CUNK* Securities Inc . STOP 
A # *UNKN* million -LRB- $ *UNKN* million -RRB- British Airways PLC rights issue *UNKED* badly -- the victim of recent market *UNK* and the collapse of the buy-out bid for United Airlines ' parent , UAL Corp . STOP 
The United Kingdom carrier had planned the issue to help finance its $ 750 million purchase of a 15 % stake in UAL . STOP 
But British Airways withdrew from the UAL labor-management buy-out plan last Friday , after the group failed to get bank financing for its $ 6.79 billion buy-out . STOP 
British Airways said its shareholders accepted only 6.3 % of the convertible capital bonds , but that the rest of the issue will be taken up by underwriters . STOP 
Analysts said that 6.3 % level marked the *UNKEST* showing for any major British rights issue since the 1987 global stock market crash . STOP 
`` It is close to being a record *UNKION* , '' said Bob *CUNK* , an analyst with London broker Smith New Court Securities . STOP 
`` Fund managers do n't like to have rights issues that do n't have an obvious reason . STOP 
The obvious reason was -LRB- for British Air -RRB- to buy a stake in United Airlines . '' STOP 
In a statement , British Air Chairman *CUNK* King said the company was `` obviously disappointed that the issue was not taken up , but it would have been *UNUNK* to expect a better result given the volatility of the stock market since the launch of the issue . '' STOP 
But except for the embarrassment , British Air will emerge relatively *UNKED* from the *UNKED* issue . STOP 
*CUNKS* led by *CUNK* Brothers & Co. will pick up the rest of the airline 's offer of four convertible capital bonds for every nine common shares . STOP 
*CUNK* and other primary underwriters have reduced or eliminated their exposure by *UNKING* the issue among U.K. institutional investors . STOP 
`` The -LRB- paper -RRB- loss here is very small '' for these *UNKS* , observed John Nelson , a *CUNK* managing director . STOP 
In any case , he added , `` most institutions probably wo n't sell '' the bonds . STOP 
And instead of buying the UAL stake , the U.K. carrier will be able to reduce its high debt level and build an acquisition war *UNKEST* . STOP 
`` From a cash flow point of view , British Airways is better off not being in United Airlines in the short term , '' said *CUNK* *CUNKS* , an analyst at Nomura Research Institute in London . STOP 
*CUNKED* another U.K. analyst : `` It gives them some cash in the back *UNK* for when they want to do something . '' STOP 
For instance , British Air is continuing to negotiate with *CUNK* Royal Dutch Airlines about each acquiring a 20 % stake in *CUNK* World Airlines , the air transport subsidiary of the *CUNK* national airline . STOP 
A definitive agreement had been expected by the end of July . STOP 
The failed rights issue also should have a modest impact on British Air shares . STOP 
The airline 's share price already is far below the *UNKN* pence -LRB- $ *UNKN* -RRB- level seen after the company announced the rights issue in late September . STOP 
In late trading on London 's Stock Exchange yesterday , the shares were off three pence at *UNKN* pence . STOP 
And because British Air is issuing convertible bonds rather than ordinary shares , the share price wo n't be directly hurt by any surplus left with underwriters after they try to sell the issue in the open market . STOP 
But British Air 's withdrawal from the UAL buy-out could have further *UNKS* . STOP 
Some analysts speculated yesterday that the move has set off a board room split , which may lead to the resignation of Sir *CUNK* Marshall , the carrier 's chief executive officer . STOP 
`` The stories are *UNK* , '' a British Air spokesman said . STOP 
`` There is no difference of opinion between -LRB- Chairman -RRB- *CUNK* King and Sir *CUNK* on any aspect of company policy . STOP 
*CUNK* *CUNK* has yet to meet hopes raised by Bush administration . STOP 
*CUNK* months ago , as some personnel specialists saw it , a perception that President Bush really *UNKED* about fair employment -- after what they said was eight years of *CUNK-* *UNK* -- was *UNKING* top management to raise hiring goals for *UNKS* , blacks and other minorities . STOP 
The perception *UNKS* , says an official at a major industrial company . STOP 
But so far , he declares , there 's little evidence the `` new *UNK* '' is *UNKING* down to the managers who actually do hiring . STOP 
`` Is there really a commitment or an *UNKION* of activity ? '' he asks . STOP 
The recruiting `` has n't *UNKED* , '' asserts Jeffrey Christian , who runs a search agency . STOP 
Samuel Hall , Howard University 's placement director , also does n't see it . STOP 
And he questions the White House *UNKION* . STOP 
`` I do n't think the Bush administration has done anything , '' he says . STOP 
*CUNKER* Donald Clark does note an increase in *UNKS* for minority candidates . STOP 
But some of the activity , he says , may reflect a rush to get `` numbers in order '' for *UNK-* reports . STOP 
*CUNK* *CUNK* *CUNK* *UNKS* mostly on boss 's *UNK* view . STOP 
Du Pont Co. in a couple of units has installed *UNK* tests based on earnings or return on equity . STOP 
Many companies have set up machinery to *UNK* workers a fair shake . STOP 
At most firms , though , it 's the immediate supervisor who decides the merit increases *UNKS* will be paid . STOP 
Managers have `` some very broad *UNKION* , '' says an official at Walt Disney Co . STOP 
Unocal Corp. 's top management sets guidelines , but line *UNKS* *UNK* up the merit *UNK* . STOP 
Lotus Development Corp. *UNKS* its *UNKS* into a computer , but only for storage ; the decisions are made by *UNKS* . STOP 
*CUNK* Foods Corp. *UNKS* for *UNKS* by *UNKING* increases on quarterly reviews , annual *UNKS* and meetings with workers . STOP 
At *CUNK* Technology Inc. , each supervisor 's recommendation must be approved by the next boss up the line , and then *UNKED* by a salary review committee . STOP 
*CUNK* *CUNK* fare best in U.S. when they give Americans more say . STOP 
University of Michigan researchers find the companies earn more and win a bigger market share when their American employees get a voice in planning , product development and design , including *UNKING* back in Japan . STOP 
`` You ca n't hire *UNK* Americans and say , ` Let them run only their own show , ' '' says *CUNK* *CUNK* , who headed the study run with *CUNK* *CUNKER* International , a search firm . STOP 
The researchers say many Japanese companies *UNK* in the U.S. by *UNKING* the American practice of hiring managers on the `` open market . '' STOP 
In Japan , by contrast , companies tend to develop their own talent and promote from within . STOP 
The Japanese also are accused of keeping their cards too close to their *UNKS* . STOP 
`` Some Japanese executives are not yet ... comfortable about *UNKING* strategic information with their American colleagues , '' the researchers say . STOP 
Americans stay longer with Japanese firms than American companies . STOP 
But they think promotions are limited . STOP 
THE *CUNK* votes down a proposal to put pension plans under the control of joint labor-management boards . STOP 
Some consultants had insisted it would n't work . STOP 
*CUNK-* care insurance gains favor . STOP 
More than half the people surveyed for the *CUNK* *CUNK* Research Institute say they would be willing and able to pick up most of the cost of the coverage . STOP 
*CUNK-* spending by small and *UNKED* employers has dropped to 25 % of payroll from 29 % three years ago , says the National Institute of Business Management , an advisory service . STOP 
*CUNK* *CUNK* over 50 years old take slightly less time than their younger colleagues to find a job -- *UNKN* months vs. *UNKN* for the *UNKS* -- *UNK* firm *CUNKER* , Gray & Christmas finds . STOP 
It 's the first time in the survey 's 15 years that the *UNK-* group came out ahead . STOP 
*CUNK* OF AIDS *UNKS* hiring at few hospitals . STOP 
*CUNKION* runs high . STOP 
*CUNK* *CUNK-* , who heads the AIDS program at New York City 's *CUNK* Hospital Center , ca n't find help . STOP 
`` I 've been recruiting every single day since it 's been identified that many AIDS patients come from the *UNKER* city , '' she says . STOP 
She was the only staff physician available to treat AIDS patients last summer and now she has the help of only two doctors part time . STOP 
Part of the problem , though , may reflect a general *UNKS* to work with the urban poor . STOP 
*CUNK* *CUNKAL* Hospital in Dallas says it has n't had any problem recruiting , even after a *UNK* contracted the virus while *UNKING* an AIDS patient . STOP 
`` I can tell you that nobody quit over it . STOP 
No one *UNKED* , '' a spokeswoman says . STOP 
St. Paul Medical Center , also in Dallas , sees only a `` minimal *UNKION* '' of support staff due to AIDS . STOP 
*CUNK-* *CUNK* Hospital sees no problem , says John *CUNK* , the chief of staff . STOP 
`` There are enough *UNKED* and *UNKED* individuals who know their responsibilities , '' he says . STOP 
THE *CUNK* : At least somebody gains on *UNKS* . STOP 
The Association of *CUNK* *CUNKING* *CUNKS* says the industry 's volume has soared *UNK* since 1980 , to $ 350 million a year ... . STOP 
And somebody *UNKS* on the expected repeal of Section 89 , the benefits test fought by most employers . STOP 
*CUNK* *CUNKS* says software producers had each invested hundreds of thousands of dollars in programs that now have no use . STOP 
Big gains for the *UNK-* Republicans party in *CUNK-* state municipal elections Sunday showed *UNKING* support for Chancellor *CUNK* *CUNK* in a traditional *UNKION* for his Christian Democratic Union . STOP 
With *UNKS* from most of the state 's major cities in by yesterday morning , the Republicans came away with 10 % of the vote in several of the key districts . STOP 
With many rural districts yet to report *UNKS* , election officials estimate support for Christian Democrats fell an average five percentage points *UNK* . STOP 
The *UNKER* Social Democrats and the environmental *CUNKS* party posted mixed results . STOP 
*CUNKED* by a former *CUNK* *CUNK* *UNK* and working from a *UNK* platform of *UNKER* rhetoric , the *UNKING* Republicans party has *UNKED* surprising gains in earlier elections in the states of West Berlin , *CUNK* and *CUNK-* *CUNK* . STOP 
With West German unemployment remaining high at two million *UNKS* and the lack of *UNK* housing becoming a primary issue for next year 's campaign , the Republicans are seen drawing support for their `` Germans First '' stand on *UNK-* issues . STOP 
*CUNKION* analysts *UNK* that a `` *CUNK-* '' coalition of Social Democrats and *CUNKS* could edge out Chancellor *CUNK* 's coalition in the December 1990 national election if support for the Republicans continues to spread . STOP 
International investigators urged Britain to allow prosecution of *UNKED* *CUNK* war criminals who took *UNK* there after *UNKN* . STOP 
Under current law , such *UNKS* are immune from prosecution for acts committed while not British citizens . STOP 
`` If we 're not careful we could become known as a *UNK* for war criminals , '' said Jeff *CUNKER* , a member of Parliament and one of several British politicians attending a London conference with government investigators from the U.S. , Canada and Australia . STOP 
A parliamentary inquiry found in July that more than 70 people living in Britain could have been part of death *UNKS* that *UNKED* *CUNKED* Eastern Europe . STOP 
Parliament is expected to discuss next month whether to change the law . STOP 
British investigations were prompted by a list of 17 alleged war criminals living in Britain sent to Prime Minister Margaret Thatcher in October 1986 by the *CUNK* *CUNKAL* Center in Los Angeles . STOP 
In a sign of easing tension between Beijing and Hong Kong , China said it will again take back illegal *UNKS* caught *UNKING* into the British colony . STOP 
China had refused to *UNK* citizens who *UNKED* into Hong Kong illegally since early this month , when the colony allowed a dissident Chinese *UNKER* to *UNK* to the U.S. . STOP 
About *UNKN* Chinese were *UNKING* *UNKION* yesterday . STOP 
Italy 's Foreign Ministry said it is investigating exports to the Soviet Union by an *CUNK* . C. Olivetti & Co. subsidiary called *CUNK-* that makes *UNKLY* controlled machine tools . STOP 
Although Italy 's investigation of whether Olivetti had violated Western *UNK-* rules had previously been made known , this marked the first time the unit and product were named . STOP 
The U.S. is worried about the *UNK* of Olivetti 's machine tools to military use . STOP 
However , an Olivetti spokeswoman said *CUNK-* , of which Olivetti sold the majority interest last year , `` does n't make equipment that has the type of *UNKION* necessary for sophisticated *UNKS* . '' STOP 
*CUNKS* say that *UNK-* fishing *UNKS* to *UNK* out much of the world 's *UNK* stocks in a few years . STOP 
But the Japanese *CUNKS* Association criticized moves to ban the practice in international waters . STOP 
`` It is really *UNUNK* for human *UNKS* to be *UNKED* by emotional discussions , '' the association said . STOP 
In *UNK* , or `` wall of death , '' fishing , *UNKS* lay *UNKS* up to three miles long that *UNK* almost everything in their path . STOP 
Earlier this year , Japan said it would cut the number of its *UNK-* vessels in the South Pacific by two-thirds , or down to 20 . STOP 
Workers at *CUNK* S.A. 's car plant at *CUNK* , in *UNK* France , voted to end a *UNK-* strike that has cost the *CUNK* group production of 60,000 *UNKS* , a company spokesman said . STOP 
The *UNKS* voted to accept a series of management proposals that will give them a higher basic wage , better *UNKING* benefits and bigger annual bonuses . STOP 
The spokesman said the vote at *CUNK* is expected to be followed by a similar move at the company 's assembly plant at *CUNK* , where the number of *UNKS* has been *UNKED* down to 80 . STOP 
About 8,000 National Union of *CUNKS* members resumed their strike against De Beers Consolidated *CUNKS* Ltd. after further negotiations to settle a wage dispute broke down . STOP 
*CUNKING* workers , who began striking five *UNK* mines on Oct. 13 , had returned to work last week when the union and De Beers arranged to reopen negotiations . STOP 
A De Beers spokesman said yesterday the company had offered to increase the minimum wage by 18 % , while the union was demanding *UNKN* % . STOP 
Before the two parties resumed talks last week , De Beers offered 17 % and the union wanted *UNKN* % . STOP 
China 's People 's Daily took note of the growing problem of computer fraud . STOP 
Since the first fraud was discovered in July 1986 at an office of the People 's Bank of China in *CUNK* , 15 major cases have been found , the paper said ; the biggest was the theft of $ *UNKN* from a bank in *CUNK* in March 1988 . STOP 
The number of computers has *UNKED* in recent years , with 10,000 in use , as well as 30,000 *UNK* models . STOP 
But security systems , effective management controls and regulations to *UNK* their use have not kept pace , the People 's Daily said . STOP 
Besides money , criminals have also used computers to steal *UNKS* and intelligence , the newspaper said , but it gave no more details . STOP 
Japanese tourists will be told to take care when *UNKING* earthquake damage in San Francisco , the Japan Association of Travel *CUNKS* said . STOP 
The association issued an advisory to its *UNKN* member agencies following a report from the Foreign Ministry that *UNKING* by Japanese tourists in *UNK-* areas was causing ill feeling among local residents ... . STOP 
*CUNKS* said *CUNK* 's *UNK* in Red Square will be closed from Nov. 10 to Jan. 15 for essential maintenance . STOP 
The red *UNK* *UNK* *UNKS* thousands of visitors daily . STOP 
*CUNKS* on rural *UNKS* rose 33 % between 1986 and last year , the National *CUNK* *CUNK* Safety Administration said in a report on the impact of the 65 *UNK-* speed limit on those roads . STOP 
The report to Congress said that *UNKS* rose 18 % in 1987 and 13 % in 1988 on rural *UNKS* . STOP 
The 1987 highway bill permitted states to raise the speed limit to 65 *UNK* from 55 *UNK* on interstate roads , which are defined as highways that pass through areas with fewer than 50,000 people . STOP 
Since 1987 , 40 states have increased the speed limit on rural *UNKS* . STOP 
`` About one-third of the *UNK* increase is attributed to greater travel , and about two-thirds is attributed to other factors -LCB- primarily to greater speed -RCB- , '' according to *CUNK* . STOP 
The report showed that deaths on urban interstate highways rose 7 % between 1986 and last year , while *UNKS* on *UNK-* roads were about the same in 1988 as in 1986 . STOP 
In states that raised the speed limit on rural *UNKS* , the *UNK* rate rose about 18 % to 1.7 deaths per 100 million miles *UNKED* between 1986 and 1988 . STOP 
In contrast , the *UNK* rate in the states that retained the 55 *UNK* limit was 0.9 last year , the same as in 1986 . STOP 
*CUNKED* *CUNKING* STOP 
-LRB- `` Food manufacturer changes *UNKING* of ` *UNK* ' to ` *UNK* , ' saying that 's the *UNKING* people now prefer . '' STOP 
-- *CUNK* Business *CUNK* -RRB- STOP 
Public preference is important , So product names should match up , And firms that find they 're lagging behind Should now take steps to *UNK* ! STOP 
-- George O. *CUNK* . STOP 
Judge Not STOP 
How easy it is To attack others ' views Without ever setting A foot in their shoes ! STOP 
-- G. Sterling *CUNK* . STOP 
*CUNKION* STOP 
*CUNKING* course : *UNKING* . STOP 
-- Thomas Henry . STOP 
In an Oct. 10 *UNK-* article , `` It 's the World Bank 's *CUNK* to *CUNK* , '' Paul Craig Roberts *UNKS* most of the blame for what *UNKS* developing countries at the *UNK* of the World Bank . STOP 
The article is , *UNKLY* , *UNK* with *OUS* *UNKS* . STOP 
One of Mr. Roberts 's *UNKS* is that the Bank 's own loan portfolio is in deep trouble because of its lending to developing countries . STOP 
This is just not so . STOP 
The reality is that Bank finances are rock solid . STOP 
As of June 30 , 1989 -- the day our past fiscal year came to a close -- only 4.1 % of the Bank 's portfolio was affected by *UNKS* of over six months . STOP 
This is an *UNKLY* low level . STOP 
Moreover , the Bank follows a *UNK* *UNKING* policy and has set aside $ 800 million against possible loan losses . STOP 
For the same fiscal year , by the way , the Bank 's net income was a robust $ 1.1 billion after provisions . STOP 
Because of the *UNK-* manner in which the Bank goes about development , financial markets have confidence in it . STOP 
This helps explain the triple-A rating enjoyed by our bonds and our ability to borrow $ *UNKN* billion in fiscal 1989 on the most *OUS* terms . STOP 
Another of Mr. Roberts 's *UNKS* is that Bank lending has done more harm than good `` by *UNKING* the wrong incentives and *UNKING* energy away from economic development . '' STOP 
Here , too , Mr. Roberts is way off the mark . STOP 
The reality is that Bank loans have been linked to policy improvements for 40 years . STOP 
Our traditional project loans have , for instance , supported *UNK* energy pricing in the power sector , sound interest-rate policies in the credit area and the operation of public utilities as efficient , *OUS* agencies . STOP 
By and large , these efforts have *UNK* fruit . STOP 
In my home region , Latin America , much of the existing infrastructure base -- an important building block for development -- has been financed by the World Bank . STOP 
Mr. Roberts also takes a *UNK* at the Bank 's adjustment lending . STOP 
What are the facts on this type of lending ? STOP 
The Bank has been making adjustment loans for 10 years . STOP 
As their name implies , these operations are linked to far-reaching policy reforms that aim at helping borrowing countries get back on the growth path and at *UNKING* their *UNKS* . STOP 
*CUNKLY* , these measures include reforms to *UNK* the role of government and *UNKS* in the economy , to open up *UNKING* economies to international competition and to promote the development of a vigorous private sector . STOP 
*CUNK* for the private sector has been a longstanding concern of the Bank 's . STOP 
Over the years , it has helped encourage investments by entrepreneurs in the Third World through its extensive credit operations and through loans and investments by the International Finance Corp . STOP 
Most recently , the Bank Group has been expanded to include the *CUNKAL* Investment *CUNK* Agency to *UNK* direct foreign investment in developing countries by offering guarantees against *UNKAL* risk and advice to member countries on how to improve their business climate . STOP 
These are not the actions of a development agency *UNK* to central planning and to the *UNKION* of investment decisions in the hands of government , as Mr. Roberts alleges . STOP 
Rather , they reflect the Bank 's *UNKED* , *UNK* approach , which aims at *UNKING* that developing countries put their *UNK* resources to the best possible use . STOP 
Francisco *CUNK-* Director , *CUNKAL* Affairs The World Bank STOP 
The government said it would *UNK* its enormous and *UNKED* food marketing and distribution network , *CUNK* *CUNKAL* de *CUNKS* *CUNKS* , or *CUNK* . STOP 
*CUNK* Director *CUNK* *CUNK* *CUNK* said the agency will sell *UNKN* *UNKED* *UNKS* and several *UNKION* plants and *UNKS* beginning early next year . STOP 
The agency will withdraw from the production of nine food products , maintaining production of the two most important ones , corn and milk . STOP 
Mr. *CUNK* also said *CUNK* will cut back subsidies to producers of *UNKAL* farm products and close retail outlets in wealthy neighborhoods . STOP 
The agency 's workers and private companies would be allowed to bid for the assets up for sale . STOP 
*CUNK* controls prices on agricultural goods and operates retail outlets where basic consumer items are sold at *UNKED* prices . STOP 
Business leaders have long criticized the agency as a leading example of *UNK* waste . STOP 
*CUNK-* leaders *UNKED* the *CUNK* restructuring . STOP 
But most economists doubt the streamlining would cut deeply into *CUNK* government *UNK* , which largely goes to reduce consumer prices for corn and milk . STOP 
The Food and Drug Administration banned all imports of *UNKS* from China in response to a *UNK* of *UNKING* *UNKS* linked to *UNKED* Chinese *UNKS* . STOP 
`` The agency has concluded that *UNKION* may be widespread throughout the *UNKING* industry in China , '' an FDA spokesman said yesterday . STOP 
The agency wo n't allow *UNKS* that were *UNKED* or *UNKED* in *UNK* at any Chinese plant to enter the U.S. until `` *UNK* *UNK-* measures are *UNKED* in China to prevent '' *UNKAL* *UNKION* . STOP 
On May 19 , the FDA began *UNKING* Chinese *UNKS* in *UNK-* *UNKS* after more than 100 people in Mississippi , New York and Pennsylvania became ill from eating *UNKED* *UNKS* . STOP 
In subsequent tests , the agency found *UNK-* *UNKS* from several Chinese plants to be *UNKLY* *UNKED* . STOP 
The *UNKS* were *UNKED* to *UNKS* *UNKS* , a type of bacteria that produces a toxin capable of *UNKING* the high temperatures used in *UNKING* *UNKS* . STOP 
A recall of the *UNKS* blamed for the food *UNKING* began in early March . STOP 
In 1987 , China *UNKED* 65 million pounds of *UNKS* , valued at $ 47 million , to the U.S. . STOP 
The shipments went mostly to *UNK-* distributors that supply *UNKS* and restaurants . STOP 
A spokesman for the Chinese *CUNK* here said that the Beijing government has taken `` many effective measures '' to stop the *UNK* *UNKION* and is further investigating the underlying causes . STOP 
He predicted the problem will be *UNKED* `` very soon . '' STOP 
Your Sept. 26 `` *CUNKS* & Policy '' article about William Bennett 's *CUNK* Drug Plan for Washington gives the impression that the FBI has not been nor is actively involved . STOP 
This is not the case . STOP 
The FBI is very *UNK* of and an active *UNK* in Mr. Bennett 's initiative . STOP 
It was agreed at the *UNK* of the Washington Drug *CUNK* that the FBI 's role would be to continue targeting the major drug *UNKS* through our National Drug *CUNK* . STOP 
Through these investigations we do not focus on the street drug user , but rather we target and attack major *UNKING* organizations that control a large segment of the drug market . STOP 
The trial of *CUNK* *CUNK* III in Washington serves to *UNK* our efforts in this area and the results achieved through our excellent working relationship with the Drug *CUNK* Administration and the Metropolitan Police Department -LRB- *CUNK* -RRB- . STOP 
The FBI 's role is to *UNK* the D.C. initiative through not only these major *UNKING* investigations , but also by providing a full range of services through various task forces and our contacts with local police *UNKS* handling *UNKED* crimes . STOP 
In fact , we have agents assigned full time to assist the *CUNK* in *UNKED* crimes such as *UNK* and other crimes of violence . STOP 
*CUNK* *CUNK* *CUNK* Director Office of Public Affairs Federal Bureau of Investigation STOP 
Ramada Inc. revised the terms of its restructuring and extended to Feb. 28 , 1990 , the deadline to complete the sale of its hotel business to New World Development Co. of Hong Kong and Prime Motor *CUNKS* Inc. of *CUNK* , N.J . STOP 
Ramada 's previous plan was *UNKED* by *UNKAL* in the junk-bond market that *UNKED* the offering of $ 400 million in high-yield securities of *CUNK* Corp. , the new company that will operate Ramada 's *UNKS* in Nevada and Atlantic City , STOP 
Under the new terms , New World will still pay $ *UNKN* million for Ramada 's hotel business , subject to adjustment at closing , but Ramada will now *UNK* New World for $ 10 million in expenses . STOP 
Prime will still manage Ramada 's domestic franchise system when the sale *UNKS* . STOP 
*CUNKED* terms call for each Ramada common share to be *UNKED* for $ 1 in cash , subject to possible reduction , and one share of *CUNK* common stock . STOP 
Shareholders will also receive one cent per share for the redemption of preferred stock purchase rights . STOP 
The cash *UNK* will be reduced by 40 % of any amount by which the *UNKED* mean price of Ramada 's common stock exceeds $ 14 on the day the transaction *UNKS* . STOP 
The provision will help provide for tax liabilities that may stem from the restructuring . STOP 
Ramada 's stock rose 87.5 cents on the news to close at $ *UNKN* in composite New York Stock Exchange trading . STOP 
The announcement *UNKED* some Wall Street observers ' fears that New World might demand a huge premium for the delay , or *UNK* the deal entirely . STOP 
The previous deadline to complete the sale was Nov. 30 . STOP 
One major advantage of the revised plan is that *CUNK* will have far less debt than under the old terms . STOP 
`` They 'll go from being one of the most leveraged to one of the least leveraged casino companies , '' said Daniel Lee , an analyst with Drexel Burnham Lambert Inc . STOP 
Mr. Lee values the package at between $ 15 and $ 20 a share , based on current trading prices of other *UNK-* stocks . STOP 
The *UNKED* restructuring , which was first announced in October 1988 , must again be approved by shareholders and state casino regulators in Nevada and New Jersey . STOP 
Financing plans include raising $ 170 million in debt secured by the company 's holdings in New Jersey . STOP 
In May , Ramada sold its *CUNK* *CUNKER* *CUNK* *CUNKS* Inc. unit to a group of private investors as part of its plan to focus on its *UNKS* in Atlantic City and in Las Vegas and *CUNK* , *CUNK* . STOP 
Bond prices took the high road and stock prices took the low road as worries mounted about the economy and the junk bond market . STOP 
The Dow Jones Industrial Average fell *UNKN* points to *UNKN* in sluggish trading . STOP 
But long-term Treasury bonds *UNKED* a modest rally , with prices on most issues rising about half a point , or $ 5 for each $ 1,000 face amount . STOP 
The dollar *UNKED* against other major currencies in *UNK* trading . STOP 
Traders and analysts said the *UNK* between the stock and bond markets is a sign of growing *UNUNK* about the economic outlook . STOP 
A *UNKING* economy *UNKS* corporate earnings and thus stock prices , but it *UNKS* bond prices as interest rates fall . STOP 
That *UNUNK* is expected to grow today when the government reports on September durable goods orders and again Thursday when the first assessment of third-quarter economic growth is released . STOP 
Analysts say they think durable goods orders fell about 1 % , compared with a 3.9 % gain in August , and that growth in the third quarter slowed to about 2.3 % from the second quarter 's 2.5 % . STOP 
The stock market 's decline , coming after a record weekly gain of *UNKN* points , surprised some investors . STOP 
But *CUNK* Moore , director of research at *CUNKS* Research , said last week 's rally was a *UNK* reaction to the Oct. 13 stock market *UNK* . STOP 
Overall , he said , the trend in stock prices will be down as the economy *UNKS* . STOP 
`` We think we 're on target in looking for renewed economic deterioration , '' he said . STOP 
`` Corporate profits are going to decrease faster than interest rates will fall , and the *UNK* is that we 'll see negative economic growth in the fourth quarter . '' STOP 
*CUNK* Johnson , chief investment officer at First *CUNK* Corp. , agreed that a deteriorating economy is *UNK* , but he said the real concern among stock investors is that some new problem will crop up in the junk bond market . STOP 
In major market activity : Stock prices slumped in sluggish trading . STOP 
Volume on the New York Stock Exchange totaled *UNKN* million shares . STOP 
*CUNKING* issues on the Big Board were ahead of gainers , *UNKN* to *UNKN* . STOP 
Bond prices rallied . STOP 
The yield on the Treasury 's benchmark 30-year bond slipped to *UNKN* % . STOP 
The dollar weakened against most other major currencies . STOP 
In late New York trading , the dollar was quoted at *UNKN* marks and 141.90 yen , compared with *UNKN* marks and *UNKN* yen late Friday . STOP 
The Wall Street Journal `` American Way of Buying '' *CUNK* consists of two separate , *UNK-* nationwide polls conducted for the Journal by Peter D. Hart Research Associates and the *CUNKER* Organization . STOP 
The two surveys , which asked different questions , were conducted using national random *UNK* *UNKS* . STOP 
The poll conducted by Peter D. Hart Research Associates interviewed *UNKN* adults age 18 and older from June 15 to June 30 , 1989 . STOP 
The poll conducted by the *CUNKER* Organization interviewed *UNKN* adults age 18 and older from July 7 to July 15 , 1989 . STOP 
*CUNKS* were *UNKED* on the basis of age and *UNKER* to *UNK* with U.S. *CUNKS* data . STOP 
For each poll , the odds are 19 out of 20 that if *UNKS* had sought to survey every household in the U.S. using the same *UNK* , the findings would *UNKER* from these poll results by no more than 2 1\/2 percentage points in either direction . STOP 
The margin of error for *UNKS* -- for example , married women with children at home -- would be larger . STOP 
In addition , in any survey , there is always the chance that other factors such as question *UNKING* could introduce errors into the findings . STOP 
-LRB- *CUNK* related story : `` The American Way of Buying : Is Buying a Car a *CUNK* or a *CUNK* ? -- STOP 
*CUNKLY* , American Airlines ' attempt to lead industry prices higher was reported in the same issue as your survey showing that consumers had the least confidence in the airline industry -LRB- Sept. 20 -RRB- . STOP 
You *UNK* Robert *CUNK* , chairman of American 's parent , AMR Corp. , as having said that discount deals for big customers would be `` *UNK* '' because `` you will go to Detroit because you have to go to Detroit whether the fare is $ *UNKN* , $ *UNKN* or $ *UNKN* . '' STOP 
Even if Mr. *CUNK* is correct , he of all people must realize our society *UNKS* on competition to keep prices at a competitive level . STOP 
In 1986 , he settled an antitrust suit based on a taped telephone conversation of him proposing to *CUNK* 's president that they both raise fares 20 % . STOP 
-LRB- *CUNK* declined -RRB- . STOP 
When I asked American Airlines for its side of the story for use in my *CUNK* class , where I *UNK* business ethics , it did not respond . STOP 
Perhaps the ethics of an industry 's leader *UNKS* down and is one of the factors that ultimately *UNKS* consumer trust in that industry . STOP 
Arnold *CUNKER* *CUNK* *CUNK* Ohio State University STOP 
Meredith Corp. is launching a new service to offer advertisers package deals combining its book , magazine and *UNK* products . STOP 
The *CUNK* *CUNKED* publisher said it created a new *CUNK* Marketing Group that will offer advertisers special rates for combination packages in its magazines , such as *CUNKS* Home Journal and Better *CUNKS* and Gardens . STOP 
In addition , the group will create *UNKED* media such as *UNKS* , newspaper *UNKS* and *UNKS* for ad campaigns . STOP 
Earlier this year , Meredith sold its first such package for $ 3 million to Kraft Inc. , now a unit of New York-based Philip Morris *CUNK* . STOP 
The Kraft package included a *UNKLY* published *UNK* , a national *UNKING* *UNK* in Sunday newspapers , and a Kraft `` *UNKAL* '' section that ran in five Meredith magazines . STOP 
Kraft recently agreed to spend an additional $ 3 million on similar programs through 1990 . STOP 
Bill Murphy , director of the new marketing unit , said Meredith is negotiating other *UNK-* packages with leading companies in several product categories , but he would n't disclose their names . STOP 
*CUNKS* close to the company and ad agencies that work with Meredith said leading advertisers in consumer electronics , packaged goods and automotive products were among those negotiating ad packages with the Meredith group . STOP 
Other magazine publishing companies have been moving in the same direction . STOP 
The New York Times Co. 's Magazine Group earlier this year began offering advertisers extensive *UNKING* services built around buying ad pages in its *CUNK* *CUNKEST* magazine . STOP 
Time Warner Inc. recently formed a `` *UNK* department '' to seek out ways to offer advertisers packages that could combine Time 's magazines with Warner products such as *UNKS* . STOP 
Paul *CUNK* , director of media services at *CUNK* Advertising , said Meredith is the leader in providing *UNK* packages . STOP 
`` They may get passed up later when other publishers get their acts together , but for now they are the *UNKEST* offering the most extensive plan , '' he said . STOP 
Mr. Murphy of Meredith said one *UNKER* , which he would n't identify , wants Meredith to provide ad pages in seven Meredith magazines , publish an *UNKING* book that will be distributed at point of purchase , give away a *UNK* on *UNKION* *UNKS* , and possibly use Meredith 's Better *CUNKS* and Gardens ' residential real-estate agents to distribute *UNK-* books to new homeowners . STOP 
`` Five years ago , magazine publishers would simply bid on an *UNKER* 's big ad schedule for their magazine , '' said Mr. Murphy . STOP 
`` But the marketplace changed . STOP 
*CUNKS* now say ` *CUNK* us improve our image and extend our selling season . ' STOP 
They are coming to publishers looking for ideas . STOP 
Your Sept. 21 article `` It 's So *CUNK* to *CUNK* *CUNKED* When Buying a Small *CUNK* '' was excellent . STOP 
I 've been advising small businesses many years and have lived with the fact that 50 % will go out of business within two years , and 80 % in five years . STOP 
The economic loss , jobs lost , *UNK* , frustration and *UNKION* are beyond measure . STOP 
And most of these are absolutely unnecessary . STOP 
Your article points out the *UNKS* people fall into , but when reviewing those *UNKS* one sees just about all of them could have been avoided . STOP 
An *UNK* did not review the seller 's books before buying a business . STOP 
`` I guess I was *UNK* , '' he said . STOP 
There is a more *UNK* word to describe his *UNK* of common sense . STOP 
Corporate managers who want to start their own business are the highest failure risks . STOP 
They know all the answers and are not used to working more than 40 hours a week . STOP 
The *UNK-* worker who decides to start a business will listen and take advice . STOP 
His *UNK* gives him a much better chance of success . STOP 
A few months ago your paper reported the results of a study to determine why *CUNKS* who arrive in this country without any money , and unable to speak English , become overnight *UNKS* . STOP 
Their `` secret '' is that they *UNKER* a small group of advisers around them , listen to what they have to say , prepare a business plan and they are on their way . STOP 
*CUNK* American business owners do the same thing . STOP 
Unfortunately , they are in the minority . STOP 
*CUNKING* failure is easy . STOP 
It 's *UNUNK* so many must learn the hard way . STOP 
Daniel B. *CUNKLY* Tucson , *CUNK* . STOP 
The management turnover at Reebok International Ltd. continued with the resignation of company president C. Joseph *CUNK* , who joined Reebok just two years ago . STOP 
Mr. *CUNK* 's departure follows by two months the resignation of Mark *CUNK* as senior vice president and chief marketing officer after only 11 months at Reebok . STOP 
The resignations by the two executives , considered *UNKING* and *UNK* by Reebok insiders , reflect a difference in style with Paul Fireman , chairman and chief executive , according to several former executives . STOP 
The two executives are among a number of outsiders *UNKED* by Reebok in the past few years to help it make the transition from a small start-up company to a marketing giant with sales last year of $ *UNKN* billion . STOP 
The changes come as Reebok , which grew rapidly in the *UNKS* but has seen its sales *UNK* of late , is seeking to regain momentum in the *UNK-* business against rivals *CUNK* Inc. and *CUNK* *CUNK* Inc . STOP 
The *UNKS* , said *CUNK* Ruth , an analyst at *CUNK* Securities in San Francisco , should enable the company to focus on business issues instead of management differences . STOP 
`` I think it 's more an issue of style . STOP 
I would view it as a net positive . STOP 
The company can go about its business . STOP 
They 're in the midst of a turnaround , '' she noted . STOP 
Earnings have rebounded in 1989 after a 20 % decline last year . STOP 
A former executive agreed that the *UNKS* do n't reflect major problems , adding : `` If you see any company that grows as fast as Reebok did , it is going to have people coming and going . '' STOP 
Reebok said Mr. *CUNK* will resume the presidency of *CUNK* Group Inc. , a *CUNKED* venture capital firm that he founded in 1983 . STOP 
Before that he was president and chief operating officer of *CUNK* *CUNK-* Film Corp . STOP 
Reebok added that Mr. Fireman will assume the title of president . STOP 
A spokesman said that neither Mr. Fireman nor Mr. *CUNK* would be available for comment . STOP 
`` We will not be *UNKING* beyond the news release , '' the spokesman said . STOP 
Mr. *CUNK* , who had been president of *CUNK* Inc. 's *CUNK* *CUNK* division before joining Reebok in September 1988 , left in August to pursue other interests . STOP 
Magazine publishers are facing *UNKING* costs and a *UNK* of new *UNKS* . STOP 
But even a *UNK* of recent failures is n't *UNKING* them from launching new publications . STOP 
At the American Magazine Conference here , publishers are plenty worried about the industry 's *UNKS* . STOP 
But they are also talking about new magazines . STOP 
For example , Toronto-based *CUNK* Inc. will publish *CUNKING* Well , a new food and health magazine due out next summer . STOP 
New York-based *CUNK* Corp. this fall plans to publish its first issue of 9 *CUNKS* , a magazine for *UNK* *UNKS* , and has already launched American Home . STOP 
And Time Warner Inc. is developing a spinoff of Time magazine aimed at kids , on the heels of its successful Sports *CUNKED* for *CUNKS* . STOP 
Over the past four years , the number of consumer magazines has increased by an average of 80 magazines annually , according to Donald *CUNK* , president of the Magazine *CUNKS* of America . STOP 
`` This is an impressive show of *UNK* in the future of the magazine industry , '' said Mr. *CUNK* . STOP 
`` *CUNKS* do n't rush to get into a *UNK* or declining industry . '' STOP 
And despite the recent tough advertising climate , industry figures released at the meeting here indicate things may be turning around . STOP 
For the first nine months , advertising pages in consumer magazines tracked by the *CUNKS* Information Bureau increased 4 % from the same period last year , to *UNKN* pages . STOP 
Total magazine ad revenue for the same period increased 12 % to $ 4.6 billion . STOP 
Though for some magazines categories a tough advertising climate *UNKS* , the industry in general is doing well compared with the newspaper industry . STOP 
Though some magazines are *UNKING* , the magazine publishing industry remains a risky business . STOP 
Within the same nine months , News Corp. closed down In *CUNKION* , a *UNKING* young woman 's fashion magazine , *CUNK* Publications Inc. has *UNKED* the *UNKED* *CUNK* magazine , and Lang Communications has announced Ms. magazine , after 17 years , will no longer carry advertising as of January . STOP 
Lang is cutting costs and will attempt to operate the magazine with only *UNKION* revenue . STOP 
Meanwhile , American Health Partners , publisher of American Health magazine , is deep in debt , and Owen *CUNK* , founder and managing partner , is being forced to sell the magazine to *CUNKER* 's *CUNKEST* Association Inc . STOP 
Mr. *CUNK* 's absence from the meeting here raised speculation that the sale is in trouble . STOP 
Mr. *CUNK* said in a telephone interview from New York that the sale was proceeding as planned . STOP 
`` The magazine is strong . STOP 
It 's simply the right time to do what we are doing , '' Mr. *CUNK* said . STOP 
`` *CUNKS* can no longer be considered institutions , '' said James *CUNK* , president of Meredith Corp. 's magazine group . STOP 
`` *CUNKS* will find that some magazines have served their purpose and should die , '' he added . STOP 
`` *CUNKS* could , like other brands , find that they have only a limited life . '' STOP 
There are also indications that the number of magazine entrepreneurs , traditionally *UNKED* upon to break new ground with potentially risky *UNKS* , are *UNKING* . STOP 
More than ever , independent magazines and small publishing groups are being *UNKED* up by larger publishing groups , such as American Express *CUNKING* Corp. , a unit of American Express Co. , and *CUNK* *CUNK* Publications Inc. , a unit of *CUNK* Publications Inc. , which are *UNKING* in order to gain leverage with advertisers . STOP 
Some entrepreneurs are still active , though . STOP 
*CUNK* *CUNK* , president of New York-based Network *CUNKING* Corp. , earlier this year sold his *CUNK* *CUNK* *CUNKEST* magazine to *CUNK* *CUNK* 's News Corp . STOP 
Mr. *CUNK* said that in the next six months he will take $ 50 million from the *CUNK* *CUNK* *CUNKEST* sale to acquire new magazines . STOP 
He would not reveal which magazines he is considering . STOP 
`` The magazines I am looking for are *UNKED* , '' said Mr. *CUNK* . STOP 
`` They could be old or new , but they are magazines whose editorial quality needs to be improved . STOP 
They will be the next hot magazines . STOP 
MCA Inc. said its *UNKING* unit agreed to buy *CUNK* *CUNK* Corp. , producer of a line of toy vehicles and *UNK* products . STOP 
The price was n't disclosed , but an executive of *CUNK* *CUNKS* Ltd. , the MCA unit , said the closely held *CUNK* *CUNK* had annual sales in excess of $ 20 million . STOP 
The *UNK-* *CUNK* *CUNK* concern , based in New York , designs and *UNKS* *UNKS* under the names `` *CUNK* *CUNK* '' and `` My First *CUNK* , '' he said . STOP 
MCA said it expects the proposed transaction to be completed `` no later than Nov. 10 . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* NATIONAL *CUNK* *CUNK* at 3 p.m. EDT , Oct. 8 , 1974 , and was promptly *UNKED* under new owners to shore up confidence in other banks during a recession . STOP 
Arthur *CUNKS* , Federal Reserve Board chairman , said the government 's `` *UNK* '' in keeping the bank open -- despite being the *UNKEST* U.S. bank failure -- prevented `` shock waves around the country and around the world . '' STOP 
Federal officials who had been *UNKING* the bank for months arranged a merger with *CUNK-* Bank & Trust , owned by six foreign banks , to *UNK* the *UNK* . STOP 
And federal insurance protected the bank 's *UNKN* *UNKS* . STOP 
The crisis had peaked on May 10 , 1974 , when the bank disclosed `` severe '' foreign-exchange losses due to `` *UNKED* '' trading . STOP 
*CUNK* withdrawals followed and there was a brief rescue attempt , with political *UNKS* , including $ *UNKN* billion in Federal Reserve loans . STOP 
Within six years many figures were convicted for their illegal abuse of Franklin funds . STOP 
In June 1980 , *CUNK* *CUNK* -- an Italian financier who in July 1972 had bought a 22 % block of Franklin 's stock from *CUNKS* Corp. , headed by *CUNK* A. *CUNK* -- was sentenced to 25 years in prison after being convicted of fraud and *UNK* . STOP 
*CUNKED* was the charge that *CUNK* *UNKED* $ 45 million of Franklin funds for his other ventures . STOP 
-LRB- *CUNK* in 1979 *UNKED* his `` *UNKING* '' for 2 1\/2 months to delay his trial . -RRB- STOP 
During 1976 to 1979 , other former Franklin officials either pleaded guilty to or were found guilty of violations including *UNK* transactions to hide the bank 's losses . STOP 
*CUNK* , the *UNK* Vatican financial adviser with reported links to the *CUNK* , died on March 22 , 1986 , at age 65 , reportedly after drinking *UNKED* coffee in an Italian prison . STOP 
It happened four days after he was sentenced to life in prison for ordering a 1979 murder . STOP 
Italian *UNKS* *UNKED* his death a *UNK* . STOP 
In a *UNK* office building south of Los Angeles , human behavior is being monitored , *UNKED* and , ultimately , *UNKED* . STOP 
A *UNKLY* line *UNKS* across a video screen , *UNKING* *UNKLY* as subjects with *UNK-* computers *UNKER* their *UNK-* reactions to a *UNKER* 's remarks . STOP 
*CUNK* , *UNKAL* , *UNK* and *UNKION* all can be *UNKED* from the subjects ' *UNK* of a *UNKAL* . STOP 
In another experiment , an elaborate chart with color *UNKS* *UNKS* how people 's opinions were *UNKED* -- and how they can be *UNKED* . STOP 
Donald *CUNK* , who oversees the experiments , is n't some *UNKED* researcher . STOP 
He heads Litigation Sciences Inc. , the nation 's largest legal consulting firm , which is helping corporate America prepare for *UNKS* litigation by predicting and *UNKING* jurors ' reactions . STOP 
In the process , Litigation Sciences is quietly but *UNKLY* *UNKING* the world of law . STOP 
Little known outside the legal world but a *UNK* within , Litigation Sciences , a unit of Saatchi & Saatchi PLC , employs more than 100 *UNKS* , *UNKS* , marketers , *UNK* artists and technicians . STOP 
*CUNK-* of its workers are *CUNK* *CUNK* . STOP 
Among other services , the firm provides *UNKAL* opinion polls , creates *UNKS* of `` ideal '' jurors , sets up *UNK* trials and `` shadow '' *UNKS* , *UNKS* lawyers and witnesses , and designs courtroom graphics . STOP 
Much like their *UNKS* in political consulting and product marketing , the litigation advisers encourage their clients to play down complex or *OUS* matters , *UNK* their messages and provide their target audiences with a psychological *UNKING* to make the *UNKED* choice . STOP 
With jury *UNKS* getting bigger all the time , companies are increasingly willing to pay huge *UNKS* for such advice . STOP 
Recently , Litigation Sciences helped Pennzoil Co. win a $ 10.5 billion jury verdict against Texaco Inc . STOP 
It advised the National Football League in its largely successful defense of antitrust charges by the United States Football League . STOP 
And it helped win defense *UNKS* in *UNK-* suits involving scores of products , ranging from *CUNK* 500 tires to the *UNK-* drug *CUNK* . STOP 
*CUNKLY* as a result , Litigation Sciences has more than doubled in size in the past two years . STOP 
Its 1988 revenue was $ 25 million . STOP 
Meanwhile , competitors are being *UNKED* almost daily ; some 300 new businesses -- many just *UNK-* shops -- have *UNK* up . STOP 
Mr. *CUNK* estimates the industry 's total revenues approach $ 200 million . STOP 
In any *UNKS* case , you can be sure that one side or the other -- or even both -- is using litigation consultants . STOP 
Despite their *UNK* , the consultants are n't entirely welcome . STOP 
Some lawyers and *UNKS* see the social scientists ' vision of the American jury system as a far *UNK* from the ideal presented in *UNKS* *UNKS* and *UNKED* on the movie screen . STOP 
In the film classic `` *CUNK* *CUNK* *CUNK* , '' the *UNK* of *UNKS* *UNKS* each *UNK* 's bias and *UNKS* it from playing a role in the verdict . STOP 
After hours of conflict and debate , that jury *UNKS* on the facts with *UNK-* *UNK* . STOP 
In real life , jurors may not always work that way , but some court observers question why they should n't be encouraged to do so rather than be *UNKED* not to . STOP 
Litigation consulting is , as New York trial attorney Donald *CUNKER* puts it , `` highly *UNK* . '' STOP 
He adds , `` The notion they try to sell is that *UNKS* do n't make decisions *UNKLY* . STOP 
But the effort is also being made to try and cause jurors not to decide things *UNKLY* . STOP 
I find it *UNKING* . '' STOP 
But Mr. *CUNKER* also acknowledges that consultants can be very effective . STOP 
`` It 's gotten to the point where if the case is large enough , it 's almost *UNK* not to use them , '' he says . STOP 
Others complain that the consultants ' growing influence *UNKS* the advantage of *UNKS* wealthy enough to afford such *UNK* services . STOP 
`` The affluent people and the corporations can buy it , the poor *UNKS* -LCB- in political cases -RCB- get it free , and everybody in between is at a *UNK* , and that 's not the kind of system we want , '' says *CUNK* *CUNK* , a prominent *UNK* who *UNKS* at George Washington University . STOP 
*CUNKED* trial consulting grew , *UNKLY* , from the radical political movements of the 1960s and 1970s before finding its more lucrative calling in big commercial cases . STOP 
The *CUNK* 7 trial in 1972 , in which Daniel *CUNK* and others were charged with *UNKING* *UNKED* violence , was a *UNK* . STOP 
In that case , a group of *UNKING* *UNKS* interviewed *UNKN* registered voters around *CUNK* . STOP 
The researchers discovered that *CUNKS* , *CUNKS* , *CUNKS* and *UNK* *CUNKS* were nearly always against the defendants ; the lawyers resolved to try to keep them off the jury . STOP 
The defense also learned that *UNKED* people were *UNKLY* conservative about the Vietnam War . STOP 
A more *UNK-* panel became a second aim . STOP 
*CUNKLY* , that carefully picked jury *UNKED* with a *UNKN* vote to *UNK* , and the prosecution decided not to *UNK* the case . STOP 
Litigation consulting had arrived . STOP 
The *UNKING* science went corporate in 1977 when International Business Machines Corp. hired a marketing professor to help defend a complex antitrust case . STOP 
The problem for IBM trial lawyers Thomas *CUNK* and David *CUNKS* was how to make such a highly technical case *UNUNK* . STOP 
As the trial *UNKED* , they were eager to know if the jury was keeping up with them . STOP 
The solution *UNKED* by the professor was to hire six people who would *UNK* the actual jury *UNKLY* , sit in on the trial and report their reactions to him . STOP 
He then *UNKED* Messrs. *CUNKS* and *CUNK* , who had the chance to *UNK* their next day 's *UNKION* *UNKLY* . STOP 
Thus , the `` shadow '' jury was born . STOP 
Mr. *CUNK* , the professor , got the law *UNK* and formed Litigation Sciences . STOP 
-LRB- IBM won the case . -RRB- STOP 
`` The hardest thing in any complex case is to retain *UNK* and , in some sense , your *UNK* , '' says Mr. *CUNKS* of *CUNK* , *CUNK* & Moore . STOP 
`` What you look for in a shadow jury is very much what you do when you give an opening argument to your wife or a friend and get some response to it . STOP 
A shadow jury is a way to do that in a more *UNK* and organized way . '' STOP 
The approach worked well in the recent antitrust case in which Energy Transportation Systems Inc. sued Santa Fe Pacific Corp. over the transport of *UNKED* coal -- the kind of case likely to make almost anyone 's eyes *UNK* over . STOP 
Energy Transportation retained Litigation Sciences , at a cost of several hundred thousand dollars , to poll , *UNK-* , profile and shadow . STOP 
Just before the actual closing arguments , the firm put the case to a vote of the five shadow jurors , each of whom was being paid $ 150 a day . STOP 
The jurors , who did n't know which side had retained them , decided for Energy Transportation , and awarded $ 500 million in damages . STOP 
The real jury returned days later with a $ *UNKN* million victory for Energy Transportation . STOP 
`` It 's just like weather forecasting , '' says Energy Transportation trial attorney Harry *CUNKER* of *CUNK* & *CUNKS* . STOP 
`` It 's often wrong , but it 's better than consulting an Indian rain *UNKER* . '' STOP 
*CUNKING* is only one part of Litigation Sciences ' work . STOP 
*CUNKING* the outcome of the trial is what really matters . STOP 
And to the *UNKED* , some of the firm 's approaches may seem *UNKLY* *UNK* . STOP 
*CUNKLY* , jurors are supposed to *UNK* the evidence in a case *UNKLY* and *UNKLY* . STOP 
Instead , Mr. *CUNK* says , interviews with thousands of jurors reveal that they start with firmly *UNKED* attitudes and try to *UNK-* the facts of the case to fit their views . STOP 
*CUNKAL* *UNKING* helps the consultants develop a profile of the right type of *UNK* . STOP 
If it is a case in which the client seeks *UNK* damages , for example , depressed , *UNKED* people are far more likely to grant them . STOP 
*CUNK* with a master 's degree in *UNKAL* *UNKS* who works in a *UNK* would be ideal , Litigation Sciences advises . STOP 
So would someone recently *UNKED* or *UNKED* . STOP 
-LRB- Since Litigation Sciences generally represents the defense , its job is usually to help the lawyers identify and remove such people from the jury . -RRB- STOP 
For *UNK-* cases , Litigation Sciences seeks defense jurors who believe that most people , including victims , get what they *UNK* . STOP 
Such people also typically hold negative attitudes toward the *UNKLY* *UNKED* , the poor , blacks and women . STOP 
The consultants help the defense lawyers find such jurors by asking questions about potential jurors ' attitudes toward *UNKER* work , or toward particular movies or books . STOP 
Litigation Sciences does n't make moral *UNKS* . STOP 
If a client needs *UNKED* jurors , the firm will help find them . STOP 
As Mr. *CUNK* explains it , `` We do n't control the facts . STOP 
They are what they are . STOP 
But any lawyer will select the facts and the strategy to *UNK* . STOP 
In our system of *UNK* , the trial lawyer is duty *UNK* to present the best case he possibly can . '' STOP 
Once a jury is selected , the consultants often continue to determine what the jurors ' attitudes are likely to be and help shape the lawyers ' *UNKION* *UNKLY* . STOP 
*CUNK* plays a minimal role here . STOP 
More important are what *CUNK* calls `` psychological *UNKS* '' -- a few *UNKAL* points calculated to appeal to the jury on a *UNK* level . STOP 
In one *UNK-* case , a woman claimed she had been injured when she slipped in a pool , but the fall did n't explain why one of her arms was *UNKED* *UNK* . STOP 
By repeatedly drawing the jury 's attention to the arm , the defense lawyers *UNKED* doubt about the *UNK* of the woman 's injuries . STOP 
The *UNK* worked . STOP 
The defense won . STOP 
In a classic defense of a *UNK-* case , the consultants concentrate on encouraging the jury to shift the blame . STOP 
`` The ideal defense in a case involving an accident is to persuade the jurors to hold the accident victim responsible for his or her *UNK* , '' Mr. *CUNK* has written . STOP 
*CUNK* graphics , *UNKED* for *UNKS* , also play a major role in Litigation Sciences ' operation . STOP 
*CUNKS* show , the consultants say , that people absorb information better and remember it longer if they receive it *UNKLY* . STOP 
*CUNKED* *UNKS* help . STOP 
`` The average American *UNKS* seven hours of TV a day . STOP 
They are very *UNKLY* sophisticated , '' explains *CUNK* graphics specialist Robert *CUNKER* . STOP 
Lawyers remain divided about whether anything is wrong with all this . STOP 
*CUNKS* *UNK* that the process aims to *UNK* , but they insist that the best trial lawyers have always employed similar tactics . STOP 
`` They may not have been able to *UNK* it all , but they did it , '' says Stephen *CUNKS* , a legal ethics expert at New York University law school . STOP 
`` What you have here is *UNKION* made *UNKEST* . '' STOP 
Many lawyers maintain that all 's fair in the *UNK* system as long as no one *UNKS* with the evidence . STOP 
Others point out that lawyers in small communities have always had a feel for public sentiment -- and used that to advantage . STOP 
Litigation consulting is n't a guarantee of a favorable outcome . STOP 
Litigation Sciences concedes that in one in 20 cases it was *UNK* wrong in its predictions . STOP 
A few attorneys offer *UNK* stories of jobs *UNKED* by consultants or of *UNKED* services -- as when one lawyer paid a consultant -LRB- not at Litigation Sciences -RRB- $ 70,000 to interview a jury after a big trial and later read more *UNK* interviews with the same jurors in The American *CUNKER* magazine . STOP 
Some *UNKS* *UNK* at the notion that a *UNK* knows more than they do about what makes a jury *UNK* . STOP 
`` The *UNK* of being a trial lawyer is understanding how people of *UNK* *UNKS* *UNK* to you and your *UNKION* , '' says Barry *CUNKER* of *CUNK* *CUNKER* & Bartlett , who recently won a huge case on behalf of insurers against Shell Oil Co . STOP 
He says he used consultants in the case but `` found them to be virtually *UNKS* . '' STOP 
But most lawyers accept that the marketplace has *UNK* . STOP 
And the question remains whether the jury system can maintain its integrity while *UNKING* such a *UNK* massage . STOP 
For more than a decade , Mr. *CUNK* , the *UNK* , has been a leading critic of the *UNKS* . STOP 
`` There 's no reason to believe that *UNKS* rule *UNKLY* , '' he says . STOP 
`` But the last thing you want to do is *UNK* the *OUS* to make them think better . STOP 
What you then do is you make them think *UNKLY* . '' STOP 
To *UNKER* the work of litigation scientists , he suggests that courts sharply limit the number of jurors that lawyers can remove from the jury panel through so-called *UNK* challenges -- *UNKS* that do n't require *UNKS* . STOP 
In most civil cases , judges allow each side three such challenges . STOP 
For complex cases , judges sometimes allow many more . STOP 
Mr. *CUNK* also suggests *UNKING* anyone from gathering background information about the jurors . STOP 
-LRB- Some courts release names and *UNKS* , and researchers can drive by houses , look up credit ratings , and even question neighbors . -RRB- STOP 
*CUNK* , he says , *UNKS* should not be allowed to *UNK* jurors ' *UNKS* . STOP 
Even some lawyers who have used consultants to their advantage see a need to limit their impact . STOP 
Mr. *CUNKS* , the first lawyer to use Mr. *CUNK* 's services , *UNKS* against courts ' allowing extensive jury *UNKING* -LRB- known as *UNK* *UNK* -RRB- or giving out personal information about the jurors . STOP 
`` The more extensive the *UNK* *UNK* , the easier you make it for that kind of research to be effective , and I do n't think courts should lend themselves to that , '' Mr. *CUNKS* says . STOP 
Silicon Graphics Inc. , a *UNKING* maker of computer workstations , said it *UNKED* two federal government contracts worth more than $ 100 million over the next five years . STOP 
One award is part of a Department of Defense contract to Loral *CUNK* *CUNK-* Computers and could be valued at more than $ 100 million over five years . STOP 
The other involves the sale of about 35 of the company 's *UNK-* workstations to the National Institutes of Health . STOP 
The models , which cost about $ *UNKN* each , will be used in research . STOP 
The *UNKS* are evidence that Silicon Graphics ' approach to computer graphics is *UNKING* on with users of powerful desktop computers , analysts said . STOP 
`` The company 's on a roll , '' said Robert *CUNK* , an analyst at Hambrecht & Quist . STOP 
`` No other -LCB- computer -RCB- *UNK* offers graphics performance that good for their price . '' STOP 
In the battle to supply desktop computers for researchers and design engineers , most of the attention is given to the biggest competitors : Sun Microsystems Inc. , Hewlett-Packard Co. and Digital Equipment Corp. , which make computers mainly aimed at a wide range of engineering and scientific needs . STOP 
Silicon Graphics , on the other hand , has targeted a specific niche since its *UNKION* in 1982 , which has been dubbed by some as `` *UNK-* computing . '' STOP 
This is a style of `` *UNKAL* '' computing that provides *UNKAL* , color models of everything from the inside of a house to the latest in women 's fashion . STOP 
Though Silicon Graphics is much smaller than Digital , *CUNK* and Sun , it has emerged in recent years as a feared *UNK* in this graphics portion of the *UNKION* market . STOP 
In addition , the company has made it tough on competitors by offering a stream of desktop computers at sharply lower prices . STOP 
A year ago , Silicon Graphics introduced a model priced at $ 15,000 -- almost as cheap as mainstream workstations that do n't offer special graphics features . STOP 
Silicon Graphics also plans to unveil even less expensive machines in the near future . STOP 
`` It 's pretty safe to assume we can bring the cost down of these systems by 30 % to 40 % a year , '' said Edward *CUNK* , the company 's chief executive officer . STOP 
Silicon Graphics ' strategy seems to be paying off . STOP 
Revenue for its first quarter ended Sept. 30 was $ *UNKN* million , a 95 % increase over the year-ago period . STOP 
Profit was $ 5.2 million , compared with $ 1 million for the year-ago quarter . STOP 
*CUNKER* those *UNK* , *UNKED* *UNKS* of 30 years ago ? STOP 
They , or at least something less efficient than today 's *UNKED* units , may soon be making a comeback . STOP 
That something , whatever it is , could add as much as $ 100 to the $ 600 or so consumers now pay for *UNKED* *UNKS* . STOP 
These and other expensive changes in products ranging from auto air *UNKS* to *UNK* *UNKING* to commercial *UNKS* are in prospect because of something called the Montreal *CUNK* , signed by 24 nations in 1987 . STOP 
In one of the most sweeping environmental regulatory efforts to date -- involving products with an annual value of $ 135 billion in the U.S. alone -- the *UNKS* agreed to *UNK* sharply the use of *UNKS* -LRB- CFCs -RRB- . STOP 
*CUNK-* production would be cut in half by 1998 . STOP 
The U.S. Senate *UNKED* the treaty so well it *UNKED* it by a vote of 89 to *UNKN* . STOP 
Not to be *UNK* , George Bush wants CFCs *UNKED* altogether by the year 2000 , a goal endorsed at an *UNKION* U.N. environmental meeting in *CUNK* in the spring . STOP 
That 's a lot of *UNK* , as it turns out . STOP 
CFCs are the primary *UNK* in a gas , often referred to by the Du Pont trade name *CUNK* , which is *UNKED* to liquid form to serve as the *UNKING* agent in *UNKION* and *UNKING* equipment . STOP 
*CUNKS* containing CFCs are *UNKED* into *UNK* to make the *UNK* used in *UNKS* , *UNK* and *UNKION* . STOP 
*CUNK* *UNK* is a highly efficient *UNK* , which accounts for why the walls of *UNKS* and *UNKS* can be *UNKER* now than they were back in the days when they were *UNKED* with glass *UNKER* . STOP 
But even though by some estimates it might cost the world as much as $ 100 billion between now and the year 2000 to convert to other *UNKS* , *UNKING* agents and *UNKS* and to *UNK* equipment for these less efficient *UNKS* , the Montreal *CUNK* 's *UNKS* of supporters say it is worth it . STOP 
They insist that CFCs are *UNKING* the earth 's *UNK* ozone *UNKER* , which screens out some of the *UNK* 's *UNK* *UNKS* . STOP 
*CUNK* , as they see it , if something is n't done *UNKS* will become ever more subject to *UNK* and skin cancer . STOP 
Peter *CUNK* , a specialist in heat transfer , is running a project at Arthur D. Little Inc. , of Cambridge , Mass. , to find alternative technologies that will allow industry to eliminate CFCs . STOP 
In addition to his interest in ozone *UNKION* he has *UNKLY* studied the related topic of global warming , a theory that *UNK* 's generation of carbon *UNK* through increased *UNKION* of *UNK* fuels is creating a `` greenhouse effect '' that will work important *UNK* changes in the earth 's atmosphere over time . STOP 
`` I would be the first to admit that there is not a complete consensus in the scientific community on either one of these problems , '' says Mr. *CUNK* . STOP 
`` In the kind of *UNK* I read I come across *UNKING* opinions quite frequently . STOP 
But the nature of the problem is such that many others feel it has to be addressed soon , before all the evidence is in . STOP 
We ca n't afford to wait . '' STOP 
But does it have to be so soon ? STOP 
Some *UNK* scientists think that even if CFCs were released into the atmosphere at an *UNKING* rate , the amount of ozone *UNKION* would be only 10 % by the middle of the next century . STOP 
It 's easy to get something comparable by simply moving to a higher *UNK* in the U.S. . STOP 
Moreover , there are questions , particularly among *UNK* scientists who know this subject best , about the ability of anyone to know what in fact is happening to the ozone *UNKER* . STOP 
It is generally agreed that when CFCs rise from earth to *UNK* , the *UNK* in them is capable of *UNKING* with the process through which *UNK* *UNKS* split *UNK* *UNKS* and form ozone . STOP 
But ozone creation is a very *UNK-* natural process and the importance of *UNKED* CFCs in reducing it is largely a matter of *UNK* . STOP 
The ozone *UNKER* is constantly in motion and thus very hard to measure . STOP 
What scientists have known since the late 1970s is that there is a hole in the *UNKER* over *CUNK* that *UNKS* or contracts from year to year . STOP 
But it is at least *UNK* of some note that there are very few *UNKS* in *CUNK* . STOP 
Moreover , surely someone has noticed that household *UNKS* are closed systems , running for many years without either the *CUNK* gas or the *UNKION* ever *UNKING* . STOP 
Another argument of the environmentalists is that if *UNKS* are available , why not use them ? STOP 
Mr. *CUNK* *UNKS* a list of *UNKS* but none , so far , match the *UNK* , *UNK* CFCs . STOP 
*CUNK* and *UNK* can be used as *UNKS* , for example , but are *UNK* . STOP 
Moreover , new *UNKS* will be needed to protect *UNKS* from the new *UNKS* , which , as with CFCs , are *UNKS* . STOP 
Mr. *CUNK* points out as well that if the equipment designed to get along without CFCs is less efficient than current devices , energy consumption will rise and that will *UNK* the greenhouse effect . STOP 
*CUNKS* in the Midwest who just suffered a mid-October *UNK* may wonder where the greenhouse was when they needed it , but let 's not be *UNK* about *UNK* risks . STOP 
As it happens , Arthur D. Little is not at all interested in throwing cold water on ozone *UNKION* and global warming *UNKS* . STOP 
It is interested in making some money advising industry on how to convert to a world without CFCs . STOP 
There is , after all , big money in *UNK* . STOP 
Maybe we should ask why it was that Du Pont so quickly *UNKED* and issued a statement , giving it wide publicity , that it was *UNKING* CFCs . STOP 
*CUNK* , introduced in *UNKN* , *UNKED* America by making *UNKION* and air *UNKING* practical after all . STOP 
One answer is that big companies are growing *UNK* of fighting environmental movements and are trying instead to cash in on them , although they never care to put it quite that way . STOP 
Du Pont , as it happens , has a potential substitute for CFCs . STOP 
Imperial Chemical Industries of the U.K. also has one , and is building a plant in Louisiana to produce it . STOP 
Japanese chemical companies are at work developing their own *UNKS* and hoping to *UNKER* new markets , of course . STOP 
There are still others who do n't mind seeing new *UNKS* *UNK* . STOP 
Environmental groups would soon go out of business were they not able to send out *UNKS* describing the latest threat and asking for money to fight it . STOP 
University *UNKS* and consultants with scientific credentials saw a huge market for their services *UNK* when price *UNK* destroyed the energy crisis and thus the demand for `` alternative energy . '' STOP 
They needed new *UNKS* to generate new grants and contracts . STOP 
In other words , *UNK* has created a whole set of *UNKED* interests that fare better when there are many problems than when there are few . STOP 
That tends to *UNK* the public debate toward `` solutions '' even when some of the most *UNK* scientists are skeptical about the *UNKS* of the threats and the *UNK* of *UNK* . STOP 
There is an element of *UNK-* involved . STOP 
Consumers pay the bill for all this in the price of a *UNK* or an *UNKED* car . STOP 
If they were really getting insurance against environmental disaster , the price would be cheap . STOP 
But if there is no impending threat , it can get to be very expensive . STOP 
but worries about 1990 . STOP 
With most *UNKS* *UNKED* for the year , small business is *UNKING* its *UNK* . STOP 
Much of its attention was spent fighting organized labor 's initiatives on issues the small-business community traditionally opposes -- from raising state minimum wage levels to *UNKING* benefits in health plans . STOP 
While results were mixed in many states , `` small business got by fairly well , '' concludes Don L. Robinson , associate director of the National Federation of Independent Business , the largest small-business organization . STOP 
Five states -- Oregon , *CUNK* Island , New Hampshire , Iowa and Wisconsin -- passed bills to boost the minimum wage , but measures in 19 other states were defeated . STOP 
Oregon 's rate will rise to $ *UNKN* an hour , the nation 's highest , in Jan. 1 , 1991 . STOP 
Iowa 's will be the second highest -- at $ *UNKN* an hour in January 1992 -- but small-business *UNKS* won an exclusion for tiny concerns and a lower training rate . STOP 
In 17 central states , one small-business count shows lawmakers adopted only three of 46 bills *UNKING* health coverage or *UNKAL* leave . STOP 
The Illinois *CUNK* narrowly passed a *UNK-* bill , which Gov. James Thompson *UNKED* , and Iowa and Tennessee amended laws to require that employers pay for *UNKER* *UNKS* . STOP 
Small business is *UNKING* for an *UNK* of similar proposals next year . STOP 
`` Those kinds of issues always keep coming back , '' says Robert *CUNK* , who manages the Illinois Chamber of Commerce 's small-business office . STOP 
*CUNK* *CUNK* this year , small business fears losing *UNK-* war . STOP 
Only two states -- Vermont and Washington -- this year joined five others requiring private employers to grant leaves of absence to employees with *UNK* or adopted *UNKS* . STOP 
*CUNK* proposals were defeated in at least 15 other states . STOP 
But small business , which generally *UNKS* *UNKED* benefits , has taken note of the growing number of close votes . STOP 
`` It 's just a matter of time before the *UNK* turns , '' says one *CUNK* lobbyist . STOP 
*CUNKLY* , small business is taking more `` *UNK-* '' steps to counter *UNKED* leaves . STOP 
In Pennsylvania , small businesses are pushing for a *UNK* alternative ; they favor a commission that would develop *UNK* leave policies that employers could adopt . STOP 
They also support a tax credit for employers to offset the cost of hiring and training workers who temporarily replace employees on *UNKAL* leave . STOP 
In 1990 , the issue is expected to be especially close in Alaska , California , Michigan , New York , Pennsylvania and Illinois . STOP 
`` We 'll be playing a lot of defense , especially in the Midwest and Northeast , '' says Jim *CUNK* of the *CUNK* . STOP 
*CUNK* *CUNK* *CUNK* , more small businesses *UNKER* *UNKING* a *UNK-* policy . STOP 
*CUNKING* the *UNKION* is a recent city council decision to give preference in letting city contracts to suppliers with a stated policy on child care for their employees . STOP 
The *UNKAL* treatment even *UNKS* to *UNKING* small contracts under $ 25,000 and consulting and temporary services -- which often go to the smaller concerns . STOP 
*CUNKS* are permitted wide flexibility in the *UNK-* arrangements they provide . STOP 
Council member *CUNK* *CUNKS* , the measure 's chief *UNK* , considers it part of a `` *UNKLY* policy '' that makes Los Angeles a leader in `` *UNKING* the *UNK* . '' STOP 
*CUNK* *CUNK* will contain few *UNK* or initiative issues that especially affect small business . STOP 
In San Francisco , small businesses are urging passage of a local initiative to build a new $ 95 million downtown baseball stadium ; they believe it will spur retail sales and *UNK-* business . STOP 
But in Washington state , small business generally opposes an initiative to boost spending on children 's programs by $ *UNKN* million , *UNKING* the state 's *UNKN* % sales tax will be raised to finance the outlays . STOP 
*CUNK* *CUNK* : STOP 
Small businesses in suburban Chicago are *UNKING* that an *UNK-* switch Nov. 11 -- to *UNKN* from the familiar *UNKN* -- wo n't be without some costs as they alter *UNK* , among other things , and *UNK* customers . STOP 
*CUNKS* & *CUNK* , a small St. Charles law firm , plans to mail 500 customers a list of its lawyers ' new phone and *UNK* numbers as well as *UNKED* *CUNK* cards . STOP 
But many owners plan to practice *UNK* -- *UNKING* out the old code and writing in the new one until their stock runs out . STOP 
Even *UNK-* operator *CUNK* Smith of *CUNK* wo n't *UNK* his old supply . STOP 
-LRB- He reports his business is up slightly from customers replacing old stock . -RRB- STOP 
*CUNK* , A *CUNK-* in *UNKING* rules , *UNKS* a controversy . STOP 
With some new rules , state officials say they made it easier -- and faster -- to sell new *UNKS* whose terms *UNK* from those in *UNKED* contracts . STOP 
Previously , regulators insisted that *UNKS* *UNKER* such changes with the state -- a costly process taking at least six weeks . STOP 
Now some negotiated sales that meet a series of tests do n't have to be *UNKED* . STOP 
For instance , *UNKS* no longer must *UNKER* sales to *UNKING* franchisees who qualify as `` sophisticated *UNKS* . '' STOP 
Such buyers must have a minimum net worth of $ 1 million , $ 200,000 annual income , or recent experience in the business area of the franchise being sold . STOP 
But critics consider the changes *UNK* . STOP 
Lewis G. *CUNK* , a Chicago lawyer who represents *UNKS* , contends California is narrowly limiting -- rather than expanding -- opportunities for negotiating sales . STOP 
He argues California regulators historically have *UNKED* their law -- and he says negotiated sales that are n't *UNKED* have been legal all along . STOP 
San Francisco lawyer *CUNK* H. *CUNK* , who represents franchisees , insists California 's *UNKS* helps protect franchisees from *UNK* sales negotiators who push *UNUNK* *UNKS* . STOP 
*CUNK* *CUNK* : STOP 
A new Maryland law *UNKS* store owners of liability if a customer trips or otherwise gets hurt on the way to the *UNK* ... . STOP 
Only 4 % of Missouri small businesses surveyed say they 've tested an employee or *UNK* for drug or *UNK* use ... . STOP 
By *UNKN* % , Tennessee *CUNK* members favor laws to limit foreign ownership of land and facilities in the state . STOP 
About 400,000 commuters trying to find their way through the Bay area 's *UNK-* transportation system *UNKED* *UNK-* into *UNKS* , sat in traffic *UNKS* on major *UNKS* or waited *UNKLY* for *UNKS* yesterday . STOP 
In other words , it was a *UNK-* Manhattan *UNK* . STOP 
City officials feared widespread *UNK* on the first day that normal business operations were resumed following last Tuesday 's earthquake . STOP 
The massive temblor , which killed at least 61 people , *UNKED* the Bay Bridge , a major *UNK* to the *UNK* , and closed most *UNKS* leading to and from *CUNK* 101 , the biggest *UNK* to the south . STOP 
It will take several weeks to repair the bridge , and several months to repair some of the 101 *UNKS* . STOP 
But in *UNK* of a *UNK-* *UNK* , *UNK* never *UNKED* , mainly because the Bay Area *CUNK* *CUNK* *UNK* system carried 50 % more passengers than normal . STOP 
For the first time in memory , it was *UNK-* only in *CUNK* 's *UNK* , modern *UNKS* . STOP 
Moreover , the two main bridges still *UNKING* San Francisco with the East Bay did n't charge *UNKS* , allowing traffic to *UNK* through without *UNKING* . STOP 
Officials also suspect that traffic benefited from steps by major employers to get workers to come in at odd hours , or that many workers are still *UNKING* at home . STOP 
Many commuters who normally drove across the Bay Bridge , which is shut down for several weeks because of damage to one *UNK* , actually may have reached work a bit faster on *CUNK* yesterday , provided they could find a parking space at the system 's *UNKED* stations . STOP 
In the best of times , the Bay Bridge is the worst *UNK* in the region , often experiencing *UNKS* of 20 to 30 minutes or more . STOP 
Not that getting into town was easy . STOP 
*CUNK* *UNKING* caused *UNKS* on the freeway , and many commuters had to find *UNKS* to *CUNK* 's stations , because parking lots were full before *UNK* . STOP 
*CUNK* schedules were sometimes in disarray , *UNKING* commuters such as *CUNK* Sullivan . STOP 
Her *UNK* from *CUNK* , Calif. , normally takes an hour and 15 minutes , via the Golden *CUNK* Bridge , which *UNKS* San Francisco with the North Bay area . STOP 
Yesterday , she was still waiting at a bus stop after three hours , trying to transfer to a bus going to the financial district . STOP 
`` It 's worse than I thought , '' she said . STOP 
`` I do n't know where all the *UNKS* are . '' STOP 
But while traffic was heavy early in the *UNK* over the Golden *CUNK* , by 8 a.m. it already had *UNKED* out . STOP 
`` It 's one of the *UNKEST* *UNKS* I 've ever had , '' said Charles *CUNK* , an insurance broker on the bus from *CUNK* Valley in *CUNK* County . STOP 
`` It looks like a holiday . STOP 
I think a lot of people got scared and stayed home . '' STOP 
However , a spokeswoman for BankAmerica Corp. said yesterday 's *UNK* at the bank holding company was no greater than on an average day . STOP 
At the San *CUNK* Bridge , which *UNKS* the San Francisco *UNK* with the East Bay , police were surprised at the speed with which traffic moved . STOP 
`` Everybody pretty much *UNKED* in and *UNKED* , '' said *CUNK* *CUNK* , a *UNK* with the California *CUNK* *CUNK* . STOP 
There were many indications that the new work hours *UNKED* by major corporations played a big role . STOP 
The Golden *CUNK* handled as many cars as normally yesterday , but over four hours rather than the usual *UNK-* crush . STOP 
*CUNK* Group Inc. , the giant closely held engineering concern , says it has *UNKED* a 6 a.m. to 8 p.m. *UNK* arrangement , *UNK* employees may select any *UNK-* period during those hours to go to work . STOP 
Of *CUNK* 's *UNKN* employees , about 4,000 work in San Francisco -- one-third of them *UNKING* from *UNK* East Bay . STOP 
Pacific Gas & Electric Co. is offering its 6,000 San Francisco employees a *UNKER* *UNK* schedule -- either 6 a.m. to 2 p.m. or 10 a.m. to 6 *UNK* . STOP 
The *UNK* may cut by almost a third the number of *CUNK* employees working conventional *UNKN* hours , a spokesman says . STOP 
Some of the utility 's employees may *UNK* for a *UNK-* *UNK* , 10 hours a day , to cut the *UNK* by 20 % . STOP 
At Pacific Telesis Group , *UNK* is left up to individual working groups , because some of the telephone company 's employees must be *UNK-* during normal business hours , a spokeswoman says . STOP 
Some individuals went to some *UNKS* on their own to avoid the anticipated *UNK* . STOP 
One senior vice president at *CUNK* said he got up at 3 a.m. to drive into San Francisco from the East Bay . STOP 
But transportation officials worry that such extraordinary measures and cooperation may not last . STOP 
Although one transportation official said drivers who did n't use car *UNKS* were *UNKING* `` an *UNKAL* act , '' about two-thirds of the *UNKS* *UNKING* the Golden *CUNK* were alone , compared with the normal 70 % rate . STOP 
And some commuters , *UNKED* by the absence of *UNK* , were planning to return to their old ways . STOP 
*CUNK* Kasparov went to combat Sunday with the world 's most advanced *UNKS* computer and *UNKED* it around -- *UNKLY* , anyway -- like an old *UNK* can . STOP 
*CUNKING* black in the first game , the human champion *UNKED* *CUNK* *CUNK* , known for its *UNKING* *UNKS* , into a totally *UNK* position . STOP 
Then he *UNKED* his own , *UNUNK* , attack . STOP 
And in the second game , with Mr. Kasparov *UNKING* *UNKLY* as white , D.T. offered *UNK* resistance and lost even faster . STOP 
Well , *UNK* can rest easier for now . STOP 
Though almost everybody at the playing site had been looking for the *UNK-* Soviet to beat the *CUNKED* computer , he gave the machine a far worse *UNKING* than many expected . STOP 
And when Mr. Kasparov *UNK* into the playing *UNK* , he called the outcome . STOP 
As if he were Iron Mike , about to enter the *UNKING* with a *UNK-* *UNKING* , he declared : `` I 'll be able to beat any computer for the next five years . '' STOP 
His strategy against D.T. was based on a *UNK* study of dozens of its games , he said , including its *OUS* *UNKS* of the *UNKS* *CUNK* *CUNK* of *CUNK* and Robert *CUNK* of the U.S. . STOP 
Mr. Kasparov was *UNKED* . STOP 
`` The computer 's mind is too straight , too *UNK* , '' *UNKING* the *UNKION* and *UNK* needed to reach the top , he said . STOP 
The champion apparently was not worried at all about D.T. 's strong points . STOP 
Its chief *UNKER* , *CUNK-* *CUNK-* *CUNK* , *UNKED* his *UNK* `` the *CUNK* '' for its *UNKAL* *UNK* at *UNKING* out of *UNK* positions . STOP 
D.T. also has a *OUS* and *UNKS* memory , is *UNKLY* *UNKS* , and could n't be *UNKED* by the *UNK* *UNK* *UNKS* spread around the playing *UNK* , in the New York Academy of Art . STOP 
In fact , D.T. never left home , *CUNK* Mellon University in Pittsburgh , but *UNKED* with its human *UNKS* by telephone link . STOP 
They conceded that the odds favored Mr. Kasparov , but they put their hope in D.T. 's recently enhanced capacity for *UNKING* positions -- up to a million per second , from *UNKN* . STOP 
But the *UNKS* *UNKLY* stuck with *UNK* chips ; they needed *UNK* . STOP 
This became apparent as game one , a *CUNK* Defense by Mr. Kasparov , *UNKED* . STOP 
No human can examine millions of moves , but Mr. Kasparov , using his *UNKLY* powerful brain , consistently found very good ones . STOP 
After eight moves by each side , the board was the same as in a game in which Nigel Short of Great Britain fought the champion to a draw in 1980 . STOP 
But the computer did n't play Mr. Short 's *UNK* move , a key *UNK* *UNK* , and its position *UNKED* rapidly . STOP 
Instead of *UNKING* , a standard measure to *UNK* the king , D.T. made a *UNK-* *UNK* *UNKER* at move 13 ; then it put a knight *UNK* on move 16 . STOP 
`` Only two classes of minds would think of this -- very weak human players , and computers , '' said *CUNK* *CUNKS* , the expert *UNK* for the match , which was attended by hundreds of *UNKS* fans . STOP 
By move 21 , D.T. had fallen into a deep *UNKAL* *UNK* . STOP 
It allowed Mr. Kasparov to exchange his *UNKED* *UNK* for one of D.T. 's *UNKS* . STOP 
*CUNKS* usually are worth slightly more than *UNKS* , but in this case Mr. Kasparov was left with a very dangerous knight and D.T. 's *UNKING* *UNK* was reduced to *UNK* . STOP 
Indeed , it looked more like a *UNK* , a `` *UNK* *UNK* , '' as *UNKS* *UNKLY* put it . STOP 
*CUNKLY* , D.T. was *UNK-* about its chances , which it *UNKLY* *UNKED* up , in *UNKAL* form . STOP 
When most *UNKS* thought its position *UNKS* , the computer thought it was only , in effect , *UNK-* of a *UNK* down . STOP 
Such *UNKS* met with *UNKION* , and kept the machine from resigning as soon as humans would have -- prompting more *UNKION* . STOP 
While D.T. *UNKED* its king back and forth in a defensive *UNK* , Mr. Kasparov *UNKED* the knight to a dominant *UNK* . STOP 
He also launched a *UNK* storm , *UNKING* a *UNK* to *UNK* D.T. 's king . STOP 
No amount of *UNKING* could have saved this game for *CUNK* . STOP 
A piece down , the computer resigned . STOP 
Now , with the crowd in the analysis room *UNKING* *UNK* blood , the only question seemed to be how fast Mr. Kasparov could win game two . STOP 
With the advantage of playing white -LRB- which moves first -RRB- , Mr. Kasparov followed up *UNKLY* against the computer 's defense , a *CUNK* 's *CUNK* *CUNKED* . STOP 
As early as move six , Mr. Kasparov *UNKED* from a well-known *UNK* of moves , developing a knight instead of making a standard *UNK* attack against the computer 's advanced knight . STOP 
This left the computer with a broader range of *UNK* *UNKS* -- and it immediately *UNKED* by moving a *UNK* *UNK* , to the *UNK* of *UNK* development . STOP 
`` In a new position just after the opening , a computer will have serious problems , '' Mr. Kasparov said later . STOP 
In such positions , he explained , `` you have to create something new , and the computer is n't able to do that right now . '' STOP 
After only 11 moves for each side , the computer 's position was *UNK* . STOP 
*CUNKLY* , it *UNKED* a *UNK* , at the cost of facing a *UNKAL* attack . STOP 
And when a defensive move was called for , D.T. passed up an obvious *UNK* move and instead exposed its *UNK* to immediate *UNKAL* threats . STOP 
Mr. Kasparov *UNKED* later that `` even a weak club player '' would have avoided the *UNK* move . STOP 
Now , after only a dozen moves , *UNKS* were looking for a *UNKING* combination . STOP 
On a *UNKION* board , *UNK* *CUNK* *CUNK* showed a quick kill *UNKED* by a knight *UNK* ; no *UNK* *UNKED* this line of play . STOP 
Mr. Kasparov 's *UNKION* was slower but , in the end , just as *UNKLY* . STOP 
He won D.T. 's *UNK* for two minor pieces and two *UNKS* -- not enough compensation , in this position , to give the computer much hope . STOP 
In a *UNKS* position , the computer resigned rather than make its *UNK* move . STOP 
And Mr. Kasparov , to *UNKS* and *UNK* , *UNKED* back into the analysis room . STOP 
`` In both games I got exactly what I wanted , '' he said . STOP 
What he had *UNKED* , he added , is that there 's more to *UNKS* than *UNKER* *UNKION* . STOP 
*CUNKED* , D.T. 's *UNKS* vowed to press on . STOP 
Indeed , three of them will be building a successor machine for International Business Machines Corp . STOP 
*CUNKS* *CUNK-* *CUNK* : `` In three years we 'll mount a better challenge . '' STOP 
Mr. *CUNK* is a reporter in the Journal 's New York bureau . STOP 
*CUNKING* for that extra bit of yield can be a big mistake -- especially if you do n't understand what you 're investing in . STOP 
Just ask Richard Blumenfeld , a New Jersey *UNK* who considers himself `` a reasonably sophisticated investor . '' STOP 
In May 1986 , Dr. Blumenfeld gave Merrill Lynch & Co. about $ 40,000 for a federally insured *UNK* of deposit offering an effective yield of more than 9 % . STOP 
`` It was a time when interest rates came down very rapidly , '' Dr. Blumenfeld recalls . STOP 
Yields on five-year CDs at major banks were *UNKING* about *UNKN* % , and 10-year Treasury notes were paying less than 8 % . STOP 
The CD seemed like a great deal . STOP 
But nearly 3 1\/2 years later , Merrill says the investment is worth about $ *UNKN* -- an amount that represents an annual return of just over 2 % on Dr. Blumenfeld 's $ 40,000 . STOP 
The problem is that the CD he bought for a retirement plan was n't a plain *UNK* CD . STOP 
Instead , his Merrill broker put him in a zero-coupon CD , which is sold at a deep discount to its face value . STOP 
The difference between the price and the face value payable at maturity is the investor 's return . STOP 
More important , the CD was purchased on the secondary , or *UNK* , market . STOP 
Because the CD had an effective yield of 13.4 % when it was issued in 1984 , and interest rates in general had declined sharply since then , part of the price Dr. Blumenfeld paid was a premium -- an additional amount on top of the CD 's base value plus accrued interest that represented the CD 's increased market value . STOP 
Now the thrift that issued the CD is insolvent , and Dr. Blumenfeld has learned to his surprise that the premium is n't insured under federal deposit insurance . STOP 
The *UNK-* came when he opened a recent Merrill Lynch statement and found that the CD 's `` estimated current market value '' had plummeted by $ *UNKN* in a month . STOP 
Several phone calls and a visit to his broker 's office later , the *UNK* found out that the $ *UNKN* drop represented the current value of the premium he paid when he bought the CD , and that the amount was n't insured . STOP 
`` This is one thing I was never aware of , '' he says . STOP 
He assumed that principal and interest were `` fully insured up to $ 100,000 , '' he adds . STOP 
Dr. Blumenfeld is n't *UNUNK* . STOP 
*CUNKLY* at times like these , when declining rates make it hard for investors to get yields they have come to expect , too many people *UNK* the promise of *UNK-* returns without fully *UNKING* the risk . STOP 
`` *CUNK* *UNKED* often gets in the way of understanding things , '' says John *CUNK* , research director of the American Association of Individual Investors , a Chicago-based educational group . STOP 
`` The biggest problem we have is that investors realize , after the fact , that they did n't understand what they were investing in . '' STOP 
Dr. Blumenfeld concedes he did n't fully understand what he was buying . STOP 
He says that he knew he was getting a zero-coupon CD and that he had previously invested in *CUNKS* -LRB- Treasury Income Growth *CUNKS* -RRB- , a type of zero-coupon Treasury security sold by Merrill Lynch . STOP 
But he says he did n't understand he was buying the CD on the secondary market , and he contends his broker never fully explained the risks . STOP 
The broker , Thomas *CUNK* of Merrill Lynch 's *CUNK* , N.J. , office , *UNKS* to discuss the matter with a reporter , referring inquiries to Merrill Lynch officials in New York . STOP 
Those officials say there was full disclosure of the risks in a `` fact sheet '' sent to all CD investors with their confirmation of sale . STOP 
The fact sheet , dated April 1986 , says on page three : `` If the price paid for a CD purchased in the secondary market ... is higher than the *UNKED* value in the case of zero-coupon CDs , the difference ... is not insured ... . STOP 
*CUNKS* involving zero-coupon CDs are more complicated and you should discuss any questions you may have with your financial consultant . '' STOP 
Dr. Blumenfeld says he does n't remember the *UNK* about premiums in the fact sheet he received and did n't realize part of what he paid was a premium . STOP 
`` I assumed I was buying a CD as a CD , '' he says . STOP 
Nevertheless , Merrill Lynch has agreed that if the thrift that issued Dr. Blumenfeld 's CD , *CUNKS* *CUNK* Federal Savings & Loan Association in *CUNK* , *CUNK* , is *UNKED* and the CD terminated , the brokerage firm would cover the premium Dr. Blumenfeld paid . STOP 
-LRB- Federal deposit insurance would pay principal and interest accrued to the date of liquidation , to a maximum of $ 100,000 . -RRB- STOP 
`` It 's not a *UNK* commitment , it 's a *UNK-* situation , '' says Albert *CUNK* , a managing director of Merrill Lynch Money Markets Inc . STOP 
`` There 's a question whether brokers at the time were fully aware '' of the risks . STOP 
`` We were n't sure that full disclosure , as we wanted it , was being made . '' STOP 
Merrill Lynch says it 's impossible to estimate how many investors are in Dr. Blumenfeld 's situation , although it says the firm has received only one other complaint about premiums on the secondary market in three years . STOP 
Merrill Lynch now provides credit rating information about the institutions whose CDs it sells , which it did n't provide in 1986 . STOP 
*CUNK-* CDs are only a small portion of the $ 1 *UNKS* in CDs outstanding , and those purchased on the secondary market are an even smaller part of the total . STOP 
Merrill Lynch estimates that fewer than 10 financial institutions currently issue zero-coupon CDs . STOP 
Still , there are several billion dollars of zero-coupon CDs with various maturities outstanding . STOP 
Because of the tax consequences of zero-coupon investments -- income tax is payable in the year interest is accrued , although interest is n't actually paid until maturity -- zero-coupon CDs are usually sold for *UNKED* accounts to finance things like retirement and children 's education . STOP 
Most zero-coupon CDs are in maturities of six to nine years , and they usually double in value by maturity . STOP 
But investors who bought zero-coupon CDs in the secondary market are n't the only ones who may be surprised to learn the full amount of their investments is n't insured . STOP 
People who paid a premium for standard CDs purchased on the secondary market could also find that those premiums are n't insured if the institutions that issued the CDs failed . STOP 
However , those premiums are usually far smaller than on zero-coupon CDs , and the *UNKER* pricing structure of a standard CD makes it more apparent when a premium is paid . STOP 
Whatever the case , a Merrill Lynch spokesman *UNKS* , investors should n't have to worry about the *UNKED* premium issue , unless the bank or thrift that issued the CD is closed and its deposits paid off before maturity or transferred to another institution at a lower rate . STOP 
Dr. Blumenfeld says he 's satisfied that his problem has been resolved . STOP 
And he says he 's learned a lesson : `` You always have to watch out for *UNK* . STOP 
No one else will watch out for you . STOP 
Americans are drinking less , but young professionals from Australia to West Germany are rushing to buy *UNK-* American *UNK* , *UNK* and other spirits . STOP 
In particular , many are *UNKING* the *UNK* preferred by their parents and *UNKING* for bourbon , the sweet *UNKER* from the Kentucky *UNK* . STOP 
With U.S. liquor consumption declining steadily , many American producers are *UNKING* up their marketing efforts abroad . STOP 
And those efforts are paying off : *CUNKS* exports jumped more than 2 1\/2 times to $ *UNKN* million in 1988 from $ *UNKN* million in 1983 , according to the *CUNKED* *CUNKS* Council of the U.S. , a trade group . STOP 
`` *CUNKS* companies now view themselves as global marketers , '' says Michael *CUNKS* , president of *CUNK* Marketing Corp. , a research and consulting firm . STOP 
`` If you want to be a player , you have to be in America , Europe and the Far East . STOP 
You must have *UNKS* brands , a long-term perspective and deep *UNKS* . '' STOP 
The *UNKION* of the industry has been *UNKED* by foreign companies ' acquisitions of many U.S. producers . STOP 
In recent years , for example , Grand Metropolitan PLC of Britain acquired *CUNK* Inc. , while another British company , Guinness PLC , took over United *CUNKS* Group and *CUNK* Industries Inc . STOP 
But the shift has also been fueled by *UNK* . STOP 
While *UNK-* spirits like *CUNK* *UNK* and Jack Daniel 's *UNK* are riding high in the U.S. , domestic spirits consumption fell 15 % to *UNKN* million cases in 1988 from *UNKN* million cases in 1979 . STOP 
In recent years , growth has come in the foreign markets . STOP 
U.S. *UNK* exports more than doubled last year to *UNKN* proof *UNKS* , a standard industry measure , according to *CUNK* *CUNK* *CUNK* Group , an industry association . STOP 
*CUNKS* of *UNK* surged 54 % to *UNKN* proof *UNKS* . STOP 
Mexico is the biggest *UNKER* of both *UNK* and *UNK* from the U.S. . STOP 
Japan , the world 's *UNKEST* liquor market after the U.S. and Britain , helped American companies in April when it lowered its tax on imported spirits and *UNKED* a tax on many domestic products . STOP 
California *UNKS* , *UNKING* from lowered trade barriers and federal marketing subsidies , are expanding aggressively into Japan , as well as Canada and Great Britain . STOP 
In Japan , the *UNKS* are promoting their products ' Pacific *UNKS* and *UNKING* restaurant and hotel *UNKS* , whose recommendations carry weight . STOP 
In Australia , Britain , Canada and Greece , *CUNK-* Corp. has increased its marketing of Southern *CUNK* *CUNK* . STOP 
Using *UNK* , television and print ads , the company *UNKS* Southern *CUNK* as a grand old drink of the *UNK* American South . STOP 
The biggest foreign *UNKS* , though , have been made by bourbon . STOP 
While U.S. makers of *UNK* , *UNK* and other spirits compete against *UNKS* abroad , trade agreements *UNK* any other country from making bourbon . STOP 
-LRB- All bourbon comes from Kentucky , though Jack Daniel 's Tennessee *UNK* often is counted as bourbon because of *UNK* of taste . -RRB- STOP 
Moreover , just as *UNK* has acquired an upscale image in the U.S. , bourbon has become fashionable in many foreign countries , a *UNKLY* American product tied to *UNKER* *UNK* . STOP 
How was the West won ? STOP 
With a *UNKER* in one hand and bourbon in the other . STOP 
`` We imagine with bourbon the *CUNK* West , Western motion pictures and *UNK* *UNKING* , '' says *CUNK* *CUNK* , vice president of *CUNK* International Corp. , a division of *CUNK* Ltd. , Japan 's largest liquor company . STOP 
*CUNK* *UNKS* *CUNK-* *UNKS* in Japan . STOP 
*CUNK* makes up just 1 % of world-wide spirits consumption , but it represented 57 % of U.S. liquor exports last year , according to *CUNK* ; no other category had more than 19 % . STOP 
Big U.S. *UNKS* are fiercely *UNKING* for this market , which grew to $ 77 million last year from $ 33 million in 1987 , according to government figures . STOP 
Jim *CUNK* Brands Co. , a division of American Brands Inc. , is the leading *UNKER* of bourbon and produces 10 other types of liquor . STOP 
The company says it will increase its international advertising 35 % in 1990 , with bourbon representing most of that amount . STOP 
Guinness 's *CUNK* Industries unit has increased its TV advertising in Japan and has built partnerships with *UNK-* shops throughout Asia , *UNKING* it to install prominent counter displays . STOP 
The company 's *CUNK* *CUNKER* brand is the leading bourbon in Japan , with 40 % of the market . STOP 
*CUNK* *UNKS* have succeeded in Japan where other industries have failed , *UNKING* cultural *UNKS* in marketing and distribution by *UNKING* themselves with local agents . STOP 
Jim *CUNK* Brands has a distribution partnership with *CUNK* *CUNK* Co. , a *UNKER* . STOP 
Seagram Co. , which exports Four *CUNKS* bourbon , has such a link with *CUNK* *CUNK* Co . STOP 
Some bourbon makers *UNK* abroad as they do at home . STOP 
To promote Jack Daniel 's overseas , *CUNK-* uses the same photos of front *UNKS* from *CUNK* , Va. , and *UNK* old men in *UNKS* and *UNKS* . STOP 
Jim *CUNK* print ads , however , strike different *UNKS* in different countries . STOP 
In Australia , land of the *UNK* , a *UNK* of Jim *CUNK* lies on a strip of *UNKED* *UNKER* . STOP 
West Germans get *UNK* , with bourbon in the *UNK* and a *UNK* Beverly Hills hotel in the background . STOP 
*CUNK* for England are *UNK* and *UNK* . STOP 
One ad features a huge *UNK* carrying a *OUS* woman in a *UNK* . STOP 
The *UNK* : `` I only asked if she wanted a Jim *CUNK* . STOP 
Capital *CUNK* Inc. 's net income rose 29 % on a modest 9 % increase in revenue in the third quarter , mainly on strong advertising demand at its ABC television network operation . STOP 
Demand for ads also rose at the eight TV stations Capital *CUNKS* owns and at its *UNKED* *CUNK* sports cable channel . STOP 
The broadcast and publishing company reported net climbed to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , in the year-earlier period . STOP 
Revenue reached $ 1.1 billion from $ *UNKN* billion . STOP 
In New York Stock Exchange composite trading yesterday , Capital *CUNKS* closed at $ *UNKN* , down $ 5 . STOP 
The broadcasting unit reported operating profit of $ *UNKN* million , up 18 % from the year-earlier $ *UNKN* million . STOP 
*CUNKING* reported operating profit was $ *UNKN* million , nearly flat with the *UNK-* $ 33 million . STOP 
Revenue at the broadcasting unit , consisting of the network and stations , advanced 11 % , to $ *UNKN* million from $ *UNKN* million . STOP 
The publishing unit reported revenue edged up 2.6 % to $ *UNKN* million from $ *UNKN* million . STOP 
Chairman Thomas S. Murphy cited Capital *CUNKS* ' nine daily newspapers in explaining most of the gain . STOP 
The parent also publishes *UNKS* , shopping *UNKS* and specialty magazines . STOP 
For 1989 's first nine months , Capital *CUNKS* net income grew 23 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue eased 0.3 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Last week , ABC *UNKED* General Electric Co. 's National Broadcasting Co. unit as the No. 1 network , as rated by *CUNK* *CUNK* Co . STOP 
ABC has four shows in the top 10 , including the top show , `` *CUNK* . STOP 
As part of a previously announced transaction , Federal *CUNK* Corp. has bought approximately *UNKN* shares of its common stock from *CUNK* Inc. at $ *UNKN* a share . STOP 
*CUNK* has agreed not to acquire any securities of *CUNK-* for 10 years and not to influence company affairs during that period . STOP 
Weyerhaeuser Co. said it sold its *UNKING* business to an affiliate of one of *CUNK* 's largest *UNKS* firms . STOP 
Terms of the transaction were n't disclosed . STOP 
Weyerhaeuser said its *UNKING* business employs about 300 workers at two facilities in *CUNK* , Va. , and *CUNK* , *CUNK* . STOP 
Manville Corp. said it will build a $ 24 million power plant to provide electricity to its *CUNKS* pulp and paper mill in Brazil . STOP 
The company said the plant will ensure that it has adequate energy for the mill and will reduce the mill 's energy costs . STOP 
Manville said it expects the plant to begin operating at the end of 1991 . STOP 
Housing and Urban Development Secretary Jack Kemp called on the Federal Reserve System to lower interest rates . STOP 
In a speech to the Mortgage Bankers Association , Mr. Kemp broke the administration 's public *UNK* on the Fed and complained that `` interest rates are too high . '' STOP 
`` I am convinced that a monetary policy for this country that would return interest rates to the historical level of 4 % or 5 % would have not only an immediate impact on housing starts , the housing stock , our industry in America , the *UNKING* of our industrial system , it would help the Third World economies considerably and it would particularly have a favorable impact upon our budget deficit , '' Mr. Kemp said . STOP 
The Fed recently eased credit by lowering the bellwether federal funds interest rate to 8 3\/4 % from about 9 % . STOP 
Bush administration officials say inflation is under control . STOP 
With economic growth slowing , they say they believe the Fed should ease credit even further . STOP 
But for the most part , officials have avoided *UNKING* those views in public , *UNKING* they would *UNKLY* *UNK* the Fed . STOP 
McDonald 's Corp. said third-quarter earnings rose 14 % on a hefty sales gain , but domestic franchisees apparently did n't *UNK* of the improvement . STOP 
The world 's largest fast-food chain said net income rose to $ *UNKN* million , or 59 cents a share , from $ *UNKN* million , or 51 cents a share , a year ago . STOP 
In the latest period , the company had an average of *UNKN* million shares , 5.6 million shares below last year 's level . STOP 
Revenue rose 12 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
*CUNK* sales , which include sales at franchisee as well as *UNKED* stores , totaled $ *UNKN* billion compared with $ 4.2 billion . STOP 
But sales for U.S. franchisees were flat at best on a *UNK-* basis despite weak 1988 figures . STOP 
*CUNKED* with the first nine months of last year , average franchisee store sales this year were down nearly $ *UNKN* , reflecting a *UNK* discounting war among fast-food chains . STOP 
Since McDonald 's *UNK* prices rose this year , the actual decline may have been more . STOP 
McDonald 's closed at $ *UNKN* , up $ 1 , in New York Stock Exchange composite trading yesterday . STOP 
While franchisees were having a tough time holding sales , McDonald 's *UNKED* stores posted hefty gains for the nine months , with sales per *UNKED* unit rising $ 20,000 . STOP 
One analyst noted that the company often has better store locations than do its franchisees , thus *UNKING* promotional efforts . STOP 
On average in the latest nine months , *UNKED* units in the U.S. had $ *UNKN* more in sales than did *UNKED* outlets . STOP 
There are more than three times as many *UNKED* domestic outlets as there are company stores . STOP 
Profit margins at U.S. *UNKED* stores in the quarter were up nearly 1 % , which the company attributed in part to lower food costs . STOP 
Prudential-Bache Securities analyst *CUNK* *CUNK* said reduced labor costs helped boost margins , although she *UNKED* `` that kind of performance is *UNK* . '' STOP 
*CUNKING* sales `` still relatively soft , '' Ms. *CUNK* believes that in real terms , U.S. sales slipped 3 1\/2 % to 4 % at *UNKED* stores in the quarter . STOP 
*CUNKLY* *UNKING* weaker U.S. sales *UNK* , McDonald 's vowed `` to use our size and *UNK* to do all that is necessary to build the brand . '' STOP 
*CUNKS* , both franchisees and the company performed substantially better than a year ago . STOP 
Third-quarter sales in Europe were *UNKLY* strong , boosted by promotional programs and new products -- although weaker foreign currencies reduced the company 's earnings . STOP 
McDonald 's said that *UNK* sales would have been $ 115 million greater had 1988 exchange rates remained in effect . STOP 
`` *CUNKING* into the fourth quarter the sales comparison will be more difficult , '' predicted restaurant analyst Howard *CUNK* of Kidder , Peabody & Co . STOP 
*CUNKING* better growth prospects abroad , McDonald 's noted that as of Sept. 30 more stores were under construction overseas than a year ago , while the opposite was true for domestic expansion . STOP 
At the end of the third quarter McDonald 's had *UNKN* units operating world-wide . STOP 
In the nine months , earnings rose 12 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Revenue rose 11 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Carnival *CUNK* Lines Inc. 's common stock was *UNKED* down yesterday amid concerns that a bankruptcy filing by a Finnish *UNKER* would delay delivery of three big *UNK* ships . STOP 
The *CUNKED* company 's stock fell $ 1.75 yesterday to $ *UNKN* a share in heavy American Stock Exchange composite trading . STOP 
Early yesterday , Carnival said in a company statement that it had been `` notified *UNKLY* '' that Waertsilae Marine Industries , the Finnish shipyard that is building its three new *UNK* ships , planned to file for bankruptcy . STOP 
Officials at Carnival declined to comment . STOP 
`` There is just a tremendous amount of uncertainty about what the effect , if any , of all this is , '' said John P. *CUNK* , an analyst at Raymond James Associates Inc . STOP 
`` I did n't even know that a company in a *UNK* country could file for bankruptcy . '' STOP 
Carnival said the `` *CUNK* , '' the first of the three $ 200 million ships that Carnival has on order , is scheduled to be delivered next month , just in time for the winter tourist season in the Caribbean . STOP 
That ship , which would carry about *UNKN* passengers , would expand the capacity of Carnival 's existing *UNK-* fleet by 24 % . STOP 
The second ship , which is *UNKED* , is scheduled to be delivered in fall 1990 , and the third in fall 1991 . STOP 
`` There 's a 99 % chance that the *CUNK* will be delivered close to schedule , '' said *CUNK* Levy , an analyst at Shearson Lehman Hutton Inc . STOP 
`` The others will probably be delivered as well , but Carnival will likely have to pay a higher price for them . '' STOP 
She said the company could pay as much as 25 % more for the ships . STOP 
If the ships are n't delivered , however , it will likely have an effect on the company 's earnings as soon as the 1990 fiscal year , which begins Dec. 1 . STOP 
Analysts said those estimates -- which range from about $ *UNKN* a share to $ *UNKN* a share -- are based on *CUNK* being in operation in 1990 . STOP 
If the ship *UNKS* to arrive , those per-share earnings estimates could be trimmed 15 cents or more . STOP 
Analysts were n't willing to speculate on how much money Carnival might lose through deposits . STOP 
*CUNKLY* , a company pays a portion of the total cost of a ship as it reaches various stages of construction . STOP 
Carnival , for example , has already paid about $ 160 million of the total cost for *CUNK* . STOP 
Some analysts say this may give it the right to seize the ship if the situation warrants it . STOP 
According to reports from Finland , Waertsilae Marine , *UNKED* by conglomerate *CUNK* Waertsilae , filed for bankruptcy yesterday after the shipyard 's contractors had started to demand bank guarantees . STOP 
The shipyard disclosed in *UNK-* that it expected losses stemming from a series of *UNUNK* orders . STOP 
*CUNKER* *CUNK* *CUNK* filed for Chapter 7 Bankruptcy Code protection , saying that her cash flow had been cut off . STOP 
The designer , whose line of *UNK* , *UNK-* clothing has *UNKED* a host of *UNKS* , has been in a dispute with her latest *UNK* , *CUNK* Inc. for several months . STOP 
Ms. *CUNK* was the subject of a Wall Street Journal article in March . STOP 
The designer 's attorney , *CUNKLY* *CUNK* , said that Ms. *CUNK* was forced to start bankruptcy-law proceedings because *CUNK* began *UNKING* her *UNK* payments last month . STOP 
*CUNK* paid Ms. *CUNK* *UNKS* for the line known as *CUNKS* by *CUNK* *CUNK* , which are sold primarily through department stores . STOP 
Ms. *CUNK* sued the Dallas apparel maker earlier this year , charging that *CUNK* developed and *UNKED* clothing lines *UNKED* after her designs , in violation of their contract . STOP 
That lawsuit is still pending . STOP 
*CUNK* could n't immediately be reached for comment . STOP 
Ms. *CUNK* 's assets and liabilities were n't disclosed . STOP 
*CUNK* Corp. had a 26 % drop in third-quarter profit mainly because of lower sales of truck parts , its largest and most profitable single business . STOP 
Sales of medium and *UNK-* trucks continue to lag *UNK-* rates , leading *CUNK* to expect fourth-quarter net income to fall below year-earlier levels , said Stephen R. *CUNKS* , vice chairman and chief financial and administrative officer . STOP 
He declined to make a specific earnings estimate . STOP 
Third-quarter net was $ 40 million , or $ 1.04 a share , from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Sales rose 2.8 % to $ *UNKN* million , from $ *UNKN* million . STOP 
The quarter net was below analyst expectations mainly because *UNKS* sales did n't rebound in September from the summer *UNKS* as they usually do , said Patrick E. *CUNK* , analyst with McDonald & Co . STOP 
Mr. *CUNK* , who had been expecting quarter profit of about $ 1.25 a share , says he is reducing his estimate for the year to the area of $ *UNKN* a share , from his previous estimate of $ *UNKN* . STOP 
Eli *CUNK* of PaineWebber Inc. , who a couple of weeks ago reduced his 1989 estimate to $ *UNKN* a share because of the weakening truck market , says he will make another cut to about $ *UNKN* a share in light of the third-quarter report . STOP 
He said *CUNK* 's quarter profit margin on controls was lower than he anticipated . STOP 
*CUNK* said sales of truck *UNKS* , *UNKS* and other parts fell 7.2 % to $ *UNKN* million . STOP 
Sales of parts for cars and construction vehicles rose . STOP 
*CUNK* does n't provide profit figures separately for each category , but operating profit for vehicle parts as a group fell 26 % to $ 51 million on an about 1 % drop in sales to $ *UNKN* million . STOP 
Mr. *CUNKS* said *UNK-* operators appear to be cautious about buying new trucks until they see how the economy *UNKS* . STOP 
The truck sales slowdown reflects the general slowing in sales of consumer goods , he said , and the latest reports show a slight improvement rather than any indication of a downward *UNKAL* . STOP 
Operating profit from electrical and electronics controls , *CUNK* 's other major business group , fell 11 % to $ 32 million , despite a 7.7 % increase in sales to $ *UNKN* million . STOP 
The company attributed the decline to weakness in the *UNK-* market in North America and in the European *UNKS* market . STOP 
For the nine months , net -- including profit from discontinued operations both years and in 1988 an extraordinary charge of $ *UNKN* million related to settlement of a lawsuit -- was $ *UNKN* million , or $ *UNKN* a share , up 5.8 % from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
*CUNK* earned from continuing operations $ *UNKN* million , or $ *UNKN* a share , down 7 % from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
*CUNK-* sales were $ *UNKN* billion , up 8.2 % from $ *UNKN* billion a year earlier . STOP 
In New York Stock Exchange composite trading , *CUNK* closed at $ *UNKN* a share , down $ 2.50 . STOP 
In Poland 's rapid shift from socialism to an *UNKED* alternative , environmental issues have become a cutting edge of broader movements to restructure the economy , cut *UNK* *UNKS* , and *UNK* local politics . STOP 
*CUNKAL* steps were taken at Poland 's first international environmental conference , which I attended last month . STOP 
The conference , held in *CUNKER* *CUNK* , was *UNKED* by the *CUNK* Ministry , the Rockefeller Brothers Fund , and the Polish *CUNKAL* Club , and was attended by 50 *CUNKS* from government and industry , as well as *CUNKS* , *CUNKS* , *CUNKS* , Japanese and Americans . STOP 
The conference was *UNKED* `` Economic *CUNKS* for Environmental Protection , '' a significant departure from East *CUNK* *UNK* , which *UNKS* only one economic mechanism -- central planning -- to direct industrial behavior . STOP 
Even more *UNKLY* , it focused on emissions trading and similar market approaches to address pollution , *UNKING* Poland 's lack of *UNKING* markets . STOP 
Why did East *CUNK* participants unanimously *UNK* *UNKED* pollution approaches ? STOP 
The answer lies both in the *UNKED* environment of these countries and the perceived causes of that *UNKION* . STOP 
Like other East *CUNK* countries , Poland *UNKS* environmental laws more *UNKED* in their breach than in their *UNK* . STOP 
According to a detailed report by *CUNK* *CUNK* of the University of Minnesota 's *CUNK* *CUNK* Institute , 27 areas containing a third of Poland 's population are regarded as `` *UNKAL* *UNKS* '' due to multiple violations of standards . STOP 
*CUNKS* are consistently exceeded at 60 % of *UNK* *UNK* monitoring sites and 80 % of those for *UNK* and *UNK* emissions . STOP 
*CUNKS* of Poland 's *UNKS* have become highly *UNKED* ; 70 % of its southern *UNKS* are projected to die by century 's end . STOP 
*CUNK* *UNKN* and 1985 , Polish waters fit for human consumption dropped from 33 % to 6 % of all surface waters , while those *UNUNK* even for industry use nearly doubled . STOP 
Poland produces about 20 times more *UNK* and five times more *UNK* *UNK* and solid waste per unit of gross national product than does Western Europe . STOP 
Its mortality rate for *UNKS* over 35 is about 50 % higher than West Germany 's , and 50 % higher in *UNK* areas than the national average . STOP 
Since 1978 , average annual growth rates for most *UNKS* have *UNKED* the growth of GNP . STOP 
Conference participants saw these effects as *UNKING* directly from -LRB- a -RRB- *CUNK* devaluation of environmental resources , which are not produced by labor ; -LRB- *UNK* -RRB- planned economies ' *UNK* to control pollution where enterprises are state-owned and penalties are paid by the government ; and -LRB- *UNK* -RRB- the continuing *CUNK* emphasis on heavy industry for economic development , producing a far *UNKER* and more *UNK* use of energy and natural resources than in the West . STOP 
They repeatedly noted that environmental progress could not be secured without true ownership , genuine competition based on market factors , and the risk of bankruptcy if a business makes the wrong decisions . STOP 
The solutions they formally proposed included *UNK* taxes , *UNKION* and *UNKING* incentives , *UNKION* *UNKS* , *UNK* pollution permits , an *UNKAL* bank to finance *UNKION* credits , and *UNK-* *UNKS* . STOP 
But their most fundamental recommendation was to separate industry from the state , making it fully *UNK* for pollution control . STOP 
A revolution takes more than conference *UNKS* . STOP 
Indeed , *UNK* was *UNKLY* captured by a *UNK* told by *CUNKS* at the conference : `` The world must be coming to an end . STOP 
The *CUNKS* are talking peace . STOP 
The *CUNKS* are talking elections . STOP 
And the *CUNKS* are engaged in *UNK* . '' STOP 
But the implications of such a shift to market approaches go well beyond the fact that Poland is already working on nationwide emissions trades to reduce *UNKER* pollution , or that the Soviets plan to introduce *UNK* pollution permits in some *UNKS* next year . STOP 
Those implications include : -- *CUNKION* . STOP 
*CUNKED* with a $ 40 billion foreign debt and *UNKING* inflation , Poland must *UNK* industry and eliminate subsidies to stabilize its currency and qualify for international assistance . STOP 
*CUNKED* pollution control may *UNK* some capital that would otherwise purchase state industries . STOP 
But it could also *UNK* `` *UNKION* '' by *UNKING* industrial *UNK* , breaking up state *UNKS* , giving managers a stake in solutions , and *UNKING* that *UNKION* is not *UNK* for failure to address environmental effects . STOP 
-- *CUNK-* solutions . STOP 
As *UNKS* noted , *UNK* capital means the costs of control must be *UNKED* through a broad *UNK* of compliance choices for individual firms . STOP 
That means simple , clear rules that secure the first large blocks of reduction , *UNKING* more complex issues such as risk . STOP 
It also means use of *UNKED* pollution limits such as *UNK* permits , rather than *UNKED* limits such as *UNK* fees . STOP 
That 's because *UNKED* managers will likely respond better to *UNK* than to price signals . STOP 
-- *CUNK* financing . STOP 
Even *UNK-* environmental solutions will require billions of dollars . STOP 
New types of financing must make funds available without *UNKING* Poland 's *UNK-* reserves . STOP 
-- *CUNKION* . STOP 
East *CUNK* pollution data typically have been state *UNKS* . STOP 
While Polish data have been freely available since 1980 , it was no accident that participants urged the free flow of information . STOP 
For once information flows , public participation follows and *UNKION* becomes difficult to *UNK* . STOP 
-- *CUNKAL* *UNK* . STOP 
One *UNK* *UNKLY* declared that America has had a free market in goods but a planned economy for environmental protection , while Poland represents the opposite . STOP 
His point : It will be increasingly difficult for the U.S. to *UNKING* to *UNK-* measures if even the East *CUNK* steps to a different *UNKER* . STOP 
At the moment , Poland *UNKS* *UNK-* Pittsburgh more than a modern industrial society -- with *UNKED* production , inadequate environmental management , and little *UNKAL* *UNKS* . STOP 
But the continuing pressures for free-market economics suggest the conference 's vision was not all *UNK* . STOP 
Mr. *CUNK* , former head of EPA 's regulatory reform staff , *UNKED* this from his November column for the Journal of the Air and *CUNK* Management Association . STOP 
*CUNKING* earnings news from some technology companies *UNKED* investors in the over-the-counter market , who sold shares of Apple Computer , Intel and many other *UNKED* concerns . STOP 
The drop in those and other technology stocks contributed to an 0.7 % slide by the Nasdaq composite index . STOP 
It finished at *UNKN* , down *UNKN* . STOP 
The *UNKS* about the technology stock outlook also hurt the Dow Jones Industrial Average , which slipped about 1 % . STOP 
*CUNKLY* because of the sell-off in technology stocks , the Nasdaq 100 Index of the OTC 's largest *UNKAL* issues dropped *UNKN* to *UNKN* . STOP 
The Nasdaq Financial Index of giant insurance and banking issues lost *UNKN* to *UNKN* . STOP 
Some traders said the sell-off of technology stocks on low volume reflected a lack of conviction by investors . STOP 
But *CUNK* *CUNK* , vice president in charge of OTC trading at *CUNK* Financial in Stamford , Conn. , said the selling was *UNKLY* . STOP 
`` It 's a quiet retreat , '' said Mr. *CUNK* . STOP 
`` It 's nothing dramatic , just a routine sell-off . '' STOP 
Some of it was due to *UNKED* earnings from leading companies , he said . STOP 
But some of it also represented *UNKING* by investors who have made big gains in some issues . STOP 
Yesterday 's volume of *UNKN* million shares was far below last week 's *UNKING* average of nearly *UNKN* million . STOP 
For October so far , daily volume is *UNKING* *UNKN* million , putting it on track to be the year 's *UNKEST* month . STOP 
Apple Computer , which reported lackluster earnings Friday , lost 1 1\/4 to 46 3\/4 on 1.1 million shares . STOP 
*CUNKS* Computer , which reported earnings late Friday that were in line with a disappointing forecast , eased 3\/4 to 24 on *UNKN* shares . STOP 
Investors apparently did n't like the news from *CUNK* Technologies either . STOP 
It said net income was 17 cents a share in the third quarter , compared with 16 cents a share a year earlier . STOP 
*CUNK* 's stock dropped 2 to 14 1\/4 . STOP 
Other technology stocks that were weaker included Intel , which fell 1 1\/4 to 33 1\/2 on 1.9 million shares , *CUNK* Graphics , down 3\/4 to 16 1\/4 on 1.6 million shares , Sun Microsystems , which slipped 3\/8 to 18 1\/4 , and MCI Communications , down 1 to 42 3\/4 . STOP 
Microsoft , which last week rose to a record , fell victim to *UNKING* , traders said , as it declined 2 1\/8 to 83 1\/8 . STOP 
Conner *CUNKS* was unchanged at 15 . STOP 
Among takeover stocks , *CUNK* *CUNK* jumped 1 1\/4 to 42 1\/2 after *CUNK-* Holdings said the price to be paid to *CUNK* *CUNK* 's minority holders has been raised to $ 43 a share . STOP 
The increase of $ 1.25 a share is being made to settle shareholder litigation relating to *CUNK-* 's tender offer . STOP 
*CUNK-* Holdings is a new company jointly owned by an affiliate of *CUNK* *CUNK* and a Morgan Stanley limited partnership . STOP 
The *CUNK* *CUNK* affiliate , *CUNK* International *CUNK* , holds about 78 % of the shares outstanding . STOP 
These shares will be bought by *CUNK-* Holdings at $ *UNKN* each after the acquisition of the minority shares . STOP 
Another takeover target , LIN Broadcasting , eased 1\/2 to 110 1\/8 on *UNKN* shares . STOP 
LIN 's suitor , McCaw Cellular Communications , dropped 1 to 40 on almost *UNKN* shares . STOP 
Some analysts say investors will begin paying more attention to earnings , partly in response to the latest round of *UNKS* . STOP 
They say investors will favor companies that historically have posted annual earnings growth of 15 % to 20 % . STOP 
That would be good news for the OTC market , some analysts say , because many small growth stocks are traded there . STOP 
Michael R. *CUNK* , partner in charge of research at Robertson *CUNKS* & Co. in San Francisco , said some investors have already made the switch . STOP 
The Robertson *CUNKS* Index of *UNKN* emerging growth stocks is up *UNKN* % for the year through Friday . STOP 
The rise *UNKS* that of the Dow Jones industrials this year . STOP 
`` It 's been a *UNK* year for the emerging growth stock investor , '' Mr. *CUNK* said . STOP 
He predicted that the most popular growth companies will be those with `` some kind of *UNUNK* product or franchise '' that makes them appear able to sustain their momentum . STOP 
He puts the OTC market 's *CUNK* , Office Club and *CUNK* on the list . STOP 
*CUNK* , a maker of electronic patient monitoring systems , was up 3\/4 to 16 7\/8 on *UNKN* shares yesterday , while retailing issue Office Club was unchanged at 10 3\/4 on *UNKN* shares . STOP 
*CUNK* , another retailing stock , was off 3\/8 to 8 1\/4 on nearly 80,000 shares . STOP 
Other *UNKS* of *UNK-* analysts and money managers also had a mixed session . STOP 
*CUNK* American , a credit collection concern , jumped 1 3\/8 to 20 5\/8 on volume of *UNKN* , and *CUNK* *CUNKS* *CUNK* , a private *UNKAL* services company , advanced 1\/2 to 23 1\/2 on volume of *UNKN* . STOP 
But *CUNK* , a systems software stock , was down 1\/2 to 29 3\/4 on *UNKN* shares . STOP 
*CUNK* , a computer *UNKING* concern , fell 1 1\/2 to 30 on *UNKN* shares . STOP 
Elsewhere , Valley National continued its slide , dropping 2 1\/8 to 15 on 1.7 million shares . STOP 
The Arizona banking concern is facing difficulties related to weakness in the real estate market in the state . STOP 
*CUNKER* earnings helped some issues . STOP 
*CUNK* rose 2 1\/4 to 54 3\/4 on almost 800,000 shares , and *CUNK* Financial jumped 4 to 41 on only 1,000 shares . STOP 
Why ca n't we *UNK* our children to read , write and *UNK* ? STOP 
It 's not that we do n't know how to , because we do . STOP 
It 's that we do n't want to . STOP 
And the reason we do n't want to is that effective education would require us to *UNK* some *UNKED* *UNKAL* *UNKS* about human nature in general and the human nature of young people in particular , as well as to violate some *UNKED* *UNKED* interests . STOP 
These *UNKS* so *UNK* our educational establishment , our media , our politicians , and even our parents that it seems almost *OUS* to challenge them . STOP 
Here is an example . STOP 
If I were to ask a *UNK* of American parents , `` Do you wish the *UNK* schools to encourage *UNK* in your children ? '' the *OUS* answer would be , `` *CUNK* , of course . '' STOP 
But what do we mean , specifically , by `` *UNK* '' ? STOP 
No one can say . STOP 
In practice , it ends up being *UNKED* with a `` *UNKION* '' that *UNKS* the *UNKS* ' `` *UNK-* . '' STOP 
The result is a generation of young people whose *UNK* and intellectual *UNK* is matched only by their good opinion of themselves . STOP 
The whole notion of `` *UNK* '' in education was -LRB- and is -RRB- part and *UNK* of a *UNK* *UNKION* against *UNKED* *UNKION* , which was -LRB- and is -RRB- regarded as `` *UNK* , '' a *UNKION* and frustration of the *UNK* *UNKS* and the *UNK* , if as yet *UNKED* , *UNKS* *UNK* in the *UNKS* of all our children . STOP 
It is not surprising that parents find this *UNK* *UNK* so attractive . STOP 
*CUNKLY* , these same parents do want their children to get a decent education as traditionally understood , and they have enough common sense to know what that demands . STOP 
Their commitment to `` *UNK* '' can not survive *UNK* *UNK* . STOP 
American education 's future will be determined by the degree to which we -- all of us -- allow this common sense to *UNK* over the *UNKS* that we also share . STOP 
The education establishment will fight against common sense every *UNK* of the way . STOP 
The reasons are complex , but one simple reason ought not to be *UNKED* . STOP 
`` *CUNK* education '' -LRB- as it was once called -RRB- is far more interesting and *UNK* to teachers than is *UNKED* *UNKION* . STOP 
It is nice for teachers to think they are engaged in `` *UNK* development '' and even *UNKER* to *UNK* those *UNK* tests with often disappointing results . STOP 
It also provides teachers with a superior *UNKION* as a `` *UNKION* , '' since they will have passed courses in educational psychology and educational philosophy . STOP 
I myself took such courses in college , thinking I might end up a *UNKER* . STOP 
They could all fairly be described as `` *UNK* '' courses . STOP 
But it is unfair to dump on teachers , as *UNK* from the educational establishment . STOP 
I know many *UNKS* and , on the whole , they are seriously committed to *OUS* *UNKING* . STOP 
They may not be among the `` best and *UNKEST* '' of their generation -- there are very few such people , by definition . STOP 
But they need not be to do their jobs well . STOP 
*CUNK* , we all can remember one or two truly *UNKING* teachers from our school days . STOP 
But our education *UNKED* at the hands of those others , who were merely *UNK* and *OUS* . STOP 
In this sense , a *UNKER* can be compared to one 's family doctor . STOP 
If he were *UNK* , he probably would not be a family doctor in the first place . STOP 
If he is *UNK* and *OUS* , he serves us well . STOP 
Our teachers are not an important factor in our educational crisis . STOP 
Whether they are or are not *UNUNK* is a problem of equity ; it is not an educational problem . STOP 
It is silly *UNK* on our teachers to think they would *UNK* our children better if only they got a few thousand dollars a year more . STOP 
It is the kind of *UNK* the teachers ' unions do n't mind spreading , for their own narrow purposes . STOP 
It is also the kind of *UNK* politicians find useful , since it helps them strike a friendly *UNK* on behalf of an important *UNK* . STOP 
But there is not one *UNKED* of evidence that , other things being equal , salary *UNKS* result in educational *UNKS* . STOP 
If there were such evidence , you can be sure you would have heard of it . STOP 
If we wish to be serious about American education , we know exactly what to do -- and , just as important , what not to do . STOP 
There are many successful schools *UNKED* throughout this nation , some of them in the *UNKEST* of *UNKS* , and they are all sending us the same message . STOP 
*CUNKLY* , there are the majority of unsuccessful schools , and we know which efforts at educational reform are *UNKED* *UNK* . STOP 
We really do know all we need to know , if only we could *UNK* this knowledge into our thinking . STOP 
In this respect , it would be *UNK* if our political leaders were *UNK* , rather than *UNKLY* `` concerned . '' STOP 
They are inevitably inclined to *UNK* the conventional *UNK* , since this is the least controversial option that is open to them . STOP 
Thus at the recent *UNKS* ' conference on education , Gov. Bill *CUNK* of Arkansas announced that `` this country needs a comprehensive *UNK-* policy for children under five . '' STOP 
A comprehensive development policy for *UNKS* over 30 would seem to be a more pressing need . STOP 
What Gov. *CUNK* is *UNKING* , in effect , is extending the educational system down to the *UNK-* years . STOP 
Whether desirable or not , this is a *UNK-* program , not an educational program . STOP 
We know that very early exposure to *UNKING* *UNKS* performance in the first *UNK* , but *UNK* the difference is quickly *UNKED* away . STOP 
Let us sum up what we do know about education and about those education reforms that do work and do n't work : -- `` *CUNKAL* involvement '' is a bad idea . STOP 
*CUNKS* are too likely to blame schools for the educational limitations of their children . STOP 
*CUNKS* should be involved with their children 's education at home , not in school . STOP 
They should see to it that their kids do n't play *UNK* ; they should make certain that the children spend enough time doing *UNK* ; they should *UNK* the report card . STOP 
If parents are *UNKED* with a school , they should have the option of *UNKING* to another . STOP 
-- `` Community involvement '' is an even worse idea . STOP 
Here , the experience of New York City is *UNK* . STOP 
*CUNKLY* elected school boards , especially in our larger cities , become the *UNK* of ambitious , generally *UNK* , and *UNKLY* *UNK* local politicians or would-be politicians . STOP 
New York is in the process of trying to *UNK* itself from a *UNK-* commitment to this system of school *UNK* , even as Chicago and other cities are moving to institute it . STOP 
-- In most states , increasing expenditures on education , in our current circumstances , will probably make things worse , not better . STOP 
The reason is simple : Education takes place in the *UNK* , where the influence of money is minimal . STOP 
*CUNKS* of educational research tell us *UNKLY* that even smaller classes have zero effect on the academic performance of the *UNKS* -- though they may sometimes be desirable for other reasons . STOP 
The new money flows into the already *UNK-* administrative structure , which *UNKS* itself *UNKING* more and more paper work on the teachers . STOP 
There is neither mystery nor *UNK* in the fact that as educational expenditures -LRB- in real terms -RRB- have increased sharply in the past *UNK-* -- we now spend more per *UNK* than any other country in the world -- educational performance has declined . STOP 
That is the way the system works . STOP 
-- *CUNKS* should move up the educational *UNKER* as their academic potential allows . STOP 
No student should be permitted to be *UNKED* from *UNK* school without having *UNKED* the 3 *CUNK* 's at the level that *UNKED* 20 years ago . STOP 
This means `` tracking , '' whose main purpose is less to permit the *UNKED* *UNKS* to *UNK* -LRB- though that is clearly desirable -RRB- than to ensure that the less *UNKED* get the necessary *UNKING* for further study or for entering the modern world of work . STOP 
The notion that tracking is somehow `` *UNUNK* '' is *UNK* . STOP 
The purpose of education is to encourage young men and women to realize their full academic potential . STOP 
No one in his right mind actually believes that we all have an equal academic potential . STOP 
-- It is generally desirable to use older *UNKS* -- many of them , *UNKS* , out of print -- rather than newer ones . STOP 
The latter are *UNK* , *UNK* , often *UNK* silly , and at best *UNKAL* . STOP 
They are based on *OUS* psychological and *UNKAL* *UNKS* rather than on educational experience . STOP 
One of the reasons American students do so poorly in *UNK* tests , as compared with British , French , German or Japanese students , is the influence of the `` New *CUNK* '' on American *UNKS* and *UNKING* methods . STOP 
*CUNK* who wants to *UNK* just how *UNK* this situation is -- with students who ca n't add or *UNK* `` learning '' the *UNKAL* basis of *UNKAL* theory -- should read the article by *CUNK* Nelson -LRB- himself a recent *UNK* major at Harvard -RRB- in the November American *CUNK* . STOP 
-- Most important of all , schools should have *UNKS* with a large measure of authority over the *UNK* , the *UNK* , and all matters of student discipline . STOP 
*CUNK* after study -- the most recent from the *CUNKS* *CUNKION* -- tells us that the best schools are those that are free of outside *UNK* and are *UNKED* by a powerful head . STOP 
With that authority , of course , goes an *OUS* *UNK* . STOP 
*CUNKS* that are structured in this way produce students with higher *UNK* and superior academic performance . STOP 
This is a fact -- though , in view of all the *UNKS* that are *UNKED* by this fact , it is not surprising that one *UNKS* so little about it . STOP 
Mr. *CUNK* , an American *CUNK* Institute fellow , *UNKS* The Public Interest and publishes The National Interest . STOP 
International Business Machines Corp. unveiled a broad strategy to *UNK* the biggest problem that manufacturers face when *UNKING* their operations : Most machines ca n't talk to each other . STOP 
The company unveiled more than 50 products , mostly software , that are designed to *UNK* the three areas of a manufacturing operation -- the plant floor , design operations and production planning . STOP 
The aim , ultimately , is to increase the flow of information into a manufacturer 's main computer network for use in business planning , marketing and other operations . STOP 
Manufacturers have already spent so heavily on *UNKION* that they are one of the computer industry 's leading revenue sources . STOP 
But many manufacturers find that *UNKION* between different computers has been *UNKED* nearly impossible by the *UNK* of computer *UNKS* used by different machines , including *UNKS* and machine tools . STOP 
IBM 's announcement , which was expected and will formally be made to customers today , also marks an attempt to gain credibility on the plant floor , where Digital Equipment Corp. has long dominated and where Hewlett-Packard Co. has recently gained market share . STOP 
*CUNKS* have said that it will take a while for all the pieces of the IBM strategy to fall into place , even though the specific products IBM unveiled will generally be available by the end of the first quarter . STOP 
Sam Albert , a consultant in *CUNK* , N.Y. , said that in the past IBM has developed broad software strategies only for problems that *UNKED* industry lines . STOP 
He said he believes IBM 's decision to invest this sort of effort into a single industry showed that it was getting serious about understanding customers ' problems and was n't just selling technology . STOP 
He said he expects IBM to unveil similar strategies for other industries in coming months . STOP 
IBM 's push is also unusual in its approach to marketing . STOP 
Rather than just send out marketing people to *UNK* on customers ' doors , IBM is making several hundred of its own manufacturing people available to discuss specific needs . STOP 
IBM 's manufacturing staff also will be able to provide software that IBM has developed *UNKLY* and will be able to form teams with a customer to jointly solve manufacturing problems . STOP 
IBM can obviously bring its expertise to bear on problems related to computer manufacturing , but it could also help customers on software to deal with such things as changes in engineering documents . STOP 
`` We may not have every manufacturing problem , but we have most , '' said George *CUNKS* , IBM 's top marketing official . STOP 
Japan 's Big Four securities firms posted first-half *UNKED* results that *UNKED* softer performance as a result of slower turnover on the Tokyo Stock Exchange during July and August . STOP 
*CUNKS* for the period ended Sept. 30 for the four largest brokerage firms -- Nomura Securities Co. , Daiwa Securities Co. , Yamaichi Securities Co. and Nikko Securities -- also reflected a *UNKER* to a fiscal year ending March 31 , replacing the *UNK-* term formerly finishing Sept. 30 . STOP 
As a result , brokerage house officials said , appropriate comparisons from the same period a year earlier were unavailable . STOP 
Operating profit , pretax profit and net income results , however , were provided for the immediately *UNKING* six-month period . STOP 
The statistics follow a *UNK-* rebound in consolidated and *UNKED* results in the full fiscal year ended in March 1989 , recovering from dismal results in the prior fiscal year as a result of the October 1987 stock market crash . STOP 
Nomura said its pretax profits *UNKED* up 0.9 % to *UNKN* billion yen -LRB- US$ 1.75 billion -RRB- from *UNKN* billion yen in the six months ended March 31 . STOP 
Total operating profit fell 3.1 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Net income , however , rose 3.7 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Per-share net rose to *UNKN* yen from *UNKN* yen . STOP 
Daiwa said its pretax profits surged 9.6 % to *UNKN* billion yen from *UNKN* billion yen in the *UNKING* six-month term . STOP 
Operating profit rose 5.5 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Net income jumped 21 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Per-share net rose to *UNKN* yen from *UNKN* yen . STOP 
Yamaichi said its pretax profit increased 8.9 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Operating profit rose 5.3 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Net income surged 21 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Per-share net rose to *UNKN* yen from *UNKN* yen . STOP 
Nikko 's pretax profit rose 1.6 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Operating profit rose 4 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Net income rose 23 % to *UNKN* billion yen from *UNKN* billion yen . STOP 
Per-share net rose to *UNKN* yen from *UNKN* yen . STOP 
*CUNK* Energy Corp. of Dallas said it will drop its $ *UNK-* , or $ 190 million , offer for *CUNK* Petroleum Corp. if the two companies do n't have an agreement to merge by Dec. 15 . STOP 
*CUNK* , which made its offer in August , said it still is *UNKING* a response to its offer from *CUNK* 's board . STOP 
*CUNK* also said that its financing from Bankers Trust Co. has been extended until Dec. 15 to give *CUNK* 's board time to consider the offer at a *CUNK* board meeting scheduled for *UNKER* . STOP 
*CUNK* , which owns about 800 retail gas stations , has said it is particularly interested in *CUNK* 's refinery because it would fill a gap in its business . STOP 
However , *CUNK* , based in Houston , already has rejected a suitor in the past year . STOP 
Francis D. John , *UNK-* president , will assume the additional job of chief executive officer . STOP 
He succeeds Paul J. *CUNK* , 42 , who will remain chairman . STOP 
National Environmental also said it will move its headquarters from *CUNK* to *CUNK* , Pa. , the site of its *UNK* *UNKING* facility . STOP 
National Environmental , formerly *CUNK* Cos. , is a *UNK* treatment company . STOP 
Eagle *CUNKS* Inc. , which is operating under Chapter 11 of the federal Bankruptcy Code , said it reached an agreement with its creditors . STOP 
Under the accord , Albert Roth , chairman and chief executive officer , and Arthur Chase , Sam *CUNK* , and Louis *CUNK* will resign as officers and directors of the *UNK* retailer . STOP 
Mr. Roth , who has been on leave from his posts , will be succeeded by *CUNK* D. *CUNK* of *CUNK* Management Inc. , which is Eagle 's crisis manager . STOP 
Mr. *CUNK* is currently *UNK-* executive . STOP 
Arnold Levine , acting *UNK-* executive , will continue as senior vice president and a board member . STOP 
Eagle also said it received a commitment for as much as $ 8 million in financing from Norfolk Capital Group Inc . STOP 
In addition , a Norfolk affiliate , York Capital Inc. , will purchase all of the interests of Eagle 's secured lenders , which total $ 11.5 million , and guarantee as much as $ 8.2 million in payments to Eagle 's unsecured creditors . STOP 
A committee representing the unsecured creditors agreed to accept 24 cents on the dollar , Eagle said . STOP 
The plan would extend the period under which Eagle has the exclusive right to file a reorganization plan . STOP 
It would *UNK* all of Eagle 's existing capital stock and issue new stock to York as sole holder . STOP 
A bankruptcy court hearing is set for Nov. 3 on these *UNKS* . STOP 
In its bankruptcy-law petition , filed in U.S. Bankruptcy Court in Manhattan , Eagle said its problems began in 1987 and early 1988 when its *UNK-* *UNKER* , Bankers Trust Co. , reduced its credit line . STOP 
In September 1988 , Eagle acquired *CUNK* *CUNKING* Inc. , a closely held New York chain operated under the Bonds name . STOP 
Eagle 's management retired and *CUNK* 's management took control of the company . STOP 
At the time , Eagle reached a new credit agreement with Bankers Trust and with Bank *CUNK* Trust Co. of New York for $ 8 million , and a new subordinated debt accord with First *CUNK* Partners and *CUNK* management for $ 2 million . STOP 
But Eagle said the financing was *UNK* and sales during the past fiscal year *UNKED* . STOP 
Under Chapter 11 , a company operates under protection from creditors ' lawsuits while it works out a plan to pay debts . STOP 
Standard & Poor 's Corp. said it would add John H. *CUNK* Co. , an Atlanta check printer , to its 500-stock index , effective at the close of trading on Wednesday . STOP 
American Medical International Inc. , a New York hospital operator , will be *UNKED* from the index at that time . STOP 
American Medical is being acquired . STOP 
The tougher new regulations under the savings-and-loan bailout law are *UNKING* the thrift industry 's *UNKING* act . STOP 
*CUNKLY* to meet tougher new capital requirements , thrifts reduced their assets $ 13.4 billion in August , by selling such assets as mortgage-backed securities and loans . STOP 
Industry assets as of Aug. 31 were $ *UNKN* trillion , the lowest since August 1988 . STOP 
As thrifts sell assets to improve their *UNK-* ratio , as required under the new law passed in August , they must also reduce liabilities , such as deposits . STOP 
As interest rates paid *UNKS* were lowered , thrift withdrawals exceeded deposits by $ 5.1 billion , not including interest credited to accounts . STOP 
It was the third consecutive month in which thrifts shed assets to increase the size of their capital in *UNKION* to their assets , the Office of Thrift *CUNKION* said . STOP 
The asset *UNK* was particularly concentrated in several large California institutions . STOP 
`` The *UNKING* of the thrift industry is well under way , '' said *CUNK* *CUNK* , an industry consultant in *CUNK* , Va . STOP 
`` This suggests the bailout law is having a more dramatic effect than anyone would have *UNKED* so soon . '' STOP 
James *CUNK* , an economist with the Office of Thrift *CUNKION* , also attributed some of the *UNK* to seasonal factors . STOP 
`` August is a month when people are paying school tuition , '' he said . STOP 
`` That and adjustment to the new law were the biggest factors in the industry . '' STOP 
Not including thrifts under government *UNK* , *CUNKS* reduced their assets by $ *UNKN* billion from the previous month , and deposit *UNKS* totaled $ 3.9 billion . STOP 
For the *UNKN* insolvent thrifts under government management at the end of August , assets declined by $ 3.3 billion and withdrawals exceeded deposits by $ 1.2 billion . STOP 
*CUNKS* raised capital mostly by selling mortgages and mortgage-backed securities , which were reduced by $ *UNKN* billion in August from the prior month . STOP 
As of Aug. 31 , thrifts held $ *UNKN* billion in mortgage-backed securities . STOP 
The deposit numbers for August marked a *UNKING* back to huge *UNKS* after a July net deposit *UNK* of $ 54 million -- the only net *UNK* in more than a year . STOP 
*CUNKS* are n't expected to exceed withdrawals in the *UNK* future , as the industry continues to *UNK* . STOP 
`` I think we are going to see deposit *UNK* continue , unless we see big changes in rates , '' Mr. *CUNK* said . STOP 
For the first eight months of 1989 , thrifts ' withdrawals exceeded deposits by $ *UNKN* billion . STOP 
For the prior year , deposits exceeded withdrawals by $ 8.8 billion . STOP 
The estimates of real gross national product prepared by the Bureau of Economic *CUNKS* in the Department of Commerce significantly *UNUNK* the rate of economic growth . STOP 
Since the bureau 's estimates for the business sector provide the *UNK* for the productivity *UNKS* calculated by the Department of Labor , *UNKED* growth rates *UNKLY* *UNKS* official productivity statistics . STOP 
If this *UNKS* is correct , it has important implications for *UNK* policies : It may lower the sense of *UNK* behind efforts to *UNK* tax incentives and other measures to increase the rate of growth in productivity and real GNP . STOP 
It would also affect the *UNKS* of the board of *UNKS* of the Federal Reserve System , and the informed public generally , as to what *UNKS* a reasonable degree of price stability . STOP 
In the early 1980s , I predicted a significant *UNKION* in productivity growth over the rest of the decade . STOP 
This forecast was based on the apparent reversal of most of the negative forces -- such as *UNK* changes , the oil shock and *UNKING* inflation -- that had reduced productivity gains in the 1970s . STOP 
There has indeed been more than a one percentage point improvement in productivity growth since 1981 . STOP 
But I had expected more , which is one reason I began looking at evidence suggesting defects in the official output estimates . STOP 
The evidence does not clearly support the view that the downward bias in output growth has become greater during the *UNKN* period , but all I am claiming is that the growth trend is *UNKED* . STOP 
-LRB- It is , however , possible , that further study will reveal increasing bias . -RRB- STOP 
This bias is in no way *UNK* . STOP 
The *UNUNK* of growth is due largely to the conservative *UNKS* adopted to deal with *UNKS* in basic economic data . STOP 
The first of three major sources of error is the use of labor *UNK* estimates -LRB- mainly employment or hours -RRB- instead of output estimates for those sectors , such as governments , paid household services and private *UNK-* institutions , where there are difficulties in *UNKING* output data . STOP 
This means that no *UNK* is made for possible increases in output per unit of labor . STOP 
In an unrelated program in which the Labor Department does estimate output per employee for more than two-thirds of federal *UNK* employees , it found an average annual rate of productivity improvement of 1.7 % during the 1980s . STOP 
Even if it is assumed that productivity rose no more than half as quickly in the rest of the *UNKS* sector , this Labor Department estimate indicates a downward bias in the real GNP estimates of 0.2 percentage point a year , on average . STOP 
The federal productivity *UNKS* use labor *UNK* , rather than output , data for their calculations of half of private financial and service industries as well . STOP 
Independent estimates of output in those industries , including one by the Department of Labor for banking , suggests that productivity in finance and services appears to have risen by an average of at least 1.5 % a year between *UNKN* and 1988 . STOP 
Because finance and services contribute 10 % to final business product , missing these productivity improvements *UNKS* the overall growth rate by *UNKN* % a year . STOP 
The second source of error in growth statistics is the use of *UNK* *UNKS* to adjust for price changes . STOP 
I estimate that these *UNKS* as detailed by Martin N. *CUNKLY* and Robert J. *CUNK* add a further *UNKN* percentage point to the downward bias in the growth rate of real business product . STOP 
Finally , the official estimates *UNUNK* growth because they make inadequate *UNK* for improvements in quality of goods and services . STOP 
In 1985 , a new price index for computers adjusted for changes in performance *UNKS* was introduced , and that resulted in a significantly larger increase in real outlays for durable goods than the earlier estimates had showed . STOP 
Since then , further research argues that failure to take account of quality improvements has contributed a total of at least *UNKN* percentage point to the downward bias in the growth rate . STOP 
In sum , the *UNKS* *UNKED* above indicate a 0.7 percentage point *UNUNK* in growth of total real GNP . STOP 
For the private domestic business economy , the bias was a bit over 0.5 percentage point . STOP 
In other words , the growth rates of both total GNP and real private business product per labor hour have been *UNKED* by about 20 % . STOP 
Mr. *CUNK* is professor *UNKS* of economics at George Washington University . STOP 
He is *UNK-* of `` Personal *CUNK* : How to *CUNK* Your *CUNKION* in *CUNKING* '' -LRB- *CUNK* *CUNK* , 1988 -RRB- . STOP 
Union Carbide Corp. said third-quarter net income plunged 35 % from a year earlier on weakness in the company 's *UNK* chemicals and plastics business . STOP 
Net was $ *UNKN* million , or 98 cents a share , for the quarter , compared with $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Sales were $ *UNKN* billion , up 1.6 % from $ *UNKN* billion the previous year . STOP 
Carbide , like other companies with a heavy *UNK* on the so-called commodity end of the chemicals industry , was expected to post earnings sharply lower than in an *UNKLY* strong 1988 third quarter . STOP 
But the company 's latest quarter was a few *UNKS* a share lower than the more pessimistic projections on Wall Street . STOP 
`` It certainly was n't a disaster , but it does show weakness '' in some of the company 's chief markets , said George *CUNK* , a *UNK-* analyst at Oppenheimer & Co . STOP 
In New York Stock Exchange composite trading , Carbide closed at $ *UNKN* a share , down 50 cents . STOP 
Prices for *UNK* , a common plastic and an important Carbide product , started to fall early this year ; the slide *UNKED* in the third quarter as buyers continued to trim inventories . STOP 
Prices also fell for *UNK* *UNK* and *UNKS* , products used in making *UNK* . STOP 
Some producers of *UNK* , *UNKING* the inventory reductions are near an end , have announced price boosts . STOP 
The first real test of whether prices have hit bottom may come in the next several weeks , when the new prices become effective . STOP 
A Carbide spokesman said `` the conditions are right for the increase to hold . '' STOP 
For the third quarter , operating profit from Carbide 's chemicals and plastics business fell to $ *UNKN* million from $ *UNKN* million a year ago , before accounting for taxes and interest expense . STOP 
Operating profit from carbon products , such as *UNK* *UNKS* , also declined , to $ 6 million from $ 20 million . STOP 
In the *UNKS* segment , operating profit climbed to $ 87 million from $ 58 million . STOP 
The latest quarter included a gain of about $ 62 million on the sale of the company 's *UNK* *UNKS* and *UNK* *UNKS* businesses . STOP 
*CUNK* *UNKS* are used in making *UNK-* products such as *UNK* , and *UNK* *UNKS* are used in making the *UNK* *UNK* found in furniture *UNKING* and other products . STOP 
That gain was mostly offset by a loss of about $ 55 million from a write-down in its *UNK* business . STOP 
*CUNK* is used in making integrated *UNKS* . STOP 
For the nine months , net totaled $ *UNKN* million , or $ *UNKN* a share , up 5 % from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Sales rose 7.7 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
At least 10 states are *UNKING* Drexel Burnham Lambert Inc. 's nationwide effort to settle its legal troubles , and some might instead try to *UNK* the firm 's license to sell securities within their *UNKS* . STOP 
The reluctance of some states to let Drexel off the *UNK* could *UNKER* the firm 's attempts to *UNK* its image after its guilty plea to six *UNKS* last month , say several people familiar with the discussions . STOP 
Up to now , Drexel has made a *UNK-* series of settlements with 25 states and the *UNK* of Puerto Rico . STOP 
Just yesterday , New Hampshire announced it made a $ *UNKN* settlement with Drexel , a *UNKING* fine for a *UNK-* matter in that state . STOP 
These states have been entering into settlements with Drexel as part of the firm 's efforts to operate freely anywhere in the U.S. despite its record as an admitted *UNK* . STOP 
But individuals familiar with the generally successful Drexel talks say the firm is meeting resistance from some big states , including New Jersey , New York , California , Pennsylvania , Connecticut and Missouri . STOP 
Officials in some of these states say they do n't want to simply accept the settlements offered by Drexel . STOP 
They question if Drexel is getting easier treatment than the many small *UNK-* firms whose brokerage licenses are routinely *UNKED* . STOP 
Drexel has to settle with state securities regulators in the wake of its criminal guilty plea and a related civil settlement with the Securities and Exchange Commission that includes payment of $ 650 million in penalties . STOP 
These stem from a two-year federal investigation of insider trading and securities fraud on Wall Street . STOP 
Ohio , the District of Columbia , Tennessee and Illinois have been less *UNK* to Drexel than the other six states , but nonetheless have refused to settle so far , say those familiar with the discussions . STOP 
Drexel says it does n't expect any of its state brokerage licenses will be *UNKED* , and even if some are , its securities business would n't be directly hurt . STOP 
It already has sold its retail , or *UNK-* , brokerage network ; securities firms do n't need brokerage licenses for *UNK-* activities such as investment banking . STOP 
Still , if nothing else , a *UNKED* brokerage license could be a burden because it must be disclosed in many of the transactions in which Drexel could be involved . STOP 
Securities regulators *UNK* Drexel for its *UNK* effort , led by *UNKED* general counsel *CUNK* S. Cohen , to settle its legal problems with the states . STOP 
But they disagree about the message these settlements give to the public . STOP 
`` There was a lot of internal debate about that specific issue , '' said *CUNK* Bryant , Oklahoma 's chief securities regulator and president of the North American Securities *CUNKS* Association , which *UNKED* a *UNK* settlement plan for the states with Drexel . STOP 
The question , she said , is whether Drexel should be allowed to pay and move on , or `` whether you should -LRB- simply -RRB- *UNK* the license when someone is convicted of a felony . '' STOP 
While Ms. Bryant 's state went ahead and accepted Drexel 's settlement offer of $ 25,000 , she said : `` I do n't have any argument with those who came to different *UNKS* . STOP 
I can see both sides . '' STOP 
Similarly , Alfred *CUNK* , New Hampshire 's director of securities regulation , said his state had n't received any complaints about Drexel , so it really could n't press the issue . STOP 
Still , `` I understand the reasons '' that other states are holding out , he said . STOP 
Mr. Cohen , the Drexel general counsel , said , `` I do n't think , as we say in investment banking , that ` by the end of the day ' we 'll be losing any licenses . '' STOP 
Asked about states that are taking a hard line , he said , `` There are states that have asked for additional information , which we are providing to them . '' STOP 
Mr. Cohen said more than $ 2.8 million has been paid to 26 states and that Drexel still expects to pay out a total of $ 11.5 million . STOP 
By the end of this week , Drexel should have another three to four settlements , Mr. Cohen said . STOP 
`` The rate we 're going , I think that by the end of the month , we 're looking to have a total of 30 to 35 , '' he said . STOP 
That total would be important for Drexel . STOP 
The investment bank has previously announced that as part of its *UNK* it would create an independent foundation to promote *UNKAL* behavior in the securities industry . STOP 
A *UNK* to that promise is that a minimum of 35 states reach settlement agreements before next Tuesday . STOP 
There are , according to several securities *UNKS* , at least 16 states that are either close to settlements with Drexel or who do n't appear opposed to settling . STOP 
Drexel 's proposed state fines have been based on a state 's population and on the size of Drexel 's business in the state . STOP 
New Jersey , for example , was asked to accept $ *UNKN* , but refused . STOP 
The state is n't ruling out *UNKING* Drexel 's brokerage license . STOP 
The state can also bar Drexel as an investment adviser . STOP 
State officials wo n't describe their position in detail , but James *CUNK* Smith , state securities chief , said : `` We really are still looking at it and have informed -LRB- Drexel -RRB- that the proposal is really not sufficient for settlement . '' STOP 
Connecticut already has issued a `` notice of intent '' to *UNK* Drexel 's brokerage license . STOP 
It is one of the states that have met with Mr. Cohen and asked for additional information about investors ' accounts and other matters . STOP 
`` This particular issue goes to the very integrity of the *UNKION* market , '' state Banking *CUNKER* Howard Brown said . STOP 
A banking department spokesman added : `` *CUNKER* Brown does n't feel that money alone is the issue here . '' STOP 
*CUNKLY* *UNK* are the cases of New York , which is Drexel 's base , and California , the base of Drexel 's highly profitable junk-bond operation that led to the firm 's legal difficulties . STOP 
Neither state has settled , and officials in the two states wo n't discuss their reasons for not doing so . STOP 
But Drexel has made it clear it could mount a significant legal battle in each state if its license is *UNKED* , according to state officials . STOP 
Ms. Bryant , the head of the state securities group , said Drexel has done a better job of settling with the states than *CUNK* Hutton did after its guilty plea to a massive *UNKING* scheme several years ago . STOP 
Still , she said , Drexel 's trouble with some states is n't a bad thing . STOP 
`` This process should point out that it 's not going to be easy for a firm that 's convicted of a felony to immediately jump back into the retail business , '' Ms. Bryant said . STOP 
`` We need to have somebody worried so they do n't do this again . '' STOP 
These are the 26 states , including the *UNK* of Puerto Rico , that have settled with Drexel : Alaska , Arkansas , Delaware , Georgia , Hawaii , *CUNK* , *CUNK* , Iowa , Kansas , Kentucky , Maine , Maryland , Minnesota , Mississippi , New Hampshire , New Mexico , North *CUNK* , Oklahoma , Oregon , South Carolina , South *CUNK* , Utah , Vermont , Washington , *CUNKING* and Puerto Rico . STOP 
Time Warner Inc. reported a third-quarter net loss of $ *UNKN* million , or $ *UNKN* cents a share , reflecting acquisition costs for a *UNKN* % stake in Warner Communications Inc. and the purchase method of accounting for the transaction . STOP 
Separately , Warner reported a net loss of $ 106 million , or 56 cents a share , including merger expenses of $ 100 million and $ 120 million in charges associated with *UNKED* compensation plans . STOP 
Time Warner is in the process of completing its acquisition of the remaining Warner shares . STOP 
Time Warner *UNKED* in a news release that it should be *UNKED* based on its cash flow , which the company defined as earnings before interest , taxes , depreciation and *UNKION* . STOP 
On a *UNK-* basis , assuming the merger was effective *CUNK* 1 , 1988 , including the results from both Time Inc. and all of Warner , that cash flow figure would be $ *UNKN* million for the latest quarter , more than double the comparable figure a year ago , or $ *UNKN* million , according to Time Warner . STOP 
Some analysts at least are buying that argument , and were n't *UNKED* by the losses . STOP 
`` What really matters is the operating income of the divisions : I look at these numbers and I say , these businesses are doing well , '' said Mark *CUNK* , a vice president of Donaldson , Lufkin & Jenrette Securities Corp . STOP 
`` For example , Warner made more than $ 100 million from *UNKED* entertainment in three months . STOP 
That 's a big number . STOP 
Warner also had a gain of more than 13 % from records and music publishing , even though the domestic record business was sluggish this summer . '' STOP 
In the year-ago third quarter , Time on its own reported net income of $ 81 million , or $ *UNKN* a share . STOP 
*CUNKED* revenue for the latest quarter of Time Warner was $ 2.2 billion , compared with the year-ago Time revenue of $ 1.1 billion . STOP 
On a pro *UNK* basis , including all of Warner 's earnings , Time Warner had a third-quarter loss of $ *UNKN* million , compared with a $ *UNKN* million loss a year earlier . STOP 
On the same basis , revenue rose to $ 2.7 billion from $ 2.2 billion . STOP 
For the third quarter , Warner 's $ 106 million loss compared with a year-ago loss of $ *UNKN* million , or 90 cents a share . STOP 
Revenue rose to $ 1.5 billion from $ 1.1 billion . STOP 
The 1988 figures were restated to include the results of *CUNK* *CUNKS* Corp. , which Warner acquired in January . STOP 
Time Warner 's operating earnings got a boost from Warner 's record *UNK-* results . STOP 
`` Batman '' alone has *UNKED* up more than $ *UNKN* million in *UNK-* receipts to date , making it Warner *CUNKS* . ' largest *UNKING* film ever . STOP 
`` *CUNKAL* *CUNK* II '' was also a big hit . STOP 
Warner also contributed record results from its music business , where unit sales of *UNK* *UNKS* rose more than 50 % from a year ago , the company said , helped by Prince 's `` Batman '' *UNK* . STOP 
Time Warner said its cable division turned in a 77 % increase in operating cash flow , to $ *UNKN* million from $ *UNKN* million , reflecting higher *UNKER* revenue . STOP 
In addition , the 1988 results included a $ 20 million charge reflecting a reserve for *UNKION* related expenses at American Television & Communications Corp . STOP 
On the other hand , Time Warner said its operating cash flow declined in the quarter for its magazine division , its books division and the Home *CUNK* Office programming division . STOP 
In magazines , higher advertising revenues at Sports *CUNKED* and *CUNK* were offset by lower ad revenue for other major magazines . STOP 
The programming division saw a decline in operating cash flow because the year-ago quarter included a $ 12 million dividend from Turner Broadcasting System and because the quarter includes expenses associated with the Nov. 15 launch of HBO 's *CUNK* Channel . STOP 
In New York Stock Exchange composite trading , Time Warner closed at $ *UNKN* a share , up $ *UNKN* , while Warner closed at $ *UNKN* a share , up 12.5 cents . STOP 
Robert J. *CUNK* , president and chief executive officer , will take early retirement from this steelmaker *CUNK* 31 . STOP 
William S. *CUNK* , chairman , said Mr. *CUNK* , 58 years old , would continue as a consultant and would work with the board in *UNKING* a successor . STOP 
*CUNK* recently emerged from bankruptcy-law proceedings that left 64 % of the *UNKED* company 's common stock in the hands of *UNKS* of an *UNK-* claims trust . STOP 
The company said it would have no further comment . STOP 
Mr. *CUNK* , 37 , was elected chairman earlier this year by the company 's new board , having served as vice president for legal and corporate affairs . STOP 
His father , David S. *CUNK* , was chairman and chief executive until his death in an accident five years ago , at which time Mr. *CUNK* was named president . STOP 
Some House Democrats are trying to head off an appointment by President Bush to the board that oversees the savings-and-loan bailout , *UNKING* that the prospective *UNK* is the head of troubled banks himself . STOP 
Four Democrats on the House Banking Committee sent President Bush a letter *UNKING* their concerns about the expected appointment of James Simmons , an Arizona banker and former *UNKER* for Mr. Bush , to the *CUNK* Board of the Resolution Trust Corp . STOP 
The *CUNK* Board , created in the savings-and-loan law signed in August , sets policy for the RTC , which will sell hundreds of the nation 's sick thrifts and billions of dollars of their assets . STOP 
Treasury Secretary Nicholas Brady , Federal Reserve Board Chairman Alan Greenspan and Housing and Urban Development Secretary Jack Kemp are members of the board . STOP 
President Bush must *UNK* two other members , one a Democrat and one a Republican . STOP 
An administration official confirmed last week that Mr. Simmons , the chairman of Valley National Bank in Phoenix , is the Republican *UNK* , and that a security clearance was under way . STOP 
The Democratic *UNK* has n't been determined , the official said . STOP 
Mr. Simmons declined to comment , and the White House said the *UNK* 's letter is under review . STOP 
The letter , dated last Thursday , cited the losses at Valley National , and at United Bank , also of Phoenix , where Mr. Simmons was chairman for 29 years . STOP 
Both banks have been battered , as have other Arizona banks , by falling real estate prices . STOP 
Valley National , for example , had $ *UNKN* million in problem assets as of June . STOP 
`` We believe that there are numerous other candidates more *UNKED* for this important position and we encourage you to give them your *UNK* consideration before making this key RTC appointment , '' the letter said . STOP 
`` The RTC needs the most able , *UNK* management available . '' STOP 
But Mr. Simmons has long ties to both Republicans and banking . STOP 
He was *UNK-* of Mr. Bush 's Arizona campaign committee in last year 's election , and also worked for Mr. Bush in the 1980 election . STOP 
The two met more than 30 years ago , when Mr. Simmons worked for Commercial Bank & Trust Co. of Midland , Texas , where Mr. Bush was an *UNKING* director . STOP 
In 1986 , Mr. Simmons also served on a committee of businessmen headed by William Seidman , chairman of the Federal Deposit Insurance Corp. and the Resolution Trust Corp . STOP 
That committee determined to open Arizona to banking across state lines . STOP 
Arizona *CUNK* magazine referred to Mr. Simmons this year as one of the 25 most influential people in the state . STOP 
The letter to Mr. Bush was signed by *CUNK* Bruce *CUNK* -LRB- D. , *CUNK* -RRB- , the chairman of the Banking Committee 's RTC *CUNK* Force , Thomas *CUNK* -LRB- D. , Md. -RRB- , *CUNK* *CUNK* -LRB- D. , *CUNK* . -RRB- and Paul *CUNK* -LRB- D. , *CUNK* . -RRB- . STOP 
*CUNK* W. *CUNK* , a vice chairman of this *UNKING* company , was named to the additional position of chairman of its principal unit , *CUNK* Bank . STOP 
Mr. *CUNK* , 54 years old , will remain president and chief executive officer of the unit . STOP 
*CUNK* also named John B. *CUNKER* a vice chairman of the parent company and the unit and elected him to the newly created position of chief credit officer of *CUNK* Financial , increasing the number of corporate board members to 35 . STOP 
Mr. *CUNKER* , 58 , was formerly senior executive vice president of the parent company and the unit . STOP 
Moody 's Investors Service Inc. said it lowered the debt ratings of certain long-term debt held by this company . STOP 
The *UNKING* concern cited the bank 's move into the Texas market , noting its profitability and capital *UNK* *UNKS* will be depressed relative to the bank 's past performance . STOP 
Moody 's also said it raised its rating on the Deposit Insurance Bridge Bank , now known as Bank One , Texas *CUNK* , reflecting the support of other banking affiliates and substantial assistance for the *CUNK* . STOP 
Officials at the New York *UNKING* company were n't available for comment on the *UNKING* changes . STOP 
At Lloyd 's of London , underwriters still *UNK* out policies using *UNK* *UNKS* and *UNKING* paper . STOP 
*CUNKS* are *UNKED* into the *UNKS* by *UNKED* *UNK* known as *UNKS* , a reminder of the insurance market 's *UNKS* in a *UNK* in *UNK* century London . STOP 
Such *UNKS* suggest a *OUS* past but give no *UNK* of a troubled present . STOP 
Lloyd 's , once a *UNK* of the world insurance market , is being *UNK* to its very foundation . STOP 
The *UNK-* exchange is battered by enormous claims from a *UNK-* run of unprecedented disasters , the most recent of which is last week 's earthquake in California 's Bay Area . STOP 
At the same time , Lloyd 's is *UNKED* by *UNKED* investors and *UNK* by inefficient but *UNKED* ways of conducting business . STOP 
The exchange is gradually being squeezed into narrow , *UNK-* segments of the market by less *UNK* competitors . STOP 
`` Lloyd 's is on the *UNKS* , '' says Peter *CUNKING* , a Lloyd 's investor for 17 years who now leads a dissident group threatening to *UNK* exchange underwriters for alleged *UNK* and *UNK* . STOP 
`` It needs more discipline . STOP 
It needs to sort itself out . '' STOP 
Most *UNK* is the *UNKING* pool of `` names , '' the *UNKED* investors -LRB- some of them *UNKAL* -RRB- who , as members of about *UNKN* *UNKS* , underwrite policies . STOP 
Some *UNKN* members quit the exchange last year , more than *UNK* the number of resignations in 1987 . STOP 
*CUNKS* are resigning at an even faster pace this year . STOP 
*CUNKER* returns are one reason . STOP 
The average after-tax return on investment in 1986 , the most recent year for which results are available , was 6.5 % , according to *CUNK* Ltd. , an insurance consulting firm in London . STOP 
In 1985 , it was 2.1 % . STOP 
*CUNK* 1981 and 1986 , the most recent five-year period for which figures are available , Lloyd 's reported over # 3.6 billion in claims and reserves against future losses -LRB- $ *UNKN* billion at today 's exchange rates -RRB- , more than double the # 1.35 billion posted in the previous five-year period . STOP 
Many of the *UNKN* investors who remain are beginning to question one of the exchange 's most basic *UNKS* , the concept of *UNKED* personal liability . STOP 
Investors may *UNK* huge profits when premiums exceed claims , but they are *UNK* to their last pound or dollar in the event of a catastrophe . STOP 
And *UNKS* are getting ever more costly . STOP 
Lloyd 's claims for the 1988 *CUNKER* *CUNK* *UNK-* disaster in the North Sea , for instance , may reach $ 1 billion . STOP 
During the five-year period ended 1986 , roughly 80 % of the names had money tied up in *UNKING* *UNKS* , according to *CUNK* consultants . STOP 
The *UNK* of *UNKED* liability *UNKS* large for a number of them now . STOP 
`` I have *UNKED* I could die and be out of it -- that 's how bad it is , '' *CUNK* *CUNKS* , a secretary from suburban London , says . STOP 
Ms. *CUNKS* , whose Lloyd 's membership was a bonus from a former employer in 1981 , *UNKS* to Mr. *CUNKING* 's dissident group on the *CUNK* syndicate , which has been hard hit by asbestos reinsurance claims . STOP 
Ms. *CUNKS* , who *UNUNK* # 20,000 , or about $ *UNKN* , of insurance coverage on that syndicate , now faces potential losses of roughly # 70,000 , or $ *UNKN* . STOP 
`` If Lloyd 's wants # 70,000 out of me they will have to take everything I 've got -- and even then I do n't know if it will be enough , '' she says . STOP 
*CUNK* is widespread among exchange members . STOP 
`` I ca n't think of any reason to join Lloyd 's now , '' says Keith Whitten , a British businessman and a Lloyd 's member since 1979 . STOP 
`` The *UNK* is very considerable , and at the moment the *UNK* is very marginal . '' STOP 
If profits do n't improve , Mr. Whitten says he may quit the exchange . STOP 
Meanwhile , competition from rivals *UNKED* by history is *UNKING* . STOP 
Lloyd 's is being squeezed out of *UNK-* but more consistently profitable product lines such as primary property and *UNK* insurance . STOP 
Over the past decade , competitors have *UNKED* away at the exchange 's share of the # 2.5 billion *UNK* market in London , where half the world 's ships are insured . STOP 
Lloyd 's 66 % stake in that market has *UNK* to 50 % in that period , according to an official at the Institute of London *CUNKS* , a Lloyd 's competitor . STOP 
-LRB- The official asked not to be named . -RRB- STOP 
Much of the business has gone to the institute , an association of more than 100 insurers , including *CUNK* Corp. , Allianz *CUNKS* AG of West Germany and Britain 's Commercial Union *CUNK* PLC . STOP 
Lloyd 's has *UNKED* decades of *UNK* decline . STOP 
At the peak of its power and influence a century ago , Lloyd 's dominated the insurance world with a 50 % stake . STOP 
It virtually *UNKED* how ships were to be built and it monitored *UNK* through a *UNKED* intelligence network in *UNKS* around the *UNK* . STOP 
Today , Lloyd 's share of the world market , excluding life insurance , is about 2 % . STOP 
-LRB- Its stake is even smaller if life insurance is included . -RRB- STOP 
*CUNKER* rivals , such as Aetna and Allianz , backed by *UNKS* of *UNKS* using computers in hundreds of branches , operate more *UNKLY* and often can offer lower rates , brokers say . STOP 
Though Lloyd 's *UNKED* such *UNK-* policies as worker 's compensation insurance , *UNK* insurance for homeowners and businesses , and bankers ' liability insurance , competitors now underwrite most of that business . STOP 
Beyond that , many big oil , chemical and airline companies are *UNKING* off big *UNKS* of the market by *UNKING* themselves through `` *UNK* '' *UNK* companies for *UNK-* coverage . STOP 
Even Lloyd 's specialty -- unusually risky ventures -- is being challenged . STOP 
Only 10 years ago , for instance , Lloyd 's was the *UNK-* insurer of *UNKED* *UNKS* . STOP 
But since 1981 , *CUNK* *CUNK* Insurance Inc. of Lexington , Ky. has *UNKED* a 20 % stake of the market . STOP 
Ronald *CUNK* , president , says Lloyd 's has suffered because its structure does n't allow underwriters to deal directly with clients ; brokers are required *UNKS* . STOP 
Thus , he asserts , Lloyd 's ca n't *UNK* quickly to competition . STOP 
`` Lloyd 's has lost control of the situation , '' he says . STOP 
`` They are n't controlling their *UNK* like they used to . '' STOP 
*CUNK* Lawrence , Lloyd 's chairman , agrees the exchange faces big challenges . STOP 
`` This is a *UNKED* time , and we are trying to plot our way ahead , '' he says . STOP 
`` We have been a great market for *UNKING* risks which other people then take , copy and cut rates . '' STOP 
Lloyd 's , he says , is cut off from `` the vast body of premium down at the bottom end which acts as a *UNKING* influence '' against catastrophic losses . STOP 
By that , he means *UNK-* but *UNK-* products such as certain types of primary property insurance . STOP 
The exchange , he says , must find new products and new markets . STOP 
That wo n't be an easy task . STOP 
*CUNKION* is dictator at Lloyd 's . STOP 
Three years ago , the exchange took up *UNK* in a *UNK-* tower of steel and glass -- *UNK* of the kind of modern architecture that Britain 's Prince Charles has *UNKED* . STOP 
-LRB- Some exchange *UNKS* call the building `` the oil *UNK* . '' -RRB- STOP 
But along with such *UNKED* *UNKS* as *CUNK* Nelson 's *UNKS* , Lloyd 's also brought its *UNKED* ways of doing business . STOP 
The Lloyd 's market actively *UNKS* insurance just 4 1\/2 hours a day , brokers say . STOP 
*CUNKING* does n't get under way until after morning tea at 10 a.m . STOP 
A *UNK-* lunch break follows . STOP 
*CUNKS* wind down at about *UNKN* p.m. , just in time for afternoon tea . STOP 
Lloyd 's vast trading *UNK* houses a *UNK* of *UNKED* desks . STOP 
The *UNK* 's few computers are used mostly to send messages . STOP 
*CUNKED* between desks , underwriters sit on *UNKS* *UNKED* by *UNKS* of policies . STOP 
*CUNKS* *UNKING* *UNK* *UNKS* stand in lines , waiting their turn to speak to the underwriters . STOP 
A broker may have to approach as many as 20 underwriters who *UNK* the *UNKS* on behalf of the *UNKS* . STOP 
It could take six months for a claim to be paid . STOP 
`` The system , '' says Nicholas *CUNKER* , a Lloyd 's broker who left the exchange in 1985 , `` is so *UNKLY* *UNUNK* it drives you *UNK* . '' STOP 
Some maintain underwriters also have been *UNK* . STOP 
John *CUNK* , a Lloyd 's underwriter , says he and his fellow underwriters *UNKED* by as much as 50 % the premiums they should have charged for property risks from 1980 to 1985 . STOP 
`` How *UNUNK* we must have appeared to the outside world -- how *UNK* at risk assessment and evaluation , '' he says . STOP 
Lloyd 's officials decline to comment on the matter . STOP 
More recently , property rates have increased . STOP 
Many at Lloyd 's expect the San Francisco earthquake will cause the industry to boost rates even further . STOP 
But it will be years before it is clear whether higher rates will offset the *UNKS* for such disasters . STOP 
The *UNK* of the exchange 's problems may not become known for some time because of Lloyd 's practice of leaving the books open for three years to allow for the settlement of claims . STOP 
Lloyd 's only recently reported its financial results for 1986 . STOP 
That year , it posted record pretax profit of # 650 million , a gain it *UNKS* to higher rates and fewer claims . STOP 
But Mr. Lawrence says reported profit will be down in 1987 , 1988 and 1989 , though he declines to specify how steep the decline will be . STOP 
Insurance analysts say the exchange 's downturn in profitability is likely to be *UNKED* by more than $ 600 million in *UNKION* losses -LRB- including the 1988 Pan Am airline disaster over *CUNK* , *CUNK* -RRB- and a *UNKED* chunk of claims from September 's Hurricane Hugo . STOP 
Lloyd 's says the *UNKS* of names is n't likely to hurt its underwriting capacity , currently about # 11 billion . STOP 
Mr. Lawrence says the drain of funds has been offset by an increase in investments by the remaining names . STOP 
Meanwhile , the exchange has been trying to lower costs . STOP 
-LRB- It recently cut its work force by 9 % , or *UNKN* . -RRB- STOP 
But Lloyd 's is hampered in its efforts to overhaul operations by its reluctance to *UNK* modern technology . STOP 
Mr. *CUNK* , the underwriter , *UNKS* half of his business could be *UNKED* by computer , cutting costs at least 10 % . STOP 
Though Lloyd 's has talked for years about *UNKING* underwriting transactions , the effort has n't gotten very far . STOP 
*CUNKION* among underwriters and brokers makes them *UNK* to *UNK* price and policy information . STOP 
Both groups *UNKING* to traditional *UNK-* dealings , even for routine policies . STOP 
Lloyd 's *UNK* bureaucracy also *UNKS* efforts to *UNK* marketing strategies . STOP 
Some underwriters have been pressing for years to *UNK* the *UNK-* business by selling some policies directly to consumers . STOP 
Lloyd 's *UNKLY* sells only auto insurance directly to the public , and such policies are sold only in limited markets such as the U.K. and Canada . STOP 
But such changes must be cleared by four internal committees and dozens of underwriters , brokers and *UNKS* before being *UNKED* . STOP 
The proposal to sell directly to the public remains *UNKED* in bureaucratic *UNK* . STOP 
Lloyd 's is moving forward on some *UNKS* , though . STOP 
Mr. Lawrence says the exchange is *UNKING* some procedures to make *UNKER* payments on claims . STOP 
By next year , all underwriters will be linked to a communications network that could reduce paper work on claims . STOP 
Japan 's Daiwa Securities Co. named *CUNK* Dozen president . STOP 
Mr. Dozen succeeds *CUNK* *CUNK* , who will become vice chairman . STOP 
*CUNK* *CUNK* retains his title of chairman of Daiwa , Japan 's second-largest securities firm . STOP 
In Japanese firms , the president usually is in charge of day-to-day operations , while the chairman 's role is more a *UNKAL* one . STOP 
The title of chief executive officer is n't used . STOP 
While people within Daiwa , particularly *UNKS* , expected that Mr. Dozen , 52 , would eventually become Daiwa 's president , the speed of his promotion surprised many . STOP 
It was only earlier this year that the *UNKAL* , *UNKING* executive -- he likes to *UNK* with Americans about how his name is *OUS* with *UNK* -- was appointed deputy president . STOP 
Mr. Dozen is taking over the *UNKS* of a securities company that does very well in its domestic market but that is still seeking to realize its potential in global investment banking and securities dealing . STOP 
Daiwa is one of the world 's largest securities firms . STOP 
As of March 31 , the Daiwa group had shareholder equity of *UNKN* billion yen -LRB- $ *UNKN* billion -RRB- . STOP 
For the six months ended Sept. 30 , Daiwa reported *UNKED* -LRB- parent company -RRB- net income of *UNKN* billion yen -LRB- $ *UNKN* million -RRB- on revenue of *UNKN* billion yen -LRB- $ *UNKN* billion -RRB- . STOP 
Both figures were record highs . STOP 
Several observers interpreted Mr. Dozen 's appointment as an attempt by Daiwa to make its international operations more profitable while preparing the firm for the effects of the continuing deregulation of Japan 's domestic markets , which should mean increased competition . STOP 
All of Japan 's so-called Big Four securities firms -- Nomura Securities Co. Ltd. , the world 's largest , Nikko Securities Co. Ltd. , Yamaichi Securities Co. Ltd. and Daiwa -- have suffered *UNKS* in their attempts to break into foreign markets . STOP 
While they have moved to the *UNK* in underwriting fixed-income securities in the *CUNK* market -- mostly for Japanese firms -- they have been only *UNKLY* profitable , if at all , in the U.S. . STOP 
American institutional investors have never had a large appetite for Japanese equities . STOP 
And while the Japanese have stepped up their purchases of U.S. shares in the past several months , they have shown themselves in the past to be *UNK* investors . STOP 
At the same time , Daiwa and its *UNK* have faced stiff competition from *UNKED* American competitors that have prevented them from building strong links to U.S. corporations and institutional investors . STOP 
Mr. Dozen knows these problems *UNK* . STOP 
When he arrived in the U.S. in 1969 -- the start of an *UNK-* tour -- he tried selling Japanese *UNKED* bonds to U.S. investors . STOP 
`` He made *UNK* efforts , using the *UNK* pages from beginning to end , '' said *CUNK* *CUNK* , president of Daiwa 's U.S. unit . STOP 
`` But not a single piece of paper was sold . '' STOP 
By his own account , Mr. Dozen did n't do much better with U.S. bonds . STOP 
In an interview a few months ago , he *UNKED* how after some training at Salomon Brothers Inc. , he successfully bid for the opportunity to sell *UNKS* of 20 U.S. corporate bond issues . STOP 
But he could n't sell any . STOP 
`` Japanese stock salesmen selling American bonds ? STOP 
Maybe it 's crazy , '' he said . STOP 
Mr. Dozen even related the *UNK* suffered when he and two colleagues went on an overnight fishing *UNKION* off the New Jersey shore and caught nothing . STOP 
*CUNK* returning to New York , `` *CUNKED* , I got into a *UNK* , and the woman *UNKER* said : ` Americans make better *UNK* , ' '' he *UNKED* . STOP 
*CUNKED* , Mr. Dozen said that Daiwa 's goal is to build `` a *UNK-* *UNKED* international organization with maybe some Japanese *UNK* to it . '' STOP 
He said that he was particularly interested in his firm gaining expertise in futures , options , *UNKED* securities , computerized trading and investment systems as well as mergers and acquisitions . STOP 
Mr. Dozen said Daiwa 's *UNKS* were its large capital base , its influential position in the Tokyo market and its links to Japanese corporations and institutional investors . STOP 
Mr. Dozen joined Daiwa upon his *UNKION* from *CUNK* University in *UNKN* . STOP 
Like many young *UNKS* in Japanese securities firms , he began his career *UNKING* stock to individual investors . STOP 
In his climb to the top , Mr. Dozen also headed the company 's *UNK-* division , its fixed-income units and its international operations . STOP 
`` He was constantly picking up new things to fill out his experience ; he is very *UNKED* , '' said *CUNK* *CUNK* , chairman of Daiwa 's U.S. unit in New York . STOP 
But it Mr. Dozen 's experience as a salesman that *UNKED* him to gain the political support -- particularly from the retail sales force -- to *UNK* to the presidency . STOP 
Commission income from domestic stock and bond sales accounts form a large portion of Japanese securities companies ' earnings . STOP 
And anybody who lacked the backing of the retail sales force `` would be *UNK* , '' said a Daiwa executive . STOP 
If Mr. Dozen has a weakness , it may be his golf game . STOP 
`` He *UNKS* in the sand instead of *UNKING* the *UNK* , like a farmer , '' said Mr. *CUNK* . STOP 
Inco Ltd. posted a 35 % decline in third-quarter net income , a performance that was in line with analysts ' expectations . STOP 
The *UNK* producer also raised its quarterly dividend to 25 cents a share from 20 cents and said it may buy back as much as 4.8 % of its common outstanding . STOP 
Inco shares fell after the announcements . STOP 
Analysts said some investors were disappointed that the *UNK-* company had failed to announce a special dividend . STOP 
Inco closed at $ *UNKN* a share , down 62.5 cents , in New York Stock Exchange composite trading . STOP 
Some analysts said Inco , which had cash reserves of $ *UNKN* million as of Sept. 30 , could still announce a special dividend in the next few months , though it would be smaller than the $ *UNK-* special dividend it paid last year . STOP 
The quarterly dividend is payable Dec. 1 to shares of record Nov. 3 . STOP 
Inco 's net fell to $ *UNKN* million , or $ *UNKN* a share , in the third quarter from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Sales rose 8.2 % to $ *UNKN* million from $ *UNKN* million . STOP 
Excluding special gains from *UNKS* *UNKS* , earnings in the latest quarter were $ *UNKN* million , or $ *UNKN* a share , compared with $ *UNKN* million , or $ *UNKN* a share . STOP 
Inco said the drop in earnings resulted mainly from lower *UNK* prices for the period and a temporary cut in *UNK* output at the company 's *CUNK* operations due to high levels of *UNK* in the *UNK* . STOP 
Inco said it plans to buy back as many as five million common shares over the next 12 months if *UNK* market conditions are favorable . STOP 
Under a previous *UNK* program , Inco has purchased 1.7 million of its shares since April . STOP 
UAL Corp. 's board *UNKED* any prospects for an immediate revival of a labor-management buy-out , saying United Airlines ' parent should remain independent for now . STOP 
As a result , UAL 's chairman , Stephen M. Wolf , pulled out of the buy-out effort to focus on running the company . STOP 
The two developments put the acquisition attempt back to square one and leaves the airline with an array of *UNKED* matters , including an unsettled labor situation and a management *UNKING* to restore its damaged credibility . STOP 
The effort to create the nation 's largest *UNKED* company began *UNKING* Oct. 13 when the labor-management group was unable to obtain financing for its $ 300-a-share , $ 6.79 billion offer . STOP 
Just last week it suffered another major setback when British Airways PLC , the largest equity investor in the labor-management bid , withdrew its support . STOP 
Takeover stock traders , focusing on the company 's intention to stay independent , took the announcement as bad news . STOP 
UAL , which had risen $ *UNKN* to $ *UNKN* in composite trading on the New York Stock Exchange on reports of a new bid being prepared by the group , reversed course and plummeted in *UNK-* trading after the *UNKN* p.m. EDT announcement . STOP 
Among the first trades reported by the securities firm of *CUNKS* & Co. , which makes a market in UAL after the exchange is closed , were 10,000 shares at $ 170 , 6,000 shares at $ *UNKN* , *UNKN* at $ *UNKN* , and 10,000 at $ *UNKN* . STOP 
The rebound in UAL stock during regular trading hours Monday was its first daily gain after six consecutive losses left the price 41 % below its level before Oct. 13 , the day the group announced the bank financing could n't be obtained for the original deal . STOP 
*CUNK* of UAL 's outside directors met at a *UNK-* meeting yesterday in Chicago to consider an informal proposal from the buy-out group for a revised bid . STOP 
But the board said it was n't interested for now . STOP 
That proposal , valued at between $ 225 and $ 240 a share , would have transferred majority ownership to employees while leaving some stock in public hands . STOP 
The buy-out group had no firm financing for the plan . STOP 
And , with no other offers on the table , the board apparently felt no pressure to act on it . STOP 
The directors signaled , however , that they would be willing to consider future offers or take some other action to *UNK* shareholder value , saying they would continue to explore `` all strategic and financial alternatives . '' STOP 
But it was clear that for the time being , the board wants the company to return to *UNK* . STOP 
The board said it concluded that `` the *UNK* of the company , its shareholders , its employees and the broader public ... can best be enhanced by continued development of UAL as a strong , viable , independent company . '' STOP 
Mr. Wolf urged all employees to `` now turn their full attention '' to operating the airline . STOP 
He also vowed to `` make every effort to *UNK* ... a *UNK* new relationship that has been *UNKED* with participating employee groups . '' STOP 
But Mr. Wolf faces a *UNKAL* task in pulling the company back together again . STOP 
Labor problems top the list . STOP 
For a brief time , the buy-out effort seemed to solve his problems with United 's pilot union . STOP 
In return for an ownership stake in the company , the pilots were willing to agree to a *UNK-* contract that included a *UNK-* *UNK* and significant wage concessions and productivity gains the union previously resisted . STOP 
That contract was tied to the success of the buy-out . STOP 
As a `` *UNK-* measure , '' the pilots had been working four extra hours a month and had agreed to fly UAL 's two new Boeing *UNKN* aircraft . STOP 
It 's uncertain if the pilots will continue to do so without a contract settlement . STOP 
The union said late last night that it is still committed to majority employee ownership and that the labor disputes that faced the company prior to the buy-out effort `` still need to be addressed . '' STOP 
The buy-out effort also *UNKED* *UNKED* relations between United 's pilot and *UNK* unions . STOP 
The machinists ' *UNKS* of the labor-management bid and their threats of a strike unless they received substantial wage increases this year helped cool banks ' interest in financing the transaction . STOP 
The machinists previously had shown themselves to be an ally to Mr. Wolf , but he lost much of his credibility with that group when he *UNKED* up with the pilot union . STOP 
The machinists criticized the terms Mr. Wolf and management received in the buy-out . STOP 
They paid $ 15 million for a 1 % stake and received an additional 9 % of the company at no additional cost . STOP 
His credibility is also on the line in the investment community . STOP 
Until the collapse of this bid , Mr. Wolf was regarded as one of the nation 's *UNKEST* airline executives after engineering *UNKS* of Tiger International Inc. and Republic Airlines . STOP 
But he and his chief financial officer , John *CUNK* , *UNKED* some of the seeds for the deal 's failure by insisting banks accept low financing fees and interest rates , while they invested in the transaction only a small *UNKION* of the $ *UNKN* million they stood to gain from sale of their UAL stock and options . STOP 
The board 's actions leave takeover stock traders *UNKING* some $ 700 million in losses and eager to respond to anyone who might make a new offer . STOP 
It also inevitably leaves a *UNK* of shareholder lawsuits . STOP 
*CUNKS* said they were disappointed the company did n't announce some recapitalization or other plan to *UNK* value . STOP 
One takeover expert noted that *UNKS* could force a recapitalization through the written consent process under which holders may oust the board by a majority vote . STOP 
The machinists union has suggested it may *UNK* a recapitalization that includes a special dividend for holders and a minority ownership stake for employees . STOP 
Los Angeles investor Marvin Davis , whose $ *UNK-* offer for UAL in August triggered a bidding war , says he remains interested in the airline . STOP 
However , he is restricted from making certain hostile moves by an agreement he signed to obtain *UNKAL* UAL data . STOP 
*CUNKLY* , he ca n't make any hostile moves unless he makes a tender offer at least $ 300 a share . STOP 
Tandy Corp. said it wo n't join U.S. Memories , the group that seeks to battle the Japanese in the market for computer memory chips . STOP 
Tandy 's decision is a second setback for U.S. Memories . STOP 
Last month , Apple Computer Inc. said that it would n't invest in the group . STOP 
Apple said that its money would be better spent in areas such as research and development . STOP 
U.S. Memories is seeking major investors to back its attempt to crack the $ 10 billion market for dynamic random access memory chips , a market dominated by the Japanese . STOP 
Those chips were in *UNK* shortage last year , hurting many U.S. computer companies that could n't get sufficient *CUNKED* chips . STOP 
Tandy said its experience during the shortage did n't merit the $ 5 million to $ 50 million investment U.S. Memories is seeking from each investor . STOP 
`` At this time , we elected not to get involved because we have been able to satisfy our need -LCB- for *CUNKS* -RCB- from the market as a rule , '' said *CUNK* *CUNK* , Tandy 's director of market planning . STOP 
Sanford *CUNK* , U.S. Memories president , said the decision was `` disappointing , '' but does n't *UNK* U.S. Memories ' failure . STOP 
`` I would like to have had them , '' he said . STOP 
But `` they were n't on my list of companies who were critical to be a part of it . '' STOP 
Mr. *CUNK* became president and chief executive officer of U.S. Memories last June , when the group was formed by seven electronics companies : Advanced *CUNK* *CUNKS* Inc. , Digital Equipment Corp. ; Hewlett-Packard Co. ; Intel Corp. ; International Business Machines Corp. ; *CUNK* *CUNK* Corp. and National Semiconductor Corp . STOP 
Mr. *CUNK* said he expects two or three major corporations to announce their participation in U.S. Memories soon after the group *UNKS* a business plan , probably late this week . STOP 
U.S. Memories needs a catalyst , he said , to *UNK* others to join . STOP 
But so far , most potential participants have n't decided . STOP 
Sun Microsystems Inc. said it 's still actively *UNKING* U.S. Memories and plans to meet with U.S. Memories representatives later this week . STOP 
American Telephone & Telegraph Co. said it was waiting to see U.S. Memories ' business plan . STOP 
*CUNKER* maker *CUNK* Research Inc. said it is still studying the situation . STOP 
A Compaq Computer Corp. spokeswoman said that the company has n't made a decision yet , although `` it is n't under active consideration . STOP 
In a *UNKING* *UNK* , Members of the Senate Intelligence Committee are *UNKING* that someone in the executive branch is *UNKING* on them . STOP 
David Boren , the Intelligence Committee chairman , is upset that someone *UNKED* a letter to the committee from the Reagan administration suggesting that the U.S. would *UNUNK* to *UNK* Panamanian *UNK* Manuel Noriega if it got wind of an impending coup that might result in his assassination . STOP 
With due respect to `` highly *UNKED* *UNK* '' and other *UNKS* , the *UNKS* are performing a public service . STOP 
If the CIA has become a protection service for Mr. Noriega , the American people ought to know . STOP 
What went wrong in Panama is a *UNKING* subject for public and congressional inquiry . STOP 
*CUNKLY* , Senator Boren and his committee would like free *UNK* to blame the executive branch while *UNKING* `` top secret '' on their own *UNK* . STOP 
But there 's no danger of *UNKING* sources and methods in *UNKING* the debate running up and down Pennsylvania Avenue . STOP 
And if Congress is going to assume authority to *UNK* foreign policy , it 's going to have to take some of the responsibility too . STOP 
The President of the United States urged the Panamanian *UNKED* forces to move against Mr. Noriega . STOP 
When they did , his *UNKS* did n't have the initiative to do more than block a couple of roads . STOP 
The executive branch bears the first responsibility for *UNK* . STOP 
But what kind of initiative can you expect given the climate set by Congress ? STOP 
For example , what exactly did the CIA tell Major *CUNK* and his fellow coup *UNKS* about U.S. laws and executive orders on *UNKS* ? STOP 
What part did U.S. warnings play in the major 's *UNKS* to pull the trigger when he had General Noriega in *UNK* , but was under attack by *UNK-* troops ? STOP 
Mr. Noriega did n't suffer from any *UNKION* once he had the *UNK* . STOP 
Maybe we need a CIA version of the *CUNK* warning : You have the right to *UNKAL* your coup intentions , because we may *UNK* on you . STOP 
Or maybe a *CUNK* General 's warning : *CUNKING* in the United States may be *UNKAL* . STOP 
CIA chief William Webster , hardly a Washington *UNK* , got the debate started last week by noting that the executive order banning *UNKS* had contributed to U.S. *UNKS* during the coup . STOP 
The CIA 's *CUNK* Director of *CUNKS* , Richard *CUNK* , tried to smooth things over a few days later , but instead simply *UNKED* Mr. Webster 's point . STOP 
`` The interpretation '' of the executive order , Mr. *CUNK* said , `` and the way in which the various committees have over time interpreted it , has led in my view to a proper caution on the part of operators , including me . '' STOP 
In other words , Congress wo n't let the CIA do much of anything anymore , and that 's fine with the CIA . STOP 
The pay 's the same , and the duty 's *UNKER* . STOP 
And of course , doing anything that might be *UNKED* by Congress carries heavy penalties . STOP 
*CUNKS* the *CUNK* prosecution of *CUNK* North . STOP 
The Intelligence Committee 's ranking Republican , Senator William Cohen , joined with Senator George Mitchell to write a best seller about Iran-Contra , *UNKING* `` *CUNK* of *CUNKAL* . '' STOP 
No doubt many people in the CIA , the Pentagon and the National Security Council have read it . STOP 
What kind of initiative should anyone expect from people out on the line who 've read all this and know what can happen if they fail ? STOP 
Who wants to end up as the *UNK* in a Bill Cohen *UNK* play ? STOP 
The order against *UNKS* is another *UNK* of the same congressional *UNK-* , a product of the 1970s Vietnam syndrome against any executive action . STOP 
President Bush would do himself and the country a favor by *UNKING* the order as an *OUS* *UNKION* on his ability to defend America 's national security . STOP 
There are of course good reasons the U.S. should n't get into the assassination business , but *UNKING* the executive order is not the same thing as saying the U.S. should start passing out *UNKING* *UNKS* . STOP 
The world being the *UNK* place it is , we want *CUNKS* to have the freedom to order operations in which someone might get killed . STOP 
In such *UNKS* , you can not write rules in advance , you can only make sure the President takes the responsibility . STOP 
The executive order and the reported agreements with the Intelligence Committee are neither *UNK* nor moral . STOP 
As it now stands , the U.S. can *UNK* *CUNK* , but ca n't `` *UNK* '' *CUNK* *CUNK* . STOP 
It can send a *UNKER* *UNK* to *UNK* *UNK* *UNKS* in the *CUNK* Valley , but ca n't *UNK* *CUNK* *CUNKAL* . STOP 
Both the assassination order and the quality of debate in Washington are telling the world that the only way the U.S. will kill a *UNK* is by making sure we take some *UNK* *UNKS* with him . STOP 
We 've heard California 's *UNKING* *CUNKION* 13 blamed for a lot over the years , but ABC 's Ted *CUNK* came up with a new *UNK* in his earthquake coverage last week when he asked Democratic *CUNK* Richard Katz if *CUNK* 13 had *UNK* money needed for road maintenance . STOP 
Mr. Katz *UNKLY* agreed , *UNKING* over the fact that California 's roads and bridges are n't funded by property taxes but by state and federal gasoline taxes . STOP 
Both have been raised at least 30 % in recent years , even while the price of gasoline has fallen . STOP 
*CUNKING* *CUNK* 13 into this story is a pretty long stretch . STOP 
A series of *UNKS* *UNK* through the huge Phillips Petroleum Co. plastics plant near here , *UNKING* more than a hundred and closing parts of the Houston *CUNK* Channel . STOP 
There were no immediate reports of deaths , but officials said a number of workers were still *UNKED* for last night . STOP 
The *CUNK* , *CUNK* , oil company late yesterday still had n't said officially what caused the *UNKS* and *UNKS* , which sent columns of heavy black smoke *UNKING* high into the air . STOP 
One local Phillips manager said a *UNKAL* *UNK* in one of the plant 's *UNKS* . STOP 
Glenn *CUNK* , Phillips ' president and chief operating officer , and other Phillips officials flew from *CUNK* to assess the damage and determine the cause of the afternoon *UNKS* . STOP 
In composite trading on the New York Stock Exchange , Phillips Petroleum shares fell $ 1.125 to $ *UNKN* . STOP 
The plastics plant is located on an *UNK-* *UNK* in the heart of the petrochemical *UNK* that reaches along the U.S. Gulf Coast . STOP 
The U.S. Coast *CUNK* closed six miles of the Houston *CUNK* Channel , where about 150 companies have operations , because the *UNK* , black smoke *UNKED* the area . STOP 
The *CUNK* of Houston closed its terminal for handling bulk cargo . STOP 
*CUNK* water lines and gas *UNKS* *UNKED* *UNKS* ' efforts , but by late yesterday authorities said they had the fire under control . STOP 
The *UNKS* *UNK* out windows , *UNKED* *UNKS* for miles and *UNKED* the ceiling in an area *UNK* school . STOP 
The initial *UNK* was caught by *UNKS* in downtown Houston , about 10 miles away . STOP 
*CUNK* *CUNK* , Texas , police reported that *UNKN* people had been taken to area hospitals , but a spokeswoman said that toll could rise . STOP 
The injured , including three in critical condition , were treated for *UNKS* , *UNKING* problems and cuts from flying glass , hospital officials said . STOP 
The plant employs between 800 and 900 on three *UNKS* . STOP 
The number working at the time of the *UNK* was n't known . STOP 
Yesterday 's *UNKS* were the second round in two months at the plastics plant . STOP 
In late August , four contract workers were injured and one Phillips employee died after an *UNKION* at a fuel supply line near the facility 's boiler house . STOP 
The Phillips facility *UNKS* *UNK* , *UNK* and *CUNK-* , plastics used in a wide array of applications , including milk *UNKS* and *UNKS* . STOP 
*CUNKS* are the *UNK* of Phillips ' chemicals operations , which is the biggest single *UNK* to the company 's profits . STOP 
A federal judge in Manhattan has entered a judgment requiring a Chicago organized crime figure to pay the government $ 250,000 , representing alleged profits he gained from his involvement with the International *CUNK* of *CUNKS* . STOP 
Manhattan U.S. Attorney *CUNK* *CUNKER* said it was the first time ever that the government had obtained any *UNK* from an organized crime figure indicted under the civil racketeering law . STOP 
Joseph *CUNK* , who the government alleged was the `` *UNK* '' of organized crime in Chicago , was one of numerous defendants in the government 's sweeping racketeering suit against the *CUNKS* . STOP 
In the suit , filed in June 1988 , the government accused the union 's leadership of *UNKING* its 1.6 million members of their rights through a pattern of racketeering . STOP 
Among other things , the government claimed that organized crime figures had routinely *UNKED* the union 's top officials . STOP 
U.S. District Judge David *CUNK* also *UNKLY* *UNKED* Mr. *CUNK* from any future dealings with the *CUNKS* or any other labor union . STOP 
Mr. *CUNK* , the last of the defendants to settle the suit , agreed to pay the government the $ 250,000 within one week . STOP 
Exxon Corp. said its third-quarter earnings slipped 9 % as profits from two of its three major businesses *UNKED* . STOP 
All cleanup costs from last spring 's *CUNK* oil spill were reflected in earlier results , it said . STOP 
Phillips Petroleum Co. and Atlantic *CUNK* Co. also reported declines in quarterly profit , while Ashland Oil Inc. posted a loss for the latest quarter . STOP 
*CUNK* Hess Corp. and Occidental Petroleum Corp. reported higher earnings . STOP 
Exxon STOP 
Although Exxon spent heavily during the latest quarter to clean up the *CUNK* *UNK* *UNKED* by its huge oil spill , those expenses as well as the cost of a continuing *UNKED* program are covered by $ *UNKN* million in charges taken during the first half . STOP 
An Exxon official said that at this time the oil company does n't anticipate any additional charges to future earnings relating to the cleanup of oil *UNKED* when one of its *UNKS* *UNKED* into an *UNKER* *UNK* . STOP 
She added , however , that charges already taken do n't take into account the potential effect of litigation involving the oil spill . STOP 
She said that impact ca n't be reasonably *UNKED* yet . STOP 
Exxon 's net income during the third quarter dropped to $ *UNKN* billion , or 87 cents a share , from $ *UNKN* billion , or 93 cents a share , a year earlier . STOP 
Revenue rose *UNKN* % , to $ *UNKN* billion from $ *UNKN* billion . STOP 
During the third quarter , Exxon purchased *UNKN* million shares of its stock at a cost of $ *UNKN* million . STOP 
Exxon 's profitability , like that of many other oil companies , was hurt during the third quarter by declining returns from the chemicals and refining and marketing businesses . STOP 
Exxon 's earnings from chemicals operations fell $ 90 million , to $ *UNKN* million , while refining and marketing profits declined $ 180 million , to $ *UNKN* million . STOP 
Although crude oil prices were significantly higher this year , they were n't strong enough to offset the declining profits in those business sectors at most oil companies , said William *CUNK* , oil analyst for First Boston Corp . STOP 
He estimates that the price of West Texas *CUNK* , the U.S. benchmark crude , was $ *UNKN* a barrel higher during the third quarter of this year than in the same period last year . STOP 
Ashland Oil STOP 
A *UNK* of one-time charges left Ashland Oil with a loss of $ 39 million for its fiscal fourth quarter . STOP 
A year earlier , the *UNKER* earned $ 66 million , or $ *UNKN* a share . STOP 
*CUNKLY* revenue rose 4.5 % , to $ 2.3 billion from $ 2.2 billion . STOP 
For the year , net income tumbled 61 % to $ 86 million , or $ *UNKN* a share . STOP 
The Ashland , Ky. , oil company reported a $ 38 million charge resulting from settlement of a 10-year dispute with the National Iranian Oil Co. over claims that Ashland did n't pay for Iranian crude it had received . STOP 
In September , Ashland settled the *UNKING* dispute by agreeing to pay Iran $ *UNKN* million . STOP 
Ashland also took a $ 25 million after-tax charge to cover anticipated costs to correct problems with *UNKS* built by one of its subsidiaries . STOP 
The oil *UNKER* also *UNKED* a $ 15 million charge for selling Ashland Technology Corp. , one of its subsidiaries , at a loss . STOP 
*CUNK* Hess STOP 
Third-quarter earnings at *CUNK* Hess more than tripled to $ *UNKN* million , or 64 cents a share , from $ *UNKN* million , or 20 cents a share , a year earlier . STOP 
Revenue climbed 28 % , to $ *UNKN* billion from $ *UNKN* million . STOP 
*CUNKS* improved across Hess 's businesses . STOP 
*CUNKING* and marketing earnings climbed to $ *UNKN* million from $ *UNKN* million , and exploration and production earnings rose to $ *UNKN* million from $ *UNKN* million . STOP 
Hess 's earnings were up despite a $ 30 million charge to cover the cost of maintaining operations after Hurricane Hugo heavily damaged the company 's refinery at St. *CUNK* . STOP 
It is widely known within industry circles that Hess had to buy oil products in the *UNKED* spot markets to continue *UNKING* its customers . STOP 
Hess declined to comment . STOP 
Phillips Petroleum STOP 
Phillips Petroleum 's third-quarter earnings slid 60 % , to $ 87 million , or 36 cents a share , from $ *UNKN* million , or 89 cents a share . STOP 
Revenue rose 6.9 % , to $ 3.1 billion from $ 2.9 billion . STOP 
*CUNKING* profit margins in chemical and refining and marketing sectors accounted for most of the decline , said Chairman *CUNK* *CUNKS* in a statement . STOP 
Despite higher oil prices , exploration and production profits were off because of *UNK-* losses and some construction costs incurred in one of Phillips ' North Sea oil fields . STOP 
A year ago , results were buoyed by a $ 20 million after-tax gain from an asset sale . STOP 
Occidental Petroleum STOP 
Occidental Petroleum 's third-quarter net income rose 2.9 % to $ *UNKN* million , or 39 cents a share , from $ 105 million , or 38 cents a share , a year earlier . STOP 
The latest quarter included an after-tax gain of $ 71 million from *UNKING* items . STOP 
Sales dropped 2 % , to $ 4.8 billion from $ 4.9 billion . STOP 
The latest period included a $ 54 million gain from the sale of various oil and gas properties , a $ 22 million charge from the restructuring of Occidental 's domestic oil and gas operations , and tax credits of $ 42 million . STOP 
Both periods included *UNKING* charges of $ 3 million for early retirement of debt . STOP 
Occidental said oil and gas earnings fell to $ 17 million from $ 20 million . STOP 
The latest period includes net gains of $ 32 million in *UNKING* credits from the sale of properties , indicating operating losses for the quarter in the oil and gas division . STOP 
Chemical earnings fell 10 % , reflecting *UNKING* of demand . STOP 
Atlantic *CUNK* STOP 
*CUNKING* its reduced ownership in the *CUNK* *CUNKAL* Co. , Atlantic *CUNK* reported that net income slid 3.1 % in the third quarter to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , for the comparable period last year . STOP 
Sales fell 20 % , to $ 3.7 billion from $ 4.6 billion . STOP 
*CUNK* 's earnings from its *UNKN* % stake in *CUNK* fell to $ 37 million from $ *UNKN* million for the same period last year , when *CUNK* was *UNKLY* owned . STOP 
*CUNKING* the lower stake in *CUNK* were higher crude oil prices , increased natural gas *UNKS* and higher *UNK* prices , the company said . STOP 
*CUNKAL* earnings rose to $ 26 million from $ 21 million . STOP 
For the nine months , *CUNK* reported net income of $ 1.6 billion , or $ *UNKN* a share , up 33 % from $ 1.2 billion , or $ *UNKN* a share a year earlier . STOP 
Sales were $ 12 billion , off 13 % from $ 13.8 billion . STOP 
Jeff Rowe contributed to this article . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
*CUNK* Industries Inc. -- $ 150 million of senior subordinated debentures due 2001 , priced at par to yield 12 % . STOP 
The issue will be sold through Morgan Stanley & Co . STOP 
Other details were n't available . STOP 
San Antonio , Texas -- $ *UNKN* million of electric and gas system revenue refunding bonds , Series 1989 , *UNK* and *UNK* , tentatively priced by a First Boston Corp. group to yield from *UNKN* % in 1991 to *UNKN* % in 2009 . STOP 
The issue includes current interest bonds due *UNKN* , 2009 , *UNKN* , *UNKN* and *UNKN* , and capital appreciation bonds due *UNKN* . STOP 
The current interest *UNKAL* bonds are priced to yield from *UNKN* % in 1991 to 7.10 % in 2000 . STOP 
There are about $ 100 million of 7 % term bonds due 2009 , priced to yield *UNKN* % , which is the issue 's high yield . STOP 
There are also about $ *UNKN* million of 6 1\/2 % bonds priced to yield 7.25 % in *UNKN* ; about $ 97 million of 6 % bonds priced to yield 7.20 % in *UNKN* ; and about $ *UNKN* million of 5 % bonds priced to yield *UNKN* % in *UNKN* . STOP 
All of the term bonds are original issue discount bonds , according to the lead underwriter . STOP 
The capital appreciation bonds are tentatively priced to yield to maturity from 7 % in 2001 to 7.10 % in *UNKN* . STOP 
The bonds are rated double-A by Moody 's Investors Service Inc. and Standard & Poor 's Corp . STOP 
Maryland *CUNK* Authority -- $ *UNKN* million of sports facilities lease revenue bonds , Series 1989 D , due *UNKN* , 2004 , 2009 and 2019 , tentatively priced at par by a Morgan Stanley group to yield from *UNKN* % in 1992 to *UNKN* % in 2019 . STOP 
*CUNKAL* bonds are priced to yield to 7.10 % in 1999 . STOP 
There are $ *UNKN* of 7 3\/8 % bonds priced at par and due 2004 ; $ *UNKN* of 7 1\/2 % bonds priced at par and due 2009 ; and $ *UNKN* million of *UNKN* % bonds priced at par and due 2019 . STOP 
The bonds are rated double-A by Moody 's and *UNKS* by S&P . STOP 
Interest on the bonds will be treated as a preference item in *UNKING* the federal alternative minimum tax that may be imposed on certain investors . STOP 
Federal Home Loan Mortgage Corp. -- $ 250 million of Remic mortgage securities being offered in 11 classes by Morgan Stanley . STOP 
The offering , Series 107 , is backed by Freddie Mac *UNK-* , 9 % securities , and brings Freddie Mac 's 1989 Remic issuance to $ *UNKN* billion and its total volume to $ *UNKN* billion since the program began in February 1988 . STOP 
The offering used *UNK-* pricing . STOP 
Federal National Mortgage Association -- $ 500 million of Remic mortgage securities being offered in 10 classes by Merrill Lynch Capital Markets . STOP 
The offering , Series *UNKN* , is backed by Fannie Mae 9 % securities . STOP 
Separately , a $ 400 million issue of Fannie Mae Remic mortgage securities is being offered in 15 classes by Bear , Stearns & Co . STOP 
The offering , Series *UNKN* , is backed by Fannie Mae 9 % securities . STOP 
Finally , a $ 300 million issue of Fannie Mae Remic mortgage securities is being offered in 12 classes by Smith Barney , Harris Upham & Co . STOP 
The offering , Series *UNKN* , is backed by Fannie Mae 9 1\/2 % securities . STOP 
The three offerings together bring Fannie Mae 's 1989 Remic issuance to $ *UNKN* billion and its total Remic volume to $ *UNKN* billion since the program began in April 1987 . STOP 
Credit *CUNK* -LRB- *CUNK* -RRB- -LRB- French -RRB- -- $ 250 million of 8 3\/4 % bonds due Nov. 21 , 1994 , priced at *UNKN* to yield *UNKN* % annually less full fees , via *CUNK* International Ltd . STOP 
Fees 1 7\/8 . STOP 
*CUNK* Electric Power Co . -LRB- Japan -RRB- -- $ 200 million of 8 7\/8 % bonds due Nov. 20 , 1996 , priced at 101 3\/4 to yield *UNKN* % less full fees , via Yamaichi International -LRB- Europe -RRB- Ltd . STOP 
Fees 1 7\/8 . STOP 
International Finance Corp . -LRB- agency -RRB- -- 10 billion *UNKS* of *UNKN* % bonds due Nov. 30 , 1994 , priced at 101 5\/8 to yield *UNKN* % less full fees , via Citibank -LRB- *CUNK* -RRB- and Banco *CUNK* de *CUNK* , Spain . STOP 
Fees 1 5\/8 . STOP 
Royal Bank of Canada , Grand *CUNK* branch -LRB- Canada -RRB- -- 100 million Canadian dollars of 10 3\/4 % deposit notes due Nov. 30 , 1994 , priced at 101 3\/4 to yield *UNKN* % less full fees , via *CUNK* *CUNKION* Securities International Ltd . STOP 
Fees 1 7\/8 . STOP 
Union Bank of Finland -- 100 million Australian dollars of 9 % bonds due Nov. 9 , 1990 , priced at *UNKN* to yield *UNKN* % less full fees , via *CUNK* Paribas Capital Markets Ltd . STOP 
Fees 1 . STOP 
Ford Motor Credit -- $ *UNKN* billion of certificates backed by automobile loans with a coupon rate of *UNKN* % , priced at 99 *UNKN* to yield *UNKN* % through an underwriting group headed by First Boston Corp . STOP 
The issue is the first by Ford Motor Credit , a unit of Ford Motor Co. , and the second largest in the four-year history of the $ 45 billion asset-backed market . STOP 
The largest issue was a $ 4 billion offering of *UNK-* securities by General Motors Acceptance Corp. in 1986 . STOP 
The Ford issue , through Ford Credit *UNK-* *CUNK* Trust , was priced at a yield spread of 95 basis points above the Treasury 7 3\/4 % issue due July 1991 . STOP 
The offering is rated *UNK-* by Moody 's and double-A by S&P , based on the quality of the underlying auto loans and a guarantee covering 9 % of the deal from Ford Motor Credit . STOP 
The certificates have an estimated average life of 1.8 years , assuming monthly *UNKS* at 1.3 % of the original balance . STOP 
The final maturity is in five years . STOP 
The *CUNK* is back . STOP 
*CUNK* *CUNK* Jr. , who *UNKED* as a *UNK-* host and frequently *UNKLY* *UNKED* his *UNKS* , has been signed to *UNK-* a half-hour *UNKLY* program on the Consumer News and Business Channel , the cable channel partly owned by the General Electric Co. 's National Broadcasting Co . STOP 
The *UNK* of `` *CUNK* , '' with Mr. *CUNK* and Richard G. Carter , a columnist with the New York Daily News , is scheduled for Dec. 4 at 8 *UNK* . STOP 
*CUNK* is available to 13 million cable households . STOP 
Mr. *CUNK* said he is not going to change his style , which some critics said was *UNK* and others *UNKED* offensive . STOP 
`` But I 'm going to proceed in a more *UNKAL* way . STOP 
I 'm not going to do anything that is not acceptable in anyone 's home . STOP 
But that does n't mean I 'm not going to get angry . '' STOP 
Michael *CUNK* , president of *CUNK* , said that although there will be a studio audience , viewers will no longer have to *UNK* the *UNKING* of `` *CUNK* ! *CUNK* ! *CUNK* ! '' STOP 
But just how does Mr. *CUNK* 's *UNUNK* style *UNK* with the *UNK* tone of *CUNK* 's business programming ? STOP 
`` *CUNK* percent of *CUNK* 's old show fits into our style , '' said Mr. *CUNK* . STOP 
`` That is consumer issues . '' STOP 
Mr. *CUNK* 's previous show , a *UNK-* *UNK* *UNKEST* , *UNKED* by MCA Inc. and produced by Quantum *CUNK* Inc. , was canceled in July after advertisers and stations abandoned it . STOP 
Investors dumped stocks of big companies whose earnings *UNK* with the economy . STOP 
Many of those `` cyclical '' issues are in the Dow Jones Industrial Average , which fell *UNKN* to *UNKN* . STOP 
*CUNKING* issues on the New York Stock Exchange *UNKED* *UNKS* , *UNKN* to *UNKN* . STOP 
*CUNKION* fears are *UNKING* up again among investors . STOP 
Analysts say that the selling of cyclical stocks yesterday will be followed by a sell-off in shares of companies with big debt *UNKS* on their balance sheets . STOP 
In an economic slowdown , heavy debt *UNKS* reduce the flexibility of companies because cash that would normally be used to keep the company *UNK* must be diverted to interest payments . STOP 
On the other hand , investors beat a clear path yesterday to blue-chip issues with proven earnings growth records . STOP 
Among the 30 Dow industrials , they bought McDonald 's , Coca-Cola Co. and Procter & Gamble and sold *CUNK* Co. of America . STOP 
In another sign of slowdown fears , investors dumped technology shares . STOP 
Many money managers are *UNKING* for a decline in stocks of companies with big debt *UNKS* on their balance sheets . STOP 
`` The junk bond market is being taken apart '' because of recession fears , said J. David Mills , senior vice president at Boston Company *CUNKS* . STOP 
`` Under this scrutiny , the first thing you do is sell your cyclical stocks and the second thing you do is sell your *UNKED* companies . '' STOP 
In fact , much of the buying in blue chips yesterday was a pursuit of companies with lower debt levels . STOP 
In a recent investment letter *UNKED* `` *CUNKS* of the ` *CUNK* *CUNKS* , ' '' Edward *CUNKER* , chairman of PaineWebber 's investment policy committee , suggested that investors buy stocks of companies that have avoided *UNKING* up on debt . STOP 
`` We 're saying companies have to pay increasing attention to balance sheets , '' said Mr. *CUNKER* . STOP 
He suggested that investors buy the shares of Great Atlantic & Pacific *CUNK* , J. Baker , McDonald 's , Philip Morris and *CUNK* Lee . STOP 
He said that all of these companies will be able to compete fiercely in an economic downturn . STOP 
McDonald 's has long-term debt equaling 91 % of shareholder equity currently , but Mr. *CUNKER* said the company is carrying real estate assets at about $ 2.6 billion below their real value . STOP 
Coca-Cola climbed 1 3\/8 to 72 1\/8 ; McDonald 's added 1 to 31 3\/8 , and Procter & Gamble gained 3\/4 to 130 5\/8 . STOP 
*CUNK* fell 1 1\/4 to 57 5\/8 , and J. Baker gained 3\/8 to 21 1\/4 . STOP 
Philip Morris slipped 1\/2 to 43 7\/8 , while *CUNK* Lee closed unchanged at 60 1\/8 . STOP 
According to Salomon Brothers ' `` *UNK* '' stock index of 20 companies whose debt is giant compared with shareholder equity , investors are already beginning to retreat from shares of *UNK-* companies . STOP 
From January to early September , the index of *UNK* stocks -- the tiny portion of equity that 's publicly traded following a recapitalization -- *UNKED* Standard & Poor 's 500-stock index by about 20 % . STOP 
But starting in early September , the index started to slide and now stands about even with the S&P 500 . STOP 
`` Stocks that have a high default risk have started to *UNUNK* those stocks that have a lower default risk , '' said *CUNK* *CUNK* , director of *UNK* analysis at Salomon Brothers . STOP 
`` Companies that have the most exposure to the business cycle have *UNKED* since late last summer . '' STOP 
Union Carbide , whose third-quarter earnings dropped about 35 % from a year earlier and fell short of analysts ' expectations , declined 1\/2 to 24 1\/2 . STOP 
Also , Exxon went down 3\/8 to 45 3\/4 and *CUNKAL* lost 7\/8 to 35 1\/8 even though the companies ' results for the quarter were in line with forecasts . STOP 
Other weak blue-chip issues included Chevron , which went down 2 to 64 7\/8 in Big Board composite trading of 1.3 million shares ; Goodyear *CUNK* & *CUNKER* , off 1 1\/2 to 46 3\/4 , and American Express , down 3\/4 to 37 1\/4 . STOP 
Texas *CUNKS* , which had reported Friday that third-quarter earnings fell more than 30 % from the year-ago level , went down 2 1\/8 to 33 on 1.1 million shares . STOP 
Motorola , another major semiconductor producer , dropped 1 1\/8 to 57 1\/2 . STOP 
Pinnacle West Capital , whose earnings have been hurt by continued problems at its *CUNK* unit , fell 1 5\/8 to 9 1\/8 on 2.1 million shares to lead the Big Board 's list of most active issues . STOP 
*CUNKING* pressures on the Arizona real-estate market are affecting the thrift ; Pinnacle West told Dow Jones Professional Investor Report it may consider filing for Chapter 11 bankruptcy protection if it ca n't reach an agreement with federal regulators to provide additional capital to *CUNK* . STOP 
*CUNKS* dropped 2 5\/8 to 41 3\/4 on one million shares -- about six times its average daily trading volume -- after a disappointing third-quarter earnings report . STOP 
Merrill Lynch and Prudential-Bache Securities both lowered the stock 's investment rating immediately after the results were issued Friday , according to *CUNK* . STOP 
Elsewhere in the chemicals sector , Dow Chemical fell 1 1\/4 to 97 1\/2 , *CUNK* lost 1 7\/8 to *UNKN* , *CUNK* *CUNK* slipped 2 1\/4 to 44 3\/4 and *CUNK* slid 1 to 57 3\/4 . STOP 
Other stocks hurt by *UNKED* selling included Tandy , which dropped 1 3\/8 to 44 , and *CUNK* , which retreated 2 1\/2 to 57 1\/2 . STOP 
Third-quarter earnings at both companies were below analysts ' forecasts . STOP 
After declining about 41 % last week , UAL advanced 9 7\/8 to *UNKN* 3\/8 on 1.1 million shares on anticipation of a revised takeover offer from a labor-management group for the parent company of United Airlines . STOP 
However , Delta Air Lines fell 1 1\/2 to 67 1\/2 and USAir Group dropped 3\/4 to 42 1\/2 . STOP 
Ramada gained 7\/8 to 11 1\/4 after *UNKING* the terms of its restructuring plan , which calls for the company to sell its hotel operations for $ *UNKN* million and spin off its casino business to shareholders . STOP 
The *UNKION* follows last month 's withdrawal of a $ 400 million junk-bond offering for the new casino company , *CUNK* Corp . STOP 
*CUNK* gained 1 to 37 7\/8 . STOP 
USA Today reported that the *CUNKS* brothers , Washington , *CUNKED* investors who made an unsuccessful offer to acquire *CUNK* last year , have bought nearly 3 % of *CUNK* 's common shares . STOP 
Entertainment and media stocks generally escaped the market 's slide as well . STOP 
Paramount Communications rose 5\/8 to 58 3\/4 , Time Warner climbed 1 7\/8 to *UNKN* 5\/8 , Walt Disney advanced 3 1\/8 to *UNKN* 1\/2 , MCA rose 1 1\/8 to 65 5\/8 and *CUNK-* added 1\/2 to 67 1\/8 . STOP 
The American Stock Exchange Market Value Index lost *UNKN* to *UNKN* . STOP 
Volume totaled *UNKN* shares . STOP 
Carnival *CUNK* Lines Class A fell 1 3\/4 to 20 3\/4 . STOP 
The company said it had been notified *UNKLY* that Waertsilae Marine Industries , a Finnish shipyard building three *UNK* ships for the company , is having financial trouble and may already have filed for bankruptcy . STOP 
`` *CUNK* '' and `` *CUNKER* '' are the sort of *UNKS* normally associated with *UNKS* and *UNK* *UNKS* . STOP 
Who 'd have thought that the next group of tough guys carrying around *UNKS* like that would be school *UNKS* ? STOP 
Chicago 's new school chief is the *UNKED* Ted *CUNK* . STOP 
At his old job in *CUNK* , Calif. , he took a bitter teachers ' strike and nearly came to *UNKS* with a *UNK-* member . STOP 
At his first Chicago press conference , he *UNKED* the reporters . STOP 
In New York City , the new Chancellor , Joseph *CUNK* , has *UNKED* like a *UNK-* *UNK* in the middle of a system that has been *OUS* to serious reform . STOP 
Both men fit the mood of the times -- the mood being one of a public fed up with officials ' *UNKS* for why their schools do n't work . STOP 
*CUNKER* *CUNK* , N.J. , principal Joe Clark was no doubt the general public 's first experience with this new *UNKED* of *UNK-* *UNK* . STOP 
The subject of the movie `` *CUNK* on *CUNK* , '' Mr. Clark controlled his school with a *UNK* and a baseball *UNK* . STOP 
He may have gone *UNK* in his pursuit of good discipline , but is n't it interesting that some of the country 's biggest , most troubled school districts are *UNKING* new *UNKS* from the same *UNKING* *UNK* ? STOP 
*CUNK* *CUNK* , the woman assigned to run the Jersey City school system that was taken over by the state , says her top priority will be to `` cut through the dead hand of bureaucracy . '' STOP 
Mr. *CUNK* does n't take control in New York until January , but already he 's *UNKING* the waters . STOP 
He 's attacked the concept of `` building tenure , '' one of the most *UNK* institutions in American public schools . STOP 
It means it is virtually impossible to fire or even transfer *UNK* *UNKS* . STOP 
Once they are in the building , they stay . STOP 
One South *CUNK* principal kept his job for 16 years , despite a serious drinking problem and rarely showing up for work . STOP 
He was finally given leave when he was arrested for allegedly buying crack . STOP 
*CUNKLY* , the *UNKS* ' union *UNKS* building tenure , and tenure has *UNK* previous challenge . STOP 
We suggest that Mr. *CUNK* find an *UNK* principal , *UNKS* him out of the building and let the forces of the status *UNK* explain to the parents whatever it is they 're *UNKING* . STOP 
In his old job , as *CUNK* County chief , Mr. *CUNK* forced out 92 teachers and *UNKED* 48 *UNKS* . STOP 
He cut the *UNK* rate by 5.5 % . STOP 
But the *UNK-* *UNKS* are going to have to be *OUS* as well ; *UNK* *UNKS* and *UNKS* should go , but the good ones ought to be left alone . STOP 
The situation will be especially *UNK* for Mr. *CUNK* . STOP 
He takes over a school system in the midst of radical reform . STOP 
*CUNKS* have just elected *UNKN* *UNK* school boards , one for each school . STOP 
This of course led to disaster in New York City . STOP 
*CUNKING* a community of parents to care again about its schools is essential , but in Chicago the new boards will make mistakes and Mr. *CUNK* will have to identify them . STOP 
The rise of *UNKS* such as Joseph *CUNK* and Ted *CUNK* suggests *UNKLY* the process of *UNKION* in many school systems . STOP 
The schools ' central mission , *UNKING* children , became *UNKED* by the competing interests of bureaucrats , politicians and unions . STOP 
The *UNK* itself operated on the *UNK* of this awful system , discipline collapsed , and kids stopped learning . STOP 
Mr. *CUNKS* was a nice fellow , and maybe some day he 'll return . STOP 
Until then , it 's clear that some of the people who 've been keeping *UNK-* schools down are going to be dealing with the *CUNK* . STOP 
Ingersoll Publications Co. agreed to buy the New *CUNK* *CUNKER* in a transaction valued at $ *UNKN* million from Goodson *CUNKER* Group Inc . STOP 
As part of the agreement , Goodson also terminated the contract under which Ingersoll manages Goodson 's 66 newspapers , ending a long association between the two companies that has turned increasingly bitter recently . STOP 
Goodson has accused Ingersoll of paying less attention to its properties and more to such ventures as the recent launch of the St. Louis Sun . STOP 
Under the terms of the accord , Ingersoll will pay about $ *UNKN* million for the *CUNKER* , a daily that Goodson bought for about $ 170 million in 1986 . STOP 
Goodson will pay the additional $ 20 million in settlement of the management contract . STOP 
Goodson also announced that it hired the former president and senior vice president of Ingersoll to run the Goodson papers . STOP 
Both executives left the company after *UNKS* with Chairman Ralph Ingersoll *CUNK* . STOP 
Goodson , which is based here , will use part of the proceeds to pay down debt associated with its purchase of the *CUNK* Daily *CUNK* for $ 155 million in 1987 . STOP 
The New Jersey paper , like the New *CUNK* , Conn. , paper , was purchased by Ingersoll on Goodson 's behalf as part of the management contract . STOP 
Industry analysts have said that the purchase price for the paper was too high , causing a strain on Goodson 's finances . STOP 
Investment bankers familiar with the company said Goodson is seeking a new bank credit line of $ 190 million and may have to sell additional newspapers . STOP 
David N. *CUNK* , president and chief operating officer of Goodson , said in a telephone interview that the company does n't currently have any plans to sell additional newspapers . STOP 
Goodson said David *CUNK* , former president of Ingersoll Publications , and Ray *CUNK* , former senior vice president , would head the new in-house management team at Goodson , which had revenue of $ 225 million in 1988 . STOP 
The association between the two companies *UNKS* back *UNK* years to a *UNK* between television producer Mark Goodson and Ingersoll founder Ralph Ingersoll . STOP 
The latter 's son , Ralph Ingersoll Jr. , took over the company and has been managing the Goodson properties and acting as an agent in the purchase of newspapers for Goodson . STOP 
But in recent years , Mr. Ingersoll began focusing more on expanding his own newspaper empire in partnership with investment banking firm *CUNK* , *CUNKS* & Co . STOP 
Ingersoll has 28 *UNKS* and 200 other *UNKLY* papers in the U.S. and Europe . STOP 
The company said its revenue will exceed $ 750 million this year . STOP 
Ingersoll President Robert M. *CUNK* said in a statement that the company is `` *UNKED* by the conclusion of the Goodson relationship '' and will be able to `` concentrate all our *UNKS* '' on Ingersoll 's own papers . STOP 
Mr. Goodson , in his own statement , was less *UNK* , saying `` *UNKLY* over the past few years , it has become increasingly clear that Ralph and I have different *UNKS* , '' and that he feels `` more comfortable with a management team whose sole interest and responsibility is in the Goodson papers . STOP 
Just five months after Ogilvy Group was *UNKED* up in an *UNKED* takeover , Kenneth Roman , Ogilvy 's chairman and chief executive officer , said he is leaving to take a top post at American Express Co . STOP 
Mr. Roman , 59 years old , *UNKLY* announced he will leave the *UNK* ad agency , whose largest client is American Express , to become American Express 's executive vice president for corporate affairs and communications . STOP 
He will succeed Harry L. Freeman , 57 , who has said he will retire in December . STOP 
Mr. Freeman said in August that he would retire by the end of this year to take `` executive responsibility '' for an *UNKING* effort to *UNK* banker *CUNK* *CUNK* . STOP 
American Express representatives apparently influenced the publication of *UNUNK* articles about Mr. *CUNK* . STOP 
The company later *UNKED* and agreed to make $ 8 million in contributions to charities chosen by him . STOP 
Although Mr. Freeman is retiring , he will continue to work as a consultant for American Express on a project basis . STOP 
Ad industry executives were n't surprised by Mr. Roman 's decision to leave Ogilvy . STOP 
The agency , under his direction , *UNKLY* fought a takeover attempt by WPP Group PLC of London before *UNKING* in May . STOP 
And although Mr. Roman and WPP 's chief executive , Martin *CUNK* , have gone out of their way to be publicly *UNK* of each other , people close to Mr. Roman say he was *UNUNK* giving up control of the company . STOP 
Some executives also *UNK* tension because of efforts by Mr. *CUNK* , a financial man , to cut costs at the agency . STOP 
Mr. Roman will be succeeded as the head of Ogilvy 's flagship ad agency , Ogilvy & Mather *CUNK* , by *CUNK* Phillips , 50 , who had been president of North American operations and who , like Mr. *CUNK* , is British . STOP 
Alexander *CUNK* , 56 , will take on the newly created position of president of the world-wide agency and chief executive of its international operations . STOP 
He had been president of the international operations . STOP 
Mr. Roman also had *UNK* Ogilvy Group 's two other units , the *CUNK* *CUNK* *CUNKS* advertising agency and its research division , but those units will now report directly to WPP . STOP 
Mr. Roman appears *UNK-* for the American Express job . STOP 
*CUNK* as a traditional executive , he is very much in the conservative American Express *UNK* . STOP 
Moreover , after 26 years at Ogilvy he had *UNKED* a reputation for being *UNK-* and a straight *UNK* -- which can only help American Express in the wake of the *CUNK* incident . STOP 
He also is close to American Express 's chairman and chief executive officer , James D. Robinson III . STOP 
Aside from working with Mr. Robinson on the American Express advertising account for about 11 years , Mr. Roman serves on several of the same charities and boards as Mr. Robinson . STOP 
The *UNK* management change sparked widespread speculation that Mr. Roman had been pushed out of Ogilvy 's top spot by Mr. *CUNK* . STOP 
But Mr. Roman *UNKLY* denied the speculation , saying Mr. *CUNK* had tried several times to persuade him to stay , offering various incentives and in one instance sending a note with a case of *UNK* -LRB- The *UNK* , naturally , was Seagram 's brand , an Ogilvy client -RRB- . STOP 
`` He asked me not to resign . STOP 
The *UNKION* that I was pushed aside would n't be *UNK* , '' Mr. Roman said . STOP 
Mr. *CUNK* , *UNKING* in the Far East , could n't be reached . STOP 
Mr. Roman said American Express 's Mr. Robinson first approached him about the job in late September . STOP 
According to industry executives , Peter *CUNK* , a former European Community commissioner from Ireland , was also a serious *UNKER* for the American Express job . STOP 
Although it ultimately was n't offered to him , he will be on *UNKER* to American Express as an adviser on international matters . STOP 
After talking on and off for the past four weeks , Mr. Roman said , he agreed to take the job because `` it 's the right time , it 's a *UNK* opportunity , and I think I leave the company in very strong hands . STOP 
It was my decision , not anyone else 's . '' STOP 
Mr. Roman also *UNKED* aside reports about *UNKING* between him and Mr. Phillips , his successor at Ogilvy . STOP 
The two executives could hardly be more different . STOP 
Mr. Roman comes across as a *UNK-* executive ; Mr. Phillips has a *UNKER* *UNK* . STOP 
During time off , Mr. Roman tends to his garden ; Mr. Phillips *UNKS* to a *UNKS* for , among other things , fast cars and planes . STOP 
Industry executives say that although the two executives used to *UNK* more frequently , the WPP takeover brought them closer together . STOP 
`` I 'm the guy who made him head of New York , head of the U.S. , president of North America , and recommended him -LCB- to Mr. *CUNK* -RCB- as my successor . STOP 
*CUNK* I have done all those things *UNKLY* if I did n't think he was the right guy ? '' Mr. Roman asked . STOP 
He *UNKED* reports of *UNKION* `` ridiculous , '' and said that he spent part of the weekend on Mr. Phillips 's *UNK* in Connecticut . STOP 
Mr. Roman will *UNK* American Express 's public relations and government affairs , among other things , but he wo n't be involved in its advertising , which is handled by the operating units . STOP 
`` I consider this a second career , '' he said . STOP 
He also will sit on the company 's corporate planning and policy committee , made up of the top corporate and operating executives . STOP 
Mr. Roman 's departure is n't expected to have any enormous *UNKS* at Ogilvy . STOP 
American Express , Kraft General Foods , and *CUNK* executives said the move wo n't affect their relationships with the ad agency . STOP 
`` General Foods 's relationships with its agencies are based on the agencies ' work , and will continue to be , '' said David *CUNK* , a vice president of Kraft General Foods . STOP 
But some clients and analysts expressed concern that Mr. Phillips is n't as well-known to many clients . STOP 
`` *CUNK* was my key contact , '' said J. Nicholas *CUNK* , president and chief executive officer of *CUNK* Inc. , which represents cotton producers . STOP 
`` I do n't know -LCB- Mr. Phillips -RCB- all that well . STOP 
I have n't seen or talked to him in several years . '' STOP 
And some analysts questioned whether Mr. Phillips would have the skills Ogilvy needs to turn the agency around . STOP 
While the agency has done well in many parts of the world , its flagship New York office has had a dismal track record recently ; it has won few new accounts while losing big ones , including Maxwell House . STOP 
`` I think -LCB- Mr. Phillips -RCB- is going to need some help . STOP 
I think they need creative leadership , and I do n't think they have it , '' said *CUNK* Hill , an analyst with *CUNK* & Co . STOP 
Ogilvy & Mather 's top creative executive , Norman Berry , left the agency earlier this year . STOP 
`` *CUNK* Berry was a creative *UNKION* at the company , and nobody has filled that *UNK* , '' said Ms. Hill . STOP 
But other analysts said that having Mr. Phillips succeed Mr. Roman would make for a smooth transition . STOP 
`` *CUNK* Phillips has been there a long time , knows the culture well , is aggressive , and apparently gets along well with '' Mr. *CUNK* , said Andrew *CUNK* , an analyst with Drexel Burnham Lambert . STOP 
`` It 's probably a reasonable transition . STOP 
*CUNKLY* , he 'll be the answer to the problems they 've had in New York . '' STOP 
*CUNK* of Saatchi *CUNK* *CUNK* STOP 
Computer Sciences Corp. , El *CUNK* , Calif. , said it is close to making final an agreement to buy Cleveland *CUNKING* Associates from Saatchi & Saatchi STOP 
Computer Sciences would n't disclose the proposed purchase price for Cleveland *CUNKING* , which *UNKS* companies on *UNKS* and supply . STOP 
But David *CUNK* , managing editor of *CUNKS* News , an industry publication based in *CUNK* , *CUNK* , said an industry standard would suggest a purchase price of between one and two times Cleveland *CUNKING* 's approximately $ 15 million annual revenue . STOP 
Both Saatchi & Saatchi , which announced its intention to sell off most of its consulting business in June , and Cleveland *CUNKING* declined to comment on the proposed sale . STOP 
Ad Notes ... . STOP 
NEW *CUNK* : STOP 
*CUNK* Corp. , New York , awarded the ad account for its Home Insurance Co. unit to *CUNK* , *CUNKLY* & *CUNKER* , New York . STOP 
*CUNKS* were n't disclosed ... . STOP 
Puerto Rico Telephone Co. awarded its $ 3 million account to West *CUNKS* & *CUNK* , *CUNK* Advertising 's office in Puerto Rico . STOP 
*CUNK* *CUNK* : STOP 
Coca-Cola Co. yesterday said singer *CUNK* John signed to appear in an ad for *CUNK* Coke . STOP 
*CUNKS* of the commercial , which will be part of the brand 's 1990 advertising campaign , were n't disclosed . STOP 
Mr. John becomes the latest of many music *UNKS* , including George Michael and *CUNK* Houston , to appear in ads for the *UNK* drink . STOP 
Turner Broadcasting System Inc. said it formed a unit to make and distribute movies to *UNKS* overseas and , eventually , to U.S. *UNKS* , too . STOP 
The operator of *UNKION* networks said the new Turner Pictures unit will produce movies that will *UNK* on Turner Broadcasting 's Turner Network Television channel , or *CUNK* , and then will be released *UNKLY* in movie *UNKS* . STOP 
The unit 's first two offerings are slated to be `` The *CUNK* Life of *CUNK* *CUNKING* , '' a *UNKION* about the former British spy who wrote the James Bond *UNKS* , and `` *CUNK* Island , '' produced by *CUNK* *CUNK* , who also *UNKS* in the movie . STOP 
Ted Turner , Turner Broadcasting 's chairman , was named chairman of Turner Pictures , and *CUNK* *CUNK* , president of Turner Entertainment *CUNKS* , was named president of the unit . STOP 
In an interview , Mr. *CUNK* said the subsidiary 's primary mission will be to make movies for *CUNK* and to distribute them *UNKLY* . STOP 
But he said Turner Broadcasting already has found some ideas that might work well as films for *UNKAL* release in the U.S. . STOP 
`` When that occurs , and when the time is right , we 'll release the films in the U.S. , '' he said , adding that Turner Pictures may develop such movies next year for domestic release in 1991 . STOP 
Turner has made several movies , *UNKS* and *UNKS* for its networks in recent years , but the company has never acted as a *UNKED* movie studio and released its own pictures to *UNKS* . STOP 
Mr. *CUNK* said `` The *CUNK* Life of *CUNK* *CUNKING* '' and `` *CUNK* Island '' cost more than $ 6 million each to make , which is only about one-third the cost of most movies made for *UNKAL* release . STOP 
The Turner move is in line with a *UNK-* trend toward more original programming -- and toward finding more ways to *UNK* the high cost of producing films . STOP 
In July , Viacom Inc. formed Viacom Pictures to produce 12 *UNK-* movies a year that will *UNK* on Showtime network and be distributed later in various markets , including foreign *UNKS* . STOP 
In a sign the stock slump has n't *UNKED* Europe 's takeover *UNKER* , Cie . Financiere de Paribas said it intends to bid for one of France 's other large financial and industrial holding companies , *CUNK* de Navigation Mixte . STOP 
Paribas said that once it receives the *UNK-* from French stock market authorities , it will offer to boost its Navigation Mixte stake to *UNKN* % from the current *UNKN* % . STOP 
Its *UNKS* bid values Navigation Mixte at about *UNKN* billion francs -LRB- $ *UNKN* billion -RRB- , making this one of France 's *UNKER* attempted takeovers . STOP 
The cost of buying the additional 48 % stake would be *UNKN* billion francs -LRB- $ *UNKN* billion -RRB- . STOP 
The move would greatly boost Paribas 's stake in the insurance , transport and food businesses , where Navigation Mixte is strong . STOP 
It also would make Paribas a major French ally of West Germany 's Allianz AG insurance group . STOP 
Allianz holds a 50 % stake in Navigation Mixte 's insurance interests , acquired three weeks ago . STOP 
Those include *CUNK* *UNK* *CUNK* *CUNK* and *CUNK* *CUNKS* . STOP 
Long considered a potential takeover target , Navigation Mixte had hoped Allianz would help protect it from *UNKS* . STOP 
That idea may have *UNKED* . STOP 
Paribas is Allianz 's main French bank , and the *CUNKED* group said it intends to stay *UNKAL* . STOP 
Navigation Mixte said it would n't have any comment until its board *UNKS* Wednesday . STOP 
But Navigation Mixte is *UNKLY* held and hard to defend . STOP 
`` The defensive options are limited , '' says *CUNK* *CUNK* , a partner in portfolio management concern France Finance *CUNK* . STOP 
`` Who would bid against Paribas ? '' STOP 
If the Paribas bid succeeds , it will be the second time in two months a big French investment banking group has snapped up an insurance group . STOP 
Last month , Paribas 's *UNKAL* , Cie . Financiere de *CUNK* , won a battle for *CUNK* *CUNK* , France 's second-largest private-sector insurer , which itself had just acquired West Germany 's *CUNK* *CUNK* AG . STOP 
That complex bid was *UNKED* as France 's largest takeover ever -LRB- this one is slightly smaller -RRB- . STOP 
Moreover , *CUNK* had just finished winning an even larger battle last year for control of Societe Generale de *CUNK* . STOP 
Paribas officials , once considered France 's *UNKEST* bankers , felt *UNKED* at *CUNK* 's success and its rapid growth . STOP 
Although Paribas denies it , analysts say the new bid in part simply reflects the continuing *UNK* between France 's two largest investment banking groups . STOP 
It also reflects the broader pressure on companies in Europe to keep up as the European Community *UNKS* to reduce internal trade barriers by 1992 . STOP 
Although Paribas Chairman *CUNK* *CUNK-* would n't rule out eventually selling all of Navigation Mixte 's insurance operations to Allianz , he *UNKED* the potential for the two groups instead to cooperate . STOP 
He also told reporters the acquisition would give Paribas fresh *UNK* , bringing it properties in food and transport where it has been weak . STOP 
Navigation Mixte has investments in a sugar company , a food and *UNKING* concern , a *UNK* and bus and *UNKING* firms , among others . STOP 
And Navigation Mixte has a huge hidden *UNKION* . STOP 
*CUNK* by Allianz for the insurance interests it has just bought will help *UNK* the French concern 's treasury to an estimated 11 billion francs . STOP 
Paribas said it will bid *UNKN* francs a share for Navigation Mixte shares that qualify for a full *UNKLY* dividend , and *UNKN* francs for those created July 1 , which are eligible for partial dividends . STOP 
*CUNKLY* , it said it would offer three Paribas shares , themselves eligible for dividends as of next Jan. 1 , for one Navigation Mixte share . STOP 
Paribas shares closed down 30 francs at *UNKN* francs , and Navigation Mixte shares were suspended at *UNKN* francs pending the outcome of the bid . STOP 
Paribas said it would publish details of its bid once authorities clear it . STOP 
This is one of the first bids under new takeover rules aimed at encouraging open bids instead of *UNKAL* *UNKION* of large stakes . STOP 
Some financial sources said privately that Paribas *UNKED* in failing to move sooner for the insurance and industrial group , bidding only after speculation had pushed up the price . STOP 
Mr. *CUNK-* responded that his group initially intended to take only a minority stake , striking an alliance with current management . STOP 
When *UNKLY* *UNKED* Navigation Mixte Chairman *CUNK* Fournier rejected Paribas 's offer and began buying Paribas shares in *UNKION* , Mr. *CUNK-* said , he felt *UNKED* to bid for control . STOP 
He told reporters he had information that Mr. Fournier was preparing to buy as much as 20 % of Paribas , up from less than 5 % currently . STOP 
A bid against Paribas could n't be ruled out . STOP 
France 's second-largest *UNKED* insurance company , *CUNKS* *CUNKS* de France , has been building its own Navigation Mixte stake , currently thought to be between 8 % and 10 % . STOP 
Analysts said they do n't think it is *UNKING* a takeover , however , and its officials could n't be reached . STOP 
*CUNK* oil futures prices fell further as analysts and traders said OPEC oil producers are n't putting the *UNKS* on output ahead of the traditionally weak first quarter . STOP 
In trading on the New York Mercantile Exchange , the U.S. benchmark West Texas *CUNK* crude fell 39 cents a barrel to $ *UNKN* for December delivery . STOP 
Petroleum products prices also declined . STOP 
Analysts pointed to reports that the Organization of Petroleum *CUNKING* *CUNKS* is producing substantially more than its official limit of *UNKN* million barrels a day , with some accounts putting the *UNKION* group 's output as high as 23 million barrels a day . STOP 
That level of production did n't take its toll on futures prices for the fourth quarter , when demand is traditionally strong . STOP 
But because *UNKER* demand is normally the *UNKEST* of the year , several market participants say , OPEC production will have to decline to keep prices from *UNKING* further . STOP 
The group plans to meet in a month to discuss production strategy for early 1990 . STOP 
With prices already headed lower , news of a series of *UNKS* at a major Phillips Petroleum Co. chemical facility on the Houston *CUNK* Channel also was bearish for prices . STOP 
Even though such facilities use a relatively small amount of crude , analysts say , now the facility wo n't need any , at a time of already high availability . STOP 
The Phillips plant makes *UNK* , *UNK* and other plastic products . STOP 
A company official said the *UNKS* began when a *UNKAL* *UNK* out . STOP 
*CUNKS* of workers were injured , authorities said . STOP 
There was no immediate estimate of damage from the company . STOP 
Some petroleum futures traders say technical considerations now will help to put downward pressure on futures prices . STOP 
For instance , one trader said that prices inevitably will go lower now that they 've fallen below $ 20 a barrel . STOP 
`` Our *UNK* is a little bearish now that we 've taken out $ 20 , '' he said . STOP 
In other commodity markets yesterday : STOP 
*CUNK* : STOP 
The selling that started on Friday continued yesterday . STOP 
The December contract fell *UNKN* cents a pound to $ *UNKN* . STOP 
London *CUNKAL* Exchange *UNK* stocks were down only *UNKN* metric tons for the week to *UNKN* tons ; expectations late last week were a drop of 10,000 to 15,000 tons . STOP 
The New York market made its high for the day on the opening and when it dropped below the $ *UNK-* level , selling picked up as previous buyers *UNKED* out of their positions and aggressive short sellers -- *UNKING* further declines -- moved in . STOP 
Fund selling also picked up at that point . STOP 
According to Bernard Savaiko , senior commodity analyst at PaineWebber , the only stability to the market came when short sellers *UNKLY* moved in to cover their positions by buying contracts . STOP 
This activity produced small rallies , which in turn attracted new short selling . STOP 
Mr. Savaiko noted that copper had a steep fall in *UNK* of a weak dollar , which would normally support the U.S. copper market . STOP 
Such support usually comes from *UNKS* who use a strong British pound to buy copper in New York . STOP 
`` The sell-off would probably have been worse if the dollar had been strong , '' he said . STOP 
*CUNKER* has been stuck in a trading range of $ *UNKN* to $ *UNKN* . STOP 
Mr. Savaiko believes that if copper falls below the bottom of this range the next significant support level will be about $ 1.04 . STOP 
*CUNK* *CUNK* : STOP 
*CUNK* and palladium *UNKED* to maintain their prices all day despite news stories over the weekend that recent cold fusion experiments , which use both metals , showed signs of producing extra heat . STOP 
January platinum closed down $ *UNKN* an ounce at $ *UNKN* , nearly $ 4 above its low for the day . STOP 
December palladium was off $ *UNKN* an ounce at $ *UNKN* . STOP 
*CUNK* is believed to have good support around $ *UNKN* and palladium at around $ 130 . STOP 
Some traders were thought to be waiting for the auto sales report , which will be released today . STOP 
Such sales are watched closely by platinum and palladium traders because both metals are used in automobile *UNK* *UNKS* . STOP 
Mr. Savaiko *UNKED* that the news on cold fusion did n't affect the market yesterday because many traders have already been badly *UNK* by such stories . STOP 
He said the traders are demanding a higher level of proof before they will buy palladium again . STOP 
Also *UNKING* on both metals ' prices is the role of the chief supplier , the Soviet Union . STOP 
Many analysts believe that the Soviets ' *UNK* for dollars this year to buy grain and other Western commodities and goods will bring them to the market whenever prices rally very much . STOP 
*CUNK* AND *CUNK* : STOP 
Prices closed mixed as contracts reacted to largely offsetting bullish and bearish news . STOP 
On the Chicago Board of Trade , *UNKS* for November delivery closed at $ *UNKN* a *UNK* , down half a cent , while the December wheat contract rose *UNKS* of a cent to $ *UNKN* a *UNK* . STOP 
*CUNKING* prices was the announcement late Friday of additional grain sales to the Soviet Union . STOP 
But acting as a drag on prices was the improved harvest weather over the weekend and the prospect for continued fair weather this week over much of the Farm *CUNK* . STOP 
*CUNK* farmer selling over the weekend also *UNKED* on prices . STOP 
*CUNK* : STOP 
World prices tumbled , mostly from their own weight , according to analysts . STOP 
The March contract ended at *UNKN* cents a pound , down *UNKN* cent . STOP 
For the past week or so , traders have been expecting India to buy between 150,000 and 200,000 tons of *UNKED* sugar , and there have been expectations of a major purchase by Japan . STOP 
But with no reports of either country actually entering the market , analysts said , futures prices became vulnerable . STOP 
*CUNKING* countries such as India , some analysts said , seem to have made it a point to stay away whenever sugar reached the top of its trading range , around *UNKN* cents , and wait for prices to return to the bottom of the range , around 13.50 cents . STOP 
But *CUNK* *CUNK* , a sugar analyst with *CUNK* *CUNK* International Ltd. , said the explanation for the latest drop in sugar prices is much *UNKER* : *CUNKS* , he said , `` got too long too soon and ran into resistance around the old contract highs . '' STOP 
A PaineWebber analyst said that in light of a new estimate of a production increase of four million metric tons and only a modest increase in consumption , sugar is n't likely to rise above the top of its trading range without a crop problem in a major producing country . STOP 
*CUNK* : STOP 
Futures rallied modestly . STOP 
The December contract rose $ 33 a metric ton to $ *UNKN* , near its high for the day . STOP 
*CUNK* & *CUNKS* Ltd. , a British *UNKING* house , estimated that the *UNKN* world cocoa surplus would be *UNKN* tons , down from *UNKN* tons for the previous year . STOP 
Market technicians were encouraged by the price patterns , which in the past have *UNKED* sharp rallies . STOP 
*CUNK* prices for cocoa have been near levels last seen in the *UNKS* . STOP 
At such prices , according to Mr. Savaiko , bargain *UNKING* and *UNKING* -- buying back of contracts previously sold -- by speculators is n't *UNUNK* . STOP 
But Mr. Savaiko expects *UNK-* producer selling at around the $ *UNKN* to $ *UNKN* level . STOP 
He also noted that a strong sterling market yesterday might have helped cocoa in New York as *UNKS* took advantage of the currency move . STOP 
*CUNK* *CUNK* , research analyst at Shearson Lehman Hutton , said the market pushed higher mainly in anticipation of a late harvest in the *CUNK* Coast , a major cocoa producer . STOP 
Rockwell International Corp. bought out *CUNK* Corp. 's interest in *CUNKS* , a joint venture of the two companies based in Tokyo . STOP 
The price was 3.6 billion yen -LRB- $ 25 million -RRB- . STOP 
The agreement provides that *CUNK* Corp. will remain a supplier to *CUNKS* , which makes printing *UNKS* for the newspaper industry . STOP 
The purchase was made by Rockwell *CUNK* Systems , a Chicago subsidiary of the El *CUNK* , Calif. , concern . STOP 
*CUNKS* , which has about 200 employees , is among the industry leaders in *UNKS* *UNKING* technology , which reduces time and materials waste when preparing a press for printing . STOP 
The bond market , which sometimes *UNKS* on bad news , *UNKED* yesterday 's stock market sell-off and *UNKS* that the economy is growing weaker . STOP 
Early in the day , bonds rose modestly on economists ' forecasts that this week 's slate of economic data will *UNK* an economy headed for trouble . STOP 
Such news is good for bonds because economic weakness sometimes causes the Federal Reserve to lower interest rates in an effort to *UNK* the economy and *UNK* off a recession . STOP 
For example , today the Department of Commerce is scheduled to release the September durable goods report . STOP 
The consensus forecast of 14 economists surveyed by Dow Jones Capital Markets Report is for a 1.2 % drop in September orders . STOP 
That would follow a 3.9 % advance in August . STOP 
Bonds received a bigger boost later in the day when stock prices moved broadly lower . STOP 
The Dow Jones Industrial Average fell *UNKN* points to *UNKN* . STOP 
`` Bond investors have been watching stocks closely , '' said Joel *CUNKER* , chief fixed-income analyst at *CUNKAL* Data *CUNKAL* Markets Group . STOP 
`` When you get a big sell-off in equities , money starts to shift into bonds , '' which are considered safer , he said . STOP 
The Treasury 's benchmark 30-year bond ended about 1\/2 point higher , or up about $ 5 for each $ 1,000 face amount , while the yield slid to *UNKN* % from 7.98 % Friday . STOP 
*CUNKS* ended mixed , while mortgage-backed and investment-grade corporate bonds rose . STOP 
Prices of high-yield , high-risk corporate securities ended unchanged . STOP 
In more evidence of the growing division between `` good '' and `` bad '' junk bonds , a $ 150 million issue by *CUNK* Industries Inc. was snapped up by investors while underwriters for Beatrice Co. 's $ 350 million issue are considering restructuring the deal to attract buyers . STOP 
In the Treasury market , analysts expect bond prices to trade in narrow ranges this week as the market takes in positive and negative news . STOP 
`` On the negative side , the market will be affected by constant supply in all sectors of the market , '' said William M. *CUNK* , economist at Daiwa Securities America Inc . STOP 
`` On the other hand , we have economic news that is -LCB- expected to be -RCB- relatively positive for the bond market . STOP 
We will go back and forth with a *UNK* toward slightly lower yields , '' he said . STOP 
Today , the Treasury will sell $ 10 billion of new two-year notes . STOP 
*CUNK* , Resolution Funding Corp. , a division of a new government agency created to *UNK* out the nation 's troubled thrifts , will hold its first bond auction at which it will sell $ 4.5 billion of 30-year bonds . STOP 
So far , money managers and other bond buyers have n't shown much interest in the *CUNK* bonds . STOP 
Analysts have mixed views about the two-year note auction . STOP 
While some say the auction should proceed smoothly , others contend that yesterday 's sale of $ *UNKN* billion of asset-backed securities by Ford Motor Credit Corp. may have *UNKED* some potential institutional buyers from the government 's note sale . STOP 
The division of auto maker Ford Motor Co. made its debut in the asset-backed securities market with the second-largest issue in the market 's four-year history . STOP 
The company offered securities backed by automobile loans through an underwriting group headed by First Boston Corp . STOP 
The issue yields *UNKN* % and carries a guarantee covering 9 % of the deal from the company . STOP 
First Boston sweetened the terms from the original yield estimate in an apparent effort to place the huge offering . STOP 
The issue was offered at a yield nearly one percentage point above the yield on two-year Treasurys . STOP 
The only asset-backed deal larger than Ford 's was a $ 4 billion offering by General Motors Acceptance Corp. in 1986 . STOP 
Treasury Securities STOP 
Treasury bonds were 1\/8 to 1\/2 point higher yesterday in light trading . STOP 
The benchmark 30-year bond ended at a price of 102 *UNKN* , compared with 101 *UNKN* Friday . STOP 
The latest 10-year notes were quoted late at 100 *UNKN* to yield 7.90 % , compared with 100 *UNKN* to yield *UNKN* % . STOP 
The latest two-year notes were quoted late at 100 *UNKN* to yield *UNKN* % . STOP 
*CUNK-* rates rose yesterday at the government 's weekly Treasury bill auction , compared with the previous bill sale . STOP 
The Treasury sold $ *UNKN* billion of three-month bills with an average discount rate of 7.52 % , the highest since the average of *UNKN* % at the auction on Oct. 10 . STOP 
The $ *UNKN* billion of six-month Treasury bills were sold with an average discount rate of 7.50 % , the highest since the average of *UNKN* % at the Oct. 10 auction . STOP 
The rates were up from last week 's auction , when they were *UNKN* % and *UNKN* % , respectively . STOP 
Here are auction details : STOP 
*CUNKS* are determined by the difference between the purchase price and face value . STOP 
Thus , higher bidding *UNKS* the investor 's return while lower bidding *UNKS* it . STOP 
The percentage rates are calculated on a *UNK-* year , while the *UNK-* yield is based on a *UNK-* year . STOP 
Both issues are dated Oct. 26 . STOP 
The *UNK-* bills mature Jan. 25 , 1990 , and the *UNK-* bills mature April 26 , 1990 . STOP 
Corporate Issues STOP 
*CUNK-* *UNKS* closed about 1\/4 point higher in quiet trading . STOP 
In the junk bond market , *CUNK* Industries ' issue of 12-year debentures , considered to be one of the market 's high-quality credits , was priced at par to yield 12 % . STOP 
Peter *CUNKS* , managing director at underwriter Morgan Stanley & Co. , said the issue was *UNKED* . STOP 
`` It 's a *UNKED* market , and if you have a good , strong credit , people have an appetite for it , '' he said . STOP 
Morgan Stanley is expected to price another junk bond deal , $ 350 million of senior subordinated debentures by Continental *CUNKION* Inc. , next Tuesday . STOP 
In light of the recent *UNKS* in the high-yield market , junk bond analysts and traders expect other high-yield deals to be sweetened or restructured before they are offered to investors . STOP 
In the case of Beatrice , Salomon Brothers Inc. is considering restructuring the reset mechanism on the $ 200 million portion of the offering . STOP 
Under the originally *UNKED* terms of the offering , the notes would have been reset annually at a fixed spread above Treasurys . STOP 
Under the new plan being considered , the notes would reset annually at a rate to maintain a market value of 101 . STOP 
Price talk calls for the reset notes to be priced at a yield of between 13 1\/4 % and 13 1\/2 % . STOP 
*CUNKED* Securities STOP 
Activity in derivative markets was strong with four new real estate mortgage investment *UNKS* announced and talk of several more deals in today 's session . STOP 
The Federal National Mortgage Association offered $ 1.2 billion of Remic securities in three issues , and the Federal Home Loan Mortgage Corp. offered a $ 250 million Remic backed by 9 % *UNK-* securities . STOP 
Part of the reason for the heavy activity in derivative markets is that underwriters are *UNKING* mortgage securities being sold by thrifts . STOP 
Traders said thrifts have stepped up their mortgage securities sales as the bond market has risen in the past two weeks . STOP 
In the mortgage *UNK-* sector , active issues rose but *UNKED* gains in the Treasury market . STOP 
Government National Mortgage Association 9 % securities for November delivery were quoted late yesterday at 98 *UNKN* , up *UNKN* ; and Freddie Mac 9 % securities were at 97 1\/2 , up 1\/4 . STOP 
The Ginnie Mae 9 % issue was yielding *UNKN* % to a 12-year average life assumption , as the spread above the Treasury 10-year note widened slightly to *UNKN* percentage points . STOP 
*CUNKS* STOP 
A $ *UNKN* million San Antonio , Texas , electric and gas system revenue bond issue dominated the new issue sector . STOP 
The refunding issue , which had been in the *UNKS* for two months , was one of the chief offerings *UNKING* the market and limiting price appreciation . STOP 
But *UNKING* that *UNK* failed to *UNK* much activity in the secondary market , where prices were off 1\/8 to up 3\/8 point . STOP 
An official with lead underwriter First Boston said orders for the San Antonio bonds were `` on the slow side . '' STOP 
He attributed that to the issue 's aggressive pricing and large size , as well as the general *UNK* in the municipal marketplace . STOP 
In addition , he noted , the issue would normally be the type purchased by property and casualty insurers , but recent disasters , such as Hurricane Hugo and the Northern California earthquake , have stretched insurers ' resources and *UNKED* their demand for bonds . STOP 
A $ *UNKN* million Maryland *CUNK* Authority sports facilities lease revenue bond issue appeared to be off to a good start . STOP 
The issue was *UNKED* and `` doing very well , '' according to an official with lead underwriter Morgan Stanley . STOP 
Activity *UNKED* in the New York City bond market , where heavy investor selling last week drove yields on the *UNKER* 's full *UNK* and credit backed bonds up as much as *UNKN* percentage point . STOP 
Foreign Bonds STOP 
Japanese government bonds ended lower after the dollar rose modestly against the yen . STOP 
The turnaround in the dollar fueled bearish sentiment about Japan 's bond market . STOP 
The benchmark No. 111 4.6 % bond due 1998 ended on brokers ' screens at a price of *UNKN* , off *UNKN* . STOP 
The yield rose to *UNKN* % . STOP 
West German bond prices ended lower after a day of *UNKS* trading . STOP 
The benchmark 7 % bond due October 1999 fell *UNKN* point to *UNKN* to yield *UNKN* % , while the 6 3\/4 % notes due July 1994 fell *UNKN* to *UNKN* to yield *UNKN* % . STOP 
British government bonds ended slightly higher in quiet trading as investors looked ahead to today 's British trade report . STOP 
The benchmark 11 3\/4 % Treasury bond due *UNKN* rose 1\/8 to 111 *UNKN* to yield *UNKN* % , while the 12 % issue of 1995 rose *UNKN* to 103 *UNKN* to yield *UNKN* % . STOP 
`` The *UNKER* 's done gone from the *UNK* -- STOP 
*UNK* ! STOP 
My language sure goes to *UNK* down here on the coast . '' STOP 
The *UNK* *UNK* guide with the *CUNK* cap *UNKS* his face in *UNK* *UNK* . STOP 
`` I got to get back to school and *UNK* out my English . '' STOP 
He has two more years at Texas *CUNK* . STOP 
Right now he takes people out to *UNK* in the *UNKS* behind the barrier *UNKS* that *UNK* for hundreds of miles along the *UNK* coast of Texas , *UNKING* *UNK* green *UNKS* behind *UNKS* of sand and *UNK* *UNK* that *UNK* the deep blue of the Gulf beyond . STOP 
There have been three days of hot , *UNK-* rain , and now with the first *UNK* we are after *UNKED* *UNK* , which with *UNK* provides most of the game fishing *UNKS* . STOP 
The little radio *UNKS* as other *UNKS* want to see if we have found any *UNK* -- *UNKING* location is everything in this sport . STOP 
*CUNK* answers *UNK* back . STOP 
The *UNK* often are *UNK* around the *UNKS* of the old gas wells that *UNK* the flat surface like the remains of *UNK* ships . STOP 
We go from one to the other . STOP 
The *UNK* is hot now though it 's only 8 in the morning . STOP 
The great silver *UNKS* on the *UNK* build themselves on the *UNK* water . STOP 
We *UNK* toward another set of *UNKS* . STOP 
The guide *UNKS* into a *UNK* and puts a *UNKLY* *UNKING* *UNKER* on the *UNK* . STOP 
Then he *UNKS* out . STOP 
`` Just wait for that *UNK-* , that *UNK-* . STOP 
It comes real *UNK* before it *UNKS* . STOP 
Do n't forget , *UNK* have very soft *UNKS* . '' STOP 
The radio *UNKS* again . STOP 
`` *CUNK* ' one or two , '' says the guide , *UNKING* . STOP 
`` You can tell they 've got *UNK* ' . '' STOP 
A *UNK* of black *UNKS* *UNK-* past close to the surface . STOP 
Soon we have our limit of the *UNKING* *UNK* *UNKED* in *UNK-* and black . STOP 
And we are the first back at the *UNK* , where the great blue *UNKS* stand waiting by the cleaning *UNKS* . STOP 
The guide is young and he knows this business but he wants a different life after college , such as working for IBM and wearing a *UNK* . STOP 
This must be the last big stretch of the American *UNK* that is `` *UNKED* . '' STOP 
There are a few *UNK* fishing *UNKS* with quiet *UNKS* of resort houses nearby . STOP 
People are not *UNK* to be *OUS* about the place or themselves . STOP 
Texas is big and *UNK* and they live here , that 's all . STOP 
*CUNKING* out just to the north of us is the *CUNK* *CUNK* -LRB- after the *UNK* , not the game -RRB- which forms the core of the *CUNKS* *CUNK* *CUNK* . STOP 
It is famous as the winter home of the *UNKING* *UNK* , that symbol of the destruction of wild America . STOP 
Last year a *UNKER* shot a *UNKER* by mistake thinking that it was a *UNK* *UNK* . STOP 
He paid an *UNK* fine and was lucky , according to a local *UNK* , to escape the gas chamber . STOP 
The *UNK* comes off the vast *UNK* *UNKAL* plain with fields of rice and cotton and *UNK* as far as the eye can see . STOP 
*CUNK* the coast there are *UNK* *UNKS* of live *UNK* *UNKED* with *UNKS* and *UNKS* . STOP 
*CUNKER* , wild *UNK* , *UNKS* and *UNKS* are the *UNK* *UNKS* and the *UNKS* are *UNK* , especially the *UNKS* and the *UNKS* . STOP 
*CUNK* the *UNKS* of *UNK* and *UNK* *UNK* the *UNK-* and golden *UNKS* *UNKLY* *UNKS* on its *UNK* *UNK* . STOP 
*CUNK* a few miles from the *UNK* there is a place called *CUNK* , with a white church , a gas station and a grocery , the houses relatively close together for such a settlement in these parts . STOP 
`` *CUNK* *CUNK* , '' I read a sign in the usual *UNKION* of the name as we *UNK* through . STOP 
`` Here in south Texas we say *CUNK-* , '' my host *UNKLY* *UNKS* . STOP 
Mr. King is the director of the Foreign Press Center in New York . STOP 
*CUNK* AG and *CUNKS* AG said they will launch their previously announced joint venture for power *UNKS* in January . STOP 
The two West German electronics concerns said they have set up European Power Semiconductor Co. to merge their activities in the field . STOP 
*CUNK* and *CUNKS* each will hold a 50 % stake in the venture . STOP 
The joint venture will have nominal capital of 50 million marks -LRB- $ *UNKN* million -RRB- and 700 employees . STOP 
It will develop , produce and market *UNK-* electronic parts . STOP 
*CUNKS* is West Germany 's largest electronics group . STOP 
*CUNK* is 80 % owned by Daimler-Benz AG , the country 's biggest industrial concern . STOP 
*CUNK* Corp. said its third-quarter net income fell 27 % to $ *UNKN* million , or 72 cents a share , from $ *UNKN* million , or $ 1 a share , a year earlier . STOP 
Sales dropped 4 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The company , which supplies *UNKS* and other *UNK-* parts to auto makers , said about half the earnings drop came from the `` *UNKAL* collapse '' of the *CUNK* auto industry . STOP 
The *CUNK* currency plummeted this year , making it difficult for auto makers there to afford imported parts . STOP 
*CUNK* also said it was hurt by *UNKING* U.S. truck sales and by a strike at a parts supplier . STOP 
The company , based in *CUNK* , Ohio , had said it expected reduced third-quarter profit . STOP 
Mary *CUNK* *CUNK* , an analyst at *CUNK* Investors in New York , said automotive suppliers were reporting lower profit almost `` across the board . '' STOP 
*CUNK* J. *CUNK* , *CUNK* 's president , said the company 's decision to approve its normal fourth-quarter dividend indicated its underlying strength . STOP 
*CUNK* *CUNK* , president of Japan 's Mazda Motor Corp. , said the Japanese car maker is planning joint production with Ford Motor Co. in Europe ahead of the European Community 's 1992 integration . STOP 
Mr. *CUNK* did n't disclose further details of the arrangement at a news conference , but said the project would be undertaken with Ford 's European subsidiary . STOP 
A Ford official confirmed in Tokyo that the U.S. motor vehicle maker is studying such an arrangement . STOP 
At age eight , *CUNK* Baker was sent by her mother to a white woman 's house to do *UNKS* in exchange for *UNKS* and a place to *UNK* -- a place in the *UNK* with the coal . STOP 
At age 19 , she was a Paris *UNKION* , *UNKED* from *UNKED* child to international sex symbol in just over a decade . STOP 
It is the stuff of *UNKS* , but also of *UNKS* . STOP 
Only the *UNKEST* spirits survive such *UNKER* *UNKS* . STOP 
And , for Ms. Baker , the ride was far from over . STOP 
Her *UNK* *UNKS* , her *UNKING* , her voice , her beauty and , perhaps most *UNKLY* , her *UNK* , were prominent *UNKS* , but *UNK* of a rare sort made her remarkable life possible . STOP 
*CUNK* , another American black woman who found a measure of *UNK* in Paris , said : `` I do n't think I 've ever known anyone with a less complicated view of life , or whose life was more complicated than *CUNK* 's . '' STOP 
*CUNK* were a constant *UNKION* . STOP 
Baker had lots of them . STOP 
But she did n't trust them and did n't reward trust . STOP 
As she saw one key love affair , the problem was n't her *UNK* , it was his *UNK* . STOP 
Her appetite for children also was large . STOP 
She adopted 12 of *UNKED* races , *UNKING* them the *CUNK* *CUNK* , and driving her husband first to *UNK* and then to *CUNK* . STOP 
She made money , but spent more . STOP 
*CUNKS* *UNKED* in . STOP 
Finally , Prince *CUNKER* and *CUNKS* Grace saved her with the offer of a house in *CUNK* . STOP 
Another *UNK* *UNKION* , as *CUNKS* Rose makes clear in `` *CUNK* *CUNK* : *CUNK* Baker in Her Time '' -LRB- *CUNK* , *UNKN* pages , $ *UNKN* -RRB- , was *UNK* . STOP 
Baker had the good *UNK* to arrive in *UNKN* Paris , where blacks had become *UNK* . STOP 
African art was in *UNK* and some *UNKS* were writing *UNKLY* of a *UNKING* age to be inspired by blacks . STOP 
To be *UNK* was to be *UNKED* as well as *UNKED* , but for the most part Paris was a friendly island in a *UNK* world . STOP 
Baker had bitter experience of *UNK* from her St. Louis *UNK* and her days in New York theater , where she was *UNKED* too dark for an *UNK-* *UNKS* line -LRB- performing of course for *UNK-* audiences -RRB- . STOP 
Paris *UNKED* her at first *UNK* . STOP 
`` She just *UNKED* her *UNK* and all the French fell in love with her , '' *UNKED* the *UNK* world 's *CUNK* *CUNKS* , not entirely *UNKLY* . STOP 
`` One can hardly *UNK* the importance of her *UNK* end , '' Ms. Rose writes . STOP 
Ms. Rose , who *UNKS* *UNK* at *CUNK* University , quickly proceeds to *UNK* , claiming that Baker 's *UNKING* `` had uncovered a new region for desire '' and thereby ignoring *UNKS* of *UNKS* to the *OUS* . STOP 
`` *CUNK* *CUNK* '' contains other , more important , false notes that undermine what is , for the most part , a *UNKLY* account of a life already familiar from earlier works . STOP 
It is easy to see why Baker , a free spirit who broke many of the *UNKS* convention places on women , *UNKS* Ms. Rose , the author of `` *CUNK* *CUNKS* , '' a *UNK* study of *CUNK* marriage . STOP 
Still , even the title raises questions about the author 's vision of her subject . STOP 
Baker 's art was *UNK* only by the *UNKEST* stretch of the term . STOP 
To find *UNKS* , other than *UNKAL* appeal , with *CUNK* , requires an equal stretch . STOP 
Baker was 68 years old when she died in Paris , two days after the *UNK-* opening of her *UNKEST* show : a *UNK-* ending to what was a *UNK* life . STOP 
In fact , Ms. Baker played *UNKS* in *CUNK* that could have made it into `` *CUNK* . '' STOP 
During World War II , her *UNKED* view of life led her to the conclusion that the *CUNKS* were *UNK* and must be resisted , a decision made by only about 2 % of French citizens . STOP 
She was devoted to Charles de *CUNK* 's cause , accepting great financial *UNK* and considerable risk to become first a spy and then a *UNK-* *CUNK* tour for the forces of Free France . STOP 
In *CUNK* Bogart 's *UNK* , Victor *CUNK* leads Free French *UNKS* in `` La *CUNK* '' to *UNK* out the *CUNKS* . STOP 
The night the Germans *UNKED* all of France , Baker performed in *CUNK* . STOP 
The Free French *UNK* black arm *UNKS* , and when she *UNK* `` *CUNK* *UNK* *UNKS* '' they *UNK* . STOP 
Ms. Rose is best on the early years and World War II . STOP 
In her introduction , Ms. Rose writes that she feels she has much in common with Baker , but as `` *CUNK* *CUNK* '' goes on , it seems more rushed , as though the author were growing less interested . STOP 
It does n't help that sometimes Ms. Rose 's language *UNKS* to deliver the effect she appears to want . STOP 
One *UNKER* opens : `` World War II was not one of France 's *OUS* moments . '' STOP 
Elsewhere , in an attempt to explain without *UNKING* it *UNKLY* that Baker had a large *UNK* following later in her career when she was an *UNKED* singer rather than *UNKED* *UNKER* , Ms. Rose writes : `` She was a female *UNK* who happened to be a woman . '' STOP 
One devoted *UNK* who fell under Baker 's *UNK* in *UNKN* and began collecting Baker *UNK* was *CUNK* *CUNK* . STOP 
In `` *CUNK* Baker '' -LRB- Jonathan *CUNK* , *UNKN* pages , $ 35 -RRB- , which was published in Britain last year and distributed in the U.S. this month , Mr. *CUNK* has used his collection to produce an *UNK* of *UNKS* and *UNKS* of the star . STOP 
The text by Patrick *CUNK* is a tough read , but the pictures make her *UNK* clear and help explain why *CUNKEST* *CUNK* called Baker `` The most *UNKAL* woman anybody ever saw . STOP 
Or ever will . '' STOP 
Mr. *CUNK* is foreign editor of the Journal . STOP 
Manville , having rid itself of asbestos , now sells *UNKS* , forest products , *UNKS* and industrial goods . STOP 
*CUNK* stuff it 's not . STOP 
But Manville 's ownership is unusual , and it has caught the eye of some *UNK* -- and patient -- investors . STOP 
The *CUNKED* concern , which emerged from bankruptcy-law proceedings late last year , is controlled by the Manville Personal *CUNK* *CUNK* Trust . STOP 
The trust , which owns 80 % of Manville 's stock on a fully diluted basis , is a separate legal entity that is settling claims with asbestos victims . STOP 
When and if the trust runs out of cash -- which seems increasingly likely -- it will need to convert its Manville stock to cash . STOP 
But as an 80 % owner , if it tried to sell much of its stock in the market , it would likely *UNKS* the price of its shares . STOP 
Some investors say there is a good chance that the trust will , instead , seek to convert the company 's shares to cash , in some sort of friendly restructuring that would n't involve just *UNKING* stock on the market . STOP 
`` Their principal asset is Manville common stock , '' says Jeffrey *CUNKS* , who runs *CUNK* Associates , an investment fund that owns Manville shares . STOP 
`` If they tried to sell , they 'd be *UNKING* their own *UNK* . STOP 
What makes the most sense is to find someone who wants to buy the whole company or cause a recapitalization of all shares . '' STOP 
The trust is n't *UNKING* on when it might need to *UNK* its Manville stock . STOP 
However , the trust 's cash flow from investments is far short of its payments to asbestos victims . STOP 
Its cash and liquid securities fell by $ *UNKN* million in the first six months of 1989 . STOP 
The trust also will receive $ 75 million a year starting in 1991 on a bond it holds from Manville . STOP 
And , beginning in 1992 , it will have a claim on as much as 20 % of Manville 's annual net income . STOP 
Even so , the trust would seem to be facing a cash crunch . STOP 
As of June 30 , it had settled only about 15,000 of the *UNKN* received claims from asbestos victims , for an average of $ *UNKN* each . STOP 
-LRB- The average should drop over time , since the most expensive claims are being settled first -RRB- . STOP 
And as of *UNK* , settled but *UNUNK* claims amounted to $ *UNKN* million -- more than half the trust 's total of $ *UNKN* million in cash and *UNK* securities . STOP 
`` At some point , we 're going to need an *UNKION* of funds , '' a person close to the trust says . STOP 
Even before then , the trust may be eager to *UNUNK* Manville stock . STOP 
It does n't pay a dividend , and this trust needs income . STOP 
Moreover , with 88 % of its assets tied up in Manville , the trust is badly in need of diversification . STOP 
`` Obviously , a diversified portfolio would have less risk , '' the person close to the trust says . STOP 
Manville itself does n't rule out a restructuring . STOP 
Though the ink is barely dry on its new , *UNK-* law structure , Bill *CUNK* , Manville 's head of investor relations , says the company is *UNKLY* *UNKING* `` whether there is a better way to be structured . STOP 
We understand that the trust is ultimately going to need to sell some of our shares , '' he says . STOP 
Of course , one option would be for Manville to buy out the trust 's shares -- which would do little to benefit public stockholders . STOP 
But the trust , in most cases , is *UNK* from seeking a buyer for only its shares before November 1993 . STOP 
And both the trust and Manville are seeking to avoid the bad publicity that , in the asbestos era , *UNKED* the Manville name . STOP 
Thus , analysts say , the trust is unlikely to do anything that would hurt Manville 's other shareholders . STOP 
`` This is a rare case of a company with a big majority holder which will probably act in the interests of the minority holders , '' one investor says . STOP 
Even if there is no restructuring , Manville seems to be attractive long-term . STOP 
Its stock , at 9 5\/8 , trades at about 8 1\/2 times estimated 1989 earnings -- an *UNKLY* low multiple for a company with *UNK-* customers . STOP 
Mr. *CUNK* says 45 % of revenues are tied to construction . STOP 
Analysts predict little or no near-term growth . STOP 
They are , nonetheless , high on Manville 's management . STOP 
`` It 's one of the best in the business , '' says Salomon Brothers analyst Stephen *CUNK* . STOP 
And he says Manville has the financial flexibility to buy other companies at the best possible moment when other *UNKED* firms are hurting and selling cheap . STOP 
With a conservative *UNK-* ratio of *UNKN* -- and $ *UNKN* million in cash -- Manville is indeed actively on the *UNK* . STOP 
So far , as a *OUS* *UNKER* , Manville has n't bought much . STOP 
Paul *CUNKS* , an analyst at *CUNK* & *CUNKS* , says , `` Even though they have borrowing power , they have been *UNKED* about acquisitions . '' STOP 
And Mr. *CUNKS* says that with 80 % of its stock in friendly hands , Manville is the rare publicly traded company that can ignore short-term stock fluctuations and plan for the long *UNK* . STOP 
Manville -LRB- NYSE ; *CUNK* : *CUNK* -RRB- STOP 
Business : Forest products and *UNKING* STOP 
Year ended Dec. 31 , 1988 : Sales : $ *UNKN* billions Net loss : $ *UNKN* billion \* STOP 
Third quarter , Sept. 30 , 1989 : Per-share earnings : 30 cents vs. 44 cents *UNK* STOP 
Average daily trading volume : *UNKN* shares STOP 
*CUNK* shares outstanding : 120 million STOP 
\* *CUNKS* $ *UNKN* billion extraordinary charge . STOP 
*UNK* Year ago figure is restated . STOP 
*CUNK* Electric Co. and Robert *CUNK* *CUNK* said the Federal Trade Commission has requested additional information from the two companies about their announced intention to acquire Vermont American Corp. for $ 40 a share , or about $ *UNKN* million . STOP 
Yesterday , in composite trading on the American Stock Exchange , Vermont American common closed at $ *UNKN* , off 25 cents . STOP 
The FTC 's request was `` not unusual '' and *CUNK* will make a `` full and prompt '' response , according to a spokesman . STOP 
*CUNK* for *CUNK* and Vermont American , which has agreed to be acquired , said they do n't anticipate `` any problems '' with the completion of the transaction . STOP 
An FTC spokesman said the matter is `` in a *UNK-* *UNK* at this time '' and declined to comment further . STOP 
*CUNK* and *CUNK* , through their joint acquisition arm , *CUNK* Acquisition , have begun a cash tender offer for all of Vermont 's common shares outstanding . STOP 
The offer , set to expire Nov. 1 , may be extended pending the timing and resolution of the FTC request , the companies said . STOP 
St. *CUNKED* *CUNK* and *CUNKED* *CUNK* make electrical and electronic products , including power tools . STOP 
The Vermont American acquisition is designed to enhance their position in the *UNKS* portion of the *UNK-* industry . STOP 
Santa Fe Pacific Corp. is preparing a plan to sell a 20 % stake in its large real estate unit to a California public employee pension fund for $ 400 million , after which it would spin off the *UNK* operation to shareholders . STOP 
The plan places an indicated value on the real estate operation , Santa Fe Pacific Realty Corp. , of $ 2 billion . STOP 
Santa Fe Pacific directors are expected to review the plan at a meeting today , according to people familiar with the transaction . STOP 
If approved , the sale is expected to close by year 's end , with the spinoff *UNKING* by the end of 1992 . STOP 
In composite trading on the New York Stock Exchange yesterday , Santa Fe Pacific closed at $ *UNKN* , down 25 cents . STOP 
Santa Fe Pacific Realty is a major California land and building owner whose prime properties include *UNKN* *UNKED* acres in the San Francisco Bay area , and several office sites . STOP 
A spokesman said the properties survived without significant damage in last week 's Northern California earthquake . STOP 
As a result of the partial sale and spinoff , the $ 56 billion California Public *CUNKS* *CUNK* System would obtain two seats on the board of the real estate operation , according to officials of the fund , who described the plan . STOP 
A spokesman for Chicago-based Santa Fe Pacific confirmed that negotiations were being held with the fund . STOP 
Also holding two seats each on the board , they said , would be *CUNK* & York *CUNKS* Ltd. , controlled by the *CUNK* family of Canada , and *CUNK* Corp. , controlled by Chicago businessman Sam *CUNK* . STOP 
The *CUNKS* and Mr. *CUNK* , the largest holders of Santa Fe Pacific stock , have been looking for ways to raise the value of their investments , including possible *UNKS* . STOP 
*CUNK* bought a 17 % stake in *CUNK* Fe Pacific last year and *CUNK* & York later purchased about a 20 % stake ; they would have interests in the new *UNK* company in line with their holdings in *CUNK* Fe Pacific . STOP 
The sale and spinoff of the real estate unit is the first phase of what could lead to the breakup of Santa Fe Pacific into *UNKING* companies for its railroad and energy operations , as well as real estate . STOP 
The *UNK-* parent has been under pressure from large shareholders to boost the company 's share price . STOP 
At the same time it has been caught in an earnings squeeze . STOP 
The California pension fund 's planned investment in the real estate unit is unusual . STOP 
*CUNKION* funds rarely own as much as a 20 % stake in what is expected to be a publicly traded company . STOP 
In addition , pension funds are rarely given seats on company boards and most often try to avoid them because of legal concerns . STOP 
But fund officials said the Santa Fe Pacific Realty investment provides an opportunity to buy a stake in a large real estate portfolio heavily *UNKED* with California properties . STOP 
It also marks a `` major commitment to -LCB- real estate -RCB- development , which we have n't been involved with before , '' said *CUNK* *CUNK* , the fund 's executive director . STOP 
Under the proposed plan , the fund would also lend Santa Fe Pacific Realty $ 75 million in the form of a note that would be convertible into additional shares of the *UNK* company after the second year at the *UNKING* market price . STOP 
The note would *UNK* interest at the rate of *UNKN* % a year , which would be payable to the fund after five years , according to Stephen E. *CUNK* , a real estate consultant working for the fund . STOP 
The purpose of the note is to provide added capital for the *UNK-* company in a form that will save it spending cash on immediate interest payments , Mr. *CUNK* said . STOP 
The *UNK-* concern `` clearly will be one of the dominant real estate development companies with a prime portfolio , '' he said . STOP 
For the last year , Santa Fe Pacific has *UNKED* its real estate operations toward *UNK-* development of its properties , hurting profits that the parent had generated in the past from *UNK* sales from its portfolio . STOP 
Real estate operating income for the first nine months fell to $ *UNKN* million from $ *UNKN* million a year earlier , the company said . STOP 
In a statement late yesterday , Santa Fe Pacific 's chairman , Robert D. *CUNKS* , said that Santa Fe Pacific Realty would repay more than $ 500 million in debt owed to the parent before the planned spinoff . STOP 
That would help reduce Santa Fe Pacific 's remaining debt to about $ 600 million from a high of $ 3.7 billion in early 1988 . STOP 
It was n't clear where Santa Fe Pacific expected to obtain the payment of more than $ 500 million , which would be well above the $ 400 million that California pension fund officials say they plan to provide . STOP 
The *UNK* unit might take on new debt or obtain additional investors , among other possibilities . STOP 
The Santa Fe Pacific spokesman declined to comment on that aspect , saying the deal was still under *UNKION* . STOP 
Santa Fe Pacific Realty owns 2.8 million acres of property , including *UNKN* buildings with more than 11 million square feet of space . STOP 
It also holds nearly 40,000 acres of raw land with development potential , but under a previously announced strategy , the company has targeted building on *UNKN* acres in California , Arizona and the Chicago area . STOP 
Among those are the *UNKN* acres in the San Francisco Bay area , including *UNKN* acres in the *CUNKION* Bay area . STOP 
The California pension fund , which has $ 16 billion already invested in real estate and mortgages , could be a valuable funding source for that development , although it is n't *UNKED* to make further investments . STOP 
The fund is the nation 's largest public employee fund , and it has a growing cash flow now *UNKING* $ 3 billion a year . STOP 
Fund officials negotiated the final structure of the proposed deal with Santa Fe Pacific , but they were approached with the idea by real estate brokers *CUNK* Realty Corp. of Chicago . STOP 
*CUNK* officials are expected to be hired to represent the pension fund on the Santa Fe Pacific Realty board , Mr. *CUNK* said , to *UNK* the fund from potential liability problems . STOP 
GAF , Part III is scheduled to begin today . STOP 
After two *UNKS* , the stakes in the stock *UNKION* trial of GAF Corp. and its vice chairman , James T. *CUNK* , have changed considerably . STOP 
The first two GAF trials were watched closely on Wall Street because they were considered to be important tests of the government 's ability to convince a jury of allegations stemming from its *UNKING* investigations . STOP 
In an *UNK-* indictment , the government charged GAF , a Wayne , N.J. , chemical maker , and Mr. *CUNK* with illegally attempting to *UNK* the common stock of Union Carbide Corp. in advance of GAF 's planned sale of a large block of the stock in 1986 . STOP 
The government 's credibility in the GAF case *UNKED* heavily on its star witness , Boyd L. *CUNKS* , the former Los Angeles brokerage chief who was *UNKED* by former *UNKER* *CUNK* Boesky , and then pointed the *UNKER* at Mr. *CUNK* , takeover *UNK* *CUNK* B. Lewis and corporate raider Paul *CUNK* . STOP 
The GAF trials were viewed as *UNKS* of the government 's strength in its cases against Mr. Lewis and Mr. *CUNK* . STOP 
Mr. *CUNKS* 's performance as a witness was expected to affect his *UNKING* . STOP 
But GAF 's bellwether role was *UNKED* . STOP 
The first GAF trial ended in a *UNKAL* after four weeks when U.S. District Judge Mary Johnson *CUNK* found that a prosecutor *UNKLY* , but *UNKLY* , *UNK* a document . STOP 
After 93 hours of *UNKION* , the jurors in the second trial said they were *UNKLY* *UNKED* , and another *UNKAL* was declared on March 22 . STOP 
Meanwhile , a federal jury found Mr. *CUNK* guilty on securities fraud and other charges in June . STOP 
A month later , Mr. *CUNKS* was *UNKED* a jail term by a federal judge who *UNKED* him for helping the government . STOP 
In August , Mr. Lewis pleaded guilty to three felony counts . STOP 
Nevertheless , the stakes are still high for the players directly involved in the GAF case . STOP 
The *UNKS* have left the *UNKS* of GAF , Mr. *CUNK* and GAF Chairman Samuel *CUNK* in *UNK* . STOP 
For Mr. *CUNK* , a conviction could carry penalties of five years in prison and a $ 250,000 fine on each count . STOP 
GAF faces potential fines of $ 500,000 for each count . STOP 
*CUNKS* familiar with the case said that throughout September , defense attorneys were talking with the government in an effort to prevent a trial , but by the end of the month the talks had ended . STOP 
There is much speculation among attorneys not involved that the strategy of GAF 's attorney , Arthur *CUNK* , and Mr. *CUNK* 's counsel , Stephen *CUNK* , will include testimony by Mr. *CUNK* or Mr. *CUNK* . STOP 
Neither testified at the previous trials . STOP 
For now , defense attorneys are *UNKED* about their plans . STOP 
Max *CUNKER* , another GAF defense attorney , said yesterday , `` As we go in for the third time , *CUNK* *CUNK* 's famous line is *UNK* : ` It 's *UNK* *UNK* all over again . ' '' STOP 
*CUNK* *CUNK* *CUNK* hope to stop *UNK-* appeal . STOP 
*CUNKS* for more than *UNKN* women who claim injuries from the *CUNK* *CUNK* *UNK* device have asked the U.S. Supreme Court to refuse to hear an appeal of the bankruptcy-law reorganization plan for *CUNK* *CUNKS* Co. , which manufactured the device . STOP 
The dispute *UNKS* two groups of *UNKS* against each other . STOP 
Baltimore attorney Michael A. *CUNK* and 17 other attorneys representing *UNKN* *UNKS* in the U.S. and abroad argue that the appeal would delay -- and perhaps even destroy -- a $ *UNKN* billion settlement fund that is the *UNK* of the reorganization plan . STOP 
The *UNK-* reorganization is being challenged before the Supreme Court by a dissident group of *UNKS* because it places a cap on the total amount of money available to settle claims . STOP 
It also *UNKS* future suits against *CUNKS* company officials , members of the *CUNKS* family and *CUNKS* 's former insurer , Aetna Life & Casualty Co . STOP 
The latter provision is `` *UNKLY* unprecedented , '' said Alan B. *CUNK* , a public interest lawyer in Washington , D.C. , who is challenging the plan on behalf of 900 *UNKS* . STOP 
More than 100,000 claims against *CUNKS* are pending . STOP 
The company made and *UNKED* the *CUNK* *CUNK* in the early 1970s amid mounting evidence that it could cause serious injuries . STOP 
*CUNKS* has been in proceedings under Chapter 11 of the U.S. Bankruptcy Code since August 1985 ; such proceedings give it protection from creditor lawsuits while it works out a plan for paying its debts . STOP 
American Home Products Corp. wants to acquire *CUNKS* , but only if all legal challenges to the plan are *UNKED* . STOP 
In a brief filed with the Supreme Court last week , Mr. *CUNK* *UNKS* the appeal for raising `` *UNK* '' and `` *UNKAL* '' legal issues , while *UNKING* the proposed reorganization and the settlement payments to *UNKS* . STOP 
The Supreme Court is scheduled to consider the case Nov. 3 and may issue a decision as early as Nov. 6 . STOP 
*CUNK* 'S *CUNK* *CUNK* under Superfund law is a first . STOP 
Charles A. *CUNK* , sole *UNKER* of a Louisville , Ky. , *UNKION* company , was found guilty of violating the Superfund law as well as the Clean Air Act . STOP 
*CUNKAL* *UNKS* under the federal Superfund law are rare , and the decision is the first jury verdict in such a case . STOP 
Under Superfund , those who owned , generated or *UNKED* *OUS* waste are *UNK* for its cleanup , regardless of whether their actions were legal at the time . STOP 
Environmental lawyers say virtually all of the Superfund cases to date have involved civil penalties designed to *UNK* cleanup of past *UNKING* activities . STOP 
But Superfund also contains a criminal provision concerning the release of *UNK* *UNKS* into the environment . STOP 
In 1986 Congress strengthened the penalty by making it a felony . STOP 
Mr. *CUNK* was convicted in Louisville late last month of violating Superfund by failing to report the release of asbestos into the environment from a building he was *UNKING* . STOP 
He was also convicted of failing to properly remove asbestos from the building , a violation of the Clean Air Act . STOP 
The government sought a criminal penalty because `` no cleanup is possible here . STOP 
Once -LCB- asbestos -RCB- is released into the environment , it can *UNK* anywhere , '' says Richard A. Dennis , the assistant U.S. attorney who *UNKED* the case . STOP 
Mr. *CUNK* is scheduled to be sentenced Dec. 11 . STOP 
His lawyer could not be reached for comment . STOP 
Mr. *CUNK* faces as much as three years in prison and a $ 250,000 fine for the Superfund conviction and as much as one year in prison and a $ 100,000 fine for the violation of the Clean Air Act . STOP 
*CUNK* *CUNK* *CUNK* switch to victims ' side in *UNK-* case . STOP 
*CUNKER* , *CUNKER* & *CUNKING* , the Washington , D.C. , law firm that spent over $ 1 million fighting the execution of *UNKER* Ted *CUNK* -- who eventually was executed -- has taken on another death penalty case before the Supreme Court , this time on the side of the family of four murder victims in Arkansas . STOP 
The law firm has filed a *UNK-* brief jointly with the Washington Legal Foundation , a conservative legal group . STOP 
The key issue in the case , which the law firm is handling without a fee , or pro *UNK* , is whether a person sentenced to death can voluntarily *UNK* his rights of appellate review . STOP 
The *UNKER* , Ronald *CUNK* Simmons , was convicted of killing 14 people . STOP 
Another *UNKER* on death row has appealed Mr. Simmons 's death sentence in a `` next friend '' capacity . STOP 
*CUNKER* *CUNKER* 's brief argues that there is no mandatory appellate review of capital *UNKS* and that the *UNK* who filed the appeal lacks proper standing . STOP 
*CUNK* *CUNK* , *CUNKER* *CUNKER* 's managing partner , says the trial team that represented Mr. *CUNK* was asked by the firm 's pro *UNK* committee whether the new case *UNKED* a conflict and that no *UNKS* were raised . STOP 
The *UNKING* of the law firm and the Washington Legal Foundation is odd also , because *CUNKER* *CUNKER* was one of the firms *UNKED* out for criticism two years ago by the conservative legal group for *UNKING* a liberal bias in its pro *UNK* work . STOP 
`` We give them a lot of credit for taking this case , '' says *CUNK* 's Alan *CUNK* . STOP 
THE *CUNK* OF THE *CUNK* *CUNK* : STOP 
In federal court in Manhattan , three defendants pleaded guilty to charges of fraud in connection with the sale of *UNK* *CUNK* *CUNK* *UNKS* . STOP 
James *CUNK* and Larry Evans , formerly owners of the *UNK-* *CUNK* *CUNK* , and *CUNK* Clark , a *CUNK* sales representative , were charged with conducting *UNK-* telephone sales in which they *UNKED* cheap copies of *CUNK* *UNK* as signed , *UNKION* *UNKS* . STOP 
The *UNKS* were sold for $ *UNKN* to $ 6,000 , although the government says they had a value of only $ 53 to $ 200 apiece . STOP 
Henry *CUNK* , the assistant U.S. attorney handling the case , said about 1,000 customers were *UNKED* and that *CUNK* 's total proceeds from the sales were $ 3.4 million . STOP 
*CUNKS* for Messrs. *CUNK* and Evans and Ms. *CUNK* said that although their clients admitted to making some *UNKS* in the sales , they had believed that the works were authorized by Mr. *CUNK* , who died in January . STOP 
The *UNKS* were *UNKED* on paper *UNKED* by Mr. *CUNK* , the attorneys said . STOP 
*CUNK* *CUNK* said Richard W. Decker resigned as president and chief executive officer after only a year on the job because of `` differences '' with the board . STOP 
The banking company could n't be reached to comment beyond a written announcement . STOP 
It did n't specify the nature of the differences , saying only that they related to `` management style '' and `` strategic objectives . '' STOP 
*CUNK* said Mr. Decker 's posts were assumed by David *CUNK* , *CUNK* 's chairman , who at 34 years of age becomes one of the *UNKEST* chief executives of a sizable bank in the country . STOP 
Mr. Decker is about 45 years old . STOP 
Neither Mr. *CUNK* nor Mr. Decker could be reached to comment . STOP 
*CUNK* has about $ 1.3 billion of assets and is the largest independent bank in northern California . STOP 
It controls about 35 % of the affluent *CUNK* County market across the Golden *CUNK* bridge from San Francisco . STOP 
Mr. Decker 's resignation surprised many industry officials . STOP 
He was brought to the company in September 1988 after 15 years at Los Angeles-based First Interstate Bancorp . STOP 
The bank had been suffering in late 1987 from a *UNK* of bad real estate loans made in Arizona . STOP 
When he was hired , Mr. *CUNK* *UNKED* Mr. Decker 's `` extraordinary ... skills '' and his `` outstanding reputation as one of the West 's *UNKEST* bankers . '' STOP 
Though the bank is n't performing as well as some of its competitors in the lucrative California market , its condition has improved since Mr. Decker took over . STOP 
For the six months ended June 30 , it earned $ 3.1 million , or 61 cents a share , compared with net income of $ 2.4 million , or 41 cents a share , a year earlier . STOP 
Its stock also has risen lately , at least partly because it is considered a possible takeover candidate . STOP 
Interstate banking is scheduled to begin in California in 1991 , and larger California banks , such as Wells Fargo & Co. , have been paying fat premiums to buy smaller banks to control markets before any *UNK-* banks enter the *UNK* . STOP 
In American Stock Exchange composite trading yesterday , *CUNK* closed at $ *UNKN* a share , down 75 cents . STOP 
*CUNK* Associates Inc. , Palo Alto , Calif. , reported fiscal fourth-quarter profit plunged more than 95 % to $ 1 million , or five cents a share , from $ *UNKN* million , or $ 1.10 a share , in the year-earlier quarter . STOP 
The diversified electronics company blamed the decline in the quarter ended Sept. 29 , on previously reported operating problems in its *CUNK* *CUNKS* & Systems Group . STOP 
For the full fiscal year , *CUNK* posted a 13 % profit rise to $ *UNKN* million , or $ *UNKN* a share , up from $ *UNKN* million , or $ *UNKN* a share , last year . STOP 
Sales for the year rose almost 15 % to $ *UNKN* billion from $ *UNKN* billion last year . STOP 
A profit last year in both the quarter and year included a net gain of $ 9.6 million , or 44 cents a share , from the sale of a division . STOP 
*CUNKLY* , the full-year profit last year reflected an after-tax restructuring charge of $ *UNKN* million , or $ 1.04 a share . STOP 
Shares of *CUNK* , which last month warned there would be a fourth-quarter plunge , closed at $ *UNKN* , down 62.5 cents in composite trading on the New York Stock Exchange . STOP 
Sales rose 18 % in the fiscal fourth quarter to $ *UNKN* million from $ *UNKN* million on the strength in *UNKS* and other products . STOP 
In a *UNK-* effort to keep its sales force and customer base , Integrated Resources Inc. said it agreed in principle to transfer ownership of its *UNKER* subsidiary to two of its top executives . STOP 
The financial-services firm , struggling since summer to avoid a bankruptcy-law filing after missing interest payments on about $ 1 billion of debt , will retain the right to regain the subsidiary . STOP 
It said it will exercise that right only if it sells substantially all of its other core businesses . STOP 
It also can sell the right to regain the subsidiary to another party . STOP 
Also , the *UNKER* subsidiary , Integrated Resources Equity Corp. , was *UNKED* Royal Alliance Associates Inc . STOP 
Because of Integrated 's widely reported troubles , the unit 's representatives had been *UNKING* a name change . STOP 
Royal Alliance , to which the *UNKN* representatives ' licenses will be transferred , is a *UNK* company Integrated owns . STOP 
In the transaction , Integrated will transfer 100 % ownership of the subsidiary to *CUNK* M. *CUNK* , executive vice president of Integrated and head of *UNK-* operations at the subsidiary , and Gary W. *CUNK* , executive vice president of the parent and president of the subsidiary . STOP 
Integrated will pump $ 3.5 million to $ 4 million into Royal Alliance as initial funding . STOP 
In an interview , Mr. *CUNK* said that based on criteria yet to be determined , he expects to distribute 49 % of Royal Alliance to the representatives , who sell Integrated 's insurance and mutual-fund products . STOP 
If Integrated *UNKS* Royal Alliance , the representatives will retain their 49 % ownership . STOP 
Mr. *CUNK* indicated that completion of the transaction could take several weeks , and it was n't immediately clear what would happen to the *UNKER* subsidiary if Integrated files for bankruptcy-law protection in the meantime . STOP 
The subsidiary is n't expected to be profitable for at least one year . STOP 
If Integrated *UNKS* the unit , it would receive any profit the unit reports , even while the unit is independent . STOP 
If the deal *UNKS* , the two officers will draw salaries from the independent operation , not from Integrated . STOP 
Many aspects of the agreement were worked out Wednesday in Chicago , when Integrated senior managers met with about 150 representatives . STOP 
`` I think it was something that we and they thought was *UNK* , '' said Stephen D. *CUNK* , chairman and *UNK-* executive officer of Integrated . STOP 
Integrated made its announcement after the market closed . STOP 
In New York Stock Exchange Composite trading , Integrated shares closed at $ 1.125 , up 12.5 cents . STOP 
The dollar weakened in *UNK* trading as foreign-exchange dealers *UNKED* fresh economic news that they hope will *UNK* the U.S. unit out of its narrow ranges . STOP 
The Canadian dollar climbed to its highest level against the U.S. dollar since late August , prompting the Bank of Canada to sell the Canadian currency on the market . STOP 
Traders say that after a week of *UNKLY* tracking every development on Wall Street , the foreign-exchange market has settled back to catch its *UNK* ahead of new U.S. economic data . STOP 
They noted , however , that a *UNK-* drop in the Dow Jones Industrial Average gave the dollar a sharp *UNK* downward late in the day . STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , down from *UNKN* marks late Friday , and at 141.90 yen , down from *UNKN* yen late Friday . STOP 
Sterling was quoted at $ *UNKN* , up from $ *UNKN* late Friday . STOP 
In Tokyo Tuesday , the U.S. currency opened for trading at *UNKN* yen , down from Monday 's Tokyo close of *UNKN* yen . STOP 
The market 's attention is especially focused on a preliminary report on the U.S. third-quarter gross national product , due out Thursday , which could show the economy is continuing to expand at a relatively brisk pace . STOP 
The consensus view on real GNP , the total value of the U.S. output of goods and services adjusted for inflation , calls for a 2.3 % gain on an annual basis , slowing somewhat from the second quarter 's 2.5 % , but still fairly strong . STOP 
Few market participants expect the U.S. unit to rally sharply on the news , if it turns out as expected . STOP 
Many contend that the report may *UNK* the economy 's health and predict the third-quarter figures may be the last vigorous statistics for some time to come . STOP 
`` Everyone is waiting for GNP , '' says Walter *CUNK* , an assistant treasurer with Bank *CUNKS* *CUNKER* & Co . STOP 
`` Yet even a relatively strong number -- 2.8 % to 2.9 % -- wo n't alter the market 's view that the economy is *UNKING* . '' STOP 
*CUNK* *CUNK* , managing director of foreign exchange at Credit Suisse in New York , adds , `` The market sees this as the last piece of good news . '' STOP 
Mr. *CUNK* notes that the GNP *UNK* , a measure of inflation , is expected to slow , which would give the Federal Reserve more room to ease key U.S. rates . STOP 
Analysts predict a 3.5 % rise in the *UNK* , after climbing 4.6 % in the second quarter . STOP 
They note that when an unexpectedly sharp *UNKING* in the U.S. trade gap in August was reported earlier this month , hopes for a sustained *UNKING* of the trade deficit were *UNKED* and sentiment *UNKED* the market that the U.S. economy was losing its momentum . STOP 
A 190-point plunge in U.S. stock shares *UNKED* the view , they say . STOP 
`` Everyone is extremely convinced the economy is slowing , '' says one senior New York dealer . STOP 
`` If we 're not headed for a recession , we 're certainly headed for a major slowdown . '' STOP 
While the market expects little reaction from news of U.S. durable goods orders , scheduled for release today , participants note that the figures will probably serve to reinforce this bearish sentiment . STOP 
U.S. durable goods orders are expected to show a decline of 1.2 % in September , according to economists . STOP 
The anticipated drop follows a 3.9 % rise in August . STOP 
Traders , however , are quick to point out that while there is little enthusiasm for buying dollars , the U.S. unit has found a `` natural bottom '' at about *UNKN* marks and 140 yen . STOP 
Its *UNK* around these levels is *UNKED* to persistent investor demand for the *UNK* , especially in Japan . STOP 
On the Commodity Exchange in New York , gold for current delivery settled at $ *UNKN* an ounce , down 30 cents . STOP 
Estimated volume was a very light one million ounces . STOP 
In early trading in Hong Kong Tuesday , gold was quoted at $ *UNKN* an ounce . STOP 
*CUNK* *CUNK* Inc. , New York , said its third-quarter net income jumped 62 % , citing continued strength in apparel sales and the start of shipments of its new product lines : a men 's *UNK* , *UNK-* women 's apparel and *UNKAL* *UNK* . STOP 
The big apparel maker and retailer said that its net income in the latest quarter increased to $ *UNKN* million , or 58 cents a share , from $ *UNKN* million , or 36 cents a share , a year earlier . STOP 
Sales in the quarter gained 29 % to $ *UNKN* million from $ *UNKN* million a year earlier . STOP 
*CUNK* shares closed yesterday at $ *UNKN* , up 50 cents , in national over-the-counter trading . STOP 
*CUNK* 's directors also declared its regular cash dividend payment of five cents a share payable on Dec. 5 to shareholders of record at the close of business on Nov. 13 . STOP 
For the nine months , net income rose 48 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or 96 cents a share a year earlier . STOP 
Sales gained 16 % to $ *UNKN* billion from $ *UNKN* million . STOP 
Tokyo stocks closed *UNKER* Monday , with the Nikkei index making its fifth consecutive daily gain . STOP 
Stocks also rose in London , while the Frankfurt market was mixed . STOP 
In Tokyo , the Nikkei index added *UNKN* to *UNKN* . STOP 
The index moved above *UNKN* at *UNKING* , nearly reaching the record of *UNKN* set Sept. 28 . STOP 
But the market lost part of the early gains on *UNKED* investment trust fund selling . STOP 
In early trading in Tokyo Tuesday , the Nikkei index rose *UNKN* points to *UNKN* . STOP 
On Monday , traders noted that some investors took profits against the *UNK* of the Nikkei 's *UNKED* recovery following its plunge last Monday in reaction to the Oct. 13 drop in New York stock prices . STOP 
But overall buying interest remained strong through Monday , with many observers saying they expect the Nikkei to continue with moderate gains this week . STOP 
*CUNKER* remained relatively small . STOP 
Volume on the first section was estimated at 600 million shares , down from *UNKN* billion shares Friday . STOP 
The Tokyo stock price index of first section issues was up *UNKN* at *UNKN* . STOP 
*CUNKLY* stable foreign currency dealings Monday were viewed *UNKLY* by market players , traders said . STOP 
But institutional investors may wait a little longer to *UNK* the direction of the U.S. monetary policy and the dollar , traders said . STOP 
*CUNK* *CUNK* , general manager of the stock department at *CUNK* Securities , said Monday 's trading was `` *UNKED* . '' STOP 
He said investors were picking individual stocks based on specific incentives and the likelihood of a wider price increase over the short term . STOP 
The *UNK* approach *UNKED* *UNKS* such as *UNK-* issues , *UNKION* issues or *UNK-* shares , which had been providing at least some trading direction over the past few weeks , Mr. *CUNK* said . STOP 
Investors took profits on major construction shares , which advanced last week , shifting their attention to some *UNK* companies such as *CUNK* Corp. , *CUNK* and *CUNK* . STOP 
*CUNK* gained 60 yen to *UNKN* yen -LRB- $ *UNKN* -RRB- . STOP 
Some pharmaceutical shares were popular on rumors related to new products to be introduced at a cancer conference that opened in *CUNK* . STOP 
*CUNK* was up 15 at *UNKN* , and *CUNK* *CUNK* gained 30 to *UNKN* . STOP 
*CUNK* advanced 40 to *UNKN* . STOP 
*CUNK* continued to attract investors because of strong earning prospects stemming from a new immune control agent . STOP 
*CUNK* gained 50 to *UNKN* . STOP 
*CUNK* was up 30 to *UNKN* , receiving investor interest for its land property holdings near Tokyo , a trader said . STOP 
London prices closed modestly higher in the year 's *UNKEST* turnover , a condition that *UNKED* a lack of conviction ahead of a U.K. balance of payments report Tuesday . STOP 
Limited volume ahead of the September trade data showed the market is nervous , but dealers added that the day 's modest gains also signaled some support for London equities . STOP 
They *UNKED* the support largely to anticipation that Britain 's current account *UNK* ca n't be much worse than the near record deficits seen in July and August . STOP 
`` It 's a case of the market being too high to buy and too afraid to sell , '' a senior dealer with Kleinwort Benson Securities said . STOP 
`` It 's better to wait . '' STOP 
The Financial Times 100-share index finished *UNKN* points higher at *UNKN* . STOP 
The 30-share index closed *UNKN* points higher at *UNKN* . STOP 
Volume was *UNKN* million shares , *UNK* the year 's previous low of *UNKN* million shares Sept. 25 , the session before the August trade figures were released . STOP 
Analysts ' expectations suggest a September current account deficit of # 1.6 billion -LRB- $ *UNKN* billion -RRB- , compared with August 's # *UNKN* billion deficit . STOP 
Dealers , however , said forecasts are broadly *UNK* with estimates ranging between # 1 billion and # 2 billion . STOP 
`` The range of expectations is so broad , '' a dealer at another major U.K. brokerage firm said , `` the deficit may have to be *UNKER* or above # 2 billion for it to have any impact on the market . '' STOP 
*CUNKS* Industries , a British automotive and aerospace concern , rose 13 pence to *UNKN* pence after it said its pretax profit for the year rose 28 % . STOP 
Share prices on the Frankfurt stock exchange closed narrowly mixed in quiet dealings after recovering most of their early losses . STOP 
The *CUNK* index eased *UNKN* point to end at *UNKN* after falling 5.5 points early in the session . STOP 
*CUNKS* said the declines early in the day were partly caused by losses of the ruling *CUNK-* Union in *UNKAL* elections in the state of *CUNK-* . STOP 
The start of a *UNK* conference by the *CUNK* *CUNK* metal worker union in Berlin is drawing attention to the impending wage negotiations , which could boost companies ' personnel costs next year , they said . STOP 
But there was little selling pressure , and even small orders at the lower levels *UNKED* to bring the market back to Friday 's opening levels . STOP 
Traders said the thin trading volume points to continued uncertainty by most investors following last Monday 's record 13 % loss . STOP 
The market is still 4 % short of its level before the plunge , and analysts are n't sure how long it will take until the *CUNK* has closed that gap . STOP 
But *CUNK* *CUNKER* , chief trader at *CUNK* *CUNK* *CUNK* -LRB- *CUNK* -RRB- , said he expects share prices to move upward in the coming weeks . STOP 
Banking stocks were the major gainers Monday amid hope that interest rates have peaked , as Deutsche Bank and *CUNKER* Bank added 4 marks each to *UNKN* marks -LRB- $ *UNKN* -RRB- and *UNKN* marks , respectively . STOP 
*CUNK* gained 1 to *UNKN* . STOP 
*CUNK* shares were mixed , as Daimler-Benz *UNKED* 2 to *UNKN* , *CUNK* *CUNK* *CUNK* lost the same amount to *UNKN* , and *CUNK* *UNKED* down 1.4 to *UNKN* . STOP 
Elsewhere , prices closed higher in Amsterdam , lower in Zurich , Stockholm and Milan , mixed in Brussels and unchanged in Paris . STOP 
Shares closed higher in Hong Kong , Singapore and Manila , and were lower in Sydney , Seoul and Taipei . STOP 
Wellington was closed . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
*CUNK* Inc. said it entered into an agreement in principle to sell its pump and tank division and drilling division to *CUNK* Chemical Services for $ 4 million . STOP 
The *CUNKED* environmental engineering concern said *CUNK* Chemical also will assume about $ 1.6 million in debt related to those divisions . STOP 
Further , *CUNK* will buy $ 1 million of *CUNK* common stock , at $ *UNKN* a share , plus an option to acquire an additional $ 1.5 million of common at the same price , the company said . STOP 
In American Stock Exchange composite trading yesterday , *CUNK* closed at $ 3 a share , up 25 cents . STOP 
*CUNK* said the two divisions account for about $ 8 million of the company 's $ 20 million in annual revenue . STOP 
The transaction is expected to close within about 20 days , the company added . STOP 
*CUNK* said the proceeds will be used as working capital for expansion and to pay its existing tax liability of about $ 1.5 million that was due Sept. 15 . STOP 
*CUNK* is a unit of *CUNK* Transportation Ltd. of Burlington , Canada . STOP 
Monday , October 23 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 3\/4 % high , 8 11\/16 % low , 8 11\/16 % near closing bid , 8 3\/4 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.50 % 2 to 44 days ; 8.25 % 45 to 69 days ; 8.40 % 70 to 89 days ; *UNKN* % 90 to 119 days ; 8.05 % 120 to *UNKN* days ; 7.90 % 150 to 179 days ; 7.50 % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : *UNKN* % 30 days ; 8.50 % 60 days ; 8.45 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.09 % one month ; 8.09 % two months ; *UNKN* % three months ; 8 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : *UNKN* % one month ; *UNKN* % three months ; 8.40 % six months . STOP 
BANKERS ACCEPTANCES : 8.50 % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; 8.05 % 150 days ; 7.96 % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 3\/4 % to 8 5\/8 % one month ; 8 11\/16 % to 8 9\/16 % two months ; 8 3\/4 % to 8 5\/8 % three months ; 8 5\/8 % to 8 1\/2 % four months ; 8 9\/16 % to 8 7\/16 % five months ; 8 9\/16 % to 8 7\/16 % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 3\/4 % one month ; 8 3\/4 % three months ; 8 9\/16 % six months ; 8 1\/2 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 9 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
Results of the Monday , October 23 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : 7.52 % , 13 weeks ; 7.50 % , 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . *UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- . *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : *UNKN* % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
Bankers Trust New York Corp. , as expected , reported a third-quarter loss of $ *UNKN* billion , or $ *UNKN* a share , following its $ 1.6 billion boost in reserves for losses on loans to less-developed countries . STOP 
The loss compares with net income of $ *UNKN* million , or $ *UNKN* a share , in the year-earlier period . STOP 
Interest income rose 29 % to about $ 1.35 billion from $ 1.05 billion . STOP 
The New York bank holding company 's assets at Sept. 30 climbed to $ *UNKN* billion from $ *UNKN* billion . STOP 
Excluding the increase in loan-loss reserves , Bankers Trust said third-quarter net income would have increased 11 % to $ 180 million . STOP 
A number of major banks have posted big losses after sharply increasing loan-loss reserves . STOP 
Most of the loans in question are to Third World countries in South America . STOP 
In New York Stock Exchange composite trading yesterday , Bankers Trust fell 12.5 cents to $ *UNKN* . STOP 
*CUNK-* *CUNK* Co . -LRB- New York -RRB- -- STOP 
Gerald C. *CUNK* , 47 years old , was named president of the *CUNK* division of this pharmaceuticals and health-care company . STOP 
He succeeds C. Benjamin Brooks Jr. , who will retire Nov. 1 . STOP 
Mr. Brooks declined to give his age , but he said his leaving is a normal retirement . STOP 
Mr. *CUNK* had been executive vice president of the division since April . STOP 
*CUNK* , which makes hair and skin products , was a division of Bristol-Myers Co. before that company 's merger with Squibb Corp . STOP 
Annualized interest rates on certain investments as reported by the Federal Reserve Board on a *UNK-* basis : STOP 
a - *CUNKED* rate . STOP 
*UNK* - *CUNK* ended Wednesday , October 18 , 1989 and Wednesday October 11 , 1989 . STOP 
*UNK* - Yields , adjusted for constant maturity . STOP 
American Telephone & Telegraph Co. said it will spend $ 20 million to build a factory in *CUNK* , Mexico , to make telephone *UNKING* machines . STOP 
Construction of the *UNK-* facility will begin next year , with production expected to start in late 1991 . STOP 
When fully operational , the *CUNK* factory will *UNK* about 1,500 workers and have annual operating expenses of $ 5 million to $ 6 million . STOP 
An AT&T representative said that the *CUNK* factory will make a full line of *UNKING* machines . STOP 
AT&T already has a factory in *CUNKS* , Mexico , to make electrical devices . STOP 
It also purchases data systems products from a manufacturer based in *CUNK* . STOP 
*CUNKS* Industries PLC , a British maker of industrial parts and systems , reported a 28 % rise in pretax profit for the year to July 31 , helped in particular by a 32 % jump in operating profit at its aerospace division . STOP 
*CUNK* profit in the latest year climbed to # *UNKN* million -LRB- $ *UNKN* million -RRB- from # *UNKN* million -LRB- $ *UNKN* million -RRB- . STOP 
Profit after taxes and minority interests but before extraordinary items climbed 27 % to # *UNKN* million from # *UNKN* million , with earnings per share rising to *UNKN* pence -LRB- $ 1.35 -RRB- from *UNKN* pence -LRB- $ *UNKN* -RRB- . STOP 
The results were at the upper end of market expectations , which *UNKED* from # *UNKN* million to # *UNKN* million . STOP 
TW Services Inc. posted a $ 3.3 million third-quarter net loss , compared with a $ *UNKN* million profit , reflecting $ 60 million of expenses related to its *UNKED* proposed takeover by Coniston Partners . STOP 
The per-share loss for the *CUNKS* , N.J. , *UNKS* concern totaled seven cents , compared with earnings of 51 cents a share a year earlier . STOP 
Revenue rose 5 % to $ *UNKN* million from $ *UNKN* million . STOP 
Coniston , a New York investment partnership , *UNKS* a vote by TW 's shareholders , scheduled for Friday , on Coniston 's $ *UNK-* , or $ *UNKN* billion , offer for TW . STOP 
*CUNK-* net income dropped 47 % to $ *UNKN* million , or 54 cents a share , from $ *UNKN* million , or $ 1.02 a share . STOP 
Revenue rose 6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
*CUNKS* *CUNK* Co. , Columbus , Ind. , hurt by a drop in engine orders from *UNK-* makers , reported a third-quarter loss of $ *UNKN* million , or $ *UNKN* a share , on essentially flat sales of $ *UNKN* million . STOP 
In the year-earlier period , the maker of *UNK* engines and parts had a *UNKER* deficit of $ *UNKN* million , or $ *UNKN* a share , with sales of $ *UNKN* million . STOP 
A spokeswoman said shipments of truck engines , which provide a higher margin than most of the company 's other products , declined 16 % from a year earlier . STOP 
Although *CUNKS* 's stock *UNKED* last month after the company projected a `` substantial '' *UNK-* loss , the stock also fell $ 1.125 in composite New York Stock Exchange trading yesterday , to $ *UNKN* . STOP 
It traded as high as $ 64 a month ago , before the loss projection . STOP 
For the nine months , the latest loss trimmed net income to $ 3.6 million , which after payment of preferred dividends represented a *UNK-* loss a common share . STOP 
The *UNK-* loss was $ *UNKN* million , or $ *UNKN* a common share . STOP 
Exxon Corp. filed suit against the state of Alaska , charging state officials *UNKED* with the oil company 's initial efforts to treat last spring 's giant oil spill . STOP 
The action is a *UNK* to a suit filed by Alaska in August against Exxon and six other oil companies . STOP 
The state 's suit alleges that Exxon 's response to the spill failed to prevent *UNKION* of hundreds of miles of *UNK* along Prince William *CUNK* . STOP 
That suit and Exxon 's *UNK* were filed in a state court in *CUNK* . STOP 
Neither suit lists specific dollar claims , largely because damage assessment has n't yet been completed . STOP 
Legal *UNKS* say that damage claims against the oil giant and others could well exceed $ 1 billion . STOP 
Litigation , if not settled out of court , could drag on for years . STOP 
Exxon said in its suit that it will seek *UNK* from the state for that part of the cleanup costs and damage claims it says resulted from the state 's conduct . STOP 
The oil company claims that *CUNK* officials prevented Exxon from *UNKING* *UNK* onto the almost 11 million *UNKS* of oil dumped when one of its *UNKS* ran into an *UNKER* *UNK* . STOP 
Craig *CUNK* , an Alaska assistant attorney general , said in an interview last night that Exxon 's accusations `` are not new . STOP 
Exxon has made them before , at which point the state *UNKED* they were *UNUNK* . STOP 
The state will *UNKLY* defend against any *UNK* . '' STOP 
Since the spill last March , Exxon and the state have been *UNKING* over whether *UNKING* *UNK* on the oil in the first hours after the spill , when the weather was clear and *UNK* , would have helped limit the environmental damage . STOP 
Exxon claims that use of *UNKS* , which break an oil *UNK* into *UNK* *UNKS* , was a crucial part of its *UNK-* plan and that state officials banned their use during the two days of fair weather following the spill . STOP 
The oil company claims that it had permission from the U.S. Environmental Protection Agency prior to the spill to use *UNK* during such an incident at the *UNKION* of the U.S. Coast *CUNK* . STOP 
The state 's opposition to the use of *UNKS* , Exxon says , caused the Coast *CUNK* `` to delay *UNKING* permission . '' STOP 
*CUNK* and Coast *CUNK* officials say Exxon 's charges are n't relevant because tests conducted during the first two days following the spill showed that the *UNK* was n't working anyway . STOP 
*CUNK* of *UNKS* was approved when a test on the third day showed some positive results , officials said . STOP 
*CUNK* Investment Ltd. , a *CUNKER* , *CUNKED* investment firm , said it raised its stake in *CUNK* Industries to 8.9 % of the common shares outstanding . STOP 
In a Securities and Exchange Commission filing , *CUNK* said it holds *UNKN* *CUNK* common shares , including net purchases of *UNKN* shares bought from Oct. 10 , 1988 , to Oct. 11 , 1989 , for $ *UNKN* to $ 7 each . STOP 
*CUNK* is the personal holding company of Steven *CUNK* , a *CUNKER* securities dealer . STOP 
He said the transaction was made for investment purposes . STOP 
Officials for Sun Valley , *CUNKED* *CUNK* could n't be reached for comment . STOP 
In composite trading on the American Stock Exchange , *CUNK* closed unchanged yesterday at $ *UNKN* a share . STOP 
The House Appropriations Committee approved an estimated $ 2.85 billion in emergency funding to assist California 's recovery from last week 's earthquake and to extend further aid to East Coast victims of Hurricane Hugo . STOP 
The package was *UNKED* excessive by the Bush administration , but it also *UNKED* a struggle with influential California lawmakers who sought *UNKLY* to add nearly $ 1 billion more and *UNK* current restrictions to *UNK* the distribution of funds . STOP 
By a *UNKN* margin , the committee *UNKED* the more expensive alternative , and the debate forced a *UNKED* confrontation between Appropriations Committee Chairman *CUNK* Whitten -LRB- D. , Miss . -RRB- and his party 's largest state delegation in the House . STOP 
`` I have no *UNKS* about going forward , '' said Rep. *CUNK* *CUNK* -LRB- D. , Calif. -RRB- , who sought later to play down the sometimes hostile tone of the long evening meeting . STOP 
`` We are the Golden State , '' Mr. *CUNK* said , `` and there is a certain amount of *UNK* . '' STOP 
The $ 2.85 billion package *UNKS* $ 500 million for small-business loans , $ 1 billion in highway construction funds , and $ 1.35 billion divided between general emergency assistance and a reserve to be available to President Bush to meet *UNKED* costs from the two disasters . STOP 
The funding is attached to a *UNK* bill to keep most of the government operating through Nov. 15 . STOP 
The measure is expected to come before the House today , and Congress is under pressure to complete action before midnight EDT tomorrow , when the current continuing resolution expires . STOP 
Given California 's size and political importance , the White House is eager to appear generous . STOP 
But in private meetings yesterday , Budget Director Richard Darman argued that only $ 1.5 billion in new federal appropriations are needed to *UNK* existing resources . STOP 
A White House budget office analysis estimates that $ 500 million -- or half the level in the committee bill -- is needed for highway assistance to meet California 's needs , and the administration *UNKS* the notion that new appropriations are needed to finance disaster loans by the Small Business Administration . STOP 
`` Everybody *UNKS* that it is a national disaster and that we 've got to address it , '' said Mr. Darman , who came to the Capitol to meet with Mr. Whitten and California lawmakers before the committee session . STOP 
`` I would hope very much that we would n't end up in a kind of situation where you have a bidding war and then a veto threat . '' STOP 
Although this White House pressure was clearly a factor among committee Republicans , no single influence was greater than Mr. Whitten . STOP 
A master of *UNK-* politics , he had *UNKED* the $ 2.85 billion package in *UNK* style and used the full force of his *UNK* to keep the proposal intact and *UNKS* any alternative . STOP 
When Mr. *CUNK* offered the *CUNKED* $ *UNKN* billion plan , Mr. Whitten insisted that the full 14 pages be read *UNK* by the panel 's *UNK* to *UNUNK* the range of legislative changes also sought by the delegation . STOP 
On the chairman 's motion , the California package was subsequently reduced to *UNKING* report language , and even when this was accepted as such on a voice vote , Mr. Whitten *UNKLY* opposed it . STOP 
More important than money in many cases are *UNKS* California is seeking on current restrictions covering federal highway funds , such as a $ 100 million cap on how much any single state can receive in emergency funds in a year . STOP 
Mr. Whitten 's package appears to accomplish this purpose , but the state faces more resistance in its bid for an extended *UNKER* on having to put up any matching funds on repairs completed in the next six months . STOP 
A member in the House leadership and *UNKED* legislator , Mr. *CUNK* nonetheless found himself *UNKED* not only by California 's needs but by Hurricane Hugo amendments he accepted in a *UNK* effort to build support in the panel . STOP 
The California Democrat appeared *UNKED* by provisions *UNKED* on behalf of owners of private *UNKS* in the *CUNK* *CUNKS* , and *UNKER* interests sought to add another $ 100 million in federal aid to plant *UNKER* on private land in North and South Carolina . STOP 
California 's *UNKED* real estate puts it in an *UNK* position , too . STOP 
One provision last night would have raised the cap on disaster loans to $ 500,000 from $ 100,000 per household to accommodate San Francisco losses . STOP 
*CUNK* *CUNK* Systems Inc. said it retained Kidder , Peabody & Co. to study financial alternatives , including the possible sale of the financially struggling company . STOP 
*CUNK* , *CUNK* , Mass. , makes *UNKAL* electronic *UNK* instruments used by professional recording *UNKS* . STOP 
It recently introduced a line for the home market . STOP 
However , Raymond C. *CUNK* , chairman and chief executive , said `` The company continues to require additional funding to realize the potential of its technology . '' STOP 
In the year 's first six months , *CUNK* had a loss of $ 6.9 million on sales of $ *UNKN* million . STOP 
Last month its president , John S. *CUNKLY* , resigned citing `` management differences '' with Mr. *CUNK* . STOP 
*CUNK* Systems Inc. , *CUNK* , Ariz. , said its preliminary year-end results of operations indicate `` substantial improvement '' over the previous fiscal year . STOP 
*CUNK* , which makes an *UNKED* process system that *UNKS* the yields of semiconductor manufacturers , said profit for the year ended Sept. 30 rose to more than $ 800,000 from $ *UNKN* last year . STOP 
Per-share earnings are estimated at more than 40 cents , up from 22 cents for fiscal 1988 . STOP 
Total revenue is expected to double to more than $ 22 million from $ *UNKN* million . STOP 
*CUNK* , which also provides technical temporary employment services to aerospace , defense , computer and high-tech companies in the Southwest and *CUNK-* areas , said its final *UNKED* results are due in late November . STOP 
The company attributed the improvement to strong demand in the semiconductor equipment segment as well as the acquisition of *CUNK* Service Co. and the *UNKION* of a full year 's results of operations for *CUNK* Inc. , compared with seven months ' results for the prior year . STOP 
*CUNK* Corp. , Cleveland , said it will offer $ 50 million in commercial paper backed by *UNKAL* receivables . STOP 
The program *UNKS* funds raised from the sale of the commercial paper with small to *UNKED* leases . STOP 
*CUNK* *UNKED* the paper `` *UNK-* financing , '' meaning that investors would be repaid from the lease receivables , rather than directly by *CUNK* Corp . STOP 
*CUNK* leases and sells *UNKING* , telecommunications and other high-tech equipment . STOP 
*CUNK* *CUNK* that Moscow violated the 1972 ABM treaty . STOP 
In a *UNK-* address before the Soviet legislature , the foreign minister conceded that the radar station in *CUNK* *UNKED* the *UNKER* *CUNK-* *CUNK* treaty and said it would be *UNKED* . STOP 
Shevardnadze said it took Gorbachev 's government four years to determine that the station 's location in *CUNK* violated the accord , as Western *UNK-* officials have long contended . STOP 
He also *UNKED* Moscow 's *UNK-* involvement in the war in Afghanistan , saying it involved `` gross violations of ... civil *UNKS* and ethics . '' STOP 
Secretary of State Baker , in his first major *UNK-* speech , called for a new military relationship with Moscow to reduce `` first strike '' nuclear arms . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* *UNKED* transportation *UNKS* . STOP 
Travelers crowded into *UNKS* , sat in traffic *UNKS* on major *UNKS* or waited for *UNKS* in the rain , but the massive *UNK* anticipated by officials in the San Francisco Bay area never *UNKED* . STOP 
As the death toll from last week 's temblor climbed to 61 , the condition of freeway *UNK* *CUNK* *CUNK* , who spent four days *UNKED* under rubble , improved , hospital officials said . STOP 
*CUNK* *UNKS* , however , gave up hope that others would be found alive under the collapsed *UNK* . STOP 
The House Appropriations Committee approved a $ 2.85 billion aid package for the quake region , less than the $ 3.8 billion sought by California officials . STOP 
Hungary declared itself a democracy and for the first time openly *UNKED* the anniversary of the *UNKN* *UNK-* *UNKING* that was *UNKED* by the Soviet Union . STOP 
A crowd estimated at 100,000 held a *UNK-* *UNK* through *CUNKEST* as *CUNKING* President *CUNKS* delivered a nationally *UNKED* address *UNKING* communist *UNK* . STOP 
About 200,000 East Germans *UNKED* in *CUNK* and thousands more *UNKED* protests in three other cities in a fresh challenge to the Communist leadership to introduce democratic *UNKS* . STOP 
In an East Berlin *UNK* , meanwhile , employees at an electronics plant formed an independent trade union called Reform , a worker spokesman said . STOP 
The space shuttle Atlantis *UNKED* at a desert air strip at Edwards Air Force *CUNK* , Calif. , ending a *UNK-* mission that *UNKED* the *CUNK-* Galileo space probe . STOP 
The five *UNKS* returned to Earth about three hours early because high *UNKS* had been predicted at the landing site . STOP 
*CUNK* *UNKED* the base before *UNK* . STOP 
*CUNKS* shook a Phillips Petroleum Co. plastics plant near *CUNK* , Texas , *UNKING* *UNKS* and causing a fire visible from 10 miles away . STOP 
More than 100 people were injured , and a number of workers were missing . STOP 
*CUNKS* of the Houston *CUNK* Channel were closed . STOP 
The White House said Bush is *UNKING* with leaders of the Senate Intelligence Committee to ease differences over guidelines for CIA agents . STOP 
The statement came after officials said Bush complained at a private meeting last week that a strict interpretation of a policy requires the U.S. to *UNK* foreign *UNKS* of certain coup *UNKS* . STOP 
Lebanon 's Gen. *CUNK* placed Christian military forces on alert in case of renewed fighting with *CUNKED* *CUNKS* after Lebanon 's two main *CUNK* *UNKS* rejected an *CUNKED* peace accord . STOP 
The plan , approved by lawmakers and rejected Sunday by *CUNK* , includes political changes aimed at ending the *UNK-* civil war . STOP 
NATO defense ministers are expected to call for a reduction in nuclear forces in Europe when the alliance 's nuclear planning group *UNKS* a two-day session today in *CUNKAL* . STOP 
The ministers are to *UNK* NATO 's *UNKS* in Western Europe amid *UNKED* changes in the Soviet bloc . STOP 
Iran 's President *CUNK* offered to help gain freedom for Western *UNKS* in Lebanon , but said the assistance was *UNK* on U.S. aid in *UNKING* the cases of three *CUNKS* *UNKED* in Lebanon in 1982 or the release of *UNK* Iranian assets . STOP 
Washington rejected the bid , saying the *UNKS* were n't linked to other issues . STOP 
PLO leader Arafat asked *CUNK* to seek *UNKS* from the U.S. on Secretary of State Baker 's plan for *CUNK* peace talks , an aide to *CUNK* President *CUNK* said . STOP 
The official *UNKED* that the PLO has n't rejected the *UNK-* formula . STOP 
Commonwealth leaders turned to issues ranging from drugs to the world economy after *CUNK* 's President *CUNK* called Thatcher 's views on South Africa `` *UNK* . '' STOP 
At a meeting in Malaysia , Australia and Canada also *UNKED* the British prime minister for *UNKING* the *UNKION* group 's call for *CUNK* to ease apartheid . STOP 
*CUNK* *CUNKS* Inc. said it estimates that sales and earnings for the fiscal first quarter ended Sept. 30 fell somewhat from the year-earlier period . STOP 
Jim *CUNK* , chief executive officer of the *CUNK* , Calif. , computer *UNKS* supplier , said he was `` comfortable '' with analysts ' expectations that *CUNK* would earn between six cents and eight cents a share on revenue of about $ 42 million . STOP 
A year earlier , *CUNK* posted profit of $ 1.1 million , or 13 cents a share , on sales of $ 48 million . STOP 
This time , there are 30 % more shares outstanding . STOP 
Mr. *CUNK* attributed the decline to an industrywide *UNKING* of demand for computer *UNK* products . STOP 
*CUNK* Capital Trust said it dropped its plan to *UNK* because it was n't able to realize the value it had expected . STOP 
It said it will buy back two million shares , or *UNKN* % , of the total outstanding , and continue operations buying and managing real estate . STOP 
*CUNK* Capital , which is based in Boston , had told shareholders it expected to distribute at least $ 21 a share , or $ *UNKN* million , in a liquidation , based on an expected asset sale price of $ *UNKN* million or more . STOP 
The company said it did n't receive an offer it wanted to accept . STOP 
As a result of dropping the liquidation plan , shareholders will have to treat dividends received this year as ordinary income or capital gains rather than as tax free returns of capital , the company said . STOP 
The share repurchase will be funded mostly from borrowings . STOP 
*CUNK* *CUNK* Corp. said its net income was $ 3.1 million , or 15 cents a share , in the third quarter , more than four times its profit of $ *UNKN* , or three cents a share , last year . STOP 
*CUNKED* in the results was an adjustment to the *CUNKED* company 's tax rate that reduced net income by about 10 cents a share , or approximately $ 2 million . STOP 
*CUNK* said it increased its effective tax rate to 52 % from 47 % to account for potential liabilities related to an Internal Revenue Service investigation of its tax returns for the years 1984 through 1988 . STOP 
The newspaper and television owner said it expects the tax adjustment to reduce its net income for the full year by 14 cents , or approximately $ 2.8 million based on its *UNKN* million shares outstanding . STOP 
For the third quarter , *CUNK* said its revenue increased 11 % , to $ *UNKN* million from $ *UNKN* million last year . STOP 
For the nine months , the company had net income of $ *UNKN* million , or 74 cents a share , up 98 % from $ 7.6 million , or 38 cents a share last year . STOP 
Revenue grew almost 8 % to $ *UNKN* million from $ *UNKN* million last year . STOP 
A federal judge granted a temporary stay of the California *CUNK* *CUNK* Commission 's emergency action to stop *UNKING* loans for National *CUNKAL* *CUNKS* , a unit of United Education & *CUNK* Inc . STOP 
The California *CUNK* *CUNK* Commission took the action Oct. 15 after a government audit cited National *CUNKAL* *CUNKS* for having courses too short to be eligible for the educational loan program and having a student *UNK-* rate far in excess of federal standards , and it alleged other serious violations of law and regulations . STOP 
United Education & *CUNK* , a Los Angeles education services company , called the commission 's action `` *OUS* and *UNKED* . '' STOP 
The court set a hearing on the emergency action for Oct. 30 . STOP 
United Education & *CUNK* posted a $ 250,000 bond against potential losses to the student aid commission and to taxpayers in *UNKING* any more loans for National *CUNKAL* *CUNKS* students prior to the hearing . STOP 
A decline in *CUNKAL* Inc. 's automotive business contributed to flat sales and only slightly higher earnings in the third quarter . STOP 
*CUNKAL* reported that net rose 1.7 % to $ *UNKN* million , or 81 cents a share , from $ 119 million , or 80 cents a share , the year earlier . STOP 
Sales slipped 1.3 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
For the nine months , the Morris *CUNK* , *CUNKED* company , with businesses in aerospace , automotive products and engineered materials , earned $ *UNKN* million , or $ *UNKN* cents a share , up 15 % from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales eased 0.2 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Chairman Edward L. *CUNK* Jr. said that a drop in sales of auto and truck parts contributed to lower earnings in the automotive unit . STOP 
He also cited *UNUNK* foreign-exchange rates and a lower tax rate . STOP 
Earnings for the group declined to $ 11 million from $ 33 million last year . STOP 
Earnings at *CUNKAL* 's aerospace business rose to $ 55 million from $ 41 million a year ago , primarily on higher sales and profit in its engines and *UNK* power units . STOP 
In New York Stock Exchange composite trading yesterday , *CUNKAL* shares closed at $ *UNKN* , off 87.5 cents . STOP 
The National *CUNK* *CUNK* Safety Administration said it will start *UNKING* *UNKER* regulations Jan. 31 for so-called *UNK-* imports of vehicles . STOP 
The regulations , required under legislation enacted by Congress last year , will apply to imports of vehicles that were n't built to meet U.S. government auto safety standards and were intended for use in Europe or elsewhere abroad . STOP 
U.S. officials estimated that *UNK-* imports total about *UNKN* units a year , a small part of the more than three million vehicles *UNKED* to the U.S. each year . STOP 
According to the *CUNK* , the new regulations will *UNK* anyone other than an *UNKER* that has registered with the U.S. government , or a person who has a contract with a registered *UNKER* , from *UNKLY* *UNKING* a vehicle that does n't meet the U.S. auto safety standards . STOP 
The registered *UNKER* would be required to bring such vehicles into compliance with the U.S. safety standards , compared with the current situation in which anyone can bring in such vehicles and *UNK* them to meet the U.S. standards . STOP 
Congress *UNKED* auto safety standards for *UNK-* imports after U.S. auto dealers , including *UNKED* *UNK-* dealers , complained that they often were blamed when the second and third buyers of such vehicles found that the cars could n't meet U.S. auto safety standards . STOP 
*CUNK* Corp. said it expects to report net income between $ 6.4 million and $ 6.9 million , or between 32 cents and 34 cents a share , for its fourth quarter ended Sept. 30 . STOP 
In the year-ago quarter , the software developer reported pro *UNK* earnings of $ 4.8 million , or 24 cents a share . STOP 
*CUNK* , *CUNKED* *CUNK* said it expects to post revenue for the quarter of more than $ 31 million , compared with pro *UNK* revenue of $ *UNKN* million in 1988 . STOP 
For the fiscal year , the company said it anticipates reporting earnings of $ 23 million , or about $ 1.15 a share , including a charge of about $ 5.9 million , or 22 cents a share , related to the merger that created *CUNK* out of *CUNK* Systems Inc. and *CUNK* Inc. in March 1989 . STOP 
Revenue for fiscal 1989 is expected to exceed $ *UNKN* million . STOP 
*CUNK* *UNK* earnings for fiscal 1988 were $ *UNKN* million , or 99 cents a share , on revenue of $ *UNKN* million . STOP 
The company attributed much of the growth in earnings to increased demand for its systems productivity software . STOP 
*CUNK* Corp. said it expects to report net income for its fiscal year ended Sept. 29 of a record $ 15 million , or $ 1.15 a share , up 43 % from $ 10.5 million , or 80 cents a share , for the prior year . STOP 
The Costa Mesa , Calif. , maker of computer tape drives also projected record revenue for the year of $ *UNKN* million , up from $ *UNKN* million for the previous year . STOP 
*CUNK* attributed the gains to strong demand for its products , continued growth of the *UNKER* market and the acquisition of Maynard Electronics in February , which accounted for about 14 % of the company 's revenue . STOP 
*CUNK* Corp. said a reserve it is establishing to cover expected pollution cleanup costs at an Ohio plant reduced its third-quarter net income by $ 1.9 million . STOP 
*CUNK* , which has annual sales of about $ 100 million , declined to say if it would post a loss in the third quarter . STOP 
The *CUNK* , *CUNKED* company earned $ *UNKN* in the quarter last year . STOP 
*CUNK* is setting aside $ 3.1 million for the cleanup , but said the reserve reduced its quarterly income by only $ 1.9 million because of tax considerations . STOP 
In addition , the manufacturer said it signed a consent *UNK* with Ohio to build a $ 1.4 million *UNK-* facility at the *CUNK* chemical manufacturing plant by Aug. 1 , 1990 . STOP 
*CUNK* said it is one of at least 17 companies notified by the Environmental Protection Agency that they may be potentially responsible for cleaning up the *CUNKS* *CUNK* *UNKED* near *CUNK* 's *CUNK* plant at a total cost the EPA estimates at $ 48 million -- a figure *CUNK* said the companies dispute . STOP 
First Executive Corp. said about 96 % of the rights to purchase its depositary shares and warrants have been exercised . STOP 
Of the *UNKN* million rights units issued , just under 17 million were exercised before the Oct. 10 expiration of the offering , the insurance holding company said . STOP 
*CUNKING* units will be sold to the underwriters , Drexel Burnham Lambert Inc. and Kidder , Peabody & Co. , which will also purchase an *UNK-* of 2.3 million additional units . STOP 
First Executive said the offering will raise about $ *UNKN* million -- *UNKS* underwriting fees and other expenses -- that the company plans to use to write new life insurance and *UNK* business . STOP 
In addition , analysts have viewed the rights offering as a takeover defense that *UNKLY* *UNKS* the number of shares outstanding . STOP 
Each of the units consists of two warrants , each of which could be used to purchase a *UNK-* of common stock , and one depositary preference share . STOP 
*CUNK* shares are convertible into common stock on a *UNKN* basis . STOP 
Currently , the company has about *UNKN* million common shares outstanding . STOP 
In over-the-counter trading Monday , the stock closed at $ *UNKN* , off 37.5 cents . STOP 
*CUNK* *CUNK* 'S *CUNK* *UNKED* any prospects for an immediate revival of the labor-management buy-out , saying UAL should remain independent for now . STOP 
Also , UAL Chairman Stephen Wolf pulled out of the buy-out effort to focus on running the company . STOP 
The two developments leave the airline with several problems , including an unsettled labor situation . STOP 
Stock prices fell and bonds rose as worries mounted about the economy and the junk bond market . STOP 
The Dow Jones industrials sank *UNKN* points , to *UNKN* . STOP 
The dollar also declined . STOP 
The turmoil in junk bonds may last for years , investors and traders say . STOP 
Even Drexel is pulling back . STOP 
Santa Fe Pacific plans to sell 20 % of its large real estate unit to a California pension fund for $ 400 million and spin the rest off to shareholders . STOP 
The proposal values the company 's real estate operation at $ 2 billion . STOP 
Time Warner reported a $ *UNKN* million loss for the third quarter , reflecting the cost of the recent merger and a method of accounting for the deal . STOP 
*CUNKS* continued to shed assets in August , mainly to comply with *UNKER* capital rules under the S&L bailout law . STOP 
Also , withdrawals exceeded deposits by $ 5.1 billion in the month . STOP 
Exxon 's profit fell 9 % in the third quarter , hurt by *UNKING* results at two of its three main businesses . STOP 
Phillips and *CUNK* posted declines . STOP 
Ashland had a loss . STOP 
*CUNK* Hess and Occidental Petroleum had gains . STOP 
Ogilvy 's chairman , Kenneth Roman , is leaving to take a top post at American Express . STOP 
His resignation follows a hostile takeover of the ad agency in May by WPP of Britain . STOP 
The Justice Department took steps that could restrict the use by prosecutors of criminal racketeering charges against white-collar defendants . STOP 
Shearson was sued by money manager George *CUNKS* , who claimed one of his funds was *UNKED* out of $ 60 million during stock-index futures trading just after the 1987 crash . STOP 
Drexel 's efforts to settle its legal troubles are being resisted by at least 10 states . STOP 
Some may try to *UNK* the firm 's license to sell securities . STOP 
Prime Computer plans to *UNKS* 20 % of its work force to cut costs following its recent leveraged buy-out . STOP 
The action *UNKS* concern about *UNKS* in high-tech industries . STOP 
Paribas plans a bid for another big French financial and industrial firm , Navigation Mixte , a sign Europe 's takeover *UNKER* has n't *UNKED* . STOP 
Qintex Australia unveiled plans to restructure and sell assets to try to ease its financial problems . STOP 
Union Carbide 's earnings plunged 35 % in the third quarter , reflecting weakness in the company 's core chemicals and plastics businesses . STOP 
Japan 's Daiwa Securities named *CUNK* Dozen president . STOP 
The rapid advance of the *UNK-* executive surprised many at the company . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , off *UNKN* ; transportation *UNKN* , up *UNKN* ; utilities *UNKN* , off *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , up STOP 
Commodities : Dow Jones futures index *UNKN* , off *UNKN* ; spot index *UNKN* , up *UNKN* . STOP 
Dollar : 141.90 yen , off *UNKN* ; *UNKN* marks , off *UNKN* . STOP 
The Justice Department has revised certain internal guidelines and *UNKED* others in a move that could restrict the use of criminal racketeering charges against white-collar defendants . STOP 
The most significant changes in department policy are new requirements that federal prosecutors avoid *UNKING* `` the normal business functions '' of companies charged under the racketeering law , a senior department official said . STOP 
Another important *UNKION* of department policy is a new *UNK* warning prosecutors `` not to take steps that would harm *UNK* third parties '' in a case brought under the racketeering law , the official , David Runkel , said . STOP 
The department distributed the revisions and *UNKS* to U.S. attorneys around the country this summer as part of a routine process of *UNKING* *UNKAL* guidelines , Mr. Runkel said . STOP 
The changes apply to prosecutions brought under the *CUNKER* *CUNKED* and *CUNK* *CUNKS* law . STOP 
Under that law , defendants who allegedly *UNK* a pattern of crimes by means of a `` criminal *UNK* '' may be charged with racketeering and forced to *UNK* the proceeds of the *UNK* . STOP 
The RICO law has come under criticism from some defendants and defense lawyers . STOP 
They argue that the rights of RICO defendants and third parties not named in RICO *UNKS* have been *UNKLY* damaged . STOP 
The department 's most significant *UNKION* of existing RICO policy is a *UNK* to prosecutors that they should seek to seize assets from defendants `` in proportion '' to the nature of the alleged *UNK* , Mr. Runkel said . STOP 
`` That means that if the *UNK* deals with one part of the business , you do n't attempt to seize the whole business ; you attempt to seize assets related to the crime , '' he explained . STOP 
In general , the *UNK* of the department 's *UNK* is to encourage prosecutors to limit *UNKAL* asset *UNKS* if there are less *UNK* means of protecting assets the government may subsequently be able to seize after a conviction , Mr. Runkel said . STOP 
It was the kind of *UNKING* rarely seen within the Congress , let alone within the same party . STOP 
Sen. Alan Cranston *UNKED* over to the House side of Capitol Hill a few days ago and *UNKED* his testimony to fellow Democrat Rep. Henry Gonzalez . STOP 
It was offered as an *UNKION* of cooperation to Mr. Gonzalez , who is investigating the $ 2.5 billion failure of Lincoln Savings & Loan Association . STOP 
But instead of thanks , Sen. Cranston was treated with cool *UNK* . STOP 
`` Every witness receives a formal *UNK* , '' Rep. Gonzalez told him . STOP 
*CUNK* have House hearings caused so much *UNKION* in the Senate , where California Sen. Cranston and four other senators were already *UNKING* in the *UNK* of *UNUNK* publicity over the alleged *UNKING* of Lincoln by their friend and political *UNK* , Charles Keating Jr. , principal *UNKER* of Lincoln 's parent company , American Continental Corp. of Phoenix , *CUNK* . STOP 
At the first day of the House Banking Committee 's hearings last week , William Seidman , chairman of the Resolution Trust Corp. , the federal agency created to sell sick thrifts , said the agency is investigating whether Lincoln made illegal political contributions . STOP 
Mr. Keating arranged nearly $ 1 million in donations to Sen. Cranston and his various political causes , and hundreds of thousands more to other lawmakers . STOP 
*CUNK* witnesses include a former federal S&L regulator who has accused the five senators of attempting to `` *UNK* '' the regulatory process by *UNKING* on behalf of Mr. Keating . STOP 
Unlike many lawmakers , Chairman Gonzalez says he considers *UNKING* with regulators to be *UNKER* . STOP 
`` When you reach a point where a *UNKING* body is trying to shape administrative decisions , then that 's a *UNK-* in my book , '' the Texas *UNKER* says . STOP 
And he has attached himself to the Lincoln story *UNKLY* . STOP 
`` Unless the questions are *UNKED* , I will keep on going . '' STOP 
Lawmakers often are reluctant to *UNKS* colleagues , even those of opposing political parties . STOP 
In the recent Housing and Urban Development Department scandal , for example , Rep. Thomas *CUNKS* , the California Democrat who led the hearings , *UNKED* through *UNKING* *UNKS* about HUD grants secured by Sen. *CUNK* *CUNK* , a New York Republican . STOP 
But Chairman Gonzalez is a genuine *UNK* . STOP 
He comes from the same political line as Wright *CUNK* , a *UNKING* Texas *UNK* who *UNKED* the Banking Committee until 1974 . STOP 
Mr. Gonzalez is also a *UNKER* for *UNKAL* standards who *UNKS* to accept *UNKS* and who believes in conducting official business in the open . STOP 
Early in his political career , as a city *UNK* in San Antonio , he *UNKED* out of a meeting when political supporters asked that the police chief be replaced , *UNKING* the *UNK-* affair publicly as a `` *UNK-* meeting . '' STOP 
The immediate target of Rep. Gonzalez 's inquiry is *CUNK* Wall , chairman of the Office of Thrift *CUNKION* . STOP 
As the principal regulator of the thrift industry , Mr. Wall delayed *UNKING* Lincoln S&L for more than two years after his staff told him that the California thrift was insolvent and that potential losses to taxpayers were growing rapidly . STOP 
Rep. Gonzalez seems *UNKED* to *UNK* out at Mr. Wall when hearings resume Thursday with testimony by two federal regulators from San Francisco , William Black and Mike *CUNK* . STOP 
Mr. Wall *UNKED* them of responsibility for *UNKING* Lincoln in 1988 . STOP 
Mr. Gonzalez expressed concern over a report that the two had been *UNKED* to Washington by Mr. Wall last week to discuss their testimony in advance . STOP 
`` I think he is trying to *UNKLY* influence a witness , and by God I 'm not going to *UNK* it , '' he says . STOP 
Mr. Wall , however , is a *UNKED* `` child of the Senate '' and former staff director of its Banking Committee . STOP 
An inquiry into his handling of Lincoln S&L inevitably will drag in Sen. Cranston and the four others , *CUNK* Dennis *CUNK* -LRB- D. , Ariz. -RRB- , John *CUNK* -LRB- R. , Ariz. -RRB- , John Glenn -LRB- D. , Ohio -RRB- and Donald *CUNK* -LRB- D. , *CUNK* . -RRB- . STOP 
They all attended a meeting in April 1987 *UNKING* why a federal audit of Lincoln S&L had *UNKED* on for two years . STOP 
`` I 'm certain that in the course of the hearings the names -LCB- of the senators -RCB- will be brought out , '' Mr. Gonzalez says . STOP 
This is raising *UNKS* . STOP 
`` When I first got a *UNK* at the witness list , I could n't believe that they were going to go ahead and do this , '' says Michael *CUNK* , director of Congress *CUNK* , a consumer group . STOP 
`` There are some witnesses who will be forced to testify about their meetings with senators . '' STOP 
And a Democratic aide to a Banking Committee member remarks , `` I too am *UNKED* by it , because Gonzalez has certainly placed a lot of Democratic senators in a very bad position . '' STOP 
All the senators say they merely were trying to ensure *UNKS* for a *UNK* . STOP 
Mr. Keating lives in Phoenix , and the California thrift 's parent is an *CUNKED* corporation with holdings in Michigan . STOP 
Chairman Gonzalez *UNKS* *UNK* for Sen. *CUNK* , his counterpart as chairman of the Senate Banking Committee . STOP 
`` He 's *UNK* , he 's good and I know he 's an *UNKEST* man , '' the *CUNK* says . STOP 
But at the same time , Mr. Gonzalez has n't *UNK* a confrontation over Mr. Wall during House-Senate negotiations over S&L bailout legislation during the summer . STOP 
The Senate negotiators included *CUNK* Cranston and *CUNK* and Mr. Wall 's principal sponsor , Republican Sen. *CUNK* *CUNK* of Utah . STOP 
They were willing to trade important provisions in the bailout legislation to preserve Mr. Wall 's job and to avoid a *UNKION* hearing in which he would be called upon to testify about Lincoln S&L . STOP 
Most *UNKLY* , the Senate traded away the Bush administration 's controversial plan to finance the bailout , which was partly *UNKED* later . STOP 
At the time , Mr. Gonzalez said several senators told him that they `` could get some *UNKS* out of the way if there could be some understanding on *CUNK* 's *UNK* on Wall . '' STOP 
Now Mr. Gonzalez is holding the equivalent of *UNKION* hearings anyway , under the *UNK* of the Lincoln investigation . STOP 
`` In a way , that 's what this is , '' Mr. Gonzalez concedes . STOP 
Even some House Banking Committee members could suffer from the *UNK* . STOP 
Mr. Keating raised $ 20,000 for Rep. *CUNK* *CUNK* 's 1986 *UNKION* campaign while the Georgia Democrat was taking his side against regulators who wanted to curb risky investments and wholesale deposit *UNKING* . STOP 
He recently voted `` present '' when the committee authorized a *UNK* to *UNK* Mr. Keating to testify , then changed his vote to yes . STOP 
But the chairman 's supporters have the upper hand as federal regulators press a $ 1.1 billion fraud suit against Mr. Keating and others . STOP 
Rep. Jim *CUNK* -LRB- R. , Iowa -RRB- says the Lincoln S&L affair is `` the biggest bank *UNK* in history , '' and adds : `` The great question that remains to be resolved is whether we have a congressional *CUNK* in the making . '' STOP 
A witness set to testify on Thursday was quoted in a news report over the weekend as saying Lincoln `` *UNKED* '' campaign contributions illegally . STOP 
But the witness , William *CUNK* , California 's chief state thrift regulator , denies saying that . STOP 
`` I do n't know whether it was done properly or not , because I 'm not a lawyer , '' he said in a telephone interview yesterday . STOP 
But he said he is prepared to testify that executives of Lincoln and its parent corporation got unusually high salaries and frequent calls *UNKING* them to make specific contributions . STOP 
The committee also has *UNKED* Mr. Wall 's predecessor , *CUNK* Gray . STOP 
He has *UNKED* the five senators ' *UNKS* as `` *UNK* to an attempt to *UNK* the ... regulatory process , '' and he is n't expected to back down even though the five senators have disputed his account of a 1987 meeting . STOP 
So the senators must *UNK* themselves . STOP 
Sen. Cranston , as he returned to the capital last week from a *UNK-* trip to *UNK* earthquake damage in San Francisco , *UNKED* to an aide : `` Well , back to *CUNK* . STOP 
When *CUNK* Volokh and her family *UNKED* to the U.S. 14 years ago , they started life in Los Angeles with only $ 400 . STOP 
They 'd actually left the Soviet Union with $ *UNKN* , but during a stop in Italy Ms. Volokh dropped $ 80 on a black *UNK* suit . STOP 
Not surprisingly , she quickly *UNKED* to the American way . STOP 
Three months after she arrived in *CUNK* she spent $ 120 she did n't have for a *UNK* . STOP 
-LRB- `` A *UNK* , '' she *UNKS* , `` though it was n't the time for that 14 years ago . STOP 
But I *UNKED* *UNKS* . '' -RRB- STOP 
Since then she has become wealthy . STOP 
Her husband and older son -- a computer *UNK* *UNKED* in The Wall Street Journal in 1981 , when he was 13 -- run a software company with expected sales this year of $ 10 million . STOP 
Most recently , she has become the publisher of *CUNK* , a *UNK-* Los Angeles magazine that began national distribution last month , with an initial press run of 100,000 copies . STOP 
*CUNKED* by the *CUNK* Corp. 's Eastern News , the *UNK* publication *UNKS* *CUNK* *CUNK* 's *UNK* *UNKS* and *CUNK* 's *UNKEST* *UNKING* into *UNKS* *UNK* , with a special emphasis on *CUNK* as fashion *UNKER* . STOP 
It 's being sold through *UNKS* , *UNKS* and some video stores . STOP 
Though Ms. Volokh is a small woman , she has an *UNKED* *UNK* and dramatic *UNK* that seem perfectly *UNKED* to capitalism as it is *UNKED* in Hollywood . STOP 
*CUNKLY* life for her has changed considerably since the days in *CUNK* , when she lived with her parents , her husband and her two *UNKS* in a 2 *UNK-* apartment in what she calls `` *UNK* internal *UNKION* , '' *UNKING* of escape . STOP 
Now , for example , she owns 48 hats . STOP 
However , she *UNKS* the lean years and recalls with *UNK* wearing her first major American purchase -- that *UNK* 10 years later and having a Los Angeles *UNK* owner ask her if it was a *CUNK* . STOP 
With obvious satisfaction , she says she told him : `` No *UNKING* , I just give it a *CUNK* look . '' STOP 
She keeps track of the rest of her hats by *UNKING* Polaroid *UNKS* to the outside of each *UNK* . STOP 
Are the hats merely part of her new *CUNK* *UNK* , along with the many *UNK-* *CUNK* cigarettes she *UNKS* , the parties she *UNKS* for 500 people , the *CUNK* *UNKS* she offers *UNKS* at her weekend place in Santa Barbara ? STOP 
`` No , *UNKING* , '' she said recently in her *UNK* , slightly affected English , during a trip East to promote *CUNK* 's national expansion . STOP 
`` You have to be born with it . STOP 
I used to wear hats in *CUNK* , but I had to make them and my *UNKS* . STOP 
On the *UNK* side I was n't getting what I wanted . '' STOP 
Now 48 years old , Ms. Volokh has *UNK* ideas about what she wants . STOP 
At *CUNK* , she wants `` specific *UNKING* , specific tone , a specific attitude -- bright and bold and *UNK-* . '' STOP 
In restaurants -LRB- in this case , the Russian *CUNK* , a New York restaurant operated by and for Soviet *UNKS* -RRB- , she did n't want the *UNK* , *UNK* music *UNKING* through the room . STOP 
`` You people here think this is Russian music , '' she said with *UNK* , and called over to the *UNKS* : `` *CUNK* you turn it off ? '' STOP 
That done , Ms. Volokh spoke with *UNK* *UNK* about the many *UNKS* she feels she was born with : an understanding of food , business , Russian culture , human nature , and parties . STOP 
`` *CUNKS* are rather a state of mind , '' she said , *UNKING* only to taste and pass judgment on the *CUNK* *UNK* -LRB- `` a little well done , but very good '' -RRB- . STOP 
`` If you are born to give parties , you give parties . STOP 
Even in *CUNK* we managed to give parties . STOP 
In Los Angeles , in our lean years , we gave parties . '' STOP 
As publisher of a magazine devoted to movies as *UNKS* for fashion and other *UNKS* , Ms. Volokh sees her *UNKING* as an important part of business . STOP 
She has thrown *UNK* *UNKS* for *UNKS* of people , but *UNKS* more intimate *UNKS* . STOP 
`` At American *UNK* parties everyone 's always looking over your *UNKER* to see who they can talk to next . STOP 
I like rather tea , because it is at the end of the day . '' STOP 
She serves high Russian tea , at 5 *UNK* . STOP 
`` It 's supposed to be later but I just moved it . STOP 
In Los Angeles , it 's important to catch people just after work . '' STOP 
She also frequently *UNKS* directors , producers , actors , writers and other show business people for `` coffee and *UNKS* in the *UNK* *UNK* . '' STOP 
*CUNKS* bring movies on tape , and show their favorite *UNK-* minute segments on the screen that *UNKS* from the ceiling of the *CUNKS* ' *UNK-* *UNK* -LRB- `` the *UNK* *UNK* '' -RRB- . STOP 
They eat `` *UNK* and *UNKAL* things '' -- and explain their *UNKS* . STOP 
`` It 's very *UNKING* and *UNK* *UNKING* , '' said Ms. Volokh . STOP 
The idea for *CUNK* actually was *UNKED* up by an old friend of the *CUNKS* , *CUNKS* *CUNK* -LRB- who has the title of *UNKER* -RRB- , and *CUNK* *CUNK* Smith , now the magazine 's *UNK-* . STOP 
Mr. *CUNK* approached Ms. Volokh five years ago about backing the publication , which started out as a listing guide . STOP 
She was interested only if she could guide it *UNKLY* as well . STOP 
`` *CUNK* does n't believe in *UNKS* , '' said Ms. Smith . STOP 
`` She wants things to be exciting . STOP 
And she has this *UNK* energy . STOP 
She 'll think of an idea the editorial people think is impossible , then she 'll have us make it work . '' STOP 
In fact , Ms. Volokh was n't just a rich *UNK* who needed a *UNK* . STOP 
Back in the Soviet Union she was a *UNKED* *UNK* , writing a weekly column about the national *UNK* for Sunday *CUNK* . STOP 
Those columns -- *UNK* discussions of the cultural and *UNK* *UNKS* of food as well as practical advice on how to *UNK* *UNK* *CUNKED* *UNKS* -- became the basis for her *UNK* and *UNKING* *UNK* , `` The Art of Russian *CUNK* , '' brought out in 1983 by Macmillan *CUNKING* Co . STOP 
`` I do n't trust people who do n't eat , '' said Ms. Volokh , though she herself stopped eating lunch a few years ago to drop 25 pounds . STOP 
`` *CUNK* at *CUNK* and *CUNK* . STOP 
No one ever *UNKS* in their books and look at them ... . STOP 
*CUNK* 's characters eat , *CUNK* 's , *CUNK* 's . '' STOP 
In her *UNK* , which Macmillan is bringing out in soft cover this month -LRB- with the *UNK* *UNK* revised so it works -RRB- , she *UNKS* each *UNKER* with appropriate quotations from Russian *UNK* : *CUNK* on *UNK* , *CUNK* on *UNK* . STOP 
In life , she offers practical *UNKING* advice : `` *CUNK* your *UNKS* into important and *UNUNK* . STOP 
In a great restaurant , do n't *UNK* *UNK* . STOP 
The other *UNKS* do n't matter . '' STOP 
*CUNKING* as she is , and *OUS* as she can seem , this is a serious person with some difficult memories . STOP 
She was the child of relative privilege . STOP 
Her mother was a *UNK* ; her father was `` the *UNKAL* vice director . '' STOP 
`` I *UNKED* to wear better hats , do better parties , '' she said with a *UNK* . STOP 
`` But we should n't leave out political reasons , number one . STOP 
You try to maintain your dignity under difficult circumstances . STOP 
One can not imagine how you live when you live those double and *UNK* lives . '' STOP 
By 1973 , after their second child was born , it had become clear to Ms. Volokh and her husband *CUNK* , a computer scientist , that they wanted to leave the *CUNK* . STOP 
Ms. Volokh quit her job , to remove herself from the public eye . STOP 
The wait was *UNK* . STOP 
Before *UNKING* Ms. Volokh 's parents a *UNK* , the government required her mother to obtain permission from her first husband , whom she had *UNKED* 38 years earlier . STOP 
Mr. Volokh was fired from his job , and had to *UNK* hours of organized *UNKAL* abuse from his *UNKS* , accusations of *UNK* and *UNK* activities . STOP 
The *CUNKS* were afraid that they 'd end up like a friend of theirs who 'd applied for a *UNK* and waited for 10 years , having been *UNKED* from his *UNKION* of *UNKAL* *UNK* to shipping *UNK* . STOP 
They did n't . STOP 
Their *UNK* came in relatively short order , and they moved to Los Angeles . STOP 
Mr. Volokh soon found work in his field , but Ms. Volokh refused the obvious and available *UNKION* - as *UNK* for a Russian who spoke *UNK* English . STOP 
`` That 's always looking back , '' she said . STOP 
`` I wanted to be in business . '' STOP 
On the way to that goal , she received her first U.S. *UNK* for *UNKING* a book of Polish *UNK* , attended *UNKAL* school , then went to work for a *UNKING* organization . STOP 
Soon she was running the office . STOP 
When her husband and son founded their computer company , *CUNK* , she worked as business manager , *UNKER* and *UNK* . STOP 
Now *CUNK* is located in the same building as *CUNK* . STOP 
`` *CUNKS* work out unexpectedly in life , '' said Ms. Volokh . STOP 
`` You never know if you 'll be chosen to be the *UNK* or the lucky one . STOP 
We were lucky . STOP 
William D. *CUNKER* , president of the *CUNK-* Trade and Economic Council , has a warning for U.S. companies trying to do business in the Soviet Union . STOP 
`` It 's an extremely complex market , and you have to be prepared to make a big commitment , '' Mr. *CUNKER* says . STOP 
`` We are not trying to encourage everyone . '' STOP 
*CUNKED* by such words of caution , corporate America is *UNKING* to Moscow , *UNKED* by a huge *UNKED* market and Mikhail Gorbachev 's attempt to overhaul the Soviet economy . STOP 
*CUNKING* business with the *CUNKS* , once the pursuit of a handful of *UNKED* *UNKS* , has become the goal of such major companies as General Motors Corp. , Federal Express Corp. and Procter & Gamble Co. , as well as a *UNKER* of smaller firms . STOP 
*CUNKING* the *UNK-* interest , more than 140 U.S. companies are taking part in a Moscow exhibition organized by Mr. *CUNKER* 's trade group . STOP 
But while U.S. interest may be big and growing , the difficulties that have *UNKED* deals in the past show no sign of *UNKING* . STOP 
*CUNK* the old problems of a *UNK-* currency and an *UNK* bureaucracy , Western business executives must now *UNK* with new *UNKS* linked to perestroika , the restructuring of the Soviet economy . STOP 
Executives say Mr. Gorbachev 's moves to break up the government 's foreign trade *UNKLY* have created uncertainties as well as opportunities . STOP 
*CUNKING* legislation has opened the field to thousands of *UNKED* Soviet players , many who promise more than they can deliver . STOP 
And some foreign firms are finding that even when they manage to overcome such *UNKS* , their ventures now have to be endorsed by such *UNUNK* *UNKS* as the Soviet *UNK* and the governments of the nation 's *UNKS* . STOP 
`` You have to go out to all your constituents , '' says James H. *CUNK* , who is *UNKING* the most ambitious attempt by U.S. firms to break into the Soviet market , involving investment of more than $ 5 billion in some two dozen joint ventures . STOP 
As part of that attempt , by the American Trade *CUNK* , Mr. *CUNK* says he spends a lot of time lobbying . STOP 
*CUNKING* public fears about the Soviet environment is one new factor affecting some *UNK-* plans . STOP 
Over the past two years , Soviet *UNKS* have been talking to international firms , including Occidental Petroleum Co. and *CUNKION* Engineering Inc. of the U.S. , *CUNK* *CUNK* of Italy and several Japanese groups , about jointly building and operating several big petrochemical plants . STOP 
The plans have come under fire from Soviet environmentalists , and officials say many are likely to be *UNKED* back or dropped . STOP 
Whatever the difficulties , Mr. Gorbachev remains committed to increasing foreign trade . STOP 
For political as well as economic reasons , U.S. companies are at the top of his priorities -- a point he *UNKED* by spending two hours walking around the U.S. trade show last week . STOP 
*CUNKING* to a small group of U.S. executives *UNKS* , Mr. Gorbachev appeared *UNK* for a big expansion in *CUNK-* trade , which now amounts to a *UNKER* $ 3 billion annually . STOP 
The U.S. ranks fourth of countries that have concluded joint ventures , behind West Germany , Finland and Italy . STOP 
According to several people present at the meeting , Mr. Gorbachev also supported the idea of *UNKING* several commercial *UNKS* with the U.S. , possibly at his next summit meeting with President Bush . STOP 
*CUNKING* by the crush at the exhibition , *UNKED* Soviet consumers are more than ready for U.S. products . STOP 
*CUNKS* of people *UNKED* up every day at the *CUNK-* Co. stand to receive a free *UNK* of *UNK* , a commodity in *UNKLY* short supply here . STOP 
And *UNKLY* *UNKS* at RJR Nabisco Inc. 's *UNK* almost knocked over a glass *UNK* in the rush to get a free *CUNK* cigarette *UNKER* . STOP 
Some U.S. products are *UNKING* into the Soviet market under an emergency import program . STOP 
Both Colgate and Procter & Gamble have received big orders for *UNK* , *UNK* and *UNKS* . STOP 
The American Trade *CUNK* says it is planning to ship some $ 500 million of consumer goods , financed by bank credits , in the first few months of next year . STOP 
But the current Soviet purchasing spree may be a one-time affair . STOP 
The goal of most U.S. firms -- joint ventures -- remains *UNK* . STOP 
Because the Soviet ruble is n't convertible into dollars , marks and other Western currencies , companies that hope to set up production facilities here must either export some of the goods to earn hard currency or find Soviet goods they can take in a *UNK-* transaction . STOP 
International competition for the few Soviet goods that can be sold on world markets is *UNKING* up , however . STOP 
*CUNK* M. *CUNKER* , an entrepreneur from New Jersey who buys Soviet *UNK* and `` *UNK* '' *UNKING* *UNKS* for export to the U.S. , says West German companies already have snapped up much of the production of these items . STOP 
*CUNKING* to overcome the currency problems , Mr. *CUNK* 's American Trade *CUNK* , which *UNKS* Chevron Corp. , RJR , Johnson & Johnson , Eastman Kodak Co. , and *CUNK-* Co. , has *UNKED* an elaborate scheme to share out dollar earnings , largely from the revenues of a planned Chevron oil project . STOP 
Several medical concerns , including *CUNKER* Inc. , Hewlett-Packard Co. , Colgate and *CUNK* Laboratories intend to pursue a similar consortium approach . STOP 
`` It 's hard to invest capital here on the same basis as investing in other countries , '' says Dennis A. *CUNK* , president of Medical Service Partners Inc. , who is putting the medical consortium together . STOP 
Some U.S. entrepreneurs operate on a smaller scale . STOP 
One group seeks to publish a *CUNK-* medical journal in *UNKION* with the U.S.S.R. Ministry of Health . STOP 
According to Richard P. Mills , a *CUNKED* official of the U.S. partner , 10,000 copies of the quarterly will be *UNKED* in Russian from next year . STOP 
It will be financed by *UNKS* from U.S. companies and by *OUS* publication of an *CUNK-* journal containing details of Soviet medical *UNKS* . STOP 
`` We found a market niche , '' Mr. Mills boasts . STOP 
`` It 's truly *UNKAL* . STOP 
General Electric Co. was given an $ *UNKN* million Navy contract for nuclear *UNKION* parts . STOP 
Westinghouse Electric Corp. also won a $ *UNKN* million Navy contract for nuclear *UNKION* parts . STOP 
Federal Data Corp. was issued a $ *UNKN* million Navy contract for computer systems . STOP 
American Telephone & Telegraph Co. was awarded an $ 11.5 million Navy contract for *UNK* services . STOP 
Cray Research Inc. said it sold one of its *UNKEST* and largest computer systems , the Cray *CUNK-* , to the United Kingdom *CUNKAL* Office . STOP 
The system is the first to be sold through the joint marketing agreement between Cray and Control Data Corp . STOP 
The supercomputer , which lists for $ *UNKN* million , will be installed in the first quarter of 1990 in the *UNKAL* office 's headquarters in *CUNK* , England . STOP 
Shareholders of Nuovo Banco *CUNK* *CUNK* voted to accept a bid of *UNKN* lire -LRB- $ *UNKN* -RRB- a share by France 's Credit *CUNK* for *UNKN* % of the bank , *UNKING* an earlier , equal offer by Italy 's *CUNK* *CUNK* *CUNK* . STOP 
The move will give Nuovo Banco a badly needed foreign presence , and make Credit *CUNK* the bank 's largest shareholder . STOP 
It also opens a *UNK* in the bank 's shareholders ' syndicate that could lead to a battle for control of the concern . STOP 
Nuovo Banco will become Italy 's biggest private-sector bank when it *UNKS* its scheduled merger with *CUNK* *CUNK* *UNK* *CUNK* by year end . STOP 
Credit *CUNK* asked a Milan court to *UNKER* the Nuovo Banco shares , the Italian news agency *CUNK* reported . STOP 
The *UNKAL* is scheduled to rule on the request Friday . STOP 
No reason for the request was given . STOP 
Credit *CUNK* officials could n't be immediately reached for comment . STOP 
The decision to accept Credit *CUNK* 's bid , valued at *UNKN* billion lire -LRB- $ *UNKN* million -RRB- , came after a *UNK* weekend meeting . STOP 
Nuovo Banco 's second largest shareholder , the Fiat *CUNKED* investment concern , *CUNK* *CUNK* , fought to have *CUNK* 's offer approved . STOP 
*CUNK* , which owns *UNKN* % of Nuovo Banco , *UNKED* in the final vote on Credit *CUNK* , which was nonetheless approved by a majority of shareholders . STOP 
The *UNK* with Credit *CUNK* will give Nuovo Banco its first foreign presence since it was formed from the *UNK* of the old Banco *CUNK* , which collapsed amid scandal after the death of Chairman *CUNK* *CUNK* in 1982 . STOP 
Since then , the bank has strengthened its Italian network , and has posted strong results . STOP 
`` The shareholders felt we needed a foreign presence more than we needed links with an insurance company , '' an *CUNK* spokeswoman said . STOP 
*CUNK* said in a statement that `` it reserves the right to take any action to protect its rights as a member of the syndicate . '' STOP 
A company spokeswoman said the company had n't decided what measures to take , but did n't rule out legal action . STOP 
*CUNK* , Italy 's biggest insurer , last month offered *UNKN* lire a share for the Nuovo Banco stake held by Banco *CUNK* *UNK* *CUNK* , the bank 's largest shareholder , which announced plans to sell the holdings earlier this year . STOP 
A *CUNK* spokesman declined to comment on Nuovo Banco 's rejection of the insurer 's offer . STOP 
On the Milan stock exchange , Nuovo Banco 's shares jumped to *UNKN* lire each from *UNKN* lire Friday . STOP 
Qintex Australia Ltd. , a media and resorts concern controlled by Australian entrepreneur Christopher Skase , announced a plan to restructure and sell assets to try to ease its financial problems . STOP 
Mr. Skase , a *UNK-* former newspaper reporter who chairs the company , said in a statement that Qintex will sell its 51 % stake in its upscale Mirage resorts in Australia and Hawaii as well as three Australian television stations . STOP 
The sales are expected to raise more than 600 million Australian dollars -LRB- US$ *UNKN* million -RRB- , Mr. Skase said . STOP 
Qintex Australia has n't disclosed its borrowings , but analysts estimate the company 's debt at A$ 1.2 billion . STOP 
Mr. Skase also said the restructuring plan calls for the merger of Qintex Australia with Qintex Ltd. , which owns 55 % of Qintex Australia . STOP 
He said the move will `` significantly reduce administrative and operating costs , '' but he did n't provide details of the merger . STOP 
Company officials said over the weekend that Qintex Australia 's bank creditors have become concerned about a *UNK* of bad news at the company , including a failed US$ 1.5 billion plan to buy MGM\/UA Communications Co. , a Beverly Hills , Calif. , movie and television production concern . STOP 
Friday , Qintex Entertainment Inc. , a *UNKED* U.S. affiliate , filed for protection from creditor lawsuits under Chapter 11 of the U.S. Bankruptcy Code . STOP 
Analysts predicted that the move would further shake creditor confidence in Qintex Australia and force it to sell assets . STOP 
The company 's latest moves were disclosed after the Australian Stock Exchange suspended trading in shares of Qintex Australia and Qintex Ltd. because the companies had n't *UNKED* an exchange inquiry about the extent of their loans , investments and deposits at Qintex Entertainment . STOP 
Mr. Skase 's statement was addressed to the stock exchange and appeared to be a response to the inquiry . STOP 
It said Qintex Entertainment owes Qintex Australia US$ *UNKN* million in loans not secured by specific assets . STOP 
Qintex Australia also said it has an investment of A$ *UNKN* million in Qintex Entertainment shares . STOP 
In the statement , Mr. Skase said that on the basis of current interest rates in Australia , the company 's asset sales would reduce interest expense by about A$ 120 million a year in addition to eliminating certain liabilities . STOP 
In March , Qintex sold 49 % of the three Mirage resorts to Japan 's Nippon *CUNK* Co. and *CUNK* & Co. for A$ *UNKN* million . STOP 
Yesterday 's statement did n't say whether the Japanese companies will acquire Qintex 's remaining stake in the resorts . STOP 
Before its shares were suspended from trading , Qintex Australia plunged to 16 Australian cents -LRB- 12 U.S. cents -RRB- a share yesterday from 33 Australian cents Friday . STOP 
The shares traded at about A$ 1.50 in March , when the plan to acquire MGM\/UA was announced . STOP 
Qintex Ltd. shares sank to A$ 1.50 yesterday from A$ *UNKN* Friday . STOP 
Mr. Skase 's statement cited four recent problems that he said had cut group cash flow by more than A$ 200 million . STOP 
They were what he called an `` *UNUNK* *UNKION* '' by MGM\/UA of the acquisition agreement with Qintex , high Australian interest rates , a pilots ' strike at Australian domestic airlines that cut revenue at the company 's Australian resorts and delays in completing a sale of two regional TV stations in *CUNK* state . STOP 
MGM\/UA has sued Qintex Australia for breach of contract and fraud over the collapsed acquisition agreement , and Qintex Australia has threatened a *UNK* . STOP 
Qintex Australia has n't yet reported results for the fiscal year ended July 31 . STOP 
In his statement , Mr. Skase said preliminary accounts showed that group profit before interest , tax and depreciation `` will exceed A$ 170 million . '' STOP 
He gave no further details . STOP 
Shareholders ' funds as of July 31 were estimated at more than A$ 1 billion , Mr. Skase said , compared with A$ *UNKN* million a year earlier . STOP 
The company will make `` adequate provisions '' to cover costs of the dispute with MGM\/UA and any loss from the investment in Qintex Entertainment , he said . STOP 
Mr. Skase also disclosed a *UNK* among directors of Qintex Australia over certain fees claimed by Qintex Group Management Services *CUNK* , a *UNKS* concern in which Qintex Australia executives have an interest . STOP 
Qintex Australia paid the management company A$ *UNKN* million in the latest fiscal year . STOP 
Mr. Skase said most of the money went to other parties for expenses such as rent and travel , but a smaller portion is owed to senior executives and others for management services . STOP 
*CUNK-* directors of Qintex Australia , who must approve payments to the senior executives , *UNKED* at the amount . STOP 
Two of the directors resigned , Mr. Skase said , so the payments have n't yet been approved . STOP 
*CUNK* 's *CUNK* Is Here Today , Here *CUNK* STOP 
*CUNK* *CUNK* plan to market a new chip with *UNK* *UNKS* that store data even when the power is off . STOP 
Today 's most widely used *UNKING* chips have `` volatile '' memories -- their data *UNK* if they are n't fed a steady *UNK* of electricity , so they need *UNKAL* power supplies . STOP 
National Semiconductor Corp. and a start-up named *CUNK* Corp. plan to start shipping so-called *UNK* memories , which can remember data for at least 10 years without any current *UNKING* to them . STOP 
The chips use materials , such as lead *UNK* *UNK* , to form *UNK* *UNKS* that retain their data without electricity . STOP 
*CUNKS* caution that broad applications are several years away because the technology is n't fully *UNKED* . STOP 
But *CUNK* of Colorado Springs , Colo. , plans to start shipping commercial quantities of simple *UNK* chips in December . STOP 
The company expects the chips eventually to be used in devices that *UNK* a whole range of computer memory equipment , including *UNK-* and *UNK-* drives . STOP 
National Semiconductor is getting *UNK* technology from *CUNKS* Corp. in *CUNK* , *CUNK* . STOP 
National says it agreed to acquire *CUNKS* 's assets and will start shipping commercial quantities of its first chips , including a *UNK-* memory , next year . STOP 
Once production *UNKS* are overcome , the chips could take over a significant part of the market . STOP 
In addition to not *UNKING* an outside power source , they are potentially cheaper to make because they require fewer manufacturing steps than conventional chips . STOP 
*CUNK* buyers have shown interest , National says , because *UNK* chips *UNK* *UNK* radiation . STOP 
And while today 's *UNK-* chips -- such as *UNKLY* *UNK* *UNK* *UNKLY* memory chips -- ca n't be used in a computer 's central memory because they `` learn '' data slowly , *UNK* chips accept data at very high *UNKS* . STOP 
*CUNKING* Up in Court Without *CUNKING* There STOP 
*CUNK* *CUNK* , Texas , company plans to make it easy for you show up in court a thousand miles away without leaving town . STOP 
*CUNKS* often must travel long *UNKS* to give *UNK-* *UNKS* before lawyers and court reporters . STOP 
That means huge travel bills . STOP 
And telephone or *UNK* *UNKS* just do n't match physical *UNKS* . STOP 
That could change , thanks to lower long-distance rates and cheaper electronics . STOP 
*CUNK* *CUNK* Corp. , which markets *UNKING* systems , is working with court reporters to wire a nationwide network to allow *UNKS* by live television . STOP 
The company installed a *UNK* system that *UNKS* Dallas with Miami over *UNKAL* phone lines . STOP 
And it is preparing to set up shop in Chicago , New York and 10 other cities where *UNKING* agencies can *UNK* conference rooms into the network . STOP 
While lawyers arranged individual *UNKS* before , the formal network of court reporters should make things easier and cheaper . STOP 
An attorney will be able to use the network for an *UNKLY* fee of between $ 200 and $ 400 , depending on the quality of the picture , to take *UNKS* from witnesses in any of the connected cities . STOP 
Japanese *CUNK* *CUNK* On *CUNK* Protection STOP 
*CUNK* 'S *CUNK* of U.S. patents has been a *UNK* point for American chip makers . STOP 
Now at least one Japanese company is turning the courtroom tables . STOP 
Until now , most Japanese charges have been responses to suits against them . STOP 
But last year Hitachi Ltd. surprised Japan 's electronics industry when it accused Korea 's *CUNK* Electronics Co. of using Hitachi technology to make dynamic *UNKS* memory chips . STOP 
-LRB- A settlement was reached but was n't made public . -RRB- STOP 
And Hitachi went on the offensive against the U.S. 's Motorola Inc. earlier this month with a suit charging that Motorola 's new *CUNK* chip *UNKS* on a Hitachi patent . STOP 
Another recent Hitachi suit *UNKS* Motorola of reverse engineering a Hitachi technology -- a *UNK* from a nation of champion reverse engineers . STOP 
The moves *UNK* the more aggressive attitude toward patent protection that patent experts say Japan is starting to take . STOP 
Hitachi made the *UNKING* charges in an amendment to a *UNK* filed in a federal district court in Texas after Motorola sued Hitachi for patent violation . STOP 
Hitachi charges Motorola `` has engaged in fraudulent and *UNK* conduct in the *UNK* of certain Motorola patents '' used in Motorola 's *CUNK* *UNK* chip . STOP 
*CUNKION* : Motorola appears to have taken a Hitachi technology that is *UNKED* in the U.S. , Hitachi says , and `` tried to make it look like a new technology . '' STOP 
Motorola either denied or would n't comment on the various charges . STOP 
*CUNKS* and *CUNKS* STOP 
*CUNK* chips that *UNK* human vision have been developed by Japan 's *CUNK* Corp . STOP 
They *UNK* the brain by `` looking '' at an image , *UNKING* the fundamentals -- *UNKS* , *UNKS* and lines -- and *UNKING* them into computer data . STOP 
*CUNK* says the set of chips could improve *UNK* machines , graphics computers or *UNKION* systems that recognize *UNKAL* features ... . STOP 
An *CUNK* . *CUNKS* unit has created a computer system that processes video images 3,000 times faster than conventional systems . STOP 
Using reduced *UNK-* computing , or *CUNK* , chips made by *CUNK* of *CUNK* , *CUNK* , the system *UNKS* the image it `` sees '' into 20 *UNKAL* *UNKS* , each processed by one chip . STOP 
Tandy Corp. , citing sluggish sales of *UNKS* goods , said net income dropped 3.3 % for the first quarter ended Sept. 30 . STOP 
The results , which represented the fifth consecutive quarter of *UNKER* earnings for the big electronics retailer , disappointed analysts and traders . STOP 
Tandy 's stock fell $ *UNKN* a share to close at $ 44 in New York Stock Exchange composite trading . STOP 
Net for the quarter was $ *UNKN* million , or 73 cents a share , down from $ *UNKN* million , or 72 cents a share , a year earlier . STOP 
The company said earnings would have increased if it had n't been actively *UNKING* its shares , thus increasing its interest expense and reducing its interest income . STOP 
Tandy had *UNKN* million shares outstanding at Sept. 30 , down from 90 million a year earlier . STOP 
Revenue rose 5 % to $ *UNKN* million from $ *UNKN* million . STOP 
Tandy said consumer electronics sales at its Radio *CUNK* stores have been slow , partly because of a lack of hot , new products . STOP 
`` Radio *CUNK* continues to be lackluster , '' said Dennis *CUNK* , analyst with *CUNKER* , *CUNK* & Turner in Dallas . STOP 
He said Tandy `` has done a decent job '' increasing sales by manufacturing computers for others and expanding sales of its *CUNK* Systems Corp. subsidiary , which sells computers to bigger businesses , but `` it 's not enough to offset the problems at Radio *CUNK* . '' STOP 
Sales at Radio *CUNK* stores open more than a year grew only 2 % in the quarter from a year earlier , he said . STOP 
As a result , Mr. *CUNK* said he cut his fiscal 1990 per-share earnings estimate for Tandy to $ *UNKN* from $ *UNKN* . STOP 
Tandy earned $ *UNKN* million , or $ *UNKN* a share , in the year ended June 30 . STOP 
Barry Bryant , an analyst with Drexel Burnham Lambert Inc. , said Tandy also has suffered from *UNK* sales of its computers aimed at the home and *UNK-* market , which are *UNKED* and cheaper than computers aimed at the corporate market . STOP 
Tandy has added several new products to that line , including a laptop computer priced around $ 1,000 , and is focusing its advertising on the *UNK-* software that is packaged with its machines . STOP 
Mr. Bryant and other analysts hope all those moves will combine to help Tandy 's results improve in the important Christmas quarter . STOP 
`` They 've been promising 13 % to 15 % growth based on the strategic moves they 've made , '' he said . STOP 
`` If the earnings *UNKION* is to take place , that should be the quarter . STOP 
At a private dinner Thursday , Drexel Burnham Lambert Inc. chief executive Frederick Joseph delivered a *UNKING* message about the junk bond market to officials of Prudential Insurance Co. of America . STOP 
Mr. Joseph conceded the junk market was in disarray , according to people familiar with the discussion . STOP 
He said Drexel -- the leading underwriter of high-risk junk bonds -- could no longer afford to sell any junk offerings if they might later become troubled because Drexel *UNKED* losing its highly lucrative junk franchise . STOP 
The dinner was a *UNK* confirmation that 1989 is the worst year ever for the $ 200 billion junk market . STOP 
And investors and traders alike say the current turmoil could take years to resolve . STOP 
*CUNK* the market *UNKER* , even Drexel , which has the *UNKEST* and most loyal following of junk bond investors , is pulling in its *UNKS* . STOP 
Although the big investment bank still *UNKS* the junk market , Drexel has been unable to stem the *UNK* from growing junk bond defaults , withdrawn new offerings , *UNKS* by shareholders in junk bond mutual funds and an exodus of *UNKED* investors . STOP 
For many money managers , the past four months have been *UNKING* . STOP 
`` This is the worst *UNK* ever in the junk market , and it could take years before it 's over , '' says Mark *CUNK* , a senior vice president at Standard & Poor 's Corp. , a credit rating company . STOP 
In the third quarter , for example , junk bonds -- those with less than an investment-grade rating -- showed negative returns , the only major sector of the bond market to do so . STOP 
Since the end of last year , junk bonds have been *UNKED* by all categories of investment-grade bonds , including *UNK-* Treasury securities . STOP 
The junk market , which *UNKED* to $ 200 billion from less than $ 2 billion at the start of the decade , has been declining for months as issuers have *UNKED* under the weight of hefty interest payments . STOP 
The *UNK* market received its biggest *UNK* last month from Campeau Corp. , which created its U.S. retailing empire with more than $ 3 billion in junk financing . STOP 
Campeau developed a cash squeeze that caused it to be *UNK* on some interest payments and to put its *OUS* Bloomingdale 's department store chain up for sale . STOP 
At that point , the junk market went into a *UNK* as buyers *UNKED* and investors tried to sell . STOP 
In an interview , Mr. Joseph says his dinner discussion with the Prudential executives acknowledged problems for junk . STOP 
`` What I thought I was saying is that the market is troubled but still viable and , *UNKLY* enough , quite *OUS* , which is not at all bad , '' he says . STOP 
`` Nobody 's been perfect in their credit *UNKS* the past couple years , and we 're going to make sure our default rates are going to be in the acceptable *UNKS* of the market . '' STOP 
What has *UNKED* many junk buyers is the sudden *UNKION* that junk bonds can not necessarily be bought and sold with the ease of common stocks and many investment-grade bonds . STOP 
Unlike the New York Stock Exchange , where buyers and sellers are quickly matched , the junk market , where risky corporate loans are traded , is sometimes closed for repairs . STOP 
At closely held *CUNK* Securities Corp. , junk bond money managers *CUNK* K. *CUNK* and *CUNK* H. *CUNKER* say the problems of the junk market go deeper than a temporary *UNK* . STOP 
In recent months , they say , there has been heavy selling of junk bonds by some of the market 's traditional investors , while new buyers have n't *UNKED* to replace them . STOP 
Wall Street securities firms , `` the primary source of liquidity for the high yield market , '' have been net sellers of junk bonds because of trading losses , *CUNK* said in a recent , *UNK* report to customers . STOP 
Mutual funds have also been net sellers of junk bonds as junk 's relatively poor performance and negative press coverage have produced `` *UNKAL* '' *UNKS* by shareholders , *CUNK* said . STOP 
Investors , trying to raise cash , have sold `` large liquid issues '' such as RJR Holdings Corp. and *CUNKER* Co. ; declines in these benchmark issues have contributed to the market 's *UNKS* . STOP 
And , *CUNK* said , buying has been severely reduced because savings and loans have been restricted in their junk purchases by recently passed congressional legislation . STOP 
`` In fact , savings and loans were sellers of high yield holdings throughout the quarter , '' *CUNK* said . STOP 
Ms. *CUNK* and Ms. *CUNKER* say they are managing their junk portfolios *UNKLY* , building cash and *UNKLY* *UNKING* the overall quality . STOP 
Meanwhile , Prudential , the nation 's largest insurer and the biggest investor in junk bonds , has seen the value of its junk bond portfolio drop to $ 6.5 billion from $ 7 billion since August because of falling junk prices . STOP 
`` We certainly do have a lack of liquidity here , and it 's something to be concerned about , '' says James A. *CUNK* , a managing director . STOP 
`` I have no reason to think things will get worse , but this market has a *UNK* for surprising us . STOP 
This market *UNKS* us to be *UNK* . '' STOP 
The junk market 's `` yield *UNKS* are learning a real painful lesson , '' he says . STOP 
Although the majority of junk bonds outstanding show no signs of default , the market has *UNKED* many junk issues as if they were in trouble , says Stuart *CUNK* , manager of Aetna Life & Casualty Insurance Co. 's $ 17 billion investment-grade public bond portfolio . STOP 
`` But we think the risks are there for things getting a lot worse . STOP 
And the risks are n't appropriate for us , '' he says . STOP 
The big insurer , unlike Prudential , owns only about $ 150 million of publicly sold junk bonds . STOP 
The string of big junk bond defaults , which have been a major cause of the market 's problems this year , probably will *UNK* , some analysts say . STOP 
`` If anything , we 're going to see defaults increase because credit ratings have declined , '' says Paul *CUNK* , associate professor at the Massachusetts Institute of Technology 's Sloan School of Management . STOP 
Mr. *CUNK* , whose study on junk bond defaults caused a *UNK* on Wall Street when it was disclosed last April , says this year 's junk bond defaults already show a high *UNKION* with his own findings . STOP 
His study showed that junk bonds over time had a cumulative default rate of 34 % . STOP 
One indication of a growing number of junk defaults , Mr. *CUNK* says , is that about half of the $ 3 billion of corporate bonds outstanding that have been lowered to a default rating by S&P this year are junk bonds sold during the market 's big issue years of 1984 through 1986 . STOP 
These bonds , now rated *UNK-* , include junk offerings by *CUNK* Industries , Columbia Savings -LRB- Colorado -RRB- , First Texas Savings Association , *CUNK* Financial Corp. , Integrated Resources Inc. , Metropolitan Broadcasting Corp. , *CUNKS* International Inc. , *CUNK* Corp. and *CUNKEST* Inc . STOP 
`` Obviously , we got a lot more smoke than fire from the people who told us the market was n't so risky , '' says *CUNK* *CUNK* , professor of finance at University of California 's Anderson *CUNK* School of Management in Los Angeles . STOP 
Mr. *CUNK* has just completed a study that finds that the risks and returns of junk bonds are less than on common stocks but more than on investment-grade bonds . STOP 
Mr. *CUNK* says : `` The junk market is no *UNK* as Drexel claimed , but it also is n't a disaster as the *UNKS* say . '' STOP 
Despite the junk market 's problems , Drexel continues to enjoy a loyalty among junk bond investors that its Wall Street rivals have n't found . STOP 
During the past three weeks , for example , Drexel has sold $ 1.3 billion of new junk bonds for Turner Broadcasting Co. , Uniroyal Chemical , Continental Air and *CUNK* & *CUNKS* . STOP 
Still , the list of troubled Drexel bond offerings *UNKS* that of any firm on Wall Street , as does its successful offerings . STOP 
*CUNKED* *CUNK-* issues include *CUNKS* International , *CUNK* , Integrated Resources , SCI TV , Gillette Holdings , Western Electric and *CUNK* . STOP 
`` *CUNK* junk bonds will continue to trade well , '' says Michael *CUNK* , chairman of Salomon Brothers Asset Management Inc . STOP 
`` But the deals that never should have been brought have now become nuclear waste . STOP 
As *CUNK* *CUNK* , who owns an art *UNK* company , *UNKED* her *UNK* *UNK* , she *UNKED* off the names of a few *UNKS* -- Prince Charles , *CUNKS* *CUNK* , *CUNK* *CUNK* , John *CUNK* , Milton Petrie . STOP 
Then , *UNKING* a *UNK* *UNKING* as big as the *CUNK* -LRB- `` my day *UNK* , *UNKING* '' -RRB- , she told her two *UNKS* that she is on the `` board '' of the Vatican Museum in *CUNK* . STOP 
As it turns out , the board has a lot of important members , including *CUNK* *CUNK* -LRB- former *UNKER* general of the U.S. -RRB- , Mrs. Henry *CUNK* -LRB- *UNK* of the *UNK* of *UNK-* *UNK* -RRB- and Vincent Murphy -LRB- an investment banker at Merrill Lynch & Co . -RRB- STOP 
But Mrs. *CUNK* did n't mention any of them . STOP 
`` *CUNK* *CUNK* has a way with names , '' says James *CUNK* , a *UNK* columnist for *CUNK* -LRB- and son of Joseph *CUNK* , a founder of *CUNK* -RRB- . STOP 
Like which are *UNK* and which are not . STOP 
With the fall social season well under way , *UNKS* are out in force , trying to *UNKS* their *UNKS* and sometimes put down their *UNKS* . STOP 
But the truth is that almost everyone , from real-estate agents to city *UNKS* , *UNKS* ; and a surprising number of people have an *UNK* *UNUNK* who claims he lived next door to the *UNK* who did the *CUNKER* *CUNKS* . STOP 
-LRB- In case you have *UNK* , his name was *CUNK* *CUNKS* . -RRB- STOP 
`` *CUNKING* is *UNK* and getting more so as society becomes more complex and *UNKING* , '' says Herbert *CUNKER* , a New York *UNK* , with a *UNKED* *UNK* . STOP 
`` It can be an *UNK* of *UNK* to a certain sector of society ... . STOP 
It provides some people a needed sense of *UNKION* and can help open up a conversation with someone you do n't know . '' STOP 
Like the Long Island *UNK* in the theater district the other day who *UNK* to a *UNKER* that she once met *CUNK* *CUNK* . STOP 
`` I was having a drink in *CUNK* 's , when all of a sudden I saw a woman 's *UNK* coming up the steps on the second floor and she was wearing *UNKED* *UNKS* . STOP 
I knew it was someone important , so I followed her into the *UNKS* room and sure enough , it was *CUNK* . STOP 
So I said , ` *CUNK* . ' STOP 
And she said , ` *CUNK* . ' STOP 
*CUNK* you imagine ? STOP 
*CUNK* said *UNK* to me . '' STOP 
Some people must drop names -- call it an *UNK* *UNK* . STOP 
`` They ca n't help talking about the big important people they know , even if they do n't really know them , '' says Dr. *CUNKER* . STOP 
*CUNK* *CUNK-* , a New York writer who changed his name from William *CUNK* in 1980 , is an *UNK* *UNKER* . STOP 
`` I do it *UNKLY* and *UNKLY* , and while it may occasionally get me into trouble , it 's also gotten me access to parties and society , '' he says . STOP 
*CUNKING* recently helped Mr. *CUNK-* crash a party *CUNK* magazine threw for 100 of the *UNKN* people mentioned in the *UNKS* of the late *CUNK* *CUNK* . STOP 
`` I guess I might have asked *CUNK* to leave , but he drops so many good names , we decided to let him stay , '' says Steven Greenberg , publisher of *CUNK* . STOP 
`` After all , *CUNK* was the ultimate *UNKER* , dropping five a day in his *UNKS* . STOP 
And *CUNK* was mentioned twice -- although very briefly and in passing . '' STOP 
Mr. *CUNK-* says that at the party he *UNKED* to Malcolm *CUNKS* , publisher of *CUNKS* magazine -LRB- `` *CUNK* been in the columns together '' -RRB- , Mary *CUNK* , a New York art dealer -LRB- `` I think she knows me , but I 'm not sure '' -RRB- and *CUNK* *CUNK* , the *UNKS* -LRB- `` She knows me , but we 're not really the best of friends '' -RRB- . STOP 
Mr. *CUNK* , the *UNK* columnist , says there are people who actually plan whose names they are going to drop before attending a party . STOP 
These *UNKS* do n't *UNK* only their *UNKS* with the *CUNKS* , *CUNK* *CUNK* or *CUNK* *CUNKER* . STOP 
`` They even drop *UNK-* names like *CUNK* *CUNK* , whom everybody these days apparently has heard of but no one really knows , '' says Mr. *CUNK* . STOP 
`` It 's the *UNK-* of *UNKING* that counts . '' STOP 
But *UNKING* has other benefits , often *UNK* . STOP 
In the name of *UNK* pride and from the desire to *UNK* a negative image , some city *UNKS* seek to link their *UNK* with the most *UNK* names the city has to offer . STOP 
*CUNK* Cleveland . STOP 
It has gotten a bad *UNK* because its once heavily *UNKED* *CUNK* River caught fire , because former Mayor Ralph *CUNK* set his hair on fire with an *UNK* *UNK* and because its proposed Rock *UNK* *CUNK* Hall of *CUNK* was recently refused an *UNK-* grant . STOP 
Some people call it `` The *CUNK* on the Lake '' -- Lake *CUNK* , that is . STOP 
`` It helps to point out how many important people came through Cleveland on their way to the top , '' says George Miller , executive director of the New Cleveland *CUNK* , a *UNK* organization devoted to citing the city 's *UNKS* . STOP 
Mr. Miller notes that actor Paul *CUNK* 's family owned a *UNKS* store in Cleveland , that the late *UNKS* Margaret Hamilton , who played the bad *UNK* in `` The *CUNK* Of *CUNK* , '' once ran a *UNK* school in Cleveland and that *UNK* Bob *CUNK* 's father , a *UNK* , once worked on a church next to *CUNK* Hall , Cleveland 's main *UNK* *UNK* . STOP 
`` Power names like that do n't hurt the city 's reputation , '' Mr. Miller says . STOP 
In Hollywood , an average family can gain *UNK* from moving into a home *UNKED* by the famous or near famous . STOP 
`` Why we even just sold a *UNK-* house in Van *CUNKS* and were able to keep the price firm in a weak real-estate market by noting that the original Lone *CUNKER* lived there , '' says David *CUNK* , a sales associate with Jon Douglas Co. , a Los Angeles real-estate agency . STOP 
`` Most people ca n't even remember his name . '' STOP 
-LRB- It is John Hart . -RRB- STOP 
Mr. *CUNK* says that a *UNK-* property *UNKING* the San *CUNK* Valley is priced at $ 4 million because the late actor *CUNK* *CUNK* once lived there . STOP 
`` If *CUNK* had n't lived there , the property might have been priced $ 1 million lower , '' says Mr. *CUNK* , noting that *CUNK* 's house has been *UNKED* , and only the *UNKING* pool remains . STOP 
Press agents and *UNKS* *UNKS* are *OUS* *UNKS* . STOP 
And some even do it with *UNK* *UNK* . STOP 
*CUNK* *CUNKER* , a financial *UNK* in New York , sometimes uses it to get the attention of journalists who try to avoid him . STOP 
He says that when Dan *CUNK* , a financial columnist with USA Today , has n't returned his phone calls , he leaves messages with Mr. *CUNK* 's office saying that he has an important story on Donald Trump , *CUNK* *CUNKS* or Marvin Davis . STOP 
He admits he has no story on any of them on these occasions . STOP 
`` But it does get him to return my calls , and it makes me feel better for the times he 's given me the *UNK* , '' Mr. *CUNKER* says . STOP 
There are , of course , obvious *UNKS* to *UNK* , *UNKED* *UNKING* . STOP 
*CUNK* *CUNKAL* , a publicity agent for the *CUNK* Office in Los Angeles , warns that dropping the wrong name *UNKS* the *UNKER* as a *UNK* and a fraud . STOP 
`` *CUNK* caught and you 're dead in the water , '' says Mr. *CUNKAL* . STOP 
Mr. *CUNKAL* says that Elizabeth Taylor , a client , `` *UNKS* being called ` *CUNK* . ' ... STOP 
If directors or producers phone me and say they know ` *CUNK* , ' I know they 've never met her . STOP 
She *UNKS* ` Elizabeth . ' '' STOP 
In New York society , *CUNK* *CUNK* , the very social wife of author William *CUNK* , has the *UNKS* `` Mrs. *CUNKS* '' and `` *CUNK* . '' STOP 
And her husband sometimes calls her `` *CUNK* . '' STOP 
`` But call her ` *CUNK* , ' and it 's a sure *UNK* you 're not in her circle , because she does n't use that name , '' says *CUNK* *CUNK* , *UNK-* of Avenue magazine , a monthly publication sent to all the right names . STOP 
John Spencer *CUNK* , a *UNK* of the late Sir *CUNK* *CUNK* , former prime minister of Great Britain , is n't that *UNKED* with most *UNKS* he *UNKS* . STOP 
That 's because they only drop `` mere names , '' says Mr. *CUNK* . STOP 
Currently writing his *UNKS* , Mr. *CUNK* , an artist , tells how *UNKS* such as the late *CUNK* Paul *CUNK* , the oil *UNK* , were , in fact , known only by one initial , their last . STOP 
`` When you 're at the club , you ask whether they 've *UNK* to ` *CUNK* . ' STOP 
Now they know who you mean and you know who you mean . STOP 
But no one else does . STOP 
Now that 's *UNKING* , if you know what I mean . STOP 
Part of a Series -RCB- STOP 
*CUNK* , *CUNK* -- STOP 
The *UNKER* strip in this booming *UNK* runs nearly five miles along *CUNK* *CUNK* , *UNKING* from the *CUNKER* highway that circles Atlanta to the `` Big *CUNK* , '' a *UNKED* fast-food restaurant and local *UNK* . STOP 
*CUNK* years ago , in the *UNK* of suburban *UNK* , just a handful of *UNKS* were here . STOP 
Now there are 23 . STOP 
*CUNK* such *UNK-* names as Chevrolet , Ford and Dodge are *UNKS* that did n't exist until three years ago : *CUNK* , Sterling , Hyundai . STOP 
Under construction is the strip 's *UNK* *UNK* , the future home of Lexus , a luxury *UNK* launched by Toyota Motor Corp. just two months ago . STOP 
The 1980s have *UNKED* an *UNKION* of consumer choice in America , in everything from phone companies to *UNKS* . STOP 
And especially , as the *CUNK* *CUNK* strip *UNKS* , in cars . STOP 
Americans now can choose among *UNKN* different models of cars , *UNKS* and trucks , up from just *UNKN* when the decade began , according to *CUNK* News , a trade publication . STOP 
For car marketers , it has become a much tougher battle to keep loyal customers from *UNKING* to one of the new makes on the block . STOP 
For American car buyers , the *UNKION* of choice is both *UNKING* and confusing . STOP 
Malcolm *CUNK* , vice chairman of the *CUNK* , *CUNK* , *CUNK* & Taylor advertising agency in New York , calls the *UNKION* `` *UNK* *UNK* . '' STOP 
He says the number of automobile choices is causing stress among consumers today , and that people will simply ignore new models that lack a *UNKED* image . STOP 
`` The winners , '' he predicts , `` will be brands from car makers that have traditionally been associated with quality and value . '' STOP 
He says it 's important for a new make to be as *UNK* as possible while still *UNKING* links to the parent company 's quality image . STOP 
He *UNKS* Toyota and Nissan Motor Co. for creating separate divisions for their new luxury models , rather than simply adding more *UNKS* to their standard car lines . STOP 
Some auto executives believe the benefits of more choice *UNK* the *UNKS* . STOP 
`` There 's more *UNK* out there , and the consumer may have to work harder to cut through it , '' says Vincent P. *CUNK* , executive director of market research and planning at General Motors Corp . STOP 
`` But the reward is that there 's less need to make *UNKS* '' in *UNKING* one 's *UNKS* . STOP 
*CUNK* *CUNK* , of North *CUNK* Lake City , Utah , likes the broader selection . STOP 
She wants something big , and already has looked at the Chrysler New *CUNKER* and Lincoln *CUNK* Car . STOP 
Now , the *UNK-* car *UNKER* is *UNKING* in on a *UNKED* van , *UNKING* that it 's just the thing to *UNK* nine *UNK* and pull a *UNK* at the same time . STOP 
`` That seems to be what all my friends are using to take the *UNKS* to the *UNK* , '' she says . STOP 
Market *UNKION* in cars is n't new , but it 's far more extensive than when Alfred P. Sloan Jr. *UNKED* the idea 50 years ago . STOP 
The *UNK* GM chairman declared that his company would make `` a car for every *UNK* and purpose . '' STOP 
Now there are many cars for every *UNK* and purpose . STOP 
Just four years ago , GM planners divided the combined car and truck market into seven segments . STOP 
Today , they identify 19 *UNK* segments for cars , and another 11 for trucks and *UNKS* . STOP 
The number of makes has *UNKED* because the U.S. is the world 's biggest and *UNKEST* market for *UNKS* ; virtually every auto maker wants to sell here . STOP 
For every brand like Renault or Fiat that has been squeezed out , others such as *CUNK* , *CUNK* and Mitsubishi have come in . STOP 
Detroit tries to counter the foreign *UNKION* with new brands of its own . STOP 
GM launched the *CUNK* *UNK* this year to sell cars made in partnership with foreign auto makers , and next year GM 's *UNKED* *CUNK* cars will make their debut . STOP 
Ford Motor Co. created the Merkur *UNK* in 1985 to sell its *CUNK-* *UNKING* *UNKS* in the U.S. . STOP 
But slow sales forced Ford to kill the brand just last week . STOP 
When consumers have so many choices , brand loyalty is much harder to maintain . STOP 
The Wall Street Journal 's `` American Way of Buying '' survey found that 53 % of today 's car buyers tend to switch brands . STOP 
For the survey , Peter D. Hart Research Associates and the *CUNKER* Organization each asked about 2,000 U.S. consumers about their buying *UNKS* . STOP 
*CUNK* cars do Americans favor most these days ? STOP 
It 's hard to *UNK* , but age seems to be the best *UNK* . STOP 
*CUNKS* under age 30 like sports cars , luxury cars , *UNKS* and imports far more than their *UNKS* do . STOP 
Three of every 10 buyers under 30 would prefer to buy a sports car , compared with just 16 % of adults 30 and over , according to the Journal survey . STOP 
Young consumers prefer luxury cars by a 37 % to 28 % margin -- even though older buyers , because of their *UNKS* , are more likely to actually purchase a luxury car . STOP 
Perhaps most striking , 35 % of households headed by people *UNKED* 18 to 44 have at least one foreign car . STOP 
That 's true of only 14 % of households headed by someone 60 or older . STOP 
*CUNKLY* , imports appeal most to Americans who live in the West and are *UNKED* , affluent and , especially , young . STOP 
`` For many baby *UNKS* , buying a domestic car is a totally foreign experience , '' says Christopher *CUNK* , *UNK-* analyst with *CUNK* Power & Co. of *CUNK* Hills , Calif . STOP 
Such *UNKS* *UNK* even though many Americans believe differences between imported and domestic cars are *UNKING* . STOP 
Only 58 % of Americans now believe that foreign cars get better gas *UNK* than domestic models , the Journal survey found , down from 68 % in 1987 . STOP 
Some 46 % give foreign cars higher quality ratings , down from 50 % two years ago . STOP 
On the other hand , only 42 % say foreign cars are less comfortable than U.S. models , down from 55 % in 1987 . STOP 
People in the automotive business disagree over how *UNK* younger Americans are to brand *UNKING* . STOP 
`` Once buying *UNKS* are formed , they 're very hard to break , '' declares Thomas *CUNK* , executive vice president for Nissan 's U.S. sales operations . STOP 
But out on *CUNK* *CUNK* , Ted *CUNKS* sees it *UNKLY* . STOP 
`` The competition is so intense that an owner 's loyalty to a dealership or a car is virtually *UNK* , '' says Mr. *CUNKS* , vice president of *CUNK* *CUNKS* *CUNK* , one of the first *UNKS* to *UNK* on the strip . STOP 
Thus the very *UNKS* of baby *UNKS* may make it possible to win them back , just as it was possible to lose them . STOP 
The battle for customer loyalty is evident along the *CUNK* *CUNK* strip . STOP 
*CUNK* *CUNKS* *CUNKS* recently established a special section in the service department for owners whose cars are less than a year old , so they get *UNKER* service . STOP 
Just down the street , *CUNKS* *CUNK* *UNKS* serious *UNKS* to *UNK-* a new *CUNK* to any other dealership along the strip , and compare the cars *UNK-* . STOP 
Manufacturers , too , are *UNKING* further to lure buyers . STOP 
GM 's *CUNK* division , ignoring Detroit 's *UNK-* *UNK* that safety does n't sell , is airing television commercials *UNKING* its cars ' safety features . STOP 
*CUNK* may be on to something . STOP 
Some 60 % of the survey respondents said they would buy *UNK-* *UNKS* even if they carry a medium or high price *UNK* . STOP 
More than 50 % felt the same way about air bags . STOP 
Both features appealed most to buyers under 45 . STOP 
In contrast , *UNK* computers , power seats and *UNKED* engines had little appeal . STOP 
But even a little appeal has a lot of *UNKION* these days . STOP 
GM 's *CUNK* division is offering a *UNKED* *CUNK* engine on its Grand *CUNK* model , even though it expects to sell only about 4,000 cars *UNKED* with that option . STOP 
The reason : *CUNKS* with narrow appeal can be important in a market as *UNKED* as today 's . STOP 
Americans spent more than $ 190 billion on new cars and trucks last year , and just 1 % of that market exceeded Polaroid Co. 's sales of $ *UNKN* billion . STOP 
`` Even if it 's only 1 % , '' says GM 's Mr. *CUNK* , `` would you throw away sales the size of Polaroid ? '' STOP 
American Telephone & Telegraph Co. said it will lay off 75 to 85 technicians here , effective Nov. 1 . STOP 
The workers install , maintain and repair its private branch exchanges , which are large *UNK* telephone networks . STOP 
It 's a California crime *UNK* *UNK* of an *CUNK* Stanley *CUNKER* title : The *CUNK* of the *CUNKED* *CUNK* *CUNKS* . STOP 
Edward *CUNK* *UNK* one morning last month to find eight *UNKS* in his front *UNK* where his *UNKED* *UNK* *UNKS* , called *UNKS* , once stood . STOP 
*CUNKS* later , the *UNKS* returned and *UNK* out more , this time adding *UNK* to *UNK* . STOP 
`` The second time , '' he says , `` they left the *UNK* . '' STOP 
No *UNK-* crime , *UNK-* *UNKING* is *UNKING* up all over Southern California , bringing big *UNKS* to *UNKS* who know their *UNK* . STOP 
*CUNKS* , the most popular of which is the *CUNK* *CUNK* , are *UNKED* versions of California 's famous *UNKED* *UNKS* , with *UNK* *UNKS* and *UNK-* *UNKS* . STOP 
Because the *CUNK* is relatively rare and grows only a couple of inches a year , it 's a *UNK* lawn *UNKION* : A *UNK-* *UNK* *CUNK* can retail for $ 1,000 , and *UNKER* ones often fetch $ 3,000 or more . STOP 
`` *CUNKLY* , somebody has realized it 's easy money to steal these things , '' says *CUNK* *CUNK* , a research associate *UNKING* in *UNKS* at the Los Angeles State and County *CUNK* . STOP 
Just last week , would-be *UNKS* damaged three *CUNKS* at Mr. *CUNK* 's home in the Eagle Rock section before something *UNKED* them off , *UNKED* . STOP 
`` It 's hard to think someone is *UNKING* your garden , '' he says . STOP 
Police suspect that the criminals , who *UNK* up the plants in the dead of night , are selling them to *UNKS* or *UNKS* . STOP 
The *CUNK* has become a popular *UNK* in *UNK* new housing *UNKS* , apparently giving the *UNKS* a ready market for their *UNKED* *UNKS* . STOP 
*CUNKS* are going to find `` anybody who has enough *UNKS* to plant these things in their front *UNK* , '' says William *CUNK* , an *UNK* with the police department in *CUNK* *CUNK* , Calif. , where five such *UNKS* have been reported in the past several weeks . STOP 
The department is advising residents to plant *CUNKS* , if they must , in the back *UNK* and telling *UNKS* to be on the *UNK* for anyone trying to *UNK* one off . STOP 
But for those *CUNKS* who want *UNK* *UNKS* out front where neighbors can *UNK* them , there 's always Harold Smith 's approach . STOP 
After three *CUNKS* were stolen from his home in *CUNK* *CUNK* , `` I put a big iron stake in the ground and tied the *UNK* to the stake with a chain , '' he says *UNKLY* . STOP 
`` And you ca n't cut this chain with *UNK* *UNKS* . STOP 
Program trading on the New York Stock Exchange in September rose to its highest recorded level as a percentage of total monthly trading volume . STOP 
September program trading amounted to 13.8 % of average daily New York Stock Exchange volume of *UNKN* million shares , the largest percentage since the exchange began making such figures public in July 1988 . STOP 
A daily average of *UNKN* million shares traded in program strategies in September , the *UNKEST* level ever . STOP 
The highest level was in June 1989 , when a daily average of *UNKN* million shares traded in program strategies . STOP 
Average daily trading volume in June of *UNKN* million shares was considerably higher than in September . STOP 
Program trading amounted to *UNKN* % of average daily volume in June . STOP 
The Big Board says program trading describes a variety of strategies involving the purchase or sale of a basket of 15 or more stocks . STOP 
The most controversial of these is stock-index arbitrage , in which traders buy or sell baskets of stocks and offset the position with an opposite trade in stock-index futures to lock in profits . STOP 
It 's the most controversial form of program trading because it can create *UNK* price swings in the stock market . STOP 
Salomon Brothers Inc. was the top program trader in September , but most of the firm 's activity involved portfolio trading strategies other than stock-index arbitrage . STOP 
Overall , Salomon reported program trading volume of *UNKN* million shares . STOP 
The top stock-index arbitrage firm last month was Morgan Stanley & Co . STOP 
Of Morgan Stanley 's *UNKN* million shares in program trades for the month , *UNKN* million were in stock-index arbitrage trades . STOP 
*CUNK* *UNK-* Morgan Stanley were Kidder , Peabody & Co. , Goldman , Sachs & Co. and CS First Boston Inc. 's First Boston Corp. unit . STOP 
A group of shareholders filed suit against Imperial Corp. of America , Drexel Burnham Lambert Inc. , First Executive Corp. and others , charging them with *UNKLY* *UNKING* Imperial 's stock price to protect certain major investors . STOP 
The complaint , filed in federal district court , *UNKS* Imperial and other defendants of issuing false and misleading financial data . STOP 
It also charges that Imperial , the holding company for Imperial Savings & Loan , experienced major losses and *UNKS* because of *UNKER* assessment of the risks of junk-bond investments and wholesale consumer loan packages . STOP 
The suit seeks unspecified damages . STOP 
Imperial is in the midst of reducing its junk-bond holdings and getting out of the investment banking business in order to return to traditional thrift activities . STOP 
The derivative suit is similar to a *UNKION* complaint filed earlier this year . STOP 
Imperial said in a statement it expects other complaints to be filed in the wake of the original suit and a recent article in *CUNK* 's magazine that focused on the company 's problems . STOP 
Although an Imperial spokesman said the company had n't yet been served with the derivative suit , he *UNKED* the company 's statement that it would *UNKLY* defend itself against the *UNKION* suit . STOP 
*CUNK* at Drexel and First Executive said the companies had n't yet been served with the suit . STOP 
In a separate complaint also filed in federal court here , shareholder Max *CUNK* of New York charged Imperial , its top executives and directors with breach of *UNK* duty and *UNKING* the company 's assets . STOP 
Imperial said it had n't been served with this suit either . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
*CUNK-* S.A. , Paris , said it completed the purchase of the specialty chemicals operation of *CUNK* Corp. , a British mining and industrial group . STOP 
*CUNK-* , a chemical and pharmaceutical company , said *CUNK* *CUNKS* has annual sales of about $ 900 million . STOP 
It did n't release terms of the transaction . STOP 
Consumer spending in Britain rose 0.1 % in the third quarter from the second quarter and was up 3.8 % from a year ago , the Central *CUNKAL* Office estimated Friday . STOP 
A group including *CUNK* E. Phillips , former chairman of *CUNK* Corp. , and William S. *CUNK* , former vice chairman of *CUNK* , lowered its stake in the Dallas real estate concern to 7.7 % , according to a filing with the Securities and Exchange Commission . STOP 
The group said it sold *UNKN* *CUNK* common shares from Sept. 5 to Oct. 5 for *UNKN* cents to 25 cents a share . STOP 
The filing said the group continues to hold *UNKN* remaining shares . STOP 
Eastman Kodak Co. , seeking to position itself in the potentially huge high-definition television market , unveiled a *UNKER* that can transform conventional *UNK-* film into high-definition video . STOP 
The move also helps the Rochester , N.Y. , *UNK* giant ensure that its *UNK-* film business -- for which it holds a *UNKAL* *UNKLY* , *UNKING* every Hollywood movie company -- is n't made *UNK* by the *UNK* HDTV business . STOP 
While the *UNK* *UNKER* is costly , it 's being *UNKED* by the *UNK* HDTV industry as a way of increasing the number of high-quality shows that can be seen on the new medium . STOP 
`` The industry has been waiting with *UNKED* *UNK* for the machines to come along , '' says David *CUNKS* , president of *CUNK* *CUNK* Five *CUNKS* Inc. , a New York *UNKER* in high-definition programming . STOP 
He notes that industry executives have until now worried that they would face a severe shortage of programs once consumers begin replacing their TV sets with *CUNKS* . STOP 
Japanese electronic giants , such as Sony Corp. and Hitachi Ltd. , have focused almost entirely on HDTV hardware , and virtually ignored software or programs shot in high-definition . STOP 
And only a handful of small U.S. companies are engaged in high-definition software development . STOP 
It 's estimated that just about 250 hours of *CUNK* programming is currently available for airing . STOP 
Kodak says its new *CUNK* HDTV *UNKER* will help *UNK* the problem by allowing *UNKS* and *UNKS* to convert movies and television programs shot in *UNK* *UNK-* film into high-definition video . STOP 
Consumers will be able to switch on their HDTV sets and get all the *UNKING* benefits the high-tech medium offers . STOP 
Otherwise , they 'd be watching programs that are no different in quality from what they currently view on color *CUNK* . STOP 
It would be like `` watching a black and white movie on a color TV set , '' says Malcolm G. *CUNK* , chairman of the film and video department at the Rochester Institute of Technology . STOP 
The new *UNKS* are `` a critical link between film and the television *UNK* , '' says *CUNK* D. *CUNK* , vice president and general manager of Kodak 's *CUNKION* *CUNK* and *CUNKAL* Products division . STOP 
Kodak wo n't disclose the cost or when its *UNKER* will be on the market , but it 's estimated the machine may be available within two years . STOP 
A similar machine already on the market , made by *CUNK* *CUNK* Ltd. , a unit of *CUNK* *CUNKION* , costs about $ 500,000 . STOP 
And the potential market is tremendous , industry experts say . STOP 
If HDTV takes off in the U.S. , there will be demand for some 4,000 to 5,000 HDTV *UNKS* , known in the industry as *UNKS* . STOP 
Demand will come first from programming production companies and then from television stations . STOP 
`` The *UNKER* is head and *UNKS* above anything else I 've seen , '' says Richard J. *CUNK* , vice president - engineering and development at MCA Inc. 's *CUNKAL* City *CUNKS* . STOP 
And Mr. *CUNKS* , the program producer , contends that Kodak 's move is `` a sound marketing decision . STOP 
They ca n't afford to stay out of HDTV . '' STOP 
Indeed , the stakes are high . STOP 
The U.S. electronics industry estimates that the HDTV market will total about $ 150 billion over the next two decades , with an additional $ 400 billion expected to go for related products . STOP 
*CUNKS* break down images into more than *UNKN* lines , compared with *UNKN* for today 's *UNKS* , providing considerably *UNKER* detail . STOP 
And the sets are wider , *UNKING* the *UNKS* of a movie screen . STOP 
But the financial *UNKS* are n't expected soon , nor are they guaranteed . STOP 
*CUNKS* estimate the first sets of *CUNKS* wo n't be available for another five to 10 years , and will probably retail for more than $ 3,000 each in today 's dollars . STOP 
Some critics say they wo n't be quickly embraced by consumers because of the high price . STOP 
Nevertheless , Kodak could n't risk letting HDTV turn its *UNK-* film business into a *UNK* . STOP 
`` Kodak *UNKS* HDTV is where everybody is going , '' says *CUNK* 's Mr. *CUNK* . STOP 
Yet another political scandal is *UNKING* Japan . STOP 
But this time it 's hurting opposition as well as *UNK-* members . STOP 
And as it *UNKS* , it 's *UNKING* some of the more *UNKED* and *UNKER* aspects of Japanese society . STOP 
Already , ruling *CUNKAL* Democratic Party demands that opposition members testify under *UNK* in *UNK* have stalled one budget committee session and forced the committee to plan a special two-day investigation at the end of the month . STOP 
But the scandal itself is so *UNKED* that *UNK-* members are divided between those who want to pursue the matter in hope of *UNKING* the opposition and those who favor leaving well enough alone . STOP 
`` The opposition can be the most hurt because everyone already figures the LDP is that kind of *UNK* , '' says *CUNK* *CUNK* , former aide to LDP *UNKER* *CUNK* *CUNK* and now an independent analyst . STOP 
But , he adds , `` We ca n't tell where it will go at all because we 're still in the middle of it . '' STOP 
This time , the scandal centers on donations made by the *UNK-* pachinko *UNK* industry . STOP 
*CUNK* , a kind of *UNK* , is Japan 's favorite form of legal gambling . STOP 
The donations so far appear to be small , especially compared with the huge *UNKS* that changed hands in the *CUNK* Co . *UNKING* scandal that *UNKED* the ruling party last year . STOP 
But the implications could be great . STOP 
*CUNK* is slightly on the *UNK* side , often linked to the lower ranks of Japan 's *UNUNK* and regularly at the top of annual lists of tax *UNKS* . STOP 
Recently the industry has faced the threat of new restrictions , and political donations may have been made with the intent to *UNK* . STOP 
Also , about 60 % of pachinko *UNK* owners are Korean , many of whom maintain close ties with North or South Korean residents ' organizations , and donations by such foreign groups are illegal in Japan . STOP 
To many Japanese , pachinko is *UNK* or *UNKLY* *UNUNK* . STOP 
*CUNK* *UNK* pachinko *UNKS* *UNK* from the main streets and narrow *UNKS* of cities and *UNKS* across the country . STOP 
*CUNKS* pass hours , watching the *UNKS* *UNK* and listening to the metal *UNKS* *UNKING* , as much to *UNK* as to get a little time to be *OUS* , alone with their *UNKS* . STOP 
At 500 yen -LRB- $ *UNKN* -RRB- for a handful of *UNKS* , pachinko is a common *UNK* , and has been since it took *UNK* as cheap entertainment in the years after World War II . STOP 
But the total of all those *UNKING* *UNKS* has created an industry with a reported annual income of 13 trillion yen -LRB- almost $ 92 billion -RRB- , or nearly the size of Japan 's *UNKED* automobile industry . STOP 
And because the pachinko industry is regularly at the top of annual lists for tax *UNKION* , some observers estimate the real income could be as much as 20 trillion yen . STOP 
If that money were being *UNKED* , it could bring the government a badly needed several trillion yen . STOP 
In 1984 , an attempt was made to crack down on the industry with tougher restrictions . STOP 
Then , in 1988 , a proposal to keep better track of income by selling *UNK* cards for pachinko was *UNKED* in *UNK* . STOP 
The proposal split the industry in two , along the lines of national *UNK* : North *CUNKS* oppose the plan while South *CUNKS* , Japanese and *CUNK* accept it or are *UNKAL* . STOP 
In August , a conservative weekly magazine reported that a pachinko industry organization donated money to Japan Socialist Party members . STOP 
The magazine alleged that in making the donations , the pachinko industry may have been offering *UNKS* to win support in the battle against *UNK* cards , or it may have been *UNKING* money back and forth between the *CUNK* and the North Korean residents ' organization , the *CUNK* *CUNK* . STOP 
The *CUNK* *CUNK* and the *CUNK* immediately denied the report . STOP 
And at first , neither the opposition nor the LDP wanted to pursue the issue . STOP 
But the press kept it alive ; as with the *CUNK* scandal , lists began *UNKING* with names of people who had received money . STOP 
Within a matter of weeks , *UNK-* magazines reported that members of the ruling LDP had received much larger donations from pachinko organizations . STOP 
So far , though , there have been no allegations that the contributions the LDP members received amounted to *UNKS* . STOP 
Then the two *UNKS* *UNKED* the *UNK* : Reports that *CUNK* *CUNK* had donated directly to *CUNK* members were rapidly *UNKED* by statements that the South Korean residents ' organization had long been *UNKING* directly to LDP members . STOP 
The *CUNK* admitted Oct. 13 that its members received about eight million yen from the pachinko organization , and charged LDP members with receiving 125 million yen -LRB- $ *UNKN* -RRB- and other opposition parties with taking about 2.5 million yen . STOP 
On Friday , the chief cabinet secretary announced that eight cabinet ministers had received five million yen from the industry , including *UNKN* yen -LRB- $ *UNKN* -RRB- by Prime Minister *CUNK* *CUNK* . STOP 
No one has alleged that the donations were by themselves illegal . STOP 
*CUNK* donations from either of the residents ' organizations would be illegal because the groups are defined as foreign , but both groups deny making direct donations . STOP 
They say it *UNK* possible some of their members may be *UNKING* privately . STOP 
The issue is further complicated because although the organizations represent Korean residents , those residents were largely born and raised in Japan and many speak only Japanese . STOP 
That they retain Korean *UNK* and ties is a *UNKION* of history -- their parents were shipped in as *UNKS* during the decades when Japan *UNKED* Korea before World War II -- and the discrimination that still faces *CUNKS* in Japanese society . STOP 
Many Japanese think it only natural that the organizations or their members would *UNK* to politicians , the way many Japanese do , to win favor or support . STOP 
Both residents ' organizations admit to receiving some funding from abroad . STOP 
But LDP members and supporters of the *UNK* card idea tend to speak in *UNK* about the *CUNK* 's alleged donations , *UNKING* that North Korean money would be more suspect than South Korean because North Korea is communist and South Korea is an ally . STOP 
When Robert McDuffie was 14 , he got a chance to play in the starting *UNK* for his high school basketball team in *CUNK* , *CUNK* . STOP 
Unfortunately , his mother had tickets for a *UNKAL* by *CUNK* *CUNK* the same night , and she was *UNK* about his attending . STOP 
`` I threw such a fit , '' says Mr. McDuffie , who had begun *UNK* studies at the age of six . STOP 
`` But once *CUNK* started playing , I did n't give a *UNK* about basketball ... . STOP 
*CUNKS* , I went home and *UNKED* for three hours . '' STOP 
Today , it 's obvious that the *UNK* , *UNK-* , *UNK-* *UNK* made the right choice . STOP 
At 31 , Mr. McDuffie has a rich , *UNKED* tone , an *UNK* *UNK* *UNKION* and an increasingly busy schedule . STOP 
He 's currently in the midst of a *UNK-* U.S. tour with *CUNK* *CUNK* and the Warsaw *CUNK* , with *UNKS* including Charleston , *CUNK* . -LRB- Oct. 25 -RRB- , *CUNK* , *CUNK* . -LRB- Oct. 28 -RRB- , *CUNK* , *CUNK* . -LRB- Oct. 29 -RRB- and Miami -LRB- Oct. 31 -RRB- . STOP 
Later this season he gives a *UNKAL* at Washington 's Kennedy Center , and appears as *UNK* with several major *UNKS* . STOP 
Yet Mr. McDuffie 's career has developed at a slower pace than those of some of his better known *UNKS* . STOP 
During the late 1970s , he was part of a musical `` *UNK* pack '' -- a group of *UNKING* *UNKS* who studied at the *CUNK* School with the noted *UNK* *CUNK* *CUNK* . STOP 
His *UNK* *UNKS* included *CUNK* *CUNK* , a *UNK* of *CUNK* *CUNK* who performed with major *UNKS* while still a student ; *CUNK-* *CUNK* , who joined the *UNKER* of *CUNK* *CUNKS* Inc. at the age of 18 ; and *CUNK* *CUNK-* , who launched her career by winning the 1981 *CUNK* *CUNKION* . STOP 
`` I thought I was over the *UNK* at 22 , '' recalls Mr. McDuffie , an *UNKING* man with *UNK* blue eyes and a light Southern *UNK* . STOP 
`` But I was n't ready for a career at that time . '' STOP 
Young McDuffie 's first *UNK* *UNKER* was *CUNK* *CUNKER* , a *CUNK* *UNK* who taught in the *CUNK* public school system . STOP 
`` He taught me how to play like a *UNK* , '' *UNKS* the *UNK* . STOP 
`` I did n't learn to count until I got to *CUNK* . '' STOP 
After studies at that *UNK* 's *CUNK-* Division with an assistant to the *UNK* *UNK* *CUNK* *CUNK* , he switched at the college level to Miss *CUNK* , Mr. *CUNK* 's longtime assistant and , ultimately , his rival . STOP 
`` I think I had to prove myself to her , '' says Mr. McDuffie . STOP 
`` But she was always encouraging . STOP 
She only put her foot down twice , '' he continues . STOP 
`` In my *UNK* year , my *UNK* was known as a party animal . STOP 
She thought I was n't getting my *UNKING* done . '' STOP 
As the *UNK* tells it , his *UNKLY* looking *UNKER* `` put her hands on her *UNKS* , *UNKED* her foot and said , ` You 've just got to get the -LCB- *UNK* *UNKED* -RCB- out of there . ' '' STOP 
The second incident took place after Mr. McDuffie gave an ambitious student *UNKAL* and was feeling rather pleased with himself . STOP 
Miss *CUNK* requested that he come to her studio with a tape of the *UNKAL* . STOP 
`` We *UNKED* to the *CUNK* ` *CUNK* , ' '' he recalls , `` and she said , ` You hear the first note , that *CUNK-* ? STOP 
That 's the only note that 's truly in *UNK* ... ' . '' STOP 
`` That 's the most important experience I 've had with any *UNKER* , '' he says , `` because she taught me how to listen . STOP 
Now , when I play with *UNKS* , the *UNKS* often *UNK* me on my *UNKION* . '' STOP 
It was also at *CUNK* that Mr. McDuffie discovered his *UNKION* for conservative , *UNK-* American *UNKS* such as David *CUNK* and Samuel *CUNKER* . STOP 
After winning a school competition with a performance of the latter 's `` *CUNK* *CUNK* , '' Mr. McDuffie was invited to play the work for the *UNKER* , who was *UNKING* of cancer . STOP 
`` *CUNKER* was *UNKED* by the *UNK* looking very *UNK* , '' recalls the *UNK* , who performed the work with a *UNK* *UNK* at the *UNKER* 's apartment . STOP 
`` He did n't say much , but what he said was important because it 's not in the score . STOP 
There 's a *UNK* , *CUNK* *UNK* -- he 'd kill me if he heard me say that -- throughout the first movement ... STOP 
The only time the *UNK* has it is right at the end . STOP 
It 's written ` *UNK* ' in the score , and I played it that way , kind of *UNK-* . STOP 
And he *UNKED* out ` *UNK* ! *UNK* ! ' -LCB- ` sweet ! sweet ! ' -RCB- . '' STOP 
`` So we did it over , '' he adds . STOP 
`` I played very *UNKLY* , with the *UNK* of the *UNK* . STOP 
If a *UNK* is sensitive enough to bring down the *UNK* -LCB- volume -RCB- at that point , it makes the piece *UNKAL* . STOP 
I do n't know why *CUNKER* never told anybody else . STOP 
On *CUNK* *CUNK* 's recording it 's very *UNKING* . '' STOP 
Since leaving *CUNK* , Mr. McDuffie has made some smart moves and some controversial ones . STOP 
His *UNKEST* appearance on the NBC *UNK* *UNK* `` Another World , '' *UNKED* musical *UNKS* . STOP 
By contrast , he 's won *UNKS* for his *UNKAL* of William *CUNK* 's `` *CUNK* *CUNK* , '' which he recently recorded for *CUNK* along with Leonard *CUNK* 's *UNKING* `` *CUNK* for *CUNK* *CUNK* , *CUNKS* and *CUNKION* . '' STOP 
Mr. McDuffie 's sweet tone , *UNK* *UNK* and *UNK* *UNK* make him an ideal *UNKER* of both works . STOP 
*CUNKED* by the *UNK* playing of the St. Louis *CUNK* under Leonard *CUNK* 's direction , this `` *CUNK* '' really swings . STOP 
Mr. *CUNK* 's `` *CUNK* *CUNK* , '' which sounds more like a *UNKLY* *UNKAL* *UNK* for *UNK* *UNK* with *UNKAL* *UNK* , *UNKS* until the *UNK* `` *CUNK* , *UNK* . '' STOP 
But there are *UNK* *UNKS* in its *UNK* slow *UNKS* and *UNK* *UNKS* for *UNK* , *UNKS* and *UNK* . STOP 
At Avery *CUNKER* Hall here , Mr. McDuffie was heard recently with Mr. *CUNK* and the Warsaw *CUNK* in more conventional fare -- *CUNK* 's *UNK* `` *CUNK* *CUNK* in *CUNK* *CUNK* . '' STOP 
His performance was so *UNK* and driven that the *UNKS* rarely *UNKED* . STOP 
The *UNKER* *CUNK* played *UNKLY* with a big , *UNK* sound that *UNKED* its size . STOP 
Whatever he plays , Mr. McDuffie finds satisfaction in the music itself -- `` something greater out there than me , '' as he puts it during an interview at the Manhattan apartment he shares with wife , *CUNK* , a *UNK* *UNK* . STOP 
`` A normal person did not write the *CUNK* ` *CUNK* *CUNK* , ' '' he declares . STOP 
`` Even when I hear it played badly , I 'm still *UNKED* by the piece . STOP 
If I could ever feel I 've contributed to it in some way , then all the hard work has been worth it . '' STOP 
Ms. *CUNK* is a *UNK-* music writer in New York . STOP 
Are consumers too deep in *UNK* ? STOP 
A lot of observers think so , and , if they 're right , the whole economy as well as the *UNKS* among us could be hurt . STOP 
A sudden , forced *UNK* by consumers , who normally account for about two-thirds of economic activity , would damp the economy at a time when *UNK-* spending is slowing and *UNKED* governments ca n't readily take up the *UNK* . STOP 
And another wave of bad loans would further *UNKER* many *UNK-* lending institutions . STOP 
The *UNKS* *UNK* some *UNK* trends . STOP 
During the almost *UNK-* economic expansion , inflation-adjusted gross national product , disposable personal income and personal consumption expenditures have risen 30 % , but inflation-adjusted consumer *UNK* credit has surged 66 % . STOP 
And the ratio of *UNK* debt to disposable personal income -- personal income after taxes -- has hit a high of about 18 1\/2 % . STOP 
However , these figures do n't seem to worry Thomas A. *CUNK* , an economist at the Federal Reserve Board . STOP 
In a paper presented at the recent annual meeting of the National Association of Business Economists in San Francisco , Mr. *CUNK* comments that `` *UNK* credit always grows rapidly in cyclical advances , and growth in this cycle is very typical of earlier *UNKS* . '' STOP 
He adds : `` We are now *UNKING* a slowdown which , if history is a guide , could *UNK* for a while . '' STOP 
But what about the debt burden ? STOP 
Mr. *CUNK* doubts that `` there is some *UNK* level '' at which the ratio of *UNK* debt to disposable income `` indicates economic problems . '' STOP 
And , `` more *UNKLY* , '' he says , `` the debt burden measured other ways is not really in *UNKED* waters . '' STOP 
The chart below shows why -LRB- see accompanying illustration -- *CUNK* Oct. 23 , 1989 -RRB- . STOP 
The ratio of consumer *UNK* credit to disposable income , though up a bit , has n't climbed *UNKLY* , and such debt as a percent of household assets is little changed . STOP 
Moreover , the burden of consumer credit payments relative to disposable income may be `` lower in this cycle than earlier , '' Mr. *CUNK* says . STOP 
He notes that some `` *UNKING* credit-card credit is actually *UNK* credit '' being used simply as a *UNK* way of paying bills rather than a *UNK* way of borrowing . STOP 
In addition , he says , `` longer maturities on automobile and other forms of *UNK* credit boost the stock of debt faster than the flow of *UNKS* and the accompanying payment burden . '' STOP 
And if you `` consider the changing distribution of credit , '' Mr. *CUNK* says , `` much of the increase in debt in recent years is due to increasing credit use by *UNK-* families , '' that is , `` those probably best able to handle it . '' STOP 
*CUNKING* figures on *UNK-* loans , he notes that `` 11 % of homeowners had *UNK-* credit accounts , but the proportion rises to 16 % of homeowners in the $ *UNKN* income range and 23 % of homeowners with income above $ 60,000 . '' STOP 
And much *UNK-* credit is used *UNKLY* . STOP 
`` The most frequent use is home improvement , which *UNKLY* *UNKS* the value of the property , '' Mr. *CUNK* says . STOP 
So , it is n't surprising that *UNK-* *UNKS* at banks remain , as the chart shows , *UNKLY* below some earlier highs -LRB- see accompanying illustration -- *CUNK* Oct. 23 , 1989 -RRB- . STOP 
A severe recession could , of course , raise *UNK* rates , but so far the current levels of consumer debt do n't seem to *UNK* as a major threat . STOP 
In fact , the current weakness in auto buying and department-store sales and the *UNKAL* *UNK* in the household saving rate suggest that consumers , conservative as ever , are already *UNKING* their *UNKS* a bit more *UNKLY* . STOP 
In July , consumer *UNK* credit outstanding fell for the first time since January 1987 . STOP 
`` Consumers appear *UNKING* to add to their leverage to support their spending , '' Bruce *CUNK* , a Merrill Lynch economist , says . STOP 
`` As a result , household debt appears to be stabilizing at around 63 % of GNP . '' STOP 
Consumers , credit cards in hand , are n't running *UNK* through the shopping *UNKS* -- or putting the economy at any great risk . STOP 
Maidenform Inc. *UNKS* to be intimate with its customers , but not with the rest of the public . STOP 
The *UNK-* maker of *UNKS* , *UNKS* , and *UNK* *UNKS* one of the *UNK-* brand images , but its financial profile is closely *UNKED* by members of the *UNKING* family . STOP 
`` There are very few companies that can *UNK* of such a *UNK-* group , '' says Robert A. Brawer , 52 years old , recently named president , succeeding Beatrice *CUNK* , his *UNK-* , who remains chairman . STOP 
`` We are a *UNKING* *UNKED* , '' he *UNKS* . STOP 
Mrs. *CUNK* , 73 , who declined to be interviewed , is the Maidenform strategist . STOP 
Sales have tripled during her *UNK-* tenure to about $ 200 million in 1988 . STOP 
Maidenform says it is very profitable but declines to provide *UNKS* . STOP 
The company sells image . STOP 
Its current ad campaign , on which Maidenform has spent more than $ 15 million since fall 1987 , does n't even show its *UNUNK* products , but rather men like Christopher *CUNK* , star of the `` *CUNK* '' movies , talking about their *UNK* *UNKS* . STOP 
The Maidenform name `` is part of American pop culture , '' says *CUNK* *CUNK* , account supervisor of the campaign by Levine , *CUNK* , *CUNK* & *CUNKER* , a New York ad firm . STOP 
Maidenform generated such *UNK* campaigns as `` I *UNKED* I ... in my Maidenform *UNK* , '' and `` The Maidenform woman . STOP 
You never know where she 'll turn up . '' STOP 
`` *CUNKING* on the brand is key , '' says Mr. Brawer , whose immediate plans include further international expansion and getting better control of distribution outside the U.S. . STOP 
`` The intimate apparel industry is perceived to be a growth industry and clearly -LCB- Maidenform -RCB- is a force to be *UNKED* with , '' says David S. *CUNK* , a special *UNKS* analyst at American Securities Corp. in New York . STOP 
Although working women are `` forced to wear the uniform of the day , to retain their *UNK* they are buying better quality , more upscale intimate apparel , '' he said . STOP 
Although Mr. Brawer 's appointment as president was long expected , the move on Sept. 25 *UNKED* the resignation of Alan *CUNK* as senior vice president of sales and *UNKING* . STOP 
Three days later , Mr. *CUNK* was named president and chief executive officer of *CUNK* Co. , a competing intimate apparel division of *CUNK* Inc . STOP 
*CUNK* also owns *CUNKS* , another major intimate apparel maker . STOP 
Mr. *CUNK* could n't be reached to comment . STOP 
But Maidenform officials say that after spending 24 years at Maidenform , Mr. *CUNK* , 48 , made it clear he wanted the top job . STOP 
`` If you want the presidency of the company , this is n't the firm to work for , '' says James *CUNK* , 45 , who was named senior vice president of sales , assuming some of the responsibilities of Mr. *CUNK* . STOP 
The company *UNKED* the loss of Mr. *CUNK* and split his *UNKING* responsibilities among a committee of four people . STOP 
`` My style is less informal , '' Mr. Brawer says . STOP 
*CUNK* officers insist Maidenform 's greatest strength is its family ownership . STOP 
`` You ca n't go anywhere in this company and find an *UNKAL* chart , '' one *UNKS* . STOP 
`` It is fun competing as a private company , '' Mr. Brawer says . STOP 
`` You can think long range . '' STOP 
Other major players in intimate apparel apparently feel the same way . STOP 
*CUNK* was taken private by *CUNK* Group in 1986 for about $ *UNKN* million . STOP 
And last year , *CUNK* Holdings Inc. went private for about $ *UNKN* million . STOP 
It was then split into *CUNK* *CUNK* Inc. , the intimate apparel division , and *CUNK* Family Products Corp. , which makes *UNKS* , *UNK-* items and other products . STOP 
*CUNKLY* traded *CUNK* Corp. , which owns *CUNK* *CUNK* , and *CUNK* Lee Corp. , which owns *CUNK* Co. , are also strong forces in intimate apparel . STOP 
*CUNK-* offers for Maidenform are n't *UNK* , says Executive Vice President David C. *CUNK* , but they are n't taken very seriously . STOP 
When he gets calls , `` I do n't even have to *UNK* '' with Mrs. *CUNK* , Mr. *CUNK* says . STOP 
The company could command a good price in the market . STOP 
`` Over the past three and a half years , apparel companies , many of whom have strong brand names , have been bought at about 60 % of sales , '' says *CUNK* *CUNK* , Prudential-Bache Securities Inc. apparel analyst . STOP 
Mr. Brawer , along with Mrs. *CUNK* and her daughter , Elizabeth , an attorney who is vice chairman , are the family members involved in the operations of Maidenform , which employs about 5,000 . STOP 
Mr. Brawer 's wife , *CUNK* , and Robert *CUNK* , Elizabeth 's husband , round out the *UNKER* board . STOP 
Each has an equal vote at the monthly meetings . STOP 
`` We are all very *UNK* , '' Mr. Brawer says . STOP 
Executives say Mrs. *CUNK* is very involved in the day-to-day operations , especially product development . STOP 
In the late 1960s she designed a *UNK* stretch *UNK* that boosted sales . STOP 
Her father , William *CUNKAL* , designed the *UNKS* making company 's first *UNK* in the *UNKS* , which he said gave women a `` *UNK* form '' compared with the `` *UNK* form '' they got from the `` flat *UNKS* '' used for support at the time . STOP 
While Mr. *CUNKAL* introduced new *UNUNK* designs , his wife , *CUNK* , concentrated on sales and other financial matters . STOP 
The name Maidenform was *UNKED* by a third business partner , *CUNK* *CUNK* . STOP 
The company has 14 plants and distribution facilities in the U.S. , Puerto Rico , other parts of the Caribbean and Ireland . STOP 
Maidenform products are mainly sold at department stores , but the company has quietly opened a retail store of its own in *CUNK* , Neb. , and has 24 factory outlets , with plans to add more . STOP 
Before joining Maidenform in 1972 , Mr. Brawer , who holds a *UNKAL* degree in English from the University of Chicago , taught at the University of Wisconsin . STOP 
As a senior vice president , he has headed the company 's designer *UNK* division , *CUNK* de la *CUNK* , since its *UNKION* in 1988 . STOP 
To maintain *UNK* of that designer line , it is n't *UNKED* with the Maidenform name . STOP 
While the company has always been *UNK-* , Mr. Brawer is n't the first person to *UNK* into the family and subsequently head Maidenform . STOP 
Mrs. *CUNK* 's husband , Joseph , a physician , succeeded Mrs. *CUNKAL* as president and served in that post until his death in *UNKN* . STOP 
China could *UNK* its foreign-exchange reserves as early as next year , a Western government report says , unless imports are cut *UNKLY* to help narrow the *UNKS* deficit . STOP 
According to the report , completed last month , if China 's trade gap continues to *UNK* at the pace seen in the first seven months of this year , the reserves would be *UNKED* out either in 1990 or 1991 . STOP 
A country is considered financially healthy if its reserves cover three months of its imports . STOP 
The $ 14 billion of reserves China had in June would cover just that much . STOP 
The report by the Western government , which declines to be identified , concludes that `` a near-term foreign-exchange payment problem can be avoided only if import growth drops to below 5 % per *UNK* . '' STOP 
According to Chinese *UNKS* figures , import growth has slowed in recent months , dropping to 16 % in July and 7.1 % in August from the year-earlier periods , compared with an average growth rate of 26 % in the first half . STOP 
But before import growth slowed , China 's buying spree in the first half already had taken its toll on foreign-exchange reserves . STOP 
The $ 14 billion level in June marked a drop from $ 19 billion at the end of April . STOP 
China 's last big import *UNK* sent reserves *UNKING* to $ *UNKN* billion in June 1985 from $ *UNKN* billion the previous September . STOP 
China might *UNK* off a crisis if it acts as *UNKLY* as it did to arrest the 1985 decline , when Beijing *UNKED* the *UNKS* on foreign-exchange spending and *UNKED* the currency . STOP 
But this time , China faces a more difficult battle because of economic forces that have come into play since the *CUNK* Square killings June 4 . STOP 
For example , China 's *UNK-* income is expected to suffer from the big drop in tourist *UNKS* since June 4 . STOP 
Revenue from tourism this year is projected to total $ 1.3 billion , down from $ 2.2 billion last year . STOP 
Because of this and the huge trade gap , the deficit in China 's current account , which measures trade in goods and services plus certain *UNUNK* transfers of funds , is expected to *UNK* sharply from the $ 3.8 billion deficit last year . STOP 
The Western government report suggests a number of *UNKS* for China 's *UNK-* balance , two of which are considered most likely . STOP 
In one , imports and exports continue to grow at the *UNK* average rates of 25 % and 5 % recorded during the first seven months , and the *UNK-* deficit *UNKS* to $ 13.1 billion . STOP 
In 1985 , China had a record deficit of $ *UNKN* billion . STOP 
The other scenario assumes that Beijing takes effective actions to curb imports in the coming months . STOP 
In this case , China would still finish the year with a *UNK-* deficit of $ *UNKN* billion , based on projections that imports for all of this year grow 20 % and exports 10 % . STOP 
If China were still on good terms with foreign lenders , it might be able to stem the drain on its foreign-exchange reserves by using some loan funds to offset the *UNK-* deficit . STOP 
But since June , foreign bankers led by international financial institutions have virtually suspended their new loans to China . STOP 
Even if borrowing *UNKS* , commercial bankers are n't expected to lend as much as before . STOP 
In addition , economists are forecasting a slowdown in foreign direct investments as businessmen become increasingly wary of China 's deteriorating political and economic environment . STOP 
On top of all this , *UNK-* *UNKS* are expected to peak in 1991 to 1992 . STOP 
With less capital coming in , China 's balance of payments would suffer . STOP 
The Western government report 's first scenario assumes a 30 % reduction in foreign borrowing and a 5 % *UNKION* in foreign direct investment . STOP 
In the second , foreign borrowing is projected to grow 10 % and investment to drop 10 % . STOP 
But in either case , the report says , China 's balance of payments would rapidly dry up foreign reserves , which are used to finance the *UNK* . STOP 
In the first scenario , the reserves would be *UNKED* next year , and in the second they would be *UNKED* out in 1991 . STOP 
*CUNK* Holding AG , parent of the Swiss chemical and pharmaceutical group , said its group sales rose 22 % in the first nine months of the year to *UNKN* billion francs -LRB- $ *UNKN* billion -RRB- . STOP 
The company reported good gains in all of its divisions . STOP 
*CUNK* also said it expects a `` considerable rise '' in 1989 group profit from the *UNKN* *UNK-* -LRB- $ *UNKN* million -RRB- net in 1988 . STOP 
New *CUNK* Investments Inc. said it closed the acquisition of *CUNK-* Glass Co. from *CUNK* Co. , a *CUNK* , Ill. , maker of *UNK-* home products . STOP 
Terms were n't disclosed . STOP 
*CUNK-* , a maker of glass *UNKS* for the cosmetics and *UNKS* industries , had sales last year of about $ 40 million . STOP 
New *CUNK* Investments is a closely held investment partnership with interests primarily in the packaging industry . STOP 
Ralph Brown was *UNKN* feet over Minnesota when both *UNKS* on his Falcon 20 *UNKED* out . STOP 
At *UNKN* feet , he says , he and his *UNK-* `` were looking for an interstate or a *UNK* '' to land . STOP 
At *UNKN* feet , the engines *UNKED* . STOP 
But knowing that *UNKS* would probably ground him for repairs , Mr. Brown *UNKED* his stop in nearby Chicago and set course to get his load -- a few hundred *UNKS* -- to the *CUNKS* *UNKING* *UNK* on time . STOP 
*CUNK* he been a little less *UNK-* , `` I 'd have gotten the thing on the ground and headed for the *UNKEST* bar , '' Mr. Brown says . STOP 
But he *UNKS* for Federal Express Corp. , perhaps the *UNKEST* thing in corporate America to the Green *CUNKS* . STOP 
Federal 's employees work long hours and seem to *UNK* on the stress of *UNKING* the *UNK* . STOP 
Like Mr. Brown , they sometimes go to surprising *UNKS* to meet that *UNKING* corporate goal : *UNKING* the goods on time . STOP 
They are a *UNK* to Federal 's management which , since the company 's *UNKING* 16 years ago , has had its way with its work force -- an unusual *UNK* in the *OUS* transportation industry . STOP 
That may soon change . STOP 
This month , Federal 's *UNKN* pilots , including some *UNKN* acquired along with Tiger International Inc. in February , will decide whether to *UNK* the powerful Air Line *CUNKS* Association as their bargaining agent . STOP 
The election , which would bring the first major union to Federal 's U.S. operations , has *UNKED* new *UNKS* against devoted *UNKS* such as Mr. Brown . STOP 
It has also *UNKED* Federal 's strongly *UNKION* management , which is already *UNKING* with *UNKING* *UNK-* operations and with falling profits . STOP 
`` A union , sooner or later , has to have an *UNK* , and it has to have a victory , '' Frederick W. Smith , Federal 's chairman and chief executive , says with *UNK* . STOP 
`` In our formula , we do n't have any losers except the competition . '' STOP 
What managers really fear is that the *UNKION* movement could spread beyond the pilots . STOP 
Under federal transportation law , a government mediator is attempting to *UNK* the *UNKING* of Tiger 's job *UNKS* into Federal 's . STOP 
*CUNKING* on the outcome , the merged company may face union elections this fall among *UNK* *UNKS* , *UNK* workers , stock *UNKS* and flight *UNKS* . STOP 
These groups constitute up to 10 % of its work force . STOP 
`` *CUNKS* would have a *UNK* effect on the whole culture of the company , '' says Bernard La *CUNK* , a professor at Ohio State University at Columbus and a Federal consultant . STOP 
That culture , carefully *UNKED* by Mr. Smith , leaves little , if any , room for unions . STOP 
Since *UNKING* the company , the *UNK* Vietnam *UNK* , who is still only 46 years old , has *UNKED* an *UNKS* of combat . STOP 
*CUNKS* are `` *UNKS* . '' STOP 
Mr. Smith 's managers have , at times , been called `` *CUNK* *CUNK* *CUNK* 's *CUNKS* . '' STOP 
The *CUNK* *CUNK* award , the Navy *UNK* for a `` job well done , '' is *UNKED* on Federal 's workers who *UNKS* the call of duty . STOP 
*CUNKS* are known as the `` *UNK* . '' STOP 
To reinforce employees ' *UNKION* , Mr. Smith pays well . STOP 
He also *UNKS* workers *UNK* steam through an elaborate *UNK* procedure and , as a *UNK* , fly free in empty *UNK* seats . STOP 
He gives *UNK* talks in *UNK* `` family *UNKS* '' *UNKED* *UNKLY* on `` *CUNK* , '' the company 's own television network . STOP 
And , with many of his 70,000 workers , Mr. Smith 's *UNKS* attitude has caught on . STOP 
James Cleveland , a *UNKER* who earned a *CUNK* *CUNK* for *UNKING* out how to get a major customer 's *UNK-* load to its *UNK* by 8 a.m. , considers himself far more than a *UNKER* . STOP 
`` We do n't just hand the customer the package . STOP 
That 's just the beginning , '' he says . STOP 
`` In *UNK* , we run the show . '' STOP 
David *CUNKS* , a longtime pilot , *UNKS* at the mere suggestion that a union might *UNKER* with his flight schedule . STOP 
`` This is America , '' he says . STOP 
`` Nobody has the right to tell me how much I can work . '' STOP 
Such attitudes have given Federal flexibility , not only to rapidly *UNK* new technology but to keep its work force *UNKLY* lean . STOP 
The company deliberately *UNKS* , *UNKING* employees ' schedules to the limit . STOP 
But though *UNKS* work as many as 60 hours a week during the *UNK* rush , they leave early during *UNK* times while still being assured of a minimum *UNK* . STOP 
*CUNKS* , as well , routinely fly overtime to ensure that none are *UNKED* during seasonal lows . STOP 
The operational freedom has also given Federal a leg up on *UNKAL* United *CUNK* Service Inc. , the nation 's largest employer of United *CUNK* of *CUNKS* members . STOP 
*CUNK* wo n't discuss its labor practices , but , according to Mr. Cleveland , a former *CUNK* employee , and others , union work rules *UNK* *CUNK* drivers from doing more than carrying packages between customers and their *UNKS* . STOP 
Because *CUNK* drivers are n't permitted to load their own vehicles at the *UNK* , say these *UNKS* , packages often get *UNKED* in the load and are delivered late . STOP 
Labor problems are the last thing Mr. Smith needs right now . STOP 
Although the Tiger acquisition has brought Federal a long way toward becoming the global player it wants to be , it also has brought problems . STOP 
It more than doubled Federal 's long-term debt to $ 1.9 billion , *UNK* the company into *UNUNK* territory -- heavy cargo -- and suddenly expanded its landing rights to 21 countries from four . STOP 
Federal , on its own , had n't been doing very well overseas . STOP 
It had *UNKED* in its attempt to get into Asia , where treaty restrictions forced it to fly some planes *UNK-* on certain routes . STOP 
On routes to South America , the company had no *UNK* *UNKS* to ensure delivery when planes were *UNKED* . STOP 
In Europe , business suffered as Federal bought several local companies , only to have the managers quit . STOP 
These and other problems squeezed Federal 's profit margins last year to 8 % , down from more than 13 % annually in the first half of the decade . STOP 
Earnings have plummeted , too , in each of the past three quarters . STOP 
In the fiscal first period ended Aug. 31 , profit fell 54 % to $ *UNKN* million , or 58 cents a share , mostly because of the Tiger merger , Federal says . STOP 
Federal 's stock price , however , has held up well , driven in part by the general *UNK-* of airline stocks , analysts say . STOP 
Since trading as low as $ *UNKN* a share in May , Federal 's shares have rallied as high as $ *UNKN* in New York Stock Exchange composite trading . STOP 
They closed Friday at $ *UNKN* , down 50 cents on the day . STOP 
There 's a certain *UNK* in the fact that Federal Express faces its first union problems as a result of its Tiger purchase . STOP 
Tiger itself was founded by a band of *UNK* *UNK* who had *UNKED* supplies `` over the *CUNK* '' from India to China during World War II . STOP 
In the early 1970s , Mr. Smith *UNKED* his *UNKING* company on Tiger 's *UNKION* of *UNK-* and *UNK-* operations . STOP 
But from early on , Tiger 's workers *UNKED* , while Federal 's never have . STOP 
Federal Express officials *UNK* mistakes in their drive overseas but say it will pay off eventually . STOP 
Analysts expect Federal 's earnings to improve again in its fiscal third quarter ending Feb. 28 , when the company should begin *UNKING* from Tiger 's extra flights , *UNK-* planes and landing rights . STOP 
Until then , they expect the cost of *UNKING* the two carriers to continue *UNKING* profits . STOP 
For now , the union issue is the most *UNK* of Federal 's Tiger problems , management believes . STOP 
Although encouraging dialogue between managers and workers , Mr. Smith does n't *UNK* what he considers *UNKION* . STOP 
When a large group of pilots once signed *UNKS* opposing *UNK-* and compensation changes , he called a meeting in a company *UNK* and *UNKED* them down for challenging his authority . STOP 
He then made most of the changes , pilots say . STOP 
That sort of approach , however , has n't worked since the addition of Tiger . STOP 
Its *UNKN* workers , who had *UNKED* Tiger 's management for years over *UNKS* , were union members until the day of the merger , when most of their unions were automatically *UNKED* . STOP 
Soon after the merger , *UNKER* , Federal 's management asked Tiger 's pilots to sign an agreement *UNKING* that they could be fired any time , without cause or notice . STOP 
When the pilots refused , the company *UNKED* it . STOP 
Mr. Smith *UNKED* Federal 's pilots , too . STOP 
In his *UNK* to *UNKAL* the deal with Tiger Chairman *CUNK* *CUNK* last August , Mr. Smith ignored a promise that he had made to his own pilots three years ago : that any *UNKS* acquired in future mergers would be `` *UNKED* '' -- put at the bottom of the pilot *UNK* list that *UNKS* work schedules , pay and career options . STOP 
The Tiger merger agreement *UNKED* that the lists be combined on the basis of tenure . STOP 
Mr. Smith is trying hard to *UNK* the anger . STOP 
And even some *UNKION* pilots say his *UNK* and popularity among the many former military *UNKS* could be tough to beat . STOP 
`` A lot of people are *UNKING* a vote for representation as a vote against *CUNKED* Smith , '' says *CUNK* *CUNK* , a *CUNKAL* pilot and union activist . STOP 
Mr. Smith and other top Federal executives have met with Tiger workers in Los Angeles , Ohio , New York , Alaska , Asia and Europe . STOP 
Recently , they have appeared every few weeks in *UNK-* type *UNKS* , *UNKING* *UNKION* arguments . STOP 
In one video , Mr. Smith defended his agreement to merge the *UNK-* lists . STOP 
He said Mr. *CUNK* had insisted that the merger talks move quickly . STOP 
*CUNKS* , as well , might have *UNKED* the deal if Tiger 's pilots had n't been protected , he said . STOP 
*CUNK* , Mr. Smith added , `` our contract with our pilots says that we will manage our fleet operations with their advice . STOP 
It does n't give any particular group the ability to veto change . '' STOP 
Already , the fight has been costly . STOP 
The *UNK-* controversy , along with the *UNKION* dispute , has been turned over to the mediator . STOP 
Meanwhile , the company is operating with two separate pilot groups and *UNK* lists , and that is *UNKING* Federal `` a big number , '' says James *CUNK* , executive vice president and chief operating officer . STOP 
The issue has also cost Federal management a lot of good will among its old pilots . STOP 
`` They were willing to *UNK* us because we had n't shown any *UNK* , any resistance , '' says William *CUNK* , a *CUNK-* pilot and *UNK-* Federal veteran . STOP 
*CUNKS* John *CUNK* , a *UNKN* *UNK* and past chairman of the *UNKED* *CUNK* *CUNK* Board : `` They 've made all these *OUS* *UNKS* to the *CUNKING* Tiger pilots , and for us , nothing . '' STOP 
Such *UNK* could prove *UNKAL* in the union vote . STOP 
A large majority of the *UNKN* former Tiger *UNKS* support the union , according to a union study . STOP 
But though most of the *UNKN* Federal pilots are believed opposed , it is unclear just how much their loyalty to Mr. Smith has been *UNKED* . STOP 
The fight has turned *UNKLY* and , among pilots at least , has *UNKED* the *UNK* de *UNKS* that Mr. Smith worked so hard to build . STOP 
*CUNKION* pilots have held *UNKING* parties . STOP 
Some younger pilots say they have had to *UNK* *UNKION* *UNKS* by senior pilots while flying across the country . STOP 
And for now , at least , the competition is n't the only *UNK* . STOP 
Barney *CUNK* , a *UNKN* *UNK* and leader of the *UNKION* forces , said he has received two *OUS* death threats and been challenged to a fight with tire *UNKS* by a *UNK* . STOP 
`` The pilots are either for us or extremely against us , '' he says with a *UNK* . STOP 
*CUNK* Corp. said it obtained a $ *UNKN* million export order for *UNKED* recovery vehicles and related support equipment . STOP 
*CUNK* declined to say what country placed the order . STOP 
The company said it received an order for 23 of the vehicles , which *UNK* tanks and other *UNKED* vehicles when they break down or are damaged , and an option for 16 more . STOP 
*CUNK* is to begin in early 1991 . STOP 
*CUNK* produces products for defense , industrial , commercial and construction markets . STOP 
The Senate convicted U.S. District Judge *CUNK* Hastings of Florida of eight impeachment articles , removing the *UNK-* judge from his $ *UNK-* , *UNK* job . STOP 
Mr. Hastings 's case was particularly *UNK* because it marked the first time a federal official was *UNKED* and removed from office on charges of which a jury had *UNKED* him . STOP 
In 1983 , Mr. Hastings was found not guilty of accepting a $ 150,000 *UNK* in a case before him , the central charge on which the Senate convicted him . STOP 
He was only the sixth federal judge ever ousted from office after an impeachment trial . STOP 
With no floor debate , the Senate on Friday voted *UNKN* to *UNK* Mr. Hastings of *UNK* and *UNKING* to accept a *UNK* , five votes more than needed . STOP 
*CUNKION* on any single impeachment article was enough to remove Judge Hastings from office . STOP 
He was found not guilty of three charges , involving accusations that he had *UNKLY* disclosed information about a sensitive , government investigation . STOP 
The Senate did n't vote on six *UNKER* charges . STOP 
Although Mr. Hastings had been *UNKED* by a jury , lawmakers handling the prosecution in Congress had argued that the purpose of impeachment is n't to *UNK* an individual . STOP 
Instead , they argued that impeachment aims to protect public institutions from people who have *UNKED* their positions of trust , *UNK* of the outcome of prior criminal or civil cases . STOP 
Mr. Hastings faced the senators and sat *UNKLY* during the first two *UNK-* votes , then quickly left the chamber . STOP 
In an *UNK* news conference on the Capitol steps , he *UNKED* the senators ' action . STOP 
`` Their opinion is *UNK* of the wisdom of the *UNKS* ' *UNKING* regarding impeachment , '' Mr. Hastings said . STOP 
For the future , he said he would run for governor of Florida . STOP 
Mr. Hastings was appointed to the federal bench by President Carter in 1979 and was one of the few black federal judges in the country . STOP 
While he *UNKED* the Senate gallery with his supporters during some of the impeachment trial , most civil rights groups kept their distance from his case . STOP 
Following the impeachment conviction , Dr. Benjamin *CUNKS* , executive director of the National Association for the *CUNK* of *CUNKED* People , issued a *UNKED* statement , warning that the Hastings case could set a `` dangerous *UNK* , '' but adding , `` We must respect the considered judgment of the Senate . STOP 
When last we left him , FBI *CUNK* *CUNK* Mancuso had *UNKED* a murder mystery , *UNKED* a Washington political scandal , and *UNKED* up some pretty good ratings numbers in the *UNKS* `` *CUNK* *CUNK* . '' STOP 
What next for the *UNK* FBI agent with the heart of gold ? STOP 
A spinoff series , of course . STOP 
There are plenty of worse *UNKS* for shows -- and most of them had already made the fall *UNK* : STOP 
a *UNK* raising some *UNK* *UNKS* . STOP 
A *UNK* mother raising some *UNK* *UNK* models . STOP 
A *UNK* of *UNKS* and *UNKING* suits *UNKING* as *UNK* *UNKS* . STOP 
In that context , Robert *CUNK* 's *UNKING* performance as the *UNUNK* -- even *UNK* -- veteran agent seems a better franchise for a series than most . STOP 
*CUNK* by week on `` Mancuso FBI '' -LRB- NBC , *CUNKS* , 10 *UNK* . *CUNK* -RRB- , he *UNKS* around the crime *UNKS* of the rich , famous and powerful of the Washington scene -- a loose *UNK* on *UNK* at the FBI . STOP 
Over the first few weeks , `` Mancuso FBI '' has *UNK* straight from the *UNKS* , which is either a *UNK* *UNK* at *UNK* , or a lack of *UNKION* , or both . STOP 
The opening show featured a secretary of defense *UNK* accused of *UNKING* -LRB- a la John Tower -RRB- . STOP 
When his secretary is found floating dead in the *UNK* 's pool , Mancuso is called in to investigate . STOP 
Last week , a young black *UNK* claimed she had been *UNKED* by a white police officer -LRB- a la *CUNK* *CUNK* -RRB- . STOP 
In this week 's show , there 's an *UNUNK* nuclear *UNKING* facility -LRB- a la *CUNK* *CUNKS* -RRB- . STOP 
Along the way , we 're introduced to the supporting cast : a *UNK* *UNK* secretary -LRB- *CUNK* *CUNK* -- her real name , *UNKEST* -RRB- , a *UNKING* young boss -LRB- *CUNK* *CUNK* -RRB- , another *UNK* *UNK* who 's also an *UNK* lawyer -LRB- *CUNK* *CUNK* -RRB- , and a *UNKS* expert -LRB- Charles *CUNK* -RRB- . STOP 
If all of this seems a little *UNK* , it 's *UNKED* in part by some *UNK* plot *UNKS* : STOP 
The usual *UNKS* are found to be guilty , then not guilty , then guilty -- but of a different crime . STOP 
-LRB- In last week 's rape case , for example , the *UNK* turns out to have been a victim of incest , and the biggest *UNKS* are the politicians who exploit the case . -RRB- STOP 
Most of all though , the show is *UNKED* by the character of Mancuso . STOP 
What makes the veteran FBI man so *UNKING* is his *UNK-* *UNK* -- earned , we discover , when he was assigned to the civil rights movement back in the 1960s . STOP 
He was n't protecting the *CUNK* *CUNKS* ; he was *UNKING* them as *UNKS* . STOP 
This is not the `` Mississippi *CUNKING* '' scenario that *UNKS* his young colleagues : `` *CUNK* , you 've been reading *CUNK* *CUNKS* too long , '' Mancuso says . STOP 
`` Back in *UNKN* , the FBI had five black agents . STOP 
Three were *UNKS* for J. *CUNK* *CUNKER* , and two *UNKED* his house . '' STOP 
At the core of Mr. *CUNK* 's Mancuso is his *UNK-* *UNK* . STOP 
He describes a reporter as `` Miss First Amendment . '' STOP 
He describes a *UNKED* *UNK* as `` *CUNKER* Williams . '' STOP 
And when he 's told `` *CUNK* a little *UNKS* , '' he *UNKS* back `` I 'm going home to try a little *UNK* . '' STOP 
Yet for all his *UNK* , he 's at heart a *UNK* *UNK* , a *UNK* with a secret crush on truth , justice and the American Way . STOP 
He 's the kind of guy who *UNKS* *UNKED* *UNKS* . STOP 
If `` Mancuso FBI '' has an *UNKING* central character , it also has a major *UNK* : STOP 
It 's *UNKLY* *UNK* . STOP 
Executive *CUNKS* Steve *CUNKER* and Jeff *CUNKER* -LRB- and *UNKS* *CUNK* *CUNK* and Steve *CUNK* -RRB- have *UNKED* this show up to the breaking point . STOP 
To start , there 's always a crisis -- and someone always worries , `` What if the press gets a hold of this ? '' STOP 
At least once an episode we see *UNKS* *UNKING* around *UNKING* *UNKS* . STOP 
At least once Mancuso 's boss *UNKS* `` In here -- now , '' and proceeds to dress his *UNK* down : STOP 
`` You are a *UNK* ... a *UNKER* in a $ 10 suit ... STOP 
One more word and you are out on a park bench , *UNKER* . '' STOP 
Finally , of course , the boss gives in , but he 's still *UNKING* : `` I find myself explaining anything to Teddy Kennedy , you 'll be *UNKING* stolen cars in *CUNK* . '' STOP 
In fact , throughout `` Mancuso FBI , '' we do n't get words or lines -- we get *UNKS* . STOP 
*CUNKS* *UNK* , *UNK* , *UNK* : `` ... a dream that the planet could be saved from itself and from the *UNK* *UNK* *UNKS* who try to *UNK* down every decent man who raises his voice . '' STOP 
And Mancuso himself is investigating at the top of his *UNKS* : `` How the *UNK* can you live with *UNK* ? '' he *UNKS* at a *UNK* . STOP 
`` You *UNK* people 's trust . STOP 
You built your career on *UNK* and hate . STOP 
The *UNKS* will be here years after the polls close . '' STOP 
In each show , Mancuso gets to *UNUNK* similar *UNKS* : STOP 
`` Where the *UNK* are they *UNK* *UNK* live when people like you turn the world into a big *UNK* waste dump ? STOP 
You 're the real criminal here ... and what you did was n't just a murder -- it was a crime against *UNK* . '' STOP 
And , at least once a show , someone *UNKS* the line `` *CUNK* off that *UNK* . '' STOP 
Now that 's advice the writers should take to heart . STOP 
They have a series with a good character , some interesting , even occasionally surprising plot lines , and they 're *UNKING* it . STOP 
Why , when a key witness *UNKS* , does Mancuso *UNK* her apartment , *UNKING* down *UNKS* , *UNKING* walls ? STOP 
It 's a *UNK* and totally *UNK* reaction , all to add more *UNK* to a *UNK* that 's already *UNKING* on *UNK* . STOP 
That 's not plot . STOP 
That 's not character . STOP 
That 's *UNKING* . STOP 
There is a scene at the end of the first week 's show where Mancuso *UNKS* the *UNKING* of the *UNKAL* to his dead partner David . STOP 
Asked to say a few words , he *UNKS* out his *UNKED* piece of paper and tries to talk , but he 's too *UNKED* up to get the words out . STOP 
He *UNKS* on the piece of paper in frustration , then turns and *UNKS* away . STOP 
It was a *UNKLY* moving moment for series television , and Robert *CUNK* 's acting *UNKED* in the *UNK* . STOP 
There 's a pretty good program inside all the *UNK* of `` Mancuso FBI . '' STOP 
If the show 's *UNKS* could just let themselves be quiet for a little , they might just hear it . STOP 
With a *CUNK* of the *CUNK* *CUNKS* with *UNKS* , and *CUNK* *UNKS* , And *CUNK* types with *UNKS* in their *UNK* , *CUNK* a goal in common , all of them try To put the right spin on it . STOP 
-- George O. *CUNK* . STOP 
Net *CUNK* STOP 
Investment letters now *UNK* , I really like to read them ; If I *UNK* enough , I 've found I 've no time left to *UNKED* them ! STOP 
-- *CUNK* *CUNK* . STOP 
*CUNKION* STOP 
TV *UNK* : *UNK* . STOP 
-- *CUNK* *CUNK* May . STOP 
Texaco Inc. has purchased an *UNKING* company in Texas for $ *UNKN* million , its first major acquisition since its legal *UNK* with Pennzoil Co. began more than four years ago . STOP 
The White *CUNKS* , N.Y. , oil company said Friday that it had acquired *CUNK* *CUNKION* Corp. , a subsidiary of *CUNK* Energy Holdings Inc. , for $ *UNKN* million in cash , with the rest to be paid in shares of a new , *UNKING* issue of preferred stock . STOP 
*CUNK* , which holds properties in 17 oil and gas fields in south Texas , will provide Texaco with mostly gas reserves . STOP 
The fields contain *UNK* reserves of *UNKN* billion cubic feet of natural gas and four million barrels of oil . STOP 
`` This acquisition is another indication of Texaco 's commitment to increase the company 's reserve base , '' said Chief Executive *CUNKER* James W. *CUNK* . STOP 
Texaco has also been attempting to sell oil properties . STOP 
At least two years ago , the company put 60 million barrels of oil reserves on the block . STOP 
They were either too small or *UNUNK* to maintain , the company said . STOP 
Not all of those *UNKS* have yet been sold . STOP 
Texaco acquired *CUNK* before it completed those sales because *CUNK* 's properties are high quality and near other fields Texaco already owns , a company spokeswoman said . STOP 
Texaco , like many other oil companies , has been struggling to replace its falling oil and gas reserves . STOP 
Texaco 's situation had become particularly complex because much of its effort had for years been focused on its *UNK* with Pennzoil and then on New York investor Carl C. Icahn 's attempt to take over the company . STOP 
Pennzoil had sued Texaco for *UNKLY* *UNKING* with its acquisition of a portion of *CUNK* Oil Co . STOP 
Eventually , Texaco , which was forced into bankruptcy proceedings by that litigation , settled its fight with Pennzoil for $ 3 billion in 1986 . STOP 
Mr. Icahn , who played a key role in the settlement and attempted subsequently to take control of the company , sold his stake in Texaco just last summer . STOP 
*CUNKION* of Texaco 's acquisition of *CUNK* is subject to government approval under the *CUNK-* *CUNK* *CUNKS* Act . STOP 
*CUNK* Inc. said it reduced the estimated cash distribution for its Capital Housing and Mortgage Partners Inc. trust to between 71 cents and 74 cents a share , from between 75 cents and 80 cents , for the year ending June 9 , 1990 . STOP 
The change in expected cash *UNKS* from the *CUNKS* real estate investment trust stems from a revised estimate of administrative costs , said Jay R. Cohen , *CUNKS* executive vice president . STOP 
*CUNK* , which sponsors *CUNKS* , is a world-wide real estate investment firm . STOP 
H&R *CUNK* Inc. had net income of $ *UNKN* million , or $ *UNKN* a share , in the fiscal year ended April 30 . STOP 
The figure was incorrectly shown as a net loss in a chart accompanying Friday 's *CUNK* on the Street column . STOP 
Your Oct. 2 article on Daniel *CUNK* cited the *UNK* `` A good name is better than great *UNKS* '' as being from *CUNKS* ' `` Don *CUNK* . '' STOP 
*CUNKLY* , *CUNKS* borrowed that *UNK* from a writer of some 25 *UNKS* earlier : Israel 's King *CUNK* wrote those words in the *CUNK* of *CUNKS* -LRB- *UNKN* -RRB- . STOP 
Michael E. Hill STOP 
Japan had an *UNKED* trade surplus of $ *UNKN* billion for the first 10 days of October , down from $ *UNKN* billion a year earlier , the Finance Ministry said . STOP 
The latest drop shows the *UNKING* in the nation 's trade gap reflected in *UNK* full monthly reports is continuing . STOP 
The report follows *UNK-* declines in full monthly figures . STOP 
*CUNKS* rose sharply in the period , to $ *UNKN* billion from $ *UNKN* billion a year earlier , a change of 28 % . STOP 
*CUNKS* during the period were $ *UNKN* billion , 2.6 % below $ 7.20 billion a year ago . STOP 
*CUNK* AG 's chairman said the *CUNK* insurer is prepared to give up some of its independence to a white knight if necessary to *UNK* a raider . STOP 
*CUNK* heavy buying of shares in Belgium 's largest insurer , *CUNK* *CUNKS* also warned in an interview that a white knight , in buying out a raider , could leave speculators with big losses on their AG stock . STOP 
Since the beginning of the year , the stock has nearly doubled , giving AG a market value of about 105 billion *CUNK* francs -LRB- $ 2.7 billion -RRB- . STOP 
The most likely white knight would be Societe Generale de *CUNK* S.A. , which already owns 18 % of AG and which itself is controlled by Cie . Financiere de *CUNK* , the *UNK* French financial conglomerate . STOP 
But Mr. *CUNKS* said a rescue also could involve *CUNK* Mutual Life Insurance Co. , which owns 5 % of AG . STOP 
AG is hardly alone in its anxiety . STOP 
A *OUS* *UNK-* is quickly *UNKING* Europe 's *UNKLY* insurance business . STOP 
*CUNKED* by European Community *UNKS* that will remove many of the barriers to *UNKER* insurance services , starting in *UNK-* , insurers are rushing to find partners and preparing for price wars . STOP 
In West Germany and the Netherlands , insurers are *UNKING* with banks . STOP 
In France , *CUNK* and *CUNK-* *CUNKS* S.A. both have been on the *UNK* for giant acquisitions ; *CUNK* last month acquired control of *CUNK* *CUNK* , the *UNKEST* European insurance company , after a takeover battle with Cie . *CUNK* . STOP 
Mr. *CUNKS* said the volume of shares changing hands has grown significantly since *UNKER* . STOP 
But he estimated that a raider would have been able to *UNKS* no more than 4 % of the shares in recent months . STOP 
Aside from exploring plans for joint ventures or acquisitions , Mr. *CUNKS* has called top managers of companies rumored as potential *UNKS* -- among them , *CUNK-* , Union *UNK* *CUNKS* de Paris and *CUNK* , all based in France . STOP 
They have all `` very clearly stated that they have not acquired and are not acquiring shares of AG , '' he said . STOP 
Any raider would find it hard to crack AG 's *UNKS* . STOP 
A `` syndicate '' of shareholders holds just under 50 % of AG , Mr. *CUNKS* said , and members have agreed to give one another the right of first *UNKAL* should they sell any AG shares . STOP 
Aside from Generale de *CUNK* and *CUNK* , the syndicate includes *CUNK* *CUNKS* , a *CUNK* savings bank , and various family interests . STOP 
A Generale spokesman confirmed that the giant *CUNK* holding company would be willing to raise its stake in AG should a raider seek control . STOP 
*CUNK* officials could n't be reached for comment . STOP 
Even without bid talk , this year 's surge in prices for Brussels real estate has *UNKED* interest in AG . STOP 
The company says those holdings constitute the *UNKEST* real-estate portfolio in Belgium . STOP 
With the *UNK* settling from the failed coup attempt in Panama , one of the many *UNKING* questions the Bush administration will *UNKER* is this : Is the National Security Council staff big enough , and does it have enough clout , to do its job of *UNKING* foreign policy ? STOP 
President Bush 's national security adviser , *CUNK* Gen. *CUNK* *CUNK* , came into office in January intent on making the NSC staff *UNKER* and more *UNKED* than it had been during the Reagan administration . STOP 
Gen. *CUNK* was a member of the Tower Commission , which *UNKED* the Iran-Contra affair . STOP 
He was all too aware of how a large , *UNKLY* *UNKED* NSC staff had *UNK* out of control and nearly *UNKED* President Reagan 's second term . STOP 
So , following both the style he *UNKED* as President Ford 's national security adviser and the recommendations of the Tower Commission , Gen. *CUNK* has *UNKED* the NSC staff and tried to ensure that it *UNKS* to its assigned tasks -- *UNKLY* , gathering the views of the State Department , Pentagon and intelligence community ; serving as an *UNKEST* broker in *UNKING* that information for the president and then making sure presidential decisions are carried out . STOP 
The Tower Commission specifically said that the NSC staff should be `` small '' and warned against letting `` *UNK* *UNKS* '' like *CUNK* *CUNK* Oliver North strike out on their own rather than leaving the day-to-day execution of policies to the State Department , Pentagon or Central Intelligence Agency . STOP 
However , the Panama episode has raised questions about whether the NSC staff is *UNKLY* big , *UNK* and powerful to coordinate U.S. policy on tough issues . STOP 
During the coup attempt and its aftermath , NSC staffers were `` stretched very thin , '' says one senior administration official . STOP 
`` It 's a very small shop . '' STOP 
Gen. *CUNK* does n't plan to increase the staff right now , but is *UNKING* that possibility , the official adds . STOP 
The NSC staff `` does n't have the *UNKER* that I believe is required to have an effective *UNK* process , '' says Frank *CUNK* , a former Pentagon aide who now runs the Center for Security Policy , a conservative Washington *UNK-* . STOP 
`` The problem with this administration , I think , is that by design it has greatly diminished , both in a physical sense and in a procedural sense , the role of the NSC . '' STOP 
The National Security Council itself was established in *UNKN* because policy makers *UNKED* a need , in an increasingly complex world , for a formal system within the White House to make sure that communications *UNKED* smoothly between the president and the State Department , Pentagon and intelligence agencies . STOP 
By law , the council includes the president , vice president and *UNKS* of state and defense . STOP 
In practice , the director of central intelligence and chairman of the *CUNK* *CUNKS* of *CUNK* also serve as *UNUNK* members . STOP 
But the size , shape and role of the NSC staff have been left for each president and his national security adviser to decide . STOP 
That task is one of Washington 's *UNKAL* problems . STOP 
In the Bush White House , the size of the NSC 's staff of professional officers is down to about 50 from about 70 in 1987 , administration officials say . STOP 
Administration officials insist that the size of the staff was n't a problem during the Panama crisis . STOP 
But one clear problem during the coup attempt was that the NSC *UNKER* most experienced in Latin America , *CUNK* *CUNKS* , was gone . STOP 
He had just resigned , at least in part because of a *UNK* with *CUNK* Secretary of State Bernard *CUNK* over the administration 's policy on Panama and support for Nicaragua 's Contra rebels . STOP 
The absence of Mr. *CUNKS* *UNKED* the possible *UNK* of the current NSC staff . STOP 
Both Gen. *CUNK* and his deputy , Robert Gates , are experts in *CUNK-* affairs . STOP 
Gen. *CUNK* is particularly *UNKED* in arms control , and Mr. Gates has spent years studying Soviet politics and society . STOP 
Both have become *UNKS* of President Bush . STOP 
But neither has an extensive background in Latin America , the Middle East or Asia . STOP 
In those areas , the role of NSC staffers under them therefore have become more important . STOP 
Gen. *CUNK* knows as well as anyone that one of the biggest *UNKS* he faces is that NSC staffers working in relative *UNK* will take over *UNKING* and operational tasks that are best left to bigger and more experienced State Department and Pentagon *UNKS* . STOP 
But just as every previous NSC adviser has , Gen. *CUNK* now will have to *UNK* at what point the NSC staff becomes too lean and too *UNKED* . STOP 
Japan 's wholesale prices in the first 10 days of October fell 0.3 % from the previous 10 days but rose 3.3 % from a year ago , the Bank of Japan said . STOP 
The wholesale price index stood at *UNKN* -LRB- 1985 *UNKS* 100 -RRB- . STOP 
A former *CUNK* Corp. marketing executive , *UNKING* his role in the Pentagon *UNK* scandal , pleaded guilty to *UNK* and conspiracy charges for helping *UNK* $ 400,000 to a *UNK* Navy acquisition official during the early 1980s . STOP 
Frank *CUNK* , who at the time was the marketing director for *CUNK* in *CUNKER* , Fla. , admitted participating in a scheme to *UNK* *CUNK* *CUNK* , the Navy official . STOP 
Mr. *CUNK* , who left the Navy in 1985 , pleaded guilty earlier this year to related conspiracy , *UNK* and *UNKION* charges . STOP 
The *UNK* scheme took place between 1982 and 1985 , according to documents filed by prosecutors in connection with Mr. *CUNK* 's guilty plea in federal district court in *CUNK* , Va . STOP 
*CUNK* merged with *CUNKS* Corp. to become Unisys Corp. in late 1986 . STOP 
Court documents filed by prosecutors indicate Mr. *CUNK* tried to *UNKER* to *CUNK* a *UNKION* dollar contract to *UNK* maintenance of certain Navy electronics *UNK* . STOP 
Mr. *CUNK* , among other things , illegally provided Mr. *CUNK* with inside information and documents intended to give *CUNK* an unfair advantage in the competition , the documents said . STOP 
*CUNK* ultimately was eliminated from the competition without receiving the work . STOP 
*CUNKS* filed by prosecutors also indicate that Mr. *CUNK* and his fellow *UNKS* requested and obtained `` approval of the scheme '' from *UNK-* *CUNK* officials `` because the payment which -LCB- *CUNK* . -RCB- *CUNK* requested was so large . '' STOP 
Charles *CUNKER* , a former Unisys vice president , and James Neal , a former company consultant , have admitted participating in this and other *UNK* *UNKS* . STOP 
Unisys has said that all of the company officials who *UNKED* in *UNKER* activities have left the company . STOP 
Mr. *CUNK* faces a maximum of 20 years in jail and a $ 500,000 fine . STOP 
The New York Stock Exchange said a seat was sold for $ 500,000 , unchanged from the sale Thursday . STOP 
*CUNKS* are quoted at $ *UNKN* bid and $ *UNKN* asked . STOP 
*CUNKS* may *UNK* their bad reputation , after all . STOP 
*CUNK* *CUNK* , something of a professional *UNKER* of government , thought he had a *UNK-* winner last summer when he offered $ 5,000 for the best `` *UNK* story of 250 words or less about how a government *UNK* helped you . '' STOP 
He sent out thousands of news releases from his *CUNK* , Md. , office . STOP 
He *UNKED* the contest on Larry King 's radio show , on *CUNK* *CUNK* 's television show and on the *CUNK-* cable television network . STOP 
He talked about it in every speech he made as he *UNKED* the country promoting his books , which *UNK* *UNK* *UNK-* advice on using government information for fun and profit . STOP 
Mr. *CUNK* figured he would be *UNKED* with *UNKS* by now . STOP 
After all , he says , `` we 've got like 15 million bureaucrats . '' STOP 
And in addition to the $ 5,000 , he has promised the winner a `` My *CUNK* *CUNK* '' *UNK* and offered each of two *UNK-* $ 500 . STOP 
So far , though , Mr. *CUNK* has received only one entry . STOP 
To make matters worse , the *UNK* *UNKION* came from another *UNK* : A woman from the New York State Department of *CUNKION* and Finance who *UNKED* her boss . STOP 
Mr. *CUNK* , who is making the rules as he goes , has determined that bureaucrats are eligible for *UNKION* by other bureaucrats . STOP 
But he says he would prefer to get *UNKS* from *UNK-* *UNKS* . STOP 
He admits that he has n't had much *UNK* *UNKING* free publicity for his contest . STOP 
*CUNKS* , including this one , have generally ignored his news releases . STOP 
*CUNK* show *UNKS* quickly change the topic . STOP 
But Mr. *CUNK* 's staff is beginning to wonder whether there is n't some larger phenomenon *UNKING* the contest . STOP 
`` Is the government not helping anybody ? '' asks *CUNK* *CUNK* , an assistant to Mr. *CUNK* . STOP 
Mr. *CUNK* himself is n't yet prepared to accept that explanation . STOP 
`` People hate to write , '' he says . STOP 
`` Maybe people do n't believe I want to give this money away . '' STOP 
Maybe Americans are just so *UNKED* with government that they are n't interested in *UNKING* that bureaucrats come in *UNK* once in a while . STOP 
If he sponsored a contest on how a *UNK* *UNKED* something , Mr. *CUNK* admits , `` I 'd get 5,000 *UNKS* . '' STOP 
Now there 's an idea . STOP 
Ford Motor Co. and *CUNK-* AB of Sweden broke off talks about a possible alliance after Ford officials concluded that the cost to modernize Saab 's car operations would *UNK* the likely return . STOP 
With the collapse of the talks Friday , European analysts expect Ford to *UNK* its pursuit of British luxury car maker Jaguar PLC , which is *UNKING* to fend off a hostile Ford bid by negotiating a friendly alliance with Ford 's *UNKAL* , General Motors Corp . STOP 
Saab , meanwhile , is left to continue its search for an ally to shore up its *UNKING* car business . STOP 
Saab said last week it `` has had and will continue to have contacts with other manufacturers . '' STOP 
Among the possible *UNKS* is Italy 's Fiat *CUNK* . A , analysts said last week . STOP 
Ford and Saab officials declined to elaborate publicly on the announcement Friday that their negotiations failed to yield an agreement `` that could make long-term business sense to both parties . '' STOP 
*CUNKS* close to the Ford side of the negotiations said late last week that the No. 2 U.S. auto maker lost interest as it became clear that the Swedish auto maker 's automotive operations had little to offer in the way of image or technology . STOP 
Ford originally had seen a Saab alliance as a way to expand its presence in the European and U.S. luxury car markets . STOP 
In addition , Ford and Saab had discussed a possible link between their heavy truck operations . STOP 
But the talks on a heavy truck alliance apparently did n't go far . STOP 
Some European analysts speculated that officials of Saab 's highly profitable *CUNK* truck operation *UNKED* at *UNKING* any of their *UNK* . STOP 
Meanwhile , Ford officials became convinced they could n't expect to recover the investment it would require to make Saab 's cars competitive in the increasingly crowded luxury market . STOP 
Saab 's problems were *UNKED* Friday when the company announced that its car division had a 1.2 billion kronor -LRB- $ *UNKN* million -RRB- loss during the first eight months of this year , slightly worse than *CUNK-* had forecast in its first-half report last month . STOP 
Overall , *CUNK-* 's pretax profit during the first eight months of the year plunged *UNKN* % to 1 billion Swedish kronor -LRB- $ *UNKN* million -RRB- from *UNKN* billion kronor -LRB- $ *UNKN* million -RRB- a year earlier . STOP 
Industry analysts in Europe said the most likely suitor for Saab now is Fiat . STOP 
Saab and Fiat have worked together in the past , in one case developing jointly a new auto *UNKS* that became the foundation of Saab 's *UNKN* model , Fiat 's *CUNK* and *CUNK* 's *CUNK* . STOP 
Last month , *CUNK-* Chief Executive *CUNK* *CUNK* said his company has had talks with Fiat about a broader alliance . STOP 
But the talks *UNKED* `` nothing so advanced that we needed to make a public announcement about it , '' he said . STOP 
As for Ford , analysts expect the end of the Saab play will allow the U.S. auto maker to focus its resources on the *UNKING* struggle with GM for a stake in Jaguar . STOP 
The failure of the Saab talks `` makes it even more crucial for -LCB- Ford -RCB- to be *OUS* '' in the Jaguar contest , said Stephen *CUNK* , European auto industry analyst at *CUNKS* & *CUNK* in London . STOP 
Ford faces an *UNK* fight for Jaguar , however . STOP 
Jaguar executives said last week they expect to have a friendly alliance with GM *UNKED* up by the end of the month . STOP 
GM , meanwhile , is *UNKING* a delegation of members of the British Parliament who are *UNKING* the auto maker 's *UNKER* operations in Detroit . STOP 
A GM spokesman said the visit is n't connected to the Jaguar situation . STOP 
But Ford clearly views Jaguar as a *UNK* worth fighting for , since the company 's *UNKED* brand image would give Ford a badly needed leg up in the high end of the luxury markets in both Europe and the U.S. . STOP 
Last week , Ford *UNKED* a setback in its effort to *UNK* its U.S. luxury offerings when it was forced to abandon a *UNK-* effort to market its *CUNK-* *CUNK* sedan in the U.S. as a luxury import under the Merkur brand name . STOP 
So despite the *CUNK-* *UNK* , analysts say Ford by last Friday had boosted its Jaguar holding to about 11 % of the luxury auto maker 's shares outstanding from 10.4 % early last week . STOP 
About 5.4 million Jaguar shares changed hands in active trading on London 's stock exchange Friday , and Jaguar shares moved up 19 pence to *UNKN* pence -LRB- $ 11 -RRB- . STOP 
On the U.S. over-the-counter market , Jaguar 's American depositary receipts rose 12.5 cents to $ *UNKN* . STOP 
*CUNK* S. *CUNK* contributed to this article . STOP 
The Dallas Cowboys are looking at a *UNK-* situation , struggling to pull ahead of the Atlanta *CUNKS* . STOP 
Up in his stadium box , their new and controversial owner , *CUNKAL* `` Jerry '' Jones , *UNKS* *UNKLY* as the team *UNKS* up to the *UNK* line . STOP 
Mr. Jones takes heart . STOP 
There in the center of the pack is *UNK* *CUNK* *CUNK* , the key to the Cowboys ' comeback strategy . STOP 
So key , in fact , that Mr. Jones signed him in April for $ *UNKN* million over the next six years -- a record for a *UNK* . STOP 
`` He 's a genuine *CUNK-* *UNK* , '' *UNKS* Mr. Jones . STOP 
With three minutes left on the *UNK* , Mr. *CUNK* takes the *UNK* , steps back and *UNKS* a *UNK-* pass -- straight into the hands of an Atlanta defensive back . STOP 
The crowd *UNKS* , Mr. Jones *UNKS* his head , the Cowboys lose the game . STOP 
A few days after that Sept. 17 game , Mr. *CUNK* broke a *UNKER* , *UNKING* him for weeks . STOP 
*CUNK* , the *UNK* of professional sports . STOP 
For Mr. Jones , losing his *UNK* temporarily was just the latest in a string of *UNKS* that has *UNK* the Dallas Cowboys -- and , this year , much of the National Football League . STOP 
Once fat and happy , the Cowboys now are losing games , fans and money . STOP 
Last year , the team ended up $ 2 million in the red on $ 30 million in revenue . STOP 
It has some of the highest costs in the league . STOP 
Its *UNK* is off 23 % from six years ago . STOP 
At the very least , Mr. Jones , who *UNKS* the society circuit as *UNKLY* as his bench , can take *UNK* in one fact : These days , he is n't alone . STOP 
Nearly half the owners of the 28 National Football League teams are losing money , the result of flat *UNK* , aging *UNKS* and -- more than anything -- *UNKING* salaries for star players like Mr. *CUNK* . STOP 
Last year , the top 12 players on each NFL team took home an average $ *UNKN* , a figure comparable to baseball and higher than in basketball . STOP 
*CUNK-* *UNK* picks have done even better : Average salaries and bonuses for them rose to $ *UNKN* this year , up 44 % from 1987 . STOP 
`` It 's a *OUS* circle , '' says Art *CUNK* , owner of the Cleveland *CUNKS* . STOP 
`` One team pays so much and the other pays more . STOP 
We just do n't have that kind of income stream . '' STOP 
All this is causing *UNKS* in professional football . STOP 
*CUNKS* , largely *UNK* in the past , are now almost *UNKLY* looking for ways to lower costs and raise revenue -- *UNKING* some *UNK* ideas in the process . STOP 
Though not *UNKLY* , the Cowboys ' Mr. Jones has come to represent this new *UNKED* of owner . STOP 
*CUNKLY* after buying 66 % of the team from *CUNK* `` *CUNK* '' *CUNK* for $ 145 million , and *UNK* of the Cowboys ' *UNKED* bottom line , the *UNK-* Mr. Jones set about his own round of team cuts . STOP 
First , he *UNKLY* *UNKED* Tom *CUNK* , the *UNK* *UNK* who took the Cowboys to five *CUNKER* *CUNKS* and 20 consecutive winning seasons . STOP 
In Dallas , Mr. *CUNK* has a standing just *UNK* of *UNK* . STOP 
*CUNKS* sentiment *UNKED* the local press : `` A crude *OUS* *UNK* , '' said one writer ; `` a real *UNK* , '' said another ; `` Who in the *UNK* does he think he is ? '' wrote a third . STOP 
For Mr. Jones , it was just the beginning . STOP 
He quickly cut the team 's *UNKED* administrative staff by half , shut down a *CUNKED* dance *UNK* and , in July , announced plans to sell Valley *CUNK* , the team 's *UNK-* practice *UNK* and the most *UNK* training facility in the NFL . STOP 
Mr. Jones calls the *UNK* `` the Pentagon of *CUNK* . '' STOP 
It is a *UNK* of *UNKS* that *UNKS* film rooms , elaborate *UNKS* and *UNKING* centers that testify to a *UNKER* , more *UNKING* era . STOP 
He likes to tell the *UNK* of how he got lost on the *UNK* *UNK* during an early visit , took *UNK* in an office and called the front desk for help . STOP 
`` I said , ` *CUNK* come get me . STOP 
I 'm at extension 29 . ' '' STOP 
With a new day *UNKING* on the sport , Mr. Jones does n't see a place for this sort of luxury . STOP 
`` It 's just not cost efficient , '' he says . STOP 
The place costs nearly $ 2 million a year to maintain . STOP 
When he sells it , he says , the Cowboys will move to a more practical -- read *UNK* -- *UNKS* practice field near Texas *CUNK* . STOP 
And as for Tom *CUNK* , well , in Mr. Jones 's mind , he had played out his winning years . STOP 
After posting losing seasons in each of the last three years , the Cowboys needed a change , he says . STOP 
Football has long been Mr. Jones 's *UNKION* , both on and off the field . STOP 
An Arkansas native , he started at guard on the *UNKED* *UNKN* University of Arkansas team that won a national *UNK* . STOP 
After college , he worked at his father 's insurance company in Little Rock , and in 1966 led an *UNKED* attempt to buy the San Diego *CUNKS* . STOP 
*CUNKS* later , with cash from the sale of the insurance company , he founded *CUNK* *CUNKION* Corp. , an oil and gas exploration company based in Little Rock . STOP 
So it was n't surprising that Mr. Jones returned to his Arkansas *UNKS* when he went looking for a replacement for Mr. *CUNK* . STOP 
He *UNKED* *CUNK* Johnson , a *UNK* on the *UNKN* University of Arkansas *UNK* and the head *UNK* at the University of Miami , where he led the *CUNKS* to five winning seasons and a national *UNK* in 1987 . STOP 
Whatever Mr. Johnson 's *UNKS* , in the *UNKS* and minds of many Dallas fans , he is no Tom *CUNK* . STOP 
*CUNK* games -LRB- and , after a loss to the Kansas City *CUNKS* yesterday , seven losses -RRB- into the season , the `` new '' Cowboys are n't doing any better than the old . STOP 
In fact , the last time they played this badly was in 1960 , their opening season . STOP 
Average *UNK* at their games , about *UNKN* last year , continues flat . STOP 
Mr. Jones is *UNKING* the problem on several *UNKS* . STOP 
He continues to *UNK* the team , trading *UNKED* running back *CUNK* Walker to the Minnesota *CUNKS* this month for a *UNK* of players and future *UNK* picks . STOP 
To try to draw more fans , he has dropped *UNK-* ticket prices from $ 25 to $ 19 . STOP 
But the general trend , given rising costs in the league , has been to raise prices , and Mr. Jones is expected to eventually follow suit . STOP 
`` It 's simple , '' says *CUNK* Hunt , who owns the Kansas City *CUNKS* and last year raised ticket prices by $ *UNKN* to an average $ 17 . STOP 
`` If we did n't increase prices , we 'd be in the red . '' STOP 
Mr. Jones has also *UNKED* up his marketing staff to sell the *UNKN* luxury *UNKS* *UNKING* Texas *CUNK* -LRB- his deal with *CUNK* *CUNK* included operating rights for the stadium -RRB- . STOP 
The *UNKS* are *UNKED* , have *UNK* *UNKS* and *UNK* *UNKING* , and offer a clear view of the field -- all for a sale price of $ *UNKN* to $ 1 million , depending on their size and location . STOP 
Mr. Jones has been taking prospective *UNK* owners onto the field during practice to let them *UNK* *UNKS* with players , and promises those who actually buy one of the rooms an insider 's look at the team 's strategy before game time . STOP 
The sales job seems to be paying off : When he bought the team , only six of the *UNKS* had been sold . STOP 
Today , 30 have . STOP 
*CUNK* receipts are only the Cowboys ' second largest source of cash . STOP 
The biggest is the NFL 's contract with national television for broadcast of the league 's games . STOP 
Last year , the Cowboys ' share of that *UNK* came to $ *UNKN* million . STOP 
The team *UNKLY* *UNKS* between $ 2 million and $ 4 million for local radio and television broadcast rights . STOP 
Mr. Jones is currently trying to *UNK* up the price for those local rights . STOP 
He is also trying to get more stations in Mexico , where the Cowboys have a following , to pick up the games . STOP 
Mr. Jones , whose *UNK* voice and *UNK* ways *UNK* an intense businessman who works *UNK-* days , is resigned to the hefty salaries he pays his players these days . STOP 
He calls the contracts `` critical to winning in the NFL '' and has played his part in the bidding wars . STOP 
Besides signing Mr. *CUNK* to a sizable contract , Mr. Jones has agreed to pay *UNK* *UNK* Steve *CUNK* $ 4.1 million over the next four years . STOP 
This wage inflation is *UNKING* the NFL dry , the owners contend . STOP 
Soon , only large corporations will be able to afford to buy and run football teams , predicts John J. *CUNK* Jr. , an investment banker with Salomon Brothers who handled the Cowboys sale . STOP 
To *UNK* the problem , NFL owners have proposed setting a *UNK* wage scale to try to *UNK* in salaries . STOP 
*CUNKS* of the plan , which would go into effect in 1993 , are *UNK* , but each player would apparently be paid a base salary *UNKED* to his position and ability . STOP 
*CUNKS* would be paid based on playing time and performance . STOP 
The NFL *CUNKS* Association , meanwhile , contends that *UNKS* are paid a wage *UNK* with their ability to draw fans , and that some owners are in financial trouble because of poor business management , not players ' salaries . STOP 
The owners are trying to boost profit in other ways , too . STOP 
Many have launched promotions to attract new fans and are *UNKING* dated stadium contracts . STOP 
Most of the owners must pay up to 10 % of gross ticket sales for leases on *UNKS* they say are either too small or too old . STOP 
In Chicago , for example , size is the issue . STOP 
`` We have the worst lease in the NFL , '' contends Michael B. *CUNK* , the president of the Chicago *CUNKS* and a *UNK* of George *CUNKS* , who founded the NFL 's predecessor organization . STOP 
`` We 're in a *UNK* area with millions of Bear fans , and only a small number can be *UNKED* . '' STOP 
When the lease expires in 1999 , he says , `` It 's got to be changed . '' STOP 
This year , the NFL also imposed an *UNKER* limit on teams going into training *UNK* , down from 120 , in a move meant to trim payroll costs . STOP 
And the league is trying to get more for its three-year national network contract , which expires after this season . STOP 
The current contract pays the NFL $ 1.4 billion . STOP 
*CUNKS* say they expect the league to demand a 50 % increase , despite the fact that *UNKED* football games have had lackluster ratings . STOP 
An NFL spokesman also says the league will probably expand its offerings to cable TV companies like *CUNK* . STOP 
The changes have n't come easy . STOP 
Like the game of professional football , the NFL organization itself is in turmoil . STOP 
The new *UNKED* of team owner , Mr. Jones included , has been fighting the NFL bureaucracy for a greater say in league affairs , and the battle has produced a form of *UNKAL* *UNK* . STOP 
In July , 11 NFL owners , almost all of them new , blocked an effort to install Jim *CUNKS* as a replacement for retiring league commissioner *CUNK* *CUNK* . STOP 
Mr. *CUNKS* is perceived by some owners as a *UNKER* for the Old *CUNK* . STOP 
Earlier this month , another effort to choose a commissioner failed . STOP 
The owners meet again tomorrow . STOP 
For his part , Jerry Jones says he 's in the business for the long *UNK* , and his work style seems to support that . STOP 
He puts in busy *UNK-* weeks -LRB- excluding game days -RRB- , and on one recent afternoon *UNKED* questions , in the course of an hour , from a TV producer , his *UNK-* marketing manager , a *UNKED* customer and a *UNK* of Arkansas reporters . STOP 
To keep his schedule on track , he *UNKS* two personal *UNKS* in from Little Rock to *UNK* his staff in Dallas . STOP 
`` When I made this investment , I made it on a *UNK* basis , '' he explains . STOP 
`` I 'm not here to make money by *UNKING* the team later on . STOP 
While the Cowboys may not be the best investment now , I do n't accept they ca n't be in the future . '' STOP 
Besides , to a large extent , Mr. Jones may already be getting what he wants out of the team , even though it keeps losing . STOP 
*CUNKING* the Cowboys has bought him *UNK* to a *UNK* life that drilling for oil in Arkansas just did n't provide . STOP 
There is the new private jet , the *UNK* of *UNKS* , *UNKS* to the best parties , and television *UNKS* on shows such as `` Prime Time *CUNK* . '' STOP 
A few weeks ago , Mr. Jones even *UNKED* Elizabeth Taylor in his private *UNK* at Texas *CUNK* . STOP 
`` You 're in the *UNK* seat every day in this job , '' he says . STOP 
How *UNKLY* *UNKER* of Robert Goldberg to use the form of *UNK* *UNK* *UNK* to explain his perception of `` *CUNKS* of *CUNK* '' in his television *UNK* -LRB- *CUNK* & *CUNKS* , *CUNK* 11 -RRB- . STOP 
He *UNKS* *CUNK* *CUNK-* for her *UNK* *UNKION* of *UNK* *UNK* , *UNKING* her project as `` *UNKLY* *UNK* . '' STOP 
*CUNK* not the title very clear ? STOP 
One example he gives : `` She did n't ask '' -LRB- why the Palestinian children are *UNKS* throwing *UNKS* -RRB- . STOP 
*CUNKLY* now , did she have to ask ? STOP 
*CUNK* not the pictures and *UNKS* , which have been continuing news *UNKS* , answers enough ? STOP 
Mr. Goldberg contends that even as `` *UNK* '' the film *UNKS* because it *UNKS* only one view . STOP 
Of course the *CUNKS* complain about their treatment ; of course the *CUNKS* feel put upon . STOP 
But his complaint that `` *CUNKS* of *CUNK* '' does n't contain *UNKED* comments from *CUNKS* about how badly the *CUNKS* are *UNKING* is *UNK* . STOP 
It 's like doing a *UNK* on apartheid and insisting that equal time be given to how *UNK* white South *CUNKS* are . STOP 
This film did *UNK* how long the *CUNK* *UNK* has *UNKED* by *UNKING* the conflict to the days of World War I when the British tried to guarantee both a Jewish state and a Palestinian state without *UNKING* how it was to be done . STOP 
Well , `` *CUNKS* of *CUNK* '' airing with *UNKER* packaging , and after repeated delays , was a beginning . STOP 
Every issue is *UNKED* . STOP 
This film attempts to show a side rarely seen in our media . STOP 
Now we must *UNK* a *UNK* of critics who apparently wish to know details of one side only . STOP 
*CUNK* . STOP 
*CUNK* . STOP 
Charlotte Carpenter *CUNK* Island , *CUNK* . STOP 
President Bush wants the Pentagon to get special treatment in *UNKING* with the *UNK-* spending cuts that took effect last week . STOP 
Mr. Bush asked Congress to raise to $ 6 billion from $ 3 billion the amount of money Defense Secretary Dick Cheney may shift among the Pentagon 's individual programs , projects and activities , allowing him to ease the *UNK* that the Gramm-Rudman budget law was intended to *UNK* . STOP 
If the request is approved by both the House and Senate , Mr. Cheney would need only permission from the White House Office of Management and Budget to move the money , according to Senate budget analysts . STOP 
That would give the Pentagon flexibility that no other federal agency has . STOP 
`` It 's simply a way of making the cuts less *OUS* for defense than they are for domestic programs , '' said Chairman James *CUNKER* -LRB- D. , *CUNK* . -RRB- of the Senate Budget Committee , who said he would oppose the request . STOP 
`` That is n't consistent with the kind of discipline that Gramm-Rudman is supposed to impose , '' he said . STOP 
The president 's request did n't indicate how Mr. Cheney would shift the money . STOP 
A Pentagon official said the request was made to give the department `` maximum flexibility '' to deal with the cuts . STOP 
Last week , Budget Director Richard Darman structured the $ *UNKN* billion spending reduction , half of which must come from defense , to `` impose a little bit more discipline '' by *UNKING* cuts to each individual program , project or activity in the budget . STOP 
That would give agencies `` less ability ... to *UNK* over things , '' he told reporters . STOP 
Under the deficit-reduction law , 4.3 % of the Pentagon 's money and 5.3 % of other agencies ' money has been canceled . STOP 
Lawmakers are expected to try to restore the funds once a pending *UNKING* measure has been signed into law . STOP 
Rochester Telephone Corp. said it completed its purchase of Urban Telephone Corp. , of *CUNK* , *CUNK* , the second-largest *UNKED* independent telephone company in that state . STOP 
Rochester Telephone said the acquisition was made in an exchange of its common shares for all the shares of Urban Telephone , but a price was n't disclosed . STOP 
Urban is the company 's first telephone subsidiary in Wisconsin . STOP 
Since June , Rochester Telephone signed letters of intent to purchase three other Wisconsin firms . STOP 
A bill that would permit the Securities and Exchange Commission to monitor the financial condition of securities firms ' holding companies is facing tough opposition from some Wall Street firms , which argue that the legislation is unnecessary . STOP 
The legislation and other issues related to the stock market will be the focus of hearings this week by the House Telecommunications and Finance *CUNK* and the Senate Securities *CUNK* . STOP 
Richard Breeden , the new chairman of the SEC , has n't taken a formal position on the bill , which would also require investors to disclose large trades and give the SEC additional authority during market *UNKS* . STOP 
However , he recently told the Senate Banking Committee that he believes the agency should have *UNK* authority to monitor debt levels at holding companies and affiliates of *UNKS* , which are frequently used to issue bridge loans . STOP 
The bridge loans are intended to provide temporary financing for acquisitions . STOP 
Since such loans are often *UNKED* through the sale of high-risk , high-yield junk bonds , the recent *UNKS* of the junk-bond market have renewed concerns among regulators about the risks associated with Wall Street firms issuing bridge loans . STOP 
But some Wall Street executives argue that such fears are *UNKED* . STOP 
In a July 6 letter to the Senate Securities *CUNK* , First Boston Corp. argued that the fact that no retail brokerage firm failed during the 1987 market crash *UNKS* that current rules are adequate . STOP 
First Boston , whose holding company , CS First Boston Group , is one of the larger issuers of bridge loans on Wall Street , said it is also concerned that once the SEC has the power to monitor holding companies , it will try to *UNK* their activities . STOP 
`` The proposal , while *UNKED* , I think can be *UNKLY* misleading because the likely *UNK* would be to weaken , rather than strengthen the control the SEC has exercised for 50 years over the financial *UNK* and *UNK* of *UNKS* , '' Michael *CUNKAL* , managing director of First Boston , said in an interview . STOP 
The bill would `` *UNK* *UNK* resources of the commission away from *UNKS* into areas which simply have no way of affecting *UNKS* , '' Mr. *CUNKAL* said . STOP 
*CUNKS* in the industry and on Capitol Hill say a compromise that would *UNK* the industry while *UNKING* the SEC 's concerns may be possible . STOP 
An aide to the Senate Securities *CUNK* says some legislators support the concept of risk disclosure , but adds : `` nobody is *UNKED* to the language in the bill . '' STOP 
Edward *CUNK* , president of the Securities Industry Association , said that the *UNK-* trade group opposes the bill as it is written but that it is `` *UNK* a compromise can be reached to achieve the SEC 's goals . '' STOP 
Mr. *CUNK* will elaborate on the *CUNK* 's position in testimony before the House Telecommunications and Finance *CUNK* this week , a spokesman said . STOP 
This letter was inspired by David *CUNK* 's Sept. 25 *UNK-* article about *CUNK* *CUNK* , `` *CUNK* in the Middle of Drug *CUNKING* . '' STOP 
I 've organized a series of exchanges , *UNKS* and other continuing projects between Cuban and American artists . STOP 
In any matters between us and the *CUNKS* there can be no *UNK* , *UNKLY* I 've become familiar not only with Cuban art and artists , but also with Cuban bureaucrats and their counterparts in our own government . STOP 
Despite levels of *UNKION* , *UNK* and *UNKING* frustration of *UNK* proportion , these projects all remain , in my mind , valuable and well worth the effort . STOP 
There is a simple reason for this : the Cuban people . STOP 
Let me immediately put limits to whatever *UNK* *UNKS* that may intimate . STOP 
Those `` people '' to whom I *UNKER* are not some *UNK* , *UNK* *UNK* ; they are artists , critics , *UNK* drivers , *UNKS* , even some employees of the Ministry of *CUNK* , all of whom share a deep belief in the original principles of the Cuban *CUNKION* , *UNKED* out in terms such as *UNK* among all members of the society , *UNK* for education and creative *UNKION* , universal rights to health and *UNK* , housing , *UNK* . STOP 
In fact , the generation of *UNKS* growing into maturity right now works with such *UNKLY* held *UNK* assumptions and such *UNK* commitment to moral and *UNKAL* principles that it makes *CUNK* *CUNK* 's famous *UNKS* of art , *UNK* and revolution seem modest . STOP 
It is on behalf of these people , and out of my real respect for them , that I am responding to Mr. *CUNK* 's opinions of their country . STOP 
The *CUNK* trial in July , with its *UNKS* of deeply *UNKED* and widespread corruption , and the *UNK* trial and execution , was extremely *UNKING* to everyone who has ever considered himself a friend of Cuba . STOP 
However , *UNUNK* though those *UNKS* may have been , they still provide no excuse for wholesale *UNKS* from truth . STOP 
Mr. *CUNK* should make *UNKS* among *CUNK* , the army and the Cuban people . STOP 
They are not *UNK* , since they are *UNKED* to act based on their own circumstances . STOP 
It is *UNK* to *UNK* a government 's policies with the will of the people -LRB- as we well know -RRB- , and it is even worse *UNKLY* to merge the clearly *UNK* *UNKS* of *CUNK* and the military and the state bureaucracy . STOP 
Mr. *CUNK* is also *UNKED* that Mr. *CUNK* has resisted *UNKION* with U.S. officials , even though by his own account that *UNKION* has been *UNKED* essentially as a mechanism for acts directly hostile to the Cuban regime , such as *UNKING* *UNKS* . STOP 
I think it 's a little *OUS* to be surprised that *CUNK* does n't *UNK* the U.S. State Department to violate the *UNKION* of the Cuban government over its own territory . STOP 
We badly need to follow fact rather than the rhetoric of conventional wisdom . STOP 
Without this basic level of attention to reality , our policies on Cuba will continue to be as *UNK* as they have for 30 years . STOP 
From my own point of view , given the *UNKS* of *UNK* , *UNK* and warm spirit in which the Cuban people *UNK* , we deny ourselves access to things we hold *UNK* , and which seem to run in such short supply these days . STOP 
There is no rational *UNKION* for such behavior . STOP 
*CUNK* *CUNKS* *CUNK* , Mass . STOP 
*CUNK* INC. recently reported third-quarter earnings , which were *UNKLY* shown in the *CUNKLY* Earnings *CUNKS* table in last Tuesday 's edition to be lower than the average of analysts ' estimates . STOP 
*CUNKS* Investment Research did n't adjust one analyst 's estimate for a stock split , which therefore was *UNKLY* high . STOP 
*CUNK* 's third-quarter net income of 15 cents a share actually was 7 % higher than the adjusted average of estimates . STOP 
Investors *UNKED* out of New York City bonds in *UNKS* last week , driving prices lower and boosting yields . STOP 
One bond trader estimated that more than $ 50 million of New York City general obligation bonds were put up for sale Friday alone . STOP 
While that represents a small percentage of the city 's public debt outstanding , Friday 's selling followed a *UNK* effort to *UNUNK* the bonds by a broad *UNK* of institutional and individual investors . STOP 
`` I 've never seen so many -LCB- New York City -RCB- *CUNK* 's up for sale , '' said another trader . STOP 
`` Every broker has blocks of every size and maturity . '' STOP 
Municipal bond analysts said the sell-off was triggered by concerns about the city 's financial health , rumors of a $ 900 million bond offering coming soon , and political uncertainty . STOP 
A spokesman for the city would n't confirm the size of the bond issue , but did say that a general obligation offering is in the works and should be priced sometime in the next two weeks , before the November mayoral election . STOP 
-LRB- General obligation bonds are backed by the city 's overall revenues and credit . -RRB- STOP 
Although many investors were aware that a bond offering was being scheduled , many expected a much smaller amount of bonds to be sold . STOP 
The fact that the city will issue such a large amount of debt was interpreted as a sign that New York 's *UNK* problems are more serious than had been expected . STOP 
New York , one of the nation 's largest issuers of tax-exempt bonds , sold $ 750 million of municipal bonds just a few weeks ago . STOP 
There have been reports for months that the city 's economy is weakening , as the October 1987 stock market crash continues to make itself felt . STOP 
The recent sharp stock market decline *UNKED* those concerns . STOP 
Meanwhile , tax revenues are falling while the city 's spending needs are expanding . STOP 
*CUNKS* *UNKED* last week that New York 's credit ratings -- *UNK-* from Moody 's Investors Service Inc. and *UNKS* from Standard & Poor 's Corp. -- are at risk . STOP 
The weakness in New York City bonds follows a warning from New York state *CUNKER* Edward *CUNK* that the 1987 crash seriously weakened the city 's economy . STOP 
In a study , the comptroller said , `` The city 's *UNK* days are over . '' STOP 
Mr. *CUNK* warned mayoral candidates `` to be prepared for limited options and *UNKS* on service increases to address the city 's problems in the next few years , due to the *UNK-* weakening in the New York City economy . '' STOP 
New York City 's revised financial plan , due out later this month , is expected to include measures to balance the city 's $ 27 billion budget . STOP 
At present , analysts project a budget gap on the order of $ 500 million to $ 600 million for the fiscal year ending June 30 , 1990 , although the city 's own budget analysts project a *UNKER* deficit . STOP 
Mark *CUNK* , New York 's deputy director of finance , said that investors ' concerns about the city 's financial health are `` *UNKED* given our proven ability to manage ourselves . '' STOP 
He charges the city 's critics with spreading `` *UNKED* emotional rhetoric . '' STOP 
There are also questions about whether a new and *UNKED* mayor can manage the city through what could become a financial crisis . STOP 
The leading *UNKER* for the mayoral office , Democrat David Dinkins , has been criticized recently for the way he handled his personal financial affairs . STOP 
And the controversy has led to uncertainty about the outcome of the election . STOP 
Until last week , Mr. Dinkins was considered a *UNK-* . STOP 
`` The market can adjust to good news or bad news , but uncertainty drives people wild , '' said Bernard B. *CUNKAL* , chief executive of *CUNK* *CUNKAL* & Co. , a securities firm that specializes in the municipal market . STOP 
Until last week , `` Everyone felt certain they knew the outcome of the election . STOP 
Now , there have been a number of questions raised . '' STOP 
Last week , yields on long-term New York City general obligation bonds jumped half a percentage point . STOP 
New York City 's 6 % bonds due *UNKN* , for example , were quoted late Friday at a price to yield *UNKN* % , compared with *UNKN* % Thursday . STOP 
As the yield on New York general obligation bonds rose , the Bond *CUNKER* *UNK-* general obligation index , the mostly widely followed gauge of the tax-exempt market , held steady at *UNKN* % in the week ended Oct. 19 . STOP 
Qintex Australia Ltd. *UNKED* another setback Friday when its Los Angeles-based affiliate , Qintex Entertainment Inc. , filed for protection under Chapter 11 of the U.S. Bankruptcy Code . STOP 
Qintex Entertainment also said David Evans , its president and chief executive , and Roger *CUNK* , a director , both resigned . STOP 
Neither could be reached for comment . STOP 
Earlier this month , Qintex Australia 's $ 1.5 billion agreement to acquire MGM\/UA Communications Co. collapsed because of a dispute over a $ 50 million letter of credit the Australian operator of television stations and resorts was to have supplied as security in the transaction . STOP 
Mr. Evans had been the de *UNK* head of MGM\/UA for months . STOP 
Qintex Entertainment , a producer and distributor of television programs most noted for its *UNKION* of the hit *UNKS* `` *CUNK* *CUNK* , '' said it filed for Chapter 11 protection after Qintex Australia failed to provide it with $ 5.9 million owed to MCA Inc. in connection with the distribution of `` The New *CUNK* It to *CUNKER* Show . '' STOP 
Qintex Entertainment is 43 % owned by Qintex Australia and said it *UNKS* on the Australian company for funding its working capital requirements . STOP 
After the announcement of the bankruptcy filing , Qintex Entertainment stock sank $ *UNKN* in over-the-counter trading to close at $ 1.50 on heavy volume of more than 1.4 million shares . STOP 
The stock traded as high as $ 10 this past summer . STOP 
Jonathan Lloyd , executive vice president and chief financial officer of Qintex Entertainment , said Qintex Entertainment was forced to file for protection to avoid going into default under its agreement with MCA . STOP 
The $ 5.9 million payment was due Oct. 1 and the deadline for default was Oct. 19 . STOP 
Mr. Lloyd said if Qintex had *UNKED* it could have been required to repay $ 92 million in debt under its loan agreements . STOP 
MCA on Friday said that as a result of Qintex 's failure to make the required payment it was *UNKING* the distribution agreement on `` The New *CUNK* It to *CUNKER* '' as well as other MCA properties . STOP 
Qintex Australia was `` saying as recently as last weekend that they would take care of the situation . STOP 
They continued to represent that to the board , '' said Mr. Lloyd . STOP 
`` We were *UNKED* they would stand behind the company . '' STOP 
Mr. Lloyd said both Qintex Entertainment and Qintex Australia had attempted to secure a loan that would allow the company to make the $ 5.9 million payment but the request was turned down by an *UNKED* *UNKER* on Oct. 14 . STOP 
At that point , he said , Qintex Australia stated it would `` *UNK* to *UNK* '' the financing . STOP 
However a Qintex Australia spokesman said his firm had never `` promised or guaranteed '' to make the payment . STOP 
In a prepared statement from Australia , the company also said that , following the breakdown of the MGM talks , it `` had been *UNKING* its position as a significant shareholder and a substantial creditor of Qintex Entertainment '' and had `` resolved to *UNK* the degree of further loans to Qintex Entertainment in excess of that previously made . '' STOP 
The Qintex Australia spokesman added that his company had opposed the Chapter 11 filing . STOP 
He said the company believed Qintex Entertainment 's financial problems could have been resolved by other means . STOP 
The report of the bankruptcy filing *UNKED* Hollywood executives and investors . STOP 
`` It 's a *UNKER* , '' said Joseph *CUNK* *CUNK* , chairman of *CUNK* Capital Securities , a brokerage firm that has an investment in Qintex Entertainment . STOP 
Qintex Australia was `` going to pay more than $ 1 billion for MGM\/UA and then they could n't come up with the far smaller sum of $ 5.9 million . '' STOP 
Qintex said Mr. Evans , the former president , resigned for `` personal reasons '' and that Mr. *CUNK* , an attorney , resigned because his participation in *UNKING* the company 's role in buying MGM\/UA was no longer necessary . STOP 
Mr. *CUNK* was a director of the company and a predecessor firm since 1980 . STOP 
The announcement seemed to further damp prospects that talks between Qintex Australia and MGM\/UA might be revived . STOP 
It 's understood that MGM\/UA recently *UNKED* *CUNK* *CUNK* 's News Corp. , which made two failed bids for the movie studio , to see if the company was still interested . STOP 
However , `` we are n't currently doing anything . STOP 
It is n't a current topic of conversation at the company , '' said Barry *CUNKER* , chairman and chief executive officer of the Fox Inc. unit of News Corp . STOP 
Financial printer *CUNK* & Co. said it formed a business *UNKION* service , which will provide legal , financial and other services in most major *UNKS* , including Japanese , Chinese and Russian . STOP 
Japan 's Finance Ministry strongly denied playing any role in the New York *UNK-* free fall . STOP 
*CUNK* *CUNK* , vice minister for international affairs , said the ministry did n't in any way suggest to Japanese banks that they stay out of the UAL Corp. leveraged buy-out . STOP 
The ministry has never even suggested that Japanese banks be cautious about leveraged buy-outs in general , Mr. *CUNK* said . STOP 
`` There are no facts -LCB- behind the *UNKS* -RCB- that we sent any kind of signal , '' he declared in an interview . STOP 
The comments were the ministry 's first detailed public statement on the subject , and reflect the ministry 's concern that foreigners will think Japan is using its tremendous financial power to control events in foreign markets . STOP 
A number of accounts of the events leading to the 190 point drop in New York stock prices on Oct. 13 accused the ministry of pulling the *UNK* on the UAL deal for one reason or another . STOP 
Mr. *CUNK* said the most the ministry had ever done was ask Japanese banks about `` the status of their participation '' in one previous U.S. leveraged buy-out . STOP 
The ministry *UNKED* about that deal -- which Mr. *CUNK* declined to identify -- because the large presence of Japanese banks in the deal was `` being strongly criticized in the U.S. Congress '' and it was `` necessary for us to *UNK* the situation . '' STOP 
He said the inquiry was n't made in a way that the banks could have interpreted as either encouraging or discouraging participation , and he added that none of the Japanese banks changed their *UNK* on the deal as a result of the inquiry . STOP 
Mr. *CUNK* also said some Japanese banks were willing to participate in the UAL financing up to the very end , which would suggest at the very least that they were n't under orders to back out . STOP 
In general , Mr. *CUNK* said , Japanese banks are becoming more `` independent '' in their approach to overseas deals . STOP 
`` Each Japanese bank has its own judgment on the profits and risks in that -LCB- UAL -RCB- deal , '' he said . STOP 
`` They are becoming more independent . STOP 
It 's a sound phenomenon . '' STOP 
*CUNK* Bank Ltd. is one Japanese bank that decided not to participate in the first UAL proposal . STOP 
A *CUNK* Bank spokesman denied that the finance ministry played any part in the bank 's decision . STOP 
`` We made our own decision , '' he said . STOP 
Still , Mr. *CUNK* may have a hard time *UNKING* market analysts who have *UNKLY* or *UNKLY* believed that the ministry played a role in *UNKING* recent moves by Japanese banks . STOP 
All week there has been much speculation in financial circles in Tokyo and abroad about the ministry 's real position . STOP 
Bank analysts say ministry officials have been growing increasingly concerned during the past few months about Japanese banks getting in over their heads . STOP 
`` The -LCB- ministry -RCB- thinks the banks do n't know what they are doing , that they have very little idea how to cope with risk , '' said one foreign bank analyst who asked not to be identified . STOP 
`` The -LCB- ministry -RCB- wants to see the Japanese banks pull in their *UNKS* '' on leveraged buy-outs , he added . STOP 
Although some of the Japanese banks involved in the first proposed bid for UAL *UNKED* out because they found the terms *UNUNK* , observers here say they have a hard time *UNKING* that commercial considerations were the only reason . STOP 
Japanese banks are under `` political pressure '' as well , the analyst said . STOP 
Moreover , analysts point out that Japanese banks have a reputation for doing deals that are n't extremely profitable if they offer the chance to build market share , cement an important business relationship or *UNK* favor with powerful bureaucrats . STOP 
Clearly , some financial authorities are concerned about the Japanese banks role in leveraged buy-outs . STOP 
At a news conference this week , Bank of Japan Gov. *CUNK* *CUNK* cautioned banks to take a `` *UNK* '' stance regarding highly leveraged deals . STOP 
Despite Mr. *CUNK* 's statements , it is the Finance Ministry , not the central bank , that makes policy decisions . STOP 
While recent events may cool some of the leveraged buy-out *UNKER* , Japanese banks are n't likely to walk away from the game . STOP 
Despite the risks , the deals can be an attractive way for Japanese banks to increase their presence in the U.S. market , bank analysts say . STOP 
*CUNK* with cash at home , but with fewer customers to lend to , leading banks are eager to expand overseas . STOP 
*CUNKING* in on big deals is a high profile way to *UNK* the problem of not having a strong *UNKING* network . STOP 
France 's national tobacco company , known for making *UNK-* cigarettes such as *CUNKS* and *CUNKS* , is *UNKING* out . STOP 
*CUNKED* by *UNKING* demand for its traditional products , it is moving not only into *UNK* cigarettes , but also into electronic *UNKING* payment cards to be sold in neighborhood tobacco stores . STOP 
Brown tobacco in France is a more *UNK* , stronger *UNK* than the *UNKER* *UNK* , or *UNK* tobacco , used in so-called *CUNK-* cigarettes . STOP 
`` We are n't Philip Morris Cos. , '' says *CUNK* de *CUNK* , chairman of *UNKED* Societe *CUNK* *UNKION* *CUNK* *UNK* *CUNKS* & *CUNKS* S.A. , known as *CUNK* . STOP 
He says that because *CUNK* 's profits are limited by *UNKED* cigarette prices , he does n't have the cash to *UNK* as heavily into food and drink as the U.S. concern has done . STOP 
-LRB- Last year , for example , *CUNK* 's net profit soared 150 % to *UNKN* million French francs -LRB- $ *UNKN* million -RRB- on sales of *CUNK* *UNKN* billion - a 1.7 % profit margin . -RRB- STOP 
Instead , he said in an interview , he is looking for ways to exploit France 's network of *UNKN* tobacco agents , most of them *UNKS* . STOP 
While *CUNK* does n't own the French *UNKS* , its close alliance with them offers distribution possibilities . STOP 
One proposal is to introduce a new payment system for parking in Paris . STOP 
Instead of paying for parking by putting money in the existing machines , which deliver little paper receipts , drivers would be able to buy electronic cards in local tobacco shops . STOP 
Once *UNKED* , the card would sit in the car 's window , showing traffic *UNKS* how much time the *UNK* could remain . STOP 
When the *UNK* returned to his car he could turn the card off and , if it showed time remaining , save it for later . STOP 
*CUNK* is a partner in the project , which was developed by *CUNK* *CUNK* using Japanese technology . STOP 
*CUNK* and *CUNK* currently are negotiating with city officials for the right to begin service . STOP 
And *CUNK* is considering further diversification . STOP 
It wanted to buy RJR Nabisco Inc. 's French *UNKER* subsidiary , *CUNK* , in hopes of selling its products in tobacco stores , but lost the bidding to food group *CUNK* *CUNK* . STOP 
It currently is considering bidding for Swedish *CUNK* Co . STOP 
And it retains an interest in acquiring *UNKS* and other articles that might be sold in tobacco shops . STOP 
It also is trying to shore up its tobacco business . STOP 
*CUNK-* cigarettes such as *CUNKS* now make up just 40 % of the French tobacco market , half the level of about two decades ago . STOP 
While *CUNK* retains a manufacturing *UNKLY* in France , it is being hurt by rising imports and from *UNKING* cigarette demand . STOP 
So *CUNK* has introduced *UNK* cigarettes under the *CUNKS* label , and intends to *UNK* the unsuccessful *CUNKS* *CUNKS* in new packaging , similar to the *UNKS* used by *UNK-* *CUNKS* . STOP 
The aim , says Mr. de *CUNK* , is to win market share from imported cigarettes , and to persuade *UNKS* who are *UNKING* to *UNK* cigarettes to keep buying French . STOP 
When the Supreme Court *UNK* Missouri 's abortion restrictions last July , the *UNKS* almost certainly did n't have *UNK* driving , *UNKING* and false *UNK* on their minds . STOP 
But the *UNKN* ruling may have had as much immediate impact on those activities -- especially *UNKING* -- as on abortion rights . STOP 
The decision , Webster vs. *CUNK* Health Services , illustrates how Supreme Court *UNKS* often have a *UNK* effect , spreading into areas of law and policy that were n't part of the actual cases decided and that never were *UNKED* by the *UNKS* . STOP 
In the Missouri case , *UNUNK* consequences may have *UNK* because the high court *UNKED* the *UNK* of the state 's 1986 abortion law . STOP 
The *UNK* says that human life begins at *UNKION* and that *UNUNK* children have rights protected by the Constitution . STOP 
Last year , a federal appeals court in St. Louis said the *UNK* was *UNUNK* , citing an earlier Supreme Court ruling that states ca n't justify *UNKER* abortion *UNKS* by changing the definition of when life begins . STOP 
But the Supreme Court concluded that it was *UNK* to rule on the *UNK* of the *UNK* because the definition of human life had n't yet been used to restrict abortion services . STOP 
The high court majority said it was up to the state courts for now to decide whether the definition has any *UNKING* on other state laws . STOP 
Already , local Missouri judges have *UNKED* on the restored *UNK* in two separate cases to throw out criminal *UNKS* charges against anti-abortion demonstrators who blocked access to *CUNK* Health Services , an abortion *UNK* in St. Louis . STOP 
The protesters said their actions were justified by the desire to save the lives of *UNUNK* children . STOP 
Under a 1981 Missouri law , *UNKS* accused of some crimes , including *UNKING* , may offer a defense that their actions were justified `` as an emergency measure to avoid an imminent public or private *UNK* . '' STOP 
*CUNKING* on the *UNK* 's statement that a *UNKS* is an *UNUNK* child , the two St. Louis County Circuit Court judges in August accepted the *UNKION* that the abortion *UNK* protesters were trying to save lives . STOP 
In another case , a *UNKER* , *CUNK* *CUNK* , was convicted of *UNKS* before the Supreme Court 's Webster ruling . STOP 
Last week , when her appeal was argued before the Missouri Court of Appeals , her lawyer also *UNKED* on the *UNK* . STOP 
`` The effect of the Supreme Court Webster opinion is that it left room for *UNKS* to grow in the *UNKS* of *CUNK* vs. *CUNK* , and I think this is one of the *UNKS* , '' said Mark *CUNK* , a St. Louis lawyer who represented Ms. *CUNK* and the other St. Louis protesters . STOP 
*CUNK* vs. *CUNK* was the Supreme Court 's 1973 decision that recognized a woman 's right to abortion . STOP 
*CUNK* *CUNK* , president of Kansas City Lawyers for Life , says that if abortion *UNKS* succeed in using the *UNK* to escape prosecution for *UNKS* , `` This will shut down abortion in Missouri . STOP 
There 's no risk to the protesters , and you ca n't keep an abortion *UNK* open if there are 3,000 people standing outside every day . '' STOP 
That would be an *UNK* result of a case in which the Supreme Court *UNKLY* stopped short of *UNKING* *CUNK* vs. *CUNK* . STOP 
In two other cases , the possible consequences of the Supreme Court ruling appear even more *UNKED* . STOP 
In one , the lawyer for a *UNK-* *UNK* of Columbia , *CUNK* , who was charged with *UNK* driving , argued that his client should be treated as a *UNK-* *UNK* because his actual age should be calculated from *UNKION* , not from *UNK* . STOP 
In Missouri , those caught drinking and driving between the *UNKS* of 16 and 21 may have their licenses *UNKED* for one year , while those 21 or older suffer only a 30-day suspension . STOP 
A *CUNK* County judge rejected the motion , but Daniel *CUNK* , a *CUNK* City lawyer , says he has appealed . STOP 
And in a case filed in federal court in August , a lawyer is arguing that Missouri authorities are *UNKLY* *UNKING* the *UNKS* of a pregnant woman who is in jail for theft and *UNK* . STOP 
In terms of *UNKER* *UNK* , the *CUNK* regime of *CUNK* Barre may *UNK* as No. 1 in the world . STOP 
The only reason that *CUNK* remains in *UNK* is numbers : a *UNKLY* *UNKED* *UNK* of 8.5 million people spread out over an *UNK* nearly the size of Texas . STOP 
The Barre *UNK* simply is limited in the amount of people it can *UNK* and kill . STOP 
*CUNKING* small children , *UNKING* elderly people to death , *UNKING* and *UNKING* women , and *UNKING* people alive are just a few of the *UNKLY* activities that the *CUNK* *UNKED* forces have been engaged in over the past two years . STOP 
Up to 500,000 *CUNKS* have escaped to the relative safety of *CUNK* *CUNK* because of the behavior of President Barre 's troops . STOP 
In the *UNK* of *CUNK* , for example , hundreds of men of the rival *CUNK* *UNK* were *UNKED* up in May 1988 , *UNKED* , and then taken out at night in groups of five to 50 men to be executed without any judicial process *UNKER* . STOP 
*CUNKS* were never used : Each man was *UNKED* to death with a large *UNK* . STOP 
The *UNK* details are only now emerging from a *UNKLY* *UNKED* report , based on hundreds of interviews with *UNKLY* selected refugees . STOP 
The study was done by Robert *CUNK* , a consultant to the U.S. State Department who has years of experience in investigating *UNKS* abuses on both sides of the *UNK-* *UNKAL* *UNK* . STOP 
What gives these events particular *UNK* , however , is the fact that they are part of a wider drama affecting the strategic positions of both the U.S. and the Soviet Union on the *UNK* of Africa . STOP 
Not since the late 1970s has the *UNK* been so up for *UNKS* as it has suddenly become in just the past few weeks . STOP 
Mr. Barre 's rule is *UNKING* fast . STOP 
*CUNKS* *UNK* his *UNKED* forces -LRB- really just an *UNKED* *UNK* -RRB- , which control less than half the country . STOP 
*CUNKION* is at record levels . STOP 
*CUNK* , he has called in the *CUNKS* to help fight the rebels of the *CUNK* National *CUNK* in the north , which is only one of several groups picking away at the regime in the capital of *CUNK* . STOP 
*CUNK* years old and a *UNKED* `` scientific socialist , '' President Barre has a power base , *UNKED* only of his minority *CUNK* *UNK* , that according to observers is `` *UNKING* . '' STOP 
The U.S. 's interest in *CUNK* consists of a single *UNK* at the *UNK* of *CUNK* , which U.S. military aircraft have the right to use for *UNK* of the Gulf of *CUNK* and the Indian Ocean . STOP 
That strip of concrete is backed up by a few *UNK-* , *UNKED* *UNKS* where a handful of American *UNKS* -- *UNKED* by imported food , cold soft *UNKS* and back issues of Sports *CUNKED* -- maintain radio contact with the outside world . STOP 
In the past two years , the desert behind them has become a land of mass *UNKS* and *UNKER* *UNK* , where , due to Mr. Barre 's *UNK* and *UNK* , nobody is any longer in control . STOP 
As long as the rival *CUNKED* regime of *CUNK* *CUNK* *CUNK* held a total *UNK* over *UNKING* *CUNK* , the U.S. was forced to accept that *UNKLY* *CUNK* *UNK* as a *UNK* No. 2 to the Soviets ' array of *UNKS* next door . STOP 
But due to dramatic events on the *UNK* over the past few days and weeks , those Soviet bases may soon be as *UNKED* and as *UNKLY* as the American *UNK* . STOP 
On Sept. 7 , I wrote on these pages about the killing and *UNKING* of 10,000 *CUNK* *UNKS* by *CUNK* and *CUNK* *UNKS* . STOP 
Recently , in *CUNK* province in the center of *CUNK* , *CUNK* forces have killed , *UNKED* and captured an additional 20,000 government troops . STOP 
-LRB- *CUNK* what these numbers mean -- considering the headline space devoted to hundreds of deaths in Lebanon , a small country of little strategic importance ! -RRB- STOP 
*CUNK* *UNKS* are now 200 miles north of *CUNKS* *CUNK* , threatening the town of *CUNK* , which would cut off Mr. *CUNK* 's capital from the *UNK* of *CUNK* , through which all fuel and other supplies reach *CUNKS* *CUNK* . STOP 
As a result , Mr. *CUNK* has been forced to transfer thousands of troops from *CUNK* just to hold the town , thereby *UNKING* the loss of even more territory in *CUNK* only to keep the *CUNKS* at bay . STOP 
Mr. *CUNK* is in an increasingly weak position : *CUNK* his army is tied down *UNKING* the northern city of *CUNK* from the *CUNKS* . STOP 
The weaker he gets , the more he turns toward the U.S. for help . STOP 
While the *CUNKS* are *UNKS* , like the *CUNKS* they are among the most *UNK-* *UNKS* in the world , having suffered more than a decade of *UNKAL* *UNK* by the *CUNKED* *CUNK* air force . STOP 
What this all means in *UNK* is that Soviet *UNK* in *CUNK* is *UNKING* as fast as President Barre 's regime in *CUNK* is . STOP 
The U.S. , therefore , has a *UNK* opportunity both to strike a blow for human rights in *CUNK* and to *UNUNK* the *UNKER* *UNK-* of the late 1970s on the *CUNK* of Africa . STOP 
Back to *CUNK* : STOP 
The State Department , to its credit , has already begun *UNKING* itself from Mr. Barre , *UNKED* by its decision to publish the *CUNK* report -LRB- which the press has ignored -RRB- . STOP 
What 's more , the U.S. has suspended $ 2.5 million in military aid and $ 1 million in economic aid . STOP 
But this is not enough . STOP 
Because the U.S. is still perceived to be tied to Mr. Barre , when he goes the *UNK* could go too . STOP 
*CUNKING* how *OUS* the security of that *UNK* is anyway , the better option -- both *UNKLY* and *UNKLY* -- would be for the Bush administration to *UNK* the regime publicly , in terms clear enough for all influential *CUNKS* to understand . STOP 
It is a *UNK* that Mr. Barre 's days are *UNKED* . STOP 
The U.S. should take care , however , that its own position in the country does not go down with him . STOP 
Nobody is sure what will come next in *CUNK* or whom the successor might be . STOP 
But as one expert tells me : `` *CUNKER* it is will have to work pretty *UNK* hard to be worse than Barre . '' STOP 
While the State Department positions itself for the *UNK-* period in *CUNK* , it should continue to back former President Carter 's *UNKED* role as a mediator between Mr. *CUNK* and the *CUNK* *UNKS* in *CUNK* , while *UNKLY* opening up channels of communications with the *CUNK* rebels through *UNKING* *CUNK* . STOP 
*CUNK* politics are the most sophisticated , *UNK* and *CUNK* in all of black Africa . STOP 
*CUNKER* that it took Mr. *CUNK* many months , in what became known as the `` *UNKING* coup , '' to *UNK* *CUNK* *CUNK* *CUNK* in 1974 and 1975 . STOP 
There is simply no way to engineer a *UNKION* *UNKLY* , as is sometimes possible elsewhere on the *UNK* . STOP 
But the U.S. has one great advantage : The Soviets are *UNKLY* *UNKED* throughout *CUNK* for what they did to the country this past decade -- *UNK* and all . STOP 
It 's not just in Eastern Europe where the *UNK* of events is finally on the U.S. side , but on the *UNK* of Africa as well . STOP 
The only U.S. liability in the region is what remains of the link to Mr. Barre , and that should be cut fast . STOP 
Mr. *CUNK* , author of `` *CUNKER* or *CUNK* : The *CUNKS* *CUNK* the *CUNK* '' -LRB- *CUNK* Press , 1988 -RRB- , lives in *CUNK* . STOP 
*CUNK* Inc. , *CUNK* *CUNK* , Calif. , got an $ 86 million Navy contract for *UNK-* systems . STOP 
General Electric Co. received a $ *UNKN* million Air Force contract for *CUNK-* *UNK* *UNKS* . STOP 
Goodyear *CUNK* & *CUNKER* Co. was awarded a $ *UNKN* million Army contract for *UNK-* parts . STOP 
*CUNK* Sciences Corp. was awarded a $ *UNKN* million Air Force contract for technical support . STOP 
*CUNK* Capital Inc. said the final *UNKION* factor was *UNKN* on its *UNKED* , $ *UNK-* tender offer to buy back as many as 1.1 million of its common shares . STOP 
*CUNK* will begin `` as soon as Oct. 25 , '' the company said . STOP 
*CUNK* is a developer and manager of *UNK-* limited partnerships . STOP 
Through a separate agreement between Peter *CUNK* , president , and a group of selling shareholders , the company said , Mr. *CUNK* will on Oct. 30 buy *UNKN* shares from the group , boosting his stake to about *UNKN* shares , or *UNKN* % of the total after the buy-back . STOP 
Canada 's consumer price index rose a seasonally adjusted 0.2 % in September from August , Statistics Canada , a federal agency , said . STOP 
The rise followed boosts of 0.1 % in August , 0.7 % in July and *UNKN* % in June . STOP 
OPEC 's ability to produce more petroleum than it can sell is beginning to cast a shadow over world oil markets . STOP 
*CUNK* from the Organization of Petroleum *CUNKING* *CUNKS* is already at a high for the year and most member nations are running flat out . STOP 
But industry and OPEC officials agree that a handful of members still have enough *UNKED* capacity to *UNK* the market and cause an *UNK-* collapse a few months from now if OPEC does n't soon adopt a new *UNK* system to *UNKAL* its *UNK* *UNKS* . STOP 
As a result , the effort by some oil ministers to get OPEC to approve a new permanent *UNKING* agreement next month is taking on increasing *UNK* . STOP 
The organization is scheduled to meet in *CUNK* beginning Nov. 25 . STOP 
So far this year , rising demand for OPEC oil and production restraint by some members have kept prices firm despite *UNK* *UNKING* by others . STOP 
But that could change if demand for OPEC 's oil *UNKS* seasonally early next year as some think may happen . STOP 
OPEC is currently producing more than 22 million barrels a day , sharply above its nominal , *UNKED* fourth-quarter ceiling of *UNKN* million , according to OPEC and industry officials at an oil conference here sponsored by the Oil Daily and the International *CUNK* *CUNK* . STOP 
At that rate , a majority of OPEC 's 13 members have reached their output limits , they said . STOP 
But it is estimated that at least three million barrels a day -- and possibly as much as seven million barrels a day -- of spare capacity still *UNKS* within OPEC . STOP 
Most is concentrated in five *CUNK* Gulf countries , including his own , *CUNK* *CUNK-* , *CUNK* 's oil minister , told the conference Friday . STOP 
He puts OPEC 's current capacity at 28 million to 29 million barrels a day . STOP 
That 's higher than some other estimates . STOP 
*CUNK* *CUNK* *CUNK-* , *CUNK* 's oil minister , recently estimated OPEC capacity at 25 million barrels a day . STOP 
*CUNKER* way , the *UNK* is big enough to keep *UNKLY* *UNKED* oil markets on edge . STOP 
Even modest amounts of additional output by those with the huge extra capacity and reserves , such as Saudi Arabia and *CUNK* , could upset the market . STOP 
The *CUNK* oil minister and Saudi oil minister *CUNK* *CUNKER* insisted in their comments to the conference that their countries would act *UNKLY* to maintain a stable market . STOP 
However , in interviews later , both ministers *UNKED* that they expect future OPEC quotas to be based mainly on the production capacity and reserves of each member . STOP 
Under that approach , countries with the most *UNKED* oil capacity would get bigger shares of any future increases in OPEC 's production ceiling than they would under the current system . STOP 
`` If you are already producing at 95 % or 100 % of your capacity , what 's the good to be told you can produce at 105 % of capacity ? '' asked Mr. *CUNK-* . STOP 
At an *UNK* Geneva meeting late last month , OPEC 's oil ministers *UNKLY* approved another increase of one million barrels a day in their production ceiling . STOP 
They *UNKED* it out using the existing formula , however , which meant that even those countries that could n't produce more received higher official *UNKS* . STOP 
The main effect of the ceiling boost was to `` *UNK* '' some of the *UNKION* already coming from the *UNK* *UNKS* . STOP 
Still , there was a *UNK* at Geneva . STOP 
Previously , no OPEC member had been willing to accept a reduction in its percentage share of the group 's total output target , or ceiling . STOP 
But the concept of *UNK* quotas for those with *UNKED* capacity , advanced there in an Iranian proposal , was generally endorsed by the ministers . STOP 
In the end politics got in the way . STOP 
*CUNK* accepted Iran 's proposal only so long as it was promised production parity with *CUNK* . STOP 
And the United Arab *CUNKS* , a *UNK* *UNK* *UNKER* , refused to give any guarantee it would change its ways . STOP 
But the oil ministers continue to study the plan , and it will probably be the basis for discussion at next month 's meeting . STOP 
It 's understood several *UNKS* already have been worked into the plan . STOP 
The ceiling would be lifted to *UNKN* million barrels to provide *CUNK* and the United Arab *CUNKS* much higher official quotas while reducing percentage shares of some others . STOP 
*CUNK* 's previous conditions are no longer considered a problem , although the United Arab *CUNKS* is still an issue . STOP 
Saudi Arabia , OPEC 's *UNK* , also has surfaced as a possible obstacle , some OPEC sources said . STOP 
*CUNKING* on a *UNKN* % share of any ceiling , Saudi officials have long pressed for the pro *UNK* distribution of increases to all members . STOP 
In Geneva , however , they supported Iran 's proposal because it would have left the Saudi percentage of the OPEC total intact , and increased actual Saudi volume to nearly 5.3 million barrels daily from five million . STOP 
Some of the proposed *UNKS* since , however , call on Saudi Arabia to `` give back '' to the *UNKING* pool a *UNK* *UNKN* barrels . STOP 
Though tiny , that 's a reduction in its share . STOP 
Mr. *CUNKER* , the Saudi oil minister , *UNKED* here that the *UNK* would insist on maintaining its percentage share of OPEC production under any *UNK* revisions . STOP 
`` Under any circumstances , Saudi Arabia should get more '' rather than less , Mr. *CUNKER* said . STOP 
In a blow to France 's *CUNK* jet *UNKER* , the French navy for the first time publicly stated its desire to buy 15 McDonnell Douglas Corp. *CUNK-* *CUNKS* to defend its aircraft carriers . STOP 
The statement is likely to *UNK* the debate within France 's military establishment over the *CUNK* , which is made by *CUNKS* *CUNK* *CUNK-* Aviation *CUNK* . STOP 
In an interview in the navy 's official weekly magazine *CUNKS* *CUNKS* , the navy 's *UNK-* , *CUNK* *CUNKS* *CUNK* , said the navy still intends to buy 86 *CUNKS* as scheduled in the late 1990s and early *UNK* century . STOP 
The air force is to take at least 250 more . STOP 
*CUNK* *CUNK* said the navy ca n't wait until 1998 , when the naval *CUNK* becomes available , to replace its *UNK* fleet of *CUNK-* *CUNKS* , used since the 1950s to protect carriers from attack . STOP 
Rather than *UNK* the *CUNKS* , which *CUNK* is proposing to do for around 1.8 billion French francs -LRB- $ *UNKN* million -RRB- , *CUNK* *CUNK* said the navy wants to buy used *CUNKS* from the U.S. Navy . STOP 
*CUNKLY* , the statement is n't an attack on the *CUNK* . STOP 
*CUNK* *CUNK* said that when the *CUNKS* wear out , the navy is prepared to take *CUNKS* to replace them . STOP 
But *UNKLY* , senior navy officials sharply *UNK* the *CUNK* as an air force plane *UNKED* to carrier use . STOP 
Although they never said so publicly , they have made no secret of their preference for the *CUNK-* on operational grounds . STOP 
*CUNK* *CUNK* 's comments are likely to *UNK* the broader dispute within the military establishment here over the role of *CUNK* . STOP 
Although *UNKED* , *CUNK* still is run by the founder 's son , Chairman *CUNK* *CUNK* , who has fiercely protected his company 's independence . STOP 
The *CUNK* project is the result of France 's *UNK* jointly to develop a plane with other countries , and French officials question whether the state can continue paying for expensive independent programs . STOP 
So far , Mr. *CUNK* has resisted pressure to change . STOP 
What brought the naval issue to a head is that the *CUNKS* are literally falling apart , without any immediate plan to replace them . STOP 
*CUNK* *CUNK* , a former *CUNKER* *UNK* leader , said that the last other country to use *CUNKS* , the Philippines , retired its last ones two years ago . STOP 
A French *CUNKER* crash a few months ago *UNKED* pressure for new planes here . STOP 
*CUNK* *CUNK* rejected *CUNK* 's proposal to *UNK* the *CUNKS* , saying the cost was impossible to estimate . STOP 
Even *UNKED* , he said , the *CUNKS* represent an *UNK* and dangerous protection for the aircraft carriers France has sent to meet such *UNKS* as the wars in Lebanon and the *CUNK* Gulf . STOP 
Defense Minister *CUNK-* *CUNK* told a meeting of the *CUNK-* Press Association that the question of *UNKING* the *CUNKS* or buying used *CUNKS* is a `` political '' decision that he will make in due time . STOP 
THE *CUNK* *CUNK* ruling *UNKING* Missouri 's *UNK* abortion law was Webster vs. *CUNK* Health Services . STOP 
The *UNKION* was *UNKED* in Friday 's edition . STOP 
*CUNKING* by average Japanese households in August fell an adjusted 1.9 % from a year earlier , the Statistics Bureau of the Prime Minister 's Office said . STOP 
The bureau cited *UNKS* in the month that *UNKED* shopping and *UNK* opportunities . STOP 
*CUNKING* by Japanese households averaged *UNKN* yen -LRB- $ *UNKN* -RRB- in August . STOP 
In nominal terms it rose *UNKN* % from a year earlier before adjustment . STOP 
August adjusted spending by *UNKING* families was down *UNKN* % to *UNKN* yen from a year earlier . STOP 
The real income of *UNKING* families in the month eased 1.2 % to *UNKN* yen from the previous year . STOP 
For Cathay Pacific Airways , the smooth ride may be ending . STOP 
The first signs of trouble came last month when the Hong Kong carrier , a subsidiary of *CUNK* Pacific Ltd. , posted a 5 % drop in operating profit for the first six months and warned that margins will remain under pressure for the rest of the year . STOP 
Securities analysts , many of whom *UNKED* their buy recommendations after seeing Cathay 's interim figures , believe more *UNKS* lie ahead . STOP 
*CUNK* and personnel costs are rising , and tourism in and through Hong Kong remains *UNKED* by China 's turmoil since the June 4 killings in Beijing . STOP 
In addition , delivery delays for the first two of as many as 28 Boeing *UNKS* that the carrier has ordered have raised costs because personnel had been hired to man the planes . STOP 
And tough competition in the *UNK-* market is cutting into an important *UNK* . STOP 
There also is concern that once Hong Kong *UNKS* to China 's *UNK* in 1997 , Cathay will be forced to play second *UNK* to China 's *UNKED* flag carrier , Civil Aviation Administration of China , or *CUNK* . STOP 
`` The sense is we would never be in a position again where everything works for us the way it did before , '' says *CUNK* *CUNK* , Cathay 's commercial director . STOP 
*CUNK* Hall , an analyst at James Capel -LRB- Far East -RRB- Ltd. , says there is n't much Cathay can do about rising costs for jet fuel , Hong Kong 's tight labor market , or the strengthening of the local currency , which is *UNKED* to the U.S. dollar . STOP 
These factors are further complicated by the airline 's push to transform itself from a regional carrier to an international one , Ms. Hall says . STOP 
Ms. Hall expects Cathay 's profit to grow around 13 % annually this year and next . STOP 
In 1988 , it earned $ *UNKN* billion Hong Kong -LRB- US$ *UNKN* million -RRB- on revenue of *CUNK* *UNKN* billion . STOP 
Cathay is taking several steps to bolster business . STOP 
One step is to beef up its fleet . STOP 
In addition to aircraft from Boeing Co. , Cathay announced earlier this year an order for as many as 20 *CUNKS* *CUNKS* . STOP 
The expansion , which could cost as much as US$ *UNKN* billion over the next eight years , will expand the fleet to about 43 planes by 1991 , up from 30 at the end of last year , according to Sun *CUNK* *CUNK* Securities Ltd . STOP 
The *UNK-* *CUNKS* planes will be used largely to replace Cathay 's aging fleet of Lockheed *CUNKS* for regional flights , while the Boeing aircraft will be used on *UNK-* routes to Europe and North America . STOP 
Cathay also is moving some of its *UNK-* *UNKING* operations outside Hong Kong . STOP 
*CUNK* bidding for young employees in Hong Kong is pushing up Cathay 's labor costs by 20 % a year for *UNK-* staff , while experienced , *UNKED* employees are leaving the colony as part of the brain drain . STOP 
Some jobs already have been moved to Australia , and there are plans to place others in Canada . STOP 
David Bell , a spokesman for the airline , says the move is partly aimed at *UNKING* existing staff who are leaving to secure foreign *UNKS* ahead of 1997 . STOP 
Cathay is working to promote Hong Kong as a *UNKION* worth *UNKING* on its own *UNKS* , rather than just a *UNKER* . STOP 
Although the June 4 killings in Beijing have hurt its China flights , Cathay 's other routes have retained high load factors . STOP 
Mr. *CUNK* *UNKS* promoting Hong Kong as an important part of attracting visitors from Japan , South Korea and Taiwan , where the number of people looking to travel abroad has surged . STOP 
There also has been speculation that Cathay will be among the major private-sector participants in the Hong Kong government 's plans to build a new airport , with the carrier possibly investing in its own terminal . STOP 
Cathay officials decline to comment on the speculation . STOP 
Mr. *CUNK* sees alliances with other carriers -- particularly Cathay 's recent link with AMR Corp. 's American Airlines -- as an important part of Cathay 's strategy . STOP 
But he *UNKS* that Cathay has n't any interest in *UNKING* equity stakes with the U.S. carrier or with Lufthansa , the West German airline with which it has *UNKED* for about a decade . STOP 
Analysts believe Cathay is approached for such *UNKS* by other carriers on a regular basis , particularly as the popularity of share exchanges has grown among European carriers . STOP 
`` We think alliances are very important , '' Mr. *CUNK* says . STOP 
`` But we 'd rather put funds into our own business rather than someone else 's . STOP 
I 'm not sure *UNK-* would necessarily make things *UNKER* . '' STOP 
In a pattern it aims to copy in several key U.S. *UNKS* , Cathay recently announced plans to serve San Francisco by flying into American Airlines ' Los Angeles *UNK* and *UNKING* continuing passengers onto a flight on the U.S. carrier . STOP 
`` We 'll never have a big operation in the U.S. , and they 'll never have one as big as us in the Pacific , '' Mr. *CUNK* says . STOP 
`` But this way , American will coordinate good *UNKS* to Boston , New York , Chicago and Dallas . STOP 
We 'll coordinate on this end to places like *CUNK* , Singapore and Manila . '' STOP 
Asian traffic , which currently accounts for 65 % of Cathay 's business , is expected to continue as the carrier 's *UNK* . STOP 
Cathay has long stated its desire to double its weekly flights into China to 14 , and it is *UNKING* to *UNK* *UNKED* flights into Vietnam . STOP 
Further expansion into southern Europe is also possible , says Mr. Bell , the spokesman . STOP 
While a large number of Hong Kong companies have *UNKED* *UNK* ahead of 1997 , such a move is n't an option for Cathay because it would *UNK* its landing rights in Hong Kong . STOP 
And Mr. *CUNK* *UNKLY* rules out a move to London : `` Our *UNK* is Hong Kong traffic rights . '' STOP 
He says the airline is putting its *UNK* in the *CUNK-* agreement on Hong Kong 's return to China . STOP 
A special section dealing with *UNKION* rights states that landing rights for Hong Kong 's airlines , which include the smaller Hong Kong *CUNK* Airlines , will continue to be negotiated by Hong Kong 's government . STOP 
But critics *UNK* that *UNK-* officials ultimately will be responsible to Beijing . STOP 
`` My feeling is -LCB- Cathay does n't -RCB- have a hope in the long run , '' says an analyst , who declines to be identified . STOP 
`` Cathay would love to keep going , but the general sense is they 're going to have to do something . '' STOP 
Mr. *CUNK* acknowledges that the carrier will have to *UNK* and *UNK* to local changes , but he feels that the *CUNK-* agreement is firm ground to build on for the *UNK* future . STOP 
`` We 're confident that it *UNKS* our route structure , '' he says , `` and our ability to grow and *UNKER* . STOP 
Falcon Cable Systems Co. said it proposed an amendment that would allow it to increase its debt cap to 65 % of the company 's fair market value from the 40 % currently allowed . STOP 
Falcon , a limited partnership , said it wanted the increase in order to continue its $ *UNK-* annual payment , and for expansion and acquisitions . STOP 
A spokesman for the company said a meeting would be held for shareholders to vote on the amendment before year 's end . STOP 
Friday , October 20 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 3\/4 % high , 8 5\/8 % low , 8 11\/16 % near closing bid , 8 3\/4 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.50 % 15 to 44 days ; 8.25 % 45 to 72 days ; 8.375 % 73 to 96 days ; *UNKN* % 97 to 119 days ; 8 % 120 to *UNKN* days ; 7.875 % 150 to 179 days ; 7.50 % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : 8.55 % 30 days ; 8.45 % 60 days ; 8.40 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.05 % one month ; *UNKN* % two months ; 8 % three months ; 7.98 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : 8.55 % one month ; 8.50 % three months ; 8.40 % six months . STOP 
BANKERS ACCEPTANCES : 8.45 % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; *UNKN* % 150 days ; 7.96 % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 11\/16 % to 8 9\/16 % one month ; 8 11\/16 % to 8 9\/16 % two months ; 8 11\/16 % to 8 9\/16 % three months ; 8 5\/8 % to 8 1\/2 % four months ; 8 9\/16 % to 8 7\/16 % five months ; 8 1\/2 % to 8 3\/8 % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 3\/4 % one month ; 8 11\/16 % three months ; 8 9\/16 % six months ; 8 1\/2 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 8.50 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 16 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : *UNKN* % 13 weeks ; *UNKN* % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 *UNK* *UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : *UNKN* % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
In the *UNK-* Marina neighborhood , life after the earthquake is often all too real , but sometimes *UNKAL* . STOP 
Some *UNKS* : -- Saturday morning , a *UNK* was given 15 minutes to *UNK* into a *UNKING* building and *UNK* what she could of her life 's *UNKS* . STOP 
Saturday night she *UNKED* in an emergency *UNKER* on *UNK* *UNKS* prepared by *UNKS* from one of the city 's *UNK-* restaurants . STOP 
-- Mayor Art Agnos stands in the *UNK* of television *UNKS* trying to explain for the *UNK* time why the city is severely *UNKING* access to badly damaged structures . STOP 
A couple in fashionable *UNK* *UNK-* suits *UNKS* by , *UNKS* *UNKLY* in place , *UNKING* their way along a street of *UNKED* and fallen houses . STOP 
At a nearby corner , they *UNK* *UNKLY* close to a listing apartment house , *OUS* to any danger . STOP 
A *UNK* *UNKS* his head in *UNK* as he *UNKS* them away . STOP 
-- A young woman who has been out of town shows up at the Marina Middle School to learn that her apartment is on the *UNKED* list . STOP 
She is told she ca n't enter unless she is accompanied by an *UNK* . STOP 
She *UNKS* into *UNKS* and *UNKS* away . STOP 
*CUNK* , five temporary residents of the school *UNKER* sit on *UNKS* , having their *UNKS* and backs *UNKED* by *UNKER* *UNKS* . STOP 
The Marina rescue center offered a very San *CUNK* response to the disaster . STOP 
In addition to free *UNKS* , there was free *UNKING* , phone calls and a free shuttle bus to a health club , which offered up its *UNKS* , *UNKS* and hot *UNKS* . STOP 
The *UNK* offered donated *UNKS* and *UNK* for *UNK* , and for dinner , *UNK* *UNK* and *UNK* *UNK* *UNKS* along with the *UNK* . STOP 
`` This has been a *UNK-* earthquake for me , '' said *UNK* *CUNK* *CUNK* , who works in an *UNK* 's office . STOP 
She and some friends are considering offering earthquake victims free *UNK* classes and `` *UNK* therapy '' -- *UNKS* with *UNKED* *UNKS* . STOP 
She finds the response of Marina residents -- primarily *UNKS* and elderly people -- to the *UNKION* of their homes `` *UNK* . STOP 
People have been very *UNK* of each other . STOP 
I do n't know if this would have happened somewhere else . '' STOP 
Out on the streets , some residents of badly damaged buildings were allowed a *UNK-* *UNKER* *UNK* through their *UNKS* . STOP 
`` It 's so *UNK* to have to decide what 's really important to you , '' said Barbara May . STOP 
She went first for personal *UNKS* . STOP 
In *UNK-* *UNK* , her building is a `` red . '' STOP 
After being *UNKED* , buildings with substantial damage were *UNKED* . STOP 
Green allowed residents to *UNKER* ; *UNK* allowed limited access ; red allowed residents one last entry to *UNKER* everything they could within 15 minutes . STOP 
*CUNKS* and *UNKS* went about their business with a kind of measured *UNKS* . STOP 
Some *UNKLY* dumped *UNKS* into *UNKS* , others threw goods out windows . STOP 
It did n't help that on Saturday , after three days of *UNK* , it *UNKED* . STOP 
`` The guys are going for their *UNKS* , their *UNKS* , their personal computers , '' said Frank *CUNK* , who helped others empty their apartments . STOP 
`` The women wanted *UNK* *UNKS* , a certain *UNK* , kind of *UNKAL* things . '' STOP 
He showed an *UNUNK* , *UNKING* *UNK* watch that he *UNKED* for one woman . STOP 
It *UNKED* to her *UNKER* . STOP 
Some residents *UNKED* orders and returned to `` red '' buildings to *UNK* goods . STOP 
One building was *UNKED* to red status while people were taking things out , and a *UNK* who was n't allowed to go back inside called up the *UNKS* to his *UNK* , telling her to keep sending things down to the lobby . STOP 
A *UNK* had to be called in to make her leave ; the *UNK* helped carry out one last load . STOP 
*CUNK* of *UNK-* rules was *UNK* , residents said . STOP 
One man trying to remove his car was told by officials to get out of his *UNK* . STOP 
When he *UNKED* back later to try again , a different *UNK* offered to help him get the car out . STOP 
The Marina also has become the *UNKAL* point of city efforts to *UNK* residents with any *UNKS* that may have fled or become lost during the earthquake . STOP 
On *UNKS* along *CUNK* Street , a major Marina *UNK* , *UNKS* were offering a $ 100 reward for a *UNK* lost during the quake . STOP 
The San Francisco Society for the *CUNKION* of *CUNK* to *CUNKS* also has been providing medical care , food , water and *UNKER* homes for *UNKED* animals . STOP 
The *CUNK* says it has received more than 100 requests for *UNKER* homes on behalf of *UNKS* and *UNKS* , though some people have sought temporary homes for *UNKS* and *UNK* . STOP 
For example , one *UNK* owner returning home found that her apartment , like many others in the Marina , did n't have heat . STOP 
`` She can stay there with no heat , but for a *UNK* , that can be *UNKLY* , '' says *CUNK* *CUNK* , *UNK* services manager for the *CUNK* . STOP 
A warm *UNKER* home has been found . STOP 
The neighborhood around Alexander *CUNK* Co. 's *CUNK-* *CUNKING* Center in the *CUNKS* section of Los Angeles *UNKS* the *UNK-* , deteriorating *UNKS* of many *UNKER* cities and certainly is n't the sort of area one would choose to visit . STOP 
But turn into the shopping center 's parking lot , and one could be in the safe , busy *UNK* of a *OUS* *UNK* . STOP 
Only it is safer , and *UNKER* . STOP 
Over the past year there have been only one *UNK* , three *UNKS* of or from *UNKS* , no *UNKS* , and one attempted *UNK* in the *UNK* , which opened in late 1981 . STOP 
A shopping center of similar size in an affluent Los Angeles *UNK* would , per year , be expected to have eight *UNKS* , 70 *UNKS* of or from *UNKS* , and four *UNKS* . STOP 
The *CUNKS* *UNK* has annual sales of more than $ 350 per *UNK* square foot ; the figure for a comparable suburban shopping center would be $ 200 . STOP 
Three other *CUNK* shopping centers in the *CUNKS* area are doing almost as well . STOP 
A successful *UNK-* *UNK* in a *UNK-* area *UNKS* the more typical *UNK-* pattern , in which commercial areas are taken over by *UNKLY* youth , *UNKS* , and the criminal element , with an *UNKION* of the customer base , development capital , and *UNK* . STOP 
Major regional and national chain stores are replaced by *UNK-* operations offering *UNK-* merchandise at higher prices . STOP 
Along with the exodus of shopping opportunities is an exodus of the jobs that the major chains used to provide to community residents . STOP 
Thus there is even more to the *CUNK-* Center than a good place to shop . STOP 
This *UNK* commercial *UNK* becomes , for the residents , a secure *UNKS* in a *UNK* urban landscape , evidence that community *UNK* is not *UNK* and that the *UNKS* are not *UNK* . STOP 
The center *UNKS* the community image to outsiders as well , and may help to arrest , or even reverse , the exodus of capital and investment . STOP 
An additional benefit is the creation of jobs . STOP 
This starts in the construction phase through the use of minority contractors and local workers . STOP 
It continues through the life of the center ; the *CUNK-* Center has created 500 permanent private-sector jobs at a one-time cost in public funds of only $ *UNKN* per job . STOP 
As many of these jobs are filled by local residents , who move from the *UNK* *UNKS* to the tax *UNKS* , the $ *UNK-* public investment should repay itself in a few years . STOP 
And that is before consideration of increased state and local revenues from taxes and fees on sales , real estate , licenses and the like . STOP 
*CUNKS* are also *UNKED* back into the community ; the *UNK-* *CUNK-* Economic Development Corp. receives 60 % of the profits from the *CUNK-* Center and uses the money to provide moderate and low-cost housing in the community -- now running into the hundreds of units -- as well as commercial and industrial development projects . STOP 
*CUNK* *CUNK* , director of the mayor 's City Economic Development Office , says : `` There is no question that *CUNK-* had a *UNK* effect on the surrounding neighborhood . STOP 
What had been a *UNKED* area with nothing but *UNK* shops and *UNK* shops is now experiencing a major *UNKING* in the housing and commercial stock , thanks to a *UNKLY* *UNKED* source of *UNKION* capital that *CUNK-* yields . '' STOP 
Another benefit is that substantial *UNKS* of the *UNKS* in these centers are minority businessmen and women . STOP 
In the Grand *CUNK* *CUNK* developed by *CUNK* Realty Group in Chicago 's Third *CUNK* , opposite the Robert Taylor *CUNKS* , 29 % of the stores to date have been leased to blacks and 14 % to members of other minority groups . STOP 
*CUNK* from the community will have *UNKER* role models than the drug *UNKS* . STOP 
So what 's the catch ? STOP 
*CUNKLY* that putting one of these *UNK-* deals together takes time , *UNK* , *UNK* of vision and negotiating skills that not all developers *UNKS* . STOP 
Security costs are also quite high . STOP 
One of these centers can involve years of negotiating with numerous public agencies , local political leaders , and *UNK* groups , and with prospective *UNKS* and sources of financing . STOP 
*CUNK* deals are not without their delays and *UNKS* -- *UNK-* deals just have more of them . STOP 
Security at a typical *CUNK* *UNK-* center is impressive , but *UNUNK* . STOP 
The entire site is *UNKED* by a *UNK-* *UNKAL* iron *UNK* with a small number of *UNKED* *UNKS* . STOP 
*CUNKS* and *UNKS* give it a *UNKING* and *UNK-* appearance . STOP 
*CUNKED* motion detectors and *UNK-* TV *UNKS* monitor the entire center ; *UNKING* levels are three to five times the industry standard . STOP 
The security command post , *UNKED* as *UNK-* retail space , has its own `` *UNK* 's *UNKEST* '' above the *UNKS* of the other buildings , with a *UNK* view of the entire center . STOP 
*CUNKAL* law enforcement is present in a *UNKION* *UNKING* space donated by the center . STOP 
These features are also used in *CUNK* Realty Group 's Grand *CUNK* *CUNK* . STOP 
*CUNK* has its own large security force of *UNKED* and *UNK-* personnel on *UNK-* duty at each center . STOP 
Security is 60 % to 70 % of the common area charges of these centers , vs. an industry average of about 15 % . STOP 
These security costs are kept *UNK-* because the centers ' site acquisition , construction , and financing costs were reduced by such programs as Urban Development *CUNKION* *CUNKS* , Economic Development Administration *CUNKS* , Community Development Block *CUNKS* , tax-free Industrial Development Bonds , *CUNK* *CUNK* tax *UNKS* , city infrastructure grants , and tax *UNK* financing . STOP 
Many of these programs no longer exist , or have been severely cut back . STOP 
However , since these centers appear to pay for themselves , there is nothing to prevent state and local governments from *UNKING* legislation with similar provisions . STOP 
Many states already have *CUNK* *CUNKS* and legislation that *UNKS* tax incentives , loans , and grants to encourage investment in depressed areas with requirements for the hiring of the *UNKED* and minorities . STOP 
These programs could be expanded to focus on funds for project planning , *UNKING* sources of funds , and for acquiring a site and preparing it . STOP 
*CUNKING* crime and the fear of it in *UNK-* commercial areas should give *CUNK* *CUNKS* more success than most have enjoyed to date . STOP 
With many suburban areas basically *UNK* with shopping centers , *UNK-* areas may represent a major new *UNKED* market for investment . STOP 
New approaches to *UNK* design and operation make it possible to *UNK* these markets . STOP 
If the risks and *UNKS* are reasonable , developers will respond . STOP 
Government officials who wonder how important it is for them to encourage development in high-risk areas should visit *CUNK-* and Grand *CUNK* *CUNK* and decide for themselves . STOP 
The answer will be obvious . STOP 
Mr. *CUNKS* is a researcher at the Justice Department 's National Institute of Justice . STOP 
*CUNK* *CUNK* Inc. said that on Dec. 21 it will redeem $ 10 million face amount of its $ *UNKN* million of *UNKN* % subordinated notes outstanding , due June 1 , 1991 . STOP 
For each $ 1,000 of notes , the maker of specialty metals , industrial *UNKS* and consumer products will pay $ *UNKN* plus $ *UNKN* of interest accrued from Dec. 1 . STOP 
The company will *UNK* holders of the notes to be *UNKED* . STOP 
Manufacturers Hanover Trust Co. is redemption agent . STOP 
One company recently was listed on the New York Stock Exchange , and another will join the Big Board from the over-the-counter market this week . STOP 
*CUNK* Investment *CUNK* Municipal Trust , Boston , was listed with the symbol *CUNK* . STOP 
The new *UNK-* management investment company trades shares of beneficial interest . STOP 
It *UNKS* primarily in tax-exempt municipal securities . STOP 
*CUNK* Corp. , a New *CUNKS* bank holding company , will join the Big Board Thursday under *CUNK* . STOP 
Three companies began trading over the counter . STOP 
*CUNK* Corp. , a *CUNKER* , Colo. , maker of *UNK-* tape *UNK* systems used to back up computer disk drives , started OTC trading with the symbol *CUNK* . STOP 
Rally 's Inc. , a Louisville , Ky. , restaurant *UNK* , started trading under *CUNK* . STOP 
Sierra Tucson Cos. , Tucson , Ariz. , started trading under *CUNK* . STOP 
It operates various types of *UNK-* facilities . STOP 
Separately , on the Pacific Stock Exchange , put and call options on the common stock of *CUNKS* Corp. started trading . STOP 
*CUNKS* , Seattle , makes computer software products . STOP 
Options give a holder the right , but not the obligation , to buy or sell a security at a set price within a set period of time . STOP 
Dow Chemical Co. said its *CUNK* Energy Inc. unit has agreed to buy *CUNK* Inc. , a Houston energy company , in a deal valued at about $ 115 million . STOP 
Dow , of Midland , Mich. , said its unit will begin by Thursday a tender offer of $ *UNKN* a share for all *CUNK* common shares outstanding . STOP 
Among other conditions , the offer depends on the Dow unit acquiring at least 66 *UNKN* % of the *CUNK* shares outstanding , the companies said in a joint statement Friday . STOP 
*CUNK* has about *UNKN* million shares outstanding . STOP 
The company said the approximately $ 115 million acquisition price includes its total $ 33 million of long-term debt outstanding . STOP 
Dow said it already has agreements with Albert J. Smith Jr. , chairman and chief executive officer of *CUNK* , and certain other officers of the company under which Dow may buy about 40 % of the *CUNK* common shares outstanding . STOP 
*CUNK* is a designer and operator of *UNKION* facilities and had 1988 sales of $ *UNKN* million . STOP 
The company is owner and operator , or an equity partner , in six *UNKION* facilities -- two in Texas and four in California . STOP 
The company said recently it expects third-quarter earnings will be in range from $ 1.3 million to $ 1.7 million , or 14 cents to 18 cents a share , compared with $ *UNKN* , or four cents a share , a year ago . STOP 
If growth *UNKS* its *UNK* among investors , a sluggish segment of the Nasdaq over-the-counter market could show some *UNK* . STOP 
Some stock *UNKS* already are targeting the OTC market , where , they say , *UNK* plenty of small - and *UNKED* growth stocks . STOP 
*CUNKEST* of all , they add , these growth issues , unlike their big blue-chip *UNKS* on the New York Stock Exchange , are *UNKING* at depressed prices . STOP 
Growth stocks will return to favor , some analysts and money managers think , because of the *UNKS* caused by the market 's steep slide on Oct. 13 , and because of the current *UNK* of disappointing earnings announcements . STOP 
*CUNK* such a *UNK* , companies with proven track records of earnings gains of 20 % or so annually have extra appeal . STOP 
`` The market will have to look for a new theme now and that theme will be a return to growth , '' declares Mary *CUNK* , a PaineWebber analyst . STOP 
Among her OTC picks are *CUNK* *CUNK* and *CUNK* Brands . STOP 
Like many OTC growth issues , they have market values -- as measured by stock price times shares outstanding -- of roughly $ 100 million to $ 500 million . STOP 
Some like to *UNK* in growth companies whose shares have n't traded publicly very long . STOP 
These are sometimes dubbed `` emerging '' growth companies , though they also have *UNK-* track records . STOP 
While many growth stocks are small , not all small stocks have *UNK-* momentum . STOP 
That 's an important *UNKION* because some analysts and brokers , who *UNKLY* predict that small stocks are about to *UNK* bigger issues , may use any *UNK* in growth issues to help them sell all small stocks . STOP 
`` You can find some good , quality companies over the counter , '' but investors should be *UNK* , says John *CUNK* , chief portfolio manager at *CUNK* Investors , a Newark , N.J. , money management company with about $ 900 million invested in growth stocks of *UNKING* *UNKS* . STOP 
Mr. *CUNK* 's picks from the OTC market include *CUNK* , *CUNK* *CUNKS* *CUNK* , and *CUNK* American . STOP 
The main argument for growth stocks is their usually superior performance in a slowing economy . STOP 
`` If the market *UNKS* on earnings , we should get better *UNKS* of growth stocks , '' says L. Keith *CUNKS* , a *UNK-* analyst at Morgan Stanley . STOP 
Eventually , he believes , investors will be willing to pay higher prices for companies with proven track records of earnings growth . STOP 
In anticipation of that shift , he and other analysts are encouraging their clients to buy such issues now . STOP 
*CUNKLY* , smaller growth stocks have n't been in favor recently . STOP 
The average issue on Standard & Poor 's 500-stock Index gained 35 % last year , Ms. *CUNK* of PaineWebber says . STOP 
*CUNK-* earnings , by comparison , rose between 15 % and 20 % . STOP 
In addition , earnings growth took a back seat to cash flow , restructuring and takeover potential , and breakup value as the preferred *UNKING* standards for much of the year . STOP 
Also , the smaller growth stocks are n't widely traded , and so are harder to buy and sell quickly than blue chips . STOP 
As a result , Morgan Stanley 's Index of 40 *CUNKING* Growth Stocks -- most of which are in the OTC market -- is up only 13 % for the year , while the Dow Jones Industrial Average has *UNKED* 24 % and the S&P 500 has grown 25 % . STOP 
The Nasdaq Composite has gained 23 % this year , but that 's largely due to the 100 largest *UNKAL* stocks , which have soared 30 % . STOP 
Some investors are skeptical of growth stocks because investing in them means ignoring that *UNK* found in the fine print of some investment *UNKS* -- that past performance is n't *UNK* of future results . STOP 
`` People are naturally *OUS* of them , '' says Mr. *CUNKS* of Morgan Stanley . STOP 
Among his *UNKS* in his firm 's index are *CUNK* , Silicon Graphics and *CUNK* . STOP 
However , more money managers are *UNKED* that profit is *UNKING* importance . STOP 
Mark *CUNKER* , portfolio manager at *CUNKED* *CUNKER* Capital Management , says that in reaction to *UNKS* about *UNK-* buy-out transactions , analysts and investors now appear to be `` *UNKING* stock based on future earnings as opposed to the amount of debt the company can support . '' STOP 
Barney *CUNK* , managing director of research at Hambrecht & Quist , also believes earnings growth is beginning to play a greater part in investors ' buying decisions . STOP 
On Friday , Hambrecht & Quist added St. *CUNK* Medical to the list of 20 stocks it strongly recommends . STOP 
The opinion is largely based on the company 's earnings momentum , Mr. *CUNK* says . STOP 
St. *CUNK* 's market value on Nasdaq exceeds $ 1 billion , so it is n't a small stock . STOP 
The medical devices maker 's earnings rose nearly 35 % in 1987 from 1986 , and 75 % in 1988 . STOP 
*CUNK* *CUNKER* , who follows the stock for Hambrecht & Quist , anticipates that the company 's net income will grow 51 % to $ *UNKN* a share this year . STOP 
St. *CUNK* finished up 1\/4 to 44 1\/2 on Friday . STOP 
Friday 's Market Activity STOP 
The Nasdaq Composite Index eased *UNKN* to *UNKN* . STOP 
The composite finished up 0.7 % from last Friday 's close . STOP 
It was a busy week for OTC stocks . STOP 
Friday 's volume totaled *UNKN* million shares ; the daily average for the week was a *UNKING* *UNKN* million . STOP 
Valley National lost 1 3\/8 to 17 1\/8 on volume of 1.9 million shares . STOP 
The company reported a big third-quarter loss on Thursday . STOP 
*CUNKS* Bank of New York lost 1 to 106 after reporting that its third-quarter net income fell to $ *UNKN* a share from last year 's $ *UNKN* a share . STOP 
*CUNK* Savings Bank lost 7\/8 to 1 5\/8 after reporting that it had a $ 4.8 million loss in the latest third quarter mostly because of loan-loss provisions . STOP 
In the 1988 quarter , the bank earned $ 1.1 million . STOP 
One bank stock was a winner . STOP 
*CUNK* jumped 4 1\/2 to 47 3\/4 after agreeing to be acquired by Banco Popular de Puerto Rico for $ *UNKN* a share . STOP 
Banco Popular , meanwhile , dropped 1 1\/4 to 21 1\/2 . STOP 
Sierra Tucson , an initial public offering , made the most active list . STOP 
The company 's shares began trading at 12 1\/2 , up from its initial offering price of 12 , and closed at 13 . STOP 
Sierra Tucson operates an *UNKION* treatment center . STOP 
Among declining issues , a weak earnings outlook drove *CUNKER* Technology down 6 1\/4 to 24 . STOP 
The company said results for its second quarter ended Oct. 28 could drop as much as 20 % below the 30 cents a share reported in the year-earlier quarter . STOP 
*CUNK* International plummeted 3 1\/4 to 7 1\/4 . STOP 
A Food and Drug Administration advisory panel has asked that *CUNK* perform more studies on its device to treat *UNKS* . STOP 
Qintex Entertainment dropped 2 5\/8 to 1 1\/2 after seeking protection from creditor lawsuits under Chapter 11 of the federal Bankruptcy Code for itself and its two operating subsidiaries , *CUNK* *CUNK* *CUNKS* and Qintex *CUNKS* . STOP 
Raymond Corp. lost 1 to 10 after it said late Thursday that it will take a $ 4.4 million charge in its third quarter for reserves to cover potential charges in connection with the closing and sale of a manufacturing plant . STOP 
As a result , the company has suspended its quarterly dividend . STOP 
McCaw Cellular Communications and its target , LIN Broadcasting , were active . STOP 
LIN added 5\/8 to 110 5\/8 and McCaw lost 1\/4 to 41 . STOP 
McCaw said it has secured commitments from three banks to help finance its $ *UNK-* bid for 22 million of *CUNK* 's shares . STOP 
McCaw has called for a `` fair auction '' of LIN , which earlier entered a *UNK-* merger pact with BellSouth . STOP 
Following the release of the company 's fourth-quarter earnings , Apple Computer dropped 3\/4 to 48 on volume of more than 2.3 million shares . STOP 
Apple earned $ *UNKN* million , or $ *UNKN* a share , in the quarter , including $ 48 million from the sale of its *CUNK* Systems stock . STOP 
The following were among Friday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
Chicago & North Western Acquisition Corp. -- $ *UNKN* million of senior subordinated *UNK* debentures , due Oct. 15 , 2001 , priced at par to yield *UNKN* % . STOP 
The coupon will be reset in one year at a rate that will give the issue a market value of 101 . STOP 
However , the maximum coupon rate on the issue when it is reset can only be *UNKN* % . STOP 
*CUNK* holders will also receive the equivalent of 10 % of the common stock of *CUNK* Holdings . STOP 
The equity *UNKER* is not attached to the offering , but underwriters said it will be offered after a filing for *UNKN* common shares of *CUNK* Holdings is declared effective by the Securities & Exchange Commission . STOP 
The issue is noncallable for five years and has a *UNKING* fund starting in 2000 to retire 50 % of the issue before maturity . STOP 
Rated *UNK-* by Moody 's Investors Service Inc. and *UNKS* by Standard & Poor 's Corp. , the issue will be sold through underwriters led by Donaldson Lufkin & Jenrette Securities Corp . STOP 
*CUNK* *CUNK* Co . -LRB- Japan -RRB- -- $ 200 million of *CUNKS* due Nov. 9 , 1993 , with equity-purchase warrants , indicating a 4 % coupon at par , via Nomura International Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Nov. 28 , 1989 , through Oct. 28 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 27 . STOP 
For bankers and regulators , Arizona is looking more like Texas every day . STOP 
On Friday , Los Angeles-based First Interstate Bancorp said it expects a net loss of $ 16 million for the third quarter of 1989 because of *UNKING* at its First Interstate Bank of Arizona unit . STOP 
First Interstate said the unit , *UNKED* by Arizona 's *UNKING* real-estate *UNKS* , will have a $ *UNKN* million loss for the quarter . STOP 
First Interstate took a huge $ 350 million provision for loan losses at the Arizona bank . STOP 
It charged off an estimated $ 200 million of Arizona loans , leaving the unit with a reserve for future losses of $ *UNKN* million , about 61 % of its $ *UNKN* million of troubled loans and *UNKED* real estate . STOP 
First Interstate made the move under pressure from regulators . STOP 
The action capped a *UNK* of *UNK* Arizona banking news for the third quarter , and *UNKLY* signaled that Arizona is challenging Texas 's long *UNK* as banking 's *UNKEST* *UNK* . STOP 
Earlier last week , Valley National Corp. , the state 's largest *UNKLY* owned banking company , reported a $ *UNKN* million loss and suspended its dividend . STOP 
Pinnacle West Capital Corp. , which has been *UNKING* with regulators for months over what to do about Pinnacle 's *UNK* *CUNK* thrift unit , suspended its dividend and reported a 91 % plunge in third-quarter net income . STOP 
Security Pacific Corp. said third-quarter credit losses surged a third to $ *UNKN* million , mainly because of sour Arizona real-estate loans . STOP 
New York-based Chase Manhattan Corp. took an $ 85 million *CUNKED* charge . STOP 
*CUNK* , the regulatory *UNKING* behind First Interstate 's loss suggests regulators have concluded that lenders ' reserves are far too low to absorb their future Arizona losses and are forcing bankers to do something about it . STOP 
*CUNKS* from the Office of the *CUNKER* of the *CUNK* had been *UNKING* through First Interstate 's real-estate portfolio since last month ; they first recommended that First Interstate take a provision that was less than the eventual $ 350 million third-quarter hit . STOP 
When First Interstate *UNKED* , arguing that the figure was too high , regulators responded by raising their recommendation to $ 350 million . STOP 
`` At that point , -LCB- First Interstate -RCB- decided it was the better part of *UNK* not to negotiate further , '' said one industry official close to the talks . STOP 
Thomas P. *CUNK* , chief financial officer , would n't comment about the details of the negotiations . STOP 
He said the provision `` was n't forced upon us , but the regulators made it very clear what they thought was an appropriate number . '' STOP 
The tough regulatory stance *UNKS* large future losses , especially at the state 's thrifts . STOP 
At least six of Arizona 's 12 savings and loan institutions have either been taken over by the government 's *UNK* program or are essentially insolvent ; they are sitting on enormous *UNKED* losses . STOP 
For example , Western Savings & Loan Association , which is now in *UNK* , had *UNK* *UNKS* *UNKS* liabilities -- of a negative $ *UNKN* million at June 30 . STOP 
It had a $ *UNKN* million loss in the second quarter . STOP 
Yet it still held $ *UNKN* million of *UNKED* real estate , for which it maintains no reserves *UNKER* . STOP 
It also had $ *UNKN* million of *UNK-* loans ; its level of reserves against those was n't immediately available , though it is believed to be small . STOP 
The rapid deterioration of the Arizona thrifts only adds to the *UNKING* cost of the government 's massive thrift bailout , officially estimated at about $ *UNKN* billion . STOP 
*CUNKER* , the six *UNKED* or essentially insolvent Arizona thrifts have *UNK* capital of a negative $ 1.5 billion , *UNKED* property of $ 1.8 billion and *UNK* loans of $ *UNKN* billion . STOP 
They have no reserves against the real estate , and their reserves against the loans are *UNK* compared with the levels of reserves banks are moving to set up . STOP 
The thrifts had a combined loss of $ *UNKN* million in the second quarter . STOP 
Other lenders have been recovering only 50 cents to 60 cents on the dollar on *UNKED* Arizona property , if they can sell it at all . STOP 
All this *UNK* is the result of one of the worst *UNKS* in Arizona 's *UNK-* history , *UNKED* by some of the usual *UNKS* in 1980s banking *UNKS* : *UNKED* , fraud and plain bad banking . STOP 
In the late 1970s and early 1980s , lenders and developers *UNKED* money into office buildings , *UNKS* and massive *UNKS* of raw desert land , confident that Arizona 's population would grow at annual rates of 4 % to 6 % for years to come . STOP 
Now , annual population growth is running at about 2 % a year , some desert *UNKS* bought three years ago for $ *UNKN* an *UNK* are being sold at $ 25,000 an *UNK* and Phoenix has a *UNK-* supply of *UNKED* office space . STOP 
`` It 's *UNK* to say , but it 's *UNUNK* that earthquake was n't in Phoenix -- it might have knocked out some of our empty buildings , '' said *CUNK* Jackson , a prominent Arizona businessman with interests in real estate , banking and many other businesses . STOP 
Many Arizona real-estate experts think the worst may be yet to come . STOP 
Ralph *CUNK* , publisher of *CUNK* *CUNK* newsletter , said *UNKS* have climbed to about *UNKN* a month just in *CUNK* County , where Phoenix is located . STOP 
That 's up from about *UNKN* a month in 1985 , and it 's *UNKING* : So far this month , *UNKS* are *UNKING* about 85 a day . STOP 
`` It 's *UNKING* , '' Mr. *CUNK* said . STOP 
Moreover , Mr. *CUNK* and others said residential real estate , which had remained fairly strong through most of the downturn , is beginning to *UNK* more and more of the *UNKS* . STOP 
And the generally *UNK* condition of Arizona 's lenders means there is little capital available in the state to shore up the economy and slow down the slide . STOP 
`` It 's reasonable to say there is not a *UNK* S&L in the state and the amount of viable bank capital is very low , '' said Mr. Jackson . STOP 
`` We 're going to see another big wave of failures and defaults between now and year-end ... . STOP 
The only thing a lot of these lenders can get out of their *UNK* now is : ` *CUNK* me in 60 days . ' '' STOP 
First Interstate had a $ *UNKN* million loss in 1988 's third quarter , mainly from *UNKS* and reserves connected with its Texas operations . STOP 
For the six months ended June 30 , it reported net income of $ *UNKN* million , or $ *UNKN* a share , including $ 46 million from tax credits and accounting changes . STOP 
The bank 's Arizona unit holds about $ 6 billion of First Interstate 's $ 50 billion of assets . STOP 
Mr. *CUNK* said the bank expects Arizona real-estate prices , which plummeted 40 % over the last year , to fall another 20 % before stabilizing . STOP 
Some in Arizona think that may be optimistic . STOP 
First Interstate said its operations outside of Arizona `` achieved results as expected for the quarter , '' but did n't specify the results . STOP 
First Interstate stock closed at $ *UNKN* , down 25 cents , in composite trading Friday on the New York Stock Exchange . STOP 
Since its unsuccessful bid for BankAmerica Corp. in 1986 , the bank has undertaken a major restructuring in an effort to cut costs and boost performance , but many industry officials believe it may be *UNK* for a takeover bid , especially with interstate banking set to begin in California in 1991 . STOP 
Mr. *CUNK* said the problems in Arizona have only `` increased our resolve to continue to make our restructuring even more effective . '' STOP 
Separately , Standard & Poor 's Corp. lowered its ratings on Valley National Corp. 's senior debt to *UNK-* from *UNKS* , affecting about $ 300 million of long-term debt . STOP 
S&P also lowered ratings on unsecured deposits and issues backed by a letter of credit from the bank holding company 's principal unit , Valley National Bank of Arizona . STOP 
The ratings service said the *UNKS* reflect the continued slide in the company 's financial condition . STOP 
A spokesman for Phoenix , *CUNKED* Valley National , said the concern will be able to *UNK* the current downturn in Arizona real estate . STOP 
Commercial paper holders have *UNKED* their funds , he said , and consumer deposits have been up in the last few days . STOP 
*CUNK* Corp. said its scientists isolated a *UNK* which may hold potential as a treatment for *UNKS* of the *UNK-* , ranging from *UNK-* rejection , to *UNKS* and *UNK* . STOP 
The *UNK* is the *UNK* version of a protein called the *UNK-* *UNK* . STOP 
*CUNK-* is a *UNK* which directs the growth and function of white blood cells involved in the body 's immune response . STOP 
The *CUNK-* *UNK* on the surface of such cells receives the *UNK* 's message to rally the body 's defense . STOP 
But in certain conditions such as *UNK* diseases and *UNKS* and *UNK* rejection , doctors would like to damp the immune response so such cells do n't touch off *UNK* *UNK* reactions or cell destruction . STOP 
A *UNK* form of the *UNK* might turn off a specific part of the immune response without general immune *UNKION* , the company said . STOP 
The *CUNK-* *UNK* is one of five such *UNKS* to be developed and tested by *CUNK* Corp. , a spinoff of *CUNK* , through a proposed $ 30 million initial public offering . STOP 
*CUNK* will contract with the spinoff to provide the research , development and initial testing of the new agents . STOP 
*CUNK* will have the option to buy back *CUNK* shares after five years . STOP 
The following issues were recently filed with the Securities and Exchange Commission : STOP 
*CUNKER* Financial Inc. , an *UNK* subsidiary of Fuji Bank Ltd. , shelf offering of up to $ 1 billion debt securities and warrants . STOP 
*CUNK* *CUNKS* Ltd. , proposed offering of five million common shares , via Smith Barney & Co. and *CUNK* *CUNK* & Co . STOP 
MCI Communications Corp. , shelf offering of up to $ 750 million of debt securities via Merrill Lynch Capital Markets , Drexel Burnham Lambert Inc. , Goldman , Sachs & Co. , and Salomon Brothers Inc . STOP 
*CUNK* Inc. , offering of $ 60 million subordinated *UNK* debentures , via Bear , Stearns & Co. Inc . STOP 
Union *CUNK* Car Co. , offering of $ 100 million of equipment trust certificates , via Salomon Brothers . STOP 
Conner *CUNKS* Inc. , which has a *UNKLY* on a key part used in many portable computers , is on target to *UNKS* Compaq Computer Corp. as the *UNKING* start-up manufacturing firm in U.S. business history . STOP 
Conner *UNKS* the market for *UNK-* drives used to store data in laptop computers . STOP 
It said yesterday that net income for its third quarter soared 72 % to $ *UNKN* million , or 28 cents a share , from $ 6.8 million , or 19 cents a share , in the year-ago period . STOP 
Its revenue totaled $ *UNKN* million , an increase of *UNKN* % from $ *UNKN* million a year ago . STOP 
For the nine months , the San Jose , *CUNKED* company said net income jumped 84 % to $ *UNKN* million , or 69 cents a share , from $ *UNKN* million , or 43 cents a share . STOP 
Revenue nearly tripled to $ *UNKN* million , from $ 160 million . STOP 
Analysts expect Conner 's earnings to reach roughly $ 40 million , or $ 1 to $ 1.05 a share , on sales of $ 650 million , for 1989 , the company 's third full year in business . STOP 
That 's a faster growth rate than reported by Compaq , which did n't post similar results until its fourth year , in 1986 . STOP 
But Compaq had achieved that level of sales faster than any previous manufacturing start-up . STOP 
Conner 's performance is closely tied to the *UNKING* demand for *UNKED* computers , the computer industry 's *UNKING* segment . STOP 
Since its *UNKION* , Conner has both benefited from and helped make possible the rapid spread of portable computers by selling storage devices that *UNK* five to 10 times less electricity than drives used in desktop machines . STOP 
Today , Conner controls an estimated 90 % of the *UNK-* drive market for laptop computers . STOP 
The company supplies drives to Compaq and *CUNK* Data Systems , the top two U.S. manufacturers of *UNKS* , and to Toshiba Corp. , NEC Corp. and *CUNK* Corp. , the leading Japanese laptop makers . STOP 
`` They 've had this field to themselves for over a year now , and they 've been greatly *UNKED* , '' said Bob *CUNK* , an analyst at *CUNK* Inc. , a market researcher in Los *CUNKS* , Calif . STOP 
In the coming months , however , this is likely to change . STOP 
Next month , *CUNK* Technology , which is the dominant supplier of *UNK-* drives for personal computers , plans to introduce its first family of *UNKER* drives for *UNKED* computers . STOP 
And the Japanese are likely to keep close on Conner 's heels . STOP 
`` They are going to catch up , '' said David *CUNK* , an analyst with Hambrecht & Quist . STOP 
Both Toshiba and NEC already produce *UNK-* drives , and Sony also is studying the field , Mr. *CUNK* said . STOP 
But Conner is n't standing still . STOP 
Yesterday , the company introduced four products , three of which are aimed at a hot new class of computers called *UNKS* . STOP 
Each of the three drives uses a mere 1.5 *UNKS* of power and one *UNKS* just 5.5 ounces . STOP 
`` Most of our competitors are announcing products based on our -LRB- older -RRB- products , '' said *CUNKS* Conner , chief executive officer and founder of the firm that bears his name . STOP 
`` We continue to develop products faster than anyone else can . '' STOP 
These new products could account for as much as 35 % of the company 's business in 1990 , Mr. Conner estimated . STOP 
`` We 're not afraid of *UNKING* some of our old stuff to stay ahead of the competition , '' he said . STOP 
Conner already is shipping its new drives . STOP 
Last week , for instance , Compaq introduced its first *UNK* computer to *UNK* reviews . STOP 
Conner is *UNKING* *UNK-* drives for the machine , which *UNKS* only six pounds and fits in a *UNK* . STOP 
From its *UNKION* , Conner has targeted the market for *UNKED* machines , building *UNK-* drives that are smaller and use far less power than those offered by competitors such as *CUNK* . STOP 
The availability of these drives , in turn , boosted demand for laptop computers , whose *UNKS* had been limited because of lack of storage . STOP 
Conner also makes *UNK-* drives for desktop computers and is a major supplier to Compaq , which as of July owned 40 % of Conner 's stock . STOP 
Sales to Compaq represented 26 % of Conner 's business in its third quarter , compared with 42 % in the year-ago period . STOP 
*CUNK* over , *UNK* phone services : A legal service with a `` 900 '' number has been launched in California . STOP 
A Newport Beach law firm started the *UNK-* legal service , called *CUNKER* , using MCI Communication Corp. 's *UNK-* service . STOP 
*CUNK* & Associates *UNKS* its $ *UNK-* service as the `` *UNKEST* legal hour you 'll ever find . '' STOP 
Though the service is available only in California , *CUNKER* founder Michael *CUNK* says he plans to franchise it in other states . STOP 
He says his aim is to reach people who are *UNK* , have no access to transportation , ca n't find a lawyer to take their case or simply ca n't afford lawyers ' *UNKION* fees . STOP 
Mr. *CUNK* *UNKS* that he is n't using the telephone to lure clients to his *UNK* . STOP 
`` We will only deal with clients on the phone , '' he says . STOP 
`` We have no *UNK-* business . '' STOP 
*CUNKER* is apparently the only telephone service that offers the telephone equivalent of an office visit . STOP 
*CUNKAL* bar associations in some states have numbers that provide free *UNKED* messages explaining certain areas of the law . STOP 
There also are `` 800 '' *UNKS* which *UNKER* people to lawyers , usually *UNK-* specialists , for *UNK-* *UNKION* . STOP 
When a *UNKER* reaches *CUNKER* by *UNKING* *UNK-* , a *UNK* *UNKS* the call to one of six attorneys . STOP 
In an effort to determine whether a *UNKER* has reason to *UNK* , *CUNK* lawyers review documents and perform research , if necessary , with the help of three law *UNKS* and several support staffers . STOP 
There is no charge for research -- only for time on the phone . STOP 
If the matter requires further legal work or litigation , Mr. *CUNK* says , his lawyers may *UNKER* the client to a law firm . STOP 
But he says *CUNK* & Associates does n't receive *UNKAL* fees . STOP 
So far , says Mr. *CUNK* , most calls have involved *UNK-* problems , tax problems , *UNK* , and *UNK* questions . STOP 
The firm is getting about 50 calls a day , and the average call *UNKS* about 15 minutes . STOP 
Out of the $ 2 charge , the law firm *UNKS* about $ *UNKN* . STOP 
*CUNK* *CUNK* congressman in connection with *CUNK* Corp. scandal . STOP 
A federal court jury in New York found U.S. Rep. Robert Garcia -LRB- D. , N.Y . -RRB- and his wife , *CUNK* Lee Garcia , guilty of *UNKING* $ *UNKN* from *CUNK* in return for official acts by the congressman . STOP 
The jury also convicted them of *UNKION* in obtaining a $ 20,000 , *UNK-* loan from a *CUNK* officer . STOP 
The jury found them guilty of conspiracy in obtaining the payments , some of which were *UNKED* as fees for consulting services from Mrs. Garcia . STOP 
*CUNK* , which became *UNKED* in *UNKION* cases that eventually led to its *UNK* , formerly was a *UNKED* South *CUNK* , N.Y. , defense contractor . STOP 
Edward *CUNK* Little , one of the assistant U.S. attorneys who *UNKED* the case , said the Garcia trial `` is the last of the *CUNK* prosecutions . '' STOP 
Mr. Little said more than 20 people have been convicted in the *CUNK* cases , including former U.S. Rep. *CUNK* *CUNK* -LRB- D. , N.Y . -RRB- . STOP 
Lawyers for the *CUNKS* said they plan to appeal . STOP 
Mr. Garcia , who represents New York 's *UNK* congressional district , which includes the *CUNK* , said he has n't decided whether he will resign . STOP 
`` In the next few weeks , I will be consulting with my political advisers and with the Democratic leaders about the best way of *UNKING* the interests of my constituents , '' said Mr. Garcia , 56 years old . STOP 
Mrs. Garcia , 49 , formerly was a member of Mr. Garcia 's congressional staff . STOP 
The *CUNKS* were cleared of four other felony counts , involving the *UNK* of *UNKS* and *UNKS* . STOP 
U.S. Judge Leonard B. *CUNK* set the *CUNKS* ' *UNKING* for Jan. 5 . STOP 
*CUNK* *CUNK* & *CUNK* *CUNK* are leaving to form a new firm . STOP 
The new firm , Hutton *CUNK* *CUNK* *CUNK* *CUNK* & *CUNK* , will be based in New York . STOP 
The five partners who resigned from *CUNK* & Gould late last week are Tom Hutton , Sam *CUNK* , Dean *CUNK* , Daniel *CUNK* and *CUNKEST* *CUNK* . STOP 
They will be joined by Larry *CUNK* , who resigned from the firm of *CUNKER* , *CUNK* & Block . STOP 
Howard *CUNK* , a New York *UNK* who represents *CUNK* & Gould , said , `` *CUNK* & Gould *UNKS* they 're leaving because they wanted a different environment -- a smaller firm they would be *UNKS* of . '' STOP 
Mr. *CUNK* said the five , who were n't on *CUNK* & Gould 's management committee , `` are leaving on good terms . '' STOP 
He said *CUNK* & Gould held a number of discussions with the five partners during the past few weeks to get them to stay but that the five were firmly committed to running their own firm . STOP 
Hutton *CUNK* will have a general corporate , securities , real-estate and litigation practice , and a substantial practice serving the *UNK-* community . STOP 
*CUNK* *CUNK* against lawyers open to public in Illinois . STOP 
While investigations into lawyer *UNK* will remain secret , the public will be notified once a formal complaint is filed against an attorney . STOP 
The actual *UNK* hearings will be public . STOP 
In addition , Illinois attorneys will lose the right to *UNK* clients who file *OUS* complaints against them . STOP 
*CUNKS* will be added to the inquiry panels that look into allegations of *UNK* . STOP 
Illinois *UNKS* 36 other states that allow public participation in *UNK-* proceedings and 32 states that open *UNK* hearings to the public , according to the American *CUNK* Association . STOP 
One *UNKAL* critic of the changes , Chicago lawyer Warren *CUNK* , says *UNKS* should n't be on the inquiry panels because they are unlikely to *UNK* the *UNKS* of *UNK-* relationships . STOP 
In addition , he says , publishing the names of lawyers who are facing charges *UNKLY* subjects them to public *UNKION* . STOP 
Nevertheless , Mr. *CUNK* anticipates no legal action to reverse the Illinois Supreme Court 's decision to institute the changes . STOP 
`` There 's no constitutional right involved in the rule change , '' he says . STOP 
`` You do n't have a right to practice . STOP 
You only have a privilege to practice . '' STOP 
*CUNK* *CUNK* *CUNK* Inc. agreed to pay a $ 50,000 fine to Delaware , the *UNK* state to settle with Drexel in the wake of the firm 's guilty plea to federal *UNKING* charges . STOP 
Drexel does n't have a Delaware office , but the New York firm has been negotiating settlements that would allow it to operate freely nationwide despite its record as an admitted *UNK* . STOP 
The firm has said it expects to pay $ 11.5 million overall to settle with states . STOP 
Drexel pleaded guilty in September to six felony counts of securities and mail fraud ; it also made a $ 650 million civil settlement with the Securities and Exchange Commission . STOP 
Philip Morris Cos. , whose Benson & *CUNKS* cigarette brand has been losing market share , has asked at least one other agency to try its hand at creative work for the big account , which has been at Wells Rich *CUNK* Inc. since 1966 . STOP 
Executives close to Philip Morris said that the tobacco and food giant has asked Backer Spielvogel Bates *CUNK* Inc. , a unit of Saatchi & Saatchi Co. , and possibly others to work on creative ideas for the account . STOP 
Several executives said another potential *UNKER* is WPP Group 's Ogilvy & Mather agency , which works on some other Philip Morris products . STOP 
Both Philip Morris and Backer Spielvogel declined to comment . STOP 
A spokeswoman for Ogilvy & Mather said the agency does n't comment on `` idle speculation . '' STOP 
Also mentioned as a *UNKER* was *CUNK* Advertising , but the company denied it was participating . STOP 
The loss of the cigarette account would be a severe blow to Wells Rich . STOP 
Benson & *CUNKS* has been one of its most *UNK-* campaigns , as well as one of its largest clients . STOP 
The account *UNKED* almost $ 60 million last year , according to *CUNKING* National *CUNKS* . STOP 
But Philip Morris has *UNKED* back ad spending on the brand over the past year , industry executives said , and it now bills about $ 30 million to $ 40 million . STOP 
Industry executives said Philip Morris had asked the other agencies to create campaigns in a bid to stop the brand 's slipping market share . STOP 
According to John Maxwell , an analyst at *CUNK* First Securities , Richmond , Va. , Benson & *CUNKS* has slipped from 4.7 % of the cigarette market in 1985 to just 4.1 % after the second quarter of this year . STOP 
The brand is No. 7 overall in the cigarette business , Mr. Maxwell said . STOP 
The slip has come despite *UNK-* ads created by Wells Rich , including one *UNKING* a young man *UNK* only in *UNK* *UNKS* *UNKING* a *UNK* *UNK* . STOP 
That ad generated so much publicity that a trade magazine launched a contest for its readers to guess who the guy was and what he was doing . STOP 
Wells Rich first *UNKED* the Benson & *CUNKS* brand more than 20 years ago with ads *UNKING* , among other things , an *UNK* door closing on a passenger 's cigarette . STOP 
The brand early on achieved an upscale appeal -- a *UNK* that some analysts believe is partly responsible for its *UNK* performance . STOP 
Philip Morris , trying to revive the Benson & *CUNKS* franchise , put the account up for review in 1986 . STOP 
Wells Rich *CUNK* , however , in an effort directed by Mary Wells Lawrence , emerged the *UNK* of the review and retained the business . STOP 
Kenneth *CUNK* , Wells Rich 's chairman , did n't return phone calls seeking comment . STOP 
While Wells Rich recently picked up *CUNK* Corp. 's $ 25 million to $ 30 million account , it has lost a number of big accounts this year , including the $ 20 million to $ 25 million *CUNKS* Canada *CUNK* and *CUNK* accounts , the $ 18 million Procter & Gamble Co . *CUNK* *UNK* account and the $ 10 million *CUNK* *CUNK* business . STOP 
Its *UNKS* include more than $ 30 million in *CUNK* Corp. business and an *UNK* from Dun & Bradstreet worth $ 5 million to $ 10 million . STOP 
This city is *UNKING* for *UNK* today as hundreds of thousands of commuters avoid travel routes *UNKED* by last week 's earthquake . STOP 
*CUNKS* of damage in the *UNK-* San Francisco Bay area *UNKED* $ 5 billion , excluding the cost of *UNKING* the region 's transportation system . STOP 
The Bay Bridge , the main *UNK* into San Francisco from the *UNK* , will be closed for at least several weeks . STOP 
Part of the bridge collapsed in the quake , which registered 6.9 on the Richter scale . STOP 
The bridge normally carries 250,000 commuters a day . STOP 
Also , most of the *UNKS* *UNKING* the city to its main link to the south , the 101 freeway , have been closed for repairs . STOP 
The Bay Area *CUNK* *CUNK* system , which runs *UNK* *UNKS* *UNK* the bay , is *UNKED* for a doubling of its daily regular *UNK* to *UNKN* . STOP 
*CUNK* has increased service to 24 hours a day in *UNKION* for the *UNK* . STOP 
Most unusual will be *UNK-* commuters from the East Bay *UNKS* of Oakland and Berkeley . STOP 
For the first time in 32 years , *UNK* service has been restored between the East Bay and San Francisco . STOP 
The Red and White *CUNK* , which operates regular *UNKER* *UNK* service to and from *CUNK* County , and tourist *UNKS* of the bay , is offering East Bay commuters a chance to ride the waves for the price of $ 10 *UNK-* . STOP 
That *UNK* is too stiff for some Financial District wage *UNKS* . STOP 
`` I 'll stay with *CUNK* , '' said one secretary , *UNKING* her fears about using the *UNK* *UNK* . STOP 
Officials expect the Golden *CUNK* Bridge to be *UNKED* with an extra load of commuters , including East Bay residents making a long *UNK* . STOP 
`` We 're *UNKING* quite a traffic crunch , '' said one official . STOP 
About *UNKN* people typically travel over the Golden *CUNK* Bridge during *UNK* hours . STOP 
About *UNKN* vehicles cross during a *UNK-* period . STOP 
*CUNKS* canceled by Apple Computer Inc. 's European sales force and by other groups raised the *UNKER* of empty hotel rooms and restaurants . STOP 
It also raised *UNKS* of the city 's tourism *UNKS* . STOP 
`` Other cities are calling -LCB- groups *UNKED* here for *UNKS* and *UNKS* -RCB- and -- not to be *UNKS* -- *UNKING* our *UNKING* list , '' said Scott *CUNKER* , a spokesman for Mayor Art Agnos . STOP 
City officials stuck by their estimate of $ 2 billion in damage to the *UNKED* city . STOP 
The other five Bay area *UNKS* have increased their total damage estimates to $ 2.8 billion . STOP 
All estimates exclude highway repair , which could exceed $ 1 billion . STOP 
Among the expensive *UNKS* are *UNKS* of *UNKED* freeway in San Francisco that were closed because of *UNKED* damage . STOP 
The most *UNK* stretch is 1.2 miles of *UNK* highway known as the *CUNK* Freeway . STOP 
Until it was closed Tuesday , it had provided the *UNKEST* series of *UNKS* for commuters from the Bay Bridge heading into the Financial District . STOP 
*CUNKS* say it will take at least eight months to repair the *CUNK* structure . STOP 
As part of the quake recovery effort , the city Building Department has surveyed about 3,000 buildings , including all of the Financial District 's *UNKS* . STOP 
The preliminary conclusion from a survey of 200 downtown *UNKS* is that `` we were *UNKLY* lucky , '' said Lawrence *CUNK* , San Francisco 's chief building *UNK* . STOP 
While many of these buildings sustained heavy damage , little of that involved major structural damage . STOP 
City building *UNKS* require construction that can *UNK* *UNKS* . STOP 
In England , Martin *CUNK* , a spokesman for Lloyd 's of London , said the insurance market has n't yet been able to estimate the total potential claims from the disaster . STOP 
`` The extent of the claims wo n't be known for some time , '' Mr. *CUNK* said . STOP 
On Friday , during a visit to California to survey quake damage , President Bush promised to `` meet the federal government 's obligation '' to assist relief efforts . STOP 
California officials plan to ask Congress for $ 3 billion or more of federal aid , in the form of grants and *UNKEST* loans . STOP 
The state has a $ 1 billion reserve , and is expected to add $ 1 billion to that fund in the next year . STOP 
Some of that money will be available for highway repair and special emergency aid , but members of the legislature are also *UNKING* over a temporary state gasoline tax to raise money for earthquake relief . STOP 
However , state initiatives restrict the ability of the legislature to raise such taxes unless the voters approve in a *UNK* *UNK* . STOP 
G. Christian Hill and *CUNK* Wells contributed to this article . STOP 
Bond Corp . Holdings Ltd. posted a loss for fiscal 1989 of *UNKN* million Australian dollars -LRB- US$ *UNKN* million -RRB- , the largest in Australian corporate history . STOP 
That loss compared with a year-earlier profit of A$ *UNKN* million . STOP 
In preliminary , *UNKED* results reported Friday , Bond Corp. also posted an operating loss of A$ *UNKN* million for the year ended June 30 , compared with operating profit of A$ *UNKN* million a year earlier . STOP 
Operating revenue rose 69 % to A$ *UNKN* billion from A$ *UNKN* billion . STOP 
But the net interest bill jumped 85 % to A$ *UNKN* million from A$ *UNKN* million . STOP 
Bond Corp. has interests in brewing , media and communications , natural resources and property . STOP 
Much of Bond Corp. 's losses stemmed from one-time write-downs of the value of some of Bond Corp. 's assets and those of its units . STOP 
The results included a A$ *UNKN* million *UNK-* of future *UNK-* benefits and a provision for a loss of A$ *UNKN* million on the sale of a stake of about 20 % in *CUNK* PLC . STOP 
However , Bond Corp. said the tax benefits remain available and might be used later . STOP 
Earnings before interest and tax from brewing *UNKED* 50 % to A$ *UNKN* million from A$ *UNKN* million . STOP 
The company said the general financial performance of its U.S. brewing operations , G. *CUNK* Brewing Co. , was `` disappointing , and this has been reflected in the results . '' STOP 
Bond Corp. 's shares closed Friday before news of the results at 28 Australian cents a share , up one Australian cent . STOP 
The *UNKING* losses cap a *OUS* year for Alan Bond and his flagship , Bond Corp . STOP 
Only a year ago , the chairman of Bond Corp. , who controls about 58 % of the company , appeared to be building a war *UNKEST* to attack some big companies . STOP 
Now Bond Corp. has agreed to sell at least half its Australian brewing assets . STOP 
It has sold billions of dollars of other assets and has more on the block . STOP 
But in a TV interview Sunday Mr. Bond said , `` We 've taken a big loss . STOP 
We 've taken it on the *UNK* . STOP 
But we 're out there and we 're going to stay in business . STOP 
Bond Corp. signaled it will focus on building its domestic and international media and communications businesses . STOP 
It said it will look at opportunities in brewing , property and energy resources to the extent consistent with the dominant *UNK* of *UNK* *UNKS* *UNKS* . STOP 
The result `` will ultimately be a very different group in size and structure , '' Bond Corp. directors said in a statement . STOP 
Some analysts contend the total *UNKS* should have been much greater , and Bond Corp. 's *UNKS* cited a list of several assets and deals about which there is `` uncertainty '' regarding the current value and potential impact on the firm . STOP 
Bond Corp. said the acknowledged losses mean net asset backing is in the red to the *UNK* of 53 Australian cents a share , vs. positive asset backing of A$ *UNKN* a share a year ago . STOP 
Still , the directors said , `` Having fully considered all aspects of the company 's state of affairs and future cash flows , the directors confirm absolutely that the company is *UNK* . '' STOP 
Indeed , in a note to the results , directors said if the `` true worth '' of some of the group 's assets were taken into account instead of using book values , the negative net asset backing a share would turn into `` a substantial positive '' one . STOP 
The *CUNK* *CUNK* went out of business last May . STOP 
The reason was not high interest rates or labor costs . STOP 
Nor was there a shortage of customers in the area , the residential *CUNK* section of northern Manhattan . STOP 
The business closed when the owner was *UNKED* by *UNKS* . STOP 
The owner was Israel *CUNK* , a *UNK-* entrepreneur and father of two . STOP 
In his first year of operating the store he bought for $ *UNKN* , Mr. *CUNK* was *UNKED* at least twice at *UNK* . STOP 
The first time he was shot in the hand as he *UNKED* the *UNKS* outside . STOP 
The second time he identified two *UNKS* , who were arrested and charged . STOP 
Two weeks later -- perhaps in *UNKION* -- Mr. *CUNK* was shot three times in the back , during what police *UNKED* as a third *UNK* attempt . STOP 
That was his reward for working until 11 p.m. seven days a week to cover his $ 3,000 a month rent . STOP 
For providing what his customers described as very personal and *UNK* service . STOP 
For creating a focus for neighborhood life . STOP 
Israel *CUNK* is only one of the thousands of entrepreneurs and their employees who will be injured or killed by crime this year . STOP 
The U.S. Bureau of Justice Statistics reports that almost 2 % of all *UNKS* workers suffer injuries from crime each year , almost twice the national average and about four times the rate for teachers , truck drivers , medical workers and *UNK-* salespeople . STOP 
Only a few other *UNKS* have higher reported rates of criminal *UNK* , such as police , *UNKS* and *UNK* drivers . STOP 
Yet these figures show only the most visible part of the problem . STOP 
*CUNK* data from New York City provide more of the picture . STOP 
While by no means the highest crime community in the country , New York is a prime example of a city where crime *UNKS* small-business development . STOP 
A survey of small businesses there was conducted this spring by *CUNK* , a policy research organization . STOP 
It gave *UNKN* businesses a *UNK* and *UNKED* *UNKN* responses . STOP 
The survey found that over a three-year period 22 % of the firms said employees or owners had been *UNKED* on their way to or from work or while on the job . STOP 
*CUNK* percent reported their customers being *UNKED* . STOP 
*CUNK* was the reason that 26 % reported difficulty recruiting personnel and that 19 % said they were considering moving . STOP 
More than one-third of the responding businesses said they suffer from drug dealing and *UNKING* near their *UNKS* . STOP 
In Brooklyn and the *CUNK* , one out of four commercial firms is *UNKED* each year . STOP 
Industrial neighborhoods fare even worse , with *UNK* rates twice the *UNK* average . STOP 
*CUNK* is clearly more *UNKLY* to *UNK-* *UNK* than to big businesses . STOP 
Two decades ago , the Small Business Administration reported Yale *CUNK* Albert *CUNKS* 's *UNK* study of crime against *UNKN* small businesses drawn from national IRS records . STOP 
He found that monetary crime losses , as a proportion of gross receipts , were 37 times higher for small businesses than for large ones . STOP 
The New York study 's companies averaged 27 employees ; their annual crime losses averaged about $ 15,000 , with an additional $ *UNKN* annual cost in security -- enough money to hire at least one more worker . STOP 
The costs of crime may also be enough to destroy a struggling business . STOP 
Whatever the monetary crime losses , they may not be nearly as important to entrepreneurs as the risk of personal *UNK* . STOP 
After repeated *UNK* *UNKS* , some entrepreneurs may give up a business out of fear for their lives . STOP 
One Washington couple recently sold their liquor store after 34 years in business that included four *UNK* deaths and 16 *UNKS* or *UNKS* on the *UNKS* . STOP 
These findings *UNK* the *OUS* cycle that National Institute of Justice Director James K. Stewart calls `` crime causing poverty . '' STOP 
*CUNKS* neighborhoods offer relatively few employment opportunities , contributing to the poverty of local residents . STOP 
Small neighborhood businesses could provide more jobs , if crime were not so *UNK* to creating and maintaining those businesses . STOP 
This may help explain why small businesses create 65 % of all jobs nationally , but only 22 % of jobs in a *UNK-* city like New York . STOP 
*CUNKER* business can often better afford to *UNK* the cost of crime . STOP 
The New York study found that the cost of security measures in firms with fewer than five employees was almost $ 1,000 per worker , compared with one-third that amount for firms with more than 10 employees . STOP 
The shift of retailing to large shopping centers has created even greater economies of scale for providing *UNK-* business *UNKS* . STOP 
Private security *UNKS* and *UNKING* police can *UNK* the law of *UNKS* to *UNK* access to these *UNK-* places . STOP 
Since 1984 , in fact , revenues of the 10 largest guard companies , primarily serving such big businesses , have increased by almost 62 % . STOP 
Few small neighborhood businesses , however , can afford such protection , even in *UNKION* with other local *UNKS* . STOP 
In the neighborhoods with the highest crime rates , small business generally *UNKS* on the public police force for protection . STOP 
This creates several problems . STOP 
One is that there are not enough police to satisfy small businesses . STOP 
The number one proposal for reducing crime in the New York survey was to put more police on foot or *UNKER* *UNK* , suggested by more than two-thirds of the respondents . STOP 
Only 22 % supported private security *UNKS* funded by the *UNKS* themselves . STOP 
A second problem is the persistent frustration of false *UNKS* , which can make urban police less than *UNK* about responding to calls from small businesses . STOP 
Only half the New York small businesses surveyed , for their part , are satisfied with the police response they receive . STOP 
Some cities , including New York , have *UNKED* with special tax districts for commercial areas that provide additional *UNKS* funded by local businesses . STOP 
But this raises added cost barriers to urban *UNK* . STOP 
Another solution cities might consider is giving special priority to police *UNKS* of small-business areas . STOP 
For cities losing business to suburban shopping centers , it may be a *UNK* business investment to help keep those jobs and sales taxes within city limits . STOP 
*CUNKED* *UNKING* of business *UNKS* makes sense because urban crime is heavily concentrated in such `` hot spots '' of *UNK* *UNK* . STOP 
With National Institute of Justice support , the Minneapolis police and the *CUNK* Control Institute are currently testing the effects of such a strategy , *UNKING* its *UNK* value with traditional random *UNKS* . STOP 
*CUNKS* *UNKS* would be an especially *UNK* *UNK* whenever a small-business person is scheduled to testify against a *UNK* suspect . STOP 
While no guarantee , an increased police presence might even *UNKER* further attacks . STOP 
It might even have saved the life , and business , of Israel *CUNK* . STOP 
Mr. *CUNK* is a professor of *UNK* at the University of Maryland and president of the *CUNK* Control Institute in Washington , *CUNK* . STOP 
*CUNK* Corp. said in Toronto that it hopes to raise 56 million Canadian dollars -LRB- US$ *UNKN* million -RRB- through a rights offering to shareholders . STOP 
Under the offer , shareholders can purchase one Enfield share at C$ *UNKN* for each five shares held . STOP 
In Toronto Stock Exchange trading Friday , Enfield closed at C$ *UNKN* , down 37.5 cents . STOP 
The holding company said the rights offering should reduce its C$ *UNKN* million debt to `` more *UNK* levels '' before Dec. 31 and allow it to finance future investments with equity capital . STOP 
At last report , Enfield had about *UNKN* million shares outstanding . STOP 
*CUNKER* U.N. *CUNK* *CUNK* *CUNK* , in a *CUNK* `` Capital *CUNK* '' discussion Oct. 7 of House action on federal *UNKS* insurance : STOP 
I think this repeal was kind of a *UNKS* action , as a matter of fact ... . STOP 
They will have to *UNK* this issue , and they 'll have to *UNK* it before long . STOP 
*CUNKION* pays . STOP 
That 's a fundamental lesson for investors , but its truth was *UNKED* once again in the performance of mutual funds during and after the stock market 's *CUNK-* plunge . STOP 
Stock funds , like the market as a whole , generally dropped more than 2 % in the week through last Thursday , according to figures compiled by Lipper *CUNKAL* Services Inc . STOP 
That reflects the huge drop a week ago Friday , last Monday 's rebound and the *UNKS* and *UNKS* that followed . STOP 
But several other types of funds *UNKED* investors from the worst of the market 's slide . STOP 
Funds that invest *UNKLY* were the *UNKING* stock and fixed-income funds . STOP 
`` More than ever , people should realize they should have a diversified portfolio , '' said *CUNK* *CUNK* , a senior vice president of *CUNK* Group . STOP 
`` That means stocks , bonds , money market instruments and real estate . '' STOP 
One week 's performance should n't be the basis for any investment decision . STOP 
But the latest mutual fund performance figures do show what can happen when the going gets rough . STOP 
`` You want to know how a fund did when the market got *UNKED* , '' said *CUNK* *CUNKER* , an investment adviser with *CUNKER* & *CUNK* in San Francisco . STOP 
`` It 's like *UNKING* the tires of a car ... . STOP 
What you want to know is when the road 's rough , when there 's *UNK* and ice , how 's this car going to perform ? '' STOP 
General equity funds fell an average of *UNKN* % in the week ended Thursday , compared with a *UNKN* % slide for the Standard & Poor 's 500-stock index . STOP 
But Lipper *CUNKAL* 's figures show that there were a number of ways investors could have *UNKED* themselves from the stock market 's gyrations . STOP 
*CUNKED* funds , for instance , which invest in companies that mine and process the precious metal , posted an average decline of 1.15 % . STOP 
*CUNK* portfolio funds , which *UNK* investments among stocks , bonds and money-market instruments and other investments , declined at about half the rate of stock funds -- an average drop of *UNKN* % , according to Lipper . STOP 
*CUNKAL* allocation funds take the *UNKION* concept one step further by investing at least 25 % of their portfolios outside the U.S. . STOP 
This gives them the added benefits of international diversification -- including a foreign-exchange boost during periods , like the past week , when the dollar declines against other major currencies . STOP 
With all that going for them , global flexible portfolio funds declined only *UNKN* % in the week through last Thursday . STOP 
But while the *UNKS* of diversification *UNK* through when times are tough , there 's also a price to pay : A diversified portfolio always *UNKS* an *UNKED* portfolio during those times when the investment in the *UNKED* portfolio is truly hot . STOP 
And Friday the 13th *UNKING* , stocks have been this year 's hot investment . STOP 
Thus , even including the latest week , the average general stock fund has soared more than 24 % so far this year , the Lipper *CUNKAL* figures show . STOP 
By comparison , global asset allocation funds have turned in an average total return of about 19 % , while domestic flexible portfolios are up about 17 % . STOP 
*CUNK-* funds have returned 8.2 % , while gold funds , which tend to be volatile , have risen just *UNKN* % , on average . STOP 
`` That 's the problem with trying to hedge too much , '' said Mr. *CUNKER* . STOP 
`` You do n't make any real money . '' STOP 
Over the last 20 years , for example , Mr. *CUNKER* says , an investor putting $ 5,000 a year in the S&P 500 would have made nearly twice as much than if it were invested in Treasury bills . STOP 
Some equity funds did better than others in the week that began on Friday the 13th . STOP 
The $ 4 million *CUNK* Fund , for instance , was the *UNK* top performing fund for the week , with a *UNKN* % return . STOP 
Its return so far this year has been a *UNK* *UNKN* % . STOP 
The fund 's strategy is to sell when a stock *UNKS* 30 % over its cost . STOP 
By the time the market plummeted 10 days ago , *CUNK* was 55 % in cash , said Robert *CUNK* , president and portfolio manager . STOP 
Last Monday , he started `` buying the high-quality growth companies that people were throwing away at discount prices . '' STOP 
Among Mr. *CUNK* 's picks : *CUNK* Systems , Reebok International Ltd. and Digital *CUNK* Corp . STOP 
The fund 's cash position is now about 22 % , which Mr. *CUNK* calls `` still bearish . '' STOP 
Among the big stock funds , Dreyfus Fund , with more than $ 2 billion in assets , had a decline of just *UNKN* % for the week and a return of *UNKN* % for the year . STOP 
Howard Stein , chairman of Dreyfus Corp. , said the fund was about half invested in government bonds on Oct. 13 , and about 10 % in cash . STOP 
`` In a downward market , bonds act better , '' he said . STOP 
`` We still think there 's a lot of *UNUNK* in this market . STOP 
We believe interest rates will continue to trend lower , and the economy will slow around the world . '' STOP 
Many of the funds that did best in the last week are heavily invested overseas , giving them the benefit of foreign currency *UNKS* when the dollar is weak . STOP 
From its high point on Thursday , Oct. 12 , to where it traded late in New York a week later , the dollar fell 3.6 % against the West German mark , 3.4 % against the British pound and 2.1 % against the Japanese yen . STOP 
Three International *CUNK* *CUNKS* funds , which invest almost *UNKLY* in bonds and money-market instruments overseas , were among the four *UNKING* funds in the latest week . STOP 
Because the funds ' investments are *UNKED* in foreign currencies , their value expressed in dollars goes up when those currencies rise against the dollar . STOP 
But when the dollar rises against major foreign currencies , as it did for much of this year , the dollar value of these funds declines . STOP 
All three funds posted negative returns for the year to date . STOP 
Of the funds that *UNKED* the worst in the *UNK-* . 13 week , two are heavily invested in airlines stocks , which led the market slide following problems with financing for the UAL Corp . buy-out plan . STOP 
*CUNKING* airline takeover activity , however , both the Fidelity *CUNK* Air Transportation Portfolio and the National Aviation & Technology fund posted *UNK-* returns for the the year to date : *UNKN* % for the Fidelity Air Transportation fund and a *UNKING* *UNKN* % for National Aviation & Technology . STOP 
The small drop in equity funds in general in the latest week may not necessarily be a good sign , said A. Michael Lipper , president of Lipper *CUNKAL* . STOP 
*CUNKING* that equity funds are up nearly 60 % from their *UNK-* low on Dec. 3 , 1987 , he said that what happened last week `` may not be enough of an adjustment . STOP 
There 's either more to come or an extremely long period of *UNKS* . '' STOP 
But investors do n't seem to think so . STOP 
Several big mutual fund groups said last week that cash flows into stock funds were *UNKER* than usual after heavy *UNKS* on the 13th . STOP 
*CUNK* Group said it had a more than $ 50 million net *UNK* into its stock funds last week . STOP 
`` There certainly has n't been a panic reaction , '' said Steven *CUNK* , a vice president at T. Rowe Price Associates . STOP 
`` People showed some *UNKING* power and , in fact , interest in buying equities . '' STOP 
Source : Lipper *CUNKAL* Services Inc . STOP 
\* Not counting dividends STOP 
*UNK* With dividends *UNKED* STOP 
*CUNKS* : Lipper *CUNKAL* Services Inc. ; Standard & Poor 's Corp . STOP 
*CUNK* Royal Exchange *CUNK* PLC , a major British composite insurer , said it is taking a stake in *CUNK* *CUNK* Building Society 's estate agency business as part of a plan to create a range of commercial *UNKS* in the U.K. and Europe . STOP 
Officials declined to disclose the value of the transaction or the exact stake that *CUNK* will hold in *CUNK* *CUNK* Estate *CUNKS* . STOP 
But the companies said that *CUNK* *CUNK* Estate *CUNKS* will market *CUNK* life insurance , pension and investment products through its more than 1,000 retail outlets in the *CUNK* . STOP 
Besides the marketing agreement , *CUNK* said *CUNK* *CUNK* has agreed to develop life insurance products with the composite insurer . STOP 
*CUNKING* at the bar of the Four *CUNKS* restaurant , *UNK* William McDonough seems *OUS* to the *OUS* *UNK* and the *UNK* setting . STOP 
He is *UNKING* the *UNKS* *UNKING* above the *UNKION* *UNKS* . STOP 
`` *CUNK* how much air is moving around ! '' he says . STOP 
`` The *UNKION* here is great ! '' STOP 
You may be hearing more about the *UNK-* Mr. McDonough and his *UNKION* with clean air . STOP 
After years of relative *UNK* , he is starting to attract notice for the *UNKAL* as well as the *UNK* quality of his architecture . STOP 
Mr. McDonough believes that the *UNKING* of the planet depends on such *UNKS* as opening windows to cut *UNK* air pollution , *UNKING* down *UNKS* instead of using *UNK* *UNKS* , and *UNKING* *UNK* , which comes from *UNKED* rain *UNKS* . STOP 
He has put some of his *UNK* ideas into practice with his design of the *UNK-* *CUNKED* *CUNK* restaurant -- `` *UNKLY* *UNK* , '' *CUNK* *CUNK* magazine called it -- and his *UNKING* of Paul Stuart , the Madison Avenue clothing store . STOP 
He has designed furniture and homes as well as commercial and office space . STOP 
He is now *UNKING* a *CUNK* stage set for a show by the band *CUNK* *CUNK* and the *CUNKS* . STOP 
What really *UNKS* his *UNK* , though , is *UNK* architecture . STOP 
Now the question is : Is Poland ready for it ? STOP 
Mr. McDonough is about to *UNK* his biggest *UNK-* challenge yet , the proposed Warsaw Trade Center in Poland , the first such center in Eastern Europe . STOP 
The project has already acquired a certain New York *UNK* . STOP 
Bloomingdale 's plans to sell a *UNK-* *UNK* model of the center during the *UNKS* . STOP 
Some of the sales proceeds will go to the *CUNK* Industries Foundation for AIDS . STOP 
A *UNK* topped with a *UNK* of the center will be *UNKED* at an AIDS benefit at Sotheby 's in December . STOP 
If Mr. McDonough 's plans get executed , as much of the Polish center as possible will be made from aluminum , steel and glass *UNKED* from Warsaw 's *UNK* rubble . STOP 
A *UNK-* *UNK* *UNK* will stand *UNK* 50 stories of commercial space . STOP 
*CUNKED* *UNKS* will make the *UNK* *UNK* . STOP 
The windows will open . STOP 
The *UNKS* wo n't be *UNKED* down , and walls will be *UNKED* with *UNK* *UNKS* . STOP 
To the extent that the $ 150 million budget will allow it , Mr. McDonough will rely on solid wood , rather than *UNK* or *UNK* board , to limit the *UNKION* of *UNK* . STOP 
If Mr. McDonough has his way , the *CUNKS* will compensate for the trade center 's emissions of carbon *UNK* , a prime suspect in the global *UNK* warming many scientists fear . STOP 
The *CUNKS* would plant a *UNK-* forest somewhere in the country at a cost of $ 150,000 , with the center 's developer *UNKING* the bill . STOP 
The news has n't exactly moved others in Mr. McDonough 's *UNKION* to become *UNKAL* *CUNK* *CUNKS* . STOP 
All *UNKS* want to be aware of the *UNKAL* consequences of their work , says John *CUNK* , whose New York firm is *UNKING* the *UNK* of Times Square , `` but we ca n't all carry it to that extreme . '' STOP 
*CUNK* *CUNKS* , senior associate at Michael *CUNKS* 's architecture firm in *CUNK* , N.J. , says : `` We 're really at the *UNK* of what the construction industry can and will do readily . '' STOP 
Mr. McDonough *UNKS* : `` I 'm asking people to *UNK* their *UNKS* . '' STOP 
The son of a Seagram 's executive who was *UNKED* in many countries around the world , Mr. McDonough was born in Tokyo and attended 19 schools in places ranging from Hong Kong to *CUNKER* *CUNKS* , Ohio , before entering *CUNK* College . STOP 
He earned a master 's degree in architecture from Yale . STOP 
His interest in the natural environment *UNKS* from his youth . STOP 
He and his father still spend time each summer *UNKING* for *UNK* in *CUNK* . STOP 
*CUNKING* in Hong Kong , he says , made him sensitive to the limits on food , power and water supplies . STOP 
At his first school in the U.S. he was thought a little strange for *UNKING* off open water *UNKS* and *UNKING* his *UNKS* to take only brief *UNKS* . STOP 
He and a *CUNK* *UNK* established a company that restored three *UNK* power plants in Vermont . STOP 
At Yale , he designed one of the first *UNKED* houses to be built in Ireland . STOP 
Mr. McDonough 's first professional project fully to reflect his environmental *UNK* was his 1986 design for the headquarters of the Environmental Defense Fund in New York . STOP 
The offices took 10,000 square feet of a building with *UNK-* *UNKS* and big , *UNK* windows . STOP 
Since the 1970s energy crisis , some efforts to *UNK* energy by *UNKING* buildings have had an *UNKED* side effect : high *UNK* pollution . STOP 
To reduce it at the fund 's building , workers *UNKED* *UNK* instead of *UNK* on the *UNKS* in the executive director 's office . STOP 
*CUNK* , rather than a *UNK* material , lies under the *UNK-* *UNKS* , and the desks are of wood and *UNK* instead of plastic . STOP 
The budget was only $ 400,000 . STOP 
`` *CUNKS* with *CUNK* means , '' Mr. McDonough says . STOP 
The fund 's lawyers work in an *CUNK* *UNK* of *UNKED* trees . STOP 
Economists and *UNKS* sit along a `` *UNK* '' with street *UNKS* and *UNKS* trees . STOP 
In offices , *OUS* *UNKS* *UNK* *UNK* . STOP 
*CUNKS* with outside windows have inside windows , too , to let in more real *UNK* . STOP 
`` We proved a healthy office does n't cost more , '' says *CUNK* *CUNK* , executive director of the fund . STOP 
It `` really looks *UNK* and is very light , '' says *CUNK* *CUNK* , a *UNK-* writer who has visited the office for lunch meetings . STOP 
But , she says , `` I guess I did n't really notice the trees . STOP 
Maybe they were hidden by all the people . '' STOP 
Neither the *CUNKED* *CUNK* nor the Paul Stuart *UNKION* reflects much of Mr. McDonough 's environmental concern . STOP 
The restaurant was *UNKED* as a *UNKING* , *UNK* `` *UNK* . '' STOP 
It makes extensive use of *UNKS* steel , silver and aluminum that sets off black *UNK* table *UNKS* and a gray *UNK* with *UNK-* *UNKS* . STOP 
To more than replace the wood from two English *UNKS* used for *UNKING* at Paul Stuart , however , Mr. McDonough and friends *UNKED* 1,000 *UNKS* around the country . STOP 
The ambitious Warsaw project still *UNKS* approval by city officials . STOP 
Its developer is a Polish American , *CUNK* *CUNK* . STOP 
He had worked with Mr. McDonough on an earlier project and *UNKED* him as *UNK* for the trade center . STOP 
The center will provide space for computer hardware and *UNK* and other telecommunications equipment , not readily *UNK* in Poland now , for a growing number of *CUNKS* doing business in Eastern Europe . STOP 
Mr. McDonough thinks of the center as the `` *CUNK* Tower of Warsaw '' and `` a symbol of the *UNK* of Poland . '' STOP 
If any nation can use *UNKLY* *UNK* architecture , it is Poland . STOP 
*CUNK* *CUNKS* , vice president of World Resources Institute in Washington , D.C. , says that perhaps a quarter of Poland 's soil is too *UNKED* for safe *UNKING* because of air pollution . STOP 
The pollution is also killing *UNKS* and *UNKING* buildings that date back to the Middle *CUNKS* . STOP 
The future of the forest remains uncertain . STOP 
Mr. *CUNK* 's company , *CUNK* Ltd. , has agreed to set aside the money to plant and maintain it , but discussions are still going on over where to place it and how to ensure that it will be maintained . STOP 
After all , Mr. *CUNK* says , `` in Poland there are n't too many people worried about the environment . STOP 
They 're more worried about *UNK* on the table . STOP 
Pittston Co. 's third-quarter net income plunged 79 % , reflecting the impact of a prolonged and bitter labor strike at its coal operations . STOP 
Net sank to $ 3.1 million , or eight cents a share , including $ *UNKN* , or two cents a share , reflecting a *UNKS* *UNK-* . STOP 
In the year-ago quarter , net totaled $ *UNKN* million , or 38 cents a share , including $ 4 million , or 10 cents a share , reflecting a *UNKS* *UNK-* . STOP 
Revenue slipped 0.7 % to $ *UNKN* million from $ *UNKN* million . STOP 
Pittston also owns *CUNK* 's Inc. , the security service , and Burlington Air Express , the *UNK-* concern . STOP 
In addition to expected losses tied to the labor strike , the coal group has spent almost $ 20 million since the strike began for security , the company said . STOP 
As a result , the group 's third-quarter loss widened to $ *UNKN* million from the second quarter 's $ 3.6 million . STOP 
Pittston continues to hire replacement workers , the company said . STOP 
Burlington 's operating profit grew to $ *UNKN* million from $ 3.8 million a year earlier , Pittston said . STOP 
While `` the tone '' of domestic and international *UNK-* markets remains sound , seasonal factors are likely to *UNKER* Burlington Air from matching third-quarter results in the fourth quarter , Pittston said . STOP 
*CUNK* 's operating profit was about flat with the year-earlier period , reflecting continued pricing and cost pressures . STOP 
In New York Stock Exchange composite trading Friday , Pittston closed at $ *UNKN* a share , down 12.5 cents . STOP 
Does n't anybody here want to win this mayor 's race ? STOP 
As they *UNK* and *UNK* toward election day two weeks from tomorrow , both Democrat David Dinkins and Republican *CUNK* Giuliani are in trouble . STOP 
Mr. Dinkins , the Manhattan borough president , can afford more *UNKING* and *UNKING* because he holds a comfortable *UNK-* lead in most of the *UNKION* polls . STOP 
But , in the past 10 days , he has taken a series of body *UNKS* to his pride and his reputation that could *UNKLY* affect his ability to *UNK* this *OUS* city should he become New York 's first black mayor . STOP 
*CUNKLY* , a *UNKER* *UNK* would find a way to *UNK* on the other side 's *UNKS* . STOP 
But Mr. Giuliani , a *UNKED* prosecutor , has had difficulty *UNKING* from his *UNKING* , *UNKING* *UNK* to a political stance that suggests he might know something about running this big , troubled city . STOP 
And now , at the crucial moment , he 's running out of money . STOP 
This is the nation 's biggest city and , traditionally , its mayor is the nation 's *UNK-* urban *UNK* . STOP 
Democrats hoped that Mr. Dinkins could become a highly visible national leader . STOP 
Republicans figured that in Mr. Giuliani , the nation 's *UNK-* prosecutor , they had a chance for a huge upset in the heart of Democratic territory and that they would pick up a new political star . STOP 
But it has n't worked out that way . STOP 
`` Dinkins is a decent but *UNK* guy , '' says David *CUNK* , veteran campaign consultant here who has always worked for Mayor Edward Koch , defeated by Mr. Dinkins in the Sept. 12 Democratic primary . STOP 
`` The alternative -- Giuliani -- is *UNKLY* . '' STOP 
`` I guess we 'll *UNKLY* go ahead and do it , vote for Dinkins , '' says Richard *CUNK* , a politically active professor who supported Richard *CUNK* , an *UNK-* in the Democratic primary . STOP 
`` There 's nothing on the other side . '' STOP 
`` We 're picking up steam , '' insists Roger *CUNKS* , Mr. Giuliani 's media consultant , whose last big campaign helped put George Bush in the White House . STOP 
He adds : `` It just has n't gotten down to the engine room yet . '' STOP 
But the steam may never reach the engine room . STOP 
For , just as Mr. Giuliani *UNKS* on to an issue that has Mr. Dinkins *UNKING* , his campaign *UNKLY* needs cash to keep Mr. *CUNKS* 's commercials on the air beyond Wednesday or Thursday . STOP 
To help out this week , the White House is *UNKING* chief of staff John *CUNK* and three *CUNK* members -- HUD 's Jack Kemp , Transportation 's Samuel Skinner and Treasury 's Nicholas Brady , according to Peter *CUNKS* , the Giuliani campaign manager . STOP 
For Republicans who began this campaign with such high hopes , all of this is deeply *UNKING* . STOP 
*CUNKLY* , New York is almost always in trouble . STOP 
But the trouble it faces now under Democratic rule seems bigger and more *UNKING* than anything it has faced in the past . STOP 
This year , the city faces a budget deficit that could become even bigger next year . STOP 
And hardly surprising , many residents trying to cope with the city 's other problems are constantly on edge , one *UNK* group *UNKING* with another . STOP 
`` People were n't so happy in the 1930s , '' says Thomas *CUNKER* , another local professor and the *UNKER* of the *UNK* *CUNK* *CUNK* , the city 's fusion mayor who built a coalition Mr. Giuliani hopes to *UNK* . STOP 
`` But , at least , back then they did n't generally direct their anger at each other . '' STOP 
The *UNK-* Mr. Dinkins , an *UNK-* , has served as the city *UNK* and as Manhattan borough president , a job with limited executive responsibilities STOP 
-LRB- `` I *UNK* you to come up with one major *UNK* of David Dinkins , '' says Mr. Giuliani . -RRB- STOP 
He defeated the *OUS* Mr. Koch in the Democratic primary partly because he seemed to offer hope he could *UNKAL* the city 's racial and *UNK* *UNKS* . STOP 
His *UNKION* campaign is almost *CUNK-* , all *UNKED* pictures and *UNKING* words . STOP 
His theme is *UNUNK* , *UNK* , *UNK* , bringing New York together again . STOP 
Both candidates are negotiating about holding *UNKS* , but Mr. Dinkins is widely seen as the major obstacle for *UNKING* them . STOP 
The *UNK-* Mr. Giuliani has run a negative campaign to pick up votes *UNKING* to Mr. Dinkins . STOP 
`` He 's got to get Dinkins 's *UNKS* up , '' says Lee *CUNK* , director of the *CUNK* College Institute of Public *CUNKION* . STOP 
`` But our polls show voters do n't like the attack stuff . STOP 
Why , even 20 % of the Republican vote is going to Dinkins . '' STOP 
`` It 's *UNKS* politics , '' says John *CUNKAL* , Mr. Dinkins 's issues director , insisting there is a strong *UNK* *UNUNK* to the Giuliani effort . STOP 
For the Giuliani forces , it 's a *UNK* . STOP 
On the one hand , Mr. Giuliani wants to cut into Mr. Dinkins 's credibility . STOP 
On the other , he seeks to convince voters he 's the new *CUNK* *CUNK* -- *UNK* , *UNKED* and ready to lead New York out of the mess it 's in . STOP 
It has n't helped that he 's *UNKED* on abortion and *UNK* rights , sought the support of both the *CUNKAL* and Conservative parties -LRB- he won the *CUNKAL* *UNK* -RRB- and that he turned to *UNK* *CUNK* Mason for help with Jewish voters . STOP 
Mr. Mason left the campaign after telling reporters Mr. Dinkins is `` a *UNKER* ' with a *UNK* . '' STOP 
*CUNKER* is a *UNK* *CUNK* word for a black person . STOP 
Mr. Dinkins concedes nothing in his ability to *UNK* and *UNK* . STOP 
He can match *CUNK* Mason with his own Robert `` *CUNK* '' *CUNK* , an angry street *UNKER* who was convicted of *UNKING* in 1974 . STOP 
The Dinkins campaign paid Mr. *CUNK* close to $ 10,000 to get out the vote on *UNKION* day . STOP 
Paper work on how it was spent is *UNK* . STOP 
Mr. *CUNK* has been charged with being *UNK-* . STOP 
Asked about that the other day , he *UNKED* , `` *CUNK-* ? STOP 
I 'm *UNK-* . '' STOP 
More *UNKING* for Mr. Dinkins is his record in personal accounting . STOP 
It began in 1973 , when he was being considered for deputy mayor , and a routine check *UNKED* the extraordinary fact that he had n't paid his income tax for the previous four years . STOP 
`` I was always going to do it tomorrow , '' he explained at the time . STOP 
And now he 's *UNKLY* trying to explain an arrangement in which he sold stock in *CUNKER* City Broadcasting Co. , headed by his old friend and *UNK* , *CUNK* Sutton , to his son , David Dinkins Jr. , for $ *UNKN* . STOP 
He had valued the shares at more than $ 1 million two years earlier . STOP 
He says he sold the stock to avoid *UNKEST* problems in his role as a voting member of the city 's Board of *CUNK* . STOP 
He says his son has n't paid for the shares . STOP 
`` It looks like serious tax *UNKION* , '' says Mr. *CUNKS* , the Giuliani media consultant . STOP 
`` It follows the same pattern as his tax returns . STOP 
He *UNKS* to talk about it until after he gets caught . '' STOP 
`` He simply has n't explained why something worth a million dollars ended up worth $ *UNKN* two years later , '' says Mr. *CUNKS* , the Giuliani campaign manager . STOP 
`` It 's *OUS* for him to suggest it 's the difference between *UNK* ' value of the shares and their market value . '' STOP 
So far though , no one -- not even former U.S. attorney Giuliani -- has been able to *UNK* just what law Mr. Dinkins has broken or just what tax he has *UNKED* . STOP 
`` The crime goes to character , '' says Ron *CUNK* , a consultant to the Giuliani campaign . STOP 
`` It 's serious stuff . STOP 
He *UNKS* and *UNKS* . STOP 
He 's had a history of *UNKION* and this is the latest *UNKER* . '' STOP 
`` It makes people think , maybe this guy is n't so *UNK* clean after all , '' says Mr. *CUNK* , Mayor Koch 's media consultant . STOP 
`` The result may turn out to be a lot closer than people think . STOP 
The *UNKING* scandal surrounding the 1982 collapse of Banco *CUNK* was *UNKED* by the arrest last week of *CUNK* businessman *CUNK* *CUNK* on fraud charges . STOP 
*CUNK* *UNKS* *UNK* Mr. *CUNK* and several other people of trying to *UNK* 1.2 billion lire -LRB- $ *UNKN* -RRB- from the Vatican in return for documents contained in the *UNK* of *CUNK* *CUNK* , the *CUNK* chairman found *UNKED* under London 's *CUNK* 's Bridge shortly before the bank 's collapse . STOP 
Banco *CUNK* , which was Italy 's largest private-sector bank , collapsed in 1982 with $ 1.3 billion of debts . STOP 
Most of the money was *UNK* to a series of *UNK* companies in Panama and *CUNK* that were owned , directly or indirectly , by the Vatican bank . STOP 
The Vatican , which denies any wrongdoing , paid $ 250 million to the Milan bank 's creditors as a `` *UNK* *UNK* '' in 1985 . STOP 
Italian news reports said Mr. *CUNK* and a *UNK* obtained 1.2 billion lire in checks from a Vatican official , *CUNK* *CUNK* . STOP 
Italian papers speculated the *UNK* contained papers either *UNKING* the Vatican bank from blame in the scandal , or showing that the bank , known as the *CUNK* per *UNK* *CUNK* *UNK* *CUNK* , *UNKED* funds to East bloc groups such as Solidarity in Poland . STOP 
Neither Mr. *CUNK* , Mr. *CUNK* nor Vatican officials could be reached for comment over the weekend . STOP 
This business trust company said its board elected *CUNK* E. *CUNK* , a consultant to Drexel Burnham Lambert Group Inc. , as chief executive officer , a new post , and as president . STOP 
Mr. *CUNK* succeeds Richard D. *CUNK* , who will remain as a consultant to the company . STOP 
Both men were unavailable to comment . STOP 
The company also named Michael E. *CUNK* , a director and a major shareholder , to fill the vacant seat of chairman . STOP 
Britain 's *OUS* *CUNK* Office said it will investigate the circumstances surrounding alleged *UNK* contracts at *CUNK* International *CUNKAL* PLC 's International *CUNKAL* & Control unit . STOP 
The investigation , which will be *UNKED* with one already under way in the U.S. , follows the discovery of what *CUNK* has called a `` serious '' fraud involving its U.S. subsidiary . STOP 
International *CUNKAL* & Control , *CUNKER* , Pa. , a *UNK-* manufacturer , was bought by *CUNK* in 1987 for # *UNKN* million -LRB- $ *UNKN* million -RRB- . STOP 
*CUNK* has said that it would be forced to write off # *UNKN* million against the *UNK* contracts , reducing its net asset value by more than half . STOP 
The *OUS* *CUNK* Office , a division of London 's Metropolitan Police responsible for investigating financial crimes , said its work would take in `` allegations of fraud prior to , surrounding and subsequent to the merger . '' STOP 
*CUNK* said that it *UNKS* the investigation and that it will `` cooperate fully . '' STOP 
*CUNK* *CUNKS* , *CUNK* 's chairman , has said he hoped to pursue legal action against those responsible . STOP 
The British defense electronics group has said it will sell # 100 million in assets and may seek a merger to strengthen itself in the wake of its troubles . STOP 
Chicago businessmen *CUNK* M. Lee and Peter *CUNK* signed a new agreement to purchase the Denver *CUNKS* basketball team , but not as principal owners . STOP 
On Saturday , the partners said the team would be purchased for $ 54 million by a new group including *CUNK* *CUNK* Enterprises Inc. , a unit of Communications Satellite Corp. based here . STOP 
*CUNK* *CUNK* will pay $ 17 million for a 62.5 % interest , with Messrs. Lee and *CUNK* putting up $ 8 million for a 37.5 % stake in the team . STOP 
Under terms of the sale , *CUNKS* owner *CUNK* *CUNKER* could receive up to $ 11 million in additional payments from the franchise 's future earnings . STOP 
Messrs. Lee and *CUNK* last July announced a deal that would have made them the first black principal owners of a major professional sports franchise . STOP 
But the deal fell apart last week for lack of financing . STOP 
*CUNK* *CUNK* is headed by Robert *CUNKER* , who resigned his No. 2 executive post with Turner Broadcasting System Inc. just two weeks ago to take the *CUNK* position . STOP 
*CUNK* *CUNK* , which *UNKS* *UNK-* programs to hotel rooms , plans to add *CUNKS* games to their offerings , as Mr. Turner did successfully with his Atlanta *CUNKS* and *CUNKS* sports teams . STOP 
Messrs. Lee and *CUNK* will manage the *CUNKS* ' *UNK-* affairs . STOP 
Royal Business Group Inc. said it filed suit in federal court here charging *CUNK* Inc. and its directors with violating federal securities laws `` by *UNKING* in a scheme to prevent '' Royal from acquiring *CUNK* . STOP 
Royal , which makes and *UNKS* business forms , owns an 8 % stake in *CUNK* . STOP 
Royal contends that *CUNK* failed to disclose material information , including *CUNK* 's negotiations to acquire *CUNK* *CUNKER* *CUNK* AG , to stockholders prior to *CUNK* 's June 6 annual meeting . STOP 
Royal 's suit contends that the *CUNK* acquisition was `` designed to *UNK* management and *UNK* Royal 's offer . '' STOP 
Royal withdrew its offer to buy *CUNK* , a maker of optical and electronic products based in *CUNK* Falls , *CUNK* , for $ *UNKN* a share in July after *CUNK* disclosed the *CUNK* purchase . STOP 
The suit seeks `` in excess of $ *UNKN* in damages . '' STOP 
A *CUNK* official said the company had n't yet received the full complaint and would n't have a response until it had an opportunity to review it . STOP 
Winnebago Industries Inc. , battered by a *UNKING* slowdown in *UNKAL* vehicle industry sales , reported a widened fourth-quarter loss and slashed its dividend in half . STOP 
The Forest City , Iowa , maker of motor homes said it had a loss of $ *UNKN* million , or 46 cents a share , in the quarter ended Aug. 26 . STOP 
A year earlier , the company had a deficit of $ 1.5 million , or six cents a share . STOP 
The cut in the dividend to 10 cents a share *UNKLY* , from 20 cents , `` would indicate to me they do n't see the problems being fixed real quick , '' said Frank *CUNKS* , an analyst at *CUNK* *CUNK* Inc. in Minneapolis . STOP 
Indeed , Winnebago said it started `` several promotional programs '' to spur retail sales in the fall and winter . STOP 
The year was already *UNKING* up as a difficult one for the *UNKAL* vehicle industry , which makes products such as motor homes , travel *UNKS* , *UNKING* *UNKS* and van *UNKS* . STOP 
With the exception of van *UNKS* , the industry has seen a decline from 1988 's robust sales . STOP 
But the rate of the decline *UNKED* in August , with unit sales to dealers for the month down 10.5 % from a year earlier , according to the *CUNKION* *CUNK* Industry Association . STOP 
At Winnebago , sales for the quarter fell 6 % to $ *UNKN* million from $ *UNKN* million a year earlier . STOP 
The company attributed the decline to consumers ' concern over interest rates and gas prices -- two key expenses for *CUNK* buyers . STOP 
`` It 's a *UNK-* *UNK* purchase , '' said Robert *CUNK* , who follows the industry for Merrill Lynch & Co . STOP 
`` So when there 's talk and concern about the economy , it 's not *UNUNK* for a portion of the buying public to *UNKER* purchases . '' STOP 
Mr. *CUNK* expects industry *CUNK* sales for all of 1989 to fall about 5 % from 1988 , when sales of *UNKN* units were the highest since 1978 . STOP 
And he said the weakness could continue in the first half of next year . STOP 
But he said the industry has `` a good decade ahead , '' particularly if aging baby *UNKS* *UNK* the industry 's *UNKS* by buying *CUNK* . STOP 
Winnebago was hit especially hard in the latest downturn because unit sales in its *UNKER* motor home business tumbled 25 % industrywide in August , and 10.4 % in the first eight months of the year . STOP 
The company said it also suffered in the quarter from incentive programs , losses from *UNKING* a motor home line and costs of developing a new commercial vehicle , among other things . STOP 
The news sent Winnebago stock falling 62.5 cents , to $ *UNKN* , in New York Stock Exchange composite trading - a *UNK-* low . STOP 
The dividend cut will prove most costly for John K. *CUNK* , Winnebago 's founder and chairman . STOP 
*CUNKED* on his control of about 45 % of Winnebago 's *UNKN* million shares , his annual dividend income would be cut to about $ 2.2 million from $ 4.4 million . STOP 
For the year , Winnebago had a loss of $ 4.7 million , or 19 cents a share , following profit of $ 2.7 million , or 11 cents a share , a year earlier . STOP 
Sales rose 2 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* bond market sentiment is on the rise again . STOP 
As the government *UNKS* to release the next *UNK* of economic reports , the consensus among economists and money managers is that the news will be negative . STOP 
And that , they say , will be good for bonds . STOP 
`` *CUNK* data have indicated somewhat weaker economic activity , '' said *CUNK* *CUNK* , director of economic research at Donaldson , Lufkin & Jenrette Securities . STOP 
Mr. *CUNK* is advising clients that `` the near-term direction of bond prices is likely to remain upward . '' STOP 
Analysts insist that even without help from a *UNK* stock market , which provided a temporary boost for bonds during the Oct. 13 stock market plunge , bond prices will start to climb on the prospects that the Federal Reserve will allow interest rates to move lower in the coming weeks . STOP 
That would be *UNKING* to fixed-income investors , many of whom were badly *UNKED* in the third quarter by incorrectly assuming that the Fed would ease . STOP 
Investors rushed to buy bonds during the summer as prices soared on speculation that interest rates would continue to fall . STOP 
But when it became clear that rates had *UNKED* and that the Fed 's *UNKING* policy was on hold , bond yields jumped and prices tumbled . STOP 
*CUNK-* bonds have performed *UNKLY* this year . STOP 
For example , a group of long-term Treasury bonds tracked by Merrill Lynch & Co. produced a total return of 1 % in the first quarter , *UNKN* % in the second quarter and *UNK-* % in the third quarter . STOP 
Total return is price changes plus interest income . STOP 
Now some investment analysts insist that the economic climate has turned cold and *UNK* , and they are urging clients to buy bonds before the rally begins . STOP 
Among other things , economists note that consumer spending is slowing , corporate profit margins are being squeezed , business confidence is slipping and construction and manufacturing industries are depressed . STOP 
At the same time , last week 's consumer price index showed that inflation is *UNKING* . STOP 
*CUNK* it all up and it means `` that the Fed has a little *UNK* to ease its credit policy stance without the risk of *UNKING* inflation , '' said Norman Robertson , chief economist at Mellon Bank Corp. , Pittsburgh . STOP 
`` I think we will see a federal funds rate of close to 8 1\/2 % in the next two weeks and 8 % by year end . '' STOP 
The federal funds rate , which banks charge each other on overnight loans , is considered an early signal of changes in the Fed 's credit policy . STOP 
Economists generally agree that the rate was lowered by the Fed from around 9 % , where it had been since July , to about 8 3\/4 % in early October on the heels of a weak employment report . STOP 
Although the rate briefly *UNKED* even lower following the stock market sell-off that occurred Oct. 13 , it ended Friday at about 8 11\/16 % . STOP 
James *CUNK* , chief fixed-income strategist at Merrill Lynch , is *UNKING* *UNK-* securities , which he says should benefit more quickly than *UNK-* bonds as interest rates fall . STOP 
`` Given our forecast for lower rates , purchases made now should prove quite *UNKING* before year end , '' he said . STOP 
Mr. *CUNK* also likes long-term , investment-grade corporate bonds and long-term Treasurys . STOP 
He says these bonds should *UNK* in value as some investors , *UNKING* to the recent turmoil in the stock and high-yield junk bond markets , seek safer securities . STOP 
`` If the -LCB- Tennessee Valley Authority -RCB- sale is any guide , there appears to be good demand for *UNK-* , long-term paper from both domestic and overseas accounts , '' he said . STOP 
TVA , in its first public debt offering in 15 years , sold $ 4 billion of long-term and *UNK-* securities last week . STOP 
*CUNK* investor demand prompted the utility to boost the size of the issue from $ 3 billion . STOP 
TVA , which operates one of the nation 's largest electric power systems , is a corporation owned by the federal government . STOP 
But *UNKING* investors to buy bonds may be especially tough this week , when the U.S. government will auction more than $ 30 billion of new securities . STOP 
Today , the Treasury Department will sell $ 15.6 billion of three-month and six-month bills at the regular weekly auction . STOP 
*CUNK* , the Treasury will sell $ 10 billion of two-year notes . STOP 
Resolution Funding Corp. , known as *CUNK* , a division of a new government agency created to *UNK* out the nation 's troubled savings and loan associations , will hold its first bond auction Wednesday , when it will sell $ 4.5 billion of 30-year bonds . STOP 
All of this comes ahead of the government 's big quarterly refunding of the federal debt , which takes place sometime in November . STOP 
So far , investors have n't shown much appetite for *CUNK* 's initial bond offering . STOP 
Roger Early , a portfolio manager at Federated Investors Corp. , said that yields on the so-called bailout bonds are n't high enough to attract his attention . STOP 
`` Why should I *UNKER* with something that 's an *UNUNK* for a very small pickup in yield ? '' he said . STOP 
`` I 'm not going to jump on them the first day they come out . '' STOP 
He seems to be typical of many professional money managers . STOP 
When the size of the *CUNK* offering was announced last week and *UNKED* trading activity began , the bailout bonds were yielding about *UNKN* percentage point more than the Treasury 's benchmark 30-year bond . STOP 
On Friday , the yield was quoted at about 1\/4 percentage point higher than the benchmark bond , an indication of weak demand . STOP 
Some economists believe that yields on all Treasury securities may rise this week as the market *UNKS* to absorb the new supply . STOP 
But once the new securities are *UNKED* , they expect investors to focus on the weak economic data . STOP 
`` The supply is not a *UNK* to the market , '' said Samuel *CUNK* , chief financial economist at Kleinwort Benson Government Securities Inc . STOP 
`` If one thinks that rates are going down , you do n't care how much supply is coming . '' STOP 
Friday 's Market Activity STOP 
Most bond prices fell on concerns about this week 's new supply and disappointment that stock prices did n't stage a sharp decline . STOP 
*CUNK* bond prices moved higher , however . STOP 
In early trading , Treasury bonds were higher on expectations that a surge in buying among Japanese investors would continue . STOP 
Also providing support to Treasurys was hope that the stock market might see declines because of the expiration of some stock-index futures and options on indexes and individual stocks . STOP 
Those hopes were *UNKED* when the stock market put in a relatively quiet performance . STOP 
Treasury bonds ended with losses of as much as 1\/4 point , or about $ 2.50 for each $ 1,000 face amount . STOP 
The benchmark 30-year bond , which traded as high as 102 1\/4 during the day , ended at 101 *UNKN* . STOP 
The yield on the benchmark bond rose slightly to 7.98 % from 7.96 % . STOP 
In the corporate bond market , traders said the *UNK-* market for junk bonds is likely to pick up following Chicago & North Western Acquisition Corp. 's $ *UNKN* million junk bond offering Friday . STOP 
Today , for example , underwriters at Morgan Stanley & Co. said they expect to price a $ 150 million , 12-year senior subordinated *UNK* offering by *CUNK* Industries Inc . STOP 
Traders expect the issue to be priced to yield 12 % . STOP 
Shearson Lehman Hutton Inc. said that a $ 150 million senior subordinated discount *UNK* issue by *CUNK* *CUNKER* *CUNKS* is expected by the end of the month . STOP 
However , despite the big *UNK-* *UNK* , many junk bond investors and analysts are skeptical the deals will get done . STOP 
`` There are about a dozen more deals coming , '' said Michael *CUNK* , director of fixed-income research at Kemper Financial Services Inc . STOP 
`` If they had this much trouble with Chicago & North Western , they are going to have an awful time with the rest . '' STOP 
Last week , underwriters were forced to postpone three junk bond deals because of recent weakness in the market . STOP 
And pressure by big investors forced Donaldson Lufkin & Jenrette Securities Corp. to *UNK* Chicago & North Western 's $ *UNKN* million junk bond offering . STOP 
After hours of negotiating that stretched late into Thursday night , underwriters priced the 12-year issue of *UNK* senior subordinated debentures at par to yield *UNKN* % , higher than the *UNKN* % that had been expected . STOP 
The coupon on the issue will be reset in one year at a rate that will give the issue a market value of 101 . STOP 
However , the maximum coupon rate on the issue when it is reset is *UNKN* % . STOP 
*CUNK* holders also will receive the equivalent of 10 % of the common stock in Chicago & North Western 's parent company . STOP 
`` The coupon was raised to induce some of the big players on the *UNK* to come in , '' said a spokesman for Donaldson . STOP 
`` We put a price on the deal that the market required to get it done . '' STOP 
The spokesman said the issue was sold out and met with strong interest abroad , particularly from Japanese investors . STOP 
In the secondary , or *UNK* , market , junk bonds closed 1\/2 point higher , while investment-grade corporate bonds fell 1\/8 to 1\/4 point . STOP 
Sotheby 's Inc. 's *UNK* in the *UNKING* business appears to have paid off . STOP 
The New York arm of the London-based auction house *UNKED* off the estate of John T. Dorrance Jr. , the *CUNK* 's *CUNK* Co. *UNK* , for $ *UNKN* million last week , a record for a *UNKER* art collection . STOP 
That total was below the $ 140 million the auction house estimated the collection might sell for , but was enough to ensure that an unprecedented financial arrangement Sotheby 's had made with the Dorrance family proved profitable to the auction house . STOP 
Sotheby 's provided the Dorrance family a guarantee of at least $ 100 million , and as much as $ 120 million , to obtain the collection , people familiar with the transaction said , thus taking a greater than usual financial interest in the property to be sold . STOP 
The Dorrance estate , *UNKED* off in a series of sales held over four days , included *UNKS* , furniture and paintings . STOP 
An *CUNK* *CUNK* , *UNKED* last Wednesday , *UNKED* $ *UNKN* million , a world record for the artist . STOP 
In addition , a handful of paintings from the Dorrance collection remain to be sold at Sotheby 's annual old masters paintings auction in January . STOP 
The Better Business Bureau of San Diego and the state Attorney General 's office entered into a settlement stemming from an investigation of *UNKED* business *UNKS* published by an outside firm , Better *CUNK* Inc . STOP 
The settlement stems from charges that Better *CUNK* , now *UNK* , made *UNKS* in selling advertising for the *UNKS* and *UNKS* in the bureau from 1984 to 1986 . STOP 
Without *UNKING* any *UNK* , the bureau agreed to several conditions if it again contracts with an outside firm to publish its *UNKS* . STOP 
The conditions include not *UNKING* how many *UNKS* will be distributed , and agreeing to make refunds to *UNK* advertisers if any *UNKS* are involved in the sale . STOP 
The Attorney General 's investigation was sparked by lawsuits and charges by angry California *UNK* that they were *UNKED* in a *UNKED* *UNK* project contracted by Better *CUNK* . STOP 
The *UNK* led to the closing of the Los Angeles Better Business Bureau in late 1987 . STOP 
McCaw Cellular Communications Inc. said it obtained `` firm '' financing commitments from three major banks in regard to its offer for *UNKN* % of LIN Broadcasting Corp . STOP 
Morgan *CUNK* Trust , *CUNKION* Bank and *CUNK* National Bank , an affiliate of *CUNK* Financial Corp. , jointly committed $ 1.2 billion of financing , subject to certain conditions , McCaw said . STOP 
Further , McCaw said the banks expressed confidence that the balance of the $ 4.5 billion bank facility will be committed within the next several weeks by a syndicate of foreign and domestic banks . STOP 
Morgan , *CUNKION* and *CUNK* are leading that syndicate . STOP 
McCaw is offering to buy 22 million shares of LIN for $ 125 each in cash , which would result in McCaw owning *UNKN* % of the *UNK-* and broadcasting concern . STOP 
The offer is in *UNK* , however , because LIN has agreed to merge its *UNK-* businesses with BellSouth Corp . STOP 
In national over-the-counter trading Friday , LIN shares rose 62.5 cents to close at $ *UNKN* . STOP 
Beijing lawmakers have called for *UNKS* to be built to house *UNKS* and for severe *UNK* , including the death sentence , for anyone who *UNKS* or *UNKS* women into *UNKION* . STOP 
The official *CUNK* News Agency said the municipal government was discussing a *UNK* bill to give the capital its first *UNKION* *UNKS* . STOP 
It quoted *CUNK* *CUNK* , deputy director of the Beijing Public Security Bureau , as saying that there were many more people involved in *UNKION* now than in 1985 , when there were about 100 cases . STOP 
*CUNKS* involved in *UNKION* will be *UNKED* according to the law , and those with *UNKLY* *UNKED* diseases will be *UNKED* from the country , according to the regulations . STOP 
The Communists nearly succeeded in eliminating *UNKION* after taking over in *UNKN* , but the practice has returned in recent years with the country 's increased exposure to the outside world . STOP 
Japan agreed to *UNK* a decision by an international *UNK* conference to ban all trade in *UNK* , a spokesman for the Ministry of International Trade and Industry said . STOP 
Earlier , Japan had said it might file a *UNKION* against the *UNK* ban decided by *UNK* at the *UNKION* United *CUNKS* Conference on International Trade in *CUNKED* *CUNKS* in Switzerland last week . STOP 
The Japanese use 40 % of the world 's *UNK* . STOP 
Italy should close the *CUNKING* Tower of *CUNK* because it 's a danger to tourists , *UNKED* experts said . STOP 
`` In some places the *UNK* is so damaged it shows signs of breaking off , '' scientists and technicians said in a report to Public *CUNKS* Minister Giovanni *CUNK* . STOP 
Each year , nearly a million people pay about $ 3 to make the *UNKAL* climb up *UNKN* steps to the top of the *UNK-* *UNK* tower . STOP 
East Germany pledged to reduce *UNK* consumption by boosting production of soft *UNKS* and fruit *UNKS* . STOP 
Trade and *CUNKLY* Minister *CUNK* *CUNK* said in a letter published in the youth daily *CUNK* *CUNK* that the rise in *UNK* consumption in East Germany had been halted ; but to reduce it further , he said , production and supply of other *UNKS* , including fruit *UNKS* , should be stepped up . STOP 
He added that shops will have to continue reducing their stocks of liquor and avoid *UNKING* them too *UNKLY* in the window . STOP 
Hong Kong has built a *UNKION* center for illegal *UNKS* from China because China has refused for the past two weeks to accept them back . STOP 
The center , close to Hong Kong 's border with China , will be ready today and will be able to house 1,000 *UNKS* , Police *CUNK* Director Peter *CUNK* said . STOP 
The dispute started when China , angry that Hong Kong had allowed dissident *UNKER* *CUNK* *CUNK* to *UNK* to the U.S. , halted the usual daily transfer of illegal *UNKS* caught in this British colony , which *UNKS* to Beijing 's control in 1997 . STOP 
*CUNKING* under the *UNK* of newly installed television *UNKS* , British members of Parliament demanded a halt to the *UNKAL* *UNKING* of *UNKS* . STOP 
A group of senior Conservative legislators , *UNKING* the House of *CUNKS* was like a *UNK* , demanded that the experiment be stopped unless the *UNK* of the *UNKS* is reduced . STOP 
One Conservative *CUNK* , David *CUNK* , said : `` I should have a *UNK* *UNK* by Christmas . '' STOP 
*CUNKS* are due to be broadcast nationally starting Nov. 21 in a six-month experiment . STOP 
A majority of Japanese banks are said to be wary of making new loans to Mexico under the Brady plan because they 're uncertain the Mexican economy will remain stable . STOP 
Instead , many small and *UNKED* banks , and some larger ones , are likely to take one of the other two options open to them under the plan , Japanese banking officials said . STOP 
The plan , proposed by U.S. Secretary of State Nicholas Brady , calls for banks either to make new loans or to reduce the principle on existing loans or to cut the interest rate on those existing loans . STOP 
The officials said that most Japanese banks prefer the losses they 'd suffer in either of the latter options to the risk of new lending . STOP 
But an official at a long-term credit bank explained that since some larger banks have already taken loss provisions for loans to other Third World nations , further *UNKS* could be viewed as *UNK* . STOP 
`` They ca n't take the hit '' to their earnings , he said . STOP 
As a result , the official said , they may be forced into a *UNK-* situation in which they make risky loans that they could have to write off later . STOP 
A poll in *UNKED* South Korea put Margaret Thatcher first on a list of *UNKED* foreign leaders . STOP 
The British prime minister was the only woman *UNKED* out by respondents , who put Soviet President Mikhail Gorbachev in second place ... . STOP 
The Soviet newspaper *CUNK* reported that *CUNK* *CUNK* will appear in a *CUNK-* comic book to be issued four times a year by Soviet publisher *CUNK* *UNK* *CUNK* and *CUNK* 's *CUNKS* Group . STOP 
The comic book will cost about $ 2 . STOP 
*CUNK* Group Inc. , Nashua , *CUNK* , expects to report that net income in the third quarter , ended Oct. 1 , fell 50 % to 60 % from $ 2.1 million , or 11 cents a share , a year earlier . STOP 
Robert Stein , president and chief executive officer , attributed the expected decline partly to the effects of a *UNK-* strike last month at the company 's *CUNK* , Ohio , *UNK* facility . STOP 
*CUNKED* orders in early September also played a role , he said in an interview . STOP 
But Mr. Stein said he is `` reasonably confident '' that earnings for the full year will exceed the $ 3.1 million , or 17 cents a share , in 1988 . STOP 
That would require fourth-quarter net of more than about 22 cents to 24 cents a share , assuming that Mr. Stein 's third-quarter estimate *UNKS* *UNK* . STOP 
In the year-earlier fourth quarter , the company had profit of $ 2.7 million , or 15 cents a share . STOP 
Third-quarter revenue is expected to be $ 40 million to $ 45 million , up from $ *UNKN* million a year earlier , according to *CUNK* *CUNK* , treasurer . STOP 
The year-earlier periods do n't reflect results of the company 's *CUNK* Corp. unit , acquired last January , but include some Canadian operations that were sold at the end of 1988 . STOP 
August through October traditionally is the *UNKEST* season for the *UNK* business , as many retailers use the goods as *UNK* promotional items . STOP 
Mr. Stein said some retailers -- perhaps anxious about *UNKING* inventories -- appear to have held back on orders in September but have been ordering more heavily in October . STOP 
Mr. Stein said *CUNK* is `` *UNKLY* profitable '' but has n't performed as well as expected . STOP 
*CUNK* 's *CUNK-* *UNKS* and other *UNK-* products are `` doing very well , '' and its plastic *UNK-* products `` are *UNKED* for growth , '' he said . STOP 
But the unit 's third segment , *UNK* *UNKS* , is suffering from a `` depressed market , '' and *CUNK* is seeking to sell that segment , he said . STOP 
Mr. Stein said he expects profit to be higher in 1990 than in 1989 , reflecting a number of measures taken since the acquisition of *CUNK* *CUNKS* in late 1987 . STOP 
-LRB- *CUNK* to acquiring the *UNKS* business , the company was known as *CUNKS* Corp. ; *CUNKS* had been a maker of computer *UNKS* , but Mr. Stein and other officers decided to sell that business after Japanese competitors *UNKED* a dominant share of the market . -RRB- STOP 
Mr. Stein said tighter operating controls have *UNKED* *CUNK* to reduce inventory levels 25 % to 30 % ; improve *UNK-* delivery of orders to about 95 % from around 70 % ; and to lower the number of labor hours required to produce a unit . STOP 
By moving the design of new products in-house -- instead of *UNKING* out the work -- the company also has been able to come up with designs that can be manufactured more *UNKLY* , he said . STOP 
In addition to those measures , the company spent heavily earlier this year to install displays at its customers ' retail outlets -- a strategy that Mr. Stein said has helped bolster *UNKS* of the company 's brands . STOP 
*CUNK* 's *UNKS* operation makes *UNK* tools and *UNKS* , as well as *UNK* , at factories in the U.S. and Canada . STOP 
The main issue in the strike at the Ohio facility was health-care benefits , Mr. Stein said . STOP 
The strike ended *CUNK* . STOP 
*CUNK* continues to seek further acquisitions in the *UNKS* industry , Mr. Stein said . STOP 
He indicated that *CUNK* may be interested in acquiring another company with revenue in the range of $ 75 million to $ 100 million , partly because mass *UNKS* increasingly want to rely on larger , and fewer , suppliers . STOP 
After several years of booming business with China , foreign traders are *UNKING* for the biggest slump in a decade . STOP 
The *UNKION* of *UNK* measures , starting last October , already had begun to *UNK* when the massacre in *CUNK* Square on June 4 and subsequent events *UNKED* the *UNK* far tighter . STOP 
Foreign lending has been virtually suspended since then , *UNKING* liquidity and *UNKING* many projects . STOP 
And Beijing has pulled back on domestic loans and subsidies , leaving many domestic buyers and *UNKED* plants *UNKED* for cash . STOP 
*CUNK* Far East Ltd. , a Swiss concern that sells chemicals to *UNK* and *UNK* factories in China , *UNKS* the problems . STOP 
Last year 's *UNK* *UNKED* up the working capital of Chinese factories . STOP 
The company 's sales *UNKED* during 1989 's first half . STOP 
The June killings *UNKED* the problems . STOP 
In *CUNK* , *CUNK* 's representative office received no orders in June . STOP 
At first it attributed the slump to temporary business *UNKS* , but when no orders were *UNKED* in August and September , manager Donald *CUNK* became convinced that business would be bad for many months . STOP 
`` *CUNKS* have grown worse since June 4 , '' Mr. *CUNK* says . STOP 
He predicts that sales will drop between 30 % and 40 % from last year 's $ 3 million . STOP 
The *UNKS* and *UNKAL* sectors are *UNKING* the *UNK* of China 's *UNK* measures , and foreign companies such as *CUNK* that deal with those industries are being hit the hardest . STOP 
But in general , all *UNKING* companies are feeling the *UNK* . STOP 
`` The import *UNK* will *UNK* , '' says John *CUNK* , first vice president of the American Chamber of Commerce in Hong Kong and a China trade specialist . STOP 
`` On the down side , sales could fall as much as 90 % for some companies ; on the upper side , sales will be flat . '' STOP 
China 's foreign trade has gone in cycles during the past decade . STOP 
The last time that traders experienced a *UNK* was during *UNKN* , when Beijing imposed tough measures to curb imports and *UNK* foreign exchange . STOP 
The current *UNK* is expected to be much deeper , because Beijing has cut off domestic funds from factories for the first time to slow inflation . STOP 
In addition , the suspension of loans and export credits from foreign governments and institutions following the June killings have been a big setback . STOP 
`` The *UNK* on new lending is dealing the single biggest blow to trading , '' says Raymond *CUNK* , China manager for *CUNK* AG , a West German *UNKING* company . STOP 
*CUNK* growth from the year-earlier months slowed to 16 % in July and 7.1 % in August , compared with an average growth rate of 26 % in the first half . STOP 
In the first eight months of 1989 , imports grew 21 % , to $ *UNKN* billion , down slightly from a growth rate of 23 % a year earlier . STOP 
The picture for China 's exports is just as bleak , mainly because of the domestic credit squeeze . STOP 
*CUNKS* in the first eight months grew only 9 % , to $ *UNKN* billion , compared with a growth rate of 25 % a year earlier , according to Chinese *UNKS* figures . STOP 
The threat to China 's balance of payments is further *UNKED* by the plunge in its foreign-exchange reserves , excluding gold holdings . STOP 
The reserves dropped for the first time in recent years , to $ 14 billion in June from $ 19 billion in April . STOP 
The trend has prompted Beijing to *UNK* efforts to curb imports . STOP 
In recent weeks , China 's leaders have *UNKED* trading in *UNK* and scores of chemical products and commodities . STOP 
The Ministry of Foreign Economic Relations and Trade set up a special bureau last month to monitor the issue of import and export licenses . STOP 
Beijing 's *UNK* *UNKS* on imports have taught many trading companies that the best way to get through the *UNK* is by helping China export . STOP 
For example , *CUNK* *CUNK* Corp. , one of the biggest Japanese trading houses , now buys almost twice as many goods from China as it sells to that country . STOP 
Three years ago , the ratio was reversed . STOP 
But the strategy is n't helping much this time . STOP 
`` Both sectors of imports and exports look just as bad , '' says *CUNK* *CUNK* , general manager of *CUNK* *CUNK* 's *CUNK* office . STOP 
He expects the company 's trading business to drop as much as 40 % this year . STOP 
For a short time after June 4 , it appeared that the trade picture would remain fairly bright . STOP 
Many foreign trading offices in Hong Kong were *UNKED* with *UNKS* and telephone calls from Chinese trade officials urging them not to *UNKER* ties . STOP 
Even the Bank of China , which normally took weeks to process letters of credit , was settling the letters at record speed to *UNK* rumors about the bank 's financial health . STOP 
But when foreign traders tried to do business , they discovered that the *UNKS* of Chinese trade officials was just a *UNK* . STOP 
The suspension of foreign loans has weakened the buying power of China 's national trading companies , which are among the country 's biggest *UNKS* . STOP 
Business is n't any better on the *UNKAL* or municipal level , foreign traders say . STOP 
*CUNK* Investment & Trust Co. , known as *CUNK* , is the city 's main financier for trading business . STOP 
*CUNK* had *UNKLY* *UNKED* the Japanese bond market for funds , but it ca n't do that any longer . STOP 
Foreign traders say the company is *UNKED* for cash . STOP 
`` It has difficulties paying its foreign debts , '' says a Hong Kong executive who is familiar with *CUNK* 's business . STOP 
`` How can it make available funds for purchases ? '' STOP 
Foreign traders also say many of China 's big *UNKAL* projects have been canceled or postponed because of the squeeze on domestic and foreign credit . STOP 
Albert Lee , a veteran trader who specializes in machinery sales , estimates that as many as 70 % of projects that had obtained approval to proceed have been canceled in recent months . STOP 
`` There are virtually no new projects , and that means no new business for us , '' he says . STOP 
Even when new lending *UNKS* , foreign exchange would still be tight because Beijing will likely try to *UNK* in foreign borrowing , which has grown between 30 % and 40 % in the past few years . STOP 
And foreign creditors are likely to be more cautious about extending new loans because China is *UNKING* a peak *UNK* period as many loans start falling due in the next two to five years . STOP 
Another reason for the *UNK* of the trade problems is that Beijing has extended the current *UNK* on imports beyond the usual target of consumer products to include steel , chemical *UNKS* and plastics . STOP 
These have been among the country 's leading imports , particularly last year when there were shortages that led many traders to buy heavily and pay *UNKLY* . STOP 
But the shortages also *UNKED* *UNK* speculation and *UNKING* prices . STOP 
To stem speculation , Beijing imposed ceiling prices that went into effect earlier this year . STOP 
Traders who had bought the goods at prices above the ceiling do n't want to take a loss on *UNKS* and are holding onto their stock . STOP 
The resulting *UNKING* has depressed the market . STOP 
But Beijing ca n't cut back on such essential imports as raw materials for too long without *UNKING* the country 's export business . STOP 
Mr. *CUNK* , the China trade expert , estimates that as much as 50 % of *CUNK* 's exports is made up of processed imported raw materials . STOP 
Oil *CUNK* *CUNK* *CUNKS* *CUNK* Fund *CUNKS* STOP 
*CUNK* *CUNK* *UNK-* dispute stemming from an *CUNK* oil spill has helped spur a drive for tougher federal laws to protect victims of such *UNKS* . STOP 
The *UNKION* suit *UNKS* *UNKS* of the *CUNK-* *CUNK* *CUNK* Fund , which gets its money from oil companies using the pipeline and *UNKS* those *UNKED* by oil *UNKS* . STOP 
On July 2 , 1987 , the *UNKER* *CUNK* *CUNKER* Bay struck a rock and *UNKED* almost 150,000 *UNKS* of oil into the *CUNK* *CUNK* . STOP 
Commercial *UNK* and *UNK* *UNKS* filed suit in federal court in a claim that has *UNKED* to more than $ *UNKN* million . STOP 
*CUNKS* include British Petroleum America ; *CUNK* Corp. , the *UNKER* ; and the pipeline liability fund . STOP 
The fund was created by the *CUNK-* *CUNK* Act , which provides that the owner or operator of a *UNK* involved in an oil spill must pay the first $ 14 million in damages . STOP 
The fund is required to pay claims up to an additional $ 86 million . STOP 
The fund 's purpose is to provide quick and adequate relief . STOP 
But the *CUNKER* Bay case , the fund 's first test , shows how easily the fund can be *UNKED* . STOP 
*CUNK* Corp. is *UNKING* liability . STOP 
It claims the Coast *CUNK* failed to chart the rock and *UNKS* to pay damages . STOP 
That means the fund is n't *UNKED* to pay anything , at least so far . STOP 
The Oil *CUNKION* Act , scheduled to come up for a vote in Congress this fall , would provide that if *UNKS* are n't paid within 90 days of a spill , the liability fund would compensate them and seek *UNK* from the owner or operator of the *UNK* , says a spokesman for Rep. George Miller -LRB- D. , Calif. -RRB- , a sponsor of the bill . STOP 
The spokesman says the `` *UNK* '' in the statute is `` the worst kind of *CUNK-* . '' STOP 
Many Law School *CUNKS* *CUNK* *CUNKS* Never *CUNK* STOP 
*CUNK* *CUNK* school *UNKS* are starting jobs with law firms this fall -- and heading back to class . STOP 
*CUNK* associations and consultants are offering more programs to *UNK* associates all they need to know about law but did n't learn in law school . STOP 
`` Law school *UNKS* *UNK* theory , but it does n't *UNK* the *UNKS* and *UNKS* of practical *UNKING* , '' says *CUNK* *CUNK* , head of a New York County Lawyers ' Association committee that sponsors such a course . STOP 
In the past , associates learned the *UNKS* from senior lawyers who acted as *UNKS* . STOP 
But these days , large firms hire as many as 30 new associates a year , and it 's impossible to personally train everyone , says Joel *CUNKING* of *CUNK* Inc. , a consulting firm that runs training classes . STOP 
The *CUNK* course *UNKS* students to *UNK* up on *UNKION* skills by role playing in *UNKED* deals . STOP 
*CUNKS* also are taught to return clients ' phone calls immediately and to treat the support staff with respect . STOP 
Many law firms sponsor their own programs . STOP 
At the Baltimore firm of *CUNK* & Green , new corporate and banking associates are required to *UNK* in a *UNKS* course . STOP 
Partners *UNK* on how to form corporations , *UNK* agreements and defend clients against *UNKED* tender offers . STOP 
Now , clients know that new associates have had some practical training before working on their cases , says James J. *CUNKS* , a partner at the firm . STOP 
Los Angeles *CUNKS* A *CUNK* for *CUNKS* STOP 
THE *CUNK* of Los Angeles will soon have their own $ 52 million *UNK* . STOP 
The building , which will handle child abuse , *UNK* and *UNKER* care cases , will be `` less formal , less threatening and just basically less *UNK* than most *UNKS* , '' says *CUNK* Edelman , chairman of the Los Angeles County Board of *CUNKS* . STOP 
*CUNKS* call for an *CUNKED* structure with a *UNK* in the center . STOP 
There will be *UNKION* and movie rooms . STOP 
*CUNKS* will be able to listen to music with *UNKS* . STOP 
*CUNK* *UNKS* , complete with *UNK* materials , will be available . STOP 
And there will be a *UNK* 's station and rooms for children to meet with social workers . STOP 
The building 's 25 *UNKS* will be smaller , says *CUNK* *CUNKS* , a court *UNK* . STOP 
The bench will be lower so the judge seems less *UNKING* , and walls will be painted in bright *UNKS* and covered with *UNKS* . STOP 
*CUNKS* in Los Angeles County involving dependent children are usually heard in the *CUNKAL* *CUNKS* Building . STOP 
`` We need to get the kids away from the criminals into a less *UNK* environment , '' says Mr. Edelman . STOP 
About *UNKN* children in Los Angeles County are under court *UNKION* , Mr. Edelman says , and an average of 1,500 new children are added each month . STOP 
The *UNK* , to be built in *CUNK* Park , is expected to open in the spring of 1992 . STOP 
Law *CUNK* Management *CUNK* *CUNK* *CUNK* *CUNKING* STOP 
*CUNK* *CUNK* to follow a management career path -- even at law firms . STOP 
That 's the conclusion of a recent study of large law firms conducted by *CUNK* & *CUNK* Inc. , an *CUNK* , Pa. , law firm consultant . STOP 
Its survey of 96 firms , each with 100 to 1,000 lawyers , shows that managing partners earned an average of $ *UNKN* in compensation and cash benefits in the firms ' 1988 fiscal years . STOP 
*CUNKING* partners who responded to the survey typically spend over half their time *UNKING* their firms ' day-to-day operations and just a little more than a third of their time *UNKING* law . STOP 
Partners in the survey who *UNK* most of their time to *UNKING* law earned an average of about $ *UNKN* . STOP 
Chairman *CUNK* Whitten -LRB- D. , Miss . -RRB- of the House Appropriations Committee proposed a $ 2.85 billion emergency funding package to assist California 's recovery from last week 's earthquake and extend further aid to East Coast victims of Hurricane Hugo . STOP 
The sweeping measure *UNKS* $ 500 million in small-business loans , $ 1 billion in *UNKION* funds and $ 1.25 billion divided between general emergency assistance and a reserve to be available to President Bush to meet *UNKED* costs from the two disasters . STOP 
The funds would be attached to a *UNK-* spending bill required to keep most of the government operating past Wednesday . STOP 
The measure is scheduled to be taken up by the Appropriations Committee today . STOP 
The panel is expected to add provisions *UNKING* restrictions on the use of federal highway funds and may also shift money within the package to bolster the share for the Small Business Administration . STOP 
`` We will support it , we will *UNK* him , and we will *UNK* it where appropriate , '' said Rep. *CUNK* *CUNK* -LRB- D. , Calif . -RRB- . STOP 
*CUNKED* the `` *CUNK* *CUNK* *CUNKAL* to *CUNK* the *CUNKS* of Natural *CUNKS* of National *CUNK* , '' the measure is *UNK* Whitten in *UNKING* federal responsibility and in *UNKING* budget *UNKS* . STOP 
`` Such other amounts will be made available subsequently as required , '' the legislation *UNKS* , and the new obligations `` shall not be a charge against the Budget Act , *CUNKS* , or other *UNKS* . STOP 
Moody 's Investors Service Inc. said it lowered the ratings of some $ 145 million of Pinnacle debt because of `` *UNKING* *UNK* in liquidity , '' which it said was *UNKED* by Pinnacle 's *UNKION* of dividend payments . STOP 
Henry *CUNK* Jr. , Pinnacle executive vice president , said the action `` wo n't really have any effect on us . STOP 
We are n't selling bonds right now , and I do n't think it will affect the value of our existing bonds . '' STOP 
The rating agency said it lowered the ratings on $ 75 million of the holding company 's convertible subordinated *CUNKS* to *CUNK* from *CUNK* . STOP 
Moody 's said it also lowered the ratings of $ 70 million of Pinnacle 's *CUNK* thrift unit long-term deposits to *CUNK* from *CUNK* , and on its subordinated debt to *CUNK* from *CUNK* . STOP 
*CUNK* 's rating for short-term deposits remains Not Prime . STOP 
Securities of *CUNK* were placed under review last May , and will remain under review for *UNK* , the agency said . STOP 
First , the somewhat affected *UNK* of the 1960s . STOP 
Then , the *UNK-* *UNK* of the 1970s and 1980s . STOP 
What now ? STOP 
To judge from *UNKS* that *UNK* the *UNK* scene , we 're back in the age of anxiety . STOP 
Where *UNKS* *UNKS* *UNKED* to *UNK* *UNKS* life and ambitious *UNKS* hoped to leave it far behind as they *UNKED* the upper reaches of success , it now seems that so many people feel they 're slipping between the *UNKS* , that *UNKS* life is viewed with *UNK* or *UNK* *UNKING* . STOP 
*CUNK* *CUNKER* 's third novel , `` Limited *CUNKS* '' -LRB- North *CUNK* Press , *UNKN* pages , $ *UNKN* -RRB- is a *UNK* , funny and *UNK* look at the way love relationships are affected by the pressures of money , or , more specifically , the lack of it . STOP 
*CUNK* Worth and Malcolm *CUNK* , 33 and 39 respectively , live together in a *UNK* in a *UNKAL* Philadelphia neighborhood . STOP 
Malcolm , a former *UNKER* turned *UNK* , has just seen his first big chance at a lucrative commission turn to *UNK* with the arrest of his *UNK* , *OUS* client , a *UNK-* real estate developer . STOP 
*CUNK* , who still has *UNK* *UNKS* , knows she is lucky to be working as a food *UNK* , *UNKING* *UNKS* , *UNKS* , *UNK* cold *UNKS* and other *UNKS* to look as *UNKING* as possible in front of the camera . STOP 
After all , she reasons , `` there were *UNKS* with *CUNKS* and *UNKS* from *UNKING* schools in France who would kill for her job . '' STOP 
But *CUNK* and Malcolm feel *UNKED* . STOP 
They seem to be having the `` worst of both *UNKS* : *UNK* work with none of art 's integrity and no control over the finished product ; *UNK-* without fun or profit . '' STOP 
It 's a *UNK* , `` *UNKING* '' world , in which bright , still *UNK* people are engaged in a *UNK* version of day labor , doing *UNK-* , *UNKAL* work that brings little satisfaction or security but that they know they should be *UNK* to do . STOP 
*CUNK* *UNKS* every aspect of their lives . STOP 
Malcolm faces bankruptcy and an IRS audit , but *CUNK* finds an extra $ 30,000 in her bank account , suddenly increasing her available funds some *UNK* . STOP 
While she is wondering whether to live it up , and do something even more dramatic , say get married , her life is further complicated by the *UNK* of an old *UNK* , David , a film critic and actor who always seems to be just on the *UNK* of *UNK* . STOP 
In *UNKS* of an earlier *UNK* , David would have represented *UNK* and danger ; Malcolm , *UNK* , *UNKS* security . STOP 
The *UNK* in this novel is that neither man represents a `` safe '' *UNKS* *UNK* : *CUNK* 's decision is between emotional *UNK* and emotional security , with no firm economic base anywhere . STOP 
The characters *UNK* a world in which it seems increasingly difficult to find a `` middle way '' between the *UNKS* of success and failure , wealth and poverty . STOP 
In making Malcolm and *CUNK* such *UNKLY* representative *UNKS* of their class and generation , Ms. *CUNKER* has somewhat *UNKED* the task of making them *UNKLY* individual characters . STOP 
The *UNK* of the story owes much to the fact that no *UNKS* -LRB- even the characters ' own -RRB- are likely to *UNKED* for the *UNK* of *UNK-* *UNKS* . STOP 
But readers may well feel the *UNKS* of recognition . STOP 
In any case , the *UNKING* middle classes are n't the only ones in trouble -- or whose troubles provide material for *UNKION* . STOP 
`` *CUNKAL* Money '' -LRB- *CUNK* *CUNKS* , *UNKN* pages , $ *UNKN* -RRB- , a novel by consultant and business analyst Joseph R. *CUNKER* , tells the story of an *UNK* , *UNK-* , widely *UNKED* computer manufacturing company called *CUNKS* as it faces a hostile takeover attempt by *CUNK* , a much smaller corporation that is so *UNKLY* managed as to constitute a standing *UNK* in the business world . STOP 
*CUNK* , dynamic Scott Thatcher , founder and head of *CUNKS* , initially finds the takeover threat *UNK* . STOP 
But , as he and his *UNKED* team soon discover , they 're up against two factors they had n't counted on : first , a business climate in which a failing company with few assets and many debts can borrow against the assets of the successful company it hopes to acquire in order to finance the takeover ; second , that standing behind *CUNK* is a *UNKER* consortium of much bigger , *UNKER* and *UNKER* foreign interests *UNKLY* providing the money and *UNK* for the deal . STOP 
Mr. *CUNKER* manages to invest this tale of financial wars with the *UNK* characters and *UNKED* action of a *UNK* novel . STOP 
And like a spy or mystery story , this novel has strong elements of *UNK* , as the good and *UNK* forces battle it out . STOP 
Mr. *CUNKER* *UNKS* these moral *UNKS* with the broad *UNK* *UNKS* of a *UNK* that occasionally *UNKS* to the *UNK* of *UNKED* *UNKS* . STOP 
*CUNK-* *UNKS* of *UNK* *CUNKS* , *UNK* *UNKS* and *CUNKAL* union leaders undermine the force of the author 's *UNKS* . STOP 
Yet the *UNKS* of the *UNK* also can be effective in a book like this : If the head of *CUNK* were not *UNKED* as an *UNKLY* *UNK* , *OUS* *UNK* , we would not much care whether his *UNKS* were defeated , and would not be so diverted in the process . STOP 
Ms. *CUNK* is a *UNK-* writer based in Los Angeles . STOP 
*CUNKION* television promises to be the TV of tomorrow , so it is a natural *UNK-* market . STOP 
Although major U.S. manufacturers have all but *UNKED* the main segment of that future business to Japan , not everyone here is ready to give up . STOP 
A handful of small U.S. companies are struggling to develop the technology to build the screens for the thin , high-quality *UNKS* that are expected to *UNK* on living room walls by the end of the 1990s . STOP 
With only small help from the government , these start-up concerns are trying to compete with the *CUNKS* of the Japanese consumer electronics industry , which enjoy considerable backing from the Japanese government . STOP 
*CUNKS* Technology Inc. of *CUNK* , Ohio , aims to use a new form of *UNK* technology to put *UNK-* images on a TV display that is 40 inches in *UNKER* but only a few inches *UNK* . STOP 
*CUNK* Systems Inc. of *CUNK* , *CUNK* , the largest of these firms , with $ 20 million in annual revenue , has similar plans . STOP 
It already has had success in *UNK* , another promising technology *UNK* for high-definition television . STOP 
Two other firms , *CUNK* *CUNKING* Systems Inc. of *CUNK* , Mich. , and *CUNK* Corp. of Pittsburgh are developing a *UNKION* of the *UNK-* screens called *UNK-* liquid *UNKAL* displays . STOP 
The new technologies are intended to retire the *UNK-* *UNK* , which accounts for most of the bulk of the conventional TV set . STOP 
*CUNKING* the *UNK-* *UNK* with a large , thin screen is the key to the creation of a high-definition television , or HDTV , which is expected to become a $ 30 billion business world-wide within a decade . STOP 
*CUNK* U.S. companies are interested in other segments of the HDTV business , such as *UNKING* and broadcast equipment . STOP 
But except for *CUNK* Electronics Corp. and International Business Machines Corp. , which is *UNKING* with Toshiba on computer displays , they are poorly positioned to exploit advances in large panels . STOP 
General Electric Co. recently sold off its interests in *UNKAL* displays to *CUNK-* of France . STOP 
`` We found the market not developing as we thought it would , '' a GE spokesman says . STOP 
The small U.S. firms are *UNKING* because of their strong positions in patents , and because the *UNK* is still there to be seized . STOP 
`` No one yet has shown the ability to manufacture these panels '' at commercial costs , says *CUNK* *CUNK* , the president of *CUNK* *CUNKING* . STOP 
He says he thinks his company is just a few years from doing that . STOP 
The Bush administration , hearing *UNKING* advice about what its role in HDTV should be , is n't doing much for now . STOP 
The only material support it is extending to the struggling U.S. industry is $ 30 million in *UNKS* from the Pentagon 's Defense Advanced Research *CUNKS* Agency . STOP 
The *CUNK* funds are a *UNK* compared with what Japan and other prospective competitors are spending . STOP 
The Commerce Department estimates that Japanese government and industry spending on HDTV research is already over $ 1 billion . STOP 
`` Unless it gets more help , the U.S. industry wo n't have a chance , '' says Peter *CUNK* , *CUNKS* 's executive vice president . STOP 
Thus far , almost all of the basic technology relating to high-definition television has come from U.S. laboratories . STOP 
But Peter *CUNK* , *CUNK* 's president , says Japanese companies are *UNKED* to *UNK* the technology and put it to commercial use , just as they did with earlier U.S. *UNKS* in color television and video recording . STOP 
In the 1970s , Mr. *CUNK* helped develop the first display panels based on *UNK-* liquid *UNKS* at Westinghouse Electric Corp. 's research *UNKS* in Pittsburgh . STOP 
The panels are like *UNKED* *UNKS* surfaced with a million or more picture elements , each contributing to the color and tone of a TV image . STOP 
In 1979 , however , Westinghouse abandoned the project along with its stake in advanced television . STOP 
Mr. *CUNK* left the company to find other *UNKS* . STOP 
He has a claim to the right to *UNK* the Westinghouse patents , but he contends that those patents are being *UNKED* by a number of Japanese producers . STOP 
`` Most American investors have just given up , '' Mr. *CUNK* says . STOP 
`` They are n't prepared to compete in an area where the Japanese want to enter . '' STOP 
Many critics question the industry 's need for federal support ; the Pentagon *UNKS* its help on *UNK-* grounds . STOP 
`` We do n't see a domestic source for some of our -LCB- HDTV -RCB- requirements , and that 's a source of concern , '' says Michael *CUNKLY* , director of *CUNK* 's defense manufacturing office . STOP 
So *CUNK* is trying to keep the industry interested in developing large display panels by *UNKING* out research funds . STOP 
HDTV already has some military applications , such as creating realistic flight *UNKS* and *UNKING* information to combat *UNKS* . STOP 
The Navy is ordering displays for its *CUNKS* *UNKS* and the Army wants smaller versions for its *CUNKS* battle tanks . STOP 
The Commerce Department also is trying to encourage HDTV because of the benefits that could spin off to the semiconductor and computer industries . STOP 
`` It is n't just *UNK* television , '' argues Jack *CUNK* , director of the department 's office of *UNKS* and *UNKION* . STOP 
`` The industry will create industrial products such as displays for work stations and medical *UNK* equipment before it *UNKS* a mass consumer market . '' STOP 
Although some HDTV advocates are calling for other forms of aid , such as antitrust relief for research *UNK* , the small firms simply would prefer more *CUNK* funds . STOP 
Each claims to *UNKS* the right technology and wants just a bit more money to make it commercial . STOP 
They also want U.S. trade policy to reflect the Pentagon and Commerce department 's concern over their future . STOP 
They all are strongly opposed to a petition from several Japanese TV manufacturers , including *CUNK* , Hitachi , and Toshiba , to exempt portable color *CUNK* with *UNKAL* displays from *UNKING* duties that the U.S. *UNKS* on the larger Japanese color *CUNK* . STOP 
And they want the U.S. to help them sell overseas . STOP 
*CUNK* President James *CUNK* says he has to pay tariffs as high as 15 % to sell his display panels in Japan and South Korea , while panels from those countries enter the U.S. *UNK-* . STOP 
`` This is n't a technology issue , but an attitude issue , '' he says . STOP 
`` We just have n't learned what it takes to compete . STOP 
*CUNK* Oil PLC , a British independent oil and *UNKS* marketing concern , said *CUNK* Holdings N.V. has built up a 7.5 % stake in the company . STOP 
The holding of *UNKN* million shares is up from a 6.7 % stake that *CUNK* announced *CUNK* held as of last Monday . STOP 
*CUNK* , of the Netherlands , which last year merged its North Sea oil and gas operations with those of *CUNK* Group PLC and which owns 40 % of *CUNK* , was identified as a possible suitor for *CUNK* . STOP 
*CUNK* said it had n't held any discussions with *CUNK* and that `` no deal of any nature is in *UNKION* . STOP 
The top state environmental official in Massachusetts said Clean *CUNKS* Inc. 's *UNK-* statement for a proposed *UNK* in *CUNK* was inadequate . STOP 
The official , John *CUNKS* , asked Clean *CUNKS* for more information before ruling on a permit for the site . STOP 
Critics of the plan , including the town of *CUNK* , say the *UNK* is a health *UNK* . STOP 
Clean *CUNKS* , based in *CUNK* , said it `` will proceed *UNKLY* '' to submit the data requested . STOP 
Alan *CUNK* , chief executive officer of Clean *CUNKS* said he was `` very much encouraged '' by the official 's *UNK* of Clean *CUNKS* for the quality of some of the data in the report . STOP 
Citizens & Southern Corp. said it signed a definitive agreement to acquire Security Pacific Corp. 's New York-based *UNKING* unit . STOP 
Terms of the bank holding companies ' agreement were n't disclosed . STOP 
*CUNKING* involves the purchase and collection of another company 's receivables . STOP 
Citizens , based in Atlanta , said it has about $ 4.6 billion in *UNKED* sales annually ; the Security Pacific unit has about $ 1.8 billion annually . STOP 
Security Pacific 's *UNKING* business works with companies in the apparel , textile and food industries , among others . STOP 
The Office of Thrift *CUNKION* banned *CUNK* *CUNK* , a former director of the failed *CUNKION* Banc Savings Association of *CUNK* , Texas , from working in any financial institution insured by the government . STOP 
The office , a Treasury Department unit that is the successor to the Federal Home Loan Bank Board , said this was the first announcement of an enforcement action since this year 's *UNK-* legislation ordered that all such actions by federal banking regulators be made public . STOP 
*CUNKLY* , regulators have n't announced enforcement actions in the past . STOP 
Indeed , the *CUNK* said that before the law took effect Aug. 9 , it banned another `` key *CUNKION* Banc insider '' from insured financial institutions . STOP 
That individual was n't identified . STOP 
*CUNKION* Banc was placed in government *UNK* in March , and it operates under the control of the Resolution Trust Corp. , the agency created to sell or *UNK* insolvent thrifts . STOP 
The *CUNK* did n't say specifically why the action was taken against Ms. *CUNK* . STOP 
However , it said *UNKS* found a variety of insider dealings at the thrift , including `` extraordinary loan commissions '' paid to a firm associated with *CUNKION* Banc officials , and loans diverted through borrowers back to the thrift officials . STOP 
Ms. *CUNK* could n't be reached for comment . STOP 
Arizona *CUNK* Corp. said it expects to post a third-quarter net loss of about $ *UNKN* , or 25 cents to 27 cents a share , compared with net income of $ *UNKN* , or 10 cents a share , a year earlier . STOP 
The *CUNK* , Ariz. , maker of *UNUNK* *UNK-* systems said the most recent period was affected by customers ' problems *UNKING* with recent Environmental Protection Agency regulations . STOP 
For the nine months , the company expects to post a net loss of about $ *UNKN* , or 35 cents to 40 cents a share , on revenue of $ 6.5 million . STOP 
A year earlier , it had a loss of $ *UNKN* or nine cents a share , on revenue of $ 7.6 million . STOP 
Growth is good . STOP 
At least , that 's a theme emerging among many money managers who are anxious both to preserve the *UNK* stock-market gains they have already achieved this year and to catch the next wave of *UNK-* *UNKS* . STOP 
They are starting to buy growth stocks . STOP 
*CUNKER* them ? STOP 
The upper *UNK* of this group were shares of the `` *UNK* 50 '' companies whose profits of the 1960s and early 1970s grew steadily , if not *UNKLY* , through *UNK* and thin . STOP 
That sort of *UNK* performance sounds made to order for a time when corporate profits overall have been weakening from the brisk increases of recent years . STOP 
The current *UNK* of third-quarter reports are producing many more negative *UNKS* than positive ones . STOP 
Those are *UNUNK* trends in a year that the Dow Jones Industrial Average has risen 23 % so far , even with the *UNK-* plunge on Oct. 13 ; broader market measures are in the same neighborhood . STOP 
The question for investors is , how to protect these returns and yet reach a little for additional gains . STOP 
That 's the path of *UNKING* leading to growth stocks . STOP 
`` I think it is a good theme for what looks to be an uncertain market , '' says Steven *CUNK* , partner at Goldman Sachs . STOP 
Growth stocks may be as big as Philip Morris or *UNKED* such as Circuit City Stores , but their common *UNK* is a history of increasing profits on the order of at least 15 % to 20 % a year , money managers say . STOP 
`` The period when growth stocks should be performing well is when their earnings are growing at a superior rate to the general level of corporate profits , '' says Stephen *CUNK* , president of T. Rowe Price 's Growth and Income Fund . STOP 
Growth stocks also are attractive in periods of market volatility , which many investors and analysts expect in the weeks ahead as everybody tries to *UNK* where the economy is heading . STOP 
This kind of *UNK* uncertainty *UNKS* John *CUNK* , senior economist for American Express Bank , of the *UNKN* period , when the industrial average rolled through huge ranges and investors *UNKED* to the shares of companies with proven earnings records , which became known as the `` *UNK* 50 . '' STOP 
And they will again , say *UNKER* *UNKS* of the *UNK-* theme . STOP 
*CUNK* Smith , president of a money management company *UNKING* his name , predicts that investment companies using computers to identify companies with earnings `` momentum '' will climb on the *UNK-* *UNK* as the overall corporate earnings outlook *UNKS* further . STOP 
He also thinks foreign investors , who are showing signs of more *UNK* investing , will join the pursuit and pump up prices . STOP 
`` We 're just seeing the beginning of a shift , '' Mr. Smith says . STOP 
Mr. Smith recommends *CUNKS* Semiconductor that is currently showing a robust 63 % earnings growth rate . STOP 
Ronald Sloan , executive vice president of *CUNK* Capital Management , likes *CUNK* Inc. , a company that *UNKS* plastic into *UNK* *UNKS* for *UNKING* . STOP 
Mr. Sloan *UNKS* the company as recession *UNK* and notes that it has an annual earnings growth rate of 32 % a year over the past five years . STOP 
*CUNK* stock closed Friday at 39 3\/8 , up 1\/8 ; Mr. Sloan thinks that in a year it could hit 60 . STOP 
Others *UNK* the *UNK* of buying only blue-chip growth stocks . STOP 
*CUNK* *CUNK* , chief market strategist for First Boston , who still says , `` We expect the Dow average -LCB- to be at -RCB- *UNKN* by *UNK-* , '' nonetheless *UNKS* a sluggish economy in the meantime . STOP 
He recommends such blue-chip growth *UNKS* as Philip Morris , PepsiCo , *CUNK* International , Reebok International , and Limited Inc . STOP 
All have a *UNK* earnings growth rate of more than 20 % a year . STOP 
Some money managers are pursuing growth stocks at the expense of those that rise and fall along with the economic cycle . STOP 
`` One of the stories of the fourth quarter is that we will get an unusual number of earnings *UNKS* from companies sensitive to the economy , '' says Mr. *CUNK* of T. Rowe Price . STOP 
James Wright , chief investment officer for Banc One Asset Management , says , `` We 've been selling a *UNK* share of cyclical companies and buying a *UNK* share of high earnings stocks . '' STOP 
He recently trimmed his portfolio of International Paper , Dow Chemical , Quantum Chemical , International Business Machines and Digital Equipment . STOP 
He is putting money in *CUNKS* *CUNK* , Circuit City Stores , *CUNK* 's , and Rubbermaid . STOP 
Big cyclical companies are using `` all the *UNKS* they can to stabilize earnings , '' says Mr. Sloan . STOP 
He *UNKS* IBM , which reported a 30 % earnings decline in the third quarter , and which last week announced a $ 1 billion buy-back of its shares . STOP 
`` What they are telling you is that they do n't have the ability to generate higher returns *UNKLY* , '' says Mr. Sloan . STOP 
`` When they are buying back stock at 10 times earnings , they are suggesting that the rate of return on competing internal projects is below '' returns on the stock . STOP 
IBM says it considers its shares a good investment . STOP 
But not all *UNKS* or money managers are ready to throw in the *UNK* completely on *UNKS* . STOP 
Growth stocks may *UNUNK* cyclical stocks next year if the Federal Reserve begins to let interest rates *UNK* *UNKLY* lower to boost the economy . STOP 
Goldman Sachs 's Mr. *CUNK* , for one , *UNKS* to that scenario . STOP 
He suggests investors think about buying cyclical shares in the weeks ahead , as well as growth issues . STOP 
Friday 's Market Activity STOP 
Stock prices finished about unchanged Friday in quiet expiration trading . STOP 
Traders anticipated a volatile session due to the October expiration of stock-index futures and options , and options on individual stocks . STOP 
But there were fewer price swings than expected . STOP 
*CUNK* order *UNKS* on several big stocks were posted by the New York Stock Exchange . STOP 
But block trading desks and money managers made a *UNKED* effort to meet the *UNKS* with stock to sell , one trader said . STOP 
As a result , the Dow Jones Industrial Average *UNKED* in narrow ranges in the final hour of trading , and closed *UNKN* higher to *UNKN* . STOP 
New York Stock Exchange volume was *UNKN* . STOP 
*CUNKS* on the Big Board lagged decliners *UNKN* to *UNKN* . STOP 
For the week , the industrial average gained *UNKN* points , or 4.7 % , the biggest weekly point advance ever and a better than 50 % rebound from the *UNKN* point loss the industrial average *UNKED* Oct. 13 . STOP 
*CUNKER* market averages were little changed in the latest session . STOP 
Standard & Poor 's *UNK-* Index gained *UNKN* to *UNKN* , the Dow Jones Equity Market Index fell *UNKN* to *UNKN* , and the New York Stock Exchange Composite Index fell *UNKN* to *UNKN* . STOP 
Most of last week 's surge in the industrial average came on Monday , when the average rose *UNKN* points as market players snapped up blue-chip issues and *UNKED* the broad market . STOP 
That contrast was reflected in the smaller weekly percentage gains recorded by the broader averages . STOP 
The S&P 500 rose 4 % , the Dow Jones Equity Market index gained 3.7 % and the New York Stock Exchange composite index added 3.5 % . STOP 
The Dow Jones Transportation Average fell *UNKN* to *UNKN* amid renewed weakness in the airline sector . STOP 
UAL *UNKED* 21 5\/8 to *UNKN* 1\/2 on 2.2 million shares . STOP 
On the week , UAL was down nearly 40 % . STOP 
The latest drop followed a decision by British Airways , which had supported the $ 300-a-share buy-out offer for UAL from a labor-management group , not to participate in any revised bid . STOP 
British Airways fell 1 to 31 7\/8 . STOP 
While most other airline issues took their *UNK* from UAL , USAir Group rose 1 3\/4 to 43 1\/4 on 1.5 million shares amid speculation about a possible takeover proposal from investor Marvin Davis . STOP 
USA Today reported that Mr. Davis , who had *UNKED* UAL before dropping his bid Wednesday , has acquired a stake of about 3 % in USAir . STOP 
Unocal fell 1 1\/2 to 52 1\/4 and Burlington Resources declined 7\/8 to 45 5\/8 . STOP 
At a meeting with analysts , British Petroleum officials *UNKED* speculation that the company may take over a U.S. oil company , according to Dow Jones Professional Investor Report . STOP 
Both Unocal and Burlington had been seen as potential targets for a British Petroleum bid . STOP 
Paper and forest-products stocks declined after Smith Barney , Harris Upham & Co. lowered investment ratings on a number of issues in the two sectors , based on a forecast that pulp prices will fall sharply . STOP 
International Paper dropped 5\/8 to 51 , Georgia-Pacific fell 1 3\/4 to 56 1\/4 , Stone *CUNKER* tumbled 1 1\/2 to 26 5\/8 , Great Northern Nekoosa went down 5\/8 to 38 3\/8 and Weyerhaeuser lost 7\/8 to 28 1\/8 . STOP 
Dun & Bradstreet dropped 3\/4 to 51 1\/8 on 1.9 million shares on uncertainty about the company 's earnings prospects . STOP 
Merrill Lynch cut its rating and 1990 earnings estimate Thursday , citing weakness in its *UNKING* business . STOP 
*CUNK* & *CUNKS* , which posted sharply lower third-quarter earnings and forecast that results for the fourth quarter might be `` near *UNK-* , '' fell 1\/2 to 9 1\/4 . STOP 
Winnebago Industries slid 5\/8 to 5 1\/4 . STOP 
The company , which reported that its loss for the fiscal quarter ended Aug. 26 widened from a year earlier , cut its *UNKAL* dividend in half in response to the earnings weakness . STOP 
*CUNKAL* Corporate Investors fell 3 to 29 after *UNKING* a quarterly dividend of 70 cents a share , down from 95 cents a share . STOP 
*CUNK* Resources Inc. said it will begin an offering of rights equivalent to 2.6 million common shares and valued at $ *UNKN* . STOP 
The *CUNK* Hills , *CUNKED* real-estate holding company said it will offer the rights at $ *UNKN* a share to shareholders of record on Oct. 26 . STOP 
The offering is scheduled to expire on Nov. 30 . STOP 
The company said it will use the proceeds of the offering for debt reduction and general corporate purposes , including acquisitions . STOP 
*CUNKS* may buy one share at the *UNKION* price for every four shares of stock they own . STOP 
*CUNKS* who exercise all their rights may buy additional shares , the company said . STOP 
The company said it has an option to increase the offering by up to *UNKN* shares . STOP 
The following U.S. Treasury , corporate and municipal offerings are tentatively scheduled for sale this week , according to Dow Jones Capital Markets Report : $ 15.6 billion three-month and six-month bills . STOP 
$ 10 billion of two-year notes . STOP 
Resolution Funding Corp. to sell $ 4.5 billion 30-year bonds . STOP 
*CUNK* Prime *CUNK* *CUNKS* Fund Inc. -- 10 million common shares , via PaineWebber Inc . STOP 
Allied Capital Corp. II -- *UNKN* common shares , via Shearson Lehman Hutton Inc . STOP 
American *CUNK* Co. -- *UNKN* common shares , via Merrill Lynch Capital Markets . STOP 
*CUNKED* Natural Gas Corp. -- *UNKN* common shares , via *CUNK* *CUNK* & Co . STOP 
B & *CUNK* *CUNK* *CUNKS* Ltd. -- Four million common shares , via Salomon Brothers Inc . STOP 
*CUNK* Technology Co. -- *UNKN* Class A shares , via Smith Barney , Harris Upham & Co . STOP 
*CUNKER* Entertainment Corp. -- $ 250 million -LRB- face amount -RRB- *CUNK* *CUNK* *CUNKION* Notes , via Merrill Lynch . STOP 
*CUNK* Pharmaceuticals Inc. -- *UNKN* units , via PaineWebber . STOP 
*CUNK* *CUNK* Corp. -- Three million common shares , via Merrill Lynch . STOP 
*CUNK* Pharmaceuticals Inc. -- *UNKN* common shares , via Smith Barney , Harris Upham . STOP 
*CUNK* *CUNK* Co. -- 15 million common shares , via Salomon Brothers Inc . STOP 
*CUNKER* Inc. -- *UNKN* common shares , via Salomon Brothers Inc . STOP 
Massachusetts -- *CUNKLY* $ 230 million of general bonds , consolidated loan of 1989 , Series D , via competitive bid . STOP 
*CUNK* County , Maryland -- $ 75 million of general consolidated public improvement bonds of 1989 , Series B , via competitive bid . STOP 
*CUNK* River Authority , Texas -- $ *UNKN* of regional *UNKER* system improvement revenue bonds , Series 1989 , via competitive bid . STOP 
City and County of *CUNK* , Hawaii -- $ 75 million of obligation bonds , 1989 Series B , due *UNKN* , via competitive bid . STOP 
Beverly Hills -- $ 110 million of *UNK* center project certificates of participation , Series 1989 , via a Goldman , Sachs & Co. group . STOP 
*CUNK* County School District , Florida -- $ *UNKN* million of school district general bonds , via a First Boston Corp. group . STOP 
Connecticut Housing Finance Authority -- $ *UNKN* of housing mortgage revenue -LRB- *CUNK* and *UNK-* -RRB- bonds , via a PaineWebber group . STOP 
Maryland *CUNK* Authority -- $ *UNKN* of sports facilities lease revenue *CUNK* *CUNK* Tax -LRB- *CUNK* -RRB- bonds , Series 1989 D , via a Morgan Stanley & Co. group . STOP 
Michigan -- $ 80 million of Michigan First general bonds , including $ 70 million of environmental protection project bonds and $ 10 million of *UNKION* project bonds , via a Shearson Lehman Hutton group . STOP 
West Virginia *CUNKS* Economic Development and *CUNK* Authority -- $ *UNKN* million of *UNK* revenue bonds , Series 1989 , via a PaineWebber group . STOP 
San Antonio , Texas -- $ *UNKN* million of gas and electric revenue refunding bonds , via a First Boston group . STOP 
MCI *CUNK* Corp. said it filed a shelf registration with the Securities and Exchange Commission for issuance of as much as $ 750 million of debt securities . STOP 
The debt will include *UNK-* notes sold through Merrill Lynch Capital Markets ; Drexel Burnham Lambert Inc. ; Goldman , Sachs & Co. and Salomon Brothers Inc . STOP 
The funds will be used for refinancing existing debt of the Washington , D.C. , concern at lower interest rates and for other general purposes . STOP 
The effective date of the registration is to be determined by the SEC . STOP 
A group including *CUNK* Partners Ltd. , a Fort Worth , Texas , investment partnership , and Richard E. *CUNKER* , a former adviser to the Fort Worth Bass family , said it reduced its stake in *CUNK* Inc. to 3.6 % of the common shares outstanding . STOP 
In a filing with the Securities and Exchange Commission , the group said it sold *UNKN* *CUNK* common shares from Aug. 31 to last Wednesday for $ *UNKN* to $ *UNKN* a share , resulting in a drop in its holdings to *UNKN* shares . STOP 
No reason was given in the filing for the sales . STOP 
An *CUNK* official said the Indianapolis *UNKS* concern had no comment on the group 's share sales . STOP 
In March , the group disclosed it held a 7.2 % stake in *CUNK* for investment purposes . STOP 
It said then it had had and would continue to have discussions with *CUNK* 's management concerning its investment . STOP 
Home *CUNKAL* Corp. , Richmond , Va. , said it contracted to sell its 50 % interest in a *CUNK-* shopping *UNK* to a buyer that was n't identified . STOP 
The *UNK-* holding company said the sale would result in an after-tax gain of about $ 32 million , or $ *UNKN* a share , in the first quarter of STOP 
The company also said it will adopt new accounting standards in the first quarter . STOP 
The change will result in a charge of about $ 8.5 million , or *UNKN* cents a share , because of an increase in *UNKED* *UNK-* liability . STOP 
In the first quarter of 1988 , the company earned $ 10 million , or *UNKN* cents a share . STOP 
Following is a weekly listing of *UNKED* net asset values of publicly traded investment fund shares , reported by the companies as of Friday 's close . STOP 
Also shown is the closing listed market price or a *UNKER* asked price of each fund 's shares , with the percentage of difference . STOP 
*CUNKED* *CUNK* Bond Funds STOP 
*CUNK* Portfolio Funds STOP 
Specialized Equity and *CUNK* Funds STOP 
a - *CUNK-* . STOP 
*UNK* - As of Thursday 's close . STOP 
*UNK* - *CUNKED* at Commercial *CUNK* exchange rate . STOP 
*UNK* - In Canadian dollars . STOP 
*UNK* - As of Wednesday 's close . STOP 
A shareholder filed suit , seeking to block *CUNK* *CUNK* Inc. 's proposed plan to be acquired by a new affiliate of closely held *CUNK* Capital Corp. for $ 15 a share , or $ *UNKN* million . STOP 
The suit , which seeks *UNKION* status , was filed in Delaware *CUNK* Court . STOP 
The complaint alleges that the price is `` unfair and *UNKLY* inadequate '' and that the defendants are seeking to ensure a `` *UNK* '' of the purchase of *CUNK* , thereby discouraging other bids . STOP 
It seeks unspecified money damages . STOP 
The New York company called the lawsuit without merit . STOP 
Shareholders are scheduled to vote on the transaction *CUNK* . STOP 
This Toronto *UNK-* fund cut the annual dividend on its Class A common shares to one Canadian cent from 10 Canadian cents . STOP 
The fund *UNKS* mainly in gold and silver *UNKION* . STOP 
It said the reduced dividend reflects the low price for precious metals . STOP 
*CUNK* *CUNKS* , Central Fund 's vice president , finance , said losses for the fiscal year ending Oct. 31 could be as high as one million Canadian dollars -LRB- US$ *UNKN* -RRB- . STOP 
The fund last had a profit in 1985 . STOP 
The new dividend rate is payable Nov. 15 to holders of record Oct. 31 . STOP 
In American Stock Exchange composite trading Friday , Central Fund was unchanged at $ *UNKN* a share . STOP 
*CUNK* Holdings Inc. said in Cincinnati that it bought *CUNK* Aviation Academy , a pilot training school based at Sanford *CUNKAL* Airport near *CUNK* , *CUNK* . STOP 
*CUNK* said it paid cash but declined to disclose the price . STOP 
*CUNK* Holdings is the parent of *CUNK* Inc. , a regional air carrier . STOP 
*CUNK* Aviation , which has annual revenue of $ 5 million to $ 6 million , has great growth potential because of the large number of U.S. pilots *UNKING* retirement age , *CUNK* said . STOP 
The unit will be *UNKED* *CUNK* Aviation Academy and will continue to be headed by Scott Williams , a son of its founder , *CUNK* said . STOP 
The collapse of a $ 6.79 billion buy-out of United Airlines parent UAL Corp. has handed Wall Street 's takeover stock speculators their worst loss ever on a single deal . STOP 
Their $ 700 *UNKS* in estimated paper losses easily *UNKS* the $ 400 million in paper losses the takeover traders , known as *UNKS* , suffered in 1982 when Gulf Oil Co. dropped a $ 4.8 billion offer for *CUNKS* Service Co . STOP 
In the six trading days since the UAL labor-management buy-out group failed to get bank financing , *UNKING* Friday with the withdrawal of its partner British Airways PLC , UAL stock has plummeted by 41 % to *UNKN* 1\/2 from *UNKN* 1\/4 . STOP 
The *UNKS* may *UNK* some of their paper losses if the UAL deal gets *UNKED* up again , as they did in 1982 when Occidental Petroleum Co. *UNKED* them with a $ 4 billion takeover of *CUNKS* Service . STOP 
In the meantime , the question faced by investors is : What is UAL stock worth ? STOP 
The short answer , on a fundamental basis , is that airline analysts say the stock is worth somewhere between $ 135 and $ 150 a share . STOP 
That 's based on a multiple of anywhere between 8.5 to 10 times UAL earnings , which are estimated to come in somewhere around $ 16 a share this year . STOP 
*CUNK* stocks typically sell at a discount of about one-third to the stock market 's *UNKS* ratio -- which is currently about 13 times earnings . STOP 
That 's because airline earnings , like those of auto makers , have been subject to the cyclical *UNKS* of the economy . STOP 
That analysis *UNKS* up with stock traders ' reports that , despite the huge drop in the stock , UAL has n't returned to the level at which it could attract buying by institutions solely on the basis of earnings . STOP 
So anyone buying the stock now is betting on some special transaction such as a recapitalization or takeover , and must do so using some *UNK* about the likelihood of such an event . STOP 
One analyst , who asked not to be identified , said he believes that the UAL pilots and management can put together a bid `` in the $ 225 area , '' but that it could take three to four months to close . STOP 
At that level , and given the uncertainty , he believes UAL stock should trade closer to STOP 
Other observers note that UAL 's board , having accepted a bid of $ 300 a share , might hold out for a new bid much closer to the original level -- even if it means that the management goes back to running the company for a while and *UNKS* things return to normal . STOP 
By that *UNK* , the closing of a deal could be much further away than three to four months , even though the eventual price might be higher . STOP 
Investment bankers following UAL agree that the strongest *UNKS* for an eventual deal is that the pilots have been attempting a buy-out for more than two years , and are n't likely to stop , having come so close to success . STOP 
The pilots have a strong financing tool in their willingness to cut their annual compensation by $ 200 million , and to *UNK* $ 200 million from their retirement funds . STOP 
On Friday , they also persuaded the UAL flight attendants to join them . STOP 
However , investment bankers say that banks are n't likely to lend the almost $ 5 billion that would be necessary for a takeover even at a lower price without someone putting up a hefty *UNK* of cash -- probably even greater than the 17 % in cash put up by investors in the leveraged takeover of Northwest Airlines parent *CUNK* Corp. in July . STOP 
Banks want to see someone putting up real cash at risk , that is , *UNK* to the bank debt in any deal . STOP 
That way , they figure , someone else has an even stronger *UNKION* to make sure the deal is going to work , because they would be losing their money before the banks lost theirs . STOP 
Banks also want to be able to call someone on the telephone to *UNK* a problem with a deal that goes bad -- *UNKLY* someone other than a union leader . STOP 
That leaves the pilots still in need of cash totaling around $ 1 billion -- far more than either they or the flight attendants can lay their hands on from retirement funds alone . STOP 
One obstacle to the pilots ' finding such a huge amount of cash is their *UNK* on majority ownership . STOP 
Investors such as Marvin Davis of Los Angeles who have sought airline ownership this year have insisted they , not the pilots , must have control . STOP 
One way out of that *UNK* could be a partial recapitalization in which the pilots would wind up *UNKING* the value of their concessions with public shareholders . STOP 
The pilots could borrow against the value of their concessions , using the proceeds to buy back stock from the public and give themselves the majority control they have been seeking . STOP 
But it is n't clear that banks would lend sufficient money to deliver a big enough price to shareholders . STOP 
The lack of any new cash probably would still leave the banks *UNKED* . STOP 
In advising the UAL board on the various bids for the airline , starting with one for $ 240 a share from Mr. Davis , the investment bank of First Boston came up with a wide range of potential values for the company , depending on *UNKAL* methods and assumptions . STOP 
Using the the *CUNK* takeover as a benchmark , First Boston on Sept. 14 estimated that UAL was worth $ 250 to $ *UNKN* a share based on UAL 's results for the 12 months ending last June 30 , but only $ *UNKN* to $ *UNKN* based on a management estimate of results for 1989 . STOP 
First Boston 's estimates had been higher before management supplied a 1989 projection . STOP 
Using estimates of the company 's future earnings under a variety of *UNKS* , First Boston estimated UAL 's value at $ *UNKN* to $ *UNKN* a share if its future labor costs *UNK* to Wall Street projections ; $ *UNKN* to $ *UNKN* if the company reaches a settlement with pilots similar to one at *CUNK* ; $ 98 to $ *UNKN* under an adverse labor settlement , and $ *UNKN* to $ 270 under a pilot contract imposed by the company following a strike . STOP 
And using liquidation value assuming the sale of all UAL assets , First Boston estimated the airline is worth $ *UNKN* to $ *UNKN* a share . STOP 
Unfortunately , all those estimates came before airline industry fundamentals *UNKED* during the past month . STOP 
American Airlines parent AMR and USAir Group , both subject to takeover efforts themselves , have each warned of declining results . STOP 
Some analysts do n't expect a quick revival of any takeover by the pilots . STOP 
The deal has , as one takeover expert puts it , `` so many moving parts . STOP 
I do n't see anybody who 's sophisticated getting his name associated with this mess until the moving parts stop moving . '' STOP 
In addition to the need for another cash equity investor , the other moving parts include : the pilots themselves , who can scuttle rival deals by threatening to strike ; the machinists union , the pilots ' longtime rivals who helped scuttle the pilots ' deal ; and regulators in Washington , whose opposition to foreign airline investment helped throw the deal into doubt . STOP 
In the meantime , the *UNKS* are *UNKING* . STOP 
Wall Street traders and analysts estimate that takeover stock traders own UAL stock and options equal to as many as 6.5 million shares , or about 30 % of the total outstanding . STOP 
Frank *CUNKER* , an analyst with Phoenix Capital Corp. in New York , estimates that the *UNKS* paid an average of about $ *UNKN* a share for their UAL positions . STOP 
That would indicate that the *UNKS* have paper losses on UAL alone *UNKING* $ *UNKN* million . STOP 
UAL Corp . -LRB- NYSE ; *CUNK* : UAL -RRB- STOP 
Business : *CUNK* STOP 
Year ended Dec. 31 , 1988 : STOP 
Sales : $ *UNKN* billion STOP 
Net income \* : $ *UNKN* million ; or $ *UNKN* a share STOP 
Second quarter , June 30 , 1989 : Per-share earnings : $ *UNKN* vs. $ *UNKN* STOP 
Average daily trading volume : *UNKN* shares STOP 
*CUNK* shares outstanding : *UNKN* million STOP 
Eastern Enterprises , bolstered by improved *UNKS* in its *UNKING* unit , had a *UNKER* third-quarter net loss of $ 1.1 million , or five cents a share . STOP 
Last year , Eastern had a quarter loss of $ 1.7 million , or eight cents a share . STOP 
*CUNKER* revenue rose 44 % to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
The *CUNK* , Mass. , utilities and *UNK-* concern said results for the third quarter , usually a *UNKING* one because of the *UNK* of the gas business , were also aided by higher gas sales and the May 1989 acquisition of Water Products Company . STOP 
For the nine months , Eastern had net income of $ *UNKN* million , or $ *UNKN* a share , up 23 % from $ *UNKN* million or $ *UNKN* a share a year ago . STOP 
Revenue grew 24 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* Computer Corp. , continuing its rapid growth while other computer companies *UNKER* , reported an 87 % increase in third-quarter net income from a year earlier and a 50 % increase in revenue . STOP 
Net was $ 3.1 million , or 16 cents a share , up from $ 1.6 million , or nine cents a share . STOP 
Revenue was $ *UNKN* million , up from $ *UNKN* million . STOP 
For the nine months , net was $ 7.7 million , or 41 cents a share , up 97 % from $ 3.9 million , or 22 cents a share , a year earlier . STOP 
Revenue was $ *UNKN* million , up 50 % from $ *UNKN* million . STOP 
*CUNK* makes *UNKS* that sell for up to $ 2 million and has an installed base of more than 550 systems and *UNKN* customers world-wide . STOP 
During the third quarter , it said , it won several significant contracts , including a five-year contract with the National Institutes of Health valued at an estimated $ 8 million . STOP 
Earlier this month , *CUNK* made a bid to *UNK* other supercomputer competitors like Digital Equipment Corp. and International Business Machines Corp. by *UNKING* an open set of standards and introducing new hardware and software to link different systems . STOP 
The new products allow customers to add *CUNK* machines to established systems made by other manufacturers , which `` opens up a *UNKAL* market for us , '' said Robert J. *CUNK* , *CUNK* 's chairman , president and chief executive . STOP 
*CUNK* also recently agreed to use *CUNK* , a standard for the computer language called *CUNK* . STOP 
*CUNK* is one of three or four versions of *CUNK* , but it is increasingly required by the federal government as it tries to *UNK* its computer systems . STOP 
Most other supercomputer manufacturers have yet to adopt the *CUNK* standard , Mr. *CUNK* said , adding that they prefer to maintain *UNK* systems that lock in customers . STOP 
`` They want a *UNKER* *UNK* -- once you get in , you ca n't get out , '' he said . STOP 
`` But the customer does n't want that . '' STOP 
*CUNK* closed in over-the-counter trading on Friday at $ *UNKN* a share , down 12.5 cents . STOP 
*CUNKED* Saatchi & Saatchi Co. has attracted offers for some of its advertising units , with potential *UNKS* including Interpublic Group , but has rejected them , people familiar with the company said . STOP 
Industry executives said Interpublic approached Saatchi in August about buying its *CUNK-* unit , but was turned down by Chairman *CUNK* Saatchi . STOP 
More recently , Interpublic *UNKED* about one of Saatchi 's smaller communications companies -- identified as the *CUNK* public relations firm by several industry executives -- but again was *UNKED* , they said . STOP 
Interpublic 's chairman and chief executive officer , Philip *CUNKER* Jr. , made the *UNKS* in visits to Mr. Saatchi in London , the executives said . STOP 
A Saatchi spokesman declined to comment about Interpublic . STOP 
But the spokesman confirmed that Saatchi has received several inquiries from companies interested in acquiring its *CUNK-* and *CUNK* units . STOP 
He added , `` We have no intention of selling either business . '' STOP 
Interpublic declined comment . STOP 
The offers come as Saatchi is struggling through the most troubled period in its *UNK-* history . STOP 
Takeover speculation has been *UNK* , its consulting business is on the block , and its largest shareholder , *CUNK* Asset Management , has said it 's been approached by third parties regarding a possible restructuring . STOP 
Analysts have *UNKLY* lowered their earnings estimates for the company , and their outlook , at least for the short term , is bleak . STOP 
In the midst of the current turmoil , Saatchi is attempting to shore up its ad businesses . STOP 
It named a new chief executive officer , former *CUNK* International head Robert *CUNKS* . STOP 
It *UNKED* an offer by Carl Spielvogel , head of Saatchi 's Backer Spielvogel Bates unit , to lead a management buy-out of all or part of Saatchi . STOP 
And last week , people close to Saatchi said *CUNK* Saatchi and his brother , Charles , would lead a buy-out if a hostile bid emerged . STOP 
But Saatchi 's troubles have only *UNKED* up interest among outsiders interested in picking off pieces of its ad businesses . STOP 
While Saatchi 's major agency networks -- Backer Spielvogel and Saatchi & Saatchi Advertising -- would be difficult for any ad firm to buy because of potential client conflicts , its smaller businesses are quite attractive . STOP 
*CUNK-* , for example , has had big problems at its New York office , but offers strong offices in other areas of the country , including Minneapolis and Chicago . STOP 
That would would make it *UNKING* to a network such as Interpublic that already has a healthy New York presence . STOP 
-LRB- While there would be some client conflicts , they would n't be nearly as *OUS* as with Saatchi 's other agencies . -RRB- STOP 
*CUNK-* also would be a sizable addition to an agency network : It has *UNKS* of about $ 850 million and blue-chip clients including General Mills , *CUNK* and Dow Brands . STOP 
*CUNK* , meanwhile , has expanded aggressively , and now ranks as the *UNKEST* U.S. public relations firm , according to *CUNKS* *CUNK* of Public Relations *CUNKS* . STOP 
It would be attractive to an agency such as Interpublic , one of the few big agency groups without an *UNKED* public relations firm of its own . STOP 
Other Saatchi units include ad agency *CUNK* & McCall , which has the *CUNKS* account and which has been attempting to buy itself back ; and Howard *CUNK* , a sports and event marketing firm . STOP 
Despite Saatchi 's firm stand against selling its ad units , U.S. analysts believe the company may ultimately sell some of the smaller units . STOP 
Mr. *CUNKS* , in a recent interview , said he might sell `` a marginal agency or office . '' STOP 
Analysts believe he may ultimately *UNK* of some of the *UNKING* businesses . STOP 
Prudential 's *CUNKAL* Four STOP 
Prudential Insurance Co. of America said it selected four agencies to pitch its $ 60 million to $ 70 million account . STOP 
In addition to Backer Spielvogel Bates , a Saatchi unit that has handled the account since 1970 , the other agencies include *CUNK* *CUNK* , a unit of the *CUNK* Group ; *CUNK* Advertising ; and WPP Group 's *CUNK* , *CUNK* , *CUNKS* agency . STOP 
All agencies are New York-based . STOP 
A spokesman for the insurance and financial services firm , based in Newark , N.J. , said it hopes to make a decision within three to four months . STOP 
*CUNK* *CUNKS* Back STOP 
The *CUNK* *CUNK* Board , in the wake of Young & Rubicam 's indictment on charges that it *UNKED* *CUNK* officials to win the account in 1981 , released a *UNKING* memo *UNKING* the agency for the *UNKING* incident . STOP 
The memo attempts to remove the tourist board as far as possible from the agency , which pleaded *UNK* to the charges . STOP 
Among other things , the memo contends that Young & Rubicam gave false *UNKS* that the investigation would n't *UNKER* any information that would `` *UNKS* the government of *CUNK* or the *CUNK* *CUNK* Board . '' STOP 
It also contends that Young & Rubicam never told the tourist board about its relationship with Ad *CUNKS* , a *CUNK* firm hired by the agency . STOP 
The U.S. indictment charges Ad *CUNKS* was a front used to *UNK* *UNKS* to the *UNKER* of tourism . STOP 
The memo also *UNKS* the agency for the timing of its announcement Thursday that it would no longer handle the $ 5 million to $ 6 million account . STOP 
The agency declined comment , but said it will continue work until a new agency is chosen . STOP 
Ad Notes ... . STOP 
NEW *CUNK* STOP 
: American *CUNK* Motor Corp. , *CUNK* , Calif. , awarded its estimated $ 10 million to $ 30 million account to *CUNK* , Los Angeles . STOP 
Also participating in the *UNKS* was Los Angeles agency *CUNK* Advertising America . STOP 
American *CUNK* 's previous agency , *CUNK* , did n't participate . STOP 
*CUNK* *CUNK* : STOP 
*CUNK* *CUNK* *CUNKER* 's president and chief executive officer , Jerry J. *CUNK* , said the agency is holding `` conversations '' about acquiring *CUNK* *CUNKS* *CUNK* & *CUNK* , a *UNKED* Chicago agency , but a deal is n't yet close to being completed . STOP 
*CUNK* 'S *CUNK* : STOP 
John Wells , 47 , former president and chief executive of *CUNK* *CUNK* *CUNKER* 's Chicago office , was named management director and director of account services at WPP Group 's J. Walter Thompson agency in Chicago ... . STOP 
*CUNKLY* *CUNKS* , 42 , was named president and chief operating officer of Ogilvy & Mather *CUNK* , the direct mail division of WPP Group 's Ogilvy & Mather agency . STOP 
Grand Metropolitan PLC , the United Kingdom food and *UNK* group that owns *CUNK* Inc. of the U.S. , announced a *UNKING* of *UNK-* executive duties intended to fit the company 's recent expansion . STOP 
David *CUNK* , formerly group finance director at *CUNK* *CUNKS* PLC , will become Grand Met 's first group finance director in January . STOP 
In a statement , Grand Met said its recent `` growth and wider *UNK* spread '' made it necessary to create the new position . STOP 
The company also *UNKED* several executive responsibilities . STOP 
David *CUNK* , formerly in charge of gambling operations , was appointed chief executive for retailing and property . STOP 
Peter *CUNK* , group strategy development director , and Bill *CUNK* , group personnel director , will become part of the board 's management committee . STOP 
David Baltimore , who has just been named president of Rockefeller University , already knows what it 's like to go through life with `` Nobel *UNK* '' *UNKED* to one 's name . STOP 
He is currently experiencing what it 's like to have the *UNK* , `` under investigation for scientific fraud , '' also attached to his name . STOP 
The Nobel committee made the first addition ; John *CUNK* 's congressional committee created the second . STOP 
Both of Dr. Baltimore 's public faces have been on view the past few weeks while he was under consideration to succeed *CUNK* *CUNK* as head of the *OUS* Rockefeller research institution . STOP 
It came to light that a substantial number of Rockefeller 's *UNK* were upset over or even opposed to Dr. Baltimore 's impending appointment . STOP 
They were *UNKED* at what they regarded as Dr. Baltimore 's *UNKAL* attitude toward the *CUNK* committee , which held hearings on a dispute over the *UNK* *UNKS* of a researcher who had *UNKED* a scientific paper with Dr. Baltimore . STOP 
*CUNKS* of these columns -LRB- `` The Science Police , '' May 15 -RRB- will recall that Dr. Baltimore was merely the most well-known part of the *CUNK* committee 's larger investigation , which *UNKED* *CUNK* , *CUNKS* , *CUNK* , the National Institutes of Health and elsewhere . STOP 
Rep. *CUNK* even managed to *UNK* the services of the *CUNK* Service in his investigation of the Baltimore paper . STOP 
*CUNK* as Mr. *CUNK* has a special interest in NIH and the institutions that receive its funding , the Rockefeller scientists were no doubt *UNKED* by Dr. Baltimore 's *UNKING* public opinion of this congressional *UNK* , whose behavior *UNKED* Dr. Baltimore of the *CUNK* era . STOP 
This well may be the first time that the *UNK* Rockefeller University has *UNKED* up publicly against the *UNKS* now common in American science . STOP 
John *CUNK* *UNKS* a David Baltimore , *UNKS* activists do $ 3.5 million of damage to *UNKS* at the *CUNKS* , *CUNK* *CUNK* *UNKS* the *UNKS* of *UNK* on talk shows , *CUNK* *CUNK* files lawsuits in federal court to *UNK* *UNK* experiments , and *CUNK-* researcher Gary *CUNK* 's own colleagues at *CUNK* State *UNK* him for `` violating '' EPA rules . STOP 
Scientists are *UNK* who still think that the *UNK-* movement in this country is n't their concern or that a David Baltimore could have somehow *UNKED* a John *CUNK* . STOP 
-LRB- Mr. *CUNK* , by the way , has *UNKED* another NIH investigation of the Baltimore paper , adding to several previous investigations . STOP 
*CUNKING* other than what most scientists would recognize as the truth is being sought here . -RRB- STOP 
*CUNKLY* , there are signs that increasing numbers of scientists understand the *UNK* of *UNKING* out . STOP 
David *CUNK* , a Nobel *UNK* at Harvard , has taken the lead in *UNKING* research with animals , as has Dr. Michael *CUNK* . STOP 
NASA defended itself *UNKLY* and successfully against a *CUNK* suit to block the Galileo launch . STOP 
Scientists need to understand that while they tend to believe their work is *UNKLY* about establishing new knowledge or doing good , today it is also about power . STOP 
In a *UNKED* world , scientists may earn wide *UNK* and even *CUNKS* for their work , but they also attract the attention of people who wish to gain control over the content , funding and goals of that work . STOP 
When a David Baltimore -- or the next target -- decides it is better to stand up to these forces , his fellow scientists would do well to recognize what is *UNKLY* at stake , and offer their public support . STOP 
Wisconsin *CUNK* Co. said it *UNKLY* agreed to acquire closely held Everything 's a Dollar Inc. of Virginia Beach , Va. , for stock currently valued at about $ 4.7 million . STOP 
The *CUNK* toy retailer said the agreement calls for Everything 's a Dollar holders to receive for their holdings a total of *UNKN* newly issued Wisconsin *CUNK* shares . STOP 
Wisconsin *CUNK* currently has about 4.7 million shares outstanding . STOP 
A company official said Arthur *CUNK* , until January chief operating officer of *CUNK* *UNK* *CUNK* Inc. , will buy a 20 % stake in the new Wisconsin *CUNK* subsidiary , and will act as head of Everything 's a Dollar . STOP 
Wisconsin *CUNK* has 71 retail stores , primarily in discount *UNKS* . STOP 
Everything 's a Dollar operates 60 *UNK-* stores . STOP 
While *UNKING* Nicholas *CUNKS* 's Sept. 18 letter offering *UNKS* to your `` *CUNK-* Tax *CUNKION* '' table -LRB- editorial page , Aug. 29 -RRB- , I am surprised that he *UNKED* other errors that , for some of us , strike close to home . STOP 
As a Channel *CUNKER* , I was *UNKED* to see my *UNK* listed as one of `` 86 countries with an income tax . '' STOP 
Despite a history of *UNKED* local debate on the topic , my *UNK* clearly *UNKS* `` British *UNK* . '' STOP 
Whether Mr. *CUNKS* 's *UNK* is merely a sign of a *UNKER* 's *UNK* *UNK* is a question my fellow Channel *CUNKS* -LRB- and friends on the *CUNK* of *CUNK* -RRB- will continue to *UNKER* . STOP 
Patrick *CUNK* STOP 
*CUNK* J. *CUNKS* , chairman of *CUNK* *CUNKS* Inc. , was elected to the board of this *UNK* line . STOP 
The board *UNKS* to seven members . STOP 
*CUNKS* . STOP 
If the White House spots one , it intends to fire a veto at it . STOP 
*CUNKS* are this season 's word for new taxes , under *CUNK* Director Richard Darman 's *UNKION* that `` if it looks like a duck , *UNKS* like a duck and *UNKS* like a duck , it 's a duck . '' STOP 
George Bush is quite clear : No new *UNKS* . STOP 
But what about all those *UNK-* *UNKS* *UNKING* over Washington ? STOP 
We see a whole *UNK* of programs that will impose significant costs on the American economy in the form of *UNK* regulation and higher liabilities . STOP 
Federal child care -LRB- *UNK* -RRB- . STOP 
The Clean Air bill -LRB- *UNK* -RRB- . STOP 
The *UNKS* bill -LRB- *UNK* , *UNK* -RRB- . STOP 
The Bush White House is *UNKING* *UNK-* *UNKS* the same way the Nixon White House did : It *UNKS* on an issue that is *UNUNK* -- *UNKER* air , better treatment of the *UNKED* , better child care . STOP 
It comes up with a *UNK-* version of a Democratic proposal . STOP 
The bill gets signed into law and then the administration *UNKS* *UNKLY* , wondering where all the `` unexpected '' costs came from . STOP 
Consider , for instance , the very fat *UNK* known as *UNKED* child care . STOP 
The President came up with a good bill , but now may end up signing the awful bureaucratic *UNK* *UNKED* on Capitol Hill . STOP 
It would create *UNKN* local *UNK-* commissions , *UNK* to the Department of Health and Human Services . STOP 
They 'd determine where parents could store their kids during the day , and they 'd *UNK* the storage facilities . STOP 
The initial costs are said to be in the $ 2 billion a year range , but that 's only the beginning . STOP 
New *UNKS* tend to grow , creating a *UNK* for new taxes . STOP 
*CUNK* . STOP 
The administration claims that its Clean Air bill will cost businesses between $ 14 billion and $ 19 billion annually , but economist Michael Evans estimates that the costs for firms will actually be in the $ 60 billion a year range . STOP 
The House bill also *UNKS* economic efficiency in all sorts of *UNK* ways . STOP 
For example , the administration proposal *UNKS* extremely tough emissions standards on new power plants . STOP 
So instead of building more efficient modern plants , utilities stick *UNKS* on the old plants . STOP 
The money spent on *UNKS* is diverted from planned research on new , *UNKER* technology . STOP 
The bill also *UNKS* the California *UNKS* standards on all cars nationwide , as if a car registered in Big *CUNK* , *CUNK* , needed to be as clean as one driven in Los Angeles . STOP 
*CUNKS* of the nationwide standards say the cost for car buyers would be about $ 500 per car . STOP 
Other analysts say that estimate is low . STOP 
*CUNK* . STOP 
Nobody knows how many billions of dollars the Americans With *CUNKS* Act will cost , because nobody knows what the bill *UNKS* . STOP 
It is an *UNKLY* *UNK* document that will create a wave of litigation . STOP 
*CUNKS* will write the real bill as suits roll through the courts . STOP 
Lawyers will benefit . STOP 
Private companies , and ultimately their customers , will end up *UNKING* the huge bill . STOP 
The effect of Nixon era *UNK-* *UNKS* was an economy *UNKED* up with regulations and *UNKS* . STOP 
All this was recognized and *UNKED* in the succeeding years by economists , some of whom worked in the Reagan administration to lift this burden from the American people , states and local governments . STOP 
*CUNKING* for President in 1980 and 1988 , George Bush also *UNKLY* *UNKED* the economic *UNKION* of the 1970s . STOP 
In fact , during last year 's campaign , the entire nation constantly heard Mr. Bush *UNK* his *UNKS* as head of the *CUNK* Force on *CUNK* *CUNK* . STOP 
`` Government continues to *UNK* the productivity of our *UNK* and the international *UNKS* of American business , '' the vice president declared when he was head of the task force . STOP 
But with the impending passage of these new programs , Mr. Bush will surely be sending many people *UNKING* back into the regulatory *UNK* that he had helped cut back . STOP 
By 1986 , the number of federal regulators was down to about *UNKN* . STOP 
Then it turned up , and by one estimate the number will be up to about *UNKN* regulators by next year . STOP 
Holding the *UNK* on taxes is the most important task of the Bush presidency . STOP 
We would have thought by now , though , that there was a significant core of people involved in government life who understood that direct taxation is n't the only way to slow down an economy . STOP 
It is merely the most obvious . STOP 
What is even more *UNK* is that all over the world nations are learning that *UNKED* public programs often *UNK* . STOP 
But while they are *UNKING* these *UNKS* , the United States is close to creating three more big ones . STOP 
The Bush administration ought to be setting aside some of its *UNK* for the *UNK-* *UNKS* . STOP 
*CUNK* in the pound is widely expected to take another sharp *UNK* if trade figures for September , due for release tomorrow , fail to show a substantial improvement from July and August 's *UNK-* deficits . STOP 
Chancellor of the Exchequer Nigel Lawson 's restated commitment to a firm monetary policy has helped to prevent a *UNK* in sterling over the past week . STOP 
But analysts *UNK* underlying support for sterling has been *UNKED* by the *UNK* 's failure to announce any new policy measures in his *CUNKION* House speech last Thursday . STOP 
This has increased the risk of the government being forced to increase base rates to 16 % from their current 15 % level to defend the pound , economists and foreign exchange market analysts say . STOP 
`` The risks for sterling of a bad trade figure are very heavily on the down side , '' said *CUNKS* *CUNK* , senior U.K. economist at Nomura Research Institute . STOP 
`` If there is another bad trade number , there could be an awful lot of pressure , '' noted *CUNK* *CUNK* , U.K. economist for Midland *CUNK* , a unit of Midland Bank PLC . STOP 
*CUNKS* for the trade figures range widely , but few economists expect the data to show a very marked improvement from the # 2 billion -LRB- $ *UNKN* billion -RRB- deficit in the current account reported for August . STOP 
The August deficit and the # 2.2 billion gap registered in July are topped only by the # 2.3 billion deficit of October 1988 . STOP 
*CUNK* *CUNK* , European economist at *CUNKING* Brothers & Co. , said there is no sign that Britain 's manufacturing industry is *UNKING* itself to boost exports . STOP 
At the same time , he remains fairly pessimistic about the outlook for imports , given continued high consumer and capital goods *UNKS* . STOP 
He *UNKS* the current account deficit will narrow to only # 1.8 billion in September . STOP 
However , Mr. *CUNK* said he believes that a reduction in raw material *UNKING* by industry could lead to a sharp drop in imports . STOP 
*CUNKED* with at least some rebound in exports after August 's unexpected decline , the deficit could narrow to as little as # 1.3 billion . STOP 
Mr. *CUNK* , who also forecasts a # 1.3 billion current account gap , warns that even if the trade figures are bullish for sterling , the currency wo n't advance much because investors will want to see further evidence of the turnaround before *UNKING* positions . STOP 
Nevertheless , he noted , `` No one will want to go into the trade figures without a flat position '' in the pound . STOP 
Meanwhile , overall evidence on the economy remains fairly *UNKED* . STOP 
In his *CUNKION* House speech , Mr. Lawson warned that a further slowdown can be expected as the impact of the last rise in interest rates earlier this month takes effect . STOP 
U.K. base rates are at their highest level in eight years . STOP 
But consumer *UNK* data released Friday do n't suggest that the U.K. economy is slowing that quickly . STOP 
The figures show that spending rose 0.1 % in the third quarter from the second quarter and was up 3.8 % from a year ago . STOP 
This compares with a 1.6 % rise in the second from the first quarter and a 5.4 % increase from the second quarter of 1988 . STOP 
Mr. *CUNK* said the data show the economy `` is still quite strong , '' but suggestions that much of the spending went on services rather than consumer goods should reduce fears of more import rises . STOP 
*CUNKLY* , the *UNK* has made it clear that he is prepared to increase interest rates again if necessary to both ensure that a substantial slowdown does take place and that sterling does n't decline further . STOP 
Thursday , he *UNKED* his audience that the government `` can not allow the necessary *UNK* of monetary policy to be *UNKED* by exchange rate weakness . '' STOP 
Analysts agree there is little holding sterling firm at the moment other than Mr. Lawson 's promise that rates will be pushed higher if necessary . STOP 
And , they *UNK* , any further drop in the government 's popularity could *UNKLY* make this promise sound *UNK* . STOP 
Sterling was already showing some signs of a lack of confidence in Mr. Lawson 's promise Friday . STOP 
In European trading it declined to $ *UNKN* and *UNKN* marks from $ *UNKN* and *UNKN* marks late Thursday . STOP 
Economists suggested that if the pound falls much below *UNKN* marks , the government will be forced to increase rates to 16 % , both to halt any further decline and ensure that the balance of monetary policy remains unchanged . STOP 
Friday 's Market Activity STOP 
The dollar posted gains in quiet trading as concerns about equities *UNKED* . STOP 
Foreign exchange dealers said that the currency market has begun to distance itself from the volatile stock exchange , which has *UNKED* the market since Oct. 13 , when the Dow Jones Industrial Average plunged more than 190 points . STOP 
*CUNK* analysts predict that in the coming week the foreign exchange market will shift its focus back to economic fundamentals , keeping a close eye out for any signs of monetary easing by U.S. Federal Reserve . STOP 
Late in the New York trading day , the dollar was quoted at *UNKN* marks , up from *UNKN* marks late Thursday in New York . STOP 
The U.S. currency was also changing hands at *UNKN* yen , up from *UNKN* yen in New York late Thursday . STOP 
In Tokyo on Monday , the U.S. currency opened for trading at *UNKN* yen , up from Friday 's Tokyo close of *UNKN* yen . STOP 
On the Commodity Exchange in New York , gold for current delivery settled at $ *UNKN* an ounce , up 20 cents . STOP 
Estimated volume was a light 2.4 million ounces . STOP 
In early trading in Hong Kong Monday , gold was quoted at $ *UNKN* an ounce . STOP 
East Rock Partners Limited Partnership said it proposed to acquire *CUNK* Green Industries Inc. for $ 40 a share . STOP 
In an Oct. 19 letter to *CUNK* Green 's board , East Rock said the offer is subject to the signing of a merger agreement by no later than Oct. 31 . STOP 
The letter , attached to a filing with the Securities and Exchange Commission , said the approval is also *UNK* upon obtaining *UNK* financing . STOP 
An *CUNK* Green official declined to comment on the filing . STOP 
The $ *UNK-* proposal values the company at about $ *UNKN* million . STOP 
*CUNK* Green currently has *UNKN* shares outstanding . STOP 
Its stock closed at $ 38 , up $ *UNKN* , in national over-the-counter trading . STOP 
The company is a Mexico , *CUNK* , maker of *UNK* products . STOP 
East Rock also said in the filing that it boosted its stake in *CUNK* Green to *UNKN* % . STOP 
It now holds *UNKN* *CUNK* Green common shares , including 30,000 shares bought last Thursday for $ *UNKN* to $ *UNKN* a share . STOP 
New York-based John *CUNKS* and Robert *CUNK* control East Rock Partners Inc. , the sole general partner of East Rock Partners *CUNK* . STOP 
The sole limited partner of the partnership is *CUNK* *CUNK* *CUNK* Inc. , an *UNK* subsidiary of *CUNK* Group Inc . STOP 
Both *CUNK* *CUNK* and *CUNK* Group are based in Boston . STOP 
*CUNK* rates , declining for most of the decade because of competition *UNKED* by deregulation , are *UNKING* out , turning upward and threatening to fuel inflation . STOP 
*CUNKING* , shipping and *UNK-* companies have announced rate increases , scheduled for this fall or early next year , reflecting higher costs and *UNKED* demand for freight transport . STOP 
Major shippers say they expect freight rates to rise at least as fast as inflation and maybe faster in the next few years . STOP 
That 's a big change from recent years when freight *UNK* was a bright spot for U.S. productivity , helping to *UNK* inflation and make U.S. industry more competitive abroad . STOP 
`` Demand has caught up with the supply of certain types of freight transportation , and rates are starting to move up '' at a rate `` close to or slightly more than the inflation rate , '' said *CUNK* *CUNK* , director of *UNKS* at Du Pont Co . STOP 
*CUNKS* surveyed recently by Ohio State University said they expect their *UNK-* , storage and distribution costs to rise about 4 % this year . STOP 
Only 10 % of the 250 shippers *UNKED* expected their *UNK-* costs to decrease , compared with 30 % who had looked to freight transport to reduce costs in past years . STOP 
`` This is the first year since transportation deregulation in 1980 that we have had such a dramatic and *UNKED* *UNK* in perceived transportation rates , '' said Bernard *CUNK* , a transportation *UNKS* professor at Ohio State in Columbus . STOP 
The deregulation of *UNKS* and *UNKING* companies that began in 1980 *UNKED* shippers to bargain for transportation . STOP 
*CUNKS* could use their equipment more *UNKLY* , leading to *UNK* they were eager to fill . STOP 
*CUNKS* cut about $ 35 billion from their annual , *UNK-* truck and *UNK* costs , to about $ 150 billion , or about 6.4 % of gross national product , down from 8 % of GNP in 1981 . STOP 
But with much of the *UNK* squeezed out of the *UNK-* system , rising costs are likely to be reflected directly in higher freight rates . STOP 
`` *CUNKS* are saying ` the party 's over , ' '' said Mr. *CUNK* . STOP 
`` *CUNKS* wo n't be able to look for *UNK-* savings as they have for the last eight or nine years . STOP 
*CUNK* rates wo n't be an opportunity for offsetting cost increases in other segments of the economy . '' STOP 
Robert *CUNK* , a consultant at Arthur D. Little Inc. , Cambridge , Mass. , said `` We 've gotten all the benefits of deregulation in *UNK-* reductions . STOP 
Now we are starting to see real *UNK-* increases as carriers replace equipment , pay higher fuel costs and pay more for labor . STOP 
You 'll see carriers try to *UNK* some of the price cutting that occurred previously . '' STOP 
Not everyone believes that the good times are over for shippers . STOP 
`` There 's still a lot of pressure on rates in both *UNK* and truck , '' said *CUNK* *CUNK* , *UNKER* in transportation at Massachusetts Institute of Technology . STOP 
*CUNK-* companies , which carry the freight of several shippers in each truck *UNKER* , discounted away a 4.7 % rate increase *UNKED* last April . STOP 
The carriers were competing fiercely for market share . STOP 
*CUNK-* increases are likely to be *UNKED* by weakening *UNK-* levels and *UNK* competition for freight from trucks . STOP 
An official at Consolidated *CUNKS* Inc. , a *CUNK* Park , Calif. , *UNK-* carrier , said rate discounting in that industry has begun to `` stabilize . '' STOP 
Consolidated *CUNKS* plans to raise its rates 5.3 % late this year or early next year , and at least two competitors have announced similar increases . STOP 
*CUNKS* are `` trying to send signals that they need to stop the *UNKING* , forget about market share and go for higher rates , '' said Michael Lloyd , an analyst at Salomon *CUNKS* . STOP 
And `` shippers are getting the feeling that they have played one *UNKER* off against another as much as they can , '' he said . STOP 
*CUNK-* carriers raised their rates for U.S. products going across the Pacific to Asia by about 20 % earlier this month . STOP 
And Japan Air Lines said it plans to boost its rates a further 25 % over the next two years . STOP 
Such rate increases `` will increase the total cost of U.S. products and slow down the rate of increase of U.S. exports , '' said Richard *CUNKS* , a senior vice president of *CUNK* Air & Sea Service *CUNK* Inc. , the U.S. *UNKING* subsidiary of Nippon *CUNK* *CUNK* of Japan . STOP 
*CUNK* companies carrying bulk commodities , such as oil , grain , coal and iron *UNK* , have been able to increase their rates in the last couple of years . STOP 
Some bulk shipping rates have increased `` 3 % to 4 % in the past few months , '' said Salomon 's Mr. Lloyd . STOP 
And ship lines carrying *UNKS* are also trying to raise their rates . STOP 
*CUNKS* boosted rates more than 10 % in the North Atlantic between the U.S. and Europe last September , hoping to partly restore rates to earlier levels . STOP 
*CUNK* lines operating in the Pacific plan to raise rates on *UNKS* carrying U.S. exports to Asia about 10 % , effective next April . STOP 
MGM Grand Inc. said it filed a registration statement with the Securities and Exchange Commission for a public offering of six million common shares . STOP 
The Beverly Hills , *CUNKED* company said it would have *UNKN* million common shares outstanding after the offering . STOP 
The hotel and *CUNKING* company said Merrill Lynch Capital Markets will lead the underwriters . STOP 
Proceeds from the sale will be used for *UNKING* and *UNKING* projects , as well as for the planned MGM Grand *UNK* and theme park . STOP 
Bob Stone *UNKED* over a letter from his manager putting him on *UNKION* for *UNKION* . STOP 
Mr. Stone thought the discipline was unfair ; he believed that his manager wanted to get rid of him for personal reasons . STOP 
*CUNK* to persuade the manager to change his decision , he went to a `` company court '' for a hearing . STOP 
At the scheduled time , Mr. Stone entered a conference room in a building near where he worked . STOP 
After the three members of the court introduced themselves , the chairman of the panel said : `` *CUNK* ahead and tell us what happened . STOP 
We may ask questions as you go along , or we may wait until the end . '' STOP 
No lawyers or tape recorders were present . STOP 
The only extra people were a couple of personnel specialists , one of whom knew Mr. Stone 's case *UNKLY* and would help fill in any facts needed to give the court the full picture . STOP 
Over a *UNK* of coffee , Mr. Stone told his story . STOP 
He talked about 20 minutes . STOP 
When he was through , the court members asked many questions , then the chairman said they would like to hear his manager 's side and talk to witnesses . STOP 
The chairman promised Mr. Stone a decision within two weeks . STOP 
Bob Stone is a *UNKAL* name , but the incident described is real . STOP 
It happened at Northrop Corp. in Los Angeles . STOP 
The court is called the Management Appeals Committee , or just `` *CUNK* , '' and it is likely to hear a couple of dozen cases a year . STOP 
*CUNKER* some details of this example and it could be taking place today at Federal Express in *CUNKS* , the Defense and *CUNKS* Systems divisions of Honeywell in Minneapolis , a General Electric plant in Columbia , Md. , or a number of other companies . STOP 
These firms are *UNKS* in a significant new trend in the corporate world : the rise of what I call corporate due process . STOP 
Although corporate due process is *UNKED* today in few companies -- perhaps 40 to 60 -- it is one of the *UNKEST* developing trends in industry . STOP 
In the coming decade a majority of *UNKED* companies are likely to adopt it . STOP 
Corporate due process appeals to management for a variety of reasons . STOP 
It reduces lawsuits from *UNKED* employees and *UNKS* , with all that means for reduced legal costs and better public relations . STOP 
It helps to keep out unions . STOP 
It increases employee commitment to the company , with all that means for efficiency and quality control . STOP 
What must your management team do to establish corporate due process ? STOP 
Here are four key steps : STOP 
1 . *CUNK* sure you have a strong personnel department . STOP 
It must be able to handle most of the complaints that can not be *UNKED* in the *UNKS* by managers and their *UNKS* , else the company court or *UNKS* will be *UNKED* with cases . STOP 
At Polaroid , the *CUNK* Policy *CUNKING* Committee may hear only about 20 cases a year ; the rest of the many hundreds of complaints are resolved at earlier stages . STOP 
At *CUNK* , the System Board of *CUNK* *UNKS* 50 to 75 cases a year , only a *UNKION* of the complaints brought to personnel specialists . STOP 
At Citicorp , the *CUNK* Review Board may hear only 12 or so cases because of personnel 's *UNK* in *UNKION* . STOP 
In a typical year , up to 20 % of the work force goes to personnel specialists with complaints of unfair treatment . STOP 
In a large company that means many hundreds of complaints for personnel to handle . STOP 
2 . *CUNKLY* or *UNKLY* , train all your managers and *UNKS* in the company 's *UNKS* approach . STOP 
*CUNK* that they know company personnel policy *UNKS* and *UNKS* , for it is the `` law '' governing company courts and *UNKS* . STOP 
*CUNK* them in handling complaints so that they can resolve problems immediately . STOP 
In case managers and personnel specialists are unsuccessful and *UNKS* take their complaints to a company court or *UNK* , *UNK* managers to accept *UNKS* as a fact of business life , for in a good *UNKS* system they are *UNK* to happen . STOP 
In the 15 companies I studied , reversal rates range on the average from 20 % to 40 % . STOP 
3 . *CUNK* whether you want a panel system or a single *UNK* . STOP 
A panel system like that in the Bob Stone example *UNKS* such advantages as high credibility and , for the *UNKS* , mutual support . STOP 
An *UNK* system -- that is , an *UNK* who acts first as a *UNKER* and then *UNKS* hats and *UNKS* the facts -- has such advantages as speed , flexibility and maximum *UNK* . STOP 
International Business Machines and Bank of America are among the companies using the *UNK-* approach . STOP 
4 . *CUNK* your *UNKS* system visible . STOP 
It wo n't do any good for anybody unless employees know about it . STOP 
Most *UNKS* *UNK* to go all out in advertising their *UNKS* systems for fear of encouraging *UNKS* and *UNK* *UNKS* to file complaints . STOP 
On the other hand , they make sure at a minimum that their systems are described in their employee *UNKS* and talked up by personnel specialists . STOP 
*CUNK-* *CUNK* goes further and sometimes features its *UNK* procedure in *UNK-* TV programs . STOP 
*CUNKLY* , one of the best ways to guarantee *UNK* for your *UNKS* system is for top management to support it . STOP 
At IBM , the company 's *CUNK* *CUNK* system is sometimes the subject of *UNKS* from the chief executive . STOP 
Federal Express goes further in this respect than any company I know of with both Frederick Smith and James *CUNK* , chief executive and chief operating officer , respectively , sitting in on the Appeals Board almost every Tuesday to decide cases . STOP 
Mr. *CUNKING* is a consultant based in *CUNKER* , Mass. , and author of `` Justice on the *CUNK* : *CUNKING* *CUNKS* in the *CUNKION* *CUNK* '' -LRB- Harvard Business School Press , 1989 -RRB- . STOP 
Tokyo stocks closed higher in active trading Friday , marking the fourth consecutive daily gain since Monday 's sharp fall . STOP 
London shares closed moderately lower in thin trading . STOP 
At Tokyo , the Nikkei index of 225 selected issues was up *UNKN* points to *UNKN* . STOP 
The index advanced *UNKN* points Thursday . STOP 
In early trading in Tokyo Monday , the Nikkei index rose *UNKN* points to *UNKN* . STOP 
Friday 's volume on the First Section was estimated at one billion shares , up from *UNKN* million Thursday . STOP 
*CUNKS* *UNKED* losers , *UNKN* to *UNKN* , while *UNKN* issues remained unchanged . STOP 
With investors *UNKED* at the overnight gain in New York stocks , *UNK-* buying orders *UNKED* into the market from early morning , making traders believe the market was back to normal . STOP 
The Nikkei , which reached as high as *UNKN* right after the opening , *UNKED* part of its early advance toward the end of the day because of *UNKING* . STOP 
`` Investors , especially dealers , do n't want to hold a position over the weekend , '' a trader at *CUNK-* Securities said , adding , though , that the trading mood remained positive through the afternoon session . STOP 
The Tokyo Stock Price Index -LRB- *CUNK* -RRB- of all issues listed in the First Section , which gained *UNKN* points Thursday , was up *UNKN* points , or *UNKN* % , at *UNKN* . STOP 
The Second Section index , which rose *UNKN* points Thursday , was up *UNKN* points , or *UNKN* % , to close at *UNKN* . STOP 
Volume in the second section was estimated at 30 million shares , up from 28 million Thursday . STOP 
In turmoil caused by the previous Friday 's plunge in New York stocks , the Nikkei marked a sharp *UNK-* fall Monday . STOP 
But the Nikkei fell an overall 1.8 % in value that day compared with Wall Street 's far *UNKER* 6.9 % drop on Oct. 13 . STOP 
The Tokyo market 's *UNK* helped participants to regain confidence gradually as they spent more time on *UNKING* factors that caused the Friday plunge and realized these problems were *UNUNK* to New York stocks and not directly related to Tokyo . STOP 
The Nikkei continued to gain for the rest of the week , adding *UNKN* points in four days -- more than *UNKING* Monday 's losses . STOP 
But further major advances on the Nikkei are n't *UNK* this week by market observers . STOP 
Investors are still waiting to see how the U.S. government will decide on interest rates and how the dollar will be *UNKED* . STOP 
Some *UNKED* issues made a comeback Friday . STOP 
Pioneer surged 450 yen -LRB- $ *UNKN* -RRB- to *UNKN* yen -LRB- $ *UNKN* -RRB- . STOP 
*CUNK* advanced 80 yen to *UNKN* . STOP 
*CUNK* gained 100 to *UNKN* . STOP 
*CUNKS* attracted investors because of their land property holdings that could figure in development or other plans , traders said . STOP 
*CUNK* gained 80 to *UNKN* and *CUNK* added 60 to *UNKN* . STOP 
*CUNKS* , *UNKS* and pharmaceuticals continued to be bought following Thursday 's gains because of strong earnings *UNKS* . STOP 
Daiwa House gained 50 to *UNKN* . STOP 
*CUNK* *CUNKS* was up 20 at *UNKN* . STOP 
*CUNK* advanced 40 to *UNKN* and *CUNK* added 50 to *UNKN* . STOP 
*CUNK* added 80 to *UNKN* and *CUNK* advanced 230 to *UNKN* . STOP 
London share prices were influenced largely by declines on Wall Street and weakness in the British pound . STOP 
The key Financial *CUNK-* Exchange 100-share index ended *UNKN* points lower at *UNKN* , above its intraday low of *UNKN* , but off the day 's high of *UNKN* . STOP 
The index finished 2.4 % under its close of *UNKN* the previous Friday , although it *UNKED* some of the sharp losses *UNKED* early last week on the back of Wall Street 's fall . STOP 
London was weak throughout Friday 's trading , however , on what dealers attributed to generally thin interest ahead of the weekend and this week 's potentially important U.K. trade figures for September . STOP 
The *CUNK-* 100 largely remained within an *UNK-* range *UNKED* within the first hour of trading before it eased to an intraday low late in the session when a *UNK* of program selling pushed Wall Street lower . STOP 
The *CUNK* 30-share index closed *UNKN* points lower at *UNKN* . STOP 
Volume was extremely thin at *UNKN* million shares , the *UNKEST* volume of the week and modestly under Thursday 's *UNKN* million shares . STOP 
Dealers said the day 's action was *UNKS* outside some response to sterling 's early weakness against the mark , and fears that Wall Street might open lower after its strong *UNK* forward Thursday . STOP 
They added that *UNKS* were largely *UNKED* after aggressively supporting the market Thursday in their *UNKEST* to cover internal shortages of *CUNK-* 100 shares . STOP 
Interest may remain limited into tomorrow 's U.K. trade figures , which the market will be watching closely to see if there is any improvement after disappointing numbers in the previous two months . STOP 
The key corporate news of the day was that British Airways decided to withdraw from a *UNKED* bid for UAL Corp. , the parent of United Airlines . STOP 
British Airways rose initially after announcing its withdrawal from the UAL deal . STOP 
Dealers said they viewed the initial # *UNKION* -LRB- $ *UNKN* million -RRB- *UNK* for a 15 % stake in the airline as a bit much . STOP 
Its shares slid in late dealings to close a penny per share lower at *UNKN* pence . STOP 
The airline was the most active *CUNK-* 100 at 8.2 million shares traded . STOP 
The next most active *UNKER* stock was B.A.T Industries , the target of Sir James Goldsmith 's # 13.4 billion bid . STOP 
The company gained shareholder approval Thursday to restructure in a bid to fend off the hostile takeover . STOP 
Sir James said Thursday night that his plans for the takeover had n't changed . STOP 
B.A.T ended the day at *UNKN* , down 5 , on turnover of 7.5 million shares . STOP 
Dealers said it was hit by some *UNKING* after gains since *UNK-* . STOP 
In other active shares , *CUNK* *CUNK* shed 10 to *UNKN* on volume of 6.4 million shares after a *CUNKS* De *CUNK* *CUNK* *UNKING* , while *CUNK* Holdings , a food products concern , was boosted 2 to *UNKN* after it disclosed it would seek shareholder approval to begin share *UNKS* . STOP 
Elsewhere in Europe , share prices closed higher in Stockholm , Brussels and Milan . STOP 
Prices were lower in Frankfurt , Zurich , Paris and Amsterdam . STOP 
South African gold stocks closed moderately lower . STOP 
Share prices closed higher in Sydney , Taipei , Wellington , Manila , Hong Kong and Singapore and were lower in Seoul . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
The U.S. is required to *UNK* foreign *UNKS* if it knows of coup plans likely to *UNKER* their lives , government officials said . STOP 
The *UNKION* policy was part of a set of guidelines on handling *UNKS* *UNKED* in a secret 1988 exchange of letters between the Reagan administration and the Senate Intelligence Committee . STOP 
The existence of the guidelines has become known since President Bush disclosed them privately to seven Republican senators at a White House meeting last Monday . STOP 
Officials familiar with the meeting said Mr. Bush cited the policy as an example of the sort of congressional requirements the administration contends contribute to the failure of such covert actions as this month 's *UNK* effort to oust Panamanian dictator Manuel Noriega . STOP 
According to the officials , Mr. Bush even read to the senators *UNKS* from a highly *UNKED* letter from the committee to the White House discussing the guidelines . STOP 
They said the president conceded the *UNKION* requirement did n't affect his decision to lend only minor support to this month 's Panama coup effort . STOP 
No *UNKION* was ever considered , officials said , apparently because the U.S. did n't think the coup *UNKS* intended to kill Mr. Noriega , but merely sought to *UNK* him . STOP 
What 's more , both administration and congressional officials *UNK* that the *UNKION* requirement is likely to be dropped from the guidelines on coup attempts that are being *UNK* by the panel and the White House . STOP 
The *UNKING* was launched at a meeting between Mr. Bush and intelligence committee leaders Oct. 12 , a few days before the meeting at which the president complained about the rules . STOP 
However , the disclosure of the guidelines , first reported last night by NBC News , is already being interpreted on Capitol Hill as an unfair effort to pressure Congress . STOP 
It has *UNKED* the bitter *UNKING* between the White House and Congress over who is responsible for the failure to oust Mr. Noriega and , more broadly , for difficulties in carrying out covert activities abroad . STOP 
A statement issued by the office of the committee chairman , Sen. David Boren -LRB- D. , *CUNK* -RRB- , charged that the disclosure is part of a continuing effort to shift the criticism for the failure of the recent coup attempt in Panama . STOP 
The statement added , `` *CUNK* has *UNKLY* chosen to *UNKLY* *UNK* *UNKS* of highly *UNKED* *UNK* between the two branches of government . STOP 
Not only does this come close to a violation of law , it *UNKS* the trust we have all worked to develop . '' STOP 
Sen. Boren said , `` It 's time to stop *UNKING* and work together to develop a clear and appropriate policy to help the country in the future . STOP 
I 've invited the president to send his suggestions to the committee . '' STOP 
Republican Sen. William Cohen of Maine , the panel 's vice chairman , said of the disclosure that `` a text *UNK* out of context is a *UNK* , and it is unfair for those in the White House who are *UNKING* to present the evidence in a *UNK* fashion . '' STOP 
Sen. Boren said the committee could n't defend itself by making the documents public because that would violate *UNKION* rules . STOP 
But the chairman and other committee members *UNKED* that the *UNKION* *UNK* was n't imposed on the White House by a *UNKING* Congress . STOP 
Instead , both congressional and administration officials agreed , it grew out of talks about *UNKING* in Panama that were *UNKED* by the administration in July 1988 and stretched into last October . STOP 
The *UNK* was n't a law , but a joint interpretation of how the U.S. might operate during foreign *UNKS* in light of the longstanding presidential order banning a U.S. role in *UNKS* . STOP 
In fact , yesterday the administration and Congress were still *UNKING* on what had been agreed to . STOP 
One administration official said *UNKION* was required even if the U.S. `` gets wind '' of somebody else 's coup plans that seem likely to *UNKER* a dictator 's life . STOP 
But a congressional source close to the panel said the rule only covered coup plans directly involving the U.S. . STOP 
Although the *UNKION* *UNK* was n't carried out in this month 's coup attempt , some administration officials argue that it may have led to *UNKION* and uncertainty on the part of U.S. intelligence and military *UNKS* in Panama . STOP 
One senior administration official called the *UNK* `` *OUS* '' and said it could make U.S. *UNKS* reluctant to even listen to coup plans for fear they may get into legal trouble . STOP 
The issue came to a head last year , officials *UNKED* , partly because the Reagan administration had sought *UNKLY* to win committee approval of funding for new Panama coup efforts . STOP 
In addition , both administration and congressional officials said the need for guidelines on *UNKS* and *UNKS* was partly *UNKED* by a White House desire to avoid *UNK* overseas *UNKS* during the election campaign . STOP 
Though the assassination ban is a White House order that Congress never voted on , the intelligence committees can exercise influence over its interpretation . STOP 
Last week , Central Intelligence Agency Director William Webster publicly called on Congress to provide new *UNKS* of the assassination order that would permit the U.S. more freedom to act in *UNKS* . STOP 
The administration has reacted to criticism that it *UNKED* the latest coup attempt by seeking to blame Congress for restrictions the White House said have hampered its freedom of action . STOP 
However , last week Mr. Webster 's two top CIA *UNKS* said congressional *UNKS* had n't hampered the spy agency 's role in the coup attempt in Panama . STOP 
Nevertheless , the administration 's *UNKS* appeared to have made some *UNK* with *CUNK* Boren and Cohen after their Oct. 12 meeting with the president . STOP 
The three men agreed to *UNK* the guidelines , without changing the basic assassination ban , to clear up any *UNKS* that may have hampered U.S. *UNK* of *UNKS* against *UNK-* leaders . STOP 
The new argument over the *UNKION* *UNK* , however , could sour any atmosphere of cooperation that *UNKED* . STOP 
Gerald F. *CUNK* contributed to this article . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* FUNDS *CUNK* *CUNK* THE U.S. during the *CUNKING* *CUNKS* -LRB- they had been in Britain for a century -RRB- , but they did n't boom until the money market fund was created in the 1970s . STOP 
By 1980 , there were more than 100 such funds . STOP 
Besides creating a vehicle for investors , money market funds also helped *UNK* banking regulations . STOP 
The idea was to let small investors , the *UNK* of the fund business , deal in the money market 's high short-term interest rates . STOP 
This had been the exclusive province of those rich enough to use *UNK-* *UNKS* to get income that was figured beyond the third or fourth *UNKAL* place . STOP 
The *UNK-* price of $ 1 a share came about by accident . STOP 
An early fund had filed a registration with the Securities and Exchange Commission that included a fixed $ 1 price . STOP 
It arrived just as the regulator handling such operations was retiring . STOP 
His successor approved the $ 1 price in the process of clearing the *UNK-* papers on his desk . STOP 
When Dreyfus started the first *UNKED* retail fund in February 1974 , it was priced at $ 10 a share -LRB- and reached $ 1 billion in assets in one year . -RRB- STOP 
Dreyfus moved to the $ 1 price after the SEC set standards -- an average *UNK-* maturity of *UNK-* paper -- that are still the rule . STOP 
*CUNKING* the listed price at a dollar is primarily a *UNK* . STOP 
*CUNKLY* , the funds do *UNK* , but beyond the third *UNKAL* place . STOP 
*CUNK-* keeps them at $ 1 . STOP 
Eventually , the money funds ' success forced *UNKION* of *UNKS* on bank interest rates to allow banks to offer competing yields . STOP 
The new instrument also introduced many to the industry -- 30 % of fund owners -LRB- there are more than 54 million accounts -RRB- started with a money fund . STOP 
Today more than *UNKN* money market funds have total assets exceeding $ 350 billion . STOP 
-LRB- The *UNKION* tax-exempt funds add $ 71 billion . -RRB- STOP 
Dreyfus alone has seen its money market funds grow from $ 1 billion in 1975 to *UNKS* to $ 15 billion today . STOP 
Procter & Gamble Co. and *CUNK* Corp. said they received early *UNKION* of the waiting period under the *CUNK-* Act regarding the proposed $ 1.4 billion merger of *CUNK* into P&G . STOP 
Shareholders of *CUNK* , of Hunt Valley , Md. , will vote on the merger at a special meeting on Nov. 30 , the companies said . STOP 
P&G , Cincinnati , agreed to exchange *UNKN* share of its common stock for each share of *CUNK* common and Class B stock , a total of about 11 million P&G shares . STOP 
The transaction would mark the entry of P&G into cosmetics . STOP 
The company already markets a wide range of *UNKS* , food , household and health-care products . STOP 
Shareholders of *CUNK-* *CUNK* . H. postponed their formal *UNK* of a merger with Daimler-Benz AG until another meeting on Nov. 17 . STOP 
The owners of the defense and aerospace concern , which include three regional states , several industrial companies and banks , met Friday to discuss the final terms of the transaction , in which Daimler-Benz will acquire *UNKN* % of STOP 
But agreement *UNKLY* could n't be reached because of opposition from the states of *CUNK* and *CUNK* , which are demanding more influence over the German *CUNKS* operations and a better guarantee against job losses in the troubled Northern German region . STOP 
The two states and the state of *CUNK* still hold a majority in *CUNK* , but their stake will fall to around 30 % after Daimler-Benz *UNKS* its stake in the concern . STOP 
Jeffrey E. *CUNK* was named vice president and chief economist of this commodity futures and options exchange . STOP 
He had been associate professor in the department of finance at *CUNK* Hall University . STOP 
*CUNK* *CUNK* Cos. said it completed its initial public offering of 2.5 million common shares , which raised $ 30 million . STOP 
The Tucson , Ariz. , operator of *UNK-* centers said proceeds will be used for expansion , to pay debt and for general corporate purposes . STOP 
Oppenheimer & Co. was the lead underwriter . STOP 
The government issues its first reading on third-quarter real gross national product this week in a report that is expected to disclose much *UNKER* inflation . STOP 
The consensus view on real GNP , the total value of the nation 's output of goods and services adjusted for inflation , calls for a 2.3 % gain , down from the second quarter 's 2.5 % , according to *CUNK* International , a unit of *CUNK-* Inc. , New York . STOP 
But inflation , as measured by the GNP *UNK* in Thursday 's report , is expected to rise only 3.5 % , down from 4.6 % in the second quarter . STOP 
`` *CUNKION* could be a real surprise , '' said Samuel D. *CUNK* , chief financial economist at Kleinwort Benson Government Securities Inc. , in Chicago . STOP 
`` If that gets people *UNKED* , it could serve as an *UNKS* to the fixed-income markets to lower their rates , '' he added . STOP 
The week 's other *UNK* indicators include mid-October auto sales , September durable goods orders as well as September personal income , personal consumption and the saving rate . STOP 
Most are expected to fall below *UNK-* levels . STOP 
Many economists see even slower GNP growth for the remainder of the year , with some *UNKING* more strongly toward a possible recession . STOP 
In addition to softer production data , weaker housing starts and lower corporate profits currently in evidence , some analysts believe the two recent natural disasters -- Hurricane Hugo and the San Francisco earthquake -- will carry economic *UNKS* in the fourth quarter . STOP 
The recent *UNK-* , 190-point drop in the Dow Jones Industrial Average seems to be significant to economists mainly for its *UNK* comment on the poor quality of third-quarter profits now being reported . STOP 
`` The stock market is sick because profits are *UNKING* , '' says Michael K. Evans , president of Evans *CUNKS* Inc. , Washington . STOP 
The economy , he noted , moves the market , not vice *UNK* . STOP 
On the other hand , Mr. Evans expects the hurricane and the earthquake `` to take a *UNK* out of fourth-quarter GNP . '' STOP 
His estimate of 3.3 % for third-quarter GNP is higher than the consensus largely because he believes current inventories are n't as low as official figures indicate . STOP 
Demand , he believes , is being met from *UNK* rather than new production . STOP 
By and large , economists believe the two natural *UNKS* will limit economic damage to their regions . STOP 
Edward J. *CUNK* , economist at Brown Brothers *CUNK* & Co. , New York , noted that large increases in construction activity along with government and private relief efforts could offset loss of production in those areas . STOP 
Gary *CUNK* , economist at *CUNK* Financial Group , *CUNK* , *CUNK* , expects the *UNK* to rise 3.7 % , well below the second quarter 's 4.6 % , partly because of what he believes will be temporarily better price behavior . STOP 
He expects real GNP growth of only 2.1 % for the quarter , noting a wider trade deficit , slower capital and government spending and the lower inventory figures . STOP 
*CUNK* *CUNK* *CUNK* , chief economist at *CUNKEST* Corp. , Minneapolis , holds that the recent stock-market volatility `` increases the possibility of economic recession and *UNKS* the bad news '' from recent trade deficit , employment and housing reports . STOP 
The consensus calls for a 0.5 % increase in September personal income and a 0.3 % gain in consumption . STOP 
In August , personal income rose 0.4 % and personal consumption increased 0.9 % . STOP 
Charles *CUNK* , managing director of financial markets *UNK* at Manufacturers Hanover Securities Corp. , New York , said *CUNK* Hugo *UNKED* 0.1 % to 0.2 % from *UNK-* growth , because of greatly diminished rental income from tourism . STOP 
*CUNK* goods orders for September , due out tomorrow , are expected to show a slip of 1 % , compared with August 's 3.9 % increase . STOP 
As usual , estimates on the *UNK* report are wide , running from a drop of 3.5 % to a gain of 1.6 % . STOP 
*CUNK* *CUNK* Co. declared a regular quarterly dividend of 10 cents a share and an extra dividend of five cents a share on its common stock , payable Dec. 15 to shares of record Nov. 17 . STOP 
This is the *UNK* consecutive quarter in which the company has paid shareholders an extra dividend of five cents . STOP 
The Hastings , Mich. , concern makes *UNK* *UNKS* , *UNKS* and fuel *UNKS* . STOP 
*CUNKS* PLC , a United Kingdom defense and engineering company , said an investment unit controlled by New Zealand financier Ron *CUNK* raised its stake in the company Friday to *UNKN* % from about *UNKN* % Thursday and from *UNKN* % the previous week . STOP 
*CUNK* Securities Ltd. , a unit of Mr. *CUNK* 's Hong *CUNKED* Industrial Equity -LRB- Pacific -RRB- Ltd. , boosted its holdings in *CUNKS* to *UNKN* million shares . STOP 
The latest purchase follows small increases in his holdings made over the past five months . STOP 
In May , Mr. *CUNK* 's stake *UNK* to *UNKN* % after ranging between 9 % and 11 % for much of the previous year . STOP 
`` Ron *CUNK* clearly views our company as a good investment , '' a *CUNKS* spokesman said . STOP 
The spokesman refused to comment on speculation that Industrial Equity might use its interest as a platform to launch a hostile bid for the company . STOP 
*CUNKS* makes tanks for the U.K. army , *CUNKS* *CUNK* cars , and has *UNK* and medical businesses . STOP 
When *CUNK* Andersson set out to revive *UNKING* Swedish conglomerate Trelleborg AB in the early 1980s , he *UNKED* the advice of *UNK* management consultants . STOP 
`` All these consultants kept coming around telling us we should concentrate on high technology , electronics or biotechnology , and get out of mature basic industries , '' Mr. Andersson recalls . STOP 
Yet under its *UNK-* president , Trelleborg moved aggressively into those *UNUNK* base industries -- first strengthening its existing *UNKER* and plastics division , later adding mining as well as building and construction materials . STOP 
It was a *UNK* move for a *UNK-* executive , fired after only two months as president of his previous company . STOP 
But going against the grain has never *UNKED* Mr. Andersson . STOP 
*CUNKING* his *UNK* white *UNK* during a recent interview , the *UNK* *CUNK* *UNKS* : `` It turned out to be lucky for us . STOP 
If the whole market thinks what you 're doing is crazy you do n't have much competition . '' STOP 
Mr. Andersson is anxious to strengthen Trelleborg 's balance sheet . STOP 
*CUNKLY* , he did n't waste much time getting started . STOP 
On Tuesday , Trelleborg 's directors announced plans to spin off two big divisions -- *UNKS* processing , and building and distribution -- as separately quoted companies on Stockholm 's Stock Exchange . STOP 
At current market prices , the *UNK* public offerings to be completed next year would add an estimated 2.5 billion Swedish kronor -LRB- $ *UNKN* million -RRB- to Trelleborg 's *UNKS* , analysts say . STOP 
The board had also been expected to approve a *CUNK* billion international offering of new Trelleborg shares . STOP 
But that share issue -- intended to make Trelleborg better known among international investors -- was postponed until market conditions stabilize , people familiar with the situation say . STOP 
Trelleborg 's *UNKLY* traded `` *CUNK* '' series stock plunged *CUNK* -LRB- $ *UNKN* -RRB- to *CUNK* -LRB- $ *UNKN* -RRB- in volatile trading Monday in Stockholm . STOP 
Tuesday , the shares *UNKED* *CUNK* , closing at *CUNK* . STOP 
Mr. Andersson says he is confident that taking parts of the company public will help *UNK* the `` conglomerate *UNK* '' that has held down Trelleborg 's share price . STOP 
Trelleborg plans to remain the dominant shareholder with stakes of slightly less than 50 % of both units . STOP 
The spinoff should solve a problem for the parent . STOP 
A family foundation set up by late founder Henry *CUNKER* controls 59 % of Trelleborg 's voting shares outstanding . STOP 
But the foundation *UNKS* require the entire Trelleborg stake to be sold in the open market if control drops below 50 % . STOP 
That possibility had *UNK* closer as repeated new share offerings to finance Trelleborg 's rapid growth steadily diluted the foundation 's holding . STOP 
That growth is the result of Mr. Andersson 's shopping spree , during which he has bought and sold more than 100 companies during the past five years . STOP 
Most of the new *UNKS* were barely profitable , if not *UNK* loss makers . STOP 
*CUNKING* *UNKS* gained during earlier *UNKS* at *UNK* maker AB *CUNK* , Mr. Andersson and a handful of loyal *UNKS* aggressively stripped away dead wood -- and got quick results . STOP 
The treatment turned Trelleborg into one of *CUNK* 's biggest and *UNKING* industrial concerns . STOP 
*CUNK* 1985 and 1988 , sales *UNKED* more than 10 times and pretax profit surged almost *UNK* . STOP 
Many analysts expect Mr. Andersson , who owns 1.7 % of the company , to be named Trelleborg 's new chairman when *CUNK* *CUNK* steps down next year . STOP 
But the promotion is n't likely to alter a management style Mr. Andersson describes as `` being the driving force leading the troops , not managing by sitting back with a *UNK* waiting for people to bring me ideas . '' STOP 
Last month , in his *UNKEST* move yet , Mr. Andersson and Trelleborg joined forces with Canada 's *CUNK* Inc. in a joint $ 2 billion hostile takeover of another big Canadian mining concern , *CUNK* Ltd . STOP 
Industry analysts suggest that the *UNKEST* of *CUNK* could *UNK* Trelleborg from a regional *CUNK* success story to a *UNKS* mining concern . STOP 
`` Trelleborg is n't in the same league yet as mining giants such as *CUNK* Corp. or *CUNK-* Corp. , '' says Mike *CUNK* , a mining analyst at James Capel & Co. , London . STOP 
`` But we certainly like what we 've seen so far . '' STOP 
But Trelleborg still must clear some tough *UNKS* . STOP 
Mr. Andersson acknowledges that the company 's mining division `` will be busy for a while *UNKING* its recent expansion . '' STOP 
*CUNKING* metals prices have fueled Trelleborg 's recent profit surge , raising mining 's share of pretax profit to 68 % this year from a big loss two years earlier . STOP 
But analysts caution an expected fall in metal prices next year could slow profit growth . STOP 
*CUNKING* is likely to remain Trelleborg 's main business . STOP 
Analysts say its chances of success will likely *UNK* on how well Trelleborg manages to cooperate with *CUNK* in the *CUNK* venture . STOP 
*CUNK* and Trelleborg each came close to winning *CUNK* alone before the successful joint bid . STOP 
Some analysts say *CUNK* would prefer to break up *CUNK* , and that the *CUNKS* -- relatively *UNKED* in international mining operations -- could have problems holding their own with a much bigger partner like *CUNK* operating on its home *UNK* . STOP 
Mr. Andersson insists that Trelleborg and *CUNK* have n't discussed a *CUNK* *UNK-* . STOP 
*CUNK* , he says , will continue operating in its current form . STOP 
`` We 'd be reluctant to accept *UNKN* ownership in a manufacturing company . STOP 
But such partnerships are common in mining , where there are n't problems or conflict of interest or risk of *UNKING* by a partner , '' Trelleborg 's president says . STOP 
Perhaps more important , both companies share Mr. Andersson 's belief in the coming *UNK* of base industries . STOP 
`` If the 1980s were a decade of consumption , the *UNKS* will be the investment decade , '' Mr. Andersson says . STOP 
`` The whole of Europe and the industrialized world is suffering from a breakdown in infrastructure investment , '' he says . STOP 
`` That 's beginning to change . STOP 
And investment is the key word for base metals , and most other businesses Trelleborg is in . STOP 
Apple Computer Inc. posted improved fiscal fourth-quarter profit due largely to a $ 48 million gain on the sale of its stock in *CUNK* Systems Inc . STOP 
Excluding the gain , the company registered a modest 4.6 % increase for the quarter ended Sept. 29 to $ *UNKN* million , or 87 cents a share , from the year-earlier $ *UNKN* million , or 84 cents a share . STOP 
Proceeds of the *CUNK* sale brought net income in the quarter to $ *UNKN* million , or $ *UNKN* a share . STOP 
Apple shares fell 75 cents in over-the-counter trading to close at $ 48 a share . STOP 
*CUNKAL* fourth-quarter sales grew about 18 % to $ *UNKN* billion from $ *UNKN* billion a year earlier . STOP 
Without the *CUNK* gain , Apple 's full-year operating profit edged up 1.5 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
*CUNKING* the *CUNK* gain , full-year net was $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales for the year rose nearly 30 % to $ *UNKN* billion from $ *UNKN* billion a year earlier . STOP 
John *CUNK* , chairman and chief executive officer , credited the *CUNK* *CUNK* and *CUNK* computers , introduced in the winter , for the *UNKED* sales performance . STOP 
Mr. *CUNK* also indicated that *UNKING* margins , which *UNKED* the company through most of 1989 , began to turn up in the fourth quarter as chip prices eased . STOP 
`` *CUNK* pressure on gross margins ... has *UNKED* , '' Mr. *CUNK* said . STOP 
*CUNKS* in the fiscal fourth quarter *UNKED* up , rising to 51 % from *UNKN* % a year earlier . STOP 
For all of fiscal 1989 , however , the average gross margin was 49 % , below the average 1988 gross margin of 51 % . STOP 
*CUNKER* component costs -- especially for *CUNKS* , or dynamic random access memory chips -- were cited for the easing of margin pressure on the company , a spokeswoman said . STOP 
Looking ahead to 1990 , Mr. *CUNK* predicted `` another year of significant revenue growth , '' along with improved profitability , as the recovery in gross margins continues into 1990 . STOP 
Gary J. *CUNK* , 44 years old , was named president and chief operating officer . STOP 
*CUNK* makes *UNK-* materials that it describes as `` plastic wood . '' STOP 
The operating chief 's post is new . STOP 
Martin *CUNKER* , 51 , who had been president , was named vice chairman . STOP 
He remains chief executive officer . STOP 
Mr. *CUNK* was vice president and chief operating officer of the *CUNK* division of *CUNK* Technology Corp . STOP 
Separately , the board expanded to six members with the election of David L. *CUNK* , a consultant . STOP 
The company also said it privately placed stock and warrants in exchange for $ *UNKN* . STOP 
Terry L. *CUNKS* , formerly general manager of Canadian operations , was elected to the new position of vice president , North American sales , of this plastics concern . STOP 
Also , Larry A. *CUNK* , executive vice president , North American operations , was named head of the company 's international automotive operations , another new position . STOP 
He remains an executive vice president , the company said , and his new position reflects `` the growing importance of the world automotive market as a market for A. *CUNK* 's high performance plastic materials . '' STOP 
*CUNK* *CUNKER* will succeed Mr. *CUNKS* as manager of Canadian operations , and Mr. *CUNK* 's former position is n't being filled at this time , the company said . STOP 
General Electric Co. said it signed a contract with the developers of the Ocean State Power project for the second phase of an independent $ 400 million power plant , which is being built in *CUNK* , *CUNK* . STOP 
GE , along with a division of *CUNK* , a subsidiary of *CUNK* Corp. , have been building the first *UNK-* phase of the project , which they expect to complete in late 1990 . STOP 
The second portion will be completed the following year . STOP 
GE 's Power *CUNKION* subsidiary will operate and maintain the plant upon its completion . STOP 
The Environmental Protection Agency is getting a lot out of the Superfund program . STOP 
Of the $ 4.4 billion spent so far on the program , 60 % is going for administrative costs , management and research , the Office of Technology *CUNK* just reported . STOP 
Only 36 of *UNKN* priority cleanup sites have been `` *UNKED* . '' STOP 
Over the next 50 years , $ 500 billion is *UNKED* for the program . STOP 
At current *UNKS* , that means EPA will be spending $ 300 billion on itself . STOP 
It may not be *UNK* , but we know where one waste dump is . STOP 
*CUNKS* Development Co. said its Security Bureau Inc. unit purchased two security concerns in Florida that will add $ 2.1 million of annual revenue . STOP 
*CUNK* of the businesses serving Miami , Fort *CUNK* and West *CUNK* Beach , Fla. , is part of a plan by *CUNKS* to expand in the growing security industry . STOP 
Terms were n't disclosed . STOP 
*CUNK* AG said it moved its headquarters for Latin America to Mexico and the headquarters for the *CUNK* regional division to Singapore , effective *CUNK* . STOP 
The central offices for both regions were previously located in *CUNK* , *CUNK* headquarters . STOP 
The West German chemical concern called the moves a further step in the *UNKION* of its business activities . STOP 
Both regions are the *UNKING* areas for *CUNK* , the company said . STOP 
David H. *CUNK* , 53 years old , was named president and chief operating officer of *CUNK* 's *UNK-* *CUNKS* Drug Stores Inc. unit , based in *CUNK* , Va . STOP 
Mr. *CUNK* was senior executive vice president and chief operating officer . STOP 
*CUNK* is a tobacco , retailing , restaurant and financial services concern . STOP 
Lotus Development Corp. is in talks to sell its *CUNKAL* *UNK-* service to *CUNK* Inc. , the New York parent of Financial News Network , people familiar with the negotiations said . STOP 
They said the price would be around $ 10 million . STOP 
*CUNKAL* , which has an estimated 10,000 subscribers and is profitable , provides stock quotes over an *CUNK* radio band that can be received by *UNKLY* *UNKED* personal computers . STOP 
The computers will display stock prices selected by users . STOP 
Lotus , Cambridge , Mass. , has been rumored to have the sale of the *UNK-* unit under consideration for a year . STOP 
The business is n't related to Lotus 's main businesses of making computer software and publishing information on *UNK* disks . STOP 
`` *CUNK* submit your offers , '' says *CUNK* *CUNK* *CUNK* . STOP 
He surveys the prospective investors gathered in the board room of the Philippine government 's Asset *CUNKION* Trust for the sale of a 36 % interest in the country 's largest paper mill . STOP 
The agency expects the bids to be equivalent of more than $ 80 million . STOP 
Not a *UNK* is offered . STOP 
Mr. *CUNK* , the trust 's associate executive *UNK* , declares the bidding a failure . STOP 
`` It 's getting harder to sell , '' he *UNKS* as he leaves the room . STOP 
Indeed . Recently , the trust failed to auction off the paper mill , a bank , an office building and a small *UNKING* plant . STOP 
Of the four , only the bank and the plant drew bids -- one apiece . STOP 
In October 1987 , President *CUNK* *CUNK* vowed that her government would `` get out of business '' by selling all or part of the state 's holdings in the many companies taken over by the government during the 20-year rule of *CUNK* Marcos . STOP 
Two years later , Mrs. *CUNK* 's promise remains largely *UNKED* . STOP 
October is a critical month for the privatization program . STOP 
Manila is offering several major assets for the first time and is trying to conclude sales already arranged . STOP 
In addition , the government is scheduled to unveil plans for *UNKING* Philippine Airlines , the national carrier , an effort that lawyer and business columnist *CUNK* *CUNK* calls `` the bellwether of privatization . '' STOP 
All told , there are assets on the line valued at up to $ *UNKN* billion . STOP 
The privatization program is designed to rid the government of hundreds of assets and to raise *UNKLY* needed funds . STOP 
Much of the money from the sales is *UNKED* for a *UNK-* *UNK-* program . STOP 
But efforts have been *UNKED* by official *UNK* , bureaucratic resistance , a legal system that operates at a *UNK* 's pace , political opposition and government *UNKS* . STOP 
Most recently , a lack of buyers has been added to the list . STOP 
Rather than gathering momentum , the program is in danger of slowing even more as the government *UNKS* several big assets . STOP 
The *UNK* appears to be that the more valuable the asset , the harder the privatization process . STOP 
`` You just do n't see a whole lot happening , '' says an international economist . STOP 
To be sure , the program has n't completely stalled . STOP 
The Asset *CUNKION* Trust , the agency *UNKLY* responsible for selling *UNK-* properties , has recorded sales of more than $ 500 million since it began *UNKING* in December 1986 . STOP 
But its success has been largely in the sale of small , nonperforming companies , which are valued for their assets . STOP 
*CUNKING* with the sales this month could be particularly challenging because almost every problem that has *UNKED* the program in the past is *UNKING* up again . STOP 
*CUNK* Garcia , the Asset Trust 's executive *UNK* , admits to what he calls `` temporary *UNKS* . '' STOP 
In light of the poor results recently , he says , the agency is *UNKING* an `` attitude of flexibility . '' STOP 
October 's troubles began when the trust failed to sell a state-owned commercial bank , *CUNKED* Bank , for the minimum price of *UNKN* million *UNKS* -LRB- $ 31 million -RRB- . STOP 
At the end of the month , the agency again will offer the bank . STOP 
But instead of a minimum price , only a target price will be established . STOP 
Bankers say , however , that the government may have difficulty selling the institution even without a floor price . STOP 
The bank has a negative net worth , they say . STOP 
In addition , special bidding rules give the bank 's former owner , *CUNK* *CUNK* , the right to match the highest bid . STOP 
Mr. *CUNK* lost control to the government in 1980 when a government bank made emergency loans to the *UNKED* institution . STOP 
In 1983 , the loans were converted into equity , giving Manila 98 % of the bank , but with the understanding that Mr. *CUNK* had repurchase rights . STOP 
His ability to match any bid has scared off many potential buyers . STOP 
Separately , the government will try again within a month to sell the 36 % stake in Paper Industries Corp. of the Philippines , or *CUNK* , as the paper mill is known . STOP 
The price will depend on how much *CUNK* shares fetch on the local stock market . STOP 
But according to bankers and stock analysts who have studied the paper mill , price is n't the only consideration . STOP 
As it stands now , the government would continue to hold 45 % of *CUNK* after the 36 % stake is sold . STOP 
-LRB- About 7.5 % of *CUNK* is publicly traded and other shareholders own the rest of the equity . -RRB- STOP 
*CUNKAL* buyers , mostly foreign companies , are reluctant to take a *UNKING* stake in a company that , by the government 's own *UNKING* , needs some $ 100 million in new capital for *UNKION* . STOP 
The prospect of buying into a *UNK-* company without getting management control persuaded at least three foreign buyers , including a member of the *CUNKS* group of Australia , to pull out of the bidding , the bankers and analysts say . STOP 
Mr. Garcia acknowledges the problem and says the Asset Trust will study why the bidding failed and what changes the agency may be able to offer . STOP 
Under government regulations , however , foreign ownership of *CUNK* 's equity is limited to 40 % . STOP 
Even though the government would retain the 45 % stake in *CUNK* , critics have accused the trust of selling out to foreigners . STOP 
A series of newspaper articles accused the trust of *UNKING* the government over the *CUNK* sale . STOP 
Mr. Garcia says he has been notified of congressional hearings on the *CUNK* bidding and possible legislation covering the paper mill 's sale , both prompted by the criticism of the agency . STOP 
The question of control could further *UNKER* *UNKED* plans for the government to *UNKEST* itself of Philippine Airlines , in which it has a 99 % stake . STOP 
The carrier has valuable *UNK-* and Asian routes but it remains *UNK-* and poorly managed . STOP 
This maker of electronic *UNKING* devices named two new directors , increasing board membership to nine . STOP 
The new directors are *CUNK* M. *CUNKER* , president and chief executive officer of *CUNK* Inc. , and Peter S. *CUNK* , chairman and chief executive officer of *CUNK* Services Inc . STOP 
*CUNK* E. *CUNK* , 51 years old , was elected president , chief executive officer and a director of this *UNKS* and materials company . STOP 
He succeeds Harry A. *CUNK* , 65 , who is retiring from active duty but remains a director and consultant . STOP 
Mr. *CUNK* has been president and chief executive of *CUNK* Rock Resources Inc . STOP 
Eagle Financial Corp. and Webster Financial Corp. , two Connecticut savings *UNKING* companies , agreed to merge in a tax-free stock transaction . STOP 
The new holding company , *CUNK* Bancorp Inc. , will have about $ 1.2 billion of assets and 19 banking offices in Connecticut . STOP 
*CUNK* capital will be about $ 115 million . STOP 
The merger is subject to regulatory clearance and a definitive agreement . STOP 
In the merger , each share of Webster , based in *CUNK* , will be converted into one share of the new company . STOP 
Each share of Eagle , based in *CUNK* , will become *UNKN* share of *CUNK* . STOP 
In American Stock Exchange composite trading Friday , Eagle shares rose 12.5 cents to $ 11 . STOP 
In national over-the-counter trading , Webster shares fell 25 cents to $ *UNKN* . STOP 
Webster has 3.5 million shares outstanding and Eagle 2.6 million . STOP 
Their indicated market values thus are about $ *UNKN* million and $ *UNKN* million , respectively . STOP 
Frank J. *CUNK* , chairman of Eagle , will be chairman of the new firm and James C. Smith , president and chief executive officer of Webster , will take those posts at *CUNK* . STOP 
Harold W. Smith *CUNK* , chairman of Webster , will become chairman *UNKS* and a director of the new company . STOP 
Ralph T. *CUNK* , vice chairman of Eagle , will become vice chairman of *CUNK* . STOP 
The board will be made up of seven directors of each holding company . STOP 
In an interview , James Smith said the banks ' `` markets are *OUS* and their business *UNKS* are similar and conservative . '' STOP 
*CUNKING* loans will make up only about 0.5 % of the combined banks ' total loans outstanding , he said . STOP 
At June 30 , Webster , which owns First Federal Savings & Loan Association of *CUNK* , had assets of $ *UNKN* million . STOP 
Eagle , which controls *CUNK* Federal Savings Bank and First Federal Savings & Loan Association of *CUNK* , had assets of $ *UNKN* million on that date . STOP 
*CUNK* *CUNK* 's Sept. 15 *CUNKS* column , `` Mexico 's *CUNK* *CUNK* by the *CUNKION* *CUNK* , '' is a *UNKLY* clear statement of his government 's commitment to privatization , and must be *UNKED* as such by all Americans who wish his country well . STOP 
The *CUNKED* States Institute is *UNK* to see such a high official as Mexico 's *UNUNK* of finance view his country 's reforms `` in the context of a larger , world-wide process '' of *UNK* change toward free-market economics , especially in the *UNK* countries . STOP 
Having said that , we must caution against an apparent *UNK* to *UNK* the case . STOP 
It is not quite true , for example , that the Mexican government has `` *UNKED* '' *CUNK* de *CUNKION* , as Mr. *CUNK* claims . STOP 
In the same sentence he *UNKS* himself when he reports that the government still retains 40 % of the total equity of the airline . STOP 
How can a company be considered `` *UNKED* '' if the state is so heavily represented in it ? STOP 
-LRB- *CUNK* , the Mexican government has granted `` control '' over the airline to a new private consortium , but its *UNK* to take back what it gives is too well known to permit one to be *UNK* . -RRB- STOP 
*CUNKLY* , too , Mr. *CUNK* resorts to the familiar `` numbers game '' when he boasts that `` fewer than *UNKN* -LCB- state enterprises -RCB- currently remain in the public sector , '' down from the `` *UNKN* public entities that *UNKED* in 1982 . STOP 
'' But the enterprises still in state hands include the biggest and most *UNKLY* powerful ones in Mexico ; indeed , they virtually constitute the economic infrastructure . STOP 
I *UNKER* essentially to petroleum , electric power , banking and newsprint . STOP 
Those enterprises , however , are not going to be *UNKED* . STOP 
They are officially considered `` strategic , '' and their privatization is prohibited by the Mexican Constitution . STOP 
In language that *UNKS* the issue , Mr. *CUNK* writes , `` The *UNK* of *UNK* and *UNK* public enterprises is an essential element of President Carlos *CUNKS* 's plan to modernize Mexico 's economy ... . '' STOP 
Yet clearly , *UNKION* must *UNK* its key industries before it can be said to have caught the `` privatization *UNK* . '' STOP 
The bottom line , however , is not economic but political reform . STOP 
A long *UNKION* of Mexican presidents *UNKLY* *UNKED* whatever industry they took a fancy to , without having to answer to the public . STOP 
To guarantee that *CUNK* de *CUNKION* and other companies will really be *UNKED* , Mexico needs a *UNK-* political system that will ensure democracy and *UNK* *UNK* . STOP 
Daniel James President *CUNKED* States Institute STOP 
The board of this *CUNK* , Puerto Rico concern voted to *UNK* payment of its quarterly of 11 cents a share for the third quarter . STOP 
The *UNKEST* thrift institution in Puerto Rico also said it expects a return to profitability in the third quarter when it reports operating results this week . STOP 
*CUNK* Federal said the dividend was suspended in anticipation of more *UNK* capital requirements under the Financial Institutions Reform , *CUNK* , and *CUNK* Act of 1989 . STOP 
A labor-management group is preparing a revised buy-out bid for United Airlines parent UAL Corp. that would transfer majority ownership to employees while leaving some stock in public hands , according to people familiar with the group . STOP 
The group has been discussing a proposal valued in a range of $ 225 to $ 240 a share , or $ *UNKN* billion to $ *UNKN* billion . STOP 
But to avoid the risk of rejection , the group does n't plan to submit the plan formally at a UAL board meeting today . STOP 
Instead , the group is raising the proposal *UNKLY* to try to test the board 's reaction . STOP 
People familiar with the company say the board is n't likely to give quick approval to any offer substantially below the $ 300-a-share , $ 6.79 billion buy-out bid that collapsed last week after banks would n't raise needed loans and after a key partner , British Airways PLC , dropped out . STOP 
In composite trading Friday on the New York Stock Exchange , UAL closed at $ *UNKN* a share , down $ *UNKN* . STOP 
But the pilots union , which has been pushing for a takeover since 1987 , appears to be pressing ahead with the revised bid to avoid further loss of momentum even though it has n't found a partner to replace British Air . STOP 
Although the bidding group has n't had time to develop its latest idea fully or to discuss it with banks , it believes bank financing could be obtained . STOP 
After the collapse of the last effort , the group does n't plan to make any formal proposal without *UNKING* commitments from banks covering the entire amount to be borrowed . STOP 
Under the type of transaction being discussed , the *UNK-* group would borrow several billion dollars from banks that could then be used to finance a cash payment to current holders . STOP 
Those current holders would also receive minority interests in the new company . STOP 
For example , the group could offer $ 200 a share in cash plus stock valued at $ 30 a share . STOP 
UAL currently has *UNKN* million shares , fully diluted . STOP 
The new structure would be similar to a recapitalization in which holders get a special dividend yet retain a controlling ownership interest . STOP 
The difference is that current holders would n't retain majority ownership or control . STOP 
The failed takeover would have given UAL employees 75 % voting control of the nation 's second-largest airline , with management getting 10 % control and British Air 15 % . STOP 
It was n't clear how the ownership would *UNK* up under the new plan , but employees would keep more than 50 % . STOP 
Management 's total could be reduced , and the public could get more than the 15 % control that had been *UNKED* for British Air . STOP 
One option the board is likely to consider today is some sort of *UNK-* period . STOP 
Although the pilots are expected to continue to pursue the bid , UAL Chairman Stephen Wolf may be asked to withdraw from the buy-out effort , at least temporarily , and to return to running the company full time . STOP 
The board could eventually come under some pressure to sell the company because its members can be ousted by a majority shareholder vote , particularly since one-third of UAL stock is held by takeover stock speculators who favor a sale . STOP 
The labor-management buy-out group plans to keep its offer on the table in an apparent attempt to maintain its bargaining position with the board . STOP 
However , the only *UNKER* who has emerged to lead such a shareholder vote , Los Angeles investor Marvin Davis , who triggered the buy-out with a $ 5.4 billion bid in early August , is *UNKING* back -- apparently to avoid being blamed for contributing to the deal 's collapse . STOP 
Three top advisers to Mr. Davis visited New York late last week , at least in part to *UNKER* with executives at Citicorp . STOP 
Mr. Davis had paid $ 6 million for Citicorp 's backing of his last bid . STOP 
But Citicorp has lost some credibility because it also led the unsuccessful effort to gain bank loans for the labor-management group . STOP 
On Friday , British Air issued a statement saying it `` does not intend to participate in any new deal for the acquisition of UAL in the *UNK* future . '' STOP 
However , several people said that British Air might yet *UNK* the bidding group and that the carrier made the statement to answer questions from British regulators about how it plans to use proceeds of a securities offering previously *UNKED* for the UAL buy-out . STOP 
Also late last week , UAL flight attendants agreed to participate with the pilots in *UNKING* a revised offer . STOP 
But the machinists union , whose opposition helped scuttle the first buy-out bid , is likely to favor a recapitalization with a friendly *UNK-* investor . STOP 
One advantage the buy-out group intends to press with the board is that pilots have agreed to make $ 200 million in annual cost concessions to help finance a bid . STOP 
*CUNKION* has also *UNK* that the UAL executive most closely identified with the failure to gain bank financing , chief financial officer John *CUNK* , may come under pressure to resign . STOP 
However , people familiar with the buy-out group said Mr. *CUNK* 's departure would weaken the airline 's management at a critical time . STOP 
Despite the buy-out group 's failure to obtain financing , UAL remains *UNKED* to pay $ *UNKN* million in investment banking and legal fees to the group 's advisers , *CUNK* *CUNKS* & Co. , Salomon Brothers Inc. , and Paul *CUNKS* *CUNK* *CUNK* & *CUNK* . STOP 
Whittle Communications Limited Partnership , *CUNK* , Tenn. , will launch its first media property targeting Hispanic women . STOP 
`` La *CUNK* de *CUNK* , '' or `` Today 's Family , '' will debut this spring and will combine a national *UNKLY* magazine and TV programming . STOP 
The television element of `` La *CUNK* '' includes a series of *UNK-* *UNKAL* features to air seven days a week on the *CUNK-* *CUNKION* network , a unit of *CUNKION* Holdings Inc. , which is *UNKED* by *CUNK* *CUNKS* Inc . STOP 
The features will focus on `` *UNKING* , family health and *UNKION* , and financial management , '' and will carry 30 seconds of advertising . STOP 
The magazines , also *UNKED* , will be distributed in more than 10,000 doctors ' offices , *UNKS* , and health centers in Hispanic and largely Hispanic communities . STOP 
*CUNK* *CUNK* Corp. said it completed a $ 300 million sale of 10-year notes , the final step in the 1984 buy-out of the company from National Steel Corp . STOP 
The 10 7\/8 % notes were priced at *UNKN* % to yield *UNKN* % in an offering managed by Bear , Stearns & Co. , Shearson Lehman Hutton Inc. and *CUNK* *CUNKS* & Co. , the company said . STOP 
*CUNK* , of *CUNK* , W. Va. , said $ *UNKN* million of the proceeds were used to *UNK* the remaining amounts on the note outstanding to National *CUNK* Inc. , the parent of National Steel . STOP 
*CUNKING* proceeds were used to pay other debt and to finance the company 's capital spending program . STOP 
*CUNK* Group PLC of Britain , which holds a *UNKN* % stake in Profit Systems Inc. , said it is considering courses of action that could result in its having `` active control '' of the company . STOP 
In a filing with the Securities and Exchange Commission , *CUNK* Group said a possible course of action may include acquiring some or all of the Profit Systems shares it does n't already own . STOP 
It noted , however , that it has n't determined any specific terms of a possible transaction . STOP 
*CUNK* Group and affiliates currently control *UNKN* Profit Systems common shares , or *UNKN* % , the filing said . STOP 
Profit Systems , Valley *CUNK* , N.Y. , is an air freight *UNKING* concern . STOP 
U.S. official reserve assets rose $ *UNKN* billion in September , to $ *UNKN* billion , the Treasury Department said . STOP 
The gain compared with a $ 1.10 billion decline in reserve assets in August to $ *UNKN* billion , the department said . STOP 
U.S. reserve assets *UNK* of foreign currencies , gold , special drawing rights at the International Monetary Fund and the U.S. reserve position -- its ability to draw foreign currencies -- at the IMF . STOP 
The nation 's holdings of foreign currencies increased $ *UNKN* billion in September to $ *UNKN* billion , while its gold reserves were virtually unchanged at $ *UNKN* billion . STOP 
U.S. holdings of IMF special drawing rights last month rose $ *UNKN* million , to $ *UNKN* billion , and its reserve position at the IMF increased $ *UNKN* million , to $ *UNKN* billion . STOP 
*CUNK* of America Inc. plans to sell its Consolidated *CUNK* Corp. subsidiary as part of its strategy to focus more on aluminum packaging in the U.S. . STOP 
*CUNK* , of New York , declined to say how much it expects to get for the unit ; the company has hired First Boston Corp. to help identify bidders . STOP 
*CUNK* is a subsidiary of Swiss *CUNK* Ltd. , a Zurich , Switzerland , producer of aluminum , chemicals and packaging products . STOP 
Consolidated , which had 1988 revenue of $ 400 million , makes aluminum sheet and *UNK* products at its *CUNKAL* , Ohio , and Jackson , Tenn. , rolling mills and *UNKS* aluminum at a plant in *CUNKS* *CUNK* , *CUNK* . STOP 
Manhattan National Corp. said Michael A. *CUNK* , president and chief executive officer , was elected chief executive of the holding company 's two principal insurance subsidiaries . STOP 
He succeeds Paul P. *CUNK* Jr. , who resigned to pursue other business interests , the company said . STOP 
Mr. *CUNK* , 42 years old , was elected chairman , president and chief executive of Manhattan Life Insurance Co. and president and chief executive of Manhattan National Life Insurance Co . STOP 
Harry *CUNK* , 69 , chairman of the holding company , also remains chairman of Manhattan National Life Insurance Co . STOP 
Mr. *CUNK* was executive vice president and chief investment officer of Union Central Life Insurance Co. , of Cincinnati , in 1987 , when Union Central bought a 54 % interest in Manhattan National Corp . STOP 
He resigned as an officer of Central Life to accept the Manhattan National presidency . STOP 
Daniel J. *CUNK* , a director of First Illinois Corp. , said that in August he reduced his stake in First Illinois to *UNKN* % of the common shares outstanding . STOP 
In a filing with the Securities and Exchange Commission , Mr. *CUNK* said he sold *UNKN* First Illinois common shares from Aug. 9 to Aug. 28 for $ *UNKN* to $ *UNKN* a share . STOP 
As a result of the sales he holds *UNKN* shares . STOP 
Mr. *CUNK* said in the filing that he sold the stock to decrease his position in the *CUNK* , Ill. , banking concern . STOP 
He may sell more shares in the open market or in private transactions , but would n't rule out changing his intentions and buying shares , the filing said . STOP 
*CUNKED* Life Systems Inc. , Minneapolis , said a federal appeals court *UNKED* an earlier *UNK* judgment in its favor . STOP 
A lower court in St. Paul had ruled in September 1988 that a heart *UNKER* *CUNKED* *UNKS* does n't *UNK* on a patent owned by Advanced *CUNK* Systems , a unit of Eli Lilly & Co . STOP 
*CUNKED* said the appeals court *UNKED* the case back to the district court for further proceedings . STOP 
In national over-the-counter trading Friday , *CUNKED* shares tumbled $ 2.75 to $ 43 . STOP 
*CUNKED* said it `` remains committed '' both to the `` vigorous defense '' of its position that the *UNKER* does n't *UNK* the Lilly unit 's patent , and to the pursuit of its own *UNKS* , which *UNK* Lilly engaged in antitrust violations and other *UNK* acts . STOP 
A *CUNK* *CUNK* *CUNK* UAL is being prepared by a labor-management group , sources said . STOP 
The new proposal , which would transfer majority ownership of United Air 's parent to employees and leave some stock in public hands , would be valued at $ 225 to $ 240 a share , or as much as $ *UNKN* billion . STOP 
But UAL 's board is n't expected to give quick approval to any offer substantially below the $ 300-a-share bid that collapsed recently . STOP 
Takeover stock speculators have incurred paper losses of over $ 700 million from the failed UAL offer , their worst loss ever on a single deal . STOP 
Ford and Saab ended talks about a possible alliance after Ford concluded that the cost to modernize Saab 's car operations would *UNK* the likely return . STOP 
The collapse Friday prompted speculation that Ford would *UNK* its pursuit of Jaguar , which is negotiating a defensive alliance with GM . STOP 
Stock prices edged up in quiet trading Friday . STOP 
The Dow Jones industrials rose *UNKN* , to *UNKN* , making the gain for the week a record *UNKN* points , or 4.7 % . STOP 
Most bond prices fell , but junk bonds and the dollar rose . STOP 
New York City bonds were sold off by many investors last week amid political and economic uncertainty . STOP 
More banks are being hurt by Arizona 's *UNKING* real-estate slump . STOP 
First Interstate Bancorp of Los Angeles said Friday it expects a $ 16 million quarterly loss , citing *UNK-* losses at its Arizona unit . STOP 
OPEC 's ability to produce more oil than it can sell is starting to cast a shadow over world oil markets . STOP 
OPEC officials worry that prices could collapse a few months from now if the group does n't adopt new quotas . STOP 
Saatchi & Saatchi has attracted offers for some of its advertising units but has rejected them , sources said . STOP 
The proposals , from *UNKS* including Interpublic Group , come as the London-based ad giant *UNKS* through its most difficult period ever . STOP 
Qintex Australia suffered another setback Friday when its Los Angeles-based affiliate filed for Chapter 11 protection . STOP 
Qintex 's $ 1.5 billion pact to buy MGM\/UA collapsed recently . STOP 
Kodak entered the high-definition television market by *UNKING* a device that can convert conventional film into high-definition video . STOP 
A handful of small U.S. firms are *UNKING* to *UNK* the *CUNK-* market to Japanese manufacturers . STOP 
*CUNK* rates are *UNKING* out and starting to rebound . STOP 
*CUNKING* , shipping and *UNK-* firms are all planning rate increases , reflecting higher costs and *UNKED* demand . STOP 
Texaco has purchased an *UNKING* company in Texas for $ *UNKN* million . STOP 
It is Texaco 's first major acquisition since the legal battle with Pennzoil began over four years ago . STOP 
Winnebago posted a widened quarterly loss and slashed its dividend in half , reflecting the *UNKING* slowdown in *UNKAL* vehicle sales . STOP 
Markets -- STOP 
Stocks : STOP 
Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , up *UNKN* ; transportation *UNKN* , off *UNKN* ; utilities *UNKN* , up *UNKN* . STOP 
Bonds : STOP 
Shearson Lehman Hutton Treasury index *UNKN* , off STOP 
Commodities : STOP 
Dow Jones futures index *UNKN* , off *UNKN* ; spot index *UNKN* , up *UNKN* . STOP 
Dollar : STOP 
*UNKN* yen , up *UNKN* ; *UNKN* marks , up *UNKN* . STOP 
*CUNK* Corp. , a *UNKING* direct marketer of computer supplies and *UNKS* , said directors suspended payment of its *UNKAL* dividend as too great a drain on funds . STOP 
The company paid five cents a share in April . STOP 
The directors ' action , taken Oct. 10 but announced Friday , had little or no effect on the company 's stock , which *UNKED* at $ *UNKN* in light over-the-counter trading . STOP 
*CUNK* recently disclosed a $ *UNKN* million *UNK-* related to a corporate restructuring that resulted in the company 's posting a $ 6.4 million net loss for the year ended July 29 , compared with year-earlier profit of $ 9.7 million , or $ 1.02 a share . STOP 
Sales rose 12 % to $ *UNKN* million from $ *UNKN* million . STOP 
`` The board felt that the continued payment of our *UNKAL* dividend was *UNK* with recent operating results , '' said Kenneth A. *CUNKED* , president and chief executive officer . STOP 
`` All our efforts are now focused on improving earnings to the point where we can fund additional *UNK-* development , continue to invest in the business and *UNK* the dividend , '' he added . STOP 
The company offers more than *UNKN* parts and supplies directly to *UNKER* and *UNKER* users through catalog sales . STOP 
The Food and Drug Administration said American Home Products Corp. agreed to recall certain *UNK* drugs that were produced by its Quantum *CUNKS* unit in *CUNK* , N.Y . STOP 
Quantum stopped shipping the drugs last month , following a federal investigation regarding information the company supplied to obtain three drug approvals . STOP 
The FDA requested the recall of Quantum 's *UNK* *UNKS* , *UNK* *UNK* *UNKS* and *UNK* *UNK* *UNKS* because , it said , the size of the production runs submitted for testing to gain FDA approval was in each case *UNKED* as much larger than it actually was . STOP 
American Home Products , based in New York , agreed to recall four other products , *UNK* , *UNK* , *UNK* and *UNK* , because of concerns about data submitted in their original approval applications before the FDA . STOP 
No safety problems with the products are known , the FDA said . STOP 
An FDA *UNK* said the drugs are still available under other brand names . STOP 
Last month , American Home Products said it was *UNKING* production and distribution of all 21 of Quantum 's *UNK* drug products pending the completion of an *UNK* internal audit . STOP 
It also temporarily closed Quantum , because of the internal investigation , as well as the FDA 's ongoing inquiry . STOP 
In New York Stock Exchange composite trading , American Home Products rose 75 cents to $ 105 on Friday . STOP 
*CUNK* *CUNKAL* Co. said third-quarter net income fell 54 % , to $ 73 million , or 91 cents a share , from $ 160 million a year earlier . STOP 
*CUNKER* per-share results are n't *UNK* because the company went public in January . STOP 
Revenue rose 7.7 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The petrochemical maker said the biggest reason earnings declined was a loss of production time and the increased costs associated with a temporary maintenance closing and expansion of an *UNKS* plant . STOP 
Like other *UNKS* , *CUNK* 's margins for chemicals and gasoline were *UNKER* . STOP 
While the company said chemical margins continued to *UNK* this quarter , costs will be lower because the maintenance and *UNKS* are complete . STOP 
In New York Stock Exchange composite trading Friday , *CUNK* was unchanged at $ *UNKN* a share . STOP 
Four former *CUNKS* Corp. officials were *UNKED* of federal charges related to the *CUNKED* company 's sale of *UNKS* , including conspiracy to hide *UNKER* defects . STOP 
*CUNKS* in U.S. District Court in Miami cleared Harold *CUNK* , a former executive vice president ; John *CUNKS* , a former vice president ; and Stephen *CUNKS* and Dean *CUNK* , who had been engineers with *CUNKS* . STOP 
Earlier this year , *CUNKS* , a maker of medical devices , agreed to plead guilty to felony and *UNK* charges related to the *UNKS* and to pay the government about $ *UNKN* million in fines and other costs . STOP 
*CUNKS* sold its *UNKER* operations two years ago to *CUNKS* Holding Ltd. of Australia . STOP 
*CUNK* : STOP 
Management and unions representing *UNKN* employees at *CUNK* Corp. 's Toronto Star reached a tentative contract agreement Friday , *UNKING* a strike by most employees of Canada 's largest daily newspaper . STOP 
Members of the largest union , representing *UNKN* workers , voted in favor of the pact yesterday . STOP 
Four other unions have yet to vote , but their leadership also recommended approval . STOP 
The pact proposes a 2 *UNK-* contract with a raise of 8 % in the first year , 7 % in the second and 4 % for the final six months . STOP 
*CUNK* Inc. said its second-quarter earnings increased more than *UNK* to $ 3.9 million , or 22 cents a share , due to increased sales of the company 's new *UNK* drug for kidney patients . STOP 
The *CUNK* *CUNKS* , *CUNKED* biotechnology company reported a 97 % increase in revenue to $ *UNKN* million for the quarter ended Sept. 30 . STOP 
In the year-ago period , *CUNK* reported net income of $ *UNKN* , or two cents a share , on revenue of $ *UNKN* million . STOP 
For the six months , the company reported a more than *UNK* increase in earnings to $ 4.7 million , or 26 cents a share , from $ *UNKN* , or four cents a share a year ago . STOP 
Revenue rose 77 % to $ *UNKN* million , from last year 's $ 41 million . STOP 
*CUNK* *CUNK* *CUNK* a peace plan but *CUNK* rejected it . STOP 
Lebanon 's Parliament passed the *UNKING* accord to end the country 's *UNK-* conflict , but the Christian military leader *UNK* the plan was `` full of *UNKS* . '' STOP 
The Arab *CUNKED* pact , *UNKED* during three weeks of talks at the Saudi *CUNK* resort of *CUNK* , includes *CUNK* proposals for at least a partial *UNK* *UNK* from Lebanon , and guarantees an equal number of seats for *CUNKS* and *CUNKS* in the Parliament . STOP 
The rejection by *CUNK* , who has demanded a total and immediate *UNK-* of *CUNKS* 's *UNKN* troops , puts the future of the agreement in doubt . STOP 
*CUNK* *CUNK* *CUNK* for *UNKED* traffic *UNKS* . STOP 
As *UNKS* pressed their efforts after finding a *UNK* in a collapsed freeway , the San Francisco Bay area *UNKED* for hundreds of thousands of commuters seeking to avoid routes *UNKED* by last Tuesday 's *UNK* . STOP 
In Oakland , officials said the *UNK-* *UNK* who spent four days *UNKED* in rubble was in critical condition with slight improvement . STOP 
*CUNKS* of damage in the area , visited Friday by Bush , topped $ 5 billion . STOP 
The baseball commissioner announced that the third game of the World Series between the Giants and the *CUNKS* would n't resume until Friday . STOP 
THE U.S. . *CUNK* *CUNK* to *UNK* foreign *UNKS* of certain coup plans . STOP 
Under guidelines included in an exchange of letters between the Reagan administration and the Senate Intelligence panel last year , the U.S. must *UNK* foreign *UNKS* of plans likely to *UNKER* their lives . STOP 
The existence of the policy became known after Bush disclosed it to seven GOP senators last week , citing the plan as an example of congressional requirements the administration contends contribute to the failure of covert actions , officials said . STOP 
Bush conceded that the requirement did n't affect a decision to lend only minor support to this month 's failed effort to oust Panama 's Noriega , aides said . STOP 
The shuttle Atlantis 's *UNK* prepared to return to Earth today several hours earlier than planned to avoid high *UNKS* forecast at the landing site at Edwards Air Force *CUNK* , Calif . STOP 
The five *UNKS* , who *UNKED* gear and tested the *UNK* 's *UNKING* , said they were *UNKED* about the *UNK* weather expected in the *CUNK* *CUNK* . STOP 
Commonwealth leaders issued a *UNKION* giving South Africa six months to deliver on *UNKS* to ease apartheid or face new *UNKS* . STOP 
The *UNKION* organization , meeting in Malaysia , called for tighter financial pressure immediately . STOP 
Britain 's Prime Minister Thatcher alone *UNKED* . STOP 
East Germany 's leadership vowed *UNK* action to ease travel to the West . STOP 
Despite the *UNK* by the Communist *UNKS* , *UNKS* of thousands of people across the country *UNKED* *UNKS* over the weekend to demand democratic *UNKS* . STOP 
In *CUNK* , more than 500 people met with local party officials to discuss internal changes . STOP 
The Senate convicted federal Judge *CUNK* Hastings of Miami of eight impeachment articles , removing him from the bench . STOP 
The chamber voted *UNKN* Friday to *UNK* the judge of *UNK* and *UNK* conspiracy . STOP 
It marked the first time a U.S. official was *UNKED* on charges of which a jury had *UNKED* him . STOP 
Rep. Garcia and his wife were found guilty by a federal jury in New York of *UNKING* $ *UNKN* from *CUNK* Corp. in return for official acts by the New York Democrat . STOP 
The jury also convicted them of *UNKION* in obtaining a $ 20,000 *UNK-* loan from an officer of the *UNK* defense contractor . STOP 
*CUNKS* in *CUNKS* launched an investigation into the cause of Saturday 's crash of a *CUNK* *UNKER* that killed *UNKN* of the *UNKN* people *UNK* . STOP 
The Boeing *UNKN* , *UNK* route to *CUNKS* from Costa Rica via Nicaragua , *UNKED* into the *UNKS* outside *CUNK* as it approached the capital 's airport in high *UNKS* and low *UNKS* . STOP 
The U.S. and Israel have been holding what an aide to Prime Minister *CUNK* called intense telephone negotiations in an effort to bridge differences over *CUNK* peace moves . STOP 
The Labor Party , meanwhile , threatened to support a parliamentary motion to *UNK* the coalition unless *CUNK* showed flexibility on *CUNK-* talks . STOP 
Nicaragua 's Defense Ministry said a group of Contra rebels *UNKED* two trucks carrying troops in northern Nicaragua , killing 18 of the *UNKS* . STOP 
The incident occurred Saturday night . STOP 
The Sandinista government and the *CUNKED* *UNKS* agreed in March to *UNK* offensive operations , but there has been *UNK* fighting . STOP 
Scientists have isolated a *UNK* that may hold potential as a treatment for *UNKS* of the immune system , ranging from *UNK-* rejection , to *UNKS* and *UNK* , *CUNK* Corp. said . STOP 
The *UNK* is the *UNK* version of a protein called the *UNK-* *UNK* , which directs the growth and function of white blood cells . STOP 
*CUNKED* : Alfred *CUNKS* , 79 , former president of the Federal Reserve Bank of New York , Saturday , in New *CUNK* , Conn . STOP 
Contel Corp. said third-quarter net income increased 16 % to $ 72 million , or 45 cents a share , from $ 62 million , or 39 cents a share , as a result of strong growth in *UNKS* lines and long-distance minutes of use . STOP 
The telecommunications company 's results included a one-time gain of $ 4 million , or two cents a share , from the sale of Contel Credit , a leasing and financial-services subsidiary . STOP 
Revenue rose 8.3 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNKS* quarterly profit increased 9 % to $ 84 million from $ 77 million , while *UNKS* earnings declined 33 % to $ 4 million from $ 6 million . STOP 
Information systems posted a loss of $ 8 million , compared with a loss of $ 9 million a year earlier . STOP 
*CUNKS* lines increased at an annualized rate of about 4 % and minutes of long-distance use rose about 12 % . STOP 
A 10 % gain in operating profit in the quarter was offset by a 21 % boost in interest expense , reflecting higher consolidated borrowings and interest rates . STOP 
In New York Stock Exchange composite trading , Contel closed at $ *UNKN* a share , down *UNK* cents . STOP 
In East Germany , where *UNK* has long been the only way to *UNKS* political criticism , they 're not *UNKING* about their new leader *CUNK* Krenz . STOP 
Mr. Krenz is such a *UNK* figure that nobody has even come up with any good *UNKS* about him . STOP 
`` You have to have clear feelings about someone before you can make *UNKS* , '' says an East German mother of two who *UNKS* *UNKING* political *UNKS* with her friends . STOP 
`` With Krenz , we just do n't know what to expect . '' STOP 
Mr. Krenz does n't seem to be the *UNK-* *UNKER* many initially thought he was when the *UNK-* Politburo member was selected last week to succeed *CUNK* Honecker . STOP 
But he does n't appear to be ready to make broad changes either . STOP 
According to East Germany 's *CUNK* news agency , Mr. Krenz spoke to Soviet leader Mikhail Gorbachev by telephone over the weekend and acknowledged East Germany could learn from Moscow 's glasnost policies . STOP 
Already last week , Mr. Krenz started *UNKING* East Germany 's heavily *UNKED* and *UNKLY* *UNKING* news media . STOP 
On Thursday , a day after he took office , East German television broke into regular programming to launch a talk show in which viewers call in questions for a panel of officials to answer . STOP 
The regular *UNKLY* news program and daily newspapers are also getting a visible *UNKION* of *CUNK-* glasnost . STOP 
`` It was quite a shock , '' says a *UNK-* East German *UNKER* . STOP 
`` For the first time in my life , I was n't sure whether I was listening to our news or West German television . '' STOP 
Other changes , including easing restrictions on travel for East Germans , are expected . STOP 
But whether such moves can win back the confidence of East Germans , who have taken to the streets by the thousands in recent weeks to demand democratic changes , depends largely on whether they feel they can trust Mr. Krenz . STOP 
And that 's a problem . STOP 
Mr. Krenz is not only closely identified with his *UNK* , Mr. Honecker , but also blamed for ordering *UNK* police action against protesters this month and for *UNKING* China for sending tanks against student demonstrators . STOP 
`` I hope he grows with the job , '' says *CUNKER* *CUNK* , a *CUNK* *UNK* in East Berlin . STOP 
`` The most important thing is that he have a chance . '' STOP 
Although Mr. Krenz is *UNKED* to East Germany 's conservative *UNK* of *UNK* , there is much about his style that sets him apart from his party *UNKS* . STOP 
Unlike Mr. Honecker , who *UNKED* to *UNK* people about socialist values , Mr. Krenz *UNKS* asking questions . STOP 
Indeed , one of his first actions as leader was to visit a *UNK* machine factory on the *UNKS* of Berlin and *UNKER* among the workers -- a la Gorbachev . STOP 
He was later shown on television , *UNKING* questions . STOP 
At one point , he asked a worker whether he thought East Germans were *UNKING* the country because of *UNK* travel policies . STOP 
The worker 's *UNK* *UNKLY* : `` It 's more than just travel . STOP 
People have a sense the government is ignoring the real problems in our society . '' STOP 
The exchange was all the more remarkable in that authorities released television *UNK* to Western news agencies . STOP 
This same *UNK* toward *UNKS* *UNKED* a group of *UNKING* U.S. *UNK* this spring . STOP 
Rather than trying to `` *UNK* us , '' says one congressional aide who attended the *UNK-* meeting , Mr. Krenz `` wanted to listen . '' STOP 
Rep. *CUNK* *CUNK* -LRB- D. , *CUNK* -RRB- , one of the members of the delegation , says he was particularly *UNKED* by Mr. Krenz 's ready admission that East Germany needed to change . STOP 
`` He 's a very tough man , but one who 's also open to arguments , '' adds an aide to West German Chancellor *CUNK* *CUNK* . STOP 
But there 's another side to Mr. Krenz . STOP 
*CUNK* in a *CUNK* town in an area which is now part of Poland , he has *UNKED* his life to the party *UNKS* . STOP 
He moved quickly through the ranks with the help of his *UNK* , Mr. Honecker , and emerged as the *UNK* apparent . STOP 
Barbara *CUNK* , an expert on East Germany at Radio Free Europe in *CUNK* , says Mr. Krenz may project a smooth image , but she doubts he 's a true *UNKER* . STOP 
Even if he is , she adds , he appears to have only limited room for *UNKER* within the Communist Party 's ruling Politburo . STOP 
*CUNK* this background , the new East German leader must move quickly to shore up his government 's standing . STOP 
The sudden growth of the opposition movement , together with the steady *UNK* of citizens *UNKING* through Poland and Hungary , has plunged the country into its *UNKEST* political crisis since an *UNK-* workers ' *UNKING* in *UNKN* . STOP 
`` He does n't have any *UNK* period , '' says a Western *UNK* based in East Berlin . STOP 
`` But if he 's sharp and quick , he has a chance . '' STOP 
The *UNK* adds that Mr. Krenz has several things going for him . STOP 
The East German economy is strong compared with other East bloc nations . STOP 
And his relative youth could help him project a more *UNK* image , *UNKING* with the perception of Mr. Honecker as an *UNK-* old man . STOP 
For average East Germans , Mr. Krenz remains a *UNK* . STOP 
`` *CUNKER* he was n't being real in the past , or he is n't being real right now , '' says a *UNK-* East German doctor . STOP 
`` *CUNKER* way , I have a problem with how quickly he 's changed . '' STOP 
The doctor was among dozens of people *UNKING* through East Berlin 's *CUNK* Church Saturday morning . STOP 
The walls of the church are covered with *UNKS* , news *UNKS* , and *UNK* notes associated with the country 's political opposition . STOP 
`` I have to come here to read the walls , '' says the doctor , `` because it 's information I still ca n't get through the newspapers . '' STOP 
Meanwhile , East Germany 's growing *UNKS* may even allow the *UNKED* news media to display a *UNKED* sense of *UNK* . STOP 
Television last week carried a new report on East Berlin 's main *UNKER* factory and the need to boost production . STOP 
East Germans remember a comment a few years ago by *CUNK* *CUNKER* , the government 's top *UNK* , that just because a *UNK* *UNKS* new *UNKER* , there 's no reason to change your own . STOP 
His point was there is no reason for East Germany to copy *CUNK-* changes . STOP 
`` It 's hard to know whether it was intended to be funny , '' says the East Berlin *UNKER* , `` But everyone I know *UNKED* about it . STOP 
The list of laboratories claiming to be producing *UNK* amounts of heat from `` cold fusion '' experiments is slowly growing . STOP 
But the experiments continue to be *UNKED* by lack of firm evidence that the extra heat is coming from the *UNKING* of *UNK* *UNKS* . STOP 
New experiments at some of the big national laboratories are still unable to find *UNKS* of nuclear fusion reactions , leaving only the finding of *UNK* in a Texas experiment to support University of Utah *UNKS* ' claim of *UNKING* *UNK* fusion at room temperatures . STOP 
The latest developments in cold fusion research were presented in 24 reports delivered at the fall meeting here of the *CUNKAL* Society , the first scientific meeting in five months to hear formal reports on cold fusion experiments . STOP 
The meeting offered *UNK* evidence of a dramatic fall in scientific interest in cold fusion research . STOP 
Of the *UNKN* *UNKS* registered for the society 's *UNK* meeting , fewer than 200 sat through the day and a half of cold fusion *UNKS* at week 's end . STOP 
This was in contrast with the society 's meeting last May , at the *UNK* of the controversy , when more than 1,500 scientists , along with scores of reporters and TV *UNKS* , crowded into a Los Angeles hotel *UNK* for a *OUS* special night session on the subject . STOP 
Neither of the two *UNKS* whose Utah experiments triggered the cold fusion *UNK* , Martin *CUNK* and B. Stanley *CUNKS* , were at the meeting . STOP 
But some members of an ad *UNK* expert committee set up by the Department of Energy to evaluate the cold fusion research were in the audience . STOP 
The committee is to recommend at the end of the month whether *CUNK* should support cold fusion research . STOP 
Most of the two dozen scientists taking the *UNK* reported results with new , more sophisticated variations of the seemingly simple *UNKER* experiments described last March by Messrs. *CUNK* and *CUNKS* . STOP 
The experiments involve *UNKING* a thin *UNK* of palladium metal with a wire of platinum and *UNKING* the two *UNKS* into `` heavy '' water in which the *UNK* *UNKS* are a *UNKLY* heavy form known as *UNK* . STOP 
When an electric current is applied to the palladium and platinum *UNKS* , the heavy water did begin to break up , or *UNK* . STOP 
*CUNKLY* the *UNKS* , or breakup , of the water would *UNK* almost all of the electrical energy . STOP 
But Messrs. *CUNK* and *CUNKS* said their experiments also produced large amounts of heat . STOP 
The heat energy plus the energy consumed by the breakup of the water *UNKS* added to far more energy coming out of the *UNKS* than electrical energy going in , they reported . STOP 
Because they also *UNKED* *UNK* and indications of nuclear radiation , they asserted that the `` excess '' heat energy must be coming from energy released by the nuclear fusion of *UNK* *UNKS* inside the palladium *UNK* . STOP 
As of last weekend , a dozen *UNKS* also have reported *UNKING* `` excess '' heat from similar *UNK* experiments , although amounts of such heat vary widely . STOP 
One of the seven reports presented here of excess heat production was given by Richard A. *CUNK* , professor of chemical engineering at the University of Minnesota . STOP 
Mr. *CUNK* said his *UNK* of the Utah claims was initially confirmed when his first experiments last spring failed to produce results . STOP 
But he then borrowed a palladium *UNK* from *UNKS* at Texas *CUNK* who said they were getting excess heat . STOP 
`` The results were *UNKING* , '' he said . STOP 
On the fourth `` run '' with the borrowed *UNK* , the experiment began producing excess heat . STOP 
The experiment was stopped briefly to change an instrument . STOP 
When it was *UNKED* , heat output `` really took off '' and produced excess heat for several hours before *UNKING* down , he said . STOP 
Typical of other experiments , Mr. *CUNK* said his experiment was `` very *UNK* . '' STOP 
It would go along doing nothing but *UNKING* the heavy water and then at totally *UNUNK* times , it would begin producing excess heat for as long as 10 or 11 hours before *UNKING* down . STOP 
The excess heat was 15 % to 20 % more than the energy involved in the *UNKS* of water . STOP 
Mr. *CUNK* said the heat *UNKS* were too large and too long to be explained by the sudden release of energy that might have slowly *UNKED* during the experiments ' *UNK* times , as some scientists have suggested . STOP 
`` There is a reality to the excess energy , '' he said . STOP 
Other scientists said they also were getting *UNK* *UNKS* of excess heat *UNKING* several hours at a time . STOP 
The *UNKS* often occur , they said , after they `` *UNKED* '' the experiments by raising or lowering the amount of electric current being applied , or *UNKING* the current off and on . STOP 
One *UNK* privately suggested this hinted that some `` *OUS* '' chemical reactions might be producing the heat . STOP 
One reason questions *UNK* the heat experiments is that they involve unusually *OUS* *UNKS* . STOP 
*CUNKLY* , the *UNK* energy ranges from a third of a *UNK* to one *UNK* and the excess energy is measured in *UNKS* of a *UNK* . STOP 
One exception is a continuing experiment at *CUNK* University where as much as 10 *UNKS* of energy are being put into the *UNK* cells . STOP 
A cell filled with heavy water is producing *UNKN* to 1.5 *UNKS* more heat than an *UNKAL* *UNK* cell filled with ordinary water next to it , reported *CUNK* M. *CUNK* , an associate of materials scientist Robert A. *CUNKS* , head of the *CUNK* *UNKAL* team . STOP 
One of the few *UNKS* the excess heat might be produced by fusion came from brief remarks by *UNK* John *CUNKS* of Texas *CUNK* University . STOP 
Mr. *CUNKS* previously reported getting *UNKS* of excess heat and of *UNKING* increasing amounts of *UNK* *UNKING* in the heavy water . STOP 
He said that within the past few days , he 's gotten evidence that there is a `` weak *UNKION* '' between the time the heat *UNKS* occur and the production of *UNK* . STOP 
There is n't any way to *UNKLY* measure the amount of *UNK* in the heavy water , so it 's been difficult to tell whether the *UNK* formation is related to the heat *UNKS* or some other phenomenon . STOP 
*CUNKLY* careful attempts to measure *UNKS* , which would be strong evidence of fusion reactions , continue to be negative . STOP 
Messrs. *CUNK* and *CUNKS* initially reported *UNK* evidence of *UNKS* being produced in their experiment but later conceded the *UNKS* were *UNK* . STOP 
Researchers at *CUNK* National Laboratories in *CUNK* , *CUNK* , reported they went so far as to take a `` cold fusion '' experiment and three *UNK* detectors into a *UNK* under 300 feet of *UNK* to shield the detectors from *UNK* *UNKS* . STOP 
A number of times they *UNKED* *UNKS* in one , sometimes two , of the three detectors , but only once during *UNKN* hours of the experiment did they *UNK* a *UNK* *UNK* in all three detectors -- and they think that was a *OUS* event . STOP 
*CUNK* *CUNK* of Los *CUNKS* National Laboratory said researchers there *UNKED* a *UNK* of *UNKS* from an early cold fusion experiment last April but decided not to announce it until they could confirm it . STOP 
In subsequent experiments , one of two *UNK* detectors occasionally indicated a *UNK* of *UNKS* but *UNK* *UNKS* were never recorded in both detectors at the same time . STOP 
They concluded the indications of *UNKS* stemmed from *UNKS* in the detectors rather than from the cold fusion experiment . STOP 
At the Lawrence Berkeley Laboratory in California , new experiments indicated that the *UNK* added to the heavy water so it will conduct a current can produce previously *UNKED* electrical effects on the surface of the palladium *UNK* -- which Messrs. *CUNK* and *CUNKS* might have *UNKED* , reported Philip Ross from the California laboratory . STOP 
Dow Jones & Co. announced Wall Street Journal advertising rates for 1990 . STOP 
The rates , which take effect Jan. 2 , include a 4 % increase for national edition advertising . STOP 
The Journal also will offer expanded volume and *UNK* discounts . STOP 
The increase for national edition advertising is less than the inflation rate and compares with a 6.5 % increase in 1989 . STOP 
`` *CUNK* and *UNK* prices this year have not gone up , '' said Peter R. *CUNK* , president of Dow Jones . STOP 
`` We have invested in improved editorial quality and expanded our quality audience without substantially increasing our costs . STOP 
*CUNKAL* *UNKS* and a sense of responsibility lead us to share operating *UNKS* with our customers . '' STOP 
Advertising rates for the Eastern , Midwest , Western and Southwest editions will increase an average 5.5 % , and rates for *UNKED* advertising editions will increase 7.5 % . STOP 
*CUNKS* for the Wall Street Journal Reports will remain unchanged . STOP 
A one-time *UNK* *UNK-* *UNK* in The Wall Street Journal national edition will cost $ *UNKN* . STOP 
Advertising rates for The Wall Street *CUNK* , published in Brussels and *UNKED* in the Netherlands and Switzerland , will increase 9 % . STOP 
*CUNKS* for The Asian Wall Street Journal , published and *UNKED* in Hong Kong and also *UNKED* in Singapore and Tokyo , will rise 8 % . STOP 
*CUNKS* for The Asian Wall Street Journal *CUNKLY* , published in New York for North American readers , will rise 6 % . STOP 
Dow Jones also publishes *CUNK* 's magazine , other *UNKS* and community newspapers and operates electronic business information services . STOP 
It owns 67 % of Telerate Inc. , a leading supplier of computerized financial information on global markets . STOP 
*CUNKING* the impact of lower semiconductor prices and cuts in defense spending , Texas *CUNKS* Inc. said third-quarter net income fell 31 % and sales dropped slightly from a year earlier . STOP 
Net fell to $ 65 million , or 67 cents a common share , from $ *UNKN* million or $ *UNKN* a share , a year ago . STOP 
Sales fell 2.5 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
For the nine months , the electronics and defense concern had net of $ *UNKN* million , or $ *UNKN* a share , down 5.6 % from $ *UNKN* million , or $ *UNKN* a share , in the year-ago period . STOP 
Sales were $ *UNKN* billion , up 1.3 % from $ 4.6 billion . STOP 
Jerry *CUNKS* , chairman , president and chief executive officer , said sluggish *UNKS* sales reduced demand for *UNKS* . STOP 
That , *UNKED* with lower semiconductor prices and higher *UNKION* expense , contributed to the decline in sales and profit . STOP 
In addition , cost increases related to *UNK-* defense contracts and a $ 10 million charge to reduce the work force of Texas *CUNKS* ' *UNKS* division also reduced net . STOP 
However , the quarter results included $ 28 million in *UNK* income from patent licenses , up from $ 21 million in the year-earlier period . STOP 
The nine months include $ 125 million of *UNK* income , up from $ 98 million last year . STOP 
Mr. *CUNKS* was n't optimistic about the short-term outlook , *UNKING* that further *UNK* reductions may be needed . STOP 
`` We expect near-term *UNKS* in the electronics market , '' he said , `` and we will take ongoing *UNKION* actions as necessary to keep operations *UNKED* with demand . '' STOP 
Further , he said , an internal reorganization to combine several divisions into the Information Technology Group is expected to affect fourth-quarter results by an undisclosed amount . STOP 
Lynch Corp. said its Lynch Telephone Corp. subsidiary completed the acquisition of Western New Mexico Telephone Co. for $ 20 million plus assumption of $ 24 million of debt . STOP 
Western New Mexico Telephone , *CUNKER* City , had net income of $ 1.9 million on revenue of about $ 10 million last year . STOP 
It is an independent phone company with a service area of 15,000 square miles in *UNKEST* New Mexico . STOP 
It is also a partner in the *UNK* cellular franchise covering most of western New Mexico . STOP 
The transaction represents Lynch 's entry into the telephone business . STOP 
The company , which has interests in television , *UNKING* services , and *UNKING* and *UNKING* equipment , said it plans to make other acquisitions in the telephone industry . STOP 
Nelson *CUNKER* Hunt 's attempted corner on silver a decade ago is still *UNKING* the market in this metal . STOP 
*CUNKER* , now trading around $ 5 an ounce , surged to an *UNK-* peak of $ 50 an ounce in January 1980 from around $ 9 in *UNK-* . STOP 
`` Mr. Hunt 's attempt to squeeze the silver market 10 years ago is still indirectly to blame for today 's market *UNKION* , '' says *CUNK* *CUNK* , managing director of *CUNKS* *CUNK* Ltd. , London *UNKION* brokers . STOP 
While some 100 million ounces of silver once held by Mr. Hunt and Middle Eastern associates are n't *UNKING* over the market anymore , the price surge of *UNKN* *UNKED* an expansion of mine production and *UNK* recovery and encouraged silver consumers to *UNK* on silver use , Mr. *CUNK* says . STOP 
*CUNK* developers , for example , bought equipment to recover silver from spent *UNKS* , *UNKS* and processing solutions . STOP 
Meanwhile , the *UNK* industry , which accounts for 44 % of silver consumption , continues to look for *UNKS* . STOP 
Japanese and U.S. *UNK* firms are beginning to produce electronic *UNKS* and *CUNKS* that do n't require silver , dealers say . STOP 
*CUNKER* 's history of volatility is also discouraging investors , dealers say . STOP 
Even in the present uncertain investment climate , investors are *UNKING* `` quality assets '' such as Treasury bills and bonds to gold , silver and platinum , dealers say . STOP 
Although prices rallied briefly following the tumble on world stock markets earlier this month and the related decline of the dollar , precious metals are out of favor for the moment because of high interest rates and a *UNKION* by industrial nations to curb inflation , dealers say . STOP 
*CUNKER* , however is in a deeper slump than are gold and platinum . STOP 
Some analysts contend that silver is cheap now that prices are *UNKING* at levels last seen in the *UNKS* . STOP 
`` *CUNK* *UNKS* believe that silver offers the best value *UNK* precious metals , '' says Frederick R. *CUNKER* , analyst at Drexel Burnham Lambert Inc . STOP 
A further decline in prices will lead to mine production cuts in the U.S. , he says . STOP 
*CUNK* *UNKS* are converting smaller quantities of metal into silver , while low prices are discouraging exports from India and the Soviet Union . STOP 
*CUNKER* prices could also be boosted by strikes in leading producing nations Peru and Mexico , Mr. *CUNKER* says . STOP 
Meanwhile , total *UNKION* demand for silver has risen six years in a row , he says . STOP 
Japanese demand grew by 70 % in the first half of this year and the nation plans an issue of a silver *UNK* *UNK* that will require 4.5 million ounces . STOP 
*CUNKED* with huge annual *UNKS* of more than 100 million ounces in the first half of the 1980s , world silver supplies and consumption are now nearly in balance , Mr. *CUNKER* says . STOP 
Despite *UNK* rallies in the past few years , improvements in the *UNK-* balance have n't managed to push silver prices into a higher range . STOP 
`` There 's just too much silver around , '' says Tom *CUNKER* , an analyst at Samuel *CUNK* & Co. , a London *UNKION* house . STOP 
A huge silver *UNK* at exchanges , *UNKS* , *UNKING* industries and government *UNKS* of at least *UNKN* million ounces is the market *UNK* , says Shearson Lehman Hutton Inc. in a report . STOP 
This year alone , inventories at the Commodity Exchange of New York jumped `` by a *UNKING* 46 million to *UNKN* million ounces '' because of producer *UNKS* , *UNKING* by *UNKS* and sales by *UNKED* investors , says *CUNK* *CUNK* , London-based precious metals analyst at Shearson Lehman Hutton . STOP 
`` *CUNKER* production is also in an *UNK* upward trend , '' Ms. *CUNK* says . STOP 
Moreover , while Asian and Middle Eastern investors *UNK* gold and help *UNUNK* its price , silver does n't have the same *UNK* , dealers say . STOP 
Investors have gotten *UNKED* on silver so often that they are far more partial to gold , says *CUNK* *CUNKER* , senior vice president at Union Bank of Switzerland . STOP 
Yet if gold prices improve , silver prices could rally sharply , he says . STOP 
However , dealers caution that any increase would be $ 1 to $ 2 at most . STOP 
Looking ahead to other commodity markets this week : STOP 
*CUNK* and *CUNKS* STOP 
Analysts expect the prices of live cattle futures contracts to rise in trading today in the wake of a government quarterly *UNKS* that found *UNKED* cattle on *UNKS* . STOP 
After the close of trading Friday , the Agriculture Department reported that *UNKS* in the 13 biggest *UNK* states held *UNKN* million cattle on Oct. 1 , down 6 % from that date a year earlier . STOP 
Most analysts had expected the government to report a 4 % decline . STOP 
*CUNKS* *UNK* young cattle for *UNKER* , so a decline signals a *UNKING* supply of beef . STOP 
The government reported that the number of young cattle placed on *UNKS* during the quarter dropped 5 % compared with the year-earlier quarter . STOP 
Many industry analysts had been *UNKING* a 3 % decline in *UNKS* for the quarter . STOP 
In the 1988 quarter , many farmers were forced to sell their cattle to *UNK* operators because the *UNK* *UNKED* out the *UNK* on their *UNKS* . STOP 
The number of cattle moving onto *UNKS* in the recent quarter was also lower because *UNKING* cattle is less profitable . STOP 
A shortage of young cattle has made them more expensive for *UNK* operators to buy . STOP 
The Agriculture Department also said that the number of *UNKED* cattle *UNKED* in the quarter dropped by 5 % from the 1988 quarter , which was in line with projections by analysts . STOP 
Energy STOP 
Friday 's *UNK-* price drop to $ *UNKN* in the *UNKING* November contract for West Texas *CUNK* crude may well set the tone for trading this week in petroleum futures on the New York Mercantile Exchange . STOP 
Most traders and analysts attributed the decline to technical factors associated with the contract 's going off the board . STOP 
Others said that the drop continued the downward correction that 's been due in the petroleum *UNKS* and that such a trend could well continue in the next several trading sessions . STOP 
*CUNKING* any *UNKED* news events , trading in the days ahead should further test recent projections by oil economists and other market *UNKS* that strong fourth-quarter demand will keep prices firm . STOP 
*CUNKER* STOP 
*CUNKER* prices fell sharply Friday afternoon . STOP 
For example , copper for December delivery settled 4.5 cents lower at $ *UNKN* a pound . STOP 
*CUNK* came from several developments including the settlement of two long-term strikes . STOP 
On Friday , one analyst said , *UNK-* workers *UNKED* a new labor agreement ending a three-month strike at the *CUNK* Valley mine in British Columbia . STOP 
In Mexico , the analyst added , employees at the *CUNK* mine , who have been out of work since late August when the mine was declared *UNK* by the government , accepted a 35 % cut in the *UNK-* work force . STOP 
The mine is expected to return to production in about a week . STOP 
On Friday , selling dominated the afternoon `` curb '' session in London , which takes place at noon EDT . STOP 
The premium of cash copper to the three-month forward offerings narrowed , indicating weaker demand for cash copper . STOP 
*CUNK-* support for the December contract was believed to be at $ 1.25 a pound . STOP 
A technical analyst said there were a number of *UNKS* orders under that level that were *UNKED* off when the contract 's price fell below it . STOP 
That brought in considerable fund selling , which continued until the close of trading . STOP 
`` In general , it was a bearish close , '' said *CUNK* *CUNKER* , a copper trader at *CUNK* *CUNK* & Co. , a major commodities trading and brokerage firm . STOP 
But whether this price break has implications for this week , he said , `` we will know more when the London *CUNKAL* Exchange copper stock levels are released Monday morning . '' STOP 
Another analyst said he expected *CUNK* inventories to be down by about 15,000 tons when the weekly report is issued . STOP 
Bernard Savaiko , senior commodities analyst at PaineWebber Inc. , said that when traders saw the market was n't *UNKING* *UNKLY* to the forecasts of lower *CUNK* stocks , they perceived a bearish sign . STOP 
He also noted that the Japanese , who had been buying at prices just above the $ 1.25 level , apparently pulled back from the market on Friday . STOP 
Mr. Savaiko said he sees a possibility of the December contract dropping to $ 1.05 a pound . STOP 
Hewlett-Packard Co. will announce today a software program that allows computers in a network to speed up computing tasks by sending the tasks to each other . STOP 
*CUNKED* *CUNK* *CUNKER* , the program acts something like an *UNKER* among a group of computers *UNKED* together . STOP 
If a machine has a big computing task , *CUNK* *CUNKER* asks other computers in the network for `` bids '' on the job . STOP 
It then *UNKS* which machine is free to do the task most quickly and *UNKS* the task to that machine . STOP 
Hewlett-Packard claims that the software allows a network to run three times as many tasks as conventional networks and will run each task twice as fast . STOP 
The new Hewlett-Packard program , said analyst John *CUNK* at *CUNKER* Research Inc. , a *UNK-* research company , `` is a key building block as people move to this new model of distributed processing . '' STOP 
In today 's computer networks , some machines often sit idle while others are *UNKED* . STOP 
With the Hewlett-Packard program , he said , `` You get more *UNK* for the *UNK* you 've spent on computers . '' STOP 
The program , which will be shipped in January 1990 , runs on the *CUNK* operating system . STOP 
Hewlett-Packard will charge $ 5,000 for a license covering 10 users . STOP 
The program now works on all Hewlett-Packard and *CUNK* workstations and on computers made by *CUNK* Computer Inc. of *CUNK* , Conn . STOP 
Hewlett-Packard said it will sell versions later next year that run on Sun Microsystems Inc. and Digital Equipment Corp. machines . STOP 
The *CUNK* *CUNKER* *UNKS* from other programs that spread computing tasks around a network . STOP 
A previously available program called Network *CUNKING* System , developed by Hewlett-Packard 's *CUNK* division , for instance , takes a task and *UNKS* it up into parts , *UNKING* up those parts to several computers in a network for *OUS* processing . STOP 
But programs in individual computers must be revised in order to work with that system . STOP 
*CUNKS* wo n't have to be *UNK* to work with *CUNK* *CUNKER* , Hewlett-Packard said , and the user of a computer wo n't be able to tell that another machine is doing the work . STOP 
The *CUNK* *CUNKER* `` turns that network into -- as far as the user is concerned -- one giant computer , '' said Bill *CUNK* , general manager of Hewlett-Packard 's *UNKION* group . STOP 
Price wars between the fast-food giants are starting to *UNKER* the fast-food little guys : the franchisees . STOP 
`` When *UNKS* start fighting , *UNKS* get killed , '' says *CUNK* *CUNK* , *UNKER* of National *CUNKS* , a New York franchisee for *CUNK* *CUNK* , Roy *CUNKS* and other chains . STOP 
As *UNKER* and *UNK* outlets *UNK* one area after another , *UNKS* are struggling *UNKLY* for market share , *UNKING* prices and *UNKING* up costly promotions . STOP 
The fight is putting a tight squeeze on profits of many , threatening to drive the *UNKEST* ones out of business and *UNKING* relations between the national fast-food chains and their franchisees . STOP 
The chains `` used to offer discounts during winter when business was slow , but in the last year or so , discounting has become a *UNK-* thing , '' says Donald *CUNK* , president of *CUNK* Group Inc. , a New York franchisee of Grand Metropolitan PLC 's Burger King chain . STOP 
Though *CUNK* 's sales are up slightly this year , Mr. *CUNK* says profits will be flat or lower . STOP 
And Bill *CUNK* , a *CUNK* , Ariz. , *UNK* of McDonald 's Corp. who is chairman of the company 's National *CUNKS* *CUNK* Board , says some fast-food outlets `` could be in serious trouble , based on the amount of discounting that seems to be going on . '' STOP 
Until recently , the huge fast-food industry , with sales of about $ *UNKN* billion last year , kept *UNKING* to a minimum . STOP 
But early this year , PepsiCo Inc. 's *CUNK* Bell unit and *CUNK* 's International Inc. slashed prices and stepped up promotions , says John *CUNKS* , an analyst for *CUNK* *CUNKER* & Co . STOP 
That brought a chain reaction in the industry . STOP 
The situation was further *UNKED* early this month , when McDonald 's set plans to heat up the discounting by offering coupons . STOP 
It also decided to go national with *UNK* , which it has been *UNKING* . STOP 
Now , *UNK-* deals on *UNK* are common ; so are *UNK-* *UNKS* on *UNKS* normally priced twice as high . STOP 
The discounting , say fast-food operators , occurs on a scale and with a *UNK* they have n't seen before . STOP 
The result is that some franchisees are running hard just to stay even , *UNKING* off middle managers and working harder to make less . STOP 
Joe *CUNK* , a district manager for *CUNK* Enterprises Inc. , a Burger King operator in *CUNK* , Neb. , says discounting is so *UNK* that `` we have to serve 15 % to 20 % more customers '' to keep sales level . STOP 
`` It 's almost as if you 're doing extra work to give away the food , '' he says . STOP 
Alan *CUNK* , president of *CUNK* 's Inc. , an operator of *CUNK* 's restaurants in *CUNK* , says : `` All we 're doing is keeping the customers coming , but we are n't increasing sales . '' STOP 
With fast-food outlets on every corner , he , like many , does n't think he has a choice in the price war : `` Our customers say that they wo n't go into a fast-food store unless they get a coupon . '' STOP 
If the battle continues much longer , many fast-food businesses will close or merge , predicts Vincent *CUNK* , who owns a string of Kentucky *CUNKED* *CUNK* stores in the Midwest . STOP 
`` The industry is *UNK* , '' he says . STOP 
`` *CUNK-* *UNKS* have managed to squeeze in stores into every corner available . '' STOP 
The National *CUNK* Association says *UNK-* restaurant units in the U.S. rose 14 % to *UNKN* between 1983 and 1987 , the last year for which figures are available . STOP 
With the market so crowded , says a spokesman for *CUNK* 's in Columbus , Ohio , `` If you 're doing well , you 're doing well at someone else 's expense . '' STOP 
*CUNKLY* put , there is n't enough business for every store to grow . STOP 
According to Mr. *CUNKS* , inflation-adjusted , *UNK-* sales at *UNKED* *CUNK* 's units in the U.S. have *UNKED* year-earlier levels throughout 1989 , except for August . STOP 
`` McDonald 's has also been running negative all year , '' the analyst says . STOP 
*CUNK* for *CUNK* 's and McDonald 's criticized Mr. *CUNKS* 's calculations . STOP 
Jack Greenberg , executive vice president and chief financial officer of McDonald 's , says the company does n't *UNK* , much less disclose , inflation-adjusted , *UNK-* sales . STOP 
He adds that short-term comparisons `` can be very misleading because of differences in timing of marketing programs from year to year . '' STOP 
Profit margins at *UNKED* McDonald 's outlets in the U.S. `` are holding up quite *UNKLY* , '' says Mr. Greenberg . STOP 
*CUNKS* of franchisees have n't been higher since the *UNKS* , he adds . STOP 
But Mr. Greenberg 's *UNK* outlook is n't matched by many fast-food industry observers . STOP 
*CUNKER* chains and *UNK-* operators will be the first to fail , many in the industry predict . STOP 
Big franchise groups `` can ride out the storm a lot longer , '' says Mr. *CUNK* , the Burger King operator in New York . STOP 
The prolonged price pressures are driving a *UNK* between some *UNKS* and their franchisees . STOP 
Mr. *CUNK* , the Kentucky *CUNKED* *CUNK* franchisee , notes that most franchise owners must absorb increases in expenses without any cut in the *UNKS* , or portion of sales , that they must pay *UNKS* . STOP 
*CUNKS* ca n't be forced to go along with a *UNKER* 's discounting . STOP 
But once a franchisee agrees to a promotional program , the *UNKER* can demand full participation to the very end , says *CUNK* *CUNK* , a principal of *CUNK* & *CUNK* , a Chicago law firm with franchise industry clients . STOP 
He says courts have held that antitrust considerations are *UNKED* in such cases by the need to protect consumers from *UNK* marketing . STOP 
In any case , many franchisees , in order to stay on good terms with *UNKS* , routinely go along with promotions . STOP 
Says Mr. *CUNK* of National *CUNKS* : `` If you resisted on prices , maybe you would never get that telephone call about a new franchise . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
*CUNK* Co. said it completed a $ *UNKN* million sale of assets from its Los Angeles area real estate portfolio for net income of $ 12 million . STOP 
*CUNK* said the sale is part of its previously announced plan to sell much of its real estate holdings to focus on its core business of mining and producing *UNK* , concrete , rock and sand . STOP 
And you thought the only reason to save your canceled checks was to prepare for an IRS audit . STOP 
*CUNK* Jackson , the retired baseball star , has found another use for them . STOP 
Mr. Jackson , who won the *UNK* `` Mr. October '' for his World Series *UNKS* , is selling some of his canceled checks to *UNK* *UNKS* through a dealer for as much as $ 500 each . STOP 
Dealers say the *UNKING* trade in Mr. Jackson 's canceled checks is unusual . STOP 
`` I do n't know of any living *UNKER* that 's ever done it , '' says Jack *CUNKING* , a dealer in *CUNKS* , Iowa , and a recognized expert in the field of baseball *UNKS* . STOP 
An initial *UNK* of Mr. Jackson 's checks was on sale at a *UNK-* show held in San Francisco over Labor Day weekend . STOP 
Mr. Jackson showed up at the affair to sign *UNKS* for a fee as well . STOP 
`` For someone who has everything else -- *CUNK* 's *UNK* , cap and cards -- his checks might be a nice addition , '' says William *CUNKS* , owner of Bill 's Sports *CUNKS* in Denver , who *UNKED* the checks at the San Francisco card show . STOP 
For years , the canceled checks of a small number of well-known baseball players have been bought and sold . STOP 
But these players were dead . STOP 
`` Maybe three years ago , there were a lot of -LCB- *CUNK* -RCB- *CUNKS* in the *UNK* , and *UNK* back there were *CUNK* Ruth checks , '' says Mr. *CUNKING* . STOP 
However , the thought of a living player selling his checks *UNKS* some people the wrong way . STOP 
`` Maybe I 'm a little *UNK* , but I would n't sell them , '' *UNKS* Bob *CUNK* , owner of *CUNK* 's Sports *CUNKS* in *CUNK* Park , Calif . STOP 
`` Who knows how much they 'll be worth 100 years from now ? '' STOP 
And Mr. *CUNKING* does n't believe they 're worth all that much now . STOP 
`` I do n't think the checks are worth $ 15 apiece , '' he says . STOP 
Why Mr. Jackson , who could n't be reached for comment , has made some of his checks available for sale is n't clear . STOP 
He probably has n't done it for the cash . STOP 
`` I would say he 's definitely not in need of money , '' says *CUNK* *CUNK* , an agent of Mr. Jackson 's based in New York . STOP 
`` He has good investments . '' STOP 
And Mr. Jackson probably has opened new *UNKING* accounts , too . STOP 
Or at least he should . STOP 
`` I assume those accounts are closed , '' says Mr. *CUNKING* , referring to the accounts of the canceled checks . STOP 
`` I do n't think he 'd want to give out his current account numbers . STOP 
USX Corp. and its Japanese partner , *CUNK* Steel Ltd. , agreed to form a joint venture to build a new plant to produce *UNKED* galvanized sheet products , mainly for the automotive market . STOP 
Terms were n't disclosed for the plant , which will have annual capacity of *UNKN* tons . STOP 
The move by the nation 's largest steelmaker follows a string of earlier announcements by other major steel companies . STOP 
Bethlehem Steel Corp. , LTV Corp. and Armco Inc. all have plans to build additional lines for such *UNKED* *UNK-* steel . STOP 
The surge in production , analysts say , raises questions about capacity *UNKING* demand . STOP 
They note that most of the new plants will come on line in 1992 , when the current import trade restraint program ends , which could result in more imports . STOP 
`` There 's too much capacity , '' contended Charles *CUNK* , an analyst with Merrill Lynch Capital Markets . STOP 
`` I do n't think there 's anyone not building one . '' STOP 
He does add , however , that *UNKED* Japanese car makers are boosting the levels of *CUNK-* steel in their *UNKS* , instead of *UNKING* heavily on imported steel . STOP 
That trend could increase demand for *UNKED* galvanized sheet . STOP 
The *UNKED* galvanized segment is one of the *UNKING* and most profitable segments of the steel market , *UNKED* by all major integrated steelmakers *UNKING* to maintain an edge over smaller *UNKS* and *UNKED* mills -- those *UNK* off to employees . STOP 
Indeed , USX said it expects the market for *UNKED* sheet steel to reach 12 million tons annually by 1992 , compared with *UNKN* million tons shipped in 1988 . STOP 
For the first eight months of 1989 , analysts say shipments of *UNKED* galvanized steel increased about 8 % from a year earlier , while overall steel shipments were up only 2.4 % . STOP 
USX and *CUNK* Steel hope to reach a definitive agreement establishing the *UNKN* partnership by the end of the year , with construction tentatively slated for the spring of 1990 and production by 1992 . STOP 
USX already has six lines in existing plants producing *UNKED* galvanized steel , but this marks the first so-called *UNK* plant for such production . STOP 
Moreover , it will boost by 50 % USX 's current *UNKED* capacity of *UNKN* tons . STOP 
The company said it does n't expect the new line 's capacity to *UNKLY* affect the company 's existing *UNKED* *UNKING* lines . STOP 
*CUNKS* have also been adding capacity of so-called *UNKED* steel , which is another way to make *UNKED* *UNK-* steel . STOP 
One of the advantages of the *UNKED* process is that it allows the steel to be covered with a *UNKER* *UNK* of *UNK* more quickly . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* your mind about an investment , the rest is easy , right ? STOP 
You just call your broker and say `` buy '' or `` sell . '' STOP 
*CUNK* on . STOP 
There are all sorts of ways to give buy and sell instructions to a broker -- and just as many ways to get *UNKED* if you do n't know what you 're doing . STOP 
So here 's a *UNK* of the most common types of market orders permitted by the stock and commodity exchanges . STOP 
Two things to keep in mind : Not all exchanges accept every type of order . STOP 
And even when a specific order is acceptable to an exchange , a brokerage firm can refuse to enter it for a customer . STOP 
Market Order : This is probably the most widely used order -- and the one most open to abuse by *OUS* floor brokers , since it *UNKS* no price restrictions . STOP 
With a market order , an investor tells a broker to buy or sell `` at the market . '' STOP 
It 's like saying , `` get me in now '' or `` get me out now . '' STOP 
For example , if wheat is being offered at $ *UNKN* and bid at $ *UNKN* , a market order to buy would be filled at the higher price and a market order to sell at the lower price . STOP 
A recent indictment alleges that some floor brokers at the two largest Chicago commodity exchanges used market orders to fill customers ' orders at *UNUNK* prices by *UNKING* trades with fellow brokers . STOP 
*CUNKS* realized from these trades would then be shared by the *UNKING* brokers . STOP 
*CUNK* Order : *CUNK* orders are used when investors want to restrict the amount they will receive or pay for an investment . STOP 
Investors do this by *UNKING* a minimum price at which the investment may be sold or the maximum price that may be paid for it . STOP 
*CUNK* an investor wants to sell a stock , but not for less than $ 55 . STOP 
A limit order to sell could be entered at that price . STOP 
One risk : Investors may *UNK* the *UNKION* if the stock reaches 54 and then falls . STOP 
Unless the market goes at least one *UNK* -LRB- the *UNKEST* price *UNK* permitted -RRB- beyond the limit price , investors are n't assured of having their orders filled because there may not be sufficient trading volume to permit filling it at the specified price . STOP 
*CUNK* Order : *CUNK* orders tell a floor broker to buy or sell an investment once the price reaches a certain level . STOP 
Once the price reaches that level , a stop order turns into a market order , and the order is filled at whatever price the broker can get . STOP 
*CUNK* orders are sometimes called `` *UNKS* '' orders because they are frequently used to protect profits or limit losses . STOP 
While stop orders sound similar to limit orders , there is a difference : *CUNK* *UNKS* must be entered at a price below the current market price and buy *UNKS* above . STOP 
In contrast , sell limit orders must be placed above the market price and buy limit orders are placed below . STOP 
The crash in October 1987 and last Friday 's sell-off *UNKLY* taught some investors exactly what stop orders will and wo n't do . STOP 
An investor who may have placed a *UNKS* order at $ 90 under a stock that was trading at $ 100 a share on the Friday before the crash was *UNKED* to discover that the order was filled at $ 75 when the stock opened at that price on Monday . STOP 
*CUNK-* Order : *CUNK-* orders turn into limit orders when an investment trades at the price specified in the order . STOP 
Unlike stop orders -- which are filled at the market price when the stop price is hit -- *UNK-* orders demand that the trades be made only at the specified price . STOP 
If it ca n't be made at that price , it does n't get filled . STOP 
Investors who wish to be out of a position , without the risk of receiving a *UNKED* price from a market order , may use this type of order to specify the price at which the order must be filled . STOP 
But if the market moves quickly enough , it may be impossible for the broker to carry out the order because the investment has passed the specified price . STOP 
*CUNKED* Order : *CUNKED* orders are like stop orders in that they become market orders if a specified price is reached . STOP 
However , unlike a *UNK-* order , a buy *UNKED* order is entered at a price below the current price , while a sell *UNKED* order is entered at a price above it . STOP 
As soon as the market trades at the specified price the floor broker will fill it at the best possible price . STOP 
*CUNK-* Order : The *UNK-* order is one of several associated with the timing of trades . STOP 
It *UNKS* a broker to buy or sell an investment at the specified price or better . STOP 
But if the investment ca n't be bought or sold immediately , the order is automatically canceled . STOP 
*CUNK* *CUNKER* , who came in second in the stock division of the recently completed U.S. Trading *CUNK* , says he uses *UNK-* orders almost *UNKLY* when trading options . STOP 
`` I like to use them to feel out the market , '' he says . STOP 
`` If they do n't fill it immediately , then I can start over at a new price or try again with the same price . '' STOP 
*CUNK-* Order : This is another timing order . STOP 
It is a market order that allows floor brokers to take more time to buy or sell an investment , if they think they can get a better price by waiting . STOP 
*CUNK-* orders , which are also known as `` *UNK* the tape '' orders , are always done at the customer 's risk . STOP 
*CUNKER* Order : This is really two orders in one , generally for the same security or commodity , *UNKING* floor brokers to fill *UNKER* order they can first and then cancel the other order . STOP 
In a *UNKING* market , it *UNKS* an investor from getting stuck with having made two trades on the same security . STOP 
*CUNK-* Order : This type of order couples many of the orders described above with instructions that the order must be carried out at or by a certain time . STOP 
`` On the close '' can be added to many types of orders . STOP 
For example , `` *UNK-* orders '' must be filled during the last few minutes of trading for the day at a price that is within the official closing range of prices as determined by the exchange . STOP 
`` *CUNKLY* orders '' are stop orders that only become active during the closing minutes of trading . STOP 
`` Day orders '' expire at the end of the day on which they are entered , `` *UNKED* orders '' have no expiration date . STOP 
Most brokers assume that all orders are day orders unless specified otherwise . STOP 
On Oct. 19 , 1987 , some investors learned the consequences of entering `` *UNKED* limit orders '' and then *UNKING* about them . STOP 
They found they had bought stock from limit orders that they might have entered weeks or months earlier and had *UNK* to cancel . STOP 
It is always the responsibility of investors to keep track of the orders they have placed . STOP 
Investors who change their mind about buying or selling after an order has been filled are , usually , stuck with the consequences . STOP 
Mr. *CUNK* writes on the options and commodities markets for The Wall Street Journal . STOP 
*CUNK* *CUNK* *CUNK* the risks of stock-market investments , there 's probably no starting place better than `` *UNK* . '' STOP 
But investors better not ignore its limitations , either . STOP 
*CUNK* is a *UNK* gauge that measures the volatility of a stock or stock mutual fund . STOP 
For any given move in the overall market , it suggests how *UNKLY* that particular issue might rise or fall . STOP 
*CUNK* figures are widely available and easy to interpret . STOP 
The *UNK* of the broad market , typically defined as the Standard & Poor 's 500-stock index , is always *UNKN* . STOP 
So a stock with a *UNK* of 0.5 is half as volatile , one at 1.5 is 50 % more volatile , and so on . STOP 
*OUS* investors should generally go with stocks that have low *UNKS* . STOP 
*CUNK* with *UNK-* stocks to get the biggest *UNK* from a bet on a *UNK* market . STOP 
*CUNKER* , though , that *UNK* also has important limitations . STOP 
`` *CUNK* is only part of the risk in a stock , '' says William F. *CUNK* , the *CUNK* University *UNKS* professor who developed the measure . STOP 
`` There is risk that is not associated with market moves , and the *UNK* does n't tell you the *UNK* of that . '' STOP 
In particular , *UNK* does n't measure the company - and *UNK-* risk associated with an individual stock . STOP 
That `` business '' risk is very significant for an investor with only a few stocks , but it virtually *UNKS* in a large and *UNKED* portfolio . STOP 
*CUNK* is also a poor indicator of the risk in stock groups that *UNK* to their own *UNKER* . STOP 
In particular , the prices of gold and other *UNKS* stocks *UNK* up and down , but the stocks tend to have low *UNKS* because their moves are not *UNKED* . STOP 
*CUNK* that investors could *UNK* such *UNKS* led the American Association of Individual Investors to eliminate *UNK* figures for *UNKS* funds in the 1989 edition of its mutual-fund guide . STOP 
`` Our fear was people would look just at the *UNK* -LCB- of a gold fund -RCB- and say here is an investment with very low risk , '' says John *CUNK* , director of research for the Chicago-based group . STOP 
`` In reality it 's very volatile , but the movements are not because of market movements . STOP 
READY *CUNK* *CUNK* the *UNKS* of your investment portfolio ? STOP 
First , a pop *UNK* . STOP 
When you think of the words `` risk '' and `` investment , '' what 's the specific *UNK* that comes to mind ? STOP 
*CUNKS* down . STOP 
If you 're like most people , you said it 's a holding that goes completely sour -- maybe a bond that defaults or a stock whose value *UNKS* in a bankruptcy proceeding . STOP 
`` People tend to see risk primarily on that one *UNKION* , '' says *CUNK* *CUNKS* , national director of personal financial planning for accountants Deloitte , *CUNKS* & Sells . STOP 
But *UNK* lies another aspect of investment risk : the *UNK* of *UNKING* your portfolio to avoid one or more types of risk and being *UNKED* by others . STOP 
This is clearly not good news to all you people who *UNK* like *UNKS* every night , *UNKED* by *UNKS* of your money sitting *UNK-* in six-month CDs . STOP 
*CUNK* *UNKS* many *UNKS* , and investments that are low in one type of obvious risk can be *UNKLY* high in other , less obvious kinds . STOP 
U.S. Treasury bonds , for example , are *UNK* when it comes to returning money at maturity . STOP 
But their value as investments can be *UNKED* by inflation , which *UNKS* the purchasing power of bonds ' *UNK-* interest payments . STOP 
*CUNK* is also a function of time . STOP 
When financial professionals measure risk *UNKLY* , they usually focus on the volatility of short-term returns . STOP 
Stocks are much riskier than Treasury bills , for example , because the range in performance from the best years to the worst is much wider . STOP 
That is usually measured by the standard *UNKION* , or *UNK* , of annual results from the average return over time . STOP 
But investors who are *UNKED* with short-term fluctuations may be paying too little attention to another big risk -- not *UNKING* enough money to meet long-term financial and *UNK-* goals . STOP 
For instance , some investors have *UNK* off stocks since the 1987 market crash ; last Friday 's debacle only *UNKED* those feelings . STOP 
But the stock market , despite some *UNKING* declines , has far *UNKED* other securities over extended periods . STOP 
By *UNKING* to the apparent security of , say , money-market funds , investors may not be earning enough investment return to pay for a comfortable retirement . STOP 
`` That 's the biggest risk of all -- the risk of not meeting your objectives , '' says Steven B. *CUNK* , a New York financial planner with Seidman Financial Services . STOP 
As a result , financial advisers say they take several steps when *UNKING* the *UNKS* of clients ' portfolios . STOP 
They estimate the return a person 's current portfolio is likely to generate over time , along with a standard *UNKION* that suggests how much the return will vary year by year . STOP 
They try to figure out the long-term results the person needs to meet major goals . STOP 
And they *UNK* types of risk that are not easily *UNKED* . STOP 
The portfolios of two *UNKAL* families , one a couple at retirement age and another a *UNK-* couple at age 45 , *UNK* several types of risk that investors need to consider . STOP 
For instance , the insured municipal bonds that *UNK* the older couple 's portfolio were probably selected in large part for their low *UNK* risk . STOP 
But they *UNK* the holders to a lot of inflation risk and interest-rate risk . STOP 
The younger couple 's *UNKS* involve more risk than a diversified stock portfolio because the bulk of the money is in a single issue . STOP 
*CUNK* that the younger couple 's portfolio has a higher expected annual return , *UNKN* % vs. 8.8 % , as calculated by Seidman Financial Services , which is the *UNKING* affiliate of *CUNK* Seidman . STOP 
That largely reflects the heavy *UNKS* . STOP 
But one price paid for the higher expected return is greater short-term volatility , as reflected in the higher standard *UNKION* that Seidman estimates for the younger couple 's portfolio . STOP 
-LRB- Here 's how to interpret a standard *UNKION* figure : *CUNK* the expected return and add one standard *UNKION* to it . STOP 
Then take the expected return and *UNK* one standard *UNKION* . STOP 
In two of three years , the actual result should fall within that range if all the assumptions were *UNK* . STOP 
Then add and *UNK* two standard *UNKS* to get a wider range . STOP 
There 's a 95 % *UNK* any year 's result will fall in the range . -RRB- STOP 
Of course , the greater volatility of the younger couple 's portfolio does n't necessarily mean those investments are riskier in terms of meeting the holders ' long-term goals . STOP 
Indeed , the older couple 's portfolio could actually be riskier in that sense if the expected return wo n't generate enough dollars to meet their spending plans . STOP 
`` They may feel *UNKLY* secure now because they are not heavily in the stock market , '' says John H. *CUNK* , a financial planner with *CUNK* Armstrong *CUNKS* Inc. in Washington . STOP 
`` But they may pay a price 10 or 20 years in the future . '' STOP 
Ms. *CUNKER* reports on personal finance from The Wall Street Journal 's New York bureau . STOP 
When it comes to investing , trying to *UNK* risk and reward can seem like throwing *UNKS* *UNKED* : Investors do n't know the actual returns that securities will deliver , or the *UNK* and *UNKS* that will occur along the way . STOP 
Looking to the past can provide some *UNKS* . STOP 
Over several decades , for instance , investors who put up with the stock market 's gyrations earned returns far in excess of those on bonds and `` cash '' investments like Treasury bills . STOP 
But while history can suggest what is reasonable to expect there 's no guarantee that the past will repeat itself . STOP 
For instance , some analysts believe bond returns and volatility have moved *UNKLY* closer to those of the stock market . STOP 
And returns on cash investments may continue to exceed inflation by a wider margin than they did over the long-term past . STOP 
Portfolio A : *CUNKED* couple , age 65 ; $ 400,000 portfolio . STOP 
Portfolio B : *CUNK-* couple , age 45 ; $ 150,000 portfolio . STOP 
A letter from Senator John *CUNK* *UNKS* us today for *UNKING* that he had `` *UNKED* '' on Manuel Noriega . STOP 
He *UNKLY* says he has been down on Noriega for some time , *UNK* his criticism of administration *UNKING* of the attempted coup . STOP 
Our October 12 editorial should have been more *UNK* . STOP 
It meant to *UNK* our hope that the Senator and other members of the congressional left are *UNKING* their *UNK* of Noriega to include other *OUS* Central American drug *UNKS* . STOP 
The Sandinistas of Nicaragua , for example , also are part of the *CUNK-* *UNK* *UNKS* . STOP 
In his letter and on the basis of his losing vote Tuesday against U.S. aid for the Nicaraguan opposition , Senator *CUNK* makes clear he has not made that intellectual *UNK* . STOP 
We were wrong . STOP 
*CUNK* THE 1980s , investors have been looking for creative alternatives to traditional *UNKS* of financial planning . STOP 
Capital has been *UNKED* , and people want in . STOP 
*CUNK* often , however , small investors are left with the same *UNK* solutions that appealed to previous generations of *UNK* *UNKS* . STOP 
Now a *UNKING* new approach is available to building your financial portfolio without *UNUNK* risk , without extensive planning and without hurting your life style one bit ! STOP 
This is particularly good news for those who hate risk , who are *UNK* of doing extensive amounts of planning and who refuse to see their life *UNKS* hurt in any way . STOP 
You know who you are . STOP 
My *UNK* system is also useful for those who have tried *UNK* forms of growing their currency *UNKION* . STOP 
Like all Americans seeking *UNK* *UNK* , I do find it necessary to plunge certain funds into conservative monetary tools , if only to *UNK* my *UNK-* , who believes in such things . STOP 
So throughout the decade I have maintained my share of individual retirement accounts and CDs , and *UNKED* with stocks , bonds and mutual funds , as well as *UNKING* my necessary position in the residential real-estate market . STOP 
*CUNK* on this fine portfolio has been modest when it has not been negative . STOP 
*CUNK* 1 *UNKS* the performance of those businesses I 've invested in during this *OUS* decade -LRB- see accompanying illustration -- *CUNK* Oct. 20 , 1989 -RRB- . STOP 
*CUNKED* properties suffered a huge decline until I *UNKED* myself of all such stocks in 1985 , at which point the industry , while not *UNKING* up any Christmas trees , began a slow recovery . STOP 
*CUNK* , mutual funds remained relatively flat until I made what was , for me , a serious investment . STOP 
By 1987 , these properties were in a *UNK* , causing my broker at *CUNK-* to *UNK* that she 'd `` never seen anything like it . '' STOP 
*CUNKED* for her state of mind , I dropped them -- and the market *UNKLY* began its steady climb back to health . STOP 
Perhaps most dramatic was the performance of the metropolitan New York real-estate market , which was booming until I entered it in late 1988 , at which time it posted the first negative compound annual growth rate in years . STOP 
*CUNKED* , I cast around for a different way to plan my asset distribution , and with hardly any heavy *UNKING* the answer struck me : I was doing it already ! STOP 
We 've all got money to spend , some of it clearly disposable since we keep *UNKING* of it . STOP 
Bank it ? STOP 
Not really ! STOP 
*CUNK* it away in long-term instruments ? STOP 
*CUNK* ! STOP 
Daily living is the best possible investment ! STOP 
Your priorities may be different , but here in *CUNK* 2 is where I 've chosen to build for the future : personal space ; automotive *UNKS* ; children 's *UNKS* ; *UNKING* equipment , *UNKS* and *UNKS* ; and finally , entertainment , perhaps the best investment of all . STOP 
All have paid off for me in *UNK-* annual growth and continue to provide significant potential . STOP 
At least , according to my calculations . STOP 
Personal space -LRB- *CUNK* 3 -RRB- has grown 35 % annually over the course of the decade , a performance that would compare *UNKLY* with an investment in , say , *UNKER* products for the *UNKS* of *UNKER* vehicles , which my *UNK* got into and sort of *UNKS* to this day . STOP 
The *UNK* of expensive children 's *UNKS* that I have purchased *UNKLY* at a host of *UNK-* brokerage firms -LRB- *CUNK* 4 -RRB- has increased *UNKLY* in total asset value far beyond any personal investment except , perhaps , for my record collection , whose worth , I think it 's safe to say , is *UNK* . STOP 
*CUNKED* investment in my 1984 *UNK* has been part of my strategy -LRB- *CUNK* 5 -RRB- , with present annual contributions now equaling more than 60 % of the car 's original value . STOP 
According to my calculations , these outlays should have brought the value of my sedan to more than $ *UNKN* on the open market -LRB- *CUNK* 6 -RRB- , where I plan to offer it shortly . STOP 
*CUNKION* of my living space has produced an obvious need for maintenance and construction of *UNK* *UNKS* , *UNKS* and *UNKS* *UNKING* to its suburban *UNK* . STOP 
I have thus committed sufficient personal *UNK* to ensure that my grounds and *UNKS* will never be short of *UNKS* and *UNKS* . STOP 
My initial stake in this *UNKING* *UNK* has grown *UNK* , according to my conservative calculations . STOP 
At the same time , my share in a wide variety of entertainment *UNKS* has given perhaps the most dramatic *UNKION* of the benefits of creative personal financial planning . STOP 
Over the course of the decade , for instance , my return on investment in the area of *UNKER* alone -LRB- *CUNKS* *UNK* and *UNK* -RRB- has been most impressive , showing *OUS* annual expansion with -- given the way my associates play -- no sign of *UNK* into the 1990s and beyond . STOP 
With this personal strategy firmly in place , I look forward to years of fine *UNK-* investments and increasing widespread leverage . STOP 
My kids ' college education *UNKS* as perhaps the greatest future opportunity for spending , although I 'll probably have to cash in their toy portfolio to take advantage of it . STOP 
But with every step I take , I 'm building wealth . STOP 
You can , too , if you , like me , refuse to *UNK* the *UNK* . STOP 
So go out there and eat that debt . STOP 
You 're right there in the mainstream of American business , building value on the back of *UNK* expenditures . STOP 
Henry Kravis , watch out ! STOP 
Mr. Schwartz is a business executive and writer in New York . STOP 
*CUNK* *CUNK* *CUNK* was just a *UNK* his father gave him a piece of career advice . STOP 
`` He told me to choose an area where just by being *UNK* I could be great , '' recalls Mr. Schwartz , now 40 . STOP 
He tried management consulting , traded in *UNK* for a while , and even managed professional *UNKS* . STOP 
Now he has settled into a career that fits the bill -- financial planning . STOP 
It should be noted that Mr. Schwartz , who operates out of *CUNK* , Colo. , is a *UNK* sort who likes to give his colleagues the *UNK* . STOP 
But in this case the *UNK* has a very sharp point . STOP 
Though it 's probably safe to assume that the majority of financial planners are *UNKEST* and even reasonably *UNK* , the fact remains that , as one *UNK* puts it , `` anybody who can *UNK* a *UNK* '' can call himself a financial planner . STOP 
*CUNKS* now influence the investment of several hundred billion dollars , but in effect they operate in the dark . STOP 
There is no effective regulation of planners , no accepted standard for admission into their ranks -- a dog got into one trade group -- no way to assess their performance , no way even to know how many of them there are -LRB- estimates range from 60,000 to *UNKN* -RRB- . STOP 
All anyone need do is *UNK* up a *UNK* and start planning . STOP 
So it should come as no shock that the *UNKION* , if that 's what it is , has attracted a lot of people whose principal *UNKS* seem to be *UNKING* away or *UNK-* *UNKING* their clients ' money . STOP 
*CUNKED* , state and federal authorities are trying to *UNK* ways to *UNK* and *UNK* planners . STOP 
Industry groups and *UNK* planners who are members of them want comprehensive standards , too ; they 're *UNKED* of seeing *UNKS* *UNKED* *UNKLY* in the business press as *UNKER* than *UNKS* and *UNKER* than a *UNK* of *UNK* . STOP 
But reform has n't taken hold yet . STOP 
`` The industry is still pretty much in its *CUNK* West days , '' says Scott *CUNK* , director of investor education for the North American Securities *CUNKS* Association . STOP 
An *UNKLY* limited survey by *CUNK* , whose members are state *UNK-* regulators , found that between 1986 and 1988 `` fraud and abuse '' by financial planners cost *UNKN* investors $ 400 million . STOP 
The *UNKS* ' gallery of planners involved includes some convicted *UNKS* , a *UNK* *UNKER* or two , various businessmen who had planned their own previous ventures right into bankruptcy , and one man who *UNKED* his wife 's *UNKER* . STOP 
What 's more , the losses they and the others caused `` are just what we are *UNKING* over , '' says Mr. *CUNK* , adding that the majority of *UNKS* probably go *UNKED* . STOP 
So do just about all the losses that could be attributed to the *UNKER* *UNK* of *UNKED* planners . STOP 
Nobody can estimate the toll , but John *CUNK* , a *CUNK* , Fla. , planner and head of one trade group , the International Association of *CUNKED* Financial *CUNKS* , thinks the danger to investors from *UNK* is `` *OUS* , '' far greater than that from *UNK* . STOP 
His group , like others , wants minimum standards applied to all who call themselves financial planners . STOP 
*CUNKING* all this , some people now think the best planner might be no planner at all . STOP 
For most investors `` the benefits just are n't worth the risks , '' says Barbara *CUNKER* , who follows *UNKING* issues for the Consumer Federation of America , a *UNK-* organization based in Washington . STOP 
She concedes that such a position is `` unfair '' to the thousands of *OUS* and *UNKED* people *UNKING* the trade , but as a consumer *UNK* she feels *UNKED* to take it . STOP 
She says her group used to give *UNKS* on *UNKING* planners -- check educational and experience credentials , *UNK* regulators and Better Business *CUNKS* -- but found that even some people who took these steps `` were still getting *UNKED* off . '' STOP 
The bad news , however , has n't been bad enough to kill the growing demand for financial planning . STOP 
The Tax Reform Act of 1986 , which eliminated many tax *UNKS* *UNKED* by planners , and the stock market crash the next year did cause a sharp slump in such demand , and many planners had to make an *UNKED* *UNK* from the business . STOP 
But membership in the International Association of Financial *CUNKS* -LRB- *CUNK* -RRB- , the industry 's biggest trade group , is still nearly *UNK* what it was in 1980 , and it 's believed that the ranks of planners who do n't *UNK* to any group have soared as well . STOP 
An estimated 10 million Americans are now using financial planners , and the pool of capital they influence is enormous . STOP 
A survey of *UNKN* of them conducted by the *CUNK* in April showed that these *UNKS* alone had controlled or *UNKED* the investment of $ *UNKN* billion of their clients ' money in the previous 12 months . STOP 
The *UNKER* number of planners makes the business extremely difficult , if not impossible , to *UNK* . STOP 
Even the minority of them who must *UNKER* with the Securities and Exchange Commission as `` investment advisers '' -- people who are in the business of *UNKING* others on the buying and selling of securities specifically -- have been enough to *UNK* the agency 's capacity . STOP 
The SEC has only about 200 staffers assigned to keep *UNKS* on investment advisers -- about the same as in 1980 -- even though the number of advisers has tripled to about 15,000 over the past decade . STOP 
Currently , a registered investment adviser can expect an SEC audit only once every 12 years . STOP 
A lot of bad things can happen in 12 years . STOP 
`` It does n't take a *UNK* scientist to figure out our problem , '' says *CUNK* *CUNK* , director of the SEC 's division of investment management . STOP 
So the SEC has proposed to Congress that much of the job of *UNK* be turned over to an *UNKED* , *UNK-* organization *UNKED* on the National Association of Securities Dealers , which operates in the brokerage business . STOP 
Such an organization could , among other things , set minimum standards for *UNK* , ethics and finances and *UNK* those investment advisers who broke the rules . STOP 
The proposal has set off a *UNKLY* debate within an industry that was far from *UNKED* to begin with . STOP 
Mr. Schwartz , the *UNK* planner from *CUNK* , Colo. , says that allowing the business to police itself would be `` like putting *CUNK* in charge of the blood bank . '' STOP 
Mr. *CUNK* , the *CUNK* planner who heads one trade group , favors simply *UNKING* the industry and giving the money to the SEC to hire more staff . STOP 
-LRB- Mr. *CUNK* 's views are not *UNKED* with wild enthusiasm over at the *CUNK* , the major industry organization . STOP 
When the *CUNK* recently assembled other industry groups to discuss common standards that might be applied to planners , Mr. *CUNK* 's group was *UNKED* . STOP 
That may be because Mr. *CUNK* , *UNKING* at what he considered *UNKS* on his membership standards made by the rival group , *UNKED* his dog , *CUNK* , as a member of the *CUNK* . STOP 
Then he sent the *UNK* 's picture with the *UNK* of membership -- it was made out to `` *CUNKS* ` *CUNK* ' *CUNK* '' -- to every newspaper he could think of . -RRB- STOP 
The states have their own ideas about regulation and *UNKION* . STOP 
*CUNK* , the organization of state securities regulators , is pushing for a model regulatory statute already adopted in eight states . STOP 
It requires financial planners to *UNKER* with states , pass *UNK* tests and reveal to customers any conflicts of interest . STOP 
The most common conflict involves compensation . STOP 
*CUNK* estimates that nearly 90 % of planners receive some or all of their income from sales commissions on securities , insurance and other financial products they recommend . STOP 
The issue : Is the planner putting his clients into the best investments , or the ones that *UNKER* the biggest commissions ? STOP 
In 1986 the New York attorney general 's office got an order from a state court in *CUNK* *UNKING* down First *CUNK* Corp. , an *CUNK* *UNKING* firm that had invested $ 55 million on behalf of nearly 1,000 investors . STOP 
In its notice of action , the attorney general said the company had promised to put clients into `` *UNKED* '' investment portfolios ; instead , the attorney general alleged , the company consistently *UNKED* *UNUNK* customers into high-risk investments in paintings , coins and Florida *UNKS* . STOP 
Those investments paid big commissions to First *CUNK* , payments investors were never told about , the attorney general alleged . STOP 
Investors were further assured that only those with a *UNK* net worth would be accepted . STOP 
In practice , the attorney general alleged in an affidavit , if an investor had access to cash `` the chances of being turned down by First *CUNK* were about as *UNK* as being rejected by the *CUNK-* Club . '' STOP 
And , the attorney general added , First *CUNK* 's president , Roger V. *CUNK* , *UNKED* himself as a `` financial expert '' when his *UNKS* largely *UNKED* of a *UNK-* *UNK* , work as a real-estate and insurance salesman , and a *UNK* as supervisor at a highway toll *UNK* . STOP 
First *CUNK* and its officials are currently under investigation for possible criminal wrongdoing , according to a spokeswoman for the attorney general . STOP 
Harry *CUNKION* , Mr. *CUNK* 's attorney , says his client denies any wrongdoing and adds that the attorney general 's *UNKS* about First *CUNK* 's business practices are *UNK* . STOP 
As for Mr. *CUNK* 's *UNKS* , `` the *UNK* attorneys for the state of New York decided Mr. *CUNK* was n't *UNKED* because he did n't have a Harvard degree , '' says Mr. *CUNKION* . STOP 
Civil suits against planners by clients seeking recovery of funds are increasingly common . STOP 
Two such actions , both filed earlier this year in Georgia state court in Atlanta , could be particularly *UNKING* to the industry : both name J. Chandler Peterson , an Atlanta financial planner who is a founder and past chairman of the *CUNK* , as defendant . STOP 
One suit , filed by more than three dozen investors , charges that Mr. Peterson *UNKED* much of the $ 9.7 million put into a limited partnership that he operated and *UNKED* , spending some of it to pay his own legal bills and to invest in other companies in which he had an interest . STOP 
Those companies , in turn , paid Mr. Peterson commissions and fees , the suit alleges . STOP 
The other suit was filed by two men in a dispute over $ 100,000 investments each says he made with Mr. Peterson as part of an effort to purchase the Bank of *CUNK* in *CUNK* , *CUNK* . STOP 
One *UNK* , a doctor , testified in an affidavit that he also gave Mr. Peterson $ 50,000 to join a sort of investment club which essentially gave the physician `` the privilege of making additional investments '' with Mr. Peterson . STOP 
In *UNKS* , each *UNK* claims Mr. Peterson promised the bank purchase would be completed by the end of 1988 or the money returned . STOP 
Mr. Peterson took the plaintiffs ' and other investors ' money to a meeting of the bank 's directors . STOP 
*CUNKING* a business suit and *UNK-* *UNK* and *UNKS* , he opened up his *UNK* and dumped $ 1 million in cash on a table in front of the directors , says *CUNK* *CUNK* , the bank 's president . STOP 
`` He said he wanted to show the color of his money , '' recalls Mr. *CUNK* . STOP 
Bank officials , however , showed him the door , and the sale never came off . STOP 
According to the suit , Mr. Peterson has yet to return the plaintiffs ' investment . STOP 
They want it back . STOP 
Mr. Peterson declines to comment on specific allegations in the two suits , saying he *UNKS* to save such responses for court . STOP 
But he does say that all of his activities have been `` entirely proper . '' STOP 
On the suit by the limited partners , he says he is considering a *UNKION* suit against the plaintiffs . STOP 
The suit , he adds , `` is almost in the nature of a *UNK* by a handful of *UNKED* people . '' STOP 
*CUNKING* the suit over the bank bid , Mr. Peterson says it is filled with `` *UNK* language and half *UNKS* . '' STOP 
He declines to go into *UNKS* . STOP 
Mr. Peterson says the suits against him are less a measure of his work than they are a `` sign of the times '' in which people generally are more *UNK* to *UNK* . STOP 
`` I do n't know anybody in the industry who has n't experienced litigation , '' he says . STOP 
Mr. Peterson also says he does n't consider himself a financial planner anymore . STOP 
He now calls himself an `` investment banker . '' STOP 
In many scams or alleged scams involving planners , it 's plain that only a *UNK* of common sense on the part of the investors would have kept them out of harm 's way . STOP 
Using it , would n't a *UNKAL* *UNK* to pay *UNKS* of thousands of dollars just for a chance to invest *UNK* planner ? STOP 
Other cases go to show that an old saw still *UNKS* : If it sounds too good to be true , it probably is . STOP 
*CUNKS* of deposit do n't pay 23 % a year , for example , but that did n't give *UNK* to clients of one *CUNK* planner . STOP 
Now they 're losers and he 's in jail in *CUNK* County . STOP 
CDs yielding 40 % are even more *UNK* -- especially when the issuing `` bank '' in the Marshall *CUNKS* is merely a mail drop watched over by a local *UNKION* operator -- but investors fell for that one too . STOP 
And the Colorado planner who promised to make some of his clients *UNKS* on investments of as *UNK* as $ 100 ? STOP 
Never mind . STOP 
You already know the answer . STOP 
Mr. *CUNKER* is a staff reporter in The Wall Street Journal 's Los Angeles bureau . STOP 
At the *UNK* *CUNKION* Island *CUNKING* Center , the *UNKED* and *UNK* *UNKS* of this wealthy Southern California *UNK* community *UNK* from their *CUNKS* and *CUNKS* for another day of *UNKING* their credit cards . STOP 
They *UNK* among the designer offerings at *CUNKS* and *CUNKS* *CUNK* . STOP 
They *UNK* through the *UNKED* *UNKS* of the *CUNK* Court . STOP 
They *UNK* at the Farmers Market , a combination *UNK* food court and grocery store , while a *UNK* *UNKS* the noon fashion show with a selection of *UNK* *UNKS* . STOP 
`` The *UNK* look of *UNK* , '' *UNKS* the show 's *UNK* , `` slightly *CUNK* in its influence ... . '' STOP 
Meanwhile , in the *UNK* office buildings that *UNKING* *CUNKION* Island , the odds are good that someone is getting *UNKED* . STOP 
*CUNK-* authorities say that at any given time , a host of fraudulent *UNKING* operations *UNK* with the many legitimate businesses here . STOP 
`` They seem to like these industrial *UNKS* , '' says *CUNK* *CUNK* , a *UNKAL* *UNK* who specializes in mail fraud . STOP 
`` We call them fraud farms . '' STOP 
*CUNK* to that *UNKER* of *UNKS* known as Newport Beach . STOP 
This city of more than 70,000 is known for *UNK* , *UNKS* and rich residents . STOP 
It is also known as the fraud capital of the U.S. , dubbed by investigators and the media as the `` *CUNK* de *CUNK* '' . STOP 
How does a community famous for its high living end up as a *UNK* for *UNKS* ? STOP 
Clearly , the existence of the former *UNKS* the latter . STOP 
The places *UNKED* for *UNKING* *UNK* , like the Miami neighborhood known as the `` *CUNK* *CUNK* '' and Las Vegas 's *UNK* strip of *UNKS* , *UNKLY* offer fast cars , high *UNKS* , *OUS* women and lots of *UNK* . STOP 
You do n't hear much about unusual *UNKS* of fraud in Green Bay or *CUNK* . STOP 
*CUNK* men hate *UNK* . STOP 
Newport Beach fits the *UNK* artists ' *UNKS* perfectly . STOP 
What more could a *UNK* man in search of the easy life ask for ? STOP 
Nothing seems hard here . STOP 
The *UNKS* are soft , the waves *UNK* *UNKLY* and the *UNK* trees *UNK* *UNKLY* . STOP 
*CUNK* is *UNK* . STOP 
Moreover , *UNKION* is *UNKED* . STOP 
The *UNK* price of homes is $ *UNKN* ; more than *UNKN* vessels fill what the chamber of *UNK* calls the nation 's largest *UNK-* *UNK* . STOP 
`` *CUNKS* , *UNK* and *CUNKS* , '' *UNKS* Mr. *CUNK* . STOP 
`` That 's what they 're after . '' STOP 
The rich image of Newport Beach also helps lend the *UNK* artists ' operation an air of *UNK* . STOP 
`` One reason they use Newport Beach is that it sounds *UNKER* than most *UNKS* , '' says David Katz , a U.S. attorney who , until recently , headed a *UNK-* Southern California fraud task force . STOP 
`` Newport Beach is known in *CUNK* Island for having a lot of rich people . '' STOP 
No wonder all kinds of *UNK-* scams have *UNKED* here , from *UNK* *UNKED* *CUNK* sales to *UNKED* car dealers to *UNKS* *UNK-* traders . STOP 
But above all , this is the national headquarters for *UNK-* operators , those *UNKING* *UNK-* salesmen who use the telephone to *UNK* money from the *UNK* and the *UNK* and then *UNK* . STOP 
Because only a *UNKION* of them are ever *UNKED* , nobody really knows how much money *UNKS* *UNKING* operators really harvest . STOP 
`` I 've heard that there is $ 40 billion taken in nationwide by boiler rooms every year , '' Mr. *CUNK* says . STOP 
`` If that 's true , Orange County has to be at least 10 % of that . '' STOP 
And most of the truly big scams in Orange County seem to *UNK* in Newport Beach or one of the other *UNKED* communities that *UNK* this *UNK-* city that *UNKS* around a point of land on the California coast south of Los Angeles . STOP 
In fact , sophisticated *UNKS* *UNK-* scams are known *UNKLY* among *UNK-* types as `` Newport Beach '' operations . STOP 
That *UNKS* with the *UNK-* sales of things such as *UNK-* sets and office supplies that are known as `` Hollywood '' scams . STOP 
Newport Beach *UNKS* concentrate on precious metals and *UNKING* deals that typically cost thousands of dollars a shot . STOP 
The investors range from elderly *UNKS* to affluent professionals . STOP 
In one *OUS* recent example of a Newport Beach boiler room , prospective investors in Capital Trust Inc. were allegedly told that their investment in precious metals was insured against losses `` caused by employees due to *UNK* , destruction or *UNK* , '' according to an indictment handed up by a federal grand jury in Los Angeles last month . STOP 
Thus *UNKLY* *UNKED* , investors sent $ *UNKN* million to the Newport Beach company , most of which was diverted to *UNKED* uses , the indictment charges . STOP 
Douglas Jones , an attorney representing Richard O. *CUNKLY* *CUNK* , the chairman and president of Capital Trust , says his client denies that there was any attempt to *UNK* investors . STOP 
`` There were some business deals that went bad , '' Mr. Jones says , `` but no intent to *UNK* . '' STOP 
Newport Beach operations *UNKER* from the Hollywood boiler rooms in style as well as in dollars . STOP 
*CUNKLY* , boiler rooms operate on the cheap , since few , if any , customers ever visit their offices . STOP 
Indeed , the name *UNKS* from the *UNK* among *UNKING* *UNKS* to rent cheap *UNK* space , near the boiler room . STOP 
But , says Mr. Katz , the U.S. attorney , `` the interesting thing about Newport Beach operations is that they give themselves the *UNK* of *UNK* offices , with *UNK* *UNKS* . STOP 
When we go there , it 's quite different from these Hollywood places where the *UNKS* are spread out on the table and the people are picking their *UNKS* . '' STOP 
The Newport Beach operators also tend to *UNK* themselves privately . STOP 
*CUNKS* *UNK* the case of *CUNK* *CUNK* , who is currently serving a *UNK-* sentence at *CUNK* Federal *CUNK* for his role in *CUNK* Investment Corp. , which promised investors returns of as much as *UNKN* % on precious metals . STOP 
Mr. *CUNK* , who pleaded guilty to five counts of fraud in federal court in Los Angeles , drove a leased *CUNKS* and lived in an expensive home on *CUNK* *CUNK* , an island in Newport 's *UNK* , according to investigators . STOP 
With the $ 3 million received from investors , he took frequent *UNKS* with friends to *UNK* *UNKS* and leased an expensive *CUNK* for his *UNK* , whom he met at the shop where he got his *UNKED* suits . STOP 
`` It 's *UNKING* the amount of money that goes up their *UNK* , out to the dog track or to the tables in Las Vegas , '' Mr. Katz says . STOP 
All this talk of boiler rooms and fraud is *UNKING* to the city 's legitimate business element . STOP 
Vincent *CUNK* *CUNK* , regional manager of *CUNK* Management Systems , insists he does n't know of any *UNKS* *UNKS* operating in the 1.6 million square feet of office space around *CUNKION* Island that his company leases for *CUNK* Co. , the owner and developer of the project . STOP 
Mr. *CUNK* has rejected a few prospective *UNKS* who provided `` *UNK* '' financial information and acknowledges that *UNK* operators `` are not easily *UNK* . STOP 
'' -LRB- *CUNKS* stress that building owners are victims , too , since boiler rooms often leave without paying rent . -RRB- STOP 
Richard *CUNKS* , president of the Newport *CUNK* Area Chamber of Commerce , calls boiler rooms a `` negative we wish we could get rid of . '' STOP 
*CUNKLY* , `` we do n't get much negative publicity about this , '' he insists , `` except for the press who write about it . '' STOP 
Mr. *CUNKER* is deputy chief of The Wall Street Journal 's Dallas bureau . STOP 
*CUNK* *CUNK* to college and thought you got an education . STOP 
Now you discover that you never learned the most important lesson : How to send your kids to college . STOP 
*CUNK* , when you went to college , there was n't that much to learn . STOP 
*CUNK* some money in an *UNKING* account and watch it grow . STOP 
Now , investment salesmen say it 's time to take some risks if you want the kind of returns that will buy your *UNKER* a ticket to *CUNK* *CUNK* in 18 years . STOP 
In short , throw away the *UNK* and go for the *UNK* . STOP 
The reason is cost . STOP 
Nothing in the *UNKS* of tuition *UNKED* parents for the 1980s . STOP 
*CUNKS* at private *UNKS* rose *UNKN* % in the 10 years ended in June of this year ; that 's twice the 77 % increase in consumer prices for the same period . STOP 
A year at Harvard now goes for $ *UNKN* . STOP 
By *UNKN* , when this year 's *UNKS* hit *UNKS* , a four-year *CUNK* League *UNK* will cost $ *UNKN* , give or take a few *UNKING* at *UNK* time . STOP 
*CUNK* , *CUNK* and other *UNKS* will cost no less . STOP 
So what 's a parent to do ? STOP 
Some investment advisers are suggesting , in effect , a bet on a start-up investment pool -- maybe even on margin . STOP 
Others prefer *UNK-* zero-coupon bonds . STOP 
Still others say , Why not take a chance on a *UNK-* growth fund ? STOP 
`` You 're not going to make it in a 5 % bank account , '' says James *CUNK* , director of mutual funds at T. Rowe Price . STOP 
To get the necessary growth , adds *CUNK* *CUNK* , a marketing official at the Financial *CUNKS* mutual-fund group , `` you need to go to the stock market . '' STOP 
In other words , a little volatility never hurt . STOP 
It never hurt anyone , that is , unless the growth funds do n't grow when you need them to . STOP 
Or the zero-coupon bonds turn out not to have been discounted deeply enough to pay your *UNK* 's tuition . STOP 
That 's the *UNK* for today 's parent . STOP 
Although many experts are advising risk , no one has a good answer for you if the risk does n't pay off . STOP 
*CUNK* may be on the way . STOP 
The antitrust division of the Justice Department is investigating the *UNKLY* similar tuition charges and increases among the top schools . STOP 
*CUNK* of the price police could help cool things off in the 1990s . STOP 
And then there 's always State U . STOP 
But parents ' *UNKING* for a *UNKED* education for their children is growing like their taste for fancy *UNKS* and *UNK* *UNK* . STOP 
*CUNKLY* aware of public concern , lawmakers and financial middlemen are working overtime to create and sell college savings and investment *UNKS* . STOP 
Their message , *UNK* or *UNK* , is that a good college will cost so much by whenever you want it that the tried and true wo n't do anymore . STOP 
*CUNK* about Treasury bills or a money-market fund . STOP 
The latest wave of marketing is *UNK* . STOP 
Several *UNKS* -- including the Financial *CUNKS* , Franklin , and T. Rowe Price mutual-fund groups and the Edward D. Jones brokerage house -- are advertising `` college planner '' tables and *UNKS* that tell you how much you need to put aside regularly . STOP 
The calculations generally rely on an after-tax rate of return of 8 % annually -- a rate historically *UNK* by the individual in only one place , the stock market . STOP 
Most of the *UNKS* are free , but *CUNKED* Financial *CUNKS* sells , for $ 15 , a version *UNKED* to the age of the child and the college of choice . STOP 
The figures are *UNKING* . STOP 
To build a *UNKEST* egg that would pay for *CUNK* when a current *UNKER* reaches college age , parents would need to set aside $ *UNKN* a month -- for 12 years . STOP 
They can cut this to $ *UNKN* a month if the investing keeps up through college . STOP 
And they can further reduce the monthly amount if they start saving earlier -- when mother and child come home from the hospital . STOP 
*CUNKING* a cheaper college into the *UNKS* still does n't generate an *UNK* most people can live with . STOP 
Using a recent average *UNK-* cost of about $ *UNKN* a year , T. Rowe Price 's planner *UNKS* $ 450 monthly if the plan begins when the child is six . STOP 
Since the formula assumes an 8 % *UNK-* return in a mutual fund , there would also be $ *UNKN* in taxes to pay over the 12 years . STOP 
Not everyone is so pessimistic . STOP 
`` People are basically *UNKING* a lot of fear , '' says Arthur *CUNK* , a consultant to the American Council on Education in Washington . STOP 
He takes issue with projections that do n't factor in students ' own contribution , which reduces most parents ' burden substantially . STOP 
Still , he says , `` it 's no bad thing '' if all the marketing *UNKS* people into putting aside a little more . STOP 
`` The situation you want to avoid is having somebody not save anything and hope they 'll be able to do it out of current income , '' he says . STOP 
`` That 's crazy . '' STOP 
His advice : Do n't panic . STOP 
*CUNKS* , he says , should aim at whatever regular investment sum they can afford . STOP 
*CUNK* the amount that the investment tables suggest might be a good goal , he adds . STOP 
That way , parents will reduce borrowings and outlays from current income when the time comes to pay tuition . STOP 
Mr. *CUNK* *UNKS* that the best investment choice is mutual funds because they are managed and over time have nearly kept up with the broad stock averages . STOP 
He favors either an *UNK-* fund or a *UNKED* fund that *UNKS* both stocks and bonds . STOP 
In their anxiety , however , parents and other student *UNKS* are *UNKING* to new *UNKS* . STOP 
They have laid out about $ 1 billion for so-called *UNK* zero-coupon municipal bonds -- so far offered by Connecticut , Illinois , Virginia and eight other states . STOP 
And they have bought about $ 500 million in *UNKION* plans , offered in Michigan , Florida and *CUNKING* . STOP 
The *UNK* plans take payment today -- usually at current *UNKS* or at a slight discount -- for a promise that tuition will be covered tomorrow . STOP 
The *UNK* bonds -- tax-free , offered in small denominations and usually containing a provision that they wo n't be called before maturity -- seem to be *UNK-* for college *UNKS* . STOP 
Like other *UNKS* , they pay all their interest at maturity , meaning that buyers can time things so that their bonds pay off just when *CUNK* *UNKS* from high school . STOP 
Their *UNKING* effect is also *UNKING* . STOP 
In June , Virginia sold bonds for $ *UNKN* that will pay $ 1,000 in 2009 . STOP 
But Richard Anderson , head of the *CUNK* for College Financing *CUNKS* , at Columbia University , a research group partly financed by the federal government , says *UNKS* are particularly *UNKED* . STOP 
Their price falls further than that of other bonds when inflation and interest rates *UNK* up . STOP 
That wo n't matter if they are held to maturity , but if , for any reason , the parents need to sell them before then , there could be a severe loss of principal . STOP 
*CUNK* *UNKS* been available in 1972 and had parents bought a face amount equal to four years ' tuition at the time , *UNKING* for their children 's 1988 *UNK* , they would have been left with only enough to pay for two years , Mr. Anderson figures . STOP 
Most other bonds , however , would probably not have *UNKED* much better . STOP 
The *UNK* plans may be a good bet , provided the guarantee of future tuition is secure . STOP 
*CUNKING* states generally limit the guarantees to *UNK-* institutions , however , and buyers get refunds without much interest if the children do n't *UNK* the specified schools . STOP 
Two private groups are seeking Securities and Exchange Commission approval for plans that could be more broadly *UNK* . STOP 
Mr. Anderson wants the *UNK* *UNKS* to sponsor such a plan . STOP 
The issue here may be the *UNKS* of the guarantee . STOP 
*CUNKS* , much like mutual-fund purchases , are *UNKED* for investment . STOP 
*CUNKS* are naturally counting on their ability to keep ahead of tuition inflation with investment returns . STOP 
But buyers are essentially betting on a start-up investment fund with no track record -- and some have been encouraged to borrow to do so . STOP 
One problem is that the Internal Revenue Service has decided that the investment earnings and gains of the sponsors ' funds are taxable . STOP 
The *UNKS* , as educational institutions , had hoped that would n't be the case . STOP 
*CUNKED* on historical rates of return , Mr. Anderson *UNKS* a 100 % stock portfolio , *UNKED* to the market , would have kept up with tuition and taxes in the *UNK* century . STOP 
But sponsors might not pick the stocks that will match the market . STOP 
And they 're *UNKING* more toward fixed income , whose returns after tax have *UNKED* tuition increases . STOP 
`` I 'm not sure they 're going to make it work , '' says Mr. Anderson . STOP 
What happens if the sponsors do n't have the cash to pay the *UNKS* ? STOP 
Florida and *CUNKING* have backed up their guarantees with the full *UNK* and credit of the state governments , meaning that taxpayers will pick up any *UNK* . STOP 
Not so Michigan . STOP 
Its plan is set up as an independent agency . STOP 
The state says there 's no worry -- investment returns , combined with fees and the gains from *UNKED* plans , will provide all the cash it needs . STOP 
Mr. *CUNK* covers education from The Wall Street Journal 's Boston bureau . STOP 
If you start saving for your child 's *UNKION* on Jan. 1 , 1990 , here 's the monthly sum you will need to invest to pay for four years at Yale , *CUNK* *CUNK* and University of Minnesota . STOP 
*CUNKS* assume a 7 % annual rise in tuition , fees , room and board and an 8 % annual investment return . STOP 
*CUNK* : These figures are only for mandatory charges and do n't include books , transportation *UNK* . STOP 
\* For *UNK-* students STOP 
Source : PaineWebber Inc . STOP 
*CUNK* THE *CUNK* farmers in the *UNK* delta land of *CUNKS* County , *CUNK* , Allen D. *CUNK* of *CUNK* was one of the best known and most *UNKING* . STOP 
He sold *UNK-* *UNKS* to stock other farmers ' *UNKS* , and he bought back *UNK-* *UNK-* that he `` *UNKED* '' to market along with his own *UNK* crop . STOP 
And he nearly always bought and sold for cash . STOP 
Along the way , Mr. *CUNK* omitted a total of $ 1.5 million from his receipts reported on federal tax returns for three years . STOP 
The returns *UNKED* in the hands of an Internal Revenue Service criminal *UNK* , Samuel James Baker . STOP 
Mr. Baker interviewed or wrote to hundreds of *UNK* farmers , *UNKS* and *UNKS* throughout the South before coming up with detailed estimates of purchases and sales , in pounds and dollars , by Mr. *CUNK* and others . STOP 
*CUNK* to Mr. *CUNK* , he had *UNKED* his net on a special IRS project to catch *UNK* farmers and *UNKS* inclined to *UNK* on their taxes . STOP 
*CUNKED* with the evidence , Mr. *CUNK* pleaded guilty to one charge of filing a false return and was fined $ 5,000 and sentenced to 18 months in prison . STOP 
He also owes a lot of back taxes , interest and civil fraud penalties . STOP 
A lot of taxpayers out there are n't as *UNK* as one might think . STOP 
Federal and state tax *UNKS* develop many group targets for investigation , on the basis of *UNKION* , high income , type of income , or some other *UNK* that may signal an opportunity or *UNK* to hide income or *UNK* deductions . STOP 
Many *UNKS* long have seemed to be targets because of the *UNK* or *OUS* efforts of some members to offset high income with *UNK* losses from *UNK* tax *UNKS* : *UNKS* who invested in *UNKLY* dubbed foreign films or airline pilots who raised *UNKS* on their days off . STOP 
*CUNKER* ministers have been *UNKED* . STOP 
Now , television and radio *UNKS* are under scrutiny . STOP 
The IRS recently won part of its *UNKING* battle with the Church of *CUNK* over *UNKS* when the U.S. Supreme Court held that members ' payments to the church were n't *UNK* because the members received services in return . STOP 
IRS statistics show that the more persistent *UNKS* of income among sole *UNKS* of businesses include *UNK-* dealers , entertainment producers , *UNKS* , *UNKS* , and *UNK* owners . STOP 
Small businesses in general account for almost 40 % of *UNKED* personal income , the IRS has said . STOP 
Once such abuses become so *UNK* , the IRS *UNKS* another factor into its secret computer formula for *UNKING* returns for audit and does n't need special projects for them . STOP 
San *CUNKS* have a much higher *UNK* of *UNKS* than average because more of them score high under that formula , not because IRS agents *UNK* their life *UNKS* . STOP 
Many *UNKS* for mass *UNKING* , such as *UNK* tax *UNKS* and home offices , have *UNKED* so broadly that Congress has passed *UNK* laws to close them . STOP 
*CUNKS* of *UNK* *UNKS* of highly valued art now must be accompanied by *UNKS* . STOP 
And laws requiring the reporting of more *UNKS* of transactions have *UNKED* the IRS to rely on computers to *UNK* out *UNKS* with returns and to generate *UNKER* inquiries to taxpayers . STOP 
*CUNKED* *UNK* income can be *UNKED* by computer because a *UNKER* of *UNK* -LRB- who gets a deduction -RRB- must report the former *UNK* 's Social Security number . STOP 
*CUNK* *UNKS* now must give Social Security numbers , *UNKING* the IRS to see whether Americans living abroad are filing required U.S. returns . STOP 
But while IRS computers focus routinely on target groups like these , the agency has assigned many agents to special projects that need more personal attention . STOP 
In most cases , the IRS says , these projects are local or regional , rather than national , and *UNK* because *UNKS* in an area *UNK* some pattern of abuse among , say , factory workers claiming that having a *UNK* of *UNKS* *UNKS* them from tax *UNKING* or *UNK* owners *UNKING* losses from *UNK* charter businesses . STOP 
The national office currently has 21 *UNKAL* audit projects , according to Marshall V. *CUNK* , deputy assistant commissioner for examination . STOP 
*CUNKS* involved in *UNKAL* projects ca n't send anyone to jail , but they can make life *UNK* in other ways -- for one , by imposing some of the 150 different civil penalties for *UNK* , failure to file a return , and the like . STOP 
The targeted audit groups include direct sellers -- people who sell cosmetics , *UNKS* and other items door to door or at home parties -- and employers who label workers as independent contractors instead of employees , to avoid the employer share of payroll taxes . STOP 
Other projects look for *UNKS* among *UNKS* who get cash *UNKS* , people who engage in large cash transactions , and people whose returns show they sold a home for a profit without *UNKING* the capital gain in another home by the end of the same year ; the gain must be rolled over within two years to *UNKER* tax . STOP 
And now that returns must show *UNKS* ' Social Security numbers , the IRS wants to see which *UNKS* show up on more than one return -- and which *UNKS* turn out to be *UNKED* . STOP 
*CUNKS* for the *UNKER* project came from a congressional hearing some years back . STOP 
It prompted an IRS study that found many sellers were *UNKING* income and *UNKING* large amounts of *UNK* travel and other personal expenses as business costs , Mr. *CUNK* says . STOP 
The study provided criteria for *UNKING* out returns of `` potentially *UNK* '' taxpayers who report low income and large expenses from a *UNK-* business . STOP 
The Tax Court recently denied business deductions by Mr. and Mrs. Peter S. *CUNK* of *CUNK* Hill , N.J. , who both were *UNK-* distributors of *CUNK* products in addition to their regular jobs as sales people in other fields . STOP 
For 1984 , they reported gross income of $ *UNKN* from *CUNK* sales , offset by expenses totaling $ *UNKN* -- including car costs of $ *UNKN* and travel and entertainment costs of $ *UNKN* . STOP 
The Tax Court did n't believe that the *CUNKS* , who earned $ *UNKN* in their regular jobs , treated the *UNK* as a real business and *UNKED* `` merely *UNKAL* elements of *UNKION* and other personal *UNK* and benefits '' from it . STOP 
The *CUNK* *CUNKING* Association , a trade group , points out that its members , which include *CUNK* Corp. , cooperate with the IRS to distribute *UNK-* material to sales people and are helping to prepare a *UNK-* television program on the subject . STOP 
The *UNK-* project , which began in 1988 , involves about 350 IRS agents . STOP 
In the fiscal nine months ended June 30 , reports Raymond P. *CUNK* , assistant commissioner for collection , they *UNKED* about *UNKN* employers , *UNKED* more than $ 67 million in *UNK* employment taxes , and *UNKED* about *UNKN* workers as employees instead of *UNKED* contractors . STOP 
The number of *UNKED* workers may be in the millions , mostly paid by small firms . STOP 
Many workers , especially professionals , want to remain independent to avoid tax *UNKING* and to continue to *UNK* many expenses that employees ca n't . STOP 
But many others , who want to qualify for employee benefits and unemployment compensation , become *UNKS* for the IRS , says Jerry *CUNK* , who manages the IRS project 's force of nine agents in north and central Florida from *CUNK* . STOP 
*CUNKS* that are paying employment taxes also provide leads to competitors that are n't , he says . STOP 
In his area , Mr. *CUNK* continues , the *UNK* employers most *UNKLY* are in construction -- doing *UNKING* , *UNK* , *UNK* and similar work . STOP 
But a medical *UNK* with about 20 employees *UNKLY* listed all of them -- including *UNKS* and *UNKS* -- as independent contractors . STOP 
The IRS *UNKED* the *UNK* $ *UNKN* in back payroll taxes . STOP 
It *UNKED* nearly $ 500,000 against a *UNK-* company that carried about 100 *UNKS* , *UNKS* , *UNKS* , *UNKS* and other employees as *UNKED* *UNKS* . STOP 
*CUNK-* states also are becoming more aggressive *UNKS* of tax *UNKS* , and perhaps none tracks them down with more *UNK* than does New York since it acquired an $ 80 million computer system in 1985 . STOP 
The state 's tax *UNKS* have *UNKED* data bases from other New York agencies that license or *UNKER* professionals and businesses ; from exchange agreements with the IRS , 24 other states , and two Canadian *UNKS* , and even from *UNK* *CUNK* *CUNKS* . STOP 
Thus *UNKED* for massive matching of documents by computer , they single out *UNK-* groups , looking primarily for people who have n't filed New York *UNK-* returns . STOP 
The state has *UNKED* through records relating to *UNKS* , *UNKS* , lawyers in the New York City area , construction workers from out of the state , and homeowners who claim to be residents of other states -- especially Florida , which has no personal income tax . STOP 
Soon to feel the *UNK* of attention are lawyers elsewhere in the state , doctors , *UNKS* , and accountants , says Frederick G. *CUNKS* , director of the *UNK-* division that *UNKS* the *UNKING* programs . STOP 
The department has *UNKED* over $ 6.5 million from brokers so far and recommended more than 30 of them for criminal prosecution . STOP 
In the early stage of *UNKING* people with *UNKS* exceeding $ 500,000 who were filing *UNK* returns , it squeezed $ 7.5 million out of a man who was *UNKING* as a Florida *UNK* . STOP 
`` We think we can *UNK* hundreds of millions of dollars just through the *UNK* project , '' Mr. *CUNKS* declares . STOP 
Mr. *CUNK* is editor of The Wall Street Journal 's Tax Report column . STOP 
In finding `` good news '' in Berkeley 's new *UNK* *UNKS* plan -LRB- `` The *CUNKED* Class , '' editorial , Sept. 20 -RRB- , you 're reading the headline but not the story . STOP 
The plan indeed raises from 40 % to 50 % the number of *UNK* *UNKS* admitted *UNKLY* by academic criteria . STOP 
But that does n't mean `` half of the students attending Berkeley '' will be admitted this way . STOP 
The plan is talking about *UNKS* admitted , not students who *UNK* . STOP 
Since the `` yield '' from this top *UNK* of *UNKS* is relatively low , boosting admits from 40 % to 50 % will boost *UNKS* from about 31 % to 38 % of the class . STOP 
In addition , perhaps 5 % of *UNKS* will come from a new category consisting of *UNKS* whose academic credentials `` narrowly missed '' gaining them admission in the first category . STOP 
But against that combined increase of 12 % in students chosen by academic criteria , the plan *UNKS* a large category in which *UNKS* now are based on *UNKS* , test scores and `` *UNKAL* points '' for factors such as *UNK-* *UNK* , *CUNK-* *UNK* and an *UNK* . STOP 
This category now accounts for about 19 % of admits and 22 % of *UNKS* . STOP 
The plan thus will decrease by 22 % , for a net loss of 10 % , the number of students admitted primarily by academic criteria . STOP 
Who will take over these places ? STOP 
The plan creates a new category of students from `` *UNKLY* *UNKED* *UNKS* , '' a concept not yet defined , and gives them about 10 % of the class . STOP 
One of the plan 's authors has defended the `` *UNK* *UNK* '' category as perhaps making more sense than the current *UNKION* *UNKS* based on race . STOP 
Perhaps it does . STOP 
But the new category does not replace or reduce Berkeley 's broad racial *UNKS* . STOP 
Nor will students from *UNK-* groups who are admitted through the new category be counted against the *UNKION* `` target '' for their group . STOP 
The plan thus places a large new *UNKION* program , based on `` *UNK* *UNK* , '' on top of the existing program based on race . STOP 
The role of academic criteria in *UNKING* Berkeley 's *UNK* can only decline as a result . STOP 
Stephen R. *CUNK* *CUNK* of Law University of California Berkeley , Calif . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* in the *UNK* of others , read on . STOP 
This is a story about *UNKS* . STOP 
Most of us know a *UNKER* . STOP 
Many of us are *UNKS* . STOP 
But what we may not know is just what makes somebody a *UNKER* . STOP 
What makes people *UNK* out their credit-card numbers to a *UNKER* they 've never heard of ? STOP 
Do they really believe that the number is just for *UNKION* and is simply a *UNK* on the road to being a *UNK-* winner ? STOP 
What makes a person buy an oil well from some *UNKER* knocking on the screen door ? STOP 
Or an interest in a retirement community in Nevada that will *UNK* your *UNKS* off , once it is built ? STOP 
Because in the end , these people always wind up asking themselves the same question : `` How could I be so *UNK* ? '' STOP 
There are , *UNKLY* , plenty of answers to that question -- and *UNK* artists know all of them . STOP 
`` These people are very *UNKED* at finding out what makes a person *UNK* , '' says *CUNK* Neal , chief of the *UNK-* unit of the *CUNK* County State Attorney 's Office in Fort *CUNK* , Fla. , a major *UNK* for boiler rooms . STOP 
`` Once they size them up , then they know what *UNKS* to push . '' STOP 
John *CUNK* agrees -- and he ought to know . STOP 
He used to be a *UNK-* salesman , *UNKING* investments in oil and gas wells and rare coins . STOP 
`` There 's a *UNK* psychology of the sale and different *UNKS* you pitch different ways , '' he says . STOP 
The most obvious pitch , of course , is the lure of big returns . STOP 
`` We 're all a little *UNK* . STOP 
Everyone is vulnerable , '' says Charles *CUNKER* , associate regional *UNK* for the Securities and Exchange Commission in Miami . STOP 
`` These guys *UNK* on human *UNKS* . '' STOP 
While the promises of big profits ought to set off warning *UNKS* , they often do n't , in part because *UNK-* *UNKS* have become *UNKED* in American *UNK* . STOP 
`` The overnight success story is part of our culture , and our society puts an emphasis on it with *UNKS* and *CUNK* *CUNK* making *UNKS* out of people , '' says Michael *CUNK* , an associate professor of psychology at the University of Kentucky in Louisville . STOP 
`` Other people are making it overnight , and the rest who *UNK* daily do n't want to miss that opportunity when it seems to come along . '' STOP 
*CUNKS* Spencer *CUNK* , branch chief for enforcement at the SEC in Fort Worth , Texas : `` Why do people play the *UNK* when the odds are great against them ? STOP 
People are *UNKING* for a dream . '' STOP 
Clearly , though , *UNK* artists have to be a bit more *UNK* than simply promising millions ; the psychology of *UNKS* is n't simply the psychology of the *UNK* . STOP 
There 's also , for instance , the need to be part of the *UNK-* . STOP 
So one popular *UNK* is to make a prospective investor feel like an insider , joining an exclusive group that is about to make a killing . STOP 
*CUNK* 1978 and 1987 , for instance , *CUNK* Oil in Winter *CUNK* , Fla. , sold interests in oil wells to a very select group of local residents , while turning away numerous other eager investors . STOP 
The owner of the company , Stephen Smith , who has since pleaded guilty to state and federal fraud charges , *UNKED* to investors that he had a secret agreement with Amoco Oil Co. and said the location of his wells was *UNKAL* , according to a civil suit filed in a Florida state court by the Florida comptroller 's office . STOP 
Neither the Amoco agreement nor the wells *UNKED* , the suit alleged . STOP 
Such *UNKS* , says *CUNK* *CUNK* , chief of the *UNKS* unit of the Federal Bureau of Investigation in Washington , D.C. , appeal to investors ' `` desire to believe this is really true and that they are part of a chosen group being given this opportunity . '' STOP 
At times , salesmen may *UNK* the inside information with `` the notion that this is some slightly *UNK* , slightly illegal investment the person is being included in , '' says Mr. *CUNK* . STOP 
In *UNKING* to those with a bit of *UNK* in their *UNKS* , the fraud artist can insist that a person keep an investment secret -- *UNKING* himself from being discovered and keeping his victim from consulting with others . STOP 
It also adds to the mystery of the venture . STOP 
Mr. *CUNK* , the *UNK-* veteran , believes that for many investors , the *UNK-* scams carry a *UNK-* element of *UNK* . STOP 
`` Once people got into it , I was allowing them to live a dream , '' he says . STOP 
He *UNKED* them with *UNKS* on the investment , such as `` funny things that happened at the well that week , '' he says . STOP 
`` You gave them some *UNK* that they did n't have in their lives . '' STOP 
-LRB- Mr. *CUNK* , who was convicted in Florida state court of selling *UNKED* securities and in California state court of *UNUNK* use of the telephone to *UNK* and *UNK* , is now on *UNKION* . STOP 
He says he has quit the business and is back in school , *UNKING* in psychology with *UNKS* to go into industrial psychology . -RRB- STOP 
For some investors , it 's the *UNKS* that leave them *UNKED* . STOP 
`` The *UNKS* of success go a long way -- wearing the right clothes , doing the right things , '' says Paul *CUNK* , an associate professor of psychology at Harvard . STOP 
Conservative *UNKS* make people think it 's a conservative investment . STOP 
`` People *UNKLY* lose money on risky investments that they did n't realize were a *UNK* , '' he says . STOP 
Paul *CUNK* , a Phoenix , Ariz. , attorney , says a promise of *UNUNK* returns would have made him *UNK* . STOP 
But Mr. *CUNK* , who says he lost $ *UNKN* in one *UNKS* deal and $ *UNKN* in another , says a salesman `` used a *UNK-* approach '' with him , sending investment *UNK* , a contract limiting the firm 's liability , and an insurance policy . STOP 
When he visited the company 's office , he says , it had `` all the *UNKS* of *UNK* . '' STOP 
Still others are *UNK* by a desire to do both well and good , says Douglas Watson , *UNKING* officer of the Los Angeles Police Department 's *UNK-* division . STOP 
*CUNK-* *CUNKS* are the most visible targets of *OUS* *UNKER* investment *UNKS* . STOP 
But hardly the only ones : The scams promise -- among other things -- to help save the environment , feed *UNKING* families and prevent the *UNK* of children . STOP 
*CUNKS* say isolated people who do n't discuss their investments with others are particularly at risk for fraud . STOP 
*CUNK* artists seek out such people -- or try to make sure that their victims *UNK* themselves . STOP 
For instance , salesmen may counter a man 's *UNKION* that he wants to discuss an investment with his wife by asking , `` Who *UNKS* the *UNKS* in your family ? '' STOP 
Or an investor who wants his *UNK* 's advice may be told , `` You seem like a guy who can make up his own mind . '' STOP 
*CUNK* *UNK* artists will try to *UNK* their victims by *UNKING* *UNKS* between them . STOP 
William *CUNKS* , a retired engineer from Lockheed Corp. , says he and his wife , *CUNKLY* , *UNKED* to the investment *UNKS* of a *UNK-* *UNKER* from *CUNKS* Co. in Atlanta after the broker told them he , too , had once worked with Lockheed . STOP 
The *CUNKS* , of *CUNKER* Springs , *CUNK* , have filed suit in Georgia state court against Stuart James , *UNKING* fraud . STOP 
They are *UNKING* an *UNKION* proceeding . STOP 
They say the broker took them out for lunch frequently . STOP 
He urged them to *UNKER* their friends , who also lost money . STOP 
-LRB- Donald *CUNK* , an attorney for the *UNK-* firm , denies the fraud allegations and says the *CUNKS* were fully *UNKED* that they were pursuing a high-risk investment . -RRB- STOP 
`` It 's not *UNUNK* for these guys to send pictures of themselves or their families to *UNK* themselves to their clients , '' says *CUNK* *CUNKS* , chief of the *UNKS* section of the U.S. attorney 's office in Los Angeles . STOP 
`` We 've seen cases where salesmen will affect the *UNK* of the region of the country they are calling . STOP 
*CUNKING* to make a sale . '' STOP 
*CUNKS* say that whatever a person 's particular weak point , timing is crucial . STOP 
People may be particularly vulnerable to *UNK-* *UNKS* when they are in the midst of a major *UNKAL* in their lives . STOP 
`` Sometimes when people are making big changes , retiring from their jobs , moving to a new area , they lose their *UNKS* , '' says *CUNK* *CUNK* , a licensed *UNK* who is now an investment adviser and principal in *CUNK-* Inc. , a Birmingham , Mich. , *UNKING* firm . STOP 
`` They may be *UNK* to some song and dance if it hits them at the right time . '' STOP 
They are obviously also more *UNK* when they need money - *UNKS* , for instance , trying to bolster their fixed income or parents *UNKING* over how to pay for a child 's college expenses . STOP 
`` These people are n't necessarily *UNK* or *UNK* . STOP 
*CUNK* all of us in comparable circumstances might be *UNKED* in some way , '' says *CUNK* *CUNK* , a psychology professor at the University of Southern California in Los Angeles . STOP 
*CUNK* *CUNK* thinks that 's what happened to him . STOP 
Mr. *CUNK* , a *UNK-* Delta Air Lines engineer , invested some $ 2,000 in penny stocks through a broker who promised quick returns . STOP 
`` We were saving up to buy a house , and my wife was pregnant , '' says Mr. *CUNK* . STOP 
`` It was just before the Christmas *UNKS* , and I figured we could use some extra cash . '' STOP 
The investment is worth about $ 130 today . STOP 
`` Maybe it was just a vulnerable time , '' says Mr. *CUNK* . STOP 
`` Maybe the next day or even an hour later , I would n't have done it . '' STOP 
Ms. *CUNK* is a staff reporter in The Wall Street Journal 's Atlanta bureau . STOP 
Prices for seats on the New York Stock Exchange are recovering a bit after *UNKING* a four-year low earlier this month . STOP 
Two seats on the Big Board were sold yesterday for $ *UNKN* , and then $ 500,000 . STOP 
The previous sale was $ *UNKN* on Oct. 17 ; the last time prices were that low was November 1985 , when a seat sold for $ *UNKN* . STOP 
Prices peaked at $ *UNKN* in September 1987 . STOP 
*CUNKS* are currently quoted at $ *UNKN* bid and $ *UNKN* asked . STOP 
*CUNK* *CUNK* *CUNK* been defined as the *UNUNK* in pursuit of the *UNK* , but at least it 's exercise . STOP 
At least it has a little *UNK* . STOP 
Most of us have to spend our time on *UNKS* that afford neither , *UNK* duties rather than *UNKS* . STOP 
Like trying to buy life insurance , for instance , an *UNK* notably *UNKING* in *UNK* . STOP 
Call it the *UNKED* *UNKING* after the *UNK* . STOP 
But sooner or later , most of us have to think about life insurance , just as we often have to think about having *UNKAL* work . STOP 
And my time has come . STOP 
I 'm 33 , married , no children , and employed in writing stories like this one . STOP 
In times past , *UNK-* salesmen targeted heads of household , meaning men , but *UNKS* is a *UNK-* family and *UNKED* to it . STOP 
So if anything happened to me , I 'd want to leave behind enough so that my *UNK-* husband would be able to pay off the mortgage and some other debts -LRB- though not , I admit , enough to put any potential second wife in the *UNK* of luxury -RRB- . STOP 
*CUNKING* that maybe $ 100,000 to $ 150,000 would do but having no idea of what kind of policy I wanted , I looked at the *UNK* products of a dozen companies -- and plunged into a *UNK* of *UNK* . STOP 
Over the past decade or two , while I was thinking about *UNK* *UNKING* , the insurance industry has *UNKED* an *UNK* number of products , variations on products , and variations on the variations . STOP 
Besides term life and whole life -LRB- the old *UNKS* -RRB- , we now have universal life , universal *UNK* life , flexible adjustable universal life , policies with *UNK* bonuses , policies *UNKED* with *UNK* riders , living benefit policies , and on and on . STOP 
What to do ? STOP 
First , *UNK* . STOP 
*CUNK* of all their riders , special provisions , and other *UNKS* and *UNKS* , insurance policies can still be *UNKED* under two broad categories : so-called pure insurance , which *UNKS* no cash value in the policy and pays off only upon death , and permanent insurance , which provides not only a death benefit but also a cash value in the policy that can be used in various ways while the insured is still alive . STOP 
If all you want is *UNK-* coverage , pure insurance -- a term policy -- gives you maximum *UNK* for your *UNK* , within limits . STOP 
It 's much cheaper than permanent insurance bought at the same age . STOP 
But `` term '' means just that ; the policy is written for a specific time period only and must be renewed when it expires . STOP 
It may also *UNK* that the insured must pass another medical *UNK* before *UNKAL* ; if you *UNK* -- which means you need insurance more than ever -- you may not be able to buy it . STOP 
Even if you 're healthy and can *UNK* , your premium will go up sharply because you 're that much older . STOP 
So term insurance may not be as cheap as it looks . STOP 
There are all sorts of variations on term insurance : policies structured to pay off your mortgage debt , term riders *UNKED* on to permanent insurance , and many others . STOP 
One *UNKION* that appealed to me at first was the `` Money *CUNK* *CUNK* Life '' policy offered by Amex Life Insurance Co. , the American Express unit , to the parent company 's credit-card holders . STOP 
*CUNK* examination , however , I *UNKED* whether the plan made a lot of sense . STOP 
Amex said it would charge me $ *UNKN* a year for $ 100,000 of coverage -- and would pay me back all the premiums I put in if I canceled the policy after 10 years . STOP 
*CUNKS* great -- or does it ? STOP 
First , if I canceled , I 'd have no more insurance , a not *UNK* consideration . STOP 
Second , the $ *UNKN* I 'd get back would be much diminished in purchasing power by 10 years of inflation ; Amex , not I , would get the benefit of the investment income on my money , income that would have exceeded the inflation rate and thus given the company a real profit . STOP 
Third and most important , Amex would charge me a far higher premium than other *UNK* companies would on a straight term policy for the same amount ; I 'd be paying so heavily just to have the option of getting my premiums back that I 'd almost have to cancel to make the whole thing *UNK* . STOP 
That would be all right with Amex , which could then lock in its investment profit , but it does n't add up to a `` smart money '' move for me . STOP 
*CUNK* goes to show that the First Law *UNKS* in insurance as in anything else : There is no free lunch , there is only marketing . STOP 
And the Second Law , *UNUNK* to insurance ? STOP 
If I die early , I win -- a *UNK* victory , since I ca n't enjoy it -- and if I live long , the insurer wins . STOP 
*CUNKS* . STOP 
This is worth *UNKING* when insurers and their salesmen try to sell you permanent insurance , the kind that *UNKS* cash value . STOP 
The word `` death '' can not be escaped entirely by the industry , but salesmen *UNK* it *UNKER* possible or *UNK* it in *UNKS* , *UNKING* to talk about `` savings '' and `` investment '' instead . STOP 
The *UNKION* is that your *UNK-* policy is really some kind of CD or mutual-fund account with an added feature . STOP 
That is *UNKING* the *UNKLY* . STOP 
The fact is that as a savings or investment vehicle , insurance generally runs a poor second to any direct investment you might make in the same things the insurance company is putting your money into . STOP 
That 's because you have to pay for the insurance portion of the policy and the effort required to sell and service the whole package . STOP 
*CUNK* , no free lunch . STOP 
This is reflected in a *UNK-* mortality cost -- in effect , your share of the company 's estimated liability in paying off beneficiaries of people who had the *UNK* to die while under its protection . STOP 
And in most cases , a huge *UNK* of your premium in the initial year or two of the the policy is , in effect , paying the salesman 's commission as well ; investment returns on most policies are actually negative for several years , largely because of this . STOP 
So view permanent insurance for what it is -- a compromise between pure insurance and direct investment . STOP 
The *UNKEST* , most traditional form of permanent insurance is the straight whole life policy . STOP 
You pay a set premium for a set amount of coverage , the company *UNKS* that premium in a portfolio of its *UNKING* , and your cash value and dividends grow over the years . STOP 
One newer *UNK* , so called *UNK-* life -LRB- you pay for the whole policy at once -RRB- , has been *UNKLY* popular in recent years for tax reasons ; the insured could *UNK* cash value in the form of policy `` loans , '' and none of the proceeds were taxable even though they included gains on investment . STOP 
Congress closed this *UNK* last year , or thought it did . STOP 
However , *CUNK* Capital Corp. of *CUNK* , Mass. , has developed a `` combination plan '' of *UNK* and insurance coverage that it says does not violate the new regulations and that allows policy loans without tax consequences . STOP 
But the percentage of your cash reserve that you can borrow tax-free is very small . STOP 
I 'm not prepared in any case to put that much money into a policy immediately , so I look into the broad category called universal life . STOP 
*CUNKLY* popular , it is far more flexible than straight whole life . STOP 
I can adjust the amount of insurance I want against the amount going into investment ; I can pay more or less than the so-called target premium in a given year ; and I can even *UNK* payments if my cash reserves are enough to cover the insurance portion of the policy . STOP 
In looking at these and other policies , I learn to ask pointed questions about some of the assumptions built into `` policy *UNKS* '' -- the *UNKS* of numbers that show me the *UNK* of my cash values over the years . STOP 
They *UNKLY* give two *UNKS* : One is based on interest rates that the company guarantees -LRB- usually 4 % to 4.5 % -RRB- and the other on the rate it is currently getting on investment , often 8.5 % or more . STOP 
*CUNKING* the latter over several decades , I find my cash *UNK* is impressive -- but can any high interest rate *UNK* for that long ? STOP 
Not likely , I think . STOP 
Also , some policy *UNKS* assume that mortality costs will decline or that I will get some sort of dividend bonus after the *UNK* year . STOP 
These are not certain , either . STOP 
Companies `` are n't comfortable playing these games , but they realize they 're under pressure to make their policies look good , '' says *CUNK* *CUNKER* , an *UNKAL* consultant at *CUNK* , a unit of *CUNKS* *CUNK* Co. , the big New York consulting firm . STOP 
Another factor to consider : Some of the companies currently earning very high yields are doing so through substantial investment in junk bonds , and you know how nervous the market has been about those lately . STOP 
There are seemingly *UNKS* *UNKS* to universal life , and it pays to ask questions about all of them . STOP 
At a *UNK-* *UNK* , for example , a friend boasts that she 'll only have to pay premiums on her John *CUNK* policy for seven years and that her death benefits will then be `` guaranteed . '' STOP 
I call her agent , David *CUNK* . STOP 
*CUNK* , he says , premiums on such *UNK-* coverage can be structured to `` *UNK* '' after a certain period -- but usually only if interest rates stay high enough to generate sufficient cash to cover the annual cost of insurance protection . STOP 
If interest rates plunge , the insurer may be knocking on my door , asking for *UNKER* premium payments to maintain the same amount of protection . STOP 
I do n't like the sound of that . STOP 
Some insurers have also started offering `` *UNK* bonuses , '' such as extra dividends or a *UNKLY* higher interest yield , if the policy is maintained for 10 years . STOP 
But Glenn Daily , a New York-based financial consultant , warns that many of these bonuses are `` just *UNKS* , '' because most are n't guaranteed by the companies . STOP 
And the feature is so new , he adds , that no insurer has yet established a track record for actually making such payments . STOP 
*CUNKED* *UNKS* provisions also merit a close *UNKION* . STOP 
*CUNKED* by insurers that include *CUNK-* Life Insurance Co. , Jackson National Life Insurance Co. , and National Travelers Life Insurance Co. , these policy riders let me *UNK* a portion of my death benefits while I 'm still alive . STOP 
Some provisions would let me collect a percentage of the policy 's face value to pay for long-term care such as *UNK-* *UNKS* ; others would allow payments for catastrophic *UNKS* and conditions such as cancer , heart *UNKS* , *UNKAL* failure and kidney *UNKS* . STOP 
But the catastrophic events for which the *UNKER* can collect are narrowly defined , vary from policy to policy , and generally permit use of only a small *UNKION* of the face amount of insurance . STOP 
Also , financial planners advising on insurance say that to their knowledge there has not yet been a tax ruling *UNKING* these advance payments from taxes . STOP 
And considering the extra cost of such provisions , some figure that people interested in , say , paying for extended *UNK-* care would be better off just buying a separate policy that provides it . STOP 
I 'm more *UNKLY* *UNKED* by `` *UNK-* life , '' even though it turns out to be *UNK-* life . STOP 
*CUNKS* selling these policies market them directly to the public or otherwise do n't use *UNKED* salesmen ; there is still a load -- annual administrative fees and initial `` *UNK* '' charges -- but I figure that the lack of commission and of `` surrender fees '' for dropping the policy early still *UNKS* me a lot . STOP 
I compared one universal policy for $ *UNKN* face amount from such an insurer , American Life Insurance Corp. of Lincoln , Neb. , with a similar offering from *CUNK* Life *CUNK* Society of the U.S. , which operates through *UNKN* *UNKED* salesmen . STOP 
After one year I could walk away from the *CUNKS* policy with $ *UNKN* , but *CUNK* get only $ 14 from the *CUNK* . STOP 
The difference is *UNKED* by time , too . STOP 
At age 65 , when I 'd stop paying premiums , the *CUNKS* offering would have a projected cash value $ *UNKN* higher than the other , even though the *CUNK* 's policy illustration assumed a *UNKLY* higher interest rate . STOP 
*CUNK* I buy it ? STOP 
Well , not yet . STOP 
I 'm thinking about using the $ *UNKN* annual premium to finance a trip to Paris first . STOP 
A person can do some heavy thinking about insurance there -- and shop for something more exciting while she 's doing it . STOP 
*CUNKER* Group Inc. will report that third-quarter profit rose more than 15 % from a year earlier , though the gain is *UNKLY* due to asset sales , Robert *CUNK* , chairman , president and chief executive officer , said . STOP 
His projection indicates profit in the latest quarter of more than $ *UNKN* million , or 55 cents a share , compared with $ *UNKN* million , or 48 cents a share , a year ago . STOP 
Mr. *CUNK* said in an interview that sales will show an increase from a year ago of `` somewhat less than 10 % . '' STOP 
Through the first six months of 1989 , sales had grown about 12 % from the year-earlier period . STOP 
Growth of 10 % would make sales for the latest quarter $ *UNKN* million , compared with $ *UNKN* million a year ago . STOP 
Mr. *CUNK* said the profit growth in the latest quarter was due to the sale of two *CUNKER* drugs . STOP 
*CUNK* , an *UNK* , was sold to *CUNKS* PLC , London . STOP 
*CUNK* , a drug used to *UNK* *UNKING* , was sold to Jones Medical Industries Inc. , St. Louis . STOP 
He said *CUNKER* sold the drugs for `` nice prices '' and will record a combined , pretax gain on the sales of $ 20 million . STOP 
As the gain from the sales indicates , operating profit was `` significantly '' below the year-earlier level , Mr. *CUNK* said . STOP 
*CUNKER* in July had projected lower third-quarter operating profit but higher profit for all of 1989 . STOP 
He said the company is still looking for `` a strong fourth quarter in all areas -- sales , operating income and net income . '' STOP 
Mr. *CUNK* attributed the decline in third-quarter operating profit to the stronger dollar , which reduces the value of overseas profit when it is translated into dollars ; to *UNKED* buying of *CUNKER* products in the second quarter because of a *UNKING* July 1 price increase , and to higher marketing expenses for *CUNKER* 's *CUNK* *UNK* , whose sales and market share in the U.S. had slipped in the first half of 1989 . STOP 
He said *CUNKER* *UNKED* to sell *CUNK* and *CUNK* to raise revenue that would `` *UNK* start '' its increased marketing efforts behind *CUNK* , still its *UNKING* product with about $ *UNKN* million in world-wide sales in 1988 . STOP 
`` We had *UNKED* *CUNK* for a year , '' he said , because the company was concentrating on research and development and promoting other drugs . STOP 
He said *CUNKER* will spend $ 15 million to $ 20 million more on *CUNK* advertising and promotion in the second half of 1989 than in the year-earlier period . STOP 
A `` big chunk '' of that additional spending came in the third quarter , he said . STOP 
Hoechst AG said it will stop producing *UNKER* in 1990 because of continued losses and a bleak outlook . STOP 
The West German chemical concern said it will close the last remaining *UNKER* plant in *CUNK* in the fall of next year . STOP 
Hoechst said the *UNKER* market faces *UNK* in Western Europe , rising imports from East bloc countries and overseas , and declining demand . STOP 
HomeFed Corp. said its main subsidiary , Home Federal Savings & Loan , converted from a federal savings and loan to a federal savings bank and changed its name to HomeFed Bank . STOP 
The federal Office of Thrift *CUNKION* approved the conversion last Friday , HomeFed said . STOP 
The change in charter does n't alter the federal insurance of deposits , federal regulatory powers or company operations , a spokesman said . STOP 
It was the second anniversary of the 1987 crash , but this time it was different . STOP 
Stocks rallied on good earnings reports and on data that showed less inflation than expected . STOP 
*CUNK* chips led the *UNK* up in heavy trading . STOP 
The Dow Jones Industrial Average rose *UNKN* points to *UNKN* . STOP 
The 30 industrials led the market higher from the opening *UNK* as foreign buyers stepped in . STOP 
By afternoon , the broader market joined the advance in full strength . STOP 
Standard & Poor 's 500-stock Index rose *UNKN* to *UNKN* and the Nasdaq composite index jumped 7.52 to *UNKN* . STOP 
New York Stock Exchange volume *UNKED* to *UNKN* shares . STOP 
The industrials were up about 60 points in the afternoon , but cautious investors took profits before the close . STOP 
Traders said a variety of factors triggered the rally . STOP 
The consumer price index rose 0.2 % in September , while many economists were looking for a 0.4 % increase . STOP 
*CUNK-* arbitrage buy programs -- in which traders buy stock against offsetting positions in futures to lock in price differences -- helped the rally 's momentum . STOP 
The *UNK* was such that investors responded to good earnings reports of companies such as American Express , while ignoring the disappointing profits of companies such as *CUNK* , analysts said . STOP 
*CUNK-* arbitrage trading was a minor influence in yesterday 's rally , traders said . STOP 
*CUNKAL* buyers were the main force pushing blue chips higher . STOP 
To the *UNK* of some traders , takeover stocks were climbing again . STOP 
*CUNK* rose 2 7\/8 to 100 , for example . STOP 
Last Friday , takeover traders *UNKED* out of *CUNK* , knocking the stock down 21 1\/2 to 85 . STOP 
Among other stocks involved in *UNKS* or rumored to be so : Holiday Corp. gained 1 7\/8 to 73 and Honeywell rose 2 7\/8 to 81 1\/2 . STOP 
One floor trader noted in *UNK* that nobody seemed to mind the news that British Airways is n't making a special effort to revive the UAL buy-out . STOP 
The announcement of the buy-out 's troubles triggered the market 's *UNK* *UNK* a week ago . STOP 
Takeover enthusiasm may have been renewed when an investor group disclosed yesterday that it had obtained all the financing required to complete its $ 1.6 billion leveraged buy-out of American Medical International . STOP 
`` That 's put some *UNK* back into this market , '' said Peter *CUNK* , a vice president of equity trading at Shearson Lehman Hutton . STOP 
But some traders thought there was less to the rally than met the eye . STOP 
`` There is no strength behind this rally , '' asserted Chung *CUNK* , head trader at Kleinwort Benson North America . STOP 
`` It 's traders *UNKING* positions . STOP 
It 's not good ; the market is setting up for another fall . '' STOP 
Indeed , many traders said that uncertainty about today 's monthly expiration of *UNK-* futures and options , and options on individual stocks , prompted a lot of buying by *UNK* traders who were *UNKING* positions that were *UNKS* on declining stock prices . STOP 
The number of outstanding contracts in the October Major Market Index jumped from *UNKN* on Friday to *UNKN* on Monday . STOP 
The *CUNK* is a *UNK-* index that *UNKS* the Dow Jones Industrial Average . STOP 
*CUNKING* contracts are those that remain to be *UNKED* . STOP 
By Wednesday , the outstanding October contracts amounted to *UNKN* , representing about $ *UNKN* billion in stock , noted Donald *CUNK* , head of stock-index futures research at Prudential-Bache Securities , who expects a volatile expiration today . STOP 
`` There has been a tremendous increase '' in *CUNK* positions , Mr. *CUNK* said . STOP 
Consumer stocks once again set the pace for blue-chip issues . STOP 
Philip Morris added 1 1\/8 to 44 1\/2 in Big Board composite trading of 3.7 million shares , Coca-Cola Co. gained 2 3\/8 to 70 3\/8 , *CUNK* gained 1 3\/8 to 77 3\/8 and American Telephone & Telegraph advanced 7\/8 to 43 3\/8 on 2.5 million shares . STOP 
American Medical jumped 1 7\/8 to 23 5\/8 . STOP 
IMA Acquisition , an investor group that includes First Boston and the *CUNKER* family of Chicago , said Chemical Bank had made arrangements for 23 other banks to provide $ *UNKN* million in bank financing for the buy-out offer . STOP 
Chemical and six other banks , along with First Boston , are providing the rest of the $ 1.6 billion . STOP 
Elsewhere on the takeover front , Time Warner advanced 2 5\/8 to *UNKN* 5\/8 and Warner Communications *UNKED* on 7\/8 to 63 7\/8 . STOP 
The Delaware Supreme Court *UNKED* a ruling that *UNKED* *CUNK-* Industries from voting its Warner preferred stock as a separate class in deciding on the companies ' proposed merger . STOP 
Paramount Communications climbed 1 1\/4 to 58 1\/2 and MCA rose 1 1\/2 to 64 ; both media companies have long been mentioned as potential acquisition candidates . STOP 
Among other actual and rumored targets , *CUNK* rose 1 1\/4 to 60 1\/2 , *CUNK* went up 1 1\/8 to 39 3\/4 , Armstrong World Industries gained 1 to 40 1\/8 and *CUNK* rose 3\/4 to 13 7\/8 . STOP 
In addition : -- Soo Line jumped 2 3\/4 to 20 1\/4 , above the $ *UNKN* a share that Canadian Pacific offered for the company in a takeover proposal . STOP 
-- *CUNK* gained 1 1\/8 to 27 1\/8 . STOP 
Investor Robert M. *CUNK* , who owns a 4.7 % stake in the company , said he plans a proxy fight for control of its board . STOP 
-- Golden *CUNK* rose 2 to 28 1\/4 . STOP 
Its board approved the repurchase of as many as three million common shares , or about 17 % of its shares outstanding . STOP 
Buying interest also *UNKED* in the technology sector , including International Business Machines , whose board approved a $ 1 billion increase in its stock buy-back program . STOP 
IBM rose 2 3\/8 to *UNKN* 1\/8 as 2.2 million shares changed hands . STOP 
Compaq Computer soared 4 5\/8 to 111 1\/8 on 1.8 million shares in response to the company 's announcement of plans to introduce several products next month . STOP 
Digital Equipment gained 1 3\/8 to 89 3\/4 despite reporting earnings for the September quarter that were on the low end of expectations . STOP 
Among other technology issues , Cray Research rose 1 5\/8 to 37 , Hewlett-Packard added 1 1\/4 to 50 1\/4 , *CUNK* Computers rallied 1 1\/8 to 25 3\/4 , Data General rose 3\/4 to 14 1\/2 and Motorola gained 2 3\/8 to 59 1\/4 . STOP 
On the other hand , *CUNK* Technologies dropped 1 1\/4 to 18 1\/2 after Shearson Lehman Hutton lowered its short-term investment rating on the stock and its 1989 earnings estimate , and Commodore International fell 7\/8 to 8 after the company said it expects to post a loss for the September quarter . STOP 
Insurance stocks continued to climb on expectations that premium rates will rise in the aftermath of the earthquake in the San Francisco area . STOP 
American International Group climbed 4 to 106 5\/8 , General *CUNK* rose 3 1\/8 to 89 5\/8 , Kemper added 2 1\/2 to 48 , *CUNK* went up 1 3\/8 to 36 and *CUNK* rose 1 1\/4 to *UNKN* 1\/4 . STOP 
Stocks of major toy makers rallied in the wake of strong third-quarter earnings reports . STOP 
*CUNK* added 1 1\/4 to 19 5\/8 , *CUNK* *UNKED* 1 to 18 1\/2 and Lewis *CUNK* *CUNKS* rose 7\/8 to 13 5\/8 on the Big Board , while *CUNK* gained 1 to 21 7\/8 on the American Stock Exchange . STOP 
Capital *CUNK-* surged 42 5\/8 to *UNKN* . STOP 
Kidder Peabody raised its investment rating on the stock and its earnings estimates for 1989 and 1990 , based on *UNK* that the company 's ABC television network will continue to fare well in the ratings . STOP 
Dun & Bradstreet lost 1 7\/8 to 51 7\/8 on 1.8 million shares . STOP 
Merrill Lynch lowered its short-term rating on the stock and its estimate of 1990 earnings , citing a sales slowdown in the company 's *UNKING* business . STOP 
Pinnacle West Capital , which suspended its *UNK-* dividend *UNKLY* and reported a 91 % decline in third-quarter earnings , fell 5\/8 to 11 3\/8 . STOP 
The Amex Market Value Index recorded its *UNKEST* gain of the year by climbing *UNKN* to *UNKN* . STOP 
Volume totaled *UNKN* shares . STOP 
B.A.T Industries , the most active Amex issue , rose 3\/8 to 12 3\/8 . STOP 
The company received shareholder approval for its restructuring plan , designed to fend off a hostile takeover bid from a group headed by financier Sir James Goldsmith . STOP 
*CUNKS* Development Class A jumped 3 1\/8 to 37 1\/8 and Class B rose 2 5\/8 to 37 1\/4 . STOP 
The company said six officers are buying a total of $ 1.5 million of its stock . STOP 
*CUNK* Cos. , the target of an investigation by the U.S. *UNK* general , dropped 2 to 10 3\/4 . STOP 
The probe involves testing procedures used on certain government contracts by the company 's *CUNK* unit . STOP 
*CUNK* Industries Inc. , New *CUNKS* , received a $ 23 million contract from the Navy to *UNK* by 50 % the capacity of an *UNK* *UNKER* . STOP 
The award results from the Navy 's *UNKING* of an option in an earlier contract it awarded *CUNK* . STOP 
Richard J. *CUNK* was elected to the board of this personnel consulting concern , increasing its size to nine members . STOP 
Mr. *CUNK* is president and chief operating officer of *CUNK* Mutual Life Insurance Co . STOP 
The Senate rejected a constitutional amendment that President Bush sought to protect the U.S. flag from *UNKION* . STOP 
The *UNKN* roll call fell well short of the two-thirds majority needed to approve changes to the Constitution . STOP 
The vote , in which 11 GOP lawmakers voted against Mr. Bush 's position , was a victory for Democratic leaders , who opposed the amendment as an *UNKION* on the Bill of Rights . STOP 
`` We can support the American flag without changing the American Constitution , '' said Senate Majority Leader George Mitchell of Maine . STOP 
In order to *UNK* pressure for an amendment , Mr. Mitchell and House Speaker Thomas Foley -LRB- D. , *CUNK* . -RRB- had arranged for lawmakers to pass a statute *UNKING* flag *UNKION* before voting on the constitutional change . STOP 
Mr. Bush said he would allow the bill to become law without his *UNK* , because he said only a constitutional amendment can protect the flag *UNKLY* . STOP 
In June , the Supreme Court threw out the conviction of a Texas man who set a flag *UNK* during a 1984 *UNKION* , saying he was `` *UNKING* in political *UNKION* '' that is protected by the First Amendment . STOP 
If you think you have *UNKED* problems on the job , there 's good news and bad news . STOP 
You 're probably right , and you are n't alone . STOP 
A new *CUNK* *CUNK* study *UNKED* by the New York Business Group on Health , found that a full 25 % of the work force at companies may suffer from anxiety *UNKS* or a *UNKED* *UNKS* , with about 13 % suffering from *UNKION* . STOP 
The study surveyed a national group of medical directors , personnel managers and employee assistance program directors about their *UNKS* of these problems in their companies . STOP 
It is one of a series of studies on health *UNKED* by the New York Business Group , a *UNK-* organization with about 300 members . STOP 
The stress study was undertaken because problems related to stress `` are much more *UNK* than they seem , '' said *CUNK* J. *CUNK* , executive director of the business group . STOP 
In *UNKING* the study late last week , Dr. *CUNK* estimated the cost of these types of *UNKS* to business is substantial . STOP 
*CUNKAL* *UNK* related to anxiety , *UNKION* and stress costs about $ 8,000 a case in terms of worker 's compensation . STOP 
In terms of days lost on the job , the study estimated that each affected employee *UNKS* about 16 work days a year because of stress , anxiety or *UNKION* . STOP 
He added that the cost for *UNKED* compensation claims is about twice the average for all *UNK* claims . STOP 
`` We hope to *UNK* employers '' to recognize the problems so they can do something about them , Dr. *CUNK* said . STOP 
Early intervention into these types of problems can apparently save businesses long-term expense associated with *UNKION* , which sometimes results when these problems go *UNKED* for too long . STOP 
Even the courts are beginning to recognize the link between jobs and *UNKED* *UNKS* in compensation cases , according to a survey by the National Council on *CUNKION* Insurance . STOP 
But although 56 % of the respondents in the study indicated that *UNK-* problems were fairly *UNK* in the *UNK* , there is still a social *UNK* associated with people seeking help . STOP 
The *UNKS* , which 20 years ago struck *UNK-* and older people , `` now strike people at the *UNK* of productivity , '' says Robert *CUNK* *CUNK* , of the National Institute of *CUNKAL* Health , who spoke at the *UNKION* of the study 's findings . STOP 
The poll showed that company size had a *UNKING* on a manager 's view of the problem , with 65 % of those in companies of more than 15,000 employees saying *UNKED* problems were `` fairly *UNK* '' and 55 % of those in companies with fewer than 4,000 employees agreeing . STOP 
The poll also noted fear of a takeover as a *UNKING* event in larger companies . STOP 
More than eight in 10 respondents reported such a *UNKING* situation in their company . STOP 
*CUNKED* companies were most affected by talk of *UNKS* or plant *UNKS* . STOP 
The study , which received funding from *CUNK* Co. , which makes several drugs to treat *UNKED* *UNKS* , also found 47 % of the managers said stress , anxiety and *UNKION* contribute to *UNKED* production . STOP 
*CUNK* and *UNK* abuse as a result of *UNKED* problems was cited by 30 % of those *UNKED* . STOP 
Although Dr. *CUNK* points out that stress and anxiety have their positive uses , `` stress perceived to be threatening implies a component of fear and anxiety that may contribute to *UNK* . '' STOP 
He also noted that various work *UNKS* , such as night work , have their own `` *UNKS* . '' STOP 
`` We all like stress , but there 's a limit , '' says Paul *CUNK* , of *CUNKER* , *CUNKER* & *CUNK* , a corporate psychology and management consulting firm . STOP 
The problem , says Mr. *CUNK* , a *UNK* , is that `` it 's very hard to get any hard measures on how stress *UNKS* job performance . STOP 
For *CUNK* Air *CUNKS* , *CUNK* Christmas *CUNK* STOP 
*CUNK* *CUNK* *CUNK* *CUNK* that a *UNK-* old *UNK* on a mission of *UNK* to a disaster area on Christmas Day can fly free . STOP 
But his circumstances are among the few that can qualify for the handful of really cheap airline tickets remaining in America . STOP 
In recent years , carriers have become much more *UNK* about who can fly on the cheap . STOP 
But there still are a few ways today 's *UNKER* can qualify under the airline 's many restrictions . STOP 
One of the best deals , though , may mean *UNKING* Christmas dinner with the *UNKS* . STOP 
This week , many carriers are announcing *UNK-* fares designed to get people to fly on some of the most *UNKED* -- and *UNKEST* -- days of the year , including Christmas . STOP 
In recent years , the airlines had waited until the last moment to court Christmas season *UNKS* with bargain fares . STOP 
That approach *UNKED* : Last Christmas Day , a USAir Group Inc. *CUNK-* *UNKER* flew about seven passengers from Chicago to Pittsburgh . STOP 
So this year , the airlines are getting a jump on holiday discounts . STOP 
They are cutting ticket prices by as much as 70 % from normal levels for travel to most U.S. locations on Dec. 24 , 25 , 29 , 30 and 31 , and Jan. 4 , 5 and 6 . STOP 
The promotions -- dubbed everything from *UNK* is the *CUNK* to be *CUNKLY* to *CUNK* fares -- put *UNK-* fares at $ 98 , $ *UNKN* and $ *UNKN* . STOP 
`` They 're trying to keep planes flying on days they 'd normally park them , '' says Roger *CUNK* , president of Mr. Mitchell Travel Service in *CUNK* , *CUNK* . STOP 
*CUNK* , of course , *UNK-* prices on other *UNKS* near the *UNKS* when the airlines know *UNKS* are eager to travel . STOP 
Consider *CUNKING* Your *CUNK* 's *CUNK* STOP 
*CUNK* *CUNK* Airlines has its way , couples like *CUNK* Thomas and *CUNK* *CUNK* may find it a *UNK* to qualify for some new discounts . STOP 
Continental , a Texas Air Corp. unit , recently unveiled a marketing program offering free *UNKION* tickets to *UNKS* and *UNKS* passengers on international flights . STOP 
The Continental catch : Only immediate family members are allowed , and they must have the same last name as the buyer of the ticket or legal proof they 're related . STOP 
That *UNKS* many women who have n't taken their *UNKS* ' last name . STOP 
`` What a *UNK* of *UNK* , '' says *CUNK* *CUNK* , president of the New York *UNKER* of the National Association of *CUNK* Business *CUNKS* . STOP 
`` This sets things way back . '' STOP 
Continental 's *UNK* : It does n't want business *UNKS* *UNKING* the promotion by *UNKLY* claiming to be related . STOP 
`` We accommodate their choice of names by allowing them to *UNK* '' family *UNKION* with legal documents , says Jim *CUNK* , a senior vice president . STOP 
But *UNK* rights advocates are angry , too . STOP 
The *CUNK* Legal Defense and Education Fund of New York City has received complaints from *UNKAL* couples whom the airline does n't recognize as family . STOP 
`` It 's certainly discrimination , '' says attorney *CUNK* *CUNK* , whose group forced Trans World Airlines this year to change a rule that allowed travelers to transfer frequent *UNKER* *UNKS* only to family members . STOP 
*CUNK* Your *CUNKION* In a Hurricane Area STOP 
*CUNK* *CUNK* Hugo *UNKED* through the Caribbean and the Atlantic coast states , it *UNKED* electric and telephone lines , shot *UNKS* through *UNK* *UNKS* , *UNKED* windows and *UNKED* thousands of lives . STOP 
It also lowered some air fares . STOP 
Since the hurricane , *CUNK* Airlines Inc. and American Airlines , a unit of AMR Corp. , trimmed their *UNK-* fares to the *CUNK* *CUNKS* to $ *UNKN* from prices that were at times double that before the storm . STOP 
The fares are *UNKED* Hugo , *CUNKION* and *CUNK* *CUNKS* *CUNK* . STOP 
-LRB- Airlines are n't lowering fares to Northern California following this week 's earthquake , but *UNKION* agents can *UNK* *UNK-* restrictions on discount fares for emergency trips . -RRB- STOP 
Some hotels in the *UNK-* Caribbean promise *UNK-* guarantees . STOP 
In *CUNK* Beach , *CUNK* , the damaged *CUNK* *CUNK* offers daily rates as low as $ 35 , or as much as 22 % below regular prices . STOP 
Says *CUNK* Hoffman , a *UNK* in the resort 's front office : `` We do n't have the *UNK* pool , the pool table , *UNKING* *UNK* table , *UNK* bar or *CUNK* , but we still have the *UNK* pool and *CUNK* . '' STOP 
Just *CUNK* Until You 're a *CUNK* *CUNKER* STOP 
*CUNK* *CUNK* have long received cheap air fares . STOP 
This year , the older someone is the bigger the discount . STOP 
A senior *UNK* between 62 and 70 *UNKS* 70 % off regular *UNK* fare . STOP 
Travelers up to age 99 get a percentage discount matching their age . STOP 
And *UNKS* fly free in first class . STOP 
Next month , Northwest Airlines says , a *UNK-* *CUNKING* , Mich. , woman is taking it up on the offer to fly with her *UNK-* son to *CUNK* , *CUNK* . STOP 
Last year when Northwest first offered the promotion , only six *UNKS* flew free . STOP 
If All *CUNK* *CUNKS* ... . STOP 
THE *CUNK* carriers also provide discounts to Red Cross workers , retired military personnel and medical students . STOP 
There 's even a special fare for *UNK* that does n't require the usual stay over Saturday night . STOP 
That way , they can be home in time for work Sunday . STOP 
The British Petroleum Co. PLC said its *CUNK* Exploration unit has produced the first oil from its Don *UNK* in the North Sea . STOP 
In an official release , *CUNK* said initial production from the field was *UNKN* barrels a day , and that it expects peak output from the field of 15,000 barrels a day to be reached in 1990 . STOP 
As the sponsor of the `` *CUNKER* Americans *CUNK* to *CUNK* Act , '' which would repeal the Social Security earnings limit for people *UNKED* 65 and older , I *UNK* your strong *UNK* to repeal this *CUNK-* *UNK* . STOP 
For every dollar earned over $ *UNKN* , Social Security *UNKS* lose 50 cents of their Social Security benefits ; it 's like a 50 % marginal tax . STOP 
But the *UNKED* effects of `` *UNKS* only '' taxes result in truly catastrophic marginal tax rates . STOP 
*CUNK* a *UNK* who wants to maintain her standard of living at the same level she had before she had to pay the catastrophic *UNK* . STOP 
Although this *UNK* *UNKS* only twice the minimum wage , largely due to the earnings limit , she would have to earn an additional $ *UNKN* to offset her catastrophic *UNK* of $ *UNKN* . STOP 
*CUNKING* the earnings limit would greatly help *UNKS* and reduce the deficit . STOP 
*CUNKAL* would generate more in new taxes than the government would lose in increased Social Security benefit payments . STOP 
We now need support from the Democrats on the *CUNKS* Committee in order to include *UNK-* reform in the *CUNKION* Bill . STOP 
Since all four Republicans on the committee are *UNKS* of my bill , it is the Democrats who will be held fully *UNK* if an earnings test amendment is not allowed from the floor . STOP 
The time is now to lift the *UNK* Social Security earnings limit from the backs of our nation 's *UNKS* . STOP 
Rep. J. Dennis *CUNK* -LRB- R. , *CUNK* . -RRB- STOP 
When his *CUNK* Avenue fur business here was flying high 20 years ago , Jack *CUNK* had 25 workers and a large factory . STOP 
Now his *UNK-* employees work in an *UNK-* shop that he says is smaller than his old storage room . STOP 
He also says he is losing money now . STOP 
He *UNKS* imports . STOP 
But just down *CUNK* Avenue , where about 75 % of U.S. fur *UNKS* are made , Larry Rosen has acquired two retail outlets , *UNKED* his *UNKING* line and expanded into *UNKER* . STOP 
He credits imports . STOP 
The difference lies in how the two *UNKAL* furriers reacted to the foreign competition and *UNKION* of their industry over the past 10 years . STOP 
One stuck to *UNK-* business *UNKS* , while the other embraced the change . STOP 
`` The small , good fur *UNK* is not what it used to be , '' says Mr. *CUNK* , 75 years old . STOP 
`` We make the *UNKEST* product in the world , and the Americans are being *UNKED* around . '' STOP 
Mr. Rosen , though , believes imports have *UNKED* the industry in which he has worked for most of his 57 years . STOP 
`` You 've got some minds here that wo n't think *UNKLY* , '' he says . STOP 
*CUNK* competition for U.S. furs has risen sharply since furriers started aggressively marketing `` *UNK-* *UNK* '' and similar *UNKED* imported furs in recent years . STOP 
*CUNKS* discovered a consumer largely ignored by *UNKED* furriers : the younger woman -- even in her late *UNK* -- who never thought she could buy a *UNK* . STOP 
The new market helped boost U.S. fur sales to about $ 1.8 billion a year now , *UNK* the level in the late 1970s . STOP 
It also opened the door to furs made in South Korea , China , Hong Kong and other countries . STOP 
*CUNK* *CUNKS* , a large South Korean maker , says it operates 35 retail outlets in the U.S. and plans to open 15 more by the end of next year . STOP 
Mr. *CUNK* and other *UNK-* furriers call many of the the imports *UNUNK* and poorly made . STOP 
*CUNK-* U.S. furriers say these imports have n't squeezed them . STOP 
But *UNKED* and *UNKED* furriers like Mr. *CUNK* , who once *UNKED* the *UNK-* *CUNK* Avenue fur district , say imports have cut their sales . STOP 
A woman who once would have saved for two or three seasons to buy a *CUNK-* *UNK* can now get an imported *UNK* right away for less than $ 2,000 . STOP 
Yet Mr. Rosen has turned the import phenomenon to his advantage . STOP 
Early in the decade he saw that fur workers in many foreign countries were willing to work longer hours at lower wages than their American counterparts and were more open to *UNKION* . STOP 
In 1982 , he started a factory in Greece . STOP 
Two years later , he opened one in West Germany . STOP 
He also noticed that foreign makers were introducing many variations on the traditional fur , and he decided to follow suit . STOP 
By combining his *UNKS* in *UNKION* and quality control with the lower costs of production abroad , he says he has been able to produce high-quality goods at low cost . STOP 
To maintain control over production and avoid *UNK* on foreign sources , he says he still makes most of his furs in the U.S. . STOP 
But six years ago he also began *UNKING* from the Far East . STOP 
*CUNKED* by imports , Mr. Rosen now makes fur *UNKS* , hats and *UNKS* . STOP 
This year he produced a men 's line and offers *UNKED* furs in red , *UNK* red , *UNK* , *UNKAL* blue and forest green . STOP 
He has *UNKER* *UNKS* from Turkey that are *UNKED* with *UNK* skin and topped off with *UNK-* *UNKS* . STOP 
From Asia , he has *UNK* *UNKS* with *UNKAL* patterns made by using different *UNKED* furs . STOP 
Next he will be testing *UNKED* *UNK* -LRB- called *UNK* -RRB- made in the Far East . STOP 
He plans to *UNK* the *UNK* to the backs of *UNK* *UNKS* and *UNKS* . STOP 
Besides adding to sales , *UNKS* also attract retailers who may buy furs later , he adds . STOP 
Other furriers have also benefited from *UNKS* . STOP 
*CUNK* *CUNK* , the *UNK-* owner of *CUNK* *CUNK* *CUNKS* Inc. , *UNKS* the reverse side of a *CUNK* *UNK* to produce a *UNK* *UNKER* *UNK* . STOP 
He says it accounts for 25 % of total sales . STOP 
Mr. Rosen is also pushing retail sales . STOP 
This year he bought two stores , one in Brooklyn and one in *CUNKS* . STOP 
Other furriers have also placed more weight on retailing . STOP 
Golden *CUNK* *CUNKS* Inc. began retailing aggressively eight years ago , and now retail sales account for about 20 % of gross income . STOP 
In other moves , Mr. Rosen says he bought a truck three years ago to reach more retailers . STOP 
Since then he has expanded his fleet and can now bring his furs to the front door of retailers as far away as the Midwest . STOP 
Small retailers who ca n't afford to travel to his New York *UNK* have become fair game . STOP 
Such moves have helped Mr. Rosen weather the industry slump of recent years . STOP 
The industry enjoyed six *OUS* years beginning in 1980 , but since 1986 sales have *UNKED* at their $ 1.8 billion peak . STOP 
*CUNK* furriers such as *CUNK* Inc. , *CUNK* *CUNK* Inc. and Evans Inc. all reported losses in their latest fiscal years . STOP 
*CUNKS* of the 1987 stock market crash head the list of reasons . STOP 
In addition , competition has *UNKED* the market with both *UNKS* and *UNKS* , driving prices down . STOP 
The *UNKS* movement has n't helped sales . STOP 
*CUNK* *UNKS* over the past two years have trimmed demand , too , furriers complain . STOP 
And those who did n't move some production overseas suffer labor shortages . STOP 
`` The *UNK* labor needed to manufacture furs -LCB- in the U.S. . -RCB- is not as available as it was , '' says Mr. *CUNK* , who is starting overseas production . STOP 
But even those who have found a way to cope with the imports and the slump , fear that furs are losing part of their *UNK* . STOP 
`` People are promoting furs in various ways and taking the *UNK* out of the fur business , '' says Stephen *CUNKS* , *UNKAL* merchandise manager for Marshall Field 's department store in Chicago . STOP 
`` You ca n't make a commodity out of a luxury , '' insists Mr. *CUNK* , the New York *UNKER* . STOP 
He contends that *UNKING* consumers with *UNKED* imports will harm the industry in the long run by reducing the *UNK* of furs . STOP 
But Mr. Rosen *UNKS* : `` Whatever people want to buy , I 'll sell . STOP 
The name of the game is to move goods . STOP 
Four workers at GTE Corp. 's headquarters have been *UNKED* as having *UNKS* , and city health officials are investigating whether a *UNK* worker may have exposed hundreds of other GTE employees to the *UNKAL* *UNKION* , company and city officials said . STOP 
The four cases were all reported to GTE 's medical director and state and local health authorities . STOP 
GTE shut down its *UNK* Tuesday afternoon after testing determined that at least one *UNK* worker employed by GTE 's private food *UNKING* contractor , *CUNK* Services Inc. , was suffering from a strain of the virus , officials said . STOP 
More than 700 people work in the GTE building . STOP 
The *UNK* remains closed . STOP 
Dr. Andrew *CUNK* , city health director , said his staff *UNKS* the *UNKS* , which can be highly *OUS* , was spread by the *UNK* worker with the virus . STOP 
The exact strain of *UNKS* that the *UNK* worker contracted has n't been determined but should be known by the end of the week , Dr. *CUNK* said . STOP 
*CUNKS* A , considered the least dangerous strain of the virus , has been confirmed in at least one GTE employee , company and city officials said . STOP 
`` From a public health point of view we 're *UNKED* because *UNKS* A is rarely *UNKING* , '' said Dr. Frank *CUNK* , GTE 's medical director . STOP 
`` It 's a *UNKED* *UNK* though , because it is also the most *OUS* kind of *UNKS* . '' STOP 
GTE officials began posting warning *UNKS* about the potential threat to exposure Wednesday morning at various places at the company , said GTE spokesman Thomas *CUNK* . STOP 
The company has begun offering *UNKS* of *UNK* *UNK* , which will *UNK* the *UNK-* symptoms of *UNKS* A , in anyone who has contracted the disease , Mr. *CUNK* said . STOP 
`` We 're strongly *UNKING* that anyone who has *UNK* in the *UNK* this month have the shot , '' Mr. *CUNK* added , `` and that means virtually everyone who works here . STOP 
I was *UNKED* to read the *UNKS* of facts in your Oct. 13 editorial `` Colombia 's *CUNK* *CUNKER* . '' STOP 
It is the *UNKING* *UNKS* who are *UNKED* with the drug *UNKS* , not the left *UNKING* . STOP 
This information was *UNKED* from your own news stories on the region . STOP 
*CUNK* Colombian government *UNK* of the `` *UNKS* '' was due to the drug *UNKS* ' history of *UNKING* out *UNKS* in the *UNKS* . STOP 
Mary *CUNK* Palo Alto , Calif. STOP 
I suggest that The Wall Street Journal -LRB- as well as other U.S. news publications of like mind -RRB- should put its money where its *UNK* is : *CUNK* computer equipment to replace that damaged at El *CUNK* , buy ad space , publish stories under the *UNKS* of El *CUNK* journalists . STOP 
Perhaps an arrangement could be worked out to `` sponsor '' El *CUNK* journalists and staff by paying for added security in exchange for exclusive stories . STOP 
*CUNK* El *CUNK* 's *UNK* with real support . STOP 
Douglas B. Evans STOP 
*CUNK-* Co . -LRB- Atlanta -RRB- -- STOP 
*CUNK* *CUNK* and George *CUNK* were elected vice presidents of this soft-drink company . STOP 
Mr. *CUNK* , 46 years old , is the company 's director of quality assurance ; most recently , he served as vice president , operations , for Coca-Cola Enterprises . STOP 
Mr. *CUNK* , 48 , is manager for corporate manufacturing operations ; he was assistant vice president at the company . STOP 
In the wake of a slide in sterling , a *UNK* in the stock market , and a string of *UNK* economic indicators , British Chancellor of the Exchequer Nigel Lawson promised *UNKAL* improvement in the U.K. economy . STOP 
In a speech prepared for delivery to London 's financial community , Mr. Lawson *UNKED* up current economic policy as a battle to *UNKING* inflation out of the British economy , using high interest rates as `` the essential instrument '' to carry out the campaign . STOP 
Two weeks after boosting base rates to 15 % , he pledged that `` rates will have to remain high for some time to come . '' STOP 
Mr. Lawson also made it clear that he would be watching exchange rates carefully . STOP 
A *UNKING* pound makes imports more expensive and increases businesses ' expectations of future inflation , he argued . STOP 
In an apparent warning to currency traders who have lately been selling the British currency , he stated that the exchange rates will have a `` major role in the assessment of monetary conditions . '' STOP 
In *UNKING* the current monetary policy of using high interest rates to fight inflation and shore up the pound , Mr. Lawson dismissed other approaches to managing the economy . STOP 
He said he *UNKS* the *UNKLY* figures , but does n't give them *UNK* importance , as some private and government economists have suggested . STOP 
Mr. Lawson also dismissed the possibility of imposing direct credit controls on Britain 's financial system . STOP 
Mr. Lawson 's speech , delivered at the *CUNK* Mayor of London 's annual dinner at *CUNKION* House , came on the heels of a *UNKING* period for the U.K. economy . STOP 
Two weeks ago , in a campaign to *UNK* inflation at home and arrest a world-wide plunge in the pound , he raised base rates a full percentage point to 15 % . STOP 
Despite the increase , the British currency slid below a perceived *UNK* of three marks early last week . STOP 
It was quoted at *UNKN* marks in late New York trading Wednesday . STOP 
*CUNKING* up to the speech was a *UNK* of economic statistics suggesting that the British war on inflation will be more *UNKING* than previously assumed . STOP 
*CUNK* in September dropped to *UNKN* , the lowest level since 1980 . STOP 
While lower *UNKS* is generally good news , the hefty drop last month indicates that the economy is n't slowing down as much as hoped -- despite a doubling of interest rates over the last 16 months . STOP 
Meanwhile , average earnings in Britain were up *UNKN* % in August over the previous year . STOP 
Another *UNK* sign came in a surge in *UNK-* lending to a record # *UNKN* billion -LRB- $ *UNKN* billion -RRB- last month , a much higher level than economists had predicted . STOP 
In a separate speech prepared for delivery at the dinner , *CUNK* *CUNK-* , Bank of England governor , conceded that `` demand pressures were even more *UNK* than had been *UNKED* '' when the British economy was *UNKING* up last year . STOP 
He added that `` there 's no *UNK-* solution '' to the economic *UNKS* , and said `` tight monetary policy is the right approach . '' STOP 
*CUNKING* the recent slide in stock prices , the central bank governor stated that `` the markets now appear to have *UNKED* '' after the `` *UNK* *UNK* '' of the *UNK-* plunge in the Dow Jones Industrial Average a week ago . STOP 
Although the New York market plunge prompted a *UNK-* drop in the London Financial *CUNK-* Exchange 100 Share Index , Mr. *CUNK-* declared `` that the experience owed nothing to the particular problems of the British economy . '' STOP 
*CUNKLY* , he pointed out that compared with the U.S. market , the U.K. has far fewer highly leveraged junk-bond *UNKS* . STOP 
*CUNKING* future monetary arrangements , Mr. Lawson repeated the Thatcher government 's commitment to join the exchange rate mechanism of the European Monetary System , but he did n't indicate when . STOP 
*CUNK* . STOP 
C. Olivetti & Co. , claiming it has won the race in Europe to introduce computers based on a powerful new *UNK* chip , unveiled its *CUNK* computer yesterday . STOP 
The product is the first from a European company based on Intel Corp. 's new *UNK-* *UNK* *UNK* , which works several times faster than previously available chips . STOP 
Hewlett-Packard Co. became the first company world-wide to announce a product based on the chip earlier this month , but it wo n't start shipping the computers until early next year . STOP 
An Olivetti spokesman said the company 's factories are already beginning to produce the machine , and that it should be available in Europe by December . STOP 
`` What this means is that Europeans will have these machines in their offices before Americans do , '' the spokesman said . STOP 
The new chip `` is a very big step in computing , and it is important that Olivetti be one of the first out on the market with this product , '' said *CUNK* *CUNKER* Davis , an analyst at James Capel & Co. in London . STOP 
Executives at Olivetti , whose earnings have been steadily *UNKING* over the past couple of years , have acknowledged that in the past they have lagged at getting new technology to market . STOP 
Ms. Davis said the new machines could steal some sales away from Olivetti 's own *UNKS* , but would bring new sales among professionals such as engineers , *UNKS* and medical doctors . STOP 
Although Olivetti 's profits tumbled 40 % in the first half of this year , she believes Olivetti 's restructuring last fall and its introduction of new products will begin to bear fruit with an earnings rebound next year , especially if it can *UNK* its promise to deliver the new machines by December . STOP 
`` We think the worst is over '' in the European *UNK-* market , she said . STOP 
*CUNKING* on the type of software and *UNKS* used , the machines can serve either as the main computer in a network of many terminals -LRB- a role usually filled by a *UNKER* -RRB- , as a technical *UNKION* or as a very fast personal computer . STOP 
`` It 's the missing link '' in Olivetti 's product line between small personal computers and *UNKED* *UNKS* , the Olivetti spokesman said . STOP 
He added that Olivetti will continue making its *CUNK* *UNKER* line . STOP 
The machines will cost around $ *UNKN* on average in Europe . STOP 
The Intel 486 chip can process 15 million instructions per second , or *CUNK* , while Intel 's previous *UNKN* chip could handle only 3 to 6 *CUNK* . STOP 
Olivetti also plans to sell the *CUNK* computer in the U.S. starting next year through Olivetti USA and through its *CUNKER* *CUNK* unit , which specializes in *UNKING* *UNK-* networks . STOP 
*CUNK* Inc. said it received approval from the French government for its proposed $ *UNKN* million acquisition of *CUNKAL* *CUNK* . STOP 
The approval *UNKS* the remaining conditions of the purchase , which is expected to close within two weeks . STOP 
*UNKAL* , the second-largest maker of food *UNKS* in France , had 1988 sales of $ 150 million . STOP 
*CUNKAL* has *UNKN* workers at four *UNKING* manufacturing plants and one plastic *UNKER* facility . STOP 
*CUNK* makes flexible packaging films and machinery , and materials for the food and pharmaceutical industries . STOP 
Social Security benefits will rise 4.7 % next year to keep pace with inflation , boosting the average monthly benefit to $ *UNKN* from $ *UNKN* , the Department of Health and Human Services announced . STOP 
The higher payments will start with Social Security checks received on Jan. 3 , 1990 . STOP 
*CUNKAL* Security Income payments to the *UNKED* also will rise 4.7 % , starting with checks received on Dec. 29 , 1988 , increasing the maximum *CUNK* payment to $ *UNKN* from $ *UNKN* a month . STOP 
The inflation adjustment also means that the maximum annual level of earnings subject to the wage tax that *UNKS* revenue for the Social Security trust fund will rise to $ *UNKN* in 1990 from $ *UNKN* this year . STOP 
As *UNKED* by law , the tax rate will rise to *UNKN* % in 1990 from *UNKN* % and wo n't rise any further in the future . STOP 
This means that the maximum *UNKLY* Social Security tax paid by workers and employers each will rise $ *UNKN* next year to $ *UNKN* . STOP 
*CUNKS* *UNKED* 65 through 69 will be able to earn $ *UNKN* without losing any Social Security benefits in 1990 , up from $ *UNKN* this year . STOP 
The exempt amount for beneficiaries under 65 will rise to $ *UNKN* from $ *UNKN* . STOP 
The adjustments reflect the increase in the consumer price index for urban wage *UNKS* and *UNKAL* workers from the third quarter of last year to the third quarter of this year . STOP 
*CUNK-* companies should get *UNKER* in the third quarter . STOP 
*CUNKLY* houses are expected to report earnings increases of about 15 % on average for the third quarter , despite sales increases of less than 10 % , analysts say . STOP 
To offset sluggish sales growth , companies have been cutting staff , mostly through *UNKION* , and slowing the growth in research and development spending . STOP 
Sales growth in the quarter was slowed by mounting pressure from groups of buyers , such as hospitals , to hold down prices . STOP 
*CUNKS* were also hurt by the stronger U.S. dollar , which makes sales abroad more difficult . STOP 
In some cases , competition has squeezed margins . STOP 
*CUNK* , *CUNK* & Co. , for example , faces stiff competition from a Japanese supplier in the important *UNK* market . STOP 
The Franklin *CUNKS* , N.J. , company is expected to report sales growth of only 5 % to 6 % , but should still maintain earnings growth of 10 % , says Jerry E. *CUNKER* , an analyst with *CUNK* & *CUNKS* Inc . STOP 
Among the first of the group to post results , *CUNK* Laboratories said third-quarter net income jumped 14 % to $ *UNKN* million , or 88 cents a share , from $ *UNKN* million , or 76 cents a share , a year earlier . STOP 
Sales for the company , based in *CUNK* Park , Ill. , rose 8.3 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
*CUNKER* International Inc. yesterday reported net climbed 20 % in the third period to $ 102 million , or 34 cents a share , from $ 85 million , or 28 cents a share , a year earlier . STOP 
Sales for the *CUNK* , Ill. , company rose 5.8 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
But not every company expects to report increased earnings . STOP 
*CUNK* *CUNK* Inc. yesterday said third-quarter net plunged 51 % to $ *UNKN* million , or 18 cents a share , from $ 20 million , or 35 cents a share , a year earlier . STOP 
Sales fell 1.2 % to $ *UNKN* million from $ *UNKN* million . STOP 
The *CUNK* Hill , N.J. , company said full-year earnings may be off 33 cents a share because the company removed a *UNKER* from the market . STOP 
In 1988 , the company earned $ *UNKN* a share . STOP 
The Food and Drug Administration had raised questions about the device 's design . STOP 
Some analysts add that *UNK-* pressures to reduce health costs will continue to *UNK* companies ' bottom lines . STOP 
Takeover speculation , which has been *UNKING* stocks of supply houses , may also ease , says Peter *CUNK* , an analyst with Drexel Burnham Lambert Inc . STOP 
`` As that *UNKS* , you 're going to see the stocks probably *UNK* as well , '' he says . STOP 
*CUNKS* companies , meanwhile , are reporting improved earnings . STOP 
*CUNKED* by strong *UNKS* by its *UNK* hospitals , National Medical Enterprises Inc. , Los Angeles , reported net income of $ 50 million , or 65 cents a share , for the first quarter ended Aug. 31 , up from $ 41 million , or 56 cents a share , a year earlier . STOP 
Humana Inc. , Louisville , Ky. , also reported favorable results , with net income of $ *UNKN* million , or 66 cents , in the fourth quarter ended Aug. 31 , up from $ *UNKN* million , or 59 cents , a year earlier . STOP 
Analysts say the handful of hospital companies that are still publicly traded are *UNKING* from several trends . STOP 
Most important , hospital admission rates are stabilizing after several years of decline . STOP 
Moreover , companies have sold off many of their smaller , *UNK-* hospitals and have completed painful *UNKS* . STOP 
Humana 's revenues , for example , are being boosted by large increases in *UNKS* in the company 's health maintenance organizations . STOP 
Says *CUNK* Richter , an analyst with Dean Witter Reynolds : `` The *UNK* in the publicly traded companies is over . STOP 
*CUNKAL* claims for regular state unemployment benefits rose to a seasonally adjusted *UNKN* during the week ended Oct. 7 from *UNKN* the previous week , the Labor Department said . STOP 
The number of people receiving regular state benefits in the week ended Sept. 30 *UNKED* to a seasonally adjusted *UNKN* , or 2.2 % of those covered by unemployment insurance , from *UNKN* the previous week , when the insured unemployment rate also was 2.2 % . STOP 
*CUNKING* all state and federal benefit programs , the number of people receiving unemployment benefits in the week ended Sept. 30 fell to *UNKN* from *UNKN* a week earlier . STOP 
These figures are n't seasonally adjusted . STOP 
A Labor Department spokesman said the unusually high number of initial claims for state unemployment benefits reflects the impact of Hurricane Hugo on southern states , particularly North Carolina and South Carolina . STOP 
The figure also may reflect initial claims filed by striking Nynex Corp. workers who have become eligible for unemployment benefits , the official said . STOP 
Digital Equipment Corp. reported a 32 % decline in net income on a modest revenue gain in its fiscal first quarter , causing some analysts to predict weaker results ahead than they had expected . STOP 
Although the second-largest computer maker had prepared Wall Street for a poor quarter , analysts said they were troubled by signs of flat U.S. orders and a slowdown in the rate of gain in foreign orders . STOP 
The Maynard , Mass. , company is in a transition in which it is trying to reduce its *UNK* on *UNK-* machines and establish a presence in workstations and mainframes . STOP 
Net for the quarter ended Sept. 30 fell to $ *UNKN* million , or $ 1.20 a share , from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Revenue rose 6.4 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Digital said a shift in its product mix toward *UNK-* products and strong growth in *UNKION* sales *UNKED* lower gross margins . STOP 
A spokesman also said margins for the company 's service business narrowed somewhat because of heavy investments made in that sector . STOP 
The lack of a strong product at the high end of Digital 's line was a significant drag on sales . STOP 
Digital hopes to address that with the debut of its first *UNKS* computers next Tuesday . STOP 
The new line is aimed directly at International Business Machines Corp . STOP 
`` Until the new mainframe products *UNK* in , there wo n't be a lot of revenue contribution at the high end , and that 's hurt us , '' said Mark *CUNKS* , Digital 's director of investor relations . STOP 
He said *UNUNK* currency *UNKS* were also a factor in the quarter . STOP 
*CUNK* shares rose $ *UNKN* to $ *UNKN* apiece in consolidated New York Stock Exchange trading yesterday . STOP 
But analysts said that against the *UNK* of a nearly *UNK-* rise in the Dow Jones Industrial Average , that should n't necessarily be taken as a sign of great strength . STOP 
Some cut their earnings estimates for the stock this year and predicted more efforts to control costs ahead . STOP 
`` I think the next few quarters will be difficult , '' said Steven *CUNK* of First Boston . STOP 
`` *CUNKS* will remain under pressure , and when the new mainframe does ship , I 'm not sure it will be a big winner . STOP 
'' Mr. *CUNK* said he was *UNKING* his estimate for *CUNK* 's current year from $ *UNKN* a share to `` well below $ 8 , '' although he has n't settled on a final number . STOP 
One *UNKING* aspect of *CUNK* 's results , analysts said , was its performance in Europe . STOP 
*CUNK* said its overseas business , which now accounts for more than half of sales , improved in the quarter . STOP 
It even took the unusually *UNK* step of telling analysts in a morning conference call that orders in Europe were up in `` double *UNKS* '' in *UNK-* terms . STOP 
That gain probably translated into about 5 % to 7 % in dollar terms , well below recent quarters ' gains of above 20 % , *UNKS* Jay Stevens of Dean Witter Reynolds . STOP 
`` That was a disappointment '' and a sign of overall *UNK-* *UNKS* in Europe , Mr. Stevens said . STOP 
*CUNK* *CUNK* , with *CUNK* Securities in New York , dropped his estimate of *CUNK* 's full-year net to $ *UNKN* a share from $ 8 . STOP 
Although overall revenues were stronger , Mr. *CUNK* said , *CUNK* `` drew down its European backlog '' and had flat world-wide orders overall . STOP 
`` The bottom line is that it 's more hand to *UNK* than it has been before , '' he said . STOP 
Mr. *CUNK* said he believes that the *UNK-* of *CUNK* 's new mainframe will `` occur somewhat more *UNKLY* '' than many of his investment colleagues expect . STOP 
He said current expectations are for an entry level machine to be shipped in December , with all of the more sophisticated versions out by June . STOP 
For reasons he would n't elaborate on , he said he 's sure that schedule wo n't be met , meaning less profit impact from the product for *CUNK* in the next few quarters . STOP 
John R. *CUNK* contributed to this article . STOP 
Colgate *CUNK* Co. reported third-quarter net income rose 27 % , bolstered by strong sales in its Latin American business and surprisingly healthy profits from U.S. operations . STOP 
Colgate said net income for the quarter rose to $ *UNKN* million , or $ *UNKN* a share , on sales that increased 6 % to $ 1.3 billion . STOP 
In the year-earlier period , Colgate posted net income of $ *UNKN* million , or 88 cents a share . STOP 
Last year 's results included earnings from discontinued operations of $ 13.1 million , or 19 cents a share . STOP 
*CUNK* Mark , chairman and chief executive officer of Colgate , said earnings growth was fueled by strong sales in Latin America , the Far East and Europe . STOP 
Results were also bolstered by `` a very *UNK* increase in operating profit at Colgate 's U.S. business , '' he said . STOP 
Operating profit at Colgate 's U.S. household products and personal care businesses , which include such well-known brands as Colgate *UNK* and *CUNK* *UNK* *UNK* , jumped more than 40 % , the company said . STOP 
Mr. Mark attributed the improvement to cost savings achieved by *UNKING* manufacturing operations , *UNKING* together two sales organizations and more carefully focusing the company 's promotional activities . STOP 
`` We 've done a lot to improve -LRB- U.S. . -RRB- results and a lot more will be done , '' Mr. Mark said . STOP 
`` *CUNKING* profitability of U.S. operations is an extremely high priority in the company . '' STOP 
Colgate 's results were at the high end of the range of analysts ' forecasts . STOP 
The *UNK* of the improvement in the U.S. business caught some analysts by surprise . STOP 
The company 's domestic business , especially its household products division , has performed poorly for years . STOP 
Analysts say the earnings improvement came from cutting costs rather than increasing sales . STOP 
For the nine months , net increased 14 % to $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose 7 % to $ 3.8 billion . STOP 
The company earned $ *UNKN* million , or $ *UNKN* a share , in the year-earlier period . STOP 
Colgate 's 1988 net income included $ *UNKN* million , or 59 cents a share , from discontinued operations . STOP 
Colgate sold its hospital supply and home health care business last year . STOP 
Separately , Colgate Wednesday *UNKED* an agreement with *CUNK* Corp. , a tiny *UNKAL* products and pharmaceutical concern based in *CUNK* , Mass. , to market in the U.S. four of *CUNK* 's *CUNKED* *UNKAL* products . STOP 
The products -- *UNKS* and *UNKING* materials used by *UNKS* -- all contain *UNK* that is released over time . STOP 
The move is part of a drive to increase Colgate 's business with *UNKS* , a company spokeswoman said . STOP 
Terms of the agreement were n't given . STOP 
*CUNKS* Limited Partnership said it completed the sale of its *CUNK* restaurant franchise system to a subsidiary of *CUNK* Co. for $ 71 million in cash . STOP 
*CUNKS* , which is nearly *UNKED* by Sam and Charles *CUNKLY* of Dallas , said it will distribute proceeds from the sale to unit holders as a *UNKING* dividend as soon as possible . STOP 
The *CUNK* franchise system , which *UNKS* about $ 600 million in sales annually , represented substantially all of the partnership 's assets . STOP 
The sale of the system has been challenged in a *UNKION* suit on behalf of unit holders filed last week in a Delaware court , *CUNKS* said . STOP 
The company said it believes the suit is without merit . STOP 
American Telephone & Telegraph Co. unveiled a sweetened pension and *UNK-* program for management that it hopes will enable it to save $ 450 million in the next year . STOP 
AT&T also said net income rose 19 % in the third quarter . STOP 
AT&T said its amended pension program will nearly double to *UNKN* the number of managers eligible to retire with immediate pension payments . STOP 
AT&T said that based on studies of other companies that have offered retirement plans , it expects about one-third of its eligible managers to retire under the new program . STOP 
AT&T said third-quarter net income grew , despite stiff competition in all of the company 's markets . STOP 
Net income rose to $ *UNKN* million , or 65 cents a share , from the year-earlier $ *UNKN* million , or 55 cents a share . STOP 
Revenue edged up to $ 8.9 billion from $ *UNKN* billion . STOP 
The latest period 's net was reduced $ 102 million , or nine cents a share , for a change in depreciation method and *UNK* changes in estimates of *UNK* lives and net *UNK* for certain telecommunications equipment . STOP 
The results roughly matched estimates of securities analysts , who were encouraged by AT&T increasing its operating margin to 13 % from 11 % a year ago , because of continued cost-cutting efforts . STOP 
Sales of long-distance services , an extremely competitive market , rose 6.4 % . STOP 
But the growth was partly offset by lower equipment sales and *UNKS* and price cuts on some products . STOP 
Under the amended pension program , AT&T managers who have at least five years of service will have five years added to their age and length of service for pension purposes . STOP 
Managers who retire Dec. 30 will have an additional 15 % added to their monthly pension for as long as five years or age 65 , *UNKER* comes earlier . STOP 
An AT&T spokeswoman said the company would likely replace about one-third of its managers who choose to retire with new employees . STOP 
Analysts *UNKED* the sweetened pension package , which they said had been the subject of rumors for several months . STOP 
`` This tells you AT&T is serious about continuing to manage their cost structure and is committed to *UNK-* earnings growth , '' said Jack *CUNK* , an analyst with PaineWebber Inc . STOP 
But other analysts expressed disappointment that the cost-cutting move wo n't result in even greater earnings growth . STOP 
`` This is a good move , but it only gets you to where people 's expectations already are , '' in terms of earnings growth , said Joel D. *CUNKS* , an analyst with Donaldson , Lufkin & Jenrette . STOP 
Mr. *CUNKS* said he had hoped that a cost savings of $ 450 million would result in even greater growth than the 20 % annual earnings increase AT&T has told analysts it expects in the future . STOP 
AT&T said the special retirement option will increase fourth-quarter expenses . STOP 
But the company said the amount ca n't be determined until it knows how many managers *UNK* to retire . STOP 
AT&T said the expense increase will be largely offset by a gain from its previously announced plan to swap its holdings in *CUNK* . C. Olivetti & Co. for shares in Cie . *CUNK* *CUNK* , an Italian holding company . STOP 
For the nine months , AT&T said net income was $ *UNKN* billion , or $ *UNKN* a share , up 19 % from $ *UNKN* billion , or $ *UNKN* a share . STOP 
Revenue gained 3.1 % to $ *UNKN* billion from $ 26 billion . STOP 
In composite trading yesterday on the New York Stock Exchange , AT&T shares closed at $ *UNKN* , up 87.5 cents . STOP 
When it comes to buying and selling shares , *CUNK* Capital Management Inc. takes a back seat to no one . STOP 
Every dollar 's worth of stock in the Los Angeles money manager 's portfolio is traded seven or eight times a year , the firm estimates . STOP 
That makes it the most active trader among all the nation 's investment advisers , according to Securities and Exchange Commission filings . STOP 
But wait a second . STOP 
*CUNK* Capital is an index fund -- the type of *UNK* long-term investor whose goal is to be nothing more than average . STOP 
*CUNK* Capital 's *UNK* trading reflects the changes sweeping through the previously *UNK* world of indexing . STOP 
*CUNKING* for the most part has involved simply buying and then holding stocks in the correct mix to *UNK* a stock market *UNKER* , such as Standard & Poor 's 500-stock index , and match its performance . STOP 
*CUNKAL* investors have *UNKED* $ *UNKN* billion into stock and bond indexing as a cheap and easy form of investment management that promises to post average market returns . STOP 
These big investors have *UNKED* to indexing because relatively few `` active '' stock *UNKS* have been able to consistently match the returns of the S&P 500 or other *UNKS* , much less beat it . STOP 
And the fees investors pay for indexing run a few *UNKS* for each $ 100 of assets -- a *UNKION* of the cost of active managers . STOP 
That 's because computers do most of the work , and low trading activity keeps a *UNK* on commission costs . STOP 
But today , indexing is moving from a *UNK* investment strategy to an increasingly active one . STOP 
Because *UNK-* managers are no longer satisfied with merely being average , they have developed `` enhanced '' indexing strategies that are intended to *UNK* the market as much as three percentage points . STOP 
`` *CUNKING* has been the most single successful investment concept in the last decade , but the index money has been just sort of sitting there , '' says *CUNK* M. *CUNK* , president of *CUNK* *CUNK* Investors Inc. , an *UNKER* based in *CUNK* , N.Y . STOP 
`` Now the interest is in what else can I do with that money . '' STOP 
Among the *UNK-* indexing strategies : *CUNKED* portfolios can be built around thousands of stocks , or just a few dozen , rather than being restricted to the S&P 500 companies . STOP 
They can ignore the S&P 500 stocks altogether and focus on particular types of stocks , such as smaller companies , those paying high dividends or companies in a particular industry , state or country . STOP 
With today 's computer-driven program trading techniques , index funds can trade back and forth between stock-index futures and the actual stocks making up indexes such as the S&P 500 . STOP 
Futures and options also make it possible to build `` *UNK* '' index funds that do n't actually own a single share of stock , but can produce returns that match or exceed the broad stock market . STOP 
One reason for these *UNKS* is that indexing 's rapid growth is slowing , particularly for those `` plain *UNK* '' funds that *UNK* the S&P 500 . STOP 
`` There is n't a *UNK* -LCB- of big investors -RCB- out there still waiting to get into indexing , '' says P. James *CUNK* , vice president of *CUNK* Investment Management Co. , Chicago , which offers both indexing and active management services . STOP 
-LRB- After *UNKING* in size in the past five years , index funds now hold about 20 % of the stock owned by pension funds . -RRB- STOP 
A further problem is *UNK-* profits . STOP 
*CUNK-* funds have become so *UNK* that fees they can charge have plunged to almost nothing , and in some cases are just that . STOP 
To land customers for their *UNKING* stock *UNKAL* business , big banks sometimes will throw in basic indexing services for free . STOP 
`` It 's like getting a free *UNKER* when you open an account , '' says *CUNK* *CUNK* 's Mr. *CUNK* . STOP 
As a result , *UNKS* have been looking for ways to give investors something more than the average for their money . STOP 
And many have been successful , as in the case of the index fund operated by *UNKER* *CUNK* Capital . STOP 
*CUNK* Capital has used enhanced indexing techniques to beat the S&P 500 's returns by 2.5 to 3 percentage points over the past four years , with the same risk level as holding the S&P 500 stocks , according to James *CUNKER* , the firm 's president . STOP 
*CUNKS* vary for *CUNK* Capital , which has $ 300 million under management . STOP 
The firm sometimes buys S&P 500 futures when they are selling at a discount to the actual stocks , and will switch back and forth between stocks and stock-index futures to take advantages of any *UNK* price *UNKS* . STOP 
Mr. *CUNKER* also goes through periods when he buys stocks in *UNKION* with options to boost returns and protect against declines . STOP 
And in some months , he buys stock-index futures and not stocks at all . STOP 
`` By their nature , our trades are very short-term and are going to create high turnover , '' Mr. *CUNKER* adds . STOP 
`` The more turnover , the better for our clients . '' STOP 
Big *UNKER* Bankers Trust Co. also uses futures in a strategy that on average has added one percentage point to its enhanced fund 's returns . STOP 
J. Thomas Allen , president of *CUNKED* Advanced Investment Management Inc. , agrees it 's a good idea to jump between the S&P 500 stocks and futures . STOP 
`` You 're buying the S&P , and you always want to hold the *UNKEST* form of it , '' he says . STOP 
But some *UNKS* make little or no use of futures , saying that these instruments present added risks for investors . STOP 
`` If the futures markets have a problem , then those products could have a problem , '' says John *CUNK* , managing director of Prudential Insurance Co. of America 's Investment Index Technologies Inc. unit . STOP 
Prudential currently is seeking approval to offer a new fund offering a return equal to the S&P 500 index plus *UNKN* of a percentage point . STOP 
An added feature is that the *UNK* improved return would be guaranteed by Prudential . STOP 
There are many other strategies to bolster the returns of index funds . STOP 
They include : STOP 
*CUNK* *CUNK* FUNDS : STOP 
These guarantee protection against stock market declines while still passing along most gains . STOP 
Here a fund may promise to pay back , say , $ 95 of every $ 100 invested for a year , even if the market goes much lower . STOP 
The fund could invest $ 87 for one year in Treasury bills yielding 8 % to return the guaranteed $ 95 . STOP 
That leaves $ 13 , which could be used to buy S&P 500 options that will nearly match any gain in the S&P index . STOP 
*CUNK* *CUNK* FUNDS : STOP 
*CUNK* a big investor is interested in growth stocks . STOP 
Instead of hiring one of the many active managers *UNKING* in growth stocks , *UNKS* can design a portfolio around the same stocks ; the portfolio will be maintained by computer , reducing both fees and , in theory , risk -LRB- because of the large number of stocks -RRB- . STOP 
`` We see a lot of interest in those kind of things , '' says Frank *CUNK* , a vice president of Bankers Trust . STOP 
`` People comfortable with the *UNK* approach are using them for other strategies . '' STOP 
*CUNK* FUNDS : STOP 
This is an index fund with a bet . STOP 
Instead of *UNKING* the S&P 500 or some other index exactly , some stocks are *UNKED* or *UNKED* in the portfolio . STOP 
One simple approach is to exclude S&P 500 companies considered bankruptcy candidates ; this can avoid weak *UNKS* , but also can hurt when a company like Chrysler Corp. *UNKS* . STOP 
Another approach : An investor with $ 100 million might use $ 75 million to buy the S&P 500 index and spend the other $ 25 million on a favorite group of stocks . STOP 
*CUNK* FUNDS : STOP 
*CUNKS* can be *UNKED* to serve social goals , such as eliminating the stocks of companies doing business in South Africa . STOP 
Other funds have been designed to concentrate on stocks in a *UNK* area in order to encourage local investment . STOP 
Pennsylvania State *CUNKS* *CUNK* System , for example , has about $ 130 million invested in a fund of *UNKN* companies that are either *CUNKED* or have 25 % of their work forces in the state . STOP 
Short interest on the New York Stock Exchange declined for the second consecutive month , this time 4.2 % , while the American Stock Exchange reported its third consecutive record month of short interest . STOP 
The Big Board reported that short interest dropped to *UNKN* shares as of Oct. 13 from *UNKN* shares in *UNKER* . STOP 
Amex short interest climbed 3 % to *UNKN* shares from *UNKN* shares . STOP 
For the year-earlier month , the Big Board reported *UNKN* shares , indicating a *UNKN* % *UNK-* rise , while the Amex reported *UNKN* shares , a 48 % *UNK* . STOP 
Amex short interest has been heading upward since *UNKER* , with increases in each month since then except at *UNKLY* . STOP 
Traders who sell short borrow stock and sell it , betting that the stock 's price will decline and that they can buy the shares back later at a lower price for return to the *UNKER* . STOP 
Short interest is the number of shares that have n't yet been purchased for return to lenders . STOP 
Although a substantial short position reflects heavy speculation that a stock 's price will decline , some investors consider an increase in short interest bullish because the borrowed shares eventually must be bought back . STOP 
*CUNKION* in short interest of certain stocks also may be caused partly by *UNKING* . STOP 
The figures occasionally include *UNK* transactions in restricted stock . STOP 
The level of negative sentiment measured by the Big Board short interest ratio slipped to *UNKN* from last month 's *UNKN* . STOP 
The ratio is the number of trading days , at the exchange 's average trading volume , that would be required to convert the total short interest position . STOP 
Some analysts suggest , however , that the ratio has weakened in value as an indicator because options and other products can be used to hedge short positions . STOP 
*CUNK* Corp. led the Big Board list of largest short *UNKS* with *UNKN* shares . STOP 
*CUNK* has proposed to acquire *CUNK* Corp. , consisting of the auto parts division and some debt of *CUNK* Corp. , for $ *UNKN* million of cash and securities . STOP 
Chemical *CUNK* Management posted the biggest increase in short volume on the New York exchange , up *UNKN* shares to *UNKN* . STOP 
Bristol-Myers Squibb Co. , the entity formed from the recent acquisition of Squibb Corp. by Bristol-Myers Co. , *UNKED* the largest volume decline , *UNKN* shares , to *UNKN* . STOP 
Short interest in International Business Machines Corp. plunged to *UNKN* shares from *UNKN* shares a month earlier . STOP 
Also closely watched is Exxon Corp. , where short interest slid to *UNKN* shares from *UNKN* . STOP 
On a percentage basis , Germany Fund Inc. led the gainers , *UNKING* to *UNKN* shares from three shares . STOP 
TransCanada *CUNKS* Ltd. led the percentage decliners , dropping to 59 shares from *UNKN* . STOP 
The Amex short interest volume leader again was Texas Air Corp. , rising to *UNKN* shares from *UNKN* . STOP 
*CUNK* Pharmaceutical Co. posted the largest volume increase , *UNKN* shares , to *UNKN* . STOP 
The company is under an investigation concerning procedures to gain Food and Drug Administration approval of *UNK* drugs . STOP 
*CUNK* has denied any wrongdoing . STOP 
The largest volume drop -- down *UNKN* shares to *UNKN* -- came in shares represented by B.A.T Industries PLC 's American depositary receipts . STOP 
The company is facing a takeover proposal from the financier Sir James Goldsmith . STOP 
First *CUNK* Fund led the percentage increases , rising to *UNKN* shares from *UNKN* . STOP 
Nelson Holdings International Ltd. dropped the most on a percentage basis , to 1,000 shares from *UNKN* . STOP 
The *UNK* tables show the Big Board and Amex issues in which a short interest position of at least 100,000 shares *UNKED* as of mid-October or in which there was a short position change of at least 50,000 shares since *UNKER* . STOP 
Your Oct. 12 editorial `` *CUNK* , *CUNKS* *CUNK* ? '' *UNKLY* states that I was critical of the Bush administration 's failure to have any plan in place to respond in a *UNKLY* fashion to the opportunities to oust Manuel Noriega presented by the attempted military coup on Oct. 3 . STOP 
You are absolutely wrong , however , in *UNKING* that this position is some kind of `` *UNK-* , '' something newly arrived at as a result of reading the opinion polls . STOP 
My position is one founded on both the facts and the law . STOP 
Although you may have *UNK* , public opinion about Gen. Noriega is where it is in large measure because of my investigation of his years of involvement in *UNKS* *UNKING* -LRB- and *OUS* work as a U.S. *UNK* -RRB- . STOP 
The public made up its mind about Gen. Noriega largely as a result of the hearings I *UNKED* in the *CUNK* on *CUNK* and *CUNKS* of the Foreign Relations Committee on Feb. 8 , 9 , 10 and 11 , 1988 , and again on April 4 , 1988 . STOP 
It was during those hearings that the nation first learned the *UNK* and *UNK* of Gen. Noriega 's *UNK* , and of his *UNKING* relationships with a variety of U.S. government agencies . STOP 
Those hearings also *UNKED* how Gen. Noriega was able to use his relationships with these agencies to delay U.S. action against him , and to exploit the administration 's *UNKION* with *UNKING* the Sandinistas to protect his own *UNKING* . STOP 
As former *CUNK* to Costa Rica Francis J. *CUNK* testified before the subcommittee , the Reagan administration knew that Gen. Noriega was involved with *UNKS* , but made a decision in the summer of 1986 `` to put Gen. Noriega on the shelf until Nicaragua was settled . '' STOP 
As the report issued by the subcommittee concluded , `` Our government did nothing regarding Gen. Noriega 's drug business and substantial criminal involvement because the first priority was the Contra war . STOP 
This decision resulted in at least some drugs entering the United States as a hidden cost of the war . '' STOP 
Unfortunately , this problem continued even after Gen. Noriega 's indictment . STOP 
*CUNK* 1988 and this year , I and others in Congress have pressed the U.S. to develop a plan for pushing this `` *UNK* '' out of Panama . STOP 
*CUNKLY* , two *UNKS* in a row have been *UNKING* and unable to develop any plan , military or economic , for supporting the Panamanian people in their attempts to restore democracy . STOP 
Sen. John *CUNK* -LRB- D. , Mass . -RRB- STOP 
For Vietnamese , these are *UNK* , often *OUS* , times . STOP 
After years of *UNKION* , economic and political reform was embraced at the end of 1986 , but *UNKING* *UNKS* have yet to be translated into much action . STOP 
Vietnam is finding that turning a *UNK* socialist order into a dynamic free market does n't come easy . STOP 
Here is how three Vietnamese are *UNKING* with change : STOP 
The *CUNK* King STOP 
*CUNK* Van Chan is living proof that old ways die hard . STOP 
Mr. Chan used to be an *UNK* in *CUNK* : a private entrepreneur . STOP 
His business success made him an official target in *UNK-* days . STOP 
Mr. Chan , now 64 years old , *UNKED* a *UNK* *UNK* he and his family produced from plastic waste . STOP 
Later , he *UNKED* *UNK* . STOP 
Both products were *UNKLY* popular . STOP 
For his troubles , Mr. Chan was *UNKED* three times between 1960 and 1974 . STOP 
Though his operation was registered and used only *UNK* , he was accused of conducting illegal business and *UNKING* illegal materials . STOP 
Once he was held for three months without being charged . STOP 
*CUNKS* were supposed to change when Vietnam 's economic reforms gathered pace , and for *UNK* they did . STOP 
After years of *UNKING* , Mr. Chan produced a *UNK-* *UNK* tire that *UNKED* its *UNKED* rival . STOP 
By 1982 , he was selling thousands of tires . STOP 
*CUNKS* published articles about him , and he was *UNKED* as `` the tire king . '' STOP 
His efforts earned a gold *UNKAL* at a national exhibition -- and attracted renewed attention from local authorities . STOP 
District police in 1983 *UNKED* on his suburban home , which he and his large family used as both *UNK* and factory , and demanded proof the house and equipment were his . STOP 
He produced it . STOP 
`` That was the first time they lost and I won , '' he says . STOP 
He was further questioned to determine if he was `` a real working man or an *UNKER* . '' STOP 
Says Mr. Chan : `` When I showed it was from my own brain , they lost for the second time . '' STOP 
But a few days later the police accused him of *UNKING* electricity , acquiring *UNKER* without permission and buying stolen property . STOP 
*CUNKED* he was to be *UNKED* again , he fled to the *UNK* . STOP 
His family was given three hours to leave before the house and *UNKS* were *UNKED* . STOP 
With only the clothes they were wearing , family members moved to a home owned by one of Mr. Chan 's *UNKS* . STOP 
After six months on the run , Mr. Chan learned the order for his arrest had been canceled . STOP 
He *UNKED* his family in January 1984 and began the long struggle for justice , pressing everyone from *CUNK* municipal officials to National Assembly *UNKS* for *UNKION* of his rights . STOP 
He and his family kept *UNK* by *UNKING* *UNKS* , selling fruit and doing odd jobs . STOP 
Mr. Chan achieved a *UNK* in 1987 -- and became a minor *UNK* again -- when his story was published in a weekly newspaper . STOP 
In 1988 , 18 months after the sixth *UNKS* formally endorsed *UNK-* private *UNK* , district authorities allowed Mr. Chan to resume work . STOP 
By late last year he was invited back as `` the tire king '' to display his products at a national exhibition . STOP 
National leaders stopped by his stand to *UNK* his *UNKS* . STOP 
Mr. Chan now produces 1,000 *UNK* and *UNK* tires a month and 1,000 *UNKS* of *UNKING* *UNK* in the son 's small house . STOP 
*CUNK* people pack the house 's two rooms -- the *CUNKS* , four of their 10 children with *UNKS* , and eight of 22 *UNK* . STOP 
Most *UNK* on the floor . STOP 
*CUNK* *UNK* , eight family members and two other workers *UNUNK* a sheet of raw *UNKER* that covers the floor of the house and *UNKS* out onto the street . STOP 
The *UNK* operations also *UNK* out the back door into a small *UNK* , where an *UNK* press *UNKS* *UNKER* solution into a flat strip and newly made tires are *UNKED* in a *UNK* filled with water . STOP 
Mr. Chan talks *UNKLY* of expanding , maybe even moving into the *UNK-* field . STOP 
First , however , he has *UNKED* business . STOP 
When district authorities allowed him to resume manufacturing , they released only one of his machines . STOP 
They did n't return the *UNKER* stocks that represent his capital . STOP 
Nor did they return his house and *UNKS* , which he values at about $ *UNKN* . STOP 
He wants to recover more than just his property , though . STOP 
`` I want my dignity back , '' he says . STOP 
The *CUNK* STOP 
*CUNK* *CUNK* seemed an obvious choice when the Vietnamese *CUNKS* Association was looking for a new editor to reform its weekly newspaper , Van *CUNK* . STOP 
After the sixth *UNKS* , journalists seized the opportunity provided by the *UNKION* to probe previously *UNK* subjects . STOP 
Mr. *CUNK* , 57 years old , had solid *UNK* credentials : He had lost his official position in the association in he early 1980s because he questioned the *UNKION* of politics into *UNK* . STOP 
*CUNKED* editor in chief in July 1987 , Mr. *CUNK* rapidly turned the *UNK* Van *CUNK* into Vietnam 's hottest paper . STOP 
*CUNKION* soared as the weekly went way beyond standard *UNK* *UNKS* to cover Vietnamese society and its *UNKS* . STOP 
*CUNKS* were *UNKED* by the paper 's *UNK* and *UNKED* by the dark side of life it uncovered . STOP 
One article *UNKED* a *UNK-* struggle by a *UNKED* *UNKER* to prove , officially , he was alive . STOP 
Another described how *UNKION* officials in *CUNK* *CUNK* province one night *UNKED* through homes and *UNKED* rice from *UNKING* *UNKS* . STOP 
The newspaper also ran a series of controversial short stories by *CUNK* *CUNK* *CUNK* , a former history *UNKER* , who *UNKED* debate over his interpretation of Vietnamese culture and took a *UNKLY* *UNKED* *UNK* at writers who had blocked his entry into their official association . STOP 
Van *CUNK* quickly made influential enemies . STOP 
`` Those who manage *UNK* and a large number of writers reacted badly '' to the *UNKED* paper , says *CUNK* *CUNK* An , a *UNK* critic . STOP 
After months of internal *UNKS* , Mr. *CUNK* was fired last December . STOP 
His dismissal triggered a *UNK* among *UNKS* that continues today . STOP 
`` Under Mr. *CUNK* , Van *CUNK* protected the people instead of the government , '' says *CUNK* *CUNK* , a *UNK* who is the paper 's bureau chief for southern Vietnam . STOP 
`` The paper reflected the truth . STOP 
For the leadership , that was too painful to bear . '' STOP 
The ` *CUNK* ' STOP 
*CUNK* *CUNK* *CUNK* is Vietnam 's entrepreneur of the 1980s . STOP 
Her challenge is to keep her *UNKING* empire on top in the 1990s . STOP 
Mrs. *CUNK* did n't wait for the reforms to get her start . STOP 
She charged ahead of the government and the law to establish *CUNK* City Food Co. as the biggest rice dealer in the country . STOP 
Her success , which included *UNKING* an urban food shortage in the early 1980s , helped persuade *CUNK* to take the reform path . STOP 
Her story is becoming part of local *UNK* . STOP 
A *UNK* *UNK* with little education who fought both the French and the *CUNKED* *CUNK* regime , she switched *UNKLY* to *UNK* after the war . STOP 
Her *UNKS* were *UNK* , despite her background . STOP 
As she *UNK* over regulations , only her *UNK* with party leaders , including *CUNK* Van *CUNK* , then *CUNK* *CUNK* *CUNK* City party secretary , kept her out of jail . STOP 
Following Mr. *CUNK* 's appointment as *UNKAL* of the party at the sixth *UNKS* , Mrs. *CUNK* has become the *UNKING* of `` *UNK* *UNK* '' , the Vietnamese version of perestroika . STOP 
The authorities have *UNKED* foreign reporters to her office to see an example of `` the new way of thinking . '' STOP 
Foreign publications have responded with articles *UNKING* her Vietnam 's *UNKEST* woman . STOP 
`` Some people call me the communist *UNK* , '' she has told visitors . STOP 
*CUNKLY* , *UNK-* Mrs. *CUNK* is about as poor as almost everyone else in this *UNKED* land . STOP 
She has indeed turned *CUNK* City Food into a *UNKING* conglomerate , but the company itself remains state-owned . STOP 
She manages it with the title of *UNK-* . STOP 
The heart of the business is the purchase of rice and other commodities , such as corn and coffee , from farmers in the south , paying with *UNKER* , farm tools and other items . STOP 
Last year , *CUNK* City Food says it bought two million metric tons of *UNKED* rice , more than 10 % of the country 's output . STOP 
The company operates a fleet of trucks and *UNKS* to transport the commodities to its *UNKS* . STOP 
A subsidiary company processes commodities into *UNKS* such as instant *UNKS* that are sold with the rice through a vast retail network . STOP 
In recent years , Mrs. *CUNK* has started to *UNK* the company , taking a 20 % stake in newly established , partly private Industrial and Commercial Bank , and setting up *CUNK* *CUNK* , which owns and operates Vietnam 's first oil refinery . STOP 
Mrs. *CUNK* says *CUNK* City Food last year increased pretax profit 60 % to the equivalent of about $ 2.7 million on sales of $ 150 million . STOP 
She expects both revenue and profit to gain this year . STOP 
She is almost *UNKER* about the possibility Vietnam 's reforms will create rivals on her home *UNK* . STOP 
`` I do n't mind the competition inside the country , '' she says . STOP 
`` I am only afraid that with Vietnam 's *UNK-* products we ca n't compete with *UNKING* countries . STOP 
The earthquake that hit the San Francisco Bay area is n't likely to result in wholesale *UNKING* of bond ratings , officials at the two major rating agencies said . STOP 
Standard & Poor 's Corp. is reviewing debt issued by 12 California *UNKS* , and `` there are potential isolated problems , '' said *CUNK* *CUNK* , a managing director . STOP 
The agency is preparing a report , to be issued today , on the earthquake 's impact on the *UNK* and *UNK-* industry . STOP 
The only securities so far to be *UNKED* out are those issued by Bay View Federal Savings & Loan . STOP 
Moody 's Investors Service Inc. said it is reviewing , with an eye toward a possible *UNK* , the ratings on Bay View Federal bonds , long-term deposits and the *UNK-* rating of its parent company , Bay View Capital Corp . STOP 
As for property and casualty insurers , Moody 's said `` preliminary estimates suggest that losses should not have a significant impact on most insurers ' financial condition , '' but it `` raises concerns about potentially substantial risks '' *UNK-* . STOP 
`` *CUNKS* from the earthquake are expected to be of similar *UNK* to those of Hurricane Hugo , '' according to Moody 's . STOP 
Your Oct. 5 editorial `` A Democratic Tax *CUNK* '' contained an error . STOP 
In the third *UNK* it referred to the senators seeking *UNK* suggestions from *UNKS* for various sectors of the economy . STOP 
Among them , `` *UNK* farmers . '' STOP 
The only significant commercial *UNK* farmers in the U.S. are in Hawaii . STOP 
The Hawaii *CUNK* Industry Association , to which nearly all of them *UNK* , has no lobbyist . STOP 
Thomas V. *CUNK* *CUNK* . *CUNK* *CUNK* Co . STOP 
Western Digital Corp. reported a net loss of $ 2.7 million , or nine cents a share , for its first quarter ended Sept. 30 , citing factors as *UNKED* as hurricane damage , an advance in graphics technology and the strengthening dollar . STOP 
In the year-ago period , the company earned $ *UNKN* million , or 45 cents a share , on sales of $ *UNKN* million . STOP 
Sales for the *UNKED* period fell to about $ 225 million , the maker of computer parts said . STOP 
Nonetheless , Chairman Roger W. Johnson said he expects the company to be profitable in the current quarter . STOP 
`` We are positioned to come through , '' he said , noting that the company 's backlog was up from the previous quarter . STOP 
In its second quarter last year , Western Digital earned $ *UNKN* million , or 44 cents a share , on sales of $ *UNKN* million . STOP 
Mr. Johnson said Western Digital 's plant in Puerto Rico was affected by Hurricane Hugo , losing three days ' production because of the storm , which *UNKED* much of the Caribbean island 's infrastructure . STOP 
Although the plant itself was n't damaged , Mr. Johnson said millions of dollars in *UNKER* revenue were lost . STOP 
The revenue will be *UNKED* in the current period , he added . STOP 
There are no plans to *UNK* a common stock dividend , Mr. Johnson said , explaining that the board continues to believe shareholders are best served by *UNKING* excess cash . STOP 
Mr. Johnson said the *UNKER* loss also heavily reflected a rapid change in graphics technology that left *UNKER* channels with too many of the old computer graphics boards and too few new *UNKS* *UNK* with the new graphics boards . STOP 
Western Digital does n't make the *UNKS* . STOP 
An *UNKING* move by personal computer manufacturers ' to include advanced graphics *UNKS* as standard equipment further *UNKED* *UNKER* purchases of Western Digital 's equipment . STOP 
`` The other areas of the business -- storage and *UNKS* -- were very good , '' Mr. Johnson said . STOP 
He said Western Digital has reacted *UNKLY* to the movement to video graphics array , *CUNK* , graphics technology from the old enhanced graphics *UNKER* , *CUNK* , which has a lower resolution standard , technology and now is one of the leading producers of these newer units . STOP 
Other makers of video *UNKER* equipment also were caught in the *CUNK-* shift , he said , `` but we were able to respond much more quickly . '' STOP 
Still , Mr. Johnson said , `` our stock is *UNKLY* *UNKED* . '' STOP 
He said the company has cut operating expenses by about 10 % over the last few quarters , while maintaining research and development at about 8 % to 9 % of sales . STOP 
As part of its reorganization this week , Western Digital has divided its business into two segments -- storage products , including *UNKS* and disk drives ; and *UNKER* products , which include graphics , communications and *UNKAL* control chips . STOP 
Graphics , communications and *UNKAL* control chips were combined because , increasingly , multiple functions are being *UNKED* by a single chip . STOP 
*CUNK* , which includes computer *UNKS* and *UNK-* disk drives , represents nearly two-thirds of the company 's business . STOP 
*CUNK* drives , which allow a computer to access its memory , generated 38 % more revenue in the most recent period compared with the fiscal first quarter a year earlier . STOP 
Computer parts are getting ever smaller , Mr. Johnson said , a *UNKING* that has *UNKED* *UNKS* into position as the *UNKING* segment of the computer business . STOP 
As smaller and more powerful computers continue to be the focus of the industry , he said , Western Digital is strengthening development of laptop parts . STOP 
Next year Western Digital plans to consolidate its operations from 11 buildings in *CUNK* into two buildings in the same city a new headquarters and , a block away , a modern $ 100 million *UNK* *UNKER* *UNKION* plant . STOP 
The plan will help the company in its existing joint manufacturing agreement with AT&T . STOP 
About half of Western Digital 's business is overseas , and Mr. Johnson expects that proportion to continue . STOP 
*CUNKS* to *UNK* many of the trade barriers within Europe in 1992 creates significant opportunities for the company , he said , particularly since Western Digital already *UNKS* there . STOP 
*CUNKING* on that presence , Western Digital is launching a major effort to develop the *UNK* *UNKER* market in Europe . STOP 
*CUNKS* of state-owned *CUNK* *CUNK* *UNK* *CUNK* approved a *UNK-* *UNKING* transaction and a change in the bank 's rules that will help it operate more like a private-sector institution . STOP 
Until now , BNL 's top managers and its directors have been appointed by a Treasury *UNK* . STOP 
But under the bank 's proposed *UNKS* , an assembly of shareholders must approve board members . STOP 
The bank 's chairman and director general , who also sit on the board , still would be appointed by the Treasury . STOP 
BNL , which is controlled by the Italian Treasury , was *UNKED* by the disclosure last month that its Atlanta branch extended more than $ 3 billion in *UNKED* credits to *CUNK* . STOP 
The *UNKING* scandal , in which the bank 's management resigned , has helped *UNK* calls for privatization , or at least an overhaul , of Italy 's banking system , which is about 80 % *UNKED* . STOP 
In a related move , the bank also proposed that board representation be linked more closely to the bank 's new *UNKING* structure . STOP 
BNL called a shareholders ' assembly meeting in December to vote on the proposals . STOP 
BNL has about *UNKN* *UNKING* shares that are listed on the Milan Stock Exchange . STOP 
The shares were suspended from trading following disclosure of the Atlanta scandal ; *CUNK* , the stock exchange regulatory body , reportedly will decide soon whether to end the trading suspension . STOP 
Switzerland 's wholesale price index increased 0.3 % in September from August , and was up 3.9 % from a year ago , marking the first time this year that the index has fallen below 4 % on a *UNK-* basis , the government reported . STOP 
The government attributed the 0.3 % *UNK-* rise in the index largely to higher energy prices . STOP 
In August , the index was up 0.2 % from the previous month , and was up 4.5 % on a *UNK-* basis . STOP 
The wholesale price index , based on *UNKN* as 100 , was *UNKN* in September . STOP 
American Express Co. posted a 21 % increase in third quarter net income despite a sharp rise in reserves for Third World loans at its banking unit . STOP 
*CUNKED* by a sharp gain in its travel business , American Express said net rose to $ *UNKN* million , or 77 cents a share , from $ *UNKN* million , or 64 cents a share . STOP 
The year-earlier figures included $ *UNKN* million , or three cents a share , in income from discontinued operations . STOP 
Income from continuing operations was up 26 % . STOP 
Revenue rose 24 % to $ 6.5 billion from $ *UNKN* billion . STOP 
The travel , investment services , insurance and banking concern added $ 110 million to reserves for credit losses at its American Express Bank unit , boosting the reserve to $ *UNKN* million as of Sept. 30 . STOP 
The bank 's Third World debt portfolio *UNKS* $ *UNKN* million , down from $ 2.2 billion at the end of 1986 . STOP 
The bank charged off $ 53 million in loans during the quarter . STOP 
At the American Express Travel *CUNKED* Services Co. unit , net rose 17 % to a record $ *UNKN* million on a 19 % revenue increase . STOP 
The figures exclude businesses now organized as American Express Information Services Co . STOP 
American Express card charge volume rose 12 % . STOP 
Travel sales rose 11 % , led by gains in the U.S. . STOP 
At *CUNK* Financial Services , the financial planning and mutual fund unit , net rose 19 % to a record $ *UNKN* million on a 33 % revenue gain . STOP 
*CUNKS* owned or managed rose 20 % to $ 45 billion , and mutual fund sales rose 45 % in the quarter to $ *UNKN* million . STOP 
American Express Bank earnings fell 50 % to $ *UNKN* million from $ *UNKN* million despite a 29 % revenue gain . STOP 
The results include $ 106 million of tax benefits associated with previous years ' Third World loan activity , compared with $ 15 million a year earlier . STOP 
Profit rose 38 % at American Express Information Services to $ *UNKN* million . STOP 
Shearson Lehman Hutton Holdings Inc. , as previously reported , had net of $ *UNKN* million , *UNKING* a $ 3.5 million loss a year earlier ; its latest results include a $ 37 million gain from the sale of an institutional money management business . STOP 
American Express 's share of Shearson 's earnings was $ 41 million , after preferred stock dividends ; it owns about 68 % of Shearson 's common . STOP 
For the nine months , American Express said net rose 11 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue rose 24 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
*CUNK* Inc. , hampered by a slowdown in its defense sales , reported an 8 % decline in per-share earnings on nearly flat revenue for its third quarter . STOP 
The aerospace and financial services concern said net income fell 5 % to $ *UNKN* million from $ *UNKN* million . STOP 
Revenue of $ *UNKN* billion was almost unchanged from last year 's $ *UNKN* billion . STOP 
Per-share net of 66 cents , down from 72 cents , fell by more than overall net because of more shares outstanding . STOP 
The company said that improved results in its financial-services sector were *UNKED* by increased costs in its government contract business , lower operating earnings in its *UNKS* sector and soft automotive markets . STOP 
Net was aided by a lower income tax rate . STOP 
Profit before taxes fell 17 % to $ *UNKN* million from $ *UNKN* million . STOP 
For the nine months , *CUNK* reported net of $ *UNKN* million , or $ *UNKN* a share , on revenue of $ *UNKN* billion . STOP 
A year ago , net was $ *UNKN* million , or $ *UNKN* a share , on revenue of $ 5.3 billion . STOP 
The nine-month results included a $ 9.5 million special charge in 1989 for an *UNKION* settlement related to past export sales , and $ *UNKN* million in extraordinary charges in 1988 related to a former line of business and early redemption of debt . STOP 
*CUNK* said that *UNKS* ' results do n't include earnings of *CUNK* PLC , a British maker of industrial *UNKS* , but do include interest costs of $ *UNKN* million on borrowings related to the proposed purchase of *CUNK* . STOP 
A federal judge has issued a preliminary injunction against the purchase because of Federal Trade Commission concerns that the transaction would reduce competition in the production of two kinds of *UNKS* . STOP 
For the quarter , *CUNK* said aerospace revenue , including Bell helicopter and *UNK-* manufacture , declined *UNKN* % to $ *UNKN* million from $ *UNKN* million , an indication of slowing government defense work . STOP 
As the Hunt brothers ' personal bankruptcy cases *UNKER* into their second year , Minpeco S.A. has proposed a deal to settle its huge claim against the troubled Texas oil men . STOP 
But the plan only *UNKS* to *UNK* the tension and confusion already surrounding the cases that were filed in September 1988 . STOP 
The *CUNK* *UNKAL* concern 's $ *UNKN* million claim stems from 1988 jury award in a case stemming from the brothers ' alleged attempts to corner the *UNKN* silver market . STOP 
Minpeco now says it is willing to settle for up to $ *UNKN* million from each brother , although the actual amount would probably be much less . STOP 
Although the proposal must be approved by federal Judge Harold C. *CUNK* , W. Herbert Hunt has agreed to the *CUNK* *UNKAL* concern 's proposal . STOP 
Nelson *CUNKER* Hunt is considering it , although his attorney says he wo n't do it if the proposal *UNKS* a tentative settlement he has reached with the Internal Revenue Service , which claims the brothers *UNK* $ 1 billion in back taxes and is by far the biggest creditor in both cases . STOP 
The tentative agreement between the IRS and Nelson *CUNKER* Hunt is *UNKING* U.S. Justice Department approval . STOP 
Under it , the former *UNK* 's assets would be *UNKED* with the IRS getting 80 % of the proceeds and the rest being divided among other creditors , including Minpeco and Manufacturers Hanover Trust Co. , which is seeking *UNK* of a $ 36 million loan . STOP 
A *UNK* proposal has been made in the W. Herbert Hunt case although he and the IRS are at odds over the size of the *UNK-* debt he would have to pay to the government from future earnings . STOP 
In both cases , Minpeco and Manufacturers Hanover have been fighting *UNKLY* over their shares of the *UNK* . STOP 
With support from the IRS , Manufacturers Hanover has filed suit asking Judge *CUNK* to *UNK* Minpeco 's claim to those of *CUNKER* Hanover and the IRS . STOP 
Minpeco has threatened a `` *UNK* '' of litigation if the Manufacturers Hanover Corp. unit attempts to force such a plan through the court . STOP 
Minpeco said it would n't pursue such litigation if its settlement plan in the W. Herbert Hunt case is approved by Judge *CUNK* , who will consider the proposal at a hearing next week . STOP 
Minpeco attorney Thomas *CUNK* *UNKED* the plan as one step toward an overall settlement of the W. Herbert Hunt case but *CUNK* Ray , attorney for Manufacturers Hanover , called it `` silly '' and said he would fight it in court . STOP 
`` The thing is so *UNK* right now that there 's really no way to say what will happen , '' says Justice Department attorney *CUNKER* *CUNK* III , who represents the IRS in the case . STOP 
`` *CUNKS* like this are hard to predict . STOP 
Banc One Corp. said it agreed in principle to buy five branch offices from *CUNK* Inc. , *CUNK* , Ohio , following the planned merger of *CUNK* into Society Corp. , Cleveland . STOP 
The five offices in *CUNK* and *CUNK* *UNKS* in northern Ohio have total assets of about $ 88 million , Banc One said . STOP 
The purchase price will be established after Banc One has an opportunity to study the quality of the assets , Banc One said . STOP 
Society Corp. already has branches in the area , and selling the *CUNK* offices could avoid a problem with regulators over excessive *UNKION* of banking in the two *UNKS* after the merger of *CUNK* into Society , according to industry sources . STOP 
The merger is scheduled to take place in the 1990 first quarter . STOP 
*CUNK-* fears and relatively more attractive interest rates pushed money-market mutual fund assets up $ *UNKN* billion in the latest week , the *UNKEST* increase in almost two years . STOP 
The *UNKN* funds tracked by the Investment Company Institute , a *CUNKED* trade group , rose to $ *UNKN* billion , a record . STOP 
The $ *UNKN* billion increase was the strongest weekly *UNK* since January 1988 . STOP 
The increase was spread fairly *UNKLY* among all three types of funds . STOP 
Individual investors , represented in the *UNK-* and *UNKER* fund categories , pulled money from the stock market after its big drop last Friday and put the money into funds , said *CUNK* *CUNKER* , vice president and chief economist of the Institute . STOP 
`` *CUNKAL* investors , on the other hand , reacted to the steep decline in yields on direct money-market instruments following the stock-market decline last Friday , '' Mr. *CUNKER* said . STOP 
Yields on money funds dropped in the week ended Tuesday , according to *CUNK* 's Money Fund Report , a *CUNK* , Mass. , newsletter . STOP 
The average seven-day *UNKED* yield fell to 8.55 % from *UNKN* % the week earlier , *CUNK* 's said . STOP 
At the auction of six-month U.S. Treasury bills on Monday , the average yield fell to *UNKN* % from *UNKN* % . STOP 
*CUNK* , certificates of deposit on average posted lower yields in the week ended Tuesday . STOP 
The *UNKN* *UNK-* money funds rose $ *UNKN* billion to $ *UNKN* billion . STOP 
The *UNKN* *UNK-* funds increased $ *UNKN* billion to $ *UNKN* billion , while 96 *UNKER* funds increased $ 1.3 billion to $ *UNKN* billion . STOP 
*CUNK* lending for real estate and property development was the source of Bank *CUNK* Malaysia *CUNK* 's most recent *UNK* of financial troubles , the institution 's executive chairman , *CUNKED* *CUNK* *CUNK* , said . STOP 
*CUNKING* to reporters this week after Bank *CUNK* 's shareholders approved a rescue plan , *CUNK* *CUNK* *CUNK* said heavy lending to the property sector *UNKED* the bank when property prices in Malaysia plummeted in *UNKN* . STOP 
He said the bank could n't wait any longer for prices to recover and for borrowers to service their loans . STOP 
So the bank 's board decided to make *UNKN* billion *CUNK* dollars -LRB- US$ *UNKN* million -RRB- in provisions for interest payments from loans previously recorded as revenue but never actually received by the bank , and to submit a bailout package to *UNK* the bank 's *UNK-* capital . STOP 
The *UNK* , he added , was similar to the Hong Kong *UNKN* *UNK-* collapse , which exposed the involvement of Bank *CUNK* 's former subsidiary in the colony in the largest banking scandal in Malaysia 's history . STOP 
The subsidiary , *CUNK* Malaysia Finance Ltd. , was left with *CUNK* *UNKN* billion in bad loans made to Hong Kong property speculators . STOP 
Both *UNKS* *UNKED* out Bank *CUNK* 's shareholders ' funds . STOP 
Each time , the bank 's 90 % shareholder -- *CUNK* *CUNKAL* *CUNK* , or *CUNKS* , the national oil company -- has been called upon to rescue the institution . STOP 
In five years , *CUNKS* , which became the dominant shareholder in a 1984 rescue exercise , has spent about *CUNK* 3.5 billion to *UNK* up the troubled bank . STOP 
*CUNK* *CUNK* *CUNK* said the capital restructuring plan has been approved by Malaysia 's Capital Issues Committee and central bank . STOP 
Malaysia 's High Court is expected to approve the plan . STOP 
Once the plan is approved , *CUNK* *CUNK* *CUNK* said , most of Bank *CUNK* 's nonperforming loans will have been fully provided for and the bank will be on track to report a pretax profit of between *CUNK* 160 million and *CUNK* 170 million for the fiscal year ending March 31 . STOP 
For the previous financial year , the bank would have reported a pretax profit of *CUNK* *UNKN* million if it had n't made provisions for the nonperforming loans , he said . STOP 
Malaysia 's Banking *CUNK* Act prohibited the bank from *UNKING* *UNK* borrowers , said *CUNK* *CUNK* *CUNK* . STOP 
But public documents indicate 10 % or more of the bank 's provisions were made for *UNK* interest on a *CUNK* 200 million loan to Malaysia 's dominant political party , the United *CUNKS* National Organization , to build its convention and headquarters complex in *CUNK* *CUNK* . STOP 
The loan to *CUNK* was made in September 1983 . STOP 
`` We *UNK* a lot of money all over the place , '' said *CUNK* *CUNK* *CUNK* , who refused to discuss the bank 's outstanding loans to STOP 
As well as the *CUNK* *UNKN* billion in provisions announced on Oct. 6 , the restructuring package covers an additional *CUNK* 450 million in provisions made in earlier years but never reflected in a reduction of the bank 's *UNK-* capital . STOP 
At the end of the exercise , the cash *UNKION* from *CUNKS* will increase the bank 's *UNK-* capital to *CUNK* 1.15 billion after virtually being *UNKED* out by the new provisions . STOP 
*CUNK* *CUNK* might have stepped from a recruiting *UNKER* for young Republicans . STOP 
White , 24 years old , a singer in her church *UNK* , she *UNKS* a generation that gave its heart and its vote to Ronald Reagan . STOP 
`` I felt kind of safe , '' she says . STOP 
No longer . STOP 
When the Supreme Court opened the door this year to new restrictions on abortion , Ms. *CUNK* opened her mind to Democratic politics . STOP 
Then a political *UNK* , she stepped into a *UNK* of `` pro-choice '' *UNKS* , house parties and *UNKS* . STOP 
Now she leads a *UNKS* abortion-rights campaign in *CUNK* County for pro-choice Democratic *UNKAL* candidate James Florio . STOP 
`` This is one where I cross party lines , '' she says , *UNKING* the anti-abortion stance of Rep. Florio 's *UNK* , *CUNK-* Rep. James Courter . STOP 
`` People my age thought it was n't going to be an issue . STOP 
Now it has -- especially for people my age . '' STOP 
*CUNKS* bear out this warning , but after a decade of increased Republican influence here , the new politics of abortion have contributed to a world turned *UNK* down for Mr. Courter . STOP 
Unless he *UNKS* the gap , Republicans risk losing not only the *UNK* but also the assembly next month . STOP 
*CUNKING* into the 1990s , the GOP is paying a price for the same conservative social agenda that it used to *UNK* Democrats in the past . STOP 
This change comes less from a shift in public opinion , which has n't changed much on abortion over the past decade , than in the *UNKS* of the debate . STOP 
New Jersey 's own highest court remains a liberal *UNK* against major restrictions on abortion , but the U.S. Supreme Court ruling , Webster vs. Missouri , has engaged voters across the nation who had been *UNKED* from the issue . STOP 
Before July , pro-choice voters could *UNKLY* make political decisions without focusing narrowly on abortion . STOP 
Now , the threat of further restrictions adds a new *UNKION* , bringing an *UNK* in political activity by abortion-rights forces . STOP 
A recent pro-choice rally in *CUNK* drew thousands , and in a major reversal , Congress is *UNKING* a presidential veto and demanding that Medicaid abortions be permitted in cases of rape and incest . STOP 
`` If Webster had n't happened , you would n't be here , '' Linda *CUNKER* tells a reporter in the *CUNK* office of the National Organization for *CUNK* . STOP 
`` We could have *UNKED* from the *UNKS* about Courter ... and no one would have heard us . '' STOP 
New Jersey is a proving ground for this aggressive *UNKS* movement this year . STOP 
The *UNKION* of activists can bring a *UNK* of *UNKS* . STOP 
In *CUNK* Hill , the National *CUNKION* Rights *CUNKION* League , whose goal is to sign up 50,000 pro-choice voters , targets a union *UNK* to build labor support for its cause . STOP 
The league *UNKS* seem more a fit with a convention next door of young *UNKS* *UNKS* in *UNKS* than the *UNK* union leaders ; `` I wish I could go work out , '' says a *UNK* activist . STOP 
A labor chief *UNKS* *UNKLY* of having to `` man and woman '' *CUNKION* Day phones . STOP 
No age group is more sensitive than younger voters , like Ms. *CUNK* . STOP 
A year ago this fall , New Jersey voters under 30 favored George Bush by 56 % to 39 % over Michael *CUNKS* , according to a survey then by *CUNKS* University 's *CUNK* Institute . STOP 
A matching *CUNK-* Star *CUNKER* poll last month showed a complete reversal . STOP 
*CUNKS* in the same age group backed Democrat Florio 55 % to 29 % over Republican Courter . STOP 
*CUNKION* alone ca n't explain this shift , but New Jersey is a model of how so personal an issue can become a *UNK* of sorts in *UNKING* a candidate . STOP 
By a *UNKN* ratio , voters appear more at ease with Mr. Florio 's stance on abortion , and polls indicate his lead *UNKS* when the candidates are specifically linked to the issue . STOP 
`` The times are my times , '' says Mr. Florio . STOP 
The *CUNK* County congressman still carries himself with a *UNK* `` *CUNK-* '' *UNK* , but at a *UNK* in Newark 's Columbus Day *UNK* recently , he was *UNKING* with his wife in the middle of the *UNK* in the city 's old *CUNK-* *UNK* . STOP 
After losing by fewer than *UNKN* votes in the 1981 governor 's race , he has prepared himself *UNKLY* for this moment , including deciding in recent years he could no longer support *UNKS* on federal funding for Medicaid abortions . STOP 
`` If you 're going to be consistent and say it is a *UNKLY* protected right , '' he asks , `` how are you going to say an upscale woman who can drive to the hospital or *UNK* in a nice car has a constitutional right and someone who is not in great shape financially does not ? '' STOP 
Mr. Courter , by comparison , seems a shadow of the confident *UNK* who defended Oliver North before national *UNKS* at Iran-Contra hearings two years ago . STOP 
Looking back , he says he *UNKED* by *UNKING* his `` personal '' opposition to abortion instead of *UNKING* voters that he would n't impose his views on `` policy '' as governor . STOP 
It is a *UNKION* that *UNKS* neither side in the debate . STOP 
`` He does n't know himself , '' *CUNK* *CUNK* of the *CUNKION* Rights League says of Mr. Courter 's position . STOP 
Even abortion opponents , however angry with Mr. Florio , ca n't hide their frustration with the Republican 's *UNK* . STOP 
`` He does n't want to lead the people , '' says Richard *CUNK* , president of New Jersey Right to Life . STOP 
Moreover , by *UNKING* outside the state 's pro-choice tradition , Mr. Courter *UNKS* fears that he is too conservative as well on more pressing concerns such as auto insurance rates and the environment . STOP 
He hurt himself further this summer by bringing *UNKAL* issues into the debate ; and by *UNKING* on this issue and abortion , he has weakened his credibility in what is already a *UNKED* campaign on both sides . STOP 
*CUNKED* to Congress in 1978 , the *UNK-* Mr. Courter is part of a generation of young conservatives who were once very much in the lead of the *UNK* shift under Mr. Reagan . STOP 
Like many of his colleagues , he did n't serve in Vietnam in the 1960s yet embraced a *UNK* defense and foreign policy -- even voting against a 1984 resolution critical of the U.S. mining of Nicaraguan *UNKS* . STOP 
Jack Kemp and the writers Irving *CUNK* and George *CUNKER* were *UNKS* , and Mr. Courter 's own conservative credentials proved useful to the current New Jersey GOP governor , Thomas *CUNK* , in the 1981 Republican primary here . STOP 
The same partnership is now crucial to Mr. Courter 's *UNKS* , but the abortion issue is only a reminder of the gap between his record and that of the more moderate , pro-choice Gov. *CUNK* . STOP 
While the Warren County congressman *UNKED* an *UNK-* , *UNK-* agenda in Washington , Gov. *CUNK* was *UNKING* increased income and sales taxes at home and *UNKING* a near doubling in the size of New Jersey 's budget in his eight years in office . STOP 
*CUNK* forces play down any differences with Mr. Courter , but this history makes it harder for the conservative to run against government . STOP 
Mr. Courter 's free-market plan to bring down auto insurance rates met criticism from Gov. *CUNK* 's own insurance commissioner . STOP 
Mr. Courter is further *UNKED* by a record of votes opposed to government regulation on behalf of consumers . STOP 
*CUNK* in Spanish from his days in the *CUNK* *CUNKS* , Mr. Courter actively courts minority voters but seems *UNKLY* over his head . STOP 
He is warm and *UNKED* before a Puerto Rican Congress in *CUNK* Park . STOP 
Yet minutes after promising to *UNK* *CUNKS* to high posts in state government , he is unable to say whether he has ever employed any in his congressional office . STOP 
`` I do n't think we do now , '' he says . STOP 
`` I think we did . '' STOP 
Asked the same question after his appearance , Democrat Florio *UNKS* a staff member by name and explains her *UNKS* today . STOP 
When he is presented with a *UNKER* *UNKING* the organization 's *UNK* anniversary , he *UNKS* a *UNK* of one of the *UNKS* and recalls time spent together in *CUNK* . STOP 
*CUNKS* and *CUNK* are essential Florio . STOP 
*CUNKED* to Congress as a `` *CUNK* baby '' in 1974 , he ran for governor three years later . STOP 
In the opinion of many , he has n't stopped running since , even though he declined a *UNK* with Gov. *CUNK* in 1985 . STOP 
His base in South Jersey and on the House Energy and Commerce Committee helped him sustain a network of *UNKION* committees to preserve his edge . STOP 
With limited budgets for television in a *UNKED* market , Mr. Florio 's higher recognition than his rival is a major advantage . STOP 
More than ever , his *UNKER* and *UNK-* record is in *UNK* with the state . STOP 
*CUNK* insurance rates are soaring . STOP 
A *UNK-* fire destroyed part of an interstate highway this summer . STOP 
In *CUNK* , an important *UNKING* area , Republican *UNKS* now run on a *UNK* promising to keep the *UNK* `` clean and green . '' STOP 
Mr. Florio *UNKS* this *UNKION* , but at age 52 , the congressman is also a product of his times and losses . STOP 
He *UNKS* for the death penalty as if reading from *CUNKS* 21 ; to increase state revenue he *UNKS* not on `` taxes '' but on `` *UNKS* '' to cut waste . STOP 
*CUNKING* consultants match ads with Mr. Courter 's team , and Mr. Florio *UNKS* himself as the lean , mean Democratic fighting machine of the 1990s . STOP 
*CUNKING* to a young audience , he *UNKS* an old *UNK* to *CUNK* and *CUNK* and instead quotes the *CUNK* *CUNK* . STOP 
The *UNK* chosen -- `` long strange night '' -- may be an *UNK* *UNK* to television spots by both candidates intended to *UNK* each other as a *UNK* . STOP 
The Democratic *UNKER* fits a pattern of younger *UNKS* *UNKING* out of old machines , but his ties to *CUNK* remain a *UNK* point because of the *UNK* 's past corruption . STOP 
His campaign *UNK* is chosen from elsewhere in the state , and faced with criticism of a *UNK* bank investment , he has so far *UNKED* the issue by *UNKING* the bulk of his profits to his *UNK* *UNKER* , *CUNK* State College . STOP 
Mr. Florio 's *UNKS* on the abortion issue after the Webster ruling *UNKS* some of his old *UNK* . STOP 
*CUNK* *CUNK* , an unlikely but *UNK* *UNK* major in an *CUNK* County Irish *UNK* band , *UNKS* *UNKLY* of Mr. Florio . STOP 
`` I am a *UNK* *CUNK* , '' says Mr. *CUNK* , a *UNK-* health officer . STOP 
`` I ca n't support him because of abortion . '' STOP 
Bill *CUNKS* *CUNK* , 72 , is *CUNK* too , but *UNKED* by Mr. Florio 's stand on abortion . STOP 
A security guard at a cargo terminal , he *UNKS* a Sons of Italy *UNK* and cap *UNKING* `` The US 1 *CUNK* . '' STOP 
`` I still think the woman has the right to do with her body as she *UNKS* , '' he says . STOP 
`` If you want more opinions ask my wife . STOP 
She has lots of opinions . STOP 
Consumer prices rose a surprisingly moderate 0.2 % in September , pushed up mostly by a jump in clothing costs , the Labor Department reported . STOP 
Energy costs , which drove wholesale prices up sharply during the month , continued to decline at the retail level , pulling down transportation and helping to ease housing costs . STOP 
The report was the *UNKEST* news the financial markets had seen since before the stock market plunged more than 190 points last Friday . STOP 
The Dow Jones Industrial Average rallied on the news , closing *UNKN* points higher at *UNKN* . STOP 
Bond prices also jumped as traders appeared to read the data as a sign that interest rates may fall . STOP 
But many economists were not nearly as *UNK* . STOP 
The climb in wholesale energy prices is certain to push up retail energy prices in the next few months , they warned . STOP 
They also said the dollar is *UNKING* off after a rise this summer that helped to reduce the prices of imported goods . STOP 
`` I think inflation is going to pick up through the fall , '' said Joel *CUNK* , a specialist on inflation who runs an economic consulting firm here . STOP 
`` It has been in what I would describe as a *UNK* for the past several months . '' STOP 
`` We 've had *UNKING* declines in consumer energy prices in each of the past three months , and at the wholesale level those are fully behind us now , '' said Jay *CUNK* , chief domestic economist at Bankers Trust Co. in New York . STOP 
Because wholesale energy prices shot up by a steep 6.5 % last month , many analysts expected energy prices to rise at the consumer level too . STOP 
As a result , many economists were expecting the consumer price index to increase significantly more than it did . STOP 
But retail energy prices declined 0.9 % in September . STOP 
Though analysts say competition will probably hold down increases in retail energy prices , many expect some of the wholesale rise to be passed along to the consumer before the end of the year . STOP 
Still , some analysts insisted that the worst of the inflation is behind . STOP 
`` It increasingly appears that *UNKN* was a temporary inflation *UNK* and not the beginning of a cyclical inflation problem , '' argued Edward *CUNK* , chief economist at Prudential-Bache Securities Inc. in New York . STOP 
In both 1987 and 1988 , consumer prices rose 4.4 % . STOP 
A *UNK-* in world oil prices last winter sent consumer prices soaring at a 6.7 % annual rate in the first five months of this year , but the subsequent decline in energy prices has pulled the annual rate back down to 4.4 % . STOP 
Mr. *CUNK* predicted that world business competition will continue to *UNK* prices . STOP 
`` The bottom line is , it seems to me that the economic environment has become very , very *UNK* for a lot of businesses , '' he said . STOP 
`` Back in *UNKN* , business was operating at fairly tight capacity , so businesses felt they could raise prices . '' STOP 
Now , he said , a slowdown in economic activity has *UNKED* demand . STOP 
The *UNK* inflation figures renewed investors ' hopes that the Federal Reserve will ease its interest-rate stance . STOP 
The steep climb in producer prices reported last Friday *UNKED* *UNK* about lower interest rates and contributed to the stock market 's 6.9 % plunge that day . STOP 
In the past several days , however , the U.S. 's central bank has allowed a key interest rate to fall slightly to try to stabilize the markets . STOP 
Analysts say Fed policy makers have been wary of *UNKING* credit too much because they were still uncertain about the level of inflation in the economy . STOP 
Excluding the volatile categories of energy and food -- leaving what some economists call the core inflation rate -- consumer prices still rose only 0.2 % in September . STOP 
Transportation costs actually fell 0.5 % , and housing costs gained only 0.1 % . STOP 
*CUNK* prices *UNKED* up 1.7 % , but that was after three months of declines . STOP 
Medical costs continued their steep *UNK* , rising *UNKN* % after four consecutive months of 0.7 % increases . STOP 
Car prices , another area that contributed to the steep rise in the wholesale index last month , still showed declines at the consumer level . STOP 
They dropped 0.4 % as dealers continued to offer *UNKS* to attract customers . STOP 
Food prices rose 0.2 % for the second month in a row , far slower than the monthly rises earlier in the year . STOP 
Separately , the Labor Department reported that average weekly earnings rose 0.3 % in September , after *UNKING* for inflation , following a 0.7 % decline in August . STOP 
All the numbers are adjusted for seasonal fluctuations . STOP 
Here are the seasonally adjusted changes in the components of the Labor Department 's consumer price index for September . STOP 
After watching interest in the sport *UNK* for years , the ski industry is trying to give itself a lift . STOP 
*CUNKS* the country , resorts are using everything from *UNKS* to *UNK-* *UNKS* to attract new customers . STOP 
Some have built health *UNKS* , business centers and shopping *UNKS* so visitors have more to do than ski . STOP 
And this week , the industry 's efforts will go national for the first time when it *UNKS* a $ 7 million advertising campaign . STOP 
Such efforts -- *UNUNK* of only a few years ago -- are the latest attempts to revive the *UNKING* $ *UNKN* billion U.S. ski industry . STOP 
Since the start of the decade , *UNK-* sales have grown only 3 % a year on average , compared with 16 % annual growth rates in the *UNKS* and *UNKS* . STOP 
Last season , *UNK-* sales fell for the first time in seven years . STOP 
By some estimates , nearly a fourth of all U.S. ski areas have been forced to shut down since the early *UNKS* . STOP 
*CUNKION* and mounting insurance and equipment costs have been the *UNKING* of many resorts . STOP 
But another big problem has been the aging of baby *UNKS* . STOP 
*CUNKING* , after all , has mainly been for the young and *UNKING* and many baby *UNKS* have *UNK* *UNKING* or have too many family responsibilities to stick with the sport . STOP 
In its new ad campaign , created by *CUNK* *CUNKS* *CUNK* & *CUNKS* Inc. , Chicago , the ski industry is trying to change its image as a sport primarily for young white people . STOP 
One *UNK-* TV spot features a *UNK* group of *UNKS* *UNKLY* *UNKING* down *UNKED* *UNKS* : senior citizens , minorities , families with children -- even a *UNK* *UNKER* . STOP 
`` *CUNK* school is great , '' *UNKS* out a *UNK* , *UNKED* in a *UNK* as he *UNKS* down a *UNK* *UNK* . STOP 
`` You 'll never know *UNK* you try , '' says a black *UNKER* . STOP 
`` We used to show some *UNK-* *UNKER* in his *UNKS* or *UNKS* going over the edge of a *UNK* , '' says *CUNK* *CUNK* , a spokeswoman for the United *CUNK* Industries Association , the trade group *UNKING* the campaign . STOP 
*CUNK* promotions have traditionally avoided the *UNK* issue of safety . STOP 
But the new commercials deal with it indirectly by showing a woman *UNKING* as she tries to get up from a fall . STOP 
`` We wanted to show it 's *UNK* if you fall , '' says Ms. *CUNK* . STOP 
`` Most people think if you slip , you 'll wind up in a body cast . '' STOP 
The ad campaign represents an unusual spirit of cooperation among resorts and ski equipment makers ; normally , they only run ads *UNKING* their own products and facilities . STOP 
But in these crunch times for the ski industry , some resorts , such as the *CUNK* *CUNK* , Red River and *CUNKS* ski areas in New Mexico , have even started *UNKING* *UNKS* to each other 's *UNKS* and next year plan to sell tickets good for all local *UNKS* . STOP 
Many resorts also are focusing more on the service side of their business . STOP 
Since 40 % of *UNKS* are parents , many *UNKS* are building *UNKS* , expanding ski schools and adding entertainment for kids . STOP 
*CUNK* , Colo. , now has a *UNK* that looks like an old mining town ; kids can ski through and *UNK* for *UNK* 's gold . STOP 
For $ 15 , they can enjoy their own *UNKLY* entertainment , with dinner , without *UNK* and *UNK* . STOP 
A few years ago , parents usually had to hire a *UNKER* or take turns *UNKING* while one *UNK* stayed with the children . STOP 
`` Most parents who had to go through that never came back , '' says Michael Shannon , president of *CUNK* Associates Inc. , which owns and operates the *CUNK* and nearby *CUNKER* Creek resorts . STOP 
To make *UNKING* more *UNK* for *UNKED* visitors , several resorts are buying or starting their own travel agencies . STOP 
In one phone call , ski *UNKS* can make hotel and restaurant *UNKS* , buy lift tickets , rent ski equipment and sign up for *UNKS* . STOP 
And resorts are adding other *UNKS* , such as *UNK* restaurants , health *UNKS* and *UNKION* packages with a *UNK* . STOP 
During Winter Carnival week , for example , visitors at Sunday River in Maine can take a *UNK-* balloon ride . STOP 
`` People these days want something else to do *UNKS* ski and sit in the bar , '' says Don *CUNK* , executive director of *CUNK* *CUNK* , *CUNK* 's Chamber of Commerce . STOP 
The ski industry hopes to increase the number of *UNKS* by 3.5 million to about *UNKN* million in the next five years with its latest ads and promotions . STOP 
But some think that 's being *UNKLY* optimistic . STOP 
For one thing , it may be tough to attract people because *UNKING* is still expensive : a lift ticket can cost up to $ 35 a day and equipment prices are rising . STOP 
And most *UNKS* still prefer a warm climate for their winter *UNKS* . STOP 
An American Express Co. survey of its travel agents *UNKED* that only 34 % believe their clients will pick a trip this winter based on the availability of winter sports , as opposed to 69 % who think that *UNKER* sports will be the deciding factor . STOP 
`` Even if they could bring in that many new *UNKS* , I do n't know if -LCB- the industry -RCB- could handle that kind of an increase , '' says I. William Berry , editor and publisher of the *CUNK* Industry *CUNKER* in *CUNK* , N.Y . STOP 
`` Most people will come on the weekend , the *UNKS* will be *UNKED* and then these -LCB- new *UNKS* -RCB- wo n't come back . STOP 
They did n't play the third game of the World Series on Tuesday night as scheduled , and they did n't play it on Wednesday or Thursday either . STOP 
But you knew that , did n't you ? STOP 
They are supposed to play the game next Tuesday , in Candlestick Park here . STOP 
The theory is that the stadium , damaged by Tuesday 's earthquake , will be *UNKED* by then , and that people will be able to get there . STOP 
Like just about everything else , that remains to be seen . STOP 
*CUNKS* could *UNK* . STOP 
But , at least , the law of averages should have *UNK* to the favorable side . STOP 
It may seem *UNKAL* to worry about the World Series amid the destruction to the Bay Area *UNK* by Tuesday 's quake , but the name of this column is `` On Sports , '' so I feel *UNKED* to do so . STOP 
You might be interested to know that baseball , not survival , appeared to be the first thought of most of the crowd of *UNK-* that had gathered at Candlestick at *UNKN* p.m. Tuesday , a half-hour before game time , when the quake struck . STOP 
As soon as the *UNK* passed , many people *UNKLY* *UNK* and *UNKED* , as though it had been a novel kind of *UNK-* show . STOP 
One *UNK* , *UNKED* several *UNKS* in front of the open , *UNK-* *UNK* press section where I was *UNKED* , faced the assembled *UNKS* and *UNKLY* *UNKED* , `` We arranged that just for you guys ! '' STOP 
I thought and , I 'm sure , others did : `` You should n't have *UNKED* . '' STOP 
I 'd *UNK* through my only previous *UNK* with natural disaster , a *UNK* 15 or so *UNKS* ago near *CUNK* City , Mich. , so I was *UNKED* for one reaction to such things : the urge to talk about them . STOP 
Perhaps *UNKED* by the daily *UNK* of radio and TV reporters *UNKING* *UNKS* into people 's faces and asking how they `` feel '' about one *UNK* or another , fellow reporters and *UNKS* who *UNKED* my press *UNKAL* were eager to *UNK* . STOP 
`` It felt like I was on a station platform and a train went by , '' said one man , describing my own reaction . STOP 
A women said she saw the park 's light standards *UNK* . STOP 
A man said he saw the upper *UNK* *UNUNK* . STOP 
I saw neither . STOP 
*CUNKS* of good sense to the contrary not *UNKING* , the general *UNKION* was to believe that the *UNK* would be brief and that *UNK* would be played . STOP 
`` I was near the top of the stadium , and saw a steel *UNKER* *UNK* six feet from where I sat , but I stayed put for 10 or 15 minutes , '' *UNKED* a friend . STOP 
`` I guess I thought , ` This is the World Series and I 'm not *UNK* *UNK* *UNK* out ! ' '' STOP 
Here in the *CUNKAL* *CUNK* , though , *UNKS* do not stay *UNKED* for long . STOP 
*CUNKAL* power was out in *UNKED* Candlestick Park , but *UNKED* *UNKS* and television sets were *UNK* . STOP 
Within a few minutes , the true extent of the catastrophe was becoming clear . STOP 
Its Richter *CUNK* *UNK* was reported as 6.5 , then 6.9 , then *UNKN* . STOP 
A section of the Bay Bridge had collapsed , as had a part of Interstate *CUNK* *UNKN* in Oakland . STOP 
People had died . STOP 
At *UNKN* p.m. , scheduled game time having passed , some fans *UNKED* `` Let 's *CUNK* *CUNK* . '' STOP 
No longer *UNK* , they *UNKED* as *UNKS* . STOP 
The stadium was ordered *UNKED* soon *UNK* ; the announcement , made over police *UNKS* , cited the power *UNK* , but it later was *UNKED* that there also had been damage of the sort reported by my friend . STOP 
*CUNK* , I *UNKED* two young men *UNKING* blocks of concrete . STOP 
`` *CUNKS* of Candlestick , '' they said . STOP 
The crowd remained good *UNKED* , even *UNKED* . STOP 
TV reporters interviewed fans in the parking lots while , a few feet away , others watched the interviews on their portable *CUNK* . STOP 
The only *UNK* I saw was commercial : *CUNKS* selling World Series *UNK* *UNKS* and dated *UNKS* were *UNKED* by *UNKING* speculators who saw future profit in the items . STOP 
The traffic *UNK* out of the park was *UNKAL* . STOP 
It took me a half-hour to move 10 feet from my parking spot in an *UNKER* lot to an *UNK* , and an additional hour to reach an *UNKER* *UNK* a *UNK-* away . STOP 
The *UNK-* trip to my airport hotel that had taken 20 minutes earlier in the day took more than three hours . STOP 
At my hotel , the *CUNK* , power was out , some *UNK* *UNKER* had broken loose and there had been water damage , but little else . STOP 
With *CUNK* *UNKS* , a hotel across the street , the *CUNK* , had been hit harder : A large sheet of its concrete *UNK* and several window *UNKS* were *UNK* away . STOP 
The *CUNK* staff had , *UNKLY* , set out *UNKED* *UNKS* in the *UNK* , prepared a *UNKS* *UNK* and passed around *UNKS* and *UNKS* . STOP 
I fell *UNK* on the lobby floor , next to a man wearing a Chicago *CUNKS* *UNK* . STOP 
I expected him to say , `` I told you so , '' but he already was *UNKING* . STOP 
The *UNK* consensus was that the earthquake made the World Series seem *UNUNK* . STOP 
My response was that sports rarely are important , only *UNKING* , and the quake merely *UNKED* that fact . STOP 
Should the rest of the Series be played at all ? STOP 
*CUNK* . STOP 
The quake and baseball were n't related , unlike the massacre of *UNKS* that attended the 1972 Olympics . STOP 
That heavily *UNKED* event learned nothing from the *UNKING* experience , and seems *UNKED* to repeat it . STOP 
Two *UNKS* *UNK* . STOP 
This has been widely dubbed the *CUNK* Series , after the local *UNK* line , and the Bay Bridge Series . STOP 
*CUNKS* fly at *UNK-* for the death of *CUNK* *CUNK* , the late baseball commissioner , and now the Bay Bridge lies in *UNKS* . STOP 
A Series that was *UNKING* up as the *UNKEST* since the *UNKED* *CUNK-* Diego go of 1984 has become *UNK* in the least *UNK* way . STOP 
Still , its edge is lost . STOP 
It now will be played mostly for the record , and should be *UNKED* up as quickly as possible , without `` off '' days . STOP 
And I will never again complain about a *UNK* . STOP 
The disarray in the junk-bond market that began last month with a credit crunch at Campeau Corp. has offered commercial banks a golden opportunity to play a greater role in financing *UNK-* takeovers . STOP 
But two big New York banks seem to have *UNKED* those chances away , for the moment , with the *UNKING* failure of Citicorp and Chase Manhattan Corp. to deliver $ 7.2 billion in bank financing for a leveraged buy-out of United Airlines parent UAL Corp . STOP 
For more than a decade , banks have been pressing Congress and banking regulators for expanded powers to act like securities firms in playing Wall Street 's lucrative takeover game , from giving mergers advice all the way to selling and trading high-yield junk bonds . STOP 
Those expanded powers reached their *UNK* in July when Bankers Trust New York Corp. provided mergers advice , an equity investment and bank loans for the $ *UNKN* billion leveraged buy-out of Northwest Airlines parent *CUNK* Inc . STOP 
One of the major selling points used by Los Angeles financier Alfred *CUNK* in getting the takeover approved was that the deal did n't include any junk bonds . STOP 
That was seen as an advantage in lobbying airline employees and Washington regulators for approval of the *UNKED* takeover . STOP 
All $ *UNKN* billion in debt for the deal was supplied by banks . STOP 
Charles Nathan , *UNK-* of mergers and acquisitions at Salomon Brothers Inc. , says it is natural for banks to try to expand beyond their *UNKER* business of providing senior debt for buy-outs . STOP 
But the UAL collapse , he says , `` may tell you it 's not going to work that easily . '' STOP 
David *CUNKER* , a mergers adviser in La *CUNK* , Calif. , who aided Los Angeles investor Marvin Davis on the bids which put both UAL and *CUNK* in play as takeover candidates this year , says that banks have been `` preparing to play a larger and larger role in acquisition financing . '' STOP 
Mr. *CUNKER* says that in the past , banks would normally have *UNKED* 65 % of a total buy-out price , with the loans secured by the target company 's assets . STOP 
Another 20 % of the borrowed funds would come from the sale to investors of junk bonds , which offer less security and typically carry higher yields than bank loans . STOP 
Mr. *CUNK* 's purchase of *CUNK* , Mr. *CUNKER* notes , `` was probably the most aggressive to date , '' with bank debt at 85 % of the purchase price . STOP 
But Mr. *CUNKER* says that Citicorp 's `` failure to deliver '' on its promise to raise the UAL bank debt for a labor-management buy-out group `` is very *UNKING* to potential users of a ` *UNK-* ' letter from commercial banks . '' STOP 
His client , Mr. Davis , used just such a letter from Citicorp in pursuing UAL ; Citicorp later agreed to work with a competing UAL buy-out group . STOP 
Executives of Citicorp and Chase Manhattan declined to comment on either the UAL situation , or on the changing nature of banks ' role in financing takeovers . STOP 
In the wake of Campeau 's problems , prices of junk bonds tumbled , throwing into doubt the ability of corporate *UNKS* to finance large takeovers with the help of junk bond sales . STOP 
Mark *CUNK* , senior managing director at Manufacturers Hanover Trust Co. , says the *UNK* in junk bonds may yet open new business opportunities to banks in *UNKING* takeovers . STOP 
But he warns that banks will have `` to have enough discipline '' not to make loans that are too risky . STOP 
In fact , Manufacturers Hanover said in its third-quarter earnings report that fees from *UNKING* loans to other banks dropped 48 % , to $ 21 million . STOP 
`` We did n't take part in a lot of deals because their credit quality was poor , '' says a bank spokesman . STOP 
James B. Lee , head of *UNKS* and private *UNKS* at Chemical Banking Corp. , said he believes banks can still make a *UNK* offer of *UNK-* shopping for takeover finance . STOP 
As evidence , he *UNKS* yesterday 's arrangement for the final financing of a $ 3 billion bid for American Medical International Inc. in which Chemical served as both the lead bank and an equity investor . STOP 
Beyond the current weakness in the junk bond market , banks have another advantage over investment banks in financing *UNKED* takeovers . STOP 
Arthur *CUNKER* Jr. , a takeover lawyer at *CUNKED* Frank Harris *CUNKER* & Jacobson , notes that `` a political and emotional bias '' has developed against junk bonds . STOP 
One hostile bidder who deliberately avoided using junk bonds was Paramount Communications Inc. in its initial offer to acquire Time Inc. for $ *UNKN* billion , or $ *UNKN* a share . STOP 
A Paramount spokesman says that decision was based on the financial , not political , *UNKS* of junk bonds . STOP 
But some observers believe Paramount Chairman Martin Davis wanted to avoid the possible *UNK* of being perceived as a corporate raider in his controversial bid for Time . STOP 
In the end , Mr. Davis used junk bonds so that he could raise Paramount 's bid to $ 200 a share . STOP 
Some *CUNKING* *UNKS* said the initial lower bid , without junk bonds , was a factor in his losing the company . STOP 
Time *UNKED* Paramount by acquiring Warner Communications Inc . STOP 
The success of the *CUNK* financing , and the failure of the UAL deal , also seem to *UNK* the important new role in takeover financing being played by Japanese banks . STOP 
Japanese banks accounted for 50 % of the *CUNK* bank debt , according to a report by Transportation Secretary Samuel Skinner . STOP 
But it was *UNK-* rejection by Japanese banks that helped *UNKAL* the fate of the attempt to buy UAL . STOP 
Citicorp and Chase are attempting to put together a new , lower bid . STOP 
*CUNK* *CUNK* , chief economist of the Institute for Financial Affairs Inc. , a Tokyo research center on finance and economics , says , `` The junk bond market became very *UNK* , and there 's a fear of a coming recession and the possible bankruptcy of LBO companies . STOP 
*CUNK-* Inc. filed suit in federal court here , *UNKING* that a group that holds 6.2 % of its stock made `` false , *UNK* and misleading '' statements in recent regulatory filings and public announcements . STOP 
*CUNK-* 's complaint claims that the group , led by investor Malcolm I. *CUNKER* , violated securities laws by failing to disclose plans to purchase 15 % of the company 's shares outstanding and that when the required *CUNK-* filing eventually was made , it did n't disclose the group 's alleged earlier violation of the so-called *UNK-* requirements of the law . STOP 
Mr. *CUNKER* could n't immediately be reached to comment . STOP 
But when *CUNK* last week publicly questioned the *UNK* of the group 's filing procedures , the Rochester , N.Y. , investor said `` we *UNKED* with every law , '' and he denied any wrongdoing . STOP 
The *CUNKER* group said in a Securities and Exchange Commission filing in early October that it may seek a controlling interest in *CUNK-* , or seek representation on the company 's board . STOP 
*CUNK* has said it does n't intend to be acquired by the *CUNKER* group or any other party . STOP 
*CUNK* Steel Industries Inc. , battered by lower volume and higher costs , posted a 75 % drop in third-quarter earnings . STOP 
The nation 's *UNKEST* steelmaker earned $ *UNKN* million , or 43 cents a share , compared with $ 61 million , or $ *UNKN* a share , a year earlier , when the industry was *UNKING* peak demand and strong pricing . STOP 
Sales fell to $ *UNKN* million from $ 1.02 billion . STOP 
The earnings also mark a significant drop from the second quarter 's $ *UNKN* million or $ 1.25 a share . STOP 
Moreover , the earnings were well below analysts ' expectations of about $ *UNKN* a share . STOP 
In composite trading on the New York Stock Exchange , *CUNK* closed yesterday at $ *UNKN* a share , down $ 1 . STOP 
The company attributed the earnings drop to lower volume related to seasonal demand and the soft consumer durable market , especially in the automotive sector . STOP 
However , the company also lost orders because of prolonged labor talks in the second quarter . STOP 
Third-quarter shipments slipped 7 % from the year-ago period , and 17 % from this year 's second quarter . STOP 
Profit of steel shipped for the company 's steel segment slid to $ 26 a ton , from $ 66 a ton a year earlier and $ 57 a ton a quarter earlier . STOP 
Analysts noted that the disappointing results do n't reflect lower prices for steel products . STOP 
Charles *CUNK* , an analyst with Merrill Lynch Capital Markets , said higher prices for galvanized and *UNKED* products offset lower prices for bar , *UNKED* and structural steel . STOP 
*CUNKAL* steel , which primarily serves the construction market , was especially hurt by a 15 % price drop , Mr. *CUNK* said . STOP 
The company said its integrated steel sector was also hurt by higher raw material , repair and maintenance , and labor costs . STOP 
The increased labor costs became effective Aug. 1 under terms of the four-year labor agreement with the United *CUNKS* union . STOP 
Meanwhile , the company 's service center segment , which saw operating profit drop to $ 11.5 million from $ *UNKN* million a year ago , experienced much of the same demand and cost problems , as well as start-up costs associated with a *UNK* processing facility in Chicago and an *UNKED* computer information system . STOP 
*CUNK* Chairman Frank W. *CUNK* said the company 's short-term outlook is `` *UNKED* by uncertainties in the economy and financial markets . '' STOP 
However , he noted that steel mill *UNKS* are up from early summer levels , and that he expects the company to improve its cost performance in the fourth quarter . STOP 
In the first nine months , profit was $ *UNKN* million , or $ *UNKN* a share , on sales of $ *UNKN* billion , compared with $ *UNKN* million , or $ *UNKN* a share , on sales of $ *UNKN* billion , a year earlier . STOP 
The `` *UNK* '' activity of a financial market bears a *UNK* to the *UNK* activity of the earth . STOP 
When things are quiet -LRB- low volatility -RRB- , the structures on which markets stand can be relatively inefficient and still perform their functions *UNKLY* . STOP 
However , when powerful forces start shaking the market 's structure , the more `` *UNK-* '' it is , the better its chance for survival . STOP 
America 's financial markets do not yet have all the required modern features required to make them fully `` *UNK-* . '' STOP 
Investors lack equal access to the markets ' trading *UNK* and its information . STOP 
That structural lack is crucial because investors are the only source of market liquidity . STOP 
And liquidity is what markets need to damp *UNKS* and aftershocks . STOP 
In today 's markets , specialists -LRB- on the New York Stock Exchange -RRB- and `` *UNKS* '' market makers -LRB- in the over-the-counter market -RRB- are the only market participants allowed to play a direct role in the *UNKION* process . STOP 
When they halt trading , all market liquidity is gone . STOP 
And when any component of the market -- cash , futures or options -- *UNKS* liquidity , the price discovery system -LRB- the way prices are determined -RRB- becomes *UNKED* or is lost entirely for a time . STOP 
Last Friday the 13th -LRB- as well as two years ago this week -RRB- the markets became *UNKED* . STOP 
When that happened , `` *UNK* '' tremors of fear -- much like the shock waves created by an earthquake -- *UNKED* through the market and increased the market 's volatility . STOP 
*CUNK* of important , needed information can cause fear . STOP 
*CUNK* is the father of panic . STOP 
*CUNK* frequently results in *UNKAL* behavior . STOP 
And in financial markets , *UNKAL* behavior is sometimes translated into catastrophe . STOP 
When market tremors start , it is crucial that as much information about transaction prices and the *UNK-* *UNK* -LRB- buy and sell orders at various prices -RRB- be made available to all , not just to market makers . STOP 
Because of a lack of information and access , many investors -- including the very ones whose buying power could restore stability and damp volatility -- are forced to stand on the sidelines when they are most needed , because of their *UNK* of important market information . STOP 
To add *UNKING* power to America 's markets , a modern , electronic trading system should be *UNKED* that permits equal access to the trading *UNK* -LRB- and the information that would automatically *UNK* such access -RRB- by investors -- particularly institutional investors . STOP 
*CUNK* to some opinions , the trading activities of specialists and other market makers do not provide liquidity to the market as a whole . STOP 
What market makers provide is *UNK* , a very valuable service . STOP 
*CUNK* is not a service . STOP 
It is a market *UNK* -- the ability to absorb selling orders without causing significant price changes in the absence of news . STOP 
Market makers buy what investors wish to sell ; their business is *UNKING* these *UNKED* positions as quickly as possible to other investors , and at a profit . STOP 
As a result , while any one customer may purchase *UNK* by selling to a market maker -LRB- which is *UNK-* for the investor -RRB- , the market as a whole remains in the same circumstances it was before the transaction : The *UNKED* position is still an *UNKED* position ; only the identity of the seller has changed . STOP 
In fact it can be argued that increasing capital commitments by market makers -LRB- a result of some *UNK-* crash studies -RRB- also increases market volatility , since the more securities are held by market makers at any given time , the more selling pressure is *UNKING* the market . STOP 
In an open electronic system , any investor *UNKING* to pay for *UNK-* access to the trading *UNK* through a registered *UNKER* would be able to see the entire *UNK-* *UNK* -LRB- buy and sell orders at each price -RRB- entered by dealers and investors alike , and to enter and execute orders . STOP 
*CUNK* quotations would reflect the combined financial judgment of all market participants -- not just those of *UNKS* who become extremely *UNK-* during times of crisis . STOP 
Investors and professionals alike would compete on the level playing field Congress sought and called a `` national market system '' -LRB- not yet achieved -RRB- almost 15 years ago when it passed the Securities Reform Act of 1975 . STOP 
Last Friday 's market gyrations did not result in severe `` aftershocks . '' STOP 
*CUNK* we smart or just lucky ? STOP 
I 'm not certain . STOP 
But I am sure we need to *UNK* our `` earthquake '' protection by making certain that our market structures let investors add their *UNK* *UNKING* power to our nation 's markets . STOP 
Mr. *CUNK* is chairman of his own consulting company in *CUNK* , N.J . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* , now you do n't . STOP 
The recession , that is . STOP 
The economy 's *UNKER* steps leave investors wondering whether things are slowing down or *UNKING* up . STOP 
So often are government statistics revised that they seem to *UNK* a *UNKING* weather *UNK* . STOP 
For the past seven years , investors have had the wind at their backs , in the form of a generally growing economy . STOP 
Some may have *UNK* -- and some younger ones may never have experienced -- what it 's like to invest during a recession . STOP 
*CUNK* tactics are called for , as losing money becomes easier and making money becomes tougher . STOP 
For those investors who believe -- or fear -- that 1990 will be a recession year , many economists and money managers agree on steps that can be taken to lower the risks in a portfolio . STOP 
In a *UNK* , pros advise investors who expect a slowdown to hold fewer stocks than usual and to favor shares of big companies in `` defensive '' industries . STOP 
A heavy *UNK* of cash is *UNKED* , along with a *UNKAL* *UNK* to bonds -- *UNKLY* government bonds . STOP 
It 's *UNKING* to think these defensive steps can be delayed until a recession is clearly at hand . STOP 
But that may not be possible , because *UNKS* often take investors by surprise . STOP 
`` They always seem to come a bit later than you expect . STOP 
When they do hit , they hit fast , '' says David A. *CUNKS* , chief financial economist at the Data Resources division of *CUNK-* Inc . STOP 
Though he himself does n't expect a recession soon , Mr. *CUNKS* advises people who do that `` the best thing to be in is long that is , 20-year to 30-year Treasury bonds . '' STOP 
The reason is simple , Mr. *CUNKS* says : `` Interest rates almost always decline during recession . '' STOP 
As surely as a *UNK* *UNKS* , falling interest rates force up the price of previously issued bonds . STOP 
They are worth more because they pay higher interest than newly issued bonds do . STOP 
That effect holds true for both short-term and long-term bonds . STOP 
But short-term bonds ca n't rise too much , because everyone knows they will be *UNKED* at a *UNK* price fairly soon . STOP 
*CUNK-* bonds , with many years left before maturity , *UNKING* more widely in price . STOP 
But not just any bonds will do . STOP 
Corporate bonds `` are usually not a good bet in a recession , '' Mr. *CUNKS* says . STOP 
As times get tougher , investors *UNK* about whether companies will have enough money to pay their debts . STOP 
This *UNKS* the price of corporate bonds . STOP 
Also , he notes , `` most corporate bonds are *UNK* . '' STOP 
That means that a corporation , after a specified amount of time has passed , can buy back its bonds by paying investors the face value -LRB- plus , in some cases , a *UNKER* -RRB- . STOP 
When interest rates have dropped , it makes sense for corporations to do just that ; they then save on interest costs . STOP 
But the investors are left *UNKED* with money to *UNKEST* at a time when interest rates are *UNK* . STOP 
If corporate bonds are bad in *UNKS* , junk bonds are likely to be the worst of all . STOP 
It 's an `` *UNK* *UNK* '' to get out of junk bonds when a recession is in the *UNKING* , says *CUNKER* *CUNK* , professor of finance at *CUNK* University . STOP 
`` Such bonds are very sensitive to the *UNK* , and this could be a disaster . '' STOP 
Municipal bonds are generally a bit safer than corporate bonds in a recession , but not as safe as bonds issued by the federal government . STOP 
During an economic slump , local tax revenues often go down , raising the risks associated with at least some *UNKS* . STOP 
And , like *UNKS* , many municipal bonds are *UNK* . STOP 
But a few experts , going against the consensus , do n't think bonds would help investors even if a recession is in the *UNKING* . STOP 
One of these is Jeffrey L. Beach , director of research for *CUNK* *CUNKS* & Co. , a brokerage house in Houston , who thinks that `` we 're either in a recession or about to go into one . '' STOP 
What 's more , he thinks this could be a *UNKER* recession than usual : `` Once the downturn comes , it 's going to be very hard to reverse . '' STOP 
Investors , he advises , `` should be cautious , '' holding fewer stocks than usual and also *UNKING* bonds . STOP 
Because he sees a `` 5 % to 6 % base rate of inflation in the economy , '' he doubts that interest rates will fall much any time soon . STOP 
Instead , Mr. Beach says , investors `` probably should be carrying a very high level of cash , '' by which he means such so-called cash *UNKS* as money-market funds and Treasury bills . STOP 
*CUNK* *CUNK* , president of *CUNK* Financial Inc. in *CUNK* , Pa. , also recommends that investors go heavily for cash . STOP 
He is n't sure a recession is coming , but says the other likely alternative -- *UNKED* inflation -- is just as bad . STOP 
`` This late in an expansion , '' the economy tends to *UNKER* off either into *UNKING* inflation or into a recession , Mr. *CUNK* says . STOP 
The Federal Reserve Board 's plan for a `` soft landing , '' he says , requires the Fed to *UNK* `` an *UNKING* *UNK* . '' STOP 
A soft landing is n't something that can be achieved once and for all , Mr. *CUNK* adds . STOP 
It has to be engineered over and over again , month after month . STOP 
He believes that the task facing Fed Chairman Alan Greenspan is so difficult that it *UNKS* `` *UNKING* a *UNKED* *UNK* and a *UNK* saw . '' STOP 
And , in a sense , that 's the kind of task individuals face in deciding what to do about stocks -- the *UNK* of most serious investors ' portfolios . STOP 
It comes down to a question of whether to try to `` time '' the market . STOP 
For people who can ride out market waves through good times and bad , stocks have been *UNKING* long-term investments . STOP 
Most studies show that *UNK-* investors historically have earned an annual return from stocks of 9 % to 10 % , including both dividends and price appreciation . STOP 
That 's well above what bonds or bank certificates have paid . STOP 
Moreover , because no one knows for sure just when a recession is coming , some analysts think investors should n't even worry too much about timing . STOP 
`` *CUNKING* to time the economy is a mistake , '' says David Katz , chief investment officer of Value *CUNK* Management Inc. in New York . STOP 
Mr. Katz notes that some economists have been predicting a recession for at least two years . STOP 
Investors who *UNKED* , and *UNKED* up on stocks , `` have just hurt themselves , '' he says . STOP 
Mr. Katz adds that people who jump in and out of the stock market need to be right about 70 % of the time to beat a *UNK-* strategy . STOP 
*CUNK* trading runs up high commission costs . STOP 
And the *UNKER* might miss the sudden *UNKS* that account for much of the stock market 's gains over time . STOP 
Still , few investors are able to sit tight when they are convinced a recession is coming . STOP 
After all , in all five *UNKS* since 1960 , stocks declined . STOP 
According to *CUNK* Davis , president of *CUNK* Davis Research Inc. in *CUNKS* , Fla. , the average drop in the Dow Jones Industrial Average was about 21 % , and the decrease began an average of six months before a recession officially started . STOP 
By the time a recession is `` official '' -LRB- two consecutive quarters of declining gross national product -RRB- , much of the damage to stocks has already been done - and , in the typical case , the recession is already half over . STOP 
About six months before a recession ends , stocks typically begin to rise again , as investors anticipate a recovery . STOP 
The average recession *UNKS* about a year . STOP 
Unfortunately , though , *UNKS* vary enough in length so that the average ca n't *UNKLY* be used to guide investors in timing stock sales or purchases . STOP 
But whatever their advice about timing , none of these experts recommend *UNKING* stocks entirely during a recession . STOP 
For the portion of an investor 's portfolio that *UNKS* in stocks , professionals have a number of suggestions . STOP 
Mr. Katz advocates issues with low *UNKS* *UNKS* -- that is , low prices in *UNKION* to the company 's earnings per share . STOP 
`` *CUNK* *CUNK* '' stocks , he says , *UNKLY* *UNK* others `` during a recession or bear market . '' STOP 
In good times , he says , they lag a bit , but overall they provide superior performance . STOP 
*CUNK* *CUNK* *UNKS* investors to *UNK* stocks in small companies . STOP 
*CUNK-* shares typically fall more than *UNK-* stocks in a recession , he says . STOP 
And in any case , he argues , stocks of small companies are `` almost as *UNKED* as they were Sept. 30 , 1987 , just before the crash . '' STOP 
For example , Mr. *CUNK* says , stocks of small companies are selling for about 19 times cash flow . STOP 
-LRB- *CUNK* flow , basically earnings plus depreciation , is one common gauge of a company 's financial health . -RRB- STOP 
That ratio is *UNKLY* close to the ratio of *UNKN* that *UNKED* before the 1987 stock-market crash , Mr. *CUNK* says . STOP 
And it 's way above the ratio -LRB- 7.5 times cash flow -RRB- that bigger companies are selling for . STOP 
Another major *UNK* in making a portfolio *UNK-* is *UNKING* stocks in `` defensive '' industries . STOP 
Food , tobacco , drugs and utilities are the classic *UNKS* . STOP 
*CUNKION* or not , people still eat , smoke , and take medicine when they 're sick . STOP 
George *CUNK* III , editor of *CUNK* *CUNKER* in Boston , offers one final *UNK* for *UNK-* investors . STOP 
`` *CUNK* some money available for opportunities , '' he says . STOP 
`` If the recession does hit , there will be some great investment opportunities just when things seem the *UNKEST* . '' STOP 
Mr. *CUNK* covers investing issues from The Wall Street Journal 's New York bureau . STOP 
Some industry groups consistently weather the storm better than others . STOP 
The following shows the number of times these industries *UNKED* the Standard & Poor 's *UNK-* Index during the first six months of the past seven *UNKS* . STOP 
Bond prices posted strong gains as investors went on a bargain *UNK* . STOP 
But while the overall market improved , the *UNK-* junk-bond market continued to count *UNKS* , even as junk-bond prices rose . STOP 
Yesterday , Prudential-Bache Securities Inc. said it postponed a $ *UNKN* million senior subordinated *UNK* offering by York International Corp . STOP 
And Donaldson , Lufkin & Jenrette Securities Corp. scrambled to restructure and improve the potential returns on a $ *UNKN* million *UNK* offering by Chicago & North Western Acquisition Corp. that was still being negotiated late last night . STOP 
The issue by Chicago & North Western is one of the so-called good junk-bond offerings on the *UNK-* *UNK* . STOP 
Some analysts said the restructuring of the railroad concern 's issue shows how tough it is for underwriters to sell even the junk bonds of a company considered to be a relatively good credit risk . STOP 
Since last week 's junk-bond market debacle , many new issues of high-yield , high-risk corporate bonds have either been *UNKED* back , delayed or dropped . STOP 
On Wednesday , Drexel Burnham Lambert Inc. had to slash the size of Continental Airlines ' junk-bond offering to $ 71 million from $ 150 million . STOP 
Salomon Brothers Inc. has delayed Grand Union Co. 's $ *UNKN* billion junk-bond offering while it *UNKS* the transaction . STOP 
Last week , the Grand Union offering was sweetened to include warrants that allow bondholders to acquire common stock . STOP 
Prudential-Bache said the York issue was delayed because of market conditions . STOP 
`` Everything is going through *UNKS* right now , and -LCB- Chicago & North Western -RCB- is no exception , '' said *CUNK* *CUNK* , vice president , high-yield research , at Citicorp . STOP 
Portfolio managers say *UNKS* like equity *UNKS* and *UNKER* *UNK* *UNKS* may increasingly be required to sell junk-bond deals . STOP 
Dan *CUNK* , managing director of high-yield investments at Chancellor Capital Management , said the Chicago & North Western offering was restructured in part because `` several large insurance buyers right now are demanding equity as part of the package . STOP 
If you 're going to take the risk in this market , you want something extra . '' STOP 
Mr. *CUNK* likes the offering . STOP 
But several mutual-fund managers , nervous about the deteriorating quality of their junk-bond portfolios and *UNK* about buying new issues , said they 're *UNKING* away from any junk security that is n't considered first rate for its class . STOP 
While they consider the Chicago & North Western issue to be good , they do n't view it as the best . STOP 
To lure buyers to the Chicago & North Western bonds , portfolio managers said Donaldson Lufkin sweetened the transaction by offering the bonds with a *UNK* interest rate and a 10 % equity *UNKER* . STOP 
The bonds are expected to have a 14 1\/2 % coupon rate . STOP 
The equity arrangement apparently would allow bondholders to buy a total of 10 % of the stock of *CUNK* Corp. , Chicago & North Western 's parent company . STOP 
Donaldson Lufkin declined to comment on the restructuring . STOP 
According to some analysts familiar with the negotiations , the 10 % of equity would come directly from Donaldson Lufkin and a fund *UNKED* with the investment bank *CUNK* Group , which would reduce their *CUNK* equity holdings by 5 % each . STOP 
That would leave the *CUNK* fund with a 60 % stake and Donaldson Lufkin with 15 % . STOP 
Despite the problems with new issues , high-yield bonds showed gains in the secondary , or *UNK* , market . STOP 
*CUNK* bonds ended about *UNK-* point higher with so-called high-quality issues from RJR Capital Holdings Corp. and *CUNK* Gas Service Limited Partnership rising one point . STOP 
In the Treasury market , the benchmark 30-year bond rose *UNKS* point , or $ *UNKN* for each $ 1,000 face amount . STOP 
The gain reflects fresh economic evidence that inflation is *UNKING* while the economy *UNKS* . STOP 
That raised hopes that interest rates will continue to move lower . STOP 
The Labor Department reported that consumer prices rose just 0.2 % last month , slightly lower than some economists had expected . STOP 
But there were also rumors yesterday that several Japanese institutional investors were shifting their portfolios and buying long-term bonds while selling *UNK-* Treasurys . STOP 
*CUNK-* Treasury securities ended narrowly mixed , with two-year notes posting slight declines while three-year notes were slightly higher . STOP 
Yesterday , the Fed executed *UNK-* matched sales , a technical trading operation designed to drain reserves from the banking system . STOP 
The move was interpreted by some economists as a sign that the Fed does n't want the federal funds rate to move any lower than the 8 3\/4 % at which it has been *UNKING* around during the past week . STOP 
The closely watched funds rate is what banks charge each other on overnight loans . STOP 
It is considered an early signal of Fed credit policy changes . STOP 
`` The fact that they did *UNK-* matched sales means they are not in a mood to ease aggressively . STOP 
They are telling us that -LCB- 8 3\/4 % -RCB- is as low as they want to see the fed funds rate , '' said Robert *CUNKS* at *CUNKS* Bank PLC . STOP 
Treasury Securities STOP 
The benchmark 30-year bond was quoted late at a price of 101 *UNKN* to yield *UNKN* % , compared with 100 *UNKN* to yield *UNKN* % Wednesday . STOP 
The latest 10-year notes were quoted late at 100 *UNKN* to yield *UNKN* % , compared with 99 *UNKN* to yield *UNKN* % . STOP 
*CUNK-* rates rose yesterday . STOP 
The discount rate on three-month Treasury bills rose to *UNKN* % from *UNKN* % Wednesday , while the rate on six-month bills rose to *UNKN* % from *UNKN* % . STOP 
Meanwhile , the Treasury sold $ *UNKN* billion of *UNK-* bills yesterday . STOP 
The average yield on the bills was *UNKN* % , down from *UNKN* % at the previous *UNK-* bill auction Sept. 21 . STOP 
Yesterday 's yield was the lowest since *UNKN* % on July 27 . STOP 
Here are details of the auction : STOP 
*CUNKS* are determined by the difference between the purchase price and face value . STOP 
Thus , higher bidding *UNKS* the investor 's return while lower bidding *UNKS* it . STOP 
The percentage rates are calculated on a *UNK-* year , while the *UNK-* yield is based on a *UNK-* year . STOP 
Corporate Issues STOP 
*CUNK* bond price climbed yesterday despite *UNKS* in the *UNK-* market for high-yield securities . STOP 
Dealers said junk bond issues on average were up by 1\/4 to 1\/2 point with so-called quality issues from RJR Capital Holdings Corp. and *CUNK* Gas Service Limited Partnership posting *UNK-* gains . STOP 
*CUNK* Gas Service 's 13 1\/4 % debentures traded at 102 , after trading around par earlier this week , and RJR 's 13 1\/2 % subordinated debentures of 2001 were at 101 5\/8 after trading at below par earlier this week . STOP 
*CUNK-* bonds were unchanged . STOP 
*CUNKS* STOP 
Activity was brisk in the *UNK-* general obligation market , as a series of sell lists hit the Street and capped upward price movement in the sector . STOP 
Traders estimated that more than $ 140 million of *UNK-* bonds was put up for sale via *UNKED* lists *UNKED* by a handful of major brokers . STOP 
There was speculation that the supply was coming from a commercial bank 's portfolios . STOP 
According to market participants , the bonds were met with decent bids , but the volume of paper left high *UNKS* in the 10-year and under maturity range unchanged to *UNKN* percentage point higher in yield . STOP 
*CUNK* from the general obligation sector , activity was modest . STOP 
Long dollar bonds were flat to up 3\/8 point . STOP 
New Jersey *CUNK* Authority 's 7.20 % issue of *UNKN* was up 3\/8 at 98 3\/8 bid to yield about *UNKN* % , down *UNKN* percentage point . STOP 
The debt of some California issuers pulled off lows reached after Tuesday 's massive earthquake , although traders said market participants remained cautious . STOP 
California expects to rely on federal emergency funds and its $ *UNKN* billion in general fund reserves to meet the estimated $ 500 million to $ 1 billion in damages resulting from the quake , according to a state official . STOP 
It 's also unclear *UNKLY* how the state will rebuild its reserve , said *CUNK* Katz , assistant director of California 's department of finance , although she noted that a bond offering for that purpose is n't anticipated . STOP 
Meanwhile , new issuance was slow . STOP 
The largest sale in the competitive *UNK* was a $ *UNKN* million issue of school financing bonds from the Virginia Public School Authority . STOP 
A balance of $ *UNKN* million remained in late *UNKING* , according to the lead manager . STOP 
*CUNKED* Securities STOP 
Mortgage securities generally ended *UNKN* to *UNKN* point higher , but lagged gains in the Treasury market because of a shift in the shape of the Treasury yield *UNK* and rumored mortgage sales by thrifts . STOP 
*CUNK* Government National Mortgage Association securities with coupon rates of 13 % and higher actually declined amid concerns about increased *UNKS* because of a plan being considered by Congress to speed the refinancing of *UNKED* mortgages . STOP 
Ginnie Mae 13 % securities were down about 1\/4 at *UNKN* *UNKN* . STOP 
If the refinancing plan *UNKS* Congress , there could be fairly heavy *UNKS* on the premium securities , hurting any investor paying much above par for them . STOP 
In the *UNK-* sector , a shift in the Treasury yield *UNK* resulting from the better performance of *UNKED* issues over *UNKED* securities hurt major coupons because it will become more difficult to structure new derivative securities offerings . STOP 
Ginnie Mae 9 % securities ended at 98 *UNKN* , up *UNKN* , and Federal Home Loan Mortgage Corp. 9 % securities were at 97 *UNKN* , up *UNKN* . STOP 
The Ginnie Mae 9 % issue was yielding *UNKN* % to a 12-year average life assumption , as the spread above the Treasury 10-year note widened *UNKN* percentage point to *UNKN* . STOP 
While Remic issuance may slow in the coming days because of the shift in the Treasury yield *UNK* , underwriters continued to *UNK* out new real estate mortgage investment *UNKS* structured when the yield *UNK* was more favorable . STOP 
Two new *CUNKS* totaling $ 900 million were announced by Freddie Mac yesterday . STOP 
Foreign Bonds STOP 
British government bonds ended little changed as investors *UNKED* an economic policy address last night by Chancellor of the Exchequer Nigel Lawson . STOP 
The Treasury 11 3\/4 % bond due *UNKN* was down *UNKN* at 111 *UNKN* to yield *UNKN* % , while the 11 3\/4 % notes due 1991 were unchanged at 98 *UNKN* to yield *UNKN* % . STOP 
In Japan , the bellwether No. 111 4.6 % bond of 1998 ended off *UNKN* at *UNKN* , to yield *UNKN* % , and in West Germany , the 7 % benchmark issue due October 1999 ended *UNKN* point lower at *UNKN* to yield *UNKN* % . STOP 
THE *CUNK* approaches , makes his pitch . STOP 
It may be *UNK* -- he wants money for food -- or *UNKLY* *UNKED* ; his sister is at this very moment near death in *CUNK* , he has lost his *UNK* and has only $ *UNKN* in change to put toward a bus ticket *UNKING* $ *UNKN* , and wo n't you give him the difference ? STOP 
No ? STOP 
Well , how about a loan , he 'll take your name and address ... STOP 
*CUNKING* that their money would more likely go toward a *UNK* of Night *CUNK* Express , most people have little trouble saying no to *UNKS* like this . STOP 
But healthy *UNK* *UNKS* when they are *UNKED* by an organized charity to help fight cancer , *UNK* , child abuse , or what have you . STOP 
Most see little reason to doubt that their cash will go toward these *UNK* goals . STOP 
But will it ? STOP 
In a *UNKING* number of cases , no . STOP 
In fact , the *UNKS* sometimes might be better off giving the money to the *UNKER* : at least he has no overhead , and he might even be telling the truth . STOP 
Last year , more than $ 100 billion was donated to the nation 's 400,000 charities . STOP 
While the vast bulk of it was indeed spent by *UNK* organizations on the good works it was raised for , it 's equally true that a sizable *UNK* was consumed in `` expenses '' claimed by other operators , including fraudulent expenses . STOP 
In many cases the costs claimed were so high that only a *UNK* of cash was left for the *UNKED* beneficiaries . STOP 
It 's impossible to say exactly how much of the total charity *UNK* is *UNKED* by *UNK* *UNKING* costs , *UNKING* operators , and *UNK* fraud . STOP 
But the problem clearly is widespread and persistent . STOP 
State law *UNKS* can barely keep up with charity scams , and reports from *UNK* groups such as the Council of Better Business *CUNKS* are not encouraging . STOP 
The *CUNK* *CUNK* Service of the *CUNK* reviews hundreds of new charities every year , *UNKING* them against minimum standards for *UNK* ; for *UNK* and *UNK* in solicitation ; and for percentage of funds actually going to work for which the charity was *UNKLY* established . STOP 
The Service figures at least half of the money taken in should be spent on program . STOP 
*CUNKLY* a third of the charities *UNKED* *UNK* the test . STOP 
*CUNK* , it should be added , does n't prevent the charities from *UNKING* in a lot of money anyway . STOP 
Without a *UNK* and a *UNK* , it 's often hard to sort out *UNK* causes from *UNKS* if all you 've got to go on is the solicitation itself . STOP 
On this basis , `` there 's no way the average person can know a good charity from a bad one , '' says David *CUNK* , an assistant attorney general in Connecticut . STOP 
`` A lot of *UNKS* just get taken . '' STOP 
*CUNKING* those , he contends , who put about $ 1 million into the *UNK* for the Connecticut Association of *CUNKED* *CUNKS* and the Vietnam *CUNKS* Service Center . STOP 
The state has sued these charities in state court , *UNKING* that much of the money was *UNKLY* *UNK* ; *UNKN* % , says Mr. *CUNK* , went to fund *UNKS* and most of the rest to the people who ran the charities and to their *UNKS* -- for fur *UNKS* , trips to Florida , *CUNK* restaurant *UNKS* . STOP 
The telephone number for the charity in *CUNK* , Conn. , has been *UNKED* , and the former officials could n't be located . STOP 
*CUNKING* a charity does cost money , but *UNK* organizations manage to get the *UNKION* 's share of donations out to where they are really needed . STOP 
The *CUNKS* Foundation , the American Cancer Society and the United Way of America all say that they spend roughly 90 % of their income on programs , not overhead . STOP 
With some other charities , however , it *UNK* the other way around . STOP 
The *UNKING* National *CUNK* 's Cancer Society , for example , took in $ 2.5 million last year to finance *UNK-* *UNKS* for children . STOP 
By the time it paid its expenses it only had $ *UNKN* left -- not enough to treat even one child . STOP 
The state of Illinois is *UNKING* the charity for fraud in Chicago , along with *CUNKS* Marketing Inc. , its *CUNKED* fund *UNKER* . STOP 
Both deny wrongdoing . STOP 
The charity admits spending a lot on fund raising , but says that was necessary to establish a *UNK* base it can *UNK* at much lower cost in years to come . STOP 
Michael *CUNKS* , president of *CUNKS* , says his concern has only benefited from the publicity surrounding the case , noting that three other charities have signed on as clients because they were *UNKED* with the amount he raised for National *CUNK* 's . STOP 
Meanwhile , a state court judge has allowed the charity to go on *UNKING* funds . STOP 
*CUNKS* ca n't put charities out of business simply because they spend the *UNKION* 's share of their income on fund raising . STOP 
State laws previously used as a *UNK* minimum *UNKS* of income -- usually half -- that had to be spent on the program rather than overhead , but these have been *UNKED* by the U.S. Supreme Court . STOP 
It has ruled that such laws might work to *UNK* fund raising , which would amount to limiting the charities ' *UNK-* right to freedom of *UNKION* . STOP 
This puts upon *UNKS* the burden of proving *UNK* fraud or *UNKION* , and such actions have been brought against hundreds of charities recently . STOP 
The attorney general 's office in Connecticut alone has put seven of them out of business over the past couple of years , and the enforcement drive is continuing there and elsewhere . STOP 
In making cases , the authorities frequently zero in on alleged *UNKS* made by the charities ' fund *UNKS* . STOP 
Illinois , for instance , currently has under investigation 10 of the 30 companies *UNKING* up funds for charities *UNKING* there . STOP 
*CUNKS* pay special attention to operators using *UNKS* *UNKS* as an additional *UNK* to give . STOP 
*CUNKS* general in several states , including Illinois , are already *UNKING* Watson & *CUNK* Co. , an *CUNK* , *CUNKED* *UNK* that they say has used *UNK* *UNKS* ads to *UNK* donations for the American *CUNK* *CUNK* Foundation and the Cancer Fund of America . STOP 
According to the Illinois attorney general 's suit , Watson & *CUNK* sent *UNKS* indicating that *UNKS* were guaranteed cash *UNKS* , and could win up to an additional $ 1,000 on top of them , if they contributed as little as $ 7 . STOP 
But the total value of the *UNKS* was only $ 5,000 and most `` winners '' will receive just 10 cents , according to the attorney general 's office . STOP 
The suit is still pending in Illinois state court . STOP 
Watson & *CUNK* has denied the allegations in court ; officials decline to comment further . STOP 
While they can target some of the most obvious *UNKS* , *UNKS* concede that they are only *UNKING* the surface . STOP 
There are so many *UNKING* *UNKS* used by so many *OUS* operators , they say , that it is probably impossible to stop them all . STOP 
One *UNKER* : the `` public education '' *UNK* . STOP 
The solicitation material indicates that donations will go toward a campaign *UNKING* and *UNKING* the public about some health or other issue . STOP 
What it does n't say is that the entire `` campaign '' may be the *UNKING* letter itself . STOP 
`` All too often this will merely be a statement on the solicitation such as , ` Do n't smoke ! ' or ` *CUNK* *UNK* *UNKION* , ' `` says William Webster , attorney general of Missouri . STOP 
`` By putting these *UNK* statements on the *UNKS* , hundreds of thousands of dollars are claimed to have been spent on education to consumers when in fact this represents the costs of sending the *UNKS* . '' STOP 
Mr. Webster *UNKS* a *UNK-* *UNKING* from the United Cancer Council that offers a chance to win $ 5,000 in gold *UNKION* to those giving as little as $ 5 to cancer education . STOP 
`` A few *UNK* warnings about cancer appear but that 's only two inches in all four pages . STOP 
I think some people may believe they 're helping fund a massive TV and print campaign , but we could n't find that the charity does anything except write these letters , '' he says . STOP 
Officials at the Washington *CUNKED* charity did n't return repeated phone calls . STOP 
Many *UNK-* charities ride the *UNKS* of the biggest , *UNK-* and most *UNK* ones by *UNKING* names similar to theirs . STOP 
The established charities are *UNKED* by this but say they can do little about it . STOP 
`` We ca n't police the many organizations that have *UNK* up in the last few years using part of our name . STOP 
Most of them do n't last for long , but in the meantime all we can do is tell people they are n't connected with us , '' says a spokeswoman for the American *CUNK* Association . STOP 
And sometimes a *UNK* charity with a household name gets used and does n't even know it . STOP 
A couple in *CUNK* , Ill. , raised $ *UNKN* earlier this year using the name and *UNK* of *CUNKS* *CUNK* *CUNK* *CUNKING* , without permission from the group . STOP 
*CUNK* did n't learn of the fund raising until the couple sent it a check for $ *UNKN* , along with a letter saying that was the charity 's `` share . '' STOP 
The Illinois Attorney General won a court order to prevent the couple from raising further funds without *CUNK* 's permission . STOP 
The couple could n't be reached for comment and apparently have left *CUNK* , law enforcement officials report . STOP 
*CUNK* McDonald , a spokeswoman for *CUNK* , says , `` It 's *UNK* , because anybody could do this . '' STOP 
Mr. Johnson is a staff reporter in The Wall Street Journal 's Chicago bureau . STOP 
*CUNK* costs at some of the largest charities , in millions of dollars STOP 
British Airways PLC , a crucial *UNK* in the proposed buy-out of UAL Corp. , *UNKED* its hands of the current efforts to revive a bid for the parent of United Airlines . STOP 
*CUNKLY* , the British carrier said it currently has no plans to participate in any new offer for UAL . STOP 
In addition , British Air officially withdrew its support for the previous $ 300-a-share bid in a *UNK* statement that said `` the original deal is closed . '' STOP 
Company officials said later that British Airways believes its involvement in the UAL buy-out ended last Friday when the buy-out group , which also includes UAL 's management and pilot union , failed to obtain financing for the $ 6.79 billion transaction . STOP 
The carrier stopped short of saying it would n't at some point *UNKER* participating in any new bid for UAL . STOP 
However , company officials said they plan to take `` no initiatives '' to *UNK* the transaction , and `` are n't aware '' of any restructured bid in the making . STOP 
*CUNKLY* , the statements raised questions about whether a new bid for UAL will ever get off the ground . STOP 
The transaction has had a series of *UNKS* since the financing problems became known last Friday , with no signs or statements from the buy-out group to indicate that any progress has taken place . STOP 
However , in response to the British Air decision , United 's pilot union vowed to continue efforts to revive the buy-out . STOP 
*CUNK* union Chairman Frederick C. *CUNK* said advisers to UAL management and the union will begin meeting in New York today and will work through the weekend to *UNK* a new proposal to present to UAL 's board `` at the *UNKEST* time possible . '' STOP 
*CUNK* union advisers appeared confident that a new bid could go forward even without British Air 's participation . STOP 
UAL declined to comment on British Air 's statement . STOP 
UAL Chairman Stephen M. Wolf , who is leading the management end of the buy-out , has n't provided investors with any *UNKS* about the prospect of a new deal . STOP 
In another setback yesterday , United 's *UNK* union asked the Treasury Department to investigate whether certain aspects of the original buy-out proposal violated tax laws . STOP 
In an effort to *UNK* the buy-out , the union has already called for investigations by the Securities and Exchange Commission , Transportation Department and Labor Department . STOP 
But there was one bright spot yesterday . STOP 
The United *UNKS* union agreed to negotiations that could lead to the flight attendants contributing concessions to a revived bid in exchange for an ownership stake . STOP 
The pilot union , the only one to support the buy-out thus far , said the flight attendants ' decision `` *UNKS* our belief that an *UNK-* owned airline is practical and *UNK* . '' STOP 
Still , without the assurance of British Airways ' financial backing , it will be tougher for the buy-out group to convince *UNK-* banks to make loan commitments for a revised bid , especially since British Air 's original investment represented 78 % of the cash equity contribution for the bid . STOP 
Under the previous plan , British Air would have received a 15 % stake in UAL in exchange for a $ 750 million equity investment , with a 75 % stake going to UAL employees and 10 % to UAL management . STOP 
British Air officials said the airline 's chairman , *CUNK* King , was concerned about news reports indicating that British Air might be willing to participate in a bid that included a lower purchase price and better investment terms for the British carrier . STOP 
The previous reports were based on remarks by British Air 's chief financial officer , *CUNK* Stevens , who said any revised bid would have to include a lower purchase price to reflect the sharp drop in UAL 's stock in the past week . STOP 
UAL stock dropped $ *UNKN* yesterday to $ *UNKN* on volume of *UNKN* shares in composite trading on the New York Stock Exchange . STOP 
UAL declined to comment on British Air 's statement . STOP 
In an interview Wednesday with Dow Jones Professional Investor Report , Mr. Stevens said , `` We 're in no way committed to a deal going through at all . STOP 
We 're not rushing into anything . STOP 
We do n't want to be party to a second rejection . '' STOP 
Indeed , British Air seemed to be *UNKING* itself from the troubled transaction early in an effort to avoid any further embarrassment . STOP 
The original transaction fell through on the same day British Air shareholders approved the plan at a special meeting after the British succeeded in *UNKING* the financing for its equity contribution . STOP 
The carrier also seemed eager to place blame on its American counterparts . STOP 
`` The -LCB- buy-out -RCB- consortium *UNKED* to exist because our American partners were not capable of *UNKING* the financing , '' a British Air spokesman said . STOP 
British Airways may have begun to have second *UNKS* about the transaction after the Transportation Department forced Northwest 's Airlines ' new owners to restructure the equity contribution of *CUNK* Royal Dutch Airlines in that carrier . STOP 
Most of the department 's statements since the Northwest transaction indicated it planned to *UNK* foreign ownership stakes in U.S. carriers . STOP 
Even before British Air 's announcement , pilot union leaders had been meeting in Chicago yesterday to consider their options . STOP 
The leaders expressed support for trying to revive the bid following a *UNKING* Wednesday by the union 's advisers , *CUNK* *CUNKS* & Co. and Paul , *CUNKS* , *CUNK* *CUNK* & *CUNK* . STOP 
They also unanimously *UNKED* Mr. *CUNK* , the union chairman who has led the pilots ' 2 *UNK-* fight to take control of the airline . STOP 
UAL 's advisers have indicated previously that it may take a while to come forward with a revised plan since they want to have firm bank commitments before launching a new bid . STOP 
They have maintained that banks remain interested in financing the transaction . STOP 
The buy-out fell through after Citicorp and Chase Manhattan Corp. , the lead banks in the transaction , failed to obtain $ 7.2 billion in financing needed for the plan . STOP 
Italy 's industrial wholesale sales index rose *UNKN* % in June from a year earlier , the state statistical institute *CUNK* said . STOP 
The June increase compared with a rise of 10.5 % in May from a year earlier . STOP 
*CUNK* wholesale sales rose *UNKN* % from a year earlier , while foreign sales jumped *UNKN* % , *CUNK* said . STOP 
For the first six months , wholesale sales rose *UNKN* % from the year before , reflecting to a 11.5 % jump in domestic sales and a *UNKN* % boost in foreign sales . STOP 
Sales of capital goods to foreign and domestic *UNKS* increased *UNKN* % in the *CUNK-* period from a year earlier . STOP 
Sales of consumer goods rose 6.9 % in the same period , while sales of *UNK* goods were up 13.8 % from a year ago . STOP 
Senate Democrats *UNKING* a cut in the capital-gains tax have decided , under pressure from their leaders , not to offer their own proposal , *UNKING* another obstacle in the path of President Bush 's legislative priority . STOP 
A core group of six or so Democratic senators has been working behind the *UNKS* to develop a proposal to reduce the tax on the gain from the sale of assets . STOP 
The plan was complete except for finishing *UNKS* , and there was talk that it would be unveiled as early as yesterday . STOP 
But Senate Majority Leader George Mitchell -LRB- D. , Maine -RRB- , a vigorous *UNK* of the capital-gains tax cut , called the group to meet with him Wednesday night and again yesterday . STOP 
Sen. Mitchell urged them to *UNK* . STOP 
*CUNK* , leaders of the dissident Democrats *UNKED* , and said they would n't offer their own proposal as they had planned . STOP 
The decision is a setback for President Bush , who needs the support of Democrats to pass the tax cut through the *CUNKED* Senate . STOP 
Having a proposal sponsored by Democrats would have given the president an advantage . STOP 
Having only a Republican measure makes the task harder . STOP 
Still , Sen. Bob Packwood -LRB- R. , *CUNK* -RRB- , the lead sponsor of the Republican capital-gains amendment , predicted that the tax cut would be enacted this year . STOP 
He said a clear majority of senators back the tax reduction and that ultimately there would be enough senators to overcome any procedural *UNK* the Democratic leadership might *UNK* . STOP 
But Sen. Mitchell , buoyed by his victory among fellow Democrats , strongly *UNKED* . STOP 
Mr. Mitchell has been predicting that the president 's initiative would fail this year . STOP 
Yesterday , in an interview , he added that the Democrats ' decision `` increases the likelihood that a capital-gains tax cut will not pass this year . '' STOP 
Mr. Mitchell 's first victory came last week , when the Senate passed a deficit-reduction bill that did n't contain a capital-gains provision . STOP 
That vote made it unlikely that a capital-gains tax cut would be included in the final bill , now being *UNKED* by House and Senate negotiators . STOP 
The House version of the bill does include the tax cut . STOP 
Now Republican leaders are concentrating on *UNKING* a capital-gains amendment to some other bill , perhaps a measure raising the federal borrowing limit or a second tax bill that would follow on the heels of the deficit-reduction legislation . STOP 
To help lay the *UNK* for that fight , President Bush plans early next week to meet at the White House with some 20 Democratic senators who favor cutting the capital-gains tax or are *UNKED* on the issue . STOP 
The president apparently will have only one bill to push , Sen. Packwood 's , and at least some of the dissident Democrats plan to support it . STOP 
`` I may want to offer additional amendments to improve it when the bill comes to the floor , '' said Sen. David Boren -LRB- D. , *CUNK* -RRB- , a leader of those Democrats . STOP 
The Packwood plan , as expected , would allow individuals to exclude from income 5 % of the gain from the sale of a capital asset held for more than one year . STOP 
The exclusion would rise five percentage points for each year the asset was held , until it reached a maximum of 35 % after seven years . STOP 
The exclusion would apply to assets sold after Oct. 1 . STOP 
As an alternative , taxpayers could chose to reduce their gains by an inflation index . STOP 
For corporations , the top tax rate on the sale of assets held for more than three years would be cut to 33 % from the current top rate of 34 % . STOP 
That rate would gradually decline to as little as 29 % for corporate assets held for 15 years . STOP 
The Packwood plan also would include a proposal , designed by Sen. William Roth -LRB- R. , *CUNK* -RRB- , that would create new tax benefits for individual retirement accounts . STOP 
The Roth plan would create a new , *UNK-* IRA from which money could be withdrawn tax-free not only for retirement , but also for the purchase of a first home , education expenses and medical expenses . STOP 
*CUNK* IRAs could be rolled over into the new IRAs , but would be subject to tax though no penalty . STOP 
Westmoreland *CUNKAL* Co. , *UNKING* benefits of a sustained effort to cut costs and boost productivity , reported sharply improved third-quarter results . STOP 
The producer and marketer of *UNK-* coal said net income for the quarter was $ 5.9 million , or 71 cents a share , on revenue of $ *UNKN* million . STOP 
For the year-earlier period , the company reported a loss of $ *UNKN* or six cents a share . STOP 
In the latest nine months , the company earned $ 8.5 million , or $ *UNKN* a share . STOP 
Last year 's net loss of $ *UNKN* included a benefit of $ *UNKN* from an accounting change . STOP 
Revenue for the nine months rose to $ *UNKN* million from $ *UNKN* million . STOP 
In an interview , *CUNK* *CUNK* , president and chief executive , cited several reasons for the improvement : higher employee productivity and `` good natural conditions '' in the mines , as well as lower costs for materials , administrative overhead and debt interest . STOP 
In the latest nine months , Mr. *CUNK* said , total coal sales rose to about *UNKN* million tons from about *UNKN* million tons a year earlier . STOP 
In addition , long-term debt has been trimmed to about $ 72 million from $ 96 million since Jan. 1 . STOP 
He predicted the debt ratio will improve further in coming quarters . STOP 
Westmoreland 's strategy is to retain and expand its core business of mining and selling *UNK-* coal in the *CUNK* region . STOP 
The operating territory includes coal terminals on the Ohio River and in Newport News , Va . STOP 
Westmoreland exports about a fourth of its coal *UNK* , including a significant amount of *UNKAL* coal produced by others that is used by steelmakers overseas . STOP 
For the past couple of years , Westmoreland has undertaken an aggressive streamlining of all aspects of its business . STOP 
*CUNKAL* operations and assets have been sold . STOP 
The size of the company 's board has been reduced to eight directors from 13 . STOP 
About 140 *UNKED* management jobs and hundreds of *UNKLY* wage positions have been eliminated . STOP 
Even *UNKS* have been reduced . STOP 
For example , the chief executive himself now pays 20 % of the cost of his health benefits ; the company used to pay 100 % . STOP 
`` I think the ship is now *UNKED* , the *UNKS* are *UNKED* and we are on course , '' Mr. *CUNK* said of the restructuring program . STOP 
`` Much of what we set out to do is completed . '' STOP 
But he cautioned that Westmoreland 's third quarter is typically better than the fourth , so investors `` should n't just *UNKLY* the third quarter by four '' and assume the same rate of improvement can be sustained . STOP 
One difference , he said , is that the fourth quarter has significantly fewer *UNKS* because of *UNKS* and the *UNKING* season . STOP 
`` I do n't want to give the impression that everybody can *UNK* now , '' he said . STOP 
`` We have to keep working at improving our core business to stay efficient . STOP 
It 's a process that never really ends . '' STOP 
Nevertheless , Mr. *CUNK* predicted that 1989 would be `` *UNKLY* profitable '' for Westmoreland and that 1990 would bring `` more of the same . '' STOP 
For all of 1988 , the company reported an after-tax operating loss of $ *UNKN* on revenue of $ *UNKN* million . STOP 
An accounting adjustment made net income $ 1.5 million , or 18 cents a share . STOP 
In a move that *UNKS* the company 's basic strategy , its Westmoreland Energy Inc. unit is developing four *UNKED* *UNKION* plants with a partner in Virginia . STOP 
Some of the coal the plants buy will come from Westmoreland mines . STOP 
Mr. *CUNK* predicted that the unit 's contribution to company results in the 1990s `` will be exciting . '' STOP 
He said Westmoreland is looking at investment stakes in other *UNKION* plants *UNK* of the Mississippi River . STOP 
Westmoreland expects energy demand to grow annually in the 2.5 % range in the early 1990s . STOP 
`` We see coal 's piece of the action growing , '' Mr. *CUNK* said . STOP 
`` *CUNKAL* prices , while not *UNKING* , will grow modestly in real terms , we think . STOP 
Chase Manhattan Corp. , after trying *UNKLY* to sell its interest in its lower Manhattan operations building , has exercised its option to purchase the *UNK-* office tower . STOP 
Chase had purchased an option to buy the building at One New York *CUNK* for an undisclosed sum from the late *CUNK* *CUNKS* as part of its original lease in 1970 . STOP 
The current transaction cost the bank approximately $ 140 million . STOP 
Of that amount , $ 20 million was payment for the land *UNUNK* the building and the rest was for the building itself . STOP 
The building houses about *UNKN* Chase workers , most of whom will be moved to downtown Brooklyn after the bank 's new back office center is completed in 1993 . STOP 
The move is part of Chase 's strategy to consolidate its back offices under one *UNK* . STOP 
The headquarters is located a few blocks away at 1 Chase Manhattan *CUNK* . STOP 
As part of its decision to leave the building , Chase tried to sell its interest , along with the *CUNKS* estate 's interest , shortly after the October 1987 stock market crash . STOP 
Chase *CUNK* Vice President George *CUNKS* said the bank decided to exercise its option after bids fell short of expectations . STOP 
He said Chase and the *CUNKS* estate were looking to sell the entire building for $ 400 million to $ *UNKN* million , but did n't get an offer for more than $ *UNKN* million . STOP 
As the building 's new owner , Chase will have its work cut out for it . STOP 
Chase is *UNKING* 1.1 million square feet of space , and Salomon Brothers Inc. , whose headquarters is in the building , also plans to move shortly . STOP 
In addition , another major building *UNK* , Thomson *CUNK* Inc. 's Thomson *CUNK* Securities , likely will *UNK* the *UNKS* as part of its liquidation . STOP 
New York real estate brokerage Edward S. *CUNK* Co. will have the difficult task of finding new *UNKS* . STOP 
Even with its striking views of the New York *UNK* , the building is considered *UNKED* by modern office standards . STOP 
And Chase will have to spend approximately $ 50 million to remove asbestos from the *UNKS* . STOP 
*CUNK* *CUNK* , *CUNK* hands with George *CUNK* . STOP 
The author of the *UNK* novel `` 1984 '' *UNKED* a language called *CUNK* that made it impossible to fully develop a *UNKAL* thought -- that is , anything negative about the policies and practices of the state . STOP 
Wall Street has n't gotten that far yet , but it has made a promising start . STOP 
Its language -- call it *CUNK* -- is increasingly *OUS* , *UNKING* , and designed to make financial products and *UNKS* appear better , safer or cheaper than they really are . STOP 
When something *UNKLY* *UNK* happens , a few *UNKS* are *UNKED* to simply make it *UNK* , much as a fresh *UNK* may be covered by a *UNK* of *UNKS* . STOP 
For example , we 'll bet you thought that the stock market *UNKED* two years ago . STOP 
*CUNK* . STOP 
According to some of the grand *UNKS* of the market , it never happened . STOP 
In their *UNK* the *UNK-* collapse in the Dow Jones Industrial Average on Oct. 19 , 1987 , was just a big *UNK* . STOP 
*CUNKING* out a *UNKED* *CUNK* term , New York Stock Exchange Chairman John Phelan recently declared that history would record the event as only `` a major technical correction . '' STOP 
-LRB- Another *UNKED* saying , however , this one in plain English , holds that if something *UNKS* like a duck and *UNKS* like a duck , it is a duck . STOP 
On Oct. 29 , *UNKN* -- a date *UNKS* *UNKLY* insist on *UNKING* with the *UNKED* *CUNK-* -- the *CUNK* industrials fell *UNKN* % . STOP 
In the `` technical correction '' of two years ago , they lost a *UNKING* *UNKN* % . -RRB- STOP 
*CUNKS* hear a lot of this stuff from people who try to sell them stock . STOP 
These people used to be called brokers , but apparently this word either is not *UNK* enough or carries too many negative *UNKS* from the *UNKED* technical correction , when *UNKED* customers could n't raise brokers on the phone . STOP 
*CUNKER* way , the word `` broker '' is clearly out of favor . STOP 
Of the major New York-based securities firms , only Morgan Stanley & Co. still calls its salespeople brokers . STOP 
At Merrill Lynch & Co. and Shearson Lehman Hutton Inc. , they are `` financial consultants . '' STOP 
At Drexel Burnham Lambert Inc. , Prudential *CUNK* Securities , and Dean Witter Reynolds Inc. , they are `` account executives . '' STOP 
At PaineWebber Inc. , they are `` investment executives . '' STOP 
Such *UNKS* are designed to *UNK* a sense of *UNKED* , *UNK-* *UNK* and expertise in selling today 's *UNK* financial products . STOP 
It is a *UNK* and expertise that some brokers themselves , *UNKED* by all the new things being *UNKED* up for them to *UNK* , do n't feel . STOP 
`` It *UNK* almost product de *UNK* , '' *UNKS* one account executive at Dean Witter . STOP 
The *UNKED* brokers never let the *CUNK-* cross their *UNKS* , instead *UNKING* such terms as `` safe , '' `` insured '' and `` guaranteed '' -- even though these terms may be severely limited in their application to a particular new financial product . STOP 
The names of some of these products do n't suggest the risk involved in buying them , either . STOP 
A case in point : `` *UNKS* '' bond funds . STOP 
What could *UNKLY* more safety than investing in government bonds ? STOP 
What could be better than getting a *UNK* more income from them -LRB- the plus -RRB- than other people ? STOP 
Indeed , conservative investors , many of them elderly , have *UNKED* more than $ 50 billion into such funds , which promise *UNKER* yields than ordinary Treasury bonds -- only to learn later that these funds use part of their money to *UNK* in high-risk bond options , a *UNKER* 's game . STOP 
When a certain class of investment *UNKS* so poorly that its reputation is *UNKED* , look for Wall Street to give it a new *UNKER* . STOP 
This seems to be happening now to limited partnerships , many of which either have gone into the tank in recent years or have otherwise been *OUS* *UNKS* . STOP 
They are still being sold , but more and more often as `` direct investments '' -- with all the same risks they had under the old label . STOP 
In such cases , the game has n't changed , only the name . STOP 
In others a familiar old name still *UNKS* , but the underlying game has changed . STOP 
For example , `` no load '' mutual funds remain a favorite with investors because they do n't carry a *UNK* sales commission . STOP 
*CUNKING* out of them , however , may be a different story now . STOP 
*CUNKAL* *UNKS* made their money by charging an annual management fee , usually a modest one ; they imposed no other fees , and many still do n't . STOP 
In recent years , though , a *UNK* of others flying the *UNK-* flag have been imposing hefty charges -- all the way up to 6 % -- when an investor sells his shares . STOP 
Should n't they properly be called *UNK-* funds ? STOP 
The mutual-fund industry is *UNKING* the question , but do n't expect a new name while the old one is working so well . STOP 
And do n't expect anyone to change the term `` blue chip , '' either , even though some of the companies that still enjoy the title may be riskier investments than they were . STOP 
American Telephone & Telegraph Co. , for one , is still a favorite of *UNKS* , *UNKS* and trust departments -- but *UNK* of its regional telephone units and exposed to competition on every side , it is a far different investment prospect than it was before *UNK* . STOP 
Also , blue chips in general have suffered much more short-term price volatility in recent years . STOP 
Larry *CUNK* , a money manager in San *CUNK* , Calif. , *UNKS* that on the *UNK* of program trading , in which computers used by big institutional investors are *UNKED* to buy and sell big blocks when certain market conditions *UNK* . STOP 
*CUNK* chips , he says , `` are now being referred to as *UNKER* chips . '' STOP 
Finally , even the *UNKED* strategy called `` value investing '' no longer means what it once did . STOP 
Before the takeover *UNK* of the *UNKS* , it referred to *UNKING* out through analysis *UNKED* stocks , especially those with *UNK* management , sound fundamentals and decent prospects . STOP 
Now , says Mr. *CUNK* , value investing often means `` looking for *UNK* companies with terrible management that are in real trouble . '' STOP 
To institutional investors or brokers , he adds , a company with value is a company at risk of being *UNKED* up . STOP 
Ms. *CUNKER* covers personal finance from The Wall Street Journal 's Los Angeles bureau . STOP 
I was *UNKED* to read your recent news stories on the banking industry 's reserve *UNKS* and *UNK* threats to *UNK* making new loans to less-developed countries . STOP 
If the whole story were told , it would read something like this : STOP 
-- During the 1970s the commercial banks *UNKED* the country loan business away from the bond markets where the discipline of a prospectus and `` *CUNK* of Proceeds '' confirmation allowed lenders to audit expenditures of old loans before new loans were made . STOP 
-- The reward for that reckless lending was high reported earnings -LRB- and management bonuses -RRB- ; the price , a sea of bad loans . STOP 
-- For the past several years , the banks , *UNKING* a private navy to *UNK* their interests , have been *UNKING* the U.S. Treasury to underwrite their bad *CUNK* credits . STOP 
-- The Treasury *UNKLY* has refused , but has concluded that *UNK* credit support through various *UNKAL* agencies should be made available for a price : either debt reduction or *UNK-* reduction or new loans -LRB- the Brady Plan -RRB- . STOP 
-- The banks will *UNK* not to make further loans , but in truth , *UNKING* the capital to write off their mistakes or to build a navy , they have no alternative but to go along . STOP 
George A. *CUNKS* STOP 
Gillette Co. elected Warren E. *CUNK* , chairman of *CUNK* *CUNK* Inc. , to its board , increasing the number of directors to 12 from 11 . STOP 
*CUNK* *CUNK* earlier this year bought $ 600 million of preferred stock in Gillette that is convertible into an 11 % stake , and Gillette said at the time that Mr. *CUNK* would be added to the board . STOP 
Separately , Gillette said its third-quarter earnings rose 2 % to $ *UNKN* million , or 57 cents a share , from $ *UNKN* million , or 57 cents a share , in the year-earlier period ; per-share earnings remained flat despite an increase in net income in part because the company paid a $ 10.4 million dividend on the new preferred stock in the period . STOP 
Sales rose 9 % to $ *UNKN* million from $ *UNKN* million , with sales of the company 's *UNKED* operations `` well above '' the year *UNK-* . STOP 
For the nine months , Gillette 's net income declined 1 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , in the 1988 period . STOP 
Sales rose 6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
In composite trading on the New York Stock Exchange , the company closed yesterday at $ *UNKN* a share , up 25 cents . STOP 
When Walter *CUNK* , the president of Sony Corp. 's CBS Records , last month told producer Peter Guber that Sony was about to make a $ 3.4 billion bid for Columbia Pictures and needed someone to run the studio , Mr. Guber jumped at the chance . STOP 
Within two days , he was on his way to New York and Tokyo to meet with top *UNKS* at Sony . STOP 
And before the week was out , Sony had offered Mr. Guber and his partner , Jon Peters , the most lucrative employment contracts in the history of the movie business . STOP 
Not only that , Sony also agreed to give them a stake in Columbia 's future profits and buy their company , Guber Peters Entertainment Co. , for $ 200 million , almost 40 % more than the market value of the company . STOP 
There was just one *UNKING* point : The two had a prior commitment . STOP 
Just seven months earlier , they had signed a five-year exclusive contract to make movies for Warner Bros. for which they had just produced the *UNK* hit `` Batman . '' STOP 
But Mr. Guber figured that Warner Communications Inc. chairman Steven Ross , would *UNK* and let the producers go , knowing the Sony offer was `` the *UNKION* of a life 's work . '' STOP 
He figured wrong . STOP 
Last week , following *UNKS* settlement talks , Warner , now *UNKING* with Time Inc. , filed a $ 1 billion breach of contract suit in Los Angeles *CUNK* Court against both Sony and Guber Peters . STOP 
Sony promptly *UNKED* , charging Warner with trying to *UNK* its acquisitions and hurt its efforts to enter the U.S. movie business . STOP 
The accusations of *UNKING* and *UNK* are flying *UNK* and fast on both sides : As one Sony executive puts it , `` It 's World War III . '' STOP 
That two successful producers who are n't all that well known outside Hollywood could *UNKION* such a *UNK* of corporate *UNKS* suggests how *UNK* the *UNKEST* for proven talent is in the movie business . STOP 
And they are a very odd team in any case . STOP 
Mr. Guber was raised in Boston and *UNKED* in New York . STOP 
He is a lawyer with a string of academic *UNKS* . STOP 
Mr. Peters is a *UNK-* *UNK* who came to *UNK* as *CUNK* *CUNK* 's *UNKER* . STOP 
Yet , they are far and away the most *UNK* producers in Hollywood . STOP 
And despite their share of *UNKS* , they make movies that make money . STOP 
That is a *UNK* Sony badly needs -- and Warner is *UNK* to lose . STOP 
Although Columbia had a good summer with `` *CUNKS* II '' and `` When Harry Met *CUNKLY* , '' rivals such as Warner , Paramount Pictures , Walt Disney Co. and *CUNKAL* *CUNKS* have been *UNKING* Columbia at the box office . STOP 
After five years of management turmoil , with four different studio heads , Columbia *UNKLY* needs a stable , *UNK* team to restore its credibility and get it back in the business of making hits . STOP 
Mr. Guber and Mr. Peters are n't *UNKLY* *UNKED* in Hollywood but they are well connected . STOP 
Their stock in trade as `` executive producers '' is *UNKING* out hot properties , *UNKING* them up and then getting big *UNKS* to *UNK* and distribute them . STOP 
Sometimes Mr. Guber and Mr. Peters do little more than grab the first *UNK* of a *UNK* for a `` *CUNK* , '' or buy rights to a best seller such as `` The *CUNK* *CUNK* . '' STOP 
It falls to others to do the writing , *UNKING* and producing . STOP 
With MGM\/UA 's `` *CUNK* , '' for instance , Messrs. Guber and Peters had virtually nothing to do with day-to-day production , but their names still appear in big letters on the credits , and they are inevitably associated with its success . STOP 
Sometimes , as with `` Batman , '' the *UNK* really do make the film . STOP 
In that case , Guber Peters acquired the rights in 1979 , *UNKED* the movie through a dozen *UNKS* , and were on the set in London for 11 months *UNKING* over the most minute changes in casting and production . STOP 
`` They 're the best production talent around , '' says Brian De *CUNK* , *UNK* to Guber Peters for hiring him to direct the Warner movie of Tom *CUNK* 's novel `` *CUNK* of the *CUNKS* . '' STOP 
On that film , which is to start *UNKING* in a few months , `` they 've been very much involved , hiring talent and discussing the development of the *UNK* . STOP 
And when you 're making a movie this big , you need all the help you can get , '' Mr. De *CUNK* adds . STOP 
`` I wish they were around 24 hours a day . '' STOP 
And some movies seem to have been hurt by their *UNKION* . STOP 
Warner executives blame Mr. Guber 's and Mr. Peters 's lack of involvement in `` *CUNK* II '' for casting and production problems and the film 's ultimate dismal failure . STOP 
`` We 've had a few *UNKS* , '' admits Mr. Peters . STOP 
`` But by and large this company has only been profitable . '' STOP 
He says his company 's *UNKS* at packaging and marketing `` is why we 'll be good at Columbia . STOP 
We *UNKLY* ran our own studio . '' STOP 
*CUNK* Hollywood associates describe Mr. Guber as the intellectual *UNK* of the two , a man with a *UNK* for *UNKING* and marketing . STOP 
`` Peter is a major piece of Hollywood *UNKER* who has really earned his success , '' says Robert *CUNK* , an agent at *CUNK* *CUNKS* Agency . STOP 
Mark Johnson , the producer of `` *CUNK* , '' *UNKS* in : `` He has a great ability to hire *UNK* people and *UNK* authority ... . STOP 
It 's no accident that they 've been able to develop such successful material . '' STOP 
Mr. Peters , on the other hand , has fewer fans in Hollywood , and his *UNKS* like to *UNK* him as something of a *UNKED* *UNKLY* . STOP 
He gets better reviews as a creative *UNK* , an *UNK* , an idea man . STOP 
He also had to fight harder for credibility than his partner did . STOP 
*CUNK* *CUNK* made him famous . STOP 
He cut her hair . STOP 
He lived with her . STOP 
He came to produce her records and her movies -- `` A Star Is *CUNK* '' and `` The *CUNK* *CUNK* . '' STOP 
*CUNK* married but now single , Mr. Peters got plenty of ink last summer for an *UNK-* *UNK* with *UNKS* *CUNK* *CUNKER* during the making of `` Batman . '' STOP 
Mr. Guber , by contrast , has been married to one woman for more than 20 years . STOP 
But for all their intellectual and *UNK* differences , they make the perfect `` good *UNK* , bad *UNK* '' team , Hollywood associates say . STOP 
`` Peter is the bright , *UNK* guy when you 're doing a deal , '' says one agent . STOP 
`` If there 's a problem , Peter *UNKS* , and all of a sudden Jon shows up . '' STOP 
Mr. Guber and Mr. Peters *UNK* many people in Hollywood the wrong way . STOP 
*CUNKS* Don *CUNK* and Jerry *CUNKER* , who *UNKED* `` *CUNK* '' through several *UNKS* and ultimately produced the movie , *UNK* when Messrs. Guber and Peters take credit for the film . STOP 
Says Mr. *CUNK* : `` The *UNK* was *UNUNK* . STOP 
We *UNKED* it . STOP 
We are the producers of that movie . STOP 
They got a small piece of the net profits and a screen credit '' as executive producers . STOP 
When Roger *CUNK* , an executive who worked for Guber Peters in the early 1980s , left to take a job as head of production at the United *CUNKS* studio , they made him *UNK* all credits and financial interest in the films he had helped develop , including `` *CUNK* '' and `` Batman . '' STOP 
Mr. Peters acknowledges that and says it 's not unlike the situation he and Mr. Guber are in with Warner . STOP 
`` I was upset with Roger , I *UNKED* and *UNKED* , '' says Mr. Peters . STOP 
`` But he wanted to pursue his own dream , and he went . '' STOP 
Still , Mr. *CUNK* says his relationship with Guber Peters was `` one of the most successful I 've had in Hollywood . '' STOP 
The two `` have a *UNK* *UNK* -- Jon is very *UNK* , and Peter is very *UNK* , '' adds Mr. *CUNK* , who is now head of production at News Corp. 's *UNK* *CUNK* Fox Film Co . STOP 
`` Jon Peters will come *UNKING* into a room , say he 's got a great idea , and be gone . STOP 
Peter will take the *UNK* of that idea and make it grow into something specific ... . '' STOP 
Mr. *CUNK* recalls that Mr. Guber and Mr. Peters *UNKED* into high gear a few years back upon learning that they had competition for the story of the *UNKED* *UNK* *CUNK* *CUNK* , which became `` *CUNKS* in the *CUNK* . '' STOP 
He says , `` Within a few weeks , we made deals with the government of *CUNK* and everyone who had ever met or talked to *CUNK* *CUNK* . STOP 
I think Peter even made some deals with the *UNKS* . '' STOP 
*CUNKAL* *CUNKS* was working on a competing film , but the studio and its producers ultimately agreed to *UNK-* the film with Guber Peters and Warner . STOP 
More recently , Guber Peters beat out a dozen other producers , reportedly including Robert *CUNK* and Ted Turner , for rights to the life story of *CUNK* *CUNKS* , the *UNKED* Brazilian union leader who fought developers in the *CUNK* rain forest . STOP 
Messrs. Guber and Peters *UNKLY* *UNKED* the man 's *UNK* for months , showing her a tape of `` *CUNKS* in the *CUNK* '' to *UNKS* her with the quality of their work . STOP 
Money helped , too . STOP 
*CUNKLY* , they paid more than $ 1 million for the rights . STOP 
-LRB- The sale caused a *UNK* between the *UNK* and some of her husband 's *UNKS* . STOP 
Some of the money will go to the *CUNK* *CUNKS* Foundation , but it is n't *UNKED* for groups trying to save the rain forest . -RRB- STOP 
It 's hardly *UNKING* -LRB- given the men 's track record -RRB- that Sony wants Mr. Guber and Mr. Peters . STOP 
But it is *UNKING* to some Hollywood executives that Sony rushed to hire them without clearing up the Warner situation first . STOP 
Some note that Sony might have saved itself some trouble by just hiring Mr. Guber and letting Mr. Peters stay on to *UNK* the Warner contract . STOP 
But though `` people in town may ask why Guber needs Peters , it 's good to have a partner , and obviously the *UNK* works , '' says Steven *CUNK* , a producer who once worked for Mr. Guber . STOP 
`` This business is n't about *UNKS* at the end of the day -- it *UNK* about whether the ink is red or black . STOP 
In the case of Peter and Jon , the ink has been very , very black . '' STOP 
Mr. Guber got his start in the movie business at Columbia two decades ago . STOP 
*CUNKED* from New York University 's *CUNK* program , he rose within two years to head of production , *UNKING* such films as `` The Way We *CUNK* , '' `` *CUNK* *CUNKER* , '' `` *CUNK* '' and `` *CUNK* . '' STOP 
In 1976 , he *UNKED* up with record producer *CUNK* Bogart in *CUNK* Records and *CUNKS* -- later called *CUNK* Pictures -- where they produced such hits as as `` The *CUNK* , '' and `` *CUNK* Express . '' STOP 
In 1980 , Mr. Guber got together with Mr. Peters , by then a successful producer in his own right , after the death of Mr. Bogart . STOP 
While Guber Peters produced a number of hits for Warner and others , their record was n't always so impressive . STOP 
Among their *UNKS* were `` The *CUNK* of *CUNK* *CUNK* , '' `` *CUNKEST* , '' `` *CUNK* '' and `` *CUNK* of the *CUNK* Bear . '' STOP 
And the failures make it possible for Warner in its current lawsuit to *UNK* the producers as *UNKS* . STOP 
The studio says it stuck with them `` even in the early years when the creative partnership was not particularly profitable for Warner . '' STOP 
Mr. Guber *UNKS* that `` this is a *CUNK* , this Time Warner , trying to *UNK* up two *UNKS* who have done only well for them for a long period of time . '' STOP 
Mr. Guber and Mr. Peters maintain that executives at Warner have always known of their *UNKS* to run a major entertainment *UNK* , but that Warner never felt threatened until they linked up with Sony . STOP 
`` From the beginning , -LCB- they -RCB- knew we had a goal and a dream , '' says Mr. Guber . STOP 
On a number of occasions , he adds , he tried to get Warner to buy Guber Peters *UNK* . STOP 
`` They always *UNKED* , but they never acted , '' Mr. Guber says . STOP 
In 1987 , Mr. Guber and Mr. Peters contributed their company 's assets in exchange for a 28 % stake in *CUNKS* Entertainment , a *UNK-* TV production company controlled by Giant Industries Inc. Chairman *CUNK* Sugarman . STOP 
In July a year later , Warner agreed to release the producers from their old contract when Messrs. Guber , Peters and Sugarman made a $ 100 million offer to buy 25 % of MGM\/UA . STOP 
Mr. Guber and Mr. Peters planned to run the nearly *UNK* MGM studio , and the two even tried to interest Warner *CUNKS* . ' President Terry Semel in becoming a partner after he advised them on the deal . STOP 
But the MGM plan collapsed just two weeks later . STOP 
Mr. Guber and Mr. Peters say they got a look at the books and *UNKED* at the price . STOP 
Their relationship with Mr. Sugarman *UNKED* shortly thereafter . STOP 
Last May , he sold his 24 % stake in *CUNKS* to a *UNK* Australian investor and *CUNKS* was *UNKED* Guber Peters Entertainment Co . STOP 
Meanwhile , Mr. Guber and Mr. Peters had agreed to extend their Warner agreement with the new five-year exclusive contract . STOP 
The new deal was considered the most generous of its kind , both financially and in terms of creative freedom . STOP 
But it *UNKED* by comparison to what Sony was to offer last month : the chance , at last , to run a major studio , about $ 50 million in *UNKED* compensation , up to 10 % of Columbia 's future cash flow , 8 % of the future appreciation of Columbia 's market value , and annual salaries of $ 2.7 million for each . STOP 
The producers ' 28 % share of publicly held Guber Peters would net them an additional $ 50 million . STOP 
Sony also agreed to *UNK* the producers against any liability to Warner . STOP 
Sony is paying a hefty price for a company that had revenue of only $ 42 million last year . STOP 
And earnings have been *UNK* . STOP 
In the the latest quarter , thanks in part to `` Batman , '' Guber Peters earned $ 5.8 million , or 50 cents a share , compared to a loss of $ 6.8 million , or 62 cents a share , in last year 's quarter . STOP 
Guber Peters stock , which traded as low as $ 6 a share last year , closed yesterday at $ *UNKN* . STOP 
The two sides now are *UNKING* each other of *UNKING* . STOP 
Mr. Guber and Mr. Peters claim they have an *UNKAL* agreement with Warner executives that allows them to *UNK* their contract should the opportunity to run a major studio *UNK* . STOP 
But in *UNKS* filed yesterday in the Los Angeles court , Mr. Ross , Warner Bros. Chairman Robert Daly and President Semel deny that such an *UNKAL* agreement was ever made . STOP 
Warner , in its court filings , calls it `` a piece of *UNKION* created for this litigation . '' STOP 
Mr. Daly in his affidavit acknowledges that Warner agreed to release the producers last year to take over MGM but says that situation was altogether different . STOP 
For one thing , according to Mr. Daly , the producers requested a release in advance . STOP 
Moreover , the old contract was about to expire , and the *UNK* of Guber Peters pictures for Warner was n't as strong as it is now . STOP 
Warner itself was in negotiations with MGM over certain movie and other rights , and it was `` in Warner 's interest to accommodate MGM\/UA , Guber and Peters by *UNKING* them to become MGM executives , '' Mr. Daly said in his affidavit . STOP 
Warner obviously does n't think that it is in its own interests to let Mr. Guber and Mr. Peters go off to Columbia . STOP 
At the very least , Mr. Ross clearly sees an opportunity to use the two men to get a pound of *UNK* from Sony . STOP 
During settlement talks , for example , Warner demanded such things as cable TV rights to Columbia movies and Columbia 's interest in the studio it jointly owns with Warner , according to executives involved in the talks . STOP 
In any settlement , Warner is almost certain to demand rights to most of the 50 or so projects Mr. Guber and Mr. Peters have locked up for the next few years , notably *UNKS* to `` Batman . '' STOP 
Mr. Guber and Mr. Peters refuse to concede that they may have made a *UNKAL* error in accepting the Sony offer before taking it up with Warner . STOP 
And they say there are plenty of *UNKS* in Hollywood for letting people out of contracts . STOP 
The last time Columbia Pictures was looking for a studio chief , they note , Warner released producer David *CUNK* from his contract , then took him back after he was subsequently fired by his *UNKS* at Columbia . STOP 
In his affidavit filed yesterday , Warner 's Mr. Ross indicated he is n't buying any such argument : `` If Sony succeeds here , no written contract in Hollywood will be worth the paper it 's written on . STOP 
THE *CUNK* *CUNK* could n't sound better . STOP 
First , there 's the name : `` asset-backed securities . '' STOP 
Better than all those offers you get to buy securities backed by nothing . STOP 
And there 's more . STOP 
The assets backing the securities come from some of the country 's biggest -- and most secure -- institutions . STOP 
Most earn high ratings from credit agencies . STOP 
Their yields are higher than those of U.S. Treasury issues . STOP 
And the booming market has already attracted many of the nation 's biggest institutional investors . STOP 
*CUNK* to jump ? STOP 
Well , think twice . STOP 
The concept may be simple : *CUNK* a *UNK* of loans , *UNK* them up in one *UNK* package , and sell pieces of the package to investors . STOP 
But the *UNK* may be misleading . STOP 
*CUNKS* say the slightly higher returns are n't enough to compensate for the extra risk . STOP 
They *UNK* that asset-backed securities are only as good as the assets and credit backing that support them -- and those are hard to evaluate . STOP 
Moreover , the securities were introduced only about 4 1\/2 years ago ; the biggest *UNUNK* is how they will fare in a recession . STOP 
`` A lot of this stuff really is in *UNKED* waters , '' says Owen *CUNK* , director of the investment securities division of the U.S. comptroller of the currency . STOP 
`` We do n't know how this whole market will work in a serious economic downturn . '' STOP 
Such concerns , however , have n't stopped asset-backed securities from becoming one of Wall Street 's hottest new products . STOP 
Since the spring of 1985 , financial *UNKS* have *UNKED* a wide variety of debt into these new securities . STOP 
They have sold issues backed by car loans , *UNK* loans and *UNK-* loans . STOP 
They have offered *UNKS* of *UNK* loans , as well as packages of loans used to buy *UNKION* *UNKS* . STOP 
Last year , there was an issue of `` *UNKED* bonds '' -- securities backed by loans to *UNK-* *UNKS* . STOP 
Some predict there will be `` Third World bonds , '' backed by loans to Brazil , *CUNK* and other *UNK-* nations . STOP 
And the biggest volume this year has been on securities backed by credit-card receivables , sometimes known as `` plastic bonds . '' STOP 
`` This is the *UNK* of debt , '' says James *CUNK* , editor of *CUNK* 's Interest *CUNK* *CUNKER* , a newsletter . STOP 
`` Before the *UNK* sets on the *UNKS* , it seems nothing will be left *UNKED* . '' STOP 
The result is a $ 45 billion market , according to Securities Data Co . STOP 
That includes more than $ 9.5 billion issued through August of this year , up sharply from $ 6.5 billion in the comparable 1988 period -- and more than in all of 1987 . STOP 
Most issues have been sold to professional money managers , pension funds , bank trust departments and other institutions . STOP 
But wealthy individuals also have been *UNKING* in , and lately brokers have been pushing smaller investors into the asset-backed market . STOP 
The entry fee is *UNK* : Issues typically are sold in minimum denominations of $ 1,000 . STOP 
`` We expect additional offerings '' of asset-backed securities targeted toward individual investors , says Bill *CUNKS* , a senior vice president at Shearson Lehman Hutton Inc . STOP 
The process typically begins when an institution , such as Citibank or Sears , Roebuck & Co. , takes a pool of credit-card or other receivables and sells them to a *UNKLY* created trust . STOP 
The trust then issues securities -- generally due in five years or less -- that are *UNUNK* by Wall Street brokerage firms and offered to investors . STOP 
Issues typically come with `` credit *UNKS* , '' such as a bank letter of credit , and thus have received high credit ratings . STOP 
*CUNKS* say the booming market has opened up a valuable new source of funds to issuers , while providing a valuable new investment for individuals and institutions . STOP 
*CUNKED* securities `` are an attractive investment compared to bank certificates of deposit or other corporate bonds , '' says Craig J. Goldberg , managing director and head of the asset-backed securities group at Merrill Lynch Capital Markets . STOP 
But *UNKS* question whether asset-backed bonds offer sufficient *UNKS* to compensate for the extra risks . STOP 
Consider a $ 500 million offering of 9 % securities issued last spring and backed by Citibank credit-card receivables . STOP 
The *UNKED* issue offered a yield of only about 0.5 percentage point above four-year Treasury issues . STOP 
On a $ 10,000 investment , that 's a difference of only $ 50 a year . STOP 
That kind of spread can be critical for money managers who buy bonds in large quantities and whose *UNK* depends on *UNKING* the money manager across the street . STOP 
But for individuals who buy much smaller amounts and care less about relative performance than in *UNKING* what they have , that margin is *UNKS* . STOP 
`` If you 're in the bond business playing the *UNK-* *UNK* , then even an extra 25 basis points -LRB- 0.25 percentage point -RRB- becomes an important consideration on a career basis , '' says Mr. *CUNK* . STOP 
`` But if you 're an individual investing money and trying to get it back again , then that is n't of overwhelming importance . '' STOP 
Moreover , the interest on asset-backed securities is fully taxable , while interest on Treasury issues is tax-free at the state and local level . STOP 
That 's why some investment managers , such as Alex *CUNKS* , a vice president of Chase Manhattan Bank 's private banking division , do n't recommend most asset-backed issues for individuals in *UNK-* states , such as New York or California . STOP 
But Mr. *CUNKS* has purchased asset-backed issues for individuals with *UNKED* accounts , such as retirement plans . STOP 
He points out that institutions buying asset-backed issues in large quantities can earn higher spreads over Treasurys than individuals buying smaller amounts . STOP 
Another concern is liquidity , or how easily a security can be converted into cash . STOP 
The secondary , or *UNK* , market for asset-backed securities is relatively new and much less active than for Treasury issues . STOP 
That could make it *UNK* for investors who need to sell their holdings quickly before the securities mature . STOP 
That 's particularly true , analysts say , for certain of the securities , such as those backed by *UNK-* loans . STOP 
`` You could see massive gyrations here because it 's such a *UNKLY* traded market , '' says Jonathan S. Paris , a vice president of European Investors Inc. , a New York *UNK-* firm . STOP 
In addition , an investor who wants to know the daily value of Treasury bonds , or corporate bonds traded on the New York Stock Exchange , can simply check newspaper *UNKS* . STOP 
There are n't any such *UNKS* for asset-backed securities . STOP 
*CUNKING* asset-backed securities *UNKS* another problem . STOP 
Investors , for instance , may *UNKLY* assume that the bank or company that originally held the assets is *UNKING* the securities . STOP 
It is n't . STOP 
The front cover of the prospectus for the Citibank credit-card receivables offering points out in bold capital letters that the certificates represent an interest only in the *UNKLY* created trust and `` do not represent interests in or obligations of the banks , Citibank *CUNK* , Citicorp or any affiliate *UNK* . '' STOP 
In other words , if there 's a problem , do n't expect Citibank to come to the rescue . STOP 
The prospectus also notes that the securities are not guaranteed by any government agency . STOP 
That means investors have to focus on the quality of the debt that lies *UNK* the securities , as well as on the credit *UNK* for the issue and the credit ratings the issue has received . STOP 
That also is n't easy . STOP 
*CUNK* the `` credit *UNKS* , '' which typically include a bank letter of credit or insurance from a *UNK-* company . STOP 
The letter of credit typically is not offered by the bank selling the assets to back the securities . STOP 
Nor does it cover the entire portfolio . STOP 
*CUNKS* of credit *UNKS* vary widely from issue to issue . STOP 
Still , they play a crucial role in winning top ratings for most asset-backed issues -- which in turn is why the yield above Treasurys is so *UNK* . STOP 
But *UNKS* ask why you should *UNKER* buying this stuff when you can get only slightly lower yields on *UNKED* paper . STOP 
When you buy an asset-backed issue , you take the risk that a bank or an insurer could run into unexpected difficulties . STOP 
If a bank 's credit rating was lowered because of , say , its loans to Third World nations , that could also affect the ratings , liquidity and prices of the asset-backed issues that the bank supports . STOP 
*CUNKS* insist these issues are *UNKED* to *UNK* extremely tough economic conditions . STOP 
But despite the credit *UNKS* , despite the high ratings , some money managers still worry that a recession could *UNK* *UNK* on the underlying assets . STOP 
At a time when Americans are leveraged to their *UNKS* , asset-backed investors may be taking a *UNK* *UNK* that consumers will be able to repay loans in hard times . STOP 
At the very least , a recession would prompt investors to buy the *UNK-* bonds they can find -- that is , Treasurys . STOP 
That could *UNK* the yield spread between Treasurys and asset-backed securities , as well as make it tougher to *UNUNK* the latter . STOP 
But it could be much worse . STOP 
Some analysts are especially wary of credit-card issues . STOP 
For one thing , credit-card loans are unsecured . STOP 
In addition , they fear that banks have been *UNKER* to issue cards to the public -- giving cards to too many big *UNKS* who will default during a recession . STOP 
`` A day of *UNKING* is coming where we think the market will place a high premium on the *UNK-* debt issues , and therefore we think the best debt investment is U.S. government bonds , '' says Craig *CUNK* of *CUNK* Futures Inc. , an investment advisory firm . STOP 
What about *UNKED* asset-backed issues ? STOP 
`` *CUNK* , we still say to stick with Treasurys , '' Mr. *CUNK* *UNKS* . STOP 
*CUNKS* , he notes , `` are subject to change . '' STOP 
All this makes asset-backed securities seem too risky for many people . STOP 
And it *UNKS* Raymond F. *CUNK* Jr. , a market strategist at *CUNK* Mason *CUNK* Walker Inc. , of what he calls `` *CUNK* 's *CUNK* but *CUNKLY* *CUNK* *CUNK* No. 1 : STOP 
`` More money has been lost reaching for yield than in all the stock *UNKS* , scams and *UNKS* of all time . '' STOP 
Mr. *CUNK* is a staff reporter in The Wall Street Journal 's New York bureau . STOP 
Volume of asset-backed securities issued annually STOP 
\* *CUNKAL* amount STOP 
*UNK* As of August 30 STOP 
\* *CUNKAL* amount STOP 
Source : Securities Data Co . STOP 
*CUNK* *CUNK* *CUNK* financial planners to sum up their most important advice in a single sentence , it would probably be a *UNK-* sentence : *CUNK* . STOP 
*CUNKING* by a poll of Wall Street Journal readers conducted this summer by *CUNKS* & Morgan Inc. , serious investors have taken that advice to heart . STOP 
Nearly 1,000 investors responded to the Journal 's poll , providing an *UNK-* look at their portfolios . STOP 
Those portfolios are *UNKLY* diversified . STOP 
By spreading their wealth among several investment alternatives , the respondents have protected themselves against *UNKS* in any one area , be it stocks , bonds or real estate . STOP 
For example , about 88 % of Journal readers owned stock -LRB- down slightly from 91 % in a similar poll last year -RRB- . STOP 
But only *UNKN* % said they had more than half their money in the stock market . STOP 
Similarly , 57 % of respondents own shares in a money-market mutual fund , and 33 % own municipal bonds . STOP 
But only 6 % to 7 % of the investors were *UNKING* more than half their funds to either of those alternatives . STOP 
The poll , conducted Aug. *UNKN* , also provides a *UNK* into the thinking of serious investors on a variety of other *UNKS* . STOP 
It found them in a cautious , but not *UNK* , mood . STOP 
Of 1,500 people sent a *UNK* , *UNKN* *UNKED* . STOP 
The response rate , more than 63 % , allows the results to be interpreted with a high degree of confidence . STOP 
The results ca n't be *UNKED* to all investors , though . STOP 
Journal readers are relatively affluent , with a *UNK* household income of between $ *UNKN* and $ *UNKN* . STOP 
Nearly half of the respondents -LRB- 47 % -RRB- said their investment portfolio was worth $ 250,000 or more , and 17 % said it was worth $ 1 million or more . STOP 
The respondents were *UNKLY* optimistic about the economy and investment markets , but their collective *UNKS* were a *UNK* more *UNKER* than they were a year ago . STOP 
For example , 12 % of this year 's respondents said they expect a recession within 12 months . STOP 
Last year , only 8 % were expecting a recession . STOP 
An additional 56 % of this year 's respondents expect the economy to slow down during the next 12 months . STOP 
Only 42 % of last year 's respondents anticipated slowing growth . STOP 
*CUNKLY* , the respondents do n't think that an economic slowdown would harm the major investment markets very much . STOP 
A *UNK* majority -LRB- 51 % -RRB- think stock prices will be higher in August 1990 than they were in August 1989 . STOP 
Their verdict on real estate is almost the same . STOP 
Some 50 % expect real estate in their local area to increase in value over the next 12 months . STOP 
By contrast , only 32 % expect an increase in the price of gold . STOP 
Since gold tends to soar when inflation is high , that finding suggests that people believe inflation remains under control . STOP 
Even though only 12 % actually predicted a recession , many respondents were taking a *UNK-* *UNK* investment stance . STOP 
Nearly a third said they have made some portfolio changes to anticipate a possible recession . STOP 
For the most part , the changes were `` slight . '' STOP 
The two-thirds who have n't tried to make their portfolios more *UNK-* were split about *UNKLY* between investors who `` do n't believe in trying to predict the markets '' -LRB- about 31 % -RRB- and investors who `` do n't expect a recession '' -LRB- about 15 % -RRB- or are `` *UNUNK* if and when a recession might come '' -LRB- about 22 % -RRB- . STOP 
A *UNK-* approach to stocks continues to be the rule among respondents . STOP 
Most own two to 10 stocks , and buy or sell no more than three times a year . STOP 
Some 71 % had bought some stock in the past year ; only 57 % had sold any . STOP 
But the *UNKING* shadow of 1987 's stock-market crash still seems dark . STOP 
About 33 % considered another crash `` likely , '' while about 63 % said one is `` unlikely . '' STOP 
Those *UNKS* hardly changed from the previous year 's poll . STOP 
And the respondents ' commitment to the stock market remains somewhat *UNKER* than usual . STOP 
About 60 % of them said they would `` *UNKLY* '' have at least 25 % of their money in stocks . STOP 
But as of August , only 50 % actually had stock-market investments of that size . STOP 
Most stock-market indexes were *UNKING* *UNK-* highs at around the time of the poll . STOP 
But it appears that many Journal readers were taking that news as a sign to be cautious , rather than a signal to jump on the *UNK* . STOP 
Mr. *CUNK* covers investing issues from The Wall Street Journal 's New York bureau . STOP 
Canadian steel *UNK* production totaled *UNKN* metric tons in the week ended Oct. 14 , down 5.3 % from the *UNKING* week 's total of *UNKN* tons , Statistics Canada , a federal agency , said . STOP 
The week 's total was down 7.1 % from *UNKN* tons a year earlier . STOP 
A metric ton is equal to *UNKN* pounds . STOP 
The cumulative total in 1989 was *UNKN* tons , up 7.5 % from *UNKN* tons a year earlier . STOP 
Health Care *CUNK* Investors Inc. said it acquired three long-term care facilities and one *UNKING* facility in a *UNK-* transaction valued at $ 15 million . STOP 
The real estate investment trust said that it leased the three Florida facilities to National Health Care *CUNKS* Inc. of *CUNK* , N.Y . STOP 
Health Care *CUNK* holds an interest in *UNKN* facilities in 30 states . STOP 
Moody 's Investors Service said it lowered its rating on about $ 75 million of this *CUNK* , Calif. , concern 's convertible subordinated debentures , due *UNKN* , to *CUNK* from *CUNK* . STOP 
It said the reduction reflects *UNKED* business prospects and reduced financial flexibility caused by continuing losses at the maker of *CUNKER* disk drives . STOP 
*CUNK* National Corp. -- STOP 
Moody 's Investors Service Inc. said it lowered its rating on about $ 400 million of this bank holding company 's senior debt to *CUNK* from *CUNK* . STOP 
Moody 's said it expects Valley National , of Phoenix , Ariz. , to make substantial further provisions against its real-estate portfolio , and that it continues to suffer from the high cost of carrying nonperforming assets , and from high loan-loss provisions . STOP 
Electronic theft by foreign and industrial *UNKS* and *UNKED* employees is *UNKING* U.S. companies billions and *UNKING* their international competitive advantage . STOP 
That was the message delivered by government and private security experts at an *UNK-* conference on corporate electronic *UNK* . STOP 
`` *CUNK* and even friendly nations routinely steal information from U.S. companies and share it with their own companies , '' said *CUNK* D. *CUNK* , a former *UNKER* at the federal National Security Agency and now president of Information Security Inc. , *CUNKER* *CUNKING* , *CUNK* . STOP 
It `` may well be '' that theft of business data is `` as serious a strategic threat to national security '' as it is a threat to the survival of *UNKED* U.S. firms , said *CUNK* Van *CUNK* , the White House 's assistant director for National Security Affairs . STOP 
The conference was jointly sponsored by the New York Institute of Technology School of Management and the *CUNKED* *CUNKS* Communications and Electronics Association , a joint *UNK-* trade group . STOP 
Any secret can be *UNKED* , the experts said , if it is *UNKED* over the air . STOP 
Even *UNK* *UNKS* can do it if they spend a few thousand dollars for a *UNKLY* available *UNK* *UNKER* with *UNKER* and a *CUNK* *UNKER* . STOP 
They need only position themselves near a company 's satellite *UNK* and wait . STOP 
`` You can have a dozen competitors *UNKING* your *UNKS* at the same time , '' Mr. *CUNK* said , adding : `` It 's a pretty good bet they wo n't get caught . '' STOP 
The only way to catch an electronic *UNK* , he said , is to set him up with *OUS* information . STOP 
Even though electronic *UNK* may cost U.S. firms billions of dollars a year , most are n't yet taking *UNKS* , the experts said . STOP 
By contrast , European firms will spend $ 150 million this year on electronic security , and are expected to spend $ 1 billion by 1992 . STOP 
Already many foreign firms , especially banks , have their own *UNKS* , conference *UNKS* reported . STOP 
Still , *UNKING* corporate communications is only a partial *UNK* . STOP 
One expert , whose job is so politically sensitive that he spoke on condition that he would n't be named or quoted , said the expected *UNK* of East European refugees over the next few years will greatly increase the chances of *UNK-* workers , for example , doubling as foreign *UNKS* . STOP 
Moreover , he said , technology now *UNKS* for *UNKING* corporate *UNKS* after they 've been `` *UNKED* '' from a computer 's memory . STOP 
He said that Oliver North of Iran-Contra *UNK* thought he had *UNKED* his computer but that the information was later *UNKED* for congressional committees to read . STOP 
No personal computer , not even the one on a chief executive 's desk , is safe , this *UNKER* noted . STOP 
W. Mark *CUNK* , president of *CUNK* Inc. , a *CUNK* , Texas , firm that makes *UNK-* products , provided a new definition for Mikhail Gorbachev 's campaign for greater *UNKS* , known *UNKLY* as glasnost . STOP 
Under Mr. Gorbachev , Mr. *CUNK* said , the Soviets are openly *UNKING* Western corporate communications . STOP 
He cited the case of a Swiss oil trader who recently put out bids via *UNK* for an oil *UNKER* to pick up a cargo of crude in the Middle East . STOP 
Among the responses the Swiss trader got was one from the Soviet national shipping company , which had n't been invited to submit a bid . STOP 
The Soviets ' *UNKING* paid off , however , because they got the contract . STOP 
The University of Toronto stepped deeper into the contest for Connaught *CUNKS* Inc. by reaching an unusual agreement with Ciba-Geigy Ltd. and Chiron Corp . STOP 
The University said the two companies agreed to spend 25 million Canadian dollars -LRB- $ *UNKN* million -RRB- over 10 years on research at Canadian universities if they are successful in acquiring the vaccine maker . STOP 
It said $ 10 million would go to the University of Toronto . STOP 
Ciba-Geigy and Chiron have made a joint bid of C$ *UNKN* million for Connaught , and *CUNK* Merieux S.A. of France has made a rival bid of C$ *UNKN* million . STOP 
The University is seeking an injunction against the Merieux bid , arguing that Connaught 's predecessor company agreed in 1972 that Connaught 's ownership would n't be transferred to foreigners . STOP 
The university *UNKED* that it would drop its opposition to foreign ownership if Ciba-Geigy and Chiron are successful with their lower bid . STOP 
It said the new agreement would `` replace '' the old one that forms the basis of its suit against the Merieux takeover . STOP 
`` *CUNKING* foreign ownership of Connaught , this accord would enhance research and development in Canada , '' said James *CUNKER* , the university 's vice president of research . STOP 
Ciba-Geigy is a Swiss pharmaceutical company and Chiron is based in *CUNK* , Calif . STOP 
In a statement , *CUNKS* Martin , director general of Merieux , said the French company is still determined to acquire Connaught . STOP 
While he did n't comment directly on the pact between Ciba-Geigy and the university , he said Merieux can transfer new products and technologies to Connaught more rapidly than other companies `` not currently producing and marketing *UNKS* -LCB- who -RCB- can only promise this for some ... years in the future . '' STOP 
In national over-the-counter trading yesterday , Connaught closed at $ *UNKN* , up $ 1.25 . STOP 
Microsoft and other software stocks surged , leading the Nasdaq composite index of over-the-counter stocks to its biggest advance of the year on *UNKING* volume . STOP 
*CUNKING* the pack , Microsoft soared 3 3\/4 , or 4 % , to a record price of 84 1\/4 on 1.2 million shares . STOP 
On the other hand , Valley National tumbled 24 % after reporting a sizable third-quarter loss . STOP 
The Nasdaq composite *UNKED* 7.52 points , or 1.6 % , to *UNKN* . STOP 
Its largest previous rise this year came Aug. 7 , when it gained *UNKN* . STOP 
The OTC market 's largest stocks soared as well , as the Nasdaq 100 Index jumped *UNKN* , or 2 % , to *UNKN* . STOP 
The Nasdaq Financial Index rose *UNKN* , or 1.1 % , to *UNKN* . STOP 
By comparison , the Dow Jones *CUNKS* and the New York Stock Exchange Composite each rose 1.5 % . STOP 
Volume totaled *UNKN* million shares , 30 % above this year 's average daily turnover on Nasdaq . STOP 
Among broader Nasdaq industry groups , the utility index gained *UNKN* to *UNKN* . STOP 
The transportation and insurance sectors each posted gains of *UNKN* , with the *UNKS* finishing at *UNKN* and the insurers at *UNKN* . STOP 
The Nasdaq industrial index climbed *UNKN* to *UNKN* , and the `` other finance '' index , made up of commercial banks and real estate and brokerage firms , rose *UNKN* to *UNKN* . STOP 
The index of smaller banks improved *UNKN* . STOP 
Of the *UNKN* issues that changed hands , *UNKN* rose and *UNKN* fell . STOP 
*CUNK* *CUNKS* , head of OTC trading at Dean Witter Reynolds , said both institutional and retail investors were buying . STOP 
But there was a *UNK* of sellers , traders said , so buyers had to bid prices up to *UNK* them . STOP 
`` There 's no pressure on OTC stocks at this point , '' said Mr. *CUNKS* , who said some buyers are beginning to shop among smaller OTC issues . STOP 
Microsoft 's surge followed a report this week of substantially improved earnings for its first quarter , ended Sept. 30 . STOP 
The stock was trading at 69 just two weeks ago . STOP 
*CUNK* *CUNK* , a Goldman Sachs analyst , has raised his earnings estimates for the company twice in the past two weeks , citing improved margins . STOP 
After the earnings were announced , he raised his fiscal 1990 estimate to between $ *UNKN* and $ 4 a share . STOP 
Microsoft earned $ *UNKN* a share in fiscal 1989 . STOP 
Among other software issues , *CUNK* jumped 1 1\/4 to 42 , Lotus Development was unchanged at 32 1\/2 , *CUNK* jumped 7\/8 to 30 3\/4 , *CUNK-* gained 1\/4 to 10 5\/8 , and *CUNK* Systems rose 3\/4 to 25 3\/4 . STOP 
*CUNK* , a new software issue , surged from its offering price of 12 to close at 16 1\/8 . STOP 
The company also makes optical character recognition equipment . STOP 
*CUNK* was *UNUNK* by Alex . Brown & Sons . STOP 
Another recently offered Alex . Brown issue , Rally 's , surged 3 1\/8 to 23 . STOP 
The operator of fast-food restaurants , whose shares began trading last Friday , climbed 3 1\/8 to 23 on *UNKN* shares . STOP 
Its 1.7 *UNK-* offering was priced at 15 . STOP 
Valley National 's slide of 5 3\/4 points to 18 1\/2 on 4.2 million shares followed its report late Wednesday of a $ *UNKN* million third-quarter loss . STOP 
In the 1988 quarter , the Phoenix , Ariz. , commercial banking concern earned $ *UNKN* million . STOP 
Valley National said its $ 110 million provision for credit losses and $ 11 million provision for other real estate owned is related to weakness in the Arizona real estate market . STOP 
*CUNKLY* , Moody 's Investors Service said it *UNKED* Valley National 's senior debt and confirmed the company 's commercial paper rating of `` not prime . '' STOP 
A new issue , *CUNK* , surged 2 1\/8 from its initial offering price to close at 12 1\/8 . STOP 
The offering was for about 2.8 million shares of the data storage equipment maker ; more than 2.2 million shares changed hands after trading began . STOP 
Dell Computer dropped 7\/8 to 6 . STOP 
The company said earnings for the year ending Jan. 28 , 1990 , are expected to be 25 to 35 cents a share , compared with a previous estimate of 50 to 60 cents a share . STOP 
*CUNK* Industries lost 1 3\/4 to 14 . STOP 
Raymond James & Associates in St. *CUNK* , Fla. , lowered its third-quarter earnings estimate for the company , according to Dow Jones Professional Investor Report . STOP 
*CUNK* Green Industries advanced 1 5\/8 to 36 1\/8 . STOP 
East Rock Partners , which has indicated it might make a bid for the company , said *CUNK* Green , a *UNK* products maker , told the partnership it is n't for sale . STOP 
*CUNK* 21 of Section 9 of the *CUNKER* *CUNKED* at Candlestick Park is a *UNK* *UNK* , only a few steps from the very top of the stands . STOP 
From my *UNK* seat , I looked over the *UNK-* line and the *UNK-* *UNK* field in the warm *UNK* of the last few minutes before what was to have been the third game of the World Series . STOP 
It was five in the afternoon , but that was Pacific time . STOP 
Back in New York the work day was already over , so I did n't have to feel guilty . STOP 
Even still , I did feel *UNK-* , and I could n't help *UNKING* my father 's *UNK* for a rich medical *UNK* who would go to watch the *CUNKS* on summer *UNKS* . STOP 
This *UNK* , the *CUNK* , was not a classic baseball stadium -- too *UNKAL* , too much *UNK* concrete . STOP 
And it did n't have the crowded wild *UNK* of *CUNK* *CUNK* . STOP 
But I *UNKED* the easy *UNKS* of the people around me , *UNKED* it that they 'd brought their children , found it *UNKING* that , true citizens of the state of the future , they had brought so many *CUNK* and *UNKS* to stay in touch with *UNK* at a live event . STOP 
Maybe it was their *UNK* sense of history . STOP 
The *UNKS* were , after all , *UNKING* the game , *UNKING* its *UNK* for millions outside the *CUNK* . STOP 
Why not watch or hear your experience *UNKED* while you were living it ? STOP 
The day was *UNKED* with the weight of its own impending history . STOP 
Long lines of people waited to buy special *UNK* World Series *UNKS* with official *UNKS* . STOP 
*CUNKS* of us had paid $ 5 for the official *UNK* book with its historical *UNKS* on Series *UNK* , its historical *UNKS* of great moments in Series past , and its instructions , in English and Spanish , for filling in the *UNK* . STOP 
*CUNKER* *UNK* *UNK* . STOP 
*CUNK* *UNK* *UNK* . STOP 
*CUNKS* ran out on the field way below , and the stands began to *UNK* . STOP 
It must be a local *UNK* , I thought , *UNKING* feet to welcome the team . STOP 
But then the *UNK* turned into a *UNK* . STOP 
And no one was *UNKING* . STOP 
No one around me was saying anything . STOP 
Because we all were busy riding a wave . STOP 
*CUNK* thousand *UNKS* *UNK* a concrete wall , waiting for the *UNK* . STOP 
Only at the moment of maximum roll did I *UNK* what was going on . STOP 
Then I *UNKED* the quake of *UNK* , which I experienced in Santa Barbara in a *UNK-* *UNK* room . STOP 
When the *UNKING* of the building *UNK* me up , I *UNKED* that a -RRB- I was in Southern California ; *UNK* -RRB- the bed was moving ; *UNK* -RRB- it must be a *CUNK* *CUNKS* bed that had *UNKED* . STOP 
Then I noticed the overhead light was *UNKING* on its *UNK* and realized what had happened . STOP 
What should I do ? STOP 
*CUNK* out of the possibly *UNKING* building to the parking lot . STOP 
But the lot might split into *UNKS* , so I had better stand on my car , which probably was wider than the average *UNK* . STOP 
*CUNKLY* , the quake was over before I managed to run out and stand *UNKED* on the *UNK* . STOP 
At the *CUNK* , while the world shook , I thought of that morning and then it struck me that this time was different . STOP 
If I survived , I would have achieved every *UNK* 's highest wish . STOP 
I was an *UNKS* of the most *UNK* event on the planet at that moment . STOP 
What was my *UNK* ? STOP 
How would I file ? STOP 
All these *UNKS* *UNKED* through my head in the 15 seconds of the earthquake 's actual *UNKION* . STOP 
The rest is , of course , history . STOP 
The *CUNK* did n't fall . STOP 
The real *UNKS* occurred elsewhere , as we soon found out . STOP 
But for a few minutes there , relief *UNKED* . STOP 
A young mother found her *UNK* , who had been out buying a *UNK* . STOP 
The wall behind me was slightly *UNKED* , but the center had held . STOP 
And most of us waited for a while for the game to start . STOP 
Then we began to file out , to wait *UNKLY* on *UNK* *UNK* for the opening pitch . STOP 
It was during the quiet exodus down the *UNK* concrete *UNKS* of the *CUNK* that I really understood the point of all those *CUNK* and *CUNK* . STOP 
The crowd moved in *UNKS* , *UNKS* *UNKED* around an electronic *UNKS* . STOP 
In this way , while the *CUNK* itself was *UNKED* out , we kept up to date on events . STOP 
Within 15 minutes of the quake itself , I was able to see pictures of the collapsed section of the Bay Bridge . STOP 
*CUNKLY* *UNK* estimates of the *UNK* of the quake became available before I got to my car . STOP 
And by then , expensive automobile sound systems were keeping the *UNKED* parking lot by the bay informed about the fire causing the big black *UNK* of smoke we saw on the northern *UNK* . STOP 
*CUNKS* fell . STOP 
But the *UNKS* continued through the *UNK-* night , with pictures of the *UNKED* highway *UNKION* in Oakland and *UNKING* in the Marina district . STOP 
By then , our little sand *UNK* of cars had been linked with a global *UNK* of *UNKS* and viewers . STOP 
Everyone at the *CUNK* that day had started out as a *UNK* and ended up as a *UNK* . STOP 
In fact , the entire population of the Bay Area had ended up with this dual role of actor and audience . STOP 
The reporters were victims and some of the victims turned into *UNUNK* reporters . STOP 
The outstanding example of this was the *UNK* on the Bay Bridge who had the presence of mind to take out a video camera at the absolutely crucial moment and record the car in front as it fell into the gap in the *UNK* . STOP 
The tape was on *UNK* before the night was out . STOP 
Marshall *CUNK* , you should have been there at that hour . STOP 
Investors who received Shearson Lehman Hutton Inc. 's latest stock *UNK* may be left with *UNK* *UNKS* . STOP 
The first 10 pages of the *UNK-* *CUNKLY* Portfolio Perspective are completely *UNK* , except for the page numbers . STOP 
Rather than printing *UNKS* , Shearson puts all the blame on the *UNUNK* stock market . STOP 
The plunge made Shearson 's market *UNK* *UNKLY* out of date . STOP 
In fact , last Friday 's *UNK-* tumble in the stock market caught many people and businesses by surprise , not the least of them brokerage firms such as Shearson that print their weekly market *UNKS* on *CUNKS* for *UNKION* the following week . STOP 
Shearson , a *UNKED* unit of American Express Co. , did n't have enough time to *UNK* its market *UNK* so , `` We decided to kill our strategy pieces , '' says Jack *CUNK* , the head of Shearson 's research department . STOP 
The first thought some investors had was that a *UNKED* Shearson must have been *UNKLY* bullish on stocks in its original *UNK* , and that 's why it *UNKED* its pages . STOP 
Investors *UNKED* that Shearson last week had been advising that `` the market is still *UNKING* all the signs of a further advance . '' STOP 
Many other brokerage firms had *UNKLY* bullish views . STOP 
But Mr. *CUNK* insists that the 10 pages were n't pulled because they were too bullish . STOP 
Instead , he says , `` they were cautious , and that was n't the message we wanted to deliver '' on Monday . STOP 
As Mr. *CUNK* explains it , `` We were raising some caution *UNKS* about rate rises in Europe and concerns about the LBO market . STOP 
And by late Friday afternoon , actually after the close , we decided that was the wrong tone to take . STOP 
With the market down , we wanted to tell people to put their orders in on the opening . '' STOP 
Both before and after the Friday plunge , Shearson has maintained a recommended portfolio *UNKING* of 65 % stocks , 20 % bonds and 15 % cash . STOP 
*CUNK* B. *CUNK* , chairman of *CUNK* & Co. , and John L. *CUNK* , chairman of *CUNKAL* Foods Corp. , were elected to the board of this engine maker . STOP 
They succeed Robert W. *CUNK* and John R. Parker , who reached the mandatory retirement age . STOP 
China 's slide toward recession is beginning to look like a free fall . STOP 
In a report on China 's *UNKING* economy , the official State *CUNKAL* Bureau disclosed that industrial output last month rose 0.9 % from a year earlier - the lowest growth rate in a decade for September . STOP 
*CUNK* sales are *UNKING* , while consumer prices still are rising . STOP 
Chinese and foreign economists now predict prolonged *UNKION* : low growth and high inflation . STOP 
`` The economy is *UNKING* hard , '' says an Asian economist in Beijing . STOP 
`` The slowdown is taking hold a lot more quickly and *UNKLY* than anyone had expected . '' STOP 
A lengthy recession , if it *UNKS* , would drain state *UNKS* and create severe *UNKS* for urban workers . STOP 
*CUNKS* predict the coming year will be *UNKED* by flat or negative industrial growth , rising unemployment and a *UNKING* budget deficit . STOP 
Unless the government suddenly *UNKS* course , wages for most workers wo n't keep pace with inflation , creating a potential source of urban *UNKEST* . STOP 
The economy 's slowdown is due only partly to the *UNK* program launched in September 1988 to cool an *UNKED* economy and *UNK* inflation . STOP 
-LRB- Industrial output surged 21 % in 1988 , while inflation peaked last February at nearly 30 % . -RRB- STOP 
The slowdown also results from *UNK* energy and *UNKS* shortages that force many factories to restrict operations to two or three days a week . STOP 
In Western , *UNK-* countries , *UNKS* often have a bright side : *UNKING* the economy to greater efficiency . STOP 
In China , however , there is n't likely to be any silver *UNKING* because the economy remains *UNKED* primarily by the state . STOP 
Instead , China is likely to *UNK* out *UNKER* subsidies to its *UNKED* *UNK-* enterprises , which *UNK* up $ 18 billion in *UNKS* last year . STOP 
Nor are any of these inefficient *UNKS* likely to be allowed to go *UNK* . STOP 
Rather , the *UNK* of the slowdown will be felt in the *UNKING* private and *UNK-* `` *UNK* '' enterprises , which have fallen into *UNK* as China 's leaders *UNK-* an *UNK* *CUNK* preference for public ownership . STOP 
`` When the going gets rough , China *UNKS* the efficient and *UNKS* the *UNK* , '' says a Western economist . STOP 
Reports of an economy near recession come as officials prepare a major Communist Party *UNK* for sometime in the next few weeks . STOP 
The meeting is expected to call for *UNKED* *UNK* for two years . STOP 
But with industrial growth *UNK* and inflation showing signs of easing , some voices may call for measures to pump new life into the economy . STOP 
Some analysts believe China soon will begin *UNKING* economic controls , particularly by *UNKING* credit . STOP 
That would benefit Chinese enterprises as well as *CUNK-* joint ventures , both of which have been *UNKED* by shortages of working capital . STOP 
A dangerous *UNK* this year of billions of dollars in *UNK-* debts *UNKS* , if *UNKED* , to bring the economy to a collapse . STOP 
One sign of a possible easing of credit policy was the decision this week of People 's Bank of China , the central bank , to *UNK* $ 5.4 billion in short-term loans to pay farmers for the *UNK* harvest , the official China Daily reported . STOP 
But while *UNKING* more money into the economy would bring relief to many industries , it also runs the risk of *UNKING* another period of *UNK* growth and steep inflation . STOP 
The cycle has been repeated several times since China began *UNKING* its planned economy in 1979 . STOP 
And , because China 's leaders have abandoned plans to *UNKLY* reform the economy , it is likely to continue , analysts say . STOP 
The statistical bureau 's report , cited in China Daily , notes that industrial output in September totaled $ *UNKN* billion , a rise of just 0.9 % from a year earlier . STOP 
*CUNK* declined in several *UNKS* , including *CUNK* and *CUNK* , two key *UNKAL* areas , and *CUNK* , the nation 's agricultural *UNK* . STOP 
*CUNKION* in *CUNK* , China 's industrial *UNK* and the largest source of tax revenue for the central government , fell 1.8 % for the month . STOP 
*CUNK* , output of light industrial products declined 1.8 % -- `` the first decline in 10 years , '' a bureau spokesman told China Daily . STOP 
In an unusually direct statement , the bureau spokesman recommended that state banks extend more credit to *UNKS* so that they can purchase manufacturers ' goods . STOP 
`` This will prevent a slide in industrial production , which will otherwise cause new panic *UNKS* , '' the spokesman said . STOP 
The 1986 tax overhaul , the biggest *UNK* of President Reagan 's second term , is beginning to fall apart , and interest groups are *UNKING* up for tax *UNKS* all over Capitol Hill . STOP 
*CUNK-* executives are lobbying to ease *UNKER* rules . STOP 
*CUNK* groups are trying to *UNK* the *UNK-* for contributions made by individuals who do n't *UNK* their deductions . STOP 
Big auction houses want to make *UNKS* eligible for lower capital-gains taxes . STOP 
And *UNK-* *UNKS* are quietly discussing the possibility of *UNKING* the investment tax credit . STOP 
`` Everything is up for *UNKS* , '' says *CUNK* *CUNK* , a lobbyist for mutual *UNK-* companies . STOP 
*CUNKS* Robert *CUNK* , the head lobbyist for a variety of interests that want to protect the tax deduction for travel and entertainment expenses : `` It appears as though the whole thing is wide open again . '' STOP 
The catalyst has been the congressional move to restore *UNKAL* tax treatment for capital gains , an effort that is likely to succeed in this Congress . STOP 
Other fundamental `` reforms '' of the 1986 act have been threatened as well . STOP 
The House seriously considered raising the top tax rate paid by individuals with the highest *UNKS* . STOP 
The Senate Finance Committee voted to expand the deduction for individual retirement accounts , and also to bring back income *UNKING* for farmers , a tax preference that allows income to be spread out over several years . STOP 
As part of the same bill , the finance panel also voted in favor of billions of dollars in narrow tax breaks for individuals and corporations , in what committee member Sen. David *CUNK* -LRB- D. , *CUNK* . -RRB- calls a `` *UNKING* *UNK* '' of *UNKEST* *UNKING* . STOP 
The beneficiaries would range from *UNK* growers to rich *UNKS* to *UNKAL* shops . STOP 
To be sure , the full Senate , facing a *UNKING* budget deadline , last Friday stripped away all of the tax breaks that were contained in the Finance Committee bill . STOP 
But lawmakers of both parties agree that the streamlining was temporary . STOP 
Other bills will be moving soon that are expected to carry many of the tax cuts , including both the capital-gains and IRA provisions . STOP 
`` There is n't any doubt that the *UNK* of the *UNK* code has been given a *UNK* *UNK* , '' says Rep. Thomas *CUNK* -LRB- D. , N.Y . -RRB- . STOP 
`` You 'll see the annual *UNKING* of it . '' STOP 
`` It 's back to *UNK-* time for the select few , '' says Rep. William Gray of Pennsylvania , the *UNKING* Democrat in the House . STOP 
*CUNKING* to the *UNK* of the Senate and House *UNKING* committees , he adds , `` Next year , every *UNKEST* group is going to be there knocking on Lloyd *CUNK* 's door , on *CUNK* *CUNK* 's door . '' STOP 
Many groups are n't waiting that long . STOP 
Just last week , a House *CUNKS* and Means subcommittee held a lengthy meeting to hear the *UNKS* of individual cities , companies and interest groups who want to open their own special *UNKS* . STOP 
`` It 's a *CUNK-* factory and the *UNK* *UNKS* pretty good , '' *UNKED* one veteran lobbyist who was watching the proceedings . STOP 
Even *UNKS* for heavy industry , one of the interests hit hardest in the 1986 bill , are encouraged . STOP 
The return of *UNK-* tax breaks such as those for capital gains and IRAs `` creates more of a mood or a *UNK* that is *UNK* for getting better depreciation -LRB- *UNKS* -RRB- or investment credits , '' says Paul *CUNK* , a vice president for the National Association of Manufacturers . STOP 
Corporate lobbyist *CUNKS* Walker is planning a spring conference to discuss what tax changes to make to improve `` *UNKS* . '' STOP 
In reaction to proposed capital-gains legislation , groups are lobbying to make sure they are n't left off the *UNK* train . STOP 
*CUNK-* interests , for example , are *UNKING* an *UNKION* in President Bush 's capital-gains proposal : It does n't include real-estate gains . STOP 
`` If there is going to be a tax scheme that *UNKS* lower treatment of capital gains , they certainly want to be part of it , '' says real-estate lobbyist Wayne *CUNK* of *CUNK* Associates . STOP 
In the *CUNKED* tax bill , Mr. *CUNK* got his wish ; real-estate assets are included in the capital-gains provision . STOP 
But Sotheby 's , Christie 's and the National Association of *CUNK* Dealers are still trying to get theirs . STOP 
They have sent a letter to congressional *UNKS* asking that gains from the sale of *UNKS* also be given *UNKAL* treatment . STOP 
`` *CUNKS* should continue to be recognized as capital assets , '' the letter states . STOP 
All of this talk is *UNKAL* to the Tax Reform Act of 1986 . STOP 
In exchange for *UNKLY* lower tax rates , the *UNKS* of that legislation sought to eliminate most of the *UNKS* , deductions and credits that gave some taxpayers an advantage over others . STOP 
The goal was to tax people with roughly equivalent *UNKS* equally , and to eliminate the many *UNKS* that allowed the wealthy to escape taxes . STOP 
Two of the major ways that *UNKS* managed to *UNK* these ends were to *UNK* the *UNKAL* treatment of capital gains and to *UNK* the use of paper losses , also known as *UNK* losses , that made many tax *UNKS* possible . STOP 
Many other tax benefits also were *UNK* away . STOP 
This year Congress , with *UNKING* from President Bush , has been busy trying to put many of these same tax *UNKS* back into the code . STOP 
It appears likely that , this year or next , some form of capital-gains preference and *UNKS* *UNKION* will be enacted . STOP 
Other tax benefits probably will be restored and created . STOP 
The main obstacle is finding a way to pay for them . STOP 
`` The *UNK* act was a *UNK* . STOP 
They wanted reform and they got a revolution , '' says overhaul *UNK* Rep. *CUNKS* *CUNK* -LRB- R. , Ohio -RRB- . STOP 
So , is the tax code now open game again ? STOP 
Mr. *CUNK* thinks so . STOP 
One recent Saturday morning he stayed inside the Capitol monitoring *UNK-* talks instead of flying to San Francisco for a *UNKER* and then to his *UNK* of Chicago for the *UNK* *UNKION* of St. *CUNKS* High School . STOP 
`` I 'm too old to waste a weekend , but that 's what I did , '' the *UNK-* Mr. *CUNK* *UNKS* . STOP 
`` These days , anything can happen . STOP 
Lufthansa AG said passenger volume climbed 5.2 % for the first nine months of 1989 to *UNKN* million passengers from *UNKN* million passengers in the year-earlier period . STOP 
The West German national air carrier said cargo volume jumped 12 % to *UNKN* metric tons from *UNKN* tons a year ago . STOP 
*CUNK* factor , or percentage of seats filled , climbed to *UNKN* % from *UNKN* % , even though the number of flights rose 6.9 % to *UNKN* in the *UNK-* quarters . STOP 
From January through September , the distance *UNK* by Lufthansa *UNKS* rose 5.6 % to *UNKN* million *UNKS* from a year earlier , the company added . STOP 
Raymond Chandler , in a *UNKN* letter *UNKING* a weak *CUNK* book , *UNKED* a champion writer to a baseball *UNKER* . STOP 
When the *UNK* has lost his stuff , the great mystery *UNK* wrote , `` when he can no longer throw the high hard one , he *UNKS* his heart instead . STOP 
He *UNKS* something . STOP 
He does n't just walk off the *UNK* and *UNK* . '' STOP 
Chandler might have been predicting the course of his own career . STOP 
His last published novel featuring private *UNK* Philip *CUNK* , the *UNK* `` *CUNK* '' -LRB- *UNKN* -RRB- , at times read almost like a *UNK* of his previous work . STOP 
When he died in *UNKN* , Chandler left behind four *UNKS* of yet another *CUNK* book , `` The *CUNK* Springs *CUNK* , '' which seemed to go beyond *UNK* into something like *UNK* . STOP 
`` *CUNK* '' Chandler 's last pitch , apparently , was a *UNK* . STOP 
Now Robert Parker , author of several best sellers featuring *CUNKER* , a *UNK* private eye in the *CUNK* *UNK* , has with the *UNKS* of the Chandler estate been hired to complete `` The *CUNK* Springs *CUNK* . '' STOP 
The result , `` *CUNK* Springs '' -LRB- *CUNK* 's , *UNKN* pages , $ *UNKN* -RRB- is an *UNKING* , easy to read and fairly *UNK* extension of the *CUNK* *UNK* , full of *UNKED* *UNKS* and California color . STOP 
If it does not quite have Chandler 's special *UNK* -- well , at the end , neither did Chandler . STOP 
As the book begins , a newly *UNK* *CUNK* *UNKS* into the desert resort of *CUNK* -LRB- *UNK* . *CUNK* -RRB- Springs at the *UNK* of a *CUNK* *CUNK* . STOP 
His *UNK* is the rich and *UNK* Linda *CUNKING* , a character who also appeared in Chandler 's `` The Long *CUNK* '' and `` *CUNK* . '' STOP 
Philip and Linda move into her *UNKION* and ca n't keep their hands off each other , even in front of the *CUNK* *UNK* . STOP 
But the *UNKS* have a conflict . STOP 
He wants to continue being a *UNK-* private eye , and she wants him to live off the million dollars she 's settled on him . STOP 
That 's Chandler 's *UNK* . STOP 
Mr. Parker *UNKS* it into a pretty *UNKING* tale involving *CUNK* Springs high life , Hollywood low life and various *UNK* who *UNK* their hats in both *UNKS* . STOP 
The supporting *UNK* is solid , the *UNKER* is *UNKING* and there 's even a *UNK* by *CUNK* *CUNKS* , the `` good *UNK* '' of previous Chandler books who still does n't *UNK* to have *CUNK* *UNKED* when it suits his purposes . STOP 
The style throughout bears a strong *UNK* to Chandler 's *UNK* at its most *UNKED* down . STOP 
All told , Mr. Parker does a better job of making a novel out of this abandoned *UNK* than anyone might have had a right to expect . STOP 
But there are grounds for complaint . STOP 
At one point , the *UNKER* is two steps ahead of *CUNK* in *UNKING* on to a double identity *UNK* -- and *CUNK* is supposed to be the pro . STOP 
More *UNK* , there are several apparent *UNKS* . STOP 
*CUNK* *UNKS* , tank *UNKS* , *UNKS* openly working the streets of Hollywood and the *CUNK* *CUNK* *UNK* all seem out of place in the 1950s . STOP 
A little more care in *UNKING* *CUNK* 's *UNUNK* would have made the book that much more *UNK* . STOP 
Mr. *CUNK* is a contributing editor at Los Angeles Magazine . STOP 
*CUNK* *CUNK* spent eight years as the editor in chief of the Japanese edition of *CUNKER* 's *CUNKEST* . STOP 
`` Japan has been a major *UNKER* of foreign information and news , '' says Mr. *CUNK* . STOP 
`` But one gets fed up with *UNKING* information and news . '' STOP 
Mr. *CUNK* has turned the tables . STOP 
Today , he is publisher of Business Tokyo magazine , the first *CUNK-* business magazine devoted to coverage of Japanese business . STOP 
After a *UNK* *UNK* , the *UNK-* magazine has been *UNKED* this month by its parent company , *CUNK* Corp. , the *CUNKED* company with interests that include financial services , book publishing and a tourist agency . STOP 
*CUNKED* in the U.S. and carrying the line `` The *CUNKER* 's Japan , '' Business Tokyo 's October cover story was `` The World 's No. 1 *CUNKER* '' -- Japanese women . STOP 
*CUNK* is one of a small but growing band of Japanese companies taking their first steps into American publishing , after making major investments in entertainment , real estate and banking companies here . STOP 
Japanese concerns have retained a number of publishing consultants and media brokers to study the U.S. market , including the New York-based investment banker *CUNKS* , *CUNKER* & Associates . STOP 
And they are quietly linking up with U.S. publishing trade groups . STOP 
`` Japanese publishers want to be introduced to the publishing and information industries , '' said John *CUNKS* , chairman of *CUNKS* *CUNKER* . STOP 
While there are n't any major deals in the works currently on the scale of Sony Corp. 's recent $ 3.4 billion agreement to buy Columbia Pictures Entertainment Inc. , observers do n't rule out a transaction of that size . STOP 
`` The Japanese take the long view . '' said Mr. *CUNKS* . STOP 
`` It may not be weeks or months , but they are also *UNK* and if they feel comfortable , they will move on a deal , '' he said . STOP 
In recent months , three big *CUNKED* publishing concerns -- including Nikkei Business Publications , Nikkei Home -LRB- no *UNKION* -RRB- , and Magazine House -- applied for membership in Magazine *CUNKS* of America , which represents almost all U.S. consumer magazines . STOP 
Japanese involvement in American publishing has been so small to date that magazines such as Business Tokyo are considered *UNKS* . STOP 
When *CUNK* launched Business Tokyo in 1987 , it appealed to a more *UNKAL* audience . STOP 
The magazine was *UNKED* with the aid of American magazine design *UNKS* Milton *CUNKER* and Walter Bernard , and targets *UNK-* U.S. executives with Japanese and American advertisers . STOP 
American publishers appear more than ready to do some selling . STOP 
*CUNK* *CUNK* , president of *CUNK* *CUNK* *CUNK* America Inc. , publisher of the Japan Economic Journal , said he receives telephone calls weekly from media bankers on whether his parent company is interested in buying a U.S. consumer or business magazine . STOP 
`` The Japanese are in the early stage right now , '' said Thomas *CUNK* , a *UNK* media adviser for First Boston Corp. who was recently appointed president of *CUNKER* 's *CUNKEST* Association 's new Magazine *CUNKING* Group . STOP 
`` Before , they were interested in hard assets and they saw magazines as soft . STOP 
Now they realize magazines are as much a franchise as Nabisco is a franchise . STOP 
Bell Atlantic Corp. and Southern New England Telecommunications posted strong profit gains for the third quarter , while Nynex Corp. , Pacific Telesis Group and U *CUNK* West Inc. reported earnings declines for the period . STOP 
*CUNK* settlements in Minnesota and Colorado depressed U *CUNK* West 's third-quarter profit . STOP 
*CUNKED* U *CUNK* West said net income dropped 8.9 % , noting that the year-ago quarter included the sale of a building by its *CUNKEST* *CUNKS* unit . STOP 
Revenue dropped 4.3 % to $ 2.3 billion from $ 2.4 billion , reflecting declines in its *UNK-* sector , long-distance carrier business and diversified division . STOP 
Revenue from *UNK-* operations grew 3.3 % to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
New telephone lines posted healthy growth . STOP 
Overall they increased 2.8 % to *UNKN* million , putting U *CUNK* West over the 12 million mark for the first time . STOP 
Business lines increased 3.7 % to 3.3 million . STOP 
`` On a truly comparable basis , we 've seen modest earnings growth this year from the operations of our company , '' said Jack *CUNKER* , chairman and chief executive officer . STOP 
`` The major negative factor was the cumulative impact of regulatory activity over the past two years . '' STOP 
He said the company expects to be `` on target '' with analysts ' projections by year end but conceded that the fourth quarter represents `` a significant challenge . '' STOP 
*CUNKS* in the quarter dropped *UNKN* % to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
Yesterday , U *CUNK* West shares rose 75 cents to close at $ *UNKN* in New York Stock Exchange composite trading . STOP 
*CUNKED* Bell Atlantic said net rose 6.5 % , aided by strong growth in the *UNKS* business and an increase in the number of new telephone lines . STOP 
Revenue jumped 5.6 % to $ 2.9 billion from $ 2.8 billion in the year-ago quarter . STOP 
Revenue from financial and real-estate services jumped 23 % to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
*CUNKS* revenue from long-distance telephone companies increased 6.4 % to $ *UNKN* million . STOP 
Bell Atlantic added *UNKN* new telephone lines in the quarter for a total of *UNKN* million . STOP 
The company said per-share earnings were slightly reduced by the sale of 4.1 million shares of treasury stock to the company 's newly formed *CUNK* Stock *CUNK* *CUNKS* . STOP 
In composite trading on the Big Board , Bell Atlantic closed at $ *UNKN* , up $ 1.50 a share . STOP 
At Nynex , net slumped *UNKN* % , primarily because of a continuing strike by 60,000 employees , *UNKED* profit at its New York Telephone unit and significantly higher taxes and costs . STOP 
State and local taxes increased to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
Nynex said expenses rose 4.5 % to $ *UNKN* billion from $ *UNKN* billion , a $ 119 million increase . STOP 
Most of the higher costs were associated with acquisitions and growth in *UNKED* business units , it added . STOP 
`` Our net income is n't where we would want it to be at this point , '' said William C. *CUNK* , chairman and chief executive officer . STOP 
`` This *UNKION* from our past growth patterns is caused largely by lower earnings at New York Telephone . '' STOP 
Mr. *CUNK* said a continued *UNKS* in New York City area 's economy and increased competition , particularly in the *UNK-* market , took a heavy toll on earnings . STOP 
The *UNK-* strike at Nynex seriously hurt the *UNKION* of new telephone lines in the quarter . STOP 
Nynex said access lines in service at the end of the quarter were off *UNKN* from the previous quarter , which reported an increase of *UNKN* new access lines . STOP 
Revenue rose to $ *UNKN* billion from $ *UNKN* billion , mostly from acquisition of *CUNK* Computers and robust *UNKED* businesses . STOP 
In Big Board composite trading yesterday , Nynex common closed at $ *UNKN* , up $ *UNKN* . STOP 
Southern New England Telecommunications , which bolstered its marketing efforts for telephone and *UNK-* subsidiaries , reported that net increased *UNKN* % . STOP 
Walter H. *CUNK* Jr. , *CUNK* chairman and chief executive officer , said : `` *CUNK* marketing of our products and services contributed to increase revenue . '' STOP 
Revenue and sales increased 7.5 % to $ *UNKN* million from $ *UNKN* million a year earlier . STOP 
*CUNK* pages advertising sales rose *UNKN* % to $ *UNKN* million . STOP 
*CUNK* and expenses for the quarter , excluding interest , increased *UNKN* % to $ *UNKN* million from $ *UNKN* million the year before . STOP 
*CUNK* common rose $ 1.25 to $ *UNKN* a share yesterday in composite trading on the Big Board . STOP 
San *CUNKED* Pacific Telesis said net declined *UNKN* % , primarily because of regulatory action . STOP 
Revenue was about flat at $ 2.4 billion . STOP 
Revenue was reduced $ 33 million by three extraordinary items : a California Public Utilities Commission refund for an American Telephone & Telegraph Co. billing adjustment ; a provision for productivity *UNKING* to be paid to customers in 1990 and a one-time *UNKAL* for a toll settlement with long-distance telephone companies . STOP 
Excluding the one-time charges , the company would have posted earnings of $ *UNKN* million , or 73 cents a share . STOP 
The company also was hurt by a $ *UNKN* million rate reduction that went into effect in 1989 . STOP 
`` This is a good quarter for us in terms of our business fundamentals , '' said Sam *CUNK* , chairman and chief executive officer . STOP 
Pacific Telesis said new telephone lines increased 4.5 % for a total of about $ *UNKN* million for the quarter ; toll calls increased 9.6 % to *UNKN* million and minutes of telephone *UNK* increased to *UNKN* billion . STOP 
In Big Board composite trading yesterday , Pacific Telesis common closed at $ *UNKN* , up 87.5 cents . STOP 
a - *CUNKS* a one-time gain of $ *UNKN* million from a *UNK* sale by U *CUNK* West 's U *CUNK* West New *CUNK* Group . STOP 
*UNK* - *CUNKS* a $ *UNKN* million gain on the sale of *CUNK* . STOP 
Amoco Corp. said third-quarter net income plunged 39 % to $ *UNKN* million , or 65 cents a share , as gasoline refining and marketing profits lagged substantially behind last year 's record level . STOP 
A charge of $ 80 million related to projected environmental costs in its refining and marketing operations further depressed results . STOP 
A spokesman said Amoco completed an environmental analysis last quarter but that no single *UNK-* project was responsible . STOP 
In the 1988 third quarter , the Chicago-based oil company earned $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue in the latest quarter rose 12 % to $ 6.6 billion from $ *UNKN* billion . STOP 
Aside from the special charge , Amoco 's results were in line with Wall Street estimates . STOP 
The company 's stock ended at $ *UNKN* , up 25 cents in New York Stock Exchange composite trading . STOP 
Amoco is the first major oil company to report third-quarter results . STOP 
Analysts expect others to show a similar pattern . STOP 
*CUNKLY* in the quarter , *UNKION* of gasoline and higher crude oil prices pressured profitability . STOP 
The industry 's chemical profits also declined because excess capacity has depressed prices . STOP 
*CUNK* margins may rebound this quarter , some industry officials say , but they believe chemical margins could *UNK* . STOP 
American *CUNK* Inc. , a *CUNKED* integrated oil company , yesterday said its third-quarter earnings declined by more than half . STOP 
*CUNK* blamed lower chemical prices , reduced gasoline margins and refinery maintenance *UNKS* . STOP 
It said net income dropped to $ *UNKN* million , or 98 cents a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose 2.2 % to $ *UNKN* million from $ *UNKN* million . STOP 
Amoco 's refining and marketing profit in the quarter fell to $ *UNKN* million from $ *UNKN* million . STOP 
Chemical earnings declined by one-third to $ 120 million last year 's robust levels . STOP 
Amoco 's domestic oil and natural gas operations recorded a profit of $ *UNKN* million in the quarter compared with a loss of $ 5 million , `` primarily on the strength of higher crude oil prices , '' said Chairman Richard M. *CUNK* . STOP 
Amoco also sharply boosted *UNKS* output , part of it from properties acquired from *CUNK* Inc. last year . STOP 
But foreign exploration and production earnings fell sharply , to $ 12 million from $ 95 million . STOP 
*CUNKER* oil prices were n't enough to offset a roughly $ 20 million charge related to a 10 % reduction in Amoco 's Canadian work force as well as increased exploration expenses . STOP 
For the nine months , Amoco said that net income fell to $ *UNKN* billion from $ *UNKN* billion but if unusual items are *UNKED* , operations produced essentially flat results . STOP 
Revenue rose 12 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
James F. *CUNK* , former chairman and chief executive officer of *CUNK* Inc. , and Richard J. *CUNK* III , a Dallas investment banker , were elected directors of this *UNKS* concern , boosting the board to seven members . STOP 
For retailers , Christmas , not *CUNK* , promises to be this year 's *UNKEST* season . STOP 
Many retailers fear a price war will *UNK* if *UNKED* companies such as Campeau Corp. slash *UNKS* to spur sales . STOP 
*CUNKS* about the stock market , doubts about the economy in general and rising competition from catalog companies also *UNK* store operators . STOP 
`` *CUNKS* at Christmas could be under attack for every retailer , '' asserts Norman *CUNK* , president and chief operating officer of *CUNK* Inc. , an *UNK-* chain . STOP 
Even if there is n't any widespread discounting , the outlook for industry profits is n't good . STOP 
Management *CUNKS* forecasts a 1.4 % profit decline for *UNK-* retailers this year , after annual drops that averaged 4.5 % in 1988 and 1987 . STOP 
`` For the last two and a half years , retailing has been in a *UNK* recession , '' says Carl *CUNK* , chief economist at the Columbus , Ohio , consulting firm . STOP 
This year , many stores are entering the Christmas season in turmoil : *CUNK* *CUNKER* and B. *CUNK* parent L.J. Hooker Corp. is operating under Chapter 11 of the federal Bankruptcy Code ; B.A.T Industries PLC 's healthy Saks Fifth Avenue and Marshall Field 's chains are on the auction block ; Campeau 's Bloomingdale 's is also on the block . STOP 
Industry observers expect a wide *UNK* in performance . STOP 
Stores in a state of confusion are likely to fare poorly , and to lose customers to stable chains such as Limited Inc. , May Department Stores Co. and *CUNK* Department Stores Inc. , which should do well . STOP 
`` There are going to be very clear winners and very clear losers , '' says *CUNK* *CUNK* , a *CUNK* Ross & Co. retail consultant . STOP 
Says Mr. *CUNK* : `` I 'm looking for a *UNK-* Christmas . '' STOP 
Economists expect general merchandise sales in the fourth quarter to rise 4.5 % to 6 % from year-ago figures . STOP 
But Mr. *CUNK* predicts that healthy stores *UNKING* mostly apparel could *UNKING* up gains of as much as 25 % to 30 % . STOP 
*CUNKED* chains could see their sales drop as much as 8 % , he believes , as managers *UNKED* by fears about the future allow their stores to get *UNK* . STOP 
*CUNK* merchandise *UNKS* at the most troubled chains are also expected to hurt sales . STOP 
*CUNK* companies are likely to *UNK* a bigger threat to all stores this year , particularly in December . STOP 
More than 200 catalog *UNKS* are promoting a low-cost Federal Express service that guarantees *UNKS* delivery of orders made by a certain date . STOP 
`` *CUNKLY* , consumers were concerned about ordering after the first of December because they did n't believe they would get it by Christmas , '' says *CUNK* *CUNK* , chairman of the *CUNK* *CUNK* Inc. , which sells *UNK* *UNKS* and *UNKS* through the mail . STOP 
Using Federal Express delivery last year , Mr. *CUNK* says , `` December was our biggest month . '' STOP 
Even Sears , Roebuck & Co. is getting into the act , offering for the first time to have Federal Express deliver *UNKS* ordered by Dec. 20 from its *CUNK* *CUNK* catalog . STOP 
K mart Corp. Chairman Joseph E. *CUNK* *UNKED* up his outlook for the Christmas season as `` not *UNK* . '' STOP 
He 's not predicting a *UNKER* , but he is `` more optimistic than three months ago '' because employment remains strong and inflation low . STOP 
Other retailers are also preparing for a *UNK-* holiday . STOP 
Philip M. *CUNK* , chairman of Carter *CUNK* *CUNK* Stores Inc. , expects sales at department stores open at least a year to rise a modest 3 % to 5 % over last year 's *UNKS* , both for his company and the industry in general . STOP 
`` I 'm not looking for a *UNK* Christmas at all , '' he says . STOP 
`` It is n't a real boom holiday season in our eyes , '' says *CUNK* Corp. Chairman Harold E. Sells , `` but it is n't going to be a *UNK* either . '' STOP 
Mr. Sells expects fourth-quarter sales at his company -- which *UNKS* *CUNK* stores includes *CUNK* and *CUNK* *CUNKER* *UNK* stores and other specialty chains -- to rise `` pretty much in line '' with its *UNK-* increases of between 8 % and 9 % . STOP 
The estimate includes the results of new stores . STOP 
A consumer poll conducted in early September by *CUNK* J. *CUNK* & Associates , a market researcher based in Chicago , also suggests a modest holiday . STOP 
Of the 450 survey respondents , 35 % said they expect to spend less buying Christmas *UNKS* this year than last year , while 28 % said they expect to spend more and 37 % said their *UNK* budget would stay the same . STOP 
The results are almost *UNKAL* to *CUNK* 's September 1988 numbers . STOP 
*CUNKS* could get a boost this year from the *UNK* . STOP 
Christmas falls on a Monday , creating a big *UNK-* weekend opportunity for stores . STOP 
Most will stay open late Saturday night and open their doors again Sunday . STOP 
But many consumers probably will use the extra time to put off some purchasing until the last minute . STOP 
`` What you 'll hear as we get into December is that sales are sluggish , '' predicts *CUNK* 's Mr. Sells . STOP 
`` The week ending the *UNK* is going to save the entire month for everyone . STOP 
The Spanish author *CUNK* Jose *CUNK* won the Nobel *CUNK* for *UNK* yesterday , a surprising choice , but given the Swedish Academy 's past *UNKS* , hardly the most *UNKED* and ridiculous *UNK* handed out by the *UNKING* committee . STOP 
In Spain , anyway , the *UNK-* Mr. *CUNK* *UNKS* some *UNK* for the *UNKS* and travel books he wrote during the *UNKED* *CUNK* years , the *UNK* poverty and *UNK* atmosphere of which he described in *UNKLY* direct , *UNK* *UNK* , beginning with `` The Family of *CUNKAL* *CUNK* '' -LRB- *UNKN* -RRB- . STOP 
Unlike other writers who either *UNKED* the *UNKS* during the Civil War , or left Spain when *CUNK* *UNKED* , Mr. *CUNK* fought briefly on the general 's side , no doubt earning with his war *UNK* some *UNK* when he went on to *UNK* a country with a high population of *UNKS* , *UNKS* and rural *UNKS* *UNKING* *UNKLY* through a *UNK-* land . STOP 
Still , it was in *CUNK* editions that his *UNK* first read his story of *CUNKAL* *CUNK* , a field worker who *UNKED* his mother to death and has no *UNKS* as he *UNKS* his end in a prison cell : `` *CUNK* directs some men down the *UNKED* path , and others down the road *UNKED* with *UNKS* and *UNKLY* *UNKS* . STOP 
The lucky ones *UNK* out at life with *UNK* eyes and *UNK* with a face of *UNK* at their *UNKED* *UNKS* . STOP 
The others *UNK* the hot *UNK* of the *UNKS* and *UNK* like *UNKED* wild *UNKS* . '' STOP 
Mr. *CUNK* himself was one of the lucky ones , his *UNKS* steadily increasing over the decades he spent putting out some 70 *UNKS* , *UNKS* , short story *UNKS* and *UNK* . STOP 
These days , he is as known for his *UNK* *UNKS* and the *UNK* *UNK* who shares his life as he is for his books . STOP 
The man who *UNK* out his shoes *UNKING* around *CUNK* in *UNKN* , describing in his travel book `` *CUNK* a la *CUNK* '' how he *UNKED* for food and stayed in *UNK* *UNKS* , now *UNKS* Spain in a *CUNK-* . STOP 
Of his 10 *UNKS* , `` The *CUNK* '' -LRB- *UNKN* -RRB- , full of sharp *UNKS* of *CUNK* life and *UNKED* on a *UNK* run by *CUNK* *CUNK* , a *UNKED* , *UNKED* woman with *UNKED* little *UNK* *UNKED* in *UNK* , used to be available in English , translated by *CUNK* Cohen and published by *CUNK* Press , which now no doubt *UNKS* *UNKING* its copyright . STOP 
Here is an *UNK* : STOP 
The *UNKLY* woman *UNKS* on in the direction of the *CUNK* de *CUNK* *CUNK* . STOP 
Two men have a conversation behind one of the windows of the *UNK* on the corner of the *UNK* . STOP 
Both are young , one *UNK* odd , the other *UNK* odd . STOP 
The older one looks like a member of the jury for a *UNK* award , the younger one looks like a *UNK* . STOP 
It is evident that their conversation runs more or less on the following lines : `` I 've submitted the *UNK* of my novel under the title ` *CUNK* de *CUNK* , ' and in it I 've treated a few *UNKED* aspects of that *UNKAL* problem which ... '' STOP 
`` *CUNK* , yes . STOP 
Will you *UNK* me a drop of water , if you do n't mind ? '' STOP 
`` With *UNK* . STOP 
I 've revised it several times and I think I may say with pride that there is not a single *UNK* word in the whole text . '' STOP 
`` How interesting . '' STOP 
`` I think so . STOP 
I do n't know the quality of the works my colleagues have sent in , but in any case I feel confident that good sense and *UNKEST* judgment ... '' STOP 
`` *CUNKEST* assured , we proceed with *UNK* *UNKS* . '' STOP 
`` I do n't doubt it for a moment . STOP 
It does not matter if one is defeated , provided the work that gets the award has *UNUNK* *UNKS* . STOP 
What 's so discouraging is ... '' STOP 
In passing the window , *CUNK* *CUNK* gives them a *UNK* -- simply out of *UNK* . STOP 
Ashland Oil Inc. said it will take after-tax charges of $ 78 million , or $ *UNKN* a share , in its fiscal fourth quarter , ended Sept. 30 . STOP 
Because of the charge , Ashland expects to report a loss for the fourth quarter and `` significantly lower results '' for fiscal 1989 . STOP 
The oil *UNKER* said it will report fiscal fourth quarter and 1989 results next week . STOP 
The company earned $ 66 million , or $ *UNKN* a share , on revenue of $ 2.1 billion in the year-ago fourth quarter . STOP 
For fiscal 1988 , Ashland had net of $ *UNKN* million , or $ *UNKN* a share , on revenue of $ *UNKN* billion . STOP 
Both revenue figures exclude *UNK* taxes . STOP 
The charges *UNK* of : a $ 25 million after-tax charge to cover cost *UNKS* in Ashland 's *CUNK* Consolidated subsidiary ; a previously announced $ 38 million after-tax charge resulting from a $ *UNKN* million settlement with National Iranian Oil Co. and a $ 15 million after-tax charge from the previously announced sale of its Ashland Technology Corp. subsidiary . STOP 
Ashland expects that sale to be complete next year . STOP 
The charge for the *CUNK* subsidiary is for expected costs to correct problems with certain bed *UNKS* built for utilities . STOP 
The charge will be added to $ 20 million in reserves established a year ago to cover the cost *UNKS* . STOP 
When President Bush *UNKS* here next week for a *UNK* summit organized to *UNK* a century of Costa Rican democracy , will he be able to deliver a *UNK* message in the wake of the Panamanian *UNK* ? STOP 
*CUNKLY* Mr. Bush will be *UNKED* by some Latin leaders *UNK* to pay *UNK* service to *UNKION* , while they privately encourage more *UNK* U.S. action to remove Gen. Manuel Noriega and *UNK* their countries from a Sandinista *UNK* . STOP 
The Panamanian affair is only the *UNK* of a more *UNKING* *UNK* . STOP 
It *UNKS* in a Bush administration decision not to *UNK* the U.S. Congress and avoid , at all costs , being accused of *UNKING* in the region . STOP 
The result has been a dangerous *UNK* of U.S. leadership , which leaves Central America open to Soviet *UNK* . STOP 
`` The -LCB- influence of the -RCB- U.S. is not being felt in Central America ; Washington 's decisions do not respond to a policy , and are *UNKED* from reality , '' says *CUNK* *CUNK* , a Costa Rican congressman and former foreign minister . STOP 
The disarray of the Bush administration 's Latin *UNK* was evident in the failure of the Organization of American States to *UNK* *UNKLY* Gen. Noriega . STOP 
*CUNKED* with this embarrassment , U.S. *UNKS* expressed confidence that the influential *CUNK* Group of South American nations , which gathered last week in Peru , would take a stronger *UNK* toward the Panamanian dictator . STOP 
But other than a few *UNKS* on the *UNK* , Gen. Noriega went *UNKED* by that body , too ; he was not even *UNKED* out in the closing statement . STOP 
Now Mr. Bush will come to Costa Rica and *UNKER* Nicaraguan *UNK* Daniel Ortega , eager for *UNK* opportunities with the U.S. president . STOP 
The host , Costa Rican President *CUNK* *CUNKS* , did not *UNK* *CUNK* , Cuba , Panama or *CUNK* to the summit , which was to be restricted to *UNKS* . STOP 
However , Mr. Ortega was included . STOP 
*CUNKLY* *UNKING* the Sandinistas to a democratic status was an initiative *UNKLY* criticized in the Costa Rican press . STOP 
Even Carlos Manuel *CUNK* -- the presidential candidate for Mr. *CUNKS* 's National *CUNKION* Party -- made public his opposition to the presence of Nicaragua `` in a democratic *UNK* . '' STOP 
Nevertheless , the Bush administration agreed to the *OUS* arrangement in July , a few weeks before the Central American presidents met in *CUNK* , *CUNKS* , to discuss a timetable for *UNKING* the *UNK-* rebels . STOP 
According to officials in Washington , the State Department hoped that by *UNKING* President *CUNKS* , it would gain his support to postpone any decision on the Contras until after Mr. Ortega 's promises of democratic elections were tested next February . STOP 
However , *UNKING* on an *UNK* critic of the Reagan administration and the Contra movement for help in *UNKING* the *UNKING* of the Contras was risky business . STOP 
And even some *UNK-* phone calls that Mr. Bush made -LRB- at the *UNKEST* of some conservative U.S. senators -RRB- to *UNK* backing for the U.S. position failed to stop the *UNK* of Mr. *CUNKS* 's agenda . STOP 
*CUNK* to this episode , Sen. Christopher *CUNK* -LRB- D. , Conn. -RRB- , *UNKING* an open field , *UNUNK* a personal *UNK* mission through Central America to promote an early *UNKING* of the rebels . STOP 
*CUNKING* Nicaragua , he *UNKED* the Sandinistas for their *UNKAL* system and *UNKED* the Bush administration for not *UNKING* the Sandinistas . STOP 
In *CUNKS* , where the Contras are a hot political issue , he promised to help *UNUNK* some $ 70 million in assistance *UNK* due to the failure of local agencies to comply with conditions agreed upon with Washington . STOP 
*CUNK* was also the *UNK* of the talks Sen. *CUNK* had with *CUNK* President *CUNK* *CUNK* ; Mr. *CUNK* 's government is very much at the *UNK* of U.S. *UNKS* and is forced to listen very carefully to Sen. *CUNK* 's likes and *UNKS* . STOP 
It was therefore not surprising that close allies of the U.S. , virtually *UNKED* by the Bush administration , ordered the Nicaraguan *UNKS* *UNKED* by December , long before the elections . STOP 
*CUNKLY* , the *CUNK* *CUNKS* were *UNKED* by *CUNKS* `` the *CUNK* plan . '' STOP 
The individual foreign policy carried out by U.S. legislators adds to a confusing U.S. performance that has *UNKED* Soviet initiatives in Central America . STOP 
On Oct. 3 , following conversations with Secretary of State James Baker , Soviet Foreign Minister *CUNK* Shevardnadze arrived in *CUNK* to *UNK* `` Nicaragua 's great peace efforts . '' STOP 
There , Mr. Shevardnadze felt *UNKED* to unveil his own peace plan : The U.S.S.R. would *UNK* a suspension of arms shipments to Nicaragua after the February election if the U.S. did *UNK* with its allies in Central America . STOP 
He also called on Nicaragua 's neighbors to accept a `` military *UNK* '' guaranteed by both *UNKS* . STOP 
The Pentagon claims that in *UNK* of Moscow 's words , East bloc weapons continue to flow into Nicaragua through Cuba at *UNK-* levels . STOP 
Since Mr. Shevardnadze 's proposals followed discussions with Mr. Baker , *UNKS* *UNK* that the Bush administration was seeking an *UNKION* with the Soviets in Central America . STOP 
This scheme would fit the *CUNKS* Plan , which declared a false *UNK* between Soviet military aid to the Sandinista *UNK* and that provided by Washington to freely elected governments . STOP 
*CUNK* , it is also likely to encourage those on Capitol Hill asking for cuts in the assistance to El *CUNK* if President *CUNK* does not *UNK* to demands of the *CUNK* *UNKS* . STOP 
The *UNK* condition of U.S. policy in Central America is best *UNKED* by the recent end to U.S. *UNK* of Radio Costa Rica . STOP 
In 1984 , the Costa Rican government requested help to establish a radio station in the northern part of the country , *UNKED* by *UNKS* of Sandinista *UNK* . STOP 
*CUNKING* *UNK* *UNK* was the purpose of Radio Costa Rica , funded by the U.S. and *UNKED* with the *CUNK* of America -LRB- *CUNK* -RRB- . STOP 
A few months ago , the Bush administration decided to stop this cooperation , leaving Radio Costa Rica operating on a *UNKING* . STOP 
According to news reports , the *UNK* *UNKION* was due to fears that *CUNK* *UNKS* could interfere with the peace process . STOP 
In the meantime , *CUNK* gave Nicaragua another powerful radio *UNKER* , which has been installed in the city of *CUNK* . STOP 
It is capable of reaching the entire Caribbean area and deep into North America . STOP 
Perhaps its *UNK* signal may generate some *UNKS* of the Soviet *UNK* being created in the *UNKS* thanks to U.S. default . STOP 
The Soviet *UNK* in Nicaragua is *UNKING* for Costa Rica , a *UNK* democracy without an army . STOP 
*CUNKED* in Washington about what would happen if his *UNKED* peace plan would fail , President *CUNKS* *UNKED* expectations of direct U.S. action . STOP 
A poll conducted in July by a *CUNK* affiliate showed that 64 % of Costa *CUNKS* believe that if their country is *UNKLY* attacked by either Nicaragua or Panama , the U.S. will come to its defense . STOP 
But in the light of events in Panama , where the U.S. has such clear strategic interests , waiting for the Delta Force may prove to be a dangerous *UNK* . STOP 
Mr. *CUNK* is a lawyer and a columnist for La *CUNKION* newspaper . STOP 
Holiday Corp. said net income jumped 89 % , partly on the strength of record operating income in its *UNKING* division . STOP 
Separately , the hotel and gambling giant said it was proceeding with plans to make a tender offer and *UNK* *UNKS* with respect to approximately $ 1.4 billion of its publicly traded debt . STOP 
That debt is part of the $ 2.1 billion of Holiday debt that Bass PLC of Britain said it would retire or assume when it agreed to buy the Holiday *CUNK* business in August . STOP 
Holiday said third-quarter earnings rose to $ *UNKN* million , or $ *UNKN* a share , from $ 21 million , or 84 cents a share , a year earlier . STOP 
Results for the quarter included $ *UNKN* million in pretax gains from property transactions , including the sale of one *CUNK* *CUNKS* hotel , and $ 3.5 million of *UNKING* costs associated with the acquisition of the Holiday *CUNK* business by Bass . STOP 
Holiday said operating income related to *UNKING* increased 4.5 % to a record $ *UNKN* million from $ *UNKN* million a year earlier . STOP 
The jump reflected record results in Las Vegas , *CUNK* , and Atlantic City , N.J. , as well as a full quarter 's results from *CUNK* 's *CUNK* *CUNK* in *CUNK* , *CUNK* . STOP 
Third-quarter revenue rose 2.7 % to $ *UNKN* million from $ *UNKN* million . STOP 
For the nine months , earnings fell 2.9 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Revenue dropped 1.6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The tender offer and consent solicitation will be made to *UNKS* in December . STOP 
In effect , Holiday is asking holders for permission for Bass to buy their debt . STOP 
Holiday said Salomon Brothers Inc. has been retained to act as the *UNKER* and financial adviser in connection with the offer and solicitation . STOP 
The debt issues involved and the proposed consent fees and cash tender offer prices -LRB- expressed per $ 1,000 of principal amount -RRB- are as follows : 10 1\/2 % senior notes due 1994 at 101 % ; 11 % subordinated debt due 1999 at 102 % ; 9 3\/8 % notes due 1993 at 100 % ; and 8 3\/8 % notes due 1996 at *UNKN* % . STOP 
Holiday said its 15 % notes due 1992 also will be included in the tender offer and consent solicitation at a price to be determined by Holiday prior to the *UNK* of the offer . STOP 
The television units of Paramount Communications Inc. and MCA Inc. are exploring the possibility of offering prime-time programming to independent stations two nights a week , industry executives say . STOP 
Although such a venture would n't match the `` fourth network '' created by News Corp. 's Fox Broadcasting Co. , MCA and Paramount may have similar *UNKS* . STOP 
Fox , which also owns six TV stations , provides programs three nights a week to those and other affiliates . STOP 
Paramount *CUNK* TV and MCA TV formed a joint venture last month , named *CUNKER* *CUNKER* Sales , to sell advertising in programs *UNKED* by both companies , such as `` Star *CUNK* : the Next *CUNKION* , '' `` Charles in *CUNK* '' and `` Friday the 13th : the Series . '' STOP 
A spokeswoman for Paramount said the company does n't comment on speculation . STOP 
*CUNKS* to *CUNKLY* *CUNK* , president of MCA TV , were n't returned . STOP 
The two companies , like Fox , already have their own TV stations . STOP 
MCA owns *CUNK* in New York and Paramount last month agreed to purchase a 79 % stake in the *CUNK* *CUNK* Group from Salomon Inc. in a deal valued at $ 140 million . STOP 
*CUNK* owns five stations , including *CUNK* , a Fox affiliate , in Philadelphia . STOP 
One broadcasting executive familiar with the project said the *UNK-* would target stations *UNKED* with Fox because Fox has the desirable independent stations in most of the key cities . STOP 
Currently , Fox supplies programs on *CUNKS* , *CUNKS* and *CUNKS* , although the company plans to expand to other *UNKS* . STOP 
*CUNK* *CUNKER* , president of Fox Broadcasting , said , `` We believe the partnership of Fox , its affiliates and advertisers is succeeding and will continue to grow . '' STOP 
Another Fox official , who declined to be identified , said Fox was n't pleased by the possible *CUNK-* venture into prime-time programming . STOP 
`` To make the venture work , they would need Fox affiliates , '' he said . STOP 
`` We spent a lot of time and money in building our group of stations , '' he said , adding that Fox does n't `` *UNK* '' another company attempting to *UNK* its station *UNK* . STOP 
Fox said it plans to offer its stations movies , *UNKAL* and *UNK-* ventures , probably on *CUNKS* , sometime next year . STOP 
It is also planning another night of original series . STOP 
Paramount and MCA , according to the broadcasting executive , plan to offer *UNKAL* movies produced separately by Paramount and MCA for *CUNKS* and perhaps a block of original shows *CUNKS* . STOP 
The executive said Paramount and MCA have also held discussions with *CUNK-* Industries ' broadcasting unit , which owns five independent stations in cities such as Los Angeles , San Francisco and *CUNK* , *CUNK* . STOP 
A *CUNK-* station manager said there have been no formal talks . STOP 
`` I think it 's to Fox 's advantage to be associated with the *CUNK-* venture , '' said Michael *CUNK* , station manager of *CUNK* , the *CUNK* station that is a Fox affiliate . STOP 
Mr. *CUNK* said the Fox shows *UNKING* on nights when *CUNK-* shows would n't be offered could be *UNKED* on the programs produced by *CUNK-* . STOP 
Michael *CUNKER* , general manager of *CUNK* , a Fox affiliate in Sacramento , Calif. , said , `` The real question is whether the *CUNK-* offering is practical . STOP 
It is n't ... . STOP 
Why would I consider giving up Fox , a proven commodity , '' for an *UNUNK* venture ? STOP 
Fox *UNKS* a young audience with shows such as `` *CUNKED* ... With *CUNK* , '' its most successful series . STOP 
Banco Popular de Puerto Rico and *CUNK* Corp. -- agreed to merge in a transaction valued at $ *UNKN* million . STOP 
Under the agreement , *CUNK* stockholders will be able to exchange each of their shares for either shares in the new entity or cash . STOP 
In each case , the exchange is valued at $ *UNKN* a share . STOP 
The two companies , both based in San *CUNK* , will form a bank holding company with assets of just over $ 9 billion . STOP 
The holding company will be called *CUNK* Corp . STOP 
The primary subsidiary will be the combined banking operations of the two companies and will be known as Banco Popular de Puerto Rico . STOP 
*CUNK* *CUNKION* Jr. , chairman of Banco Popular , will be the chairman of the holding company . STOP 
*CUNK* M. *CUNK* , currently chairman of *CUNK* , will serve as president of the bank holding company and chairman of the subsidiary . STOP 
Banco Popular originally proposed the merger in July , in a cash and stock transaction valued at $ 50 a share , or about $ *UNKN* million . STOP 
*CUNK* reacted *UNKLY* at first , but appeared to be won over , analysts said , by Banco Popular 's *UNKS* that it wanted only a friendly transaction . STOP 
`` Banco Popular just kept waiting , '' said Edward Thompson , a vice president and analyst at Thomson *CUNK* Inc. in New York . STOP 
`` They got a transaction that 's good for both companies . '' STOP 
The two banks appear to be a good fit . STOP 
*CUNK* *UNKS* to a more affluent customer , while Banco Popular has always had a large presence among *UNK-* and *UNK-* markets . STOP 
The merger should also allow the companies to reduce costs by combining operations in many locations in Puerto Rico . STOP 
`` They 're often right across the street from one another , '' Mr. Thompson said . STOP 
Richard *CUNKION* , who is currently president and chief executive officer of Banco Popular , said the merger will result in a `` larger and stronger *UNKLY* based bank . '' STOP 
Mr. *CUNKION* , who will now serve as president and chief executive officer of the subsidiary bank , added : `` We 'll be able to better compete with large foreign banks . STOP 
It makes sense from a strategic *UNK* . '' STOP 
The newly merged company will have *UNKN* branches in Puerto Rico and 27 branches outside of the island . STOP 
The banks said they do n't expect the merger to face any regulatory *UNKS* . STOP 
Mr. *CUNKION* said the merger should be completed in six to nine months . STOP 
*CUNK* by higher costs and lower sales , *CUNK* Inc. said third-quarter earnings tumbled 43 % and full-year earnings will trail last year 's results . STOP 
The construction equipment maker said third-quarter profit fell to $ *UNKN* million , or $ *UNKN* a share , from $ 190 million , or $ *UNKN* a share , a year earlier . STOP 
Sales dropped 6 % to $ *UNKN* billion from $ *UNKN* billion , reflecting eight fewer business days in the latest quarter . STOP 
The company , which is in a costly *UNKION* program , said earnings were hurt by higher start-up and new program costs , increased costs of materials , higher wages and an $ 11 million provision for bad debts in Latin America . STOP 
In announcing a 1989 capital spending plan of $ *UNKN* million early this year , *CUNK* said full-year earnings would be flat compared with last year 's $ *UNKN* million , or $ *UNKN* a share . STOP 
But yesterday , the company said this year 's profit will be lower . STOP 
It did n't say by how much . STOP 
*CUNKING* from a downturn in heavy truck production that cut orders for its engines , *CUNK* also said it will *UNKLY* lay off about *UNKN* workers in the *CUNK* area and temporarily shut its plant in York , Pa. , for two weeks in both November and December . STOP 
For the first nine months of the year , *CUNK* said earnings fell 14 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Sales rose to $ *UNKN* billion from $ *UNKN* billion . STOP 
*CUNK* Inc. said it is one of two companies to receive a license to introduce and operate a cellular *UNK* telephone system in Pakistan . STOP 
The market during the start-up is estimated at 25,000 subscribers . STOP 
A spokeswoman for *CUNK* , a telecommunications company , said she did n't know the value of the contract . STOP 
Cable & *CUNKS* PLC of Britain won the other license . STOP 
*CUNK* said it would build and operate the system in Pakistan with *CUNK* International AB , part of the *CUNK* group of Sweden , and *CUNK* International , Pakistan . STOP 
B.A.T Industries PLC won overwhelming shareholder approval for a defensive restructuring to fend off a # *UNKN* billion -LRB- $ *UNKN* billion -RRB- takeover bid from Sir James Goldsmith . STOP 
At a shareholders ' meeting in London , the tobacco , financial-services and retailing giant said it received *UNKN* % approval from voting holders for plans to spin off about $ 6 billion in assets . STOP 
B.A.T aims to sell such U.S. retailing units as Marshall Field and Saks Fifth Avenue and *UNK* its big paper and British retailing businesses via share issues to existing holders . STOP 
Proceeds will help pay for a planned buy-back of 10 % , or about *UNKN* million , of its shares and a 50 % dividend increase . STOP 
B.A.T yesterday started its share buy-back . STOP 
The company said it acquired 2.5 million shares for *UNKN* pence -LRB- $ *UNKN* -RRB- each , or a total of # *UNKN* million -LRB- $ *UNKN* million -RRB- , from its broker , *CUNKS* de *CUNK* *CUNK* . STOP 
The share buy-back plan is likely to *UNUNK* B.A.T 's share price . STOP 
B.A.T said it may make more equity purchases until the close of business today , depending on market conditions , but will *UNK* further purchases until Nov. 22 , when it releases third-quarter results . STOP 
B.A.T shares rose 29 pence to *UNKN* pence on London 's stock exchange yesterday . STOP 
*CUNKER* approval sets the stage for a lengthy process of restructuring that might not be completed until next year 's second half . STOP 
Before the recent *UNK* in global financial markets , B.A.T officials , holders and analysts had expected a substantial part of the restructuring to be complete by the end of the first half . STOP 
`` We are not in any *UNK* to sell '' Saks , Marshall Field or B.A.T 's other U.S. retail properties , said Chairman Patrick *CUNK* . STOP 
`` This is n't a *UNKS* sale . STOP 
We are determined to get good prices . '' STOP 
Company officials say the *UNKS* of the paper and British retailing businesses are likely only after the *UNKS* of the U.S. retailing assets . STOP 
Meanwhile , Sir James still is pursuing efforts to gain U.S. insurance regulators ' approval for a change in control of B.A.T 's Farmers Group Inc. unit . STOP 
The *CUNK-* financier has indicated he intends to bid again for B.A.T if he receives approval . STOP 
*CUNK* Inc. , the nation 's largest toy maker , reported third-quarter earnings increased 73 % from a year earlier on a *UNKN* % sales gain , reflecting improved margins . STOP 
*CUNK* said it had net income of $ *UNKN* million , or 53 cents a share , up from $ *UNKN* million , or 31 cents a share , a year earlier , when it took a pretax charge of $ 10 million after dropping development of an *UNK* video entertainment system . STOP 
Revenue rose to $ *UNKN* million from $ *UNKN* million . STOP 
The company cited sales gains at its Milton *CUNK* and *CUNK* units and in its international business for the increase in revenue . STOP 
Alan G. *CUNK* , chairman and chief executive , added that *CUNK* 's new line of *UNKED* *UNKING* cars , called *CUNK* *CUNKS* , and its acquisition of *CUNK* *CUNK* *CUNKS* , *CUNK* and other lines from *CUNK* Industries Inc. puts the company `` in a good position as we enter the Christmas buying season . '' STOP 
For the first nine months of the year , *CUNK* 's net income rose 33 % to $ *UNKN* million , or $ 1.15 a share , from $ *UNKN* million , or 88 cents a share , on a 3.1 % increase in revenue to $ *UNKN* million from $ *UNKN* million a year earlier . STOP 
Reebok International Ltd. posted a 35 % increase in third-quarter net income despite a slight decline in sales . STOP 
The *UNK* *UNK* maker said net rose to $ *UNKN* million , or 44 cents a share , from $ *UNKN* million , or 32 cents a share , a year earlier . STOP 
Sales declined 3 % to $ *UNKN* million from $ *UNKN* million . STOP 
Paul Fireman , Reebok chairman and chief executive officer , said , `` Our gains in earnings provide further evidence that the controls we have put in place and our sales mix are continuing to improve the company 's overall profit performance . '' STOP 
The company said it expects sales to improve due to a number of new products , including a `` pump '' basketball *UNK* that can be *UNKED* to better fit the foot . STOP 
In the first nine months , net was $ 140 million , or $ *UNKN* a share , on sales of $ *UNKN* billion . STOP 
Separately , Reebok completed the acquisition of *CUNK* Group Inc. 's Boston *CUNKER* unit , a *UNKER* of power *UNKS* . STOP 
*CUNK* , *CUNK* , Mass. , had agreed to sell the unit to Reebok for about $ 42 million . STOP 
The agreement also called for Reebok to receive warrants to purchase 400,000 shares of *CUNK* common at $ *UNKN* a share , exercisable at any time before July 1 , STOP 
An outside spokesman for *CUNK* said the terms were changed to a minor extent but would n't disclose what those changes were . STOP 
*CUNK* *CUNKS* Inc. directors authorized the company to seek buyers for its *CUNKER* Group Inc. subsidiary , a direct mail marketer of office supplies . STOP 
*CUNK* *CUNKS* said the decision was based on a long-term analysis of the *UNK* of *CUNKER* Group 's marketing business with other *CUNK* *CUNKS* operations . STOP 
*CUNK* *CUNKS* acquired the core of what *UNKED* into *CUNKER* Group in 1979 by buying Dictaphone Corp . STOP 
A spokeswoman would n't comment on whether the company had talked with any potential buyers for the New Hartford , Conn. , unit , which had 1988 sales of about $ 75 million . STOP 
She said *CUNKER* Group was profitable but would n't give figures . STOP 
The spokeswoman said the company does n't have a timetable for the sale , adding that the board 's decision just starts the search for a buyer . STOP 
Separately , *CUNK* *CUNKS* said third-quarter net income gained 15 % to $ 62 million , or 78 cents a share , from $ 54 million , or 68 cents a share , a year ago . STOP 
Revenue grew 13 % to $ *UNKN* million from $ *UNKN* million . STOP 
The company said the growth was led by its major operations , particularly *UNKING* , shipping , *UNKING* and *UNK* businesses . STOP 
Steel *UNKS* of a type that may have prevented collapse of the columns of a *UNK-* stretch of the *CUNK* Freeway had been installed on at least a small test section of the *UNKER* highway last year by California 's Department of Transportation , employees familiar with the project say . STOP 
The test project -- which reportedly survived Tuesday 's earthquake -- was a *UNK* to a state plan to *UNK* that critical section of the freeway with the steel *UNKS* . STOP 
State engineers have made a preliminary finding that it was failure of the concrete columns , *UNKED* and *UNKED* from the *UNKER* *UNKED* , that was responsible for the collapse . STOP 
The failure in Oakland of the freeway segment known as the *CUNKS* structure was the *UNKEST* aspect of the quake , although officials were *UNK* yesterday that the death toll there might be significantly lower than the 250 initially feared . STOP 
*CUNKING* out the *UNK* is expected to take several days . STOP 
Red *UNKS* *UNKLY* picked at the rubble while *UNKS* tried to break up some of the massive *UNKS* of concrete . STOP 
Giant *UNK* *UNKS* were *UNKED* up *UNK* the collapsed segment , preparing to lift off *UNKS* of the *UNKS* . STOP 
In Sacramento , a transportation department spokesman said he could n't immediately confirm or deny existence of the test work . STOP 
However , he asserted that the department had n't *UNKED* the technology needed to *UNK* the entire *CUNKS* structure . STOP 
Moreover , other officials noted , *UNKS* in transportation funding that the state has experienced over the years may have restricted the availability of funds for such a *UNKING* , even if it were *UNKLY* *UNK* . STOP 
*CUNK* employees said the *UNKING* , which had n't yet been *UNKED* , was part of a planned , *UNK-* *UNK* of the *CUNKS* structure begun by the California transportation department several years ago . STOP 
The *CUNKS* *UNK* project itself was part of an annual effort to shore up structures believed vulnerable to earthquakes . STOP 
The state began such work after a 1971 *UNK* in Southern California , when numerous bridges collapsed . STOP 
`` We had just finished phase two '' of the *CUNKS* project that involved *UNKING* a series of *UNKING* *UNKS* designed to prevent *UNKS* of the *UNK* from *UNKING* as a result of *UNK* shock , a state *CUNK* engineer said . STOP 
After completing *UNKION* of the *UNKS* on `` one *UNK* '' of the freeway last year , the state *CUNK* had sent the project over to its Sacramento engineers to draw up a final design . STOP 
*CUNK* employees said the project had been *UNKED* somewhat by `` the difficulty of *UNKING* '' the *UNKS* . STOP 
The procedure involves *UNKING* the concrete columns with steel , then *UNKING* them more *UNKLY* to the *UNKER* *UNKED* . STOP 
The employees also said the project may have been *UNKED* by *UNK* concerns . STOP 
One preliminary estimate put the *UNKING* cost at as much as $ 50 million . STOP 
The collapse of the *UNK* has *UNKED* surprise and anger among state officials . STOP 
Gov. George *CUNK* , who said he had been assured by state transportation officials that the structure could *UNK* an even larger quake , called for an immediate investigation . STOP 
`` I want to know who made the decision that it was safe for *UNKN* people to use every day , '' said Richard Katz , a state legislator who is chairman of the California Assembly 's transportation committee . STOP 
He said he would *UNK* hearings within two weeks . STOP 
The *CUNKS* structure opened in June *UNKN* , and as such , like many buildings in the San Francisco Bay area , does not meet current building *UNKS* requiring considerably more steel support . STOP 
The northern *UNKS* of the *UNK* lie in *UNK* deposits that were of a type to have *UNKED* easily during the 1906 quake . STOP 
Transportation department officials , however , said they were as surprised as anyone by the *CUNKS* destruction . STOP 
They said previous earthquakes suggested that *UNK-* *UNKS* would stand up well , although they were working on ways to bolster them . STOP 
`` Unfortunately , there is only one laboratory for developing techniques to *UNK* earthquakes , and that is an earthquake , '' said *CUNK* *CUNK* , San Francisco district director for the transportation department . STOP 
He said : `` We know of no technology that *UNKS* anywhere in the world that would allow us to '' reinforce the columns . STOP 
Financial Corp. of Santa Barbara said it *UNKED* to Nov. 29 a special shareholder meeting to vote on a $ 75 million *UNK-* exchange . STOP 
The meeting had been scheduled for Nov. 10 but the company delayed the meeting to allow time for the Securities and Exchange Commission to review the proposal . STOP 
As part of a restructuring announced earlier this year , the company proposed in August to exchange *UNKN* newly issued common shares for each $ 1,000 face value of debt . STOP 
However , that figure could be revised , Financial Corp. said . STOP 
Currently , the company has about six million common shares outstanding . STOP 
If all the debt was converted , about 13 million new shares would be issued . STOP 
In composite trading Wednesday on the New York Stock Exchange , Financial Corp. closed at $ 1.125 , unchanged . STOP 
The debt consists of $ 50 million of 13 3\/8 % subordinated notes due 1998 , and $ 25 million of 9 % convertible subordinated debentures due *UNKN* . STOP 
Financial Corp. also is proposing to exchange each of its *UNKN* outstanding shares of cumulative convertible preferred series A stock for two shares of common . STOP 
After years of *UNKING* over Bonn 's `` *CUNK* '' , West Germany and the U.S. appear to have *UNKED* onto a *UNKED* course in Eastern Europe . STOP 
Bonn and Washington have taken a leading role in aid for the *UNK* countries , *UNKING* billions of dollars in fresh credit and *UNKING* old debt while urging other industrial nations to follow suit . STOP 
Both hope to encourage pressure for change in East bloc countries still ruled by *CUNK* *UNKS* by *UNKING* liberal financial aid and trade benefits for Poland , Hungary and , to a *UNKER* extent , the Soviet Union . STOP 
West German officials also have the special goal of holding out hope for East Germany 's *UNKING* reform movement . STOP 
`` The change taking place in the Soviet Union , Poland and Hungary has *UNKED* new hope in both German states that reforms will be undertaken in -LCB- East Germany -RCB- , and that relations between the two German states , too , will get better , '' said Foreign Minister *CUNK-* *CUNKER* . STOP 
*CUNKING* a conference of the New York-based Institute for *CUNKEST* Security *CUNKS* in Frankfurt yesterday , Mr. *CUNKER* said , `` *CUNK* will judge us by whether we have taken the opportunities that emerge from these reforms . '' STOP 
The ultimate aim of Western support for East bloc reforms , he said , is to create `` an *UNK* and stable *UNK* order in Europe from the Atlantic to the *CUNKS* . '' STOP 
Mr. *CUNKER* and U.S. Secretary of Commerce Robert A. *CUNKER* , in separate *UNKS* at the conference , appealed for more Western contributions to economic reforms and business development in Hungary and Poland . STOP 
Bonn and Washington are leading supporters of Poland 's request for a $ 1 billion *UNK-* credit from the International Monetary Fund . STOP 
`` We want the bold programs of market development and political freedom in Hungary and in Poland to succeed . STOP 
We are prepared to support those changes , '' said Mr. *CUNKER* . STOP 
U.S. *UNKS* on the exports of sensitive technology to East bloc countries will remain in place , however . STOP 
Meanwhile , the U.S. House of Representatives yesterday approved an $ *UNKN* million aid package for Poland and Hungary that more than *UNKS* the amount President Bush had requested . STOP 
The package was brought to the House just 15 days after it was introduced , indicating Congress 's *UNKS* to reward Poland and Hungary for their moves toward democracy and *UNK* economic reforms . STOP 
The legislation , approved *UNKN* and sent to the Senate , *UNKS* two *UNK* funds , to be *UNKED* by independent *UNK* boards , which will make loans and investments in new business ventures in Hungary and Poland . STOP 
The Polish fund would be *UNKED* with $ 160 million , the *CUNK* fund with $ 40 million . STOP 
In addition , a group of 24 industrialized countries , including the U.S. and Japan and *UNKED* by the European Community Commission , has promised Poland and Hungary trade advice and a line of credit equivalent to $ *UNKN* billion through the European Investment Bank , while the EC plans $ *UNKN* million in direct aid . STOP 
When Chancellor *CUNK* *CUNK* *UNKS* to Poland Nov. 9 , he is expected to take with him a promise of three billion West German marks -LRB- $ 1.6 billion -RRB- in new credit guarantees for industrial projects . STOP 
Last week , Bonn agreed to *UNK* 2.5 billion marks in Polish debt that came due last year . STOP 
In addition , a one billion mark credit *UNKING* from 1974 is to be written off . STOP 
Poland 's plan to switch to a free-market economy by 1991 is hampered by a foreign debt load of $ *UNKN* billion . STOP 
West Germany also has increased its credit guarantees to Hungary by 500 million marks to 1.5 billion marks as the emerging democratic state *UNKS* through its own economic reforms , including a broad privatization of state-owned industry and tax incentives for industrial investment . STOP 
An additional 500 million marks in *UNKING* was promised by the West German state governments of *CUNK* and *CUNK-* . STOP 
Deutsche Bank AG , which last year arranged a three billion mark credit for the Soviet Union , is now moving to become the first West German bank to set up independent business offices in Hungary and Poland as they shift to free-market economies . STOP 
A *UNK* of Frankfurt banking holds that *UNKER* Deutsche Bank goes , other West German banks follow . STOP 
Indeed , at least four other West German banks are believed to be making inquiries . STOP 
*CUNK* Inc. said third-quarter net income rose 73 % , to $ 38 million , or 76 cents a share , from $ *UNKN* million , or 45 cents a share , a year ago . STOP 
Revenue rose 34 % to $ *UNKN* million from $ *UNKN* million a year earlier . STOP 
`` *CUNK* 's world-wide volume has grown 25 % in a climate of relatively flat industry sales , '' said John W. *CUNK* , chairman . STOP 
He said the toy company 's `` prospects for a strong fourth quarter '' are also good . STOP 
*CUNK* attributed the jump in quarter net to strong world-wide sales of its *CUNK* *UNK* , *CUNK* *CUNKS* cars , Disney *UNKS* and other well-known toy lines . STOP 
The company also cited retail trade and consumer demand for new products introduced this year , such as *CUNK* *CUNK* *CUNK* and *CUNK* *CUNKS* . STOP 
For the nine months , *CUNK* net more than doubled to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or 53 cents a share , a year ago . STOP 
Revenue rose 25 % , to $ *UNKN* million , from $ *UNKN* million . STOP 
*CUNK* said the company 's sale of rights to land and buildings at its *CUNK* , Calif. , headquarters resulted in a $ 13 million charge to third-quarter operating profit . STOP 
The charge did n't affect net for the quarter as it was offset by tax benefits . STOP 
*CUNK* has purchased a new headquarters building in El *CUNK* , Calif. , which it will *UNK* by the end of next year . STOP 
*CUNK* can be *UNK* to politicians : Sometimes it forces them to make choices . STOP 
Now that the Supreme Court opened the door on the subject of abortion , politicians are *UNKING* under the *UNK* of democratic choice . STOP 
Their *UNK* is a healthy sign for the rest of us . STOP 
Republicans are *UNKING* most *UNKLY* , at least at first , which is only fair because they 've been *UNKED* the most . STOP 
So long as abortion was a question for litigation , not legislation , Republicans could find political security in *UNK* . STOP 
They could attract *UNK-* voters by *UNKING* the *UNK-* movement 's strongest position , even as pro-choice Republicans knew this *UNKED* little on an issue *UNKED* by the court . STOP 
Now it matters . STOP 
Much of Washington thought it *UNKED* George Bush in a *UNK* *UNK* on abortion the past week . STOP 
Only a month ago he 'd warned Congress not to pass legislation to pay for abortions in cases of rape or incest . STOP 
Last Friday , after Congress passed it anyway , he hinted he was looking for compromise . STOP 
*CUNK* the man who once was pro-choice , but later *UNK-* , converting again ? STOP 
In fact , Mr. Bush 's dance was more *UNK* than *UNK* . STOP 
*CUNK-* advocates say the White House never *UNKED* over the veto . STOP 
Christopher Smith -LRB- R. , N.J. -RRB- , a *UNK-* leader in the House , suggested a compromise that would have *UNKED* *UNK* language from rape and incest exceptions in the states . STOP 
The White House , never eager for a fight , was happy to try , which is why George Bush said he was looking for `` flexibility '' last week . STOP 
When Democrats refused to *UNK* , *UNK-* Republicans met at the White House with Chief of *CUNK* John *CUNK* on Monday , and Mr. Bush quickly signaled a veto . STOP 
*CUNK* charges of `` *UNK* '' on Panama and elsewhere , the president was n't about to *UNK* his most *UNK* *UNK* . STOP 
The GOP *UNKS* were in Congress . STOP 
In last week 's House vote , 41 Republicans *UNKED* . STOP 
After the vote , Connecticut Rep. *CUNK* Johnson *UNKED* up nearly as many *UNKS* on a letter to Mr. Bush urging him not to veto . STOP 
Even such a *UNK-* *UNK* as Sen. *CUNK* *CUNK* -LRB- R. , Utah -RRB- had *UNKED* some kind of compromise . STOP 
The Senate passed the same bill yesterday , with a *UNK-* majority of 67 . STOP 
The *UNKING* illustrates an emerging Republican *UNK* , *UNKED* since the early 1980s . STOP 
At the 1988 GOP convention , abortion was barely discussed at all , though *UNKS* were *UNKLY* divided on the question of an anti-abortion constitutional amendment . STOP 
Ms. Johnson made a *UNK* statement to the platform committee , but she was talking to herself . STOP 
Now many Republicans are listening . STOP 
They 're *UNKED* by what they see in New Jersey , and especially Virginia , where *UNK-* GOP candidates for governor are being *UNKED* on abortion . STOP 
*CUNK* *CUNK* , a Republican consultant , says the two GOP candidates could have avoided trouble if they had *UNKED* the issue first . STOP 
-LRB- In Virginia , Marshall *CUNK* and his running *UNK* , *CUNK* *CUNK* , are both on the defensive for opposing abortions even in cases of rape or incest . -RRB- STOP 
But Mr. *CUNK* adds , `` The net *UNKER* in the next few years is the *UNK-* side . '' STOP 
*CUNK* St. Martin , of the National Right to Life Committee , says *UNK* polls from the 1988 election had *UNK-* , *UNK-* voters giving Mr. Bush about five more percentage points of support than pro-choice voters gave Michael *CUNKS* . STOP 
But the Supreme Court 's opening of debate may have changed even that . STOP 
GOP *UNKER* *CUNK* *CUNK* , of the *CUNK* Group , says polls this summer showed that the *UNK-* voters had about *UNKED* out . STOP 
*CUNKS* are no substitute for principle , but they 'll do for some politicians . STOP 
The Republican danger is that abortion could become for them what it 's long been for Democrats , a *UNK* *UNKS* test . STOP 
It 's already that in the Bush administration , at least for any job in which abortion is even *UNKLY* an issue . STOP 
Oklahoma official Robert Fulton lost a chance for a senior job in the Department of Health and Human Services after *UNK-* activists opposed him . STOP 
*CUNK* *CUNKER* , a conservative former congressman , was *UNKED* from a Legal Services post , after he gave wrong answers on abortion . STOP 
Even the president 's doctor , *CUNK* Lee , has said on the record that he 'd love to be *UNK* general but could n't pass the *UNK-* test . STOP 
In the case of *CUNK* Secretary Louis Sullivan , the *UNKS* test could yet damage issues important to other parts of the Republican coalition . STOP 
After Mr. Sullivan *UNKED* on abortion last year , the White House *UNKED* *UNKS* by surrounding him with *UNK-* *UNKS* . STOP 
Their views on health care and *UNK* did n't much matter , though *CUNK* spends billions a year on both . STOP 
It makes only a handful of *UNKED* decisions . STOP 
Though Democrats can *UNK* at all this for now , they may want to contain their *UNK* . STOP 
On abortion , their own day will come . STOP 
Eventually even Republicans will find a way to *UNK* the issue in ways that *UNK* pro-choice *UNK* . STOP 
Does the candidate favor *UNKAL* consent for *UNK-* abortions ? STOP 
-LRB- The pro-choice lobby does n't . STOP 
-RRB- What about banning abortions in the second and third *UNKS* ? STOP 
-LRB- The lobby says no again . -RRB- STOP 
*CUNK* is forcing the abortion debate toward healthy compromise , toward the *UNKING* middle . STOP 
*CUNK* *UNK* *CUNK* *UNKED* political debate , so the *UNKS* *UNKED* . STOP 
Now the *UNK* middle , a moral majority of sorts , is *UNKING* itself . STOP 
Within a few years , the outcome in most states is likely to be that abortion will be more restricted , but not completely banned . STOP 
This is where the voters are , which is where politicians usually end up . STOP 
Union Pacific Corp . third-quarter net income fell 17 % . STOP 
Excluding earnings from discontinued operations a year earlier , net fell only 2 % . STOP 
The energy , natural resources and railroad concern had net of $ *UNKN* million , or $ 1.35 a share , down from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
In the 1988 third quarter , profit from continuing operations totaled $ *UNKN* million . STOP 
A year earlier , the company had profit from discontinued operations of $ *UNKN* million from sale of a pipeline , a refinery and an interest in a second refinery . STOP 
Revenue rose 2 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
In composite trading on the New York Stock Exchange , Union Pacific jumped $ *UNKN* to $ 75 a share . STOP 
The company said its Union Pacific *CUNK* had a 3 % profit increase , despite a 14 % rise in fuel costs and a 4 % drop in car *UNKS* . STOP 
Most of the commodity traffic was off , the company said . STOP 
Earnings from continuing operations of the Union Pacific Resources unit almost doubled , the company said . STOP 
It added that higher revenue , strong crude oil prices and higher natural gas prices offset declines in production of oil , gas and plant *UNKS* . STOP 
In addition , the company cited *UNKION* moves and interest income . STOP 
Earnings from Union Pacific Realty dropped 50 % to $ 3 million . STOP 
Before good will , *CUNK* Transportation earnings fell 11 % to $ 15 million , Union Pacific said . STOP 
In the nine months , net fell 6.3 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ 4 a share , a year earlier . STOP 
Profit from continuing operations in the year-earlier period was $ *UNKN* million . STOP 
Revenue was $ *UNKN* billion , up 6 % from $ *UNKN* billion . STOP 
The Federal Trade Commission ruled that five major *UNK-* companies illegally fixed prices for title *UNKION* services by participating in joint `` rating *UNKS* '' in six states . STOP 
The FTC ordered the companies not to use rating *UNKS* in those six states . STOP 
The commission order named the following companies : *CUNK* Title Insurance Co. of California , a unit of Los Angeles-based *CUNK* ; Chicago Title Insurance Co. and *CUNK* Title Insurance Co. , units of Chicago Title & Trust Co. ; Lawyers Title Insurance Corp. , a unit of Richmond , *CUNKED* *CUNKAL* Corp. ; and Stewart Title *CUNK* Co. , a unit of *CUNKED* Stewart Information Services Corp . STOP 
Chicago Title & Trust acquired *CUNK* in 1987 and changed the unit 's name to Security Union Title Insurance Co . STOP 
The FTC ruled that the companies violated federal antitrust law by *UNKING* rates in the following states : New Jersey , Pennsylvania , Connecticut , Wisconsin , Arizona and *CUNK* . STOP 
The FTC first issued an administrative complaint in the case in 1985 . STOP 
John Christie , a lawyer here for the two Chicago Title & Trust units accused the FTC of `` *UNKING* '' *UNK-* regulations , with which , he said , his clients had *UNKED* . STOP 
`` I expect all the companies to appeal , '' he added . STOP 
A lawyer for Lawyers Title said that , because the named companies no longer use the type of cooperative rating *UNKS* attacked by the FTC , the commission 's order wo n't have much practical impact . STOP 
Officials for the other named companies did n't return telephone calls seeking comment . STOP 
*CUNK* *CUNK* INC. , *CUNK* , Alberta , said it agreed to sell 75 million Canadian dollars -LRB- US$ *UNKN* million -RRB- of 8 % convertible debentures to a group of securities dealers . STOP 
Mark , an oil and gas concern , said the *UNK-* debentures are convertible before maturity at C$ *UNKN* for each Mark common share , and can be *UNKED* at the company 's option , under certain conditions , after Nov. 30 , 1992 . STOP 
The government will try to sell all the real estate managed by the Federal Asset *CUNKION* Association in one fell *UNK* , said William Seidman , chairman of the Federal Deposit Insurance Corp . STOP 
The *CUNK* real-estate package , with an asking price of $ *UNKN* million , is *UNKED* of 150 properties in Texas , California , Colorado , Arizona and Florida . STOP 
It includes apartments , shopping centers , office buildings and *UNKED* land . STOP 
Mr. Seidman is chairman of the Resolution Trust Corp. , established to sell or merge the nation 's hundreds of insolvent savings-and-loan associations . STOP 
The RTC , created by this year 's S&L bailout legislation , is trying to sell *CUNK* 's network of offices separately . STOP 
*CUNK* , which holds problem assets of thrifts that were closed before the bailout legislation was enacted , is being *UNKED* . STOP 
The properties held by *CUNK* wo n't be sold *UNKAL* , Mr. Seidman said in a speech before Southern *CUNK* University Business School in Dallas . STOP 
`` You need to buy the entire lot , '' Mr. Seidman said , `` so get out your *UNKS* . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
*CUNK* Corp. -- $ 150 million of 9 5\/8 % notes due Oct. 15 , 1999 , priced at *UNKN* to yield *UNKN* % . STOP 
The noncallable issue was priced at a spread of 170 basis points above the Treasury 's 10-year note . STOP 
Rated *CUNK-* by Moody 's Investors Service Inc. and *UNKS* by Standard & Poor 's Corp. , the issue will be sold through underwriters led by Merrill Lynch Capital Markets . STOP 
Virginia Public School Authority -- $ *UNKN* million of school financing bonds , 1989 Series B -LRB- 1987 resolution -RRB- , due *UNKN* , *UNKN* and *UNKN* , through a *CUNK* Securities Corp. group . STOP 
The bonds , rated double-A by Moody 's and S&P , were priced to yield from 6 % in 1991 to 7.10 % in *UNKN* . STOP 
*CUNKAL* bonds were priced to yield to *UNKN* % in 2000 . STOP 
Bonds due *UNKN* carry *UNKN* % coupons and bonds due *UNKN* carry 6 3\/4 % coupons . STOP 
*CUNK* bonds due *UNKN* are n't being formally *UNKED* . STOP 
They carry a 7 % coupon . STOP 
*CUNK* bonds due *UNKN* are 7.10 % securities priced at par . STOP 
St. Johns River Water Management District , Fla. -- $ *UNKN* of land acquisition revenue bonds , Series 1989 , due *UNKN* , *UNKN* , *UNKN* and 2009 , tentatively priced by a Smith Barney , Harris Upham & Co. group to yield from 6 % in 1990 to about *UNKN* % in *UNKN* . STOP 
There are $ *UNKN* million of 7 % term bonds due *UNKN* , priced at 99 3\/4 to yield about *UNKN* % . STOP 
The $ *UNKN* of term bonds due *UNKN* and the $ *UNKN* of term bonds due 2009 are n't being formally *UNKED* . STOP 
*CUNKAL* bonds were priced at par to yield to *UNKN* % in 2000 . STOP 
The bonds are insured and rated triple-A by Moody 's and S&P . STOP 
Federal Home Loan Mortgage Corp. -- $ 500 million of Remic mortgage securities being offered in 12 classes by Salomon Brothers Inc . STOP 
The offering , Series 105 , is backed by Freddie Mac 9 1\/2 % securities . STOP 
Separately , $ 400 million of Freddie Mac Remic mortgage securities is being offered in 10 classes by Kidder , Peabody & Co . STOP 
The offering , Series 106 , is backed by Freddie Mac 9 1\/2 % securities . STOP 
According to available details , yields range from *UNKN* % , a spread of 80 basis points over three-year Treasury securities , to *UNKN* % , a spread of 230 basis points over 20-year Treasurys . STOP 
The offerings bring Freddie Mac 's 1989 Remic issuance to $ *UNKN* billion and its total volume to $ *UNKN* billion since the program began in February 1988 . STOP 
European Investment Bank -LRB- agency -RRB- -- 200 billion lire of 12 % bonds due Nov. 16 , 1995 , priced at 101 3\/4 to yield 12 % less full fees , via lead manager Banco Commercial *CUNK* . STOP 
Fees 1 3\/4 . STOP 
IBM International Finance -LRB- U.S. parent -RRB- -- 125 million European currency units of 9 1\/8 % bonds due Nov. 10 , 1994 , priced at 101 5\/8 to yield *UNKN* % at the recommended *UNKED* price of par , via *CUNK* Paribas Capital Markets . STOP 
Societe Generale Australia Ltd . -LRB- French parent -RRB- -- 50 million Australian dollars of 17 % bonds due Nov. 20 , 1991 , priced at *UNKN* to yield *UNKN* less fees , via *CUNK* Banking Corp . STOP 
Guaranteed by Societe Generale . STOP 
Fees 1 1\/4 . STOP 
Mitsubishi Trust & Banking Corp . -LRB- Japan -RRB- -- 200 million Swiss francs of privately placed convertible notes due March 31 , 1994 , with a fixed *UNKN* % coupon at par , via Union Bank of Switzerland . STOP 
Put option on March 31 , 1992 , at a fixed 107 3\/4 to yield 3.5 % . STOP 
*CUNK* from March 31 , 1992 , at 107 3\/4 , declining two points *UNKLY* to par . STOP 
Each 50,000 Swiss franc note is convertible from *CUNK* , 27 , 1989 , to March 21 , 1994 , at a premium over the closing share price Oct. 25 , when terms are scheduled to be fixed . STOP 
Also , the company issued 300 million marks of convertible bonds with an indicated 2 3\/4 % coupon due March 31 , 1995 , at par , via *CUNK* *CUNK* *CUNK* Bank . STOP 
Put on March 31 , 1992 , at an indicated 105 to yield *UNKN* % . STOP 
Call option beginning March 31 , 1992 , if the price of the stock rises more than 50 % within 30 trading days as well as a call option for tax reasons . STOP 
Each 1,000 mark and 10,000 mark bond is convertible from Nov. 27 , 1989 , to March 21 , 1995 , at a price to be determined when terms are fixed Oct. 25 . STOP 
*CUNK* Airlines System -LRB- Sweden -RRB- -- 100 million Swiss francs of 6 1\/8 % bonds due Nov. 24 , 1999 , priced at 100 3\/4 to yield *UNKN* % , via Union Bank of Switzerland . STOP 
Call from Nov. 24 , 1994 , at 101 1\/2 , declining 1\/4 point a year . STOP 
Federal Home Loan Mortgage Corp. -- $ 400 million of 10-year debentures with a coupon rate of *UNKN* % , priced at par . STOP 
The debentures , *UNK* at par in five years , were priced at a yield spread of about 86 basis points above the Treasury 10-year note . STOP 
The issue is being sold through Freddie Mac 's *UNKER* securities selling group . STOP 
The debentures mature Oct. 27 , 1999 . STOP 
The debentures will be available in *UNK-* form only in a minimum amount of $ 5,000 and additional *UNKS* of $ 5,000 . STOP 
Interest will be paid *UNKLY* . STOP 
First they get us to buy computers so we can get more information . STOP 
Then the computers give us more information than we can ever read . STOP 
Now they plan to sell us products that *UNK* through all the information to give us what we really want to know . STOP 
The products range from *UNKED* , personal *UNKS* to systems that sit inside a personal computer and pick stories on selected *UNKS* off news *UNKS* . STOP 
`` *CUNKED* news is what people want , '' says *CUNKER* *CUNK* , editor of *CUNK* *UNKN* , an industry newsletter that spots new developments . STOP 
`` Most people read 10 times more than necessary in order to find out what they really need . '' STOP 
*CUNK* *CUNK* , who dropped out of high school back in the 1970s to manage a computer network at a California research firm , says : `` Old network hands have started to turn off the network because they do n't have time to *UNK* through the *UNK* . '' STOP 
Mr. *CUNK* has started a *CUNK* Park , Calif. , company called *CUNK* Technology that provides human *UNKS* for public electronic networks . STOP 
`` I see it as a *UNK* treatment plant , '' he says . STOP 
A new product , *CUNK* , carries five business news *UNKS* simultaneously into a user 's computer and *UNKS* and *UNKS* whenever an article appears that is of interest to the user . STOP 
The product , developed by *CUNK* Data Corp. , a new company based in *CUNK* , Mass. , *UNKS* the *UNKS* looking for articles that contain key words specified by the user . STOP 
One early user , David *CUNK* , a Chicago venture *UNK* and investor in *CUNK* Data , says he uses it to track takeover developments . STOP 
He says he told *CUNK* to look for stories containing such words as takeover , acquisition , acquire , LBO , tender , merger , junk and halted . STOP 
`` I 'm pretty confident I 'm *UNKING* everything , '' he says . STOP 
*CUNK* is *UNK* : $ *UNKN* a year for a limited version , $ 40,000 a year if the cost of all the news *UNKS* is included . STOP 
And it works best in *UNKED* personal computers . STOP 
But some investors and consultants who have tried it are *UNK* . STOP 
Jeffrey *CUNKER* , editor of *CUNKER* , a *CUNK* , Mass. , industry newsletter , says : `` I 've seen a lot of people *UNKING* around on the *UNKS* of *UNKING* information . STOP 
This is the first time I 've seen something I could imagine a lot of people using . '' STOP 
*CUNK* uses an *CUNK* radio band to carry news *UNKS* provided by *CUNKS* , *CUNK-* and Dow Jones & Co. , as well as *CUNK* *CUNK* , which carries corporate press releases . STOP 
An *CUNK* *UNKER* attached to a user 's personal computer receives the information . STOP 
Some organizations have *UNKED* their own systems to sort through news wire items as they come in . STOP 
George *CUNK* , an account manager at Royal Bank of Canada , *UNKED* a Lotus Development Corp. program called *CUNK* to sort through international news *UNKS* . STOP 
It automatically *UNKS* stories from particular countries for reading by the international bankers responsible for lending in those areas . STOP 
For those who do n't need their *UNKED* information moment by moment , some services are offering overnight *UNKS* . STOP 
Individual Inc. , a new company in *CUNK* , Mass. , uses *UNKING* technology developed by *CUNK* University computer scientist *CUNK* *CUNK* , to automatically produce *UNKED* *UNKS* it *UNKS* *UNKLY* to subscribers by 8 a.m. the next day . STOP 
`` We are operating an information refinery that takes a broad stream of raw data and turns it into *UNK* knowledge , '' says *CUNK* *CUNK* , founder and president . STOP 
The daily newsletter , which is n't widely available yet , will have a base cost of $ 2,000 a year and provides full text of relevant articles under license agreements with *CUNKS* , *CUNK* Hill , United Press International , two press release news *UNKS* and Japan 's *CUNK* news service . STOP 
One early user is NEC Corp. 's U.S. printer marketing arm . STOP 
`` They want the full press releases on printer announcements by their competition , '' Mr. *CUNK* says . STOP 
It also tracks personnel and financial announcements by NEC 's distributors and customers . STOP 
Individual Inc. 's technology goes beyond word *UNKS* by using a computerized *UNKS* . STOP 
If a customer asks for stories about `` IBM , '' the computer will also supply stories that mention `` *CUNK* , International Business Machines , or Big *CUNK* , '' Mr. *CUNK* says . STOP 
Moreover , Individual Inc. 's computers can *UNK* the value of an article based on how closely the story *UNKS* the *UNKER* 's interest area . STOP 
It compares the position of key words in the story ; words in the headline or first *UNK* get a higher value . STOP 
And it *UNKS* how often the words appear in the story compared with how often they appear in the entire data base . STOP 
The higher the ratio of hits to total words , the higher the *UNKED* value to the *UNKER* . STOP 
*CUNK* Information Corp. , *CUNKLY* , Va. , a producer of $ *UNK-* *UNKED* *UNKS* about the computer industry that started full operation last month , *UNKS* on 12 human readers to code news releases by topic in order to select items for each *UNKER* . STOP 
`` The computers find all the key words they can , but the *UNKS* confirm every one . STOP 
Computer picking is n't perfect , '' says *CUNK* *CUNK* , president and founder of *CUNK* . STOP 
The humans also write *UNKS* of articles from some 200 computer industry publications . STOP 
Once all the articles are *UNKED* and put in a data base , *CUNK* 's computers pick the most relevant for each *UNKER* and lay them out in a *UNK-* newsletter *UNK* ; each newsletter is sent directly from the computer to the *UNKER* 's *UNK* machine . STOP 
Mr. *CUNK* says each of his computers can produce and send about 75 *UNUNK* *UNKS* a night . STOP 
Many computer network users who never see news *UNKS* would like to sort through their electronic mail automatically . STOP 
*CUNKED* *CUNK-* is the collection of *UNK-* *UNKS* , *UNK* , technical data , schedules and *UNKS* distributed over local and national computer networks . STOP 
`` All these *UNKED* computers make it difficult to sort out what 's junk and what 's important , '' says *CUNK* *CUNK* , a former Lotus Development executive who has started a new company to cope with the problem . STOP 
Mr. *CUNK* says his firm , Beyond Inc. , has licensed technology known as Information *CUNKS* from Massachusetts Institute of Technology and plans to develop it for commercial use . STOP 
The *CUNK* project *UNKED* ways for *CUNK-* to be automatically *UNKED* as top priority if it comes from certain designated *UNKS* or requires action in the next couple of days . STOP 
Mr. *CUNK* says that Beyond will *UNK* the product `` so the message will be smart enough to know to come back and *UNKER* you again next week . '' STOP 
And if a user is busy , `` he can set it for crisis *UNK* : ` Do n't *UNKER* me with reports until Monday . ' '' STOP 
A program called Notes , which is under development by Lotus , also is designed to sort *CUNK-* sent within work groups . STOP 
One thing that makes *CUNK-* difficult to *UNK* through is that each item looks the same . STOP 
Notes , which is designed for advanced computers that display graphics , allows mail *UNKS* to put different *UNKS* on their mail . STOP 
A daily news *UNKING* from the company *UNK* , for example , would have a *UNK* *UNK* on the screen , just as a paper version would have . STOP 
`` With *CUNK-* , you do n't have the *UNKAL* *UNKS* of paper , '' says Mr. *CUNKER* , the editor of *CUNKER* . STOP 
`` With Notes , they 're *UNKLY* *UNK* . STOP 
Dean Witter Reynolds Inc. lost its second recent *UNKION* case involving a former *UNKING* executive . STOP 
A New York Stock Exchange *UNKION* panel ordered Dean Witter to pay $ *UNKN* in back bonuses to William *CUNKLY* , the company 's former head of high-yield , high-risk junk-bond trading and sales . STOP 
It also awarded $ *UNKN* in back bonuses to former trader Michael *CUNK* and $ *UNKN* in fees to the two men 's attorneys . STOP 
The *UNKS* awarded to Messrs. *CUNKLY* and *CUNK* represent bonuses the two men said they *UNKED* from the first half of 1988 , but which were n't paid because of a dispute over an incentive contract . STOP 
Jeffrey L. *CUNK* , the two men 's attorney at *CUNK* , *CUNK* , *CUNK* & Robinson , said Mr. *CUNKLY* began working at Dean Witter in 1987 . STOP 
Mr. *CUNKLY* built the company 's high-yield bond group , which has been a minor player in the junk-bond *UNK* . STOP 
Dean Witter lost a separate case involving a former bond executive earlier this year ; in August it paid $ *UNKN* in back pay and a bonus to a former *UNK-* trading chief , Harold *CUNK* . STOP 
That award ended a dispute between Dean Witter and Mr. *CUNK* over who was responsible for certain *UNKING* losses around the time of the 1987 stock-market crash . STOP 
A spokesman for Dean Witter , a unit of Sears , Roebuck & Co. , declined to comment . STOP 
*CUNK* *CUNK* *CUNK* Inc. said it offered $ 50 million of 9 1\/2 % debentures due 2001 at par . STOP 
The Little Rock , *CUNK* , department-store retailer said proceeds will be used to reduce short-term debt . STOP 
Goldman , Sachs & Co. was the underwriter . STOP 
American Brands Inc. said third-quarter net income rose 13 % , reflecting strong gains in its tobacco and *UNKED* spirits businesses . STOP 
The company , which also has businesses in life insurance , office products and hardware , and *UNK-* products , said net income rose to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
*CUNKER* results for the quarter and the nine months were restated to reflect a change in accounting standards . STOP 
Revenue declined 2 % , to $ *UNKN* billion from $ *UNKN* billion , because of the sale of *CUNK* Life in March , and the impact of the stronger U.S. dollar on overseas results . STOP 
Operating profit for world-wide tobacco products rose 10 % to $ *UNKN* million . STOP 
For *UNKED* spirits , operating profit rose 36 % , to $ *UNKN* million . STOP 
In the first nine months , net rose 1.5 % , to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
The year-earlier period included $ *UNKN* million , or 41 cents a share , from discontinued operations . STOP 
Revenue rose to $ *UNKN* billion from $ *UNKN* billion . STOP 
The average number of shares outstanding rose 2 % in the third quarter but was down 4 % for the nine months . STOP 
In composite trading on the New York Stock Exchange , American Brands shares rose $ 1.75 to $ 73 . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* *CUNK* Limited Partnership , of Los Angeles , increased its quarterly cash dividend to 60 cents a unit from 55 cents , payable Nov. 14 to units of record Oct. 31 . STOP 
The company is an independent *UNKS* pipeline serving six Western states . STOP 
*CUNK* *CUNK* *CUNK* after the stock market 's *UNKER* ride . STOP 
Lawmakers , *UNKED* by charges that some of their comments contributed to the 1987 crash , generally *UNK* away from calls for sweeping new legislation . STOP 
But a House Energy and Commerce subcommittee will *UNK* SEC Chairman Breeden Wednesday , and Treasury Secretary Brady will go before the Senate Banking panel Thursday . STOP 
The market 's wild week may speed along the *UNK-* legislation that has been pending for months in the aftermath of the 1987 crash . STOP 
It may also *UNK* the SEC 's modest pending changes in junk-bond disclosure rules and *UNK* the Treasury 's look at plans for giving new tax breaks on dividends and raising taxes on short-term trades by pension funds . STOP 
Brady and Breeden work well together on the plunge , despite the fact that the Treasury secretary opposed Breeden 's *UNKION* to the SEC post . STOP 
*CUNK* *CUNK* in the *CUNK* amid Israeli *UNKS* and Palestinian politics . STOP 
Despite seeing his plan for *CUNK-* elections *UNKER* , the cautious secretary of state is so far *UNKING* to cut U.S. economic or military aid to force Israeli cooperation . STOP 
Baker nonetheless remains *OUS* both at *CUNK* , for backing down on the elections , and at *CUNK* 's rival , *CUNKS* , for political *UNK* in forcing a *UNK* cabinet vote on Baker 's plan . STOP 
Meanwhile , some U.S. officials fear PLO chief Arafat is getting cold feet and may back off from his recent *UNKION* and *UNKION* of terrorism . STOP 
He is under intense fire from other Palestinian groups ; *CUNK* is pushing *CUNK* *CUNK* , whose *UNK* band is blamed for the Pan Am 103 *UNKING* , as an alternative to Arafat . STOP 
*CUNK* *CUNK* on the budget and capital gains hurt him in Congress . STOP 
Republicans as well as Democrats were *UNKED* by the budget director 's rejection of Speaker Foley 's effort to *UNK* a *UNKING* measure by *UNKING* it of the capital-gains tax cut as well as *UNK* Democratic projects . STOP 
Darman now *UNKS* the *UNK* on *UNKION* , but House GOP leader *CUNK* , who carried the offer to him , *UNKS* , `` I was *UNKING* English at the time , and quite *UNK* so I could be understood . '' STOP 
Senate GOP leader Dole *UNKS* the budget chief on the Senate floor . STOP 
Democratic counterpart Mitchell , asked to interpret Darman 's threat to make permanent the *UNK-* Gramm-Rudman cuts that took effect this week , says , `` I do n't even *UNKER* to interpret them . '' STOP 
But Darman suggests such *UNKS* will *UNK* quickly . STOP 
`` If I can show signs of maturity , almost anybody can , '' he *UNKS* . STOP 
*CUNK* *CUNK* expect Secretary Sullivan to continue a ban on research using *UNKAL* tissue . STOP 
Before he was confirmed , Sullivan said he had `` *UNKS* about any *UNK* *UNKS* on medical research . '' STOP 
But now , an official says , he is `` *UNKED* by *UNKS* , '' who contend that any *UNKS* in *UNK-* research could increase the demand for abortions . STOP 
*CUNK* *CUNK* on weapons development between the U.S. and Europe . STOP 
Britain , France and Italy pull out of a proposal to build new NATO *UNKS* ; the U.S. and West Germany have each withdrawn from missile projects . STOP 
Defense experts say joint projects are increasingly squeezed by budget pressures and the desire to save domestic jobs ; some also fear rising *UNK* as European *UNUNK* *UNKS* . STOP 
*CUNK* *CUNK* *CUNK* : STOP 
Virginia GOP *UNK* governor candidate *CUNK* *CUNK* tries to have it both ways on the abortion issue . STOP 
Though she opposes abortion in almost all cases , she *UNKS* a TV commercial using pro-choice *UNKS* . STOP 
`` A woman ought to have a choice in cases where her life or health are in danger and in cases of rape or incest , '' she *UNKS* . STOP 
*CUNK* *CUNK* : STOP 
Interest in the abortion issue is so great that the *CUNK* , a daily , *UNKED* political newsletter , comes up with a spinoff product called the *CUNKION* Report dealing solely with its political implications . STOP 
*CUNK* *CUNK* Bush to *UNK* their majority on a key court . STOP 
Bush has three *UNKS* to fill on the *OUS* D.C. Circuit Court , which *UNKS* many important regulatory issues and is often considered a *UNK-* for future Supreme Court *UNKS* . STOP 
Conservatives now hold only a *UNKN* edge . STOP 
One *UNK* is expected to go to *CUNK* Chairman *CUNK* Thomas , a black conservative ; after *UNKING* a fight , *UNKS* now probably wo n't put up a major struggle against him . STOP 
Other conservatives thought to be on the administration 's short list include Washington lawyer Michael *CUNK* , who was passed over for the No. 2 job at the Justice Department , and Marshall *CUNKER* , chairman of a U.S. agency on administration . STOP 
The Bush administration would also like to *UNK* a woman ; one possibility is former Justice Department official *CUNK* *CUNKING* . STOP 
*CUNK* *CUNK* : STOP 
In the wake of the failed Panama coup , a *UNKER* *UNKER* appears : `` *CUNK* *CUNK* *CUNK* *CUNK* *CUNK* . '' ... STOP 
Rep. Garcia , on trial for *UNK* and *UNKION* , puts statements in the Congressional *CUNK* *UNKING* missed votes to `` *UNKING* conflicts . '' ... STOP 
A GOP Senate *UNKING* letter from Sen. *CUNKS* of *CUNK* is made to appear personally written , and its opening line is , `` *CUNK* excuse my *UNKING* . '' STOP 
But *CUNKS* *UNKS* in an interview : `` That 's not my *UNKING* . STOP 
*CUNK* *CUNK* Inc. , New York , declared an initial quarterly of 60 cents a share payable Nov. 15 to shares of record Oct. 30 . STOP 
The announcement boosted the *UNKING* company 's shares , which closed at $ *UNKN* , up $ 1.25 a share , in composite trading on the American Stock Exchange . STOP 
The company , which went public in May , intends to pay dividends from available cash flow ; the amount may vary from quarter to quarter . STOP 
*CUNKER* since the *UNKLY* *UNKED* America 's Cup race last year , the famous *UNKING* match has run into more rough *UNKING* out of the water than in it . STOP 
Now that a key member of the San Diego *CUNK* Club team is *UNKING* off to form his own team , even more competition lies ahead . STOP 
Peter *CUNKER* , the winning *UNK* in the past two America 's Cup challenges , has split from the team led by Dennis Conner , *UNKER* of the *OUS* *CUNKS* & *CUNKS* , to form his own team for the next contest in 1992 . STOP 
And , in addition to a crack team of *UNKS* , Mr. *CUNKER* has *UNKED* up some real *UNKS* to help him finance the syndicate . STOP 
*CUNKER* *CUNKING* International 's advisory board includes Ted Turner , Turner Broadcasting chairman and a former Cup *UNK* ; Peter G. *CUNKS* , head of *CUNKS* Communications , and Joseph B. *CUNK* , chairman and chief executive of *CUNKS* Inc . STOP 
His *UNKING* committee includes other *UNK* businessmen , including the California investor and old *UNK* Roy E. Disney . STOP 
`` We have the structure , people and plan , '' Mr. *CUNKER* said in a statement . STOP 
Now , the first order of business is raising enough money to keep his team *UNK* -- a new *UNK* will cost about $ 3 million alone , and *UNKING* syndicate budgets can easily run to $ 25 million for a Cup challenge . STOP 
The split comes in the midst of a court battle over whether the San Diego *CUNK* Club should be allowed to keep the international *UNK* for *UNKING* a *UNK* against the New Zealand *UNKS* ' *UNK-* *UNK* . STOP 
In September , a New York appellate court *UNKED* a state judge 's ruling that awarded the Cup to the New Zealand team . STOP 
*CUNKING* an appeal by the New Zealand team , led by Michael *CUNK* , the *UNKS* for the next Cup challenge are scheduled to be held in *UNK-* in San Diego . STOP 
But because of the uncertainty of the outcome of the suit , Mr. Conner 's team has done little to begin *UNKING* up to defend its title . STOP 
`` If you do n't know what the rules of the game are , it 's hard to start your *UNKING* or design , '' said *CUNK* Smith , an official with *CUNK* Dennis Conner . STOP 
The Conner team wo n't be able to negotiate with corporate sponsors until the suit is resolved and the race site is determined , Mr. Smith said , and the syndicate 's budget could easily reach $ 30 million . STOP 
But *UNK* for both Mr. *CUNKER* and Mr. Conner say the formation of the new syndicate has to do with Mr. *CUNKER* 's desire to *UNKER* his own team and begin planning now , rather than any falling out between the two *UNK* . STOP 
Mr. Smith and a spokesman for the America 's Cup *CUNKING* Committee insist that the added competition for the *UNKER* 's spot will only improve the race . STOP 
Missouri farmer *CUNK* *CUNK* writing in the fall issue of the *CUNK* Foundation 's Policy Review about the proposed location of a *UNK-* *UNK* in his *UNK* : STOP 
Of course I 'd rather have a computer software firm in my *UNK* than a *OUS* waste *UNK* . STOP 
But I 'd also rather live next door to an *UNK* than to some of the *UNK* farms I 've seen -LRB- and *UNK* -RRB- in these parts . STOP 
An *UNK* is also probably better than having nobody next door -- on our farm there are four *UNKED* houses . STOP 
On my *UNK-* drive to farm headquarters each morning , I drive by another four empty houses . STOP 
A community of abandoned *UNKS* , failing businesses , and *UNKING* roads and bridges is hardly a desirable one ... . STOP 
The loss of 40 jobs by a depressed *UNK* in rural Missouri is hardly of national importance except for this : If the most *UNKLY* safe way of dealing with a national problem can not be built in *CUNK* County , what hope have we for dealing with the *UNKS* our economy produces ? STOP 
After all , farmers here work with `` *OUS* '' chemicals every day , many of them the same chemicals that would have been destroyed in the *UNK* . STOP 
We know they are dangerous , but if handled with care , their benefits far *UNK* any risk to the environment . STOP 
Just because Stamford , Conn. , High School did nothing when its valuable 1930s *UNKAL* was thrown in the *UNK* does n't mean the city no longer owns the work of art , a federal judge ruled . STOP 
The *UNKAL* , now valued at $ 1.3 million according to *UNKS* , was *UNKED* in a *UNK* *UNK* in 1971 by workers who were *UNKING* the building . STOP 
The *UNK-* *UNKAL* , painted by James *CUNK* in *UNKN* , was *UNKED* by the federal *CUNKS* *CUNK* Administration . STOP 
After the *UNKED* *UNKAL* was found outside the school by a concerned Stamford *UNK* , it eventually was turned over to *CUNK* *CUNKER* , a professional art *UNKER* . STOP 
*CUNK* the 1970s , Stamford school and city officials made no effort to *UNK* the *UNKAL* . STOP 
*CUNKLY* the officials did n't even know the *UNKAL* was missing until 1980 , when a researcher found that the painting was in Mr. *CUNKER* 's studio and questioned school officials about it . STOP 
In 1986 , Stamford officials *UNKED* Mr. *CUNKER* for taking care of the *UNKAL* -- and demanded he return it as soon as possible . STOP 
Mr. *CUNKER* , however , sued Stamford , claiming that the city had abandoned the *UNK* and that it had waited too long to *UNK* it . STOP 
But Judge Louis L. *CUNK* of federal court in Manhattan ruled that the city could n't be *UNKED* for waiting too long because it did n't realize until 1986 that its ownership of the painting was in dispute . STOP 
The judge also ruled that the painting was n't abandoned because officials did n't intend for it to be thrown away and were *UNUNK* that the *UNK* had *UNKED* it . STOP 
Mr. *CUNKER* did n't return phone calls seeking comment on the judge 's decision . STOP 
The judge ordered that a hearing be held Nov. 17 to determine how much the city should pay Mr. *CUNKER* for his services . STOP 
Mary E. *CUNKER* , corporate counsel for Stamford , said the city has discussed several possible plans for *UNKING* the *UNKAL* , which *UNKS* various *UNKS* from the Great *CUNKION* . STOP 
She said the *UNKAL* `` *UNKS* an era in Stamford and in our country when this type of work was being done . STOP 
The prices of corn futures contracts jumped amid rumors that the Soviet Union is keeping up its *UNKING* October buying *UNK* of U.S. corn . STOP 
Those rumors were confirmed after the end of trading yesterday when the U.S. Agriculture Department announced that the Soviets had bought 1.2 million metric tons of U.S. corn , bringing their U.S. corn purchases confirmed so far this month to about five million metric tons . STOP 
In trading at the Chicago Board of Trade , the corn contract for December delivery jumped *UNKN* cents a *UNK* to settle at $ *UNKN* a *UNK* . STOP 
The Soviet purchases are close to exceeding what some analysts had expected the Soviet Union to buy this fall , the season in which it usually buys much of the corn it imports from the U.S. . STOP 
That pace is causing some analysts to speculate that the Soviet Union might soon purchase as much as another two million metric tons . STOP 
One sign that more Soviet purchases are possible is that U.S. grain companies yesterday bought an unusually large amount of corn futures contracts . STOP 
That sometimes signals that they are *UNKING* plans to export corn . STOP 
By some estimates , several grain companies combined bought contracts for the *UNKION* of roughly one million metric tons of corn . STOP 
By buying futures contracts , these companies attempt to protect themselves from swings in the price of the corn that they are *UNKED* to deliver . STOP 
*CUNKS* of Soviet interest also pushed up the prices of soybean futures contracts . STOP 
Among other things , the Agriculture Department is widely thought to be *UNKING* whether to *UNK* the sale of soybean oil to the Soviet Union . STOP 
On top of all this , corn and soybean prices rose on reports that the Midwest harvest was disrupted by a *UNKLY* early *UNK* storm that dumped several inches in parts of *CUNK* and Ohio . STOP 
The harvest delays , however , are expected to be temporary . STOP 
*CUNK* temperatures are forecast for next week , said Robert *CUNK* , an analyst at Farmers *CUNK* & *CUNK* Corp. , Chicago . STOP 
Many farmers used the jump in prices to sell their recently *UNKED* crop to grain *UNK* companies . STOP 
The heavy selling by farmers helped to damp the price rally . STOP 
*CUNK* futures prices rose slightly . STOP 
In other commodity markets yesterday : STOP 
*CUNK* *CUNK* : STOP 
Futures prices declined . STOP 
A number of developments were *UNKLY* interpreted by traders . STOP 
December delivery gold fell $ *UNKN* an ounce to $ *UNKN* . STOP 
December silver eased 2.7 cents an ounce to $ *UNKN* . STOP 
January platinum was down $ *UNKN* an ounce at $ *UNKN* . STOP 
One *UNKING* development was the *UNKED* increase of only 0.2 % in the consumer price index for September , an analyst said . STOP 
He noted that the `` core inflation rate , '' which *UNKS* food and energy , was also low at 0.2 % . STOP 
Other news that *UNKED* on the market : *CUNKAL* unemployment claims rose by *UNKN* last week ; American Telephone & Telegraph Co. will reduce its *UNKAL* staff by 15,000 through *UNKION* ; the oil market turned weaker ; there was n't any investor demand for *UNKION* ; and the dollar strengthened during the day , putting pressure on gold . STOP 
Also , the analyst said , economic circumstances are such that both South Africa and the Soviet Union , the principal gold and platinum producers , are being forced to continue selling the metals . STOP 
Both are in great need of foreign exchange , and South Africa is also under pressure to meet foreign loan commitments , he said . STOP 
`` *CUNKING* it all together , we have a negative scenario that does n't look like it will improve overnight , '' he said . STOP 
*CUNK* : STOP 
Futures prices recovered in quiet trading . STOP 
The December contract rose 1.50 cents a pound to $ *UNKN* . STOP 
That contract fell a total of *UNKN* cents during the first three days of this week , mostly in reaction to last Friday 's stock market plunge , which prompted concern that it might signal a similar sharp slowing of the U.S. economy and thus reduced demand for copper , a leading industrial metal . STOP 
In recent days , however , there has been increased purchasing of copper in London , an analyst said . STOP 
Some of this buying was by Japan , which has had its supplies sharply reduced by long production *UNKS* at the *CUNK* mine in *CUNK* New *CUNK* , *CUNK* Valley mine in British Columbia , and the *CUNK* mine in Mexico , which are major shippers to Japan . STOP 
The increasing likelihood that *CUNK* and *CUNK* Valley will soon return to production may have cut some of that purchasing , but even if any of these mines begin operating soon , their output wo n't be significant until at least the end of the year , analysts note . STOP 
So , one analyst said , even though the long-term production problems may be easing , there will still be a significant need for copper over the next three months , when inventories will remain relatively low . STOP 
*CUNK* : STOP 
*CUNK* oil prices ended mixed . STOP 
West Texas *CUNK* for November delivery fell 14 cents a barrel to $ *UNKN* . STOP 
But so-called *UNKER* month contracts finished higher . STOP 
For instance , December contracts for *CUNK* rose 17 cents to $ *UNKN* . STOP 
Most energy futures opened lower , following Wednesday 's market downturn . STOP 
But a *UNK* of late trading yesterday *UNKED* up prices . STOP 
*CUNKING* oil and gasoline futures ended higher as well . STOP 
*CUNK* *CUNK* 's San Francisco law offices may have been the epicenter of legal activity after Tuesday 's earthquake . STOP 
In the first 25 minutes after his office 's telephone service was restored yesterday morning , 17 potential clients had called seeking the services of the *UNKED* King of *CUNKS* . STOP 
Mr. *CUNK* , like many other *UNK-* lawyers , *UNKS* that the earthquake , which measured 6.9 on the Richter scale , will generate enough lawsuits to keep this city 's *UNK-* and construction lawyers busy for quite some time . STOP 
*CUNKS* are likely to be filed against engineering firms , contractors and developers , as well as against *UNK-* agencies . STOP 
But lawyers looking to cash in on the quake may have a tough time once their cases reach a judge . STOP 
*CUNKS* on California *UNK* law say *UNKS* *UNKED* government agencies in such cases are pretty *UNK* . STOP 
Even claims against individuals and companies face significant *UNKS* . STOP 
The major legal barrier is the principle that no one can be held *UNK* for an `` act of God . '' STOP 
For now , says *CUNK* *CUNK* , *UNK-* of the *UNKER* California *CUNKAL* Lawyers Association , `` the last thing we really need to worry about is whether anybody is going to get sued , or whether they have liability or not . STOP 
We still have people *UNKING* around in a *UNK* in San Francisco *UNKING* about whether it 's going to rain tonight . '' STOP 
But that wo n't stop plaintiffs ' lawyers from seeking a little room for *UNKING* . STOP 
In San Francisco , they argue , an earthquake was a near *UNK* . STOP 
*CUNK* , engineering firms , construction contractors and developers can be sued for not keeping structures up to standard , and government agencies can be held *UNK* for failing to properly protect citizens from such a *UNK* disaster , if *UNK* can be proven . STOP 
`` My *UNKION* is there will be mass litigation over errors and *UNKS* in engineering and *UNKING* , '' says Stanley *CUNK* , a well-known Cincinnati plaintiffs lawyer . STOP 
From what he saw on television , Mr. *CUNK* points out that Interstate *UNKN* , which collapsed and killed more than 200 commuters , suffered serious damage while surrounding buildings appeared to sustain no damage *UNKER* . STOP 
He adds that `` they were aware of the *UNK* for earthquakes and the San *CUNKS* *CUNK* . '' STOP 
The *UNK* and *OUS* Mr. *CUNK* says he already has investigators looking into who could be held *UNK* for the damage on the Bay Bridge and the interstate *UNKING* it . STOP 
`` We wo n't know until the smoke *UNKS* -- but yes , we 're looking into it , '' he says . STOP 
Mr. *CUNK* says he wants to know whether state or federal engineers or private companies could have prevented the damage . STOP 
Mr. *CUNK* , who was at Candlestick Park for the World Series Tuesday night , says he has hired civil engineers to check out his own *UNKLY* damaged building and to investigate the bridge collapse . STOP 
Defense lawyers , perhaps *UNKLY* , say that plaintiffs ' lawyers taking such an approach will have little success in pursuing their claims , though they add that the facts of each case must be looked at *UNKLY* . STOP 
`` A lot of this is going to be *UNKED* , '' says *CUNK* J. *CUNK* , a construction law specialist at *CUNK* , *CUNK* & *CUNK* , a San Francisco law firm . STOP 
*CUNKS* , he says , will argue that damaged structures were n't built to proper design standards . STOP 
But if defendants can prove that they met San Francisco 's *UNK* building *UNKS* , `` that 's probably going to protect them , '' Mr. *CUNK* says . STOP 
Government entities , continues Mr. *CUNK* , could be protected by the California Government *CUNK* *CUNK* Act . STOP 
Under the statute , agencies are provided `` *UNKS* that normally are n't available in the private sector , '' Mr. *CUNK* says . STOP 
`` The legislature does not want to *UNK* the *UNUNK* government activities by *UNKING* public entities to liability . '' STOP 
*CUNK* into the statute are so-called design *UNKS* , which are likely to protect government agencies , according to Mr. *CUNK* and Richard *CUNK* , a lawyer with the California Department of Transportation , which oversees the damaged Bay Bridge . STOP 
The state is protected when plans and designs for public structures were approved ahead of time or when structures met previously approved standards , says Mr. *CUNK* . STOP 
He believes those *UNKS* might well apply to the Bay Bridge collapse . STOP 
Nevertheless , he adds , `` I would n't get totally *UNKED* if we get lawsuits out of the Bay Bridge . '' STOP 
If there 's going to be a race to the *UNK* , it has n't started yet . STOP 
Mr. *CUNK* had to search through law books *UNKED* on the floor of his office yesterday , and Mr. *CUNK* 's *UNK* was *UNK* with *UNKS* . STOP 
Wednesday , Mr. *CUNK* 's staff was n't permitted into his office by city officials worried about their safety . STOP 
He said he set up shop on the *UNK* in front of his *UNK-* office and helped victims apply for federal aid -- free of charge . STOP 
In a news release issued by Mr. *CUNK* , the trial lawyers association also promised free assistance to victims . STOP 
The association said it would monitor the conduct of lawyers and warned that solicitation of business is *UNUNK* . STOP 
What 's in a name ? STOP 
*CUNKLY* a lot , according to the British firm of Deloitte , *CUNKS* & Sells . STOP 
The British firm has begun court proceedings in London to prevent the use of the name `` Deloitte '' by Deloitte , *CUNKS* & Sells and *CUNK* Ross & Co. in England and the rest of the world . STOP 
The British Deloitte firm recently withdrew from the merger of Deloitte and *CUNK* world-wide and joined Coopers & *CUNK* . STOP 
John *CUNK* , senior partner of Deloitte in the U.K. , said `` the decision to start these proceedings has n't been taken *UNKLY* . '' STOP 
Mr. *CUNK* said the British firm has used the name `` Deloitte '' since *UNKN* . STOP 
In the U.S. , Deloitte , *CUNKS* & Sells was known as *CUNKS* & Sells until 1978 , when it added the `` Deloitte '' name of its British affiliate . STOP 
John C. *CUNK* , an accounting professor at Columbia University 's *CUNK* School of Business , said `` there 's a lot of *UNKION* involved in the name of an accounting firm with a long history and with *UNKS* in England , where accounting *UNKS* the U.S. . '' STOP 
Although accountants are n't noted as `` being deeply emotional , they really hold it all in , '' said Mr. *CUNK* , former chief *UNK* of the Securities and Exchange Commission . STOP 
J. Michael *CUNK* , chairman of Deloitte , *CUNKS* & Sells International , said he believes the legal action by the British firm `` to be without merit . '' STOP 
Mr. *CUNK* said that last June , the international executive *UNKS* of Deloitte and *CUNK* agreed to a world-wide merger . STOP 
`` The merger is proceeding according to plan , except as to the withdrawal of the Deloitte U.K. firm , '' he said . STOP 
Partners at other accounting firms say that the Deloitte firm in the U.K. is filing the suit to get even with the merged *CUNK-* firm for keeping major *UNKING* work in England . STOP 
General Motors Corp. , a Deloitte audit client , for example , has agreed to keep its annual $ 18 million world-wide audit and associated tax work with the merged *CUNK-* firm , to be known as Deloitte & *CUNK* in the U.S. . STOP 
In England , this would mean that the British Deloitte would lose revenue for its audit of GM 's *CUNK* unit . STOP 
The *UNKION* of Deloitte 's affiliates in Britain and the Netherlands to Coopers & *CUNK* will make Coopers one of the biggest accounting firms in Europe , *UNKING* *CUNK* *CUNK* *CUNK* there . STOP 
Although Coopers has n't been *UNKED* by other major accounting firms for a merger , it is *UNKING* greatly from *UNK* from the *CUNK-* merger . STOP 
In New York , Harris *CUNK* , general counsel of Coopers , said Coopers `` was aware of the litigation , '' but he declined further comment . STOP 
He also declined to comment on the name that Coopers would use in England if Deloitte *CUNK* won its litigation to keep its name . STOP 
Coopers uses the Coopers & *CUNK* name world-wide . STOP 
William Bennett , the White House *UNK-* director , accused local officials in the Washington area of blocking construction of prison facilities to house convicted drug dealers . STOP 
`` *CUNKS* has essentially put up a *UNK* '' to finding sites for new federal *UNKS* , Mr. Bennett said at a news conference called to report on his `` emergency assistance program '' for the capital . STOP 
Without more space to *UNK* convicted criminals , he added , `` we will not win the war on drugs . '' STOP 
Mr. Bennett declared in April that he would make Washington a `` test case '' for how the Bush administration would aid cities *UNKED* by heavy drug *UNKING* and violence . STOP 
The drug *UNK* claimed that enforcement efforts are working here , `` *UNK* at a slower and more *UNKING* pace than we would like . '' STOP 
He acknowledged , however , that Washington 's `` *UNKED* murder rate is *UNKLY* high . STOP 
The *UNKS* are too crowded . STOP 
*CUNKS* continue to be sold openly around schools , *UNKS* and housing projects . '' STOP 
Mr. Bennett declined to name the area officials who he believes have *UNKED* plans for building more federal *UNKS* to ease Washington 's problem . STOP 
But other Bush administration officials have criticized Maryland Gov. William *CUNKER* for blocking the use of possible sites in that state . STOP 
Administration officials also have said that Washington Mayor *CUNKION* Barry has delayed consideration of sites in the city . STOP 
In a letter to Mr. Bennett 's office , released yesterday , Washington 's city *UNK* , Carol Thompson , complained that the drug *UNK* had *UNKED* the amount of federal *UNKED* assistance provided to the capital . STOP 
*CUNKING* to Mr. Bennett 's claim that the federal government would provide $ 97 million in emergency federal support , Ms. Thompson wrote , `` Our analysis was unable to even come close to *UNKING* that figure . '' STOP 
Of his *UNKS* in Washington , Mr. Bennett *UNKED* that existing federal *UNKS* have taken *UNK* of *UNKN* local *UNKS* . STOP 
He also noted that the federal Drug *CUNK* Administration has established a *UNKAL* task force responsible since April for 106 *UNKS* and more than $ 2 million in *UNKS* of drug dealers ' assets . STOP 
The Defense Department has *UNK* the Washington U.S. attorney 10 prosecutors , and the Federal Bureau of Investigation has provided crime laboratory facilities and training , he added . STOP 
What if it happened to us ? STOP 
In the wake of the earthquake in California and the *UNKION* of Hurricane Hugo , many companies in *UNK-* areas are *UNKING* the question of *UNKS* . STOP 
Some , particularly in West Coast earthquake *UNKS* , are *UNKING* off their *UNKION* plans , *UNKING* food stocks and *UNKING* employees of what to do if emergency strikes . STOP 
Others say they feel confident that steps they 've already taken would see them through a disaster . STOP 
*CUNKS* involves more than *UNKS* and fire *UNKS* these days . STOP 
Some big companies have teams of in-house experts focusing on safety and business *UNKION* . STOP 
Many companies in the path of potential disaster have set up *UNK* offices in safe regions , hoping they can transport employees there and resume operations quickly . STOP 
That means making sure that copies of *UNKAL* computer software and company records are out of harm 's way . STOP 
Some businesses -- like *CUNK* -- claim that even if they became isolated in a crisis , they would be able to feed and care for their people for as long as five days . STOP 
`` *CUNK-* has to be the *UNK* of your plan , '' says *CUNK* *CUNK-* , manager of corporate emergency planning at Atlantic *CUNK* Co. in Los Angeles . STOP 
`` If you do n't save your critical people , you wo n't be able to bring up your *UNKAL* business functions . '' STOP 
Although *CUNK* 's head office , more than 300 miles from the epicenter , was n't affected by this week 's tremors , Ms. *CUNK-* used the *UNKION* to distribute a *UNK-* memo of `` *CUNK* *CUNKS* '' to *UNKN* *CUNK* employees . STOP 
`` You need to *UNK* on these moments when you have everyone 's attention , '' she says . STOP 
`` It was a good reminder that we all need to prepare prior to an event . '' STOP 
The *CUNK* memo *UNKS* employees to keep certain supplies at work , such as solid shoes and `` heavy *UNKS* to clear *UNKS* . '' STOP 
It also recommends that employees be aware of *UNK* office items that could be used for emergency care or *UNKER* . STOP 
Among the suggestions : *CUNK* and men 's ties could be used for *UNKS* , while *UNK* *UNK* *UNKS* might aid in `` breaking through office walls . '' STOP 
*CUNK* maintains an office in Dallas that would take over if payroll operations in *CUNK* were disrupted . STOP 
Two months ago the company set up a *UNK-* number , based outside California , to handle *UNKS* from employees about when they should report back to work after an earthquake or other disaster . STOP 
The *CUNK* plan takes into account such details as which aspects of business are *UNKER* at certain times of the year . STOP 
This way , depending on when a quake might strike , priorities can be assigned to departments that should be brought back on line first . STOP 
At Hewlett-Packard Co. , the earthquake came just as the company was reviewing its own emergency procedures . STOP 
`` We were talking about *UNKING* a practice *UNK* for November , '' says *CUNK* *CUNK* , a spokeswoman . STOP 
`` Then we had a real one in the afternoon . '' STOP 
The Palo Alto , Calif. , computer maker scrambled to set up a special phone line to tell manufacturing and support staff to stay home Wednesday . STOP 
Sales and service employees were asked to report to work to help Bay area clients who called with computer problems . STOP 
Hewlett-Packard also called in its systems experts to restore its own computer operations . STOP 
`` That means we can accept orders '' and begin getting back to normal , says Ms. *CUNK* . STOP 
*CUNKED* by an earlier California earthquake , as well as a fire in a Los Angeles office tower , Great Western Bank in the past year hired three emergency planners and spent $ *UNKN* *UNKING* a *UNKER* with communications gear to serve as an emergency headquarters . STOP 
Although officials of the savings and loan , a unit of Great Western Financial Corp. , used some of their new plans and equipment during this week 's quake , they still lost touch for more than 24 hours with 15 branches in the affected areas , not knowing if employees were injured or *UNKS* were broken open . STOP 
`` Some people flat out did n't know what to do , '' says Robert G. Lee , vice president for emergency planning and corporate security at Great Western . STOP 
As it turned out , bank employees were n't hurt and the *UNKS* *UNK* the *UNKS* . STOP 
Still , says Mr. Lee : `` We need to *UNK* people that they need to get to a phone somehow , some way , to let someone know what their status is . '' STOP 
Some companies are confident that they 're prepared . STOP 
Occidental Petroleum Corp. holds regular *UNKION* *UNKS* and stocks food , *UNK* and *UNKION* drugs at *UNKS* in its *UNK-* headquarters . STOP 
The company also maintains *UNK* *UNKS* in offices and changes its *UNK* supply of drinking water every three months . STOP 
`` We feel we are doing everything we can , '' an Occidental spokesman says . STOP 
Walt Disney Co. 's *CUNK* in *CUNK* , Calif. , stocks rescue equipment , medical supplies , and enough food and water to feed at least 10,000 visitors for as long as five days in the event that a *UNK* *UNKS* the theme park . STOP 
The park also has emergency centers where *UNKLY* *UNKED* employees would go to coordinate *UNKION* and rescue plans using *UNKS* , cellular phones , and a *UNKS* system . STOP 
The centers are complete with *UNKS* *UNKING* utility lines *UNK* *UNKS* and `` safe *UNKS* '' where people can be assembled away from major structures . STOP 
*CUNK* Chemical Co. , with three chemical plants in and near Lake Charles , *CUNK* , `` *UNKS* for every hurricane that *UNKS* the Gulf of Mexico , '' says Keith L. *CUNK* , a company safety director . STOP 
Hurricane Hugo , an Atlantic storm , did n't affect *CUNK* . STOP 
But two other major *UNKS* have threatened operations so far this year , most recently Hurricane Jerry this week . STOP 
Because *UNKS* can change course rapidly , the company *UNKS* employees home and *UNKS* down operations in stages -- the closer a storm gets , the more complete the *UNK* . STOP 
The company does n't wait until the final hours to get ready for *UNKS* . STOP 
`` There are just tons of things that have to be considered , '' Mr. *CUNK* says . STOP 
`` *CUNK* tank cars will *UNK* away on you if you get a big *UNKAL* surge . '' STOP 
Still , *CUNK* officials realize they 're relatively *UNK* . STOP 
`` With a hurricane you know it 's coming . STOP 
You have time to put *UNK* *UNKS* in place , '' notes a *CUNK* spokeswoman . STOP 
`` A situation like San Francisco is so *UNKING* because there 's no warning . STOP 
*CUNKER* Democratic *UNKER* Thomas M. *CUNK* , whose savings and loan was *UNKED* from his control by federal thrift regulators , has been granted court permission to *UNK* the regulators . STOP 
In a ruling by the Fifth U.S. Circuit Court of Appeals in New *CUNKS* , Mr. *CUNK* received the *UNK-* to pursue a claim against the Federal Home Loan Bank Board and the Federal Home Loan Bank of Dallas for losses he suffered when the Bank Board closed the Independent American Savings Association of Irving , Texas . STOP 
Mr. *CUNK* , who was chairman and the majority *UNKER* of Independent American , had *UNKED* his control in exchange for federal regulators ' agreement to drop their inquiry into his activities at another savings and loan . STOP 
As part of the agreement , Mr. *CUNK* contributed real estate valued at $ 25 million to the assets of Independent American . STOP 
While under the control of federal regulators , Independent American 's net worth dropped from $ 75 million to a negative $ 400 million , *UNKING* out the value of Mr. *CUNK* 's real estate contribution and his stock in the institution . STOP 
Mr. *CUNK* 's suit to recover his damages was dismissed last year by U.S. District Judge Robert *CUNK* of Dallas under the Federal *CUNK* *CUNKS* Act , which offers broad protection for actions by federal agencies and employees . STOP 
Earlier this week , a Fifth Circuit appellate panel *UNK* Judge *CUNK* 's dismissal of Mr. *CUNK* 's claim as a shareholder but said the judge should *UNKER* Mr. *CUNK* 's claim for the loss of his property . STOP 
`` It may depend on whether there was an *UNKS* or *UNKED* promise ... that the federal officials would not *UNKLY* cause the deterioration '' of Independent American , the court wrote . STOP 
Mr. *CUNK* 's lawyer , *CUNK* David *CUNK* of Washington , D.C. , says the impact of the ruling on other cases involving thrift takeovers will depend on the degree of *UNK* in the facts . STOP 
`` I do n't know if this will affect one institution or a hundred , '' Mr. *CUNK* says . STOP 
`` It does establish a very clear *UNK* for *UNKING* the *CUNK* where there was none before . '' STOP 
*CUNK* *CUNK* in suit that restaurant fired her because she was pregnant . STOP 
In a suit filed in state court in Manhattan , the American Civil *CUNKS* Union is representing the former *UNK* 'd of the *UNK* Odeon restaurant . STOP 
The suit , which seeks *UNK* and *UNK* damages of $ 1 million , alleges that the *UNKING* of *CUNK* *CUNKS* Levine violated New York state 's *UNKS* law . STOP 
Among other things , the law *UNKS* discrimination on the basis of sex and pregnancy . STOP 
The suit alleges that Ms. Levine was fired after she refused to accept a lower paying , less visible job upon reaching her sixth month of pregnancy . STOP 
Ms. Levine told her employer that she was pregnant in February ; a month later , the suit says , the restaurant manager told Ms. Levine that she would be *UNKED* to his assistant because he felt customers would be *UNUNK* with a pregnant *UNK* 'd . STOP 
*CUNK* *CUNKS* , an attorney with the *CUNK* 's *CUNK* 's Rights *CUNK* , said , `` They wanted a *UNKING* woman , and a pregnant woman is not *UNK* . STOP 
They told her , ` We do n't hire fat people and we do n't hire *UNKS* . STOP 
And pregnant women are fat . ' '' STOP 
Ms. *CUNKS* said Ms. Levine *UNKLY* taped many conversations with her *UNKS* at the Odeon in which they told her she was being fired as *UNK* 'd because she was pregnant . STOP 
Paul H. *CUNK* , an attorney for Odeon owner Keith *CUNKLY* , denied the allegations . STOP 
He said Ms. Levine had never been fired , although she had stopped working at the restaurant . STOP 
`` The Odeon made a written offer to *CUNK* Levine on July 10 to return to work as the *UNK* 'd , at the same pay , same hours and with back pay accrued , '' he said . STOP 
Mr. *CUNK* said the Odeon `` has no policy against hiring pregnant people . '' STOP 
*CUNK* *CUNK* Texas 's biggest *UNK-* case want out in face of *UNKAL* . STOP 
Lawyers representing five of the seven defendants in the case say their clients can no longer afford their services . STOP 
The trial of the case *UNKED* seven months and ended in September with a *UNK* jury . STOP 
The defendants were indicted two years ago on charges that they *UNKED* to *UNK* five thrifts of more than $ 130 million through a complicated scheme to *UNK* the price of land and *UNK* construction along Interstate 30 , *UNK* of Dallas . STOP 
The defense lawyers , three of whom are *UNK* *UNKS* , say they ca n't afford to put their law practices on hold for another *UNK-* trial . STOP 
Some of the lawyers say they would continue to represent their clients if the government pays their *UNK* as *UNKED* lawyers . STOP 
*CUNK* U.S. Attorney Terry Hart of Dallas says the government will oppose any efforts to bring in a new defense team because it would delay a *UNKAL* . STOP 
FEDERAL *CUNK* *CUNK* *CUNK* of Florida , facing impeachment , received an *UNKED* boost yesterday . STOP 
Sen. *CUNK* *CUNKER* -LRB- R. , *CUNK* . -RRB- urged *UNKAL* of the judge in a brief *UNKED* to his Senate colleagues during *UNK-* *UNKS* . STOP 
Among other things , the brief cited *UNK* evidence . STOP 
Sen. *CUNKER* was vice chairman of the impeachment trial committee that heard evidence in the Hastings case last summer . STOP 
A former prosecutor and member of the Senate *CUNK* Committee , Sen. *CUNKER* is expected to exercise influence when the Senate votes on the impeachment today . STOP 
*CUNK* *CUNK* : STOP 
*CUNK* partners in the Richmond , Va. , firm of *CUNKER* , Russell , Morris & *CUNKER* announced they are resigning . STOP 
Five of the partners -- James W. Morris , Philip B. Morris , Robert M. White , *CUNK* *CUNKS* Webster and *CUNK* G. *CUNKS* -- are opening a *UNK* in Richmond to concentrate on corporate defense litigation , particularly in product liability cases . STOP 
The sixth partner , John H. *CUNKION* , Jr. , is joining *CUNK* & Owen , a smaller firm outside Richmond . STOP 
*CUNK* *CUNK* *CUNK* : STOP 
Nixon , *CUNK* , *CUNKS* & *CUNK* , based in Rochester , N.Y. , has opened an office in *CUNK* , N.Y ... . STOP 
*CUNKER* , Brown & *CUNK* , Chicago , added two partners to its Houston office , *CUNK* J. Roger Jr. , and Jeff C. *CUNK* ... . STOP 
*CUNK* specialist *CUNK* *CUNK* , who writes the monthly *CUNK* Law Journal newsletter , is joining *CUNK* , *CUNK* , Brown & *CUNK* . STOP 
New York Times Co. 's third-quarter earnings report is *UNKING* analysts ' belief that newspaper publishers will be facing continued poor earnings comparisons through 1990 . STOP 
The publisher was able to *UNKER* soaring quarter net income because of a *UNK* gain on the sale of its *UNK-* system . STOP 
However , operating profit fell 35 % to $ *UNKN* million . STOP 
The decline reflected the expense of buying three magazines , lower earnings from the forest-products group , and what is proving to be a *UNKING* major problem , continued declines in advertising *UNK* at the New York Times , the company 's flagship daily newspaper . STOP 
In composite trading on the American Stock Exchange , New York Times closed at $ *UNKN* a share , down 37.5 cents . STOP 
Analysts said the company 's troubles *UNK* those of the industry . STOP 
*CUNK* advertising , which often represents half of the advertising volume at most daily newspapers , largely is n't *UNKING* in the second half from extended *UNKS* as expected . STOP 
At the same time , newspapers are *UNKED* by lagging national advertising , especially in its financial component . STOP 
Dow Jones & Co. recently reported net fell *UNKN* % , a *UNKION* , in part , of continued *UNKS* in financial advertising at The Wall Street Journal and *CUNK* 's magazine . STOP 
`` We expect next year to be a fairly soft year in *UNK-* advertising , '' said John *CUNK* , an analyst for Lynch , Jones & *CUNK* . STOP 
`` Next year , earnings will hold steady , but we just do n't see a big turnaround in the trend in advertising . '' STOP 
John S. *CUNK* , an analyst for Drexel Burnham Lambert Inc. , said , `` The Times faces the same problem of other publishers : *UNK* is down . STOP 
It will be hard to do *UNKS* until real *UNK* starts heading back up . '' STOP 
In the quarterly report , Arthur *CUNKS* *CUNKER* , New York Times Co. chairman and chief executive officer , said negative factors affecting third-quarter earnings will continue . STOP 
Analysts agreed with company expectations that operating profit will be down this year and in 1990 . STOP 
Mr. *CUNKER* said the scheduled opening of a new *UNKING* plant in Edison , N.J. , in 1990 would involve heavy *UNK* and depreciation costs . STOP 
`` With the Edison plant coming on line next summer , the Times is facing some tough earnings comparison in the future , '' said Peter *CUNK* , an analyst with *CUNK* Lawrence , Morgan Grenfell . STOP 
`` But many newspapers are facing similar comparisons . '' STOP 
The sale of the company 's cable franchise brought an after-tax gain of $ *UNKN* million , part of which will be used to reduce debt . STOP 
The company also has a *UNK-* plan . STOP 
Analysts said they were *UNKED* by the performance of the company 's newspaper group , which consists of the Times , 35 regional newspapers and a one-third interest in the International *CUNK* *CUNK* ; group operating profit for the quarter increased slightly to $ *UNKN* million from $ *UNKN* million on flat revenue . STOP 
Drexel Burnham 's Mr. *CUNK* pointed out that `` profits held up in a tough revenue environment . STOP 
That 's a good sign when profits are stable during a time revenue is in the *UNK* . STOP 
Investors *UNKED* the second anniversary of Black Monday with a buying spree in both stocks and bonds . STOP 
But the dollar was mixed . STOP 
Stock and bond investors were *UNKED* by last month 's *UNKLY* low inflation rate . STOP 
This news raised hopes for further interest-rate cuts . STOP 
*CUNK-* prices immediately rallied , setting the stock market rolling from the opening *UNK* . STOP 
The Dow Jones Industrial Average , up about 60 points in *UNK-* , finished with a gain of *UNKN* points , to *UNKN* . STOP 
That brought the average 's cumulative gain this week to about *UNKN* points . STOP 
Since the 1987 crash , the industrials have soared more than 54 % , and the widely watched market *UNKER* is about 4 % below its record high set earlier this month . STOP 
The stock-market rally was led by blue-chip issues , but , unlike Monday 's rebound , was broadly based . STOP 
Indeed , over-the-counter stocks , led by technology issues , *UNKED* the industrial average . STOP 
The Nasdaq Composite Index soared 7.52 , or 1.6 % , to *UNKN* , its highest *UNK-* jump in points this year . STOP 
Many *UNKED* stocks rose after news that a group obtained financing commitments for the proposed buy-out of American Medical International Inc . STOP 
Among the biggest winners were *UNK-* stocks , responding to heavy trading volume . STOP 
The government said consumer prices rose only 0.2 % last month . STOP 
Economists expected twice as large an increase . STOP 
That news , plus recent signs of economic *UNKS* , greatly increases pressure on the Federal Reserve to ease credit further , which in turn would be good news for stocks , investment managers say . STOP 
`` I see a lot of evidence indicating a slower economy , and that means my interest-rate outlook has a downward *UNK* , '' said *CUNK* L. Keith Jr. , vice chairman of Prudential Insurance Co. of America , one of the nation 's largest institutional investors . STOP 
Fed officials probably wo n't drive down rates immediately , Mr. Keith said . STOP 
Despite the inflation news , several Fed officials still fear *UNK-* pressures will *UNK* because they insist the economy is stronger than generally believed . STOP 
But Wall Street analysts expect further signs of economic weakness in government reports during the next few weeks . STOP 
If so , that will *UNK* the case for another shot of *UNKING* within a month or so . STOP 
That , in turn , is expected to persuade banks to cut their prime lending rate , a benchmark rate on many corporate and consumer loans , by half a percentage point , to 10 % . STOP 
`` We 're not out of the *UNKS* yet by any means , '' said George R. *CUNK* , president and chief executive of *CUNK* Capital Management Co. , Cleveland . STOP 
But the economy `` is slowing enough to give the Federal Reserve *UNK* to reduce interest rates . '' STOP 
But many individual investors are *UNK* about stocks because of fresh signs of *UNK* in the huge junk-bond market . STOP 
Investors also are anxious about today 's `` *UNKING* hour , '' the monthly expiration of stock-index futures and options , and options on individual stocks . STOP 
This phenomenon often makes stock prices *UNKING* *UNKLY* at the end of the trading session . STOP 
In major market activity : Stock prices surged in heavy trading . STOP 
Volume on the New York Stock Exchange rose to *UNKN* million shares from *UNKN* million Wednesday . STOP 
*CUNKING* Big Board issues *UNKED* decliners by *UNKN* to *UNKN* . STOP 
The dollar was mixed . STOP 
In New York late yesterday , it was at *UNKN* yen , up from 141.45 yen late Wednesday . STOP 
But it fell to *UNKN* marks from *UNKN* . STOP 
Tuesday 's *UNK* of a GOP congressional *UNK* in a Mississippi district that has n't backed a Democratic presidential candidate since *CUNK* *CUNK* is another reminder that , at least at the federal level , political `` ticket *UNKING* '' has been on the rise over the past half century . STOP 
In only one presidential election year prior to *UNKN* did more than 20 % of the nation 's congressional districts choose a different party 's candidate for the White House than for the House of Representatives . STOP 
Now that percentage routinely *UNKS* a third and twice has been above 40 % . STOP 
As we know , voters tend to favor Republicans more in races for president than in those for Congress . STOP 
In every presidential election over the past half century , except for the *CUNKER* presidential *UNK* , the GOP has captured a greater percentage of the *UNK-* popular vote for president than it has of congressional seats or the popular vote for Congress . STOP 
*CUNK* to *UNKN* , the pattern was nearly the opposite . STOP 
What accounts for the results of recent decades ? STOP 
A simple economic theory may provide at least a partial explanation for the split *UNK* *UNKED* by Americans in the voting *UNK* . STOP 
The theory *UNKS* on three assumptions : STOP 
1 -RRB- *CUNKS* can `` buy '' one of two brands when they select their political agents -- a Republican brand that believes in the *UNK* state and in the *UNKS* of private markets over the *UNKS* of public action , and a Democratic brand that believes in big government and in public intervention to *UNK* the *UNKS* *UNK* to the pursuit of private interest . STOP 
2 -RRB- Congressional representatives have two basic responsibilities while voting in office -- dealing with national issues -LRB- *UNK* actions such as casting roll call votes on legislation that *UNKS* costs *UNK* *UNKS* benefits on the population at large -RRB- and attending to local issues -LRB- *UNK* service and pork barrel -RRB- . STOP 
3 -RRB- Republican congressional representatives , because of their belief in a *UNK* state , are less willing to engage in local *UNKING* than are Democratic members of Congress . STOP 
If these assumptions hold , voters in races for Congress face what in economic theory is called a *UNKER* 's *UNK* and have an incentive , at the margin , to lean Democratic . STOP 
If they put a Republican into office , not only will they acquire less in terms of local benefits but their selected legislator will be relatively *UNKS* to prevent other legislators from `` bringing home the *UNK* '' to their *UNK* *UNKS* . STOP 
Each legislator , after all , is only one out of *UNKN* when it comes to national policy making . STOP 
In races for the White House , a *UNKER* 's incentive , at the margin , is to lean Republican . STOP 
Although a GOP president may limit local benefits to the *UNKER* 's particular *UNK* , such a president is also likely to be more effective at *UNKING* other *UNKS* and their legislators from bringing home the local benefits . STOP 
The individual *UNKER* 's standing *UNKLY* will be enhanced through lower taxes . STOP 
While this theory is *UNKLY* simple , it appears to explain several things . STOP 
First , why ticket *UNKING* has increased and taken the *UNK* pattern that it has over the past half century : *CUNK* to the election of Franklin *CUNK* as president and the *UNK* of the New *CUNKAL* , government *UNKED* a much smaller role in society and the *UNKER* 's *UNK* problem *UNKING* voters in races for Congress was considerably less severe . STOP 
Second , it explains why voters hold Congress in *UNK* but generally love their own congressional representatives : Any individual legislator 's constituents *UNK* the specific benefits that the legislator wins for them but not the overall cost associated with every other legislator doing *UNK* for his own *UNK* . STOP 
Third , the theory suggests why legislators who pay too much attention to national policy making relative to local *UNKING* have lower security in office . STOP 
For example , *UNK-* members of the House , once the most vulnerable of *UNKS* , have become virtually immune to defeat . STOP 
The one exception to this recent trend was the defeat of 13 of the 52 *UNK* Republicans brought into office in 1980 by the Reagan revolution and running for *UNKION* in 1982 . STOP 
Because these *UNK* placed far more emphasis on their *UNK* role -- spreading the Reagan revolution -- in national policy making , they were more vulnerable to defeat . STOP 
*CUNK* , the theory indicates why the Republican Party may have a difficult time attracting viable candidates for congressional office . STOP 
*CUNKAL* candidates may be *UNKED* from running less by the congressional salary than by the prospect of defeat at the hands of a Democratic *UNK* . STOP 
To the extent that potential Republican candidates and their financial *UNKS* realize that the congressional *UNKER* 's *UNK* game works to their *UNK* , the Republican Party will be *UNKED* in its attempts to field a competitive slate of congressional candidates . STOP 
Fifth , the theory may provide at least a partial reason for why ticket *UNKING* has been particularly *UNKED* in the South . STOP 
To the extent that Democratic legislators from the South have held a *UNK* share of power in Congress since *UNKN* and have been able to *UNK* such clout into relatively more local benefits for their *UNK* *UNKS* , voters in the South have had an especially strong incentive to keep such Democrats in office . STOP 
Finally , the theory suggests why Republicans generally have *UNKED* better in Senate races than in campaigns for the House . STOP 
Since local *UNKING* matters more and national policy making matters less in the lower chamber of Congress , this is *UNKLY* the pattern one would expect if Republicans are less willing to engage in local *UNKING* than their Democratic counterparts . STOP 
Is there any *UNKAL* support for this theory ? STOP 
Three pieces of evidence *UNK* the key assumption that Democratic legislators are more willing to engage in local *UNKING* than their Republican colleagues . STOP 
First , economists James Bennett and Thomas *CUNK* find that GOP senators turn back roughly 10 % more of their *UNKED* personal staff budgets than Democrats do . STOP 
To the extent that the primary duty of personal staff involves local *UNKING* , this indicates that political philosophy leads congressional Republicans to pay less attention to narrow *UNK* concerns . STOP 
Second , if the key assumption is valid , Democrats should have lower *UNK* rates on *UNK-* votes than Republicans do to the extent that such votes reflect national policy making and that participating in such votes takes away from the time a legislator could otherwise *UNK* to local *UNKING* . STOP 
This is indeed what the data indicate , particularly in the case of the House . STOP 
The Democratic House *UNK* rate has not exceeded the Republican House *UNK* rate since *UNKN* . STOP 
Finally , as shown in the table , Democrats *UNK* a higher proportion of their personal staffs to district offices -- where local *UNKING* duties matter more and national policy making activities matter less relative to Washington offices . STOP 
An examination of changes in personal *UNKING* decisions in the Senate between 1986 and 1987 -LRB- when control of that body changed party hands -RRB- , *UNKER* , *UNKS* that the personal *UNKING* differences noted in the table can not be attributed to the *UNK* control Democrats exercise , due to their *UNK-* status , over other resources such as committee staff . STOP 
An additional piece of evidence from the Senate : Holding other factors constant , such as *UNK* advantages and regional factors , the difference between popular votes for Republican presidential and *UNKAL* candidates in states conducting a Senate election turns out to be a positive function of how *OUS* the federal government 's tax burden is per state -LRB- a *UNK* tax rate hits *UNK-* states harder -RRB- . STOP 
Put more simply , GOP candidates for president are looked on more *UNKLY* by voters than Republican candidates for the Senate when the *UNKER* 's *UNK* is more severe . STOP 
Moreover , ticket *UNKING* appears to take the same *UNK* pattern at the state government level as it does at the federal level . STOP 
State government is more typically split along *CUNK-* lines than the reverse . STOP 
A *UNK-* *UNK* investigation , *UNK* , *UNKS* that , holding other factors constant , the difference between a state 's *UNK-* vote going to the Republican *UNKAL* candidate and the Republican share of the lower state house is a positive function of the state tax rate . STOP 
In sum , at both the federal and state government levels at least part of the seemingly *UNKAL* behavior voters display in the voting *UNK* may have an *UNKLY* rational explanation . STOP 
Mr. *CUNK* *UNKS* at the University of Southern California 's business school . STOP 
A House-Senate conference approved a nearly $ 17 billion State , Justice and Commerce Department bill that makes federal *UNKS* for *CUNKS* held in World War II *UNK* *UNKS* a legal *UNK* after next Oct. 1 . STOP 
The measure provides no money for the promised payments until then , but beginning in fiscal 1991 , the government would be committed to meeting annual payments of as much as $ 500 million until the total liability of approximately $ 1.25 billion is paid . STOP 
The action *UNKS* earlier efforts to find offsetting cuts to fund the payments , but is widely seen as a more realistic means of *UNKING* *UNKS* first authorized in 1988 . STOP 
The action came as Congress sent to President Bush a fiscal 1990 bill providing an estimated $ *UNKN* billion for the *CUNKS* of Labor , Education , Health and Human Services . STOP 
*CUNKAL* approval was on a *UNKN* roll call in the Senate , which sets the stage for a veto confrontation with Mr. Bush over the issue of publicly financed abortions for poor women . STOP 
*CUNKING* an *UNK-* federal policy , the measure supports Medicaid abortions in cases of rape and incest , but Mr. Bush has so far refused to support any specific *UNKION* beyond *UNKS* in which the mother 's life is in danger . STOP 
Mr. Bush 's veto power puts him a *UNKING* position in the narrowly divided House , but a vote to override his position could well pick up new support because of the wealth of health and education programs financed in the underlying bill . STOP 
The measure before the conference yesterday funds the *CUNKS* of State , Justice and Commerce through fiscal 1990 . STOP 
An estimated $ *UNKN* billion is provided for next year 's *UNKS* , and negotiators stripped a *CUNKED* *UNKER* seeking to block the counting of illegal *UNKS* . STOP 
Elsewhere in the Commerce Department , nearly $ *UNKN* million is *UNKED* for assistance programs under the Economic Development Administration . STOP 
And in a *UNK* to the fall of House Speaker James Wright this year , the conference voted to *UNK* $ *UNKN* million in *UNUNK* *CUNK* funds for a Fort Worth , Texas , *UNKS* project that figured in ethics charges against the former Democratic leader . STOP 
*CUNKAL* pressures also forced the adoption of new fees charged by federal agencies , and an 18 % increase in the Securities and Exchange Commission 's budget would be financed entirely by an added $ 26 million in filing fees . STOP 
In an unprecedented step , the measure anticipates another $ 30 million in receipts by having the Federal Bureau of Investigation charge for *UNK* services in civil cases -- a change that is almost certain to increase Pentagon costs in processing personnel and security *UNKS* . STOP 
The bill does n't include an estimated $ 1.9 billion in *UNKAL* *UNK-* funds for Justice Department and *UNK-* accounts that are still in conference with the House . STOP 
But yesterday 's agreement would make it easier for state governments to handle the promised aid by *UNKING* for one year a scheduled 50 % increase in the required state matching funds for *UNK-* grants . STOP 
Similarly , the measure *UNKS* the current funding formula to promise smaller states such as New Hampshire and Delaware a minimum allocation of $ 1.6 million each in drug grants , or three times the current minimum . STOP 
The odd mix of departments in the bill makes it one of the more *UNK* of the annual appropriations measures , and the *UNKED* provisions attached by lawmakers run from $ 1.5 million for a *UNK* farm in Arkansas to a music *UNKAL* in Moscow under the United States Information Agency . STOP 
Lawmakers *UNKED* all of a $ *UNKN* million State Department request for the 1992 *CUNK* in *CUNK* , Spain , but agreed elsewhere to $ 15,000 for an oil *UNK* of former Chief Justice Warren Burger . STOP 
Senate Commerce Committee Chairman *CUNKEST* *CUNKS* -LRB- D. , *CUNK* -RRB- , who also chairs the Senate appropriations subcommittee for the department , attached $ 10 million for an advanced technology initiative , including work on high-definition television . STOP 
His Republican counterpart , Sen. Warren *CUNK* -LRB- R. , *CUNK* -RRB- , has used his position to wage a legislative war with the conservative board of the Legal Services Corp . STOP 
An estimated $ *UNKN* million is provided to maintain the program , but Mr. *CUNK* also succeeded in *UNKING* language seeking to curb the authority of the current board until new members are confirmed . STOP 
The effective date of any new regulations by the current board would be delayed until Oct. 1 next year , and the bill seeks to reverse efforts by the corporation to cut off funds to service organizations such as the Food Research and *CUNKION* Center . STOP 
The bill also provides $ *UNKN* million to meet U.S. contributions to international organizations and $ 80 million for *UNKING* activities . STOP 
Both accounts reflect significant increases from fiscal 1989 , although the amount for *UNKING* shows a 27 % cut from the administration 's request . STOP 
Mercury Savings & Loan Association said it retained Merrill Lynch Capital Markets as its lead investment banker to advise it regarding a possible sale or other combination of the *CUNK* Beach , Calif. , thrift . STOP 
Mercury , which has assets of more than $ 2 billion and 24 branches in California , said the action to improve its regulatory capital position is related directly to new capital requirements *UNKED* by recently adopted federal legislation . STOP 
Mercury also said it extended its two-year advisory relationship with *CUNK* Securities of San Francisco . STOP 
Mercury 's stock closed yesterday at $ 4.875 , unchanged in composite trading on the New York Stock Exchange . STOP 
*CUNKING* Congress *UNK* and *UNK* through its annual budget *UNKS* , fighting the urge to spend more , we 're *UNKED* of those *UNK-* movies in which the *UNKED* *UNKAL* *UNKER* turns himself in to police and says , `` *CUNK* me before I kill again . '' STOP 
The Members know they 're doing wrong , but they need help to *UNK* their *UNKER* *UNKS* . STOP 
Arkansas Democrat David *CUNK* *UNKED* his *UNKS* on the Senate floor the other day after he 'd joined the Finance Committee 's *UNKING* *UNK-* *UNKS* : `` I must tell you ... STOP 
I come to the floor tonight as one who ended up with a *UNK* of *OUS* matter . STOP 
It was nothing more or nothing less than a *UNKING* *UNK* . '' STOP 
He was turning himself in . STOP 
`` *CUNKLY* , as I was walking back to get in my car , I heard many , many people ... opening *UNK* *UNKS* and *UNKING* individual *UNKS* that some of us had *UNKED* in getting our little deal in the tax bill and *UNKING* at this person for slipping this in , '' he said . STOP 
`` As I was driving home , I did not feel very good about myself . '' STOP 
We can *UNK* Mr. *CUNK* 's moment of *UNK* , even as we understand that he and his *UNKS* need restraint *UNKEST* they kill again . STOP 
A good place to start the *UNKION* is a `` legislative line-item veto '' bill now being offered by *CUNK* Senator Dan *CUNKS* . STOP 
The *CUNKS* bill , which already has 32 Senate *UNKS* , is n't a pure line-item veto because it would apply only to spending bills . STOP 
Instead it 's a form of `` enhanced *UNKION* , '' giving a President a chance to *UNK* , or strike , specific spending items that just go too far . STOP 
Under the proposal , a President would have a chance twice each year to return a package of `` *UNKS* '' to the Hill -- once when he proposes his budget and again after Congress *UNKS* . STOP 
Congress would have 20 days to reject the package with a 50 % majority , but then a President could veto that rejection . STOP 
Congress would then need the usual two-thirds majority to override any veto . STOP 
The proposal would restore some discipline *UNKED* from the budget process by the 1974 Budget `` Reform '' Act . STOP 
Before 1974 , a President could `` *UNK* , '' or refuse to spend , funds *UNKED* by Congress . STOP 
*CUNKS* Kennedy and Johnson were both big users of the *UNK* power , but Congress saw its chance against a weakened President Nixon and stripped it away . STOP 
Today a President can still send up spending *UNKS* , but they 're *UNKS* unless Congress has a guilty *UNK* and changes its mind . STOP 
This is like asking *UNKS* to feel *UNK* about *UNKS* , and naturally *UNKS* are almost never approved . STOP 
In 1987 , President Reagan sent 73 *UNKS* back to the Hill , but only 3 % of the spending total was approved by Congress . STOP 
Senator *CUNKS* 's proposal would let the proposed spending cuts take place automatically unless Congress acts . STOP 
The Members could still try to serve their constituents with *UNKEST* *UNKS* , but the police -LRB- in the form of a President -RRB- would be there with a *UNK* if they really get crazy , as they do now . STOP 
Mr. *CUNKS* plans to offer his proposal as an amendment to a bill to raise the federal debt limit before the end of the month . STOP 
President Bush has endorsed the idea , and at least 50 sitting *CUNKS* have voted to support enhanced *UNKION* authority in the past . STOP 
We 're told Senator *CUNK* is n't yet a *UNK-* , but if he and his colleagues are serious about *UNKING* their *UNKS* , they 'll sign up . STOP 
Business and *UNK* operations *UNKED* back toward *UNK* here as congressional officials estimated that the price *UNK* for emergency assistance to *UNKED* California would total at least $ 2.5 billion . STOP 
`` That is a minimum figure , and I *UNUNK* minimum , '' said House Speaker Thomas Foley -LRB- D. , *CUNK* . -RRB- after *UNKING* with California lawmakers . STOP 
`` It 's impossible to put an exact figure on it at this time . '' STOP 
The Office of Management and Budget has begun looking into legislation to provide more funds for earthquake repairs . STOP 
And California 's *UNKER* delegation in the House is expected to *UNK* that emergency funds be added to a *UNK-* spending bill that the House Appropriations Committee is to consider Monday . STOP 
For the most part , major corporations ' headquarters and plants were *UNKED* or only slightly damaged by Tuesday 's earthquake , which registered 6.9 on the Richter scale . STOP 
One of the last big employers in the Silicon Valley to report in , *CUNK* Technology , said it expects to be back at full strength Monday . STOP 
The day before the quake , *CUNK* completed three days of emergency training and *UNKS* . STOP 
*CUNKING* the response of almost all big corporations in the Bay Area , Don *CUNK* , *CUNK* 's chief financial officer , said , `` I would n't expect this to have any significant financial impact . '' STOP 
The city 's recovery from the earthquake was *UNUNK* . STOP 
Banks indicated they were operating at greater than 90 % of their usual capacity , but a *CUNK* Hill hotel said tourists had fled , leaving the previously full hotel with an 80 % vacancy rate . STOP 
City *UNKS* *UNKED* the *UNK* to buildings , but lacked a clear sense of how *UNKLY* transportation *UNKS* were *UNKED* . STOP 
Among the city 's banks , Bank of America said all but eight of its 850 branches were open . STOP 
The closed branches , in San Francisco , *CUNK* , Santa Clara and Santa *CUNK* , sustained structural damage . STOP 
Power failures kept just seven of its 1,500 *UNKER* machines *UNK-* . STOP 
*CUNKING* operations were moved to Bank of America 's *CUNK* office , and foreign-exchange trading operations were *UNKED* to Los Angeles , the bank said . STOP 
Wells Fargo & Co. said its *CUNK* *CUNKS* Committee -- which met all night Tuesday -- moved its *UNKS* transfer system to El *CUNK* , Calif. , 500 miles to the south . STOP 
Only five of *UNKN* branches *UNK* remain closed , while 23 of 600 *UNKER* machines remained out of order . STOP 
The most extensive damage was in small *UNKS* near the quake 's epicenter , 80 miles south of San Francisco . STOP 
Santa *CUNK* County estimates total damage at nearly $ 600 million . STOP 
Santa Clara County has a running total so far of $ *UNKN* million , excluding the *UNK-* city of Los *CUNKS* . STOP 
Oakland officials were still uncertain about the *UNK* of structural damage late yesterday ; a section of *CUNK-* , a *UNKED* highway , collapsed in Oakland , causing a majority of the deaths resulting from the quake . STOP 
San Francisco Mayor Art Agnos estimated that damages to the city total $ 2 billion . STOP 
That includes *UNKS* in the *UNKED* Marina district that must be *UNKED* , *UNKED* business *UNKS* south of Market Street , and houses in the city 's *UNKER* Richmond district that were *UNKED* off their *UNKS* . STOP 
Many streets and *UNKS* *UNKED* , and *UNK* water *UNKS* and service *UNKS* *UNKED* . STOP 
The federal funds would go to a range of programs , including the Federal *CUNK* Management Agency , highway construction accounts and the Small Business Administration , according to Rep. *CUNK* *CUNK* -LRB- D. , Calif . -RRB- . STOP 
FEMA , which *UNKS* federal disaster relief , is already *UNKED* by the costs of cleaning up after Hurricane Hugo , which hit the *CUNKS* last month . STOP 
It is likely to get as much as $ 800 million initially in additional funds , and eventually could get more than $ 1 billion , according to Mr. *CUNK* , a member of the House Appropriations Committee . STOP 
White House spokesman Marlin Fitzwater said there is enough money on hand to deal with immediate requirements . STOP 
The Bush administration has at its *UNKAL* $ *UNKN* million in funds remaining from the $ 1.1 billion Congress released for the cleanup after Hurricane Hugo . STOP 
`` We feel we have the money necessary to handle the immediate , short-term requirements , '' Mr. Fitzwater said . STOP 
He added that the Office of Management and Budget , the Transportation Department and other agencies are `` developing *UNK-* legislation '' that should be ready soon . STOP 
Much of the cost of cleaning up after the earthquake will involve *UNKING* highways and bridges . STOP 
California lawmakers are seeking changes in rules governing the federal highway relief program so more money can be made available for the state . STOP 
Some things ca n't be *UNKED* . STOP 
The Asian Art Museum in Golden *CUNK* Park reports $ 10 million to $ 15 million in damage , including *UNKED* *UNKS* and *UNK* figures . STOP 
Its *UNK* , the De Young Museum , totaled $ 3 million to $ 5 million in structural damage and *UNKED* *UNK* . STOP 
The city 's main *UNK* is closed because of *UNKS* that opened in its walls , and *UNK* *UNKS* and *UNKAL* *UNKER* at the *CUNK* *CUNKS* City Hall broke off in the temblor . STOP 
The ground along the *CUNK* the street that *UNKS* the city 's *UNK* *UNK* and *UNKS* -- dropped six inches after the quake , *UNKING* major damage to at least one of the *UNKS* . STOP 
At San Francisco International Airport , shock waves *UNKED* the control tower , knocking down computers and *UNKING* glass . STOP 
*CUNKS* of the city 's *CUNK* Board were destroyed . STOP 
Mayor Agnos 's $ 2 billion estimate does n't include damage to freeway *UNKS* leading into the city , some of which remained closed . STOP 
A major chunk of the $ 2 billion is expected to be *UNK* up by overtime for city workers *UNKED* in the emergency , said a spokesman for Mr. Agnos . STOP 
`` All of the city 's $ 5.9 million emergency reserve was spent in the first 24 hours '' on overtime salaries , he said . STOP 
*CUNKS* *UNKED* to to get a firm *UNK* on the volume of claims pouring into their offices . STOP 
At Fireman 's Fund Corp. , a spokesman said *UNKN* claims were received in the first 24 hours after the quake , and the company is *UNKED* for as many as 5,000 claims from its *UNKN* residential and *UNKN* business *UNKS* in the affected area . STOP 
`` *CUNKS* range from a *UNKED* *UNKER* -- and there were an awful lot of cars damaged in this -- to a major processing plant , '' a spokesman said . STOP 
`` We 're *UNKING* a check for $ *UNKN* to an automotive business in Berkeley that *UNKED* on Tuesday . '' STOP 
Fireman 's is part of a $ 38 million syndicate that supplies business *UNKION* insurance to the city on the Bay Bridge , which must pay employees during the three weeks or more it is expected to be out of service and *UNKED* of toll income . STOP 
California lawmakers want to eliminate temporarily a $ 100 million cap on the amount of federal highway relief for each state for each disaster , as well as a *UNKION* on using the emergency highway aid to repair toll roads . STOP 
In addition , under the *UNK-* program , the federal government provides 100 % of emergency highway aid for only the first 90 days of a repair effort . STOP 
After that , the federal share *UNKS* . STOP 
For interstate highways , the federal share normally would drop to 90 % of the cost of repairs , and the state would have to pick up the remainder of the cost . STOP 
But lawmakers want to extend the period for 100 % federal funding for several months . STOP 
Those changes also would apply to two areas hit hard by Hurricane Hugo -- South Carolina and the U.S. *CUNK* *CUNKS* , according to an aide to Rep. *CUNK* . STOP 
Meanwhile , the FEMA announced a *UNK-* telephone number -LRB- *UNKN* -RRB- to *UNK* service to victims of the earthquake . STOP 
Lines will be available 24 hours a day to take applications for such disaster relief as temporary housing and emergency home repairs by phone . STOP 
Transportation officials are expecting *UNKER* traffic *UNK* beginning Monday and growing worse over the next several weeks . STOP 
Some 250,000 cars normally cross the closed Bay Bridge between Oakland and San Francisco daily . STOP 
Officials say it is clear that *UNK* routes ca n't handle the *UNK* . STOP 
The state is calling in a *UNK* of navy landing vessels and other *UNKS* to expand *UNK* service across the bay and hopes to add numerous new bus routes and train *UNKS* to help *UNK* the traffic problem . STOP 
Moreover , state officials are urging freight *UNKS* to *UNKS* many of the area 's main highways and to travel late at night or during *UNK* hours . STOP 
Even so , `` We 're looking for *UNKS* , '' said George Gray , a deputy district director at the California Department of Transportation . STOP 
`` If there 's any way you can do it , you ought to go to *CUNK* and go fishing for a while . '' STOP 
Most of San Francisco 's tourists and business travelers already have left -- despite hotel 's offers of rate cuts . STOP 
`` Everyone left , '' said Peter Lang , *UNKS* manager of the Mark *CUNKS* Hotel . STOP 
The *CUNK* St. Francis hotel , which survived the 1906 earthquake and fire , currently is less than 50 % *UNKED* . STOP 
`` We still have our *UNK-* baseball fans , '' a spokesman said . STOP 
`` One *UNK* from New York said she 's not going home until the -LCB- World Series -RCB- is over . '' STOP 
Gerald F. *CUNK* and Joe *CUNK* in Washington contributed to this article . STOP 
Is an American Secretary of State seriously suggesting that the Khmer Rouge should help *UNK* Cambodia ? STOP 
*CUNKLY* so . STOP 
There are no easy choices in Cambodia , but we ca n't imagine that it benefits the U.S. to become the catalyst for an *UNK-* process that could end in another round of *UNK* in Cambodia . STOP 
Now that Vietnam appears to have pulled out its *UNKION* army , the State Department is talking again about accepting an `` interim '' coalition government in the *CUNK* capital of *CUNK* *CUNK* . STOP 
The coalition would include the current *CUNKED* *CUNK* *CUNK* regime , the two *UNK-* resistance groups led by *CUNK* *CUNK* and Prince *CUNK* , and the Khmer Rouge . STOP 
The aim would be to end the *UNK* war for control of Cambodia by allowing the Khmer Rouge a small share of power . STOP 
The State Department says that any Khmer Rouge participation would have to be `` minimal . '' STOP 
The usual problem with including *UNKS* in `` interim '' coalition governments is that their *UNK* and methods require they squeeze out everyone else . STOP 
*CUNK* that Nicaragua 's Sandinistas came into *CUNK* as partners in a coalition government with *UNK-* *UNKS* . STOP 
Within two years , the *UNKS* were *UNKED* or in prison , Nicaragua had gone communist , and the Sandinistas were building one of the biggest *UNKS* in Latin America and threatening their neighbors . STOP 
In *CUNKS* , when the Western powers *UNKED* to pressure for such a coalition it turned out they were opening the door to communist *UNKION* . STOP 
Even *CUNK* *CUNK-* 's China began in *UNKN* with a partnership between the *UNKS* and a number of smaller , *UNK-* parties . STOP 
What *UNKS* the scene in Cambodia is that the current regime is already communist , as are its Vietnamese *UNKS* back in *CUNK* , as are the Khmer Rouge -- who are the strongest of the three *UNK* groups . STOP 
It 's not clear which *UNK* of *UNKS* might *UNK* in a coalition government , but the one good bet is that the *UNKS* would *UNK* . STOP 
That would leave *CUNK* *CUNK* and the Khmer Rouge . STOP 
The *CUNK* *CUNK* regime has sent thousands of *UNK* *UNKS* to die of *UNK* and *UNK* while building Cambodia 's equivalent of the Berlin Wall near the *CUNK* border . STOP 
The Khmer Rouge , however , carry an *UNKED* record for *CUNK* *UNK* . STOP 
These *UNKS* caused the deaths -- by *UNKION* , disease or execution -- of well over one million *CUNKS* . STOP 
The *CUNK* *UNK* was so bad that the Vietnamese *UNKION* in 1978 was a *UNK* form of relief . STOP 
The world might want to believe that the Khmer Rouge ca n't still be such bad guys , just as in the late 1970s it was reluctant to credit the reports of *UNK* then taking place . STOP 
But there is no solid evidence that the Khmer Rouge have changed . STOP 
Some of our sources in *CUNK* say the *OUS* old Khmer Rouge leader , *CUNK* *CUNK* , has been *UNKED* up this summer in Khmer Rouge *UNKS* near the *CUNK-* border . STOP 
So it 's difficult to *UNK* the notion that Mr. Baker is willing to accept conditions that would help the Khmer Rouge set up shop again in *CUNK* *CUNK* . STOP 
*CUNK* , Prince *CUNK* backs the idea of such a coalition , at least for this week . STOP 
But Prince *CUNK* has backed all sorts of ideas over the years , and done rather better by himself than by Cambodia . STOP 
Nor should the U.S. worry much about *UNKING* China , which still *UNKS* the Khmer Rouge . STOP 
It 's time the State Department recognized that China does not play by *UNK* 's rules . STOP 
For the U.S. to lend even the *UNKEST* support to the most *OUS* *UNKS* on *CUNK* 's bleak scene could only *UNK* America 's allies elsewhere . STOP 
It would be entirely rational for communist *UNKS* in countries such as the Philippines or Peru to conclude the following : *CUNK* *UNKLY* enough and the U.S. , under the *UNKER* of *UNK* , might eventually help negotiate your way to victory . STOP 
U.S. *UNK* has done it before , and it will likely do it again . STOP 
The administration and Congress have lately *UNKED* around the idea of sending military aid to Cambodia 's *UNKS* . STOP 
But now the possibility of `` *UNK* movement '' -LRB- Vietnam 's withdrawal , the Baker initiative -RRB- has put that plan on hold , with the *UNK* that if the going got rough , the U.S. would then *UNK* the opposition . STOP 
Why the *UNK* ? STOP 
At the very least , the odds are heavily *UNKED* against the prospects of *UNKING* the Khmer Rouge and Cambodia 's *UNKS* from ultimately moving against their opponents . STOP 
When that day comes , it would be particularly awful to know that the United States sat on military aid and *UNKED* these people of the means to settle their fate with at least a little honor . STOP 
Michael F. Harris , 53 , was named executive vice president , North America , for the Financial Times , the business newspaper published by this company that also has interests in book publishing , fine *UNK* , oil services and investment banking . STOP 
Mr. Harris had been vice president for the newspaper 's advertising in New York . STOP 
He takes additional responsibility for newspaper sales and distribution of the Financial Times in North America . STOP 
*CUNK* V. Allen , 44 , who had been director for North America , resigned to pursue other business interests and do some consulting . STOP 
*CUNKER* Data Products Inc. posted a net loss of $ *UNKN* million , or 97 cents a share , for its fiscal first quarter , compared with net income of $ 3.8 million , or 27 cents a share , a year ago . STOP 
Revenue for the quarter ended Sept. 30 fell 20 % , to $ *UNKN* million from $ *UNKN* million in the year-earlier period . STOP 
*CUNKER* Data , a San Diego maker of magnetic tape *UNKS* and optical *UNK* drives , said the loss included reserves of $ 3.8 million related to a corporate restructuring . STOP 
The restructuring calls for a 24 % reduction in its work force over the next two months , affecting about *UNKN* jobs , *CUNKER* Data said . STOP 
It is eliminating the positions of president and chief operating officer , formerly held by Edward L. *CUNK* . STOP 
*CUNKER* Data said Mr. *CUNK* *UNKLY* has resigned from those posts and from the company 's board . STOP 
Mr. *CUNK* could n't immediately be reached for comment . STOP 
*CUNK* Corp. , Costa Mesa , Calif. , said it expects to report a third-quarter loss of about $ 1.8 million , or 17 cents a share , because of a $ 2.5 million reserve to be taken against potential losses on a contract with the state of California . STOP 
Revenue is estimated at $ *UNKN* million . STOP 
The maker of document image processing equipment said the state *UNK* division had declared *CUNK* in default on its contract with the secretary of state uniform commercial code division . STOP 
*CUNK* said it does n't believe the state has a valid basis of default and is reviewing its legal rights under the contract , but said it ca n't predict the outcome of the dispute . STOP 
The *UNK* centers on testing *UNKS* and other issues involving a *CUNK* system installed earlier this year . STOP 
State officials could n't be reached for comment late yesterday . STOP 
*CUNK* noted that it had cash and *UNK* securities totaling $ *UNKN* million on Sept. 30 , and stockholders ' equity is $ *UNKN* million . STOP 
The company made the announcement after the close of the markets , where its stock finished at $ *UNKN* , up 25 cents , in over-the-counter trading . STOP 
*CUNK* Gas Systems Inc. said it received a contract from *CUNK* Co. , *CUNK* , Ohio , to manage the natural gas purchasing , *UNKING* and transportation activities for *CUNK* 's seven Ohio and two Pennsylvania plants . STOP 
*CUNK* and *CUNK* agreed not to disclose the value of the contract . STOP 
*CUNK* , a producer of *UNKS* and specialty steel , already buys gas from *CUNK* . STOP 
*CUNK* said in Columbus , Ohio , that its *CUNK* Gas Marketing unit wants to line up a number of such gas management contracts . STOP 
Manufacturers frequently do n't have anyone who is a specialist in natural gas , *CUNK* said , and a specialist such as *CUNK* can save them substantial amounts of money . STOP 
The scene opens with *UNKED* executives -- *CUNKS* , obviously -- *UNKED* to cellular phones and *UNKING* it out of town in *UNK-* *UNKS* . STOP 
`` The *UNKS* , '' *UNKS* the *UNK* with a Texas *UNK* , `` have *UNKED* their bags and went . '' STOP 
But , he continues , `` They 're *UNKING* we 're all Texans . STOP 
The Lone Star is on the rise again . '' STOP 
As the music *UNKS* , viewers discover they 're watching a commercial for Lone Star *CUNKER* , the pride of Texas , a product of G. *CUNK* Brewing Co. , a La *CUNK* , *CUNK* , unit of Bond Corp . STOP 
As the ad 's tone implies , the Texas spirit is pretty *UNK* these days , and Lone Star is n't alone in trying to take advantage of that . STOP 
From *CUNK* trucks to *CUNK* *UNKED* tea to a host of *UNKING* banks , the state has been *UNKED* with broadcast commercials and print advertising campaigns *UNKING* Texans and *UNKING* outsiders . STOP 
While advertisers have long appealed to Texans ' state pride and *UNKS* , the latest trend has been sparked , in part , by the state 's recent hard economic times . STOP 
That has taken some of the *UNKER* out of *UNKS* who like to *UNK* that Texas is the only state that was once a nation , but it has increased their *UNK* *UNK* of outsiders . STOP 
In the past , writes Houston *CUNK* columnist Jim *CUNK* , *UNKS* were accepted only after passing a series of tests to prove they had the `` right '' Texas attitudes and `` of course they had to be *UNKED* for *UNKS* . '' STOP 
There is no small *UNK* in the fact that some of the *UNK-* advertising comes *UNK* of -- you *UNKED* it -- outsiders . STOP 
Lone Star 's Bond Corp. parent , for instance , *UNKS* from *CUNK* , Australia . STOP 
North *CUNKS* , New *CUNKS* , *CUNKS* , *CUNKS* and *CUNKS* own Texas banks . STOP 
All kinds of *UNK* Texas real estate has been snapped up by *UNKS* . STOP 
Even the *UNKED* Dallas Cowboys were bought by an Arkansas oil man . STOP 
`` Texas has lost its *UNKS* , leaving Texans with a *UNKER* to feel *UNK* about themselves , '' says Stephen *CUNK* , a *UNK* professor at *CUNK* University , Houston . STOP 
`` This plays right into the hands of the advertising agencies . '' STOP 
For example , the *UNK-* radio campaign for Thomas J. *CUNK* Co. , an *CUNK* *CUNKS* , N.J. , unit of *CUNK-* Unilever Group , *UNKLY* *UNKS* : `` Real Texans do not wear *UNKS* -- ever . STOP 
Real Texans do n't play *UNK* , at least I hope not . STOP 
This is football country . STOP 
And another thing -- real Texans drink *CUNK* *UNKED* tea . '' STOP 
In developing that theme at Interpublic Group of *CUNK* . ' *CUNKS* : New York unit , account supervisor *CUNK* *CUNK* says she made a `` couple of phone calls '' to Dallas ad friends and reported her `` findings '' to a team of writers . STOP 
Her findings ? STOP 
`` You know , '' she says , `` *UNKAL* stuff like *UNKS* , *UNKS* and football . '' STOP 
Not exactly sophisticated market research , but who *UNKS* as long as the campaigns work . STOP 
And ad agencies insist that they do . STOP 
*CUNK* *CUNKS* of *CUNKS* Group Inc. , Dallas , tells of the *CUNK* who saw the agency 's *UNKING* commercial for First *CUNK* Bank *CUNK* -- complete with the state 's *UNK* -- and promptly invested $ 100,000 in the thrift 's CDs . STOP 
Never mind that First *CUNK* is one of the failed Texas thrifts taken over by outsiders -- in this case , an investor group headed by New York financier Ronald *CUNK* . STOP 
The North Texas *CUNK* Dealers recently had a record sales month after the debut of ad campaign that *UNKS* its *UNK* at *UNK* *CUNKS* . STOP 
And deposits at *CUNK* Texas National Bank , a unit of *CUNK* Corp. , Charlotte , N.C. , have increased $ 2 billion since last year after heavy advertising *UNKING* commitment to Texas . STOP 
`` Obviously , pride sells in Texas , '' says a spokeswoman for *CUNK* Inc. , *CUNK* , Neb. , which represents STOP 
The ad campaigns usually follow one of three tracks -- *UNKING* the company 's ` *CUNKS* , ' *UNKING* out the competition 's lack *UNK* , or trying to be more *CUNK* than Texans . STOP 
Ford trucks may *UNK* *CUNK* trucks in places like `` Connecticut and Long Island , '' *UNKS* a commercial for Chevrolet , a division of General Motors Corp . STOP 
The commercial , created by *CUNK* , *CUNK* & *CUNKS* Inc. , of Dallas , adds *UNKLY* : `` I bet it takes a real tough truck to *UNK* your *CUNK* League *UNKS* to the *UNK* club . '' STOP 
Because they want a truck that is `` Texas tough , '' the commercial concludes , `` Texans drive *CUNK* . '' STOP 
J.C. Penney Co. , which *UNKED* from New York to suburban Dallas two years ago , *UNKLY* *UNKS* itself in Texas pride through a *UNK-* magazine ad : `` *CUNKING* the *UNK-* view to *UNK* what is of value to future generations is part of the Lone Star *UNK* , '' the ad *UNKS* . STOP 
`` It 's part of our style , too . '' STOP 
According to several *UNK-* sources , *UNKS* to the Texas banking market are spending a combined $ 50 million this year to *UNK* Texans . STOP 
Meanwhile , *UNKING* Texas banking institutions are *UNKLY* *UNKING* themselves as the only lenders who truly care about the state . STOP 
The *UNK-* *UNKER* sentiment among bankers comes from the Independent Bankers Association of Texas , although it 's hard to tell from *UNKS* of the $ 5 million `` The I 's of Texas '' TV campaign . STOP 
*CUNKS* will *UNK* *UNKING* *UNKS* of Texas and *UNKING* , *UNK-* music . STOP 
*CUNKING* banks will sign a `` Texas *CUNKION* of *CUNKS* . '' STOP 
But in *UNK* material for the campaign , the trade group *UNKS* members to `` arm '' for a `` revolution '' against big , *UNK-* *UNKING* companies . STOP 
A video sent to association members , featuring *UNKS* of the *CUNK* , *UNKS* , *UNKS* and a *UNK* of Sam Houston , does n't *UNK* words . STOP 
`` Texans can *UNK* a *UNK* a *UNK* away , '' the *UNK* warns outsiders . STOP 
`` So , do n't come and try to *UNK* us with a *UNK* *UNK* or a *UNK* *UNK* . '' STOP 
Young & Rubicam 's *CUNK* STOP 
Young & Rubicam , fighting charges that it *UNKED* *CUNK* officials to win the *CUNK* *CUNK* Board ad account in 1981 , said it will no longer create the tourist board 's advertising . STOP 
In a statement , Alex *CUNK* , Young & Rubicam 's chairman , said `` under the present circumstances -LCB- we -RCB- have agreed that it is *UNK* to *UNK* that contract . '' STOP 
Young & Rubicam has pleaded *UNK* to the charges . STOP 
The board would n't comment on its impending search for a new ad agency to handle its estimated $ 5 million to $ 6 million account . STOP 
Ad Notes ... . STOP 
NEW *CUNK* : STOP 
*CUNK* *CUNKS* Inc. , *CUNK* , N.J. , awarded its estimated $ 5 million account to *CUNKING* & *CUNK* , New York . STOP 
The account had been at Della Femina *CUNK* WCRS , New York . STOP 
*CUNK* *CUNK* : STOP 
*CUNK* *CUNK* & Klein , a small New York shop , is asking magazine ad representatives to tell it when major advertising *UNKS* will run in their publications . STOP 
It says it may pull its clients ' ads from those magazines . STOP 
*CUNK* *CUNK* : STOP 
Coca-Cola Co. said it produced a new version of its 1971 `` I 'd like to *UNK* the world to *UNKING* '' commercial . STOP 
The ad is part of *CUNK* Coke 's 1990 ad campaign , with the *UNK* line , `` *CUNK* n't beat the Real *CUNKING* . '' STOP 
*CUNK* star Michael *CUNK* and singer *CUNK* *CUNKS* have also agreed to appear in ads . STOP 
Dell Computer Corp. , squeezed by price pressure from its larger competitors and delays in its new product line , said its per-share earnings for fiscal 1990 will be half its previous forecasts . STOP 
Although the personal computer maker said it expects revenue to meet or exceed previous projections of $ *UNKN* million for the year ending Jan. 28 , 1990 , earnings are expected to be 25 cents to 35 cents a share , down from previous estimates of 50 cents to 60 cents . STOP 
Earnings for fiscal 1989 were $ *UNKN* million , or 80 cents a share , on sales of $ *UNKN* million . STOP 
Results for the third quarter ending Oct. 31 , are expected to be released the third week of November , according to Michael Dell , chairman and chief executive officer . STOP 
Mr. Dell said he does n't expect a loss in either the third or fourth quarter , but said third-quarter earnings could be as low as four cents a share . STOP 
In the third quarter last year , Dell had net income of $ 5 million , or 26 cents a share , on sales of $ *UNKN* million . STOP 
Mr. Dell attributed the earnings slide to new product delays , such as a laptop scheduled for September that wo n't be introduced until early November . STOP 
Some delays have been caused by a shortage of *UNKS* -- notably Intel Corp. 's *UNKEST* chip , the 486 -- but others apparently have been caused by Dell 's *UNK* growth and *UNKLY* stretched resources . STOP 
`` They 've got a lot of different *UNKS* in the air at the same time , '' *UNKS* Jim *CUNKER* , a computer securities analyst with *CUNKED* William K. *CUNK* & Co . STOP 
Mr. Dell , meanwhile , concedes the company was `` definitely too optimistic '' in its expectations . STOP 
*CUNK* delays , however , have left Dell *UNKED* by *UNKER* competition in its *UNKER* line of desktop computers , as *UNK* competitors Compaq Computer Corp. and International Business Machines Corp. price their PCs more aggressively . STOP 
The result has been *UNKER* margins , which have been further *UNKED* by an ambitious research and development effort and rapid overseas expansion . STOP 
*CUNK* James *CUNK* of the *CUNK* Financial Group believes Dell 's response has been to place increased emphasis on product quality , `` in an effort to rise above some of that price pressure . '' STOP 
But that has been the key to Compaq 's success , he adds , *UNKS* Dell *UNKED* out its market niche as a direct seller of low-cost but *UNK* computers -- and it might be too late in the game for a shift in strategy . STOP 
In national over-the-counter trading , Dell closed yesterday at $ 6 a share , down 87.5 cents . STOP 
*CUNK* Holdings PLC , a *CUNKED* , South *CUNKED* financial services investment group , and France 's Societe *CUNK* Union *UNK* *CUNKS* de Paris reached an accord effectively reducing chances of an *UNKLY* takeover for Sun Life *CUNK* Society PLC . STOP 
In a joint statement , the two companies , whose combined holdings equal *UNKN* % of Sun Life 's ordinary shares , said their agreement is aimed at reducing `` the uncertainty and *UNK* for Sun Life that has resulted from two major shareholders owning '' a controlling interest in the company . STOP 
*CUNK* , whose *CUNK* Investments Ltd. unit owns the largest minority stake in Sun Life , has agreed not to make a takeover bid for the British life insurer without the prior consent of the French company , known as *CUNK* . STOP 
In return , the agreement would force *CUNK* to buy *CUNK* 's *UNKN* % holding in Sun Life or sell its *UNKN* % stake to *CUNK* at a price set by *CUNK* . STOP 
*CUNK* Petroleum Services Inc. said it agreed to buy *UNKING* assets of two companies and expects to report higher third-quarter revenue and earnings . STOP 
In the year-earlier quarter , the *UNKING* contractor had net income of $ *UNKN* , or 3 cents a share , on revenue of about $ 15 million . STOP 
Results for the earlier quarter included a $ 100,000 restructuring charge . STOP 
Separately , the Houston concern said it signed letters of intent for the cash and stock purchases of a total of 29 *UNKING* *UNKS* from two concerns located in New Mexico and California . STOP 
It did n't disclose *UNKS* but said it expects to complete the purchases by Nov. 1 . STOP 
*CUNKER* Ltd. , New York , reported third-quarter net income edged up as growth in its *UNK-* services sector offset a decline in interest income . STOP 
The lower interest income occurred because *CUNKER* spent $ 1.2 billion buying back its stock last year . STOP 
Net for the *UNK-* services and electronic *UNKS* and systems concern rose to $ *UNKN* million , or 48 cents a share , from $ *UNKN* million , or 42 cents a share , a year earlier . STOP 
Per-share earnings advanced 14 % because of the buy-back . STOP 
Revenue declined 6.3 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
But excluding businesses acquired or sold , revenue was flat at about $ *UNKN* billion . STOP 
*CUNK-* net fell 9.5 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Revenue dropped 5.4 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
This year 's nine-month results include gains of $ 13 million , or five cents a share , from the sale of *CUNKER* 's defense systems business , and $ 22 million , or nine cents a share , from an award by the *CUNK* . *CUNKS* *CUNKAL* . STOP 
The year-earlier nine months include a gain of $ 35 million , or 13 cents a share , from sale of the company 's *CUNK* Control & *CUNKS* division . STOP 
NEW *CUNK* *CUNK* *CUNK* Inc. offered $ 35 million in convertible subordinated debentures through Morgan Stanley & Co. and Prudential-Bache Capital Funding . STOP 
The debentures , due in *UNKN* , have a coupon of 7 3\/4 % , payable *UNKLY* . STOP 
The debentures may be converted into common stock of the *CUNK* , Mass. , home health care concern at $ *UNKN* a share . STOP 
Proceeds will be used for working capital and general corporate purposes , including expansion of the company 's operations . STOP 
The French building group *CUNK* S.A. said profit jumped 70 % in the first half of 1989 , partly on the strength of *UNKING* gains from a share issue by its Canadian unit . STOP 
*CUNK* said group profit after payments to minority interests rose to *UNKN* million francs -LRB- $ *UNKN* million -RRB- from *UNKN* million a year earlier . STOP 
Revenue rose 40 % to *UNKN* billion francs from *UNKN* billion . STOP 
The group noted that 75 million francs of the advance reflected a one-time gain from the June offering by its United *CUNK* unit in Canada . STOP 
It did n't say if its year-earlier results were influenced significantly by *UNKING* elements . STOP 
For all of 1988 , *CUNK* had group profit of *UNKN* million francs after payment to minority interests . STOP 
Revenue was *UNKN* billion francs . STOP 
The group has n't forecast full-year earnings for 1989 , although it said that its first-half results are n't a good indication because of one-time elements and the seasonal nature of its operations . STOP 
Tuesday 's earthquake will *UNKS* local real-estate values in the short term and force companies to *UNKER* expanding in or *UNKING* to the Bay Area and California , real-estate and *UNKION* specialists said . STOP 
Few specialists said they expect the quake to have much of an effect on most California property values . STOP 
But real-estate experts and brokers said the quake *UNKLY* will drag down prices in neighborhoods built on less stable ground , especially in the Bay Area . STOP 
`` California prices were already coming down . STOP 
This is n't going to help , '' said Kenneth T. Rosen , chairman of the Center for Real Estate and Urban *CUNKS* at the University of California at Berkeley . STOP 
State housing prices , at a *UNK* $ *UNKN* , have declined in recent months because of potential buyers ' *UNK* to afford homes . STOP 
Mr. Rosen , among others , suggested that the quake , the strongest since the 1906 temblor that struck San Francisco , will in the short term create a *UNKER* price system for *UNK-* communities , with *UNKS* built on *UNK* ground likely to demand higher prices . STOP 
One San Francisco neighborhood likely to test Mr. Rosen 's theory soon is the city 's fashionable Marina district , which boasts some of the highest home prices in the state . STOP 
The district , built on *UNK* , suffered heavy quake damage , including collapsed buildings . STOP 
Yesterday , the city *UNKED* two *UNKS* in the district because of severe structural damage and said as many as 19 of the district 's 350 *UNKS* might have to be *UNKED* . STOP 
*CUNKS* agreed with the *UNKER* price theory . STOP 
`` My *UNK* feeling is that the Marina properties will be affected , '' said Grace *CUNKS* , senior vice president at *CUNK* & *CUNKS* *CUNKAL* *CUNK* Inc . STOP 
Neither she nor other real-estate executives and brokers could project how much less Marina properties might bring , but she said the *UNKER* price structure would affect prices `` for a while . '' STOP 
Mr. Rosen said the quake will revive consumer interest in a *UNKED* 1972 state law that requires brokers to disclose to potential buyers how close a property *UNKS* to a fault line . STOP 
Because of the size of the California market , few *UNKION* specialists expect a widespread corporate flight in the quake 's aftermath . STOP 
But they said the quake will force some companies to *UNK* or expand part or all of their operations outside the state . STOP 
`` What you 're going to get is ` We do n't want to put all of our eggs in one basket ' theory , '' said James H. *CUNKS* , president of *CUNKION* Management Services Inc. , a Palo Alto , Calif. , *UNKION* concern . STOP 
Mr. *CUNKS* , among others , said the quake will *UNK* companies in certain industries , like *UNKS* , computers and aerospace , to consider moving operations that involve particularly sensitive machinery to locations outside California . STOP 
Because of the quake threat , `` some firms have *UNKED* what the cost is to shore up their buildings and compared it with the cost of building it *UNK* , '' he said . STOP 
One Southern California aerospace firm , for example , two months ago asked *CUNKION* Management to compare the costs of *UNKING* its current building against earthquakes with the cost of building a new structure elsewhere . STOP 
A new *UNKING* would cost $ 21 million , *CUNKION* Management found , compared with $ 22 million to make the present building *UNK-* . STOP 
The company , Mr. *CUNKS* said , has n't yet determined what to do . STOP 
*CUNK* *CUNK* *CUNK* , *CUNK* , Calif. , said it would n't pay its fourth-quarter dividend , despite a 44 % increase in third-quarter earnings , to $ 3.5 million , or 42 cents a share . STOP 
Net income included a gain of $ *UNKN* on asset sales , the real estate investment trust said . STOP 
A year earlier , *CUNK* Health earned $ 2.4 million , or 29 cents a share . STOP 
Revenue rose 3 % to $ 9 million from $ 8.8 million . STOP 
*CUNK* Health said that although it has the cash to cover the *UNK-* dividend , its banks have denied the company 's request to pay it because the trust has n't met certain terms . STOP 
*CUNK* Health said it has `` numerous financing activities '' under way to *UNK* the problem and will make up the dividend payment later if possible . STOP 
*CUNK* Rey S.A. , a French paper producer , said it concluded an agreement with Japan 's Fuji *CUNK* Film Co. that will allow *CUNK* Rey to manufacture and sell *UNKAL* paper using Fuji technology . STOP 
*CUNK* Rey is a leading French maker of *UNKING* and electronic printing paper . STOP 
*CUNKAL* paper is used in *UNK* machines . STOP 
Terms of the agreement were n't disclosed . STOP 
*CUNK* Rey 's move follows similar *UNKING* agreements between Japanese producers of *UNKAL* paper and European paper groups . STOP 
*CUNK* Grace & Co. , New York , said its earnings for the third quarter nearly doubled as a result of a $ *UNKN* million *UNK-* gain from restructuring its energy operations and other adjustments . STOP 
Net income rose to $ *UNKN* million , or $ 1.15 a share , from $ *UNKN* million , or 60 cents a share , a year earlier . STOP 
Sales increased 7 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The gain resulted from the sale of Grace Equipment Co. , the initial public offering of a *UNK-* interest in Grace Energy Corp. and an adjustment in the carrying value of certain natural *UNK* assets not part of Grace Energy . STOP 
The international specialty chemical company 's earnings were hurt by an *UNKAL* for *UNKION* rights that reflected a 19 % increase in the stock price , and higher interest expenses . STOP 
*CUNK* American Corp. of South Africa Ltd. said the third-quarter combined profit of its six gold mines dropped 8.5 % from the previous quarter . STOP 
Total net income fell to *UNKN* million *UNK* -LRB- $ *UNKN* million -RRB- from *UNKN* million *UNK* in the June quarter . STOP 
Total gold production by all six mines rose 4 % to *UNKN* *UNKS* from *UNKN* *UNKS* in the previous quarter . STOP 
*CUNK* Industries Ltd. said it increased its stake in Western Forest Products Ltd. to 56 % from 22 % , through a *UNK-* transaction valued at *UNKN* million Canadian dollars -LRB- $ *CUNK* million -RRB- . STOP 
*CUNK* is based in *CUNK* , British Columbia . STOP 
The company , founded and controlled by *CUNK* *CUNK* , its chairman and president , said the purchase would make it Canada 's *UNK* largest forest products company . STOP 
Under terms of the transaction , which was proposed in June , *CUNK* said it acquired International Forest Products Ltd. 's 22 % stake in Western Forest , and Western Forest , in a related transaction , bought back a 22 % interest in the company from *CUNKER* *CUNK* Canada Ltd . STOP 
The *CUNKER* *CUNK* Canada stake was then canceled , *CUNK* said , raising *CUNK* 's interest in Western Forest to 56 % . STOP 
*CUNK* said it was also granted an option to acquire the remaining 44 % interest in Western Forest , which is currently held by two Canadian banks . STOP 
International Forest , Western Forest , and *CUNKER* *CUNK* Canada are *CUNKED* forest products concerns . STOP 
The Canadian government introduced in the House of *CUNKS* legislation to extend federal regulatory authority over *UNKAL* *UNKED* telephone utilities in Alberta , *CUNK* and *CUNK* . STOP 
The legislation would open the way for more telephone services and more competition in the telephone business in the three *UNKS* , federal officials said . STOP 
The federal government initiative follows a recent Canadian Supreme Court decision that held that the major telephone companies in Alberta , *CUNK* and *CUNK* and in the Atlantic coast *UNKS* were *UNKAL* *UNKS* and subject to federal legislative authority . STOP 
*CUNK* to the ruling the federal government had regulated only the telephone companies in Quebec , *CUNK* , British Columbia and the Northwest *CUNKS* . STOP 
The governments of Alberta , *CUNK* and *CUNK* have strongly opposed federal regulation of their telephone companies . STOP 
The extension of federal regulatory authority over telephone utilities in the Atlantic *UNKS* has n't required special legislation because they are *UNKED* . STOP 
*CUNK* Corp. said its bank group , led by Chicago-based Continental Bank , agreed to extend its $ 40 million bridge loan until March 31 , 1990 , and gave it a new $ 30 million credit line . STOP 
Under terms of the loan agreement , *CUNK* said it will *UNK* the next quarterly dividends on its Series A , B , C and D preferred shares , which are due Nov. 15 . STOP 
Since the preferred stock is cumulative , *CUNK* said it will pay all omitted dividends , which range from $ *UNKN* to $ *UNKN* a share , when *UNKION* requirements have been met . STOP 
*CUNK* 's bridge loan , part of the financing for *CUNK* 's acquisition of *CUNK* in December 1988 , was to come due next Friday . STOP 
The company 's new management , which took control of *CUNK* 's board after a consent solicitation last month , wanted to extend the loan while it tries to sell two units . STOP 
Proceeds from those sales will be used to reduce debt . STOP 
*CUNK* , a Denver hardware and automotive distributor , said the new credit agreement will provide the working capital needed to meet ongoing requirements . STOP 
Three savings-and-loan institutions in Kansas and Texas were added to the Resolution Trust Corp. 's *UNK* program after federal regulators declared the thrifts insolvent and named the RTC their *UNKER* . STOP 
The deposits , assets and certain liabilities of the three thrifts were transferred to newly *UNKED* federal mutual institutions . STOP 
The three institutions are : *CUNK* Kansas Federal Savings & Loan Association , *CUNK* , which had $ *UNKN* million in assets ; Valley Federal Savings & Loan Association of *CUNK* , *CUNK* , Texas , with $ *UNKN* million in assets ; and *CUNK* Savings Association , El *CUNK* , with $ *UNKN* million in assets . STOP 
The three insolvent thrifts will maintain normal business hours and operations under *CUNKED* managing agents , while the RTC tries to negotiate permanent *UNKS* . STOP 
Separately , *CUNK* Bank , Phoenix , Ariz. , was closed by Arizona banking officials . STOP 
The Federal Deposit Insurance Corp. approved the assumption of *CUNK* 's deposits and fully secured liabilities by a newly *UNKED* subsidiary of Valley Capital Corp. , Las Vegas . STOP 
The new institution is also called *CUNK* Bank , and the failed bank 's five offices will reopen today . STOP 
The failed bank had assets of about $ *UNKN* million . STOP 
The newly *UNKED* bank will assume about $ *UNKN* million in *UNKN* deposit accounts and pay the *CUNK* a purchase premium of $ 2.9 million . STOP 
It also will buy about $ *UNKN* million of assets , and the *CUNK* will advance $ *UNKN* million to the assuming bank . STOP 
*CUNK* PLC of Britain is to come to the rescue of the French distribution group Societe *CUNK* de *UNKEST* *CUNK* in an operation that has been engineered with the Paribas financial group , Societe *CUNK* 's main shareholder . STOP 
The announcement came as Societe *CUNK* , a trading company with activities in more than 40 countries , reported a loss of *UNKN* million francs -LRB- $ 51 million -RRB- for the first six months of this year , partly because of provisions on future losses . STOP 
The rescue operation will *UNK* of a capital boost for Societe *CUNK* of one billion francs through issues of new shares and convertible bonds . STOP 
Cie . Financiere de Paribas said it intends to transfer its 30 % *UNKING* in Societe *CUNK* to a new company which will be jointly owned with *CUNK* . STOP 
This will give Paribas and *CUNK* joint control of Societe *CUNK* . STOP 
Paribas said *CUNK* will participate in the *UNKING* capital boost for Societe *CUNK* . STOP 
International Business Machines Corp. and MCA Inc. said they agreed to sell their *CUNKION* Associates joint venture to U.S. units of Pioneer Electronic Corp. for $ 200 million . STOP 
The joint venture licenses a portfolio of about *UNKN* patents and patent applications relating to *UNK-* recording technology . STOP 
IBM and MCA formed *CUNKION* in 1979 to make *UNK-* optical products . STOP 
But the partners did n't believe the market for the systems was developing as rapidly as they had hoped . STOP 
After reportedly investing $ 100 million in the business , *CUNKION* *UNKED* manufacturing operations in 1982 and sold many of its assets to *CUNKED* Pioneer , among others . STOP 
*CUNKION* now has world-wide license agreements with major manufacturers covering CD audio disks , audio disk players , *UNKS* and *UNK* players . STOP 
It also licenses *UNKLY* based data storage and *UNKAL* devices . STOP 
James N. *CUNKER* , president of *CUNKION* and a vice president of MCA , said that IBM and MCA had n't planned to sell the joint venture , which is now profitable , but that Pioneer approached *CUNKION* earlier this year . STOP 
He said it is n't certain whether *CUNKION* 's current management will remain when Pioneer buys the company . STOP 
The agreement is *UNK* on certain government approvals and should be completed later this year . STOP 
Tokyo stocks closed higher in moderately active but *UNKS* trading as the recent anxiety in world stock markets continued to *UNK* . STOP 
London shares also closed *UNKER* in thin trading driven largely by technical factors and support from a new Wall Street rally . STOP 
Prices also rose on almost every other major exchange in Europe , Asia and the Pacific . STOP 
Tokyo 's Nikkei index of 225 issues , which gained *UNKN* points Wednesday , climbed *UNKN* , or *UNKN* % , to *UNKN* . STOP 
Volume on the first section was estimated at 800 million shares , compared with *UNKN* million Wednesday . STOP 
*CUNKS* *UNKED* losers *UNKN* , with *UNKN* issues unchanged . STOP 
In early trading in Tokyo Friday , the Nikkei index rose *UNKN* points , to *UNKN* . STOP 
On Thursday , the Tokyo Stock Price Index of all issues listed in the first section , which gained *UNKN* point Wednesday , was up *UNKN* , or *UNKN* % , at *UNKN* . STOP 
The morning session was dominated by individuals and dealers , but some institutions *UNKED* in the afternoon , encouraged by the market 's *UNKS* , traders said . STOP 
*CUNK* was helped by the small gain made by New York stocks Wednesday despite anxiety over possible effects of the major earthquake that struck northern California Tuesday . STOP 
Having survived both last Friday 's 6.9 % Wall Street plunge and the immediate aftermath of the San Francisco Bay area earthquake , Tokyo market participants expressed relief that trading had returned to normal . STOP 
*CUNK* *CUNK* , general manager of the stock trading division at Nikko Securities , said that after looking at the reasons for Friday 's Wall Street plunge , participants realized that the Tokyo and New York markets have different economic fundamentals . STOP 
This conclusion , he said , restored the credibility of Tokyo stocks . STOP 
*CUNK* *CUNK* , head of the investment information department at Daiwa Investment Trust & Management , said that if New York stocks just *UNK* in or near their current range , the Tokyo market will remain firm with a moderately upward trend for the rest of the year . STOP 
But traders said the market lacks a base on which to set long-term buying strategy , as the future direction of U.S. interest rates remains unclear . STOP 
`` Investor interest *UNKS* back and forth *UNKLY* as they are unable to shift their weight to one side for sure , '' Mr. *CUNK* of Daiwa Investment Trust said . STOP 
Many of Wednesday 's winners were losers yesterday as investors quickly took profits and *UNKED* their buying to other issues , traders said . STOP 
Pharmaceuticals made *UNK-* advances . STOP 
*CUNK* Pharmaceutical gained 130 to *UNKN* yen -LRB- $ *UNKN* -RRB- a share , *CUNK* Pharmaceutical was up 150 at *UNKN* , and *CUNK* advanced 60 to *UNKN* . STOP 
Housing issues were boosted by a report that Daiwa House expects to post 43 % higher earnings for its latest fiscal year , traders said . STOP 
Daiwa House advanced 100 to *UNKN* , *CUNK* *CUNKS* was up 60 at *UNKN* , and *CUNK* House gained 100 to *UNKN* . STOP 
*CUNKING* construction companies also attracted interest for their strong earnings *UNKS* , traders said . STOP 
They and many other major Japanese corporations will issue results soon for the fiscal first half ended Sept. 30 . STOP 
*CUNK* was up 60 to close at *UNKN* , *CUNK* gained 50 to *UNKN* , and *CUNK-* advanced 40 to *UNKN* . STOP 
Other winners included real estate issues Mitsubishi Estate , which closed at *UNKN* , up 130 , and *CUNK* Real Estate Development , which gained 100 to *UNKN* . STOP 
Steel shares fell back after *UNKING* for three days . STOP 
*CUNK* Steel was down 11 at *UNKN* , *CUNK* Steel lost 5 to *UNKN* , and Nippon Steel slipped 6 to *UNKN* . STOP 
Mitsubishi *CUNK* , a leading *UNKER* Wednesday , fell 44 to *UNKN* as investors *UNKED* profits . STOP 
London 's Financial *CUNK-* Exchange 100-share index finished *UNKN* points higher at *UNKN* . STOP 
The Financial Times 30-share index ended *UNKN* higher at *UNKN* . STOP 
Volume continued to ease from the active dealings at the start of the week . STOP 
*CUNKER* was *UNKN* million shares , compared with *UNKN* million Wednesday . STOP 
Dealers said the market was *UNKED* by a squeeze in *CUNK-* 100 stocks , particularly among *UNKS* seeking shares that had been hit hard in recent weeks , such as retailers and *UNKED* concerns . STOP 
But despite the *UNK* of interest in those shares , dealers said , the market remains nervous about Wall Street 's volatility and high U.K. interest rates . STOP 
U.K. money supply figures for September , released yesterday , showed continued growth in corporate and personal lending , which will keep pressure on the government to maintain tight credit . STOP 
Among the stocks featured in the *UNKS* ' squeeze was Sears , which closed at 107 pence -LRB- $ *UNKN* -RRB- a share , up 3 . STOP 
General *CUNKAL* Stores , another *UNKER* stock hit recently by concerns over retail demand in the face of high interest rates , gained 20 to # *UNKN* . STOP 
*CUNK* gained 2 to STOP 
Another active *CUNK-* 100 stock was clothing and furniture retailer *CUNK* , which gained 6 to *UNKN* . STOP 
*CUNKS* recovered ground again on *UNKER* demand and *UNK* buying linked to talk of mergers in the industry before the European Community 's planned market *UNKION* in STOP 
Royal Insurance was the sector 's hottest issue , ending 15 higher at *UNKN* . STOP 
Sun Alliance fell 1 to close at *UNKN* , and General *CUNK* jumped 10 to # *UNKN* . STOP 
B.A.T Industries surged in afternoon dealings after its shareholders approved a plan to *UNK* of its U.S. and U.K. retailing operations to fend off *CUNK* Investment 's # 13.4 billion -LRB- $ *UNKN* billion -RRB- hostile bid . STOP 
With the company also *UNKING* a plan to buy back as many as 10 % of its shares outstanding , B.A.T closed at *UNKN* , up 27 . STOP 
*CUNKER* was 6.8 million shares , including about four million shares traded in the afternoon after the shareholders ' meeting . STOP 
B.A.T said it purchased 2.5 million shares at *UNKN* . STOP 
In other European markets , shares closed sharply higher in Stockholm , Frankfurt , Zurich and Paris and higher in Milan , Amsterdam and Brussels . STOP 
South African gold stocks closed *UNKER* . STOP 
Prices also closed higher in Singapore , Sydney , Taipei , Wellington , Hong Kong and Manila but were lower in Seoul . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
The federal response to California 's earthquake crisis was *UNKED* by *UNK-* *UNKING* between the White House and San Francisco 's Mayor Art Agnos . STOP 
Mr. Agnos complained that he was `` *UNKED* off '' that Vice President Dan Quayle , who *UNKED* the earthquake site Wednesday , did n't schedule a private meeting with him . STOP 
The mayor said the Quayle visit was `` a publicity *UNK* . '' STOP 
The White House said Mr. Quayle 's staff had invited the mayor to two meetings of the vice president and groups of local officials and had offered to *UNK* a helicopter to pick him up . STOP 
Mr. Agnos declined the *UNKS* , the White House said . STOP 
Marlin Fitzwater , White House press secretary , also asserted that Mr. Agnos had failed to return telephone calls from John *CUNK* , White House chief of staff . STOP 
`` We *UNK* very much that the mayor of San Francisco has decided not to cooperate with us on this matter in making sure that there is adequate federal support for the disaster in his city , '' Mr. Fitzwater said . STOP 
By late yesterday , both sides appeared prepared to *UNK* the *UNK* . STOP 
The White House announced that Mr. Agnos , along with the *UNKS* of Oakland and *CUNK* , are to *UNK* President Bush on a tour of the earthquake area today . STOP 
And one White House official reported that Mr. Agnos had been `` very *UNK* '' in making arrangements for Mr. Bush 's *UNKLY* scheduled trip to California . STOP 
Gold and silver broker *CUNK* Semel asked a federal court to halt the Commodity Exchange from imposing a record $ *UNKN* fine on his firm . STOP 
The suit , filed in federal court in Manhattan , also asks that the *CUNK* 's nine-month suspension of Mr. Semel be lifted , pending the broker 's appeal of the *UNK* measures . STOP 
The fine and suspension , announced in August , are the *UNKEST* sanctions the *CUNK* has ever ordered against one of its members . STOP 
The *CUNK* accused the *UNK-* Mr. Semel of `` fraudulent conduct '' and *UNKER* trading . STOP 
The *UNK* proceedings stem from trading in April 1987 . STOP 
Mr. Semel and his firm , Semel & Co. , have appealed the *CUNK* decision and the sanctions to the Commodity Futures Trading Commission . STOP 
The commission denied Mr. Semel 's request that the fine and suspension be delayed pending the appeal . STOP 
The lawsuit states that unless the sanctions are halted pending an appeal , the broker and his firm `` will be *UNKLY* injured and their business will be totally and *UNKLY* destroyed . '' STOP 
Already the firm has paid $ *UNKN* of the fine , the suit said , and it will have to *UNK* additional assets in order to pay the rest . STOP 
A spokesman for the *CUNK* could n't be reached to comment . STOP 
The Federal National Mortgage Association said 39 lenders across the U.S. have agreed to offer home loans under Fannie Mae 's pilot program for elderly people . STOP 
Fannie Mae , a federally *UNKED* and *UNKED* company , said the lenders include Prudential Home Mortgage Co. , a unit of Prudential Insurance Co. of America that operates in every state . STOP 
Prudential Insurance is based in Newark , N.J . STOP 
Fannie Mae has agreed to buy as much as $ 100 million of loans under its *CUNKS* ' Housing *CUNKS* pilot program , which offers four types of loans to people 62 years of age or older to help them maintain their home or obtain housing . STOP 
The loans can be for *UNK* apartments , for *UNKS* built in a relative 's *UNK* , for *UNKING* or for *UNK-* transactions . STOP 
Fannie Mae makes a secondary market in home loans . STOP 
It buys loans from lenders , packages some into securities for sale to investors and holds the remainder in a portfolio . STOP 
Robert M. *CUNK* , senior partner of a Greenwich , Conn. , investment firm , said he plans to launch a proxy fight against the board of *CUNKED* *CUNK* Corp . STOP 
Mr. *CUNK* , head of *CUNK* & Co. , said he plans to conduct a proxy contest to *UNK* a majority of *CUNK* 's board at the next annual stockholders meeting . STOP 
*CUNK* , a transportation leasing company , said in a statement it would have no comment on Mr. *CUNK* 's plans until `` further information has been disclosed by him . '' STOP 
The company also said its 1990 annual meeting has not been scheduled . STOP 
Mr. *CUNK* owns *UNKN* of the company 's 6.3 million common shares outstanding . STOP 
*CUNK* said it recently bought back approximately *UNKN* of its shares *UNK* to its existing authorization to acquire as many as *UNKN* shares . STOP 
Mr. *CUNK* has filed suit in Delaware *CUNK* Court , seeking to block *CUNK* 's *UNKER* *UNK* . STOP 
In a filing with the Securities and Exchange Commission , Mr. *CUNK* said *CUNK* `` has *UNKED* business strategies that are n't in the best interest of stockholders . STOP 
*CUNK* AND *CUNK* *CUNK* on the second anniversary of Black Monday as a favorable inflation report prompted speculation of lower interest rates . STOP 
The Dow Jones industrials closed up *UNKN* , at *UNKN* , after rising over 60 points in *UNK-* . STOP 
The rally brought the gain so far this week to about *UNKN* points . STOP 
The dollar finished mixed , while gold declined . STOP 
Consumer prices climbed a moderate 0.2 % in September , mostly due to higher clothing costs . STOP 
Energy prices continued to fall at the retail level , but economists worried about a big rise in wholesale energy costs . STOP 
British Airways dropped out of the current bidding for United Air 's parent , leaving a UAL *UNKS* group without a key partner . STOP 
British Air 's move raised new questions about the buy-out group 's efforts to revive a stalled bid for UAL . STOP 
A capital-gains *UNK-* plan was dropped by Senate Democrats under pressure from their leadership . STOP 
The move is a setback for Bush , who needs Democratic support to pass a capital-gains cut in the Senate . STOP 
Other tax breaks also are likely to be restored or created in the coming months as special interest groups try to *UNUNK* the 1986 tax overhaul . STOP 
Many retailers are worried that a price war could *UNK* this Christmas if *UNKED* firms such as Campeau slash prices to spur sales . STOP 
AT&T unveiled a sweetened early retirement plan for management that the company hopes will save it $ 450 million in the next year . STOP 
Also , profit rose 19 % in the third quarter . STOP 
Chrysler will idle a *CUNK* assembly plant temporarily due to slowing sales of its profitable *CUNK* *CUNK* and *CUNKER* sport utility vehicles . STOP 
Digital Equipment 's profit fell 32 % in the latest quarter , prompting forecasts of weaker results ahead . STOP 
Analysts were troubled by signs of flat U.S. orders at the computer maker . STOP 
IBM plans to unveil over 50 software products on Tuesday to try to end some of the problems in *UNKING* manufacturing operations . STOP 
The TV units of Paramount and MCA are exploring offering prime-time programming to independent stations two nights a week . STOP 
BankAmerica 's profit jumped 34 % in the third quarter . STOP 
The rapid recovery continued to be fueled by growth in consumer loans , higher interest margins and only minor loan losses . STOP 
Big Board short interest fell 4.2 % for the month ended Oct. 13 , the second decline in a row . STOP 
*CUNKED* shares on the Amex rose to another record . STOP 
Bell Atlantic posted a strong earnings gain for the third quarter , as did Southern New England Telecommunications . STOP 
But Nynex , Pacific Telesis and U *CUNK* West had lower profits . STOP 
B.A.T Industries won shareholder approval for a defensive restructuring to fend off Sir James Goldsmith . STOP 
American Express 's profit climbed 21 % in the quarter , aided by a surge in its travel business and despite a big rise in Third World loan reserves . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , up *UNKN* ; transportation *UNKN* , up *UNKN* ; utilities *UNKN* , up *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , up STOP 
Commodities : Dow Jones futures index *UNKN* , up *UNKN* ; spot index *UNKN* , up *UNKN* . STOP 
Dollar : *UNKN* yen , up 0.25 ; *UNKN* marks , off *UNKN* . STOP 
Computer Sciences Corp. , El *CUNK* , Calif. , said the National *CUNKS* and Space Administration will negotiate details of a contract valued at about $ 170 million to provide software for the *CUNKS* Research Center . STOP 
*CUNKED* in the three-year contract are options for two one-year *UNKS* . STOP 
NASA awarded the contract to *CUNK* in November but an appeal by Sterling *CUNK* Inc. of Dallas sent the contract to the General Services Administration Board of *CUNK* Appeals and the board required NASA to *UNK-* bidders ' proposals . STOP 
Sterling had completed a five-year contract for NASA but lost its bid for *UNKAL* . STOP 
As directed by the board , NASA completed the evaluation and again chose *CUNK* . STOP 
For its fiscal year ended March 31 , *CUNK* had revenue of $ 1.3 billion . STOP 
*CUNK* *CUNK* Northern California amid an earthquake cleanup . STOP 
As power and commuters returned to much of downtown San Francisco for the first time since Tuesday 's temblor in the Bay area , three strong aftershocks , one *UNKING* *UNKN* on the Richter scale , *UNKED* the region . STOP 
*OUS* injuries or damages were n't reported . STOP 
*CUNKS* , meanwhile , tried to cope with *UNKED* services , blocked *UNKS* and water shortages in the aftermath of the *UNK* that left scores dead and injured . STOP 
*CUNKS* remained *UNKS* . STOP 
Bush is to visit the area today , and officials in Washington estimated that emergency assistance would total at least $ 2.5 billion . STOP 
A series of earthquakes struck northern China , killing at least 29 people , *UNKING* hundreds and *UNKING* about 8,000 homes , the *CUNK* News Agency said . STOP 
The Senate rejected a constitutional amendment sought by Bush to *UNK* *UNKION* of the U.S. flag . STOP 
While the proposal won a slight majority , the *UNKN* vote was well short of the two-thirds needed to approve changes in the Constitution . STOP 
It was considered a victory for Democratic leaders , who favor a law *UNKING* flag *UNKING* . STOP 
The House approved an $ *UNKN* million aid package for Poland and Hungary , nearly double what Bush had requested . STOP 
The vote of *UNKN* sent the measure to the Senate . STOP 
Britain 's chief justice *UNKED* the murder *UNKS* of four people for Irish Republican Army *UNKS* that killed seven people in 1974 . STOP 
The reversal came after the government conceded that investigators may have *UNKED* evidence . STOP 
The `` *CUNK* Four , '' three *CUNK* and an *CUNK* , have been *UNKED* since 1975 . STOP 
The Nobel *CUNK* in *UNK* was won by *CUNK* Jose *CUNK* , a Spanish writer . STOP 
His *UNKN* novel `` The Family of *CUNKAL* *CUNK* '' is considered the most popular work of *UNKION* in Spanish since *CUNKS* 's `` Don *CUNK* '' was published 400 years ago . STOP 
The Swedish Academy in Stockholm cited the *UNK-* *CUNK* for `` rich and *UNK* *UNK* . '' STOP 
The editor of *CUNK* was dismissed and succeeded by a *UNK* of Soviet leader Gorbachev . STOP 
The action at the Communist Party daily , viewed as the Soviet Union 's most *UNK* newspaper , was considered the most significant development in a week of *CUNK* *UNKING* over the press , including sharp criticism from Gorbachev . STOP 
East Germany 's new leader met with *CUNK* Church officials to discuss a growing opposition movement demanding democratic *UNKS* . STOP 
As they *UNKED* near East Berlin , a *UNK-* protest *UNKED* in the *CUNK* city of *CUNK* , and activists threatened further rallies against leader Krenz 's expected *UNK-* policies . STOP 
Police in *CUNK* *UNKED* an international meeting on human rights , *UNKING* *CUNK* 's former foreign minister , *CUNK* *CUNK* , and 14 other activists . STOP 
A leading U.S. *UNKS* monitor also was briefly held . STOP 
*CUNK* *UNK* *CUNK* *CUNK* reportedly escaped the *UNK* , the fourth against activists in recent days . STOP 
Bush met in Washington with Spain 's Prime Minister Gonzalez and discussed what the president called `` the *UNUNK* role '' that *CUNK* can play in *UNKING* democracy in Eastern Europe and Latin America . STOP 
Gonzalez , who pledged to help monitor voting in Nicaragua , was said to be carrying proposals for free elections in Panama . STOP 
The Galileo *UNK* *UNKED* *UNKLY* toward the planet Jupiter , while five *UNKS* *UNK* the space shuttle Atlantis measured the Earth 's ozone *UNKER* . STOP 
The *UNK* probe was *UNKED* Wednesday by the shuttle *UNK* , which is to conduct a series of medical and other experiments before their scheduled landing Monday in California . STOP 
*CUNK* and Britain agreed to resume *UNK* and economic relations , seven years after the two nations *UNKED* over the *CUNK* *CUNKS* . STOP 
The announcement , in which they said *UNKS* had *UNKED* , followed a two-day meeting in *CUNK* . STOP 
*CUNK* *UNKS* *UNKED* the capital of Afghanistan , killing at least 12 people , as the Soviet Union was reported to be *UNKING* arms and food to Kabul 's forces . STOP 
*CUNKING* also was reported around the strategic town of *CUNK* , near the *CUNK* border . STOP 
Saudi Arabia 's foreign minister met in *CUNKS* with President *CUNK* to develop a plan for the withdrawal of *CUNK* 's 40,000 troops from Lebanon as part of a settlement of that nation 's *UNK-* civil war . STOP 
The talks came as *CUNK* negotiations on political changes appeared *UNKED* . STOP 
GOP Sen. *CUNKER* of Pennsylvania said he would vote to *UNK* federal Judge *CUNK* Hastings in his impeachment trial on charges of *UNK* and *UNK* conspiracy . STOP 
*CUNKER* , the vice chairman of the Senate 's evidence panel , said there was `` *UNK* evidence to *UNK* '' the Miami *UNK* . STOP 
After slipping on news of a *UNKED* U.S. inflation figure , the dollar rebounded later in the trading day . STOP 
The U.S. unit *UNKED* to a session low against the mark just after the release of the U.S. consumer price index . STOP 
The report showed that September consumer prices rose just 0.2 % , a smaller increase than expected . STOP 
The market had anticipated a 0.4 % rise in the price index . STOP 
The September index fueled speculation , *UNKING* to the dollar , that the Federal Reserve soon will ease monetary policy further . STOP 
But foreign-exchange dealers said the dollar *UNKED* a quick comeback , prompted by a round of short covering and some fresh buying interest later in the trading day . STOP 
Traders said that a nearly *UNK-* gain in the Dow Jones Industrial Average , fueled in part by news of a *UNKED* price index , had little influence on the dollar 's moves . STOP 
`` The market is beginning to *UNK* itself from Wall Street , '' said one New York trader . STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , down from *UNKN* marks late Wednesday , and at *UNKN* yen , up from 141.45 yen late Wednesday . STOP 
Sterling was quoted at $ *UNKN* , up from $ *UNKN* late Wednesday . STOP 
In Tokyo Friday , the U.S. currency opened for trading at *UNKN* yen , up from Thursday 's Tokyo close of *UNKN* yen . STOP 
Some analysts said the consumer price index reflects a more significant slowdown in the U.S. economy than earlier indicated . STOP 
They point out that September 's *UNK-* index showed a 0.9 % increase . STOP 
They noted that because the consumer price index , known as the *CUNK* , is a more comprehensive measure of inflation and is rising less rapidly than the *UNK-* index , or *CUNK* , it could signal further easing by Fed . STOP 
Others suggested , however , that the Fed will hold any changes in monetary policy in check , leaving fed funds at around 8 3\/4 % , down from the 9 % level that *UNKED* from July through September . STOP 
*CUNK* *CUNK* , chief economist with the Swiss Bank Corp. , said that both *CUNK* and *CUNK* climbed around 4 1\/2 % *UNK-* in September . STOP 
He argued that both *CUNK* and *CUNK* have in fact *UNKED* since spring . STOP 
`` The Fed wo n't be *UNKED* into easing , '' Mr. *CUNK* said , predicting that for now , interest rates will stay where they are . STOP 
A *UNK-* matched *UNK-* agreement , a move to drain liquidity from the system , was viewed as a technical move , rather than an indication of *UNKING* credit . STOP 
Market participants note that the mark continues to post *UNKER* gains against its U.S. counterpart than any other major currency , particularly the yen . STOP 
`` There 's a *UNKS* pit of dollar demand '' by Japanese investors , said *CUNK* *CUNK* , managing director of foreign exchange at *CUNK* & *CUNK* Banking Corp. in New York , adding that *UNKLY* *UNK* demand would n't hold the dollar at its recent levels against the Japanese currency . STOP 
Mr. *CUNK* *UNKED* that the mark remains well bid against other currencies as well . STOP 
Robert White , manager of corporate trading at First Interstate of California , called the market `` *UNKLY* *UNK-* , '' noting that the U.S. remains a `` *UNK* grab *UNK* '' for Japanese investors which accounts for the *UNKED* demand for U.S. dollars . STOP 
On the Commodity Exchange in New York , gold dropped $ *UNKN* to $ *UNKN* an ounce in moderate trading . STOP 
Estimated volume was three million ounces . STOP 
In early trading in Hong Kong Friday , gold was at about $ *UNKN* an ounce . STOP 
Hotel Investors Trust and its affiliate , Hotel Investors Corp. , said the companies plan to sell all of the hotels the companies own and operate , except for two *UNKS* in Las Vegas , *CUNK* . STOP 
The hotels and management interests will be sold at an auction , said John *CUNK* , president and chief executive officer of the trust and a director of the corporation . STOP 
Value of the properties and management interests was n't disclosed . STOP 
In all , the Los Angeles-based trust plans to sell its interests in 36 hotels , while the corporation will sell its management interests in 32 of those properties . STOP 
*CUNKED* from the sale are the interests of the trust and the corporation in two Las Vegas *UNKS* . STOP 
After completing the sale and paying debts , the trust and corporation will consider a number of options including a stock repurchase , payment of special dividend or investment in more *UNKING* properties . STOP 
The companies will retain their current regular quarterly dividend of 25 cents during the sale process , Mr. *CUNK* said . STOP 
For the first six months , the trust and corporation had a net loss of $ *UNKN* . STOP 
*CUNKER* International Inc. , citing cost-cutting moves and increased sales of its *UNK-* products and *UNKS* *UNKS* , posted a 20 % rise in third-quarter net income on a 5.9 % sales boost . STOP 
The *CUNK* , Ill. , medical products and services company posted net of $ 102 million , or 34 cents a share , compared with $ 85 million , or 28 cents a share , a year ago . STOP 
Sales totaled $ *UNKN* billion up from $ *UNKN* billion the previous year . STOP 
For the nine-month period , *CUNKER* said net rose 15 % to $ *UNKN* million , or $ 1.02 a share , from $ *UNKN* million , or 89 cents a share , during the year-ago period . STOP 
Sales for the nine months were up 8 % to $ *UNKN* billion from $ *UNKN* billion in the same period in 1988 . STOP 
In New York Stock Exchange composite trading , *CUNKER* closed at $ *UNKN* a share , down 12.5 cents . STOP 
A group bidding for American Medical International Inc. , New York , said it formally received the final financing needed for a $ 3 billion bid for about 86 % of the hospital operator 's stock . STOP 
The offer from IMA Acquisition Corp. , for as many as 63 million shares , is set to expire Wednesday . STOP 
Earlier this month , IMA said it had received about $ 1 billion of senior debt financing from Chemical Bank and six other banks ; Chemical Bank said it was `` highly confident '' it could *UNK* the balance of about $ *UNKN* million . STOP 
In addition , the $ 3 billion bid includes $ 1 billion of debt that will be assumed by IMA , $ 600 million of high-yield junk bonds that will be sold by First Boston Corp. and $ *UNKN* million of equity . STOP 
In New York Stock Exchange composite trading yesterday , American Medical closed at $ *UNKN* , up $ *UNKN* . STOP 
American Medical has agreed to the offer , but earlier this month said it had received new `` *UNKS* of interest '' from two previous bidders . STOP 
American Medical said it would pursue the inquiries from the companies , but would n't identify them unless they make firm offers . STOP 
H&R Block is one of the great success stories of U.S. business . STOP 
*CUNKLY* enough , this *UNKS* a problem for the stock . STOP 
Some money managers are *UNKED* with H&R Block because they suspect the company 's *UNK* days are past , or at least passing . STOP 
Block 's *UNKION* business is mature , they say , and some of its *UNKS* are facing tough competition . STOP 
It 's no secret that Block *UNKS* the *UNK-* *UNKION* business . STOP 
The Street knows all about the *UNK* of its earnings , which are headed for a *UNK* consecutive *UNKLY* increase . STOP 
The company has consistently earned more than a 20 % annual return on its net worth while many companies would be happy with 15 % . STOP 
But the *UNKION* business simply has no more room to grow , says Mark *CUNK* , director of research for Capital *CUNKS* Inc. , a Chicago firm that manages $ 6.5 billion . STOP 
`` You go to any *UNKED* town in the U.S. and you 're going to see H&R Block tax services . '' STOP 
Mr. *CUNK* 's firm once held about 4.8 % of H&R Block . STOP 
That was before the 1986 tax `` reform '' made taxes more complex than ever . STOP 
`` One thing you can bet on , '' he says , `` is that Congress will do *UNK* things with the Tax Code . '' STOP 
But Capital *CUNKS* sold the last of its H&R Block holdings earlier this year . STOP 
`` They 're *UNKING* around for diversification , '' he says . STOP 
`` I think a lot of their businesses are just *UNK-* . '' STOP 
Last week the stock hit an *UNK-* high of 37 1\/4 before getting *UNKED* up in the *CUNK-* *UNK* . STOP 
It closed yesterday at 34 3\/4 . STOP 
To be sure , the stock still has a lot of fans . STOP 
`` If you invested $ 10,000 in the initial public offering in *UNKN* , it would be worth well over $ 5 million today , '' says *CUNK* E. Russell , a *CUNK* , *CUNK* , money manager . STOP 
`` I do n't know what the risk is -LCB- of holding the stock -RCB- . STOP 
*CUNKS* are not going out of business . '' STOP 
Many of his *UNKS* feel the same way . STOP 
The number of big institutions that own H&R Block shares is *UNKN* and growing , according to a *UNK* *UNKLY* by *CUNK* Investment Technologies . STOP 
*CUNK* houses are sweet on H&R Block , too . STOP 
*CUNKS* Investment Research counts five brokerage houses that consider the stock a buy , and four that call it a hold . STOP 
None *UNK* say to sell it . STOP 
But some money managers are doing just that . STOP 
*CUNK* *CUNK* , president of *CUNK* Investment Associates in Minneapolis , says , `` When we bought it , we thought the growth rate was going to *UNK* '' because of computerized tax filing and instant refunds -LRB- the customer gets a refund immediately but pays extra to the tax *UNKER* , which *UNKS* for *CUNK* Sam 's check -RRB- . STOP 
But neither of those developments did much to *UNK* up growth , Mr. *CUNK* says . STOP 
He figures Block earnings are now growing at about a 10 % annual rate -LRB- down from about 14 % the past five years -RRB- and will grow at an *UNKN* % rate in the future . STOP 
That 's `` not bad , '' Mr. *CUNK* says , but it sure does n't justify Block shares being priced at 15 to 16 times estimated earnings for fiscal 1990 . STOP 
He wants stocks whose *UNKS* ratio is less than their growth rate ; as he figures it , H&R Block does n't even come close . STOP 
Two other money managers , in explaining why they have sold large amounts of H&R Block stock this year , spoke on the condition they not be named . STOP 
`` The stock was going no place and the earnings were *UNK-* , '' said one . STOP 
-LRB- In the past two years , the stock almost stalled out . STOP 
It was above 33 , adjusted for a subsequent split , in 1987 , and has n't gotten much higher since . -RRB- STOP 
`` There 's no more growth in the tax business -LCB- except -RCB- for increasing prices , '' the money manager added . STOP 
The *CUNK* subsidiary -LRB- which provides information to *UNKER* users -RRB- is `` where the growth is , '' he said , but its *UNK* is `` still too complicated . '' STOP 
*CUNK* provides about 20 % of both sales and earnings . STOP 
The tax business still provides about 70 % of earnings , on about 50 % of sales . STOP 
*CUNK* *CUNK* -LRB- temporary workers , mostly in the health-care area -RRB- chips in close to 25 % of sales but only about 9 % of earnings . STOP 
The shortage of *UNKS* is *UNKING* profit at *CUNK* *CUNK* , said the second money manager . STOP 
He concedes H&R Block is `` *UNKED* '' and `` a great company , '' but says `` it does n't grow fast enough for us . STOP 
We 're looking for something that grows faster and sells at a comparable -LCB- *UNKS* -RCB- multiple . '' STOP 
Thomas M. *CUNK* , president and chief operating officer , says `` I would disagree '' that the tax business is mature . STOP 
For example , he says , the company is planning to go nationwide with a new service , tested in parts of the country , aimed at taxpayers who want refunds in a *UNK* . STOP 
Mr. *CUNK* concedes that a recent diversification attempt fell through . STOP 
`` We 're still interested -LCB- in *UNKING* -RCB- , '' he says , `` but we 'd rather be *UNK* than make a mistake . '' STOP 
He also says *CUNK* 's earnings continue to grow `` 20 % to 30 % a year '' in *UNK* of tough competition from giants like Sears and IBM . STOP 
And he says Block 's other businesses are growing , although less consistently . STOP 
H&R Block -LRB- NYSE ; *CUNK* -RRB- STOP 
Business : Tax *CUNKION* STOP 
Year ended April 30 , 1989 : STOP 
Revenue : $ *UNKN* million STOP 
Net loss : $ *UNKN* million ; $ *UNKN* a share STOP 
First quarter , July 31 , 1989 : STOP 
Per-share earnings : *CUNKS* of 8 cents vs. loss of 9 cents STOP 
Average daily trading volume : *UNKN* shares STOP 
*CUNKS* Industries Inc. said its board authorized the redemption Dec. 6 of the company 's $ 1 cumulative convertible special preferred stock at $ *UNKN* a share , not including a 25 cent dividend for the current quarter , and the $ 3 cumulative convertible preferred stock at $ 75 , plus a 75 cent dividend for the current quarter . STOP 
The *CUNK* , Ohio , maker of parts for the building and transportation industries said holders of the two issues can convert their stock into common shares through the close of business Dec. 1 . STOP 
Each $ 1 cumulative share can be converted into *UNKN* common shares ; the ratio on the $ 3 cumulative is eight common shares for each $ 3 cumulative preferred . STOP 
*CUNKS* did n't indicate how many shares outstanding it has of either issue . STOP 
Company officials could n't be reached . STOP 
Earlier this month the company said its board approved a proposed *UNKED* leveraged buy-out at $ *UNKN* a share , or $ 750 million . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* AND *CUNK* , *CUNK* *CUNK* *CUNK* for options to sell or buy a company 's shares , were long an *UNK* Wall Street art best left to the experts , who used them either as a hedge or for pure speculation . STOP 
Options lost some of their mystery in 1973 when the Chicago Board of Trade set up a special exchange to deal in them . STOP 
Until then , options had been traded only in the over-the-counter market , mostly in New York , and in an almost *UNK* secondary market operating *UNKLY* by telephone . STOP 
The Chicago Board of Trade , the No. 1 U.S. grain market , had long *UNKED* under the attention won by its *UNK* *UNKAL* , the *UNKING* Mercantile Exchange . STOP 
So the men who ran the grain *UNKS* *UNKED* when Joseph Sullivan , a *UNK-* former Wall Street Journal *UNK* , offered them the idea of *UNKS* trading . STOP 
After four year of *UNKING* and $ 2.4 million in seed money , the board set up the new marketplace , *UNKED* it the Chicago Board Options Exchange , and named Sullivan its first president . STOP 
The *UNKS* were modest . STOP 
The CBOE opened for business on April 26 , 1973 , in what had been a Board of Trade *UNK* . STOP 
It listed just 16 options to buy a `` pilot list '' of stocks on the New York Stock Exchange . STOP 
-LRB- *CUNKS* , or sell options , would not be added until 1977 . -RRB- STOP 
The *UNKN* members had paid $ 10,000 apiece for seats . STOP 
-LRB- The 1989 price : $ 250,000 . -RRB- STOP 
The first day 's business was *UNKN* contracts -LRB- each for 100 shares of one of the listed stocks -RRB- . STOP 
By the end of 1973 , the number of `` underlying '' Big Board stocks had been increased to 50 and the options exchange had run up volume of 1.1 million contracts . STOP 
A year later , it was *UNKN* million . STOP 
Last year , more than *UNKN* traders on the CBOE bought and sold *UNKN* million contracts on *UNKN* listed stocks , 60 % of all U.S. listed options trading . STOP 
The new exchange drew instant recognition from an *UNUNK* quarter . STOP 
The government , *UNKING* against fixed brokerage commissions , promptly sued the CBOE over its *UNK-* system . STOP 
The *CUNK* *CUNK* Commission ruled unanimously that the financial troubles facing the *CUNK* , *CUNK* , *UNKER* plant have no impact on whether the plant receives a *UNKER* license . STOP 
Massachusetts Attorney General James Shannon , opposing the license , said he will appeal the ruling in federal court . STOP 
*CUNK* officials said the plant could receive a *UNKER* license by the end of the year . STOP 
The *CUNK* rejected Mr. Shannon 's argument that Public Service Co. of New Hampshire , which owns the largest share of *CUNK* , and 11 other owners are financially unable to guarantee the plant 's safe operation . STOP 
Mr. Shannon was seeking a *UNKER* of *CUNK* policy that *UNKS* financial considerations in making *UNKING* decisions . STOP 
In its ruling , the *CUNK* said that because *CUNK* will be allowed to charge rates sufficient to run the plant and make payments on past construction costs , consideration of the owners ' financial condition is *UNKS* . STOP 
`` The *UNKS* found the circumstances of the case did n't *UNUNK* the assurance from government rate *UNKS* of available funds adequate for safe operation , '' said a commission spokesman . STOP 
In January 1988 , the utility filed for protection under Chapter 11 of the federal Bankruptcy Code , allowing it to continue to operate while protected from creditors ' lawsuits . STOP 
Bristol-Myers Squibb Co. , New York , the newly merged drug and *UNK-* company , reported record third-quarter earnings for both companies in the merger . STOP 
Bristol-Myers Co. and Squibb Corp. , *CUNK* , N.J. , merged Oct. 4 , but the new company reported *UNK-* earnings for both companies . STOP 
For the fourth quarter , Bristol-Myers Squibb will report one set of earnings . STOP 
Bristol-Myers said net income rose 15 % to $ *UNKN* million , or 93 cents a share , from $ *UNKN* million , or 81 cents a share , a year earlier . STOP 
Sales gained 5 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Squibb Corp. said net rose 17 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ 1.25 a share . STOP 
Sales were $ *UNKN* million , up 7 % from $ *UNKN* million . STOP 
In New York Stock Exchange composite trading , Bristol-Myers Squibb rose $ 1.75 to $ *UNKN* . STOP 
*CUNK* Industries Inc. , hurt by *UNKS* in the U.S. automotive and construction industries , said third-quarter net income fell 5.5 % to $ *UNKN* million , or 97 cents a share , from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Sales were nearly *UNKAL* to the year-earlier $ *UNKN* billion . STOP 
The drop in earnings did n't surprise analysts who said the Pittsburgh glass , *UNKS* and chemical concern had been predicting a slow quarter because of the sluggish construction industry , a major market for the company 's flat glass . STOP 
Glass sales to Canadian and European auto makers and sales of replacement auto glass in all markets increased . STOP 
The *UNKING* segment also posted higher sales particularly in North America and Europe . STOP 
But sale increases were offset by *UNKING* sales in flat glass and *UNKS* *UNKS* , the company said . STOP 
Also , chemicals sales were slightly down because of lower prices for *UNK* *UNK* *UNKER* and other *UNK* *UNKS* . STOP 
In New York Stock Exchange composite trading , *CUNK* closed at $ 41 a share , down 37.5 cents . STOP 
*CUNKS* Group Inc. said third-quarter net income fell 4 % , to $ 2.2 million , or 35 cents a share , from $ 2.3 million , or 31 cents a share on more shares , a year earlier . STOP 
Revenue rose 15 % , to $ 36 million from $ *UNKN* million . STOP 
*CUNKS* , a Los Angeles holding company primarily engaged in securities trading , also said stock market declines since the quarter ended Sept. 30 created an *UNKED* pretax loss of about $ 6 million in its risk arbitrage account . STOP 
For the nine months , *CUNKS* said net fell 39 % , to $ 6.8 million , or $ *UNKN* a share , from $ *UNKN* million , or $ 1.50 a share . STOP 
Revenue fell 3 % , to $ *UNKN* million from $ *UNKN* million . STOP 
Sony Corp. , New York , said its bids for Columbia Pictures Entertainment Inc. and Guber-Peters Entertainment Co. have been cleared by federal antitrust regulators . STOP 
The Japanese company said the waiting period under the *CUNK-* antitrust act for the $ 3.4 billion bid for Columbia and the $ 200 million offer for Guber-Peters expired Monday . STOP 
Sony has agreed to buy both companies , but is in a legal battle with Warner Communications Inc. over the services of producers Peter Guber and Jon Peters . STOP 
In a filing with the Securities and Exchange Commission , Sony also said two more suits have been filed opposing the company 's agreement to buy Columbia . STOP 
Sony added that a hearing has been set for Thursday in the Delaware *CUNK* Court in one of the suits . STOP 
Thursday , October 19 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 3\/4 % high , 8 5\/8 % low , 8 11\/16 % near closing bid , 8 11\/16 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.45 % 30 to 44 days ; 8.25 % 45 to 73 days ; *UNKN* % 74 to 99 days ; *UNKN* % 100 to 179 days ; 7.50 % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : *UNKN* % 30 days ; *UNKN* % 60 days ; 8.375 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.05 % one month ; *UNKN* % two months ; 8 % three months ; 7.98 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : *UNKN* % one month ; *UNKN* % three months ; 8.45 % six months . STOP 
BANKERS ACCEPTANCES : 8.45 % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; *UNKN* % 150 days ; 7.98 % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 11\/16 % to 8 9\/16 % one month ; 8 11\/16 % to 8 9\/16 % two months ; 8 11\/16 % to 8 9\/16 % three months ; 8 5\/8 % to 8 1\/2 % four months ; 8 9\/16 % to 8 7\/16 % five months ; 8 9\/16 % to 8 7\/16 % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 3\/4 % one month ; 8 11\/16 % three months ; 8 9\/16 % six months ; 8 9\/16 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 8.50 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 16 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : *UNKN* % 13 weeks ; *UNKN* % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : 8.50 % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
China said the question of Taiwan 's membership in the General *CUNK* on *CUNKS* and Trade should be considered only after China 's own membership in the *UNKION* organization is restored . STOP 
Both China and Taiwan are seeking seats in *CUNK* , which sponsors *UNKING* agreements and sets *UNK-* rules . STOP 
`` As one of China 's *UNKS* , Taiwan has no right to join *CUNK* on its own , '' Foreign Ministry spokesman *CUNK* *CUNKING* said . STOP 
China , under the *CUNK* government of *CUNK* *CUNK-* , was a *UNKING* member of *CUNK* in *UNKN* . STOP 
The *CUNKS* withdrew in *UNKN* , after their flight to Taiwan , and the Communist government in Beijing applied for *UNKION* of China 's membership in July 1986 . STOP 
The U.S. has *UNKED* opposition to China 's bid for *CUNK* membership , saying China has yet to *UNUNK* needed economic reforms . STOP 
Japan 's biggest women 's *UNUNK* maker , *CUNKAL* Corp. , said that it developed a sports car that it plans to market in two years . STOP 
The `` *CUNK* *CUNK* '' can run at over *UNKN* miles an hour , a company spokesman said . STOP 
The base price of the car is estimated at 30 million yen -LRB- about $ *UNKN* -RRB- . STOP 
*CUNKAL* said it intends to produce the cars through a car manufacturer . STOP 
Along with the car , *CUNKAL* plans to launch a series of *CUNK-* men 's *UNUNK* . STOP 
`` Our image is a company that makes women 's products , '' said a *CUNKAL* spokesman . STOP 
`` Now , we 're going to sell to men . '' STOP 
The British *UNKAL* magazine Private *CUNK* won an appeal against the size of a $ *UNKN* *UNK* award to *CUNK* *CUNK* , the *UNKED* wife of the `` *CUNK* *CUNKER* '' mass *UNKER* . STOP 
An *UNK-* panel slashed all but $ 40,000 from the award , the largest ever set by a British jury , pending a *UNK* of the damages . STOP 
But the panel dismissed the magazine 's *UNKION* that it had n't *UNKED* Mrs. *CUNK* when it accused her of trying to sell her story to *UNK* on the *UNK* of her husband . STOP 
Private *CUNK* had been threatened with *UNK* because it could n't afford the *UNK* payment . STOP 
*CUNK* Co. , a travel agent based in *CUNK* , Japan , announced that it and *CUNK* *CUNK* Corp. , a major Japanese trading house , will jointly build a *UNK-* *UNK* in *CUNK* , Australia . STOP 
*CUNK* said the partners plan to rent to tourists but will also sell to interested parties . STOP 
*CUNK* has a 60 % stake in the venture and *CUNK* *CUNK* has the rest . STOP 
Construction of the *UNK-* building will begin next May and should be completed in April 1992 . STOP 
*CUNKS* will cost from 500,000 to 3.5 million Australian dollars -LRB- about US$ *UNKN* to US$ 2.7 million -RRB- . STOP 
The Soviet Union has halted construction of two *CUNK-* nuclear *UNKS* and is *UNKING* the future of 12 other existing *UNKS* . STOP 
*CUNK* *CUNK* , vice chairman of the State Committee on *CUNK* Safety , said the two *UNKS* were at *CUNK* and *CUNK* . STOP 
News of the halt comes amid growing anger in the *CUNK* and *CUNK* over continuing high levels of radiation from *CUNK* . STOP 
A former vice president of the Singapore branch of Drexel Burnham Lambert Group Inc. was charged in court yesterday on 19 counts of *UNKING* . STOP 
Francis *CUNK* , 41 , is alleged to have been involved in *UNKING* Drexel Burnham Lambert of up to 2.1 million Singapore dollars -LRB- US$ 1.1 million -RRB- by carrying out *UNKED* transactions on the London Commodities Exchange and the International Petroleum Exchange . STOP 
Mr. *CUNK* is alleged to have used the account of Singapore hotel and property *UNK* *CUNK* *CUNK* *CUNK* to effect the transactions . STOP 
Japan says its economic growth will fall sharply if it cuts back on the use of oil , coal and gas to cap emissions of carbon *UNK* . STOP 
A Ministry of International Trade and Industry official said that a study found that Japan 's annual economic growth rate would eventually be only *UNKN* % if *UNK-* emissions remained at this year 's level of 300 million tons . STOP 
The study will support arguments against *UNKING* *UNK-* emissions that Japan will make at a *CUNKED* conference on *UNK* pollution next month . STOP 
The study said Japan 's *UNK-* emissions would slightly more than double by *UNKN* unless the nation reduced its *UNK* on *UNK* fuels . STOP 
It said that expanding *UNKER* capability is the *UNKEST* way to *UNK* that *UNK* . STOP 
But increased *UNK* on nuclear power would meet stiff opposition from environmentalists , a second ministry official said . STOP 
Just in time for *CUNK* , Britain 's *CUNK* University Press is publishing a `` *CUNK* of *CUNKS* . '' STOP 
The books 1,500 *UNKS* include *UNKING* on *UNKS* and knocking on wood ... . STOP 
In New Zealand 's tiny *UNK* of *CUNK* , which has had direct *UNKING* for less than a year , about 30 angry *UNK-* customers questioned the size of their bills . STOP 
It turned out their children had been *UNKING* a `` sex *UNK* '' service in the U.S. . STOP 
*CUNKING* sales of its profitable *CUNK* *CUNK* and *CUNKER* sport utility vehicles are forcing Chrysler Corp. to temporarily idle its *CUNK* , Ohio , assembly plant for the first time since April 1986 . STOP 
About *UNKN* *UNKLY* workers will be laid off for a week beginning Oct. 23 , and overtime has been eliminated at the plant for the fourth quarter , a Chrysler spokesman said . STOP 
That 's a significant change from earlier this year when the plant worked substantial overtime only to have sales fall short of the company 's bullish expectations . STOP 
Sales of *CUNK* , the *UNKING* *CUNK* , and the *UNK-* *CUNKER* were actually up about 10 % through the end of last month . STOP 
But that 's less than Chrysler officials had hoped when they set ambitious production schedules for the *CUNK* plant earlier this year . STOP 
Even when it became clear this spring that demand was n't coming up to expectations , Chrysler officials `` resisted '' cutting output because *CUNK* and *CUNKER* are `` very profitable vehicles , '' the spokesman said . STOP 
Instead , Chrysler officials in late May *UNKED* $ 1,000 cash *UNKS* on the vehicles , including the first such incentives on the popular *UNK-* *CUNK* since Chrysler bought *CUNK* in 1987 . STOP 
The incentives boosted sales for a while , but the pace had *UNKED* by last month . STOP 
The result : Chrysler dealers had a *UNKED* *UNK-* supply of the *CUNK* as of the end of last month and a *UNK-* supply of the *CUNK* pickup , which *CUNK* also *UNKS* . STOP 
A *UNK-* to *UNK-* supply is considered normal . STOP 
At *CUNKER* *CUNK-* , one of the largest *CUNK* *UNKS* in the country , inventories have continued to *UNK* . STOP 
Steve *CUNK* , general manager of *CUNKER* , *CUNK* , dealership , said new *UNKS* of $ 500 to $ 1,000 on the models have *UNKED* sales , but not enough to significantly cut dealer stocks . STOP 
`` If people are n't buying , you have to close plants , '' he said . STOP 
Separately , Chrysler said it will idle for four weeks the St. Louis assembly plant that *UNKS* the Chrysler *CUNK* and Dodge *CUNK* models . STOP 
Chrysler officials said the plant is scheduled to resume production on Nov. *UNK* , and *UNKN* *UNKLY* workers will be affected . STOP 
General Motors Corp. , meanwhile , said it will idle for yet another week its *CUNK* , N.J. , assembly plant , bringing to three weeks the total time that plant will be *UNKED* during October . STOP 
GM said the assembly plant , which *UNKS* the Chevrolet *CUNK* and *CUNK* *UNK* cars , originally was scheduled to reopen Monday but now will not resume production until Oct. 30 . STOP 
The *UNK* *UNKS* 3,000 workers and will cut output by about *UNKN* cars . STOP 
*CUNK* sales of the *CUNK* and *CUNK* *UNKED* GM to offer $ 800 *UNKS* on those cars . STOP 
The *CUNK* and *CUNK* make up the *UNK-* car line at Chevrolet , but sales of the cars are off 9.6 % for the year , and fell a steep *UNKN* % early this month . STOP 
GM has scheduled overtime at its *CUNK* , Ohio , and *CUNK* , *CUNK* , assembly plants , which build the Chevrolet *CUNKER* . STOP 
Ford Motor Co. said it will shut down for one week its Kentucky *CUNK* Plant because of a `` shortage of dealer orders . '' STOP 
The *UNK* will idle 2,000 *UNKLY* employees and eliminate production of about *UNKN* medium and heavy duty trucks . STOP 
The assembly plant is scheduled to resume production on Oct. 30 . STOP 
Meanwhile , the nine major U.S. auto makers plan to build *UNKN* cars this week , down *UNKN* % from *UNKN* a year ago and flat with last week 's *UNKN* car output . STOP 
*UNK* - *CUNKS* Chevrolet *CUNK* and Toyota *CUNK* . STOP 
*UNK* - *CUNKED* . STOP 
*UNK* - *CUNK-* 1988 figure includes *CUNK* *UNKION* through July . STOP 
*CUNK* *CUNK* Corp. 's net income rose 61 % in the third quarter from the year-earlier period . STOP 
Yesterday 's edition *UNKED* the percentage increase . STOP 
First Fidelity *CUNK* , *CUNK* , N.J. , reported a 24 % drop in third-quarter profit , because of a decline in earning assets , lower loan volume and tighter interest margins . STOP 
The bank holding company posted net income of $ *UNKN* million , or 87 cents a share , including $ 1.7 million , or three cents a share , in one-time tax benefits . STOP 
A year earlier , net was $ *UNKN* million , or $ *UNKN* a share . STOP 
First Fidelity said *UNKING* assets increased to $ *UNKN* million Sept. 30 from $ *UNKN* million June 30 . STOP 
The rise resulted from the transfer to *UNKAL* status of $ 96 million `` owed by two national borrowers and one local commercial real-estate customer , '' First Fidelity said . STOP 
It said it does n't anticipate any loss of principal on two of the loans , *UNKING* $ 85 million of these credits . STOP 
First Fidelity said it boosted its loan-loss provision to $ *UNKN* million from $ *UNKN* million a year ago , primarily because of a weaker real-estate sector in the region . STOP 
*CUNK* Inc. 's loss narrowed to $ *UNKN* million in the third quarter from $ *UNKN* million a year ago . STOP 
Thursday 's edition *UNKED* the *UNKING* . STOP 
*CUNKAL* Corp. said it signed a definitive agreement with *CUNK* to *UNK* a *UNK-* oil refinery . STOP 
*CUNKAL* would n't disclose the terms . STOP 
*CUNKAL* , a Houston oil and gas company , said it expects to begin operations in October 1990 . STOP 
The company said it may install additional processing units at the refinery to produce higher *UNK* *UNKS* and other products . STOP 
The company said it was leasing the site of the refinery from *CUNK* . STOP 
Exxon Corp. built the plant but closed it in 1985 and sold off much of the equipment to *UNKING* contractors , from whom *CUNKAL* bought back much of the equipment . STOP 
A *CUNKAL* spokesman said the biggest expense will be to *UNK* the refinery but would n't say how much that would be . STOP 
The prime minister of *CUNK* has said it could cost around $ 100 million . STOP 
*CUNKAL* said the refinery 's expected daily production will include *UNKN* barrels of jet fuel , *UNKN* barrels of *UNK-* *UNK* fuel , 30,000 barrels of *UNK* , *UNKN* barrels of *UNKAL* fuel oil , 8,000 barrels of *UNK* and 25,000 barrels of *UNK-* *UNK* *UNKER* *UNK* . STOP 
Loral Corp. said fiscal second-quarter net income was $ *UNKN* million , or 79 cents a share , compared with year-earlier earnings from continuing operations of $ 15.6 million , or 62 cents a share . STOP 
*CUNKER* net of $ 21 million , or 84 cents a share , included the results of Loral 's former *CUNK* *CUNKING* Systems and *CUNKED* *CUNKS* divisions , which were sold April 27 to the company 's chairman , Bernard L. Schwartz . STOP 
The defense electronics concern attributed the operating improvement to higher profit margins and lower net interest expense . STOP 
Loral also reported that its *UNKS* more than doubled to $ *UNKN* million in the quarter , ended Sept. 30 , from $ *UNKN* million , in the *UNK-* period . STOP 
The increase was due mainly to a $ *UNKN* million order from Turkey to *UNK* its fleet of *CUNK-* *UNKS* with Loral 's *CUNK-* *CUNK* III electronic *UNKS* system . STOP 
The order is the biggest in the company 's history . STOP 
Sales in the latest period edged up to $ *UNKN* million from $ *UNKN* million . STOP 
Mr. Schwartz said the recent increase in orders `` puts us well on the way to our goal of $ 1.6 billion in *UNKS* for the year . '' STOP 
He added : `` I expect to see the earnings momentum we experienced this quarter continue for the rest of the year . '' STOP 
Loral said it expects sales to *UNK* in both the third and fourth quarters of this fiscal year . STOP 
Loral 's profit from continuing operations for the first six months of fiscal 1990 was $ *UNKN* million , or $ *UNKN* a share , up 31 % from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Net income fell *UNKN* % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
*CUNKAL* first-half sales slipped 3.9 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNKS* for the first half totaled $ *UNKN* million , compared with the $ *UNKN* million recorded last year . STOP 
In New York Stock Exchange composite trading , Loral closed at $ *UNKN* , down 37.5 cents . STOP 
HealthVest said two of its lenders have given it *UNKS* of default on bank loans and said they may take actions to recover their loans . STOP 
HealthVest , an Austin , Texas , real estate investment trust , said that Chemical Bank , the lead bank under its domestic bank agreement , told it that if $ 3.3 million owed to the bank group is n't paid by today , the group will call the $ 120 million that HealthVest has outstanding under the credit line . STOP 
The bank group also said that it wo n't make additional advances under the $ 150 million credit line . STOP 
HealthVest missed a payment to the group that was due in late September . STOP 
In addition , HealthVest said Bank of Tokyo Trust Co. also has notified it of a default and said it might take action to *UNK* the default . STOP 
HealthVest missed an interest payment to Bank of Tokyo on Oct. 1 . STOP 
However , HealthVest said the Tokyo bank indicated that it wo n't *UNK* HealthVest 's $ 50 million loan . STOP 
HealthVest is in a severe liquidity *UNK* because its affiliate , Healthcare International Inc. , has failed to make about $ *UNKN* million in principal and interest payments owed since August . STOP 
Healthcare operates many of the health-care properties that HealthVest owns . STOP 
*CUNK* *CUNK* , later called *CUNK-* , developed the plastic *UNK* in 1973 . STOP 
Yesterday 's *CUNKAL* Journal *UNKED* the company 's name . STOP 
*CUNK* Technology Corp. had net income of $ 8.3 million , or 32 cents a share , for its *UNK-* quarter ended Sept. 29 , almost 15 times the $ *UNKN* , or two cents a share , it posted for the year-ago period . STOP 
*CUNK* , Louisville , Colo. , which makes *UNK-* devices for mainframe computers , said the huge increase in net reflects `` strong sales '' of its tape products , particularly the *UNKN* *CUNKED* *CUNK* System , which holds a *UNK* of tape *UNKS* . STOP 
The company said it recently sold its *UNK* *UNK* system , which cost $ 400,000 to $ 500,000 each . STOP 
*CUNKER* revenue was $ *UNKN* million , up 12 % from $ *UNKN* million last year . STOP 
The stock market reacted strongly to the news . STOP 
*CUNK* rose $ 1.125 a share , to close at $ 14 , in New York Stock Exchange composite trading . STOP 
For the nine months , *CUNK* had net of $ *UNKN* million , or 98 cents a share , including an $ *UNKN* million extraordinary gain for the anticipated proceeds from *UNKING* an Irish unit . STOP 
Net was up 69 % from $ *UNKN* million , or 57 cents a share , last year . STOP 
Revenue for the latest period was up 11 % to $ *UNKN* million , from $ *UNKN* million . STOP 
A Canadian government agency *UNKLY* approved proposed exports to the U.S. of natural gas from big , *UNKED* fields in the Mackenzie River delta area of the western Canadian *CUNK* . STOP 
Three companies , *CUNK* Resources Canada Ltd. , Shell Canada Ltd. and Gulf Canada Resources Ltd. , applied to the Canadian National Energy Board to export *UNKN* trillion cubic feet of Mackenzie delta natural gas over 20 years starting in 1996 . STOP 
To be *UNKLY* *UNK* , the 11 billion Canadian dollar -LRB- US$ *UNKN* billion -RRB- project requires almost a doubling of natural gas export prices . STOP 
It also faces numerous other *UNKS* including an agreement on a pipeline route for the gas . STOP 
The board said the export licenses would be issued on the condition that Canadian interests would also be allowed to bid for the Mackenzie delta gas on terms similar to those offered to U.S. customers . STOP 
U.S. buyers have already been *UNKED* up . STOP 
They include *CUNK* Corp. , Texas Eastern Corp. , Pacific Interstate *CUNKION* Co. and Tennessee Gas *CUNK* Co . STOP 
The project could result in the U.S. taking more than 10 % of its natural gas supplies from Canada , up from about 5 % currently . STOP 
It would bring 13 gas fields into production at a combined rate of about 1.2 billion cubic feet a day . STOP 
The board estimated that the cost of building a pipeline from the Mackenzie delta to Alberta would be about C$ 5.9 million . STOP 
It also said projections of *UNKING* U.S. demand for natural gas and price forecasts of C$ *UNKN* per thousand cubic feet by *UNKN* would make the project *UNKLY* viable . STOP 
*CUNK* , a unit of Imperial Oil Ltd. which is *UNKED* by Exxon Corp. , will be allowed to export 5.1 trillion cubic feet to the U.S. in the 20-year period . STOP 
Shell , a subsidiary of Royal *CUNK* Group , will be allowed to export 0.9 trillion cubic feet , and Gulf , a unit of *CUNK* & York *CUNKS* Ltd. will be allowed to export *UNKN* trillion cubic feet . STOP 
*CUNKION* Engineering Inc. , Stamford , Conn. , said it sold and agreed to sell several investments and *UNK* businesses for about $ 100 million , which will be used for reducing debt and general purposes . STOP 
The transactions are unrelated . STOP 
The company agreed to sell its minority investments in makers of *UNKING* and related equipment , Stein *CUNK* and *CUNK* & *CUNK* , to the major shareholder in the companies , *CUNKED* *CUNK* *CUNK* *CUNK* . STOP 
*CUNKION* Engineering , which provides engineered products , systems and services for power generation , also sold Illinois *CUNKS* Co. , based in Cairo , *CUNK* . STOP 
That unit of its Georgia *CUNK* Co. subsidiary was sold to a unit of *CUNK* Corp . STOP 
*CUNKS* of Construction Equipment International , Houston , were sold to *CUNK* Crane Inc. , and the assets of *CUNK* Electronics , *CUNK* , Pa. , were sold to closely held *CUNKER* Technologies Inc . STOP 
Where do Americans put their money ? STOP 
It depends on when you look . STOP 
In *UNKN* , for instance , less than 8 % of assets went into bank deposits . STOP 
That rose to nearly 18 % during the *CUNKION* , and has n't changed much since . STOP 
*CUNKION* reserves , on the other hand , made up a relatively small part of household assets until the last decade , when they *UNKED* . STOP 
And there has been a *UNK* decline in the importance of *UNKED* business assets -- thanks to industry consolidation and a decline in family farms . STOP 
That 's some of what *UNKS* from the following *UNKS* , which show how Americans have changed their investment patterns over the past 90 years . STOP 
Some results are *UNK-* . STOP 
But other figures are surprising . STOP 
Housing , for instance , has remained a fairly steady component of household assets over the past decade -- although common wisdom would have expected an increase . STOP 
`` There is a lot of attention paid to housing as a form of household wealth , '' says Edward N. *CUNK* , professor of economics at New York University . STOP 
`` But it has n't increased much relative to other assets . STOP 
It suggests that households *UNK* wealth across a broad *UNK* of assets . STOP 
And housing though it appears in the popular mind as being the major -LCB- growing -RCB- household asset , is n't . '' STOP 
In addition , investors ' desire to hold stocks -- directly and through mutual funds -- has held surprisingly steady ; stocks ' importance among assets largely reflects the *UNK* and *UNKS* of the stock market , and not a shift in *UNKING* *UNKS* . STOP 
`` Stocks have not spread to the general public , despite the fact that the environment is much different , '' concludes Robert Avery , an economist at *CUNK* University . STOP 
`` To me it says that despite all the views that we spend too much of our wealth on paper assets , we have ways of holding wealth similar to 100 years ago . '' STOP 
-- The *UNKS* show how *UNK* assets have been distributed over time . STOP 
The main components of the various *UNK* categories : Housing : *CUNK* home , but not the land it 's on . STOP 
Land and Other Real Estate : Land on which primary home is built , investment property . STOP 
Consumer *CUNKS* : *CUNKS* , *UNKS* , furniture . STOP 
Bank *CUNKS* : *CUNK* , *UNK-* deposits , small savings and time deposits , certificates of deposits , money-market fund shares . STOP 
Bonds : *CUNKS* bond funds . STOP 
*CUNKAL* Funds : Stocks and mutual funds other than money-market funds . STOP 
*CUNKED* Business : *CUNKS* and sole *UNKS* , professional corporations . STOP 
*CUNKION* Reserves : Holdings by pension funds . STOP 
McCaw Cellular Communications Inc. said it sent a letter to LIN Broadcasting Corp. *UNKING* its revised tender offer for LIN and asking LIN to conduct `` a fair auction . '' STOP 
The letter apparently came in response to a request for *UNKION* by LIN earlier this week . STOP 
LIN , which has agreed with BellSouth Corp. to merge their *UNK-* businesses , said then that it would n't take a position on McCaw 's revised tender offer . STOP 
Earlier this month , McCaw revised its offer to $ 125 a share for 22 million LIN shares . STOP 
McCaw is seeking *UNKN* % of the cellular and broadcasting concern ; the revised offer includes a feature requiring McCaw to begin an auction process in July 1994 that would buy out remaining holders at a per-share price roughly equivalent to what a third party might then have to pay for all of LIN . STOP 
The letter *UNKS* broad powers for an independent group of directors provided for in the revised offer . STOP 
In a statement , Craig O. McCaw , chairman and chief executive officer of McCaw , said : `` We trust LIN will take no further actions that favor BellSouth . '' STOP 
McCaw said the three independent directors provided for in the offer would be designated by the current board . STOP 
The *UNKS* would be *UNKED* by the independent directors . STOP 
LIN would have a priority right to pursue all opportunities to acquire U.S. cellular interests in markets other than those in which McCaw holds an interest , or which are *OUS* to those markets , unless LIN has an interest there or *OUS* to it . STOP 
Independent directors would have veto rights to any acquisition if they unanimously decide it is n't in LIN 's best interest . STOP 
Independent directors would be able to block transactions they unanimously *UNK* would be likely to *UNKS* the private market value of LIN at the time it is to be sold in five years . STOP 
If LIN is put up for sale rather than purchased by McCaw in five years , McCaw wo n't submit a bid unless the independent directors request it , and the independent directors will run the bidding . STOP 
The directors would be able to sell particular assets to enable such buyers as the regional Bell operating companies to purchase the company 's interests . STOP 
MCA Inc. said third-quarter net fell 6.3 % to $ *UNKN* million , or 69 cents a share , from $ *UNKN* million , or 74 cents a share , a year earlier . STOP 
MCA said revenue rose 14 % to $ *UNKN* million from $ *UNKN* million . STOP 
The entertainment concern said the success of several movies released during the quarter , including `` *CUNK* '' and `` *CUNK* *CUNK* , '' contributed to record revenue for its film unit . STOP 
Both MCA 's *UNK-* and *UNKING* units also posted record revenue and operating profit . STOP 
The parent company 's net included a loss -- which it did n't specify -- that was related to the company 's 50 % stake in Cineplex Odeon Corp . STOP 
Cineplex , a Toronto theater chain , had a second-quarter net loss of $ *UNKN* million . STOP 
MCA said net also included certain reserves related to the restructuring of its *CUNK* *CUNKS* ' international operations . STOP 
These items were partly offset , MCA said , by an unspecified gain on the sale of its Miller International unit , a maker and distributor of *UNKED* audio *UNKS* . STOP 
In New York Stock Exchange composite trading , MCA rose $ 1.50 to $ 64 . STOP 
In the nine months , net rose 35 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Revenue increased 22 % to $ 2.5 billion from $ 2.1 billion . STOP 
*CUNK* *CUNK* *CUNK* STOP 
I never pay my bills *CUNK* the very last day ; I lose far less interest By proceeding that way . STOP 
But it all *UNKS* out , It 's so easy to see : Not *UNK* the last moment Am I paid what 's due me . STOP 
-- Arnold J. *CUNK* . STOP 
*CUNK* *CUNK* STOP 
The *UNK* *CUNKS* *CUNK* *CUNK* strict *OUS* views on sex , And that is why you only see him *CUNKED* in the *UNK* . STOP 
-- *CUNK* W. Thomas . STOP 
Helmsley Enterprises Inc. plans to close its *UNKED* insurance business and is seeking other brokers to take over its policies , according to individuals familiar with the New York firm . STOP 
Helmsley Enterprises is the *UNK* organization for companies controlled by Harry B. Helmsley . STOP 
These include office and residential real estate giant , *CUNK* Inc. , and Helmsley *CUNKS* . STOP 
The insurance brokerage agency , just a *UNK* of Helmsley 's vast empire , would be the first piece of the company to be stripped away since last summer when Mr. Helmsley 's wife , *CUNK* Helmsley , was found guilty of tax *UNKION* . STOP 
Industry sources estimate the agency brokers property and casualty premiums worth about $ 25 million annually , and has revenue , based on a standard 10 % commission rate , of about $ 2.5 million . STOP 
The insurance firm acts as a broker on policies covering buildings managed by *CUNK* and others . STOP 
Many of the properties are owned through limited partnerships controlled by Mr. Helmsley . STOP 
New York State law *UNKS* insurance *UNKS* from *UNKING* more than 10 % of revenue from *UNKING* *UNKED* companies . STOP 
Helmsley 's insurance division had slightly exceeded that percentage , sources say , but the division was n't considered significant enough to the company to be restructured , particularly at a difficult time for the firm . STOP 
*CUNK* publicity from the scandal surrounding its founder 's wife and related management *UNK* have put pressure on the entire Helmsley organization . STOP 
However , individuals close to the company insist *UNKING* the insurance division , a *UNK* from the company 's core property management business , is n't the beginning of a sale of assets . STOP 
Helmsley 's insurance premiums are expected to be transferred to several different insurance brokerage companies . STOP 
Frank B. Hall Inc. of *CUNK* *CUNK* , N.Y. is reportedly working out an agreement with Helmsley . STOP 
Officials there declined to comment , as did Helmsley management . STOP 
*CUNK* the *UNKED* headquarters of the *UNKED* Society of Orange Workers , all seems normal in South Africa 's *UNKAL* society . STOP 
A pickup truck driven by a white farmer *UNKS* past with a load of black workers *UNKING* in the back . STOP 
Over at *CUNKS* , the general store , a black stock *UNK* *UNKS* to help an elderly white woman with her packages . STOP 
*CUNK* the street , a car *UNKS* into the Shell station and is *UNKED* by black attendants . STOP 
But inside the white walls of the Orange Workers ' office -- just about the largest building in town , save for the Dutch *CUNKED* Church and the school -- South Africa 's *UNK* racial order is *UNK* . STOP 
A dozen white office workers *UNK* *UNKS* and stuff them into *UNKS* . STOP 
White women serve tea and coffee , and then *UNK* the *UNKS* and *UNKS* *UNKS* . STOP 
White children empty the *UNKER* baskets and *UNK* the windows . STOP 
There is n't a black worker in *UNK* . STOP 
Not in the *UNK* , or the *UNK* or the book shop . STOP 
`` If we want to have our own nation , then we must be willing to do all the work ourselves , '' says *CUNK* *CUNK* Jr. , son of the former prime minister and the leader of the Orange Workers , founded in 1980 . STOP 
They do indeed want their own nation . STOP 
The *UNKS* of apartheid may be *UNKING* in the rest of South Africa , with *CUNK* opening its public facilities to all races , blacks *UNKING* the *UNK-* *UNKS* of the *CUNK* and the government *UNKING* seven leaders of the banned African National Congress . STOP 
But here in *CUNK* , a *UNK* town amid the corn fields of the *UNK* *CUNKAL* , the Orange Workers are holding the *UNKS* steady . STOP 
The Orange Workers -- who take their name from William of Orange of the Netherlands , a *UNK* of the *CUNKED* *CUNKS* -- believe that the solution to South Africa 's racial problems is n't the *UNKION* of apartheid , it 's the *UNKION* of apartheid -- complete and total *UNKION* of the races . STOP 
Here , then , is where the Orange Workers have come to make apartheid 's last stand . STOP 
Their idea is to create a city , first , and then an entire nation -- without blacks . STOP 
This may seem to be a *OUS* and *UNKLY* *UNK* effort in Africa . STOP 
And the fact that there are only 3,000 *UNKING* Orange Workers may put them on the *UNK* *UNK* . STOP 
But their ideal of an *CUNKER* *UNK* , an *UNK-* reserve to be *UNKED* out of *UNK-* South Africa , is a mainstream desire of the *UNKING* , which *UNKS* about one-third of the country 's five million whites . STOP 
*CUNKER* *UNKS* and *UNKS* have long *UNKED* on the need for a white *UNK* . STOP 
The Orange Workers are just putting this *UNKING* into practice . STOP 
Thus , farmer *CUNK* *CUNKER* , his *CUNK-* and *UNKS* covered in *UNK* , *UNKS* around under his *UNKER* , *UNKING* *UNKS* and *UNKING* *UNKS* . STOP 
On almost every other farm in South Africa , black workers do the repairs . STOP 
But not here . STOP 
Mr. *CUNKER* *UNKS* his own fields , *UNKS* his own corn and *UNKS* , and *UNKS* his own *UNK* . STOP 
Over at the *UNKS* factory , four white workers *UNK* water tanks on their own , and in their spare time they build *UNKS* across the road . STOP 
On *CUNK* Street , *CUNK* *CUNK* and her daughters look after the clothes and *UNK* shop , then *UNK* home to *UNK* lunch for the rest of the family . STOP 
*CUNK* by the stream , a group of Orange Workers puts the finishing *UNKS* on a golf course . STOP 
If whites want to play there by themselves , says consulting engineer *CUNK* van *CUNK* , whites should also build it by themselves . STOP 
`` If we want to survive as a people , '' he says , `` we have to change our way of life . STOP 
The *CUNKER* must end his *UNK* on others . '' STOP 
In their *UNKEST* to perfect apartheid , the Orange Workers have discovered a truth that most of *UNKED* white South Africa tries *UNKLY* to deny : The master ca n't become dependent on the *UNK* and expect to remain master forever . STOP 
`` If apartheid means you want cheap black labor and all the *UNKS* that go with it , but you also want to exclude the blacks from social and political integration , then these are two *UNKS* that ca n't go on forever , '' says Mr. *CUNK* . STOP 
He is sitting in his living room , *UNK* a huge *UNK* of his late father , *CUNK* F. *CUNK* , apartheid 's *UNK* and South African prime minister from *UNKN* to 1966 . STOP 
*CUNK* , the son *UNKS* , things went *UNKLY* wrong with apartheid ; today , whites even rely on blacks to police their *UNKION* . STOP 
`` People took separate development as an opportunity to use black labor without ever getting rid of it . STOP 
But my father meant it to mean real *UNKION* , '' says the son . STOP 
The Orange Workers speak *UNKLY* . STOP 
`` We agree with world opinion that the status *UNK* in South Africa is *UNKLY* wrong , '' says *CUNKER* *CUNKER* , the Orange Workers ' chief *UNK* and *UNKER* . STOP 
`` We must either *UNK* *UNKLY* or *UNK* *UNKLY* . '' STOP 
*CUNK* has long been a special *UNK* of *CUNK* . STOP 
According to Mr. *CUNK* , the early *CUNKER* *UNKS* were the first people to settle in the *UNK* *CUNKAL* , even before the blacks . STOP 
Then , when *CUNK* was *UNKED* in *UNKN* , the farmer who owned the land *UNKED* that only whites could *UNK* in town ; blacks could work there , but they had to leave at night . STOP 
Today , *CUNK* is a town of 800 whites and two *UNKED* roads . STOP 
*CUNKS* push up through the *UNKS* in the *UNKS* , and many houses and *UNKS* are empty . STOP 
There are few factories and no mines . STOP 
It was an ideal place for the Orange Workers to start their new nation , *UNKED* by the *UNKS* that have *UNKED* apartheid elsewhere in South Africa . STOP 
So far , about 150 Orange Workers have moved here , spending nearly $ 1 million buying up property over the past three years . STOP 
Still , complete and total *UNKION* remains *UNK* . STOP 
Just beyond the city limits is a *UNK* of 2,000 blacks who are employed throughout the area . STOP 
Despite the Orange Workers ' intention to put them all out of work , they are in no *UNK* to leave . STOP 
A young man called July -LRB- that 's when he was born -RRB- , who works at the railroad station just up the street from the Orange Workers office , points at the *UNKED* building and says *UNKLY* , `` We 're not allowed in there , that 's all I know . '' STOP 
The *UNK-* local whites who are n't Orange Workers are more troubled . STOP 
*CUNK* as they might , they just ca n't *UNK* of life without black workers . STOP 
`` *CUNK* , impossible , '' say the *CUNKS* , an elderly couple who have run the general store for decades . STOP 
`` We ca n't do without their help , '' says Mrs. *CUNK* . STOP 
`` *CUNK* no . STOP 
We need them and I *UNK* God for them . '' STOP 
Over at the Shell station , owner *CUNK* van *CUNK* , who *UNKS* as *CUNK* 's mayor , worries that the Orange Workers have made his town the *UNK* of the nation . STOP 
`` What they want us to do just is n't practical , '' he says , noting that he employs 16 blacks . STOP 
`` I could n't afford to hire 16 whites . STOP 
The only *CUNKS* who would be willing to work for this salary would n't know how to handle money . '' STOP 
Back at the *CUNK* house , *CUNK* *CUNK* *UNKS* down over the *UNKER* of *CUNK* *CUNK* . STOP 
The son believes that when the *CUNKS* finally realize there is no turning back the integration of South African society and politics , *CUNK* will boom . STOP 
`` We urge our people not to wait until they have to fight for their own nation , '' says Mr. *CUNK* . STOP 
`` By *UNKING* a place now , we make ourselves a power any new government will have to take into account . '' STOP 
*CUNKLY* , he compares the Orange Workers to the ANC , which his father *UNKED* in 1960 . STOP 
`` The ANC wo n't be stopped until there is a provision for black *UNKS* , '' says Mr. *CUNK* . STOP 
`` *CUNK* , no government will stop this idea of the *CUNKS* . '' STOP 
He *UNKS* for *UNKING* *UNK* . STOP 
`` *CUNK* , '' he says , `` If the rest of South Africa wants to have an integrated *UNKING* *UNK* , that 's their choice . STOP 
We 'll leave them alone . STOP 
We just want to have our own *UNK* of tea . '' STOP 
And they will even serve it themselves . STOP 
*CUNK* , now you can pick up that phone . STOP 
But do n't do anything *UNK* . STOP 
After last Friday 's stock-market plunge , investment professionals cautioned people to *UNK* the urge to call their brokers and sell stocks . STOP 
Not selling into a panic turned out to be very good advice : Despite the market 's volatility , the Dow Jones Industrial Average has surged *UNKN* points in the past four days . STOP 
Now , with a *UNK* of *UNK* returning , some advisers say it 's time for investors to take a hard , cold look at the stocks they own and consider some careful *UNKING* . STOP 
`` The market is sending nervous signals , '' says Peter J. *CUNK* , chief market strategist for Bear , Stearns & Co. , and it 's `` *UNUNK* '' to be *UNKED* to stocks . STOP 
Alan *CUNK* , president of *CUNK* Capital Management , a Los Angeles *UNK-* firm , adds that in periods of uncertainty like today , `` it 's a good time to cut out the dead branches of your portfolio . '' STOP 
Not everybody agrees that it 's time to trim . STOP 
`` We are n't inclined to *UNK* stock portfolios now , '' says Steven G. *CUNK* , chairman of the investment policy committee of Goldman , Sachs & Co . STOP 
`` Investors should stay with their stocks . STOP 
We expect a *UNK* and *UNK* market for a short period , but we do n't think it will be *UNKLY* . STOP 
The *UNK* is limited . '' STOP 
And even those who say some *UNK* selling may be in order stress that individuals need to be in the stock market to achieve their long-term investment objectives and to help balance their other assets . STOP 
Any selling , they say , should be well *UNK-* , and executed gradually , during market rallies . STOP 
They offer these suggestions : STOP 
*CUNK* *CUNK* OF THE *CUNK* . STOP 
`` *CUNK* stocks that are n't doing well now , and that do n't have good earnings prospects , '' says Alfred Goldman , technical analyst at St. *CUNKED* *CUNK* Edwards & Sons . STOP 
`` Most people do just the opposite : They sell their winners and keep their losers . '' STOP 
*CUNK* types of stocks are most likely to qualify ? STOP 
Technology stocks , says Mr. Goldman . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* . STOP 
A company does n't have to post a loss to be a candidate for sale , says Charles I. *CUNK* Jr. , chief market strategist at Merrill Lynch & Co . STOP 
If earnings do n't live up to analysts ' expectations , he says , that 's enough to dump the stock . STOP 
John *CUNK* , director of research for the American Association of Individual Investors , raises a *UNK* note . STOP 
`` *CUNKING* a rule of *UNK* for your own judgment '' can be a mistake , he says . STOP 
An earnings disappointment may reflect a situation that 's short-term . STOP 
But Mr. *CUNK* says , `` The risk is that earnings *UNKS* will continue . '' STOP 
The economy is *UNKING* after six good years , and `` right now it 's better to *UNK* first and ask questions later . '' STOP 
*CUNK* types of stocks currently have the greatest earnings risks ? STOP 
Computer companies ; commodity cyclical stocks , like *UNKS* ; and retailing stocks , he says . STOP 
*CUNK* OF *CUNK* *CUNK* . STOP 
The companies *UNK* to run into earnings problems *UNKEST* are the ones with heavy debt *UNKS* , says Larry *CUNK* , partner in the San *CUNK* , Calif. , *UNK-* firm of *CUNK* , *CUNK* & Kaiser . STOP 
Mr. *CUNK* of Bear Stearns agrees : `` If we do have an economic slowdown , '' he says , `` companies with high debt *UNKS* will be dumped *UNK* *UNK* . '' STOP 
The best course for individual investors is to sell these stocks now , the two advisers say . STOP 
*CUNK* ` *CUNK* ' *CUNK* . STOP 
UAL Corp. 's difficulty in obtaining bank financing for its leveraged buy-out and its resulting price plunge is a *UNK-* to what 's going to happen to `` takeover stocks , '' says Mr. *CUNK* . STOP 
Takeover activity will slow down as more and more banks *UNK* their lending requirements , he says . STOP 
`` There 'll be fewer and fewer deals . '' STOP 
Moreover , many financial advisers say individuals should be in the stock market as long-term investors , not as traders trying to catch the next hot stock . STOP 
In general , they say , avoid takeover stocks . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* *CUNK* . STOP 
Mr. *CUNK* suggests that investors compare *UNKS* *UNKS* -LRB- the price of a share of stock divided by a company 's per-share earnings for a *UNK-* period -RRB- with projected growth rates . STOP 
`` If you think earnings will grow at 20 % a year , it 's all right to pay 20 times earnings , '' he says . STOP 
`` But do n't pay 30 times earnings for a company that 's expected to grow at 15 % a year . '' STOP 
Mr. *CUNK* thinks the market will probably go higher , but `` will be *UNKS* with stocks if the earnings are n't there . '' STOP 
Mr. *CUNK* *UNKS* that investors should n't *UNKLY* follow any specific *UNKS* sell trigger . STOP 
`` If you say sell *UNK* a company 's *UNKS* ratio exceeds 15 , that *UNKS* out all your growth stocks , '' he says . STOP 
`` You eliminate companies with substantial prospects that are moving up in price . '' STOP 
*CUNK* *CUNK* *CUNK* *CUNK* . STOP 
Tom *CUNKER* , market analyst at *CUNK* Edwards & Sons Inc. , says investors should consider selling if there has been a fundamental change in a company since they bought its stock . STOP 
*CUNK* you purchased a stock because of a new product that was in the works . STOP 
Now , because of various difficulties , the product has been *UNKED* . STOP 
Time to sell , says Mr. *CUNKER* . STOP 
Similarly , he says , *UNK* you were attracted to a company because of expectations that sales would hit $ 200 million by 1990 . STOP 
If things have n't worked out that well , and sales wo n't hit $ 200 million until 1992 , it 's time to consider selling , he says . STOP 
USX Corp. declined a United *CUNKS* request for a *UNKING* of its four-year labor contract that is due to expire Jan. 31 , 1991 . STOP 
The union on Oct. 5 requested that the contract be *UNKED* to restore all pay and benefits that the union gave up in the *UNKN* and *UNKN* *UNKS* of bargaining . STOP 
A United *CUNKS* *UNK* said *CUNK* Williams , the union 's president , was out of town . STOP 
The union wo n't respond to the USX statement until Mr. Williams has studied it , the spokesman said . STOP 
Robert A. *CUNK* , chief financial officer and a director of this *UNKS* pipeline company , was elected to the additional position of executive vice president . STOP 
In addition , Michael W. *CUNK* , executive vice president of a Columbia unit , was named assistant chief financial officer and a senior vice president of the parent company . STOP 
The *UNKS* take effect Nov. 1 . STOP 
Both men are 44 years old . STOP 
This magazine and book publisher said three men were elected directors , increasing the board to 10 . STOP 
They are : James R. *CUNKER* , 62 years old and chairman and chief executive officer of *CUNK* International Inc. ; Robert G. Schwartz , 61 , chairman , president and chief executive officer of Metropolitan Life Insurance Co. , and Walter V. *CUNK* , 53 , chairman and chief executive officer of Chemical Banking Corp . STOP 
BankAmerica Corp. reported a 34 % jump in third-quarter earnings , as its *UNK-* recovery from nearly *OUS* losses several years ago continued to be fueled by growth in consumer loans , higher interest margins and *UNK* loan losses . STOP 
For the quarter , BankAmerica said it earned $ *UNKN* million , or $ *UNKN* a share , compared with $ 190 million , or 97 cents a share , a year earlier . STOP 
BankAmerica *UNK* said preliminary reports indicate the company was n't *UNKLY* affected by the Tuesday earthquake . STOP 
All but eight of the 850 branches , which had some structural damage , *UNKED* yesterday for business . STOP 
*CUNKED* *UNKER* machine operations also were up and operating yesterday , a bank spokesman said . STOP 
For the first time in nearly two years , BankAmerica results failed to improve in consecutive quarters , but the decline from the second quarter was *UNK* to special factors . STOP 
Third-quarter profit was 16 % below the $ *UNKN* million , or $ 1.50 a share , earned in the 1989 second quarter . STOP 
The company cited higher tax credits in the second quarter , totaling $ 63 million , compared with $ 28 million in the third quarter . STOP 
Excluding tax credits , profit was 6 % below the second quarter . STOP 
But that drop was caused entirely by a decline in Brazilian interest paid , to $ 5 million from $ 54 million the second quarter . STOP 
Moreover , BankAmerica continued to build its reserve against troubled foreign loans by boosting its loan-loss provision to $ 170 million , about the same as the previous quarter but well above the $ 100 million in the year-earlier quarter . STOP 
The provision rate was far above BankAmerica 's actual net credit losses of $ 24 million in the third quarter , compared with $ 18 million in the second period and $ 38 million a year earlier . STOP 
As a result , BankAmerica said its reserve against troubled *UNK-* loans , once below 25 % , now amounts to 45 % of the $ 6.4 billion of *UNK-* debt it *UNKS* it is owed by those nations . STOP 
That level is about the same as some other big banks , but far below the 85 % and 100 % reserves of Bankers Trust New York Corp. and *CUNK* Morgan & Co. , respectively . STOP 
By any measure , third-quarter earnings were still robust , equivalent to a *UNKN* % return on assets even excluding tax credits . STOP 
By that key measure of operating efficiency , BankAmerica turned in a better performance than its *UNKED* Los Angeles-based competitor , Security Pacific Corp. , which posted a *UNKN* % return in the third quarter . STOP 
But it continued to badly trail its San Francisco *UNK* , Wells Fargo & Co. , which reported an extraordinary 1.25 % return on assets . STOP 
Both returns do n't include any tax credits . STOP 
`` They -LCB- BankAmerica -RCB- continue to show good performance , '' said Donald K. *CUNK* , an analyst with *CUNK* , *CUNK* & *CUNKS* Inc. , San Francisco . STOP 
In composite trading yesterday on the New York Stock Exchange , BankAmerica common stock edged up 12.5 cents to close at $ 32 a share . STOP 
*CUNKER* equity improved to *UNKN* % from *UNKN* % in the previous quarter . STOP 
The *UNKN* % net interest margin , or the difference between the yield on a bank 's investments and the rate it pays for deposits and other borrowings , was still *UNKLY* higher than the *UNKN* % ratio a year earlier , and is among the best in the industry , analysts said . STOP 
The high margin partly stems from continued strong growth in *UNKING* consumer loans , which jumped 31 % to $ *UNKN* billion from a year earlier , and residential mortgages , which rose 25 % to $ 12 billion . STOP 
BankAmerica 's total loans rose 8 % to $ *UNKN* billion . STOP 
For the nine months , BankAmerica profit soared 81 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
International Business Machines Corp. will announce on Tuesday a *UNK* of software products aimed at eliminating some of the major problems involved in *UNKING* manufacturing operations , industry executives said . STOP 
Many plant *UNKS* currently *UNK* a Tower of *CUNK* , with computers , *UNKS* and machine tools that generally speak their own language and have trouble talking to each other . STOP 
As a result , if a problem *UNKS* on a production line , it is unlikely some supervisor sitting in front of a personal computer or *UNKION* will know about it or be able to correct it . STOP 
So IBM will be announcing more than 50 products that will be aimed at letting even the *UNKEST* machine tool talk to the *UNKEST* mainframe , or anything in between . STOP 
In an unusual display of *UNKS* , IBM also will be helping customers *UNK* together operations that include lots of equipment made by IBM 's competitors . STOP 
In addition , the executives said IBM will be offering programming tools designed to let anyone working on a factory floor write *UNK-* software , for instance , to do statistical analysis that would *UNK* a problem on a manufacturing line . STOP 
In *CUNK* , N.Y. , an IBM spokeswoman confirmed that IBM executives will be announcing some *UNKING* plans next week but declined to elaborate . STOP 
The industry executives said that , as usual with such broad announcements from IBM , this one will be part reality and part strategy . STOP 
So it will take many quarters for IBM to roll out all the products that customers need , and it will take years for customers to *UNK* the products into their operations . STOP 
Also as usual , the products will appeal mostly to heavy users of IBM equipment , at least initially . STOP 
Still , consultants and industry executives said the products could help make manufacturing operations more efficient , and provide a boost to the *UNKING* market -- a market that *CUNK* Group , a research firm , has said may double to $ 40 billion by 1993 . STOP 
`` This is a step in the right direction , '' said Martin *CUNK* , a *CUNK* Group analyst . STOP 
He added , though , that `` a lot of this is intentions ... . STOP 
We 'll have to wait and see '' how the plan *UNKS* . STOP 
The announcements also should help IBM go on the offensive against Digital Equipment Corp. on the plant floor . STOP 
While IBM has traditionally dominated the market for computers on the business side of manufacturing operations and has done well in the market for design tools , Digital has dominated computerized manufacturing . STOP 
Hewlett-Packard Co. also has begun to gain share in the whole *UNKING* *UNK* . STOP 
IBM will face an *UNK* climb against Digital , given Digital 's reputation for being better than IBM at *UNKING* together different manufacturers ' computers . STOP 
In addition , Hewlett-Packard , while a much smaller player , has made a big commitment to the sorts of industry standards that *UNK* those *UNKS* and could give IBM some problems . STOP 
Both can be expected to go after the market aggressively : *CUNKER* Group Inc. , a research firm , estimated the Digital gets 30 % of its revenue from the manufacturing market , and Hewlett-Packard gets 50 % . STOP 
IBM , which *CUNKER* Group said *UNKS* 22 % of its revenue in this market , should be able to take advantage of its loyal following among buyers of equipment . STOP 
That is because many companies will *UNK* on certain types of equipment as the various parts of the manufacturing market merge , and IBM is the biggest player . STOP 
But much will depend on how quickly IBM can move . STOP 
The whole idea of *UNKED* manufacturing , *CUNK* , seems to be making a comeback after losing a little *UNKER* over the past couple of years when it became apparent that it was n't a *UNK* that would make U.S. plants more efficient and *UNK* foreign competition . STOP 
*CUNK* *CUNKER* , a *CUNKER* Group analyst , said *UNKAL* changes may still be required to really take advantage of *CUNK* 's *UNKS* -- someone on the shop floor may not like having someone in an office using a personal computer to look over his *UNKER* , for instance , and may be able to prevent that from happening . STOP 
But he said a system such as IBM 's should help significantly . STOP 
In making *UNK* sheets out of plastic chips , for instance , a chip sometimes does n't *UNK* , gets caught in the machinery and creates a run in the sheets . STOP 
That can be expensive , because the problem may not be noticed for a while , and the sheets are typically thrown away . STOP 
But Mr. *CUNKER* said that , if computers can be integrated into the process , they could alert an operator as soon as the problem occurred . STOP 
They could also check through the orders on file to find a customer that was willing to accept a lower *UNK* of *UNK* . STOP 
The computer would let the machine run just until that order was filled , eliminating waste . STOP 
This sort of improved link figures to eventually become a significant weapon for some companies . STOP 
Companies might be able to tell salespeople daily , for instance , about idle equipment , so they could offer discounts on whatever that equipment produces . STOP 
*CUNK* also could get a *UNK* reading on when products could be delivered -- in much the same way that Federal Express has *UNKED* its ability to tell exactly where a package is in the delivery system . STOP 
Ford Motor Co. 's Merkur , the company 's first new car franchise in the U.S. since the *CUNK* was unveiled in *UNKN* , now will share *CUNK* 's fate . STOP 
Ford said yesterday it will halt imports of the Merkur *CUNK* , a $ *UNKN* luxury sedan built by Ford of Europe in West Germany . STOP 
The cars are sold under a separate franchise with its own sign in front of *CUNK-* dealers -- as opposed to new models such as *CUNKS* or *CUNK* , which are sold under existing Ford divisions . STOP 
The move to halt imports -- announced 29 years and 11 months to the day after Henry Ford II declared that the *CUNK* division and its *UNK* car would be *UNKED* -- *UNKS* the *UNK-* Merkur brand in the U.S. market . STOP 
It will continue to be sold in the European market . STOP 
Merkur 's death is n't nearly as costly to Ford as was the *CUNK* debacle , because Merkur was a relatively *UNK-* project with limited sales goals . STOP 
Still , Merkur 's *UNK* is a setback for Ford at a time when the company 's image as the U.S. auto maker with the golden touch is showing signs of strain . STOP 
The No. 2 auto maker 's new *CUNK* and Mercury *CUNK* models have n't met sales expectations in the year since they were introduced , and Ford 's trucks are losing ground to their GM rivals . STOP 
This fall , Ford introduced only one new product : A *UNKED* version of its *UNKING* Lincoln *CUNK* Car luxury model . STOP 
The *UNK* of Merkur -LRB- *UNKED* *UNK-* -RRB- comes after a September in which *UNKN* Merkur dealers managed to sell only 93 *CUNKS* . STOP 
Total Merkur sales for the first nine months dropped 46 % from a year ago to just *UNKN* cars . STOP 
Merkur is n't the only European luxury brand having problems in the U.S. . STOP 
The Japanese *UNK* on the luxury market is rapidly *UNKING* such European makes as *CUNK* and Saab , which at least have clear brand images . STOP 
Merkur , as an import on domestic car lots , suffered from the same sort of image confusion that is *UNKING* sales of imports at General Motors Corp. and Chrysler Corp . STOP 
Merkur was originally aimed at *UNKING* into *CUNK-* *UNKS* the kind of young , affluent buyers who would n't be caught dead in a *CUNK* Car -- a vehicle so *UNK* that Ford is *UNKING* a press event next month linking the *CUNK* Car 's launch to the *UNKING* of a new aircraft carrier in Norfolk , Va . STOP 
But the brand had trouble from the start . STOP 
The first Merkur , the *CUNK* , went on sale in early 1985 . STOP 
The *UNK* *UNK* *UNKED* in part because American buyers did n't go for the car 's unusual *UNKING* *UNK* *UNKER* . STOP 
In May 1987 , Ford began *UNKING* the *CUNK* sedan from West Germany to sell next to a *UNKED* *CUNK* in *UNKS* . STOP 
Ford officials said they expected the two *CUNKS* would sell about 15,000 cars a year , and in 1988 they reached that goal , as sales hit *UNKN* cars . STOP 
It was *UNK* from there , however . STOP 
One major factor was the decline of the dollar against the mark , which began less than a year after Merkur 's 1985 launch . STOP 
As the West German currency rose , so did Merkur prices . STOP 
The Merkur cars also suffered from *UNK* quality , some dealers say . STOP 
`` It was like a comedy of errors , '' says Martin J. `` *CUNK* '' *CUNK* , a big dealer whose Star *CUNK-* operation in *CUNK* , Mich. , sold more *CUNK* 's than any other dealership . STOP 
But by the third quarter of 1988 , *CUNKS* had a high satisfaction rating in internal Ford studies , a spokesman said . STOP 
*CUNKLY* , however , the improvement came too late . STOP 
Last fall , Ford announced it would *UNK* the *CUNK* in the U.S. at the end of the 1989 model year . STOP 
Ford said then it would keep the *CUNK* . STOP 
This year , *CUNK* sales plummeted , and at the current sales pace it would take Ford *UNKN* days to sell off the current *CUNK* inventory of about *UNKN* cars . STOP 
Canadian Pacific Ltd. said it proposed acquiring the 44 % of Soo Line Corp. it does n't already own for $ *UNKN* a share , or about $ *UNKN* million , after failing to find a buyer for its majority stake earlier this year . STOP 
Soo Line said its board appointed a special committee of independent directors to study the proposal . STOP 
The troubled *CUNKED* railroad concern said the committee has the authority to hire financial and legal advisers to assist it . STOP 
The proposed acquisition will be subject to approval by the Interstate Commerce Commission , Soo Line said . STOP 
In New York Stock Exchange composite trading yesterday , Soo Line shares jumped well above the proposed price , closing at $ *UNKN* , up $ 2.75 . STOP 
Canadian Pacific put its 56 % stake in Soo Line up for sale last year but could n't find any *UNKS* . STOP 
Canadian Pacific , which has interests in transportation , telecommunications , forest products , energy and real estate , finally took its majority block off the market this spring . STOP 
`` It turned out we could n't sell it , '' a Canadian Pacific official said , adding that acquiring the remainder of Soo Line is now `` the best way to *UNK* operations . '' STOP 
Canadian Pacific is Soo Line 's biggest customer and has owned a majority stake in the U.S. railroad since *UNKN* . STOP 
Canadian Pacific and Soo Line tracks *UNK* at two points in the West on the *CUNK-* border and the two companies operate a very successful *CUNKAL* *UNK* service . STOP 
Separately , for the first nine months , Soo Line reported a loss of $ *UNKN* , or four cents a share , compared with net income of $ 12.5 million , or $ *UNKN* a share , a year earlier . STOP 
Revenue fell 5.8 % to $ *UNKN* million from $ *UNKN* million . STOP 
The company had a loss from operations of $ 1.7 million . STOP 
Golden *CUNK* Inc. reported a third-quarter net loss of $ 13.1 million , or 76 cents a share , based on *UNKN* million common shares and *UNK* *UNKS* outstanding . STOP 
The results compare with a year-earlier net loss of $ 1.5 million , or seven cents a share , based on *UNKN* million common and *UNK* *UNKS* outstanding . STOP 
Operating revenue rose 25 % to $ *UNKN* million from $ *UNKN* million a year ago . STOP 
Results for the latest quarter include *UNKING* items of $ *UNKN* million , *UNKS* $ *UNKN* million a year earlier . STOP 
Most of the expenses stem from the company 's huge Mirage *UNK-* scheduled to open next month along the Strip , and an April 1989 financing by units operating the downtown Golden *CUNK* property . STOP 
For the nine months , Golden *CUNK* reported a net loss of $ *UNKN* million , or 69 cents a share , based on *UNKN* million common and *UNK* *UNKS* outstanding . STOP 
The year earlier , the company had a net loss of $ 4.3 million , or 20 cents a share , based on 21 million common shares and *UNK* *UNKS* outstanding . STOP 
The 1988 results include a $ *UNKN* million charge stemming from a litigation judgment . STOP 
Separately , the casino operator said its board approved a plan to buy-back as many as three million common shares from time to time , either in the open market or through private transactions . STOP 
An additional *UNKN* shares are authorized for repurchase under an earlier stock buy-back program . STOP 
John *CUNK* , an analyst with Raymond James & Associates , said the results were n't surprising , and attributed the buy-back to management 's confidence in the Mirage 's ability to generate strong cash flow in 1990 . STOP 
Yesterday , in New York Stock Exchange composite trading , Golden *CUNK* common closed at $ *UNKN* , up $ 2 . STOP 
Capital Holding Corp. said it requested and received the resignation of John A. *CUNK* , its vice chairman , as an officer and a director of the life insurance holding company . STOP 
The company said Mr. *CUNK* developed a plan to establish a business that might be competitive with Capital Holding Corp. 's *CUNKION* and Investment Group , which Mr. *CUNK* headed . STOP 
The group temporarily will report to Irving W. *CUNK* II , chairman , president and chief executive officer of Capital Holding . STOP 
Mr. *CUNK* , 47 years old , said in a telephone interview that he has been considering and discussing a number of possible business ventures , but that `` nothing is at a mature stage . '' STOP 
He said he `` did n't argue with '' the company 's decision to seek his resignation because *UNKING* outside business ventures can *UNK* an executive from performing his best `` at the job he is paid to do . '' STOP 
Martin H. *CUNK* , a managing director of Capital Holding 's *CUNKION* and Investment Group , also resigned to pursue other business interests , Capital Holding said . STOP 
Mr. *CUNK* , 39 , said that he had `` an *UNK* *UNKING* '' with Capital Holding and that he has `` a number of ventures in the financial-services area '' under consideration . STOP 
He said that his resignation was a mutual decision with Capital Holding management , but that he was n't actually asked to resign . STOP 
The *CUNKION* and Investment Group is responsible for the investment operations of all Capital Holding 's insurance businesses and markets guaranteed investment contracts to bank trust departments and other institutions . STOP 
It also sells *UNK-* *UNKS* to individuals . STOP 
Mr. *CUNK* said he expects to name a new group president to head that operation following the Nov. 8 board meeting . STOP 
*UNK* STOP 
Money Market *CUNKS* - a *UNKN* % STOP 
a - Average rate paid yesterday by 100 large banks and thrifts in the 10 largest metropolitan areas as compiled by Bank *CUNK* *CUNK* . STOP 
*UNK* - *CUNK* annual yield . STOP 
Guaranteed minimum 6 % . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
*CUNK* *CUNK* , *CUNK-* *CUNK-* , made their *UNK-* debut in children 's *UNK* *UNKS* at *UNK-* stores in 1973 . STOP 
But few knew it then and most still think all *UNKS* are *UNK* . STOP 
Eagle *CUNK* of *CUNK* , Tenn. , `` *CUNK* City *CUNK* , '' had made its *UNKEST* pilot plastic *UNKS* in 1971 . STOP 
But it was n't until after it hired Arthur D. Little , a Cambridge , Mass. , research concern , that its new product was *UNKED* for commercial sale in 1973 . STOP 
Three *CUNK* *UNKS* applied April 6 , 1973 , for the patent , which was assigned and awarded in 1976 to *CUNK* Industries , then Eagle 's parent . STOP 
*CUNK* *UNKS* *UNK* and put the plastic models behind their *UNKS* just like traditional *UNKS* made of *UNKED* *UNKS* of California *UNK* *UNK* filled with *UNK* lead . STOP 
It takes five steps to make standard *UNKS* , just one for the plastic type . STOP 
*CUNKED* machines *UNK* long plastic *UNKS* with *UNK-* *UNKS* that are *UNKED* , cut , painted and *UNKED* . STOP 
`` After more than 200 years , something new has happened to *UNKS* , '' said Arthur D. Little in a 1974 report that publicly described the previously secret item . STOP 
Eagle 's plastic type *UNKS* and looks like a *UNK* *UNK* . STOP 
A major difference is that a snapped *UNK* *UNK* will have a *UNKED* break while a plastic model will break *UNKLY* . STOP 
The *UNKS* of the core *UNKS* the plastic models to No. 1 , No. 2 or No. *UNK-* *UNKS* , which account for the bulk of the market . STOP 
*CUNKS* and *UNK* need harder `` leads . '' STOP 
Eagle , now called *CUNK-* , remains a leading company among the 10 in the U.S. that produced about 2.3 billion *UNKS* last year , according to the *CUNK* *CUNKS* Association . STOP 
It 's a trade secret how many were plastic , and most writers still do n't know what they 're using . STOP 
*CUNK* *CUNK* & Co. , the nation 's largest thrift holding company , posted a 12 % earnings decline for the third quarter while another large California savings and loan , Great Western Financial Corp. , reported a slight earnings gain . STOP 
*CUNK* *CUNK* , parent of Home Savings of America , reported third-quarter net of $ *UNKN* million , or 50 cents a share , down from $ *UNKN* million , or 57 cents a share , in the year-earlier period . STOP 
Most of the earnings decline reflected an increase in the company 's effective tax rate to 44 % from 37 % in the year-ago third quarter when *UNKING* tax credits were recorded , the company said . STOP 
*CUNK* earnings declined 1.3 % . STOP 
For the nine months , Los Angeles-based *CUNK* *CUNK* had profit of $ *UNKN* million , or $ *UNKN* a share , a 4.6 % decline from earnings of $ *UNKN* million in the year-ago nine months . STOP 
The company said the decline was *UNK* to a 79 % reduction in net gains on loan sales this year . STOP 
Third-quarter spreads widened to the highest level in two years as loan portfolio yields rose and money costs declined , the company said . STOP 
Great Western Financial said third-quarter profit rose slightly to $ *UNKN* million , or 52 cents a share , from $ *UNKN* million , or 53 cents a share , from a year ago . STOP 
Great Western , based in Beverly Hills , Calif. , is a financial services firm and parent to Great Western Bank , an S&L . STOP 
Great Western said it had a sharp increase in margins in the recent third quarter . STOP 
*CUNKS* are the difference between the yield on the company 's earning assets and its own cost of funds . STOP 
But a reduction in one-time gains on the sale of various assets and an increase in the company 's provision for loan losses held down the earnings gain , the company said . STOP 
Great Western 's provision for loan losses was increased to $ *UNKN* million for the recent quarter compared with $ *UNKN* million a year ago primarily as a result of `` continued weakness in various commercial and *UNKLY* real estate markets outside California . '' STOP 
For the nine months Great Western posted net of $ *UNKN* million , or $ *UNKN* a share , a 5.9 % decline from $ *UNKN* million , or $ *UNKN* a share , in the year-ago period . STOP 
Dun & Bradstreet Corp. posted a 15 % rise in third-quarter earnings . STOP 
But revenue declined more than 2 % , reflecting in part a continuing drop in sales of credit services in the wake of controversy over the company 's sales practices . STOP 
The information company also cited the stronger dollar , the sale last year of its former *CUNKAL* *CUNK* *CUNKS* unit and other factors . STOP 
Net income rose to a record $ *UNKN* million , or 83 cents a share , from $ *UNKN* million , or 72 cents a share . STOP 
Revenue fell to $ 1.04 billion from $ *UNKN* billion . STOP 
In composite trading on the New York Stock Exchange , Dun & Bradstreet closed yesterday at $ *UNKN* , down 25 cents a share . STOP 
Analysts said the results were as expected , but several added that the earnings *UNKED* underlying weaknesses in several businesses . STOP 
`` The quality of earnings was n't as high as I expected , '' said *CUNK* *CUNK* , an analyst for Goldman , Sachs & Co . STOP 
For example , he noted , operating profit was weaker than he had anticipated , but *UNKING* earnings of $ *UNKN* million and a lower tax rate helped boost net income . STOP 
Dun & Bradstreet said operating earnings rose 8 % , excluding the sale of *CUNKAL* *CUNK* *CUNKS* . STOP 
Third-quarter sales of U.S. credit services were `` *UNKLY* below sales '' of a year earlier , Dun & Bradstreet said . STOP 
As previously reported , those sales have been declining this year in the wake of allegations that the company engaged in unfair sales practices that encouraged customers to *UNK* services . STOP 
The company has denied the allegations but has negotiated a proposed $ 18 million settlement of related lawsuits . STOP 
Analysts predict the sales impact will *UNKER* . STOP 
`` There is n't much question there will continue to be a *UNK* effect , '' said John *CUNK* , an analyst with Drexel Burnham Lambert Inc . STOP 
Dun & Bradstreet noted that price competition in its *CUNK* Marketing Research , *CUNK* Clearing House and *CUNK* Marketing businesses also *UNKED* revenue growth . STOP 
It cited cyclical conditions in its Moody 's Investors Service Inc. and *CUNK* Plan Services units . STOP 
For the nine months , net income rose 19 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
*CUNKER* earnings reflected costs of $ *UNKN* million related to the acquisition of *CUNK* International . STOP 
Revenue rose slightly to $ *UNKN* billion from $ *UNKN* billion . STOP 
Control Data Corp. said it licensed its airline *UNK-* software to the International Air *CUNK* Association . STOP 
Terms include a *UNK* arrangement , but details were n't disclosed . STOP 
The computer equipment and financial services company said *CUNK* , a trade group , will sell access to the package to its 180 airline members world-wide . STOP 
Control Data will receive revenue linked to the number of passengers served by the software , *CUNK* said . STOP 
The package helps carriers solve pricing problems , such as how to *UNK* to discounts offered by competitors or what would be the *UNK* number of seats to offer at a given price . STOP 
*CUNK-* Steel Corp. said it decided to proceed with *UNKION* of automatic gauge and shape controls at its *UNK-* *UNK* cold rolling mill in *CUNK* , *CUNK* . STOP 
The new equipment , which will produce steel sheet with more uniform *UNKS* and *UNKS* , is likely to cost more than $ 20 million , the company said . STOP 
When the company last considered adding the equipment two years ago , it estimated the cost at $ 21 million to $ 22 million , but a task force will have to prepare a detailed plan before the company can predict the current cost . STOP 
The time schedule for *UNKING* the equipment also will be developed by the task force , the company said . STOP 
Sir Richard *CUNKER* , *UNK-* chairman of *CUNK* -LRB- *CUNK* . -RRB- Ltd. , was named chairman of County *CUNKEST* Investment Management Ltd. , the investment management subsidiary of County *CUNKEST* Ltd. , the investment banking arm of this British bank . STOP 
Sir Richard succeeds John *CUNK* , who resigned in July . STOP 
Sir Richard is also a *UNK-* director at National *CUNKER* Bank and *CUNKEST* Investment Bank Ltd . STOP 
In the long , *UNKING* night after Tuesday 's devastating earthquake , Bay Area residents *UNKED* for *UNK* and *UNK* *UNKER* they could . STOP 
Some found it on the screen of a personal computer . STOP 
*CUNKS* of *CUNKS* made their way to their computers after the quake , and *UNKED* in with each other on electronic *UNK* boards , which link computers *CUNK-* , via phone lines . STOP 
Some of the most *UNK* *UNKS* came over The Well , a *CUNK* , Calif. , board that is one of the *UNKEST* *UNKS* of the electronic *UNUNK* . STOP 
About two-thirds of the Well 's 3,000 subscribers live in the Bay Area . STOP 
The quake knocked The Well out for six hours , but when it came back up , it *UNKED* with emotional *UNK-* reports . STOP 
Following are *UNKS* from the electronic traffic that night . STOP 
The time is Pacific *CUNK* Time , and the *UNKS* or *UNKS* are those subscribers use to identify themselves . STOP 
*UNKN* *UNK* . STOP 
*CUNK* : STOP 
*CUNK* ! STOP 
I was in the *UNKS* , on the third floor of an old building , and except for my heart -LRB- *CUNK* , *CUNK* ! -RRB- I 'm OK . STOP 
*CUNK* back to *CUNKS* , and everything had fallen : broken *UNKER* *UNKS* with glass on the floor , file *UNKS* open or dumped onto the floor . STOP 
*UNKN* *UNK* . STOP 
*CUNK* : STOP 
I was in my favorite *UNKING* hole , waiting for the game to start . STOP 
I felt the temblor begin and *UNKED* at the table next to mine , *UNKED* that guilty *UNK* and we both *UNKED* the words , `` *CUNK-* ! '' together . STOP 
That 's usually how long it takes for the *UNKS* to pass . STOP 
This time , it just got stronger and then the building started shaking *UNKLY* up and down as though it were a child 's toy block that was being *UNKED* . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
I was in the Berkeley *CUNK* *UNK* when it hit . STOP 
*CUNKS* seconds wondering if those huge windows would *UNK* and *UNKER* us with glass . STOP 
Only a few books fell in the reading room . STOP 
Then the auto *UNK* shop fire sent an *UNKING* *UNK* of black smoke into the air . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
My younger daughter and I are fine . STOP 
This building shook like *UNK* and it kept getting stronger . STOP 
*CUNK* for the gas tank at *CUNK* 's *CUNKING* Service *UNKING* and *UNKING* in downtown Berkeley , things here are quite *UNK* . STOP 
A lot of car *UNKS* went off . STOP 
The *UNKS* are fine , although nervous . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
*CUNK* fire from broken gas main in the Marina in *CUNK* . STOP 
*CUNKS* that are made of ` fill ' *UNK* . STOP 
A woman in a *UNK-* apartment was able to walk out the window of the third floor onto street level after the quake . STOP 
The house just settled right down into the ground . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
I was driving my truck , stopped at a red light at the corner of *CUNK* and *CUNK* at the *CUNK-* border when it hit . STOP 
*CUNK* part was watching power lines *UNKING* above my head and no way to drive away . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
*CUNK* 300 *UNK* out on a *UNKER* in San *CUNK* . STOP 
It *UNKED* all around , real dramatic ! STOP 
Many *UNK* *UNKS* in the concrete *UNKS* *UNKS* . STOP 
*CUNKED* the *UNK* fishing ! STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
I *UNK* it out on the second floor of *CUNK* 's at *UNK* and Telegraph in Oakland . STOP 
I heard parts of the building above my head *UNKING* . STOP 
I actually thought that I might die . STOP 
I could n't decide if I should come home to *CUNK* , because my house is on *UNKS* . STOP 
I decided to *UNK* the storm . STOP 
There was a *UNK* *UNK* of gas as I passed the Chevron refinery before *UNKING* the *CUNK-* *CUNK* Bridge . STOP 
I could also see the *UNKS* across the bay from the *UNK* fire in the Marina District of San Francisco . STOP 
I have felt many aftershocks . STOP 
My back is still in *UNKS* and my hands are still shaking . STOP 
I think a few of the aftershocks might just be my body shaking . STOP 
*UNKN* a.m. STOP 
*CUNK* : STOP 
I could see the *UNKS* from San Francisco from my house across the bay . STOP 
It 's hard to believe this really is happening . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
Building on the corner severely damaged , so an old *UNK* and her very old mother are in the *UNKEST* room . STOP 
*CUNKS* and software *UNK* . STOP 
This being *UNKED* in a standing position . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
*CUNKS* -- *UNK* the San *CUNKS* *CUNK* . STOP 
*CUNK* n't feel a thing , but noticed some strange *UNK* behavior . STOP 
*CUNK* *UNKS* . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
I just felt another *UNK* a few seconds ago . STOP 
I 'm just *UNK* . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
*CUNK* *CUNKS* seems to be the part of town that 's worst off . STOP 
No power , minimal phones , and a mess of *UNK* , *UNK* , and everything else all over the *UNKS* of the big old general store and the People 's *CUNK-* . STOP 
The *UNKS* move through my house every few minutes at *UNUNK* *UNKS* , and the *UNK* that 's been living in my *UNK* has taken *UNK* under my desk . STOP 
It runs out *UNKLY* now and then , and is clearly pretty *UNKED* . STOP 
I was in *CUNK* Beach when the quake rolled through town . STOP 
At first , we were *UNKED* . STOP 
Then as things got *UNKER* , we ran for the door and spent the next few minutes outside watching the *UNK* *UNK* under our feet *UNKING* up and down , and the *UNKS* *UNKING* in an *UNK* *UNK* . STOP 
*CUNKING* what it does to one 's heart rate and one 's short-term memory . STOP 
Everyone looked *UNK* , but there was this *UNKAL* low level of confusion as the aftershocks continued . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
Power is back on , and *CUNK* -LCB- medical center -RCB- seems to have *UNKED* down for the night -LRB- they were doing *UNK* out in the parking lot from the sound and *UNKS* of it -RRB- . STOP 
A friend of mine was in an *UNUNK* computer center in downtown *CUNK* when the quake hit . STOP 
He said that one of the computers took a *UNK-* trip *UNKING* across the floor . STOP 
Today should be interesting as people realize how hard life is going to be here for a while . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
I got home , let the *UNKS* into the house and noticed some sounds above my head , as if someone were walking on the *UNK* , or *UNKS* . STOP 
Then I noticed the car was *UNKING* up and down as if someone were *UNKING* on it . STOP 
I realized what was happening and *UNKED* into the house for the *UNKS* . STOP 
*CUNK* doors were flying , the *UNK* can in the *UNK* *UNKED* a few feet , the *UNKS* came running , and I *UNKED* them into the dog run and stood in the *UNK* myself , watching the outside *UNK* *UNKS* dance across the concrete . STOP 
When I realized it was over , I went and stood out in front of the house , waiting and *UNKING* for Merrill to come home , *UNKING* as if it were 20 below zero until he got there . STOP 
Never in my life have I been so *UNKED* . STOP 
When I saw the pictures of *UNKN* and the Bay Bridge , I began to *UNK* . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
The *CUNK* -LCB- District -RCB- was more or less like a *UNK* party all evening , lots of people & *UNKS* walking around , drinking beer . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
I was just sitting down to meet with some new therapy clients , a couple , and the building started shaking like crazy . STOP 
It 's a *UNK* structure , built up on supports , and it was really *UNKING* around . STOP 
The three of us stopped *UNKING* for a moment , and then when it kept on coming we *UNKED* for the *UNK* . STOP 
*CUNKS* to say , it was an interesting first session ! STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
*CUNK* escaped *UNKLY* *UNKED* . STOP 
*CUNKEST* trouble was scared family who could n't get a phone line through , and spent a really *UNK* hour not knowing . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
*CUNK* and I were in our back *UNK* when the lawn started rolling like *UNK* waves . STOP 
We ran into the house to get *CUNK* , but the next *UNK* threw me in the air and *UNKED* me as I tried to get to my feet . STOP 
We are all fine here , although *CUNK* was extremely *UNKED* . STOP 
*CUNK* full of broken *UNKAL* . STOP 
*CUNKS* and *UNKS* all over my room . STOP 
Not one thing in the house is where it is supposed to be , but the structure is fine . STOP 
While I was standing on the lawn with *CUNK* , waiting for another *UNK* , I noticed that all the *UNKS* were emerging from the ground and *UNKING* across the lawn ! STOP 
*UNKN* a.m. STOP 
*CUNK* : STOP 
It 's *UNKING* how one second can so completely change your life . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
I guess we 're all living very tentatively here , waiting for the expected but *UNKED* *UNK* . STOP 
It 's hard to accept that it 's over and only took 15 seconds . STOP 
I wonder when we 'll be able to *UNK* . STOP 
*UNKN* a.m . STOP 
*CUNK* : STOP 
*CUNK* goes to total alert for flight or fight . STOP 
*CUNK* seems a *UNK* *UNK* . STOP 
Berkeley very quiet right now . STOP 
I *UNKED* along *CUNK* between Delaware and *CUNK* at a few minutes before eight this morning . STOP 
Next to *CUNK* *CUNK* a *UNKS* couple , *UNKED* into a blue *UNKING* *UNK* , sat up , said , `` *CUNK* morning '' and then the woman *UNKED* , said , `` Is n't it great just to be alive ? '' STOP 
I agreed . STOP 
It is . STOP 
Great . STOP 
Georgia-Pacific Corp. , exceeding some analysts ' expectations , said third-quarter earnings rose 56 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , in the year-earlier period . STOP 
Sales increased 10 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Per-share earnings were enhanced by the company 's share buy-back program , which reduced the average shares outstanding to 87.5 million in the quarter from *UNKN* million in the same quarter of 1988 . STOP 
With strong prices in the company 's two major areas -- building products as well as pulp and paper -- analysts had expected a *UNKING* quarter . STOP 
But the performance exceeded some estimates of around $ *UNKN* a share . STOP 
*CUNKING* the growth , among other things , were *UNKED* prices for certain building products . STOP 
One reason : efforts to protect the *UNKED* *UNK* led to restrictions on *UNKING* in the Pacific Northwest , *UNKING* supply and forcing prices up . STOP 
Another reason : strikes , both at Georgia-Pacific and other *UNKER* companies also cut supplies and raised prices , analysts said . STOP 
For the nine months , Georgia-Pacific 's earnings increased 49 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose 11 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
In composite New York Stock Exchange Trading , Georgia-Pacific stock rose $ 1.25 a share yesterday to close at $ 58 . STOP 
The House Public *CUNKS* and Transportation Committee approved a bill that would give the Transportation Department power to block airline leveraged buy-outs , despite a clear veto threat from the Bush administration . STOP 
The *UNKN* vote *UNKS* the way for consideration on the House floor next week or the week after . STOP 
Transportation Secretary Samuel Skinner , in a letter to the committee , warned that he would urge President Bush to veto the legislation if it passed Congress . STOP 
The Senate Commerce Committee already has approved similar legislation . STOP 
On Monday , a letter from Mr. Skinner 's deputy , *CUNK* *CUNK* , said the administration opposed the legislation `` in its present form . '' STOP 
Some of the bill 's supporters had taken heart from the fact that the letter was n't signed by Mr. Skinner and that it did n't contain a veto threat . STOP 
The *UNK-* administration warnings *UNKED* some lawmakers , especially senior Republicans who supported the bill because they thought the Transportation Department favored it . STOP 
`` We backed this bill because we thought it would help Skinner , '' one Republican said , `` and now we 're out there *UNKING* in the wind . '' STOP 
A few weeks ago , Mr. Skinner testified before Congress that it would be `` *UNKER* , more efficient '' if he had authority to block buy-outs in advance . STOP 
But he never took an official position on the bill and has *UNKLY* maintained that he already has enough authority to deal with buy-outs . STOP 
Under the committee bill , the Transportation secretary would have 30 days , and an additional 20 days if needed , to review any proposed purchase of 15 % or more of a major U.S. airline 's voting stock . STOP 
The secretary would be required to block an acquisition if he concluded that it would so weaken an airline financially that it would hurt safety or reduce the carrier 's ability to compete , or if it gave control to a foreign interest . STOP 
Although the legislation would apply to any acquisition of a major airline , it is aimed at transactions financed by large amounts of debt . STOP 
*CUNKS* of the bill are concerned an airline might *UNK* costly safety measures in order to repay debt . STOP 
The panel 's action occurs in a politically charged atmosphere surrounding recent buy-out proposals , their apparent collapse and the volatile conditions in the stock market . STOP 
`` It became apparent in hearings that there ought to be regulation of leveraged buy-outs of some sort , '' Rep. James *CUNK* -LRB- D. , *CUNK* -RRB- , chairman of the House Aviation *CUNK* , said during the panel 's *UNKS* . STOP 
`` I do n't believe in the airline business you can be totally *UNK-* because of the high degree of public interest '' at stake . STOP 
But Mr. Skinner *UNKED* , calling the legislation `` a retreat from the policy of *UNK* of the airline industry . '' STOP 
In his letter to Committee Chairman Glenn Anderson -LRB- D. , Calif. -RRB- , the secretary also said the bill `` would be at odds with the administration 's policies *UNKING* open foreign investment and market allocation of resources . '' STOP 
Currently , the Transportation Department does n't have the authority to block a takeover in advance . STOP 
However , if the secretary concludes that a transaction has made a carrier *UNUNK* to operate , the department may *UNK* its *UNK* , *UNKING* the airline . STOP 
Such authority is more than adequate , say opponents of the legislation . STOP 
But supporters argue that *UNKING* an airline is so *UNK* that the department would *UNK* doing it . STOP 
The panel rejected a proposal pushed by AMR Corp. , the parent of American Airlines , to allow the Transportation secretary to block corporate *UNKS* from *UNKING* proxy *UNKS* to oust boards that oppose a leveraged buy-out . STOP 
It also voted down proposals to give the secretary much more *UNKION* on whether to block a buy-out and to require the department to consider the impact of a buy-out on workers . STOP 
London shares rallied to post strong gains after initial fears *UNKED* that the California earthquake would *UNKS* Wall Street prices . STOP 
Tokyo stocks , which rebounded strongly Tuesday , extended their gains yesterday , but most other Asian and Pacific markets closed sharply lower . STOP 
In London , the Financial *CUNK-* Exchange 100-share index jumped *UNKN* points to close at its intraday high of *UNKN* . STOP 
The index was under pressure for most of the morning over concerns that the effects of Tuesday night 's major earthquake in the San Francisco area would undermine the U.S. market . STOP 
The mood changed after dealers *UNKED* the direct impact of the disaster on shares and Wall Street rebounded from early losses . STOP 
The Financial Times 30-share index settled *UNKN* points higher at *UNKN* . STOP 
Volume was *UNKN* million shares , the *UNKEST* of a *UNK* week , compared with *UNKN* million Tuesday . STOP 
U.K. composite , or *UNK-* , insurers , which some equity analysts said might be heavily hit by the earthquake disaster , helped support the London market by showing only narrow losses in early trading . STOP 
The insurers ' relative *UNK* gave the market time to *UNK* the impact of the California disaster on U.K. equities , dealers said . STOP 
Dealers said the market still has n't *UNK* off its *UNKS* after its *UNK* ride of the past several sessions , caused by interest-rate increases last week and Wall Street 's 6.9 % plunge Friday . STOP 
But technical factors , including modest gains in the value of the pound , helped draw buying back into the market and reverse losses posted a day earlier . STOP 
Among composite insurers , General *CUNK* rose 10 pence to # *UNKN* -LRB- $ *UNKN* -RRB- a share , *CUNK* Royal climbed 5 to *UNKN* pence , Sun Alliance rose 3 to *UNKN* , and Royal Insurance jumped 12 to 450 . STOP 
Life insurers *UNKED* *UNKLY* , with Legal & General *UNKING* 3 to *UNKN* , although Prudential fell 2 to *UNKN* 1\/2 . STOP 
*CUNK* Group rose 5 to *UNKN* , and Sun Life finished unchanged at # *UNKN* . STOP 
Most banking issues retreated after a sector *UNK* by *CUNK* Securities , although National *CUNKER* showed strength on positive comments from brokerage firms about its long-term prospects . STOP 
*CUNKEST* , the most actively traded of the banks , finished at 300 , up 1 . STOP 
B.A.T Industries fell in early dealings but recovered to finish at *UNKN* , up 5 . STOP 
Dealers said the market was nervous ahead of a special B.A.T holders ' meeting today . STOP 
The session is to consider a defensive plan to spin off assets to fend off Sir James Goldsmith 's # 13.4 billion bid for B.A.T . STOP 
The recent stock market drop has *UNK* confidence in the plan , but dealers said the shares fell initially on questions about whether Mr. Goldsmith 's highly leveraged bid will come to *UNKION* . STOP 
Trading was suspended in WCRS Group , a U.K. advertising concern , pending an announcement that it is buying the remaining 50 % of France 's Carat Holding for *UNKN* billion French francs -LRB- $ *UNKN* million -RRB- and expanding commercial and equity ties with advertising group Eurocom . STOP 
*CUNK* banker Morgan Grenfell climbed 14 to *UNKN* on renewed takeover speculation . STOP 
*CUNK* *CUNK* , also mentioned in the *UNK* mill , jumped 14 at to *UNKN* . STOP 
Jaguar advanced 19 to *UNKN* as traders *UNKED* a potential battle between General Motors and Ford Motor for control of the U.K. luxury auto maker . STOP 
Tokyo 's Nikkei index of 225 issues rose *UNKN* points , or *UNKN* % , to *UNKN* . STOP 
The index gained *UNKN* Tuesday . STOP 
Volume was estimated at 800 million shares , compared with *UNKN* million Tuesday . STOP 
*CUNKING* issues *UNKED* *UNKS* *UNKN* , with *UNKN* unchanged . STOP 
The Tokyo Stock Price Index of all issues listed in the first section , which gained *UNKN* Tuesday , was up *UNKN* points , or *UNKN* % , at *UNKN* . STOP 
In early trading in Tokyo Thursday , the Nikkei index rose *UNKN* points to *UNKN* . STOP 
On Wednesday , shares were pushed up by *UNKED* buying on the part of investment *UNKS* as well as small orders from individuals and corporations , traders said . STOP 
Institutions , meanwhile , stepped back to the sidelines as the direction of U.S. interest rates remained unclear . STOP 
The uncertainty was *UNKED* by the persistent strength of the dollar , traders said , and by the U.S. trade deficit , which widened by 31 % in August from the previous month . STOP 
Traders and analysts said they did n't see any effect on Tokyo stocks from the California earthquake . STOP 
The impact on Japanese insurers and property owners with interests in the San Francisco area is still being *UNKED* , they said . STOP 
Buying was *UNKED* across a wide range of issues , making the session fairly *UNKS* , traders said . STOP 
With uncertainty still *UNKING* over interest rates and the dollar , the market failed to find a focus that might lead to further investor commitments , they said . STOP 
Some traders said the popularity of issues that gained yesterday wo n't last long , as investors will *UNK* their buying choices over the short term . STOP 
Interest *UNK-* shares such as steel , construction and electric utility companies , which rose early in the week , saw their advance weaken yesterday . STOP 
Traders said these issues need *UNK-* buying to push up their prices , so substantial gains are n't likely unless institutional investors participate . STOP 
An outstanding issue in yesterday 's session was Mitsubishi *CUNK* , which surged 95 to *UNKN* yen -LRB- $ *UNKN* -RRB- a share . STOP 
Its popularity was due to speculation about the strong earnings potential of a new type of plastic *UNK* for household use , a trader at County *CUNKEST* Securities Japan said . STOP 
Some *UNK* food issues attracted *UNKS* , traders said . STOP 
*CUNK* *CUNK* was up 100 at 2,000 , and *CUNK* gained 70 to *UNKN* . STOP 
Pharmaceuticals were mostly higher , with *CUNK* Pharmaceutical gaining 140 to *UNKN* . STOP 
Shares closed lower in other major Asian and Pacific markets , including Sydney , Hong Kong , Singapore , Taipei , Wellington , Seoul and Manila . STOP 
Most of those markets had rebounded the day before from Monday 's slide . STOP 
But unlike the Tokyo exchange , they failed to extend the rise to a second session . STOP 
Elsewhere , prices surged for a second day in Frankfurt , closed higher in Zurich , Stockholm and Amsterdam and were broadly lower in Milan , Paris and Brussels . STOP 
South African gold stocks ended *UNKLY* *UNKER* . STOP 
In Brussels , it was the first trading day for most major shares since stocks tumbled on Wall Street Friday . STOP 
Trading had been *UNKED* by a major computer failure that took place before the start of Monday 's session . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
Housing construction sank in September to its lowest level since the last recession , the Commerce Department reported . STOP 
*CUNK* began on homes and apartments at an annual rate of *UNKN* units last month , down 5.2 % from August , the department said . STOP 
The September decline followed an even *UNKER* drop of 6.2 % in August and left housing starts at their *UNKEST* since October 1982 , when the country was *UNKING* the end of a recession . STOP 
*CUNKLY* the department had reported the August decline as 5 % . STOP 
The numbers suggest that the housing industry is still suffering the effects of the Federal Reserve 's battle against inflation . STOP 
The industry had shown signs of recovery this summer , after the central bank began to *UNK* its *UNK* on credit , allowing interest rates to drop a bit after pushing them up for a year . STOP 
Sales of new homes rose and inventories of houses , which had been climbing , dropped . STOP 
But last month new construction in all types of homes *UNKED* , from *UNKLY* houses to large apartment *UNKS* . STOP 
`` It 's pretty much weak across the board , '' said Martin *CUNK* , chief economist of the National Council of Savings Institutions . STOP 
Mr. *CUNK* said the industry may be reluctant to step up building at the moment for fear the inventories of *UNUNK* homes will increase again . STOP 
Another reason for the weakness , he said , may be that mortgage rates have hit a *UNK* since they began *UNKING* down after a peak in March . STOP 
In August , rates on 30-year fixed-rate mortgages started *UNKING* up a bit , but they *UNKED* down again through September . STOP 
`` *CUNKS* have n't really *UNKED* off that much , '' Mr. *CUNK* said . STOP 
`` We 've kind of settled now into an interest-rate environment that 's fairly high . '' STOP 
*CUNK* was begun on single family homes -- the core of the housing market -- at an annual rate of *UNKN* in September , a drop of 2.1 % from the previous month . STOP 
That followed a 3.3 % decline in August . STOP 
Construction of apartments and other *UNKLY* *UNKS* slipped 2.2 % to an annual rate of *UNKN* following a 3.5 % decline in August . STOP 
The number of building permits issued for future construction dropped 2.4 % to a *UNKN* annual rate after rising 3.7 % in August . STOP 
All the numbers were adjusted for normal seasonal variations in building activity . STOP 
The housing starts numbers , however , are one of the least *UNK* of the government 's economic indicators and are often revised significantly as more information is *UNKED* . STOP 
Shearson Lehman Hutton Holdings Inc. posted a sharp third-quarter turnaround from a year earlier , but net income would have dropped from the second quarter without a $ 37 million after-tax gain . STOP 
The securities firm posted third-quarter net of $ 66 million , or 64 cents a share , compared with a restated year-earlier loss of $ 3 million , or 11 cents a share . STOP 
Revenue climbed 25 % to $ 3.3 billion from $ 2.6 billion . STOP 
The latest period included the gain , which was $ 77 million before tax , from the previously announced sale of the institutional money management business of Lehman Management Co . STOP 
The 1988 period was restated from net income of $ 8 million to correct an *UNK* in the company 's Boston Co. subsidiary . STOP 
In the 1989 second quarter , Shearson had net income of $ 55 million , or 54 cents a share . STOP 
An average *UNKN* million common shares were outstanding in the latest quarter , up from *UNKN* million . STOP 
In New York Stock Exchange composite trading yesterday , Shearson shares lost 37.5 cents to $ *UNKN* . STOP 
The company said the improved performance from a year ago reflects higher commissions and revenue from *UNKING* and trading for its own account . STOP 
Commission revenue was $ *UNKN* million , up 49 % . STOP 
But industrywide trading activity slowed in September as institutional investors turned cautious and individuals continued to *UNK* away from the market . STOP 
Investment banking revenue fell 32 % to $ *UNKN* million , in part reflecting the continued slowdown of the underwriting business . STOP 
In the nine months , net fell 3 % to $ 106 million , or 98 cents a share , from $ 110 million , or $ 1.05 a share . STOP 
Revenue advanced 26 % to $ 9.6 billion from $ 7.6 billion . STOP 
Two major drug companies posted strong third-quarter earnings , in line with profits already reported by industry leaders and analysts ' expectations . STOP 
But *CUNKER* Inc. , based in New York , reported flat earnings . STOP 
Schering-Plough Corp. , based in Madison , N.J. , reported a 21 % rise in earnings as American Home Products Corp. of New York posted an 11 % increase in net . STOP 
American Home Products STOP 
American Home Products said sales and earnings for the third quarter and nine months were at record levels . STOP 
Sales for the third quarter increased 6.5 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Sales of health-care products increased 6 % in the third quarter , based in part on strong sales of *UNKION* drugs such as *CUNK* , an *UNK-* drug , and sales of the company 's *UNK* formula . STOP 
American Home Products said net income benefited from a `` lower effective tax rate , '' reflecting a reduction of foreign tax rates , and additional operations in Puerto Rico . STOP 
Net also was aided by a gain on the sale of the company 's equity interests in South Africa effective Sept. 1 . STOP 
In New York Stock Exchange composite trading yesterday , American Home Products closed at $ *UNKN* a share , down 75 cents . STOP 
*CUNKER* STOP 
*CUNKER* said third-quarter sales increased 4 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The company said net income was flat because of investment in research and development and costs related to *UNKS* of several products . STOP 
The company said the dollar 's continued strengthening reduced world-wide sales growth by three percentage points . STOP 
*CUNKER* posted its largest gains in *UNK* sales , up 3 % , and consumer products , up 23 % . STOP 
Sales by the specialty chemicals and materials science segments were flat , and sales by the agriculture segment declined 5 % . STOP 
In the health-care segment , pharmaceutical sales increased 4 % and sales of hospital products increased 1 % . STOP 
During the quarter , *CUNKER* received federal approval of *CUNK* *CUNK* , a *UNK* channel *UNKER* approved for both *UNK* and *UNKION* , and *CUNK* *CUNK* , used to open *UNKED* *UNK* *UNKS* . STOP 
In New York Stock Exchange composite trading yesterday , *CUNKER* closed at $ *UNKN* a share , up 75 cents . STOP 
Schering-Plough STOP 
Schering-Plough said sales gained 2.7 % to $ *UNKN* million from $ *UNKN* million . STOP 
In the period , the company completed the sale of its European cosmetics businesses , sold a majority interest in its Brazilian affiliate , and announced the reorganization of its over-the-counter drug businesses into a new unit , Schering-Plough Health Care Products . STOP 
These actions did n't affect results because the gain on the sale of the European cosmetics businesses was offset by provisions relating to the Brazil *UNK* and drug restructuring . STOP 
U.S. pharmaceutical sales rose 15 % , led by *UNK* , *UNK* and cold products ; *UNKAL* products ; *UNKS* and *UNKER* products ; and *UNK* products . STOP 
*CUNK-* consumer product sales declined 12 % , primarily because of the European cosmetics sale . STOP 
*CUNKLY* lower sales of ` *CUNK* *CUNK* ' *UNK* *UNKS* also were a factor in the drop . STOP 
The *CUNK* beauty product line had higher sales following a sluggish first half . STOP 
In Big Board composite trading , Schering-Plough shares fell 75 cents to close at $ *UNKN* . STOP 
Swedish auto and aerospace concern *CUNK-* AB said it received a 250 million *UNK* -LRB- $ 39 million -RRB- order from Swiss *CUNK* , one of Europe 's leading regional air companies , for five Saab *UNK* *UNK* *UNKER* aircraft . STOP 
It is quite *UNUNK* that you failed so *UNKLY* in reporting the Hurricane Hugo disaster . STOP 
Your Sept. 27 *UNK-* article `` Charleston *CUNK* *CUNK* a *CUNK* to Hugo , *CUNKLY* *CUNK* '' leaves the impression that the storm was little more than an *UNK* . STOP 
The damage reported focused on a select few who owned *UNK* *UNK* homes on the *CUNK* . STOP 
Not mentioned were the 50,000 people *UNKED* *UNKS* , and the more than 200,000 out of work for an *UNK* period ; the $ 1 *UNKS* in losses to homes and personal property on the barrier *UNKS* ; the near - and long-term impact on the state 's largest industry , tourism , not to mention the human suffering . STOP 
In *UNKING* on the disruption of a few *UNK* local *UNKS* such as the *UNK* homes tour and the damage to the *UNKS* , your reporter served to only *UNK* an *UNKED* and *UNKLY* *UNKAL* view of this otherwise *UNKING* *UNK* city . STOP 
The damage will *UNKLY* prove to be one of the *UNK* human and economic disasters of the decade in this country . STOP 
David M. *CUNK* STOP 
Columbia , *CUNK* . STOP 
Your story was *UNKS* and *UNK* . STOP 
*CUNKING* the people of a *UNKED* city *UNKING* from a disaster of unprecedented *UNKS* was at the very best *OUS* under the circumstances . STOP 
Your narrow focus appears to be a *UNKED* attempt to show the people of that *UNK* city to be *UNKING* *UNKS* . STOP 
You had to have been *UNK* not to see the scenario there for what it was and is and will continue to be for months and even years -- a part of South Carolina that has sustained a blow that the Red Cross expects will cost that organization alone some $ 38 million . STOP 
William C. *CUNK* *CUNK* . STOP 
Columbia , *CUNK* . STOP 
Charleston is *UNK* and *UNK* , as your reporter said , but not *UNK* , as he suggested . STOP 
*CUNKS* are instead *UNK* and have contributed *UNKLY* to the culture and history of our country for more than 300 years . STOP 
I suggest your reporter see Charleston next spring in its full *UNK* . STOP 
William C. Stuart III STOP 
*CUNKER* *CUNKING* , *CUNK* . STOP 
*CUNKED* *CUNKS* of Colorado Inc. said it agreed to sell its 10 % interest in *CUNK* Mountain *CUNK* Systems for $ *UNKN* million to Colorado National Bank of Denver and Central Bank of Denver . STOP 
Colorado National is a unit of Colorado National *CUNKS* Inc. and Central is a unit of First Bank System of Minneapolis . STOP 
*CUNKED* said it expects to record a pretax gain of about $ *UNKN* million from the sale of the credit-card business , which should more than offset any reduction in the carrying value of real estate and real-estate loans on its books . STOP 
The U.S. *CUNK-* Bank tentatively decided to guarantee commercial bank financing for the purchase of two Boeing Co. *UNKN* *UNKS* by *CUNK* , Colombia 's international airline , at a cost of about $ 150 million . STOP 
The loan guarantee would amount to about $ *UNKN* million , or 85 % of the cost of the aircraft . STOP 
Because of the size of the proposed loan guarantee , the *CUNK-* Bank 's preliminary commitment is subject to review by the House and Senate Banking committees . STOP 
*CUNK-* Bank officials said this review process currently is under way . STOP 
*CUNK* Guzman Cabrera took over the oil workers union , Mexico 's most powerful labor organization , only last January . STOP 
But even in that short time Mr. Guzman Cabrera has become as controversial in his own way as his *UNKED* predecessor , *CUNK* *CUNK* *CUNK* , known as La *CUNK* . STOP 
President Carlos *CUNKS* de *CUNK* used the army to oust La *CUNK* , who *UNKED* for 28 years over a *UNKED* empire that made *UNK-* *CUNKS* *CUNKS* , or Pemex , one of the world 's most inefficient oil companies . STOP 
Now , Mr. Guzman Cabrera is facing accusations that he 's as much a company man as La *CUNK* was a *UNK* . STOP 
In recent contract negotiations with Pemex management , Mr. Guzman Cabrera accepted major concessions that greatly *UNK* the union 's role in *UNKING* , long a source of millions of dollars in *UNK* earnings . STOP 
And with the quiet *UNK* of Mr. Guzman Cabrera replacing the *UNKLY* *UNK* of La *CUNK* , government *UNKS* have been given a free hand to open the petrochemical sector to wider private and foreign investment . STOP 
Mr. Guzman Cabrera 's new order has n't arrived without resistance . STOP 
*CUNKS* between union *UNKS* still *UNK* at Pemex installations . STOP 
*CUNK* leader *CUNK* *CUNKS* publicly questioned Mr. Guzman Cabrera 's `` moral quality , '' suggesting he is part of a conspiracy to turn over the country 's oil , a symbol of Mexican *UNK* , to foreigners . STOP 
The *UNK-* Mr. Guzman Cabrera takes such *UNKS* in *UNK* . STOP 
`` This is n't a new kind of union leadership , it 's a new Mexico . STOP 
We 're no longer afraid of *UNKING* with private or foreign capital , '' he says . STOP 
Pemex , which produces 40 % of government revenue , *UNKLY* needs new investment . STOP 
Since world oil prices collapsed in 1982 , the government has *UNKED* Pemex 's *UNKS* to make payments on Mexico 's $ 97 billion foreign debt . STOP 
Little money has been returned to *UNK* Pemex 's aging facilities . STOP 
While the government *UNKS* Pemex from above , the union has *UNKED* it from below . STOP 
A *UNKED* payroll and *UNK* *UNK* caused Pemex 's operating costs to balloon to 95 cents of each $ 1 in sales , far above the industry *UNK* . STOP 
The declines in investment and efficiency explain in part why Mexico has been *UNKING* gasoline this year . STOP 
Some projections show Mexico *UNKING* crude by the end of the century , *UNKING* an overhaul of operations . STOP 
`` Whatever you tried to change , whether it was cutting costs or attracting new partners , the big obstacle was the old union leadership , '' says oil consultant George Baker . STOP 
*CUNKER* Mr. Guzman Cabrera , who has a clear understanding of where union leaders fit in the *UNK-* regime of President *CUNKS* . STOP 
`` I 'm the *UNKAL* , if there is one , '' he says , *UNKING* a *UNK* to his office . STOP 
*CUNKING* as a *UNKER* in a refinery , Mr. Guzman Cabrera put in more than 40 years at Pemex before being pushed into retirement by La *CUNK* after a dispute two years ago . STOP 
Though he also long benefited from the system built by La *CUNK* , Mr. Guzman Cabrera says union *UNKS* had simply gotten out of hand . STOP 
They are `` at the base of all of the problems of corruption , '' he says . STOP 
Thus , in recent contract negotiations , Mr. Guzman Cabrera gave up the union 's right to *UNK* 40 % of all of Pemex 's outside contracts -- an enormous source of *UNKS* . STOP 
The union also *UNKED* the 2 % commission it had received on all Pemex maintenance contracts . STOP 
-LRB- The union will keep a 2 % commission on construction projects . -RRB- STOP 
The new contract also *UNKS* the $ 15 monthly coupon , good only at *UNKED* grocery stores , that was part of the salary of every worker , from *UNK* to chief executive . STOP 
About *UNKN* technical workers , notably *UNKS* and lawyers , were switched to *UNKION* status . STOP 
Also , because of its reduced capital budget , Pemex has *UNKED* out about 50,000 *UNK* construction workers , reducing the work force to about *UNKN* , the union leader says . STOP 
Mr. Guzman Cabrera says the union 's *UNKS* will be offset by a wage and benefit package that amounts to a 22 % increase in compensation . STOP 
But Pemex managers are the ones most *UNKED* by the contract . STOP 
`` We are *UNKING* the instruments of administration , '' says *CUNK* *CUNKS* , a Pemex *UNK* . STOP 
Pemex officials would n't say how much money the new contract would save the company , but one previous government estimate *UNKED* savings at around $ 500 million a year . STOP 
Pemex 's customers also are pleased with the company 's new spirit . STOP 
*CUNK* *CUNK* , a big conglomerate , has long *UNKED* on Pemex *UNKS* to produce plastic *UNKING* material . STOP 
But when the Pemex plant shut down for an annual overhaul , it would never give notice to its customers . STOP 
`` The *UNKS* would completely *UNK* our operations , '' says *CUNK* *CUNK* *CUNK* , *CUNK* 's finance director . STOP 
This year , for the first time , *CUNK* and other customers were *UNKED* well in advance of the Pemex plant 's *UNK* to ensure minimal *UNK* . STOP 
*CUNKING* the union *UNKS* previous moves by the government to attract private investment in *UNKS* , which Mexico has been forced to import in large quantities in recent years . STOP 
In May , the government unveiled new foreign investment regulations that create special *UNKS* allowing foreigners , long limited to a 40 % stake in secondary petrochemical companies , to own up to 100 % . STOP 
Later , the government *UNKED* several basic *UNKS* as secondary products . STOP 
But Pemex 's *UNK* with private companies , and especially foreign ones , is controversial in a country where oil has been a symbol of national *UNK* since foreign oil holdings were *UNKED* in *UNKN* . STOP 
`` They are preparing the workers for what 's coming : foreign control , '' wrote *CUNK* *CUNK* , a *UNK* leader . STOP 
Mr. Guzman Cabrera and government officials insist that foreigners will be limited to investing in secondary petroleum products . STOP 
But the new union leader makes no *UNKS* for Pemex 's more *UNKING* attitude . STOP 
`` If we do not *UNK* into this new world of *UNK* , sooner or later we 're going to become victims of our own *UNKION* , '' he says . STOP 
*CUNK* *CUNKING* *CUNKS* to *CUNK* *CUNKS* STOP 
*CUNK* *CUNK* and their *UNKS* are seeking *UNKING* as work and family pressures mount . STOP 
Some employers *UNK* *UNKS* , especially if work problems *UNK* a top manager 's job . STOP 
Many couples `` are like ships passing in the night , '' a communications *UNK* that *UNKS* problems on the job and at home , says *UNK* Harry *CUNK* . STOP 
His *CUNK* Institute in *CUNK* , Mass. , has seen in recent years a doubling in the number of executives and *UNKS* at its *UNK* *UNKING* program . STOP 
*CUNKS* foot the bill , he says , *UNKING* what 's good for the couple is good for the company . STOP 
One East Coast manufacturing executive , faced with a job transfer his wife *UNKED* , found that *UNKING* helped them both come to *UNKS* with the move . STOP 
And the vice president of a large *CUNK* company realized that an *UNK* *UNK* threatened his career when his wife *UNKED* that similar behavior at home *UNKED* their marriage . STOP 
More *UNKER* couples also are getting help , with men increasingly bringing their working *UNKS* for joint *UNKING* . STOP 
`` The level of stress for a woman is often so high , it 's the husband who says , ` I 'm worried about her , ' '' says *UNK* *CUNK* *CUNK* *CUNK* . STOP 
Her Institute for Family and *CUNK* *CUNKS* in La *CUNK* , Calif. , has noted a doubling in the number of couples seeking help the past two years . STOP 
`` No matter how *UNK* and smart you both are , the relationship almost certainly will *UNK* if you do n't have time to talk , to have fun and to be *UNKAL* , '' says Ms. *CUNK* . STOP 
She *UNKS* client couples to begin a `` *UNKION* '' period , *UNKING* social and other *UNK* activities and setting time apart for themselves . STOP 
`` *CUNKING* those times on the *UNK* , '' she says , `` is as important as *UNKING* business *UNKS* . '' STOP 
Power of *CUNKION* *CUNKER* in Japan STOP 
*CUNK* 'S *CUNK* more explanation for why Japan is a tough industrial competitor : Two of three Japanese employees submit suggestions to save money , increase efficiency and boost *UNK* , while only 8 % of American workers do . STOP 
And the Japanese make far more suggestions -- *UNKN* per 100 eligible employees vs. only 13 per 100 employees in the STOP 
Data for 1987 from the National Association of *CUNKION* Systems and the Japan Human Relations Association also indicate that Japanese employers adopt four of five suggestions , while their U.S. counterparts accept just one in four . STOP 
In Japan , small suggestions are encouraged . STOP 
Each new employee is expected to submit four daily in the first few months on the job . STOP 
U.S. companies tend to favor suggestions `` that go for the home runs , '' says Gary *CUNKS* , vice president of corporate quality at Control Data Corp . STOP 
That helps explain why American employers grant an average award of $ *UNKN* per suggestion , while Japan 's payment is $ *UNKN* . STOP 
Still , suggestions ' net savings per 100 employees is $ *UNKN* in Japan vs. $ *UNKN* in the U.S. . STOP 
U.S. companies developing management teams are *UNKING* with how to handle individual suggestion systems . STOP 
Control Data , for one , plays down its employee suggestion program because it favors the *UNK-* focus . STOP 
*CUNKER* *CUNK* : *CUNK* *CUNK* *CUNK* STOP 
*CUNK* security directors increasingly worry that merger *UNK* *UNKS* a rise in employee *UNK* . STOP 
A Security magazine survey places the effect of takeovers and buy-outs among the industry 's 10 biggest challenges . STOP 
`` If it causes management to take their eye off the *UNK* , inventory *UNK* is going to be affected , '' says Lewis *CUNKLY* , vice president for loss *UNKION* at Marshall Field 's , the department store chain . STOP 
A separate study of the extent of employee *UNK* linked general job satisfaction to property loss . STOP 
*CUNK-* Richard *CUNKER* *UNKS* what happened at one *UNKED* company *UNKED* by a foreign giant . STOP 
*CUNK* climbed *UNKLY* as many angry employees `` felt abandoned by the former owners , '' says the University of Florida *UNK* . STOP 
But top management should watch for other *UNK-* signs of employee *UNKS* , like *UNK-* *UNKING* and phone *UNK* . STOP 
Security consultant Dennis *CUNK* of *CUNK* , Calif. , thinks mergers often trigger longer lunch hours and increased *UNK* , conduct which can *UNK* the bottom line more than *UNKS* . STOP 
New management can take several steps to reduce *UNK* . STOP 
Most important , experts say , is to show that a company 's *UNKAL* tone is set at the top . STOP 
Mr. *CUNK* also recommends that the chief executive establish a *UNK* control center and move *UNKLY* to bolster *UNK* . STOP 
*CUNK* John *CUNKER* of *CUNK* , Texas , *UNKS* that top management adopt a `` tough *UNK-* approach '' with very tight controls and monitoring . STOP 
And security authority Robert L. *CUNK* favors *UNKING* all employees who *UNK* . STOP 
*CUNKS* *CUNK* *CUNK* Line In *CUNKING* *CUNKS* STOP 
*CUNK* *CUNK* profits distributed fairly ? STOP 
A survey by *CUNK* , *CUNKER* & *CUNK* , a New York consulting firm , *UNKS* the difficulty for top management in *UNKING* employees and investors on that score . STOP 
Nearly seven of 10 investors think companies *UNKEST* `` too little '' of their profits in the business . STOP 
And half the employees surveyed think companies *UNK* out too little to them . STOP 
But both see a common *UNK* : About 66 % of employees and 73 % of investors think senior managers get too big a *UNK* of the profit *UNK* . STOP 
Bank of New York Co. said it agreed in principle to acquire the credit-card business of *CUNKED* First City *CUNK* of Texas for between $ 130 million and $ *UNKN* million . STOP 
The move , subject to a definitive agreement , is part of a trend by *UNK-* banks that have been buying up credit-card portfolios to expand their business . STOP 
Just last month , a Bank of New York subsidiary agreed to buy the credit-card operation of Dreyfus Corp. 's Dreyfus Consumer Bank for $ *UNKN* million , a transaction that is expected to be completed by the end of the year . STOP 
First City 's portfolio includes approximately *UNKN* accounts with about $ 550 million in loans outstanding . STOP 
First City , which issues both *CUNK* and *CUNK* cards , has agreed to act as an agent bank . STOP 
At the end of the third quarter , Bank of New York 's credit-card business *UNKED* of 2.4 million accounts with $ 3.6 billion in loans outstanding . STOP 
Bank of New York is currently the *UNKEST* *UNKER* of credit cards in the STOP 
First City said that because of increased competition in the credit-card business , it had decided it either had to expand its own holdings substantially or sell them . STOP 
`` We think there 's a good prospect that competition is going to get pretty *UNK* in this market , '' said James E. Day , a First City vice president . STOP 
`` We see it becoming a *UNK-* kind of business . '' STOP 
The company estimated that the transaction would enhance its book value , which stood at $ *UNKN* a share on Sept. 30 , by more than $ 100 million , or about $ 4 a share . STOP 
The company also said the transaction would bolster after-tax earnings by $ *UNKN* a share when completed and boost its primary capital ratio to 7 % from *UNKN* % . STOP 
First City , which recently purchased three small Texas banking concerns , said it would use the proceeds to pursue additional expansion opportunities in the Southwest and elsewhere . STOP 
With that possibility in mind , analysts said the transaction was a positive move for First City . STOP 
`` I think they 'll be able to move faster to make acquisitions in Texas , '' said *CUNK* *CUNK* , an analyst with Donaldson , Lufkin & Jenrette . STOP 
`` That 's something they can do very well . STOP 
British Airways PLC said it is seeking improved terms and a sharply lower price in any revised bid for United Airlines parent UAL Corp. following the collapse of a $ 6.79 billion , $ 300-a-share buy-out bid . STOP 
*CUNK* Stevens , British Air 's chief financial officer , told Dow Jones Professional Investor Report a price of $ 230 a share is `` certainly not too low , '' and indicated his company would like to reduce the size of its $ 750 million cash investment . STOP 
He added the airline is n't committed to going forward with any new bid , and has n't *UNKED* in bankers ' efforts to revive the transaction that collapsed . STOP 
`` We 're in no way committed to a deal going through at all . STOP 
We 're not rushing into anything . STOP 
We do n't want to be party to a second rejection , '' he said , adding that coming up with a revised offer could easily take several weeks . STOP 
Mr. Stevens 's remarks , *UNKING* a report in The Wall Street Journal that British Air wants to start from *UNK* in any new bid for the nation 's second-largest airline , helped push UAL stock lower for the fourth straight day . STOP 
UAL fell $ 6.25 a share to $ *UNKN* on volume of 2.3 million shares in composite trading on the New York Stock Exchange as concern *UNKED* among takeover stock traders about the length of time it will take to revive the purchase . STOP 
Under the original buy-out approved by the UAL board Sept. 14 , UAL 's pilots planned to put up $ 200 million in cash and make $ 200 million in annual cost concessions for a 75 % stake . STOP 
UAL management was to pay $ 15 million for 10 % , and British Air was to receive a 15 % stake . STOP 
The buy-out fell through when Citicorp and Chase Manhattan Corp. unexpectedly failed to obtain bank financing . STOP 
Since then , UAL stock has fallen 33 % in what may *UNK* as the largest collapse of a takeover stock ever . STOP 
The *UNK* of Mr. Stevens 's remarks seemed to indicate that British Air will take a more active , *UNK-* role in pursuing any new bid . STOP 
He said he believes UAL management was badly advised on the funding of its original transaction . STOP 
Mr. Stevens said British Air has n't received any new buy-out proposals from the labor-management group , led by UAL Chairman Stephen Wolf , and has n't received any indication of when one might be *UNKING* . STOP 
`` As far as we 're concerned , we 're waiting for the *UNK* to settle , '' he said . STOP 
Although British Air is waiting to see what the buy-out group comes up with , Mr. Stevens said a revised transaction with less debt leverage is likely to be more attractive to banks . STOP 
He said the original proposal is dead , and all aspects of a revised version are up for change , in light of the changes in UAL 's market price , the amount of debt banks are willing to fund , and the price British Air would be willing to pay . STOP 
Mr. Stevens said he expects the new price will be considerably lower , but declined to specify a figure . STOP 
Asked whether a $ *UNK-* figure *UNKING* in the market yesterday is too low , he said , `` It 's certainly not too low . '' STOP 
He added the original offer was `` a pretty full price , '' and that British Air 's contribution `` was quite a large chunk for us . '' STOP 
British Air was originally attracted to the chance of obtaining a 15 % stake in the company , but was n't particularly happy with paying $ 750 million . STOP 
`` If the -LCB- new -RCB- deal had us putting up less money but still having 15 % , that would be a point in our favor , '' he said . STOP 
In any new proposal , British Air would expect a greater rate of return than the *UNKS* in the original proposal . STOP 
In the event that the buy-out group *UNKS* in *UNKING* its bid , the UAL board could remain under some pressure to seek another transaction , even without any legal obligation to do so . STOP 
*CUNKLY* one-third of its stock is believed held by takeover stock traders , who could vote to oust the board if they become *UNK* . STOP 
Meanwhile , the buy-out group 's task of holding its *UNK* coalition together , in the face of the bid 's collapse and internal opposition from two other employee groups , has been further complicated by an apparent *UNK* in the ranks of the pilot union itself . STOP 
A pilot representing a group of *UNKN* pilots hired during United 's 1985 strike filed suit Friday in Chicago federal court to block the takeover . STOP 
The dissident pilots oppose the plan because it would cause them to lose their *UNK* . STOP 
UAL 's management agreed to reduce the *UNK* of those pilots in exchange for the support of the United pilot union for the buy-out proposal . STOP 
The *UNKN* pilots involved in the suit are n't members of the union . STOP 
The airline had allowed them to move ahead of some union members in *UNK* following the 1985 strike , a move the union had *UNKED* in a previous lawsuit . STOP 
*CUNK* *CUNK* contributed to this article . STOP 
Corporate efforts to control health-care costs by requiring *UNKS* prior to planned *UNKION* and surgery have n't been sweeping enough to reduce the long-term rate of cost increases , according to a study by the Institute of *CUNK* . STOP 
In the last decade , many corporations have embraced the `` utilization management '' cost *UNK* strategy as a way to control health-care costs for employees . STOP 
These programs vary widely , but often require second opinions on proposed surgery , *UNKION* reviews of *UNK* *UNKS* and reviews of treatment during *UNKS* or recovery periods . STOP 
*CUNK* 50 % and 75 % of today 's workers are covered by such plans , up from 5 % five years ago . STOP 
`` Although it probably has reduced the level of expenditures for some *UNKS* , utilization management -- like most other cost *UNK* strategies -- does n't appear to have *UNKED* the long-term rate of increase in health-care costs , '' the Institute of *CUNK* , an affiliate of the National Academy of Sciences , concluded after a two-year study . STOP 
`` *CUNKS* who saw a short-term *UNKION* in benefit expenditures are seeing a return to previous trends . '' STOP 
While utilization management frequently reduces *UNKION* costs , these savings are often offset by increases in *UNK* services and higher administrative costs , according to the report by a panel of health-care experts . STOP 
The report suggested that current review programs are too narrow . STOP 
`` The unnecessary and *UNK* use of the hospital , and not the actual need for a particular procedure , has been the main focus , '' the panel said . STOP 
`` As a general rule , *UNK-* programs have not made *UNK-* *UNKS* of the *UNK* costs of alternative *UNKS* or sites of care . '' STOP 
The report said that utilization management should have more of an impact as federal research on the *UNKS* of medical *UNKS* helps lead to medical practice guidelines . STOP 
Howard *CUNK* , a panel member and a vice president of Aetna Life & Casualty , said that utilization management will also do a better job of containing costs as it spreads to cover medical services delivered outside of hospitals . STOP 
`` There 's pretty good evidence that utilization management has reduced *UNK* *UNKION* , '' he said . STOP 
But at the same time , spending on physician services and *UNK* care have *UNKED* . STOP 
`` It 's like *UNKING* a balloon , '' Dr. *CUNK* said . STOP 
David *CUNK* of A. Foster *CUNKS* & Co. said that clients of his consulting firm report that utilization management reduces their hospital care bills by about 5 % , but he agreed that for the health-care system as whole , some of these savings are offset by administrative and *UNK* care costs . STOP 
*CUNK* *CUNK* , chairman of the panel , agrees that administrative costs of utilization management programs can be high . STOP 
`` You have a whole staff standing ready '' to evaluate the *UNKS* of recommended treatment , he said . STOP 
Dr. *CUNK* , who also is president of New England Medical Center *CUNKS* in Boston , noted that the hospitals he runs deal with more than 100 utilization management firms and that many of them have different procedures and requirements . STOP 
The panel urged greater efforts to reduce the *UNK* , *UNK* and cost of utilization review . STOP 
`` *CUNKION* management needs to better *UNK* that it reduces the *UNK* use of resources , *UNKS* the *UNKS* of patient care and *UNKS* only reasonable *UNKS* on patients and *UNKS* , '' the panel concluded . STOP 
Renault and *CUNK* *CUNKS* *CUNK* announced a preliminary agreement to jointly manufacture a line of trucks in Britain and France . STOP 
*CUNK* *CUNKS* , a Renault managing director , said the new line will cover trucks of between 2.5 tons and 4.2 tons and will be built at Renault 's *CUNKLY* plant in France and at *CUNK* 's British plant . STOP 
The French *UNKED* auto group and the Dutch truck maker plan to *UNK* the new trucks into their product lines when they begin production toward the middle of the 1990s . STOP 
Mr. *CUNKS* said he expects a definitive agreement between the two companies to be completed in the next few months . STOP 
The venture is the latest example of the trend toward cooperative projects in Europe ahead of the 1992 deadline for eliminating trade barriers within the European Community . STOP 
Renault and *CUNK* are expected to invest a total of about three billion French francs -LRB- $ *UNKN* million -RRB- in the venture , including *CUNK* 1 billion for design and development costs . STOP 
In addition , the companies will each spend about *CUNK* 1 billion on *UNKING* up their plants . STOP 
Mr. *CUNKS* said the joint venture represents considerable savings for both Renault and *CUNK* , since both companies would in any case have had to *UNK* their existing ranges of light goods vehicles . STOP 
By *UNKING* their resources , the two groups have effectively *UNKED* the design and development costs that would otherwise have been *UNKED* , he said . STOP 
Renault officials said the potential European market for light trucks in the *UNK-* to *UNK-* range is between *UNKN* and 800,000 vehicles annually , and Renault and *CUNK* are *UNKING* for a combined market share of about 11 % . STOP 
Both Renault and *CUNK* will have world-wide marketing rights for the new range of *UNKS* and light trucks . STOP 
Under a separate arrangement , British Aerospace PLC 's *CUNKER* Group PLC subsidiary will also be able to offer the vehicles through its dealers in the U.K. , and Renault 's *UNKING* subsidiary Renault *CUNKS* *CUNKS* will have similar rights in France . STOP 
*CUNK* is *UNKED* by British Aerospace , with a further 6.5 % held by the Dutch state-owned chemical group *CUNK* *CUNK* . STOP 
The van *CUNK* family of the Netherlands holds an additional 11 % of *CUNK* 's capital . STOP 
The Federal Reserve System is the standard *UNK* of suggestions for *UNKAL* and institutional changes , for two reasons . STOP 
First , its position in the government is *OUS* . STOP 
It has an unusual kind of independence from elected officials and still has authority over one of the most powerful of government 's instruments -- the control of the money supply . STOP 
Thus we have a condition that is easily described as *UNUNK* . STOP 
Second , the responsibilities of the Federal Reserve as *UNK* of the currency , which means as *UNK* of the stability of the price level , sometimes lead it to take measures that are *UNUNK* . STOP 
As former Fed Chairman William *CUNK* Martin used to say , they would have to take the *UNK* *UNK* away just as the party is getting interesting . STOP 
So the Federal Reserve is an attractive target for complaint by politicians . STOP 
The Fed is easily assigned the blame for *UNKS* , like high interest rates or slow economic growth , while the politicians can escape responsibility by *UNKING* to the Fed 's independence . STOP 
This leads to proposals for `` reform '' of the Fed , which have the common feature of making the Fed more *UNK* to the administration , to the Congress and to public opinion -- without , however , any assumption of additional responsibility by the politicians . STOP 
These proposals include changing the term of the chairman , *UNKING* the terms of the members , eliminating the presidents of the Federal Reserve Banks from the *UNKING* process , putting the Secretary of the Treasury on the Federal Reserve Board , having the Fed *UNKED* by an arm of Congress -LRB- the General Accounting Office -RRB- , putting the Fed 's expenditures in the budget , and requiring prompt publication of the Fed 's minutes . STOP 
Some of these ideas are again under consideration in Congress . STOP 
But these proposals do not rest on a view of what the Fed 's problem is or , if they do , they rest on an *UNK* view . STOP 
They would not solve the problem ; they would make it worse . STOP 
The problem is not that the Fed is too *UNUNK* to the public interest . STOP 
On the contrary , it is too *UNK* to an *UNK* view of the public interest . STOP 
The price level in the U.S. is now about 4 1\/4 times as high as it was 30 years ago . STOP 
On average , something that cost $ 100 30 years ago now costs $ *UNKN* . STOP 
Or , a wage that was $ 100 30 years ago would buy only $ *UNKN* worth of stuff today . STOP 
On two occasions the inflation rate rose to more than 10 % a year . STOP 
In each case the ending of this *UNUNK* inflation caused a severe recession -- the two worst of the *UNK* period . STOP 
The enormous inflation over the past 30 years was largely due to monetary policy . STOP 
At least , it would not have happened without the support of monetary policy that provided for a *UNK-* increase in the money supply during the same period . STOP 
And that increase in the money supply would not have happened without the consent of the Federal Reserve . STOP 
The basic problem of monetary policy , to which reform of the Fed should be addressed , is to prevent a *UNK* of this experience . STOP 
There were two general reasons for the *UNK* monetary policy of the past 30 years : STOP 
1 . To some extent the Federal Reserve shared the popular but *UNK* view that *UNK* monetary policy could yield a net improvement in employment and output . STOP 
2 . Even where the Fed did not share this view it felt the need to accommodate to it . STOP 
Despite all the formal provisions for its independence , the Fed seems constantly to feel that if it uses its independence too freely it will lose it . STOP 
The common proposals for *UNKING* the Fed would only make the situation worse , if they had any effect at all . STOP 
*CUNKING* the Secretary of the Treasury on the Board of *CUNKS* , one of the leading proposals today , is an example . STOP 
The secretary is the world 's biggest *UNKER* of money . STOP 
He has a *UNK-* , constant *UNKING* for lower interest rates . STOP 
Moreover , he is a political agent of a political president , who naturally gives extraordinary weight to the way the economy will perform before the next election , and less to its *UNK-* health . STOP 
These days , the secretary *UNKS* the further *UNKION* that he is a member of a club of seven finance ministers who meet occasionally to decide what exchange rates should be , which is a *UNKION* from the real business of the Federal Reserve to stabilize the price level . STOP 
How should a reasonable member of the Federal Reserve Board interpret a congressional decision to put the secretary on the board ? STOP 
*CUNK* he *UNKLY* interpret it as *UNK* for the Fed to give primary emphasis to stabilizing the price level ? STOP 
Or would he interpret it as *UNKION* to give more weight to these other objectives that the secretary represents -- low interest rates , *UNK-* economic expansion , and *UNKION* of exchange rates at *UNKLY* managed levels ? STOP 
The answer seems perfectly clear . STOP 
-LRB- *CUNK* , a *UNKION* of Fed *UNK* has given color to the notion that the Secretary of the Treasury *UNKS* on the Fed . STOP 
By their constant *UNKS* to advise all and *UNK* about federal *UNK* matters the *UNK* have encouraged the belief that fiscal policy and monetary policy are *UNKS* of a common *UNK* , in which case it is natural that the Fed and the Treasury , and probably also the Congress , should be jointly engaged in *UNKING* the *UNK* . STOP 
The Fed 's case for its own independence would be a little stronger if it were more *OUS* of the independence of the rest of the government . -RRB- STOP 
The Fed 's problem is not that it is too independent , or too *UNUNK* . STOP 
The Fed is *UNK* to , and can not help being *UNK* to , the more *UNKLY* political part of the government . STOP 
The Fed *UNKS* a power given to it by Congress and the president . STOP 
But Congress and the president accept no responsibility for the exercise of the power they have given the Fed . STOP 
Critics of the present arrangement are correct to say that it is *UNUNK* . STOP 
What is *UNUNK* is the *UNKS* of the more political parts of the government to take the responsibility for deciding the basic question of monetary policy , which is what priority should be given to stabilizing the price level . STOP 
To leave this decision to an `` independent '' agency is not only *UNUNK* . STOP 
It also *UNKS* the conduct of a policy that has a long-term *UNK* , because it leaves the Fed *UNKING* about what are the expectations of its masters , the politicians , who have never had to consider the long-term consequences of monetary policy . STOP 
The greatest contribution Congress could make at this time would be to *UNK* that stabilizing the price level is the primary responsibility of the Federal Reserve System . STOP 
*CUNKION* to this effect has been introduced in Congress in this session by Rep. Stephen Neal -LRB- D. , *CUNK* . -RRB- . STOP 
It is not the kind of thing that is likely to be enacted , however . STOP 
Congress would be required to make a hard decision , and Congress would much prefer to leave the hard decision to the Fed and retain its rights of complaint after the fact . STOP 
People will say that the nation and the government have other objectives , in addition to stabilizing the price level , which is true . STOP 
But that is not the same as saying that the Federal Reserve has other objectives . STOP 
The government has other agencies and instruments for pursuing these other objectives . STOP 
But it has only the Fed to pursue *UNK-* stability . STOP 
And the Fed has at most very limited ability to contribute to the *UNK* of other objectives by means other than by stabilizing the price level . STOP 
The two objectives most *UNKLY* thought to be legitimate competitors for the attention of the Fed are high employment and rapid real growth . STOP 
But the main lesson of economic policy in the past 30 years is that if the Fed *UNKS* with the *UNK-* *UNK* in the pursuit of these other goals , the result is not high employment and rapid growth but is inflation . STOP 
A former chairman of the president 's Council of Economic *CUNKS* , Mr. Stein is an American *CUNK* Institute fellow . STOP 
Republic New York Corp. joined the list of banks boosting reserves for losses on loans to less-developed countries , setting out a $ 200 million provision and posting a $ *UNKN* million third-quarter net loss as a result . STOP 
The per-share loss was $ *UNKN* . STOP 
In the year earlier period , the New York parent of Republic National Bank had net income of $ *UNKN* million , or $ *UNKN* a share . STOP 
Excluding the provision , Republic earned $ *UNKN* million , up 15 % from a year ago . STOP 
The bank 's *UNK-* and long-term loans to less-developed countries total $ *UNKN* million , of which $ *UNKN* million are n't *UNKING* interest , the bank said . STOP 
Republic 's total of nonperforming assets was $ *UNKN* million at Sept. 30 , with its reserve for loan losses now standing at $ *UNKN* million . STOP 
*CUNKS* advocates won last week 's *UNKS* , but the war over the nation 's *OUS* social question is about to pick up again on *UNK* that favors those seeking to restrict abortions . STOP 
*CUNK* new regulations seem certain to pass the state House in Pennsylvania next week , with easy approval by the Senate and by Democratic Gov. Bob *CUNK* expected shortly thereafter . STOP 
*CUNKION* to require the consent of parents before their daughters under the age of 18 can have abortions will probably pass both houses of the Michigan legislature and set up a *UNKING* battle to override the expected veto of Democratic Gov. James *CUNK* . STOP 
The short-term shift in the political climate surrounding abortion reflects two factors that are likely to *UNK* the debate in the next several months : the *UNKING* of the abortion-rights movement as a *UNK* force after years of *UNK* , and the ability of each side to counter the other 's advance in one *UNK* with a victory of its own elsewhere . STOP 
The action in Pennsylvania , for example , will follow last week 's collapse of a special session of the Florida legislature to *UNK* restrictions on abortions in that state , and the vote here in Washington by the House to permit federally paid abortions for poor women who are victims of rape or incest . STOP 
But President Bush is expected to veto the congressional legislation and that , along with the easy approval of the Pennsylvania measure , is likely to *UNK* the abortion-rights activists ' claims of momentum and *UNUNK* the challenges faced by this *UNK* movement . STOP 
`` It 's great to feel good for once in 15 years , '' says *CUNK* *CUNK* , a consultant to abortion-rights advocates , reflecting the relief of his *UNKS* after last week 's *UNKS* , the first major events since the Supreme Court , in its July 3 Webster decision , permitted the states to *UNK* restrictions on abortions . STOP 
`` But how many more times we 're going to feel good in the next 15 is another question . '' STOP 
Indeed , abortion-rights activists still face their greatest tests . STOP 
`` The pro-choice movement has shown -- finally -- that it can *UNK* , '' says *CUNK* *CUNKER* , a *CUNK* University political scientist who specializes in how state legislators handle the abortion question . STOP 
`` But it still has n't shown that it can win in a state like Pennsylvania or Missouri , where abortion has been clearly an *UNKAL* issue and where it 's been an emotional issue for a long time . '' STOP 
The *UNKS* of abortion hold the strong *UNK* hand in Pennsylvania , where abortion-rights activists are so much on the defensive that their strategy is less to fight the proposed legislation than it is to stress how the state legislature does n't reflect the *UNKS* of the state 's citizens . STOP 
As a result , GOP state Rep. Stephen *CUNK* of Delaware County , the legislature 's leading *UNK* of abortion , has been given all but free *UNK* to press a strict *UNK-* plan to restrict abortion and , he hopes , to force the Supreme Court directly to *UNKS* its 1973 *CUNK* *UNK* *CUNK* decision that established the right of abortion in the first place . STOP 
The *CUNK* legislation -- the state 's House *CUNK* Committee approved it in *CUNK* this week and the full Pennsylvania House is expected to take up the bill next Tuesday -- includes a provision to ban abortions after 24 weeks of pregnancy , except to *UNK* the death of the mother . STOP 
Mr. *CUNK* *UNKS* that the provision , which attacks the *UNKER* standards that *CUNK* established , will `` make it necessary '' for the Supreme Court to review *CUNK* and , perhaps , to *UNK* it . STOP 
But the Pennsylvania measure also includes an `` informed consent '' provision that may become widely *UNKED* by abortion *UNKS* who want to make women *UNKING* abortion as *UNUNK* as possible with the procedure and with themselves . STOP 
Under this legislation , a woman must be informed 24 hours before the operation of the details of the procedure and its risks . STOP 
`` *CUNKS* of whether one supports or opposes the right to an abortion , '' Mr. *CUNK* argues , `` it is virtually impossible for any rational human being to disagree with the concept that a woman has the right to have all of the appropriate materials and advice made available to her before she makes a decision which , one way or the other , might remain with her for the rest of her life . '' STOP 
In Michigan , where the state Senate is expected to approve *UNK-* legislation by the end of next week , Gov. *CUNK* is the principal obstacle for *UNKS* . STOP 
*CUNK* *CUNK* , a consultant to abortion-rights activists in the state , takes *UNK* from the fact that the state 's House abortion opponents `` have n't been able to *UNKER* the votes to *UNK* a veto on abortion in 16 years . '' STOP 
But *UNKS* believe they may be able to shake enough votes loose to override the veto if they are successful in *UNKING* the legislation as a matter of parents ' rights . STOP 
In Illinois , lawmakers will vote before next spring on legislation requiring *UNKS* to perform tests on *UNKS* at 20 weeks to determine their *UNKAL* age , weight and lung maturity along with a provision requiring that , if *UNKS* survive an abortion , a second doctor must be on hand to help it survive . STOP 
The legislation failed by one vote to clear the House *CUNKS* Committee Tuesday , but *UNKS* still may succeed in bringing the measure to the floor this fall . STOP 
*CUNK* *CUNK* , executive director of the Illinois *CUNKED* *CUNK* Council , says she and her allies are `` *UNKLY* optimistic '' they can defeat it if it comes to a floor vote . STOP 
*CUNKION* *UNKS* in Wisconsin , meanwhile , expect a *UNK-* bill to be sent to the state assembly floor by early November and are *UNK* of *UNKING* in both houses by next March . STOP 
In Texas , abortion opponents want to pass *UNK-* legislation along with a *UNK* ban on the use of public funds , personnel and facilities for abortion , and *UNK* tests for *UNKS* 19 weeks and older . STOP 
The *UNKS* are urging GOP Gov. Bill *CUNKS* to press the issues in a special session scheduled to run Nov. 14 to Dec. 13 . STOP 
`` The *UNKS* is only fair , '' says *CUNK* Roberts , administrative director of the Texas Right to Life Committee . STOP 
`` Next year is an election year and the legislators just do n't want to do anything about this now . '' STOP 
This legislative activity comes as both sides are *UNKING* new *UNKION* efforts , *UNKING* into *UNKAL* races in Virginia and New Jersey , and *UNKING* for next *UNK* 's state elections . STOP 
At the same time , abortion *UNKS* have developed a national legislative strategy , deciding to move on what *CUNK* *CUNK* , the National Right to Life Committee 's director of state *UNKAL* development , calls `` reasonable measures that an overwhelming mainstream majority of Americans support . '' STOP 
These include *UNKS* on the use of abortion for *UNK* control and sex selection , and the public funding of alternatives for abortion . STOP 
`` Those who are on the other side can hardly oppose alternative funding if they continue to insist on calling themselves ` pro-choice ' rather than ` *UNKION* , ' '' says Mary *CUNKING* , the group 's associate state legislative *UNK* . STOP 
Over the weekend , the National *CUNKION* Rights *CUNKION* League *UNKED* out eight politicians , including Pennsylvania 's Mr. *CUNK* , as 1990 targets and held a Washington *UNK* designed to train its leaders in political techniques , including how to put the *UNKS* on the defensive in state *UNKS* . STOP 
`` We now see pro-choice legislators going on the offensive for the first time , '' says Kate *CUNK* , executive director of the group . STOP 
Wall Street STOP 
When I was just a child And *UNKED* by my fears , The things that I thought would get me *CUNK* *UNKS* and pointed *UNKS* . STOP 
Nothing much has changed -- My *UNK* *UNKS* Are still from hostile animals , Only now , they 're *UNKS* and bears . STOP 
-- *CUNK* *CUNK* . STOP 
*CUNKION* STOP 
*CUNKED* *UNKS* : *UNKS* . STOP 
-- *CUNK* J. *CUNK* . STOP 
This maker and marketer of *UNK* tape systems said it completed the sale of 2.85 million shares of common priced at $ 10 a share in an initial public offering . STOP 
The company said that it is selling two million shares and that the rest are being sold by certain stockholders . STOP 
Proceeds will be used for capital expenditures and working capital . STOP 
Goldman , Sachs & Co. and *CUNK* Securities Inc. are *UNKING* the offering . STOP 
Congress sent President Bush an $ *UNKN* billion fiscal 1990 Treasury and *CUNKAL* Service bill providing $ 5.5 billion for the Internal Revenue Service and increasing the *CUNKS* Service 's *UNKION* program nearly a third . STOP 
*CUNKAL* approval came on a simple voice vote in the Senate , and the *UNK* passage *UNKED* with months of negotiations over the underlying bill which is *UNKED* with *UNKEST* provisions for both members and the executive branch . STOP 
An estimated $ 33 million was added for university and science grants , including $ 1.5 million for Smith College . STOP 
And Southwest lawmakers were a driving force behind $ *UNKN* million for *CUNK-* border facilities , or more than double the administration 's request . STOP 
More than $ 1.8 million is *UNKED* for *UNKS* and expenses for former presidents , and the budget for the official *UNK* of Vice President Quayle is more than doubled , with $ 200,000 designated for improvements to the property . STOP 
Even the Office of Management and Budget is *UNKED* with an extra $ 1 million to help offset pay costs that other government departments are being asked to absorb . STOP 
Within the IRS , nearly $ *UNKN* billion is provided for processing tax returns , a 12 % increase over fiscal 1989 and double what the government was spending five years ago . STOP 
Investigation and *UNKER* service accounts would grow to $ 1.6 billion , and Congress specifically added $ *UNKN* million for stepped up criminal investigations of money *UNKING* related to drug traffic . STOP 
The large increase in *CUNKS* Service *UNKION* funds is also intended to counter *UNKING* , and the annual appropriations level has more than *UNKED* in five years . STOP 
The $ *UNKN* million provided for fiscal 1990 anticipates the purchase of a Lockheed *CUNK* *UNK* aircraft and five *CUNK* *CUNKION* II *UNKS* . STOP 
Despite administration *UNKS* , the plan has had the quiet backing of *UNKS* officials as well as influential lawmakers from *CUNK* 's home state , Kansas . STOP 
Among legislative provisions attached to the bill is a ban on any Treasury Department *UNK* for enforcement of a 1986 tax provision intended to counter discrimination in *UNK-* plans . STOP 
*CUNKS* interests have *UNKED* against the so-called Section 89 tax rules . STOP 
*CUNKAL* is considered likely now , but the Treasury Department bill has been used as a vehicle to raise the profile of the issue and block any action in the interim . STOP 
*CUNKS* noticed is a bit of legislative *UNK* by Houston Republicans on behalf of *CUNK* Corp. of Texas to *UNKLY* `` move '' a Missouri hospital from one *UNK* to the next to justify higher *CUNK* *UNKS* . STOP 
The provision seeks to *UNK* out an estimated $ 1.4 million in claims made by the Health Care Finance Administration against *CUNK* , which owned the hospital in Sullivan , *CUNK* , during most of the four-year period -- *UNKN* -- covered in the amendment . STOP 
In a separate development , a private meeting is scheduled this morning between House Appropriations Committee Chairman *CUNK* Whitten -LRB- D. , Miss . -RRB- and Sen. *CUNK* *CUNKS* -LRB- D. , *CUNK* . -RRB- in an effort to end a dispute which for two weeks has delayed action on an estimated $ 44 billion agriculture bill . STOP 
A House-Senate conference reached agreement Oct. 5 on virtually all major provisions of the bill , but final settlement has been stalled because of differences between the two men over the fate of a modest *CUNKED* program to provide technical information to farmers seeking to reduce their *UNK* on chemical *UNKS* and pesticides . STOP 
The program 's *UNK* sponsors received $ *UNKN* in fiscal 1989 through an *CUNKION* Service grant , but Mr. Whitten has been *UNK* in insisting that the program be cut in 1990 . STOP 
The *UNK-* *CUNK* takes a more *UNK* , *UNKED* view of agriculture policy than those in the movement to reduce chemical use , but as a master of *UNK-* politics , he is believed to be *UNKED* as well that the project moved to Arkansas from a Tennessee center near *CUNKS* and the northern Mississippi border . STOP 
Michael F. *CUNK* , director of corporate public relations at Data General Corp. , was named to the new position of vice president , corporate communications , of this maker of data storage equipment . STOP 
B.A.T Industries PLC may delay aspects of its defensive restructuring plan -- including the sale of its Saks Fifth Avenue and Marshall Field units -- in the wake of the current *UNKAL* in financial markets , company officials said . STOP 
The British conglomerate , planning its own defensive restructuring to fight off a # *UNKN* billion -LRB- $ *UNKN* billion -RRB- takeover bid by *CUNK-* financier Sir James Goldsmith , intends to press ahead with an extraordinary shareholder vote today to clear the way for its *UNKING* measures . STOP 
If anything , the gyrations in world stock markets -- and in B.A.T 's share price -- since last Friday 's sharp Wall Street sell-off have increased the likelihood of shareholder approval for the restructuring , analysts and several big institutional holders said . STOP 
`` *CUNK* God we have some deal on the table , '' said Stewart *CUNK* , a director at *CUNK* *CUNK* Investment Managers , which intends to vote its roughly 1 % stake in favor of the restructuring . STOP 
Investors in B.A.T have been on a *UNKER* *UNKER* . STOP 
B.A.T has been London 's *UNKING* blue chip over the past six months , up 40 % against a 4 % rise in the Financial Times *UNK-* Index . STOP 
But this week , B.A.T has been hit harder than other big U.K. stocks -- first by the market gyrations , then by Tuesday 's San Francisco earthquake , which could leave B.A.T 's Farmers Group Inc. insurance unit facing big claims . STOP 
B.A.T rose five pence -LRB- eight cents -RRB- to *UNKN* pence -LRB- $ *UNKN* -RRB- in London yesterday as a late market rally *UNKED* a *UNK-* fall earlier in the day . STOP 
To fight off *UNKS* , B.A.T plans to spin off about $ 6 billion in assets , largely by selling such U.S. retailing units as Marshall Field and Saks and by floating its big paper and U.K. retailing business via share issues to existing holders . STOP 
Proceeds will help pay for a planned buy-back of 10 % of its shares and a 50 % dividend increase . STOP 
`` I think the restructuring will get the required support , '' said Michael *CUNK* , an analyst at London *UNKER* *CUNK* Phillips & *CUNK* . STOP 
`` The shareholders effectively will support the share price by clearing the share buy-back . '' STOP 
But B.A.T 's restructuring , which was never going to happen quickly , now will take longer because of the market *UNKAL* . STOP 
Company officials , holders and analysts who previously expected the *UNKS* to be substantially complete by the end of next year 's first half now say the market gyrations could delay the actions well into the second half . STOP 
`` We are n't forced sellers . STOP 
We do n't have an *UNK* deadline and if market conditions are truly awful we might decide it is not the right time , '' to take particular steps , said Michael *CUNK* , a B.A.T spokesman . STOP 
Even if B.A.T receives approval for the restructuring , the company will remain in play , say shareholders and analysts , though the situation may *UNUNK* over the next 12 months , rather than six . STOP 
The new B.A.T will be a smaller tobacco and financial-services hybrid whose *UNKS* ratio may more closely reflect the *UNK-* tobacco business than the *UNK-* financial-services business , these holders believe . STOP 
Thus B.A.T 's restructuring may only make the company a more *UNK* target for other corporate *UNKS* -- possibly such *UNK* bidders as *CUNK* PLC . STOP 
`` The last few days will surely slow down the pace of events , '' says *CUNK* *CUNK* 's Mr. *CUNK* . STOP 
`` But I would n't write off '' Sir James or other potential bidders . STOP 
Among possible delays , the sales of Saks and Marshall Field -- which were expected to be on the block soon after the crucial Christmas season -- may slide into the second quarter or second half . STOP 
Analysts estimate that sales of the two businesses could raise roughly $ 2 billion . STOP 
B.A.T is n't predicting a *UNK* because the units `` are quality businesses and we are encouraged by the *UNK* of inquiries , '' said Mr. *CUNK* . STOP 
But the delay could happen if B.A.T does n't get adequate bids , he said . STOP 
People familiar with B.A.T say possible *UNKS* for the units include managers from both retailing chains , and General *CUNK* Corp. , which is interested in bidding for Saks . STOP 
Other potential bidders for parts of B.A.T 's U.S. retail unit include *CUNK* Department Stores Inc. , May Department Stores Co. and Limited Inc . STOP 
B.A.T has declined to identify the potential bidders . STOP 
Though Sir James has said he intends to mount a new bid for B.A.T once approval from U.S. insurance regulators is received , *UNKS* over prospects for junk-bond financing and U.S. leverage buy-outs are making investors more skeptical about Sir James 's prospects . STOP 
His initial offer indicated he needed to raise as much as 80 % of the takeover financing through the debt markets . STOP 
Market uncertainty also *UNKS* the outlook for B.A.T 's attracting a premium price for its U.S. retailing properties . STOP 
Finally , Tuesday 's California earthquake initially knocked 3.7 % off B.A.T 's share price in London yesterday because of fears of the potential claims to Los Angeles-based Farmers , which has a substantial portion of its property and casualty exposure in California . STOP 
On Farmers , Mr. *CUNK* said it is too early to *UNK* the level of potential claims . STOP 
He added B.A.T `` has no *UNKION* of a material impact on Farmers . STOP 
Bridge and highway *UNKS* will *UNK* truck and auto transportation in the San Francisco Bay area for months to come . STOP 
But *UNK* , air and *UNKING* links to the area escaped Tuesday 's earthquake with only minor damage , and many are expected to be operating normally today , government and corporate transport officials said . STOP 
Air traffic at San Francisco International Airport was running about 50 % of normal yesterday afternoon , but airport *UNKS* said they expect a return to full operations by Saturday . STOP 
The major *UNK* to Asia and one of the nation 's 10 *UNKEST* *UNKS* was closed to all but emergency traffic from the time the quake hit Tuesday afternoon , until 6 a.m. *CUNK* yesterday when *UNKS* returned to the tower . STOP 
*CUNKING* to and from the airport in coming weeks may be the problem , however . STOP 
`` People 's ability to drive throughout the bay area is greatly restricted , '' said a spokesman for the American *CUNK* Association . STOP 
Tom *CUNKER* , executive vice president and general manager of the California *CUNKING* Association in *CUNK* , said his organization urged *UNKING* firms to halt all *UNKS* into the Bay area yesterday , except for *UNKAL* supplies . STOP 
`` Some *UNK* shipments will probably resume Thursday , '' he said . STOP 
`` Right now most of the roads into the Bay area are closed , but the list of *UNKS* changes about every 20 minutes . STOP 
This -LCB- Wednesday -RCB- morning the San *CUNK* bridge was open and now we are informed that it is closed , '' Mr. *CUNKER* said . STOP 
United *CUNK* Service , Greenwich , Conn. , said its operations in the San Francisco area have been reduced to 40 % of normal . STOP 
A *CUNK* spokesman said that although none of the company 's terminals , trucks or *UNKS* were damaged in the quake , road *UNKS* and power failures have *UNKED* its pickup and delivery of packages . STOP 
The spokesman noted *UNK-* to *UNK-* traffic delays on the San *CUNK* bridge , for example . STOP 
In addition , power failures prevented its *UNKING* facilities from operating , causing delays . STOP 
But freight *UNKS* reported that damage to their facilities was relatively minor , with Santa Fe Pacific Corp. 's *UNK* unit the least affected by the quake . STOP 
Santa Fe stopped freight *UNKS* Tuesday night while its officials *UNKED* track but resumed service at *UNKN* p.m. when they found no damage . STOP 
Union Pacific Corp. 's *UNK* unit said that except for damage to shipping *UNKS* in its Oakland *UNK* , its track , bridges and structures were *UNKED* . STOP 
That railroad is operating *UNKS* but with delays caused by employees unable to get to work . STOP 
Southern Pacific Transportation Co. , the hardest hit of the three *UNKS* in the Bay area , said service on its *UNK-* *UNK* , which is used by an *CUNK* train between Los Angeles and Seattle , was suspended temporarily because of *UNKED* *UNKS* near the epicenter of the quake . STOP 
But service on the line is expected to resume by noon today . STOP 
`` We had no serious damage on the railroad , '' said a Southern Pacific spokesman . STOP 
`` We have no problem to our freight service at all expect for the fact businesses are shut down . '' STOP 
*CUNK* said it suspended train service into its Oakland station , which sustained `` heavy structural damage '' during the quake . STOP 
The passenger railroad said it terminated some runs in Sacramento , *UNKING* on *UNKS* to *UNK* passengers to the Bay area . STOP 
*CUNK* said it planned to resume some train operations to Oakland late yesterday . STOP 
*CUNK-* operations suffered little damage , according to Albert Engelken , deputy executive director of the American Public *CUNK* Association in Washington . STOP 
The Bay Area *CUNK* *CUNK* `` *UNK* the earthquake perfectly , '' said Mr. Engelken , adding that the *UNK* system was running a full fleet of 45 *UNKS* during the day to provide an alternative for highway travelers . STOP 
`` The highway system is *UNKED* up '' by the earthquake , Mr. Engelken said . STOP 
`` The *UNK* system is how people are going to be getting around . '' STOP 
He added that San Francisco 's *UNK* cars and *UNK* *UNKS* were also running at full service levels . STOP 
Although *UNK-* delays in San Francisco were significant yesterday , they did n't appear to spread to other *UNKS* . STOP 
The earthquake *UNKED* windows at San Francisco International 's *UNK-* control tower and *UNKED* pieces of the ceiling down on *UNKS* , three of whom suffered minor injuries . STOP 
*CUNKS* at San Francisco International also were damaged , but the tower itself was intact . STOP 
Tuesday night , thousands were diverted to other *UNKS* and had to wait a day to resume travel . STOP 
*CUNKS* at San Francisco were n't damaged , but traffic was being limited yesterday to 27 *UNKS* and 27 *UNKS* an hour -- down from 33 to 45 an hour normally -- mainly because the *UNK* level in the control tower was overwhelming without the windows , an *CUNK* spokeswoman said . STOP 
While the airport was closed , flights were diverted to *UNKS* in Sacramento and *CUNK* , Calif. ; *CUNK* and Las Vegas , *CUNK* ; and Los Angeles . STOP 
United Airlines , the largest carrier at San Francisco , was operating only 50 % of its scheduled service in and out of the area because of damage to its terminal , which in turn was causing delays for travelers headed to the Bay area . STOP 
A United spokesman said 14 of its 21 *UNKS* were *UNUNK* , mainly because of water damage caused when a *UNKER* system was triggered by the tremors . STOP 
The United spokesman said none of its people were injured at the airport ; in fact , as the airport was being *UNKED* Tuesday night , two *UNKS* were born . STOP 
Yesterday , the United ticket counter was active , with people trying to get flights out , but the airline said demand for seats into the city also was active , with people trying to get there to help family and friends . STOP 
The *UNKS* in San Jose and Oakland were both fully operational by noon yesterday , the Federal Aviation Administration said . STOP 
In terms of *UNKS* , Denver 's *CUNK* International may have experienced the most *UNK-* : A United flight from Japan was *UNKED* there . STOP 
`` I think that 's the first *UNK* commercial passenger flight from Japan to land here , '' an airport spokesman said . STOP 
A Japan Air Lines spokesman said its flights into and out of San Francisco were n't affected , but getting information about its operations was difficult . STOP 
Its telecommunications headquarters in *CUNK* , Calif. , had been knocked out since the quake . STOP 
`` We 're in the dark , '' he said . STOP 
Whitbread & Co. put its spirits division up for sale , *UNKING* a *UNK* among global groups for the British company 's brands . STOP 
Whitbread already has been approached by `` about half a dozen '' companies interested in buying all or part of the spirits business , a spokesman said . STOP 
Analysts expect the spirits operations and some California *UNKS* that also are being sold to fetch about # 500 million -LRB- $ *UNKN* million -RRB- . STOP 
Among the brands for sale are *CUNKER* gin , the No. 2 imported gin in the U.S. , and *CUNK* *UNK-* *UNK* . STOP 
Also for sale are *CUNK* *CUNK* Co. , which *UNKS* *CUNK* *CUNK* *UNKED* *UNK* in the U.S. , and Whitbread 's *CUNKS* *CUNK* *CUNKS* in California 's *CUNK* Valley . STOP 
*CUNKER* alone is worth as much as # 300 million , analysts said . STOP 
Whitbread bought the *CUNKER* *UNK* two years ago for # *UNKN* million . STOP 
That purchase represented an attempt by Whitbread , a *UNK* British *UNKER* , to become a major player in the global liquor business . STOP 
But Whitbread has been squeezed by giant rivals amid widespread consolidation in the industry . STOP 
Now , it wants to concentrate on beer and its newer hotel and restaurant operations . STOP 
For rival liquor companies , the Whitbread auction is a rare opportunity to acquire valuable brands . STOP 
`` It 's not very often something like this comes up , '' said Ron *CUNK* , a liquor company analyst at Nomura Research Institute in London . STOP 
`` The division will be sold off quite rapidly , '' predicted *CUNK* *CUNK* , an analyst at London brokers County *CUNKEST* *CUNK* . STOP 
Among possible buyers , Grand Metropolitan PLC might find *CUNKER* a useful addition to its portfolio . STOP 
Grand Met owns *CUNK* gin , the No. 3 imported gin in the U.S. ; rival Guinness PLC has the No. 1 imported brand , *CUNK* . STOP 
The Whitbread spirits auction `` is an extremely interesting development ... and naturally we 'll be considering it carefully , '' a Grand Met spokesman said . STOP 
Guinness , which owns several leading *UNK* brands plus *CUNK* 's gin , the world 's No. 1 gin , is considered less likely to bid for the Whitbread spirits . STOP 
A Guinness spokesman declined to comment . STOP 
Two other global liquor giants , Canada 's Seagram Co. and Britain 's *CUNKS* PLC , also are possible buyers . STOP 
Seagram 's gin is the world 's No. 2 gin brand , but the company does n't own any of the major gin brands imported in the U.S. . STOP 
*CUNKS* , while powerful in *UNK* , does n't own any major *UNK-* brands . STOP 
`` We will certainly have to take a look at '' the Whitbread spirits business , an *CUNKS* spokesman said . STOP 
`` We would certainly like to have a major *UNKS* brand in our portfolio . '' STOP 
A Seagram spokesman in New York would n't comment . STOP 
*CUNKER* liquor companies , such as *CUNK-* Corp. and American Brands Inc. of the U.S. , also are likely to be interested . STOP 
Such companies `` are increasingly being left behind '' in the global liquor business , says Nomura 's Mr. *CUNK* . STOP 
In New York , a spokesman for American Brands would n't comment . STOP 
*CUNK-* , a Louisville , Ky. *UNKER* , also declined to comment . STOP 
Whitbread 's *UNK* , spirits and soft-drink operations had trading profit of # *UNKN* million on sales of # *UNKN* million in the year ended Feb. 25 . STOP 
The company , which is *UNKING* most of its *UNK* and all of its soft-drink interests , did n't break out results for the businesses it plans to sell . STOP 
But analysts estimate their trading profit at # 30 million . STOP 
Whitbread had total pretax profit in the year ended Feb. 25 of # *UNKN* million , on sales of # *UNKN* billion . STOP 
Whitbread 's spirits auction occurs amid a *UNK* *UNK* in the British beer industry . STOP 
Earlier this year , the government announced plans to *UNKER* increased competition in the industry . STOP 
British *UNKS* currently own thousands of *UNKS* , which in turn sell only the *UNKS* ' beer and soft *UNKS* . STOP 
Under new rules , many of the country 's *UNKS* would become `` free houses , '' selling *UNKS* of their choice . STOP 
Whitbread now intends to bolster its brewing interests , in an effort to grab a share of sales to free houses . STOP 
The company , which last month paid # *UNKN* million for regional British *UNKER* *CUNK* Group PLC , has about 13 % of the British beer market . STOP 
Whitbread also owns the license to *UNK* and distribute *CUNK* and *CUNK* *CUNKS* *UNKS* in Britain . STOP 
In addition , Whitbread intends to focus on its newer hotel , liquor store and restaurant businesses in Europe and North America . STOP 
In Britain , those interests include the *CUNKER* *UNK* chain and joint ownership with PepsiCo Inc. of the country 's *CUNK* *CUNK* chain . STOP 
In Canada and the U.S. , Whitbread owns The *CUNK* chain of *UNK* and *UNK* restaurants . STOP 
*CUNKING* on beer , restaurants and hotels means `` we can concentrate our skills and resources more effectively , '' Peter *CUNKS* , Whitbread 's managing director , said in a statement . STOP 
The spirits business `` would require substantial additional investment to enable it to compete effectively in the first division of global players . '' STOP 
Whitbread also announced that Mr. *CUNKS* , who is 48 , will become the company 's chief executive March 1 . STOP 
At that time Sam Whitbread , the company 's chairman and a *UNK* of its *UNK-* founder , will retire from executive duties . STOP 
He will retain the *UNK* title of *UNK-* chairman . STOP 
The Treasury plans to raise $ 700 million in new cash with the sale Tuesday of about $ 10 billion in two-year notes to redeem $ *UNKN* billion in maturing notes . STOP 
The offering will be dated Oct. 31 and mature Oct. 31 , STOP 
*CUNKS* for the notes , available in minimum $ 5,000 denominations , must be received by 1 p.m. EDT Tuesday at the Treasury or at Federal Reserve banks or branches . STOP 
*CUNK* *CUNK* & *CUNK* Co. , *CUNK* , Calif. , announced a *UNKN* split in the real estate limited partnership 's units and increased its regular quarterly cash distribution 33 % , to 40 cents a unit . STOP 
The real estate limited partnership also said it will pay a special year-end cash distribution of 10 cents a unit . STOP 
Both *UNKS* are payable Dec. 4 to limited partners of record Nov. 3 . STOP 
Mellon Bank Corp. said directors authorized the buy-back of as many as 250,000 common shares . STOP 
The bank holding company said stock *UNKED* will be used to meet requirements for the company 's benefit plans . STOP 
Mellon has *UNKN* million shares outstanding . STOP 
*CUNKION* International Corp. 's third-quarter profit dropped 17 % , reflecting price declines for certain paper products , operating problems at certain mills , and other factors . STOP 
The paper producer reported that net income fell to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , in the year-earlier period . STOP 
Sales rose 2.6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
In New York Stock Exchange composite trading , *CUNKION* 's shares rose 25 cents to $ *UNKN* . STOP 
Digital Equipment Corp. is planning a big *UNK-* party on Tuesday for its first line of mainframe computers . STOP 
But an *UNKED* *UNKEST* is expected to try to crash the party . STOP 
On the morning of the *UNKED* announcement , International Business Machines Corp. is to introduce its own new mainframe . STOP 
`` Their attitude is , ` You want to talk mainframes , we 'll talk mainframes , ' '' says one computer industry executive . STOP 
`` They 're deliberately trying to steal our *UNKER* , '' a Digital executive complains . STOP 
`` Maybe we should take it as a *UNK* . '' STOP 
Digital 's target is the $ 40 billion market for mainframe computers , the *UNKED* *UNKS* that nearly every big company needs to run its business . STOP 
IBM , based in *CUNK* , N.Y. , has dominated the market for decades . STOP 
That does n't *UNK* Digital , which has grown to be the world 's second-largest computer maker by *UNKING* customers of IBM 's *UNK-* machines . STOP 
Digital , based in Maynard , Mass. , hopes to stage a repeat performance in mainframes , and it has spent almost $ 1 billion developing the new technology . STOP 
A *UNKER* , *UNK* *CUNK* Computers Inc. in *CUNK* , Calif. , jumped into the *UNK* earlier this week with an aggressively priced entry . STOP 
IBM appears more worried about Digital , which has a broad base of customers waiting for the new line , dubbed the *CUNK* *UNKN* . STOP 
`` It 's going to be nuclear war , '' says Thomas *CUNK* , a consultant with *CUNK* Group Inc . STOP 
The surge in competition is expected to *UNK* new life into the huge mainframe market , where growth has slowed to single *UNKS* in recent years . STOP 
IBM 's traditional mainframe rivals , including Unisys Corp. , Control Data Corp. and *CUNK* Corp. , have *UNKED* recently . STOP 
Digital is promising a new approach . STOP 
Robert M. *CUNK* , Digital 's vice president for high performance systems , says Digital 's mainframe is designed not as a central computer around which everything *UNKS* , but as part of a *UNKED* network *UNKING* together hundreds of workstations , personal computers , *UNKS* and other devices . STOP 
And unlike IBM 's *UNKED* mainframes , it does n't need any *UNKING* . STOP 
The *UNKS* will have a big price advantage . STOP 
Digital is expected to *UNK* its new line from about $ *UNKN* million to $ 4.4 million and up , depending on *UNKION* . STOP 
That 's about half the price of *UNKLY* *UNKED* IBM mainframes . STOP 
*CUNK* 's pricing is just as aggressive . STOP 
The *UNKED* competition will hit IBM at a difficult time . STOP 
The computer giant 's current mainframe line , which has sold well and has huge profit margins , is starting to show its age . STOP 
The new *UNKS* due next week will boost performance by only about 8 % to 10 % . STOP 
And IBM is n't expected to deliver a new generation of mainframes until 1991 . STOP 
Still , no one expects IBM 's rivals to deliver a *UNK* . STOP 
IBM has a *UNKLY* on mainframes , with an estimated 70 % share of the market . STOP 
IBM is five times the size of Digital -- and 40 times the size of *CUNK* -- and *UNKS* enormous market power . STOP 
It counts among its customers a majority of the world 's largest corporations , which *UNK* their most critical business information to IBM computers . STOP 
`` We 're not going to walk in and replace a company 's corporate accounting system if it 's already running on an IBM mainframe , '' concedes Kenneth H. *CUNK* , Digital 's president . STOP 
He says Digital will target *UNKING* market segments such as *UNK-* transaction processing , which includes *UNKS* tracking , airline *UNKS* and *UNKER* networks . STOP 
*CUNK* , which already specializes in *UNK-* transaction processing , is a *UNK* competitor in that market . STOP 
A key marketing target for Digital will be the large number of big customers who already own both Digital and IBM systems . STOP 
One such company is Bankers Trust Co . STOP 
Stanley Rose , a vice president , *UNKAL* and strategic planning at Bankers Trust , says that despite Digital 's low prices , `` we are n't about to *UNUNK* our IBM mainframes for a *CUNK* machine . STOP 
The software conversion costs would *UNK* any savings . '' STOP 
But Mr. Rose is still looking seriously at the *UNKN* . STOP 
Bankers Trust uses Digital 's *CUNK* to run its huge *UNKER* and capital markets accounts , *UNKING* hundreds of billions of dollars each day , he says . STOP 
As that system grows , larger computers may be needed . STOP 
`` In the past , customers had to go to IBM when they *UNK* the *CUNK* . STOP 
Now they do n't have to , '' he says . STOP 
`` That 's going to cost IBM revenue . '' STOP 
Analysts say Digital can expect this *UNK-* demand for the new *CUNK* to fuel strong sales next year . STOP 
Barry F. *CUNK* , an analyst at Sanford C. *CUNK* & Co. , estimates the *UNKN* could boost sales by more than $ 1 billion in the fiscal year beginning in July . STOP 
He bases the estimate on a survey of hundreds of Digital 's largest customers . STOP 
Although Digital will announce a full family of mainframes next week , it is n't expected to begin shipping in volume until next year . STOP 
The first model available will be the *UNKN* , which is likely to appeal to many technical and scientific buyers interested in the *UNKAL* *UNKER* , or *UNK* *UNK* , says Terry Shannon of International Data Corp. , a market research concern . STOP 
Four more models , aimed *UNKLY* at IBM 's commercial customers , are expected to begin shipping in late June . STOP 
Most analysts do n't expect the new mainframes to begin contributing significantly to revenue before the fiscal first quarter , which begins next July 1 . STOP 
Digital 's new line has been a long time coming . STOP 
The company has long *UNKED* to deliver a strong *UNKS* product , and made a costly decision in 1988 to halt development of an interim product meant to stem the revenue losses at the high end . STOP 
Digital 's failure to deliver a true *UNKS* machine before now may have cost the company as much as $ 1 billion in revenue in fiscal 1989 , Mr. *CUNK* says . STOP 
IBM will face still more competition in coming months . STOP 
*CUNK* Corp. , backed by Japan 's Fujitsu Ltd. , has a growing share of the market with its *UNKED* , *CUNK-* machines . STOP 
And National Advanced Systems , a joint venture of Japan 's Hitachi Ltd. and General Motors Corp. 's Electronic Data Systems , is expected to unveil a line of powerful *CUNK-* mainframes later this year . STOP 
*CUNK* : STOP 
*CUNK* is National Advanced Systems , *CUNK* -- Control Data Corp. , *CUNK* *CUNK* Information Systems Inc . STOP 
Source : International Data Corp . STOP 
*CUNKED* by *CUNKS* *CUNKLY* from data from *UNK-* *UNKS* , *UNK* chains and local *UNKER* lists across the U.S. . STOP 
*CUNK* 1989 by *CUNKED* *CUNKING* USA . STOP 
The *UNK* stock and bond markets *UNKED* off , but the dollar slumped . STOP 
Stocks rose slightly as trading activity slowed from the *UNKED* pace earlier this week . STOP 
Prices of long-term Treasury bonds *UNKED* in a narrow band most of the day , finishing little changed despite the dollar 's weakness and fears about a wave of government borrowing coming soon . STOP 
*CUNKED* by *UNKED* program buying , the Dow Jones Industrial Average gained *UNKN* points to close at *UNKN* . STOP 
But the Dow Jones Transportation Average fell for the *UNK-* session as more investors dumped UAL shares . STOP 
Bond prices rallied early yesterday morning as traders scrambled to buy Treasury issues on fears that the Northern California earthquake might lead to a stock-market debacle . STOP 
But when stocks held steady , Treasury bonds later retreated . STOP 
*CUNKION* that the Federal Reserve will lower interest rates in coming weeks helped push the dollar down while boosting stocks , traders said . STOP 
But many investors remain wary about stocks , partly because they expect continued *UNK* in the junk-bond market that would make it more difficult to finance corporate takeovers . STOP 
`` I 'm surprised we did n't see more volatility '' in stocks , said Raymond F. *CUNK* Jr. , market strategist at *CUNK* Mason *CUNK* Walker . STOP 
`` I think the problems in the junk-bond area are just beginning , and this will be very *UNKING* for companies that have issued junk bonds . STOP 
In a *UNK* market , credit does not matter , '' Mr. *CUNK* added . STOP 
`` But when it does matter , then it 's the only thing that matters . '' STOP 
However , many institutional investors are *UNKING* to the stock market 's plunge as `` a great buying opportunity , '' said Charles I. *CUNK* , chief investment strategist at Merrill Lynch Capital Markets . STOP 
`` *CUNKS* are beginning to settle down . STOP 
The markets are returning to *UNK* . '' STOP 
Oil prices initially rose on fears that the massive earthquake in Northern California would *UNK* production . STOP 
But prices later reversed course , finishing slightly lower , as investors concluded that any cuts would n't be large and that foreign oil producers would quickly pick up the *UNK* . STOP 
In major market activity : STOP 
Stock prices rose . STOP 
New York Stock Exchange volume *UNK* to *UNKN* million shares from *UNKN* million Tuesday . STOP 
*CUNKS* on the Big Board *UNKED* decliners by *UNKN* to *UNKN* . STOP 
Bond prices were little changed in sluggish activity . STOP 
The yield on the Treasury 's 30-year issue fell slightly to *UNKN* % . STOP 
The dollar dropped . STOP 
In New York late yesterday , the currency was at 141.45 yen and *UNKN* marks , down from *UNKN* yen and *UNKN* marks late Tuesday . STOP 
James L. *CUNK* , 46 years old , was named a vice president and assistant general manager of this producer of copper and other *UNKS* . STOP 
He will succeed Arthur E. *CUNK* as general manager Feb. 1 , when Mr. *CUNK* *UNKS* . STOP 
AMR Corp. posted an 8.8 % drop in third-quarter net income and said the fourth quarter will be `` disappointing '' as well , primarily because of *UNKER* profit margins and increased fuel costs . STOP 
AMR 's earnings decline comes a year after the parent company of American Airlines and the rest of the airline industry set profit records . STOP 
Some analysts say the latest results only seem *UNK* by comparison with a *UNK* second half of 1988 . STOP 
Still , AMR 's *UNK* does n't *UNK* well for the rest of the industry . STOP 
The Fort Worth , Texas , company is generally regarded as one of the *UNK-* in the business , and its difficulties are likely to be reflected industrywide as other major carriers report third-quarter results over the next several days . STOP 
Meanwhile , the company 's board , which had said nothing publicly about investor Donald Trump 's recently withdrawn $ 7.5 billion offer for AMR , issued a statement *UNKING* `` *UNKED* and reckless '' bids and saying it was `` pleased '' that Mr. Trump had backed out . STOP 
In the third quarter , AMR said , net fell to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ 2.50 a share . STOP 
Revenue rose 17 % to $ *UNKN* billion from $ *UNKN* billion a year earlier . STOP 
AMR 's chairman , Robert L. *CUNK* , said the results were due to an 11 % *UNK-* increase in fuel prices and a slight decrease in yield , an industry measure *OUS* to profit margin on each seat sold . STOP 
`` We think these trends will continue and will produce a very disappointing fourth quarter as well , '' he said . STOP 
*CUNK* *CUNK* , an analyst with Merrill Lynch & Co. , said : `` The business turned faster than expected . STOP 
*CUNKS* are giving them a little bit of trouble , and the whole industry is having a pricing problem . '' STOP 
For the nine months , AMR 's net rose 15 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue jumped 22 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
AMR 's board , in a statement after a regular meeting yesterday , said : `` *CUNKED* and reckless acquisition proposals *UNKLY* affect employee , financial and business relationships and are contrary to the best interests of AMR shareholders ... . STOP 
AMR has not been , and is not , for sale . '' STOP 
Mr. *CUNK* said the company 's current decline in earnings is exactly the kind of situation that an *UNKLY* leveraged company *UNK* with debt from a takeover would find difficult to weather . STOP 
`` Our very disappointing third-quarter results and the discouraging outlook for the fourth quarter *UNUNK* the importance of an adequate capital base , '' he said . STOP 
Christopher *CUNK* , *UNK-* deputy chairman of this British investment-banking group and chairman of Morgan Grenfell & Co. , the group 's main banking unit , has retired from his executive duties . STOP 
*CUNKING* Mr. *CUNK* as deputy chairman of the group is Anthony *CUNK-* , 43 , currently a main board member . STOP 
*CUNKING* Mr. *CUNK* at Morgan Grenfell & Co. is Richard *CUNK* , 50 , currently deputy chairman . STOP 
Mr. *CUNK* will remain on the main group board as a *UNK* director . STOP 
Without federal subsidies to developers of *UNK* houses , the economic and structural damage by Hurricane Hugo in South Carolina would have been much less , as *UNKED* by your Oct. 3 editorial `` *CUNKING* *CUNKER* . '' STOP 
Congress should stop throwing tax dollars out to sea by *UNKING* the development of *UNK* communities on *UNKLY* *UNK* *UNKAL* barrier *UNKS* , such as the *UNK-* *CUNK* of *CUNKS* near Charleston . STOP 
As you mentioned , subsidies for development on a number of barrier *UNKS* were *UNKED* in 1982 by the *CUNKAL* *CUNKER* *CUNK* System . STOP 
The National *CUNKS* Union would like Congress to add 800,000 acres to the *UNKN* of *UNK* in the system by *UNKING* `` The *CUNKAL* *CUNKER* *CUNK* Act of 1989 . '' STOP 
This bill simply says that if you want to develop property on a barrier island you have to do so without *UNKER* support . STOP 
*CUNK-* rights would be *UNK* because the legislation would not ban *UNKAL* development . STOP 
However , home builders would have to bear the full costs of such *UNK-* construction . STOP 
A *CUNKS* Union study concluded the bill would save taxpayers up to $ *UNKN* billion in *UNK-* subsidies over 20 years . STOP 
Already , the 1982 legislation has saved an estimated $ 800 million . STOP 
Marshall *CUNK* Taylor STOP 
Communications Director STOP 
National *CUNKS* Union STOP 
The government said 13.1 % of Americans , or *UNKN* million people , were living in poverty in 1988 . STOP 
While last year 's figure was down from 13.4 % in 1987 and marked the fifth consecutive annual decline in the poverty rate , the *CUNKS* Bureau said the 1988 drop was n't *UNKLY* significant . STOP 
The bureau 's report also showed that while some measures of the nation 's economic *UNKING* improved modestly in 1988 , the *UNKS* of *UNK* were shared less *UNKLY* than the year before . STOP 
*CUNKING* data *UNKED* from a March 1989 survey of *UNKN* households , William *CUNK* , associate director of the *CUNKS* Bureau , said that `` most groups either stayed the same or improved . '' STOP 
But , he added , `` Since the late 1960s , the distribution of income has been slowly getting less equal . STOP 
There was no reversal -LCB- of that trend -RCB- between 1987 and 1988 . '' STOP 
*CUNK* *UNK* income , a widely used measure of a nation 's economic health , hit a record in 1988 , rising 1.7 % after inflation adjustment to $ *UNKN* . STOP 
But the *UNK* income of American families fell 0.2 % , the first time it has failed to rise since 1982 . STOP 
Mr. *CUNK* said the *UNK* in the two measures reflects changes in family size and structure , including the rising number of *UNKED* families and a sharp increase in income reported by Americans who are n't living in families . STOP 
As a result of last year 's decline , the government 's estimate for the number of people living below the poverty line declined by about 500,000 . STOP 
The poverty *UNK* , defined as three times food expenses as calculated by the *CUNKAL* Department , last year was $ *UNKN* for a family of four . STOP 
The *CUNKS* Bureau counts all cash income in *UNKING* whether families are below the line , but it does n't consider other government benefits , such as *CUNK* . STOP 
*CUNKS* largely to the continued growth of the U.S. economy , the poverty rate is now substantially lower than the 1983 peak of *UNKN* % , but the improvements have been modest in the past couple of years . STOP 
*CUNK* remains far more widespread among blacks than other Americans . STOP 
In 1988 , *UNKN* % of blacks lived in poverty , compared with *UNKN* % for whites and *UNKN* % for *CUNKS* . STOP 
But two-thirds of all poor Americans were white . STOP 
More than half of poor families were headed by women living without men , the bureau said . STOP 
More than *UNKS* of poor black families were headed by women . STOP 
The poverty rate of children under 18 years old dropped last year to *UNKN* % from *UNKN* % in 1987 , but remained far higher than a decade ago . STOP 
The rate among the elderly -- 12 % in 1988 -- was n't significantly lower than the year before . STOP 
If it were n't for Social Security payments , more than three times as many elderly would be below the poverty line , Mr. *CUNK* said . STOP 
The *CUNKS* Bureau also said : STOP 
-- Some *UNKN* % of all money income received by families in 1988 went to the *UNKEST* 5 % of all families , up from *UNKN* % in 1987 . STOP 
That is the greatest share reported for any year since *UNKN* , although changing *UNKS* over the years *UNK* the comparison . STOP 
-- The top fifth of all families got 44 % of the income , up from *UNKN* % a decade earlier . STOP 
The bottom fifth of all families got 4.6 % of the income , down from 5.2 % a decade earlier . STOP 
-- *CUNKING* other government data showing that wages are n't keeping pace with inflation , earnings of *UNK-* , *UNK-* male workers fell 1.3 % in 1988 after *UNKING* for higher prices , the first such drop since 1982 . STOP 
Earnings of female workers were unchanged . STOP 
-- *CUNK* working *UNK-* earned 66 cents for every dollar earned by men , a penny more than in 1987 and seven cents more than in 1978 . STOP 
-- *CUNK* household income -- which includes both those living in families and those who are n't -- rose 0.3 % last year to $ *UNKN* after inflation . STOP 
It rose sharply in the Northeast and Midwest and fell slightly in the South and West . STOP 
*CUNK* family income was $ *UNKN* , down 0.2 % . STOP 
-- *CUNK* *UNK* income of blacks , though still only 60 % that of whites , rose 3.9 % in 1988 , while per *UNK* income of whites rose only 1.5 % . STOP 
-- Among married couples , the gap between blacks and whites narrowed sharply , as income of black families shot up 6.8 % while income of whites did n't *UNK* . STOP 
*CUNKING* a controversy that has been *UNKING* for years , the *CUNKS* Bureau also said its figures would look far *UNKER* if it *UNKED* the poverty *UNK* using an improved *UNK-* measure adopted in 1983 . STOP 
The bureau said some 3.5 million fewer people would have fallen below the poverty line in 1988 -- and the poverty rate would have been 10.5 % instead of 13.1 % -- under the alternative *UNKION* . STOP 
Critics on the left and right have been calling for all sorts of revisions to the measure for years . STOP 
A report by the staff of the *CUNK* Economic Committee of Congress released yesterday concluded , `` It is misleading to make this change without *UNKING* for other changes . '' STOP 
The official poverty *UNK* is set by the Office of Management and Budget . STOP 
John E. *CUNKS* Jr. was elected chairman , president and chief executive officer , succeeding David S. Black , who retired . STOP 
Mr. *CUNKS* , 52 years old , left *CUNK* Bell Telephone Co. in January , where he had been chairman , president and chief executive , to join *CUNK* Capital Partners , a St. Louis company with interests in solid waste and *UNKING* , telecommunications and international venture capital . STOP 
He has resigned his posts at *CUNK* to take the Kansas Power positions . STOP 
Kansas Power said Mr. Black , 61 , chose early retirement . STOP 
The space shuttle Atlantis boosted the Galileo *UNK* on its way to Jupiter , giving a big lift as well to an ambitious U.S. program of space exploration . STOP 
*CUNK* years late in the launching , $ 1 billion over budget and a target of *UNK-* *UNKS* , Galileo has long been a symbol of trouble for the National *CUNKS* and Space Administration . STOP 
But yesterday , as Atlantis *UNKED* into a *UNK* of clear *UNK* above Florida with storm *UNKS* closing in on it , NASA sought to turn Galileo into a symbol of *UNK* . STOP 
`` NASA did it right ; that 's the message , '' said *CUNK* Thompson , the agency 's deputy *UNK* . STOP 
The $ 1.4 billion *UNK* *UNK* faces a *UNK-* *UNK* to explore Jupiter and its 16 known *UNKS* . STOP 
If all goes well , it will *UNK* a probe into the *UNK* *CUNK* atmosphere in July 1995 to pick up detailed data about *UNKS* that may be similar to the material from which the *UNK* system was formed 4.6 billion years ago . STOP 
Jupiter is so enormous -- its mass is *UNKN* times that of Earth -- that its *UNK* may have *UNKED* these *UNKAL* *UNKS* and never let them escape . STOP 
*CUNKING* Jupiter in detail may provide *UNKS* to what *UNKER* *CUNKS* Owen calls the `` *UNK* *UNK* '' of life : Jupiter and other *UNKS* in the *UNKER* *UNK* system are rich in elements such as *UNK* that are essential for life on Earth , but these *UNKS* are *UNKS* ; Earth , on the other hand , has a diminished store of such material but is rich in life . STOP 
Some scientists have suggested that *UNKS* and *UNKS* may have brought enough of this kind of material from the *UNKER* *UNK* system to Earth to *UNK* life . STOP 
*CUNKING* in December 1995 , Galileo will begin a two-year tour of the *CUNK* *UNKS* . STOP 
In 1979 , two *CUNKER* *UNK* sent back *UNKING* photos of *CUNK* *UNKS* *CUNK* and *CUNK* that showed them to be among the most *UNKING* *UNKS* in the *UNK* system . STOP 
The photos showed active *UNKS* on *CUNK* *UNKING* *OUS* material 190 miles into its atmosphere and indicated that *CUNK* may have an *UNK* hidden under a *UNK* sheet of ice . STOP 
Galileo 's photos of *CUNK* will be more than 1,000 times as sharp as *CUNKER* 's , according to *CUNK* Johnson , Galileo 's project scientist , and may show whether it actually has the only known *UNK* other than those on Earth . STOP 
Atlantis lifted Galileo from the launch *UNK* at *UNKN* p.m. EDT and released the *UNK* from its cargo bay about six hours later . STOP 
`` Galileo is on its way to another world in the hands of the best flight *UNKS* in this world , '' Atlantis *CUNKER* Donald Williams said . STOP 
`` *CUNK* *UNKLY* . '' STOP 
The *UNKER* Atlantis *UNK* will conduct several experiments , including growing plants and processing *UNK* materials in space , before their scheduled landing at Edwards Air Force *CUNK* , Calif. , Monday . STOP 
The Galileo project started in 1977 , and a number of project *UNKS* were on hand to watch the launch . STOP 
An *UNK* Mr. Johnson , wearing a NASA baseball cap and carrying a camera and *UNKS* , called the launch `` *UNK* . '' STOP 
*CUNK* *CUNK* , manager of the Galileo probe , compared it to watching a child leave home . STOP 
`` I 'm happy and *UNK* , '' he said . STOP 
*CUNK-* activists took a less positive view . STOP 
Having argued that Galileo 's *UNK* power source could have released *UNKAL* *UNKS* of radiation if the shuttle *UNKED* yesterday , they were n't *UNKED* by yesterday 's successful launch . STOP 
Galileo will *UNK* past Earth in 1990 and 1992 , collecting energy from the planet 's *UNKAL* field to gain momentum for its trip to Jupiter . STOP 
The protesters point out that Galileo also could crash to Earth then . STOP 
They said they dropped plans to *UNK* the Kennedy Space Center after NASA *UNKED* up its security . STOP 
One protest did get past NASA 's guard , though ; a computer virus caused *UNK-* messages to *UNK* onto some computer screens at NASA centers . STOP 
The successful launch continues a remarkable recovery in the U.S. *UNK-* program . STOP 
An *UNKED* *UNK* , *CUNK* , already is heading to *CUNKS* and is due to begin *UNKING* the planet next August . STOP 
*CUNKER* 2 sent back *UNK* photos of *CUNK* and its *UNK* , *CUNK* , this summer . STOP 
Next month , NASA plans to launch a satellite to study *UNK* *UNKS* *UNKING* from the *UNK* of the *UNUNK* . STOP 
In December , the shuttle Columbia will try to *UNK* a satellite that 's been in *UNK* for nearly five years *UNKING* the *OUS* effects of space on materials and instruments . STOP 
Next March , the shuttle *CUNK* will launch the *CUNK* space *UNK* , a $ 1.5 billion instrument designed to see the *UNKEST* *UNKS* in the *UNUNK* . STOP 
Not all of NASA 's *UNK-* work will be so *OUS* , though . STOP 
*CUNK* *CUNKING* , the *CUNK* Max satellite , which NASA *UNKED* in *UNK* in 1984 , will tumble back into the Earth 's atmosphere . STOP 
NASA wo n't attempt a rescue ; instead , it will try to predict whether any of the rubble will *UNK* to the ground and where . STOP 
The *CUNKED* Press 's earthquake coverage drew attention to a phenomenon that *UNKS* some thought by public officials and other policy makers . STOP 
Private relief agencies , such as the *CUNKION* Army and Red Cross , *UNKED* almost *UNKLY* to help people , while the Washington bureaucracy `` took hours getting into gear . '' STOP 
One news show we saw yesterday even *UNKED* 25 federal officials meeting around a table . STOP 
We recall that the mayor of Charleston complained *UNKLY* about the federal bureaucracy 's response to Hurricane Hugo . STOP 
The sense grows that modern public *UNKS* simply do n't perform their assigned functions well . STOP 
Bally Manufacturing Corp. and New York developer Donald Trump have agreed in principle to a $ 6.5 million settlement of shareholder litigation stemming from Bally 's alleged *UNK* payment to Mr. Trump . STOP 
According to lawyers familiar with the settlement talks , the *UNKAL* agreement to end a lawsuit filed more than two years ago was reached last week and will soon be submitted to a federal judge in *CUNK* , N.J . STOP 
In February 1987 , Bally *UNKED* a possible hostile takeover bid from Mr. Trump by agreeing to buy 2.6 million of Mr. Trump 's 3.1 million Bally shares for $ *UNKN* million -- more than $ 18 million above market price . STOP 
The term *UNK* *UNKS* to a situation where a company pays a premium over market value to repurchase a stake held by a potential *UNKER* . STOP 
Lawyers for shareholders , Bally and Mr. Trump all declined to talk publicly about the proposed settlement , citing a request by a federal court *UNK* not to reveal details of the agreement until it is completed . STOP 
But some attorneys who are familiar with the matter said the $ 6.5 million payment will be shared by Bally and Mr. Trump , with the casino and hotel concern probably paying the bulk of the money . STOP 
The amount Bally and Mr. Trump will pay to settle the *UNKION* suit *UNKS* in comparison to the $ 45 million Walt Disney Co. and *CUNK* *CUNK* 's *CUNK* Group Holdings Inc. agreed to pay to settle a similar suit in July . STOP 
That settlement represented the first time shareholders were granted a major payment in a *UNK* case . STOP 
Mr. *CUNK* made a $ *UNKN* million profit on the sale to Disney of his investment in the company in 1984 . STOP 
But lawyers said Mr. *CUNK* probably faced much more potential liability because , when he sued Disney during his takeover battle , he filed on behalf of all shareholders . STOP 
When Disney offered to pay Mr. *CUNK* a premium for his shares , the New York investor did n't demand the company also pay a premium to other shareholders . STOP 
When Mr. Trump sued Bally , he sued only on behalf of himself . STOP 
Mr. Trump and Bally also appeared to have some leverage in the case because in the state of Delaware , where Bally is *UNKED* , courts have held that *UNK* is often protected by the *UNK-* rule . STOP 
That rule gives boards of directors wide *UNK* in deciding how to deal with dissident shareholders . STOP 
*CUNK* *CUNK* final arguments in impeachment trial of federal judge . STOP 
Yesterday , U.S. Judge *CUNK* Hastings faced his jury -- the full U.S. Senate -- and said , `` I am not guilty of having committed any crime . '' STOP 
*CUNK* articles of impeachment against the Florida judge , one of the few blacks on the U.S. bench , were approved by the House in August 1988 . STOP 
The central charge against Judge Hastings is that he *UNKED* with a Washington lawyer to obtain a $ 150,000 *UNK* from defendants in a criminal case before the judge , in return for *UNK* . STOP 
He is also accused of *UNKING* under *UNK* and of *UNKING* information obtained from a *UNK* he *UNKED* . STOP 
The Senate 's public gallery was *UNKED* with Judge Hastings ' supporters , who *UNKED* into *UNK* after he finished his argument . STOP 
Judge Hastings , who was *UNKED* of similar charges by a federal jury in 1983 , claims he is being *UNKED* and that the impeachment proceedings against him constitute double *UNK* . STOP 
But Rep. John Bryant -LRB- D. , Texas -RRB- , the lead counsel for the House managers who conducted a lengthy inquiry into Judge Hastings ' activities , said `` a mountain of evidence points to his certain *UNK* . '' STOP 
The Senate will *UNK* behind closed doors today and is scheduled to vote on the impeachment tomorrow . STOP 
If the judge is *UNKED* , as is thought likely , he will be removed from office immediately . STOP 
However , Judge Hastings has said he will continue to fight and is *UNKING* an appeal of any impeachment to the U.S. Supreme Court . STOP 
*CUNK* *CUNK* to make insurers pay for pollution cleanup win court victory . STOP 
In a case involving *CUNK* Industries Inc. and its insurer , Travelers Cos. , the Second U.S. Circuit Court of Appeals in New York ruled in favor of the company on two issues that lawyers say are central to dozens of pollution cases around the country . STOP 
Travelers and other insurers have maintained that cleanup costs are n't damages and thus are n't covered under commercial policies . STOP 
They also have argued that government proceedings *UNKING* a company of potential responsibility do n't fit the legal definition of a lawsuit ; thus , such *UNKAL* proceedings are n't covered by the policies , the insurers say . STOP 
The appeals court *UNKED* on both counts . STOP 
*CUNK* was notified by Louisiana officials in 1986 that it was potentially responsible for a cleanup at an *UNKING* plant . STOP 
*CUNK* asked Travelers to defend it in the state proceeding , but the insurer did n't respond . STOP 
The appeals court *UNK* a district judge 's ruling that the insurer had to defend the company in such proceedings . STOP 
The appeals court also said , `` We think an ordinary businessman reading this policy would have believed himself covered for the demands and potential damage claims '' stemming from any cleanup . STOP 
`` This decision will have a very considerable impact , '' said Kenneth *CUNK* , professor of environmental law and insurance law at the University of Virginia , because many commercial insurance policies are issued by companies based in New York . STOP 
William *CUNK* , an attorney for the Chemical Manufacturers Association , said that while other appeals courts have ruled *UNKLY* on whether cleanup costs are damages , the influence of the appeals court in New York `` will make insurers sit up and listen . '' STOP 
He said the decision was the first in which a federal appeals court has ruled whether administrative government proceedings qualify as litigation . STOP 
Barry R. *CUNKER* , an attorney for Travelers , said , `` there are procedural bases on which this case will be appealed further . '' STOP 
NEW *CUNK* 'S poor face nearly three million legal problems a year without legal help . STOP 
That is the conclusion of a report released by the New York State *CUNK* Association . STOP 
The report was based on a telephone survey of *UNKN* low-income households across the state , a mail survey of major *UNKS* programs and *UNK-* interviews with individuals in the field . STOP 
`` The report provides detailed *UNKION* of the extent and nature of the problem and indicates how we may want to shape solutions , '' said Joseph *CUNK* , chairman of the committee that *UNK* the survey and a partner at the law firm of *CUNK* , *CUNKED* , *CUNK* & *CUNK* . STOP 
According to the study , slightly more than 34 % of those surveyed reported having at least one housing problem every year for which they had no legal help . STOP 
Nearly 36 % *UNKED* housing problems as their most serious *UNUNK* legal need . STOP 
Other areas targeted by the survey 's respondents included difficulty obtaining or maintaining public benefits -LRB- 22 % -RRB- , consumer fraud -LRB- *UNKN* % -RRB- , and health-care issues -LRB- 15 % -RRB- . STOP 
During the *UNK-* survey , 43 % of all *UNKS* programs said that at some period they were unable to accept new clients unless they had an emergency . STOP 
Mr. *CUNK* said the committee may meet to *UNK* solutions to the problems identified in the study . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* *CUNK* : STOP 
*CUNK* U.S. Attorney *CUNK* *CUNK* , who headed the government 's racketeering case against the International *CUNK* of *CUNKS* , will join *CUNK* , *CUNK* & *CUNKER* in its New York office . STOP 
Mr. *CUNK* has been with the New York U.S. attorney 's office for nearly five years . STOP 
In 1987 he became deputy chief of the civil division . STOP 
Mr. *CUNK* will do civil litigation and white-collar defense work for *CUNK* *CUNK* , which is based in Los Angeles . STOP 
*CUNK* *CUNK* *CUNK* Inc. general counsel John P. *CUNKS* has joined the Phoenix , Ariz. , law firm of Brown & *CUNK* . STOP 
Mr. *CUNKS* , 51 , will *UNK* in corporate law and international law at the *UNKER* firm . STOP 
Before joining Apple in 1986 , Mr. *CUNKS* served as general counsel at *CUNK* Corp . STOP 
After failing to find a buyer for the Sears Tower in Chicago , Sears , Roebuck & Co. is negotiating with Boston pension fund adviser *CUNK* , Eastman & *CUNK* Inc. to *UNK* the property for close to $ 850 million , according to people close to the negotiations . STOP 
Under the proposed agreement involving the world 's *UNKEST* building , Chicago-based Sears would receive about half the money through conventional mortgage financing and the other half as a convertible mortgage . STOP 
At the end of the term of the convertible loan , Sears could still own half the building , and *CUNK* could own the other half . STOP 
Neither side would comment . STOP 
The parties are currently negotiating over who would manage the building , which will be *UNKED* of 6,000 employees from Sears ' merchandise group , which is moving elsewhere . STOP 
The new manager will face the *UNKING* task of leasing 1.8 million square feet in a relatively soft Chicago real estate market . STOP 
Also , it has not yet been decided exactly how much of the mortgage *CUNK* will be able to convert into equity . STOP 
*CUNK* mortgages have become an increasingly popular way to finance *OUS* buildings of late . STOP 
In a convertible mortgage , the investor *UNKS* the building owner a certain amount in return for the option to convert its interest into equity , usually less than 50 % , at the end of the loan term . STOP 
During the term , the *UNKER* can either receive a percentage of cash flow , a percentage of the building 's appreciation or a fixed return . STOP 
The main advantage of a convertible mortgage is that it is not a sale and therefore does not trigger costly transfer taxes and *UNKAL* . STOP 
Sears said it would put the *UNK-* tower on the block almost a year ago as part of its *UNKER* restructuring . STOP 
But Japanese institutions *UNKED* away from bidding on the *UNK-* tower out of fear their purchase of the property would trigger *UNK-* sentiment . STOP 
Last summer , Sears appeared to have a deal with Canadian developer *CUNK* & York *CUNKS* Ltd . STOP 
But that deal fell through in September after it became clear that the sale would lead to a major real estate tax *UNK* , raising property taxes , and making it difficult to lease the building at competitive prices . STOP 
Real estate industry executives said Sears ' investment banker , Goldman , Sachs & Co. , sought financing in Japan . STOP 
However , Japanese authorities apparently were concerned that a refinancing also would attract too much publicity . STOP 
Sears then went back to *CUNK* , the Boston pension adviser that had proposed a convertible debt deal during the first round of bids last spring . STOP 
*CUNK* has $ 3.5 billion of real estate investments nationwide , according to a spokesman . STOP 
Tandy Corp. said it signed a definitive agreement to acquire two units of *CUNK* AB of Stockholm for cash . STOP 
The amount was n't disclosed . STOP 
The electronics maker and retailer previously estimated the sale price at between $ 100 million and $ 200 million for *CUNK* 's Victor *UNKER* and *CUNK* *UNK-* computer subsidiaries . STOP 
In addition , Tandy will acquire rights to the Victor and *CUNK* names for computers . STOP 
During 1988 , the *CUNK* subsidiaries had combined sales in excess of $ 200 million . STOP 
The transaction will give Tandy a well-known European computer brand that includes *UNKN* dealers and distributors marketing to *UNKED* business and educational institutions . STOP 
*CUNKING* of the transaction is subject to certain conditions and regulatory approvals , the company said . STOP 
Two rules in pending congressional legislation *UNK* to *UNKER* leveraged buy-outs by raising the price *UNKS* of such deals by as much as 10 % . STOP 
Wall Street is *UNKING* over the rules , which would *UNK* the tax *UNK* of debt used in most LBOs . STOP 
The provisions , in deficit-reduction bills recently passed by the House and Senate , could further cool the takeover boom that has been the driving force behind the *UNK* market in stocks for much of the 1980s , some tax experts and investment bankers argue . STOP 
Indeed , some investment bankers have already started restructuring deals to cope with the expected rules . STOP 
Wall Street has all but conceded on the issue and is now lobbying for the less *OUS* Senate version of one of the provisions . STOP 
At issue is the *UNK* of certain junk bonds that are used in most LBOs . STOP 
Such high-yield debt is similar to a zero-coupon bond in that it is sold at a discount to face value , with interest *UNKING* instead of being paid to the holder . STOP 
Under current rules , that accrued interest is *UNK* by the company issuing the debt . STOP 
The House version of the legislation would kill that deduction , and label any such debt as equity , which is n't *UNK* . STOP 
The *OUS* Senate version would *UNKER* the *UNK* for roughly five years . STOP 
`` You see these in just about every LBO , '' said Robert *CUNKS* , senior vice president in charge of tax issues at Shearson Lehman Hutton Inc. in New York . STOP 
`` It becomes a source of cash '' for the company making the LBO because it gets a deduction and does n't have to repay the debt for several years . STOP 
*CUNKLY* , Mr. *CUNKS* estimates , this type of debt makes up 15 % to 20 % of the financing for LBOs . STOP 
These types of bonds have been used in buy-outs of companies such as RJR Nabisco Inc. , *CUNKER* Communications Inc. and *CUNKER* Co . STOP 
A second provision passed by the Senate and House would eliminate a rule allowing companies that post losses resulting from LBO debt to receive refunds of taxes paid over the previous three years . STOP 
For example , if a company posted a loss of $ 100 million from buy-out interest payments , the existing rule would allow the concern to be able to receive a refund from the tax it paid from 1986 through 1989 , when it may have been a profitable public company . STOP 
But that rule is being virtually *UNKED* by Wall Street , which is concentrating on *UNKING* with the deduction issue . STOP 
`` Prices for LBOs have to come down if you do n't have that feature , '' argued Lawrence *CUNKS* , managing director for merchant banking at Donaldson , Lufkin & Jenrette Securities Corp. in New York . STOP 
Several Wall Street officials say the proposed legislation already is having an impact . STOP 
An investment group led by Chicago 's *CUNKER* family recently lowered a $ *UNKN* billion bid for American Medical International , Beverly Hills , Calif. , because of the threat of the legislation . STOP 
Moreover , one investment banker , who requested *UNK* , said his firm did n't raise the *UNK* for a target company earlier this month after a stronger bid emerged from a public company that was n't concerned about the financing provision . STOP 
`` We would have paid more if we thought that law was n't going to pass , '' he said . STOP 
One possible solution for Wall Street is to increase the equity part of the transaction -- that is , give lenders a bigger stake in the *UNKING* company rather than just interest payments . STOP 
That would force the buy-out firm and the target company 's management to reduce their level of ownership . STOP 
`` The *UNKS* in the *UNK* may have to give a little bit of the *UNK* back and then the deal can go through , '' said Peter C. *CUNKS* , tax partner at *CUNK* , *CUNK* , Rosen & Katz . STOP 
Another solution , said a tax lawyer who requested *UNK* , is for firms to use convertible bonds that sell at a discount . STOP 
Since they have a lower interest rate , they would n't fall under the junk-bond category that would lose its *UNK* . STOP 
The House version of the bill would make debt *UNK-* if it pays five percentage points above Treasury notes , has at least a five-year maturity and does n't pay interest for at least one year out of the first five . STOP 
The bill would then *UNK* that the debt is equity and therefore is n't *UNK* . STOP 
The Senate bill would only deny the deduction until interest is actually paid . STOP 
Currently , even though the *UNKER* does n't pay tax , the debt holder is *UNKED* on the accrued interest . STOP 
But those holders are often foreign investors and tax-exempt pension funds that do n't pay taxes on their holdings . STOP 
The Senate estimates that its version of the provision would yield $ 17 million the first year and a total of $ *UNKN* million over five years . STOP 
The House version would raise slightly more . STOP 
Even if Wall Street finds ways around the new rules , a Senate aide contends LBOs will become somewhat more difficult . STOP 
`` There 's no question it will make LBOs more expensive , '' he said . STOP 
`` The interest deduction was the engine that made these things more *UNK* . STOP 
The average publicly offered commodity fund fell 4.2 % in September , largely because of the volatile markets in foreign currencies , according to *CUNK* Securities . STOP 
The firm said that losers *UNKED* gainers by more than three to one among the *UNKN* funds it tracks . STOP 
For the first nine months of the year , *CUNK* said the average fund has lost 3.3 % . STOP 
The government moved aggressively to open the *UNKS* of federal aid for victims of the California earthquake , but its *UNK* of emergency funds must be *UNKED* soon if the aid is to continue . STOP 
President Bush signed a disaster *UNKION* covering seven Northern California *UNKS* . STOP 
The *UNKION* immediately made the *UNKS* eligible for temporary housing , grants and low-cost loans to cover *UNKED* property losses . STOP 
In addition , an unusually wide array of federal agencies moved to provide *UNKED* assistance . STOP 
The Department of Housing and Urban Development prepared to make as many as 100 vacant houses available for those left *UNKS* , the Agriculture Department was set to *UNK* food from the *UNK-* program to earthquake victims , and the Pentagon was providing everything from radio communications to blood *UNKS* to military police for *UNKING* traffic . STOP 
But the pool of federal *UNK-* funds already is running low because of the heavy costs of cleaning up Hurricane Hugo , and Congress will be under pressure to *UNK* more money quickly . STOP 
In Hugo 's wake , Congress *UNKED* $ 1.1 billion in relief funds , and White House spokesman Marlin Fitzwater said $ *UNKN* million of that money remains and could be diverted for quick expenditures related to the earthquake . STOP 
Now , though , enormous costs for earthquake relief will *UNK* on top of outstanding costs for hurricane relief . STOP 
`` That obviously means that we wo n't have enough for all of the *UNKS* that are now facing us , and we will have to consider appropriate requests for *UNK-* funding , '' Mr. Fitzwater said . STOP 
The federal government is n't even attempting yet to estimate how much the earthquake will cost it . STOP 
But Mr. Fitzwater said , `` There will be , I think quite obviously , a very large amount of money required from all levels of government . '' STOP 
In Congress , lawmakers already are looking for ways to add relief funds . STOP 
Money could be added to a pending spending bill covering the Federal *CUNK* Management Agency , which *UNKS* federal disaster relief . STOP 
More likely , relief funds could be added to an *UNKS* spending bill that Congress is to begin considering next week . STOP 
But it is n't just Washington 's relief dollars that are spread thin ; its relief *UNKER* also is stretched . STOP 
FEMA still has special disaster centers open to handle the aftermath of Hugo , and spokesman Russell *CUNK* acknowledged that `` we 're pretty thin . '' STOP 
Mr. *CUNK* says FEMA now possibly may have the *UNKEST* *UNK* in its history . STOP 
To further *UNK* relief efforts , the privately funded American Red Cross also finds itself *UNKED* for funds after its big Hugo operation . STOP 
`` It 's been a bad month *UNK-* and every other way , '' said *CUNKLY* Stewart , a spokeswoman for the Red Cross . STOP 
`` It just makes it a little rough when you have to worry about the budget . '' STOP 
The Red Cross has opened 30 *UNKS* in the Bay area , serving 5,000 people . STOP 
*CUNK-* trucks capable of *UNKING* food were *UNKED* from other states . STOP 
All the *UNK* types of federal aid that will be sent to California wo n't be determined until state officials make specific requests to FEMA , agency officials said . STOP 
And in the confusion after the earthquake , `` the information flow is a little slow coming in from the affected area , '' said Carl *CUNK* , a FEMA spokesman . STOP 
Still , some aid is moving *UNK* from Washington almost immediately . STOP 
HUD officials said they will make available as many as 100 Bay area houses that are under HUD loans but now are vacant after the houses have been *UNKED* to ensure they are sound . STOP 
*CUNKAL* housing *UNKS* and certificates will be made available , officials said , and some housing and *UNK-* funds may be *UNKED* from other programs or made available for emergency use . STOP 
Another federal agency not normally associated with disaster relief -- the Internal Revenue Service -- moved quickly as well . STOP 
The IRS said it will *UNK* certain tax penalties for earthquake victims unable to meet return *UNKS* or make payments because of the quake 's *UNKION* . STOP 
The agency plans to announce specific relief procedures in the coming days . STOP 
And the Treasury said residents of the San Francisco area will be able to cash in savings bonds even if they have n't held them for the minimum six-month period . STOP 
One advantage that federal officials have in handling earthquake relief is the large number of military facilities in the San Francisco Bay area , facilities that provide a ready base of supplies and workers . STOP 
Even before the full extent of the *UNKION* was known , Defense Secretary Dick Cheney ordered the military services to set up an emergency command center in the Pentagon and prepare to respond to various FEMA requests for assistance . STOP 
By yesterday afternoon , Air Force transport planes began moving additional rescue and medical supplies , *UNKS* , communications equipment and FEMA personnel to California . STOP 
A military jet flew a congressional delegation and senior Bush administration officials to survey the damage . STOP 
And the Pentagon said dozens of additional *UNKS* and transport aircraft were on alert `` *UNKING* orders to move emergency supplies . '' STOP 
Two Air Force facilities near Sacramento , and *CUNKS* Air Force *CUNK* , 50 miles *UNK* of San Francisco , were designated to serve as *UNK-* centers . STOP 
Some victims also were treated at the *CUNK* Army Medical Center in San Francisco and at the *CUNKAL* Hospital in Oakland . STOP 
In addition , 20 military police from the *CUNK* , a military base in San Francisco , are *UNKING* with traffic control , and a Navy ship was moved from a naval station at *CUNK* Island near the Bay Bridge to San Francisco to help fight *UNKS* . STOP 
To help residents in Northern California rebuild , FEMA intends to set up 17 disaster assistance offices in the earthquake area in the next several days and to staff them with 400 to 500 workers from various agencies , said Robert *CUNK* , chief of the agency 's individual assistance division . STOP 
At these offices , earthquake victims will be helped in filling out a *UNK-* form that they will need to qualify for such federal assistance as *UNK-* loans and to repair houses . STOP 
And federal officials are promising to move rapidly with federal highway aid to rebuild the area 's severely damaged road system . STOP 
The Federal *CUNK* Administration has an emergency relief program to help states and local governments repair federally funded highways and bridges seriously damaged by natural disasters . STOP 
The account currently has $ *UNKN* million . STOP 
And though federal law *UNKS* that only $ 100 million can be *UNKED* from that fund in any one state per disaster , administration officials expect Congress to move in to *UNK* spending more now in California . STOP 
To get that money , states must go through an elaborate approval process , but officials expect red tape to be cut this time . STOP 
Keith *CUNK* , special assistant to Federal *CUNK* *CUNK* Thomas *CUNK* , also said that after the 1971 San *CUNK* earthquake in Southern California , the state set tougher standards for bridges , and with federal aid , began a program to *UNK* highways and bridges for earthquake *UNKS* . STOP 
The first phase of the program has been completed , but two other *UNKS* are continuing . STOP 
The two major structures that failed Tuesday night , he said , were both built well before the 1971 earthquake -- the San Francisco Bay Bridge , completed in the 1930s , and the section of *CUNK-* , built in the 1950s . STOP 
The *CUNK-* section had completed the first phase of the *UNKING* . STOP 
*CUNK* *CUNK* contributed to this article . STOP 
*CUNK* *CUNK* *UNK* crops . STOP 
But how much will *UNKS* benefit ? STOP 
The harvest *UNKS* in plenty after last year 's *UNKED* effort : The government estimates corn output at *UNKN* billion *UNKS* , up 51 % from last fall . STOP 
*CUNK* production *UNKS* 24 % . STOP 
As a result , prices paid to farmers for the commodities , which are used in products as *UNK* as *UNK* *UNK* and *UNK* feed , *UNK* 20 % to 33 % . STOP 
But do n't expect too much in the way of price breaks soon at the supermarket . STOP 
Economists expect consumer food prices to jump 5.5 % this year to the highest level since 1980 and up from last year 's 4.1 % rise . STOP 
Next year may see a drop of one percentage point . STOP 
*CUNK* prices , *UNKING* near records since the *UNK* , could drop in *UNKEST* this winter if *UNKS* expand *UNKS* . STOP 
*CUNKER* feed prices may help animals eat more *UNKLY* , but humans have to factor in an expensive *UNK* : the *UNK* . STOP 
Food companies probably wo n't cut their prices much , *UNKING* other costs . STOP 
`` Labor takes the biggest single chunk out of the ` food dollar , ' '' says Frank *CUNK* of the Food Institute . STOP 
*CUNKLY* says stores revive *UNKS* like three *UNKS* of *UNKS* for 99 cents . STOP 
Two *UNKS* cost 89 cents during the *UNK* . STOP 
*CUNK* *CUNK* *CUNK* *UNKION* works , it usually does so after only a few tries . STOP 
*CUNKLY* *UNK* problems and procedures *UNK* as aging baby *UNKS* and others decide to have children -- now . STOP 
It 's estimated that one in six couples *UNKS* *UNK* , and in 1987 , Americans spent about $ 1 billion to fight the problem . STOP 
Only about five states now offer some form of insurance coverage , but more are expected . STOP 
A letter in the New England Journal of *CUNK* notes that while technology offers `` almost *UNKS* hope ... when to stop has become a difficult question ... . '' STOP 
The authors , from Boston 's *CUNK* Israel Hospital , say that 84 % of the 50 *UNKS* they followed occurred after only two in *UNK* cycles . STOP 
It adds that *UNKS* were `` extremely unlikely '' after the fourth cycle and concludes couples who do n't achieve a pregnancy after four to six procedures should be advised that success is unlikely . STOP 
Some couples continue to try . STOP 
`` Such *UNKION* may *UNK* into extreme physical , emotional and financial costs , '' the letter warns . STOP 
*CUNK* *CUNK* , these managers do n't . STOP 
Only three of the 25 corporate pension fund managers attending a *CUNK* *CUNKING* Group client conference say they plan to change the asset allocation mix in their portfolios because of the market drop . STOP 
*CUNK* *CUNK* come alive in a *UNK* version of the Guinness *CUNK* of Records . STOP 
The $ 99 *CUNK-* disk -LRB- it can only be played on an Apple *CUNK* computer at the moment -RRB- *UNKS* *UNKION* , music and sound . STOP 
Among the Guinness disk 's *UNKS* : the world 's *UNKEST* recorded *UNK* . STOP 
*CUNK* *CUNK* from David *CUNK* begins a *UNK-* *UNK* today at New York 's *CUNK* *CUNK* *CUNK* . STOP 
One of the artist 's *UNKEST* *CUNK* works was `` Little Stanley *CUNKING* , '' a *UNK* of his dog . STOP 
*CUNK* *CUNK* and receive in a *UNK* *UNK* with employees ' favored charities . STOP 
The Federal *CUNKION* Commission *UNKS* corporate plans to *UNK* to an employee 's chosen charity in exchange for the worker 's *UNK* to the company political action committee . STOP 
*CUNKEST* approvals : Bell Atlantic 's New Jersey Bell and General Dynamics . STOP 
Companies get more political clout plus a possible *UNK-* *UNK* *UNKION* -- so far no word from the IRS on *UNK* . STOP 
Detroit Edison , the plan *UNKER* , generated $ *UNKN* in matching funds this year , up from $ *UNKN* in 1988 . STOP 
But the utility may not continue next year . STOP 
`` We 're on a tight budget , '' says Detroit Edison 's Carol *CUNK* . STOP 
Two election commission members opposed the matching plans . STOP 
Scott E. Thomas says the plans give employees `` a bonus in the form of *UNK* donations made from an employer 's treasury '' in exchange for the political *UNKION* . STOP 
`` The U.S. government could be , in effect , *UNKING* political contributions to corporate *CUNKS* , '' he says . STOP 
New Jersey Bell *UNKS* state clearance . STOP 
Despite federal approval , General Dynamics says it decided it wo n't go ahead with the matching program . STOP 
*CUNK* *CUNK* find a helping hand from some catalog companies . STOP 
*CUNK* *CUNKS* & *CUNK* estimates direct mail catalog sales rose to $ 12 billion last year . STOP 
And while it 's too soon to tell how sales will fare in the important 1989 Christmas season , some companies take steps to ease the usual *UNK-* crush . STOP 
Spiegel promises a `` Guaranteed Christmas , '' with a *UNK* to deliver goods before Christmas if ordered by Dec. 20 . STOP 
And , for an extra $ 6 , Land 's *CUNK* will deliver orders within two days ; customers can *UNK* the day . STOP 
Spiegel , which also owns *CUNK* *CUNKER* and *CUNK* , says that since 1987 , sales have doubled during the week before Christmas . STOP 
An *CUNK* *CUNK* spokeswoman notes : `` People are just used to living in a *UNK-* society . '' STOP 
*CUNK* *CUNKS* , a *CUNK* brokerage firm , says part of the reason catalog sales grow in popularity is because consumers have more money but less time to spend it . STOP 
*CUNK* *CUNK* *UNKS* about *UNKN* workers for the season rush , about 300 more than last year ; Land 's *CUNK* *UNKS* 2,000 . STOP 
*CUNK* : STOP 
*CUNK* *CUNK* , a Brazilian soft drink , is brought to the U.S. by *CUNK* , *CUNK* Chase , *CUNK* . STOP 
New *CUNK* News says the *UNK* `` looks like *UNKER* *UNK* , *UNKS* a little like *UNKS* and *UNKS* like *UNK* *UNK* . '' ... STOP 
`` *CUNKS* '' planned for Chicago 's new *CUNK* Tower apartments include an *UNK-* investment *UNK* . STOP 
Four years ago , Pittsburgh was designated the *UNK-* U.S. city by *CUNK* *CUNKLY* 's *CUNKS* Rated *CUNK* , and the honor did *UNKS* to improve Pittsburgh 's *UNKED* image . STOP 
`` People asked , is it really true ? '' says *CUNK* *CUNK* , vice president , marketing services , for *CUNK* Products USA , a maker of health and *UNK-* products that used the ranking in its recruiting *UNK* . STOP 
*CUNK* City , Calif. , meanwhile , *UNKED* dead last among *UNKN* *UNK* areas . STOP 
*CUNKED* , residents *UNKED* *CUNK* *CUNKLY* books and *UNK* *CUNKS* that said : `` *CUNKS* my *CUNKS* . '' STOP 
The *UNK* will be making new friends and enemies on Oct. 27 , when an *UNKED* version will be released . STOP 
Pittsburgh figures it will be *UNKED* but plans to accept its *UNKER* *UNKLY* . STOP 
The city 's Office of *CUNKION* plans media events to welcome its successor . STOP 
`` We 're encouraging a *UNK* transition , '' says Mary *CUNK* *CUNK* , the organization 's president . STOP 
`` Our attitude is that -LRB- the ranking -RRB- is like Miss America . STOP 
Once you 're Miss America , you 're always Miss America . '' STOP 
*CUNK* that to Atlanta , which Pittsburgh replaced as the *UNK-* city in 1985 . STOP 
Many *CUNKS* thought Pittsburgh was an *UNUNK* *UNK* . STOP 
A columnist in the Atlanta Journal and Constitution wrote : `` Who did the research for this report ? STOP 
Two guys from Gary , Ind. ? '' STOP 
Not so . STOP 
*CUNKS* David *CUNK* and Richard *CUNKER* , live in *CUNKER* , Mass. , and *CUNK* , N.C. , respectively . STOP 
`` Atlanta , '' Mr. *CUNK* *UNKS* , `` has *UNUNK* *UNKS* to *UNKS* status . '' STOP 
The new edition lists the top 10 metropolitan areas as *CUNK-* *CUNK* , Calif. ; Boston ; Louisville , Ky. ; *CUNK-* , N.Y. ; New York ; Pittsburgh ; San Diego ; San Francisco ; Seattle ; and Washington . STOP 
Mr. *CUNK* says earthquake or not , San Francisco makes the list . STOP 
But attention also *UNKS* on who *UNKS* last , and *CUNK* *CUNK* , *CUNK* -- which finished third to last in 1981 and second to last in 1985 -- is certainly in the running . STOP 
`` I hate to *UNK* the publication by *UNKING* on the *UNK* rating , '' Mayor *CUNK* Robinson says , adding that cities have no way to *UNK* the book . STOP 
`` It 's like fighting your way out of a *UNK* . STOP 
You do n't know which way to *UNK* . STOP 
Northrop Corp. 's third-quarter net income fell 25 % to $ *UNKN* million , or 46 cents a share , while General Dynamics Corp. reported nearly flat earnings of $ *UNKN* million , or $ *UNKN* a share . STOP 
Los Angeles-based Northrop recorded an 8.2 % decline in sales as *CUNK* *CUNK* *UNKER* *UNK-* revenue continued to *UNK* and high costs on some other programs cut into profit . STOP 
The aerospace concern earned $ *UNKN* million , or 61 cents a share , a year earlier . STOP 
Sales in the latest period were $ 1.25 billion , down from $ *UNKN* billion in the 1988 quarter . STOP 
At St. *CUNKED* General Dynamics , sales rose 10 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
It earned $ *UNKN* million , or $ *UNKN* a share , in the 1988 quarter . STOP 
General Dynamics credited significant earnings gains in its general *UNKION* and material service segments , an earnings recovery in *UNK* operations , and higher military aircraft sales . STOP 
Northrop said sales fell because of the decline in *CUNK* development dollars from the government as the plane continues its initial production stage and because fewer *CUNK-* *UNKER* *UNKS* are being produced in its *UNK* work with prime contractor McDonnell Douglas Corp . STOP 
In composite trading on the New York Stock Exchange , Northrop shares closed at $ *UNKN* , off 25 cents . STOP 
General Dynamics closed at $ *UNKN* , up 50 cents . STOP 
Northrop , which since early 1988 has declined to accept *UNK-* contracts for research and development , said earnings were hurt by excessive costs on a number of such contracts won years ago . STOP 
Among them were the *CUNK-* electronic *UNKS* system for the *CUNK-* *UNKER* . STOP 
Northrop 's interest expense also soared to $ 35 million from $ 17 million a year ago . STOP 
It said debt remained at the $ *UNKN* billion that has *UNKED* since early 1989 , although that compared with $ *UNKN* million at Sept. 30 , 1988 . STOP 
The backlog of *UNKED* orders at Northrop on Sept. 30 was $ *UNKN* billion , down from $ *UNKN* billion a year earlier . STOP 
For the nine months , Northrop reported a net loss of $ *UNKN* million , or $ 1 a share , compared with profit of $ *UNKN* million , or $ *UNKN* a share , in 1988 . STOP 
Sales *UNKED* 3.6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
At General Dynamics , factors reducing earnings in the military aircraft segment included higher levels of *UNKING* in development of the Advanced *CUNKAL* *CUNKER* , and the high cost of an advanced version of the *CUNK-* *UNKER* . STOP 
*CUNK-* *UNKS* also have fallen `` slightly behind schedule , '' although a return to the previous schedule is expected in 1990 , the company said . STOP 
*CUNK* at General Dynamics rose to $ *UNKN* billion from $ *UNKN* billion . STOP 
Its interest expense surged to $ *UNKN* million from $ *UNKN* million . STOP 
For the nine months , General Dynamics earned $ *UNKN* million , or $ *UNKN* a share , up *UNKLY* from $ *UNKN* million , or $ *UNKN* a share , on a 4.9 % rise in sales to $ *UNKN* billion from $ *UNKN* billion . STOP 
Lotus Development Corp. reported a surprisingly strong 51 % increase in third-quarter net income on a 32 % sales gain , buoyed by strong demand for a new version of its *UNKN* computer *UNK* . STOP 
The results topped analysts ' expectations and the earnings growth of competitors , prompting traders to all but forget the *UNK-* delays that *UNKED* down the company for much of the past two years . STOP 
Yesterday , in heavy , national over-the-counter trading , Lotus shares rose to $ *UNKN* , up $ 1.25 apiece , *UNKING* a *UNK* *UNK-* of more than 40 % . STOP 
Lotus said net rose to $ 23 million , or 54 cents a share , on sales of $ *UNKN* million . STOP 
A year ago , net was $ *UNKN* million , or 31 cents a share , on sales of $ *UNKN* million . STOP 
For the nine months , net of $ *UNKN* million , or 92 cents a share , *UNKED* the year earlier 's $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose to $ *UNKN* million from $ *UNKN* million the year earlier . STOP 
In the first half , Lotus *UNKED* to keep market share with costly promotions while customers *UNKED* the launch of *UNKN* *CUNK* 3 , the *UNKED* *UNK* software . STOP 
Lotus 's results were about 10 % higher than analysts ' average expectations and compared *UNKLY* with the 36 % earnings rise reported a day earlier by rival Microsoft Corp. of *CUNK* , *CUNK* . STOP 
The company said results were bolstered by *UNKS* to *CUNK* 3 by previous customers and improved profit margins , the result of *UNK-* controls . STOP 
*CUNK* *CUNK* , a Goldman Sachs analyst , said Lotus had *UNK* revenue of about $ 22 million in the quarter , twice what he had expected . STOP 
Also , he estimated unit shipments of *UNKN* in all its forms were about *UNKN* , up 7 % from 1988 's quarterly average . STOP 
Demand for the new version was *UNKING* Lotus to raise prices with distributors and to hold market share against Microsoft and other competitors that tried to exploit the earlier delays in *CUNK* 3 's launch , Mr. *CUNK* added . STOP 
He estimated that *UNKN* *UNK* Microsoft 's *CUNK* *UNK* by *UNK-* in the quarter , and held a 70 % or better share of the *UNK* market . STOP 
Silicon Valley *UNKED* a *UNK* of relief yesterday . STOP 
Though details were *UNK* in the aftermath of the *UNK* earthquake that shook the high-tech *UNK* along with the rest of the San Francisco Bay area , a spot check of computer makers turned up little , if any , potentially *UNKING* damage to facilities or *UNKION* equipment . STOP 
Analysts and corporate officials said they expected *UNKLY* no long-term disruption in shipments from the Valley of either hardware or software goods . STOP 
Intel Corp. , Advanced *CUNK* *CUNKS* Inc. and National Semiconductor Corp. were all up and running yesterday , though many workers were forced to stay home because of damaged *UNKS* ; others elected to take the day off . STOP 
`` These systems are more *UNKED* than many people would believe , '' said Thomas *CUNK* , who tracks the computer industry for Merrill Lynch Research . STOP 
`` It 's not the end of the world if you shake them up a little bit . '' STOP 
Other companies , including International Business Machines Corp. and Hewlett-Packard Co. , completely *UNKED* their operations because of Tuesday evening 's temblor , which registered 6.9 on the Richter scale . STOP 
*CUNK* spent the morning *UNKING* buildings for structural weaknesses , *UNKING* up water from broken *UNKS* and clearing ceiling *UNKS* and other *UNKS* from factory *UNKS* . STOP 
Still , many were confident that `` in a day or two , everything should be back to normal , '' according to a spokeswoman for the Semiconductor Industry Association , based in *CUNK* . STOP 
IBM , for instance , said it anticipates returning to a normal work schedule by the weekend at its San Jose plant , which puts out disk drives for the *UNKN* family of mainframes . STOP 
A Hewlett-Packard spokeswoman said that , while `` things are a big mess , '' some *UNKN* Valley employees have been called back to work today . STOP 
Apple Computer added that it was being `` *UNKLY* optimistic , '' despite not yet closely *UNKING* all of its 50 buildings in the region . STOP 
Even the carefully *UNKED* machinery in its giant *CUNK* plant , to the north of the Valley , was believed to be *UNKED* . STOP 
Sun Microsystems Inc. and *CUNK* Computers Inc. also signaled that they should recover quickly . STOP 
Digital Equipment Corp. , with major facilities in Santa Clara , *CUNK* , Palo Alto and Mountain View , said that all of its engineering and manufacturing sites had reported to corporate headquarters in Maynard , Mass. , Tuesday night . STOP 
None sustained `` significant '' damage , a spokesman said , adding that `` the *UNK* manufacturing process machines were *UNKED* and were all found to be operating normally . '' STOP 
For many companies , of course , there is still a *UNK* of *UNKING* problems to *UNK* with , some of which have the potential to become quite serious . STOP 
For example , a spokesman for Advanced *CUNK* *CUNKS* said the Sunnyvale chip maker is worried about *UNKS* . STOP 
A sudden surge or drop in electric power could *UNK* integrated *UNKS* being built . STOP 
But , given what might have happened to the *UNK* parts that are at the heart of the *UNKS* business , the bulk of Valley companies seemed to be just about *UNKING* *UNKS* . STOP 
Several factors apparently *UNKED* the Valley -- a *UNKING* suburban stretch from San Jose to Palo Alto -- from the kind of impact felt in San Francisco , an hour 's drive north . STOP 
For one thing , buildings there tend to be newer and , thus , in step with the latest safety *UNKS* . STOP 
Also , the soil in the Valley is solid , unlike the *UNK* of San Francisco 's downtown Marina District , which was hit with *UNKS* and vast destruction . STOP 
In addition , some *UNKS* companies said they were prepared for *OUS* conditions like Tuesday 's . STOP 
Their machine tools are even *UNKED* to the shop floor . STOP 
Intel said that over the past decade , it has installed computer *UNKS* and *UNK* *UNKS* , sensitive to the shake of an earthquake , in the *UNKS* that *UNK* through its plants . STOP 
Like other large Valley companies , Intel also noted that it has factories in several parts of the nation , so that a breakdown at one location should n't leave customers in a total *UNK* . STOP 
That 's certainly good news for such companies as Compaq Computer Corp. , Houston , which has only a *UNK-* supply of *UNKS* from the Valley on hand because of a *UNK-* manufacturing approach that limits the *UNK* of inventory . STOP 
Compaq said it *UNKS* no difficulties in obtaining parts in the immediate future . STOP 
Computer makers were *UNKING* to help customers recover from the disaster . STOP 
Digital Equipment has set up *UNK-* response centers in Dallas , Atlanta and Colorado Springs , *CUNK* . STOP 
These units were handling calls both from people in the San Francisco area and from computers themselves , which are set to *UNKAL* Digital automatically when trouble *UNKS* . STOP 
They then run *UNKLY* controlled *UNK-* programs . STOP 
Digital also said it has *UNKED* teams of technicians to California . STOP 
Meanwhile , several other major installations around the Valley -- America 's center of high-tech -- said they , too , *UNKED* as well as could be expected . STOP 
Lawrence *CUNK* National Laboratory , where the Energy Department tests and *UNKS* research on nuclear weapons , had only `` *UNKAL* damage , '' a spokesman said . STOP 
At Lockheed Corp. 's missiles and space systems group in Sunnyvale , about 40 miles south of San Francisco , workers were asked to head to work yesterday after it was realized that `` there were no *UNKS* '' in the *UNKS* buildings on its *UNK-* *UNKS* . STOP 
Several engineering and research offices needed closer scrutiny to make sure they were n't in danger of *UNKING* , but `` the bulk of the place is in pretty good shape , '' an official said . STOP 
One of Lockheed 's most lucrative sectors -- accounting for more than half the aerospace company 's $ *UNKN* billion in sales in 1988 -- the missiles and space group is the prime Pentagon contractor on the *CUNK* II *UNK* missile . STOP 
It also *UNKS* pieces of the missile shield called the *CUNK* Defense *CUNK* . STOP 
*CUNKLY* , the *CUNK* Space *CUNK* -- set to be launched on the shuttle next year in a search for *UNK* *UNK* systems and light *UNKED* 14 billion years ago from the *UNKEST* reaches of the *UNUNK* -- was moved from Sunnyvale to the Kennedy Space Center in Florida at the beginning of October . STOP 
John R. *CUNK* *UNKED* to this article . STOP 
Michael Maynard offered the world a faster way to break eggs . STOP 
As thanks , the egg industry tried to break him . STOP 
And the egg producers have done a pretty good job . STOP 
They tried to put Mr. Maynard out of business by an act of Congress . STOP 
*CUNK-* lobbying helped persuade six states to ban Mr. Maynard 's automatic *UNKING* machine because of fears over *UNK* . STOP 
His company , *CUNK* Manufacturing Inc. , was forced to seek protection from creditors under federal bankruptcy law in 1987 and has since been *UNKED* . STOP 
*CUNKLY* sales of his Egg King machine -- which he now is marketing through a new company -- have *UNK* to about half a dozen from a peak of 75 , says the *UNK-* businessman . STOP 
Mr. Maynard is n't the first entrepreneur to *UNK* up against *UNKED* interests . STOP 
But his case is *UNK* both for the scale of the fight -- it is n't often that a congressional hearing is held to determine whether one small businessman is a threat to the *UNK* -- and for what it tells about the *UNKS* of marketing a new product . STOP 
Now one might ask why people who sell eggs would fight someone who is trying to make it easier to crack them . STOP 
Part of the answer lies in the nature of the industry . STOP 
Many larger egg producers are also egg *UNKS* , who crack , *UNK* , and *UNK* billions of eggs , turning them into *UNKED* , *UNKED* or *UNK* egg products . STOP 
However , dozens of *UNKS* , restaurant *UNKS* and other food *UNKS* who *UNKED* to Mr. Maynard 's defense say that products ranging from egg *UNK* to *UNKS* lose some *UNK* when the eggs come in *UNK-* *UNKS* instead of *UNKS* . STOP 
But for companies that use hundreds of eggs a day , breaking them by hand can get , well , out of hand . STOP 
The idea behind the Egg King is pretty simple : put the eggs into a *UNKER* that contains *UNKED* baskets , spin them at a high speed to break the *UNKS* and strain the *UNK* part through the baskets . STOP 
One Egg King -- which at just under four feet *UNK* and two feet wide has been *UNKED* to the *UNK* *CUNK-* -- can crack about 20,000 eggs an hour . STOP 
Because fresh eggs are less expensive than processed ones , a big egg user can recover the Egg King 's $ *UNKN* cost in a few months , says Mr. Maynard . STOP 
Such *UNKAL* egg breakers have been around since the *UNKS* . STOP 
But when Mr. Maynard came forward with his machine in the early 1970s nobody else was offering them in the U.S. . STOP 
The main reason : *UNK* . STOP 
*CUNKS* carry this bacteria , which can cause upset *UNKS* and , in rare cases , death among people . STOP 
*CUNKS* sometimes pass *UNK* to the eggs , and it can also be found on *UNUNK* *UNKS* . STOP 
Thus , any machine that breaks large amounts of eggs at once has the potential to spread *UNK* if a bad egg gets in with the good ones . STOP 
Mr. Maynard claims this is a *UNK* problem . STOP 
The Egg King carries written instructions to break only *UNK-* eggs that have been properly *UNKED* and , as an added *UNKION* , to use the eggs only in products that will be *UNKED* enough to kill bacteria . STOP 
With nearly 4,000 machines in use , there have been no *UNK* problems as long as instructions were followed , Mr. Maynard boasts . STOP 
He says the handful of *UNK* cases involving products that may have used eggs broken by an Egg King stemmed from a failure to *UNKLY* *UNK* the products . STOP 
But he says that 's no more a reason for banning Egg *CUNKS* than bad drivers are a reason for banning cars . STOP 
*CUNKS* do n't buy such arguments . STOP 
`` Human nature being what it is , people do n't always follow instructions , '' says Jack *CUNK* , chief of food protection for the New York state Health Department . STOP 
*CUNKING* the *UNK* against the Egg King has been United Egg *CUNKS* . STOP 
The *CUNK* , *CUNK* , trade group has issued a `` *UNKING* book '' that claims the machine is `` a health *UNK* '' and that Mr. Maynard is trying `` to make a fast *UNK* at the expense of the nation 's egg producers . '' STOP 
The *CUNK* declines to comment , but the group 's attorney , Alfred *CUNK* , says the group 's actions are *UNKED* solely by `` health concerns . '' STOP 
An early *UNK* was the U.S. Department of Agriculture . STOP 
Mr. Maynard initially won approval for his machine to be used at *UNKING* facilities regulated by the *CUNK* 's Food Safety *CUNKION* Service . STOP 
Unfortunately for Mr. Maynard , another branch of the *CUNK* , the *CUNKAL* Marketing Service , was in charge of eggs . STOP 
After receiving complaints from egg producers , this branch got the other branch to *UNK* its approval , thus limiting the machine 's potential market to *UNKS* and restaurants and other *UNKS* that are n't regulated by the *CUNK* . STOP 
The egg producers also *UNKED* the Food and Drug Administration . STOP 
But the FDA in a 1985 letter to the United Egg *CUNKS* said that there was `` little likelihood '' of a health problem as long as instructions were followed . STOP 
So the producers went to Capitol Hill , where a congressman from Georgia introduced a measure to ban *UNKAL* *UNKING* machines . STOP 
Mr. Maynard , whose company at the time was based in Santa *CUNK* , Calif. , *UNKED* his local congressman , and the battle was joined . STOP 
Mr. Maynard 's forces finally defeated the measure , though it took a vote on the floor of the House of Representatives to do it . STOP 
Even then , opponents managed to get a congressional hearing to examine what one congressman called an `` *OUS* '' method for breaking eggs . STOP 
*CUNKED* in their effort to get a national ban , the egg producers turned their attention to the states . STOP 
So far , New York , New Jersey , *CUNK* , Georgia , Michigan and Minnesota have *UNKED* Mr. Maynard 's device , citing health concerns . STOP 
An antitrust suit that Mr. Maynard 's company filed in Los Angeles federal court against the United Egg *CUNKS* and others only added to the entrepreneur 's *UNKS* . STOP 
The judge dismissed the suit and ordered Mr. Maynard 's company to pay over $ 100,000 in legal fees to the defendants ' lawyers . STOP 
Mr. Maynard says the ruling pushed his company into bankruptcy court . STOP 
Now he has moved to Oklahoma where costs are lower , and started a new company , *CUNK* Inc. , to market his machine . STOP 
But , so far , the change of *UNK* has n't ended his string of bad breaks . STOP 
Mr. Maynard recently fell from a horse and *UNKED* his arm . STOP 
*CUNK* Pfeiffer ca n't *UNK* *UNK* and *UNKING* at the same time . STOP 
But on the evidence of `` The *OUS* Baker *CUNKS* , '' that may be the only thing she ca n't do , at least when she 's acting in movies . STOP 
As the tough , *UNK* *UNK* *UNK* in `` The *OUS* Baker *CUNKS* , '' Ms. Pfeiffer *UNKS* for herself , and more than *UNKLY* well . STOP 
Her *CUNK* *CUNK* *UNKS* a song the way the *UNKS* do , like she 's hearing the way it should sound inside her head and she 's concentrating on matching that internal tone . STOP 
Yet her *UNK* *UNKS* and starts with the music . STOP 
When she is n't performing for an audience , she *UNKS* for a song by removing the *UNK* of *UNK* from her *UNK* , and indicates that she 's finished by *UNKING* the *UNK* back in . STOP 
Like almost everything in this *UNKLY* *UNK* and *UNK* movie , Ms. Pfeiffer 's *CUNK* seems like someone you 've seen before , in numerous *UNK-* stories -LRB- even her name , *CUNK* *CUNK* , sounds like a character *CUNK* *CUNK* must have played -RRB- . STOP 
Yet nothing about `` Baker *CUNKS* , '' and certainly nothing about Ms. Pfeiffer , really is like something from the video *UNK* . STOP 
Steve *CUNKS* , the young writer and director -LRB- he is n't yet 30 -RRB- , has only one produced picture to his credit ; he wrote the *UNK* for `` *CUNKING* With the Moon , '' a *UNKLY* *UNK-* picture set in the *UNKS* . STOP 
Both movies are *UNKED* with the *UNK* *UNK* of someone much older , someone who does n't *UNKS* *UNKS* , but who also has enough experience to see his limits . STOP 
However , Mr. *CUNKS* directs his own material without *UNK* and at its own *UNK* pace ; `` Baker *CUNKS* '' is both *UNK* and funny . STOP 
He 's put a fresh spin on material that could come off *UNKLY* *UNKED* ; for example , the way *CUNK* *UNKS* an audience the first time she *UNKS* with the Baker *CUNKS* . STOP 
Of course , it does n't hurt that Mr. *CUNKS* has made up for his lack of experience behind the camera with technicians who know exactly what they 're doing . STOP 
Much of the picture 's *UNK* *UNKS* from *UNKER* Michael *CUNKS* 's *UNKLY* *UNK* *UNKS* work . STOP 
After working for years with *CUNKER* *CUNKER* *CUNKER* , the late German director , and more recently with Martin *CUNK* -LRB- `` After *CUNKS* , '' `` The *CUNK* of Money , '' `` The Last *CUNKION* of *CUNK* '' -RRB- , Mr. *CUNKS* has developed a *UNKLY* *UNK* style . STOP 
And Dave *CUNK* 's *UNK* score *UNKS* the *UNKAL* requirements of *UNK-* *UNK* -LRB- `` *CUNKS* '' is a must -RRB- without *UNKION* . STOP 
Though Ms. Pfeiffer has the *UNK* part -- she gets the best comic *UNKS* and to wear *OUS* *UNKS* and *UNKED* heels the *UNKS* are pretty great , too . STOP 
What seemed like a good idea , to cast the *CUNKS* brothers -LRB- Jeff and *CUNK* -RRB- as the Baker brothers , actually turned out to be a good idea . STOP 
*CUNK* who 's tried to appear `` natural '' in front of a camera knows that it 's much more natural to end up looking like a stiff . STOP 
So it 's quite possible that the *UNK* play between the brothers is n't natural at all , that Jeff and *CUNK* had to work like crazy to make their *UNKLY* love -- and *UNK* and frustration and *UNK* -- seem so very real . STOP 
When the movie opens the Baker brothers are doing what they 've done for 15 years *UNKLY* , and twice as long as that for themselves : They 're playing *UNK* *UNK* , *UNK-* , on *UNK* *UNKS* . STOP 
They 're small time in the small *UNKS* -LRB- not the best ones -RRB- and restaurants in Seattle . STOP 
Yet they do n't *UNK* their audiences by *UNKING* their act . STOP 
They wear *UNKS* most nights , unless circumstances -LRB- a regular *UNK* at a `` *UNKAL* '' *UNK* , for example -RRB- require them to wear special *UNKS* , like *CUNK* *UNKS* . STOP 
*CUNK* *CUNK* , looking eager to *UNK* with his *UNKED* *UNKS* and round face , plays the older brother , Frank . STOP 
Frank plans the program , takes care of business , and approaches the work like any other job . STOP 
He 's even able to think of a job that takes him out of the house 300 nights a week as an ordinary job . STOP 
He 's got a wife and two kids and a house in the *UNKS* ; the audience sees only the house , and only near the end of the movie . STOP 
Frank *UNKS* a little for the *UNKS* , probably no more or less than he would have to if he worked for a big corporation . STOP 
On his *UNKS* he *UNKS* *UNK* *UNKS* . STOP 
Jeff *CUNKS* is the younger brother , Jack , who *UNKS* himself the *OUS* artist ; he lives in a *UNK* with his sick dog and the *UNKAL* visit from the little *UNK* *UNKS* , who *UNKS* down the fire escape . STOP 
Yet Jack 's the one who can remember every *UNK* they ever played , and when , and he *UNKLY* shows up for work night after night -LRB- he *UNKS* himself with *UNK* and by showing up at the last minute -RRB- . STOP 
Looking *UNKER* than he has in a while , the younger Mr. *CUNKS* 's Jack is *UNK* and *UNKAL* and a far *UNKER* case than Frank , who 's managed to *UNK* his *UNKS* to fit reality without feeling too *UNKED* . STOP 
He can live with little *UNKS* . STOP 
Mr. *CUNKS* has put together some *UNKS* moments . STOP 
These include *CUNKER* *CUNKLY* 's *UNKION* to be the Baker *CUNKS* ' *UNK* singer . STOP 
Ms. *CUNKLY* of the *UNK-* voice showed great comic promise during her *UNK* as the *UNKER* 's *UNK* on the television show , `` Hill Street *CUNKS* . '' STOP 
Here she *UNKS* , especially during her *UNKLY* awful *UNKION* of the `` *CUNK* *CUNK* , '' which she *UNKS* while *UNKING* around in a little cotton candy *UNK* *UNK* *UNKER* that could n't be more perfect . STOP 
-LRB- It *UNKS* her voice . -RRB- STOP 
And Ms. Pfeiffer 's particular version of `` *CUNKING* *CUNK* '' -- and the way Mr. *CUNKS* *UNKS* her , from the *UNKS* of her red high heels right up her *UNK* red *UNK* dress -- might make you think of *CUNK* *CUNK* if Ms. Pfeiffer had n't gone and become a star in her own right . STOP 
*CUNK* *CUNK* : STOP 
If you 'd like to see the first time *CUNK* Pfeiffer *UNK* on screen , and you have a lot of *UNK* , take a look at `` *CUNK* 2 . '' STOP 
You 'll find her there . STOP 
Better yet , check out the *UNK* of her comic *UNK* in `` *CUNKED* to the *CUNK* , '' Jonathan *CUNK* 's *UNK* *CUNK* comedy . STOP 
International *CUNKS* Corp. *UNKLY* agreed to pay $ 49 million and *UNKN* of its shares for *CUNK* PLC 's *CUNK* *CUNK* restaurant subsidiary . STOP 
Shareholders of International *CUNKS* , a food and *UNKS* company , will vote on the transaction at a meeting late next month . STOP 
*CUNK* is a London producer of consumer and other goods . STOP 
International *CUNKS* shares did n't trade yesterday on the American Stock Exchange . STOP 
They closed Tuesday in composite trading at $ *UNKN* , down 37.5 cents , giving the stock portion of the transaction an indicated value of $ *UNKN* million . STOP 
Control Data Corp. agreed to sell its idle supercomputer manufacturing plant here to Minnesota *CUNKING* & Manufacturing Co. for $ 5.8 million . STOP 
The tentative agreement calls for *UNK* to use the *UNK-* plant and 19 acres of land for research laboratories . STOP 
Control Data has been seeking a buyer for the facility since it *UNKED* its *CUNK* Systems Inc. supercomputer unit this past April . STOP 
General Dynamics Corp. was awarded contracts totaling $ *UNKN* million for one Navy *CUNK* *UNK* and for Air Force research on the National Aerospace plane . STOP 
Grumman Corp. won a $ *UNKN* million Navy contract for 12 *CUNK-* aircraft . STOP 
*CUNK* Co. was issued a $ *UNKN* million Air Force contract for support of the *CUNK* communications satellite . STOP 
McDonnell Douglas Corp. got a $ 12.5 million Air Force contract for support work on the National Aerospace plane . STOP 
*CUNKS* C. Smith was named to the new post of vice president of world-wide advanced materials operations for this chemicals concern . STOP 
Mr. Smith , 50 years old , was formerly responsible for advanced materials , which include plastic *UNKS* and *UNKS* , in North America only . STOP 
*CUNK* is *UNKED* by *CUNK* *CUNK* . A. of Milan , Italy . STOP 
*CUNK-* Co. said it will redeem all *UNKN* shares of its privately held 6.5 % convertible Series C preferred stock Nov. 8 . STOP 
*CUNKS* can either convert each share into *UNKN* shares of the company 's common stock , or surrender their shares at the per-share price of $ 1,000 , plus *UNKED* dividends of $ *UNKN* a share . STOP 
*CUNK-* makes and markets products for the construction , mining and energy industries . STOP 
Bank Building & Equipment Corp. of America , which previously said accounting *UNKS* its *UNKS* uncovered would hurt earnings and require *UNK* of earlier results , increased its projections of the negative fiscal impact , and said it was exploring the company 's sale . STOP 
Bank Building , which *UNKS* and *UNKS* banks , had announced it would *UNK* the *UNK-* quarters of this fiscal year , which ends Oct. 31 . STOP 
On Oct. 5 , the company estimated after-tax effects on the year 's earnings would be `` at least '' $ 1.3 million . STOP 
Yesterday , the company said the negative after-tax effect on earnings for the year will be about $ 3.3 million . STOP 
For the nine months ended July 31 , Bank Building had a net loss of $ 1 million , on revenue of $ *UNKN* million . STOP 
Bank Building , which expects to report a fourth-quarter loss , said it engaged advisers to `` explore financial alternatives for the company including the possible sale of the company or one or more of its units . '' STOP 
Company *UNKS* are continuing their review , and final restated figures are n't yet available . STOP 
Bank Building earlier said the *UNK* is *UNKED* by `` certain errors in recording receivables and *UNKS* '' at its *CUNK* *CUNK* division . STOP 
That division 's manager has been fired . STOP 
In American Stock Exchange composite trading , Bank Building closed at $ 4 a share , down 62.5 cents . STOP 
Gen. Paul *CUNK* *CUNK* , retired *UNK* of the U.S. Marine *CUNKS* , was elected a director of this plastics , specialty materials and aerospace concern , succeeding *CUNK* *CUNK* , who resigned to accept a government position . STOP 
Rep. Mary Rose *CUNK* -LRB- D. , Ohio -RRB- at last week 's hearings on *UNKS* in programs at the Department of Housing and Urban Development : STOP 
I do n't want to feel guilty representing my constituents . STOP 
And if I think that some people -LCB- on HUD Secretary Jack Kemp 's -RCB- staff are off base in terms in which they 're *UNKING* certain things affecting my *UNK* , I have to tell you something -- I 'm not going to take it . STOP 
I think that I 'm elected to represent the people that sent me here . STOP 
And one of our charges is to be an *UNK* for our area . STOP 
And if we 're not *UNK* for our area , we ought to be thrown out of office . STOP 
On the other hand , if we 're asking for something *UNUNK* or *UNUNK* and so on , then that 's a whole different story . STOP 
But if I feel that there are *UNKS* where I 'm trying to get housing for our area -- whatever it happens to be -- and I have to feel that I ca n't even ask a question , I 've got to tell you , I think that 's *OUS* . . STOP 
I think these regulations that would *UNK* *UNKED* programs in areas across this country would be wrong to change ... . STOP 
I do n't want to see some guidelines change that 's going to *UNK* my city 's opportunity to use its money . STOP 
The Chicago Mercantile Exchange said it fined *CUNK* Futures Inc. $ 500,000 and accepted its withdrawal from membership as part of a settlement of *UNK* actions against the firm . STOP 
*CUNK* Futures is a Chicago subsidiary of *CUNK* Financial Services Ltd. , a London financial firm that was *UNKED* last year in a scheme to *UNKER* drug money . STOP 
The case is pending . STOP 
The firm was indicted in *CUNK* , Fla. , on *UNKING* charges . STOP 
In June , the Chicago Board of Trade said it suspended *CUNK* Financial . STOP 
The *CUNK* Futures unit withdrew from Board of Trade membership voluntarily in August , a Board of Trade spokesman said . STOP 
*CUNK* Futures , while neither *UNKING* nor *UNKING* the Merc charges , said in a statement that the Merc charges were `` technical in nature '' and that `` no customers were hurt '' as a result of the violations cited by the Merc . STOP 
The Merc alleged that , among other things , from April 1987 through October 1988 *CUNK* Futures failed to document trades between *CUNK* Futures and people or entities directly or indirectly controlled by *CUNK* Futures shareholders . STOP 
Frederick W. Lang , 65 years old , the founder of this software services concern , was elected to the new post of chairman . STOP 
*CUNKLY* president and treasurer , Mr. Lang remains chief executive officer . STOP 
Victor C. *CUNK* , 58 , formerly executive vice president , succeeds Mr. Lang as president and becomes chief operating officer , a new post . STOP 
*CUNK* Warren , *UNK-* group managing director , was named chief executive officer of this food and agriculture group . STOP 
The post of chief executive has been vacant since July when Terry *CUNK* , 55 , left the company . STOP 
*CUNK-* mutual fund assets grew at nearly three times their usual rate in the latest week , as investors *UNKED* for safety instead of the stock market . STOP 
*CUNK-* assets soared $ 4.5 billion in the week ended Tuesday , to a record $ *UNKN* billion , according to *CUNK* 's Money Fund Report , a *CUNK* , *CUNKED* newsletter . STOP 
`` We were expecting it , following the fall of the Dow Friday , '' said *CUNK* *CUNK* *CUNKS* , editor of Money Fund Report . STOP 
`` It 's the *UNKAL* flight to safety . '' STOP 
Despite recent declines in interest rates , money funds continue to offer better yields than other comparable investments . STOP 
The average seven-day compound yield on the 400 taxable funds tracked by *CUNK* 's was 8.55 % in the latest week , down from *UNKN* % . STOP 
*CUNK* yields assume *UNK* of dividends and that current yields continue for a year . STOP 
Most short-term certificates of deposit are yielding about 8 % or less at major banks , and the yields on Treasury bills sold at Monday 's auction fell to *UNKN* % for three months and *UNKN* % for six months . STOP 
*CUNK-* assets have been rising at an average rate of $ 1.6 billion a week in recent months , Ms. *CUNKS* said , reflecting the relatively high yields . STOP 
In the latest week , funds open to institutions alone grew by $ 1.8 billion . STOP 
Some fund managers say *UNKS* could increase in coming days as a result of stock selling in the wake of Friday 's *UNKN* point drop in the Dow Jones Industrial Average . STOP 
`` If you 're selling equities , you do n't start getting proceeds for five to seven days , '' said Frank *CUNK* , who manages the Kemper Money Market Fund . STOP 
Neal *CUNK* , marketing vice president for Fidelity Investments , said *UNKS* Friday into Fidelity 's *CUNK* and *CUNK* Reserves money-market funds were about twice normal levels , with about half coming from equity and junk-bond funds . STOP 
Monday and Tuesday `` were lackluster in comparison , '' he said . STOP 
`` People are n't necessarily running scared , '' Mr. *CUNK* said . STOP 
`` They 're maintaining their attitude toward investing , which has *UNKED* toward the conservative recently . '' STOP 
*CUNK-* yields tend to lag *UNK* trends as portfolio managers adjust the maturities of their investments -- short-term Treasury securities , commercial paper and the like -- to *UNK* the highest yields . STOP 
*CUNKS* usually are *UNKER* when rates are rising and longer when they are falling . STOP 
The average maturity of the funds tracked by *CUNK* 's remained at 38 days for the third consecutive week . STOP 
It was as short as 29 days at the start of this year , when rates were *UNKING* steadily upward , and hit 42 days in August . STOP 
The average seven-day simple yield of the funds fell to *UNKN* % this week from *UNKN* % . STOP 
The average 30-day simple yield was *UNKN* % , compared with *UNKN* % the week before , and the 30-day compound yield slid to *UNKN* % from *UNKN* % . STOP 
Some funds are posting yields far higher than the average . STOP 
The highest yielding taxable fund this week was *CUNK* Money Market Fund , with a seven-day compound yield of *UNKN* % . STOP 
That included capital gains that were passed along to customers . STOP 
Among the other *UNKING* funds , Fidelity 's *CUNK* Fund had a seven-day compound yield of *UNKN* % in the latest week . STOP 
The seven-day compound yield of the Dreyfus *CUNK* Dollar Fund was *UNKN* % . STOP 
whose Della Femina *CUNK* WCRS agency created *UNK* Joe *CUNK* , among others -- announced a massive restructuring that largely *UNKS* it from the advertising business and includes selling the majority of its advertising unit to *CUNKED* Eurocom . STOP 
The complex restructuring , which was long expected , *UNKS* London-based WCRS from primarily a *UNK* of advertising into one of Europe 's largest buyers of advertising time and space . STOP 
It also creates a newly merged world-wide ad agency controlled by Eurocom and headed jointly by New York ad man Jerry Della Femina and two top WCRS executives . STOP 
The merged agency 's *UNKLY* ambitious goal : to become one of the world 's 10 largest agencies , while attracting more *UNKAL* clients than the agencies were able to attract alone . STOP 
WCRS 's restructuring reflects the growing importance of media buying in Europe , where the only way to get a good price on advertising time and space is to buy it in bulk . STOP 
For Eurocom , meanwhile , the move gives it a strong U.S. *UNK* in Della Femina , and more than *UNKS* the size of its ad agency business world-wide . STOP 
It also gives the *UNK* Mr. Della Femina -- who often *UNKS* as much publicity for himself as for his clients -- an international platform that he most certainly wo n't be *UNK* to use . STOP 
According to terms , WCRS will pay *UNKN* billion French francs -LRB- $ *UNKN* million -RRB- for the 50 % it does n't already own of Carat Holding S.A. , one of Europe 's largest media buyers . STOP 
Meanwhile , Eurocom , which had held 20 % of WCRS 's ad unit , will pay # *UNKN* million -LRB- $ *UNKN* million -RRB- to raise its stake to 60 % . STOP 
That price also covers Eurocom raising to 60 % its 51 % stake in Europe 's *CUNKER* Group , a joint venture ad agency network it owns with WCRS . STOP 
Eurocom will also have the right to buy the remaining 40 % of the merged ad agency group in six years . STOP 
The transaction places the three executives *UNKLY* at the *UNK* of a major agency with the rather *UNUNK* name of Eurocom WCRS Della Femina *CUNK* Ltd. , or *CUNK* . STOP 
The merged agency will include Della Femina *CUNK* based in New York , Eurocom 's various agencies in France , the *CUNKER* Group in Europe and WCRS 's other advertising and direct marketing operations . STOP 
Mr. Della Femina will be joint chairman with former WCRS executive *CUNK* *CUNK* . STOP 
Both will report to *CUNK* *CUNK* , a former WCRS executive who will be chief executive officer at the new agency . STOP 
In an interview in New York , Mr. *CUNK* , fresh from a *CUNK* flight from Paris where executives had worked through most of the night , *UNKED* big plans for the new agency . STOP 
`` Our goal is to develop quite rapidly to a *UNK-* position ... by the end of three years from now . STOP 
It implies very dramatic growth , '' he said . STOP 
He added that Eurocom and WCRS had agreed to provide a development fund of # 100 million for acquisitions . STOP 
The new agency group is already in discussions about a possible purchase in Spain , while Mr. *CUNK* said it also plans to make acquisitions in *CUNK* , Germany and elsewhere . STOP 
*CUNKING* the top 10 within three years will be difficult at best . STOP 
Della Femina had *UNKS* of just $ *UNKN* million last year and *UNKED* as the U.S. 's *UNKEST* ad agency . STOP 
The merged company that it now becomes part of will have *UNKS* of just more than $ 2.6 billion -- most of that in Europe -- bringing it to about *UNK* world-wide . STOP 
To make it to *UNK-* status , it would have to *UNK* over such *UNK* forces as *CUNK* Advertising , *CUNK* *CUNKS* *CUNK* & *CUNKS* and *CUNK* 's *CUNK* *CUNK* . STOP 
The merged agency 's game plan to attract *UNKAL* *UNKS* advertisers may prove equally difficult . STOP 
When WCRS created Della Femina *CUNK* out of the merger of three smaller agency units in 1988 , it said it did so in order to attract larger clients , especially *UNKS* companies . STOP 
Since then , Della Femina won Pan Am as an international client and also does work for a few *UNKS* clients , including Dow Chemical Co. 's *CUNK* *CUNK* . STOP 
But major *UNKS* players of the world -- such as Procter & Gamble , *CUNK-* and Unilever -- have *UNKLY* *UNKED* the agency . STOP 
`` Three of our favorite names , '' Mr. Della Femina calls that *UNKER* , adding *UNKLY* , `` We 're a much more attractive agency to large *UNKS* today than we were yesterday . '' STOP 
Still , the restructuring could create one of the most powerful alliances between advertising and *UNKING* firms that Europe has seen . STOP 
As part of the restructuring , WCRS and Eurocom said they will look for ways to combine their media buying across Europe . STOP 
What 's more , both Eurocom and brothers Francis and *CUNK* *CUNKS* , who founded Carat , will acquire *UNKN* % stakes in WCRS Group , creating a powerful link between Eurocom and Carat . STOP 
Carat will receive its WCRS stake as part of payment for the 50 % Carat stake that WCRS is buying , while Eurocom said it expects to pay about # 32 million for its WCRS stake . STOP 
Mr. Della Femina says he plans to remain heavily involved in the creative product at the world-wide agency , serving as a sort of `` creative *UNK* . '' STOP 
*CUNK* *CUNK* , Della Femina 's president , will continue running the U.S. agency day-to-day . STOP 
They and other top executives signed long-term employment contracts and Mr. Della Femina will receive an additional *UNK-* sum , which some industry executives *UNKED* at about $ 10 million . STOP 
WCRS Group , for its part , will now be able to follow its longstanding plan of becoming `` a holding company for a series of *UNKED* businesses , '' said Peter Scott , the firm 's chief executive . STOP 
In addition to Carat , WCRS will hold onto its public relations , TV programming and other businesses . STOP 
WCRS says its debt will be cut to # 24 million from # 66 million as a result of the transaction . STOP 
For Carat , meanwhile , the alliance with Eurocom and WCRS is intended to strengthen its own push outside France . STOP 
Carat 's *CUNKS* brothers *UNKED* the idea of *UNK-* buying of media space . STOP 
By buying the space in bulk , they obtain discounts as high as 50 % , which they can pass on to customers . STOP 
They thus have won the French *UNKING* business of such advertising giants as Coca-Cola Co. , Fiat *CUNK* . A. , Gillette and Kodak . STOP 
But now , other agencies are getting into the business with their own competing *UNKING* groups -- and Carat wants to expand to the rest of Europe . STOP 
To help finance the Carat purchase , WCRS said it plans an issue of *CUNK* preferred shares once the market *UNKS* down . STOP 
But WCRS added that `` in the light of the current uncertainty in the equity markets , '' it has arranged *UNK-* debt financing , which would be *UNUNK* by Samuel *CUNK* & Co. Ltd . STOP 
*CUNK* 's *CUNK* STOP 
Tuesday 's earthquake brought the San Francisco ad scene to a *UNKING* halt yesterday , with only a few staffers showing up at their offices , mainly to survey the damage or to *UNKING* their hands about imminent *UNKS* *UNKS* . STOP 
While no agencies reported injuries to employees , the quake damaged the offices of J. Walter Thompson , *CUNK* and *CUNK* *CUNK* , among others , *UNK* for those agencies said . STOP 
*CUNKS* at Thompson , whose offices are in the *UNK* *CUNK* Center , watched pictures drop from the walls and then felt the *UNKER* *UNK* seven to eight feet , according to a spokeswoman . STOP 
*CUNKER* fell and windows were broken at *CUNK* , a spokesman for that agency said . STOP 
Late yesterday afternoon , *CUNK* *CUNK* executives were *UNKING* to figure out what to do about a new business *UNKION* that had been scheduled for today , a spokesman said . STOP 
*CUNK* *CUNK* 's office building may have sustained structural damage , the spokesman added . STOP 
`` All operations have stopped , '' he said . STOP 
A number of agencies , including Thompson and *CUNK* , *CUNK* & *CUNKING* , said some employees who live outside of San Francisco , *UNK* that they would n't be able to get home , spent the night at the agency . STOP 
Ad Notes ... . STOP 
NEW *CUNK* : STOP 
*CUNK-* 's Inc. , Greenwich , Conn. , awarded its *CUNK* hair care accounts to J. Walter Thompson , New York . STOP 
Thompson , a unit of WPP Group , will handle *CUNK* *CUNK* *UNK* and *UNKER* and *CUNK* Net *UNK* . STOP 
The accounts , which *UNKED* about $ 7 million last year , according to *CUNKING* National *CUNKS* , were previously handled at *CUNK* , New York . STOP 
*CUNK* 'S *CUNK* : STOP 
William *CUNK* , 44 , was named executive vice president , world-wide director of *CUNK* *CUNK* , the direct marketing unit of Interpublic Group 's *CUNK-* agency . STOP 
He had been president and chief operating officer of Ogilvy & Mather *CUNK* . STOP 
*CUNK* : STOP 
Los Angeles will be the site of a new entertainment division for the ad agency . STOP 
The division will be headed by Dick *CUNKER* , who returns to *CUNK* after being vice president of media at MGM . STOP 
*CUNK* *CUNK* : STOP 
The agency 's three California offices , previously called *CUNK* Advertising , will now be called *CUNK* Advertising to match the name of its New York office . STOP 
*CUNK* Advertising is a unit of Saatchi & Saatchi Co . STOP 
NEW *CUNK* : STOP 
*CUNK* Products Inc. , Greenwich , Conn. , awarded its *CUNKAL* *CUNKER* *CUNK* beer account to *CUNK* & Associates , New York . STOP 
Budget is set at $ 1.5 million . STOP 
The new beer , introduced this week at a liquor industry convention , is imported from Switzerland 's *CUNKAL* *UNK* . STOP 
*CUNK* 's first ads for the brand , which *CUNK* says will compete with imported light beer leader *CUNK* *CUNK* , feature the line `` The best *UNKING* light beer you 've ever seen . STOP 
*CUNK-* Motors Corp. , a joint venture of Chrysler Corp. and Mitsubishi Motors Corp. said it will begin shipping Mitsubishi *CUNK* cars to Japan next week , *UNKING* other Japanese auto ventures shipping *CUNK-* vehicles back to Japan . STOP 
*CUNK-* said it will export about 1,500 *CUNK* cars to Japan by year 's end . STOP 
Honda Motor Co. , the first Japanese auto maker to ship cars to Japan from the U.S. , is now *UNKING* more than 5,000 *CUNK* *CUNKS* a year from its *CUNK* , Ohio , factory . STOP 
One of the most remarkable features of the forced *UNKS* of the *UNK* *CUNKS* out of *CUNK* over the past five months has been the lack of international attention . STOP 
The *UNKION* of more than *UNKN* men , women and children by the *CUNK* regime adds up to one of the largest *UNKS* seen in the *UNK* years . STOP 
Yet some people are *UNKING* a *UNKING* *UNK* : that what we are seeing is somehow the *UNUNK* result of the historical *UNKS* committed by the *CUNKS* in the *UNK* century . STOP 
Today 's *CUNKS* in *CUNK* , in other words , *UNK* what is coming to them four *UNKS* later . STOP 
As if this were n't enough , the Senate *CUNK* Committee is getting into the act . STOP 
On Tuesday it approved Senator Bob Dole 's proposed *UNK* resolution *UNKING* April 24 , 1990 , as the `` National Day of *CUNK* of the *UNK* *CUNK* of the *CUNK* *CUNK* of *UNKN* , '' suffered at the hands of the *UNKING* *CUNK* *CUNK* . STOP 
There can be no *UNKING* that the *CUNKS* *UNKED* terrible suffering , but one has to wonder what possible good such a resolution will achieve . STOP 
It puts great strain on a longstanding U.S. *UNK* with Turkey , a country that has been one of America 's strongest allies in NATO . STOP 
The resolution also comes at a time when Turkey has been seeking help from the United States in *UNKING* its *CUNK* *UNKION* controversy and pursuing democratic reforms that may lead to membership in the European Community . STOP 
Turkey has been fighting its past for years , and thus far has been only *UNKLY* successful . STOP 
*CUNK* it now accept that one of its strongest allies *UNKS* it for the *UNK* of another people ? STOP 
Such sentiment only *UNKS* the adverse feelings toward Turkey that surfaced when Turkey asked for assistance in dealing with its *CUNK* *UNKION* crisis . STOP 
Mr. Dole 's odd effort *UNKING* , most of Turkey 's political problems lie with the Europeans . STOP 
Part of the problem some Europeans have with Turkey seems to stem from its location -- Turkey is n't really part of Europe . STOP 
Why , they wonder , should it *UNK* to the EC ? STOP 
Another *UNK-* *UNK* is the *CUNK* *UNK* of the majority of the *CUNK* people : Turkey , we are told , is not a Christian nation ; its people simply wo n't fit in with the Western European *CUNK-* tradition . STOP 
It 's when these *UNKS* fall on *UNK* *UNKS* that the old *UNK* of *UNKION* for treatment at the hands of the *CUNK* *CUNK* comes to the *UNK* . STOP 
No one has to accept the *UNKS* of the *CUNK* *CUNK* to reject that argument . STOP 
Turkey in any event is long past it . STOP 
The country has in recent years accepted more than 500,000 refugees from at least four *UNKING* nations . STOP 
*CUNKS* , suffering what many people consider to be a current *UNKION* campaign at the hands of *CUNK* , Iran and *CUNK* have *UNKED* *UNK* Turkey . STOP 
Now it is their fellow *CUNKS* *UNKING* as refugees from *CUNK* . STOP 
The *CUNK* *UNK* *UNK* and the ongoing crisis can not be ignored and *UNKED* off to that *OUS* *UNK* of history that has become so *UNK* recently . STOP 
*CUNKLY* , the past suffering of any people at any time can not be simply filed away and *UNK* . STOP 
But what the Senate *CUNK* Committee has done in supporting the strongly *UNKED* *CUNK* resolution *UNKS* no useful end ; it merely produces more controversy and *UNKED* memories . STOP 
Congress has enough difficulty dealing with the *UNKS* of the world as it currently *UNKS* . STOP 
*CUNK* 's government has been *UNKING* beyond the *UNK* for months , and the U.S. does its values no credit by ignoring that while casting its votes into the past . STOP 
Many in Washington say President Bush will have to raise taxes to pay for his war on drugs . STOP 
We have a better idea : *CUNK* HUD to pay for the war on drugs . STOP 
Housing and Urban Development 's budget is $ 17 billion . STOP 
From what we and the nation have been reading , the money is n't being spent very well . STOP 
The single most important contribution the government could make now to help the poor is to get the *UNKER* of drugs out of their neighborhoods . STOP 
If that takes money , take it away from this *UNKED* federal department . STOP 
But of course the Democrats *UNKING* HUD in hearings and in the press have no such solution in mind . STOP 
Instead , they 're *UNKING* to protect the very programs at the heart of the HUD scandal . STOP 
This month , HUD Secretary Jack Kemp unveiled a series of proposed reforms to improve management at HUD . STOP 
No doubt many of his ideas are *UNK* , but ultimately he is proposing to make *UNKLY* *UNKED* programs work slightly more fairly and *UNKLY* . STOP 
Congress is unlikely to go even that far . STOP 
Last week , Secretary Kemp ran into a *UNK* of criticism from House Banking Committee members . STOP 
They were *UNKED* , for instance , that he wanted to target more of the $ 3 billion Community Development Block *CUNK* -LRB- *CUNK* -RRB- program to low-income projects and zero out the *OUS* `` *UNK* '' funds that have allowed HUD officials to *UNKER* contracts to political *UNKS* . STOP 
These development grants mainly *UNK* developers who want to put up shopping centers and parking *UNKS* . STOP 
They also give those in Congress political credit for bringing home the pork , and so they are popular with such Members as Mary Rose *CUNK* . STOP 
Rep. *CUNK* , a Democrat from Cleveland , wants a $ 6.9 million grant so Cleveland can build an *UNK-* Rock and *CUNK* Hall of *CUNK* . STOP 
She says it 'd create 600 jobs and bring Cleveland tourist revenue . STOP 
HUD says the project does n't qualify , and Mr. Kemp says that rock *UNK* roll *UNKS* and the music industry ought to put up the money . STOP 
At the hearing , Rep. *CUNK* started *UNKING* about `` *UNK* *UNK* regulations '' that would stand between her and `` housing for downtown Cleveland . '' STOP 
Rep. *CUNKS* *CUNK* , an Ohio Republican , rallied to the cause : `` I think the *UNK* is making an important statement . STOP 
The *UNKION* that if a congressman calls about a project in his district there 's something wrong , I think is most *UNUNK* . '' STOP 
We 're sure some *UNK* can explain the difference between what the Republican consultants have been doing with HUD and what these *UNKS* and *UNK* want to do with HUD . STOP 
Our view is that given Congress 's attitude toward HUD , the place probably is beyond reform . STOP 
For more than 50 years the federal government has tried various ways to provide housing for the poor and revive cities . STOP 
In the process HUD has *UNKED* *UNUNK* billions , created *UNKS* and invited corruption . STOP 
Much of HUD 's spending actually is *UNKED* *UNK* for developers or the middle class . STOP 
That includes the *CUNK* funds and the Federal Housing Administration , which loans out money for private home mortgages and has just been discovered to be $ 4 billion in the hole . STOP 
*CUNKING* the FHA 's loan portfolio to the highest bidder would save the taxpayers *UNUNK* billions in future losses . STOP 
Some HUD money actually does *UNK* down to the poor , and *UNKING* out housing middlemen would free up more money for public housing *UNKS* to manage and even own their units . STOP 
The rest ought to be used to clean out drugs from the *UNKS* . STOP 
*CUNKAL* *UNKS* have turned cities into combat *UNKS* . STOP 
Even suburban Prince George 's County , Md. , reported last week there have been a record 96 killings there this year , most of them *UNKED* . STOP 
*CUNK* *UNKS* often are the victims . STOP 
A man in a *UNK* was *UNKED* down in the *UNK* of a Miami drug battle . STOP 
A *UNK-* Brooklyn *UNK* was used as a shield by a drug dealer . STOP 
*CUNK* life in the *UNKER* cities wo n't be restored unless the government *UNKS* the streets from the drug *UNKS* . STOP 
Until then , the billions HUD spends on *UNK-* housing simply is *UNKED* . STOP 
It 's still unclear whether Secretary Kemp wants to completely overhaul the engine room at HUD or just *UNK* a few *UNKS* here and there . STOP 
No doubt he believes the place can be *UNKED* . STOP 
Having seen the *UNK* with which Congress has addressed the HUD scandals , we disagree . STOP 
It 's time to *UNK* the politically *UNKED* spending machine HUD has become and channel the resources into the drug war . STOP 
*CUNK* *CUNKS* was named chairman and chief executive officer of this grocery chain . STOP 
Mr. *CUNKS* , 46 years old , succeeds *CUNK* *CUNKS* Jr. , who died in a plane crash on Sunday at the age of 58 . STOP 
*CUNK* *CUNKS* retains his position as president . STOP 
Natural *UNKS* , and most particularly earthquakes , are not only *UNK* *UNKS* in and of themselves , but also *UNKS* through which the state of a society can be *UNKED* . STOP 
The rubble after the *CUNK* earthquake a year ago disclosed , quite literally , a city whose larger structures had been built with sand . STOP 
The extent of the disaster stemmed from years of *UNK* and bureaucratic *UNK* . STOP 
The larger *UNK* after the earthquake *UNKED* south of San Francisco is surely with the state of the U.S. economy . STOP 
*CUNK* the stock-market tremors of Friday , Oct. 13 , *UNK* larger *UNK* , far greater *UNKS* ? STOP 
Are the engineering and architecture of the economy as vulnerable as the *UNKS* of the Bay Bridge ? STOP 
The *UNK* *UNK* of the *CUNK-* era has produced *CUNK* *UNKS* about the present *UNKION* of U.S. economic and social arrangements . STOP 
A licensed government intellectual , Francis *CUNK* , recently announced in The National Interest that history is , so to speak , at an end since the course of human progress has now *UNKED* in the *OUS* full stop of American *UNKION* . STOP 
His *UNKS* were taken seriously . STOP 
But we are , in reality , *UNKING* the continuing decline of the political economy of capitalism : not so much the end of history but the history of the end . STOP 
The financial equivalent of the sand used by those *CUNK* contractors is junk bonds and the leveraged buy-outs associated with them . STOP 
*CUNKS* get away with using sand and *UNKS* junk when society decides it 's *UNK* , necessary even , to look the other way . STOP 
And by the early 1980s U.S. *UNKS* had *UNK* reason to welcome junk bonds , to look the other way . STOP 
By that time they found extremely low profit rates from *UNKAL* corporate investment . STOP 
Government statistics in fact show that the profit rate -- net pretax profits divided by capital stock -- peaked in *UNKN* at *UNKN* % . STOP 
That same *UNKION* saw profit rates fall to 4.6 % in the recession year 1982 and the supposed *UNK* that followed has seen the profit rate rise only to *UNKN* % in 1986 and 8 % in 1987 . STOP 
*CUNKING* to the fall in profit rates was -- in the early 1980s -- the drop in the number arrived at if you *UNK* the market value of firms by the replacement costs of their assets , the famous *CUNK* ratio associated with *CUNK* James *CUNK* . STOP 
In theory , the value attached to a firm by the market and the cost of replacing its assets should be the same . STOP 
But of course the market could decide that the firm 's capital stock -- its assets -- means nothing if the firm is not producing profits . STOP 
This is indeed what the market decided . STOP 
By 1982 the ratio was *UNKN* % , meaning that the market was *UNKING* every dollar 's worth of the average firm 's assets at 43 cents . STOP 
From the history of capitalism we can take it as a sound bet that if it takes only 43 cents to buy a dollar 's worth of a firm 's capital stock , an alert entrepreneur wo n't look the other way . STOP 
His assumption is that the underlying profitability rate will go up and the capital assets he bought on the cheap will soon be producing profits , thus *UNKING* the market 's *UNK* in them . STOP 
*CUNK* the LBO *UNK* . STOP 
But here is where the entrepreneur made a very risky bet , and where society was maybe *UNK* to look the other way . STOP 
The profit rate is still low and the *CUNK* ratio was only 65 % in 1987 and *UNKN* % in 1988 . STOP 
*CUNK* : a landscape *UNKED* with *UNKS* , huge debt *UNKS* *UNKING* down upon the *UNK* and *UNKS* of corporate America . STOP 
The mounting risks did not go *UNKED* , even in the *UNKS* . STOP 
But there were enough *UNKS* announcing the end of history -LRB- in this case suspension of normal laws of economic *UNK* -RRB- for society to continue *UNKING* its eyes . STOP 
*CUNK* economists and *UNKS* , *UNKING* their *UNKS* up at the great *UNKS* of junk financing , *UNKING* their heads to watch the *UNK* of leveraged buy-outs , claimed the end result would be a *UNKER* , *UNKER* corporate America , with soaring productivity and profits and the weaker gone to the wall . STOP 
But this is not where the *UNKS* of junk financing were found . STOP 
The beneficiaries were those *UNKS* whose *UNK* was the topic figure of *UNKS* capitalism , Michael *CUNK* 's $ *UNKN* million salary in one year . STOP 
*CUNK-* economists I associate with -- *UNKS* in the Union of *CUNKAL* *CUNKAL* Economists , most particularly Robert *CUNK* of the economics *UNK* at the University of California at *CUNK* -- were not *UNKED* in the manner of their *UNK* colleagues . STOP 
All along they have been noting the tremors and *UNKING* out the underlying *UNKS* . STOP 
Profit rates after the great merger wave are no higher , and now we have an extremely *UNKEST* burden relative to cash flow . STOP 
The consequences of building *UNKS* with sand are showing up . STOP 
In contrast to previous estimates *UNKING* the default rate on junk bonds at 2 % or 3 % , a Harvard study published in April of this year -LRB- and discussed in a lead story in The Wall Street Journal for Sept. 18 -RRB- found the default rate on these junk bonds is 34 % . STOP 
What is the *UNK* of a *UNKEST* burden , high default rates and continued low profitability ? STOP 
*CUNKS* need liquidity , in the form of borrowed funds . STOP 
Without liquidity from the junk-bond market or cash flow from profits , they look to the government , which *UNKLY* *UNKS* the natural *UNKS* of the *UNK* economy with charity in the form of cuts in the capital-gains tax rate or *UNKS* . STOP 
The *UNK* can be inflation , brought on as the effect of a *UNK* bid to avoid the *UNK* shock of a sudden crash . STOP 
*CUNKS* on inflation come with another strategy of capital of a very traditional sort : an *UNK* on wages . STOP 
Mr. *CUNK* , *UNKING* through *UNKS* at the end of history , said in his *UNK* that `` the class issue has actually been successfully resolved in the West ... STOP 
the *UNK* of modern America represents the essential *UNK* of the *UNKS* society *UNKED* by *CUNK* . '' STOP 
Mr. *CUNK* might want to *UNK* some American workers on the subject of class and *UNK* . STOP 
From its peak in 1972 of $ *UNKN* , the average American weekly wage had fallen to $ *UNKN* in 1987 -- both figures being expressed in 1977 dollars . STOP 
In other words , after the *UNK* boom of the Reagan years , wages had *UNK* from the post World War II peak by 16 % as *UNKS* , helped by the government , turned down the *UNKS* or went *UNK* . STOP 
But there are signs now -- the strikes by *UNKS* , Boeing workers , telephone workers , *UNK* -- that this attack on wages is being more fiercely resisted . STOP 
These are long-term Richter *UNKS* on American capitalism . STOP 
The whole structure is extremely *UNK* . STOP 
*CUNKS* have become sophisticated in handling moments of panic -LRB- a word the London Times *UNK* my father to use when he was reporting the Wall Street crash in *UNKN* -RRB- . STOP 
But *UNKION* has its limits . STOP 
The S&L bailout could cost $ 300 billion , computing interest on the government 's loans . STOP 
These are real costs . STOP 
Under what *UNKS* will the Federal Deposit Insurance *CUNKION* *UNKER* ? STOP 
*CUNK* may now be engineered to *UNK* sudden *UNKS* , but there are fault lines -- the crisis in profits , the *UNK* on wages , the structural *UNK* of the system -- that make *UNKS* of those who claim that the future is here and that history is over . STOP 
Mr. *CUNK* is a columnist for The *CUNKION* and *CUNK* *CUNKLY* . STOP 
Japan Air Lines , Lufthansa German Airlines and Air France reportedly plan to form an international *UNK-* company this year , a move that could further consolidate the industry . STOP 
Japanese newspaper *CUNK* *CUNK* *CUNK* reported that the three giants plan to *UNK* their cargo computers and *UNK-* and *UNK-* systems . STOP 
They reportedly will invest a total of 20 billion yen -LRB- $ 140 million -RRB- in the venture , whose headquarters would be in France or West Germany . STOP 
The action follows Federal Express Corp. 's acquisition of *CUNKING* Tiger Line Inc. in August . STOP 
After that , `` it would make sense for airlines to talk about doing things jointly , '' said *CUNK* Daly , director of cargo services for New York consulting firm *CUNK* , *CUNK* & *CUNKER* Inc . STOP 
Mr. Daly said such discussions are *UNKED* by the competitive threat *UNKED* by Federal Express , United *CUNK* Service of America Inc. and other *UNKING* *UNK-* companies . STOP 
Many airlines are talking about cargo ventures , and there have been rumors about such a *UNK* between *CUNK* and European airlines . STOP 
In Tokyo , a *CUNK* spokesman said he could n't confirm or deny the latest Japanese report . STOP 
But he said *CUNK* is talking to Lufthansa and Air France about some sort of cargo venture . STOP 
`` It is just one of a number of strategies *CUNK* has *UNKED* upon to come to terms with the situation in Europe after 1992 , '' the deadline for ending trade barriers in the EC , he said . STOP 
In Frankfurt , a Lufthansa spokesman confirmed talks are under way , but declined to comment . STOP 
A Lufthansa spokeswoman in Tokyo said the head of Lufthansa 's cargo operations had been in *CUNK* last week for talks with *CUNK* . STOP 
In Paris , Air France declined to comment . STOP 
`` Nothing is defined or signed at this point , '' Mr. Daly said of the talks . STOP 
Whatever accord the three carriers reach , he said , he is skeptical it would create a separate airline . STOP 
If the three companies pool their *UNK-* businesses , their clout would be considerable . STOP 
According to figures from the International Air *CUNK* Association , they carried a combined 1.8 million tons of freight last year . STOP 
Federal Express and *CUNKING* Tiger , as separate companies , carried a combined 2.6 million tons . STOP 
Air France and Lufthansa last month concluded a far-reaching cooperation accord that includes *UNK-* activities . STOP 
They plan to increase cooperation in freight *UNKING* and create a world-wide computer system to process cargo . STOP 
Other airlines would have access to the system , they said , and negotiations with partners were already under way . STOP 
Both European airlines operate extensive *UNKS* of Boeing *UNKN* *UNKS* and *UNKN* *CUNKS* , aircraft that carry both freight and passengers on the main *UNK* . STOP 
They currently have large orders for cargo planes . STOP 
Several airlines , including Lufthansa , *CUNK* and Cathay Pacific Airways , are working on a so-called global cargo system and are trying to attract other carriers to join , Mr. Daly said . STOP 
*CUNK* also has signaled it is looking for *UNKS* in Europe before the end of 1992 . STOP 
Last month , the carrier said it wanted to lease *UNKS* and planes from British Airways so it could *UNK* its passengers from London to other European *UNKS* . STOP 
British Airways said it has n't received a proposal from *CUNK* . STOP 
But last week there were *UNK-* negotiations between the U.K. and Japan , a likely first step to any commercial agreement between *CUNK* and British Airways or another U.K. carrier . STOP 
Federal Paper Board Co. said it completed the previously announced purchase of Imperial Cup Corp. , a closely held maker of paper *UNKS* based in *CUNK* , Ohio . STOP 
Terms were n't disclosed . STOP 
Imperial Cup has annual sales of approximately $ 75 million . STOP 
Federal Paper Board sells paper and wood products . STOP 
In a move to prevent any *UNKION* in the financial markets from the California earthquake , the Securities and Exchange Commission said it temporarily *UNKED* options listed on the Pacific Stock Exchange to the American , New York and Philadelphia stock exchanges and to the Chicago Board Options Exchange . STOP 
The decision , which *UNKS* millions of dollars of trading positions , was made late yesterday because the Pacific exchange 's options floor was shut down as a result of Tuesday 's earthquake . STOP 
The SEC , faced with a major squeeze on options positions , said it was necessary to ensure that options listed on the exchange could be traded today and tomorrow . STOP 
SEC Chairman Richard Breeden said the cooperation by the exchanges would enable investors to buy and sell options listed solely on the Pacific exchange , *UNKING* the liquidity of the market . STOP 
Officials at the four exchanges said well over 50 traders from the Pacific exchange were taking flights from San Francisco late yesterday to the American , New York and Philadelphia exchanges and to the CBOE , where they would continue making markets in the *CUNKED* options . STOP 
The Big Board said *UNKS* quickly *UNKED* a new options floor to *UNK* 40 traders from the Pacific exchange . STOP 
In addition , specialists on the exchanges agreed to provide *UNK* capital for *UNKING* in Pacific exchange options traded on the exchanges . STOP 
Trading was light on the Pacific Stock Exchange yesterday , with workers at the exchange 's main floor in San Francisco struggling to execute orders by *UNK* as a result of a continuing power *UNK* . STOP 
The most pressing problem was the suspension of options trading . STOP 
The Pacific exchange has options for *UNKN* underlying stock issues , including highly active *CUNK* *CUNKS* Corp. , which is listed on the Big Board . STOP 
Investors were concerned that they might be unable to exercise options that expire tomorrow . STOP 
But professionals said throughout the day that the *UNK* would n't be a cause for *UNK* even if it were to *UNK* for several days . STOP 
`` I 've told my staff and clients that they still have the ability to exercise their options , because they are guaranteed by the Options Clearing Corp. , '' said Michael Schwartz , a senior registered options strategist at Oppenheimer & Co . STOP 
The SEC *UNKED* trading in the options , however , to allow investors to do more than simply exercise the options . STOP 
While the exchange 's equities floor in San Francisco remained open on a limited basis , orders were being *UNKED* and executed in Los Angeles . STOP 
Workers could *UNKAL* out , but they could n't receive telephone calls . STOP 
`` It 's a very uncertain situation right now , '' said *CUNK* *CUNKS* , administrative assistant of trading floor operations of the exchange , which has daily volume of about 10 million shares . STOP 
Because the exchange 's computer was *UNKING* orders to the exchange 's trading operations in Los Angeles , `` business is as usual '' Mr. *CUNKS* said . STOP 
`` If one city is down , the other can take over . '' STOP 
Meanwhile , the brokerage firms in San Francisco were trying to cope . STOP 
Charles *CUNKS* , chairman and chief executive officer of *CUNK* & Co. , said traders came to work at 5 a.m. *CUNK* -- many on foot because of uncertain road and traffic conditions -- but learned that they would have to *UNK* a required *UNKION* by the city in order to turn the power back on at the company 's two main facilities there . STOP 
That should happen by today , he said . STOP 
Traders worked with the help of *UNK* *UNKING* through windows , despite large *UNKS* in the walls and a lack of *UNKING* phone calls . STOP 
Also , most of the telecommunications equipment was out . STOP 
The traders were *UNKING* municipal bond , mutual fund and other orders through a sister firm , *CUNKER* Anthony Inc. , which is also owned by John *CUNK* *CUNK* Securities but is based in New York . STOP 
`` We are having a regular day . STOP 
Volume is down out of San Francisco , but not out of the 11 *UNKING* offices , '' Mr. *CUNKS* added . STOP 
*CUNK* 's Oakland office executed orders through the Sacramento office , which was n't affected by the quake . STOP 
Others , like Prudential-Bache Securities Inc. , which has eight offices in the San Francisco area , set up an 800 number yesterday morning for customers to obtain market *UNK* and other help . STOP 
At Kidder , Peabody & Co. 's Sacramento branch , *CUNKER* *CUNK* White received calls yesterday morning from workers in San Francisco who offered to work in Sacramento . STOP 
Then she discovered that Quotron Systems Inc. 's Sacramento lines were down , because they are normally tied in through a system that goes through San Francisco . STOP 
So the Kidder brokers had to call other company offices to get quotes on stocks . STOP 
At Quotron , the company 's National *CUNK-* Center , which *UNK* into action for the first time last month for Hurricane Hugo , assembled a *UNKAL* team at 5 a.m. yesterday to begin *UNKING* lines and restore service to brokers and traders . STOP 
The company *UNKED* as many as 200 people in the San Francisco area to do the work , though most of the *UNKING* was done by computer . STOP 
Service appeared to be down throughout the financial district in downtown San Francisco , while just parts of Oakland and San Jose were knocked out . STOP 
But *CUNK* *CUNK* , director of the emergency center , said service was being restored to *UNKING* San Francisco areas . STOP 
In Chicago yesterday , Options Clearing confirmed that it guarantees the Pacific exchange options . STOP 
The firm also will permit its members and the public `` to exercise their put and call options contracts traded on the Pacific exchange '' even if the exchange is closed , said Wayne *CUNK* , chairman of Options Clearing . STOP 
-LRB- Put options give holders the right , but not the obligation , to sell a financial instrument at a specified price , while call options give holders the right , but not the obligation , to buy a financial instrument at a specified price -RRB- . STOP 
Investors and traders in Pacific exchange options `` are protected to the extent that they can convert their put and call options into the underlying instrument , '' Mr. *CUNK* said . STOP 
`` We are seeing such *UNKS* today , in fact . STOP 
International Business Machines Corp. said its board approved the purchase of $ 1 billion of its common shares , a move that should help support its battered stock . STOP 
Even as the stock market has generally done well this year , IBM 's shares have slipped steadily from its *UNK-* high of $ *UNKN* . STOP 
Yesterday 's closing price of $ *UNKN* , down 50 cents , in composite trading on the New York Stock Exchange , puts the stock at about 1 1\/2 times book value , which is as low as it has *UNK* over the past decade . STOP 
The announcement came after the market 's close . STOP 
The move by IBM was n't exactly a surprise . STOP 
The company has spent some $ 5 billion over the past 3 1\/2 years to buy back 42 million common shares , or roughly 7 % of those outstanding . STOP 
In addition , despite IBM 's *UNKED* recent problems , the computer giant still *UNKS* enormous amounts of cash . STOP 
As of the end of the second quarter , it had $ *UNKN* billion of cash and *UNK* securities on hand . STOP 
As a result , some securities analysts had predicted in recent days that IBM would *UNK* additional purchases . STOP 
In *CUNK* , N.Y. , a spokesman said that although IBM did n't view its spending as necessarily a way to support the stock , it thought the purchases were a good way to improve such financial *UNKS* as per-share earnings and return on equity . STOP 
`` We view it as a good long-term investment , '' the spokesman said . STOP 
In the short term , the move is likely to have little effect . STOP 
At yesterday 's closing price , $ 1 billion would buy back about 10 million shares , or less than 2 % of the roughly *UNKN* million outstanding . STOP 
In addition , as of Sept. 30 , the company still had authorization to buy $ *UNKN* million of stock under a prior repurchase program . STOP 
Over the long term , however , IBM 's stock *UNKS* -- along with its hefty , $ *UNK-* annual dividend and generally loyal following among large institutional investors -- are providing a floor for the stock price . STOP 
Although IBM last year produced its first strong results in four years and was expected to continue to roll this year , it began *UNKING* as early as January . STOP 
First , it had trouble manufacturing a chip for its mainframes , IBM 's *UNKER* business . STOP 
Then it had a series of smaller *UNKS* , including problems manufacturing certain personal computers and the delay in the announcement of some important workstations . STOP 
Finally , IBM had to delay the introduction of some *UNK-* disk drives , which account for 10 % of its $ 60 billion of annual revenue . STOP 
None of the problems is necessarily *UNKAL* , and they are n't all necessarily even related . STOP 
There are also other factors at work that are outside IBM 's control , such as currency exchange rates . STOP 
The strong dollar , which reduces the value of overseas earnings and revenue when they are translated into dollars , is expected to *UNK* 80 to 85 cents off IBM 's per-share earnings for the full year . STOP 
Without that problem , IBM might have matched last year 's earnings of $ *UNKN* billion , or $ *UNKN* a share . STOP 
Still , investors will take some *UNKING* before they get back into IBM 's stock in a big way . STOP 
Steve *CUNK* , a securities analyst at First Boston , said that while investors were looking for an excuse to buy IBM shares a year ago , even the big institutional investors are looking for a reason to avoid the stock these days . STOP 
On Wall Street yesterday , northern California 's *UNKER* earthquake was just another chance to make a *UNK* . STOP 
At the opening *UNK* , investors quickly began *UNKING* out shares of companies expected to profit or suffer in some way from the California disaster , including insurers , *UNKED* companies , *UNKS* and housing lenders . STOP 
*CUNK* houses jumped in , *UNKING* `` *UNK-* demand '' stocks , and Kidder , Peabody & Co. set up a *UNK-* hot line for San *CUNKS* who might need emergency investment advice and help in *UNKING* funds . STOP 
`` Wall Street thinks of everything in terms of money , '' says Tom *CUNKER* , a senior Oppenheimer & Co. trader . STOP 
However , he added , such *UNK-* trading moves typically last only a few hours and are often made without full information . STOP 
The most popular plays of the day were insurance companies such as General *CUNK* Corp. , which rose $ 2.75 to $ *UNKN* , *CUNK* *CUNK* Corp. , up $ 2 to $ *UNKN* , American International Group Inc. , up $ *UNKN* to $ *UNKN* , and *CUNK* Corp. , up 87.5 cents to $ *UNKN* . STOP 
Yesterday , the brokerage firm *CUNKING* & Co. said insurers will use the earthquake as an excuse to raise insurance rates , ending their long price wars . STOP 
Before this bullish theory surfaced , some insurance stocks initially fell , indicating that investors thought the quake might cost insurers a lot of money . STOP 
In fact , Fireman 's Fund Corp. , which ended the day off 50 cents to $ *UNKN* , said earthquake damage would slightly hurt fourth-quarter profit . STOP 
On the prospect for *UNKING* northern California , investors bid up *UNKS* *CUNK* Co. , up $ 2.75 to $ *UNKN* , and Lone Star Industries Inc. , up $ 1.75 to $ *UNKN* . STOP 
Bridge and road builders had a field day , including *CUNKER* Corp. , up $ *UNKN* to $ *UNKN* , *CUNK* F. *CUNK* Co. , up 87.5 to $ *UNKN* , and *CUNK* *CUNK* Corp. , which reported higher third-quarter earnings yesterday , up $ 2.25 to $ *UNKN* . STOP 
*CUNK* Corp. , a construction engineering firm , gained 75 cents to $ *UNKN* . STOP 
But *UNKING* stocks were a mixed *UNK* . STOP 
*CUNKER* stocks got a big boost . STOP 
Georgia Pacific Corp. , up $ 1.25 to $ 58 , and *CUNK* Inc. , up $ 3 to $ *UNKN* , both reported strong profits . STOP 
Merrill Lynch & Co. *UNKED* Georgia-Pacific , Louisiana Pacific Corp. and *CUNK* Industries Inc. as the best *UNK-* *UNK* plays . STOP 
Other gainers were companies with one or more *UNKED* California *UNKS* . STOP 
*CUNK* Corp. jumped $ 1.125 to $ *UNKN* and Chevron Corp. , despite a temporary pipeline *UNK* , rose $ 1 to $ 65 . STOP 
Meanwhile , shares of some big housing lenders got hit , on the likelihood that the lenders ' collateral -- people 's homes -- suffered physical damage and perhaps a loss in value . STOP 
Wells Fargo & Co. fell 50 cents to $ *UNKN* , and BankAmerica Corp. fell 50 cents to $ *UNKN* . STOP 
Some California thrift stocks also fell , including Golden West Financial Corp. and *CUNK* *CUNK* & Co. , which reported lower earnings yesterday . STOP 
`` *CUNK* values did n't go up in California yesterday , '' says one money manager . STOP 
Pacific Gas & Electric Co. fell 37.5 cents to $ *UNKN* . STOP 
One of its power *UNKS* was damaged , though the company said there wo n't be any financial impact . STOP 
Pacific Telesis Group lost 62.5 cents to $ *UNKN* . STOP 
A computer failure delayed its earnings announcement , and some investors think it might have extra costs to repair damaged telephone lines . STOP 
Heavy construction , *UNK-* insurance and forest products were among the best performing industry groups in the Dow Jones Equity Market Index yesterday . STOP 
Friday 's stock market plunge claimed its second victim among the scores of futures and options trading firms here . STOP 
*CUNK* Options , an options trading firm owned by the family of the *UNKED* former Chicago Board of Trade chairman Ralph Peters , is getting out of the trade clearing , or processing and *UNKING* , business after *UNKING* a *UNKION* dollar loss Friday , options industry officials said . STOP 
Nearly 75 options traders on the Chicago Board Options Exchange who cleared trades through *CUNK* , including a handful of traders who lost between $ 500,000 to $ 1 million themselves as a result of Friday 's debacle , are trying to transfer their business to other clearing firms , CBOE members said . STOP 
*CUNK* Vincent , *CUNK* chief executive officer , confirmed that *CUNK* was *UNKING* from the clearing business . STOP 
`` The owners of the company got a look at the potential risks in this business , and after Monday they felt they did n't want to be exposed any more , '' he said . STOP 
He added that *CUNK* remained in compliance with all industry capital requirements during the market 's rapid plunge Friday and Monday 's rebound . STOP 
A CBOE spokeswoman declined comment on *CUNK* . STOP 
Over the weekend Fossett Corp. , another options trading firm , transferred the clearing accounts of about 160 traders to First Options of Chicago , a unit of Continental Bank Corp. , because it could n't meet regulatory capital requirements after Friday 's market slide . STOP 
The unprecedented transfer of accounts *UNKED* the options industry 's desire not to have its credibility *UNKED* by potentially widespread trading defaults on Monday . STOP 
The CBOE , American Stock Exchange , Options Clearing Corp. and Stephen Fossett , owner of Fossett , joined in putting up $ 50 million to guarantee the accounts at First Options . STOP 
The head of another small options clearing firm , who asked not to be identified , said that the *UNKED* volatility in the financial markets in recent years makes it increasingly difficult for any but the largest financial trading firms to *UNKER* the risk *UNK* in the highly leveraged options and futures business . STOP 
*CUNK* to the introduction of financial futures in the late 1970s , most trading firms *UNKED* around the *CUNK* Street financial district here were family operations handed down from one generation to the next . STOP 
Most also were relatively *UNKED* compared with the size of most Wall Street securities firms . STOP 
Mr. Peters , a *CUNK* Street *UNK* among the *UNK-* War II generation of commodity traders , was rumored to have *UNKED* a *UNK-* *UNK* from commodity trading and other activities by the time he died in May . STOP 
Part of a Series -RCB- STOP 
*CUNK* *CUNK* is a *UNKED* *UNKER* and *UNKER* in rural *CUNK* County , N.J . STOP 
But put her behind a shopping *UNK* and she turns *UNKS* . STOP 
If Colgate *UNK* offers a *UNKING* *UNKING* coupon , she 'll cross *CUNKEST* off her shopping list without a second thought . STOP 
Never mind that her husband *UNKS* *CUNKEST* . STOP 
Some weeks when her supermarket runs a *UNK-* promotion , she boasts that she *UNKS* $ 22 off her bill . STOP 
Money is n't the only thing that makes her dump once favorite brands . STOP 
After she heard about the *UNKING* *UNKS* of *UNKAL* *UNKS* in many *UNKS* , she dropped *CUNK* Farm and started buying brands free of such *UNKS* . STOP 
`` I always thought *CUNK* Farm was *UNK* and high quality , '' Mrs. *CUNK* says . STOP 
`` But I do n't want any of that oil for my *UNKS* . '' STOP 
-LRB- *CUNK* Farm says it ca n't tell exactly how many customers it has lost , but it hopes to remove the *UNK* *UNKAL* oil from all its products by year end . -RRB- STOP 
Clearly , people like Mrs. *CUNK* are giving marketers fits . STOP 
She represents a new *UNKED* of *UNK* consumer who puts bargain prices , *UNKAL* and environmental concerns , and other priorities ahead of *UNKED* brand loyalty . STOP 
While brand loyalty is far from dead , marketing experts say it has *UNKED* during the 1980s . STOP 
*CUNKS* themselves are partly to blame : They 've increased spending for coupons and other short-term promotions at the expense of *UNKING* advertising . STOP 
What 's more , a *UNK* of new products has given consumers a *UNKING* choice of brands , many of which are virtually carbon copies of one other . STOP 
`` *CUNKS* have brought this on themselves with their heavy use '' of promotions , contends Joe *CUNKER* , an executive vice president at the *CUNK* *CUNKS* *CUNK* & *CUNKS* ad agency . STOP 
`` Without some real product improvements , it 's going to be difficult to win that loyalty back . '' STOP 
The Wall Street Journal 's `` American Way of Buying '' survey this year found that most consumers switch brands for many of the products they use . STOP 
For the survey , Peter D. Hart Research Associates asked some 2,000 consumers , including Mrs. *CUNK* , whether they usually buy one brand of a certain type of product or have no brand loyalty . STOP 
More than half the users of 17 of the 25 products included in the survey said they 're brand *UNKS* . STOP 
Overall , 12 % of consumers are n't brand loyal for any of the 25 product categories . STOP 
About 47 % are loyal for one to five of the products . STOP 
Only 2 % are brand loyal in 16 to 20 of the categories , and no one is loyal for more than 20 types of products . STOP 
For such products as *UNKED* *UNKS* and *UNK* shoes , *UNKION* to a single brand was quite low , with fewer than 30 % saying they usually buy the same brand . STOP 
Only for cigarettes , *UNK* and *UNK* did more than 60 % of users say they typically stick with the same brand . STOP 
People tend to be most loyal to brands that have *UNK* *UNKS* , such as cigarettes and *UNK* . STOP 
*CUNK* *CUNK* , a *UNK* in the Journal survey from *CUNK* , Wash. , says her husband is *UNK* about eating only Hunt 's *UNK* . STOP 
He simply ca n't *UNK* the taste of *CUNK* , she says . STOP 
The *UNK-* *UNKER* adds , `` The only other thing I 'm really loyal to is my Virginia *CUNKS* cigarettes . STOP 
Coke and *CUNK* are all the same to me , and I usually buy *UNKER* brand of coffee happens to be on sale . '' STOP 
*CUNK* *UNK* plays a significant role in loyalty to such products as cigarettes , *UNK* and beer . STOP 
People often stay with a particular brand because they want to be associated with the image its advertising *UNKS* , whether that 's *UNK* *CUNK* cigarettes or *CUNKER* 's *CUNKED* *UNK* . STOP 
*CUNK* *UNKS* most for *UNK* products like *UNK* bags and *UNKS* . STOP 
Only 23 % of *UNK-* users in the Journal survey usually buy the same brand , and just 29 % of *UNK* buyers stick to one brand . STOP 
*CUNK* *UNKED* a *UNKING* 36 % in brand loyalty , but consumer researchers say that 's actually quite high for such a *UNK* product . STOP 
`` In the past , you just *UNK* *CUNK* of the *CUNK* and did n't care , '' says Peter *CUNK* , U.S. director of consumer behavior research for the J. Walter Thompson ad agency . STOP 
`` The high score reflects the attempts to make *UNUNK* more of a fashion image business for both men and women . '' STOP 
He believes there 's opportunity for a smart gasoline marketer to create a strong brand image and more consumer loyalty . STOP 
What loyalty there is to gas brands , he believes , is a matter of *UNKING* at the most *UNKLY* located service stations . STOP 
*CUNK* loyalty was stronger among older consumers in the Journal survey . STOP 
Nearly *UNK-* of participants age 60 and older claim brand loyalty for more than 10 of the 25 products in the survey ; only 9 % of those age 18 to 29 have such strong *UNK* . STOP 
*CUNK-* people also tend to be more brand loyal these days , the Journal survey and other research studies indicate . STOP 
*CUNKS* speculate that more affluent people tend to lead more pressured lives and do n't have time to research the products they buy for the highest quality and most reasonable price . STOP 
An established brand name is insurance that at least the product will be of acceptable quality , if not always the best value for the money . STOP 
It 's sort of loyalty by default . STOP 
Meanwhile , `` the bottom end of the market is becoming less loyal , '' says *CUNK* *CUNKER* , vice chairman of the ad agency *CUNKER* Katz Partners . STOP 
`` They 're buying whatever 's cheaper . '' STOP 
The biggest wild card in the brand loyalty game : How those *UNKLY* *UNKED* but highly *UNUNK* baby *UNKS* will *UNK* as they move into middle age . STOP 
They grew up with more brand choices than any generation and have shown less *UNK* so far . STOP 
But now that they 're settling down and raising families , might they also show more stability in their brand choices ? STOP 
Mr. *CUNK* of J. Walter Thompson does n't think so . STOP 
He believes baby *UNKS* will continue to be *UNK* in their brand *UNKS* . STOP 
`` Earlier generations were brand loyal across categories , '' he says , `` but *UNKS* tend to be brand loyal in categories like running shoes and *UNKED* water , but less so in others like *UNK* paper and *UNKS* . '' STOP 
While not as brand loyal as in the past , consumers today do n't buy products *UNKLY* , either . STOP 
Rather , they tend to have a set of two or three *UNKS* . STOP 
Sometimes , they 'll choose *CUNK* *UNK* *UNK* ; other times , it will be *CUNK* . STOP 
*CUNKS* *UNK* this shared loyalty to the striking *UNK* among brands . STOP 
If a more *UNK* *CUNKS* hits the market , you can be sure a new and improved *CUNKS* wo n't be far behind . STOP 
The *CUNK* *CUNK* ad agency studied `` brand parity '' and found that consumers believe all brands are about the same in a number of categories , particularly credit cards , paper *UNKS* , dry *UNKS* and *UNK* chips . STOP 
`` When there 's a clutter of brands , consumers *UNK* the *UNK* by telling themselves , ` All brands are the same so what difference does it make which I buy , ' '' says *CUNK* *CUNK* , a senior vice president at *CUNK* . STOP 
`` *CUNK* often , advertising *UNK* has n't done a good job of *UNKING* a special emotional bond between a brand and the consumer . '' STOP 
But given such strong brand *UNK* , some marketers are putting renewed emphasis on image advertising . STOP 
A small but growing number of companies are also trying to *UNK* more *UNK* brand loyalty through such *UNKED* *UNKING* *UNKS* as *UNKS* , magazines and membership *UNKS* for brand users . STOP 
While discount promotions are essential for most brands , some companies concede they went *UNK* in shifting money from advertising to coupons , refunds and other sales incentives . STOP 
Some people argue that strong brands can afford to stop advertising for a time because of the *UNKAL* impact of hundreds of millions of dollars spent on advertising through the years . STOP 
But most companies are too afraid to take that chance . STOP 
And perhaps with good reason . STOP 
Says *CUNK* *CUNK* , president of the *CUNK* *CUNKS* ad agency 's U.S. division , `` Every time 24 hours pass without any advertising *UNK* , brand loyalty will *UNK* ever so slightly -- even for a powerful brand like *CUNKER* . '' STOP 
Consider , for example , what happened to Maxwell House coffee . STOP 
The Kraft General Foods brand stopped advertising for about a year in 1987 and gave up several market share points and its leadership position in the coffee business . STOP 
But since returning to advertising , Maxwell House has *UNKED* the lost share and is running neck and neck with *UNKAL* *CUNKS* . STOP 
`` Now , Philip Morris -LCB- Kraft General Foods ' parent company -RCB- is committed to the coffee business and to increased advertising for Maxwell House , '' says Dick *CUNKER* , president of the General Foods USA division . STOP 
`` Even though brand loyalty is rather strong for coffee , we need advertising to maintain and strengthen it . '' STOP 
*CUNK* *CUNK* Co. , for one , has concluded that it makes good sense to focus more on its most loyal customers than on people who buy competitive brands . STOP 
`` The *UNK* of converting a *UNKER* to your brand is about three in 1,000 , '' says *CUNK* *CUNKS* , the company 's vice president for marketing research . STOP 
`` The best odds are with your core franchise . STOP 
Our heavy users *UNK* two to three *UNKS* of *UNK* a week , and we 'd like to increase that . '' STOP 
So *CUNK* is talking to its `` brand *UNKS* , '' *UNKING* their psychological *UNK* to its *UNK* . STOP 
In one consumer focus group , a *UNK* declared that , `` *CUNK* 's *UNK* is like getting a *UNK* from a friend . '' STOP 
That helped persuade the company to introduce a new advertising *UNK* : `` A warm *UNK* from *CUNK* 's . '' STOP 
*CUNKS* face the prospect of paying out billions of dollars for damages caused by this week 's California earthquake . STOP 
*CUNKING* a grip on the extent of the damages is proving a far more difficult task than what insurers faced after Hurricane Hugo *UNKED* through the Caribbean and the *CUNKS* last month . STOP 
The earthquake 's toll , including possible deep structural damage , goes far beyond the more easily observed damage from a hurricane , says George *CUNKER* , a vice president in Aetna Life & Casualty Insurance Co. 's claims division . STOP 
But investors are betting that the financial and psychological impact of the earthquake , coming so soon after the hurricane , will help stem more than two years of intense *UNKING* wars among business insurers . STOP 
*CUNKING* that *UNK* , *UNK-* stocks posted strong gains . STOP 
Aetna and other insurers are hiring engineers and *UNKS* to help them assess structural damage . STOP 
Most insurers already have *UNKED* their `` catastrophe '' teams to begin processing claims from their *UNKS* in northern California . STOP 
Since commercial air travel is *UNKED* , Aetna , based in Hartford , Conn. , *UNKED* three planes to fly claims adjusters into Sacramento and then planned for them to drive to the Bay area . STOP 
About 25 adjusters were *UNKED* yesterday afternoon , along with laptop computers , cellular phones and *UNK* checks . STOP 
Some adjusters , already in other parts of California , drove to the disaster area with *UNKAL* vehicles and *UNK* homes that could be used as *UNK* *UNKING* centers . STOP 
*CUNKS* will be advertising 800 numbers -- probably on the radio -- that *UNKS* can call to get assistance on how to submit claims . STOP 
State Farm Mutual *CUNK* Insurance Co. , the largest home and auto insurer in California , believes the losses from the earthquake could be somewhat less than the $ *UNKN* million in damages it expects to pay out for claims resulting from Hurricane Hugo . STOP 
State Farm , based in *CUNK* , Ind. , is also the largest writer of *UNK-* earthquake insurance in California . STOP 
*CUNK* insurance is sold as a separate policy or a specific *UNK* `` *UNKER* '' on a *UNKER* 's policy in California , because of the area 's *UNK* to earthquakes . STOP 
State Farm said about 25 % of its *UNKS* in California have also purchased earthquake insurance . STOP 
*CUNK* Insurance Co. , a unit of Sears , Roebuck & Co. , said about 23 % of its personal property *UNKS* -- about 28 % in the San *CUNK* area -- also have earthquake coverage . STOP 
The Association of California Insurance Companies estimated damage to residential property could total $ 500 million , but only $ 100 million to $ 150 million is insured , it said . STOP 
Officials from the American Insurance Association 's *UNK-* service division , which *UNKS* the efforts of the claims adjusters in an area after a natural disaster , will be flying to San Francisco today . STOP 
They expect to have a preliminary estimate of the damages in a day or two . STOP 
*CUNKS* and bridges in the Bay area appear to have suffered some of the most costly damage . STOP 
*CUNKS* , such as the section of Interstate *UNKN* that collapsed in Oakland , generally do n't have insurance coverage . STOP 
Industry officials say the Bay Bridge -- unlike some bridges -- has no earthquake coverage , either , so the cost of *UNKING* it probably would have to be paid out of state general operating funds . STOP 
However , the bridge , which charges a $ 1 toll each way , does have `` loss of income '' insurance to replace lost revenue if the operation of the bridge is *UNKED* for more than seven days . STOP 
That coverage is provided by a syndicate of insurance companies including Fireman 's Fund Corp. , based in *CUNK* , Calif. , and *CUNK* Corp. , based in Philadelphia . STOP 
*CUNKED* claims are n't expected to cause significant financial problems for the insurance industry as a whole . STOP 
Instead , even with the liabilities of two natural disasters in recent weeks , analysts said the total capital of the industry is likely to be higher at year end than it was at *UNK* . STOP 
Indeed , the earthquake could contribute to a turnaround in the insurance cycle in a couple of ways . STOP 
For example , insurers may seek to limit their future exposure to *UNKS* by increasing the amount of reinsurance they buy . STOP 
Such increased demand for reinsurance , along with the losses the *UNKS* will bear from these two disasters , are likely to spur increases in reinsurance prices that will later be translated into an overall price rise . STOP 
*CUNK* is protection taken out by the insurance firms themselves . STOP 
`` We are saying this is the breaking point , this is the event that will change the psychology of the marketplace , '' said William *CUNKS* , an analyst with *CUNKING* & Co. , a Hartford firm that specializes in the insurance industry . STOP 
His firm , along with some others , issued new buy recommendations on insurer stocks yesterday . STOP 
Among the insurance stocks , big gainers included American International Group , up $ *UNKN* to $ *UNKN* ; General *CUNK* Corp. , up $ 2.75 to $ *UNKN* ; Aetna , up $ *UNKN* to $ *UNKN* ; and Marsh & *CUNK* Inc. , up $ *UNKN* to $ *UNKN* . STOP 
Still , a few individual companies , most likely smaller ones , could be *UNKED* . STOP 
`` I think there is a *UNKED* good chance someone is going to hit the *UNKS* on this , '' said Oppenheimer & Co. analyst *CUNK* *CUNK* . STOP 
He *UNKS* some insurers who had purchased reinsurance to limit their exposure to *UNKS* will discover that reinsurance was used up by Hurricane Hugo . STOP 
British , West German , *CUNK* and other overseas insurers are *UNKING* for big claims from the San Francisco earthquake disaster . STOP 
Although it 's unclear how much exposure the London market will face , U.K. underwriters traditionally have a large reinsurance exposure to U.S. catastrophe coverage . STOP 
Jack *CUNK* , chairman of Fireman 's Fund , said this disaster will test the catastrophe reinsurance market , causing these rates to soar . STOP 
The catastrophe losses sustained by insurers this year will probably be the worst on an inflation-adjusted basis since 1906 -- when another earthquake sparked the Great San Francisco *CUNK* . STOP 
*CUNK* *CUNKER* , an insurance consultant in New York , estimates that the 1906 San Francisco destruction , on an inflation-adjusted basis , included insured losses of $ 5.8 billion . STOP 
He is *UNKING* this week 's disaster will generate insured losses of $ 2 billion to $ 4 billion , following about $ 4 billion in costs to insurers from Hurricane Hugo . STOP 
Silicon Graphics Inc. 's *UNKER* profit rose sharply to $ 5.2 million , or 28 cents a share , from $ 1 million , or six cents a share , a year ago . STOP 
The maker of computer workstations said a surge of government orders contributed to the increase . STOP 
Revenue rose 95 % to $ *UNKN* million from $ *UNKN* million the year earlier . STOP 
In national over-the-counter trading , the company closed yesterday at $ *UNKN* a share , down 25 cents . STOP 
*CUNKER* Environmental Services Inc. said it reached a preliminary accord on the sale of its environmental consulting and services business for about $ 40 million and assumption of related debt . STOP 
The buyer was n't identified . STOP 
The company said it also is making progress in negotiating the buy-out of its design division by management . STOP 
In addition , *CUNKER* said it will use proceeds from a private placement of $ 8 million of preferred shares to purchase an interest in a start-up company to underwrite environmental *UNK* insurance . STOP 
*CUNKER* wants to concentrate its resources on the insurance business and on a project to store *OUS* *UNKS* in *UNK* *UNKS* . STOP 
Jaguar PLC 's chairman said he hopes to reach a friendly pact with General Motors Corp. within a month that may involve the British luxury-car maker 's producing a cheaper executive model . STOP 
Sir John *CUNK* told reporters at London 's *CUNK* yesterday he `` would be disappointed if we could n't do -LCB- the deal -RCB- within a month . '' STOP 
He said the *UNK-* would mean Jaguar could `` develop cars down range -LCB- in price -RCB- from where we are '' by offering access to GM 's *UNK-* parts production . STOP 
Besides creating joint manufacturing ventures , the accord is expected to give GM about a 15 % stake that eventually would rise to about 30 % . STOP 
Jaguar figures a friendly alliance with GM will fend off *UNUNK* advances from Ford Motor Co . STOP 
But Ford , Jaguar 's biggest shareholder since *UNKING* its stake to 10.4 % this week , is pressing harder for talks with Sir John . STOP 
`` We 're getting to the point where we are going to have to meet '' with him , one Ford official said yesterday . STOP 
Ford probably will *UNK* its request for such a meeting soon , he added . STOP 
Sir John has *UNKED* Ford 's advances since the U.S. auto giant launched a surprise bid for as much as 15 % of Jaguar last month . STOP 
Ford has signaled it might acquire a majority interest later . STOP 
`` I 'm not *UNKED* to sit down and talk to anybody , '' the Jaguar chairman asserted yesterday . STOP 
He did n't rule out negotiations with Ford , however . STOP 
The fiercely *UNK* but financially *UNKED* British company *UNKS* to remain independent and publicly held , despite Ford 's promise of access to cash and *UNKAL* *UNK-* . STOP 
Sir John noted that GM , a longtime Jaguar supplier , agrees `` we should remain an independent company . '' STOP 
He said Jaguar started negotiating with GM and several other car makers over a year ago , but the rest `` dropped by the *UNK* ever since the share price went above # 4 -LRB- $ *UNKN* -RRB- a share . '' STOP 
Jaguar shares stood at *UNKN* pence before Ford 's initial announcement , but the subsequent takeover *UNK* has driven them up . STOP 
The stock traded late yesterday on London 's stock exchange at *UNKN* pence , up 19 pence . STOP 
*CUNKING* an *UNK-* range would mark a major departure for Britain 's leading luxury-car maker . STOP 
A typical British executive car is mass produced and smaller than a luxury car . STOP 
It generally *UNKS* no more than # 25,000 -LRB- $ *UNKN* -RRB- -- roughly # *UNKN* less than the *UNKED* *CUNKS* , which are all known for their *UNKED* *UNKER* work . STOP 
`` We have designs for such -LCB- executive -RCB- cars , but have never been able to develop them , '' Sir John said . STOP 
GM 's help would `` make it possible -LCB- for Jaguar -RCB- to build a wider range of cars . '' STOP 
An executive model would significantly boost Jaguar 's *UNKLY* output of 50,000 cars . STOP 
`` You are talking about a couple hundred thousand a year , '' said Bob *CUNKER* , an *UNK-* analyst at U.K. brokerage James Capel & Co . STOP 
A pact with GM may emerge in as little as two weeks , according to sources close to the talks . STOP 
The deal would require approval by a majority of Jaguar shareholders . STOP 
`` We have to make it attractive enough that -LCB- holders -RCB- would accept it , '' Sir John said . STOP 
That may be difficult , the Jaguar chairman acknowledged , `` when you have somebody else *UNKING* down your neck . STOP 
'' Ford probably would try to kill the proposal by *UNKING* support from U.S. *UNK-* speculators and holding out the *UNK* of a larger bid later , said Stephen *CUNK* , European auto analyst at London brokers *CUNK* Phillips & *CUNK* . STOP 
Ford ca n't make a *UNKED* bid for Jaguar until U.K. government restrictions expire . STOP 
The *UNKER* measure *UNKS* any outside investor from buying more than 15 % of Jaguar shares without permission until Dec. 31 , 1990 . STOP 
But with its 10.4 % stake , Ford can *UNK* a special Jaguar shareholders ' meeting and urge them to drop the restrictions *UNKLY* . STOP 
`` It 's a very valuable weapon in their *UNK* , '' which could enable Ford to bid sooner for Jaguar , observed Mr. *CUNKER* of James Capel . STOP 
Otherwise , Jaguar may have to *UNK* the two U.S. auto giants each owning a 15 % stake for more than a year . STOP 
`` It would be difficult to see how a car company can be owned by a collective , '' Sir John said . STOP 
`` It has never been done before , but there 's always a first . STOP 
Although two *CUNK* *CUNKS* showed strong growth in access lines , *UNK* and *UNKED* business revenue , one reported a modest gain in third-quarter net while the other posted a small drop . STOP 
*CUNK* Corp. 's earnings increased 2.8 % , after strong revenue gains were offset somewhat by refunds and rate reductions imposed by regulators in its Midwest territory . STOP 
BellSouth Corp. 's third-quarter earnings dropped 3.8 % as a result of debt refinancing , the recent acquisition of a cellular and *UNKING* property and rate reductions in its *CUNK* territory . STOP 
BellSouth STOP 
At BellSouth , based in Atlanta , customer access lines grew by *UNKN* , or 3.5 % , during the *UNK-* period ended *CUNK* . STOP 
For the third quarter , total operating revenue grew 2.6 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Total operating expenses increased 3.5 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Overall access minutes of use increased *UNKN* % and toll messages jumped 5.2 % . STOP 
BellSouth Chairman and Chief Executive *CUNKER* John L. *CUNK* said three factors accounted for the drop in third-quarter earnings . STOP 
The refinancing of $ *UNKN* million in long-term debt reduced net income by $ 22 million , or five cents a share , but in the long run will save more than $ 250 million in interest costs . STOP 
The company previously said that the recent acquisition of *CUNK* Communications Corp. of America would *UNK* 1989 earnings by about 3 % . STOP 
In addition , earnings were reduced by rate reductions in Florida , Kentucky , *CUNK* , Tennessee and Louisiana . STOP 
*CUNK* STOP 
At *CUNK* , based in Chicago , customer access lines increased by *UNKN* , or 2.6 % , and cellular *UNK* lines increased by 80,000 , or *UNKN* % , for the *UNK-* period ended Sept. 30 . STOP 
For the third quarter , revenue increased 1.9 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Operating expenses increased 2.6 % to $ *UNKN* billion , including one-time pretax charges of $ 40 million for labor contract signing bonuses . STOP 
*CUNKAL* service revenue increased 3.5 % and *UNK* and *UNKED* business revenue jumped 9.5 % . STOP 
But network access revenue dropped 4 % and toll revenue dropped 1.4 % . STOP 
a - reflects *UNKN* stock split effective Dec. 30 , 1988 . STOP 
*UNK* - reflects extraordinary loss of five cents a share for early debt retirement . STOP 
*UNK* - reflects extraordinary loss of five cents a share and extraordinary gain of 14 cents a share from cumulative effect of accounting change . STOP 
The Wall Street Journal `` American Way of Buying '' *CUNK* consists of two separate , *UNK-* nationwide polls conducted for the Journal by Peter D. Hart Research Associates and the *CUNKER* Organization . STOP 
The two surveys , which asked different questions , were conducted using national random *UNK* *UNKS* . STOP 
The poll conducted by Peter D. Hart Research Associates interviewed *UNKN* adults age 18 and older from June 15 to June 30 , 1989 . STOP 
The poll conducted by the *CUNKER* Organization interviewed *UNKN* adults age 18 and older from July 7 to July 15 , 1989 . STOP 
*CUNKS* were *UNKED* on the basis of age and *UNKER* to *UNK* with U.S. *CUNKS* data . STOP 
For each poll , the odds are 19 out of 20 that if *UNKS* had sought to survey every household in the U.S. using the same *UNK* , the findings would *UNKER* from these poll results by no more than 2 1\/2 percentage points in either direction . STOP 
The margin of error for *UNKS* -- for example , married women with children at home -- would be larger . STOP 
In addition , in any survey , there is always the chance that other factors such as question *UNKING* could introduce errors into the findings . STOP 
Program traders were buying and selling at full steam Monday , the first trading session after the stock market 's *UNK-* plunge Friday . STOP 
They accounted for a hefty 16 % of New York Stock Exchange volume Monday , the fourth *UNKEST* session ever . STOP 
On Friday , 13 % of volume was in computer-guided program trades . STOP 
In August , by contrast , program trading averaged *UNKN* % of daily Big Board turnover . STOP 
Program traders were publicly *UNKED* following the *UNK-* crash Oct. 19 , 1987 , and a number of brokerage firms pulled back from using this strategy for a while . STOP 
But as the outcry *UNKED* by the spring of 1988 , they resumed . STOP 
Some observers thought that after Friday 's sharp drop , the firms would *UNK* in their program traders to avoid *UNKING* more controversy . STOP 
But the statistics released yesterday show the firms did nothing of the sort . STOP 
One reason , they said , was that the official reports on the 1987 crash *UNKED* program trading as a cause . STOP 
*CUNK-* arbitrage is the most controversial form of program trading because it *UNKS* market moves , if not actually causing them . STOP 
In it , traders buy or sell stocks and offset those positions in stock-index futures contracts to profit from *UNKING* price *UNKS* . STOP 
Under the exchange 's *UNKS* , program trading also describes a number of other strategies that , in the opinion of some traders , do n't cause big swings in the market . STOP 
The Big Board 's disclosure of program trading activity on these two days was unusual . STOP 
Though it *UNKS* such data daily , its monthly reports on program trading usually come out about three weeks after each month ends . STOP 
The September figures are due to be released this week . STOP 
The Big Board declined to name the Wall Street firms involved in the activity Friday and Monday , or the type of strategies used . STOP 
But traders on the exchange floor , who can *UNK* the computer-guided trading activity on monitor screens , said most of the top program-trading firms were active both days . STOP 
Through August , the top five program trading firms in volume were Morgan Stanley & Co. , Kidder , Peabody & Co. , Merrill Lynch & Co. , PaineWebber Group Inc. and Salomon Brothers Inc . STOP 
Though brokerage officials defended their use of program trading , one sign of what an issue it remains was that few executives would comment on the record . STOP 
Besides *UNKING* the *UNK* for program trading contained in the Brady Commission report , they said stock-index arbitrage was actually needed Monday to restore the markets ' *UNK* . STOP 
On Friday , the stock-index futures market was *UNKED* from the stock market when the Chicago Mercantile Exchange halted trading in Standard & Poor 's 500 futures contract -- a `` circuit *UNKER* '' procedure *UNKED* after the 1987 crash and *UNKED* for the first time . STOP 
Futures trading resumed a half-hour later , but the session ended shortly thereafter , leaving the stock market set up for more sell programs , traders said . STOP 
By Monday morning , they said , stock-index arbitrage sell programs helped *UNK-* the link between stocks and futures . STOP 
But *UNKING* volatility was produced in the process . STOP 
The Dow Jones Industrial Average plunged a *UNKING* *UNKN* points in the first 40 minutes of trading Monday as stock-index arbitrage sell programs *UNKED* in . STOP 
At about *UNKN* a.m. EDT , the market *UNKLY* turned upward on stock-index arbitrage buy programs . STOP 
By day 's end , the Dow industrials had rebounded *UNKN* points , or nearly half of Friday 's drop . STOP 
*CUNK* 'S OF *CUNK* Inc. , Los Angeles , said its board voted a 50 % increase in the specialty *UNK-* operator 's *UNKAL* dividend , to five cents a common share . STOP 
The dividend is payable Dec. 15 to stock of record Nov. 15 . STOP 
Valley National Corp. reported a third-quarter net loss of $ *UNKN* million , or $ *UNKN* a share , and suspended its quarterly dividend because of potential losses on its Arizona real estate holdings . STOP 
The *CUNKED* holding company for Arizona 's largest bank said it added $ *UNKN* million to its *UNK* for losses on loans and for real estate owned . STOP 
The company earned $ *UNKN* million , or 95 cents a share , a year earlier . STOP 
For the nine months , Valley National posted a net loss of $ *UNKN* million , or $ *UNKN* a share . STOP 
It had profit of $ *UNKN* million , or $ *UNKN* a share , in the 1988 period . STOP 
Valley National had been paying a quarterly dividend of 36 cents a share . STOP 
`` The Arizona real estate market continues to be depressed , and there is still uncertainty as to when values will recover , '' James P. Simmons , chairman , said . STOP 
The decision to increase the loan-loss reserve and *UNK* the dividend is `` both *UNK* and in the best long-term interest of the shareholders , '' he said . STOP 
Valley National said it made the decision on the basis of an `` overall assessment of the marketplace '' and the condition of its loan portfolio and after reviewing it with federal regulators . STOP 
The addition to reserves comes on top of a provision of $ *UNKN* million that was announced in June . STOP 
In July , Moody 's *UNKED* $ 400 million of the company 's debt , saying the bank holding company had n't taken adequate *UNKS* against potential losses on real estate loans despite its second-quarter write-down . STOP 
Richard M. *CUNK* , Valley National 's executive vice president , said then that the company believed the write-downs were `` adequate '' and did n't plan to increase its reserves again . STOP 
Bruce *CUNK* , a banking analyst with *CUNKER* & Co. , a Denver brokerage firm , said Valley National `` is n't out of the *UNKS* yet . '' STOP 
The key will be whether Arizona real estate turns around or at least *UNKS* , he said . STOP 
`` They 've stepped up to the plate to take the write-downs , but when markets head down , a company is always exposed to further negative *UNKS* , '' Mr. *CUNK* said . STOP 
Valley National closed yesterday at $ *UNKN* a share , down $ 1 , in national over-the-counter trading . STOP 
Two years of *UNKING* , down the drain . STOP 
That 's the way a lot of brokers feel today on the second anniversary of the 1987 stock-market crash . STOP 
*CUNKER* since that *UNK* Black Monday , they 've been *UNKLY* *UNKING* wary individual investors -- trying to convince them that Oct. 19 , 1987 , was a *UNK* and that the stock market really is a safe place for average Americans to put their *UNKED* dollars . STOP 
And until last Friday , it seemed those efforts were starting to pay off . STOP 
`` Some of those *UNKS* were coming back , '' says *CUNK* *CUNK* Jr. , chairman , of discount brokers *CUNK* & *CUNKLY* Group Inc . STOP 
`` We had heard from people who had n't been active '' for a long time . STOP 
Then came the *UNKING* 190-point plunge in the Dow Jones Industrial Average and a new wave of stock-market volatility . STOP 
All of a sudden , it was back to square one . STOP 
`` It 's going to set things back for a period , because it *UNKS* the concern of volatility , '' says Jeffrey B. Lane , president of Shearson Lehman Hutton Inc . STOP 
`` I think it will shake confidence one more time , and a lot of this business is based on client confidence . '' STOP 
*CUNKS* around the country say the reaction from individual investors this week has been almost *UNK* . STOP 
*CUNKS* and potential customers are suddenly *UNKING* about the stock market in the exact way they did in *UNK-* 1987 . STOP 
`` The kinds of questions you had before have *UNKED* , '' says Raymond A. `` *CUNK* '' Mason , chairman of regional brokerage firm *CUNK* Mason Inc. , Baltimore . STOP 
`` I can just tell the questions are right back where they were : ` What 's going on ? , ' ` *CUNK* n't anything be done about program trading ? , ' ` Does n't the exchange understand ? , ' ` Where is the SEC on this ? ' '' STOP 
Mr. Mason says he 's convinced the public still wants to invest in common stocks , even though they believe the *UNK* is *UNKED* against them . STOP 
But `` these wide swings *UNK* them to death . '' STOP 
All of this is bad news for the big brokerage firms such as Shearson and Merrill Lynch & Co. that have big `` retail , '' or *UNK-* , businesses . STOP 
After expanding rapidly during the *UNK-* years up to the 1987 crash , retail brokerage operations these days are getting barely enough business to pay the overhead . STOP 
*CUNK* , the amount of money investors are willing to *UNK* to their brokers has been growing lately . STOP 
But those dollars have been going into such `` safe '' products as money market funds , which do n't generate much in the way of commissions for the brokerage firms . STOP 
At discount brokerage Charles *CUNK* & Co. , such `` *UNK-* '' investments recently accounted for a record $ 8 billion of the firm 's $ 25 billion of client 's assets . STOP 
The brokers ' hope has been that they could soon *UNK* investors into shifting some of their *UNK* into the stock market . STOP 
And before last Friday , they were actually making modest progress . STOP 
A slightly higher percentage of New York Stock Exchange volume has been attributed to retail investors in recent months compared with *UNK-* 1988 , according to Securities Industry Association data . STOP 
In 1987 , an average *UNKN* % of Big Board volume was retail business , with the monthly level never more than *UNKN* % . STOP 
The retail participation dropped to an average *UNKN* % in 1988 , and *UNKED* to barely 14 % some months during the year . STOP 
Yet in 1989 , retail participation has been more than 20 % in every month , and was *UNKN* % in August , the latest month for which figures are available . STOP 
Jeffrey *CUNKER* , the *CUNK* 's research director , says that all of his group 's *UNK-* statistics could be *UNKED* by as much as five percentage points because corporate *UNKS* are sometimes *UNKLY* included in Big Board data . STOP 
But there did seem to be a retail activity pickup . STOP 
But `` Friday did n't help things , '' says Mr. *CUNKER* . STOP 
With the gyrations of recent days , says Hugo *CUNK* , senior vice president at Charles *CUNK* , many small investors are absolutely convinced that `` they should n't play in the stock market . '' STOP 
Joseph *CUNK* , president of retail sales and marketing at PaineWebber Group Inc. , still thinks that individual investors will eventually go back into the stock market . STOP 
Investors will develop `` *UNKER* *UNKS* , '' and their confidence will return , he says . STOP 
Friday 's plunge , he is telling PaineWebber brokers , was nothing more than a `` tremendous reaction to leveraged buy-out stocks . '' STOP 
Meanwhile , PaineWebber remains among the leaders in efforts to simply persuade investors to keep giving Wall Street their money . STOP 
`` It 's more of an important issue to keep control of those assets , rather than push the investor to move into -LRB- specific -RRB- products such as equities , '' Mr. *CUNK* says . STOP 
`` The equity decision will come when the client is ready and when there 's a *UNK* of confidence . '' STOP 
It could be a long wait , say some industry observers . STOP 
`` Some investors will *UNK* back in , '' says Richard Ross , a market research director for *CUNK* & *CUNK* in Chicago . STOP 
`` Then there 'll be another *UNKING* . STOP 
Given enough of these , this will drive everyone out except the most *UNK* , '' he adds . STOP 
Mr. Ross , who has been studying retail investors ' perception of risks in the brokerage industry , said a market plunge like Friday 's `` *UNKS* investors ' confidence in their ability to make any *UNKS* on the market . '' STOP 
The long-term outlook for the retail brokerage business is `` *UNK* , '' Mr. Ross declares . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
Washington , D.C. -- STOP 
$ 200 million of general obligation tax revenue anticipation notes , Series 1990 , due Sept. 28 , 1990 . STOP 
About $ 190 million were offered through Shearson Lehman Hutton Inc . STOP 
Shearson is offering the notes as 6 3\/4 % securities priced to yield *UNKN* % . STOP 
*CUNK* Morgan Securities Inc. is offering the remaining $ 10 million of notes . STOP 
The notes are rated *CUNK-* by Moody 's Investors Service Inc . STOP 
Standard & Poor 's Corp. has them under review . STOP 
Federal National Mortgage Association -- STOP 
$ 400 million of Remic mortgage securities being offered in 16 classes by Bear , Stearns & Co . STOP 
The offering , Series *UNKN* , is backed by Fannie Mae 9 % securities . STOP 
The offering used *UNK-* pricing . STOP 
Separately , Fannie Mae issued $ 400 million of Remic mortgage securities in 12 classes through First Boston Corp . STOP 
The offering , Series *UNKN* , is backed by Fannie Mae 9 % securities . STOP 
*CUNKING* details were n't available . STOP 
The two offerings bring Fannie Mae 's 1989 Remic issuance to $ 31 billion and its total volume to $ *UNKN* billion since the program began in April 1987 . STOP 
*CUNK* per *CUNK* *CUNK* *CUNK* *CUNK* -LRB- Italy -RRB- -- STOP 
$ 150 million of 9 % depository receipts due Nov. 27 , 1994 , priced at *UNKN* to yield *UNKN* % less fees , via Bankers Trust International Ltd . STOP 
Fees 1 7\/8 . STOP 
Mitsubishi Corp . Finance -LRB- Japanese parent -RRB- -- STOP 
$ 100 million of 8 5\/8 % bonds due Nov. 1 , 1993 priced at 101 1\/4 to yield *UNKN* % annually less full fees , via Yamaichi International -LRB- Europe -RRB- Ltd . STOP 
Fees 1 5\/8 . STOP 
Indian Oil Corp . -LRB- India -RRB- -- STOP 
$ 200 million of *UNK-* notes due November 1994 , paying six-month London interbank offered rate plus *UNKN* point and priced at par via Credit Suisse First Boston Ltd . STOP 
Guaranteed by India . STOP 
Fees *UNKN* . STOP 
Notes offered at a fixed level of *UNKN* . STOP 
National *CUNKER* Bank PLC -LRB- U.K. -RRB- -- STOP 
# 200 million of *UNKED* *UNK-* notes priced at par via *CUNK* Lynch International Ltd . STOP 
*CUNKAL* interest rate set at *UNKN* point over three-month *CUNK* . STOP 
*CUNK* margins set by agreement between *CUNKEST* and Merrill . STOP 
If no margin agreed , there is a *UNK* rate of *CUNK* plus *UNKN* point in years one to 15 , and *CUNK* plus 1.25 point thereafter . STOP 
*CUNK* Electric Express *CUNK* Co . -LRB- Japan -RRB- -- STOP 
$ 150 million of bonds due Nov. 9 , 1993 , with equity-purchase warrants , indicating a 4 % coupon at par via Yamaichi International -LRB- Europe -RRB- Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Dec. 1 , 1989 , through Nov. 2 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 24 . STOP 
*CUNK* Co . -LRB- Japan -RRB- -- STOP 
110 million Swiss francs of privately placed convertible notes due March 31 , 1994 , with an indicated 0.25 % coupon at par , via Bank *CUNK* Ltd . STOP 
Put option on March 31 , 1992 , at an indicated *UNKN* to yield *UNKN* % . STOP 
*CUNK* on March 31 , 1992 , at *UNKN* , also beginning Sept. 30 , 1992 , from 101 1\/2 and declining half a point *UNKLY* to par . STOP 
Each 50,000 Swiss franc note is convertible from Nov. 20 , 1989 , to March 17 , 1994 , at an indicated 5 % premium over the closing share price Oct. 25 , when terms are scheduled to be fixed . STOP 
N. Nomura & Co . -LRB- Japan -RRB- -- STOP 
50 million Swiss francs of privately placed convertible notes due March 31 , 1994 , with an indicated 0.5 % coupon at par , via Bank *CUNKS* *CUNKER* . STOP 
Put option on March 31 , 1992 , at an indicated *UNKN* 1\/4 to yield *UNKN* % . STOP 
Each 50,000 Swiss franc note is convertible from Nov. 20 , 1989 , to March 17 , 1994 , at a 5 % premium over the closing share price Oct. 21 , when terms are scheduled to be fixed . STOP 
*CUNK* *CUNK* . -LRB- Netherlands -RRB- -- STOP 
250 million Dutch *UNKS* of 7 3\/4 % bonds due Nov. 15 , 1999 , priced at 101 1\/4 to yield *UNKN* % at issue price and *UNKN* % less full fees , via *CUNK* Bank . STOP 
Fees 2 . STOP 
Continental Airlines -- STOP 
a *UNK-* , $ 71 million issue of secured equipment certificates priced through Drexel Burnham Lambert Inc . STOP 
The size of the issue was *UNKED* from an originally planned $ *UNKN* million . STOP 
In addition , a planned *UNK-* offering of $ 58 million in unsecured notes was n't offered . STOP 
The first part , consisting of $ 2.5 million of 11 1\/4 % secured equipment certificates due June 15 , 1990 , was priced at *UNKN* with a yield to maturity of *UNKN* % . STOP 
The second part , consisting of $ 28 million of 11 3\/4 % secured equipment certificates due June 15 , 1995 , was priced at *UNKN* with a yield to maturity of *UNKN* % . STOP 
The third part , consisting of $ *UNKN* million of 12 1\/8 % secured equipment certificates due April 15 , 1996 , was priced at *UNKN* with a yield to maturity of *UNKN* % . STOP 
The fourth part , consisting of $ 22 million of 12 1\/2 % secured equipment certificates due April 15 , 1999 , was priced at *UNKN* with a yield to maturity of *UNKN* % . STOP 
The issue was rated *UNK-* by Moody 's and *UNK-* by S&P . STOP 
All parts of the issue are *UNK* at any time at par . STOP 
Continental Airlines is a unit of Texas Air Corp . STOP 
John V. Holmes , an *UNKER* publisher , and three *UNKAL* firms he organized were *UNKED* from violating the registration provisions of the securities laws governing investment companies . STOP 
As part of an agreement that settled charges brought by the Securities and Exchange Commission , a *UNKER* was also appointed for the three *UNKAL* firms . STOP 
Mr. Holmes was the subject of a page one profile in The Wall Street Journal in 1984 , after the SEC questioned him about ties between him and companies he *UNKED* in a newsletter . STOP 
In 1986 , in another consent agreement with the SEC , Mr. Holmes was *UNKED* from violating the *UNKION* and *UNK-* provisions of the securities laws . STOP 
Without any admission or *UNKAL* of *UNK* by Mr. Holmes , that agreement settled SEC charges that Mr. Holmes sold *UNKED* securities and *UNKED* investors . STOP 
In charges filed last week in federal district court in Charlotte , N.C. , the SEC alleged that *CUNK* *CUNKS* Inc. , *CUNK* Finance Corp. and New *CUNKS* Fund Inc. , all of Charlotte , failed repeatedly to file proper documents . STOP 
The SEC also charged that Mr. Holmes acted as an officer or director of New *CUNKS* , in violation of his previous consent agreement . STOP 
`` Some companies were *UNK* in filings and other actions , all of which cost money , '' Mr. Holmes said . STOP 
Two of Mr. Holmes 's business associates who worked for *CUNK* *CUNKS* , *CUNKLY* *CUNK* Smith and Frederick *CUNK* , also *UNKED* to being *UNKED* from violations of registration provisions of the securities laws . STOP 
Ms. Smith also agreed to a permanent injunction *UNKING* her from acting as an officer , director or investment adviser of any mutual fund , unit investment trust or *UNK-* *UNK* company . STOP 
Mr. *CUNK* and Ms. Smith could n't be reached for comment . STOP 
In *UNKING* to the *UNKS* , none of the individuals or companies admitted or denied the allegations . STOP 
Senate Republicans have settled on a proposal that would cut the capital-gains tax for individuals and corporations . STOP 
At the same time , a small group of Senate Democrats are working on a similar plan and may introduce it soon . STOP 
Sen. Bob Packwood -LRB- R. , *CUNK* -RRB- , the lead sponsor of the GOP proposal , said he intends to unveil the plan today and to offer it as an amendment to whatever legislation comes along , particularly this month 's bill to raise the federal borrowing limit . STOP 
He gave *UNKN* odds that a capital-gains tax cut of some sort would be approved this year , though it probably wo n't be included in the pending deficit-reduction bill . STOP 
He added that he expects to talk to the Democrats who also wanted to cut the gains tax about *UNKING* a joint proposal . STOP 
For individuals , the Packwood plan would exclude from income 5 % of the gain from the sale of a capital asset held for more than one year . STOP 
The exclusion would rise five percentage points for each year the asset was held until it reached a maximum of 35 % . STOP 
The exclusion would apply to assets sold after Oct. 1 , 1989 . STOP 
As an alternative , he said , taxpayers could chose to reduce their gains by an inflation index . STOP 
For corporations , the top tax rate on the sale of assets held for more than three years would be cut to 33 % from the current top rate of 34 % . STOP 
That rate would gradually decline to as little as 29 % for corporate assets held for 15 years . STOP 
The Packwood plan would also include a proposal , designed by Sen. William Roth -LRB- R. , *CUNK* -RRB- , that would expand and alter the deduction for individual retirement accounts . STOP 
The Roth plan would create a new , *UNK-* IRA from which money could be withdrawn tax-free not only for retirement , but also for the purchase of a first home and to pay education and medical expenses . STOP 
*CUNK* IRAs could be rolled over into the new IRAs but would be subject to tax . STOP 
For their part , the group of Democrats are working on a plan that , like the Packwood proposal , would grant larger *UNKS* to assets the longer they were held by individuals and companies . STOP 
*CUNKLY* acquired assets would get a bigger break than those currently held . STOP 
An extra exclusion would be given to *UNK-* stock in small and *UNK-* corporations just starting up . STOP 
No one in the Senate is considering the capital-gains plan passed by the House . STOP 
That plan would provide a 30 % exclusion to assets sold over a 2 *UNK-* period ending Dec. 31 , 1991 . STOP 
After then , the House measure would boost the tax rate to 28 % and exclude from tax the gain *UNK* to inflation . STOP 
*CUNKS* are focusing on making a capital-gains *UNKAL* permanent . STOP 
Separately , Chairman Dan *CUNK* -LRB- D. , *CUNK* . -RRB- of the House *CUNKS* and Means Committee said he did n't want the capital-gains tax cut or any other amendments attached to the pending bill raising the federal borrowing limit . STOP 
The current debt limit expires Oct. 31 . STOP 
He also urged House and Senate negotiators to rid the deficit-reduction bill of all provisions that increase the budget deficit , including the *CUNKED* capital-gains provision . STOP 
From a helicopter a thousand feet above Oakland after the *UNKEST* earthquake in U.S. history , a scene of *UNKION* *UNKS* : a freeway *UNKED* into a concrete *UNK* , *UNKS* *UNKING* water into *UNK-* apartments , abandoned *UNKS* . STOP 
But this quake was n't the big one , the *UNK* of 1906 that has been feared for so many years . STOP 
Despite the *UNK* loss of more than 270 lives , and damage estimated in the billions , most businesses and their plants and offices in the Bay area were n't greatly affected . STOP 
The economic life of the region is expected to revive in a day or two , although some transportation problems may last weeks or months . STOP 
A main factor *UNKING* more widespread damage was the location of the quake 's epicenter -- 20 miles from the heart of the Silicon Valley and more than 50 miles from downtown San Francisco and Oakland . STOP 
Also , the region 's *UNK* on strict building *UNKS* helped prevent wider damage . STOP 
The tremendous energy of the quake was *UNKED* by the distance , so that most parts of the *UNK* and the major cities suffered largely *UNK* damage -- broken windows , falling *UNK* and *UNKS* , *UNKED* *UNK* or *UNKS* . STOP 
Of course , the quake was the worst since the *UNK* of the computer era turned Silicon Valley into the nation 's capital of high technology . STOP 
Like other major American cities , the San Francisco -- Oakland area owes its current *UNK* more to its infrastructure of *UNK-* *UNKS* linking thousands of computer terminals and *UNKS* than to its location *UNK* one of the world 's great natural *UNKS* . STOP 
When the tremors struck , the region 's largely *UNUNK* high-tech *UNK* held up surprisingly well despite the *UNKION* visible from the air . STOP 
Michael L. *CUNKER* , vice president for network technology at Pacific Bell Telephone Co. , says nearly all the network 's computer *UNKS* , which move thousands of calls a minute from one location to another , changed to *UNK* power when the city lost power . STOP 
The *UNK* *UNKS* have enough power for only three hours , but that gave emergency *UNKS* time to turn on an emergency system that runs primarily on *UNK* fuel . STOP 
Of some 160 *UNKS* in Pacific Bell 's network , only four went down . STOP 
One of those was in *CUNKER* , Calif. , near the earthquake 's epicenter . STOP 
Few telephone lines snapped . STOP 
That 's because the widely used *UNK-* cable has been installed *UNUNK* with 25 extra feet of cable between *UNKION* points . STOP 
The *UNK* *UNKS* the pulling strain generated by an earthquake . STOP 
Nevertheless , phone service was *UNK* ; many computer terminals remained dark , and by late yesterday a third of San Francisco remained without power . STOP 
Business in the nation 's *UNKEST* metropolitan region was nearly *UNKED* ; an estimated one million members of the work force stayed at home . STOP 
The economic *UNKION* was as *UNK* as the earthquake itself , as virtually all businesses shut down . STOP 
The $ *UNK-* Bay area economy represents *UNK-* of the economy of the nation 's most *OUS* state and accounts for 2 % to 3 % of the nation 's total output of goods and services , according to the Center for *CUNKING* *CUNK* of the California *CUNK* in Palo Alto . STOP 
In high-tech , the Bay area accounts for 15 % to 20 % of the U.S. *UNKED* industry . STOP 
`` This has been a major disruption for the Bay area economy , '' says *CUNK* *CUNK* , the chief economist at the California Department of Finance . STOP 
`` Obviously , things are going to have to go on hold for many companies . '' STOP 
The damage to the Bay area 's *UNKS* could cause significant economic *UNK* . STOP 
A quarter of a million people cross the Bay Bridge every day , far more than the 100,000 that use the Bay Area *CUNK* *CUNK* system -LRB- *CUNK* -RRB- -- which was working but was n't *UNKING* in the city 's Financial District yesterday afternoon because electricity was shut off and the area was being *UNKED* for gas *UNKS* . STOP 
California state transportation officials interviewed by telephone say they *UNKS* do n't expect serious problems for *UNK* in and out of the Bay area . STOP 
All major *UNKS* except Interstate *UNKN* , known as the *CUNK* Freeway , and the Bay Bridge were open by 1 p.m. yesterday . STOP 
Officials expect difficulty *UNKING* traffic through downtown San Francisco . STOP 
The earthquake caused many streets to *UNK* and crack , making them *UNK* . STOP 
Other roads were *UNKED* by collapsed buildings and damaged water and power lines , an emergency relief spokesman says . STOP 
San Francisco Mayor Art Agnos estimated the damage to his city alone at $ 2 billion . STOP 
But many predicted that the commercial disruption would be *UNKED* . STOP 
Of the scores of companies *UNKED* by this newspaper , few reported any damage that they did n't expect to have *UNKED* within a day or two . STOP 
It is possible , of course , that some of the most seriously damaged companies could n't be reached , particularly in areas *UNKEST* the epicenter . STOP 
Typical , perhaps , was the situation at New United Motor Manufacturing Inc. , the General Motors *CUNK-* *UNK-* auto plant in *CUNK* , about 35 miles south of Oakland . STOP 
*CUNK* of the plant 's workers were injured when the quake hit about a half-hour into the afternoon shift ; seven were *UNKED* . STOP 
*CUNKAL* *UNKS* on the plant floor fell over , and water *UNKS* *UNKED* , a spokeswoman says . STOP 
The plant was *UNKED* and workers sent home . STOP 
But the plant was able to resume limited production of its Toyota *CUNKS* and *CUNK* *CUNKS* by 6 a.m. yesterday , and *UNK* was only 7 % of the work force , about twice normal . STOP 
Computer maker Hewlett-Packard Co. , based in Palo Alto , says one of its buildings sustained severe damage when it was knocked off its foundation . STOP 
Other buildings had broken glass , *UNKING* light *UNKS* and broken *UNKS* , a *UNK* says , *UNKING* the cost of *UNKION* `` in the millions . '' STOP 
Most banks were closed but were expected to reopen today with few problems anticipated . STOP 
At the Federal Reserve Bank of San Francisco , Vice President Robert *CUNK* says operations were `` *UNKING* along as usual '' yesterday afternoon . STOP 
` When the quake hit , we turned on our emergency *UNK* and brought our computers up , '' he says . STOP 
The Fed serves as a *UNK* for banks , taking checks from one bank and sending them to another , an operation that it handled smoothly Tuesday night after the quake . STOP 
`` The volume we received from the banks was a lot lower than usual , '' he says . STOP 
A *UNK-* plan in which the Los Angeles Fed would come to San Francisco 's aid was n't needed , he adds . STOP 
Most of the telephone problems in the immediate aftermath stemmed from *UNKION* . STOP 
The telephone network simply could n't handle the large number of people seeking to make a call at the same time . STOP 
The volume resulted in *UNK-* delays that were as short as 15 seconds and as long as five minutes . STOP 
Mr. *CUNKER* puts traffic volume at 10 to 50 times normal . STOP 
American Telephone & Telegraph Co. , MCI Communications Inc. and United Telecommunications ' U *CUNK* *CUNK* unit were blocking phone calls into the Bay area to *UNK* *UNKION* . STOP 
The companies block traffic much as highway *UNKS* are blocked when traffic backs up . STOP 
William E. *CUNKING* , Pacific Bell 's vice president of customer services for the Bay area , says most long-distance companies were blocking about 50 % of all calls . STOP 
Pacific Telesis says its Pacific Bell unit also was blocking about 50 % of its calls *UNKLY* . STOP 
*CUNKLY* , the long-term effect of the earthquake may be to bolster the Bay area 's economic *UNKS* and , indeed , the nation 's gross national product . STOP 
It may also lead to new *UNKS* in major construction projects such as *UNK-* highways . STOP 
`` It would in the near-term give a boost to the San Francisco economy because there will be an *UNK* of people to help , '' says *CUNK* Burnham *CUNK* , a regional economist at *CUNK* Hill , a Lexington , Mass. , forecasting firm . STOP 
The construction industry is sure to feel increased demand . STOP 
`` There will be a big *UNK* of federal dollars and gains in state , federal and local employment , '' Ms. *CUNK* says . STOP 
*CUNKS* *CUNK* *CUNK* , an economist at Georgia State University , `` There 's nothing positive about an earthquake , but it will probably generate more construction activity . '' STOP 
Wall Street reacted *UNKLY* yesterday to the disaster by bidding up stocks of construction and related companies . STOP 
Shares of Lone Star Industries Inc. , a cement maker , rose sharply in anticipation of *UNK-* demand . STOP 
In Greenwich , Conn. , Lone Star spokesman Michael London says , `` Obviously with an earthquake of this size , there are likely to be construction projects that would n't otherwise have been anticipated . STOP 
But any increase is n't likely to be any kind of a surge . STOP 
It 's something likely to be spread out over a long period of time . STOP 
There will be a lot of repair work that wo n't require the quantities of cement or concrete that new *UNK* would . '' STOP 
Lone Star 's San Francisco facilities were n't damaged in the quake . STOP 
The earthquake is likely to reduce GNP *UNKLY* in the near term and then could raise it a bit as *UNKING* begins . STOP 
The first effects are , of course , negative as work is disrupted and people lose income and cut spending . STOP 
Corporate profits may also *UNK* initially . STOP 
Many of the lost tourism dollars wo n't be recovered ; many trips delayed never take place . STOP 
*CUNKLY* , however , the ill effects are likely to be offset , at least in economic terms , as construction activity begins . STOP 
Because of the way the government keeps its books , the damage to the Bay Bridge , however costly , wo n't be counted as a *UNKS* . STOP 
The money spent on repairs will be counted as a plus . STOP 
`` It 's very difficult to model the long-term impact of this , '' says Andrew Goldberg , who studies the *UNK-* and *UNK-* aspects of earthquakes at the Center for *CUNK* International *CUNKS* in Washington , *CUNK* . STOP 
`` You certainly can say it 's going to be extremely severe . STOP 
We really are talking about *UNKING* down a major American city for a number of days , maybe for a few weeks . '' STOP 
Mr. Goldberg says the cost of the earthquake will definitely top $ 1 billion and could reach $ 4 billion . STOP 
He *UNKS* that early damage estimates are often low ; the damage *UNKS* in Hurricane Hugo increased *UNK* as more information was received . STOP 
The earthquake damage , of course , would have been far greater if the epicenter had been in downtown San Francisco . STOP 
A direct hit on a major city , Mr. Goldberg figures , would cause $ 20 billion to $ 40 billion of damage . STOP 
*CUNKS* caution that it is far too soon for *UNK* estimates of the quake 's total damage , but it 's clear that insurers are likely to pay out enormous *UNKS* . STOP 
Jack *CUNK* , the chairman of Fireman 's Fund Corp. , which is based in *CUNK* , Calif. , estimates insured losses resulting the earthquake could total $ 2 billion . STOP 
The impact on the insurance industry `` will be big and *UNK* , but less than -LCB- Hurricane -RCB- Hugo , '' says Mr. *CUNK* , who *UNKED* the Bay area by car yesterday afternoon to get a sense of the company 's exposure to the earthquake . STOP 
Mr. *CUNK* says Fireman 's Fund will probably pay hundreds of millions in primary claims , but , after taxes and use of its reinsurance lines , the company 's *UNKER* charge against earnings should n't top $ 50 million . STOP 
The company was able to assess its damage liability quickly because it has computerized *UNKS* of Northern California showing the exact locations of all the property it *UNKS* . STOP 
Fireman 's Fund had claims adjusters on the streets of San Francisco right after *UNK* yesterday and was paying as many claims as it could right on the spot . STOP 
Fireman 's Fund *UNKS* *UNKN* homes and *UNKS* and *UNKN* businesses in the Bay area . STOP 
In addition to paying for earthquake and fire damage , the insurer must cover *UNKION* claims and also losses due to businesses being shut down by lack of power or phone service . STOP 
But many *CUNKS* may not have adequate insurance coverage to pay for damages to their property . STOP 
The Independent Insurance *CUNKS* of America says fewer than one of every five California homeowners has earthquake insurance . STOP 
A somewhat higher percentage of people living in the Bay area have bought the additional insurance protection , but the great majority are n't covered . STOP 
*CUNK* insurance typically runs $ 200 or more a year for a small house . STOP 
Whatever the long-term economic effect , the scene from the helicopter above Oakland is one of *UNK* . STOP 
*CUNK* *UNKS* of a *UNKER* freeway have been *UNKED* about like plastic building blocks . STOP 
*CUNK* them sit cars and trucks abandoned in a *UNKING* *UNK* to safety the day before . STOP 
In areas where the freeway made giant concrete *UNKS* of itself lie cars that police say have been *UNKED* into *UNK-* *UNKS* . STOP 
On the *UNK* , rescue workers seem , from the air , to move in slow motion . STOP 
They *UNK* away at the 1 *UNK-* section of rubble , *UNKING* for more of the 250 people thought to have died here . STOP 
About 20 other deaths were also attributed to the earthquake . STOP 
The heart of the earthquake , 6.9 on the Richter scale , was 50 miles to the south , near Santa *CUNK* , but its terrible *UNK* struck here on the *CUNK* Freeway , a major *UNK* serving the Bay Bridge between Oakland and San Francisco . STOP 
Along the way , the quake *UNKED* a *UNK* in Santa *CUNK* , knocked down buildings in San Francisco 's fashionable Marina District and sent a wall of *UNKS* *UNKING* on *UNKS* in the city 's Financial District . STOP 
Just a short *UNK* across the bay to the *UNKEST* , the quake also showed its *UNK* : A *UNK-* area of the Marina District lies *UNKING* under a steady stream of *UNKER* being *UNKED* onto rubble to prevent it from *UNKING* *UNK* . STOP 
Many of the buildings , mostly *UNKS* and apartments , were *UNKED* almost *UNKLY* as the underlying soil -- much of it *UNK* -- was literally turned to *UNK* by the quake 's *UNK* shaking , *UNKING* gas lines . STOP 
*CUNKS* say three *UNKS* died when one of the buildings *UNKED* into a *UNK* shortly after the quake struck . STOP 
*CUNKS* to fight the *UNK* were hampered because water *UNKS* were *UNKED* as well . STOP 
From the air , *UNKS* of *UNK* fire *UNK* carry water from the bay to *UNK-* *UNKS* *UNKED* on the site . STOP 
As *UNKS* stand behind *UNKS* , *UNKED* *UNK* and building *UNKS* survey *UNKS* of nearby buildings that were *UNKED* from their *UNKS* and seem on the *UNK* of collapse . STOP 
In the Marina District , residents spent yesterday *UNKING* damage , cleaning up and trying to find friends and neighbors . STOP 
*CUNK* *CUNK* , 85 years old , has lived in the district most of her life . STOP 
Her parents lost everything in the 1906 earthquake . STOP 
`` Now , we realize what our *UNKS* must have gone through , '' she says . STOP 
`` We always heard about the earthquake , but as children we did n't always listen . STOP 
*CUNK* *CUNK* is the *UNK* *UNK* and *UNK* grand *UNK* of *CUNK* . STOP 
An article in the World Business Report of Sept. 22 editions incorrectly referred to his father , Grand *CUNK* *CUNK* , as the *UNK* *UNK* . STOP 
Resolution Funding Corp. plans to sell $ 4.5 billion of 30-year bonds Wednesday in the agency 's first sale of securities . STOP 
The new bonds will be dated Oct. 30 and mature Oct. 15 , 2019 . STOP 
*CUNKS* for the bonds , available in minimum denominations of $ 1,000 , must be received by 1 p.m. EDT Wednesday at Federal Reserve banks . STOP 
*CUNK* , created by the *UNK-* law enacted in August , will use the proceeds to merge or sell off *UNKING* savings-and-loan institutions . STOP 
Congress authorized $ 50 billion to be borrowed to pay for the thrift bailout . STOP 
Of that amount , $ 20 billion has already been borrowed by the Treasury Department . STOP 
Unless otherwise specified in a particular offer , the bonds wo n't be subject to redemption prior to maturity . STOP 
Interest payments on the bonds will be payable *UNKLY* . STOP 
The bonds are subject to federal taxation in the U.S. , including income taxes . STOP 
At the state and local level , the bonds are subject to *UNKS* and estate , *UNK* and *UNK* taxes , but exempt from taxation as to principal and interest . STOP 
*CUNK* *CUNK* & Co. , a *CUNK* Co. unit , is launching a program to give consumers more information about its drugs when doctors *UNK* them . STOP 
*CUNKED* *CUNKS* in the *CUNK* , the program features fact sheets designed to be easy to understand . STOP 
The sheets tell how the medicine works , describe how to use it and list its possible side effects . STOP 
They are designed to be given to patients by their doctors when the *UNKS* are *UNKED* and include space for the doctor to write special instructions . STOP 
In addition , *CUNK* will give *UNKS* *UNKS* on the use of *UNKION* drugs for distribution in their stores . STOP 
Consumer groups have long *UNKED* that drug companies and doctors make more information available to patients . STOP 
`` We believe that every drug that 's *UNKED* to a consumer should have a consumer label , '' said Douglas *CUNK* of the Public *CUNK* Health Research Group , a Ralph *CUNKER* affiliate . STOP 
Dr. *CUNK* said *CUNK* is `` the only company I know that voluntarily '' will make consumer information available . STOP 
According to federal officials and *UNK-* studies , nearly half of the 1.6 billion *UNKS* filled each year are n't used properly , meaning that money is *UNKED* on some *UNKS* and patients are *UNKED* of the benefits of *UNKION* . STOP 
`` We think it 's very important to provide as much information as possible on the drugs consumers take , '' said *CUNK* Chairman *CUNK* *CUNK* . STOP 
Bond prices *UNKED* yesterday as investors kept close watch on the stock market and worried about a wave of new supply . STOP 
Early yesterday , bonds rose as investors rushed to buy Treasury securities on the prospect that stocks would *UNK* in the aftermath of the massive California earthquake . STOP 
For example , some securities analysts warned that stocks of certain insurance companies , which face massive damage claims , would get hit hard . STOP 
But when the Dow Jones Industrial Average rose instead , bonds *UNKED* lower . STOP 
With stocks not a major focus , `` we 're waiting for the next *UNKING* light , '' said Brian J. *CUNK* , chief economist at Midland *CUNK* Securities Inc . STOP 
`` If the stock market tremors are behind us , then the bond market will go back to looking at the next *UNK* of economic numbers to determine '' where interest rates are heading . STOP 
The Treasury 's benchmark 30-year bond , which jumped 3\/8 point , or about $ *UNKN* for each $ 1,000 face amount , during the first hour of trading , ended little changed . STOP 
Interest rates barely *UNKED* from Tuesday 's levels . STOP 
Most junk bonds , which have been battered in recent weeks , continued a slow *UNKION* and ended unchanged to slightly higher . STOP 
But some so-called high-quality junk issues fell as some mutual funds sold their most liquid issues to raise cash . STOP 
RJR Holdings Capital Corp. 's *UNKN* % bonds due 2009 fell one point . STOP 
Other RJR issues fell between 1\/2 point and 1 1\/2 point . STOP 
In the latest sign of how difficult it is to place certain junk bonds , Continental Airlines said it was forced to scale back the size of its latest offering . STOP 
Continental , a unit of Texas Air Corp. , slashed the size of its note offering from $ 150 million to $ 71 million . STOP 
The move had been widely expected . STOP 
In the *UNK* offering , the company sold a portion of secured notes but *UNKED* all the unsecured notes . STOP 
A Continental spokeswoman said the notes may be offered at a later date . STOP 
`` This was not a *UNK-* deal , '' she said . STOP 
`` I think this is a market that required some level of security . STOP 
It did not make sense to offer unsecured paper in an *UNKING* market . '' STOP 
Investors have been *UNKING* for weeks about the market 's ability to place the $ 7 billion to $ 10 billion of new junk bonds scheduled to be sold by year end . STOP 
*CUNKLY* troubles were also on the minds of Treasury investors yesterday , who worried about the *UNK* of new government securities coming next week . STOP 
`` We 're being *UNKED* by new Treasury and agency debt offerings , '' said William Sullivan Jr. , director of money-market research at Dean Witter Reynolds Inc . STOP 
`` The market is concerned about its ability to underwrite all this debt at current levels . '' STOP 
In addition to the $ 15.6 billion of Treasury bills to be sold at next week 's regular Monday auction , the government will sell $ 10 billion of new two-year Treasury notes . STOP 
And Resolution Funding Corp. said late yesterday that it will sell $ 4.5 billion of 30-year bonds Wednesday . STOP 
*CUNK* is the financing unit of Resolution Trust Corp. , a new government agency created to rescue the nation 's troubled thrifts . STOP 
Its securities have been dubbed `` bailout bonds '' by traders . STOP 
In *UNKED* trading , the two-year Treasurys had a yield of about *UNKN* % . STOP 
In the municipal market , all eyes were on California debt as investors tried to gauge the financial *UNKS* of Tuesday 's earthquake . STOP 
But traders said the quake had only a minor impact on the trading of California state and local municipal debt . STOP 
`` There are certain bonds traders *UNKER* to as ` earthquake ' bonds because the -LRB- issuers -RRB- are on top of the San *CUNKS* fault , '' said *CUNK* *CUNK* , editor of the California Municipal Bond *CUNK* , a newsletter for investors . STOP 
Since those bonds already pay a slightly higher yield , an extra premium for the earthquake risk , they were n't *UNKLY* affected . STOP 
But some bond market analysts said that could quickly change if property casualty insurance companies *UNK* to sell *UNKS* of their municipal portfolios to raise cash to pay damage claims . STOP 
`` Insurance companies will foot a substantial amount of the bill to *UNK* San Francisco , '' said Charles *CUNK* , chief economist at Manufacturers Hanover Securities Corp . STOP 
He also expects the performance of *UNKS* to lag Treasurys as California is forced to issue new debt over time to repair public facilities . STOP 
A report issued late yesterday by Standard & Poor 's Corp. concluded the quake wo n't cause `` *UNK-* credit deterioration '' for issuers and debt issues in the *UNK-* area of Northern California affected by the quake . STOP 
Treasury Securities STOP 
Treasury bonds ended narrowly mixed in quiet trading . STOP 
The benchmark 30-year bond ended at a price of 100 *UNKN* to yield *UNKN* % , compared with 100 *UNKN* to yield *UNKN* % Tuesday . STOP 
The latest 10-year notes were quoted late at a price of 99 *UNKN* to yield 8 % , compared with 99 *UNKN* to yield *UNKN* % . STOP 
*CUNK-* rates were little changed . STOP 
Corporate Issues STOP 
*CUNK-* corporate bonds ended 1\/4 point lower . STOP 
The Continental junk bond offering , *UNUNK* by Drexel Burnham Lambert Inc. , was the only new issue priced yesterday . STOP 
In the *UNK-* offering , the $ 71 million of secured equipment certificates was priced to yield *UNKN* % to *UNKN* % . STOP 
*CUNKS* STOP 
Municipal bonds ended about 1\/8 to 3\/8 point lower , hurt by the circulation of two `` *UNKED* '' lists totaling $ *UNKN* million . STOP 
Chemical Securities Inc. is acting as agent for the seller . STOP 
Meanwhile , some California issues were down a touch more than the broad market , but traders said there had n't been much investor selling because of the quake . STOP 
But New York City general obligation bonds came under selling pressure . STOP 
Traders said a steady stream of bonds was put up for sale yesterday , pushing yields for longer maturities up *UNKN* percentage point . STOP 
Traders said investors were *UNKING* to recent negative news on the city 's finances and are nervous ahead of the Nov. 7 election . STOP 
Washington , D.C. , topped the competitive slate yesterday with a sale of $ 200 million of general obligation tax revenue anticipation notes . STOP 
In late trading , New Jersey *CUNK* Authority 's 7.20 % issue of *UNKN* was off 1\/4 point at 98 bid . STOP 
The yield was *UNKN* % , up *UNKN* percentage point . STOP 
*CUNKED* Securities STOP 
Mortgage securities ended little changed after light dealings . STOP 
There was no *UNK* market impact from the California earthquake . STOP 
Dealers said there was some concern that insurance companies might be forced to sell mortgage securities to help pay *UNKED* claims , but no selling *UNKED* . STOP 
The Federal Home Loan Mortgage Corp. and Federal National Mortgage Association , two dominant issuers of mortgage securities , have a sizable amount of California home loans in their *UNKED* *UNKS* . STOP 
But their potential quake exposure is seen as small given that they require a financial *UNKION* on all the loans they purchase . STOP 
And because Northern California home prices are so high , loans from the region often are too large to be included in Freddie Mac and Fannie Mae *UNKS* . STOP 
Meanwhile , Government National Mortgage Association 9 % securities for November delivery ended at 97 *UNKN* , unchanged . STOP 
Freddie Mac 9 % securities were at 97 *UNKN* , down *UNKN* . STOP 
In derivative markets , Fannie Mae issued two $ 400 million real estate mortgage investment *UNKS* backed by its 9 % securities . STOP 
Foreign Bonds STOP 
British government bonds , or *UNKS* , ended moderately lower as equities there recovered from Tuesday 's drop . STOP 
The Treasury 's 11 3\/4 % bond due *UNKN* fell *UNKN* to 111 *UNKN* to yield *UNKN* % , while the 12 % notes due 1995 were down *UNKN* to 103 *UNKN* to yield *UNKN* % . STOP 
Traders said today may be an anxious day for the market . STOP 
Several key economic figures are due out and Chancellor of the Exchequer Nigel Lawson is scheduled to give the annual `` *CUNKION* House '' address to the financial community . STOP 
The *UNK* sometimes has used the *UNKION* to announce major economic policy changes . STOP 
Economists do n't expect any such changes in this year 's address , given Mr. Lawson 's apparent reluctance to adjust policy currently . STOP 
Meanwhile , Japanese government bonds retreated in quiet trading , *UNKED* by the dollar 's *UNK* . STOP 
Japan 's bellwether 4.6 % bond due 1998 ended on brokers ' screens at *UNKN* to yield *UNKN* % . STOP 
In West Germany , investors stayed on the sidelines as the bond market *UNKED* for direction . STOP 
The government 's 7 % issue due October 1999 fell *UNKN* point to *UNKN* to yield *UNKN* % . STOP 
The Berlin Wall still stands . STOP 
But the man who built it has fallen . STOP 
East Germany yesterday removed *CUNK* Honecker , one of the *UNKEST* *UNKS* against the reform *UNKING* through the Communist world , in an effort to win back the confidence of its increasingly *OUS* citizens . STOP 
But while it was a move that *UNKED* the East bloc , it hardly *UNKS* in an era of reform -- at least *UNK* soon . STOP 
For the Politburo replaced Mr. Honecker , who had led East Germany for 18 years and before that headed its security *UNKS* , with a man cut of the same *UNK* : *CUNK* Krenz , the most recent *UNK-* chief and a longtime Honecker *UNK* . STOP 
East Germany , it is clear , is no Poland , where the Communist Party now shares power with the *UNKLY* elected Solidarity union . STOP 
Nor is it a Hungary , where yesterday the *UNK* approved constitutional changes meant to help turn the Communist nation into a *UNK* democracy . STOP 
Still , any change in East Germany has enormous implications , for both East and West . STOP 
It raises the *UNKED* hopes of many Germans for reunification -- a prospect that almost equally *UNKS* political leaders in Moscow , Washington and Western Europe . STOP 
Mr. Krenz , 52 , was named the new party chief just minutes after the Party 's *UNKER* Central Committee *UNKED* in East Berlin . STOP 
Although the East German news agency *CUNK* claimed Mr. Honecker had asked to be *UNKED* of his duties for `` health reasons , '' West German government sources said the *UNK-* Politburo had asked for his resignation at a separate meeting late Tuesday . STOP 
-LRB- Mr. Honecker was twice *UNKED* this summer for a *UNK* *UNKER* *UNK* and his physical condition has been the subject of intense speculation in the Western media . -RRB- STOP 
*CUNK* said Mr. Honecker , a *UNK-* *CUNK* who in *UNKN* *UNKED* the construction of the Berlin Wall , also was *UNKED* of his title as head of state and his position as chief of the military . STOP 
Mr. Krenz is expected to be formally named to all three positions once the nation 's *UNK* *UNKS* later this week . STOP 
Mr. Honecker 's *UNK* fall *UNKS* nearly two decades of *UNKED* leadership during which Mr. Honecker , now 77 years old , built East Germany into the most *UNKLY* advanced nation in the Soviet bloc . STOP 
His grip on power *UNKED* this summer as thousands of his *UNK* , *UNKED* by the *UNKS* of his rule , fled to the West . STOP 
*CUNKS* more have taken to the streets in the last month in East Germany 's largest wave of domestic *UNKEST* since a workers ' *UNKING* in *UNKN* . STOP 
In Washington , the Bush administration took a *UNKLY* cautious and skeptical view of the leadership change . STOP 
The official line was to offer *UNKER* ties to Mr. Krenz , provided he is willing to institute reforms . STOP 
But U.S. officials have strong doubts that he is a *UNKER* . STOP 
President Bush told reporters : `` Whether that -LCB- the leadership change -RCB- reflects a change in *CUNKEST* relations , I do n't think so . STOP 
Because Mr. Krenz has been very much in accord with the policies of Honecker . '' STOP 
One top U.S. expert on East Germany added : `` There is no *UNK-* champion of reform , that we know of , in the East German leadership . '' STOP 
Indeed , Mr. Krenz said on East German television last night that there will be no *UNKING* of power with *UNK-* groups . STOP 
He said , while dialogue is important , enough *UNKS* already exist `` in which different interests '' can *UNKS* themselves . STOP 
The removal of Mr. Honecker was apparently the result of bitter *UNKING* within the top ranks of the Communist party . STOP 
According to West German government sources , Mr. Honecker and several senior Politburo members fought over the last week to delay any decisions about a leadership change . STOP 
But , with public demonstrations in the country growing in size and *UNK* , Mr. Honecker and several key allies lost out in this battle , officials say . STOP 
Those allies included Politburo members *CUNKER* *CUNK* , who has long headed economic affairs , and *CUNK* *CUNK* , chief of information policy . STOP 
Both men were also *UNKED* of their duties yesterday . STOP 
Although other resignations may follow , it 's still not clear to what extent the change in party personnel will alter the government 's resistance to fundamental change . STOP 
Clearly , the central figure in this process is *CUNK* Krenz . STOP 
*CUNK* in *UNKN* in a *CUNK* Sea town now part of Poland , he was eight years old when World War II ended . STOP 
Like West German Chancellor *CUNK* *CUNK* , he represents the *UNK* generation that has grown up during Germany 's division . STOP 
Since joining the Politburo in 1983 as its *UNKEST* member , Mr. Krenz had acquired the *UNK* `` *UNK* *UNK* , '' a *UNK* to the widely held view that he was the *UNKED* successor to Mr. Honecker . STOP 
In fact , the two men have had *UNKLY* similar career *UNKS* , both having served as chief of internal security before their rise to the top party position . STOP 
Moreover , both men have *UNK* to a similar *UNK-* philosophy . STOP 
*CUNKLY* , one of Mr. Krenz 's few official visits overseas came a few months ago , when he visited China after the massacre in Beijing . STOP 
He later defended the Chinese government 's response during a separate visit to West Germany . STOP 
East German *CUNK* in particular fears Mr. Krenz , in part because of an incident in January 1988 when he was believed to have ordered the arrest of hundreds of *UNKS* who had sought *UNK* in the Church . STOP 
However , Mr. Krenz also has a reputation for being politically *UNK* . STOP 
His *UNK* ability to read the shifting popular mood in East Germany is best *UNKED* by his apparent break with his old *UNK* , Mr. Honecker . STOP 
Indeed , according to West German government sources , he was one of the leaders in the power struggle that *UNKED* Mr. Honecker . STOP 
In recent days , Mr. Krenz has sought to project a *UNKER* image . STOP 
According to a report widely *UNKING* in East Berlin , it was Mr. Krenz who ordered police to stop using excessive force against demonstrators in *CUNK* . STOP 
`` He does n't want to have the image of the *UNK* man , '' says *CUNKED* *CUNK* , an expert at the *CUNKED* Institute of East European and International *CUNKS* in *CUNK* . STOP 
`` He 's not a *UNKER* -- he wants to have the image of a *UNKER* . '' STOP 
As part of his image *UNKING* , Mr. Krenz is expected to take modest steps toward reform to rebuild confidence among the people and *UNK* the party 's authority . STOP 
Besides *UNKING* other senior Politburo officials who *UNKED* themselves with Mr. Honecker , Mr. Krenz could *UNK* controls on the news media , free up travel restrictions , and establish a dialogue with various dissident groups . STOP 
But will it be enough ? STOP 
West German government officials and Western analysts are *UNK* . STOP 
`` He does n't *UNK* what people want , so the *UNKEST* will go on , '' Mr. *CUNK* predicts . STOP 
At the same time , the expectations of the East German people are great and will continue to grow . STOP 
Says one West German official : `` What 's necessary now is the process of *UNKION* . STOP 
Not just that people are being heard but that their interests are being taken seriously . '' STOP 
Chancellor *CUNK* , meanwhile , has invited Mr. Krenz to open discussions with Bonn on a wide range of subjects . STOP 
Reports in the West German press , citing sources in East Germany , suggest Mr. Krenz may serve only as a bridge between Mr. Honecker and a genuine reform leader . STOP 
*CUNKING* to that speculation is Mr. Krenz 's reputation as a heavy *UNKER* , who is said to also suffer from *UNKS* . STOP 
`` This is a dynamic process and we 're experiencing the first step , '' the Bonn official adds . STOP 
The selection of Mr. Krenz may also *UNK* Moscow . STOP 
Soviet leader Mikhail Gorbachev has pressed hard for a change in East Germany 's rigid stance . STOP 
Two *UNKED* party leaders favored by Moscow as possible *UNKS* to Mr. Honecker , *CUNK* party secretary *CUNKS* *CUNK* and Politburo member *CUNKER* *CUNK* , were passed over . STOP 
If Mr. Krenz *UNKS* to rigid policies the pressure from the Soviet Union could *UNK* . STOP 
In Moscow , Mr. Gorbachev sent Mr. Krenz a *UNK* *UNK* that appeared to urge the new leadership to *UNKED* growing calls for change . STOP 
According to the Soviet news agency *CUNKS* , `` Gorbachev expressed the conviction that the leadership of the Socialist *CUNK* Party of -LCB- East -RCB- Germany , being sensitive to the demands of the time , ... will find solutions to complicated problems the *CUNK* -LCB- German Democratic Republic -RCB- *UNKED* . '' STOP 
A force of younger *UNK-* members in the East German bureaucracy has for some time been pushing for *UNKION* within their country . STOP 
The older generation has been *UNK* between a fear of *UNKING* with the status *UNK* and a fear of what might happen if they did n't . STOP 
From the perspective of East Germany 's old guard , reforms that *UNK* of capitalism and *CUNK-* democracy could eliminate their country 's reason for being . STOP 
Unlike the other nations of the bloc , East Germany is a *UNK* of the *CUNK* War . STOP 
*CUNKING* the differences still *UNKING* Europe , and the vast international *UNKING* that implies , wo n't *UNKER* the *UNK* of a Poland or a Hungary . STOP 
But it could ultimately lead to German reunification and the *UNK* of East Germany from the *UNK* . STOP 
*CUNK* is what the Old *CUNK* fears . STOP 
`` I 'm sure they 'll *UNK* a reform that will be a *UNK* for the *CUNK* 's future as a separately *UNK* state , '' says Michael Simmons , a British *UNK* whose book on East Germany , *UNKED* `` The *CUNKED* *CUNK* , '' was published this month . STOP 
Up to now , that *UNK* has *UNKED* of a *UNKED* effort by former leader Walter *CUNK* to establish the country 's international *UNK* , followed by Mr. Honecker 's campaign to build the East bloc 's only successful *CUNK* economy into a consumer *UNK* . STOP 
Neither man achieved *UNKION* . STOP 
Early in 1987 , Mr. Honecker and his team stopped paying thin *UNKS* to Mr. Gorbachev and joined with *CUNK* in *UNKING* any *UNK* for adjustments in their systems . STOP 
The *UNK-* *CUNKS* and *CUNKS* , in contrast , declared their intentions to reform , while doing nothing concrete about it . STOP 
The East German media soon began *UNKING* Mr. Gorbachev 's *UNKS* only as *UNK* *UNKS* , and giving space to his opponents . STOP 
By late 1988 , they were banning Soviet publications . STOP 
The country abandoned its former *UNKION* to socialist *UNUNK* and took to insisting instead that each country in the bloc ought to travel its own road . STOP 
Mr. Honecker spoke of `` generally valid *UNK* laws of socialism '' and left no room for debate . STOP 
With this year 's *UNKS* in China and the Soviet Union , and the drive to democracy in Poland and Hungary , the East German leadership grew still more defensive . STOP 
Politburo member *CUNK* *CUNK* *UNKED* to a `` *UNK* concern '' over *CUNK* democracy . STOP 
`` Under the *UNKER* that *UNKS* the ` *UNKAL* of socialism , ' '' he said , `` forces are at work that are *UNKING* to eliminate socialism . '' STOP 
Some loyal voices , in and out of the East German Communist party , saw the nation 's *UNKEST* coming . STOP 
The first signs were economic . STOP 
Despite heavily subsidized consumer industries , East Germans have for years watched the West pull *UNKER* out ahead . STOP 
In 1988 , for the first time , economic growth came to a dead stop . STOP 
*CUNKLY* , some economists began to blame central planning . STOP 
Some writers in *UNKAL* *UNKS* even raised the notion of introducing democracy , at least in the *UNK* . STOP 
By summer , an independent reform movement was saying out *UNK* what it had only *UNKED* before . STOP 
But they are *UNK* *UNKS* . STOP 
Their *UNKED* purpose is to *UNK* East Germany of its *CUNK* *UNK* , not to merge with the West . STOP 
One of their *UNKS* has *UNKED* a `` new *UNK* '' of `` creative socialism . '' STOP 
Meanwhile , the man Mr. Krenz *UNKS* has left an *UNK* mark on East German society . STOP 
*CUNKED* by the *CUNKS* during World War II for his political *UNKS* , Mr. Honecker *UNKED* the *UNK* generation of committed Communist leaders in Eastern Europe who took their *UNKS* from Moscow . STOP 
He was a `` socialist *UNK* '' who felt *UNKED* by West Germany 's enormous *UNK* *UNK* and the Bonn government 's *UNK* *UNKAL* to recognize the *UNK* of his state . STOP 
Finally , during his first and only state visit to Bonn two years ago , he won some measure of the recognition he had long sought . STOP 
But ultimately he was *UNUNK* by forces *UNKED* by his own *UNK* , Mr. Gorbachev . STOP 
Mr. Honecker 's removal `` was *UNK* to happen , '' says one aide to Chancellor *CUNK* . STOP 
`` It was only a matter of time . '' STOP 
The European Community Commission increased its forecast for economic growth in the EC in 1989 to 3.5 % , slightly higher than its June projection of *UNKN* % . STOP 
In its annual economic report for *UNKN* , the commission also projected 1990 gross domestic product growth for the 12 EC members at 3 % . STOP 
EC inflation was seen at 4.8 % in 1989 , higher than 1988 's 3.6 % price rise . STOP 
However , inflation for 1990 was seen slowing to 4.5 % . STOP 
*CUNKING* EC growth forecasts in 1989 was Ireland , seen growing 5 % at constant prices . STOP 
*CUNKER* growth countries included Greece , at 2.5 % , the U.K. , at 2.25 % , and *CUNK* , at 1.75 % . STOP 
*CUNKION* is expected to be highest in Greece , where it is projected at *UNKN* % , and *CUNKAL* , at 13 % . STOP 
At the other end of the *UNK* , West German inflation was forecast at 3 % in 1989 and 2.75 % in 1990 . STOP 
Nestle Korea Ltd. opened a coffee and *UNKER* plant in *CUNK* , South Korea . STOP 
An official at Nestle Korea , a *UNKN* joint venture between Nestle S.A. and the *CUNK* Group , said the new facility will manufacture all types of *UNK* , *UNKED* and ground coffee , coffee mix and *UNK* coffee *UNKER* . STOP 
The South Korean coffee market , consisting mostly of instant coffee , was estimated at about 100 billion won -LRB- $ *UNKN* million -RRB- last year . STOP 
Brands made by the Kraft General Foods unit of Philip Morris Cos. had about 95 % of the market share . STOP 
Nestle currently has only about a 2 % share with its *CUNKER* 's *CUNK* coffee . STOP 
Poland plans to start negotiations soon on purchasing natural gas from Iran , the official *CUNK* Republic News Agency reported . STOP 
The agency said Polish Prime Minister *CUNK* *CUNK* told Iranian *CUNK* Foreign Minister *CUNK* *CUNK* of Poland 's *UNKS* to purchase the gas during Mr. *CUNK* 's current visit to Warsaw . STOP 
The agency did n't mention possible quantities and did n't say how the gas would be delivered . STOP 
A Chinese official *UNKLY* criticized plans to close a British naval base in downtown Hong Kong . STOP 
Hong Kong officials announced last week that the base will be *UNKED* to a small island to allow downtown *UNK* . STOP 
But Beijing wants to use the base for the People 's *CUNKION* Army after 1997 , when the territory returns to Chinese *UNK* . STOP 
*CUNK* *CUNK* , head of China 's delegation to a *CUNK-* *CUNK* Committee on Hong Kong , accused Britain of trying to impose a *UNK* *UNK* and said , `` This is something we can not accept . '' STOP 
The Israeli and Soviet national airlines have reached preliminary agreement for launching the first direct flights between *CUNK* *CUNK* and Moscow , a spokesman for the Israeli airline , El *CUNK* , said . STOP 
El *CUNK* director *CUNK* *CUNK-* and top officials of the Soviet Union 's Aeroflot negotiated a preliminary pact in Moscow this week , the spokesman said . STOP 
He added that *UNKING* the deal requires approval by the governments of both countries , which have never had direct air links . STOP 
The chairman and a director of one of the Republic of Singapore 's leading property companies , City Development Ltd. , or *CUNK* , were charged yesterday with criminal breach of trust of some 800,000 Singapore dollars -LRB- about US$ *UNKN* -RRB- . STOP 
*CUNK* Hong *CUNK* , chairman of *CUNK* , and director *CUNK* *CUNK* *CUNK* were arrested by the *UNK* 's *CUNK* *CUNKS* Investigation Bureau Tuesday night . STOP 
In addition to *UNKING* in the alleged criminal breach of trust , *CUNK* Hong *CUNK* was also charged with *UNKLY* receiving *CUNK* 500,000 that had been stolen . STOP 
Both men were charged in a *UNK* court and released on *UNK* of *CUNK* 1 million . STOP 
The charges are the *UNKION* of weeks of rumors concerning *CUNK* that have depressed the company 's share price and to a *UNKER* extent the shares of all companies owned by *CUNK* 's controlling *CUNK* family , brokers in Singapore say . STOP 
The *CUNKS* control the Hong *CUNK* Group , which has widespread interests in manufacturing , property and finance in both Malaysia and Singapore . STOP 
News of the arrest and charging of the two men helped to push prices on the Singapore Stock market sharply lower in early trading yesterday , but brokers said that the market and *CUNK* shares recovered once it became apparent the charges were limited to the two men personally . STOP 
One of the two British companies still making hard *UNK* paper stopped production of it . STOP 
British *CUNKS* decided to do away with its hard paper after a major customer , British *CUNK* , switched to softer *UNKS* for train *UNKS* ... . STOP 
*CUNKS* in *CUNKER* *CUNK* have partly *UNKED* a *UNK-* section of China 's *UNKED* Great Wall , the official People 's Daily said . STOP 
The paper said the *UNKS* were used to build homes and *UNKS* and , as a result , the wall `` is in terrible shape . STOP 
Wednesday , October 18 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 *UNKN* % high , 8 5\/8 % low , 8 3\/4 % near closing bid , 8 7\/8 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.45 % 30 to 44 days ; 8.25 % 45 to 74 days ; *UNKN* % 75 to 99 days ; *UNKN* % 100 to 179 days ; 7.50 % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : 8.55 % 30 days ; 8.45 % 60 days ; 8.375 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.05 % one month ; *UNKN* % two months ; 8 % three months ; 7.98 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : *UNKN* % one month ; *UNKN* % three months ; 8.40 % six months . STOP 
BANKERS ACCEPTANCES : *UNKN* % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; 8.05 % 150 days ; *UNKN* % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 11\/16 % to 8 9\/16 % one month ; 8 5\/8 % to 8 1\/2 % two months ; 8 5\/8 % to 8 1\/2 % three months ; 8 9\/16 % to 8 7\/16 % four months ; 8 1\/2 % to 8 3\/8 % five months ; 8 1\/2 % to 8 3\/8 % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 11\/16 % one month ; 8 11\/16 % three months ; 8 1\/2 % six months ; 8 1\/2 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 8.50 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 16 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : *UNKN* % 13 weeks ; *UNKN* % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : STOP 
Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : STOP 
Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : 8.50 % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
A grand jury here indicted Norton Co. 's former director of *UNKS* research , charging him with interstate transportation of stolen property . STOP 
Norton and General Electric Co. last month filed a lawsuit against the former research manager , *CUNK-* *CUNK* , charging him with *UNKING* trade *UNKS* . STOP 
Mr. *CUNK* formerly worked at General Electric in research on *UNK* diamonds . STOP 
The criminal charges brought against him involved GE technology , according the court documents . STOP 
If convicted , he could be *UNKED* for up to 10 years and fined $ 250,000 . STOP 
Mr. *CUNK* could n't be reached for comment . STOP 
He earlier denied the allegations against him in the lawsuit by Norton and GE . STOP 
Norton makes *UNKER* and other *UNKS* , *UNK* tools , specialty plastics and *UNKS* . STOP 
As the citizens of San Francisco and surrounding communities began *UNKING* the damage from Tuesday 's devastating earthquake , NBC News began *UNKING* the damage from what some said was a failure to provide comprehensive coverage in the earthquake 's initial moments . STOP 
`` In terms of coverage , it was a disaster equal to the earthquakes , '' said *CUNK* *CUNKER* , president for broadcasting of King Broadcasting Co. , which owns the NBC affiliate in Seattle , *CUNK* . STOP 
While rival ABC News *UNKED* the competition in live coverage of the event by *UNKER* *UNK* -- the network was broadcasting the World Series from Candlestick Park when the quake struck -- NBC News was unable to get its signal out of San Francisco for the first hour after the quake . STOP 
`` I have to *UNK* the lackluster performance to a natural disaster , '' said Mr. *CUNKER* . STOP 
`` So before I start to be really critical of NBC , I would like to know more about what happened . '' STOP 
There were no complaints from affiliates of CBS Inc. and Cable News Network , a unit of Turner Broadcasting System Inc . STOP 
But that was not the case at NBC News , which has been *UNKED* with the image of not being aggressive on major breaking stories . STOP 
Last summer , the affiliates *UNKLY* complained to network executives about the poor coverage of the student *UNKING* in China . STOP 
`` I was not pleased with the slow start , and neither was NBC News , '' said *CUNK* *CUNK* , general manager of NBC affiliate *CUNK* in Louisville , *CUNK* . STOP 
A spokesman for National Broadcasting Co. , a unit of General Electric Co. , said the network was `` looking into what happened . '' STOP 
The stations said they were pleased with the extended coverage yesterday , including a special *UNK-* edition of `` Today . '' STOP 
Don *CUNK* , director of news at NBC News , said in an interview that `` we could n't get a signal out of San Francisco . STOP 
We were out of the box . STOP 
It was *UNK* . STOP 
The comment we 're hearing is that we were slow out of the box , but beat everyone else in the stretch . '' STOP 
NBC broadcast throughout the entire night and did not go off the air until noon yesterday . STOP 
The quake postponed the third and fourth games of the World Series . STOP 
In place of the games , ABC said it planned to broadcast next week 's *UNKS* of its prime-time Wednesday and Thursday *UNKS* , except for a *UNK-* special on the earthquake at 10 p.m. last night . STOP 
The series is scheduled to resume Tuesday evening in San Francisco . STOP 
`` There are no commercials to make up for since we 're going to eventually broadcast the World Series , '' said a network spokesman . STOP 
Pinnacle West Capital Corp. said it suspended *UNKLY* its common stock dividend and reported a 91 % plunge in third-quarter net income . STOP 
The announcement , made after the close of trading , caught analysts by surprise . STOP 
The company closed at $ 12 a share , down 62.5 cents , in composite trading on the New York Stock Exchange . STOP 
Pinnacle West slashed its quarterly dividend to 40 cents per share from 70 cents in December , saying at the time that it believed the new , lower dividend was `` *UNK* . '' STOP 
A company spokesman said the decision to eliminate the dividend resulted from a quarterly *UNKAL* and that circumstances had changed since the December announcement . STOP 
He declined to elaborate . STOP 
Edward J. *CUNK* Jr. , an analyst at Shearson Lehman Hutton Inc. , speculated that the sudden dividend *UNKION* *UNKS* an expensive agreement with thrift regulators over the company 's insolvent *CUNK* savings and loan unit . STOP 
Analysts have estimated that Pinnacle West may have to *UNK* between $ 300 million and $ 400 million into the *CUNK* unit before turning the thrift over to federal regulators . STOP 
The latest financial results at the troubled utility and thrift holding company , based in Phoenix , Ariz. , reflect continuing problems at *CUNK* and losses in real-estate , *UNKAL* and *UNKING* operations . STOP 
Third-quarter net income slid to $ 5.1 million , or six cents a share , from $ 56 million , or 65 cents , a year earlier . STOP 
*CUNK* operations , the only company unit operating in the black in the latest period , had a 26 % drop in profit , to $ *UNKN* million , largely as a result of *UNKS* at the company 's huge Palo *CUNK* nuclear facility and the cost of purchased replacement power . STOP 
In other operations , losses at *CUNK* totaled $ *UNKN* million in the latest quarter , compared with a $ 2.5 million profit a year earlier . STOP 
The latest quarter includes a $ *UNKN* million addition to loan-loss reserves . STOP 
As recently as August , the company said it did n't *UNK* a need for substantial *UNKS* to reserves . STOP 
Pinnacle 's *CUNK* Development Co . real-estate unit 's loss narrowed to $ 13.8 million from $ *UNKN* million . STOP 
The latest period included a $ 9 million write-down on *UNKED* land , while the year-earlier period included a $ 46 million reserve for real-estate losses . STOP 
*CUNKS* at its *CUNK* Resources Co . *UNKING* unit narrowed to $ 3.4 million from $ 18 million a year ago , which included a $ 9 million write-down of utility inventories . STOP 
*CUNKS* at El *CUNK* Investment Co. , the *UNKAL* operation , widened to $ 6.8 million from $ *UNKN* a year earlier . STOP 
The latest quarter included a $ 6.6 million write-down of investments . STOP 
*CUNK* Financial Group said it will ask as many as 100,000 investors in 12 of its public real-estate limited partnerships to give approval to rolling them up into a new master limited partnership . STOP 
Under the proposal by *CUNK* , a financially troubled real-estate *UNK* , New York-based *CUNK* Group Inc. would replace *CUNK* as the newly formed master limited partnership 's general partner and manager . STOP 
Shares of the new partnership would trade on an exchange like a stock . STOP 
*CUNK* is a merchant bank whose activities include the ownership , management and financial restructuring of shopping centers , office buildings , apartments and other real estate . STOP 
In a statement , *CUNK* Chairman Richard L. *CUNK* said the transfer will benefit both the company and investors in the 12 limited partnerships included in the proposed *UNK* . STOP 
While he did n't describe the partnerships ' financial condition , he said their operations `` continue to drain the resources of *CUNK* . '' STOP 
*CUNK* posted a $ 3.3 million net loss in the second quarter on $ *UNKN* million of revenue , compared with a net loss of $ *UNKN* million in the year-earlier period on revenue of $ *UNKN* million . STOP 
In New York Stock Exchange composite trading , *CUNK* closed at $ *UNKN* a share , unchanged . STOP 
Because of Tuesday 's earthquake in Northern California , company officials could n't immediately be reached for additional comment . STOP 
A spokesman for *CUNK* said the 12 limited partnerships , which were *UNKED* by brokerage firms and financial planners between 1979 and 1984 , raised several hundred million dollars from investors . STOP 
With airline deals in a *UNK* , *UNK* Wall Street trader Michael Steinhardt could have trouble *UNKING* out of USAir Group , traders say . STOP 
Only a week ago , when airline buy-out *UNKER* was already *UNKING* down , Mr. Steinhardt was engaged in a *UNK* with USAir . STOP 
He was threatening to take over the carrier , after spending an estimated $ *UNKN* million to build an *UNKN* % USAir stake for his investment clients . STOP 
The would-be raider even hired an investment banker to give *UNK* to his takeover threat , which was widely interpreted as an effort to *UNK* out an *UNKER* for USAir , or for his own stake . STOP 
In fighting USAir , Mr. Steinhardt was *UNKED* against another investor , *UNK* Warren *CUNK* , who bought into USAir to help fend off Mr. Steinhardt . STOP 
Mr. *CUNK* 's firm , *CUNK* *CUNK* , holds a much bigger stake in the carrier than Mr. Steinhardt 's firm , Steinhardt Partners . STOP 
Now , in the wake of UAL 's troubles in financing its buy-out , the airline *UNKING* game has been *UNKED* . STOP 
Instead of hoping to sell his USAir stake at analysts ' estimated buy-out price of $ 80 a share , Mr. Steinhardt is stuck with roughly 3.7 million USAir shares that cost him $ 45 , on average , but yesterday closed at 40 1\/2 , up 1\/4 , in New York Stock Exchange composite trading . STOP 
`` It does n't make sense to *UNK* out at this price , '' Mr. Steinhardt says , though he has stopped his takeover talk and now *UNKS* USAir managers ' `` operating skills . '' STOP 
At the current price , the USAir holding represents 9 % of all the assets that Mr. Steinhardt manages . STOP 
A week ago , USAir stock briefly soared above 52 after a report in USA Today that Mr. Steinhardt might launch a hostile bid for the carrier , though takeover speculators say they were skeptical . STOP 
`` If USAir is worth 80 as a takeover and the stock went to 52 , the market was saying Steinhardt 's presence was n't worth anything , in terms of getting a deal done , '' says a veteran takeover *UNK* . STOP 
Traders say this all goes to show that even the *UNKEST* money manager can get infected with crowd *UNKS* . STOP 
In trying to *UNK* USAir , Mr. Steinhardt abandoned his usual role as a *UNK* investor , and ran into *UNKS* . STOP 
Moreover , unlike Mr. *CUNK* , who often holds big stakes in companies for years , Mr. Steinhardt has n't in the past done much long-term investing . STOP 
Mr. Steinhardt , who runs about $ 1.7 billion for Steinhardt Partners , made his name as a *UNKING* trader , moving in and out of stocks with *UNK* -- *UNKING* himself and his investment clients . STOP 
Meanwhile , his big losses , for instance in 1987 's crash , generally have been trading losses . STOP 
So , some see a special *UNK* in the fact that Mr. Steinhardt , the trader , now is *UNKED* with a massive , *UNK* airline holding . STOP 
Analysts say USAir stock might lose four or five points if the Steinhardt stake was dumped all at once . STOP 
As a result , Mr. Steinhardt must *UNK* himself to selling USAir at a loss , or to holding the shares as an *UNKED* investment . STOP 
`` *CUNK-* investing -- that 's not Steinhardt 's style , '' *UNKS* an investor who once worked at Steinhardt Partners . STOP 
`` He does n't usually risk that much unless he thinks he has an *UNK* in the hole , '' adds another Steinhardt Partners *UNKS* . STOP 
In recent days , traders say USAir has been buying its own shares , as part of a program to retire about eight million USAir shares , though the carrier wo n't discuss its buy-back program . STOP 
If USAir stepped up its share purchases , that might be a way for Mr. Steinhardt to get out , says *CUNK* *CUNK* , a Merrill Lynch analyst . STOP 
But USAir might not want to help Mr. Steinhardt , he adds . STOP 
In 1987 , USAir Chairman *CUNK* *CUNK* *UNKED* when Trans World Airlines Chairman Carl Icahn threatened to take over the carrier . STOP 
Mr. Icahn , a much more *UNKED* raider than Mr. Steinhardt , eventually sold a big USAir stake at a tiny profit through Bear , Stearns . STOP 
Mr. Steinhardt also could take that route . STOP 
He *UNKS* big trading commissions on Wall Street firms . STOP 
However , with airline stocks *UNKING* , he might not get a very good price for his shares , traders say . STOP 
*CUNKLY* *UNKING* for Mr. Steinhardt , say people close to him , is that USAir 's Mr. *CUNK* wo n't even take his telephone calls . STOP 
While USAir is n't considered absolutely *UNK-* , its *UNKS* , including the sale in August of a 12 % stake in the company to Mr. *CUNK* 's *CUNK* *CUNK* , are pretty strong . STOP 
USAir 's deal with Mr. *CUNK* `` was n't exactly a *UNKING* example of shareholder democracy , '' Mr. Steinhardt says . STOP 
Since last April , the investor has made seven so-called *UNK* filings in USAir , as he bought and sold the company 's stock . STOP 
Such *UNKS* of big holdings often are used by *UNKS* to try to *UNK* a company 's managers , and to *UNK* interest in the stock . STOP 
But of course it would be highly unusual for an investment fund such as Steinhardt Partners to take over a company . STOP 
USAir and Mr. *CUNK* wo n't talk about Mr. Steinhardt at all . STOP 
Analysts say USAir has great promise . STOP 
By the second half of 1990 , USAir stock could hit 60 , says *CUNK* *CUNKER* of Shearson Lehman Hutton . STOP 
She thinks traders should buy the stock if it *UNKS* to 35 . STOP 
But meanwhile , USAir is expected to show losses or lackluster profit for several quarters as it tries to *UNKEST* *CUNK* Airlines , which it acquired . STOP 
Moreover , some investors think a recession or renewed *UNK* wars will *UNK* airline stocks in coming months . STOP 
However , Mr. Steinhardt says he 's `` comfortable holding USAir as an investment . '' STOP 
While he has bought and sold some USAir shares in recent days , he says that contrary to rumors , he has n't tried to *UNUNK* his holding . STOP 
Mr. Steinhardt adds that he bought USAir stock earlier this year as `` part of a fundamental investment in the airline group . '' STOP 
In 1989 , Mr. Steinhardt says he made money trading in Texas Air , AMR and UAL . STOP 
Overall , his investments so far this year are showing gains of about 20 % , he adds . STOP 
Does Mr. Steinhardt *UNK* his *UNKION* into the *UNK-* game ? STOP 
People close to the investor say that was an experiment he is unlikely to repeat . STOP 
`` I do n't think you 'll find I 'm making a radical change in my traditional investment style , '' Mr. Steinhardt says . STOP 
*CUNK* Resources Inc. said it called for redemption on Nov. 21 its $ *UNKN* million outstanding of 8 % convertible subordinated debentures due *UNKN* . STOP 
The debentures were issued in the face amount of $ 46 million on July 11 , 1988 , the Ashland , Ky. , coal mining , water transportation and construction company said . STOP 
The company said the redemption is permitted because the price of *CUNK* 's stock has *UNKED* or exceeded $ *UNKN* for 20 consecutive trading days , a condition set in the terms of the debentures . STOP 
*CUNK* holders are expected to convert most of the debentures into common because the value of the stock received in a conversion would exceed the $ *UNKN* redemption price . STOP 
Commodore International Ltd. said it will report a loss for the first quarter ended Sept. 30 because sales of personal computers for the home market remained weak in some major countries . STOP 
That will mark the second consecutive quarterly loss for Commodore and will raise additional questions about whether it can sustain the turnaround it had seemed to be engineering . STOP 
Commodore , West *CUNKER* , Pa. , had said in August that it was *UNKING* manufacturing to cut costs and expected to be profitable in the fiscal first quarter . STOP 
Commodore said that its announcement is based on preliminary information and that the situation could look different by the time final results are announced early next month . STOP 
In fact , Commodore 's fiscal fourth-quarter loss was $ 2 million *UNKER* than Commodore had expected a few weeks after the quarter closed . STOP 
Still , even results *UNKING* *UNK-* would mark a sharp weakening compared with fiscal 1989 *UNKER* earnings of $ 9.6 million , or 30 cents a share , on sales of $ *UNKN* million . STOP 
*CUNKING* concerns about Commodore 's outlook , its stock has plunged more than 50 % since May , closing yesterday unchanged at $ *UNKN* a share in composite trading on the New York Stock Exchange . STOP 
The price can be expected to *UNK* further , because the loss estimate came after the market closed . STOP 
Commodore has seemed to be setting the stage recently for progress in the U.S. , where its *UNKER* sales have been so dismal for years that Commodore is close to dropping off research firms ' *UNK-* *UNKS* . STOP 
Commodore has assembled an experienced management team , it has persuaded many more dealers to carry its products and it has *UNKED* a *UNK* advertising campaign . STOP 
But those represent long-term strategies that probably wo n't succeed quickly , even if they turn out to be the right ones . STOP 
In the meantime , the strategies will increase expenses . STOP 
Commodore had been counting on its consumer business to stay *UNKLY* healthy to support its efforts in other areas -- mainly in getting schools and businesses to use its *CUNK* , which has *UNK* graphics yet has been slow to catch on because it is n't *UNK* with Apple Computer Inc. or International Business Machines Corp. hardware . STOP 
But sales to consumers have become difficult during the past several months , even in West Germany , which has been by far Commodore 's strongest market . STOP 
The Commodore 64 and *UNKN* , mainly used for children 's educational software and games , had surprised market researchers by continuing to produce strong sales even though other *UNK-* personal computers now operate several times as fast and have much more memory . STOP 
Commodore has said it expects sales to rebound , but market researchers have said that sales of the *UNK-* products may finally be *UNKING* off . STOP 
Stock prices closed slightly higher in the first routine trading day since Friday 's big plunge . STOP 
Some issues were affected by Tuesday 's devastating earthquake in the San Francisco area . STOP 
Activity continued to slow from the *UNK* pace set during the market 's plunge late Friday and its rebound Monday , as players began to set their *UNKS* on events coming later this week . STOP 
The Dow Jones Industrial Average *UNKED* through the session within a trading range of about 30 points before closing with a gain of *UNKN* at *UNKN* . STOP 
*CUNKER* averages also posted modest gains . STOP 
Standard & Poor 's *UNK-* Index rose *UNKN* to *UNKN* , the Dow Jones Equity Market Index rose *UNKN* to *UNKN* and the New York Stock Exchange Composite Index gained *UNKN* to *UNKN* . STOP 
Some *UNKN* New York Stock Exchange issues advanced in price , while *UNKN* declined . STOP 
But the Dow Jones Transportation Average went down for the *UNK* consecutive session , due largely to further selling in UAL . STOP 
The average dropped *UNKN* to *UNKN* and has now lost *UNKN* % of its value since the losing *UNK* began Oct. 10 . STOP 
Big Board volume dropped to *UNKN* shares , in line with the level of trading over the past few weeks , from *UNKN* million Tuesday . STOP 
Traders cited anticipation of the consumer price report for September , due today , and tomorrow 's expiration of October stock-index futures and options as major factors in the slowdown . STOP 
In addition , activity at a number of San *CUNKED* brokerage houses was *UNKED* as a result of the earthquake , which knocked out power lines and telephone service throughout the Bay area . STOP 
Stocks retreated to session lows just after the opening amid worries about the market impact of the quake , but quickly snapped back to higher levels with the help of *UNKED* program buying . STOP 
The early move essentially established the day 's trading range , and traders said they saw little of the program activity that has battered the market recently . STOP 
`` I did n't expect it to be this quiet . STOP 
I expected to see more volatility as some of the institutions who were *UNKED* last Friday did some selling , '' said Raymond F. *CUNK* , a market strategist at *CUNK* Mason *CUNK* Walker , Baltimore . STOP 
Mr. *CUNK* said he expects prices to show some renewed *UNK* over the next few sessions as institutions *UNK-* their stance toward the market in light of its decline . STOP 
`` I would suspect that a lot of investment committees are looking into whether -LRB- they -RRB- want to be in stocks at all , '' he said . STOP 
Insurance stocks were sold at the opening amid concerns about the level of damage claims the companies would receive as a result of the earthquake . STOP 
But those issues recovered quickly and turned higher because of expectations that the quake and the recent Hurricane Hugo would set the stage for an increase in premium rates . STOP 
Issues of insurance brokers were especially strong . STOP 
Marsh & *CUNK* advanced 3 1\/8 to 75 7\/8 , Alexander & Alexander Services climbed 2 to 32 and *CUNK* & Black *UNKED* 1 7\/8 to 37 1\/2 . STOP 
Elsewhere in the group , General *CUNK* rose 2 3\/4 to 86 1\/2 , American International Group gained 3 1\/4 to 102 5\/8 , Aetna Life & Casualty added 2 3\/8 to 59 1\/2 and *CUNK* advanced 7\/8 to 62 1\/2 . STOP 
*CUNKS* , the parent of *CUNK* Financial , rose 1 3\/8 to *UNKN* 1\/8 . STOP 
Companies in the construction , engineering and *UNKS* sectors were among other beneficiaries of *UNKED* buying . STOP 
The *UNKION* sector was the session 's best *UNKER* among Dow Jones industry groups ; *CUNK* rose 3\/4 to 33 3\/8 , *CUNK* *CUNK* gained 2 1\/4 to 44 1\/8 , Foster *CUNKER* added 3\/8 to 18 1\/4 and *CUNK* climbed 2 3\/8 to 39 3\/4 . STOP 
Among engineering firms , *CUNK* *CUNK* rose 5\/8 to 34 1\/4 on the Big Board and four others rallied on the American Stock Exchange : *CUNKS* Engineering Group , which gained 1 1\/8 to 25 3\/8 , *CUNKER* Engineering , which rose 3 1\/2 to 22 1\/2 ; Michael Baker , which added 1 1\/4 to 15 1\/4 , and American Science & Engineering , up 1\/2 to 8 1\/2 . STOP 
Within the *UNKS* group , Georgia-Pacific climbed 1 1\/4 to 58 and *CUNK-* added 1 to 40 3\/4 after Merrill Lynch recommended the forest-products issues . STOP 
*CUNK* advanced 2 3\/4 to 28 3\/4 , Lone Star Industries gained 1 3\/4 to 29 1\/4 , *CUNK* rose 1 to 19 1\/2 , *CUNK* added 5\/8 to 24 5\/8 and *CUNKER* Industries rose 1 1\/4 to 24 7\/8 . STOP 
Pacific Gas & Electric fell 3\/8 to 19 5\/8 in Big Board composite trading of 1.7 million shares and Pacific Telesis Group slipped 5\/8 to 44 5\/8 as the companies worked to restore service to areas affected by the quake . STOP 
Chevron added 1 to 65 . STOP 
The company , based in San Francisco , said it had to shut down a *UNK-* pipeline in the Bay area to check for *UNKS* but added that its refinery in nearby Richmond , Calif. , was *UNKED* . STOP 
Other companies based in the area include Hewlett-Packard , which rose 1\/4 to 49 ; National Semiconductor , which went up 1\/4 to 7 5\/8 , and Genentech , which eased 1\/4 to 19 5\/8 . STOP 
None of the firms reported any major damage to facilities as a result of the quake . STOP 
BankAmerica eased 1\/2 to 31 7\/8 and Wells Fargo lost 1\/2 to 81 1\/2 ; the two bank holding companies , based in San Francisco , were forced to *UNK* some operations due to the temblor . STOP 
Among California savings-and-loan stocks , *CUNK* *CUNK* eased 3\/8 to 22 1\/4 , *CUNKED* slid 3\/4 to 24 1\/8 , Great Western Financial dropped 1\/2 to 21 1\/4 and Golden West Financial fell 5\/8 to 29 1\/4 . STOP 
UAL , the parent company of United Airlines , *UNK* within a *UNK-* range during the course of the session before closing at *UNKN* 3\/4 , down 6 1\/4 , on 2.3 million shares . STOP 
British Airways , a member of the group that had offered $ 300 a share for UAL in a leveraged buy-out , said it had yet to receive a revised proposal and it was `` in no way committed '' to the completion of a bid . STOP 
Separately , investor Marvin Davis withdrew his *UNK* $ 300-a-share takeover offer . STOP 
While UAL *UNKED* , AMR , the parent of American Airlines , pulled out of its recent *UNK* by rising 3\/4 to 74 . STOP 
The stock had been on the decline since the financing for the UAL buy-out fell through on Friday and developer Donald Trump subsequently withdrew a takeover offer of $ 120 a share for AMR . STOP 
Also , AMR was the most active Big Board issue ; 2.8 million shares changed hands . STOP 
GTE added 1 1\/4 to 65 3\/8 . STOP 
PaineWebber repeated a buy recommendation on the stock and raised its 1990 earnings estimate by 35 cents a share , to $ *UNKN* . STOP 
*CUNK-* advanced 1 5\/8 to 63 after saying it was comfortable with analysts ' projections that third-quarter net income from continuing operations would be between 95 cents and $ 1.05 a share , up from 69 cents a year ago . STOP 
Springs Industries dropped 1 3\/8 to 36 . STOP 
Analysts at several brokerage firms lowered their 1989 and 1990 earnings estimates on the company after its third-quarter results proved disappointing . STOP 
Trinova third-quarter loss after a charge for a planned restructuring , which will include the closing or *UNKING* of about 25 % of its plants and a work force cut of about 1,500 over three years . STOP 
The Amex Market Value Index snapped a *UNKION* losing *UNK* by rising *UNKN* to *UNKN* . STOP 
Volume totaled *UNKN* shares . STOP 
Carnival *CUNK* Lines Class A rose 1 1\/4 to 22 3\/8 . STOP 
The company , citing market conditions , postponed a $ 200 million debt offer . STOP 
Philip Morris Cos. posted a 20 % jump in third-quarter profit on a 45 % revenue increase , reflecting strength in the company 's cigarette , food and brewing businesses . STOP 
Net income rose to $ *UNKN* million , or 81 cents a share , from the year-earlier $ *UNKN* million , or 67 cents a share . STOP 
Per-share figures have been adjusted for a *UNKN* stock split paid earlier this month . STOP 
The New York-based tobacco , food and beer concern said revenue increased to $ *UNKN* billion from $ *UNKN* billion . STOP 
In composite trading on the New York Stock Exchange , Philip Morris closed at $ *UNKN* , up 12.5 cents . STOP 
Philip Morris disclosed little detailed information about performance by major business lines except to say that most , including Philip Morris *CUNK* , Kraft General Foods and Miller Brewing Co. , posted increased revenues . STOP 
For the nine months , net increased 4.4 % to $ *UNKN* billion , or $ 2.25 a share , from $ 2 billion , which included $ *UNKN* million reflecting the effect of an accounting change . STOP 
*CUNKS* Inc. , citing depressed gold prices , said it plans to *UNK* operations for an *UNK* period at its *CUNK* gold mine in *CUNK* . STOP 
*CUNKS* said in *CUNKER* , British Columbia , that the production halt will be *UNKED* in over a *UNK-* period . STOP 
*CUNK* currently produces gold at a cash operating cost of $ *UNKN* an ounce , which is high by industry standards and $ 25 or so above the current spot price . STOP 
*CUNKS* said it also plans in the third quarter to write down the carrying value of the *CUNK* mine by 2.5 million Canadian dollars -LRB- US$ *UNKN* million -RRB- , and to write off most of the C$ 6.3 million carrying value of its *CUNKER* gold property in British Columbia . STOP 
*CUNKS* did n't say what impact the moves would have on total gold output or earnings , and company officials were n't available . STOP 
Computer Associates International Inc. , *CUNK* City , N.Y. , and Digital Equipment Corp. said they agreed to jointly develop software to help manage Digital 's *CUNK* computers . STOP 
Computer Associates has *UNKED* out a huge business selling such software for use in managing networks of International Business Machines Corp. computers but needs to find new markets if it is to maintain its growth rate of 30 % and more each year . STOP 
The market for *UNK-* software for Digital 's hardware is *UNKED* enough that a giant such as Computer Associates should do well there . STOP 
At the same time , the market is smaller than the market for *CUNK-* software . STOP 
For one thing , Digital , Maynard , Mass. , has sold fewer machines . STOP 
In addition , its machines are typically easier to operate , so customers require less assistance from software . STOP 
Wang Laboratories Inc. , *CUNK* , Mass. , *UNK* by declining demand for its computers , reported a $ *UNKN* million , *UNK-* loss in its first quarter ended Sept. 30 . STOP 
Revenue fell *UNKN* % to $ *UNKN* million from $ *UNKN* million , although some of the decline was caused by discontinued operations . STOP 
Wang had previously forecast a loss . STOP 
The company *UNKED* that it expects another loss in the second quarter and for the full year , although it expects a profitable fourth quarter . STOP 
A year ago , Wang had earnings of $ 13.1 million , or eight cents a share , in its first quarter , including a $ 3.1 million loss from discontinued operations . STOP 
The latest period loss included a $ *UNKN* pretax charge for *UNK* payments . STOP 
*CUNK* Hudson Corp. said it accepted for purchase seven million common shares at $ *UNKN* each , under the terms of a Dutch auction *UNKER* offer . STOP 
The offer expired at *UNKN* a.m. yesterday . STOP 
In a Dutch auction , the buyer sets a price range and holders give a price in that range at which they 're willing to sell their shares . STOP 
The buyer then picks a price and buys shares at that price from holders who offered to sell at that price or lower . STOP 
*CUNK* Hudson 's repurchase offer , representing about 9 % of its common shares outstanding , had established a range of between $ 60 and $ 65 for the buy-back . STOP 
*CUNK* Hudson said it accepted all *UNK-* shares tendered at or below the final $ *UNKN* price ; the preliminary *UNKION* factor for other shares tendered at or below the final price is 98 % . STOP 
The *CUNKED* retailer said it expects to pay for the seven million shares next Thursday . STOP 
*CUNKED* shares not purchased will be returned to holders . STOP 
In New York Stock Exchange composite trading , *CUNK* rose $ 1 to $ *UNKN* . STOP 
Continental Bank Corp. 's third-quarter net income slipped 11 % despite a big gain from the sale of the company 's London headquarters building . STOP 
The $ 55 million gain on the sale was offset by lower interest income , *UNKER* results from foreign-exchange trading and a $ 9 million loss on the sale of a unit , Securities *CUNK* Corp . STOP 
Chicago-based Continental earned $ *UNKN* million , or $ 1.04 a share , compared with $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
The 1988 quarter also included one-time gains totaling about $ 35 million . STOP 
The bank , which has loss reserves equal to about half its long-term and *UNK-* loans to less-developed nations , said it does n't think additional reserves are required . STOP 
*CUNK* Corp. said a subsidiary and two United Kingdom firms are studying the *UNK* of *UNKING* a 1,500 *UNK* *UNKED* power plant in northern England as an *UNK* of the government 's privatization program . STOP 
*CUNK* Power Corp. , a unit of the Houston natural gas pipeline company , would design , *UNK* and run the plant . STOP 
Gas to fuel it would be *UNKED* from the North Sea . STOP 
A subsidiary of Britain 's Imperial Chemical Industries would buy electricity and steam from the proposed station . STOP 
*CUNKS* power would be sold on the open market , *CUNK* said . STOP 
Also participating in the study , *CUNK* said , is the National Power division of Britain 's Central *CUNK* *CUNKING* Board . STOP 
*CUNK* privatization , National Power will be responsible for 70 % of the country 's power *UNKING* business . STOP 
Viacom Inc. , New York , reported that its third-quarter loss widened to $ *UNKN* million , or 41 cents a share , primarily because of interest expense of $ *UNKN* million . STOP 
A year ago , Viacom had a net loss of $ *UNKN* million , or $ *UNKN* a share . STOP 
Interest expense in the 1988 third quarter was $ *UNKN* million . STOP 
In the year-ago quarter , Viacom also paid preferred stock dividends of $ 17 million ; Viacom *UNKED* its preferred stock for debt in March . STOP 
The communications and entertainment company said revenue rose to $ *UNKN* million , from $ *UNKN* million . STOP 
Viacom attributed the improvement to higher earnings from operations in its networks segment , which includes the *CUNK* and Showtime networks . STOP 
Viacom said it also restructured bank debt under a $ 1.5 billion unsecured bank agreement that offers significant interest rate savings . STOP 
*CUNKER* M. *CUNK* , Viacom 's chairman , said Viacom `` emerged from our leveraged buy-out structure and gained substantial operating and financial flexibility through '' the bank pact . STOP 
Trinova Corp. , *CUNK* , Ohio , said it is launching an extensive restructuring of its core business , and took a charge that resulted in a loss of $ *UNKN* million , or 87 cents a share , for the third quarter . STOP 
Trinova said it will close , move or overhaul 40 of its 170 manufacturing facilities and over the next three years cut 1,500 jobs from its current world-wide payroll of *UNKN* employees . STOP 
Most of the factory *UNKS* and job *UNKS* will affect Trinova 's *CUNK* operations , which manufacture automotive plastics , *UNKS* and other industrial and automotive parts . STOP 
*CUNKS* and plastics together account for about 42 % of Trinova 's total annual sales . STOP 
In a separate announcement , Trinova said the *CUNK* group has agreed to sell its *UNK-* , *UNK-* and related businesses to Midland *CUNK* Inc. of *CUNK* , Conn . STOP 
Terms were n't disclosed . STOP 
To provide for the restructuring 's costs , Trinova said it took an after-tax charge of $ *UNKN* million , or $ *UNKN* a share , in the third quarter . STOP 
The $ *UNKN* million net loss compares with net income of $ *UNKN* million , or 57 cents a share , a year earlier . STOP 
Sales rose 8 % to $ *UNKN* million from $ *UNKN* million . STOP 
Trinova closed at $ 25 , down $ 1 , in New York Stock Exchange composite trading . STOP 
A group of investors , including *CUNK* *CUNK* 's *CUNK* Communications Corp. and *CUNK* Holding S.A. , have agreed to buy *UNKN* % of Odeon *CUNK* , a financially troubled Italian TV station . STOP 
Florio *CUNK* , managing director of *CUNKED* *CUNK* , said the investors would pay only a *UNK* one *UNK* for the station , `` but we have agreed to raise the capital that will enable the company to continue operating . STOP 
It 's sort of a Chapter 11 situation , '' he added , referring to the U.S. bankruptcy law that *UNKS* companies from creditors while they restructure . STOP 
*CUNKED* Odeon , which *UNKS* about 3 % of Italian TV viewers , has debt of 250 billion lire -LRB- $ *UNKN* million -RRB- , Mr. *CUNK* said . STOP 
He added that details of the recapitalization still have to be worked out , but that *CUNK* will take 50 % of Odeon , *CUNK* film producer *CUNK* *CUNK* will take 10 % and the remaining *UNKN* % , currently owned by *CUNK* , will eventually be sold to other investors . STOP 
*CUNK* *CUNK* , Odeon 's owner , will retain his *UNKN* % stake . STOP 
Italy 's Supreme Court this year ordered Parliament to write a law that will *UNK* media ownership . STOP 
`` We think that it 's going to be far more favorable to own a station before the law is passed than to try to buy one *UNK* , '' Mr. *CUNK* said . STOP 
San Francisco area officials gave the media high marks for helping people find *UNKER* and obtain emergency information after Tuesday 's catastrophic earthquake . STOP 
`` The press has been doing an excellent job . STOP 
They are telling people what roads are closed and just keeping the public informed has helped to keep the panic down , '' said James *CUNK* , a station supervisor at Daly City Police Department . STOP 
Mr. *CUNK* noted that television stations featured people holding up phone books , explaining where to call for help . STOP 
Radio stations provided an emergency number for people who *UNKED* gas but did n't know how to turn off their gas supply . STOP 
*CUNK* Schwartz , a *UNK* for the American Red Cross in Los Angeles , said television and radio stations in San Francisco played a `` very positive role '' by providing the address of 28 *UNKS* of the Red Cross and by giving out the Red Cross number for contributions to help earthquake victims -LRB- *UNKN* -RRB- . STOP 
The San Francisco *CUNKER* issued a special edition around noon yesterday that was filled entirely with earthquake news and information . STOP 
The *CUNKER* and the San Francisco *CUNK* were able to publish despite Tuesday 's quake , which occurred close to deadline for many newspapers . STOP 
Sterling *CUNK* Inc. said it lost its bid to supply software services to the National *CUNKS* and Space Administration 's *CUNKS* Research Center at *CUNK* Field , Calif . STOP 
Sterling , which estimated the value of the contract at $ 150 million , said NASA selected another bidder for final negotiations . STOP 
In 1988 , *CUNKED* Sterling *UNKED* a similar decision by NASA involving the same contract , claiming it had submitted the lowest bid . STOP 
As a result , last March the General Services Administration board of contract appeals directed NASA to reopen negotiations on the contract . STOP 
Sterling said it had requested a *UNKING* by NASA but had not decided whether to protest the agency 's latest decision . STOP 
Consolidated *CUNK* Corp. , New York , reported that third-quarter net income climbed 4.8 % to $ 87 million , or $ *UNKN* a share , exceeding analysts ' expectations . STOP 
In the year-earlier quarter , the freight railroad earned $ 83 million , or $ *UNKN* a share . STOP 
James A. *CUNK* , chairman and chief executive officer , noted that earnings advanced `` in the face of a drop in business , brought on by the general economic slowdown . '' STOP 
Revenue slipped 4.6 % to $ *UNKN* million from $ *UNKN* million . STOP 
For the rest of 1989 , Mr. *CUNK* said , *CUNK* 's traffic and revenue `` will reflect the sluggish economy , but *CUNK* will continue to take steps to control and reduce costs . '' STOP 
For the nine months , *CUNK* earnings grew 0.4 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue was flat at $ *UNKN* billion . STOP 
Georgia Gulf Corp. , hurt by declining sales and falling chemical prices , said third-quarter earnings fell 13 % to $ *UNKN* million from $ *UNKN* million in the year-earlier period . STOP 
Sales declined 10 % to $ *UNKN* million from $ *UNKN* million . STOP 
The *CUNKED* chemical manufacturer said lower prices hurt margins for most products . STOP 
`` We did see some relief in raw material costs , but it was n't sufficient to offset the drop in sales prices , '' James R. *CUNK* , the company 's chairman and chief executive officer said in a statement . STOP 
On a per-share basis , quarterly earnings remained at $ *UNKN* , the same as last year , because of the company 's share buy-back program . STOP 
Georgia Gulf had *UNKN* million shares outstanding on average in the quarter , compared with *UNKN* million in the third quarter of 1988 , adjusted for a stock split paid in January 1989 . STOP 
In composite New York Stock Exchange trading , stock in Georgia Gulf , which has been mentioned as a takeover candidate , rose $ *UNKN* a share to close at $ *UNKN* . STOP 
This *UNK-* city *UNKED* *UNKS* , *UNKS* and other *UNKED* personnel to aid San Francisco . STOP 
But a secondary agenda among officials in the City of Angels was to learn about the *UNK-* plans that work and those that do n't . STOP 
Los Angeles Mayor Tom *CUNK* used the opportunity to push the City Council harder to pass a measure establishing a *UNK-* reserve of $ 100 million . STOP 
The amount would help Los Angeles cope in the first few weeks after its own anticipated quake , while waiting for federal assistance to arrive . STOP 
After San Francisco Mayor Art Agnos spoke on television of the need for building *UNKS* to check the *UNKS* of buildings , Los Angeles *UNKED* 32 *UNKS* to help . STOP 
And the *UNK* of Los Angeles placed its *UNKS* and *UNKS* on alert , ready to send in *UNKS* , and *UNKED* San Francisco that the city has 1,000 hospital *UNKS* at its *UNKAL* . STOP 
Two Los Angeles radio stations *UNKED* Red Cross *UNKION* campaigns , and one Los Angeles bank manager *UNKED* over $ 150,000 of his own money for relief purposes , the Red Cross said . STOP 
The Los Angeles Red Cross sent *UNKN* *UNKS* , 500 *UNKS* , and 300 *UNKS* of *CUNK-* blood . STOP 
It is also pulling 20 people out of Puerto Rico , who were helping *CUNK* Hugo victims , and sending them to San Francisco instead . STOP 
The Arizona *CUNKS* Commission authorized an 11.5 % rate increase at Tucson Electric Power Co. , substantially lower than recommended last month by a commission hearing officer and barely half the rise sought by the utility . STOP 
The ruling follows a host of problems at Tucson Electric , including major write-downs , a 60 % slash in the common stock dividend and the departure of former Chairman *CUNK* *CUNK* during a company investigation of his stock sales . STOP 
The Arizona regulatory ruling calls for $ 42 million in added revenue *UNKLY* , compared with a $ 57 million boost proposed by the commission hearing officer . STOP 
The company had sought increases totaling $ *UNKN* million , or 22 % . STOP 
The decision was announced after trading ended . STOP 
Tucson Electric closed at $ *UNKN* a share , down 25 cents , in New York Stock Exchange composite trading . STOP 
A Tucson Electric spokesman said the utility was disappointed by the commission 's decision and `` concerned about the financial integrity of the company . STOP 
South Korean President *CUNK* *CUNK* *CUNK* , *UNKING* aside suggestions that the won be *UNKED* again , said the currency 's current level against the dollar is `` appropriate . '' STOP 
His comments , made in response to reporters ' questions at the National Press Club here , signaled that Seoul is *UNKING* U.S. pressure for a further rise in the currency 's value . STOP 
The U.S. wants a higher won to make South Korea 's exports more expensive and help trim Seoul 's trade surplus . STOP 
Many South Korean business people want a devaluation instead , arguing that the won 's recent gains already have weakened the country 's export performance . STOP 
Mr. *CUNK* also said South Korea is taking steps that would free the won to respond to market forces . STOP 
Seoul has pointed to its lack of a foreign exchange market as one reason the won 's value remains heavily controlled . STOP 
Mr. *CUNK* said a U.S. demand for the removal of South Korean import quotas on beef will be resolved `` *UNKLY* '' but gave no *UNK* when that will happen . STOP 
*CUNKING* to a joint meeting of Congress earlier , he said South Korea ca n't move quickly on such agricultural trade issues `` without causing political and social *UNK* . STOP 
Great American Bank said its board approved the formation of a holding company *UNKING* the savings bank to pursue *UNKAL* banking activities under a new federal law . STOP 
The proposed holding company 's primary purpose would be to allow Great American to continue *UNKING* in real estate development activities , it said . STOP 
Those activities generated $ *UNKN* million in operating profit last year . STOP 
But according to Great American , such profits do n't count toward meeting the San Diego savings bank 's new capitalization requirements under 1989 federal law . STOP 
The new real estate unit would have a separate capital structure to comply with the law . STOP 
The proposed holding company would also consolidate Great American Bank in San Diego and its Tucson , Ariz. , savings bank into a single , federally *UNKED* institution in San Diego . STOP 
The consolidation is expected to save $ 1 million a year in administrative costs , a Great American spokesman said . STOP 
*CUNK* Lang , who this week completed the acquisition of the publisher of Ms. and Sassy , is *UNK* about the challenge he is taking on . STOP 
Mr. Lang admits that Ms. is `` in *UNK* *UNKS* '' and that Sassy needs big promotional dollars to keep it alive . STOP 
But the *UNK-* publisher has moved quickly and *UNKLY* to deal with the magazines ' problems . STOP 
Last Friday , he told the staff of Ms. that the magazine in January would begin publishing without advertising . STOP 
Mr. Lang will do away with expensive circulation drives , not to mention sales staff , and attempt to publish the *UNK-* magazine supported by circulation revenue alone . STOP 
`` Any *UNK* can publish a *UNKING* magazine . STOP 
I want to publish one that succeeds , '' said Mr. Lang . STOP 
`` For Ms. , it 's time to publish for the *UNKER* , not the *UNKER* . '' STOP 
As for Sassy , which *UNKS* directly with News Corp. 's *CUNK* magazine , Mr. Lang says that in the next two years he will spend $ 6 million promoting and improving the magazine . STOP 
Though Sassy has grown quickly since its debut in March 1988 , it has been the target of conservative *UNKS* and *UNK* advertisers who *UNKED* at its *UNK* editorial matter on *UNK-* problems . STOP 
Mr. Lang said the former Australian owners of Sassy were `` *UNKED* by the *CUNKAL* Majority ... . STOP 
Their reaction was to do nothing and ride it out . '' STOP 
He said Sassy will keep its *UNK* tone , but added , `` We will keep a close watch on the editorial content of the magazine . '' STOP 
Sassy already has recovered ; circulation has quickly passed the 500,000 mark and advertising pages have *UNKED* this year at more than 300 . STOP 
What 's more , Mr. Lang says he has what all publishers wish for : a *UNK* *UNK* niche . STOP 
`` *CUNK* is written more for *UNKS* , not their daughters , '' said Mr. Lang . STOP 
`` But Sassy has a different spirit . STOP 
It gets more mail in a month than McCall 's got in a year , and it 's not from *UNKS* . STOP 
I feel about Sassy like I did about Working Woman 10 years ago . '' STOP 
Mr. Lang took on Ms. and Sassy with the acquisition of *CUNK* Publications Inc. by his newly formed Lang Communications . STOP 
Lang owns 70 % of *CUNK* , while Citicorp owns the rest through its Citicorp *CUNK* Capital Partners . STOP 
Two weeks ago , Citicorp and Mr. Lang *UNKED* $ 800,000 into *CUNK* just to keep the doors open . STOP 
Industry observers have *UNKED* Mr. Lang on what some call his `` *OUS* '' handling of Ms. , but his track record in magazine publishing in general has gotten mixed reviews . STOP 
Besides Ms. and Sassy , closely held Lang Communications includes *CUNKS* , a magazine for entrepreneurs and small businesses , and Working Woman and Working *CUNKER* , two monthly magazines . STOP 
Working Woman , with circulation near one million , and Working *CUNKER* , with *UNKN* circulation , are legitimate magazine success stories . STOP 
The magazine *CUNKS* , however , was for years lackluster and *UNKED* . STOP 
Only recently has it been *UNKLY* *UNKED* and its editorial product improved . STOP 
*CUNKS* is expected to gain at least because of the recent *UNKING* of rival *CUNK* , another magazine for growing companies . STOP 
Working Woman and Working *CUNKER* have operated as part of Working *CUNK* 's Group , a *UNK-* joint venture between Mr. Lang and Time Warner Inc . STOP 
The joint venture is being *UNUNK* , with McCall 's magazine being sold last summer to the New York Times Co. 's Magazine Group for about $ 80 million , and Time Warner agreeing to sell back its 50 % interest in Working Woman and Working *CUNKER* to Mr. Lang . STOP 
Executives at Time Inc . Magazine Co. , a subsidiary of Time Warner , have said the joint venture with Mr. Lang was n't a good one . STOP 
The venture , formed in 1986 , was supposed to be Time 's low-cost , safe entry into women 's magazines . STOP 
Mr. Lang surprised Time soon after joining forces when he said he would negotiate rates *UNKLY* with advertisers , a practice common in broadcasting but considered *UNK* by magazine publishers . STOP 
In addition , McCall 's put in a less than *UNK* performance . STOP 
Until a recent comeback , it saw steep losses in ad pages and circulation . STOP 
Time executives complained about the *UNK* editorial quality , and in the end , one Time executive who asked not to be identified said , `` *CUNKLY* , McCall 's and the joint venture were an embarrassment . '' STOP 
Mr. Lang feels that Time 's priorities changed . STOP 
`` Their management changed right after -LCB- the venture was formed -RCB- , and I do n't think they were comfortable getting into the competitive wars of women 's service magazines . '' STOP 
Today , Mr. Lang believes his magazines will offer what many women 's magazines do n't . STOP 
`` We write straight for women on their level , '' he said . STOP 
`` We do n't have *UNK* readers . '' STOP 
Mr. Lang points out that even *CUNKS* , in part , fits the company 's image , since about 30 % of its *UNK* is female . STOP 
Mr. Lang has named Carol *CUNKER* , 43 , as group publisher of New York-based Lang Communications . STOP 
She will *UNK* Working Woman , Working *CUNKER* and *CUNKS* magazines , and retain her post as publisher of Working Woman . STOP 
The sale price of McCall 's -- twice what Mr. Lang originally paid for it -- will finance Lang Communications ' buy-back of Time Warner 's 50 % interest in Working Woman and Working *CUNKER* . STOP 
Mr. Lang says he is n't *UNKING* new acquisitions , at least for now . STOP 
`` We would have to go outside to banks to get the money and I am not ready to do that , '' he said . STOP 
`` Besides , we have enough on our plate . STOP 
There is plenty of work to be done on what we have . STOP 
Britain 's *CUNKS* and *CUNKS* Commission Wednesday cleared *CUNK-* S.A. 's purchase of a specialty *UNKAL* unit from *CUNK* Co. , saying the purchase was unlikely to have any *UNKING* impact on U.K. industrial consumers . STOP 
The commission , which was asked to study the deal by the Department of Trade and Industry after its announcement in February , said the *UNK* of global supply of chemicals used in making *UNK* drugs was great enough to offset the dominant U.K. market share *CUNK-* would gain through the acquisition . STOP 
The French chemical giant would hold an 80 % share of the U.K. market for *UNK* *UNK* , *UNK* *UNK* and bulk *UNK* . STOP 
The commission found that if the British government attempted to block the merger , *CUNK-* would likely respond by closing the *UNKS* plant *CUNK* operates in *CUNKS* , removing the matter from U.K. *UNKION* . STOP 
*CUNK* *CUNK* Corp. posted third-quarter net income of $ *UNKN* million , or 69 cents a share , continuing a rebound from steep year-ago losses . STOP 
In the third quarter a year-earlier , the construction and engineering concern posted a loss of $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue in the latest quarter rose 14 % to $ *UNKN* million from $ *UNKN* million . STOP 
In composite trading on the New York Stock Exchange , *CUNK* gained $ 2.25 to $ *UNKN* . STOP 
*CUNK* said the engineering and construction segment performed well , with the mining and *CUNK-* operations making important contributions . STOP 
*CUNK* , *CUNKED* *CUNK* had losses totaling $ *UNKN* million over the two years ended in December , but it has surged back to profitability as a result of cost-cutting and *UNKING* of *UNUNK* operations . STOP 
In the nine months , the company 's net income was $ *UNKN* million , or $ *UNKN* a share , compared with a year-earlier loss of $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue rose 17 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The House *CUNKS* Committee officially cited Rep. Jim Bates -LRB- D. , Calif . -RRB- for *UNKLY* *UNKING* two female employees , but did n't recommend formal *UNK* action . STOP 
Rep. Bates said he accepted the finding , but one of the victims , *CUNK* *CUNK* , *UNKED* the ethics panel 's action as `` *UNK* . '' STOP 
*CUNKING* more than a year after Ms. *CUNK* filed a complaint , the panel issued a `` letter of *UNKAL* '' saying Rep. Bates had admitted conduct that violated a House rule *UNKING* discrimination against employees on account of their sex . STOP 
It ordered Rep. Bates to write letters of *UNK* to Ms. *CUNK* and to a second *UNK* , *CUNK* *CUNK* . STOP 
Rep. Bates said he would write the letters as ordered . STOP 
`` I accept the resolution of the matter by the *CUNKS* Committee , '' he said . STOP 
The panel also warned Rep. Bates that any further violations `` may result in a recommendation that *UNK* action be considered . '' STOP 
But Ms. *CUNK* asked , `` Who in their right mind is going to file another complaint with the *CUNKS* Committee ? '' STOP 
Rep. Bates has publicly *UNKED* for *UNKS* from voters and was *UNKED* with 60 % of the vote last November . STOP 
Mesa Airlines said the takeover offer it received earlier this week from StatesWest Airlines is for a combination of cash and securities valued by StatesWest at $ 10 a Mesa share . STOP 
Both companies are regional carriers in the Southwest . STOP 
When it made the offer , StatesWest declined to disclose details and asked Mesa to do the same . STOP 
But *CUNK* , *CUNKED* Mesa said the offer was for $ 7 in cash and unspecified StatesWest securities valued at $ 3 a share . STOP 
*CUNKED* on the number of Mesa shares outstanding not already owned by StatesWest , the proposed takeover would have a value of about $ *UNKN* million . STOP 
StatesWest owns 7.25 % of Mesa . STOP 
Last week , Mesa rejected a general proposal from StatesWest that the two carriers combine . STOP 
In response to the specific offer , Gary *CUNK* , Mesa vice president , said management will ask directors to *UNK* a financial consultant to advise them . STOP 
*CUNKER* *CUNK* Group PLC , a U.K. engineering company , reported a 16 % jump in pretax profit for the six-month period ending June 30 . STOP 
*CUNK* profit rose to # *UNKN* million -LRB- $ *UNKN* million -RRB- from # *UNKN* million -LRB- $ *UNKN* million -RRB- , matching analysts ' expectations , which *UNKED* from # 90 million to # 95 million . STOP 
Profit after taxes and minority interests increased 16 % to # *UNKN* million from # *UNKN* million in the year-earlier period , while earnings per share rose 16 % to *UNKN* pence -LRB- 44 cents -RRB- from *UNKN* pence -LRB- 38 cents -RRB- . STOP 
*CUNKER* *CUNK* said its core electrical products division enjoyed strong growth , with a 20 % rise in operating profit during the period . STOP 
*CUNK* Financial Group reported a 12 % increase in net income in the third quarter , led by a 43 % gain in its financial services group . STOP 
*CUNK* 's net was $ *UNKN* million , or 86 cents a primary share , compared with $ *UNKN* million , or 79 cents a share , a year earlier . STOP 
The *CUNK* , *CUNK* , financial services group , which includes *UNK-* , leasing and *UNKING* operations , contributed $ *UNKN* million to net , up from last year 's $ *UNKN* million . STOP 
*CUNK* also noted that , unlike other banking companies in the Northeast , it has been only *UNKLY* hurt by nonperforming loans that have resulted from the *UNKING* regional real estate market . STOP 
*CUNK* reported nine-month net of $ *UNKN* million , or $ *UNKN* a primary share , up from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
*CUNK* . Franklin Federal Savings & Loan Association said it expects to post a third-quarter net loss of about $ 8 million , or $ 1.04 a share , as a result of adding $ 11 million in loan-loss reserves . STOP 
The *CUNK* , *CUNK* , thrift , which has $ 5.2 billion of assets , had net income in last year 's third quarter of $ 1.8 million , or 23 cents a share . STOP 
Franklin said it expects to report earnings for the latest quarter next week . STOP 
The additional reserves *UNK* to possible write-downs of certain assets held by Franklin and its subsidiaries and the default of a bond in its investment portfolio , the thrift said . STOP 
According to a spokeswoman , they also *UNK* to changes Franklin will have to make in its accounting procedures to comply with new federal capitalization requirements for thrifts . STOP 
The company 's shares closed yesterday at $ 4.25 , off 25 cents , in national over-the-counter trading . STOP 
*CUNK* Inc. said that as part of a program to improve profitability it will take a total of $ *UNKN* million in after-tax charges by year end . STOP 
It also announced an initial public offering of 18 % of its gas exploration and production subsidiary . STOP 
The *CUNK* , *CUNK* , natural gas company said the charges , though *UNKLY* offset by a one-time gain from the offering , will result in a full-year after-tax loss . STOP 
Last year , the company had net income of $ *UNKN* million , or $ *UNKN* a share . STOP 
*CUNK* said it will report $ 179 *UNKION* in one-time charges against continuing operations for the third quarter , reflecting settlement of certain natural gas contracts . STOP 
It said it will take a $ 10 million fourth-quarter charge against discontinued operations , reflecting certain write-downs and the planned sale of a unit . STOP 
*CUNK* said its initial offering of 18 % of *CUNK* Exploration Co. is expected to result in a net gain of about $ 90 million , which will be used to pay down *CUNK* debt . STOP 
*CUNK* Exploration owns sizable gas and *UNK-* reserves in the South and Southwest . STOP 
South Africa negotiated a new debt agreement with its major foreign creditors for about $ 8 billion of its foreign debt outstanding , said *CUNKS* *CUNKS* , governor of the Reserve Bank and the country 's chief debt *UNK* . STOP 
The new agreement will last for 3 1\/2 years starting July 1 , 1990 , when the current agreement expires . STOP 
The announcement *UNKS* with the start of the Commonwealth *CUNKS* Conference in *CUNK* *CUNK* , where proposals for renewed sanctions against South Africa , including moves to block settling of a new debt agreement , were scheduled to be discussed . STOP 
As with the previous pact , the new agreement covers the country 's debt `` inside the net , '' which *UNKS* mainly to *UNKS* due to overseas creditor banks by the private sector . STOP 
The agreement calls for South African *UNKS* to make *UNKS* in eight *UNKS* , starting in December of next year . STOP 
The redemption then would be at 1.5 % of the total debt , increasing to 2.5 % in February 1991 , and to 3 % at six-month *UNKS* thereafter . STOP 
A revised provision would be included for the conversion of short-term claims inside the net to long-term loans outside the net . STOP 
These claims would be *UNK* over a 10-year period . STOP 
Foreign debt falling outside the net of affected *UNKS* -- which Mr. *CUNK* estimated at $ 12 billion -- would remain not subject to the debt arrangements . STOP 
New York Times Co. said net income rose in the third quarter because of a one-time gain on the sale of the company 's *UNK-* system . STOP 
Net surged to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or 33 cents a share , a year earlier . STOP 
The latest quarter included a gain of $ *UNKN* million , or $ *UNKN* a share , from the sale of New York Times Cable , completed in August . STOP 
*CUNK* of the gain , operating profit declined 35 % to $ *UNKN* million , or 21 cents a share , from $ *UNKN* million , or 31 cents a share . STOP 
The decline primarily reflected the *UNKION* from acquiring McCall 's , *CUNK* World -LRB- U.S. -RRB- and *CUNKING* World magazines ; lower equity earnings from the forest-products group because of price discounting and an *UNUNK* exchange rate , and an *UNKN* % decline in advertising *UNK* at the New York Times , the company 's flagship newspaper . STOP 
Advertising volume at the company 's 35 regional newspapers *UNKED* 1.1 % . STOP 
The company said the negative factors are expected to continue into next year . STOP 
Revenue rose 6.4 % to $ *UNKN* million from $ *UNKN* million . STOP 
Democrat *CUNK* Taylor won a special election to fill the congressional seat *UNKED* by the death of Republican *CUNK* Smith , taking back the GOP 's *UNK* *UNK* in Mississippi 's House delegation . STOP 
Mr. Taylor 's overwhelming victory against Republican Tom Anderson *UNKS* a seat the Republicans had held for 17 years and gives the Democrats their fifth victory in the seven special House elections held this year . STOP 
Mr. Taylor , a *UNK-* state senator from Bay St. Louis , won 65 % of the vote in a district that has voted Republican in the past five presidential elections and that was once represented by Republican U.S. Sen. *CUNK* *CUNK* . STOP 
Mr. Taylor 's victory was an embarrassment for both state and national Republicans . STOP 
Mr. Anderson , a former *CUNK* aide , received campaign assistance from the senator and from President Bush , who visited the district last week . STOP 
Even so , Mr. Taylor carried all but one of the district 's dozen *UNKS* . STOP 
Rep. Smith died in a plane crash on Aug. 13 . STOP 
Wall Street Journal reporters called companies with headquarters or facilities in the Bay area in a bid to assess the damage to their operations caused by Tuesday 's earthquake . STOP 
The calls reached many , but certainly not all , of the publicly held companies with operations in the area . STOP 
In most cases damage to company facilities and operations was minimal . STOP 
*CUNK* *CUNK* INC. , *CUNK* Park , temporary personnel agency , annual sales of $ *UNKN* million , OTC , said all 30 offices in Bay area were working , but in various states of disarray . STOP 
Business was slow because many companies were closed yesterday . STOP 
*CUNK* *CUNK* *CUNK* INC. , Sunnyvale , integrated circuit maker , annual sales of $ *UNKN* billion , NYSE , had only minor structural damage . STOP 
Most of its *UNKN* workers were at work yesterday , and no production slowdown was anticipated as long as electricity remains available . STOP 
*CUNK* CORP. , Sunnyvale , computer maker , annual sales of $ 1.8 billion , Amex , was closed yesterday and no damage estimates were available . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* Inc. , San Francisco , provider of maintenance services , annual revenue of $ *UNKN* million , NYSE , had some damage to headquarters and lost phone service , but operations were moved to a branch office and are running smoothly thanks to a *UNKED* computer system the company had developed before the quake . STOP 
*CUNK* *CUNK* *CUNK* , Oakland , shipping concern , annual sales of $ 2.2 billion , NYSE , had little damage to the *UNKS* , *UNK* or *UNK* track at its *UNK-* facility near the collapsed *CUNK* *UNKN* *UNKS* . STOP 
The company expects to work a ship due in today with minimal delays , despite *UNK* power . STOP 
*CUNK* INC. , Indianapolis , NYSE , said its *CUNK* Corp. unit , a Sunnyvale maker of computer disks and *UNK* with annual sales of $ *UNKN* million , had only minor damage and is fully operational . STOP 
*CUNK* *CUNK* INC. , San Jose , distributor of electronic parts , annual sales of about $ 300 million , NYSE , sustained very little damage , anticipated being `` in 100 % operating condition '' by *UNK* . STOP 
*CUNK* *CUNK* CO. , *CUNK* , computer maker , annual sales of $ *UNKN* billion , OTC , sustained some structural damage . STOP 
*CUNKS* were closed yesterday . STOP 
*CUNK* *CUNK* INC. , Santa Clara , maker of *UNK-* machine systems , annual sales of $ *UNKN* million , OTC , had slight damage to headquarters , no damage to manufacturing plants . STOP 
Company , with *UNKN* workers in area , is fully *UNKAL* . STOP 
*CUNK* CORP. , Sunnyvale , maker of personal computers and software , annual sales of $ 700 million , Amex , had minor damage and expects to be fully operational by tomorrow . STOP 
*CUNK* Corp. , San Francisco , bank holding company , annual revenue of $ *UNKN* billion , NYSE , yesterday had no power at its headquarters , 80 of its *UNKN* Northern California branches were closed and 250 of 750 automatic *UNKER* machines were closed in the area . STOP 
Securities trading was conducted in a *UNK* facility in *CUNK* . STOP 
*CUNK* CORP. , San Francisco , engineering and construction concern , annual sales of $ 4 billion , had only minor structural damage at its three buildings in the city , but its computers were knocked out . STOP 
*CUNK* computer *UNKS* were *UNKED* to an IBM office in Philadelphia , and the company expects its mainframe to be up in a few days . STOP 
Workers , except for senior management , were asked not to report for work yesterday . STOP 
*CUNK-* *CUNK* INC. , *CUNKS* , *UNKAL* research and *UNKS* leader , $ 200 million in annual sales , Amex , said its Richmond *UNK* north of San Francisco was closed because of *UNKS* and fallen *UNKS* . STOP 
It expects to be fully operational by next week . STOP 
*CUNK* *CUNK* , *CUNKS* Valley , personal computer and software designer , annual sales of $ 72 million , had heavy damage to its headquarters and was conducting business from its parking lot . STOP 
The company does n't expect any shipping delays . STOP 
*CUNK* INC. , San Jose , computer retail company , annual sales of $ 1.1 billion , NYSE , said all 16 corporate office and stores in the area were open with the exception of a retail center in San Francisco 's business district . STOP 
That facility should reopen today . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* Inc. , Los Angeles , retailer , annual sales of $ *UNKN* billion , NYSE , said nine of its 22 *CUNK* stores in the area were closed because of water damage , broken windows and fallen displays . STOP 
A spokesman said sales are expected to be hurt , but the losses are covered by insurance . STOP 
*CUNK* CORP. , San Francisco , oil company , annual sales of $ *UNKN* billion , NYSE , had minor damage to downtown headquarters , but structural damage closed two of its seven buildings in San *CUNK* industrial park . STOP 
Company expects to be fully operational by next week . STOP 
*CUNK* Co. , Oakland , consumer products , annual sales of $ *UNKN* billion , NYSE , was closed yesterday but plans to reopen today or tomorrow . STOP 
Meanwhile , orders are being *UNKED* through *CUNK* Products unit in Louisville , Ky. , but computer problems mean they must be processed *UNKLY* . STOP 
*CUNKS* to be fully operational early next week . STOP 
*CUNK* INC. , Palo Alto , *UNKER* maker , annual sales of $ *UNKN* million , was closed yesterday but expects to reopen today . STOP 
*CUNK* *CUNK* INC. , *CUNK* Park , *UNKING* company , $ *UNKN* billion in annual sales , NYSE , had structural damage to *CUNK* Motor *CUNK* subsidiary 's office in Palo Alto , no damage in *CUNK* Park . STOP 
*CUNK* *CUNK* INC. , Palo Alto , medical products maker , annual sales of $ *UNKN* million , NYSE , had little damage and was in full operation yesterday . STOP 
*CUNK* *CUNK* CORP. , Minneapolis , retailer , annual sales of $ *UNKN* billion , NYSE , closed seven of its 13 *CUNK-* *CUNK* discount stores and nine of its 20 *CUNK* 's department stores because of pending reviews by structural engineers or requests from authorities , who were trying to keep *UNKS* off the *UNKS* . STOP 
The company expects to reopen three *CUNK* stores and all but two *CUNK* 's today or tomorrow . STOP 
*CUNK* INC. , South San Francisco , maker of magnetic *UNK* *UNKING* equipment , annual sales of $ *UNKN* million , Amex , had minor damage , mostly in a *UNK* . STOP 
The company plans to be fully operational today . STOP 
*CUNK* *CUNK* CORP. , Maynard , Mass. , computer maker , annual sales of $ *UNKN* billion , NYSE , had structural damage at its San Francisco sales office but no *UNK* damage elsewhere in the area , including its *CUNK* plant . STOP 
*CUNK* *CUNK* *CUNK* *CUNK* INC. , Oakland , ice *UNK* maker , annual sales of $ 225 million , OTC , said it is *UNKING* ice *UNK* *UNKER* roads are *UNK* . STOP 
*CUNK* *CUNK* INC. , *CUNK* , maker of personal computers and *UNKS* , annual sales of $ *UNKN* million , OTC , had minor damage and was almost fully operational yesterday . STOP 
*CUNK* Corp. , New York , oil company , NYSE , said its refinery *UNK* of San Francisco was operating at a slightly reduced rate as a *UNKION* in case of aftershocks . STOP 
*CUNK* *CUNK* CO. , *CUNK* , Mich. , auto maker , annual sales of $ *UNKN* billion , NYSE , said its three Ford Aerospace unit facilities in the Bay area , including a *UNKLY* operation in Palo Alto , had no major damage . STOP 
*CUNK* Inc. , San *CUNK* , clothing retailer , annual sales of $ 1.25 billion , NYSE , expects most of its stores to return to full operation and all *UNKN* of its *CUNK-* workers to be back at work by today . STOP 
*CUNK* INC. , South San Francisco , biotechnology company , annual sales of $ *UNKN* million , NYSE , sustained no major damage and expects to be fully operational today . STOP 
*CUNK* *CUNK* CO. , *CUNK* , Conn. , consumer , industrial products and broadcasting concern , annual sales of $ 50 billion , NYSE , said its GE *CUNK* Energy unit , with *UNKN* *CUNK-* employees , had only minor damage at its San Jose headquarters . STOP 
Business was n't disrupted . STOP 
*CUNK* *CUNK* CORP. , Detroit , auto maker , annual sales of $ *UNKN* billion , NYSE , sustained about 10 injuries to workers and some *UNKED* water *UNKS* at its New United Motor Manufacturing Inc. facility in *CUNK* , a joint venture with Toyota Motor Corp . STOP 
There was limited production of some models yesterday , but it was n't clear when the normal *UNK-* pace will resume . STOP 
Plant officials are still *UNKING* damage to parts suppliers and *CUNK* of Oakland facilities that handle shipments to the plant . STOP 
*CUNK* *CUNK* *CUNK* CORP. , Oakland , savings and loan , annual revenue of $ 1.4 billion , NYSE , had only minor damage to a few branches and no injured employees . STOP 
*CUNK-* Co. , Palo Alto , personal computer and electronic equipment maker , annual sales of $ *UNKN* billion , NYSE , said there will be a `` minimal suspension '' of manufacturing for an *UNKED* period . STOP 
The computer system was operating , so orders could be taken . STOP 
The company has *UNKN* employees and more than 70 buildings in the Bay area . STOP 
One building in Palo Alto may be damaged beyond repair . STOP 
Others had *UNKER* damage and there were no injuries among workers . STOP 
*CUNK* will be `` easily in the millions , '' the company said . STOP 
*CUNK* Corp. , *CUNK* , manufacturer of engineered parts , annual sales of $ *UNKN* million , NYSE , had little damage beyond some phone trouble . STOP 
*CUNK* *CUNK* CO. , San Francisco , gold and general *UNKER* , annual sales of $ *UNKN* million , NYSE , said its headquarters was closed yesterday because of power failures and lack of water , but that it may reopen today . STOP 
It expects any impact on its business to be slight . STOP 
*CUNK* *CUNK* CORP. , *CUNK* , financial services concern , annual revenue of $ *UNKN* million , OTC , said three of its 17 *CUNK-* branches were closed yesterday . STOP 
The company expects all branches to reopen today . STOP 
*CUNK* CORP. , Santa Clara , maker of computer *UNKS* , annual sales of $ 250 million , OTC , said *UNKS* were out at its headquarters but service should be restored by today . STOP 
The company said it was doing a brisk business in computer *UNK-* *UNKS* , *UNKS* and *UNUNK* power sources . STOP 
*CUNK* Corp. , Santa Clara , semiconductor maker , annual sales of $ *UNKN* billion , OTC , had some damage and few people were at work yesterday . STOP 
*CUNK* *CUNK* *CUNK* Corp , *CUNK* , N.Y. , maker of business machines , NYSE , said *UNKING* caused by broken water *UNKS* closed its San Jose plant , which makes *UNK-* *UNK-* devices . STOP 
The plant and its *UNKN* employees gradually will resume operations over the next several days , the company said . STOP 
Also closed yesterday were the company 's Santa *CUNK* *UNK-* *UNK* and the *CUNK* research center . STOP 
The concern 's National Service Division opened a center for emergency service in *CUNK* Creek as part of its *UNK-* plan . STOP 
*CUNK* *CUNK* & *CUNK* , Oakland , metal and chemical maker , annual sales of $ *UNKN* billion , had slight structural damage to its *UNK-* headquarters building and employees stayed home yesterday to allow *UNKS* to clean up . STOP 
*CUNK* CORP. , *CUNKS* , aerospace and defense concern , annual sales of $ *UNKN* billion , NYSE , said its Lockheed *CUNKS* & Space division closed its Santa *CUNK* test facility because of power *UNKS* and *UNKS* . STOP 
The closing , affecting *UNKN* employees , will continue at least until roads are cleared . STOP 
It was n't known to what extent , if any , the facility was damaged . STOP 
It also was n't known what the impact will be on the division 's work , which includes the Navy 's *CUNK* *UNKED* missile program and the Air Force 's *CUNK* Defense *CUNK* . STOP 
The division had only minor damage at its Sunnyvale headquarters and plant in Palo *CUNKS* , and no delays in *UNKS* are expected . STOP 
*CUNK* *CUNK* *CUNK* INC. , *CUNK* Creek , *UNK* chain , annual sales of $ 1.9 billion , NYSE , had only minor damage and only four of its 75 *CUNK-* stores , all in the Santa *CUNK* area , were closed . STOP 
All are expected to reopen soon . STOP 
*CUNK* *CUNK* CORP. , *CUNKS* , maker of *UNKED* integrated *UNKS* , annual sales of $ 550 million , NYSE , has halted manufacturing at its three plants in the area while they are *UNKED* for structural damage . STOP 
The company expects to resume full operations by today . STOP 
*CUNK* *CUNK* & Co. , New York , retailer , annual sales of $ 7 billion , said there was minor damage to its 24 Macy stores and nine I. *CUNK* stores in the Bay area . STOP 
*CUNK* CORP. , *CUNK* , maker of computer integrated manufacturing processes , annual sales of $ *UNKN* million , NYSE , had only minor damage but workers spent most of yesterday cleaning up . STOP 
NATIONAL *CUNK* CORP. , Santa Clara , semiconductor maker , annual sales of $ *UNKN* billion , NYSE , said it had no major structural damage at its 30 *CUNK-* buildings , but two workers were injured . STOP 
*CUNKION* resumed yesterday . STOP 
*CUNKING* in a *UNK-* plant needed immediate repairs . STOP 
*CUNK* INC. , Seattle , retailer , annual sales $ *UNKN* billion , OTC , five of this *UNK-* chain 's nine stores in the Bay Area were closed yesterday , damage appears primarily *UNK* , hopes to reopen four of the stores by today and the fifth by Saturday . STOP 
*CUNK* *CUNK* CORP. , *CUNK* , provider of computer programming and software services , annual sales $ *UNKN* million , four of 12 offices and buildings in the *CUNK* and San *CUNK* areas were closed , 95 % of computer and telephone systems are operating , expects to be back to full operation by the end of the week . STOP 
*CUNK* *CUNK* & *CUNK* CO. , San Francisco , electric , gas and water supplier , annual sales $ 7.6 billion , some minor damage to headquarters , *UNKED* damage to four nearby *UNKS* , severe structural damage to a major power plant at *CUNKS* *CUNKING* , extensive damage to gas lines and electric lines , 400,000 *UNKS* without electricity and *UNKN* without gas , can not *UNK* electricity until it is certain there are no gas *UNKS* , no predictions on when this will happen . STOP 
*CUNK* *CUNK* *CUNK* , San Francisco , telecommunications holding company , annual sales of $ 9.5 billion , no damage to headquarters , but no power , the power failure has caused a delay in the release of the company 's earnings report , major concern is subsidiaries , Pacific Bell and Pacific Telesis Cellular , both of which sustained damage to buildings , structural damage to several cellular sites in Santa *CUNK* , volume of calls on cellular phones 10 times the usual , causing a big slowdown . STOP 
*CUNK* & *CUNK* CO. , *CUNKED* company 's *CUNKS* *CUNK* plant in South San Francisco was closed following the earthquake , no injuries or major damage , other plants around country can make up for any lost production . STOP 
*CUNK* CORP. , *CUNKS* , *UNKS* rigid *UNK* drives for small business computers , word *UNKS* , annual sales $ *UNKN* million , OTC , open for business , minor structural damage . STOP 
*CUNK* CORP. , *CUNK* Park , plastics manufacturer , annual sales $ 1 billion , no major damage and no production slowdown is anticipated . STOP 
*CUNK* *CUNK* INC. , Newark , discount apparel chain , annual sales $ *UNKN* million , two of 28 stores in Bay Area closed , both could open as early as today . STOP 
*CUNK* *CUNK* INC. , Oakland , retail food chain , annual sales of $ *UNKN* billion , some structural damage to headquarters and no power ; major problems *UNKING* products to those stores that remained open ; no numbers on how many stores closed . STOP 
*CUNK* *CUNK* & CO. , San Francisco , discount brokerage firm , annual sales of $ *UNKN* million , had only minor damage to headquarters building and was up and running for yesterday 's market open . STOP 
*CUNK* will not , however , resume *UNK-* service until power in city is restored . STOP 
Office closed yesterday at *UNKN* p.m. EDT . STOP 
*CUNK* *CUNK* , *CUNKS* Valley , maker of hard disk drives for computers , annual sales of $ *UNKN* billion , OTC , closed to assess what appeared to be minor damage to some of its 20 buildings . STOP 
*CUNK* *CUNK* *CUNK* CO. , San Francisco , railroad , annual sales of $ *UNKN* billion , had only minor damage to headquarters and tracks , and expects to be fully operational tomorrow . STOP 
St. Louis *CUNK* *CUNK* Co. unit halted all service Tuesday night but has since restored some freight lines and limited *UNKER* service between San Francisco and San Jose . STOP 
*CUNK* *CUNK* INC. , Mountain View , maker of desktop computers , annual sales $ *UNKN* billion , OTC , no injured employees and very little damage to buildings . STOP 
*CUNKED* yesterday due to power difficulties . STOP 
*CUNK* *CUNK* INC. , *CUNK* , computer maker , annual sales of $ 1.6 billion , NYSE , said it had no significant damage and should be fully operational within a week . STOP 
Many employees stayed home yesterday , but customer service was being maintained . STOP 
*CUNK* CORP. , San Francisco , financial services and insurance company , annual sales of $ *UNKN* billion , NYSE , said its headquarters , the well-known downtown *UNKED* building , was intact but closed yesterday . STOP 
*CUNK* *CUNK* INC. , Palo Alto , *UNKION* and semiconductor equipment company , annual sales of $ 1.3 billion , had only minor damage and no *UNKS* were anticipated . STOP 
*CUNK* *CUNK* INC. , San Jose , maker of semiconductor products , annual sales $ *UNKN* million , OTC , minimal damage to facilities , no injuries , expected operations to return to normal late yesterday . STOP 
*CUNK-* CO. , *UNKED* electronics manufacturer , annual sales $ *UNKN* million , NYSE , minor damage to headquarters and plant in Palo Alto , no damage to San Jose plant , `` still *UNKING* '' damage at *CUNKS* Valley plant , where main product is *UNKS* for semiconductor production . STOP 
*CUNK* *CUNK* & CO. , San Francisco , bank holding company , annual revenue $ 4.9 billion , NYSE , minor damage at headquarters , 12 branches out of 170 in Northern California sustained structural damage that will *UNK* them from opening in the near future , 45 locations with at least one automatic *UNKER* machine *UNK* , central computer systems are operating , no injuries . STOP 
*CUNK* *CUNK* INC. , San Jose , maker of video display terminals and workstations and *CUNK* *UNK* computers , annual sales of $ *UNKN* million , slight structural damage at headquarters , no injuries , expects to be back to full operation today . STOP 
*UNK* CORP. , Santa Clara , maker of computer communications systems , annual sales of $ *UNKN* million , OTC , slight structural damage to headquarters , communications systems already fully operational . STOP 
*CUNK* the collapse of *CUNK-* have been prevented ? STOP 
That was the question structural engineers and California transportation officials were asking themselves yesterday as rescue workers began the *UNK* task of trying to *UNK* as many as 250 victims from *UNK* the concrete *UNKS* of the *UNK-* *CUNK* Freeway in Oakland that *UNKED* in during Tuesday 's temblor . STOP 
After *UNKING* the area , California Gov. George *CUNK* late yesterday called for an inquiry into the freeway 's collapse , *UNKING* the disaster on *UNK* construction , the *CUNKED* Press reported . STOP 
The impact of the destruction of this *UNK-* stretch of highway was *UNKLY* measured in lost lives . STOP 
But there are other long-term effects that raise serious questions about the ability of California 's infrastructure to *UNK* a major temblor . STOP 
It could easily be two years before the *UNKED* *UNK* that helps *UNK* Oakland with San Francisco is *UNKED* , and the cost to build a new stretch of highway could soar to more than $ 250 million , said Charles J. *CUNK* , deputy district director in Los Angeles of the California Department of Transportation , *UNKED* *CUNKS* . STOP 
*CUNKS* in Sacramento said total damage from the collapsed highway is estimated at around $ 500 million . STOP 
The aftershocks of the highway *UNK* are *UNKING* in Los Angeles as well , as local politicians spoke yesterday against plans to bring *UNKING* to Los Angeles *UNKS* by 1994 . STOP 
*CUNKS* plans to add a second *UNK* for *UNKS* and car *UNKS* above the *UNK* of a *UNK-* stretch of the *CUNK* Freeway just south of Los Angeles , near the *CUNKAL* *CUNK* . STOP 
Los Angeles County *CUNK* Kenneth *CUNK* yesterday vowed to fight the introduction of *UNKING* in the area . STOP 
*CUNKS* abandoned *UNKING* in the early 1970s , following the 1971 *CUNK* earthquake that destroyed freeway *UNKS* just north of Los Angeles , Mr. *CUNK* explained . STOP 
That temblor measured *UNKN* on the Richter scale ; Tuesday 's was STOP 
So why even consider *UNKING* *UNKS* now ? STOP 
`` We 've run out of places to build *UNKS* in *CUNK* , and the only place to go is up , '' Mr. *CUNK* said , although he acknowledges there are many obstacles , including cost . STOP 
But as for safety , he says *UNK-* *UNKS* built today with the heavily *UNKED* concrete and *UNKER* columns required after the *CUNK* quake should *UNK* a *OUS* temblor of 7.5 to 8 on the Richter scale . STOP 
*CUNKS* for the collapse of the *CUNK* Freeway were *UNK* yesterday . STOP 
But most structural engineers attributed the destruction to *UNKER* *UNK* of the columns that supported the *UNKS* , and the fact that the ground *UNK* the highway is largely *UNK* and can become *UNUNK* , or `` *UNK* , '' in a major quake . STOP 
The *UNK-* *UNK* , designed in the *UNKS* and completed in *UNKN* , was supported by columns that apparently lacked the kind of steel *UNK* used in highways today . STOP 
While the *UNKS* did have long metal *UNKS* running *UNKLY* through them for *UNK* , they apparently lacked an adequate number of metal `` ties '' that run *UNKLY* through the column , said *CUNK* Parker , a structural engineer in Los Angeles . STOP 
*CUNKS* today uses a *UNKION* of the design Mr. Parker describes , with *UNKING* steel *UNKS* inside . STOP 
But in the case of the *CUNK* Freeway , the lack of such support caused the core of the columns to *UNK* and *UNK* under the weight of the second *UNK* , *UNKING* *UNKS* who were *UNKED* up in *UNKER* *UNK-* traffic on the lower *UNK* nearly 15 feet below . STOP 
Officials of the state agency did n't have any immediate explanation why the *UNK* did n't hold up . STOP 
*CUNKS* *UNKED* the highway in 1977 as part of a $ 55 million *UNK* project , using steel *UNKS* to *UNK* the *UNKS* of the freeway to the columns and prevent the structure from *UNKING* in a quake . STOP 
*CUNKS* spokesman Jim *CUNK* in Sacramento declined to identify the engineering firm that did the *UNK* work . STOP 
*CUNK* in the bridge and road *UNKS* will *UNK* around whether government took `` reasonable care '' to build and maintain the structures , says John *CUNK* , a *CUNK* , Wash. , *UNK-* attorney who specializes in highway design and maintenance cases . STOP 
The firm brought in to strengthen the structure could be *UNK* as well . STOP 
The results of the quake certainly raise questions about whether reasonable care was taken , Mr. *CUNK* says . STOP 
Given the *UNK* history of the Bay Area , `` it seems to me that a 6.9 earthquake is a *UNK* event . '' STOP 
*CUNKS* ' Mr. *CUNK* defended the agency 's work on the *CUNK* Freeway . STOP 
`` The work was done properly , '' he said . STOP 
`` *CUNKLY* , we had a severe earthquake of significant *UNKION* and it was just something the structure could n't *UNK* . '' STOP 
*CUNKLY* , *CUNKS* this year began working on a second round of *UNK* *UNKS* of *UNKS* around the state , this time *UNKING* freeway columns in `` steel *UNKS* '' to reinforce them . STOP 
But only bridges supported with single *UNKS* of columns were top priority , and the *CUNK* Freeway , supported by double *UNKS* , was left out , Mr. *CUNK* explained . STOP 
`` The reason is that the technology is such that we 're not able to *UNK* *UNK-* structures , '' he said . STOP 
Charles *CUNK* in San Francisco and John R. *CUNKER* in Los Angeles contributed to this article . STOP 
*CUNK* Corp. 's board unanimously rejected a tender offer of $ 8 a share , or $ *UNKN* million , for as much as 90 % of *CUNK* by a group with a *UNKN* % stake in the toy retailer . STOP 
*CUNK* also urged holders of its stock and debt not to tender their securities , saying it wants to remain independent to pursue its business strategy . STOP 
*CUNK* also said the offer by Robert I. *CUNK* Limited Partnership is inadequate , and full of conditions that leave it `` subject to substantial uncertainty . '' STOP 
In addition , *CUNK* began a lawsuit in federal District Court in New York seeking to *UNK* the offer , *UNKING* , among other things , violations of federal securities law and fraudulent *UNKION* of the market for *CUNK* 's securities . STOP 
Robert I. *CUNK* , general partner of the investment group , said the *CUNK* response reflected management 's *UNKED* position , saying officials had failed to come up with a better alternative to his group 's offer . STOP 
Mr. *CUNK* said he would respond to *CUNK* 's suit after his lawyers review it . STOP 
*CUNKS* by a federal mediator to *UNK* talks between Boeing Co. and the Machinists union apparently failed , and no further meetings are scheduled . STOP 
Company officials and union representatives did n't meet face to face , but the mediator *UNKED* between the two groups . STOP 
In a statement issued after the meeting , the aerospace giant said it wo n't increase its offer although adjustments within the proposed *UNK-* mix are possible . STOP 
Machinists already have rejected a proposal that called for a 4 % pay increase and 8 % bonus in the first year . STOP 
In the second year , workers would receive a 3 % wage boost and a 3 % bonus , followed by a 3 % increase without a bonus in the third year . STOP 
`` The company will not *UNK* on anything , '' said a spokesman for the union . STOP 
As the strike *UNKS* its *UNK* day today , some members are getting nervous , the spokesman conceded , but the majority of the *UNKN* Machinists are prepared to `` wait it out as long as it takes . STOP 
United *CUNKS* & Manufacturers Inc. said its president , *CUNK* *CUNK* , withdrew his proposal to acquire control of the New York textile and clothing company . STOP 
Last month , Mr. *CUNK* proposed , among other things , to buy 3.5 million shares , or 38 % , for $ 4 apiece . STOP 
*CUNKED* with his current 1.2 million shares and 4 % held by an associate , the stake would have given him control of 55 % of the concern . STOP 
In a Securities and Exchange Commission filing , Mr. *CUNK* had said that holders of the other 45 % of United *CUNKS* would receive *UNK-* share of a new preferred stock for each of their shares . STOP 
A special committee of United *CUNKS* directors said that in view of uncertainties regarding various legal and financial considerations , it could n't recommend the plan to the full board . STOP 
The company is exploring , with a major financial institution , the development of a plan to boost the value of the company for its holders , Mr. *CUNK* said . STOP 
In a separate SEC filing , Albert *CUNKER* , who holds *UNKN* % of United *CUNKS* , said he retained investment bank *CUNK* *CUNKS* & Co. for advice as he *UNKS* the possibility of making a bid for the textile maker . STOP 
On Friday , Mr. *CUNKER* , a Newark , N.J. , textile businessman , signed a *UNK* agreement under which United *CUNKS* would provide him with *UNK* information . STOP 
The White House is making sure nobody will *UNK* it of taking this crisis *UNKLY* . STOP 
In the aftermath of the California earthquake , President Bush and his aides flew into a *UNK* of *UNKED* activity yesterday morning . STOP 
Some of it was necessary to get federal help *UNKING* to victims , but some seemed designed mostly to project an image of a White House in action . STOP 
Mr. Bush and his aides were accused of responding too slowly after the Exxon *CUNK* oil *UNKER* split open in *CUNK* waters and Hurricane Hugo struck the Carolina coast , and they clearly do n't want a repeat of those charges now . STOP 
So the White House announced that Mr. Bush got his first earthquake *UNKING* of the day at *UNKN* a.m. from chief of staff John *CUNK* . STOP 
By noon , Mr. Bush had taken two phone calls from Vice President Dan Quayle , who was in California ; made a *UNKED* statement of concern ; signed a disaster *UNKION* ; received a written report from the Federal *CUNK* Management Agency ; and visited FEMA headquarters . STOP 
Mr. Bush himself essentially acknowledged that he and his aides were trying to head off criticism . STOP 
On his FEMA visit , Mr. Bush said that he hoped there would be `` less *UNKING* '' about the emergency office 's performance this time , adding that the agency `` took a hit '' for its reaction to Hurricane Hugo . STOP 
The White House already is talking of Mr. Bush *UNKING* the California earthquake site this weekend . STOP 
He visited the Hugo *UNKION* but not until after local leaders urged him to do so . STOP 
*CUNKER* PLC , a major British building materials and construction concern , reported a 24 % jump in pretax profit for its latest financial year , helped largely by contributions from its U.S. unit , *CUNKS* Co . STOP 
*CUNK* profit for the year to June 30 rose to # *UNKN* million -LRB- $ *UNKN* million -RRB- from # *UNKN* million -LRB- $ *UNKN* million -RRB- , broadly matching analysts ' expectations . STOP 
Profit after taxes and minority interests but before extraordinary items increased 22 % to # *UNKN* million from # *UNKN* million a year earlier , while fully diluted earnings per share rose to *UNKN* pence -LRB- 47 cents -RRB- from *UNKN* pence -LRB- 39 cents -RRB- . STOP 
The *UNKAL* *UNKS* that *UNKED* the San Francisco Bay Area -- rated a 6.9 on the Richter scale -- did n't match the great earthquake of 1906 , rated at 8.25 . STOP 
The difference of just 1.35 points on the scale , designed by Charles Richter of *CUNK* in the 1930s , means the older quake was `` 10 to 20 times stronger , '' says Lane Johnson , director of the University of California Berkeley *CUNK* *CUNKION* . STOP 
The ground *UNKED* along a *UNK-* stretch of the San *CUNKS* *CUNK* on Tuesday , Mr. Johnson added . STOP 
In 1906 , the *UNK* was 300 miles long and a couple feet wide . STOP 
Though the epicenter of Tuesday 's temblor was located 10 miles north of the town of Santa *CUNK* , and 50 miles south of San Francisco , its *UNK* *UNKED* up the coast in seemingly random fashion . STOP 
But the greatest damage was visited on buildings and *UNKS* *UNKED* upon *UNK* , as were the Marina District of San Francisco and the Bay Bridge -- two areas of maximum *UNKION* . STOP 
`` *CUNK* -- loose and *UNKED* earth -- may feel like rock but it *UNKS* like liquid when you shake it , '' said Douglas *CUNK* , professor of *UNKS* at San Francisco State University in a *UNKED* interview . STOP 
`` It *UNKS* in a *UNK* *UNK* pattern . STOP 
Our quake *UNKED* much like the Mexico City earthquake , where great damage was miles from the epicenter . '' STOP 
Mr. Johnson , of the Berkeley *UNK* station , said : `` *CUNK* can be done if it 's properly *UNKED* . STOP 
You can drive *UNKS* on it and build on it . '' STOP 
He cited the example of San Francisco 's financial district , where many new glass *UNKS* survived almost *UNKED* . STOP 
But the public policy issues raised by earthquake damage will be difficult to address , Mr. Johnson predicted . STOP 
`` The attention *UNK* of the public is short , '' he said . STOP 
`` We 've known for years and years we 've got lots of old -LCB- *UNKS* -RCB- *UNKED* *UNK* and *UNK* buildings . '' STOP 
One old building , the Golden State Bank Building on *CUNK* Street , had its *UNK* *UNK* *UNK* *UNKED* off by the shock of the quake , leaving a *UNK* of its third floor open to the air , while *UNKS* of *UNK* *UNKS* tumbled to the street below narrowly missing *UNK-* *UNKS* and cars . STOP 
*CUNKING* such old building stock , Mr. Johnson said , `` comes down to money . STOP 
It 's a danger . STOP 
We know it 's there . STOP 
And sooner or later , we have to do something about it . '' STOP 
The *UNK* is *UNKED* because this week 's earthquake -- while major and followed by hundreds of aftershocks -- did n't release enough *UNK-* energy tension along the *UNKS* to *UNK* more and bigger *UNKS* soon . STOP 
`` The big one is still due , '' Mr. Johnson predicted in an interview . STOP 
`` The Bay Area has three very dangerous *UNKS* , the San *CUNKS* , the *CUNK* fault and the *CUNKS* fault . STOP 
It -LCB- Tuesday 's quake -RCB- has n't *UNKED* our problem . STOP 
In California , this is the reality . STOP 
Coca-Cola Co. may be about to *UNK* the *UNK* wars . STOP 
Coke said it will test market a *UNK-* version of its flagship brand , Coca-Cola *CUNK* , beginning next week in Charlotte , *CUNK* . STOP 
Other , as yet *UNKED* , cities will follow . STOP 
If all goes well , the product will be rolled out for national sales sometime next year , a Coke spokesman said . STOP 
After the confusion surrounding the change of the Coke formula in 1985 , Coca-Cola was reluctant to clutter the *CUNK* name with a brand extension . STOP 
But now , the soft-drink giant appears willing to take the risk . STOP 
`` The name *CUNK* Coke has tremendous value , and they have n't *UNKED* that name before , '' says *CUNK* *CUNKS* , publisher of the trade journal *CUNK* *CUNKEST* . STOP 
The Coke spokesman said a *UNK-* *CUNK* should help increase volume of the original brand . STOP 
Indeed , analysts have said that the absence of new products , among other factors , has limited sales growth throughout the industry . STOP 
Coke now leads *CUNK* in market share in *UNK-* *UNK* *UNKS* but *UNKS* *CUNK* in sales of *UNK-* *UNKED* *UNKS* , according to *CUNK* *CUNKEST* . STOP 
Coke introduced a *UNK-* *UNKED* *UNK* based on its original formula in 1983 . STOP 
It switched to a *UNK-* formula using its new Coke in 1985 . STOP 
Coke has been studying the possibility of introducing a *UNK-* *CUNK* for a year , a company spokesman said . STOP 
He said large increases in sales of other *UNK-* soft *UNKS* make the timing right now . STOP 
*CUNK* *CUNK* with the aftermath of a Bay area earthquake . STOP 
As aftershocks shook the San Francisco Bay area , *UNKS* *UNKED* through rubble for *UNKS* of Tuesday 's temblor , and residents picked their way through *UNK-* streets . STOP 
In Oakland , hopes *UNKED* for finding any more *UNKS* within the concrete and steel from the collapse of an interstate highway . STOP 
At least 270 people were reported killed and *UNKN* injured in the *UNK-* *UNK* that caused billions of dollars of damage along 100 miles of the San *CUNKS* fault . STOP 
Bush declared the region a major disaster area and the military was *UNKED* to prevent *UNKING* . STOP 
The baseball commissioner said the third game of the World Series between the Giants and the *CUNKS* would be played Tuesday in Candlestick Park . STOP 
*CUNK* *CUNK* *CUNK* as leader of East Germany amid growing *UNKEST* . STOP 
The *UNK-* official , who *UNK* the building of the Berlin Wall , was removed during a meeting of the *UNKER* Communist Party Central Committee in East Berlin . STOP 
Honecker , who was reported ill following *UNKER* surgery in August , said he was resigning for health reasons . STOP 
He was succeeded by *UNK-* chief *CUNK* Krenz , 52 , a *UNKER* who quickly ruled out any *UNKING* of power with *UNK-* groups . STOP 
Honecker 's departure came after weeks of street protests and an exodus to the West of East Germans who had become *UNKED* with his rule . STOP 
*CUNK* *CUNK* constitutional changes to form a democratic system . STOP 
At a nationally *UNKED* legislative session in *CUNKEST* , the Parliament *UNKLY* approved changes formally ending *UNK-* *UNKION* in the country , *UNKING* free elections by next summer and establishing the office of state president to replace a *UNKER* council . STOP 
The country was *UNKED* the Republic of Hungary . STOP 
Like other Soviet bloc nations , it had been known as a `` people 's *UNK* '' since STOP 
The voting for new laws followed *UNKION* of Hungary 's Communist Party this month and its replacement by a *CUNK-* Socialist Party . STOP 
The space shuttle Atlantis *UNKED* into *UNK* from *CUNK* *CUNKAL* , Fla. , and its *UNK* of five *UNKS* launched the *UNKED* Galileo space probe on a flight to the planet Jupiter . STOP 
The $ 1.4 billion *UNK* *UNK* 's *UNK* mission is to take six years . STOP 
The shuttle is slated to return Monday to California . STOP 
South Korea 's President *CUNK* addressed a joint House-Senate meeting and urged *UNK* over U.S. demands for the opening of Seoul 's markets to more American goods , saying trade issues would be `` resolved to mutual satisfaction . '' STOP 
He also said *UNK* results could follow any `` *UNK* of weakening '' of the U.S. defense commitment to Seoul . STOP 
The *CUNKS* Bureau reported that 13.1 % of the U.S. population , or *UNKN* million people , were living in poverty in 1988 . STOP 
Last year 's figure was down from 13.4 % in 1987 and marked the fifth consecutive annual decline in the poverty rate . STOP 
*CUNK* *UNK* income rose 1.7 % to $ *UNKN* , but *UNK* family income fell 0.2 % . STOP 
The Bush administration accused Israeli Prime Minister *CUNK* of *UNKING* peace efforts in the *CUNK* with `` *UNUNK* '' and disappointing statements . STOP 
*CUNK* said Tuesday that he was prepared to risk a policy conflict with the U.S. over an *CUNK* plan to hold direct *CUNK-* talks , which the premier 's *CUNK* bloc opposes . STOP 
Cuba was elected to the U.N. Security Council for the first time since its *CUNKED* revolution 30 years ago . STOP 
The election was by secret *UNK* in the General Assembly . STOP 
The U.S. did n't openly oppose Cuba 's *UNKING* as the Latin American council *UNK* . STOP 
Britain 's Prime Minister Thatcher told a Commonwealth summit in *CUNK* *CUNK* , Malaysia , that sanctions against South Africa were `` *UNKLY* irresponsible , '' officials said . STOP 
But other nations at the opening of the *UNKION* meeting of Britain and its former *UNKS* pressed for continued or stronger *UNKS* in an effort to end apartheid . STOP 
Arab officials in Saudi Arabia said *UNK-* talks by *CUNK* lawmakers aimed at ending Lebanon 's civil war appeared about to collapse . STOP 
Christian legislators are insisting on a *CUNK* *UNK* *UNK* from Lebanon before agreeing to political changes giving the nation 's *CUNKS* a greater role in *CUNK* 's government . STOP 
Colombia 's judges launched a *UNK-* strike to press security demands following Tuesday 's murder of a High Court justice in *CUNK* . STOP 
The country 's *UNKS* *UNKS* claimed responsibility for the *UNKING* . STOP 
Most of the country 's 20,000 judges and judicial employees joined the work *UNK* . STOP 
Charles S. Mitchell , a vice president with *CUNK* Development Co. , the real estate development subsidiary of Sears , Roebuck & Co. , was named president of *CUNK* *CUNKS* , a real estate development unit . STOP 
He succeeds William *CUNK* , who resigned earlier this year . STOP 
Also , Richard A. *CUNK* , a former marketing executive with *CUNK* Corp. , was appointed president of Continental *CUNKER* Systems , a producer of can closing machinery that *CUNK* acquired late last year . STOP 
*CUNK* is a fire protection , electronics and industrial products concern . STOP 
Dow Chemical Co. said third-quarter net income slipped 6.8 % from a record year-ago quarter . STOP 
The decline broke a *UNK* of 10 quarters in which Dow posted earnings increases . STOP 
Dow 's third-quarter net fell to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Sales in the latest quarter rose 2 % to $ 4.25 billion from $ *UNKN* billion a year earlier . STOP 
Dow closed at $ *UNKN* a share , up 75 cents , in New York Stock Exchange composite trading . STOP 
A spokeswoman said Dow is comfortable with Wall Street expectations that full-year earnings will total about $ *UNKN* a share , compared with last year 's record net of $ 2.4 billion , or $ *UNKN* a share . STOP 
But that signal on full-year profit *UNKS* doubt on whether Dow will improve on its year-ago fourth-quarter net of $ *UNKN* a share , or $ *UNKN* million . STOP 
Dow would earn $ *UNKN* a share for the year if it *UNKED* that year-ago fourth-quarter performance . STOP 
Dow officials were *UNKING* that the company would earn less than $ 15 a share this year even before they announced in July a plan to acquire 67 % of *CUNKION* Laboratories Inc . STOP 
That acquisition could further *UNK* earnings per share this year , the company spokeswoman said . STOP 
Dow has n't said exactly what impact the *CUNKION* acquisition will have on 1989 earnings . STOP 
Dow blamed the third-quarter earnings drop on several factors , including softer prices for *UNK* and other basic chemicals , a slower U.S. economy and a stronger dollar , which made Dow 's exports from the U.S. more expensive to overseas customers . STOP 
Another problem was a 7 % increase in operating costs at a time when revenue was rising by only 2 % . STOP 
For the first nine months of the year , Dow earned $ *UNKN* billion , or $ *UNKN* a share , up 17 % from $ *UNKN* billion , or $ *UNKN* a share , a year ago . STOP 
Sales for the latest nine months rose 7.7 % to $ *UNKN* billion from $ *UNKN* billion in the year-ago period . STOP 
Whether or not `` great cases make *UNK-* '' -- as Justice Holmes asserted -- who can doubt that when great confirmation hearings turn on the *UNK* 's response to these great cases they make bad judicial history ? STOP 
*CUNK* *CUNKER* 's `` Battle for Justice : How the Bork *CUNKION* *CUNK* America '' -LRB- Norton , *UNKN* pages , $ *UNKN* -RRB- is a *UNKED* *UNK* of the *UNKEST* of these hearings , done with *UNK* *UNK* , but with a *UNKED* legal philosophy . STOP 
While the book *UNKLY* *UNKS* its *UNK* , the title itself is *OUS* . STOP 
What shook America was not a battle for justice but for *UNKED* power , in which an army of judicial activists rolled over a judge they had *UNKED* . STOP 
In its basic structure and style the book is *UNK* , with *UNK* character *UNKAL* , *UNK-* action and *OUS* *UNK* of the sort more likely to be *UNKED* in a Washington *UNK* than in a constitutional history . STOP 
Mr. *CUNKER* seems to believe that the hearings could have gone either way . STOP 
I doubt that . STOP 
Given Democratic frustration with the Reagan *UNKS* and Court *UNKS* , the *UNK* plans in place , and Mr. Bork 's paper trail of vulnerable *UNKS* , it was pretty clear that Judge Bork never stood much chance of being confirmed . STOP 
As Mr. *CUNKER* himself says , the *UNK* of `` raw meat '' was in the air . STOP 
Perhaps because they won , Mr. Bork 's *UNKS* come through more *UNKLY* than his *UNKS* . STOP 
Ralph *CUNKS* was the *UNKING* *UNKS* , *UNKING* a conglomerate of pressure groups into an *UNK* *UNKING* force . STOP 
Harvard 's *CUNK* *CUNK* was the constitutional heavy , *UNKING* out legal strategies for the senators and witnesses to follow . STOP 
But it was Ted Kennedy who *UNKED* most effectively with his *UNKING* *UNKAL* of `` Robert Bork 's America '' -- the *UNK* of *UNK* *UNKS* that would follow *UNKLY* , he claimed , from the positions Mr. Bork had taken over the space of two decades . STOP 
Sen. Kennedy , never mind his *OUS* credentials for the moral high ground , *UNKED* *UNKLY* . STOP 
I add two others . STOP 
Republican Sen. *CUNK* *CUNKER* of Pennsylvania engaged the *UNK* in a *UNKAL* contest aimed at showing that Mr. Bork was willing to stretch the Constitution in one area -LRB- free speech -RRB- while remaining rigid in all the others . STOP 
It achieved a good media play , and *UNKED* Sen. *CUNKER* and others to vote against Mr. Bork out of `` *UNK* . '' STOP 
Further *UNKION* came from left legal *UNK* Ronald *CUNK* , who in the New York Review of *CUNKS* painted a picture of a constitutional *UNK* *UNKLY* reading his personal *UNKS* into the Constitution , particularly in the area of `` original intent . '' STOP 
The charge of being `` outside the mainstream '' of legal thought *UNKLY* *UNUNK* Mr. Bork 's *UNKLY* standing , leaving him *UNKING* on the platform . STOP 
The *UNKION* still might have been *UNKED* if a number of Democratic *UNKS* in the South and Southwest had broken party lines . STOP 
But Democratic Sen. Bennett Johnson of Louisiana *UNKED* the little band that *UNK-* blacks and women could *UNK* the margin to *UNK* them in their next Senate elections . STOP 
*CUNKS* *UNKED* with `` mainstream '' and *UNKING* to *UNKAL* Robert Bork 's fate . STOP 
The *UNK* ? STOP 
Mr. Bork 's opponents chose the *UNK* , held it and kept it . STOP 
Yet with the smooth confirmation of Anthony Kennedy , an `` 80 *UNKER* '' only slightly less *UNK* of judicial restraint than Mr. Bork , the Democrats may have won the battle but lost the war . STOP 
Another *UNK* , however , was the *UNKING* message the Bork hearings sent into the judicial culture from which the Supreme Court *UNKS* its talent . STOP 
The word went forth to every law school that those with federal court *UNKS* must travel a safe constitutional *UNK* , with no paper trail and no *UNK* to their *UNK* or *UNK* . STOP 
Unfortunately , the author simply does n't supply the *UNKAL* *UNK* to sustain his *UNKAL* *UNKS* . STOP 
He has too readily *UNKED* the case for the activist law school culture . STOP 
*CUNKING* more deeply into the *UNK* of `` judicial restraint , '' he would have found a long history going back to the great decisions of Justice Holmes . STOP 
He would discover it also in Alexander *CUNK* , a *UNK* constitutional *UNK* , Mr. Bork 's *UNKEST* friend at Yale , whose influence on the judge goes well beyond Mr. *CUNKER* 's reporting . STOP 
Still , the long view of Robert Bork as constitutional *UNKER* must be a *UNK* one . STOP 
His strength lies in his *UNK* *UNK* , which keeps the Court clear of *UNK* group pressures and leaves most decisions in a democracy to elected *UNKS* and executives . STOP 
Unfortunately , Mr. Bork failed to *UNK* between such pressures and the *UNK* of great issues critical to a society that must be settled *UNKLY* if it is to *UNK* . STOP 
The question of *UNKED* schools , in Brown vs. Board of Education , was such an issue . STOP 
In our time abortion has become another , best left to a line of Supreme Court decisions rather than to the *UNKS* of 50 state *UNKS* . STOP 
A *UNK* and growing consensus of Americans clearly *UNKS* to apply the right to *UNK* in *UNK* matters -LRB- decided in the *CUNK* case -RRB- to abortion as well . STOP 
One can understand Mr. Bork 's fear that the new right to *UNK* will become *UNKLY* stretched , though a Supreme Court *UNKED* of men and women with *UNK* , *UNKS* and a sense of limits should be able to manage it . STOP 
What is certain is that if Americans allow another happening like the *UNKING* Bork confirmation *UNKS* , it will be at their *UNK* . STOP 
Mr. *CUNKER* is a writer and *UNK* living in New York . STOP 
Sotheby 's Inc. , the world 's biggest auction house , is taking a huge Wall *CUNK-* risk on the outcome of the sale of art from the estate of John T. Dorrance Jr. , the *CUNK* *CUNK* Co. *UNK* . STOP 
The Financial Services division has guaranteed the Dorrance family that it will receive a minimum of $ 100 million for the collection , regardless of what the bids for the art works total , people close to the transaction say . STOP 
The collection , which includes two early *CUNKS* , a van *CUNK* , a *CUNK* , other paintings , furniture and *UNKS* , went on sale last night in the first of six *UNKS* . STOP 
What Sotheby 's is doing closely *UNKS* an underwriting by an investment bank . STOP 
A corporation that wants to sell stock or bonds goes to a Wall Street firm , which purchases the securities *UNK* , accepting the financial risk of finding buyers . STOP 
If the investment bank can sell the securities at a higher price than it paid the *UNKER* , it makes a profit . STOP 
At the initial sale last night , for example -- the sale featuring the *CUNKS* masters -- bids totaled $ *UNKN* million . STOP 
That was slightly above Sotheby 's *UNK* estimate of $ 111 million . STOP 
*CUNKLY* , Sotheby 's would have earned 20 % of the total in commissions . STOP 
Instead , people familiar with the transaction said , the auction house *UNKED* to *UNK* that percentage in order to obtain the collection and in exchange for taking a bigger chunk of proceeds exceeding $ 100 million . STOP 
Art dealers say that while auction houses occasionally guarantee the seller of a highly desirable work of art a minimum price , a financial commitment of this size is unprecedented . STOP 
*CUNK* D. Brooks , president of Sotheby 's North America division , *UNKLY* denies it offered the Dorrance *UNKS* a *UNK-* guarantee , calling such reports `` *UNK* . '' STOP 
*CUNKED* in the *UNK* *UNK* catalog for the sale , however , appears the statement , `` Sotheby 's has an interest in the property in this catalog . '' STOP 
*CUNKS* a Sotheby 's spokeswoman , the statement `` means exactly what it says . STOP 
We have some level of financial interest '' in the collection . STOP 
`` We do n't disclose *UNKS* . '' STOP 
Frank *CUNK* , a lawyer for the Dorrance estate with the Philadelphia law firm of Morgan , Lewis & *CUNKS* , declines to comment on the financial arrangements . STOP 
Sotheby 's made the $ 100 million guarantee to keep the Dorrance collection away from its *UNKAL* , auction house Christie 's International PLC ; Christie 's has handled smaller sales for the Dorrance family over the years . STOP 
When Christie 's officials asked why the firm was n't picked to sell the Dorrance collection , representatives of the Dorrance family `` told us it was a question of financial considerations , '' said Michael *CUNK* , Christie 's head of *UNK* and modern paintings . STOP 
*CUNKS* who have made their money on Wall Street have become an increasingly important part of the art business and their money has helped fuel the art boom , but recently it appears Sotheby 's has been returning the *UNK* . STOP 
In November 1987 , Sotheby 's essentially offered a Wall *CUNK-* `` bridge loan '' of about $ 27 million to Australian businessman Alan Bond to enable him to purchase Vincent van *CUNK* 's `` *CUNKS* '' for $ *UNKN* million . STOP 
It was the highest bid in history for a work of art . STOP 
But two weeks ago , Sotheby 's said that it has the painting under lock and key because the loan had not been fully repaid . STOP 
Sotheby 's is offering such deals because it 's an art sellers ' market , at least where the best works are concerned , says Ralph *CUNKER* , an attorney and author of the book `` Art Law . '' STOP 
`` There seems to be a lot of art for sale , but there 's more competition . STOP 
The competition gives the seller the ability to cut a better deal , '' he says . STOP 
The Dorrance family will still receive a substantial portion of the auction proceeds above $ 100 million , people familiar with the transaction said . STOP 
But it 's likely that Sotheby 's will take a higher than usual commission , called an override , on the amount exceeding the guarantee . STOP 
Sotheby 's has been aggressively promoting the Dorrance sale . STOP 
At a news conference last May announcing plans for the auction , Sotheby 's estimated its value in excess of $ 100 million . STOP 
More recently , Sotheby 's has predicted the collection will fetch $ 140 million . STOP 
That 's the highest estimate for a single collection in auction history . STOP 
The decision to put the entire collection on the block *UNKED* many , since Mr. Dorrance had served as chairman of the Philadelphia Museum of Art , and it had been assumed many of the works would be donated to the institution . STOP 
At last night 's sale , 13 of 44 works that sold were purchased by *CUNK* International *CUNK* , the *UNKION* unit of *CUNK* Financial , a Japanese conglomerate that owns 7.5 % of Christie 's . STOP 
Meanwhile , Sotheby 's guarantee is raising *UNKS* in the art world . STOP 
`` The consumer has to throw out the idea that the auction house is a *UNKED* *UNK* , '' says New York art dealer David *CUNK* . STOP 
While he adds that he has no problem with auction houses who sell works in which they have a financial interest , `` It ought not to be hidden in some small print . '' STOP 
In such *UNKS* , he says , the house `` is going to put the best light on things . '' STOP 
For example , an auction house 's comments on the condition of a work of art that is up for sale should be looked at with `` very open eyes , '' he says . STOP 
`` There 's more and more of this *UNK-* going on at every level , '' says Bruce Miller , president of Art Funding Corp. , an art *UNKER* . STOP 
Dealers and auction houses `` know if they do n't lay out a half a million for this , another one will ; it 's that competitive . '' STOP 
In January , two small New York *UNKS* , the *CUNK* *CUNK* *CUNK* and *CUNK* *CUNK* *CUNKS* , *UNKED* a major art collection owned by the *CUNK* family away from rival *UNK-* bidders with an *UNK-* payment of about $ 25 million . STOP 
A Christie 's spokeswoman said that while the auction house sometimes *UNKS* its seller 's commission to attract art works -- it still gets a commission from the buyer -- Christie 's wo n't offer financial guarantees because `` Christie 's believes its primary role is as an auction house , and therefore as an agent -LCB- for buyer and seller -RCB- , not as a bank . STOP 
*CUNK* Krenz , the man *UNKED* yesterday to become East Germany 's new leader , faces the same task that has fallen to *UNKING* socialist colleagues : *UNKING* a country in crisis . STOP 
But unlike the other new leaders in the East *CUNK* , Mr. Krenz will face an immediate threat to his nation 's very existence : German reunification . STOP 
Mr. Krenz , age 52 , is known as an *UNK-* *UNK* , one likely to continue the method of running a country that the Berlin Wall made famous . STOP 
Even if he were to change his *UNKS* and become another Milton *CUNK* , however , he would still stand a good chance of losing a country . STOP 
Mr. Krenz almost certainly will be a younger version of *CUNK* Honecker , his rigid predecessor as dictator . STOP 
Mr. Krenz has followed much the same career path as Mr. Honecker : Both spent years *UNKING* the *CUNK* Deutsche *CUNK* , the youth group that is the communist regime 's principal tool for *UNKING* young Germans into socialist citizens . STOP 
More recently , Mr. Krenz has been in charge of East German security , and is the *UNKEST* member of the ruling Politburo . STOP 
*CUNKED* with another Mr. Honecker , so many *UNKING* East Germans are likely to *UNK* that the two German *UNKS* will get their reunification , de *UNK* , on West German ground . STOP 
But if East Germany 's *UNK* Politburo does *UNK* up enough to permit Mr. Krenz to make serious efforts at reform , he will face a challenge just as fundamental . STOP 
*CUNKING* socialism means *UNKING* the East German state 's reason for existence , and with it the *UNKION* for its *UNKS* and its Wall . STOP 
In this scenario it 's hard to imagine that a *UNK* *UNKION* of the Federal Republic could avoid being pulled into some kind of *UNK* -- economic , federal or stronger -- with West Germany . STOP 
Mr. Krenz may need a bit of time to consolidate his empire , which would do a lot to promote *CUNKION* *CUNK* One . STOP 
*CUNKS* in West Germany have already *UNKED* the exodus by *UNKING* an *UNK* placed by Mr. Honecker : `` *CUNKED* : one people . '' STOP 
The West German *UNKS* in *CUNK* , *CUNKEST* and Warsaw are continuing to find refugees at their *UNKS* . STOP 
Of course East Germany , true to its tradition , could *UNK* its *UNKS* yet further . STOP 
Two of the last *UNKS* of the Honecker regime were to close the border to *CUNK* and install *UNK* *UNKS* in some spots along the *UNKER* . STOP 
But with world-wide opinion -- even , apparently in Moscow -- against East Germany , the country would have to turn itself into an *CUNK* to *UNK* down further on refugees . STOP 
There have been some reports that Mr. Krenz is moving to `` *UNK* '' his reputation , notably rumors that it was he who kept East Germany 's state police off protesters ' backs at the country 's dismal *UNK* anniversary *UNKS* earlier this month . STOP 
But even if he effects a *CUNK-* *UNKION* , he will face a serious *UNKAL* crisis and *CUNKION* *CUNK* Two . STOP 
The problem is one that East Germany shares with other *UNKS* , such as North Korea , but one it must *UNKER* alone in the East *CUNK* . STOP 
When Poland moves to reform , it can at least lean on its past : However *UNKED* and *UNKED* Joseph *CUNK* 's *UNK* *UNK* , it was a *UNK* democracy . STOP 
*CUNK* *UNKS* can recall the *CUNK* *UNKS* of the same period in their country . STOP 
Even the Soviet Union has Peter the Great to *UNKER* , should it choose to . STOP 
But East Germany is merely `` the land of truly existing socialism . '' STOP 
Beyond that , it has to compete with West Germany for a claim to the German identity . STOP 
Up to now , the main weapon of the `` worker and *UNK* state '' has been the *UNK* of socialism . STOP 
With talk today of a second economic *UNK* in West Germany , East Germany no longer can content itself with being the economic star in a *UNKER* league . STOP 
Without Moscow 's military and party behind it , East Germany runs the risk of *UNKING* . STOP 
If it goes *UNK* , and increases trade with West Germany , it will convert itself , *UNKLY* , into an economic *UNK* of the Federal Republic . STOP 
There 's a certain *UNK* *UNK* at work here : It 's particularly appropriate -- and *UNK* -- that the land that produced *CUNK* *CUNK* should prove socialism 's failure in an experiment that uses its own people as controls . STOP 
There may be forces that would delay this scenario . STOP 
*CUNKS* are the last to surrender , and Germans are an *UNKAL* people . STOP 
The protesters who *UNKED* Mikhail Gorbachev at East Berlin 's airport earlier this month were n't *UNKING* `` *CUNK* U.S.A '' -- they were *UNKING* `` *CUNK* , *CUNK* *CUNK* . '' STOP 
*CUNKS* on the other side of the border can also slow the process . STOP 
*CUNK* *CUNK* 's governing conservative coalition is proving *UNKLY* true to the West German *UNKION* by making more than 500,000 people of German *UNK* automatic citizens this year alone . STOP 
But within the government and in the think tanks outside it , many West Germans maintain that they do n't want immediate reunification . STOP 
*CUNKLY* , this currently is wisdom -- particularly given a nervous *UNKING* France . STOP 
But it would be *UNK* if Germany 's reunification , just like its division , eventually were the result of actions in centers of power other than Bonn and Berlin . STOP 
In a statement that was as close as East Germany gets to *UNKING* `` glasnost '' , *CUNK* *CUNK* , an East German party *UNK* , actually acknowledged the reunification *UNK* . STOP 
`` The main problem , '' Mr. *CUNK* said in an East German radio interview monitored by Radio Free Europe in *CUNK* , stems from the fact that `` the *CUNK* is different '' from other East European states . STOP 
`` What kind of right to exist , '' he asked , `` would a *UNK* German Democratic Republic have *UNK* a *UNK* Federal Republic ? '' STOP 
That 's a question East Germany ca n't answer easily , no matter what its new leader does . STOP 
Miss *CUNKS* is editorial features editor of The Wall Street *CUNK* . STOP 
*CUNK* *CUNK* *CUNK* billions of dollars in damage claims from the California quake . STOP 
But most businesses in the Bay area , including Silicon Valley , were n't greatly affected . STOP 
Computer and software companies in the region are expecting virtually no long-term disruption in shipments . STOP 
Also , investors quickly *UNKED* out stocks of companies expected to profit or suffer from the disaster . STOP 
*CUNKED* buy-outs may be *UNKED* by two rules in pending congressional legislation . STOP 
The provisions , in deficit-reduction bills recently passed by the House and Senate , could raise the price *UNKS* of such deals by up to 10 % and cool the takeover boom . STOP 
A bill giving the Transportation Department the power to block airline leveraged buy-outs cleared a House panel . STOP 
But Secretary Skinner said he would urge Bush to veto the bill . STOP 
Housing starts sank 5.2 % in September to a *UNK-* low . STOP 
The drop , following a 6.2 % decline in August , indicates the industry is still being hurt by the Fed 's *UNKION* battle . STOP 
IBM plans to buy back $ 1 billion of its common shares , a move likely to help the computer giant 's battered stock . STOP 
The buy-back , which was n't a complete surprise , was announced after the stock market had closed . STOP 
A capital-gains tax cut plan has been worked out by Senate Republicans . STOP 
A similar proposal may be introduced soon by Senate Democrats . STOP 
British Airways said it is seeking improved terms and a sharply lower price in any revised bid for United Air 's parent . STOP 
The British carrier also confirmed it is n't committed to going forward with any new bid . STOP 
UAL 's stock fell $ 6.25 , to $ *UNKN* . STOP 
Stock prices rose slightly as trading slowed , while bonds ended little changed despite a *UNKING* dollar . STOP 
The Dow Jones industrials gained *UNKN* , to *UNKN* . STOP 
But investors remain wary about stocks , partly because of turmoil in the junk-bond market . STOP 
B.A.T Industries may delay part of its defensive restructuring plan , including the sale of its Saks Fifth Avenue and Marshall Field units . STOP 
The British conglomerate cited the recent turmoil in financial markets . STOP 
WCRS Group announced a major restructuring that largely *UNKS* it from the advertising business . STOP 
The London-based concern will sell most of its ad unit to France 's Eurocom . STOP 
Commodore International expects to post its second consecutive quarterly loss because of weak personal computer sales in some markets . STOP 
Jaguar hopes to reach a friendly accord with General Motors within a month that may involve producing a cheaper executive model . STOP 
Sears is negotiating to *UNK* its Sears Tower for close to $ 850 million , sources said . STOP 
The retailer was unable to find a buyer for the building . STOP 
Whitbread of Britain put its spirits division up for sale , setting off a *UNK* among *UNKS* . STOP 
The business includes *CUNKER* gin . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , up *UNKN* ; transportation *UNKN* , off *UNKN* ; utilities *UNKN* , off *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , off STOP 
Commodities : Dow Jones futures index *UNKN* , up *UNKN* ; spot index *UNKN* , up *UNKN* . STOP 
Dollar : 141.45 yen , off *UNKN* ; *UNKN* marks , off *UNKN* . STOP 
The dollar finished softer yesterday , *UNKED* lower by continued concern about the stock market . STOP 
`` We 're trading with a very wary eye on Wall Street , '' said *CUNK* *CUNK* , chief corporate trader at Harris Trust & Savings Bank in New York . STOP 
`` No one is willing to place a firm bet that the stock market wo n't take another *OUS* ride . '' STOP 
News of the major earthquake in California Tuesday triggered a round of dollar sales in early Asian trade , but most foreign-exchange dealers said they expect the impact of the quake on financial markets to be *UNKED* . STOP 
Despite the dollar 's lackluster performance , some foreign-exchange traders maintain that the U.S. unit remains relatively well bid . STOP 
Harris Trust 's Mr. *CUNK* noted that the unit continues to show *UNK* in the face of a *UNK* of `` headline *UNKS* '' in recent weeks , including rate increases in Europe and Japan , aggressive central bank intervention , a 190-point plunge in New York stock prices , an unexpectedly poor U.S. trade report and action by the Federal Reserve to *UNK* U.S. rates lower . STOP 
While Mr. *CUNK* does n't predict a significant climb for the U.S. unit in light of recent moves in interest rates around the world , he noted that `` its *UNK* potential is surprisingly and -- for dollar *UNKS* -- `` *UNKLY* '' limited . STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , down from *UNKN* marks late Tuesday , and at 141.45 yen , down from *UNKN* yen late Tuesday . STOP 
Sterling was quoted at $ *UNKN* , up from $ *UNKN* late Tuesday . STOP 
In Tokyo Thursday , the U.S. currency opened for trading at *UNKN* yen , down from Wednesday 's Tokyo close of *UNKN* yen . STOP 
Since Friday 's *UNK* in stock market prices , the Fed has *UNKED* reserves into the banking system in an effort to *UNK* the markets and *UNK* a repeat of 1987 's stock market debacle . STOP 
Some analysts note that after last week 's stock market *UNK* and Tuesday 's California earthquake , it 's hard to gauge where the central bank wants the key federal funds rate . STOP 
They say that the earthquake , by *UNKING* many banks from operating at full capacity , has given the Fed an additional reason to keep liquidity at a high level . STOP 
The Fed did , in fact , execute $ 1.5 billion of *UNKING* customer repurchase agreements , the third set of repurchase orders in three days . STOP 
Analysts said the additional liquidity should tend to reduce the federal funds rate . STOP 
For now , traders say the foreign exchange market is *UNKING* both federal funds and events on Wall Street . STOP 
They note that the dollar remains extremely vulnerable to the *UNKEST* bad news from the stock exchange . STOP 
Indeed , the U.S. unit edged lower as the Dow Jones Industrial Average dropped about 13 points in early trading . STOP 
A slight recovery in the stock market gave currency traders confidence to push the dollar higher before the unit dropped back by day 's end . STOP 
Some dealers noted that *UNKS* over the recent sharp *UNK* in stock prices could *UNK* following suggestions by Bank of Japan *CUNK* *CUNK* *CUNK* that appeared to advise Japanese investors to be very careful in investing in U.S. leveraged buy-outs . STOP 
Dealers suggest that the only positive news on the *UNK* that could *UNK* attention from equities transactions is September 's U.S. consumer price data . STOP 
The figures , due for release Friday , are expected to show an *UNK* in inflation to 4.8 % from 4.7 % in August . STOP 
If the figures show a hefty rise in inflation , they could *UNK* against easing by the Fed . STOP 
On the Commodity Exchange in New York , gold for current delivery rose $ *UNKN* to $ *UNKN* an ounce in moderate trading . STOP 
Estimated volume was three million ounces . STOP 
In early trading in Hong Kong Thursday , gold was at $ *UNKN* an ounce . STOP 
*CUNK* prices *UNKED* upward in brisk trading on the assumption that heavy earthquake damage occurred to San Francisco area refinery *UNKS* , but the rise quickly *UNKED* when it became apparent that oil operations were n't severely *UNKED* . STOP 
Trading on little specific information , market players overnight in Tokyo began bidding up oil prices . STOP 
The rally spread into European markets , where traders were still betting that the earthquake disrupted the San Francisco area 's large oil refining plants . STOP 
By yesterday morning , much of the world was still unable to reach San Francisco by telephone . STOP 
West Texas *CUNK* was bid up more than 20 cents a barrel in many overseas markets . STOP 
At the opening of the New York Mercantile Exchange , West Texas *CUNK* for November delivery shot up 10 cents a barrel , to $ *UNKN* , still on the belief that the *UNKS* were damaged . STOP 
In the San Francisco area , roughly 800,000 barrels a day of crude , about a third of all the refining capacity in California , is processed daily , according to industry data . STOP 
For more than the past year , even the *UNK* of a major West Coast refinery *UNK* has been enough to spark a futures rally because the gasoline market is so tight . STOP 
But yesterday , as the morning *UNK* on , some major West Coast refinery operators -- including Chevron Corp. , Exxon Corp. and the Shell Oil Co. unit of Royal *CUNK* Group -- said their *UNKS* were n't damaged and were continuing to operate normally . STOP 
Most said they shut down their petroleum pipeline operations as a *UNKION* but did n't see any immediate damage . STOP 
*CUNK* terminals were also largely *UNUNK* , they said . STOP 
`` It 's hard to imagine how the markets were *UNKING* , given that nobody could get through to San Francisco , '' said one *UNKED* oil company executive . STOP 
As the news spread that the *UNKS* were intact , crude prices plunged , ending the day at $ *UNKN* a barrel , down 19 cents . STOP 
*CUNK* for November delivery was off *UNKN* cents a *UNK* to *UNKN* cents . STOP 
*CUNKING* oil finished at *UNKN* cents , down *UNKN* cent . STOP 
`` The market was basically acting on two *UNK* forces , '' said *CUNK* *CUNK* of Shearson Lehman Hutton Inc . STOP 
`` One is the panic , the earthquake in San Francisco , which is positive . '' STOP 
But once that factor was eliminated , traders took profits and focused on crude oil inventories , Mr. *CUNK* said . STOP 
After the market closed Tuesday , the American Petroleum Institute had reported that crude stocks increased by *UNKN* million barrels in the week ended Friday , which traders viewed as bearish . STOP 
But some market players still think earthquake speculation could have more impact on the oil markets . STOP 
`` The problem is that while on the surface everything is all right , the question is , '' said Mr. *CUNK* , `` was there any structural damage to the *UNKS* or anything else . '' STOP 
In other commodity markets yesterday : STOP 
*CUNK* : STOP 
Futures prices eased on indications of improvement in the industry 's labor situation . STOP 
The December contract declined *UNKN* cents a pound to $ *UNKN* . STOP 
According to one analyst , workers at the *CUNK* copper mine in Mexico , which has n't been operating since it was declared *UNK* by the Mexican government in late August , are set to return to work . STOP 
The analyst said it will take about two to three months before the mine begins to produce copper in significant quantities . STOP 
He added that , while there has n't been any official announcement as yet , the *CUNK* Valley mine strike in British Columbia , which has *UNKED* more than three months , is regarded as settled . STOP 
Another analyst said the *CUNK* return to operation may not be as near as some expect . STOP 
`` There are still negotiations taking place on whether there will be a loss of jobs , which has been a critical issue all along , '' he said . STOP 
Nevertheless , the increasing likelihood that these two major supply *UNKS* will be resolved *UNKED* on the market , the analysts agreed . STOP 
Both of these mines are normally major suppliers of copper to Japan , which has been buying copper on the world market . STOP 
The first analyst said that the Japanese , as well as the Chinese , bought copper earlier in the week in London , but that this purchasing has since *UNKED* as the supply situation , at least over the long term , appears to have improved . STOP 
`` The focus for some time has been on the copper supply , and good demand has been taken for granted , '' he said . STOP 
`` Now that the supply situation seems to be improving , it would be best for traders to switch their *UNKION* to the demand side . '' STOP 
He noted the Commerce Department report yesterday that housing starts in September dropped 5.2 % from August to *UNKN* million units on an annualized basis , the lowest level in seven years . STOP 
`` Along with these factors , other economic reports suggest a slowing of the economy , which could mean reduced copper *UNK* , '' he said . STOP 
*CUNK* : STOP 
Futures prices extended Tuesday 's gains . STOP 
The March delivery ended with an advance of *UNKN* cent a pound to *UNKN* cents , for a two-day gain of 0.3 cent . STOP 
According to one dealer , Japan said it has only 40,000 tons of sugar remaining to be shipped to it this year by Cuba under current commitments . STOP 
The announcement was made because of reports Tuesday that Cuba would delay shipments to Japan scheduled for later this year , into early next year . STOP 
The dealer said the *UNK* mentioned in the Japanese announcement is so small that it 's *UNKS* . STOP 
One analyst said he thought the market continued to be supported to some degree by a delay in the Cuban sugar harvest caused by adverse weather . STOP 
The dealer said India might be the real factor that is keeping futures prices firm . STOP 
That country recently bought 200,000 tons of sugar and had been expected to seek a like *UNK* last week but did n't . STOP 
`` It 's known they need the sugar , and the *UNKION* that they will come in is apparently giving the market its principal support , '' the dealer said . STOP 
*CUNK* AND *CUNK* : STOP 
The Agriculture Department is expected to announce tomorrow that the number of cattle in the 13 major *UNK* states slipped 4 % to *UNKN* million on Oct. 1 compared with the level a year earlier , said Tom Morgan , president of Sterling Research Corp. , *CUNK* *CUNKS* , *CUNK* . STOP 
*CUNK* prices have risen in recent weeks on speculation that the government 's quarterly report will signal tighter supplies of beef . STOP 
Among other things , the government is expected to report that the number of young cattle placed on *UNKS* during the quarter slipped 3 % . STOP 
*CUNKS* *UNK* cattle for *UNKER* , so a drop indicates that the production of beef will *UNK* this winter . STOP 
Indeed , some analysts expect the government to report that the movement of young cattle onto *UNKS* in the month of September in seven big *UNK* states dropped 8 % compared with the level for September 1988 . STOP 
The following issues were recently filed with the Securities and Exchange Commission : STOP 
Health Care *CUNK* Investors Inc. , offering of *UNKN* shares of common stock , via Merrill Lynch Capital Markets , Alex . Brown & Sons Inc. and Dean Witter Reynolds Inc . STOP 
Union Pacific Corp. , shelf offering of up to $ 500 million debt securities and warrants . STOP 
United Technologies Corp. , shelf offering of up to $ 500 million *UNKED* *UNK-* unsecured debt securities . STOP 
A new drug to prevent the rejection of *UNKED* *UNKS* has been successfully used on more than 100 patients at the University of Pittsburgh , according to researchers . STOP 
The drug , which is still in the *UNKAL* phase , has n't been approved yet by the Food and Drug *CUNKION* , and its long-term effects are *UNUNK* . STOP 
But researchers say the drug , called *CUNK-* , could *UNK* the *UNKION* field by reducing *UNK* side effects and by lowering rejection rates . STOP 
*CUNKION* has been the major obstacle in the approximately 30,000 *UNK* *UNKS* performed world-wide each year . STOP 
Researchers began using the drug in February on patients who had received kidney , *UNKER* , heart and *UNKS* *UNKS* . STOP 
Only two of 111 *UNKS* have been rejected . STOP 
The drug , discovered in 1984 , is *UNKED* from soil *UNKS* found in Japan . STOP 
The Pittsburgh patients are the first humans to be given the drug , which is made by *CUNK* Pharmaceutical Co . STOP 
`` We 're *UNKED* by it , because it 's worked so fast , '' said Dr. Thomas E. *CUNK* , director of the University of Pittsburgh *CUNKION* Program , at a news conference here yesterday . STOP 
`` We consider it a *UNKING* drug , like one for AIDS , '' said Dr. John *CUNK* , an *UNK* at the University of Pittsburgh . STOP 
Researchers say they believe *CUNK-* is 100 times more effective than the traditional *UNKION* drug , *UNK* , made by Swiss pharmaceutical giant *CUNK* Ltd . STOP 
They are also encouraged by the relatively *UNK* side effects of *CUNK-* , compared with *UNK* , which can cause *UNKAL* failure , *UNK* , *UNK* and other problems . STOP 
`` The side effects -LCB- of *UNK* -RCB- have made the penalty for its success rather high , '' Dr. *CUNK* said . STOP 
Dr. *CUNK* said that *CUNK-* would not be available in the market for at least a year , and that the FDA approval process usually takes three years to five years . STOP 
There are no firm plans to expand the *UNKAL* program beyond the University of Pittsburgh , whose hospital *UNKS* the most *UNKS* in the world . STOP 
Researchers could n't estimate the cost of the drug when it reaches the market , but they said *CUNK-* will enable patients to cut hospital *UNKS* by 50 % and reduce the number of blood tests used to monitor the *UNK* of *UNK* and other drugs among *UNK* *UNKS* . STOP 
Dr. *CUNK* said the research has been largely financed by the National Institute of Health and by university funds , and that *CUNK* did n't give the hospital any grants . STOP 
He said that the research team had no financial stake in the drug . STOP 
`` We 've known for six months the effect of this drug , and our advice to our people has been not to buy the company 's stock , '' Dr. *CUNK* said , adding that *UNKING* from *CUNK-* would n't be *UNKAL* . STOP 
*CUNK* David N. Laband 's Sept. 27 *UNK-* article , `` In Hugo 's *CUNK* , a *CUNK-* *CUNKER* , '' *UNKS* the control of price *UNKING* , *UNKLY* ordered by South Carolina 's governor after Hurricane Hugo . STOP 
According to Mr. Laband , `` *UNKING* '' for price controls occurs when income *UNKION* `` *UNKS* to hit home . '' STOP 
To be sure , the threat has hit home down here . STOP 
Yet in Mr. Laband 's *UNK* of free-market *UNK* , human *UNKED* and *UNKEST* are the only *UNK* psychological reactions . STOP 
*CUNKING* *UNKED* prices for *UNKS* would indeed *UNK* the lines at stores , as he contends . STOP 
But not because resources are going to their most efficient use , leaving *UNK* goods `` *UNKED* to those buyers who place the highest value on them . '' STOP 
Rather , lines would *UNK* because at higher prices many victims could not afford *UNKS* such as food and medical supplies . STOP 
It is *UNK* to *UNKLY* that a poor , *UNKED* woman can not receive immediate relief for her family at fair prices because she does not have as much to protect as a rich family . STOP 
Moreover , essential relief supplies such as ice must be distributed throughout the population because of potential health problems from *UNKED* food and possible *UNK* of disease . STOP 
Such *UNKER* effects give the state a right to *UNK* in the marketplace and temporarily coordinate allocation of resources . STOP 
*CUNKLY* , *UNKS* and charities are not *UNKED* by *UNKEST* , but by *UNK* . STOP 
Why should they have to *UNK-* with *UNKS* rushing in to turn a quick profit ? STOP 
These *UNK-* *UNKS* would be *UNKED* to take advantage of the situation , if they ever expect to face the people of South Carolina again . STOP 
The government is actually protecting *OUS* *UNKS* and other *UNKS* who can not see beyond their own short-term gain . STOP 
South Carolina *UNKS* an A for its quick and *UNKLY* relief efforts . STOP 
Mr. Laband , meanwhile , gets an A for his *UNK* *UNKAL* of *UNK-* arguments . STOP 
*CUNK* him an *CUNK* for his failure to understand the ethics of economic equity . STOP 
*CUNKED* by 25 students STOP 
Of Douglas *CUNK* 's *CUNKS* *CUNKS* Class , STOP 
University of South Carolina STOP 
Columbia , *CUNK* . STOP 
Mr. Laband gives us an idea why economists ' predictions are usually wrong . STOP 
They set up *UNK* *UNKS* , *UNKED* from reality , and then try to reason from them . STOP 
I 'm surprised he did n't *UNK* letting people *UNK* , since that behavior can also be *UNK* in a disaster and `` every individual has an incentive to alter the distribution of income in his favor . '' STOP 
Price controls were `` so *UNKLY* embraced by Charleston '' because price *UNKING* in this situation is equivalent to *UNKING* . STOP 
*CUNK* Foster STOP 
*CUNK* , Va . STOP 
Mr. Laband described one of the more *OUS* threats we face when dealing with disasters such as Hugo -- *UNKING* *UNKS* such as that by the Charleston City Council as it *UNKED* about trying to Do *CUNKING* . STOP 
Since he concentrated on the economic *UNKLY* of such *UNKS* , he did n't mention certain other of their effects . STOP 
They *UNK* *UNK-* resources at a time they are most needed for protecting lives and property . STOP 
Also , rather than increase supplies , they reduce them and encourage *UNKING* . STOP 
And they , or even the prospect of them , *UNK* disaster *UNKS* in the form of *UNK* advance *UNKING* of supplies by *UNKS* . STOP 
N. Joseph *CUNKS* STOP 
Miami *CUNKS* , *CUNK* . STOP 
*CUNK* Mr. Laband also suggest that the Red Cross , *CUNKION* Army , military units , police , fire departments , rescue units and individual citizens *UNK* their efforts to assist Hugo 's victims because they interfere with his concept of the `` free market '' ? STOP 
What about those *UNKING* people all over the country who are *UNKING* food , water and other *UNKS* of life to these people who could be any of us ? STOP 
Should they , too , stop `` *UNKING* with '' his free market ? STOP 
Maybe he thinks they should also sell to the highest bidder . STOP 
And what about insurance firms ? STOP 
Should they be required to pay claims based on *UNK* costs for labor and materials ? STOP 
Mr. Laband should *UNK* , since he lives in South Carolina . STOP 
In a free market , his insurance rates can be raised to recover *UNK-* losses . STOP 
John W. *CUNK* STOP 
*CUNK* , *CUNK* . STOP 
Having been through several *UNKS* and *UNKS* , I have a different perspective . STOP 
*CUNK* comes from seeing *UNKING* communities *UNKED* -- but only temporarily . STOP 
Their recovery came surprisingly fast , and always with the help of neighbors . STOP 
The shock of seeing homes destroyed and city services disrupted may cause some to *UNK* priorities such as the true economic value of a *UNKER* full of meat . STOP 
In Texas after Hurricane *CUNK* , major grocery chains used their truck *UNKS* to ship essential goods to Houston , no *UNKING* , just good will . STOP 
Tom *CUNK* STOP 
*CUNK* , Texas STOP 
We here in the affected areas were *UNKED* by Mr. Laband 's analysis of time values and his comparisons of *UNKS* concerning research and development . STOP 
His *UNKAL* approach and its publication in this *UNK* paper are no doubt a *UNK* *UNK* for him . STOP 
*CUNK* bad theory *UNKS* in practice . STOP 
We consumers tend to have long memories . STOP 
The businesses *UNKING* to Mr. Laband 's effective price system will be *UNKED* when *UNK* returns . STOP 
Perhaps , considering the value of our time , we will be unable to *UNK* their *UNKS* in the *UNK-* era . STOP 
I have a question for Mr. Laband : How do I explain to the single mother of three standing in line next to me for the past three hours that the two bags of ice she needs to keep her children 's food *UNK* will take her last $ 20 ? STOP 
I 'm sure she 'll *UNK* what an efficient reaction to her problems the price system has created . STOP 
*CUNKS* *CUNK* STOP 
*CUNK* Beach , *CUNK* . STOP 
This seems to be the season for *UNKS* in Chicago . STOP 
Though the *CUNKS* ' *UNK* season ended with the National League *UNKS* , a revival of the *CUNK* *CUNKER* 's production of `` *CUNKER* *CUNKS* , '' a play in nine *UNKS* set in the *CUNK* Field *UNKS* , continues within *UNKING* distance of the *UNK* . STOP 
*CUNKS* of a different sort also are being offered by our two major theater *UNKS* , the *CUNK* and *CUNK* . STOP 
Each is more *UNK* than an unexpected *UNKAL* baseball *UNK* , but both help explain why Chicago remains a *UNKAL* center of this country 's regional theater movement . STOP 
The *CUNK* is offering a *UNKED* version of *CUNK* 's `` The *CUNK* '' through Nov. 4 . STOP 
The original is a comedy about *CUNK* , a man who sees *UNKS* and *UNK* in everyone except himself . STOP 
He is the *OUS* friend of *CUNK* , and the *OUS* *UNKER* of *CUNK* . STOP 
The play is filled with *UNK* , *UNK* and *UNK* . STOP 
*CUNK-* years ago the *UNK* Richard *CUNK* *UNKED* this *UNK-* comedy merely by *UNKING* `` the *UNKS* sort of thing , '' as he wrote in his introduction . STOP 
Otherwise , the scene remained *CUNK* 's house in *UNKN* . STOP 
*CUNKING* modern audiences readily understand that *CUNK* 's social indictment covers their world as well as *UNK-* Paris , Mr. *CUNK* concentrated his *UNK* *UNK* on *UNKING* the *CUNK* French *UNK* into *UNKLY* and *UNKAL* English *UNK* *UNKER* . STOP 
The *CUNK* *UNKION* is remarkable -- well worth a read and even better seen in the theater if you ever have the opportunity . STOP 
But if you happen to be coming to Chicago in the next few weeks , do n't fail to have a look at Robert Falls 's `` The *CUNK* '' at the *CUNK* . STOP 
If Mr. *CUNK* 's *UNKION* is a *UNKLY* ground *UNKS* through which we see the *UNKS* and corruption of *UNK-* Paris , Mr. Falls 's production is a *UNK* in which we see ourselves . STOP 
Mr. Falls , the *CUNK* 's *UNK* director , took a recent *UNKION* by *CUNK* Bartlett and significantly *UNKED* it . STOP 
Mr. Bartlett had *UNKED* *CUNK* 's cast of characters to six and set them in the London media world of *CUNK* Britain . STOP 
Mr. Falls transfers the setting to Hollywood , and *UNKS* the characters into what *UNKS* for *UNK* there -- agents , producers , actors , writers and *UNKS* . STOP 
It works . STOP 
Mr. Bartlett managed to more or less maintain *CUNK* 's *CUNK* *UNK* form , 12 *UNK* lines in *UNKING* *UNKS* . STOP 
Mr. Falls kept the form , but *CUNKED* it with Mr. Bartlett 's further help . STOP 
With a *UNK* cast led by David *CUNK* as *CUNK* , *CUNK* *CUNK* as *CUNK* and , especially , William Brown as a *CUNK* who plays the Hollywood game but *UNKS* *UNK* values and feelings , the *CUNK* production barrels through an *UNK-* Hollywood party with *UNK* and *UNK* . STOP 
If this version , with its *UNKS* to Steven *CUNK* , *CUNK* and `` *UNKING* '' *UNKS* younger audiences who might stay away from the *UNKAL* version , then Messrs. Bartlett and Falls are justified in *UNKING* Mr. *CUNK* . STOP 
A *UNK-* play may be easier to revive than one merely 25 . STOP 
The *CUNK* *CUNK* Company , back from a critical and box office success in London with its *UNKION* of *CUNK* 's `` The *CUNKS* of *CUNK* , '' opened the new season with Harold *CUNKER* 's `` The *CUNKING* , '' first produced by the Royal *CUNK* Company in *UNKN* . STOP 
Back then , Mr. *CUNKER* was not only the angry young British *UNK* , but also the first to use *UNKS* and sentence *UNKS* and *UNKING* *UNKS* , almost to the exclusion of what we previously understood to be *UNKAL* dialogue . STOP 
When `` The *CUNKING* '' was first produced on this side of the Atlantic , actors and directors were *UNKAL* . STOP 
*CUNKS* were lengthy -- nobody moved or *UNKED* . STOP 
Nobody *UNKED* *UNK* , and nobody in the audience was encouraged to *UNK* . STOP 
This kind of theater was new to us . STOP 
Also , it was not a funny time over here , what with the Vietnam War , the *UNK* Democratic convention , *UNKS* and *UNKS* . STOP 
But under Jerry *CUNK* 's direction the current *CUNK* production , scheduled to play through Nov. 19 , breaks through the flat and *UNKING* *UNKAL* that `` The *CUNKING* '' had become . STOP 
*CUNK* by a *UNK-* performance by Alan *CUNKER* as Max , the father , the play is at once an *UNKING* and *OUS* *UNKION* of a family 's *UNK* , *UNKS* , fear and *UNKION* . STOP 
*CUNKED* by Mr. *CUNKER* 's *UNK* *UNKS* , *UNKED* *UNKS* and *UNKING* *UNKS* , the audience gets the *UNK* and begins to *UNK* before the end of the first act . STOP 
Three of the family members , Max and his two *UNKS* , *CUNK* and *CUNK* , live off the *UNK* : Max is a retired *UNKER* , *CUNK* a *UNK* and *CUNK* an *UNKING* *UNKER* . STOP 
Sam , Max 's brother , has escaped the *UNK* by working as a *UNKED* *UNK* and never seeking a wife . STOP 
Teddy , the *UNKEST* of Max 's *UNKS* , has made the most dramatic escape by becoming a professor of philosophy at an American university . STOP 
Though it 's clearly Max 's wife who held *UNK* here until her death , now none of the other male residents of this *UNK* household can challenge Max . STOP 
The play concerns Teddy 's *UNKING* with his wife of six years , Ruth . STOP 
*CUNKLY* , *CUNK* *CUNK* as Teddy seems the only cast member unable to get beyond the *UNK* approach to a *CUNKER* character . STOP 
As Ruth , *CUNK* Harris , a large and *UNK* woman who may be our next *CUNK* *CUNK* , begins almost immediately to *UNKER* each of the men . STOP 
In the end , Teddy returns alone to America , leaving Ruth in Max 's chair . STOP 
We have seen her develop within a few hours from a *UNK* and *UNUNK* *UNK-* to a *UNKS* of the *UNK* who will replace the dead mother , and then some . STOP 
While *CUNK* was in London with `` The *CUNKS* of *CUNK* , '' Bruce *CUNK* , the president of its board of directors , quietly returned to Chicago to buy a piece of real estate in the city 's rapidly *UNKING* North *CUNKED* Street restaurant and theater district . STOP 
Within a year he hopes *CUNK* will move into a new *UNK-* theater on that site . STOP 
The *UNK* currently *UNKS* in a converted *UNK* that seats *UNKN* and provides little capacity for *UNKING* anything beyond a simple *UNK-* production . STOP 
`` If we wanted to stage ` *CUNK* of a *CUNK* , ' `` Mr. *CUNK* says , `` *CUNK* *CUNK* would have to live in a *UNK* house because of the low ceiling . '' STOP 
*CUNK* needs the extra seats even more than the fly space . STOP 
It 's currently forced to turn away many potential subscribers beyond the *UNKN* who can be *UNKED* in its present *UNKS* . STOP 
For all the attention that Chicago theater has received during the past decade , not one new building has been devoted to it . STOP 
Mr. *CUNK* , a former publisher and real estate developer , has put together an $ 8 million financial package that includes approximately $ 4 million of tax exempt bonds issued by the State of Illinois -LRB- the first time that a state has used its educational facilities authority to support construction of a theater -RRB- , and approximately $ 1 million in grants from the National *CUNK* for the *CUNKS* , the *CUNK* Foundation , and a few other deep *UNKS* . STOP 
The rest , he is confident , can be raised . STOP 
His board members alone have pledged $ 800,000 and he is just beginning to massage local *UNKS* and corporations . STOP 
Mr. *CUNK* compares the importance of *CUNK* with *CUNK* *CUNKS* 's Mercury *CUNKER* in the *UNKS* . STOP 
But *CUNKS* 's theater company turned out to have a brief -- one might say a *UNKAL* -- existence . STOP 
What will Mr. *CUNK* do with his new theater building if the *UNK* of Hollywood and *CUNK* *UNKS* too much for such *CUNK* *UNKS* as John *CUNK* -LRB- `` *OUS* *CUNKS* '' -RRB- , *CUNK* Allen -LRB- `` The *CUNK* *CUNKS* '' -RRB- , and *CUNK* *CUNKLY* -LRB- `` *CUNK* *CUNK* '' -RRB- , and the company *UNKS* ? STOP 
`` That 's OK , '' Mr. *CUNK* *UNKS* . STOP 
`` Let this building be *CUNK* 's *UNK* to Chicago theater . '' STOP 
Mr. *CUNKING* is a Chicago-based law firm management consultant and a writer . STOP 
After *UNKING* three days of heavy selling , the *UNKED* Nasdaq over-the-counter market finally rebounded , rising sharply in *UNK* trading . STOP 
The Nasdaq Composite Index jumped 0.7 % , or *UNKN* , to *UNKN* . STOP 
It rose more than the New York Stock Exchange Composite , which improved 0.2 % . STOP 
Among bigger stocks , the Nasdaq 100 Index rose 1 % , or *UNKN* , to *UNKN* , while the Dow Jones Industrial Average was up 0.2 % . STOP 
Richard *CUNK* , head of OTC trading at PaineWebber , said the OTC market has a *UNK* of lagging big moves on the New York Stock Exchange . STOP 
While the industrial average rallied on Monday following last Friday 's collapse , the OTC market , which did n't suffer too badly during the correction , tumbled . STOP 
`` Our market got hit a lot harder on Monday than the listed market , '' Mr. *CUNK* said . STOP 
`` We 're just recovering and getting back to business as usual . STOP 
I 'm encouraged by the action . '' STOP 
The trading pace was busy , with *UNKN* issues and *UNKN* million shares changing hands . STOP 
*CUNKING* issues beat declining ones , *UNKN* to *UNKN* . STOP 
Much of the *UNKING* by OTC traders and investors *UNKED* on shares of companies that might be financially affected by damage from the devastating earthquake in northern California . STOP 
As investors speculated about the long - and short-term implications , shares of a number of companies that might either profit or face problems because of the disaster were actively traded . STOP 
*CUNKING* the list : insurance , construction and technology companies located in the San Francisco Bay Area . STOP 
*CUNKED* stocks were mixed as investors tried to figure out how to assess the impact of the property damage and deaths on those concerns . STOP 
Traders said *UNK-* companies with the *UNKEST* exposure in the San Francisco area include the OTC 's *CUNK* and Ohio Casualty . STOP 
Frank *CUNK* , a trader who follows insurance stocks for *CUNK-* *CUNK* , said his strategy was to sell early . STOP 
Then , if the stocks fell sharply , he planned to begin buying them aggressively , on the theory that the companies that *UNK* against property damage and *UNKS* will have to raise rates eventually to compensate for the claims they will pay to earthquake victims and victims of last month 's Hurricane Hugo . STOP 
As well , *UNKS* and insurance brokerage companies will have improved profits . STOP 
Many investors expected damage from the hurricane to be the catalyst for higher rates in the industry , which has been depressed because of low rates *UNKING* from intense competition . STOP 
But Mr. *CUNK* said the hurricane damage was n't extensive enough to prompt premium boosts . STOP 
`` The companies just gave back what they had *UNKED* for , '' he said . STOP 
`` Now , they 'll have to increase their *UNKS* to protect for the future and that means rate increases . '' STOP 
Overall OTC insurance issues were mixed . STOP 
*CUNK* fell 1\/8 to 32 5\/8 on *UNKN* shares . STOP 
Ohio Casualty rose 1\/4 to 51 3\/4 on *UNKN* shares . STOP 
St. Paul Cos. jumped 2 to 59 3\/4 on *UNKN* shares . STOP 
Academy Insurance fell *UNKN* to 1 *UNKN* ; but volume totaled 1.2 million shares . STOP 
The Nasdaq Insurance Index jumped *UNKN* to *UNKN* on the day , while the *UNKER* of big insurance and banking issues climbed *UNKN* to *UNKN* . STOP 
Investors expect *CUNK* Data Systems , a company that provides disaster recovery services for *UNK-* businesses , to profit from the earthquake . STOP 
*CUNK* 's stock rose 1 3\/4 to 21 1\/4 on *UNKN* shares . STOP 
Shares of *CUNKER* , a California road and bridge *UNKER* , were heavily traded , *UNKING* 2 1\/8 to 9 7\/8 on 1.3 million shares . STOP 
*CUNK* F. *CUNK* added 7\/8 to 16 7\/8 , on *UNKN* shares . STOP 
The company , based in San Francisco , provides industrial infrastructure engineering and construction services . STOP 
Traders were initially nervous about shares of companies , including many leading OTC computer companies , such as Apple Computer with offices in the *UNK* of the area damaged by the quake . STOP 
But most of those stocks *UNKED* well . STOP 
Apple Computer gained 1 to 48 1\/4 ; *CUNK-* rose 3\/8 to 10 3\/8 . STOP 
Intel also added 3\/8 to 33 7\/8 . STOP 
But Sun Microsystems slipped 1\/4 to 17 1\/4 . STOP 
Shares of biotechnology companies in the area were also higher . STOP 
Chiron was up 1\/2 to 27 and *CUNKS* gained 1\/2 to 16 3\/8 . STOP 
The stocks of *UNKED* companies located outside California improved , too . STOP 
Microsoft advanced 1 7\/8 to 80 1\/2 and Lotus Development added 1 1\/4 to 32 1\/2 . STOP 
In other *UNKED* news , Hambrecht & Quist 's OTC market makers were *UNKED* from trading yesterday and its positions were *UNK* for the day by the National Association of Securities Dealers . STOP 
Power could n't be restored at the company 's San Francisco headquarters to allow trading yesterday morning . STOP 
In New York , Roger *CUNKION* , a Hambrecht executive vice president , said he expects OTC trading at the company to resume this morning , either in New York or in San Francisco . STOP 
In other trading , *CUNK* *CUNK* Services gained 7\/8 to 15 on 1.9 million shares after reporting a loss for the first quarter , which ended Sept. 30 . STOP 
The company earned $ 6.6 million in the year-earlier quarter . STOP 
Jaguar 's American depositary receipts added 3\/8 to 10 3\/4 on volume of 1.1 million . STOP 
Analysts in London believe investors , despite their *UNK* to dump takeover stocks , should hold on tight to their Jaguar shares , this newspaper 's *CUNK* on the Street column said yesterday . STOP 
*CUNK* rose 1 1\/2 to 50 3\/4 in heavy trading . STOP 
Analysts figure *CUNK* could benefit as a result of troubles facing its competitor , *CUNKS* Institute , over the *UNK-* drug *CUNK* . STOP 
*CUNKS* Institute disclosed recently that it is *UNKED* in a dispute with *CUNKER* *CUNK* , which *UNKS* the drug , regarding the *UNK* of some *UNKS* . STOP 
Ciba-Geigy Ltd. and Chiron Corp. said they extended their offer for Connaught *CUNKS* Inc. , valued at *UNKN* million Canadian dollars -LRB- US$ *UNKN* million -RRB- to Oct. 27 . STOP 
The companies earlier said they did n't want to raise their offer to match a rival bid by *CUNK* Merieux S.A. of C$ 37 a share , or C$ *UNKN* million . STOP 
But they said the C$ *UNK-* bid , which was due to expire Monday , may still be extended or *UNKED* . STOP 
Merieux , a vaccine manufacturer based in *CUNK* , France , is *UNK-* by French state-owned *CUNK-* *CUNK* . STOP 
Ciba-Geigy is a major pharmaceutical concern based in *CUNK* , Switzerland . STOP 
Chiron , another pharmaceutical concern , is based in *CUNK* , Calif . STOP 
Connaught is a biotechnology research and vaccine manufacturing concern . STOP 
*CUNK* Merieux 's bid for Toronto-based Connaught has run into problems with the Canadian government , which told Merieux last week that it was n't convinced that the proposed acquisition would be of `` net benefit '' to Canada . STOP 
Merieux officials are expected to meet with federal officials in *CUNK* today to discuss the decision . STOP 
Within minutes after the stock market closed Friday , I called Sen. Bill *CUNK* of New Jersey , advised him that the Dow Jones Industrial Average had declined by 190 points late that afternoon , and *UNKLY* informed him that he and his fellow Democrats were to blame . STOP 
They had *UNK* a major setback that afternoon to President Bush 's capital-gains tax cut proposal , which had seemed in the *UNK* after it passed the House *UNKLY* earlier in the month . STOP 
Sen. *CUNK* has it in his mind that such a tax cut would *UNUNK* the tax reform he helped engineer in 1986 . STOP 
But he knows that as many as 20 of his fellow Democrats are *UNKED* to vote for the cut , popular among their constituents . STOP 
As a result , he took the lead in arguing that the cut should be blocked on procedural grounds . STOP 
He helped persuade 10 of these senators to support him and Majority Leader George Mitchell on these grounds . STOP 
The budget *UNKION* had to be *UNK* with by the Oct. 15 deadline , and these Senate Democrats refused to agree to allow a vote to *UNK* capital gains to the budget bill , knowing it would pass . STOP 
*CUNKED* a vote on *UNK* , the GOP leadership in the Senate on Friday morning was *UNKED* with a hard choice . STOP 
It could throw in the *UNK* and hope to win on capital gains late this month , or it could follow the White House strategy , to veto *UNKION* unless capital gains was *UNKED* . STOP 
The U.S. Chamber of Commerce has been in the *UNK* in supporting the Bush proposal . STOP 
It endorsed the White House strategy , *UNKING* it to be the *UNKEST* way to victory . STOP 
At noon Friday , a senior White House official advised Richard *CUNK* , the Chamber 's chief economist , that the White House would not agree to a budget *UNKION* bill unless it had firm *UNKS* that a vote on *UNK* would be permitted in the Senate . STOP 
Two hours later , the first word emerged on Capitol Hill that the administration had agreed to *UNKION* with no such *UNKS* from Senate Democrats . STOP 
Mr. *CUNK* was *UNKED* , *UNKING* the office of Richard Darman , director of the Office of Management and Budget , and the administration 's chief strategist on this issue . STOP 
He left a message *UNKING* Mr. Darman of selling out . STOP 
It was the Senate Republicans , though , who had edged away from the veto strategy . STOP 
The stock market reacted as Mr. *CUNK* did , *UNKING* as it *UNKED* the news that Mr. Darman 's strategy had been abandoned . STOP 
The stock market , after all , represents the collective expectations about the value of the future income stream of the nation 's capital stock , discounted to present value . STOP 
Why should it be so surprising that a 30 % cut in the capital-gains tax would have such an enormous impact on the value of the nation 's capital stock ? STOP 
The total value of privately held assets is easily more than $ 15 trillion . STOP 
The value traded on the exchanges is close to $ 3 trillion . STOP 
If the tax on any gain to those assets was doubled , would n't the value fall to the owners of the assets ? STOP 
Is n't it reasonable to assume that the asset you own would be worth more if the government suddenly announced that if you sold it , you would be able to keep 30 % more of its gain than you previously believed ? STOP 
Indeed , the stock market 's steady advance this year tracked with President Bush 's success in *UNKING* his capital-gains proposal . STOP 
A 30 % cut in this year 's capital gains alone amounts to roughly $ 50 billion . STOP 
We 're talking real money . STOP 
When Richard *CUNK* advised the financial press that the market crash was caused by the setback to capital gains , he was generally ignored and *UNKLY* *UNKED* . STOP 
Instead , the press *UNKS* readily accepted the notion that a *UNK* in the takeover financing of United Airlines *UNKLY* knocked 7 % off the value of the nation 's capital stock and caused *UNKS* around the world . STOP 
Mr. *CUNK* was *UNKING* out an *UNK* *UNKING* through Wall Street while conventional wisdom had *UNKED* on the UAL *UNK* . STOP 
Why is this happening ? STOP 
For one thing , quite a number of the leading *UNK* on Wall Street are not portfolio managers , who understand that the value of assets is greatly affected by how government taxes those assets . STOP 
They are economists and financial reporters who *UNK* with the view that a capital-gains tax cut benefits the rich . STOP 
Yet they somehow think that Wall Street is *UNK* to losing the tax cut that seemed so close Friday morning and is now *UNK* . STOP 
The market rebound Monday followed weekend *UNKS* from Mr. Darman that the administration has other plans to win the cut , which is alive and well . STOP 
Sen. *CUNK* 's argument is that a capital-gains tax cut would be bad for the economy in the longer run . STOP 
It would inevitably lead to an increase in marginal *UNK-* rates in 1990 , he thinks , when the White House is forced to ask for higher taxes to meet budget targets . STOP 
That is , with capital gains cut , the *UNK* of the 1986 accord will be gone , and political *UNKS* will push up *UNK-* rates . STOP 
The *UNK-* , which he has heard , is that if he and his fellow Democrats are successful in killing the president 's proposal , the revenue gap will open up *UNKLY* in 1990 because of the weakened economy . STOP 
In this atmosphere , there would be no serious consideration of tax increases . STOP 
If Sen. *CUNK* would permit a vote on capital gains , though , it would pass , Christmas retail sales would be strong instead of *UNKED* by a falling stock market , the 1990 economy would be robust , and the revenue gains at every level of government , including New Jersey 's , would be surprisingly high . STOP 
No tax increases would be necessary . STOP 
The struggle over capital gains is the most important game in town . STOP 
In Washington and on Wall Street . STOP 
Mr. *CUNK* is president of *CUNKS* Inc. , of *CUNK* , N.J . STOP 
Federal prosecutors said they have obtained a guilty plea from another person in the government 's ongoing probe of illegal payments in the record industry . STOP 
William Craig , an independent record *UNKER* , pleaded guilty to *UNK* and criminal tax charges , according to a statement issued by Gary *CUNKS* , the U.S. attorney here . STOP 
*CUNK* is the practice of making illegal , undisclosed payments to radio station personnel in return for getting the stations to play certain *UNKS* over the air . STOP 
As part of his plea agreement with the government , the *UNK-* Mr. Craig faces a maximum of three years in prison . STOP 
In return , Mr. Craig agreed to cooperate in the government 's continuing *UNK* probe , says a spokeswoman for the U.S. attorney 's office . STOP 
Mr. Craig and three others were indicted last year as part of that *UNK* probe . STOP 
Two other defendants previously pleaded guilty , and charges against the third were dropped . STOP 
Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates . STOP 
The companies are followed by at least three analysts , and had a minimum five-cent change in actual earnings per share . STOP 
Estimated and actual results involving losses are omitted . STOP 
The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days . STOP 
Otherwise , actual profit is compared with the 300-day estimate . STOP 
Grumman Corp. was awarded a $ *UNKN* million Navy contract for advanced acquisition of six *CUNK-* *UNKAL* control aircraft . STOP 
LTV Corp. won a $ 25 million Army contract for missile test equipment . STOP 
Unisys Corp. received a $ *UNKN* million Air Force contract for computer programming . STOP 
Ford Aerospace & Communications Corp. , a unit of Ford Motor Co. , was awarded a $ *UNKN* million Air Force contract for computer improvements . STOP 
Rockwell International Corp. was issued a $ 12.5 million Air Force contract for changes in the National Aerospace *CUNK* . STOP 
The Tennessee Valley Authority issued $ 4 billion in bonds in the federal utility 's first public debt offering in 15 years . STOP 
Proceeds from the bonds , with coupon rates in the 8 % range , will be used to replace bonds with an average interest rate of 13.1 % . STOP 
The TVA said the refinancing should save $ 75 million a year in interest payments . STOP 
The refinancing is part of the TVA 's strategy of dealing with what has been an *UNK* problem : its *UNKING* $ *UNKN* billion debt , most of which is owed to the Treasury Department 's Federal Financing Bank . STOP 
The TVA currently plans to issue a total of $ 6.7 billion in bonds to *UNK* its *UNKEST* debt . STOP 
The $ 4 billion bond issue also will help the TVA meet its goal of not raising rates for another year , said William F. *CUNK* , the agency 's chief financial officer . STOP 
The bond issue is TVA 's first public offering since the Financing Bank was created in 1974 , primarily to finance the TVA . STOP 
But the offering almost did n't happen . STOP 
The TVA , in fact , decided to proceed with the bond offering following an agreement last week with the Financing Bank , which allows TVA to keep borrowing short term from the bank for two years after it goes to the public market . STOP 
The Treasury contended that TVA could n't borrow from both it and the public debt market . STOP 
The $ 4 billion in bonds break down as follows : $ 1 billion in five-year bonds with a coupon rate of 8.25 % and a yield to maturity of *UNKN* % ; $ 1 billion in 10-year bonds with a coupon rate of 8.375 % and a yield to maturity of *UNKN* % ; $ 2 billion in 30-year bonds with five-year call protection , a coupon rate of *UNKN* % and a yield to maturity of *UNKN* % . STOP 
*CUNKING* the bond issue is a group of investment banks headed by First Boston Corp. and *UNKED* by Goldman , Sachs & Co. , Merrill Lynch Capital Markets , Morgan Stanley & Co. , and Salomon Brothers Inc . STOP 
*CUNK-* *UNK* John M. *CUNK* has put his money where his *UNKER* is , pouring $ 1.4 million into one of his own funds , the *CUNK* Value Fund . STOP 
Mr. *CUNK* owns shares in several of the 33 funds that his firm manages , but only in three of the 10 available to U.S. investors , according to filings with the Securities and Exchange Commission . STOP 
Those are *CUNK* *CUNKAL* Income , *CUNK* *CUNKING* Markets and now the Value Fund . STOP 
Why did he add the Value Fund to the list ? STOP 
Because he 's very bullish on the emerging growth stocks that make up the fund 's portfolio , Mr. *CUNK* said from his *CUNKS* *UNK* . STOP 
`` *CUNKING* growth stocks have n't been popular in America for years , they 've been *UNKED* , '' he said , and their prices often trail the market as a whole . STOP 
Mr. *CUNK* 's *UNK-* purchase in the *UNK-* fund came before the U.S. stock market 's plunge last Friday , but still proved slightly profitable . STOP 
Mr. *CUNK* bought his shares in several separate purchases between Aug. 30 and Sept. 28 , according to reports with the SEC . STOP 
He bought at share prices ranging from $ *UNKN* to $ *UNKN* . STOP 
The fund closed yesterday in New York Stock Exchange composite trading at $ *UNKN* , up 12.5 cents . STOP 
In addition , Mr. *CUNK* received a dividend of 22 cents a share Oct. 5 . STOP 
*CUNK* *CUNK* : STOP 
A senior vice president and a vice president at James River Corp. sold the majority of their shares in the Richmond , Va. , *UNKS* concern in late August and early September , reports filed with the SEC show . STOP 
The executives , who got $ *UNKN* a share for the stock , showed good timing . STOP 
In Big Board trading yesterday , James River shares closed at $ *UNKN* , down 12.5 cents . STOP 
On Sept. 6 , Robert Joseph *CUNK* , the firm 's senior vice president of employee and public relations , sold 4,000 shares , leaving himself with *UNKN* shares of James River . STOP 
*CUNKING* a sale of stock last February , Mr. *CUNK* has sold 88 % of his stake in the company this year , according to SEC filings . STOP 
Mr. *CUNK* declined to comment when asked about the sales . STOP 
James A. *CUNK* , a vice president , sold 1,500 shares Aug. 28 . STOP 
He still has *UNKN* shares , according to SEC files . STOP 
Mr. *CUNK* also declined to comment . STOP 
*CUNK-* *CUNK* : STOP 
Cincinnati Gas & Electric Co. *UNKS* the companies portion of the accompanying *CUNKER* Trading table this week . STOP 
Three of the utility 's directors have at least doubled their holdings in the company since July . STOP 
The largest purchase was by *CUNK* *CUNK* , who bought *UNKN* shares for $ *UNKN* . STOP 
Mr. *CUNK* , who is also president of *CUNK* Broadcasting Co. , said he bought the shares because he keeps a utility account at the brokerage firm of Salomon Brothers Inc. , which had recommended the stock as a good buy . STOP 
Salomon Brothers confirmed that it has had a buy recommendation on the stock for about two years . STOP 
`` Cincinnati Gas & Electric is in good shape , '' Mr. *CUNK* said , and utilities are `` a good investment because interest rates are going down . '' STOP 
Mr. *CUNK* paid an average of $ *UNKN* for each share . STOP 
The stock closed yesterday on the Big Board at $ *UNKN* , down 12.5 cents . STOP 
The two other directors bought 1,000 and *UNKN* shares , respectively , at prices between $ *UNKN* a share and $ *UNKN* a share , filings with the SEC show . STOP 
The two could n't be reached for comment . STOP 
A company spokesman said he could n't explain their sudden *UNKS* . STOP 
`` I do n't know of any news or anything unusual happening here , '' said Bruce *CUNK* , director of media services . STOP 
Peter *CUNK* in Pittsburgh contributed to this article . STOP 
T. Rowe Price Associates Inc. said directors recommended stockholders approve a *UNKN* stock split and an increase in authorized shares to 25 million from 10 million . STOP 
*CUNKS* will vote on the proposal at a meeting Dec. 13 . STOP 
T. Rowe Price is an investment adviser to mutual funds , institutions and individuals . STOP 
In one of the first *UNK* *UNKION* cases to go to trial , a *UNK-* jury decided in favor of the defendant , Burlington Industries Inc . STOP 
The verdict , reached late last week in Cincinnati , may end an *UNK-* legal battle for the *CUNK* , N.C. , carpet maker . STOP 
Glenn and Sharon *CUNK* of Cincinnati had sued the *UNK* - *UNK* in 1981 after *UNKING* Burlington *UNKS* in their office . STOP 
The *CUNKS* alleged that *UNK* *UNKS* from the *UNKS* made them sick . STOP 
As a result of their *UNKS* , the *CUNKS* said , they lost $ 1.8 million in wages and earnings . STOP 
In addition , they said that months of exposure to the chemicals has left them sensitive to a wide range of *UNKLY* used *UNKS* . STOP 
The case had been closely watched because attorneys anticipate increasing litigation nationally over the so-called *UNKING* syndrome . STOP 
*CUNKS* ' lawyers say that buildings become `` sick '' when inadequate fresh air and poor *UNKION* systems lead *UNKS* to build up inside . STOP 
Anthony J. *CUNK* , a lawyer for Burlington , said the company believes the *CUNKS* ' symptoms were not related to the *UNKING* . STOP 
He said that ill effects from new *UNKS* *UNKEST* themselves immediately but that the *CUNKS* ' symptoms appeared months later . STOP 
*CUNK* *CUNKS* , the *CUNKS* ' lawyer , said the verdict would not *UNK* other plaintiffs from filing such suits . STOP 
Scientists are only beginning to understand what causes *UNKING* syndrome and much of that research was unavailable when the *CUNKS* filed the case , she said . STOP 
The *CUNKS* now believe that a prime *UNK* for their injuries was *UNKS* from an *UNK* used in the *UNKING* . STOP 
But the *CUNKS* did n't come to that conclusion until time limits had *UNKED* for adding the *UNKS* maker as a defendant in the case , Ms. *CUNKS* said . STOP 
The *CUNKS* have not yet decided whether to appeal . STOP 
*CUNK* *CUNK* development opponents are *UNK* setback . STOP 
The *CUNK* Division of New York State Supreme Court dismissed six lawsuits attempting to block a $ 2.5 billion project planned for *UNK* Street in Manhattan . STOP 
*CUNKS* of the project had claimed that the city and the state of New York , which are *UNKING* the project , had failed to *UNK* to environmental guidelines . STOP 
All but two of the 40 or so lawsuits that have been filed since the project 's 1984 approval have been dismissed before the trial stage . STOP 
The two that remain have n't yet reached the *UNKAL* *UNKING* stage . STOP 
State officials said the court 's ruling *UNKS* the way for proceedings to *UNK* buildings in the area . STOP 
`` This project is ready to move , '' said State Urban Development Corp. Chairman Vincent *CUNK* . STOP 
But developers of four planned office *UNKS* cautioned that obstacles still remain . STOP 
As part of the agreement with the state , the developers -- a partnership of Park Tower Realty and Prudential Insurance Co. of America -- said they would not proceed with *UNKION* proceedings while there was `` significant litigation '' pending . STOP 
Park Tower General *CUNK* *CUNK* *CUNKER* said the development team will have to review two additional lawsuits before putting up a $ 155 million letter of credit to cover *UNKION* costs . STOP 
Also , he said , the partnership is waiting to see whether the appellate division 's ruling will be appealed . STOP 
The plan , which has been *UNKED* with delays and *UNKED* *UNKS* , seeks to transform the area from a *UNK* *UNK* to a more *UNK* office and theater district . STOP 
State and city officials are still negotiating with developers to *UNK* *UNK* *UNKS* and build and operate a merchandise mart and hotel . STOP 
FEDERAL *CUNK* *CUNK* role of U.S. courts in *UNKION* decisions . STOP 
U.S. District Judge Jack B. *CUNK* of Brooklyn , N.Y. , ruled that a man *UNKED* in an attack on an Israeli passenger bus in 1986 can be *UNKED* to Israel for trial . STOP 
A *UNK* had initially refused the request , ruling that the attack had been a political act for which the man , *CUNK* *CUNKED* *CUNK* , would be exempt from *UNKION* . STOP 
However , Judge *CUNK* wrote in his opinion late last month that terrorism and acts of war against *UNKS* can not be defined as political acts . STOP 
Judge *CUNK* also ruled that judges must consider prior to *UNKION* whether the defendant will be treated fairly in a foreign court . STOP 
To do so , the judge said , the U.S. courts must review the judicial process in the foreign country *UNKLY* of the State Department 's assessment . STOP 
He said that in this case he *UNKED* with the State Department 's decision that Mr. *CUNK* should be *UNKED* . STOP 
Mr. *CUNK* 's lawyer said he would appeal . STOP 
Lawyers close to the case said they believed the ruling was unprecedented . STOP 
`` Up until now the courts have said it is not their role to *UNK* the foreign country 's courts , '' said *CUNKS* *CUNK* , the assistant U.S. attorney on the case . STOP 
*CUNK* *CUNK* *CUNK* to the U.S. *CUNK* E. *CUNK* has joined the Philadelphia law firm of *CUNKER* , Hamilton & *CUNK* as a consultant . STOP 
Mr. *CUNK* , who serves as a consultant to *CUNK* , *CUNK* , one of Canada 's biggest law firms , is advising *CUNKER* Hamilton 's Washington office on legal matters related to *CUNK-* investment , corporate finance and international transactions . STOP 
*CUNK* : STOP 
In a speech prepared for delivery in New York yesterday , retired Justice Lewis *CUNK* *UNKED* the notion that the last Supreme Court term marked a turn toward *UNK* : `` *CUNKS* who agreed on little else unanimously *UNKED* a ` shift in direction ' on the court ... . STOP 
I take these *UNKS* , like many that have *UNKED* them in past years , with a grain of *UNK* . STOP 
In an era of ` sound *UNKS* ' and instant opinion polls it is dangerous to apply broad *UNKS* to a single term . STOP 
-LRB- During its centennial year , The Wall Street Journal will report events of the past century that stand as milestones of American business history . -RRB- STOP 
THE *CUNK* *CUNK* *CUNK* , *CUNK* *CUNK* *CUNK* into Israel on Oct. 6 , 1973 , the *UNKEST* day in the Jewish *UNK* , *UNKED* barely a month . STOP 
But one *UNK-* effect is still with us . STOP 
The Arab states , always *UNKLY* *UNK* of U.S. support toward Israel , realized they held an *UNK* weapon -- oil . STOP 
Early in October , six Arab nations in the *CUNK* Gulf *UNKED* up prices sharply . STOP 
On Oct. 22 , led by Saudi Arabia , the world 's largest *UNKER* , they *UNKED* oil shipments to the U.S. and to the Netherlands , Israel 's *UNKEST* European ally . STOP 
The timing was perfect . STOP 
The *CUNKS* had tried *UNKS* before . STOP 
In *UNKN* , when Britain , France and Israel *UNKED* *CUNK* to seize the *CUNK* *CUNKAL* , Arab producers cut off supplies to Europe . STOP 
Texas simply *UNKED* harder . STOP 
U.S. oil supplies , however , had peaked in 1970 and 1971 and by 1973 were declining . STOP 
*CUNKS* , then six million barrels a day , came primarily from *CUNK* and Canada . STOP 
But Middle East supplies were growing in importance . STOP 
By 1973 , the U.S. was bringing in two million barrels of Arab oil a day , more than 10 % of the *UNKN* million barrels consumed daily . STOP 
*CUNKS* and economics *UNKED* . STOP 
Japan and Europe , far more dependent on *CUNK* oil than the U.S. , would n't *UNK* the *CUNKS* or trade off their precious supplies . STOP 
The U.S. did manage to supply the Dutch with oil by *UNKING* supplies ; once oil is shipped , no one can tell its source . STOP 
But *UNK-* Americans *UNKED* , and so did the U.S. and other *UNKING* governments . STOP 
`` *CUNK* '' and `` crisis '' became *UNK* words , although neither really applied . STOP 
The spot *UNKS* that showed up were largely the result of confusion -LRB- much of it in Washington -RRB- , though that was cold *UNK* for drivers waiting in *UNK-* lines at the gas *UNKS* . STOP 
The *UNK* *UNKED* only six months , but the price *UNKS* became a fact of life . STOP 
What the *CUNKS* started , inflation finished . STOP 
Once and for all , $ *UNK-* crude oil and *UNK-* gasoline were history . STOP 
Times may be tough on Wall Street for some , but a few *UNKS* are making as much as ever -- or more . STOP 
At Bear Stearns Cos. , for example , the 15 executive officers led by Chairman Alan `` *CUNK* '' Greenberg got a pay increase to $ *UNKN* million for the *UNK-* period ended June 30 from $ *UNKN* million for the 12 months ended April 30 , 1988 . STOP 
The figures do n't include substantial dividends on holdings of Bear Stearns stock . STOP 
Mr. Greenberg himself was paid $ 4.5 million , before an estimated $ 1.5 million in dividends , up from $ 2.4 million the year before . STOP 
The increase is noted in the brokerage firm 's latest proxy statement filed with the Securities and Exchange Commission . STOP 
Because it operates on a fiscal year , Bear Stearns 's *UNKLY* filings are available much earlier than those of other firms . STOP 
The latest period includes 14 months instead of 12 because Bear Stearns changed to a fiscal year ending in June instead of April . STOP 
Meanwhile , Bear Stearns 's 650 stock and bond salesmen saw *UNKER* *UNKS* over the past year , which the company says reflected lower commission revenue caused by a decline in investor activity in the markets . STOP 
However , Bear Stearns on Monday reported improved earnings for its first quarter , ended Sept. 29 , partly because of a 31 % increase in commissions during the quarter . STOP 
William J. *CUNKS* , chief financial officer , defended the *UNK* salaries at Bear Stearns . STOP 
`` All of us are on a base salary of $ 200,000 if the firm makes nothing -- and that 's pretty low as far as Wall Street goes , '' Mr. *CUNKS* said . STOP 
However , Bear Stearns has never had an *UNUNK* year since its *UNKING* 65 years ago . STOP 
Four Bear Stearns executives *UNKS* the *UNK-* Mr. Greenberg were paid $ 3 million or more before dividends for the 14 months ended in June . STOP 
According to the proxy statement , James E. *CUNK* , 55 , Bear Stearns 's president , made $ 3.9 million ; an executive vice president , Michael L. *CUNK* , 53 , made nearly $ 3.4 million ; and two executive vice presidents , Vincent J. *CUNK* , 44 , and William J. *CUNK* , 42 , made about $ 3.3 million each . STOP 
Mr. *CUNKS* said the firm has a `` straight *UNKAL* formula '' for *UNKING* compensation , based on the firm 's earnings . STOP 
`` Just because a particular element of the firm is down , '' such as *UNK* , `` does n't mean the executive committee should be paid less , '' he said . STOP 
Morgan Grenfell Group PLC said John *CUNK* , group chief executive officer , is taking over the *UNK* of the merchant banking group from Sir Peter *CUNK* , who is retiring . STOP 
Mr. *CUNK* will remain a member of the merchant bank 's board . STOP 
Mr. *CUNK* is widely credited with *UNKING* Morgan Grenfell 's *UNKS* on its core corporate finance , fund management and banking activities over the past year . STOP 
Last year , Morgan Grenfell shut down its *UNKING* U.K. securities operations . STOP 
Mr. *CUNK* said his move to the *UNK* means he will take a less active role in the day-to-day management of the group , but he added that the merchant bank 's strategic focus remains unchanged . STOP 
Mr. *CUNK* joined Morgan Grenfell as group chief executive in May 1987 , a few months after the resignations of former Chief Executive Christopher *CUNKS* and other top officials because of the merchant bank 's role in Guinness PLC 's controversial takeover of *CUNKER* 's Co. in 1986 . STOP 
Morgan Grenfell had advised Guinness on the bid , which was *UNKED* by allegations that Guinness used *UNKAL* means to support the bid 's value . STOP 
Morgan Grenfell said Michael *CUNK* , currently group deputy chief executive , will assume the chief executive position . STOP 
The merchant bank also announced that finance director David *CUNK* is taking early retirement for personal reasons . STOP 
His duties will be taken over by Anthony *CUNK-* , who has been elected deputy chairman . STOP 
News of Mr. *CUNK* 's retirement comes one day after Morgan said that Christopher *CUNK* resigned as chairman of Morgan 's banking subsidiary to join a financial services firm . STOP 
Mr. *CUNK* said both Messrs. *CUNK* and *CUNK* had planned to leave the bank earlier , but Mr. *CUNK* had persuaded them to remain until the bank was in a healthy position . STOP 
`` If there 's any *UNK* about the *UNKS* it 's that they are leaving at a time when the business is in reasonably good shape and going forward very well . '' STOP 
Last month , Morgan Grenfell announced its pretax profit rose *UNKN* % to # *UNKN* million in the first half , boosted by a healthy growth in its domestic and international corporate finance business . STOP 
The following were among yesterday 's offerings and pricings in the U.S. and non-U.S. capital markets , with terms and syndicate manager , as compiled by Dow Jones Capital Markets Report : STOP 
Lockheed Corp. -- $ 300 million of 9 3\/8 % notes due Oct. 15 , 1999 , priced at *UNKN* to yield *UNKN* % . STOP 
The issue was priced at a spread of *UNKN* basis points above the Treasury 's 10-year note . STOP 
Rated single-A-3 by Moody 's Investors Service Inc. and *UNK-* by Standard & Poor 's Corp. , the issue will be sold through underwriters led by Goldman , Sachs & Co . STOP 
California Health Facilities Financing Authority -- $ *UNKN* million of revenue bonds for Kaiser *CUNK* , due *UNKN* , 2004 , *UNKN* , *UNKN* and 2019 , tentatively priced by a PaineWebber Inc. group to yield from 6.25 % in 1993 to *UNKN* % in *UNKN* . STOP 
*CUNKAL* bonds were priced to yield to *UNKN* % in 1999 . STOP 
There are about $ 10 million of 7 % bonds priced at 99 1\/4 to yield *UNKN* % in 2004 ; about $ 15 million of 7 % bonds priced at 98 1\/2 to yield *UNKN* % in *UNKN* ; about $ *UNKN* million of 7 % bonds priced at 97 1\/4 to yield *UNKN* % in *UNKN* ; and about $ 15 million of 6 3\/4 % bonds priced to yield *UNKN* % in 2019 . STOP 
The bonds are rated *UNK-* by Moody 's and double-A by S&P , according to the lead underwriter . STOP 
Pennsylvania *CUNKER* Education Facilities Authority -- approximately $ *UNKN* million of revenue bonds for *CUNK* University , Series 1989 , due *UNKN* , 2009 and 2019 , priced late Monday by a Merrill Lynch Capital Markets group to yield from 6 % in 1990 to *UNKN* % in 2019 . STOP 
*CUNKAL* bonds were priced to yield from 6 % in 1990 to 7.10 % in *UNKN* . STOP 
There are about $ *UNKN* million of 7.2 % term bonds due 2009 , priced to yield 7.25 % , and about $ *UNKN* million of 7.2 % term bonds due 2019 , priced at 99 to yield *UNKN* % . STOP 
The bonds are insured and rated triple-A by Moody 's and S&P . STOP 
Connecticut -- $ *UNKN* million of general obligation capital appreciation bonds , College Savings Plan , 1989 Series B , priced by a Prudential-Bache Capital Funding group . STOP 
The zero-coupon bonds were priced to yield to maturity from 6.25 % in 1994 to *UNKN* % in *UNKN* , *UNKN* and 2009 . STOP 
The bonds have received a rating of *UNK-* from Moody 's , and a *UNKS* rating is expected from S&P , the underwriter said . STOP 
Oregon -- $ 100 million of general obligation *UNKS* ' tax notes , Series 1989 , dated Nov. 1 , 1989 , and due Nov. 1 , 1990 , through a Chemical Securities Inc. group . STOP 
The group is offering the notes priced as 6 3\/4 % securities to yield 6.25 % . STOP 
The notes are rated *CUNK-* by Moody 's and *CUNKS* by S&P . STOP 
University of *CUNK* and *CUNK* of New Jersey -- $ *UNKN* million of Series C bonds priced by a Prudential-Bache Capital Funding group . STOP 
The bonds , rated *UNK-* by Moody 's and double-A by S&P , were priced to yield from *UNKN* % in 1992 to *UNKN* % in 2019 . STOP 
All *UNKAL* bonds are being offered at par except those due *UNKN* . STOP 
Federal Home Loan Mortgage Corp. -- $ 500 million of Remic mortgage securities being offered in eight classes by Salomon Brothers Inc . STOP 
The offering , Series *UNKN* , is backed by Freddie Mac 9 % securities . STOP 
The issue used *UNK-* pricing . STOP 
Federal National Mortgage Association -- $ 350 million of Remic mortgage securities being offered in 11 classes by Greenwich Capital Markets . STOP 
The offering , Series *UNKN* , is backed by Fannie Mae 9 1\/2 % securities and used *UNK-* pricing . STOP 
The issue brings Fannie Mae 's 1989 Remic issuance to $ *UNKN* billion and its total volume to $ *UNKN* billion since the program began in April 1987 . STOP 
*CUNK* Electric *CUNK* Co . -LRB- Japan -RRB- -- $ 150 million of bonds due Nov. 2 , 1993 , with equity-purchase warrants , indicating a 4 % coupon at par , via Nomura International Ltd . STOP 
Each $ 5,000 bond carries one warrant , exercisable from Nov. 16 , 1989 , through Oct. 19 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 24 . STOP 
*CUNK* Co . -LRB- Japan -RRB- -- $ 150 million of bonds due Nov. 1 , 1993 , with equity-purchase warrants , indicating a 4 % coupon at par , via Daiwa Europe Ltd . STOP 
Each $ *UNKN* bond carries one warrant , exercisable from Nov. 15 , 1989 , to Oct. 18 , 1993 , to buy company shares at an expected premium of 2 1\/2 % to the closing share price when terms are fixed Oct. 23 . STOP 
*CUNK* Steel Co . -LRB- Korea -RRB- -- $ 50 million of bonds due Nov. 8 , 1994 , with equity-purchase warrants , indicating a 1 1\/4 % to 1 3\/4 % coupon at par , via Merrill Lynch International Ltd. and *CUNK* *CUNK* Securities Co . STOP 
Each $ 5,000 bond carries one warrant , exercisable from May 8 , 1991 , through Oct. 8 , 1994 , to buy company shares at an expected premium of 75 % to 85 % to the closing share price when terms are fixed Oct. 18 . STOP 
*CUNK* International Funding PLC -LRB- U.K. parent -RRB- -- 150 million Australian dollars of 15 3\/8 % bonds due Nov. 8 , 1996 , priced at 101 3\/4 to yield *UNKN* % less full fees , via *CUNK* Morgan Securities Ltd . STOP 
Guaranteed by *CUNK* PLC . STOP 
Fees 2 . STOP 
Tennessee Valley Authority -- A $ 4 billion , *UNK-* offering of power bonds priced through an underwriting group led by First Boston Corp . STOP 
The size of the issue was increased from an originally planned $ 3 billion . STOP 
The first part , consisting of $ 2 billion of bonds due Oct. 1 , 2019 , with a five-year *UNK-* provision , was priced as 8 3\/4 % securities at *UNKN* to yield *UNKN* % . STOP 
The 30-year issue was priced at a spread of 105 basis points above the Treasury 's 30-year bellwether bond . STOP 
The second part , consisting of $ 1 billion of noncallable bonds due Oct. 1 , 1999 , was priced as 8 3\/8 % securities at *UNKN* to yield *UNKN* % . STOP 
The 10-year issue was priced at a spread of 43 basis points above the Treasury 's 10-year note . STOP 
The third part , consisting of $ 1 billion of noncallable bonds due Oct. 1 , 1994 , was priced as 8 1\/4 % securities at *UNKN* to yield *UNKN* % . STOP 
The five-year issue was priced at a spread of 43 basis points above the Treasury 's comparable note . STOP 
The issue is rated triple-A by Moody 's and triple-A by S&P . STOP 
Par Pharmaceutical Inc. said it named its interim president and chief executive officer , Kenneth I. *CUNKER* , to those posts *UNKLY* , and elected him to the board . STOP 
Par also said it was advised by the U.S. attorney for Maryland that it is one of a number of companies being *UNKED* by a federal grand jury for alleged violations of the federal Food , Drug and *CUNK* Act . STOP 
Par , a *UNK-* maker that has been *UNKED* by management problems , was already the subject of a federal criminal inquiry into the *UNKAL* process and a Food and Drug Administration investigation . STOP 
A Par spokesman said he understood the criminal investigation in Maryland *UNKS* to matters Par disclosed in July , when Par said it filed false drug information with the FDA . STOP 
At the time , the company said it was *UNKING* one of its drugs and had stopped selling two others . STOP 
The spokesman said he also understood that the inquiry related to the existence of an `` *UNK-* '' production book . STOP 
The book noted changes made at the manufacturing level that were n't disclosed to the FDA . STOP 
Par said it is *UNKING* in the investigation . STOP 
Also yesterday , *CUNK* *CUNK* , a former Par official who pleaded guilty to providing an FDA employee an illegal *UNK* of $ 3,000 , was sentenced by a federal judge in Baltimore to one year of community service and a $ 150,000 fine . STOP 
Mr. *CUNK* also was placed on three years ' *UNKION* . STOP 
Mr. *CUNK* resigned as senior vice president of Par in April . STOP 
In July , Par and a *UNKED* unit agreed to plead guilty in that inquiry , as did another former Par official . STOP 
Mr. *CUNKER* began running the company on an interim basis in late September . STOP 
Par said it selected him for the posts of president and chief executive on a permanent basis because of his experience in the industry and his performance at Par . STOP 
*CUNK* Levine , chairman , said Mr. *CUNKER* had `` taken significant steps '' to restore the company 's credibility and sense of *UNK* and integrity . STOP 
Just after midnight Monday , federal spending started to drop by $ 16 billion . STOP 
What do you say we all close down the *UNKER* game , go home and bank the $ 16 billion ? STOP 
That 's essentially what budget director Richard Darman is suggesting , and we think he *UNKS* as much support as he can get . STOP 
If human *UNKS* ca n't cut federal spending *UNKLY* -- and they ca n't -- let the computers do it . STOP 
Congress , with a measure of White House *UNK* , has been *UNKING* the spending accounts for years under the cover of *UNKS* appropriations bills . STOP 
-LRB- Indeed without earlier *UNKS* , the current *UNKER* of $ 16 billion would have been even larger . -RRB- STOP 
We suspect voters are fed up with the *UNKING* . STOP 
Consider , for instance , that even yesterday 's widely *UNKED* *UNKER* is likely to be *UNKED* if business as usual is allowed to *UNK* . STOP 
Under the law , Gramm-Rudman 's *UNKS* in federal programs are supposed to be permanent . STOP 
Social Security and spending for poor people are *UNKED* . STOP 
However , the *CUNKED* Press 's account of the Monday *UNKER* order signed by President Bush *UNKLY* captured the *UNK* Congress shows toward the notion of a *UNKLY* *UNKING* commitment : STOP 
`` Lawmakers have been saying for weeks that they plan to roll back the cuts as soon as they agree to a compromise on a *UNKING* bill . '' STOP 
Mr. Darman 's *UNKION* to save the *UNKER* was backed up yesterday by White House Press Secretary Marlin Fitzwater : STOP 
`` There is some feeling here that the cuts are the way to go . STOP 
It will reduce spending in a very effective fashion . '' STOP 
This attitude is being *UNKED* away by *UNKS* around Washington as little more than tough talk . STOP 
It looks to us like a golden opportunity for George Bush to *UNK* off at the *UNKS* all this talk about a *UNK* , *OUS* presidency . STOP 
Mr. Bush would be acting in the public interest if he let the Washington *UNKS* who *UNK* these budgets -- the bureaucrats , the *UNKS* , the congressional staffers -- live for just one year on a restricted *UNK* . STOP 
*CUNK* *CUNK* *CUNK* ; thin is in . STOP 
Senator *CUNK* *CUNK* pointed out Monday that in the 20 years before Gramm-Rudman was enacted in 1985 , federal spending grew by about 11 % a year ; since the law , it 's grown at under 5 % annually . STOP 
Another major factor in this positive trend was Ronald Reagan 's decision early in his presidency to fight the budget war on the *UNK* side rather than raising taxes . STOP 
George Bush 's continued support of the tax *UNK* *UNKS* this strategy of *UNKING* Congress to make choices among competing priorities , rather than just saying yes to all the *UNK* *UNKEST* *UNKS* that fill the *CUNK* *UNK* . STOP 
If Washington 's *UNKS* ever succeed in *UNKING* the tax *UNK* , Americans will be *UNKED* in a red sea of new spending programs , such as *UNKED* child care . STOP 
*CUNK* care was one of the many `` *OUS* '' bills pulled out of the Senate 's *UNKION* bill last Friday . STOP 
Others were the capital-gains cut , Section 89 repeal , the *UNKED* workers bill , and the unprecedented *UNKION* of the catastrophic health act . STOP 
All this stuff still is in the House 's *UNK-* *UNKION* bill , and many Members say they 're reluctant to pull out *UNKED* bills , just to see them die . STOP 
Republicans especially want a guarantee from the House leadership that they 'll get an *UNK-* vote on the bills . STOP 
House Speaker Foley ought to deliver that promise . STOP 
This is the way government is supposed to work , with politicians taking responsibility for votes that their constituents can identify , instead of *UNKING* them in the great *UNKION* *UNK* truck . STOP 
We have as much *UNK* as anyone for those *UNK* , *UNK* days in Washington when *UNK* men and women *UNKED* over budgets and even *UNKED* a bit to see that the bridges got build , roads *UNKED* , *UNKS* paid or that the *UNKLY* poor were *UNKED* for . STOP 
Those days are gone . STOP 
Nor do we see any reason to believe that a metropolitan Washington that has gotten fat and rich and *UNK* in the shadow of the federal *UNKS* will change much on its own initiative . STOP 
*CUNK* the *UNKER* , and let Washington *UNK* . STOP 
The New York Stock Exchange said a seat sold for $ *UNKN* , down $ *UNKN* from the previous sale Oct. 4 . STOP 
*CUNKS* are currently quoted at $ *UNKN* bid and $ *UNKN* offered . STOP 
The $ *UNKN* sale price earlier this month was the lowest in nearly three years . STOP 
Exchange seats hit a peak of $ *UNKN* in September 1987 . STOP 
The Canadian government *UNKED* 750 million Canadian dollars -LRB- US$ *UNKN* million -RRB- of *UNKN* % bonds due Dec. 15 , 1994 . STOP 
The average accepted yield bid was *UNKN* % for a price equivalent of *UNKN* . STOP 
Proceeds of the sale will be used to redeem C$ *UNKN* million of government bonds maturing Nov. 1 and for general government purposes . STOP 
Northern Trust Corp. said its board adopted a shareholder rights plan aimed at *UNKING* *UNKED* takeover bids , but said it 's not aware of any plan to acquire the banking concern . STOP 
Under Northern Trust 's plan , shareholders were issued rights that , in the event of certain attempted takeovers , allow holders to buy shares in the company at half price . STOP 
National *CUNK* Development Corp. said it plans to purchase as many as 200,000 common shares of its *UNKED* *CUNK* Sciences Inc. unit in *UNK* , *UNK-* purchases . STOP 
The 200,000 shares are about 23 % of *CUNK* 's common shares outstanding , excluding National *CUNK* 's stake . STOP 
*CUNKING* the recent Food and Drug Administration approval of *CUNK* 's *UNKAL* *UNKS* treatment , National *CUNK* said it believes *CUNK* 's stock is *UNKED* . STOP 
Japanese investors , *UNKED* by Monday 's strong rally on Wall Street , *UNKED* most of that day 's losses on the Tokyo Stock Exchange . STOP 
But analysts said the rebound did n't remove the cautious mood from the market . STOP 
In London , stocks closed lower in volatile trading as an opening rally was *UNKED* by *UNKED* U.S. trade figures . STOP 
Paris shares had a similar reaction , but most other European *UNKS* posted gains , as did all major Asian and Pacific stock markets . STOP 
Tokyo 's Nikkei Index of 225 stocks jumped *UNKN* points to close at *UNKN* . STOP 
The rise came a day after the year 's biggest drop on Monday , when the Nikkei fell *UNKN* , or 1.8 % , in response to Friday 's 6.9 % plunge on Wall Street . STOP 
In early trading Wednesday in Tokyo , the Nikkei index rose *UNKN* points to *UNKN* . STOP 
On Tuesday , the *UNKED* Tokyo Stock Price Index of issues listed in the first section , which fell *UNKN* Monday , rose *UNKN* , or *UNKN* % , to *UNKN* . STOP 
Trading was relatively thin at an estimated 650 million shares , though *UNKER* than Monday 's *UNKN* million . STOP 
*CUNKING* issues *UNKED* decliners *UNKN* , with 103 unchanged . STOP 
`` We 're back to square one , '' said *CUNK* *CUNK* , an analyst in Japan for Kleinwort Benson International Inc . STOP 
Japanese domestic institutions , including trust banks and investment management firms , that had been on the sidelines during Monday 's fall were back in the market , analysts said . STOP 
Foreign investors reportedly started off selling but later joined in the buying . STOP 
The Tokyo rally seemed to confirm the view , frequently expressed in Japan in the past few days , that the drop in New York was a local problem related to merger and acquisition activity in the U.S. . STOP 
`` This time we do n't really have to worry about Tokyo , '' said an official at Daiwa Securities Co . STOP 
`` Nothing has changed *UNKLY* in the Tokyo market . '' STOP 
But even though Tokyo appears *UNKED* by recent market volatility , analysts and traders say there are still a few concerns on the *UNK* . STOP 
In particular , Japanese investors will be keeping a wary eye on Wall Street to see whether Monday 's *UNK-* rally holds up as fresh U.S. economic data are released . STOP 
`` People are *UNKING* small *UNKS* . STOP 
There 's no huge buying , '' said Stephen Hill , head of equity sales at *CUNK* *CUNKING* Securities Ltd. in Tokyo . STOP 
`` *CUNKLY* *UNK* views right now would be *UNK* . '' STOP 
Yesterday 's buyers favored real estate , construction and other *UNKION* issues , reflecting the fact that many Tokyo investors now feel safer with *UNKLY* *UNKED* stocks , analysts said . STOP 
They also are concerned about the persistent strength of the dollar against the yen , as a weaker yen leads to higher import prices in Japan and adds to domestic *UNK* pressures . STOP 
*CUNK* concerns also *UNK* heavily on interest *UNK-* stocks such as banking and other financial issues because of fears that Japanese interest rates might have to rise to keep the dollar in check . STOP 
Among steel shares , *CUNK* rose 19 to *UNKN* yen -LRB- $ *UNKN* -RRB- a share , and Nippon Steel gained 17 to *UNKN* . STOP 
Construction shares that gained included *CUNK* , which rose 130 to *UNKN* . STOP 
In the real estate sector , *CUNK* Real Estate Development was up 100 at *UNKN* , and Mitsubishi Estate gained 80 to *UNKN* . STOP 
London 's Financial *CUNK-* Exchange 100-share index fell *UNKN* points to *UNKN* . STOP 
It was down more than 40 points a half-hour before the close , marking a *UNK-* turnaround from its high , reached in the first 15 minutes of trading . STOP 
The *UNKER* Financial Times 30-share index fell *UNKN* to *UNKN* . STOP 
Volume was an active *UNKN* million shares , about double the recent levels but down from *UNKN* million the previous day , which U.K. traders have dubbed `` *CUNK* Monday . '' STOP 
Prices opened strongly on the basis of Monday 's Wall Street rally and yesterday 's gains in Tokyo . STOP 
But the advance *UNKED* as *UNKS* traders and investors *UNK* about the U.K. economic outlook took over . STOP 
The unexpectedly wide U.S. August trade deficit of $ *UNKN* billion hit an already *UNK* U.K. market in *UNK* . STOP 
Michael *CUNKS* , who manages sales and trading for brokerage concern Societe Generale *CUNKS* *CUNK* , said : `` It 's a nervous market . STOP 
It was all over the place . STOP 
If you bought , you wish you had n't , and if you sold , you wish you had n't . '' STOP 
He said the current market `` is all about sentiment , and the sentiment in London is 90 % anxiety and worry . '' STOP 
Britain 's economic fundamentals , he said , `` do n't look very bright . '' STOP 
Dealers said London showed signs of *UNKING* in *UNK* after Wall Street avoided sharp losses despite the trade report , but a wave of *UNKED* selling later in the session sent buyers back to the sidelines . STOP 
Still , some sectors found buying interest after being actively sold in recent weeks . STOP 
*CUNK* banks were stronger across the board . STOP 
Morgan Grenfell , which has been mentioned in takeover rumors , rose 20 to *UNKN* pence -LRB- $ *UNKN* -RRB- a share . STOP 
*CUNK* *CUNK* , a rumored target of some European banking concerns , finished 22 higher at 400 . STOP 
*CUNKS* rose 5 to *UNKN* , and *CUNKS* rose 25 to # *UNKN* . STOP 
On the corporate front , Ford Motor announced that it raised its stake in U.K. luxury car maker Jaguar to 10.4 % from 5 % . STOP 
Jaguar shares jumped 23 before easing to close at *UNKN* , up 6 . STOP 
*CUNK* , a British computer hardware and communications equipment maker , eased 4 to 47 . STOP 
It announced a 52 % plunge in pretax profit for the latest year . STOP 
*CUNK* stocks were firm to higher on talk of early *UNKING* , but most ended below their *UNKS* . STOP 
Bass ended up 3 higher at *UNKN* , Guinness closed at *UNKN* , down 7 , and *CUNK* & *CUNK* dropped 11 to *UNKN* , but Whitbread Class A shares rose 17 to *UNKN* . STOP 
Dealers said there was late talk of a Whitbread sale of brewing operations to *CUNK* & *CUNK* . STOP 
The most active shares were major *UNKS* , particularly *UNKS* and utilities such as British Gas and British Telecommunications . STOP 
Traders attributed the action in them largely to defensive *UNKING* in a volatile market . STOP 
British Gas finished at *UNKN* , down 2 , on 13 million shares , British Petroleum fell 8 to *UNKN* on *UNKN* million shares , and British *CUNK* was 4 lower at *UNKN* on turnover of 10 million shares . STOP 
Cable & *CUNKS* fell 20 to *UNKN* . STOP 
Also in active trading , British Steel fell 1 to *UNKN* as 20 million shares changed hands . STOP 
*CUNKAL* Electric , which traded 11 million shares , declined 12 to *UNKN* . STOP 
In other European markets , share prices closed sharply higher in Frankfurt and Zurich and posted moderate rises in Stockholm , Amsterdam and Milan . STOP 
Paris closed lower , and most Brussels shares were unable to trade for a second consecutive day because of technical problems . STOP 
South African gold stocks closed higher . STOP 
Elsewhere , share prices rebounded in Hong Kong , Sydney , Singapore , Wellington , Taipei , Manila and Seoul . STOP 
In Hong Kong , Sydney and Singapore -- the largest of those exchanges -- stocks recovered one-third to *UNK-* of the ground they lost in Monday 's plunge , with major market indexes posting gains of 3.6 % to 4.4 % . STOP 
Here are price trends on the world 's major stock markets , as calculated by Morgan Stanley Capital International Perspective , Geneva . STOP 
To make them directly comparable , each index is based on the close of 1969 equaling 100 . STOP 
The percentage change is since year-end . STOP 
*CUNK* Industries Inc. said it received approval to proceed on four separate projects with a total contract value of $ 59 million . STOP 
The projects include construction of a *UNKN* *UNK* *UNK-* plant for *CUNK* *CUNKION* *CUNK* , *CUNK* , Mich. ; a steam *UNKING* plant at *CUNK* , Calif. , that *CUNK* will own and operate , and two *UNKER* control projects in Orange County , Calif . STOP 
*CUNK* Corp. and *CUNK* Corp. said they completed the previously reported sale of *CUNK* 's San *CUNKED* *CUNK* *CUNKS* division to *CUNK* . STOP 
*CUNK* , a New York-based maker of *UNK* electronic products , paid $ 11 million in cash to *CUNK* , a *CUNKED* maker of semiconductor products . STOP 
*CUNK* *CUNKS* makes *UNKS* and *UNKS* used to protect electronics . STOP 
Consolidated *CUNKS* Inc. said it plans to spend $ *UNKN* million on new *UNKING* equipment and facilities . STOP 
The producer of paper used in magazines and by commercial *UNKS* said spending on the expansion is planned to begin in the first quarter of 1990 . STOP 
The expansion is subject to approval by federal and Wisconsin environmental regulators . STOP 
THE *CUNK* of *CUNKED* Power Inc. , which split *UNKN* in May , has risen since August 1988 . STOP 
In yesterday 's edition , it was incorrectly stated that the company 's share price has *UNKED* since August 1988 . STOP 
The stock market 's *UNKING* gyrations during the past few days have made a lot of individual investors wish they could buy some sort of insurance . STOP 
After all , they wo n't soon forget the stock *UNKS* that became available after the October 1987 crash . STOP 
But while they want to be on the alert for similar buying opportunities now , they 're afraid of being *UNKED* by another *UNKING* plunge . STOP 
The solution , at least for some investors , may be a *UNKING* technique that 's well known to players in the *UNKS* market . STOP 
*CUNKED* a `` married put , '' the technique is carried out by purchasing a stock and simultaneously buying a put option on that stock . STOP 
It 's like `` fire insurance , '' says *CUNK* Roth , the senior options strategist at *CUNK* & Co . STOP 
Because a put option gives its owner the right , but not the obligation , to sell a fixed number of shares of the stock at a stated price on or before the option 's expiration date , the investor is protected against a sudden drop in the stock 's price . STOP 
But most investment advisers do n't recommend using married puts all the time . STOP 
That 's because the cost of buying put options *UNKS* into an investor 's profit when stock prices rise . STOP 
`` This is the type of fire insurance you only buy when the nearby *UNKS* are on fire , '' says Mr. Roth . STOP 
`` You always want your house insured , but you do n't always feel the need for your investments to be insured . '' STOP 
In addition to *UNKING* new stock purchases , the *UNK-* technique can be used to protect stocks that an investor already owns . STOP 
In either case , the investor faces three possible *UNKS* : STOP 
-- If the stock goes up in price between now and the put 's expiration date , the put will probably expire *UNKS* . STOP 
The investor will be out the cost of the put , which is called the `` premium , '' and this loss will reduce the stock-market profit . STOP 
-- If the stock *UNKS* at the same price between now and the put 's expiration date , the investor 's loss will be limited to the cost of the put , less any amount realized from a closing sale of the put . STOP 
The *UNK-* scenario would be if the put expires *UNKS* . STOP 
-- If the price of the stock declines , the put will increase in value . STOP 
Once the stock price is less than the exercise price , or `` strike price , '' of the put , the gain will match the loss on the stock dollar for dollar . STOP 
The put *UNKS* a minimum selling price for the stock during its life . STOP 
When a stock falls below the put 's strike price , the investor simply sells the stock at a loss and simultaneously sells the put at a profit . STOP 
Or , the investor can exercise the put , by *UNKING* the stock to his or her broker in return for payment from another investor who has sold a put on the same stock . STOP 
*CUNKS* handle such transactions through the Options Clearing Corp. , which guarantees all option trades . STOP 
The accompanying table shows how this strategy would work for three stocks . STOP 
Though not reflected in the table , an investor should know that the cost of the option insurance can be *UNKLY* offset by any dividends that the stock pays . STOP 
For example , *CUNK* Inc. pays a quarterly dividend of 76 cents , which would be received before the February option expires and , thus , reduce the cost of using the technique by that amount . STOP 
In this case , the investor 's risk would n't exceed 3.6 % of the total investment . STOP 
To *UNK* the calculations , commissions on the option and underlying stock are n't included in the table . STOP 
There are more than 650 stocks on which options may be bought and sold , including some over-the-counter stocks . STOP 
But some investors might prefer a *UNKER* strategy then *UNKING* their individual holdings . STOP 
They can do this by purchasing `` index puts , '' which are simply put options on indexes that match broad baskets of stocks . STOP 
For instance , the most popular index option is the S&P 100 option , *UNKLY* called the *CUNK* . STOP 
It is based on the stocks that make up Standard & Poor 's *UNK-* index . STOP 
Unlike options on individual issues , index options are settled only in cash , and no stock is ever tendered . STOP 
But while index options are *UNK* , they have several *UNKS* . STOP 
For one thing , an investor 's portfolio might not closely match the S&P 100 . STOP 
As a result , the *CUNK* insurance may or may not fully protect an investor 's holdings in the event of a market decline . STOP 
In addition , *CUNK* options were suspended from trading last Friday afternoon , after the stock-market sell-off got under way and trading in the *CUNK-* futures contract was halted . STOP 
So an investor who wanted to realize a profit on *CUNK* puts after the trading suspension would have been out of *UNK* . STOP 
On the other hand , only a handful of individual issues were suspended from trading on Friday . STOP 
*CUNKLY* , once the underlying investment is suspended from trading , the options on those investments also do n't trade . STOP 
*CUNKLY* , whether the insurance provided by purchasing puts is *UNK* depends on the cost of the options . STOP 
That cost rises in times of high market volatility . STOP 
But it still might be cheaper than taking a major hit . STOP 
The protection from using married puts is clearly superior to that *UNKED* by another options strategy some investors consider using during troubled times : selling call options on stocks the investor owns . STOP 
A call option is similar to a put , except that it gives its owner the right to buy shares at a stated price until expiration . STOP 
*CUNKING* a call option gives an investor a small *UNKER* against a stock-market decline . STOP 
That 's because it reduces the cost of the stock by the amount of premium received from the sale of the call . STOP 
But if the price of the stock rises above the strike price of the option , the stock is almost certain to be called away . STOP 
And in that case , the investor *UNKS* out on any major *UNK* gain . STOP 
These calculations exclude the effect of commissions paid and dividends received from the stock . STOP 
All prices are as of Monday 's close . STOP 
*CUNKS* for quick *UNK* of pending deficit-reduction legislation *UNKED* as efforts to *UNK* the House version in advance of a House-Senate conference broke down . STOP 
House leaders had hoped to follow the Senate 's lead by getting an agreement from House committee *UNK* under which they would drop items that would n't reduce the fiscal 1990 budget deficit from the *CUNKED* bill before the negotiations with the Senate began . STOP 
But the effort became *UNKED* on the question of what would become of other issues , ranging from cutting the capital-gains tax to child care to repeal of *UNKS* insurance . STOP 
`` Many members feel there are important features of the House bill that should be enacted , '' Speaker Thomas Foley -LRB- D. , *CUNK* . -RRB- said . STOP 
`` If there is any support for reducing the bill , it is *UNKED* on their desire to see them passed in another form . '' STOP 
Now those items will be discussed in a House-Senate conference , which could begin as soon as today , with the *UNKION* that they could either be resolved there or placed into other legislation . STOP 
`` You 've got to give these *UNK* the opportunity to see if they can work things out , '' said House Budget Committee Chairman *CUNK* *CUNK* -LRB- D. , Calif . -RRB- . STOP 
`` This is a democratic process -- you ca n't *UNK-* anything around here . '' STOP 
White House Budget Director Richard Darman has said he would continue to press to keep the capital-gains provision in the final version of the bill unless the House drops many of its costly provisions . STOP 
Senate leaders had hoped to be able to send a compromise version of the measure to President Bush by the end of the week , but Speaker Foley said that was n't likely . STOP 
*CUNK* to pass the bill meant that $ *UNKN* billion in *UNK-* spending cuts took effect Monday under the Gramm-Rudman budget law . STOP 
The bill must be enacted before the cuts can be restored . STOP 
*CUNK* *CUNK* in Standard & Poor 's 500 stock-index futures contracts on the Chicago Mercantile Exchange Monday totaled *UNKN* contracts . STOP 
Yesterday 's edition incorrectly reported Monday 's trading volume as a record for the S&P 500 contract . STOP 
*CUNK* Corp. raised $ 1 billion in new capital during the third quarter . STOP 
In yesterday 's edition , the amount of new capital was *UNKED* . STOP 
*CUNK* Capital Inc. said its tender offer to buy back as many as 1.1 million , or 44 % , of its common shares at $ 3 apiece , which expired Friday evening , was *UNKED* . STOP 
The developer and manager of *UNK-* limited partnerships said preliminary results indicate that about *UNKN* shares had been tendered , giving a preliminary *UNKION* factor of *UNKN* . STOP 
The final *UNKION* factor will be announced Monday . STOP 
*CUNK* Exploration Ltd. said it is proposing to *UNK* four of its associated companies . STOP 
Under a proposed *UNK-* *UNKION* involving share *UNKS* , ABM Gold Corp. , a gold exploration and management company , will merge with *CUNK* Resources Corp. , United Gold Corp. and *CUNK* Resources Inc . STOP 
ABM will also increase its stake in *CUNK* Gold Corp. to 42 % from 26 % . STOP 
*CUNK* said it will own about 50 % of the equity and 81 % of the votes of ABM after the *UNKION* . STOP 
The *UNKS* are subject to regulatory approval and require approval by shareholders of ABM , *CUNK* , United and *CUNK* at special meetings on Nov. 10 . STOP 
Steven C. Walker , senior vice president of this bank holding company , was named president , chief executive officer and a director of both Commercial National and Commercial National Bank . STOP 
He succeeds James E. *CUNK* III , who resigned from all three posts to pursue other interests . STOP 
Cincinnati *CUNK* Inc. said it introduced two radar detectors . STOP 
One unit , called the *CUNK* , uses a new *UNKAL* *UNKING* technology to *UNK* radar signals much sooner than was previously possible , the company said . STOP 
The other , called the *CUNK* , is *UNK* operated and is the first *UNK-* radar *UNK* that does n't need a power *UNK* , the company said . STOP 
A surprising surge in the U.S. trade deficit raised fears that the nation 's export drive has stalled , and caused new turmoil in financial markets . STOP 
The merchandise trade deficit widened in August to $ *UNKN* billion , the Commerce Department reported , a sharp deterioration from July 's $ *UNKN* billion and the largest deficit of any month this year . STOP 
*CUNKS* fell for the second month in a row , while imports rose to a record . STOP 
`` This is one of the worst trade releases we 've had since the dollar *UNKED* out in 1987 , '' said *CUNK* Dennis , chief international economist at James Capel Inc . STOP 
Like most analysts , Mr. Dennis was *UNK* to read too much into one month 's numbers ; but he said , `` It indicates perhaps that the balance in the U.S. economy is not as good as we 've been led to believe . '' STOP 
The number had a *UNKING* effect on Wall Street , suggesting that more fundamental economic problems may *UNUNK* last Friday 's stock market slide . STOP 
The Dow Jones Industrial Average tumbled more than 60 points after the report 's release , before recovering to close *UNKN* points lower at *UNKN* . STOP 
`` This bad trade number raises some deeper issues about the market decline , '' said Norman Robertson , chief economist for Mellon Bank . STOP 
`` It raises questions about more *UNKED* problems , the budget deficit and the trade deficit and the *UNKING* lack of ability to come to *UNKS* with them . '' STOP 
The trade report drew yet another *UNKING* *UNK* to October 1987 . STOP 
On Oct. 14 of that year , the announcement of an unusually large August trade deficit helped trigger a steep market decline . STOP 
The slide continued until the record *UNK-* market drop on Oct. 19 . STOP 
In 1987 , however , the news was the latest in a string of *UNKS* on trade , while the current report comes after a period of improvement . STOP 
The bleak trade report was played down by the Bush administration . STOP 
Commerce Secretary Robert *CUNKER* called the *UNKING* trade figures `` disappointing after two very good months . '' STOP 
And White House spokesman Marlin Fitzwater said the deficit was `` an *UNUNK* increase , '' adding that `` we 're *UNK* that it simply is a *UNK-* situation and will turn around . '' STOP 
But the figures *UNKED* the view of many private analysts that the improvement in the U.S. trade deficit has run out of steam . STOP 
`` The figures today add further evidence to support the view that the improvement in the U.S. trade deficit has essentially stalled out at a level of about a $ 110 billion annual rate , '' said Jeffrey Scott , a research fellow at the Institute for International *CUNKS* here . STOP 
`` That 's still an improvement over last year , but it leads one to conclude that basically we 've gotten all the *UNK* we can out of past dollar depreciation and past marginal cuts in the federal budget deficit . '' STOP 
*CUNKS* declined for the second consecutive month in August , slipping 0.2 % to $ *UNKN* billion , the Commerce Department reported . STOP 
*CUNKS* , on the other hand , *UNKED* 6.4 % to a record $ *UNKN* billion . STOP 
Not only was August 's deficit far worse than July 's , but the government revised the July figure substantially from the $ *UNKN* billion deficit it had initially reported last month . STOP 
Many economists contend that deep cuts in the U.S. budget deficit are needed before further trade improvement can occur . STOP 
That 's because the budget deficit *UNKS* an enormous appetite in this country for both foreign goods and foreign capital , overwhelming the nation 's capacity to export . STOP 
`` People are sick and *UNKED* of hearing about these deficits , but the *UNKS* are still there and they are still a problem , '' said Mr. Robertson . STOP 
In addition , the rise in the value of the dollar against foreign currencies over the past several months has increased the price of U.S. products in overseas markets and hurt the country 's *UNKS* . STOP 
Since March , exports have been virtually flat . STOP 
At the same time , William T. *CUNK* , international vice president at the U.S. Chamber of Commerce , notes : `` Clearly the stronger dollar has made imports more attractive '' by causing their prices to decline . STOP 
Most economists expect the slowing U.S. economy to curb demand for imports . STOP 
But they *UNK* little substantial progress in exports unless the dollar and the federal budget deficit come down . STOP 
`` The best result we could get from these numbers would be to see the administration and Congress get serious about putting the U.S. on an *UNKLY* competitive economic *UNKING* , '' said Howard Lewis , vice president of international economic affairs at the National Association of Manufacturers . STOP 
`` That must start with cutting the federal budget deficit . '' STOP 
August 's decline in exports reflected *UNKS* in sales of industrial supplies , capital goods and food abroad and increases in sales of motor vehicles , parts and engines . STOP 
The jump in imports stemmed from *UNK-* increases in purchases of foreign goods . STOP 
The numbers were adjusted for usual seasonal fluctuations . STOP 
Alan *CUNK* contributed to this article . STOP 
-LRB- In billions of U.S. dollars , not seasonally adjusted -RRB- STOP 
\* *CUNKLY* industrialized countries : Singapore , Hong Kong , Taiwan , South Korea STOP 
Steve *CUNKS* took a step back from the *UNKER* of *UNKER* technology in an effort to spur sales of Next Inc. 's new machine . STOP 
Mr. *CUNKS* moved to *UNK* a couple of his computer 's *UNKS* yesterday by lowering the *UNK-* price for a Next machine by $ 1,500 , or 23 % , if the buyer *UNKS* a *UNK-* drive as an alternative to Next 's *UNK-* device . STOP 
The hard drive , which is the storage device of choice for virtually every desktop computer user , also now will *UNK* Next 's *UNK* optical device if buyers pay full price . STOP 
Mr. *CUNKS* , *UNKER* of Apple Computer Inc. , founded Next four years ago in the hopes of *UNKING* a revolution in the way desktop computers are designed and used . STOP 
His Next computer , introduced about a year ago and aimed primarily at university computer users , sports *UNK* graphics , *UNKAL* sound , *UNK-* *UNKING* and a *UNK* black design . STOP 
But the computer was proving a hard sell because of its high price , a lack of software and an optical *UNK-* device that was too slow . STOP 
The machine began shipping at the end of last year . STOP 
The closely held company has n't disclosed sales . STOP 
However , most universities that have bought the machines say they are buying small numbers for evaluation purposes . STOP 
*CUNKS* can now buy a Next computer without an optical storage device for $ *UNKN* . STOP 
A computer with the optical device will still cost $ *UNKN* , but from now on Next will *UNK* every computer with a hard drive and supply one at no cost to those who have already bought Next machines . STOP 
Commercial customers can purchase the same system through *CUNK* Inc. , a computer retailer based in San Jose , Calif. , for roughly $ 3,000 more . STOP 
Mr. *CUNKS* said the changes were prompted by requests from customers who are frustrated with the performance of the optical device , which is n't offered as standard equipment by any rivals . STOP 
Another factor was that customers were asking , `` Why do n't you give us a cheaper system ? '' Mr. *CUNKS* said at a conference on university computing here . STOP 
*CUNK-* devices can handle very large amounts of data and make it far easier to *UNK* film *UNKS* or audio *UNKS* with a computer . STOP 
But the technology , while *UNK* , is far slower than the widely used hard drives . STOP 
To get around the delays caused by the optical device , *CUNK* , which is Next 's exclusive dealer to corporations , has for months been advising customers to purchase hard drives with the machines . STOP 
Next 's decision to rely on the *UNKED* hard drive in every Next computer does n't signal a retreat from optical storage , said Mr. *CUNKS* , who for years has said this technology will play a crucial role in the next decade . STOP 
`` We 're extremely committed to optical storage technology '' he said . STOP 
`` We think everything will go this way in a few years . '' STOP 
He said that the next generation of optical drives will be as fast as hard drives , but he depends on outside suppliers for the devices . STOP 
But university computer specialists , who *UNKED* the move , called it a necessary retreat from the cutting edge of technology and one that 's likely to increase Next 's sales on *UNKS* . STOP 
`` From the *UNK* of being on the *UNK* of technology , this is a step *UNK* , '' said Jerry W. *CUNKER* , a senior computing manager for the California state university system . STOP 
`` But it will definitely boost Next 's sales . '' STOP 
*CUNKS* , however , say Next 's prices must go even lower before large numbers of students purchase the machine . STOP 
`` We 'd still like to see a student model , '' priced at about $ *UNKN* , said Ronald Johnson , director of academic computing at Minnesota 's *CUNKS* *CUNKS* College , which has bought eight Next machines . STOP 
*CUNK* *UNK* of Next 's computer also is *UNKED* by difficulty in *UNKING* software for it . STOP 
Most software is distributed on cheap *UNK* disks , but the Next computer does n't come with a device that *UNKS* them . STOP 
Next 's computer also needs more software applications , but Mr. *CUNKS* said he expects more soon . STOP 
He said he expects Lotus Development Corp. to introduce a Next version of its popular *UNKN* *UNK* program in 1990 . STOP 
*CUNKS* added that Next needs to soon offer a color version of its computer . STOP 
Every major maker offers computers with color displays . STOP 
Next wo n't comment on when it will do the same , but is believed to have a color model under development . STOP 
Donald J. *CUNKAL* , 37 years old , was named president and chief operating officer of this owner and operator of hospitals , *UNKING* centers and retirement hotels . STOP 
He succeeds as president , Don *CUNK* , who remains chairman and chief executive officer . STOP 
The position of chief operating officer is new . STOP 
*CUNK-* Corp. reported a net loss of $ *UNKN* million , or 74 cents a share , for the third quarter , which was *UNKED* by *UNK* costs and the expense of *UNKING* its *UNK* software inventories . STOP 
The software company said revenue slid 28 % to $ *UNKN* million . STOP 
This *UNKS* with the year-ago quarter , when the company had net income of $ *UNKN* million , or 45 cents a share , on revenue of $ *UNKN* million . STOP 
For the nine months , *CUNK-* had a loss of $ *UNKN* million , or $ 1.05 a share . STOP 
In the year-ago period , the company had profit of $ *UNKN* million , or $ *UNKN* a share . STOP 
Revenue in the period slid almost 8 % to $ *UNKN* million from about $ *UNKN* million last year . STOP 
Edward M. *CUNKER* , chairman , president and chief executive officer , attributed the decline to reduced domestic revenue because of $ 4.9 million spent to *UNK* existing software inventories to the new *UNK* *CUNK* *CUNKION* 1.1 , and $ 1.8 million spent on the recent reduction in work force . STOP 
He said the company was `` encouraged by *UNK* '' it received from selected customers now testing *CUNKION* 1.1 . STOP 
The red ink came as no surprise to Wall Street , but analysts said they saw *OUS* *UNKS* of a further delay in volume shipments of *CUNKION* 1.1 , a *UNKER* of continued losses in the fourth quarter . STOP 
`` The loss is in line with our expectations , '' said John C. Maxwell III , an analyst with *CUNK* , *CUNK* & Co. in New York . STOP 
He added gross margins and operating profit `` *UNKED* quite *UNKLY* '' from the prior quarter , along with sales of existing software product lines like *CUNK* and *CUNK* . STOP 
`` The success of a new product in the *UNK* line is needed . STOP 
And while the company has n't made a *UNK* statement , it now looks like that 's not going to be *UNK* soon , '' Mr. Maxwell said . STOP 
The company said in a statement that it expects to ship new products `` during the next two quarters . '' STOP 
`` It now looks like *UNK* *CUNK* *CUNKION* 1.1 is n't going to be -LCB- widely -RCB- available until the first quarter of 1990 , '' said David *CUNKER* , an analyst with *CUNK* Securities in San Francisco . STOP 
`` This is the second delay now in getting the product out the door . STOP 
It does *UNK* the *UNK* somewhat . '' STOP 
Mr. Maxwell said unless the company can start shipments of the new product sometime this quarter , the fourth-quarter loss is likely to be `` comparable to the third quarter 's . '' STOP 
If the company can start to ship during this quarter , it could stem some , if not all of the red ink , he said . STOP 
In national over-the-counter trading , *CUNK-* closed yesterday at $ 10 a share , up 62.5 cents . STOP 
Tuesday , October 17 , 1989 STOP 
The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions . STOP 
PRIME RATE : 10 1\/2 % . STOP 
The base rate on corporate loans at large U.S. money center commercial banks . STOP 
FEDERAL FUNDS : 8 11\/16 % high , 8 5\/8 % low , 8 5\/8 % near closing bid , 8 11\/16 % offered . STOP 
Reserves traded among commercial banks for overnight use in amounts of $ 1 million or more . STOP 
Source : Fulton Prebon -LRB- U.S.A . -RRB- Inc . STOP 
DISCOUNT RATE : 7 % . STOP 
The charge on loans to depository institutions by the New York Federal Reserve Bank . STOP 
CALL MONEY : 9 3\/4 % to 10 % . STOP 
The charge on loans to brokers on stock exchange collateral . STOP 
COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. : 8.40 % 30 to 44 days ; *UNKN* % 45 to 59 days ; *UNKN* % 60 to 89 days ; 8 % 90 to 119 days ; *UNKN* % 120 to *UNKN* days ; *UNKN* % 150 to 179 days ; *UNKN* % 180 to 270 days . STOP 
COMMERCIAL PAPER : High-grade unsecured notes sold through dealers by major corporations in multiples of $ 1,000 : 8.50 % 30 days ; 8.40 % 60 days ; 8.375 % 90 days . STOP 
CERTIFICATES OF DEPOSIT : 8.05 % one month ; *UNKN* % two months ; 8 % three months ; 7.98 % six months ; *UNKN* % one year . STOP 
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 . STOP 
The minimum unit is $ 100,000 . STOP 
Typical rates in the secondary market : 8.50 % one month ; 8.50 % three months ; 8.45 % six months . STOP 
BANKERS ACCEPTANCES : *UNKN* % 30 days ; *UNKN* % 60 days ; *UNKN* % 90 days ; *UNKN* % 120 days ; *UNKN* % 150 days ; *UNKN* % 180 days . STOP 
Negotiable , bank-backed business credit instruments typically financing an import order . STOP 
LONDON LATE EURODOLLARS : 8 5\/8 % to 8 1\/2 % one month ; 8 9\/16 % to 8 7\/16 % two months ; 8 9\/16 % to 8 7\/16 % three months ; 8 1\/2 % to 8 3\/8 % four months ; 8 7\/16 % to 8 *UNKN* % five months ; 8 7\/16 % to 8 *UNKN* % six months . STOP 
LONDON INTERBANK OFFERED RATES -LRB- LIBOR -RRB- : 8 5\/8 % one month ; 8 9\/16 % three months ; 8 7\/16 % six months ; 8 7\/16 % one year . STOP 
The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks . STOP 
FOREIGN PRIME RATES : Canada 13.50 % ; Germany 8.50 % ; Japan 4.875 % ; Switzerland 8.50 % ; Britain 15 % . STOP 
These rate indications are n't directly comparable ; lending practices vary widely by location . STOP 
*CUNK* *CUNK* : Results of the Monday , October 16 , 1989 , auction of short-term U.S. government bills , sold at a discount from face value in units of $ 10,000 to $ 1 million : *UNKN* % 13 weeks ; *UNKN* % 26 weeks . STOP 
FEDERAL HOME LOAN MORTGAGE *CUNK* . -LRB- Freddie Mac -RRB- : Posted yields on 30-year mortgage commitments for delivery within 30 days . STOP 
*UNKN* % , standard conventional fixed-rate mortgages ; 7.875 % , 2 % rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
FEDERAL NATIONAL MORTGAGE ASSOCIATION -LRB- Fannie Mae -RRB- : Posted yields on 30 year mortgage commitments for delivery within 30 days -LRB- priced at par -RRB- *UNKN* % , standard conventional fixed-rate mortgages ; *UNKN* % , 6\/2 rate capped one-year adjustable rate mortgages . STOP 
Source : Telerate Systems Inc . STOP 
MERRILL LYNCH READY ASSETS TRUST : 8.50 % . STOP 
Annualized average rate of return after expenses for the past 30 days ; not a forecast of future returns . STOP 
*CUNK* Corp. reported that third-quarter net income fell 12 % from a year-earlier quarter helped by a gain from discontinued operations . STOP 
Profit from continuing operations rose 19 % . STOP 
The chemicals and insurance company said net in the latest quarter was $ *UNKN* million , or 45 cents a share . STOP 
In the year-earlier quarter , net was $ *UNKN* million , or 51 cents a share . STOP 
The *UNK-* quarter included $ *UNKN* million from businesses *UNK* off as *CUNK* Industries Inc . STOP 
Revenue was $ *UNKN* million , up 18 % from $ *UNKN* million a year ago . STOP 
*CUNK* said pretax profit from its insurance segment , excluding investment gains , rose 28 % in the latest quarter to $ *UNKN* million from $ *UNKN* million . STOP 
In the chemicals segment , pretax profit rose 7 % to $ *UNKN* million from $ *UNKN* million . STOP 
The company 's chemicals interests include , among other things , petroleum *UNKS* , pharmaceuticals *UNKS* and *UNK* used by the semiconductor industry . STOP 
For the nine months , *CUNK* said net fell 2 % to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , $ *UNKN* a share , a year ago . STOP 
Net in the latest period included $ *UNKN* million from discontinued operations and a charge of $ 6.2 million from a plant closing . STOP 
In the year-ago period , net included $ *UNKN* million from discontinued operations . STOP 
Revenue was $ *UNKN* billion , up 18 % from $ *UNKN* billion a year earlier . STOP 
In New York Stock Exchange composite trading , *CUNK* closed at $ *UNKN* a share , up 12.5 cents . STOP 
*CUNK* Co. , helped by a hefty boost in performance at its broadcasting and entertainment operations , said net income jumped 21 % in its third quarter ended Sept. 24 on a 3 % increase in revenue . STOP 
The broadcasting and newspaper concern , based in Chicago , said net was $ *UNKN* million , or 77 cents a primary share , up from $ *UNKN* million , or 69 cents a share . STOP 
Per-share figures this year reflect $ 6.8 million in *UNK-* dividends ; the 1988 quarter did n't have such a *UNK* . STOP 
Revenue rose to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK-* net climbed 19 % to $ *UNKN* million , or $ *UNKN* a primary share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
*CUNK-* per-share figures for 1989 reflect $ *UNKN* million in preferred dividends that had no counterpart in the year-earlier quarter . STOP 
Revenue rose 4 % to $ *UNKN* billion . STOP 
In New York Stock Exchange composite trading Friday , *CUNK* closed at $ *UNKN* , down $ *UNKN* . STOP 
*CUNK* Corp. said about 12 million , or 93 % , of the publicly traded units of its limited partnership , *CUNK* Exploration Partners Ltd. , were tendered in response to an offer that expired Monday . STOP 
*CUNK* said the tendered units will raise its ownership of the partnership to more than 99 % from 87 % . STOP 
About *UNKN* units will continue to be publicly traded on the New York Stock Exchange , *CUNK* said . STOP 
*CUNK* had offered *UNK-* a share of its common and $ 1 in cash for each unit . STOP 
The public sector borrowing requirement , the most widely used measure of Britain 's government deficit or surplus , showed a deficit of # 200 million in September , compared with a deficit of # *UNKN* million in August and a deficit of # *UNKN* billion in September 1988 , the Treasury said . STOP 
In the six months since the current fiscal year began April 1 , the surplus totaled # 500 million , compared with a surplus of # 3.6 billion in the year-earlier period . STOP 
The government is *UNKING* a # 14 billion surplus for the fiscal year . STOP 
The reported figures for the public sector borrowing requirement include receipts from the sale of state-owned industries . STOP 
Excluding those receipts , the government deficit would have totaled about # 2.5 billion in the first six months , compared with # 1.3 billion a year earlier , the Treasury said . STOP 
French *UNK-* production in September was *UNKN* metric tons , unchanged from a year earlier , according to the National Steel Manufacturers ' Association . STOP 
The association said the September total brought French output for the first nine months this year to *UNKN* tons , up 4.5 % from a year earlier . STOP 
Prospect Group Inc. , whose recent hostile tender offer for Recognition Equipment Inc. failed for lack of financing , apparently has gained a measure of control over the troubled company anyway . STOP 
As part of what a Recognition spokeswoman *UNKED* an `` *UNK* agreement , '' Prospect Group will wind up with control of top management posts and an increased stake in the maker of data management equipment . STOP 
In a management restructuring , Thomas L. *CUNKER* resigned as chairman , chief executive and a director , while Israel *CUNK* resigned as a director . STOP 
Mr. *CUNK* remains as executive vice president . STOP 
Thomas M. *CUNK* and Robert A. *CUNK* , who had been designated to take over Recognition 's top spots had Prospect 's tender offer succeeded , were named *UNK-* executives and directors . STOP 
Mr. *CUNK* was formerly a vice president and general manager of an Avery International division ; Mr. *CUNK* was a former group vice president of *CUNK* *CUNKS* Inc . STOP 
In addition , the agreement calls for *CUNK* H. *CUNK* , chairman of Prospect Group 's executive committee , to be named chairman of a restructured board that will include four new independent directors . STOP 
Also named to the revised board was Thomas A. *CUNK* , Recognition 's senior vice president and general counsel . STOP 
Prospect , a New York-based leveraged buy-out firm , also agreed to invest $ 15 million in Recognition , which in turn agreed to repurchase as much as $ 20 million of its stock . STOP 
That would increase Prospect 's ownership of the company 's *UNKED* shares outstanding to 20 % from *UNKN* % . STOP 
Under the agreement , Prospect is permitted to increase its stake in Recognition to 30 % . STOP 
Beyond that , Prospect said it would n't offer to acquire additional shares for less than $ *UNKN* a share during the next year or less than $ *UNKN* a share during the subsequent two years . STOP 
Recognition also said it obtained a commitment from Chemical Bank and Bank of Boston to convert an estimated $ 18 million in bank debt to a new , *UNK-* secured term loan to be repaid through the sale of certain assets . STOP 
In August , Recognition said it was in violation of certain terms of its debt agreements with bank lenders because of a $ 3.9 million loss for the third quarter ended July 31 . STOP 
The company attributed the loss to declining revenue and litigation costs relating to criminal charges against the company and two former executives , William G. Moore Jr. and Robert W. *CUNK* . STOP 
The former executives were indicted last October on charges of fraud , theft and conspiracy related to efforts by the company to win $ 400 million in *CUNKAL* Service contracts . STOP 
Recognition Equipment said it expected to put the agreement with Prospect to a vote of its stockholders at a special meeting in January . STOP 
In New York Stock Exchange composite trading , Recognition rose 87.5 cents to $ *UNKN* . STOP 
Prospect slipped 25 cents to $ *UNKN* in national over-the-counter trading . STOP 
General Motors Corp. 's Chevrolet division , *UNKING* to slow sales , said it will offer $ 800 *UNKS* on its 1990 *CUNK* , the *UNK-* version of its core *UNK-* line . STOP 
*CUNK* sales of the *CUNK* , and its *UNK-* sister car , the *CUNK* , prompted GM to idle the two plants that build the *UNKS* for a total of three weeks this month . STOP 
The *CUNK* and *CUNK* make up the *UNK-* car line at Chevrolet , but sales of the vehicles are off 9.6 % for the year , and fell a steep 34 % during early October . STOP 
Chevrolet already is offering an $ 800 *UNK* on the *UNK-* *CUNK* . STOP 
The latest *UNK* is good for all *CUNK* models . STOP 
Chevrolet buyers can take the *UNK* , or get discount financing at rates ranging from 6.9 % on *UNK-* loans to *UNKN* % on *UNK-* loans . STOP 
StatesWest Airlines said it submitted an offer to the directors of Mesa Airlines to acquire the *CUNK* , *CUNK* , carrier . STOP 
*CUNK* to *UNK* its offer as `` fair and generous and in the best interests of Mesa shareholders , '' StatesWest declined to discuss details of its proposal . STOP 
It also asked Mesa to keep the proposal *UNKAL* . STOP 
A Mesa official confirmed *UNK* of the offer and said directors would meet to consider it . STOP 
Last week , Mesa rejected a proposal by StatesWest to acquire it or merge . STOP 
StatesWest has a 7.25 % stake in Mesa , which operates 20 *UNK-* and two *UNK-* *UNKS* among 42 cities in New Mexico , Arizona , *CUNKING* , Colorado and Texas . STOP 
StatesWest operates four *UNK-* *UNK* aircraft , *UNKING* 10 cities in California , Arizona and Nevada . STOP 
The carrier has n't yet turned a profit . STOP 
The former president of *CUNK* *CUNK* , a *UNK* Arkansas thrift , pleaded guilty to *UNKING* to *UNK* the institution 's earnings by *UNKING* *UNKS* loan guarantees . STOP 
Roderick D. *CUNKED* III , who was also chief operating officer of *CUNK* , could receive a maximum sentence of five years in federal prison and a $ 250,000 fine . STOP 
A *UNKING* date has n't been set . STOP 
Mr. *CUNKED* admitted he *UNKED* to *UNKAL* an agreement not to *UNK* loan guarantees executed by Dallas real-estate developers A. *CUNK* Taylor III and George S. Watson , both of whom were *CUNK* stockholders . STOP 
Neither Mr. Taylor nor Mr. Watson have been charged with criminal wrongdoing . STOP 
By *UNKING* the *UNK-* agreement , certain transactions with Messrs. Taylor and Watson were entered on *CUNK* 's books as loans , allowing the thrift to report fees and interest as current income , according to the U.S. attorney 's office in Little Rock , *CUNK* . STOP 
The conspiracy was part of an effort by Mr. *CUNKED* to hide *CUNK* 's *UNK* financial condition from federal regulators , according to federal prosecutors and regulators . STOP 
The $ *UNKN* billion thrift was declared insolvent and closed in December 1986 . STOP 
*CUNK* 's former chairman and chief executive officer , Howard *CUNK* , is also charged with *UNKING* to *UNKAL* the agreements with Messrs. Watson and Taylor . STOP 
Mr. *CUNK* is scheduled for trial Jan. 3 before federal Judge Stephen *CUNKER* of Little Rock . STOP 
I approached `` *CUNK* , '' Larry Gelbart 's new comedy at the *CUNKION* Center , with considerable *UNKION* . STOP 
Nothing , I assumed , would be more *UNKLY* dated than a political *UNK* on the Iran-Contra affair . STOP 
I had *UNKED* , however , both Mr. Gelbart 's *UNK* and the *UNK* of scandal in Washington . STOP 
Though the play clearly is *UNKED* around the events of Iran-Contra , it takes in the wide *UNK* of scandals over the past 30 years . STOP 
In fact , at one point *CUNK* Chase -LRB- *CUNK* *CUNKS* -RRB- , a cool , carefully *UNKED* television *UNKER* , *UNKS* a list of a dozen or more scandals of recent years , *UNKING* with those affecting the Department of Housing and Urban Development and the savings and loan industry . STOP 
*CUNK* , a congressional hearing is in progress , complete with *UNK* *UNKAL* *UNKER* overhead and a *UNK* *UNKION* of the signing of the Constitution in the background . STOP 
The witness table is center stage and below it , the *UNK* for the *UNK-* media , in this case *CUNK* , the Total News Network . STOP 
Not only are there camera operators on all sides , but the proceedings are shown on *UNKS* throughout the theater . STOP 
The *UNK* of theater is not entirely *UNKAL* . STOP 
Mr. Gelbart clearly feels that all the participants in a congressional hearing -- the witnesses , the lawyers , the *UNKS* and the news media -- are *UNKS* . STOP 
As the story of `` *CUNK* '' *UNKS* , we learn that the Internal Revenue Service *UNKED* one of the properties of a foreign financier who owes the government millions in taxes . STOP 
The man , it seems , has a *CUNK* corporation , licensed in *CUNK* and *UNKED* in the *CUNKS* . STOP 
He himself lives in a `` consecutive series of *UNKED* houses in a town in Switzerland . '' STOP 
The property seized by the IRS is a Hollywood film studio , *CUNKER* Pictures *CUNKED* -LRB- *CUNK* -RRB- . STOP 
*CUNKLY* the IRS will sell off the assets of *CUNK* , but before it can , a *UNKLY* IRS agent is called into the hospital room of *CUNK* *CUNKER* , the *UNKING* head of the Central Intelligence Agency . STOP 
The *UNKLY* agent , *CUNK* *CUNK* , who as you might guess , is being led to the *UNKER* , is ordered to take over the studio . STOP 
Soon the studio is producing a $ 40 million picture called `` *CUNK* , the *CUNKION* *CUNK* , '' to *UNK* it from `` *CUNK* , the *CUNK* , '' as well as `` *CUNK* , the *CUNK* '' and `` *CUNK* , the *CUNK* . '' STOP 
The picture , to be made in the Central American country of San *CUNK* , is a cover for sending $ 800 million of arms to Los *CUNKS* , the *UNK* group attempting to regain *UNKING* *CUNK* , which has been taken over by the *UNK* dictator Dr. *CUNK* , a former *UNK* , who leads a *UNK* band of foot *UNKS* . STOP 
The man handling all this for the *UNKED* *CUNKER* is Major *CUNK* Battle , Mr. Gelbart 's stand in for *CUNK* Oliver North . STOP 
Director Michael *CUNKER* has assembled a *UNK-* cast to carry out the *UNKS* of well-known political figures and to play the stock characters who *UNKLY* show up at congressional hearings . STOP 
Daniel *UNK* *CUNK* is *UNK-* but totally assured as Major Battle , *UNKING* just the right brand of *UNKS* and *UNK* ; Jeff *CUNKS* is fire , *UNK* and *UNKED* *UNK* as the *UNK-* senator who serves as a friendly *UNK* of Major Battle ; *CUNK* *CUNKER* is *UNKLY* *OUS* playing a *UNKION* of lawyers ; Joseph Daly has the perfect `` *UNK* , *UNKS* '' *UNK* of George Bush in his *UNKAL* of the vice president ; and *CUNK* McDonough is *UNK-* as a *UNKION* of witnesses ' *UNKS* . STOP 
With one she is pregnant , with Major Battle she is *UNKING* an American flag , and as the vice president 's wife she *UNKS* in with white hair , wearing a *UNKED* suit and *UNKS* , *UNKING* Barbara Bush 's *UNKS* down to the last detail . STOP 
Though it 's clear that Mr. Gelbart 's *UNKS* do not lie with the far right , it 's also true that he is *UNKED* in *UNKING* his *UNKAL* *UNKS* , taking sharp aim at senators and *UNK* of all *UNKS* and particularly at the media . STOP 
Mr. Gelbart also has fun with language . STOP 
`` *CUNK* '' is *UNKED* `` a play on words , '' and Mr. Gelbart plays that game as well as anyone . STOP 
He describes a *CUNK* *UNK* as one who experienced a `` *UNK* *UNK* '' and found himself `` handling *UNK* appeals at the Bureau of Indian Affairs . '' STOP 
This interest in words goes beyond *UNKS* and *UNKS* , however . STOP 
Mr. Gelbart *UNKS* the *UNKION* , the *UNKION* and the *UNK* of language he sees on all sides . STOP 
As the hearings begin , the *UNK-* Sen. *CUNK* -LRB- *CUNK* *CUNK* -RRB- *UNKS* : `` Let me *UNK* one thing at the *UNK* : We are not looking for *UNKS* to skin nor *UNKS* to *UNK* . '' STOP 
Major Battle himself *UNKS* in pure *CUNK* : `` Without further *UNK-* aid , scores of *CUNK* freedom *UNKS* , who had gone way out on their life and *UNKS* for us , were literally cut off at the *UNKS* without a *UNK* . '' STOP 
At another point he *UNKS* : `` *CUNK* is a small price to pay for *UNK* . '' STOP 
The evening is short -- 95 minutes without an *UNKION* -- but even so , as the play *UNKS* the *UNK* of Mr. Gelbart 's *UNK* *UNKS* its *UNKS* as his targets pop up ever more *UNKLY* . STOP 
Most of the evening , though , is filled with rare and welcome *UNK* . STOP 
In `` *CUNK* , '' Mr. Gelbart has provided us not just one but two commodities that have all but *UNKED* from the *CUNK* theater : sharp political *UNK* and an even *UNKER* appreciation of the value of language . STOP 
The Federal National Mortgage Association set up a *UNKER* office of the chairman and elected James A. Johnson as vice chairman , effective Jan. 1 . STOP 
Mr. Johnson has been a managing director at Shearson Lehman Hutton since 1985 , and before that was president of Public *CUNKS* , a Washington consulting firm . STOP 
He is well-known in Democratic circles , having been executive assistant to Vice President Walter *CUNK* and chairman of Mr. *CUNK* 's 1984 presidential campaign . STOP 
At Fannie Mae , he will take responsibility for the corporation 's financial and legal areas and will work with David Maxwell , chairman and chief executive officer , and Roger *CUNK* , president and chief operating officer , on strategic planning . STOP 
Mr. Johnson , 45 years old , has been a consultant on strategy to Fannie Mae for the past 3 1\/2 years . STOP 
In an interview , he said Fannie Mae faces a number of challenges with the restructuring of the thrift industry and the push to *UNK* its activities overseas . STOP 
`` There 's no shortage of major things to do , '' he said . STOP 
Fannie Mae also said James A. *CUNKER* , chairman of First Federal of Michigan and a director since 1985 , moved up the date of his retirement from the board to accommodate Mr. Johnson 's election as a director . STOP 
The board has 13 members elected by holders and five presidential *UNKS* . STOP 
Fannie Mae , a federally *UNKED* , *UNKED* corporation , operates a secondary market for mortgage loans , buying loans from lenders , packaging some into securities for sale to investors and keeping the rest in its portfolio . STOP 
`` The New *CUNK* '' by *CUNK* *CUNK* *CUNK* and Barry J. *CUNK* -LRB- Little , Brown , *UNKN* pages , $ *UNKN* -RRB- , describes the *UNKING* of the old `` our crowd '' Jewish Wall Street banking *UNKS* by such new business *UNKS* as *CUNK* *CUNK* , Carl Icahn , Sanford *CUNK* and Bruce *CUNK* . STOP 
Its many *UNKLY* stories include the *CUNK-* holiday *UNKER* *UNK* . STOP 
These two New *CUNK* families lived in the same apartment building , with the *CUNK* *UNK* *UNKED* on top of the *CUNK* *UNK* . STOP 
The *UNK* *UNK* started up from the *CUNK* landing , and *CUNK* *CUNK* used to turn off its light , to give the impression that there was no higher floor . STOP 
Eventually , Mr. *CUNK* broke his *UNK* in the dark . STOP 
Then the *CUNKS* determined to put up a *UNK-* Christmas *UNK* , *UNKING* a quarter of a ton , to *UNK* their holiday *UNKS* . STOP 
For this , a *UNK* needed to be mounted on the *CUNKS* ' *UNK* . STOP 
The *CUNKS* did not give permission . STOP 
But the *CUNK* workers went ahead anyway , only to be captured `` in *UNK* '' by *CUNK* *CUNK* , who called the police . STOP 
Before the *CUNKS* finally left this *UNKLY* environment for a *OUS* *UNK* on Fifth Avenue and an *UNK-* *UNKION* with a *UNKLY* *UNKED* $ 1 million *UNK* in Paris , the *CUNKS* had obtained an injunction to prevent any future *UNKING* of trees , and in a *UNKLY* spirit hit both the *CUNKS* and the building with a $ 35 million lawsuit . STOP 
Nothing less , it seemed , could *UNK* them for their *UNKS* . STOP 
Where had all the money come from ? STOP 
The young John *CUNK* had been discovered by *CUNKLY* Salomon of Salomon Bros. when he was still a *UNKED* liberal , and put to work as a trader , and then as a *UNK-* *UNK* . STOP 
`` ` *CUNK* off your ... , ' he would *UNK* , '' say the authors . STOP 
*CUNKING* in the firm , he became powerful and *UNK* , though his new wife , *CUNK* , made him *UNK* in the *UNK* columns with her *UNK* spending *UNKS* and *UNK* *UNKS* . STOP 
After he had been head of the company for 3 1\/2 years , he and his partners sold it to *CUNK* , a powerful commodity trading *UNK* , for $ 550 million in *CUNK* stock . STOP 
Limited partner *CUNKLY* Salomon , whose family name had been on the firm 's door for 70 years and who had hoped it would be there forever , was not *UNKED* . STOP 
Mr. *CUNK* *UNKED* $ 32 million , while *CUNKLY* Salomon got $ 10 million , much less than if he had conducted the sale . STOP 
`` I felt *UNKED* , '' he later said . STOP 
*CUNK* , Salomon 's timing had been off . STOP 
Its profits , unlike *CUNK* 's , soared over the next two years , and had it held out , Salomon could have gotten an even bigger *UNK* . STOP 
The book also *UNKS* the not *UNK* *UNKS* surrounding the changing of the guard at Lehman Bros. and other grand old firms . STOP 
*CUNK* the *UNK* , conservative , *UNKED* investment bankers were *UNKED* by crude traders : `` When *UNKED* , he *UNKED* so *UNKLY* that his face *UNKED* and his *UNK-* eyes narrowed into tiny *UNKS* , '' the authors say of Lehman 's Lewis *CUNK* . STOP 
The earlier generation of `` our crowd '' bankers -- *CUNKS* , *CUNKS* , *CUNKS* , *CUNKS* and *CUNKS* -- had *UNKED* above all *UNK* , tradition , *UNK* and reputation . STOP 
They were *UNKED* *UNK* *UNK* , who happened to be of German Jewish *UNKION* . STOP 
But in the *UNK* world of today 's Wall Street they have lost out to more aggressive and sometimes less *OUS* *UNKS* . STOP 
The *UNK* *UNKS* the *UNKS* of other *UNKS* and *UNKS* out their eggs . STOP 
But the old guard hired the New *CUNK* people : It brought in its own *UNKS* . STOP 
So , as the Old *CUNK* *UNKED* from the branch , it should n't have been too surprised . STOP 
The old guard had every right , however , to *UNK* the *UNKS* ' new ways of making money , such as *UNK* . STOP 
-LRB- A *CUNK* article on *CUNK* *CUNK* was *UNKED* , `` *CUNK* and *CUNKING* in the Corporate *CUNKS* . '' -RRB- STOP 
Their other *UNK* has been corporate takeovers , often hostile and financed by junk bonds . STOP 
*CUNK* takeovers are quite a new phenomenon . STOP 
Sometimes they are *UNK* , but often not . STOP 
First , by making management focus on short-term results , they *UNK* building for the future -- just the opposite of Japan . STOP 
Second , a long-term shareholder of a good company need n't worry too much when the stock price drops temporarily : It will *UNK* back . STOP 
But if a raider takes over when the stock is weak , the shareholder never gets his recovery . STOP 
The *UNKS* , meanwhile , have *UNKED* their own pattern for spending their new millions . STOP 
As described in `` The New *CUNK* , '' they take on ambitious new *UNKS* , move to Greenwich , Conn. , or *CUNK* , N.Y. , buy OK pictures , and let their *UNKS* share the wealth with *UNKS* . STOP 
Having donated heavily to *UNKS* , they demand a place on their boards . STOP 
The book is *UNKING* about this *UNK* *UNK* struggle for *UNK* , which has its *UNK* aspects . STOP 
However , on balance , the charity game helps America . STOP 
If those who have the money do n't get involved with the *UNKS* and the charities , then City Hall will do it , badly . STOP 
It has been *UNKLY* observed that the main thing wrong with *UNKED* money is , *UNK* *UNK* *UNK* enough of it . STOP 
A handful of the New *CUNK* operators have *UNKED* the line from the *UNKAL* to the illegal , and have ended up in the *UNKER* or paying huge fines : STOP 
*CUNK* Boesky , Dennis Levine , Martin *CUNK* , Victor and Steven *CUNKER* , and now Michael *CUNK* and perhaps *CUNK* Helmsley . STOP 
The *UNK* office that *CUNK* Boesky *UNKED* for a prison cell had previously contained commodity operators *CUNK* Rich and `` *CUNK* '' Green , today *UNKS* from a potential century apiece of jail *UNKS* . STOP 
The Old *CUNK* is deeply concerned by the *UNK* from all this . STOP 
However , the phenomenon is not specifically Jewish . STOP 
It has always been true that those outside the club want to climb in , and that a few will cut *UNKS* in the process . STOP 
Some pretty *UNK* stuff built the *UNK-* families ' Fifth Avenue and Newport *UNK* and *UNKED* their daughters ' *UNKS* to foreign *UNK* . STOP 
Mr. Boesky was a *UNKER* compared to Jay Gould and Jim *CUNK* , and Commodore *CUNK* thought nothing of *UNKING* judges and legislators . STOP 
So who knows ? STOP 
In a generation or two some of the New *CUNK* may *UNK* true *UNK* , perhaps to be *UNKED* in turn by a later *UNK* of *OUS* *UNKS* . STOP 
Or perhaps Wall Street , when it has suffered enough , will realize that finance is a service industry , and change its *UNKS* . STOP 
Mr. *CUNK* is president of *CUNK* , Smith Investment *CUNK* , New York . STOP 
Dallas investor Harold C. Simmons said he raised his stake in Lockheed Corp. to *UNKN* % from *UNKN* % of the aerospace and electronics concern 's common shares . STOP 
In a Securities and Exchange Commission filing , Mr. Simmons said he and companies he controls , *CUNK* Industries Inc. and *CUNK* *CUNKS* Inc. , hold *UNKN* shares of Lockheed , of *CUNKS* , Calif . STOP 
They include *UNKN* shares bought Friday for between $ *UNKN* and $ 48 each . STOP 
In composite trading on the New York Stock Exchange , Lockheed closed at $ *UNKN* a share , down 12.5 cents . STOP 
Earlier this week , Mr. Simmons *UNKED* to published reports *UNKING* him as saying he planned to sell his Lockheed stake because `` the defense industry seems to be getting more uncertain . '' STOP 
*CUNK* Inc. , another of Mr. Simmons ' companies , responded to an article Monday in The Wall Street Journal , which credited a story in the Sunday Los Angeles Daily News . STOP 
*CUNK* said the articles did n't *UNKLY* reflect *CUNK* and its affiliates ' intentions toward Lockheed . STOP 
Instead , *CUNK* said , they may increase , decrease or retain their Lockheed holdings , depending on a number of conditions . STOP 
Canada , which is preparing to speed up *UNK* cuts with the U.S. , recorded a 47 % *UNKING* in its trade surplus with the U.S. in August , Statistics Canada , a federal agency , reported . STOP 
U.S. exports to Canada jumped *UNKN* % in August from July while U.S. imports from Canada rose only 2.7 % . STOP 
As a result , Canada 's trade surplus with the U.S. narrowed to C$ *UNKN* million -LRB- US$ *UNKN* million -RRB- in August from C$ *UNKN* billion -LRB- US$ 1.04 billion -RRB- in July . STOP 
U.S. exports benefited in August from heavy Canadian spending on new plant and equipment and a pickup in Canadian auto demand , Canadian officials said . STOP 
The U.S. and Canada , which do more trade than any other *UNK* of nations , are to meet next month to *UNK* an *UNKION* of planned *UNK* cuts under the *CUNK-* free trade agreement . STOP 
Industries in both countries have requested a *UNK* of *UNK* cuts on hundreds of products . STOP 
Some tariffs were eliminated when the trade pact took effect Jan. 1 . STOP 
The remainder were to be *UNKED* out in five or 10 annual *UNKS* , with all tariffs eliminated by January 1998 . STOP 
The two countries aim to reach an agreement by early December on a package of *UNKED* *UNK* cuts that would take effect early next year . STOP 
Canadian officials said the trade pact has *UNKED* an export interest among many small Canadian companies that previously had little or no foreign sales . STOP 
For such businessmen , the Canadian government is *UNKING* 55 *UNKS* this year to U.S. states *UNKING* on Canada . STOP 
The businessmen are introduced to potential agents and distributors and *UNKED* in trade procedures . STOP 
The U.S. Commerce Department is planning to try out similar trips on U.S. businessmen in coming months under its Canada First ! *CUNK* Program . STOP 
*CUNKS* in the U.S. *UNKS* to Canada are to be *UNKED* by members of the Service *CUNKS* of *CUNKED* Executives , a *UNKER* group , in dealing with their export challenges . STOP 
The Canadian government also has recently opened new trade offices in San Diego ; San *CUNK* , Puerto Rico ; Miami ; *CUNK* , N.J. , and Denver , bringing the total number of such Canadian offices in the U.S. to 27 . STOP 
The U.S. has six trade promotion offices in Canada . STOP 
Canada 's export effort has been *UNKED* by robust home market demand and by an 18 % appreciation of the Canadian dollar against its U.S. counterpart in the past three years that has made Canadian goods more costly in the U.S. . STOP 
Canada 's trade surplus with all countries narrowed to C$ *UNKN* million in August from C$ *UNKN* million in July , Statistics Canada said . STOP 
Loral Corp. said it received a $ *UNKN* million order from Turkey 's Ministry of Defense , the largest contract the company ever has received . STOP 
Loral will provide to Turkey an electronic *UNKS* system for its fleet of *CUNK-* aircraft . STOP 
The system provides *UNK-* warning and electronic *UNKING* *UNKS* . STOP 
The defense electronics maker said delivery will begin in October 1991 and run through *UNK-* . STOP 
Loral said the contract with Turkey will provide opportunities for Loral to supply that country with other defense systems . STOP 
*CUNK* Resources Corp. said it reached a definitive agreement to acquire the Gold Texas Resources Ltd. shares it does n't already own . STOP 
Under the proposed agreement , Gold Texas holders will receive *UNKN* *CUNK* shares for each of the 1.1 million Gold Texas shares not owned by *CUNK* , which already owns 65 % . STOP 
The arrangement is subject to approval by the Supreme Court of British Columbia province , *CUNK* said . STOP 
Gold Texas is based in *CUNKER* , British Columbia , and *CUNK* Resources is based in Denver . STOP 
Both are mining concerns . STOP 
*CUNK* *CUNKS* Inc. said its board extended until Feb. 1 the exercise period of *CUNK* 's existing stock purchase warrants outstanding . STOP 
The expiration date had been Nov. 3 . STOP 
Each of the *UNKN* warrants *UNK* the holders to purchase one share of *CUNK* common stock for $ 2.25 . STOP 
*CUNK* was quoted in the over-the-counter market yesterday at $ 2 bid . STOP 
Bank of New England Corp. , seeking to *UNK* its business after a year of weak earnings and mounting loan problems , said it will sell some operations and lay off 4 % of its work force . STOP 
The bank holding company also reported that third-quarter profit dropped 41 % , to $ *UNKN* million , or 61 cents a share , from the year-earlier $ *UNKN* million , or $ 1.04 a share . STOP 
Among its restructuring measures , the company said it plans to sell 53 of its *UNKN* branch offices and to lay off 800 employees . STOP 
*CUNKER* , employment is expected to decline to less than *UNKN* from the current level of about *UNKN* . STOP 
Walter *CUNKLY* , chairman , said in an interview that the company expects to record pretax gains of $ 100 million to $ 125 million from the sale of its leasing operations and of certain financial processing services . STOP 
In a prepared statement , the company said it expects to realize those gains before year end . STOP 
*CUNKING* assets continued to *UNK* up in the latest quarter , rising to $ 900 million , or *UNKN* % of loans and leases , from $ *UNKN* million , or *UNKN* % , at the end of the second quarter . STOP 
Some $ 170 million of the $ *UNKN* million increase in nonperforming loans was related to real estate , and roughly *UNKS* of that was in the troubled New England market , according to Richard *CUNK* , vice chairman . STOP 
Mr. *CUNK* said that , despite continued weakness in the region 's real estate market , Bank of New England expects the rate of increase in nonperforming assets to slow in coming quarters . STOP 
Mr. *CUNKLY* noted that net third-quarter *UNKS* , at $ 63 million , improved slightly from the $ 67 million in the second quarter . STOP 
And he indicated that more substantial improvement is expected in the next couple of quarters . STOP 
The company increased its loan loss reserve to $ *UNKN* million from $ *UNKN* million at the end of the second quarter . STOP 
Total assets slipped to $ *UNKN* billion , from $ 32 billion as of June 30 . STOP 
Among other restructuring measures , the bank said it will close its loan production offices in Chicago , New York and Philadelphia . STOP 
The Chicago office figured *UNKLY* in the bank 's problems earlier this year , when $ 65 million in loans to Chicago businessman William *CUNKER* went sour . STOP 
In an internal *UNK* to employees , Messrs. *CUNKLY* and *CUNK* described the restructuring as an effort to continue *UNKING* operations assembled during a series of mergers over the past five years . STOP 
Italy 's wholesale price index rose 0.4 % in August from July and was up *UNKN* % from a year earlier , the state statistical institute reported . STOP 
The index registered *UNKN* in August , compared with *UNKN* in July and with *UNKN* in August 1988 . STOP 
The *UNK-* rise in August was slightly down from the 6.4 % rate in July . STOP 
The index has a base of 100 set in 1980 and is n't seasonally adjusted . STOP 
U.S. steel imports in August fell 14 % from a year earlier to *UNKN* tons , according to the American Iron and Steel Institute . STOP 
The trade group 's *UNKION* of Commerce Department data showed that August imports , the second largest monthly total of the year , were up 5 % from July 's *UNKN* tons but below last year 's high of *UNKN* tons in June 1988 . STOP 
August imports claimed *UNKN* % of the U.S. market , compared with *UNKN* % in July and *UNKN* % in August 1988 . STOP 
The latest month 's figures show that imports of steel from European Community nations fell to *UNKN* tons from *UNKN* a month earlier , while imports from Japan rose to *UNKN* tons from *UNKN* in July . STOP 
*CUNKS* from Canada rose to *UNKN* tons in August from *UNKN* in July . STOP 
The American Institute for *CUNKED* Steel said imports for the first eight months of 1989 were below the level allowed by the *CUNK* *CUNK* *CUNK* program . STOP 
The institute said that , excluding *UNKED* steel products , *UNK-* imports represented *UNKN* % of consumption , compared with a permitted maximum of *UNKN* % . STOP 
Japanese machinery makers received orders totaling *UNKN* trillion yen -LRB- $ *UNKN* billion -RRB- in August , up 14 % from a year earlier , the Economic *CUNKING* Agency said . STOP 
`` Equipment orders on the domestic side were particularly strong in shipping and power utilities , '' said an agency official . STOP 
The latest report compares with a modest *UNKN* % increase in July machinery orders from a year earlier . STOP 
In August , soon after Wang Laboratories Inc. reported a *UNKING* $ *UNKN* million loss and replaced its president , two Boston sales representatives sent customers a letter saying : `` We fully expect that you will soon be reading stories in the press reporting the ` *CUNKING* *CUNK* at Wang . ' '' STOP 
How soon Wang will stage a comeback , or if it will at all , are still matters of debate . STOP 
But Wang salespeople are trying to cope with the biggest challenge any marketer can face : selling the products of a company that is on the *UNKS* . STOP 
`` If your prospect is feeling risk the whole time and you 're not feeling as if you 're backed up by a stable company , you 've lost it before you 've begun , '' says Mary *CUNK* *CUNK* , a *CUNK* , Mass. , sales *UNKER* and consultant who works with high technology companies . STOP 
It can happen in any industry . STOP 
Consider the difficulties faced by *CUNK* salespeople when the car was *UNKED* by false charges of sudden *UNKION* , or Exxon dealers ' problems in the wake of the *CUNK* oil spill . STOP 
Like thousands of salespeople before them , Wang 's are finding ways to combat the bad news . STOP 
`` It 's very important that we *UNK* confidence , even though within the family we know there 's a lot of hard work ahead , '' said Richard Miller , the *CUNK* , Mass. , computer concern 's new president , in a video message to salespeople a month after he took over . STOP 
Wang got into financial trouble because of *UNKED* overhead and *UNKLY* optimistic sales forecasts . STOP 
Its *UNK* *UNKS* and word *UNKS* have lost ground to cheaper personal computers . STOP 
Last year it funded its high employment by heavy borrowing , and it suffered huge losses when sales turned down instead of rising . STOP 
After the company reported red ink for the fiscal third quarter , Wang 's marketing department provided the sales force answers to questions such as `` How could you not have known you were going to lose $ 55 million ? '' and `` Is Wang still a viable company ? '' STOP 
*CUNK* try to push their products and avoid discussions of finances . STOP 
*CUNKING* to such questions is `` defensive , '' says Kenneth *CUNK* , Wang 's vice president , marketing . STOP 
`` That 's *UNKAL* to the art of selling . '' STOP 
Moreover , he notes that *UNKING* financial results `` *UNKS* a problem for a salesman who is n't particularly familiar with a balance sheet . '' STOP 
At one sales strategy meeting , an executive suggested ordering salespeople to become experts on the annual report . STOP 
Mr. Miller *UNKED* that : `` Even I ca n't understand all the *UNKS* , '' he says . STOP 
Instead , he says , if the salespeople can get the customers to consider Wang 's products on their *UNKS* , he or a top financial officer will try to *UNK* the fears about finances . STOP 
Mike *CUNK* , a salesman in Wang 's Austin , Texas , office , has a *UNKER* method : `` We tell them $ 3 billion companies do n't go out of business . STOP 
We tell them all the major companies are having financial difficulties . '' STOP 
*OUS* computer companies are having sales *UNKS* and earnings declines , but very few have had losses comparable to Wang 's or are carrying such a large debt load . STOP 
Mr. Miller says that after a sharp sales slump in July and August , sales *UNKED* in September . STOP 
Although Wang will report a loss for the first quarter ended Sept. 30 and the full fiscal year , Mr. Miller says he expects the company will return to profitability by the fourth quarter . STOP 
*CUNKS* on sales technique say anyone representing a troubled company must walk a fine line . STOP 
`` If a salesman *UNKS* his credibility in this time of trouble , it will be a problem for the long run , '' says George *CUNKER* , a *CUNK* , *CUNK* , sales consultant and author of `` The Marketing *CUNK* . '' STOP 
Still , says John Sullivan , a management *UNKER* with Daniel Roberts Inc. of Boston , who has held senior sales positions at Polaroid and *CUNK* : `` The customer will *UNK* to strength . STOP 
*CUNK* the present condition . STOP 
Show it 's business as usual . '' STOP 
That is n't easy . STOP 
Wang 's customers are data processing managers who want to be sure that their suppliers are stable , *UNK* companies that will be around to *UNK* bugs and *UNK* computers for years to come . STOP 
For buyers , `` these are *UNKING* decisions , '' says *CUNK* *CUNK* , who *UNKS* a network of Wang computers in the *UNKS* department at Boston University . STOP 
The university is considering *UNKING* a $ 250,000 system to store applications *UNKLY* . STOP 
`` Before the really bad news , we were looking at Wang fairly seriously , '' she says . STOP 
But `` their present financial condition means I 'd have a hard time *UNKING* the vice president in charge of purchasing . '' STOP 
Ms. *CUNK* adds : `` At some point we 'd have to ask , ` How do we know that in three years you wo n't be in Chapter 11 ? ' '' STOP 
During the past year , Wang has developed new products and a new strategy and hired a new president . STOP 
Wang 's overall product line is `` still not as good as other *UNKS* , but they 've come a long way , '' says Steven *CUNKER* , a consultant with market researcher *CUNKER* Group , Stamford , Conn . STOP 
`` They were on the road to recovery in terms of customer attitudes until this bad quarter happened . '' STOP 
The first priority for Wang 's sales force is to make sure it holds on to existing customers . STOP 
Wang 's installed base is one of its greatest assets , and many of those customers remain extremely loyal . STOP 
But even before Wang 's latest financial troubles surfaced , some customers `` were trying to wall off their Wang installations '' so other departments would n't add Wang , says *CUNKS* *CUNK* , a former Wang marketer who is now a market analyst with *CUNK* Group , a market research firm in Stamford , Conn . STOP 
One Wang salesman who left the company in July recalls that when he tried to sell products to Eastman Kodak , he worked `` to *UNKER* support from internal allies , '' but `` those allies became skeptical as they saw the *UNK* . STOP 
The more recent losses were really devastating . '' STOP 
New customers , the source of higher commissions for salespeople and the key to Wang 's long-term *UNK* , are even tougher . STOP 
*CUNK* Lynch , a former top salesman in Wang 's Boston office , referring to Wang 's *UNK* computer line , says : `` You ca n't sell a *CUNK* to a new customer . '' STOP 
Mr. Lynch left Wang this summer for *CUNK* Systems Inc. , a software *UNK* . STOP 
The financial problems are particularly *UNKING* for salespeople pushing Wang 's image systems , which convert paper forms to electronic documents . STOP 
*CUNKS* say that Wang 's technology is among the best available in the image market . STOP 
But salespeople often found that news of Wang 's problems *UNKED* their sales efforts . STOP 
William *CUNK* , a former sales manager in Indianapolis , says that his office had all but sold a $ 1.5 million image system to pharmaceutical maker Eli Lilly & Co . STOP 
`` When they were making the decision , all *UNK* broke loose with the finances . '' STOP 
He says the Lilly executives told him they could n't take the risk with Wang . STOP 
Mr. *CUNK* say he does n't blame Lilly . STOP 
*CUNKS* have to rely on a supplier `` *UNKLY* *UNKING* and replacing the product , '' he says . STOP 
`` When a company *UNKS* that , it 's hard to go with Wang . '' STOP 
For Mr. *CUNK* , who says he used to earn as much as $ 150,000 a year at Wang , it was one more reason to quit . STOP 
He is now president of *CUNK* *CUNKS* Inc. , an Indianapolis contractor . STOP 
It can be hard for a *UNK* to fight off feelings of *UNK* . STOP 
Brian *CUNK* , a former Wang salesman in *UNK* New York , says : `` You have pride in your job . STOP 
You think you can go out and turn things around . STOP 
It 's a tough thing when you ca n't . STOP 
The reason does n't *UNK* to your selling skills . '' STOP 
*CUNK* *UNKS* on itself . STOP 
`` The problem is , if people get down in the *UNKS* , they stop selling , '' says Mike *CUNK* , a *UNK-* sales manager in Wang 's Austin office . STOP 
One key for salespeople is to boost their own *UNK* . STOP 
Paul *CUNK* , a *CUNK* , Mass. , sales and management consultant and author of `` *CUNK* , *CUNK* , You 're *CUNKED* , '' says : `` The bad news is , you 'll be rejected more . STOP 
The good news is , it 's not your fault . '' STOP 
So , he advises , make goals *UNK* . STOP 
For instance , he suggests that salespeople making telephone calls should say to themselves : `` All I want to do today is get 50 *UNKS* . '' STOP 
But Mr. Miller , Wang 's new president , recently warned his salespeople about *UNK* . STOP 
`` Our customers watch us for the hidden message , '' he said . STOP 
`` *CUNK* a customer right in the eye and say , ` I 'm *UNK* to be at Wang . STOP 
*CUNKER* International Enterprises Inc. , the parent of *UNKED* *UNKER* *CUNKER* , Robinson & Co. , said its shareholders approved a previously announced name change to *CUNKAL* Enterprises Inc . STOP 
`` The parent company is *UNKING* into other industries around the world , '' said president *CUNKER* *CUNKER* in explaining the name change . STOP 
`` *CUNK* we talked about *CUNKER* International , -LCB- people -RCB- thought it was the brokerage house . '' STOP 
Mr. *CUNKER* said the change was n't related to the brokerage 's recent troubles , which have included sharp declines in earnings , *UNKS* with the securities regulators and lawsuits by former customers . STOP 
The company said it expects the name change to take effect within a week . STOP 
*CUNK* Corp. said third-quarter net income rose 26 % on the strength of its chemical business . STOP 
Net was $ 24 million , or $ 1.15 a share , up from $ 19 million , or 90 cents a share , a year earlier . STOP 
Sales rose *UNKN* % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* said its chemical segment had profit of $ 22 million , up from $ 15 million a year ago , largely because of gains in *UNKS* such as *UNK* *UNK* . STOP 
The company said the gains were tied to volume increases and higher prices . STOP 
The market for *UNKS* include the paper , *UNKION* and textile industries . STOP 
The chemical segment had a $ 6 million gain on the sale of *UNK* and *UNK* businesses , which was offset by a $ 6 million charge for future environmental expenditures . STOP 
Profit in *CUNK* 's defense and *UNKION* segment rose to $ 8 million from $ 7 million . STOP 
The metals segment , hurt by a strike , had *UNK-* results , against $ 3 million a year ago . STOP 
In the first nine months , net rose 21 % to $ 93 million , or $ *UNKN* a share , from $ 77 million , or $ *UNKN* a share a year ago . STOP 
Sales rose 13 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
In New York Stock Exchange composite trading , *CUNK* closed at $ *UNKN* a share , down 25 cents . STOP 
GTE Corp. and MCI Communications Corp. reported strong earnings gains to record levels for the third quarter . STOP 
*CUNK* Bell Corp. and Cincinnati Bell posted slight declines . STOP 
GTE Corp . STOP 
GTE said net income rose 18 % , aided by higher long-distance calling *UNKS* and an increase in telephone lines in service . STOP 
*CUNK* operating profit from telephone operations rose 8.2 % but profits from telecommunications products and electrical products were flat . STOP 
*CUNKS* rose 8.8 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The company said the quarter included a 10 % increase in *UNK-* *UNK* for long-distance calling and a 5 % increase in the number of access lines in service . STOP 
Earlier rate reductions in Texas and California reduced the quarter 's revenue and operating profit $ 55 million ; a year earlier , operating profit in telephone operations was reduced by a similar amount as a result of a provision for a reorganization . STOP 
Revenue in the telecommunications products and services unit rose 27 % to $ *UNKN* million , but operating profit was unchanged at $ *UNKN* million , partly because of start-up expenses . STOP 
*CUNKAL* products ' sales fell to $ *UNKN* million from $ *UNKN* million with higher world-wide *UNKING* volume offset by lower domestic prices and the impact of weaker currencies in Europe and South America . STOP 
Operating profit of $ *UNKN* million was unchanged . STOP 
In composite trading on the New York Stock Exchange , GTE rose $ 1.25 to $ *UNKN* . STOP 
MCI Communications Corp . STOP 
MCI , which stepped up efforts to sell long-distance telephone service to residential customers , reported a 59 % jump in earnings . STOP 
Revenue rose 23 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Operating profit grew 57 % to $ *UNKN* million from $ *UNKN* million , while operating margins rose to *UNKN* % from *UNKN* % the previous quarter and *UNKN* % a year ago . STOP 
Daniel *CUNK* , MCI chief financial officer , said the company sees further improvements in operating margins . STOP 
`` We think we can take it to the 18 % range over next 18 to 24 months , '' he said . STOP 
In national over-the-counter trading , MCI fell $ *UNKN* to $ *UNKN* . STOP 
Charles *CUNK* , an analyst with Smith Barney , Harris Upham & Co. , said some investors apparently expected slightly better revenue growth . STOP 
The company said that residential traffic grew faster than business traffic and attributed that to its new *CUNK* calling plan that *UNKS* with American Telephone & Telegraph 's *CUNK* Out America plan . STOP 
MCI claims about 12 % of the overall long-distance telephone market but just under 10 % of the $ 23 billion residential market . STOP 
It has been trying to improve its share of the residential market . STOP 
The company wants its business mix to more closely match that of AT&T -- a step it says will help prevent cross *UNKION* . STOP 
Mr. *CUNK* said MCI recorded `` another solid cash positive quarter , '' its fourth in a row , but declined to comment on whether the company is considering a dividend or is planning any acquisition . STOP 
The current quarter , he said , `` looks fine . STOP 
We think revenue will continue to grow and that we can control costs and thus improve profitability . '' STOP 
*CUNK* Bell Corp . STOP 
*CUNK* Bell Corp. said net dropped *UNKN* % , mainly the result of four extraordinary items : a franchise tax refund that its *CUNK* Bell Telephone Co. unit received last year ; a production shift of several *CUNK* *CUNKS* *UNKS* to the fourth quarter from the third ; a rate refund in Missouri and a one-time adjustment to phone company revenues . STOP 
Revenue slipped 1.2 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The earnings drop had been expected . STOP 
Chairman *CUNK* E. *CUNKS* said *CUNK* Bell 's `` businesses are healthy and are continuing to grow . '' STOP 
The company reported a 3.1 % increase in the number of access lines in service , and also said its *CUNK* Bell *CUNK* Systems unit added 30,000 new customers , with a current total of about *UNKN* . STOP 
*CUNK* shares fell 50 cents to $ *UNKN* in composite trading on the New York Stock Exchange . STOP 
Cincinnati Bell Inc . STOP 
Cincinnati Bell Inc. said net declined 1.8 % . STOP 
The company noted that the year-ago period was particularly strong , with an increase of nearly 70 % . STOP 
Revenue jumped nearly 17 % to $ *UNKN* million from $ *UNKN* million . STOP 
In composite trading on the New York Stock Exchange , Cincinnati Bell fell 25 cents to $ 29 . STOP 
The company said that the number of access lines dropped slightly in the quarter , a decline attributed to seasonal fluctuations . STOP 
For the year , however , access lines in service have increased 5.5 % . STOP 
Chairman *CUNK* *CUNK* said the company has set a new five year goal of doubling revenues to about $ 1.8 billion while steadily increasing net . STOP 
Rockwell International Corp. 's *CUNK* unit said it signed a tentative agreement extending its contract with Boeing Co. to provide structural parts for Boeing 's *UNKN* *UNKS* . STOP 
Rockwell said the agreement calls for it to supply 200 additional so-called *UNKS* for the planes . STOP 
These include , among other parts , each *UNKER* 's two major *UNKS* , a pressure floor , *UNK* box , fixed leading *UNKS* for the *UNKS* and an *UNK* *UNK* *UNK* . STOP 
Under the existing contract , Rockwell said , it has already delivered *UNKN* of the *UNKS* to Boeing . STOP 
Rockwell , based in El *CUNK* , Calif. , is an aerospace , electronics , automotive and graphics concern . STOP 
Frank *CUNK* III was named to this telecommunications company 's board , filling the vacancy created by the death of William *CUNK* last May . STOP 
Mr. *CUNK* , 59 years old , served as defense secretary in the Reagan administration . STOP 
In January , he accepted the position of vice chairman of *CUNK* Group , a merchant banking concern . STOP 
*CUNK* *CUNK* *CUNK* Inc . STOP 
Thomas E. *CUNK* , 42 years old , was named president and chief operating officer of *CUNK* Co. , a *CUNK* , Ill. , subsidiary of this New York investment banking firm . STOP 
*CUNK* , which has interests in real estate , said the position is newly created . STOP 
Mr. *CUNK* had been executive vice president of *CUNK* . STOP 
In addition to his previous real-estate investment and *UNK-* duties , Mr. *CUNK* takes responsibility for development and property management . STOP 
Those duties had been held by Van *CUNK* , 44 , who resigned as an executive vice president . STOP 
Shearson is about *UNK-* by American Express Co . STOP 
Great American Bank , citing depressed Arizona real estate prices , posted a third-quarter loss of $ *UNKN* million , or $ *UNKN* a share . STOP 
A year earlier , the savings bank had earnings of $ *UNKN* million , or 33 cents a share . STOP 
For the nine months , it had a loss of $ *UNKN* million , or $ *UNKN* a share , after earnings of $ *UNKN* million , or $ 1.20 a share , in the 1988 period . STOP 
Great American said it increased its loan-loss reserves by $ 93 million after reviewing its loan portfolio , raising its total loan and real estate reserves to $ *UNKN* million . STOP 
Before the loan-loss addition , it said , it had operating profit of $ 10 million for the quarter . STOP 
The move followed a round of similar increases by other lenders against Arizona real estate loans , reflecting a continuing decline in that market . STOP 
In addition to the increased reserve , the savings bank took a special charge of $ 5 million representing general and administrative expenses from staff reductions and other matters , and it posted a $ 7.6 million reduction in expected mortgage *UNKING* fees , reflecting the fact that more borrowers are *UNKING* their mortgages . STOP 
*CUNKS* were n't the only big losers in the collapse of UAL Corp. stock . STOP 
*CUNK* at what happened to UAL 's chairman , Stephen M. Wolf , and its chief financial officer , John C. *CUNK* . STOP 
On a day some United Airlines employees wanted Mr. Wolf fired and takeover stock speculators wanted his *UNK* , Messrs. Wolf and *CUNK* saw their prospective personal *UNKS* continue to *UNK* as shares of UAL , United 's parent company , *UNKED* $ *UNKN* on the Big Board to close at $ *UNKN* . STOP 
*CUNKING* Monday 's plunge , that has given the two executives paper losses of $ *UNKN* million , based on what they would have realized had the pilots and *UNKED* buy-out of UAL gone through at $ 300 a share . STOP 
When bank financing for the buy-out collapsed last week , so did UAL 's stock . STOP 
Even if the banks *UNK* a financing package at $ 250 a share , the two executives would still get about $ 25 million less than they stood to gain in the initial transaction . STOP 
Mr. Wolf owns *UNKN* UAL shares and has options to buy another 250,000 at $ *UNKN* each . STOP 
In the $ 300-a-share *UNK* , that totaled about $ *UNKN* million . STOP 
By yesterday 's close of trading , it was good for a *UNK* $ *UNKN* million . STOP 
Of course , Mr. Wolf , 48 years old , has some savings . STOP 
He left his last two jobs at Republic Airlines and *CUNKING* Tiger with combined *UNKION* gains of about $ 22 million , and UAL gave him a $ 15 million bonus when it hired him . STOP 
His 1988 salary was $ *UNKN* , with a $ *UNKN* bonus . STOP 
The *UNK-* old Mr. *CUNK* has n't changed jobs enough -- at least the right ones -- to *UNK* away that kind of money . STOP 
United paid him a $ *UNKN* bonus to lure him away from American Airlines , and he was paid a salary of $ *UNKN* last year with a $ *UNKN* bonus . STOP 
Mr. *CUNK* owns 10,000 UAL shares and has options to buy another 150,000 at $ 69 each . STOP 
That came to a combined $ *UNKN* million under the $ 300-a-share buy-out , but just $ *UNKN* million at yesterday 's close . STOP 
Of the combined $ *UNKN* million the two men were scheduled to *UNK* under the buy-out , they agreed to invest in the buy-out just $ 15 million , *UNKING* many of the thousands of workers asked to make pay concessions so the buy-out would be a success . STOP 
United 's directors voted themselves , and their *UNKS* , *UNK* access to the *CUNKLY* *CUNKS* -- free *UNKS* travel , and $ 20,000 a year for life as well . STOP 
*CUNKLY* , in a *UNK-* buy-out , they could be *UNKED* back to *UNK* seats for life . STOP 
Thomas H. Johnson , president of the *CUNK* division of *CUNK* Corp. , was named president of Manville Forest Products Corp. , a Manville unit , and senior vice president of Manville Corp . STOP 
Mr. Johnson succeeds Harry W. *CUNK* , who resigned to pursue other interests , in both positions . STOP 
Manville is a building and forest products concern . STOP 
US Facilities Corp. said Robert J. *CUNKAL* agreed to step down as vice chairman of the insurance holding company . STOP 
`` There was a difference of opinion as to the future direction of the company , '' a spokeswoman said . STOP 
Mr. *CUNKAL* declined to comment . STOP 
In a statement , US Facilities said Mr. *CUNKAL* 's employment contract calls for him to act as a consultant to the company for two years . STOP 
He will also remain a director , US Facilities said , but wo n't serve on any board committees . STOP 
Mr. *CUNKAL* will be succeeded on an interim basis by George *CUNK* , US Facilities chairman and president . STOP 
In the same statement , US Facilities also said it had bought back *UNKN* of its common shares in a private transaction . STOP 
Terms were n't disclosed . STOP 
The buy-back represents about 3 % of the company 's shares , based on the 3.7 million shares outstanding as of Sept. 30 . STOP 
In national over-the-counter trading yesterday , US Facilities closed at $ *UNKN* , unchanged . STOP 
Three leading drug companies reported robust third-quarter earnings , bolstered by strong sales of newer , *UNKING* *UNKS* drugs that provide hefty profit margins . STOP 
*CUNK* & Co. reported a 25 % increase in earnings ; *CUNK-* Co. 's profit rose 22 % and Eli Lilly & Co. 's net income rose 24 % . STOP 
The results were in line with analysts ' expectations . STOP 
*CUNK* & Co . STOP 
*CUNK* , *CUNK* , N.J. , continued to lead the industry with a strong sales performance in the human and animal *UNKS* segment . STOP 
A stronger U.S. dollar reduced third-quarter and *UNK-* sales growth 2 % and 3 % , respectively . STOP 
International sales accounted for 47 % of total company sales for the nine months , compared with 50 % a year earlier . STOP 
Sales for the quarter rose to $ *UNKN* billion from $ *UNKN* billion . STOP 
*CUNK* , *CUNK* 's new *UNKING* drug , had higher sales than any other *UNKION* medicine has ever achieved in the U.S. in the year following introduction , the company said . STOP 
The drug was introduced in West Germany this year . STOP 
*CUNK* competition , however , led to unit sales declines for a group of *CUNK* 's established human and *UNK-* products , including *CUNK* and *CUNK* . STOP 
In New York Stock Exchange composite trading yesterday , *CUNK* shares closed at $ *UNKN* , up 50 cents . STOP 
*CUNK-* Co . STOP 
*CUNK-* , Morris *CUNKS* , N.J. , reported sales that were a record for any quarter and the *UNK* quarter in a row of 20 % or more per-share earnings growth . STOP 
*CUNKED* by growth in world-wide sales of the company 's *UNKION* drugs , *CUNK-* said 1989 will be the best year in its history , with per-share earnings expected to increase more than 20 % to about $ *UNKN* . STOP 
Sales for the quarter rose to $ *UNKN* billion from $ *UNKN* billion . STOP 
*CUNK-* world-wide sales rose 9 % in the quarter to $ *UNKN* million ; U.S. sales rose 15 % . STOP 
The segment 's growth was led by sales of the *UNK* drugs *CUNK* , a *UNK* regulator , and *CUNK* , a *UNK* channel *UNKER* . STOP 
*CUNK-* sales of *CUNK-* 's *UNKION* health-care products , such as *CUNKS* *UNK* *UNKS* , *CUNKS* *UNK* , and *CUNK* skin *UNKION* , increased 3 % to $ *UNKN* million in the third quarter ; U.S. sales rose 5 % . STOP 
*CUNK* products sales also had strong growth in the quarter . STOP 
*CUNK-* sales of *CUNK* *UNK* , *CUNKS* *UNK* *UNKS* , and *CUNKS* *UNK* and *UNK* *UNKS* , increased 12 % to $ *UNKN* million . STOP 
*CUNK-* shares closed at $ *UNKN* a share , up $ 1.50 , in Big Board composite trading yesterday . STOP 
Eli Lilly & Co . STOP 
Lilly attributed record third-quarter and nine-month results to world-wide gains for pharmaceuticals , medical instruments and *UNK-* products despite poor exchange rates for the dollar that slowed sales abroad . STOP 
Earnings continued to pace sales because of a lower tax rate , profit from the *UNKION* of the debt instrument received from *CUNK* Inc. in connection with Lilly 's sale of Elizabeth *CUNK* Inc. in 1987 , and net proceeds from the settlement of patent litigation at Lilly 's *CUNK* Inc. unit . STOP 
Third-quarter sales of the Indianapolis , Ind. , company rose 11 % to $ *UNKN* billion from $ *UNKN* million . STOP 
*CUNK-* sales grew 12 % to $ *UNKN* billion from $ *UNKN* billion a year earlier . STOP 
Sales of *CUNK* , an *UNK-* , led *UNKS* increases . STOP 
*CUNKER* sales of pesticides and other *UNK-* products more than offset a slight decline in the sales of *UNK-* products to fuel the increase in world-wide agricultural product sales , Lilly said . STOP 
Advanced *CUNK* Systems Inc. and *CUNK* *CUNKS* Inc. units led growth in the *UNK-* systems division . STOP 
Lilly shares closed yesterday in composite trading on the Big Board at $ *UNKN* , down 12.5 cents . STOP 
*CUNK* Mark , chairman of *CUNK-* Co. , said he is `` comfortable '' with analysts ' estimates that third-quarter earnings rose to between 95 cents and $ 1.05 a share . STOP 
That compares with per-share earnings from continuing operations of 69 cents the year earlier ; including discontinued operations , per-share was 88 cents a year ago . STOP 
The per-share estimates mean the *UNKS* company 's net income , increased to between $ *UNKN* million and $ 76 million , from $ *UNKN* million the *UNK-* period . STOP 
Analysts estimate Colgate 's world-wide third-quarter sales rose about 8 % to $ *UNKN* billion . STOP 
Mr. Mark attributed the earnings growth to strong sales in Latin America , Asia and Europe . STOP 
Results were also bolstered by `` a very *UNK* '' increase in operating profit by Colgate 's U.S. business , Mr. Mark said . STOP 
Operating profit at Colgate 's U.S. household products and *UNK-* businesses jumped 25 % in the quarter , Mr. Mark added . STOP 
He said the improvement was a result of cost savings achieved by *UNKING* manufacturing operations , *UNKING* two sales organizations and focusing more carefully the company 's promotional activities . STOP 
The estimated improvement in Colgate 's U.S. operations took some analysts by surprise . STOP 
Colgate 's household products business , which includes such brands as *CUNK* *UNK* *UNK* and *CUNK* *UNKER* , has been a weak *UNKER* . STOP 
Analysts estimate Colgate 's sales of household products in the U.S. were flat for the quarter , and they estimated operating margins at only 1 % to 3 % . STOP 
`` If you could say their business in the U.S. was *UNK* , but great *UNK* else , that would be fine , '' says *CUNK* Austin , an analyst with *CUNK* *CUNKER* & Co . STOP 
`` But it 's not *UNK* , it 's a real problem . '' STOP 
Mr. Mark conceded that Colgate 's domestic business , apart from its highly profitable Hill 's *CUNK* Products unit , has lagged . STOP 
`` We 've done a lot to improve -LCB- U.S. . -RCB- results , and a lot more will be done , '' Mr. Mark said . STOP 
`` *CUNKING* profitability of U.S. operations is an extremely high priority in the company . '' STOP 
To focus on its global *UNKS* business , Colgate sold its *CUNK* health-care business in 1988 . STOP 
H. Anthony *CUNK* was elected a director of this company , which primarily has interests in radio and television stations , increasing the number of seats to five . STOP 
*CUNK* also operates *CUNK* *UNKS* , entertainment properties and small *UNKION* systems . STOP 
Mr. *CUNK* is executive , special projects , at *CUNK* Group Holdings Inc. , which is controlled by Manufacturers Hanover Corp . STOP 
The Boston Globe says its newly *UNKED* pages have a `` *UNKER* '' look with revamped *UNKS* aimed at making the paper `` more consistent '' and `` easier to read . '' STOP 
Maybe so -- if you can find where your favorite writer went . STOP 
*CUNK* *UNKS* , who spare no *UNK* when taking on local *UNKS* such as Michael `` *CUNK* *CUNK* '' *CUNKS* , or New England *CUNKS* *CUNK* Raymond `` *CUNK* Ray '' Berry , yesterday *UNKED* *UNK* on new *UNKS* of Globe *UNKS* that replaced old photos in the revamped pages this week . STOP 
By late last night , Globe *CUNKING* *CUNK* Thomas *CUNK* , *UNKING* to the will of his troops , *UNKED* the new *UNKS* . STOP 
For a few days at least , he says , no pictures or *UNKS* of any kind will *UNK* the columns . STOP 
*CUNK* was , nobody thought they looked right . STOP 
Globe columnist Mike *CUNK* -- in the second attack on his employer in as many weeks -- *UNKED* that his *UNK* *UNK* was so bad , it looked `` like a face you 'd find on a *UNK* of *UNK* *UNK* that promises to do away with *UNK* in our *UNK* . '' STOP 
Mr. *CUNK* *UNKED* readers that he still has n't *UNK* Globe management for *UNKING* a $ 20 expense *UNK* he submitted for parking his car while *UNKING* a story . STOP 
`` I thought -LCB- the drawing -RCB- a cross between someone you 'd spot *UNKING* open his *UNK* *UNK* ... or a guy who *UNKED* he 'd been Charles *CUNK* 's *UNK* for the last 19 years , '' he said . STOP 
Mr. *CUNK* was hardly *UNKER* to the *UNKS* of colleagues Michael *CUNK* -LRB- `` appears to be a *UNK* '' -RRB- , Will McDonough -LRB- `` looks as if he drove for *CUNK* Lincoln '' -RRB- or *CUNK* English , whose `` little *UNK* now *UNKS* *UNKLY* every time she sees a newspaper . '' STOP 
*CUNK* *CUNK* , the Globe 's assistant managing editor for design , acknowledges that the *UNKS* were `` on the low end of the *UNKS* *UNK* . '' STOP 
*CUNKAL* Boston *CUNK* columnist *CUNK* *CUNK* , who usually *UNKS* at *CUNK* `` *UNKS* '' and *UNK* , argued that the new *UNKS* were designed to hide Mr. *CUNK* 's `` rapidly growing *UNK* '' and the *UNKAL* defects of `` *UNKS* '' Dan *CUNK* , a Globe sports columnist . STOP 
`` But think of the money you , the *UNKER* , will save on *CUNK* , '' said Mr. *CUNK* . STOP 
`` Instead of buying *UNKS* for your kids , just cut out the *UNKS* ' pictures ... . STOP 
*CUNKLY* *UNKED* in both the book review `` *CUNKING* *CUNK* *CUNK-* '' by Stephen *CUNK* -LRB- *CUNK* & *CUNKS* , Sept. 27 -RRB- and the books *UNKED* is the assumption that global warming is entirely a result of human activity . STOP 
Is such a view justified ? STOP 
In the absence of humans , would the Earth enjoy a constant climate over the long term ? STOP 
Clearly not . STOP 
About 20,000 years ago the last ice age ended . STOP 
*OUS* ice sheets retreated from the face of North America , northern Europe and Asia . STOP 
This global warming must have been entirely natural -- nobody would blame it on a few hundred thousand *UNKS* *UNKING* *UNKS* and *UNKING* around in *UNKS* . STOP 
*CUNK* , no *UNK* has yet *UNK* to announce the end of this *UNK* episode of natural global warming . STOP 
It is probably continuing and may well account for most of , or all of , *UNK-* global warming . STOP 
I *UNK* to no one in my regard for our *UNKAL* *UNK* , but if we are serious about global warming we must look at the big picture and not allow the *CUNK* *CUNK* to lock us into the *UNKAL* - warming scenario as the sole model for discussion . STOP 
*CUNK* *CUNK* *CUNK* Department University of STOP 
The Internal Revenue Service plans to restructure itself more like a private corporation . STOP 
In addition , the *UNKING* agency says that it will take the unusual step of looking to the private sector to fill two new *UNK-* positions to guide the *UNK-* agency : a comptroller to *UNK* daily finances and a chief information officer to *UNK* the information system , which includes probably the largest computer data base in the world . STOP 
The IRS also said that it would create the position of chief financial officer , who will be hired from within the agency . STOP 
IRS *CUNKER* *CUNKED* T. Goldberg said the changes are intended to bring `` *UNK* '' to the agency , which has an annual budget of more than $ 5 billion and *UNKS* about $ 1 trillion a year . STOP 
`` My assessment and everyone 's assessment is that we do not have the kinds of information that let us *UNKLY* and effectively *UNK* and execute our budget , '' Mr. Goldberg said . STOP 
`` And we do n't have internal controls and discipline that we need to have to spend $ 5 billion properly . '' STOP 
Mr. Goldberg , who took over as head of the IRS in July , has been *UNKED* by what he considers the *UNK* , waste and lack of *UNKION* among the branches of the vast federal agency . STOP 
The IRS operates on a computer system designed in *UNKN* , which it has been trying to modernize for years . STOP 
And the agency , which operated throughout fiscal 1989 with a $ *UNKN* million budget *UNK* , has been under a hiring *UNK* since last fall . STOP 
The new commissioner says that closer scrutiny of how the agency uses its resources will go a long way toward *UNKING* its ability to collect more tax revenue . STOP 
`` I think that you will see a significant improvement in the budget *UNKION* and execution process which , in turn , I believe will result in a significant increase in revenue , '' he said . STOP 
The IRS hopes to fill the new positions soon . STOP 
*CUNKLY* , it would *UNK* career civil *UNKS* from within the agency , but Mr. Goldberg said he plans to `` *UNK* the world '' for the chief information officer and the comptroller . STOP 
Although the jobs will probably pay between $ 70,000 and $ 80,000 a year , IRS officials are confident that they can attract *UNK-* candidates from the private sector . STOP 
`` You 're telling someone they can spend the next three or four or five or six years of their life bringing about the most difficult and costly *UNKION* of an information system on the civil side ever , '' Mr. Goldberg said . STOP 
`` On the comptroller side , you 're developing and making work financial controls governing a $ 6 billion budget . STOP 
When *CUNK* *CUNKS* *CUNK* , the leader of the *UNK* coup in Panama , was *UNKED* , his body *UNK* several *UNK* *UNKS* , a *UNKED* *UNK* and broken *UNKS* and *UNKS* . STOP 
They were the *UNK* of his *UNK* , Panamanian leader Manuel Antonio Noriega . STOP 
The *UNK* officer 's slow and painful death , at the headquarters of Panama 's *CUNK-* *UNK* , was personally *UNKED* by Gen. Noriega , says a U.S. official with access to intelligence reports . STOP 
*CUNKING* into *UNKS* , *UNKING* into *UNKS* of *UNKS* and *UNK* , Mr. Noriega has put to death some 70 of his troops involved in the coup , according to U.S. officials monitoring *UNKS* and *UNKAL* *UNKS* in Panama City . STOP 
He is now changing the place he *UNKS* every night , sometimes more than once a night . STOP 
His *UNKS* are most often prepared by women he *UNKS* -- his *UNK-* *UNKS* , *CUNK* *CUNK* , and her mother , *CUNK* . STOP 
And he is collecting the names of those who *UNKED* the *UNKS* to *UNK* them during their brief time in control of his headquarters . STOP 
More enemies to be *UNK* with . STOP 
In the two weeks since the *UNKION* , which the U.S. *UNKLY* backed , Mr. Noriega has been at his most *UNKAL* - and efficient - in maintaining power . STOP 
Yet , while the failed coup is a major U.S. foreign policy embarrassment , it is merely the latest *UNKER* in a *UNK* relationship between Mr. Noriega and Washington that *UNKS* back three decades . STOP 
America 's war on the dictator over the past two years , following his indictment on drug charges in February 1988 , is the *UNK* of that relationship . STOP 
Before American foreign policy set out to destroy Noriega , it helped create him out of the *UNK* of Panama 's long history of *UNKS* and *UNKS* . STOP 
For most of the past 30 years , the marriage was one of *UNK* . STOP 
In 1960 , for example , when Mr. Noriega was both a *UNK* at an *UNK* military *UNK* in Peru and a *UNKING* for the U.S. Defense Intelligence Agency , he was *UNKED* by *CUNK* authorities for allegedly *UNKING* and *UNKLY* *UNKING* a *UNK* , according to a U.S. *CUNK* cable from that period . STOP 
The woman had nearly died . STOP 
But U.S. intelligence , rather than *UNK* in or cut loose its new spy , merely filed the report away . STOP 
Mr. Noriega 's *UNKS* on emerging *UNKS* at his school were *UNKED* more important to U.S. interests . STOP 
From that point on , the U.S. would make a practice of *UNKING* the Panamanian 's *UNKS* . STOP 
The U.S. has *UNKED* and later turned against many *UNKS* , but none quite so *UNK* . STOP 
The *UNK-* Mr. Noriega is n't as smooth as the shah of Iran , as *UNK-* as Nicaragua 's *CUNK* *CUNK* , as *UNKAL* as *CUNK* Marcos of the Philippines or as *UNK* as *CUNK* 's *CUNK* *CUNK* *CUNKER* . STOP 
Yet he has proved more *UNK* than any of them . STOP 
And out of *UNK* : The U.S. can make mistakes and still hope to remove him from power , but a single error on his part could cost him his life . STOP 
`` The U.S. *UNKED* Noriega all along , '' says *CUNKER* *CUNKS* , a former *CUNK* to Panama . STOP 
`` He has *UNKED* the art of survival . '' STOP 
In keeping with America 's long history of *UNKING* up Mr. Noriega , recent U.S. actions have extended rather than *UNKED* his survival . STOP 
Mr. Noriega might have fallen of his own weight in 1988 because of Panama 's *UNK* economic situation , says Mr. *CUNKS* , but increasing *UNKAL* pressure has only given him additional *UNKS* for *UNKION* , and a *UNK* for his own *UNK* . STOP 
`` If the U.S. had sat back and done nothing , he might not have made it through 1988 , '' Mr. *CUNKS* contends . STOP 
Perhaps most important , Mr. Noriega 's allies have *UNKED* to encourage -- in some cases , to demand -- that the dictator maintain his grip of the *UNK* . STOP 
One Colombian drug boss , upon hearing in 1987 that Gen. Noriega was negotiating with the U.S. to abandon his command for a comfortable *UNK* , sent him a *UNKED* *UNK* *UNK* *UNKED* with his name . STOP 
`` He is *UNKED* , '' says the *CUNK* *CUNK* *CUNK* , who has led *CUNK* Church opposition against Noriega . STOP 
`` The Americans have left him without a way out . STOP 
It is easy to fight when you do n't have any other option . '' STOP 
His chief advantage in the fight : his intimate knowledge of American ways and weaknesses . STOP 
Mr. Noriega often tells friends that *UNK* is the best weapon against the *UNKS* , who have a short attention *UNK* and little *UNK* for *UNKING* confrontation . STOP 
The U.S. discovered the young *CUNK* Noriega in late *UNKN* , when he was in his second year at the *CUNKS* *CUNK* Academy in *CUNK* , according to former U.S. intelligence officials . STOP 
The contact occurred through Mr. Noriega 's *UNKER* , a Panamanian *UNK* based in Peru named *CUNKS* Carlos Noriega *CUNK* . STOP 
*CUNKS* Carlos , knowing that helping the Americans could advance the career of any Panamanian officer , *UNKED* *CUNK* 's reports on the *UNK* *UNKS* he observed among his fellow students and , more important , among his officers and *UNKS* . STOP 
A spy was born . STOP 
It was a *UNK* experience for the *UNKED* and slightly built Mr. Noriega , who was known to his friends as *CUNK* la *CUNK* -- *UNK* face . STOP 
*CUNK* the *UNK* son of his father 's *UNK* , he was raised on the mean streets of the central market district of Panama City . STOP 
*CUNK* was four years older than most of his fellow *UNKS* , and gained admission to the *UNK* because his brother had *UNKED* his *UNK* *UNK* . STOP 
He considered himself *UNKLY* superior to his *CUNK* *UNKS* , many of whom were *UNK* *UNKS* sent by their *UNK-* families to the highly *UNKED* , *CUNKED* *UNK* as a sort of reform school . STOP 
In his peaked military cap and *UNKLY* pressed , *CUNK-* uniform , Noriega felt more *UNKED* and powerful than ever in his *UNKED* life , friends from the period say . STOP 
`` He had an *UNK* uniform with gold *UNKS* in a country where there was a *UNK* of *UNK* , where officers were the *UNK* with special *UNKS* , '' recalls *CUNK* *CUNK* , a fellow student in Peru and a *UNK* friend . STOP 
Mr. Noriega 's relationship to American intelligence agencies became *UNKAL* in either 1966 or *UNKN* , intelligence officials say . STOP 
His *UNKING* officer at the *CUNK* *CUNK* *UNK* , Major *CUNK* *CUNKS* , gave him an *UNKING* *UNK* : Mr. Noriega would *UNK* the province 's first intelligence service . STOP 
The spy network would serve two clients : the Panamanian government , by monitoring political opponents in the region , and the U.S. , by tracking the growing Communist influence in the unions organized at United *CUNK* Co. 's *UNK* *UNKS* in *CUNKS* *UNK* *CUNKS* and Puerto *CUNKS* . STOP 
United *CUNK* was one of the two largest *UNKS* to Panama 's national income . STOP 
*CUNKING* its interests was a priority for any Panamanian leader . STOP 
Mr. Noriega 's initial *UNKER* was only $ 50 to $ 100 a month , plus *UNKAL* *UNKS* of liquor or *UNKS* from the American *CUNK* , a former intelligence official says . STOP 
It was modest pay by American standards , but a healthy boost to his small military salary , which fellow officers remember as having been $ 300 to $ 400 monthly . STOP 
`` He did it very well , '' recalls *CUNKS* *CUNK* , a former Panamanian *UNK* who managed Mr. Noriega and his operation . STOP 
`` He started building the files that helped him gain power . '' STOP 
A National *CUNK* job assumed by *CUNK* Noriega in *UNKN* -- as chief of the *UNK* police in David City , capital of the *CUNK* *CUNK* -- was *UNK-* for an *UNKING* *UNK-* . STOP 
By *UNKING* *UNK* and bus drivers who needed licenses , he gained a ready *UNK* of information . STOP 
He knew which local *UNKS* had been caught driving *UNK* , which had been found with their *UNKS* . STOP 
This proved particularly valuable to the Panamanian government in *UNKN* , when union leaders were planning a May Day *UNK* that the government feared could turn *UNK* . STOP 
Mr. Noriega had learned that a local union leader was *UNKING* with the wife of his deputy . STOP 
So he *UNKED* the information on *UNKS* that he distributed throughout the *UNKING* city of Puerto *CUNKS* , which was ruled by United *CUNK* Co . STOP 
The campaign so divided union leaders that the government found them far easier to control . STOP 
`` It was like a play on *CUNK* , '' recalls Mr. *CUNK* . STOP 
`` Noriega managed the whole thing . STOP 
He was *UNK* . STOP 
Noriega was an expert at *UNKING* and *UNKING* people . '' STOP 
During his years in *CUNK* , however , Mr. Noriega also *UNKED* himself as an officer as *UNK* as he was *OUS* . STOP 
*CUNK* *CUNK* , a local lawyer and *UNKS* monitor , recalls an *UNKED* Noriega *UNKING* *UNKS* in their cells at the *UNK* *CUNK* *CUNK* headquarters in David , where he had his offices . STOP 
Mr. Noriega would order them all to take off their clothes and run around the *UNK* *UNKED* , *UNKING* at them and then *UNKING* to his office . STOP 
`` People started wondering if something was wrong with him , '' Mr. *CUNK* recalls . STOP 
But through this period , so far as the U.S. military was concerned , Mr. Noriega was a model *UNK* . STOP 
He signed up for intelligence and *UNK-* training under American officers at Fort *CUNK* in Panama in July *UNKN* , according to a copy of a 1983 resume with details Mr. Noriega has since *UNKED* as secret . STOP 
He flew to Fort *CUNK* , N.C. , in September of that year for a course in psychological operations , returning to the School of the *CUNKS* in Panama for a *UNK-* course called `` military intelligence for officers . '' STOP 
Some American officers interpreted his *UNKS* and *UNKS* as a sign of loyalty , but they did so *UNKLY* . STOP 
He rose to chief of intelligence in Panama 's *UNKED* *CUNK* in 1970 after providing *UNK* dictator *CUNKS* the critical support to defeat a coup attempt against him a year earlier . STOP 
He became Gen. *CUNKS* 's *UNK* shadow , and the holder of all Panama 's *UNKS* . STOP 
Mr. Noriega , by now a *UNK* *UNK* , expanded his contacts to include the *CUNKS* -- not to mention the *CUNKS* , the *CUNK* and any other intelligence service that came knocking . STOP 
When U.S. *UNKS* complained to the CIA of *CUNK* Noriega 's *UNKING* , intelligence experts always insisted that his *UNK* was first to the Americans . STOP 
`` Early on in the State Department , we took to calling him the *UNK-* , in *UNK* to his ability to simultaneously milk the *UNK* intelligence services of Cuba and the United States , '' recalls Francis J. *CUNK* , who , as deputy assistant secretary of state for *UNK-* affairs , first ran across reports about Mr. Noriega in 1977 . STOP 
`` Some of us *UNKED* how our intelligence people could put so much stock in his information when he was just as close to the *CUNKS* . '' STOP 
Even at this early stage , drugs caused additional concerns . STOP 
During the Nixon administration , the Drug *CUNK* Administration became *UNKED* at the extent of the *CUNK* 's *UNKS* to arrested drug *UNKS* . STOP 
One *CUNK* agent drew up a list of five options for dealing with *CUNK* Noriega , one of which was assassination . STOP 
The head of the *CUNK* at the time , John Ingersoll , *UNKED* the assassination plan . STOP 
But he did fly to Panama to *UNK* dictator *CUNKS* on the drug ties of Panamanian officials , including Mr. Noriega . STOP 
Mr. Ingersoll later *UNKED* that Gen. *CUNKS* seemed afraid to act on the concerns of the U.S. . STOP 
`` Everybody was afraid of him , '' Mr. Ingersoll says . STOP 
Mr. Noriega became an even greater threat in 1976 , when U.S. intelligence services discovered that he had been buying *UNKS* of *UNKLY* monitored conversations from three *UNKS* working for the U.S. Army 's *UNK* *CUNK* Intelligence Group . STOP 
The *UNKS* included *UNKS* of Gen. *CUNKS* 's own phone , according to American intelligence officials . STOP 
`` We caught him with his hands on our *UNK* *UNK* , '' says former CIA Director *CUNK* Turner . STOP 
For the first time , the U.S. considered cutting Mr. Noriega from its intelligence payroll -- and the *UNKS* were intense , Mr. Turner says . STOP 
`` In the world of intelligence , if you want to get information , you get it from *UNK* characters . STOP 
The question is how much you get tied in with *UNK* characters so they can *UNK* you . '' STOP 
Intelligence officials to this day worry whether Mr. Noriega sold sensitive information on the *UNKS* to the *CUNKS* or others . STOP 
Mr. Turner was troubled enough to cancel the U.S. contract with the *UNK-* at the beginning of the Carter administration . STOP 
The U.S. soon found new cause for concern : *UNKING* . STOP 
*CUNKS* in Southern Florida indicted five *CUNKS* on charges of illegally running arms to Sandinista rebels trying to *UNK* the Nicaraguan government of Mr. *CUNK* . STOP 
They included one of Mr. Noriega 's *UNKEST* friends and business partners , Carlos *CUNK* . STOP 
And the investigators were quickly closing in on Mr. Noriega himself . STOP 
At the time , though , in 1979 , the U.S. was once again *UNKING* with its longtime Latin American spy . STOP 
Mr. Noriega made plans to fly to Washington for a meeting with his counterpart at the Pentagon . STOP 
*CUNK* County and federal authorities , learning that he intended to fly through Miami , made plans to arrest him on the *UNKING* charges as soon as he hit U.S. soil . STOP 
It was a Friday in June . STOP 
The Pentagon *UNKED* the plan . STOP 
According to military officers at the time , word was passed to Mr. Noriega by his American *UNKS* that the police would be waiting . STOP 
On Monday , U.S. officials received a routine , *UNKED* message from the military group *UNKER* in Panama . STOP 
`` *CUNK* to health reasons , *CUNK* *CUNK* Noriega has elected to postpone his visit to Washington , '' it read . STOP 
*CUNKS* in Miami received yet another setback . STOP 
Their original indictment against Mr. *CUNK* , the friend of Mr. Noriega , and the other four was dismissed on a *UNK* . STOP 
But now , along with *UNKING* Mr. Noriega 's *UNK* , they intended to charge Mr. Noriega himself , on allegations that he was involved in the illegal trading of some $ 2 million in arms . STOP 
In January 1980 , *CUNK* Sanford , as assistant U.S. attorney , was *UNKED* to a meeting with a Federal Bureau of Investigation agent assigned to the Bureau of *CUNK* , *CUNK* and *CUNKS* in Miami . STOP 
Panamanian dictator *CUNKS* , he was told , had granted the shah of Iran *UNK* in Panama as a favor to Washington . STOP 
Mr. Sanford was told Mr. Noriega 's friend , Mr. *CUNK* , would be handling the shah 's security . STOP 
It would n't be a good idea to *UNK* him -- much less Mr. Noriega , the prosecutor was told . STOP 
After *UNKING* from Mr. Sanford , U.S. Attorney Jack *CUNK* pleaded with Justice Department officials in Washington to let the indictment proceed . STOP 
`` Unfortunately , '' Mr. *CUNK* wrote in a letter , `` those of us in law enforcement in Miami find ourselves frequently attempting to *UNK* the laws of the United States but simultaneously being caught between foreign policy considerations over which we have no control . '' STOP 
The letter , along with a detailed prosecution memo , sat on the desks of Justice officials for months before the case died a quiet death . STOP 
`` I think if we had been allowed to go ahead then we would n't have the problems we have now , '' Mr. Sanford says . STOP 
`` If he had been found guilty , we could have stopped him . '' STOP 
In August 1983 , Mr. Noriega took over as General and *UNK-* dictator of Panama , having *UNKED* his way to the top only two years after the *OUS* death in a plane crash of his old boss *CUNK* *CUNKS* . STOP 
Soon , the military became a *UNK* *UNK* controlling legal and illegal businesses . STOP 
The Reagan administration also put Mr. Noriega 's *CUNK* back on the U.S. payroll . STOP 
*CUNKS* averaged nearly $ 200,000 a year from the U.S. Defense Intelligence Agency and the CIA . STOP 
Although working for U.S. intelligence , Mr. Noriega was hardly helping the U.S. *UNKLY* . STOP 
During the Reagan years he expanded his business and intelligence contacts with the *CUNKS* and the Sandinistas . STOP 
He allegedly entered into Panama 's first formal business arrangement with Colombian drug *UNKS* , according to *CUNK* *CUNK* , a pilot who once worked for Mr. Noriega and who testified before the U.S. grand jury in Miami that would ultimately *UNK* the Panamanian on drug charges . STOP 
But Mr. Noriega was convinced the Reagan White House would n't act against him , recalls his close ally Jose *CUNK* , because he had an insurance policy : his involvement with the Contra rebels in Nicaragua . STOP 
Mr. *CUNK* says the general allowed the Contras to set up a secret training center in Panama . STOP 
Mr. Noriega also *UNKED* intelligence from his spy operation inside the Nicaraguan capital of *CUNK* . STOP 
And on at least one *UNKION* , in the spring of 1985 , he helped *UNK* a *UNK* attack on a Sandinista *UNKAL* in Nicaragua . STOP 
Although , his help for the Contra cause was limited , it was enough to win him important *UNKS* in the Reagan administration , says Sen. Patrick *CUNK* , a Vermont Democrat who then served on the Senate Intelligence Committee . STOP 
`` Noriega played U.S. intelligence agencies and the U.S. government like a *UNK* , '' he says . STOP 
An incident in 1984 suggested one additional means by which Mr. Noriega might have maintained such influence with Washington -- by *UNKING* U.S. officials . STOP 
*CUNK* *CUNK* , then the *UNK* to Costa Rica , recalls being invited to Panama by Mr. Noriega 's brother *CUNKS* Carlos for a weekend of deep sea fishing and `` quiet , serious conversation '' on the *CUNK* *CUNK* . STOP 
Mr. *CUNK* notified *CUNK* E. *CUNKS* , the U.S. *UNK* to Panama , of the *UNKION* . STOP 
`` *CUNKS* *UNKED* , '' Mr. *CUNK* recalls . STOP 
He says Mr. *CUNKS* told him he was being set up for a `` *UNK* *UNK* , '' in which Mr. Noriega would try to involve him in an *UNK* and then record the event `` with sound and video . '' STOP 
Mr. *CUNKS* , on *UNKION* after resigning his position at the National Security Council , could n't be reached for comment . STOP 
As Mr. Noriega 's political troubles grew , so did his offers of assistance to the Contras , an apparent attempt to *UNK* more favor in Washington . STOP 
For instance , he helped steal the May 1984 Panamanian elections for the ruling party . STOP 
But just one month later , he also contributed $ 100,000 to a Contra leader , according to documents released for Oliver North 's criminal trial in Washington , *CUNK* . STOP 
Yet , his political *UNKS* mounted . STOP 
Mr. Noriega was accused of ordering in 1985 the *UNKING* of Hugo *CUNK* , his most *UNK* political *UNK* and the first man to publicly *UNKER* Mr. Noriega on drug *UNKING* charges . STOP 
He then ousted President Nicholas *CUNK* *CUNK* , a former World Bank official with close ties to the U.S. , after Mr. *CUNK* tried to create a commission to investigate the murder . STOP 
And , all the while , Panama 's debt problems continued to grow . STOP 
Mr. Noriega was growing *UNK* . STOP 
In late 1986 , he made an offer he thought the U.S. could n't refuse . STOP 
As *UNKED* in a *UNKION* that *UNKED* government documents released for the North trial , Mr. Noriega offered to *UNK* the Sandinista leadership in exchange `` for a promise to help clean up Noriega 's image and a commitment to lift the -LCB- U.S. . -RCB- ban on military sales to the Panamanian Defense *CUNKS* . '' STOP 
`` North , '' the document went on , referring to Oliver North , `` has told Noriega 's representative that U.S. law *UNK* such actions . STOP 
The representative responded that Noriega had numerous assets in place in Nicaragua and could accomplish many essential things , just as Noriega had helped -LCB- the U.S. . -RCB- the previous year in *UNKING* up a Sandinista *UNKAL* . '' STOP 
*CUNK* North *UNKED* the request to his *UNKS* and to *CUNK* Secretary of State *CUNK* *CUNKS* , who *UNKED* it to Secretary of State George *CUNK* . STOP 
Mr. Noriega 's proposal was turned down . STOP 
And Mr. *CUNK* *UNKLY* told Mr. *CUNKS* that the general should be told that only he could repair his *UNKED* image . STOP 
The end of the marriage was at hand . STOP 
Within weeks the *UNKING* Iran-Contra scandal took away Mr. Noriega 's insurance policy . STOP 
The death of CIA Director William *CUNK* and resignation of Oliver North allowed *UNK-* political forces to gain influence . STOP 
Public protests against him were triggered in June 1987 due to charges by *CUNK* *CUNK* , his former chief of staff , that Mr. Noriega had stolen the 1984 election and had ordered the killing of Messrs. *CUNK* and *CUNKS* . STOP 
Few American officials were willing any longer to defend him . STOP 
Lawyers in Miami -- this time working virtually without *UNK* -- prepared to have him indicted on drug charges in February 1988 . STOP 
During negotiations with American officials in May 1988 over proposals to drop the U.S. *UNKS* in exchange for his resignation , Mr. Noriega often asked almost *UNKLY* how the Americans , whom he had helped for so many years , could turn against him . STOP 
Now , neither side -- the U.S. nor Mr. Noriega -- has an easy out . STOP 
President Bush has *UNK* to bring him to justice . STOP 
Mr. Noriega believes he has n't any alternative but to continue *UNKING* to power . STOP 
It is a *UNK-* battle -- perhaps to the death . STOP 
In the end , is Mr. Noriega the political equivalent of *CUNK* 's *UNKER* , created by a *UNKED* but *UNKED* foreign power ? STOP 
Not quite , Sen. *CUNK* contends . STOP 
`` For short-term gains , people were willing to put up with him . STOP 
That allowed him to get stronger and stronger , '' he says . STOP 
`` I do n't think we created him as much as we fed him , *UNKED* him and let him grow up to be big and strong . STOP 
*CUNK* Co. reported that third-quarter net income rose to $ 96 million , or 52 cents a share , from $ *UNKN* million , or 49 cents a share , a year earlier . STOP 
Yesterday 's edition provided analysts ' estimates for the company when actual earnings were available . STOP 
Industrial production declined 0.1 % in September , *UNKING* other signs that the manufacturing sector continues its slowing trend . STOP 
The Federal Reserve Board said output of the nation 's factories , mines and utilities expanded at an annual rate of 1.3 % in the third quarter , substantially slower than the 3.3 % annual rate in the second quarter . STOP 
`` Capital spending and exports , which have been the driving force in this expansion , are showing clear signs of having the steam taken out of them , '' said Robert *CUNK* , economist for Northern Trust Co. in Chicago . STOP 
The new reports of *UNKS* , which were *UNKED* by an earlier Labor Department report that manufacturing *UNKS* dropped by *UNKN* in September , give the Fed another reason to further ease its grip on credit and lower interest rates . STOP 
`` They need to do something about this , '' said *CUNK* Harris , economist at PaineWebber Group Inc . STOP 
The Fed also said U.S. industry operated at *UNKN* % of capacity last month , down from *UNKN* % in August . STOP 
*CUNKS* of manufacturing activity fell more than the overall measures . STOP 
*CUNK* output dropped 0.2 % , its first decline since February , after having been unchanged in October . STOP 
*CUNKS* operated at *UNKN* % of capacity , the lowest rate in more than a year and down from *UNKN* % in September . STOP 
The declines mainly reflected widespread weakness in durable goods , those intended to last more than three years . STOP 
The biggest drop was recorded by primary metals producers , a category that includes the steel industry . STOP 
*CUNK* of business equipment was unchanged in September . STOP 
*CUNKION* of factory equipment , one indication of the strength of manufacturers ' investment spending , fell 0.3 % . STOP 
Some economists expect further declines in investment spending . STOP 
`` *CUNKER* corporate profits are weak that means capital spending is going to *UNK* subsequently , '' Mr. Harris said . STOP 
`` You have n't seen the full effect of that yet . '' STOP 
A decline in truck production more than offset a sharp rise in auto *UNKS* , the Fed noted . STOP 
Analysts do n't expect the September surge in auto production to be repeated in the coming months . STOP 
Here is a *UNK* of the Federal Reserve Board 's report on industrial production in September . STOP 
The figures are seasonally adjusted . STOP 
*UNKN* % of the 1977 average . STOP 
*CUNK* *CUNKS* , president and chief executive officer of this bank holding company , was elected to the additional posts of chairman , president and chief executive of the company 's New England Savings Bank subsidiary . STOP 
William R. *CUNK* resigned those posts , as well as a seat on *CUNK* 's board . STOP 
*CUNK* is also the parent of *CUNK* . STOP 
*CUNKER* mortality rates for people under 45 years of age have begun to decline , federal researchers report . STOP 
The drop is particularly large for white *UNKS* , although black *UNKS* and white and black women also show lower mortality rates . STOP 
A report in this week 's issue of the Journal of the National Cancer Institute also projects that overall U.S. mortality rates from lung cancer , the leading cause of cancer death , should begin to drop in several years if cigarette smoking continues to *UNK* . STOP 
The report , which comes 25 years after the U.S. *CUNK* General issued a report warning against the *UNKS* of smoking , is the strongest indication to date that the reduction in smoking is leading to lower death rates from lung cancer . STOP 
`` What this is saying is that the *UNK* general 's message is having an impact , '' said *CUNK* *CUNK* , an *UNK* at the Johns *CUNKS* School of *CUNK* and Public Health in Baltimore . STOP 
The National Cancer Institute report compares mortality rates of two groups of people between the *UNKS* of 35 and 44 a decade apart . STOP 
The death rate from lung cancer of white *UNKS* *UNKED* 35 to 44 in the *UNKS* was 13.4 per 100,000 , but the mortality rate of the same age group in the *UNKS* was 9.6 , a decline of *UNKN* % . STOP 
*CUNKED* the same way , the decline for black *UNKS* was *UNKN* % . STOP 
The drop in mortality rates for women was less steep -- 8.9 % for blacks and 5.3 % for whites . STOP 
The study , by *CUNK* *CUNK* , William *CUNK* and Joseph *CUNK* of the institute 's staff , also shows that the *UNK* of lung cancer as well as the death rate declined over the decade for all groups in the *UNKN* age *UNK* , except black men . STOP 
Although *UNKER* mortality rates are increasing for the nation as a whole , the report projects that death rates will begin to decline in the 1990s for men and after the year 2000 for women . STOP 
*CUNKER* mortality rates increase with age and are continuing to rise for all age groups over 55 , with sharp increases for everybody but white men . STOP 
But Dr. *CUNK* , one of the authors of the report , said `` the declining rates we 're seeing for younger people we believe may be a *UNKER* of declining mortality in the future . '' STOP 
However , he *UNKED* that the improvement depends on a continued reduction in smoking . STOP 
`` Even though these favorable trends in *UNKER* mortality affect all sex and race groups , they ca n't be taken for granted , '' the report says . STOP 
`` *CUNKING* *UNKION* programs should reach larger segments of the population , especially children , *UNKS* and minorities . '' STOP 
An editorial in the *CUNK* Journal says the report of declining *UNKER* mortality `` among young men and women in the U.S. indicates that we finally may be winning the battle -- this even in a country where the tobacco industry spends over $ 2 billion a year for promotion of the *UNK* *UNK* of smoking . '' STOP 
But the editorial , by *CUNK* *CUNK* of the World Health Organization , notes that tobacco consumption and *UNKER* mortality rates are rising in developing countries . STOP 
`` *CUNKING* should be established as the *UNK* of social behavior '' around the world , the editorial says , through the *UNK* of laws that limit advertising , boost tobacco prices and promote *UNKING* education . STOP 
Asked for comment , Walker *CUNK* , a vice president of the *CUNK* Institute , said new efforts to restrict tobacco advertising in the U.S. could violate the First Amendment protection of free speech . STOP 
According to the American Cancer Society , smoking is responsible for 85 % of the *UNKER* cases among men and 75 % among women . STOP 
The *CUNK* report *UNKS* the differences in mortality rates by race to different smoking patterns . STOP 
A higher proportion of black men smoke than white men . STOP 
While nearly equal *UNKS* of black and white women currently smoke , in both *UNKS* more whites have given up smoking than blacks . STOP 
In *UNKING* changes in mortality rates over the past decade , the *CUNK* study looked only at blacks and whites . STOP 
*CUNKS* and native Americans were n't studied ; *CUNKS* were included with whites . STOP 
*CUNK* changes in average annual *UNK-* *UNKER* rates per 100,000 population by race and sex . STOP 
White *CUNKS* STOP 
White *CUNKS* STOP 
Black *CUNKS* STOP 
Black *CUNKS* STOP 
*CUNKS* elected R. Marvin *CUNK* , currently vice *UNK* supply , purchasing , to head the company 's Washington , D.C. , office . STOP 
As vice *UNK-* relations , Mr. *CUNK* will work with P&G 's top management and with the company 's *UNKS* staff `` to represent P&G 's interests at the federal level , '' said John G. *CUNK* , chairman and chief executive officer . STOP 
Mr. *CUNK* said the appointment `` *UNKS* the growing influence of government on our business . '' STOP 
Mr. *CUNK* , 53 years old , has been with the big producer of household products , food and pharmaceuticals for 30 years . STOP 
Traders trying to profit from the recent volatility in financial markets *UNKED* the Nasdaq over-the-counter market , prompting even more swings in stock prices . STOP 
After gaining strength during a brief *UNK-* when trading began , the Nasdaq Composite Index weakened under selling pressure . STOP 
The forces at work included computer-guided trading , as well as *UNK-* market makers and institutional investors who had bought stock on the cheap during the recent correction . STOP 
During the last two hours of trading , the composite almost drew even on the day before slipping again . STOP 
The Nasdaq Composite closed down 1.05 , or 0.2 % , to *UNKN* . STOP 
The action was *UNKED* to Nasdaq 's biggest and most liquid stocks , traders said . STOP 
The Nasdaq 100 Index began the day at *UNKN* , lost 2 % at one point , and was up 0.4 % at another . STOP 
The *UNKER* of the biggest *UNKAL* stocks settled at *UNKN* , off *UNKN* . STOP 
Its counterpart , the Nasdaq Financial Index , was weak for most of the day , *UNKING* *UNKN* to *UNKN* by the end of trading . STOP 
The volatility was *UNKING* for traders . STOP 
`` The market must have turned up and down 15 different times , '' *UNKED* *CUNK* *CUNKER* , head of OTC trading at Kidder Peabody . STOP 
`` Every time you thought it was going into a rally it gave up , and every time you thought it would rally it came down . STOP 
This is a tough market . '' STOP 
Mr. *CUNKER* said the market is still settling down after the recent correction . STOP 
Most of trading action now is from professional traders who are trying to take advantage of the price swings to turn a quick profit , he and other traders said . STOP 
`` Everybody 's *UNKED* and no one has an opinion that *UNKS* longer than 30 seconds , '' said Mr. *CUNKER* . STOP 
`` A lot of the professional traders are just going back and forth . STOP 
They 're just as *UNKED* . '' STOP 
William *CUNK* , head of OTC trading at Alex . Brown & Sons , in Baltimore , said program trading is keeping the markets unsettled . STOP 
He believes that the volatile conditions created by program trading has `` *UNKLY* *UNKED* '' investors about where the market is headed . STOP 
Program trading is `` *UNKING* a few to the *UNK* of many and I wish someone would do something about it , '' he complained . STOP 
Trading activity *UNKED* off from Monday 's *UNKING* pace . STOP 
Share turnover *UNKED* to *UNKN* million . STOP 
*CUNKING* and declining issues finished about even . STOP 
Of the *UNKN* stocks that changed hands , *UNKN* declined and *UNKN* advanced . STOP 
One big technology issue , *CUNK* , *UNK* the *UNKER* *UNKER* . STOP 
The stock , which finished Monday at 29 1\/2 , traded as high as 29 3\/4 and as low as 28 3\/4 before closing at 29 1\/4 , down 1\/4 . STOP 
It was a *UNKING* day for investors in *CUNKS* Institute . STOP 
The stock tumbled 2 3\/4 on news that it might have to take a charge against earnings if it ca n't successfully resolve a dispute with its European *UNK* , *CUNKER* *CUNK* , over its *UNK-* drug , *CUNK* . STOP 
The stock recovered somewhat to finish 1 1\/4 lower at 26 1\/4 . STOP 
In a statement , *CUNKS* Institute said the dispute with *CUNKER* centers on questions of the *UNK* of certain *UNKS* of *CUNK* material valued at $ *UNKN* million . STOP 
Earlier this week , *CUNKS* Institute reported wider losses in its fiscal third quarter ended Aug. 31 . STOP 
Price Co. jumped 2 1\/4 to 44 on 1.7 million shares . STOP 
The *UNKER* of cash and carry merchandise reported fiscal *UNKER* earnings that were better than analysts had expected . STOP 
The company also pleased analysts by announcing four new store *UNKS* planned for fiscal 1990 , ending next August . STOP 
That will bring the total for the year to 10 , from five during fiscal 1989 . STOP 
`` Every year we 've been waiting for *UNK-* expansion from the company . STOP 
The news could n't have been better , '' said Linda *CUNK* , a Dean Witter Reynolds analyst , in an interview . STOP 
*CUNK* , a maker of optical *UNKION* devices , also reported higher third-quarter earnings . STOP 
Its shares added 3\/4 to 30 3\/4 . STOP 
But favorable earnings was n't a guarantee that a stock 's price would improve yesterday . STOP 
MCI Communications tumbled 2 5\/8 to 42 3\/8 on 4.7 million shares even though the telecommunications giant reported a 63 % increase in third-quarter profit . STOP 
*CUNKS* Financial slipped 3\/8 to 43 1\/8 in active trading after reporting that third-quarter earnings improved to $ *UNKN* a share from $ 1.15 a share a year earlier . STOP 
However , the bank holding company 's loan-loss reserves rose to $ *UNKN* million from $ *UNKN* million a year earlier . STOP 
*CUNK* Brands lost 1\/4 to 27 . STOP 
But its *UNKER* earnings rose to 26 cents a share from 18 cents a share last year . STOP 
Capital Associates dropped 1 to 5 3\/8 . STOP 
The company , which leases technology equipment , reported substantially lower net income for its fiscal first quarter , which ended Aug. 31 . STOP 
Robert M. *CUNK* , 39 , was named president and chief operating officer of this closely held publisher . STOP 
The post had been vacant for more than a year . STOP 
Mr. *CUNK* had been executive vice president for operations . STOP 
In addition , Ralph Ingersoll II , 43 , chairman and chief executive , said he would take on additional responsibilities as editor in chief of the company . STOP 
John *CUNKS* resigned as editor in chief . STOP 
Mr. Ingersoll remains editor in chief of the company 's recently launched daily , the St. Louis Sun . STOP 
Also , *CUNK* B. *CUNK* , 28 , was named executive vice president , treasurer and chief financial officer . STOP 
Michael *CUNK* resigned after less than a year in the posts . STOP 
Ms. *CUNK* had been executive financial assistant to the chairman . STOP 
*CUNKLY* conservative environmentalists can defend their limited government position by *UNKING* between Old *CUNK* and New *CUNK* -LRB- `` *CUNKS* and Others for *CUNKING* the *CUNK* , '' by David Brooks , editorial page , Oct. 5 -RRB- . STOP 
Old *CUNK* involved *UNK* *UNKS* and *UNKS* . STOP 
It started with improvements in *UNK* made possible by *UNK* *UNK* and *UNK* *UNUNK* during the Industrial *CUNKION* . STOP 
Then *UNK-* *UNKER* *UNK* and the *UNK* *UNK* were followed by *UNK* - and *UNK-* plants toward the end of the *UNK* century . STOP 
*CUNK* in the *UNK* century was *UNKED* mostly to *UNKING* *UNKS* and *UNK* analysis . STOP 
Then the *UNK* century saw the *UNKION* of private-sector wonder drugs , which *UNKED* medical therapy . STOP 
The process *UNKLY* increased our average life *UNK* , eliminated much *UNK* and constantly improved health and *UNKING* . STOP 
Most *UNK-* measures were handled at the local level . STOP 
New *CUNK* probably started in *UNKN* with the publication of *CUNK* *CUNK* 's book `` *CUNK* *CUNKING* . '' STOP 
*CUNKLY* thereafter , *UNKAL* articles began to appear predicting that advanced industrial *UNKS* would produce a *UNKED* , *UNUNK* planet possibly by the turn of the century . STOP 
These *UNK* predictions were advanced by such *UNKS* as Paul *CUNK* , Barry *CUNKER* , *CUNK* *CUNKS* and George *CUNK* . STOP 
*CUNKING* in the 1960s Ms. *CUNK* suggested that the human race could be eliminated in 20 years , and Mr. *CUNK* suggested that life on earth might end by 1985 . STOP 
Mr. *CUNK* predicted unprecedented *UNK* by 1980 . STOP 
There were many more . STOP 
*CUNKS* of chemical products were *UNKED* as *UNK* , with recommendations that they be banned from industrial use because they produced *UNK* *UNKS* in *UNKED* *UNKS* . STOP 
*CUNK* before 1960 were the *UNK* effects of *UNK* rain , greenhouse warming and ozone *UNKION* , all of which required *UNKING* political power and *UNK* expense . STOP 
Meanwhile , the New *CUNKS* *UNKLY* opposed the methods of the Old *CUNKS* . STOP 
*CUNKAL* pollution problems require cheap energy and capital for their solution . STOP 
But the New *CUNKS* oppose private wealth creation -LRB- which , they claim , *UNKS* natural resources -RRB- and nuclear power -LRB- even though it would *UNK* the greenhouse effect -RRB- . STOP 
They are in the *UNK* of opposing the search for new *UNKS* and methods of *UNKION* and even oppose new methods of research such as genetic engineering . STOP 
New *CUNK* is an emotional attack on proven methods of improving our quality of life and a bid for political power . STOP 
Let 's *UNK* our priorities by *UNKING* pollution problems at the local level as *UNK* . STOP 
Harry Lee Smith *CUNK* , *CUNK* . STOP 
Your story missed some essential points of the conference on `` The *CUNKAL* *CUNK* : Are We *CUNKING* ? '' STOP 
First and *UNK* , the *UNKS* presented by the various scientists represent a general consensus among specialists working in the *UNK* aspects of the global environment . STOP 
Consider , for example , the greenhouse effect and climate change ; numerous *UNK-* scientific committees , including one from the National Academy of Science , judge there is a greater than 50 % *UNK* of a *UNK* problem in the *UNKING* . STOP 
The point was to answer the question in the conference title , not to try to create news stories for the event itself . STOP 
Nor was it intended to *UNK* a set of *UNK* solutions , although various points were raised . STOP 
Each *UNKER* was asked to address a specific topic , not deliver a point of view . STOP 
Each scientist *UNKLY* concluded society and government are *UNKING* when it comes to *UNK* policy change . STOP 
This leads to a very special sense of *UNK* . STOP 
If the media decide to work harder at *UNKING* the public about these complex and technical issues , that hardly can be *UNKED* *UNK-* *UNK* . STOP 
The environment can no longer be a normal issue , to be *UNK* with on a *UNKAL* basis with comfortable *UNKS* of change . STOP 
We have literally *UNKED* the *UNK* and *UNKS* of our planet 's atmosphere . STOP 
This *UNKS* consequences from what we have already done that will be very *UNKING* to social and economic systems . STOP 
The problems of the environment are so *UNKED* , so *UNKLY* *UNKED* with our current way of life and so large that it is unlikely we will be able to address them effectively unless major changes are made in less than 10 years . STOP 
The consensus from the scientific community is that there is sufficient evidence to advise major policy changes . STOP 
No , we are not *UNKING* . STOP 
Thomas E. *CUNK* *CUNK* Secretary for *CUNKAL* Affairs *CUNK* *CUNKION* STOP 
Coca-Cola Enterprises Inc. , *UNKING* its dismal earnings forecast for 1989 , said its third-quarter net income fell 68 % on flat revenue . STOP 
*CUNK* by higher marketing costs and slowing volume growth , the giant Coke *UNKING* operation said net fell to $ *UNKN* million , or six cents a share , from $ *UNKN* million , or 26 cents a share , the year earlier . STOP 
The results met estimates of analysts , who had already slashed their projections after the company said in late August that its 1989 earnings could tumble as much as 37 % . STOP 
A company spokesman said yesterday that Coca-Cola Enterprises *UNKS* by its 1989 forecast . STOP 
Third-quarter revenue was flat at $ 1.02 billion . STOP 
The year-ago results , however , included the operations of a *UNKING* business , which was sold last December . STOP 
Excluding that *UNKING* business , Coca-Cola Enterprises ' volume , measured by cases of *UNK* , rose only 1 % . STOP 
The volume is well below the industry 's 4 % to 5 % growth rate of recent years , but in line with other soft-drink companies for the third quarter . STOP 
The latest third-quarter volume also compares with a very strong 10 % growth in the year-ago quarter . STOP 
Coca-Cola Enterprises blamed the lower volume on its soft-drink prices , which were about 3 % higher in the third quarter . STOP 
Consumers have been *UNKED* to buying *UNKS* at discounted prices for several years . STOP 
Coca-Cola Enterprises said it had to boost spending for trade and dealer incentives to try to keep *UNKS* from slipping . STOP 
The company said it expects consumers will adjust to *UNKED* soft *UNKS* . STOP 
A spokesman attributed the bulk of a 14 % increase in selling , administrative and general expenses -- to $ *UNKN* million -- to marketing costs . STOP 
`` They 're out there promoting like crazy , trying to get prices up by promotion , '' said Roy *CUNK* , an analyst with Kidder , Peabody & Co . STOP 
For the nine months , Coca-Cola Enterprises ' net fell 31 % to $ 65 million , or 39 cents a share , from $ *UNKN* million , or 63 cents a share . STOP 
Revenue was flat at about $ *UNKN* billion . STOP 
Coca-Cola Enterprises , which is *UNKED* by Coca-Cola Co. , also said it *UNKED* about 1.2 million of its common shares during the third quarter . STOP 
The buy-back is part of a *UNK-* repurchase plan , under which Coca-Cola Enterprises so far has acquired a total of 9.7 million shares . STOP 
Separately , *CUNK* , *CUNKED* PepsiCo Inc. , as expected , said fiscal third-quarter net rose 11 % to $ *UNKN* million , or $ 1.02 a share , from $ *UNKN* million , or 91 cents a share . STOP 
Sales rose 25 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
The year-ago quarter 's results include an after-tax charge of $ 5.9 million from the sale of a *UNK* in Spain . STOP 
In composite trading on the New York Stock Exchange , Coca-Cola Enterprises closed at $ *UNKN* a share , down 62.5 cents . STOP 
PepsiCo closed at $ *UNKN* a share , up $ *UNKN* . STOP 
L.J. Hooker Corp. is expected to reach an agreement in principle this week to sell Merksamer *CUNKS* Inc. to management , say executives familiar with the talks . STOP 
L.J. Hooker , based in Atlanta , filed for Chapter 11 bankruptcy protection earlier this year . STOP 
Currently , its parent company , Hooker Corp. of Sydney , Australia , is being managed by a *UNKED* *UNK* . STOP 
It is expected that GE Capital Corp. , a financial-services subsidiary of General Electric Co. , will provide much of the funding for the proposed leveraged buy-out of Merksamer , based in Sacramento , Calif . STOP 
A spokesman for GE Capital declined to comment . STOP 
GE Capital has a working relationship with L.J. Hooker . STOP 
It is providing $ 50 million in emergency financing to the company and has agreed to buy as much as $ 75 million in receivables from B. *CUNK* & Co. and *CUNK* *CUNKER* , L.J. Hooker 's two fully owned department-store chains . STOP 
Sam Merksamer , chief executive officer of the nationwide jewelry chain , and Sanford *CUNK* , chief executive of L.J. Hooker Corp. , both declined to comment . STOP 
Currently , Mr. Merksamer owns 20 % of the company ; L.J. Hooker acquired its 80 % interest in the firm in May 1986 . STOP 
At the time , the Merksamer chain had 11 stores in operation . STOP 
Today , there are 77 units , all located in shopping *UNKS* . STOP 
In recent weeks Mr. Merksamer has approached a number of his suppliers and asked them to provide letters of intent saying they will continue shipping merchandise to the chain following the buy-out , say those familiar with the situation . STOP 
This year , a number of retail leveraged *UNKS* have failed , causing *UNKS* among suppliers , and Mr. Merksamer apparently wanted *UNKS* that he wo n't have delivery problems . STOP 
For the year ended June 30 , 1989 , Merksamer *CUNKS* had $ 62 million of revenue and operating profit of $ 2.5 million . STOP 
The *UNK* chain was put up for sale in June . STOP 
According to those familiar with the situation , other bidders included *CUNKS* Group PLC of London and *CUNK* *CUNKS* Inc . STOP 
First Boston Corp. is advising L.J. Hooker on the sale of the Merksamer business . STOP 
Merksamer was the first in a series of retail acquisitions made by L.J. Hooker . STOP 
The company was founded in Sacramento in *UNKN* by two brothers , Ralph and Walter Merksamer , who operated as *CUNK* 's *CUNKS* . STOP 
In 1979 , the *UNK* split the company in half , with Walter and his son , Sam , agreeing to operate under the Merksamer *CUNK* name . STOP 
The sale of Merksamer *CUNKS* is subject to approval by Judge *CUNK* *CUNK* of U.S. Bankruptcy Court . STOP 
As earlier reported , L.J. Hooker this week received a $ *UNKN* million bid for its three shopping *UNKS* , plus other properties from a consortium led by *CUNK* real-estate investor Jay *CUNKER* and A. Boyd *CUNK* , an Atlanta developer and former L.J. Hooker senior executive . STOP 
The offer , which did n't include the Merksamer chain , is being *UNKED* by Mr. *CUNK* . STOP 
Robert J. *CUNKAL* was named president and chief executive officer of this company 's *CUNK-* Corp. unit . STOP 
Mr. *CUNKAL* had been president and chief executive of *CUNK* Industries Inc . STOP 
Robert H. *CUNK* , previous president and chief executive of *CUNK-* , will assume the title of chairman of the unit , a *UNK-* maker . STOP 
The days may be *UNKED* for *UNKED* shows featuring *CUNK* , the *CUNK* *CUNK* and the *CUNKS* . STOP 
NBC , a leader in morning , prime-time and late night programs but an *UNK-* on Saturday *UNKS* , when children rule the TV set , is *UNKING* getting out of the *UNK* business . STOP 
Instead , network officials say , it may `` *UNK* '' with shows for an audience that is virtually ignored in that time period : adults . STOP 
`` There is talk of some *UNKING* and we 're certainly heading in the direction of less and less *UNKION* , '' said Joseph S. *CUNK* , vice president of finance and administration for National Broadcasting Co. , a unit of General Electric Co . STOP 
Mr. *CUNK* said that NBC Entertainment president *CUNK* *CUNK* , who declined to be interviewed , is `` looking at options now and may put some things into the schedule by *UNK-* . '' STOP 
He declined to elaborate . STOP 
NBC 's options could range from *UNKED* programming to sports shows , although the network declined to comment . STOP 
One major NBC affiliate , *CUNK* in Sacramento , plans to cancel the NBC Saturday morning *UNK-* as of January and replace it with a local *UNK* . STOP 
The *UNK-* program will be repeated with *UNKS* throughout Saturday *UNKS* . STOP 
`` We feel there is an opportunity for an audience that is not being served by any network , so we want to take the lead , '' says *CUNK* 's general manager , John *CUNK* . STOP 
`` We do n't need *UNKS* anymore . STOP 
They only accounted for 5 % , at best , of the station 's total revenues . '' STOP 
An NBC spokesman says the network will `` closely monitor '' the Sacramento situation , and says it is the only station to *UNK* . STOP 
*CUNK* for the television networks of CBS Inc. and Capital *CUNK* Inc. , say there are no plans to alter the children 's *UNK-* on Saturday *UNKS* . STOP 
The *UNK* audience for Saturday programming is no longer dependent on the networks . STOP 
There has been a surge in *UNKED* children 's shows to independent stations , as well as competition from *UNKS* for kids and from cable outlets such as *CUNK* and the Disney Channel . STOP 
At the same time , there appears to be a market for *UNKED* programming ; Turner Broadcasting System Inc. 's Cable News Network has its highest ratings , outside of prime time , on Saturday *UNKS* . STOP 
NBC has on previous occasions considered replacing *UNKS* with a Saturday version of `` Today , '' which is produced by NBC News . STOP 
The network 's own production company , NBC *CUNKS* , supplies a half-hour *UNKED* show *UNKED* `` *CUNKED* By The Bell . '' STOP 
NBC *CUNKS* or NBC News could supply the network with other Saturday morning shows , a move that would control costs . STOP 
*CUNKED* shows , which are made by outside production companies , cost the network about $ *UNKN* per episode . STOP 
*CUNK* & *CUNKS* Co. said third-quarter net income *UNKED* 35 % to $ *UNKN* million , or 49 cents a share . STOP 
In the year-earlier quarter , the chemicals company had net of $ *UNKN* million , or 75 cents a share . STOP 
Sales were $ *UNKN* million , up 0.5 % from $ *UNKN* million a year ago . STOP 
*CUNK* & *CUNKS* , which plans to start operating seven new production units this year , attributed the profit slide partly to higher start-up expense . STOP 
The company also cited the stronger dollar , which cuts the value of overseas profit when it is translated into dollars . STOP 
In addition , the company said , it was hurt by higher than *UNK-* costs for raw materials , though those costs have declined since the second quarter . STOP 
*CUNKLY* higher production of those chemicals which remain in heavy demand also has forced up costs , such as overtime pay . STOP 
For the nine months , *CUNK* & *CUNKS* net totaled $ 155 million , or $ *UNKN* a share , down 17 % from $ *UNKN* million , or $ *UNKN* a share , a year ago . STOP 
Sales rose 5.2 % to $ *UNKN* billion from $ *UNKN* billion the previous year . STOP 
In New York Stock Exchange composite trading , *CUNK* & *CUNKS* closed at $ 33 a share , down $ 1.75 . STOP 
Michael A. *CUNK* , 55 years old , was named president and chief executive officer of this manufacturer of industrial *UNKS* , succeeding Walter K. *CUNK* . STOP 
Mr. *CUNK* , 49 , resigned as president and chief executive and will work on special projects , said John J. *CUNK* , chairman . STOP 
Mr. *CUNK* formerly was president and chief executive of Taylor & *CUNK* Inc. and was a director of *CUNK* *CUNKS* since 1985 . STOP 
Stephen N. *CUNKER* was named managing director and group head of investment banking in Asia , based in Tokyo . STOP 
Mr. *CUNKER* , 38 years old , had been a first vice president in the industrial group in investment banking . STOP 
He succeeds *CUNK* *CUNKS* , who resigned in May . STOP 
This is written to correct a *UNKION* in your Oct. 3 article `` *CUNKS* From Advanced *CUNK* Cancer *CUNK* *CUNK* *CUNKED* by Using Two *CUNKS* . '' STOP 
In this article , I was alleged to have said , `` Any patient with high-risk colon cancer is really getting short *UNK* if he 's not getting this therapy . '' STOP 
I did n't say this , and I 'm totally opposed to the philosophy expressed by the *UNK* . STOP 
I have not offered and will not offer routine therapy with the two drugs , *UNK* and *UNK-* , to any of my *UNKER* patients . STOP 
With this treatment we have reduced deaths in high-risk colon cancer by one-third -- but this leaves the two-thirds who are *UNKING* of cancer . STOP 
This is not nearly good enough . STOP 
I believe any physician who truly *UNKS* about cancer patients , both today and tomorrow , should offer the hope of something better than that . STOP 
My statement , read *UNK* from a *UNKED* text available to all reporters attending the National Cancer Institute news conference , was the following : `` New clinical trials are already in operation seeking to improve these results . STOP 
These research *UNKS* offer to the patient not only the very best therapy which we have established today but also the hope of something still better . STOP 
I feel any patient with high-risk cancer is getting short *UNK* if he is not offered this opportunity . '' STOP 
We have very exciting prospects for far more impressive advances in the treatment of colon cancer during the years immediately ahead . STOP 
This hope , however , will never be realized if we use *UNK* and *UNK-* as a *UNKING* point . STOP 
Charles G. *CUNK* *CUNK* . *CUNK* *CUNK* Rochester , *CUNK* . STOP 
The oil and auto industries , *UNKED* in their *UNK* of President Bush 's proposal for cars that run on alternative fuels , announced a joint research program that could turn up a *UNKING* gasoline . STOP 
Officials of the Big Three auto makers and 14 petroleum companies said they are setting out to find the most *UNK-* fuel for reducing cities ' *UNKION* problems , with no bias toward any fuel in particular . STOP 
However , their search notably wo n't include natural gas or pure *UNK* -- the two *UNKING* alternative fuels -- in tests to be completed by next summer . STOP 
Instead , the tests will focus heavily on new *UNKS* of gasoline , which are still *UNKED* but which the petroleum industry has been *UNKING* as a solution for automobile pollution that is *UNKING* urban areas . STOP 
*CUNKS* criticized the program as merely a *UNKS* attempt to head off a White House proposal to require a million cars a year that run on *UNKING* fuels by 1997 . STOP 
While major oil companies have been *UNKING* with *UNKING* gasoline *UNKS* for years , only Atlantic *CUNK* Co. is now marketing a *UNKION* gasoline for older cars currently running on *UNKED* fuel . STOP 
The initial $ 11 million research program will conduct the most extensive testing to date of *UNKED* *UNKS* , said Joe *CUNK* , head of fuels and *UNKS* at General Motors Corp. research laboratories . STOP 
It will compare 21 different *UNKS* of *UNKS* with three *UNKS* of up to 85 % *UNK* . STOP 
A second phase of research , which is still being planned , will test *UNKED* *UNKS* on newer engine technologies now being developed for use in 1992 or 1993 cars . STOP 
There was no cost estimate for the second phase . STOP 
`` The whole idea here is the automobile and oil companies have joint customers , '' said Keith *CUNK* , a senior vice president of technology at Amoco Corp . STOP 
`` And we are looking for the most *UNK-* way to clean up the air . '' STOP 
But David *CUNKS* , an environmental lawyer with the Natural Resources Defense Council , said the research appears merely to be a way to promote *UNKED* gasoline . STOP 
Oil and auto companies supported a move on Capitol Hill last week to *UNK* Mr. Bush 's plans to require auto makers to begin selling *UNKED* cars by 1995 . STOP 
Instead , a House subcommittee adopted a *UNKS* program that specifically *UNKS* *UNKED* gasoline as an alternative . STOP 
The Bush administration has said it will try to *UNK* its plan when the House Energy and Commerce Committee takes up a comprehensive *UNK-* bill . STOP 
William Seidman , chairman of the Federal Deposit Insurance Corp. , said Lincoln Savings & Loan Association should have been seized by the government in 1986 to contain losses that he estimated will cost taxpayers as much as $ 2 billion . STOP 
Mr. Seidman , who has been the nation 's top bank regulator , *UNKED* the problems of Lincoln , based in *CUNK* , Calif. , after his regulatory role was expanded by the new savings-and-loan bailout law . STOP 
He made his comments before House Banking Committee hearings to investigate what appears to be the biggest thrift disaster in a *UNK-* industry . STOP 
The inquiry also will cover the actions of Charles Keating Jr. , who is chairman of American Continental Corp. , Lincoln 's parent , and who contributed heavily to several U.S. senators . STOP 
Mr. Seidman told the committee that the Resolution Trust Corp. , the agency created to sell sick thrifts , has studied Lincoln 's examination reports by former regulators *UNKING* back to 1986 . STOP 
`` My staff indicated that had we made such findings in one of our own institutions , we would have sought an immediate *UNK-* order to stop the *OUS* operations , '' Mr. Seidman said . STOP 
When Lincoln was seized by the government , for example , 15 % of its loans , or $ 250 million , were to borrowers who were buying real estate from one of American Continental 's 50 other subsidiaries , according to Mr. Seidman . STOP 
But the government did n't step in until six months ago , when thrift officials put Lincoln into *UNK* -- the day after American Continental filed for Chapter 11 bankruptcy protection from creditors . STOP 
The bankruptcy filing , the government has charged in a $ 1.1 billion civil lawsuit , was part of a pattern to shift insured deposits to the parent company , which used the deposits as a *UNK* for real-estate deals . STOP 
The deposits that have been transferred to other subsidiaries are now under the *UNKION* of the bankruptcy court . STOP 
`` I think it 's fairly clear -LCB- Mr. Keating -RCB- knew , '' that regulators were set to seize Lincoln , Mr. Seidman said . STOP 
Further investigation , he said , may result in further actions against Lincoln 's executives , said Mr. Seidman , `` including fraud actions . '' STOP 
Mr. Keating , for his part , has filed suit *UNKING* that regulators *UNKLY* seized the thrift . STOP 
Leonard *CUNK* , an attorney in Washington for Mr. Keating , declined to comment on the hearings , except to say , `` We will be responding *UNKLY* in several *UNKS* to each of these allegations at the appropriate time . '' STOP 
Lincoln 's treatment by former thrift regulators , in an agency *UNKED* by the new law , has proved *UNKING* for five senators who received thousands of dollars in campaign contributions from Mr. Keating . STOP 
Mr. Seidman said yesterday , for example , that Sen. Dennis *CUNK* -LRB- D. , Ariz. -RRB- , who received $ *UNKN* in contributions from Mr. Keating , *UNKED* Mr. Seidman to request that he push for a sale of Lincoln before it would be seized . STOP 
After the government lawsuit was filed against Lincoln , Sen. *CUNK* returned the campaign contributions . STOP 
The senator 's spokesman said yesterday that he pushed for the sale of Lincoln because `` hundreds of Arizona jobs -LCB- at Lincoln -RCB- were on the line . '' STOP 
Senate Banking Committee Chairman Donald *CUNK* -LRB- D. , *CUNK* . -RRB- has also returned contributions he received from Mr. Keating a year ago . STOP 
*CUNK* John Glenn -LRB- D. , Ohio -RRB- , John *CUNK* , -LRB- R. , Ariz. -RRB- and Alan Cranston -LRB- D. , Calif. -RRB- also received substantial contributions from Mr. Keating and sought to *UNK* on behalf of Lincoln . STOP 
House Banking Committee Chairman Henry Gonzalez -LRB- D. , Texas -RRB- said Sen. Cranston *UNKED* to appear before the House committee , if necessary . STOP 
But a committee staff member said the panel is unlikely to pursue closely the role of the senators . STOP 
At the hearing , Mr. Seidman said the RTC has already *UNKED* $ *UNKN* million into Lincoln for liquidity . STOP 
He also held out little hope of *UNKION* for *UNKS* of $ 225 million in American Continental subordinated debt . STOP 
Some of those *UNKS* have filed a suit , saying they believed they were buying *UNKED* certificates of deposit . STOP 
`` We have no plans at this time to pay off those notes , '' he said . STOP 
Eastern Airlines ' creditors committee , *UNUNK* with the carrier 's plans for emerging from bankruptcy-law proceedings , asked its own experts to *UNK* *UNK* approaches to a reorganization . STOP 
Representatives of the accounting firm of *CUNK* & Young and the securities firm of Goldman , Sachs & Co. , hired by creditors to *UNK* on Eastern 's financial plans , told the committee in a private meeting yesterday that Eastern 's latest plan to emerge from bankruptcy-law protection is far riskier than an earlier one which won the creditors ' approval . STOP 
According to one person present at the meeting , Eastern 's new plan is financially `` *UNKLY* optimistic . '' STOP 
Asked about the consultants ' reports , an Eastern spokeswoman said `` we totally disagree . '' STOP 
She said they have `` *UNKED* and made some *OUS* assumptions that make their analysis completely *UNK-* . '' STOP 
At a later news conference here , Frank Lorenzo , chairman of Eastern 's parent Texas Air Corp. , said Eastern was exceeding its goals for getting back into operation and predicted it would emerge from Chapter 11 protection from creditors early next year , operating with more service than it originally had scheduled . STOP 
He insisted , as he has before , that creditors would be paid in full under the plan . STOP 
Mr. Lorenzo made no mention of creditors ' negative response to his plan . STOP 
`` We 're in the process of discussing an amended plan with the creditors and anticipate filing that amended plan shortly , '' Mr. Lorenzo told reporters . STOP 
`` We 're meeting and *UNKING* our goals , '' he added . STOP 
In July , Eastern and its creditors agreed on a reorganization plan that called for Eastern to sell $ 1.8 billion in assets and to emerge from bankruptcy-law protection at two-thirds its former size . STOP 
But after selling off pieces such as its East Coast shuttle , its Philadelphia *UNK* and various planes , Eastern hit a *UNKING* block . STOP 
It could n't sell its South American routes , one of the major assets marked for *UNKAL* . STOP 
Those routes , valued by the creditors ' professionals at about $ 400 million , were to be sold to AMR Corp. 's American Airlines . STOP 
A *UNK-* *UNK* in negotiations with AMR , over an unrelated lawsuit between American and another Texas Air unit , caused the deal to collapse . STOP 
Eastern ultimately decided it would have to keep and operate the routes itself , which would leave it with less cash for its reorganization . STOP 
It also would leave Eastern a bigger carrier than the *UNK-* one proposed under the initial plan . STOP 
Those changes in its condition meant the reorganization plan previously presented to creditors would have to be revamped . STOP 
Since then , Eastern has been negotiating with creditors over revisions , but the creditors committee has been having problems with the revisions . STOP 
The committee has two groups of experts it calls on to *UNK* Eastern 's plans . STOP 
Both said the new plan would n't work . STOP 
*CUNK* & Young said Eastern 's plans will miss its projections of earnings before interest , tax and depreciation by $ 100 million , and that Eastern 's plan presented no *UNK* level , according to a source present at yesterday 's session . STOP 
*CUNKS* from Goldman Sachs estimated Eastern would miss the same mark by $ 120 million to $ 135 million , the source said . STOP 
The experts said they expected Eastern would have to issue new debt to cover its costs , and that it would generate far less cash than anticipated . STOP 
Other costs also would increase , including maintenance , because Eastern has an older fleet . STOP 
At the news conference , Mr. Lorenzo and Eastern President *CUNK* *CUNKS* presented a far *UNKER* assessment . STOP 
*CUNKED* by flight attendants , pilots and *UNK* agents *UNKED* in *UNK* new blue *UNKS* , they said Eastern has exceeded its operational goals and is filling its seats . STOP 
*CUNKING* next month , Eastern will begin flying *UNKN* flights daily instead of the previously announced 700 , they said . STOP 
Mr. *CUNKS* declined to give out Eastern 's daily losses , but said he did n't expect Eastern would have to *UNK* into the cash from asset sales currently held in *UNK* . STOP 
These accounts hold several hundred million dollars , primarily from asset sales . STOP 
The plan Eastern hopes to pursue , he said , calls for Eastern to have $ *UNKN* million in cash by year 's end . STOP 
Both he and Mr. Lorenzo predicted that plan might be confirmed in January . STOP 
As to negotiations with creditors , Mr. Lorenzo said in remarks after the conference `` we 'll have to see how they -LCB- talks -RCB- come along . '' STOP 
However , he added , `` it 's not a requirement that the plan be accepted by creditors . STOP 
It must be accepted by the court . '' STOP 
Under bankruptcy law , Eastern has exclusive rights for a certain period to develop its own reorganization plan . STOP 
That deadline has been extended once and could be extended again . STOP 
If Eastern can get creditor support , court confirmation of its plan could be relatively *UNK* . STOP 
But creditors are free to press for court approval of their own plan , or the court could ignore both sides and draw its own . STOP 
In any event , some people familiar with the case question whether the court will act by January as forecast by Mr. Lorenzo and Mr. *CUNKS* . STOP 
Eastern sought bankruptcy-law protection a few days after a *UNKING* strike began March 4 . STOP 
Mr. Lorenzo told reporters the reorganization Eastern is pursuing would create a carrier 85 % to 90 % of the size of the *UNK-* Eastern . STOP 
He projected it would be operating about 1,000 flights a day by late spring , only slightly fewer than the carrier 's old volume of *UNKN* a day . STOP 
*CUNK* OF *CUNK* the corporate minimum tax before 1990 are weakening . STOP 
The method of *UNKING* the 20 % tax , paid if it exceeds tax figured the regular way , is due for a change in 1990 , thanks to 1986 's tax act . STOP 
But most experts agree that the concept that is to be introduced *UNKS* in great *UNK* ; they have been trying to head it off this year . STOP 
*CUNKS* and Means Chairman *CUNK* backed a *UNKION* plan in the pending House tax bill , but the plan turns out to be a big revenue *UNKER* . STOP 
Now the Senate 's *UNK-* bill *UNKS* any proposal to deal with the corporate tax . STOP 
*CUNKS* of *UNKION* fear that the chances of getting it into the final bill are *UNKING* . STOP 
`` We hear it has low priority on the House side , '' says Samuel *CUNK* of Coopers & *CUNK* , *CUNKS* . STOP 
If the law is n't changed , he says , `` we are left *UNKING* at rules that are almost impossible to *UNK* , because there are so many complex depreciation calculations to do . '' STOP 
But Congress still could resolve the issue with other legislation this year or next , *CUNK* adds . STOP 
*CUNK* 'S *CUNK* may be offset by immediate claims for tax refunds . STOP 
This law *UNKS* *UNKED* *UNKS* named by the president as disaster areas , as well as regions so designated after other 1989 disasters . STOP 
It *UNKS* victims *UNK* to *UNK* casualty losses on either 1989 or amended 1988 returns , *UNKER* offers the larger tax benefit ; they have until April 16 to choose . STOP 
*CUNKING* a 1988 return to claim a refund brings cash faster ; but for personal losses , there are other factors to consider , notes publisher *CUNK* Hall . STOP 
A loss -- after insurance *UNKS* -- is *UNK* only to the extent that it exceeds $ 100 and that the year 's total losses exceed 10 % of adjusted gross income ; victims may pick the year when income is lower and deductions higher . STOP 
In filing an original -LRB- not amended -RRB- return , a couple should consider whether damaged property is owned jointly or separately and whether one *UNK* has larger income ; that may determine whether they should file jointly or separately . STOP 
THE IRS *CUNK* several *UNKS* for Hugo 's victims . STOP 
*CUNKS* for 1988 from people with six-month filing *UNKS* were due Monday , but the IRS says people in the disaster areas wo n't be *UNKED* for late filing if their returns are marked `` Hugo '' and *UNKED* by Jan. 16 . STOP 
Interest will be imposed on *UNUNK* taxes , but *UNK-* penalties on the returns will be *UNKED* if the balance due and paid is 10 % or less of the liability . STOP 
IRS *CUNK* *UNKN* describes this and other deadline relief for Hugo 's victims . STOP 
Among the provisions : *CUNK-* taxpayers with returns due last Monday wo n't be *UNKED* if they file -- or request an extension -- and pay tax due by Nov. 15 . STOP 
*CUNK-* returns due by Oct. 31 or Nov. 30 may be delayed to Jan. 16 . STOP 
*CUNKS* ca n't be granted for filing *UNK-* returns due Oct. 31 or for *UNKING* *UNK* taxes , but late penalties will be *UNKED* for deposits made by Nov. 15 . STOP 
The notice also grants relief for certain *UNK-* returns . STOP 
*CUNK-* *CUNK* in a *UNKED* *UNK* were *UNKS* for permanent staffers of American Business Service Corp. , a Costa Mesa , Calif. , supplier of temporary workers . STOP 
The IRS denied cost deductions because few of the *UNKS* got to go *UNK* . STOP 
But the Tax Court said the limitations were reasonable and realistic and allowed the deductions . STOP 
*CUNK-* *CUNK* who try to avoid sales tax by *UNKING* prices paid in private deals are the targets of a New York drive . STOP 
*CUNKING* that the state may lose $ 15 million a year , officials announced the filing of 15 criminal actions and `` hundreds '' of civil penalties . STOP 
*CUNK* *CUNK* IRA *CUNK* *UNKS* , the *UNK* of the individual retirement account must file forms *UNKN* reporting market values relating to the *UNK* and each *UNK* , with copies to the *UNK* and beneficiaries . STOP 
IRS Revenue *CUNK* *UNKN* describes the reporting requirements . STOP 
*CUNK* *CUNK* A *CUNK* was this cash *UNKER* 's reputation for *UNK* . STOP 
People often *UNK* *UNK* and *UNK* of banks to justify cash *UNKS* to the IRS . STOP 
*CUNK* *CUNK* Brown of *CUNK* , Calif. , a *UNKING* , *UNK* young *UNK* , told that story to the Tax Court . STOP 
But judges usually find the real aim is to escape tax on hidden income ; and the IRS said Brown must have had such income -- although it uncovered no source -- because he *UNKED* $ *UNKN* in a bank account in *UNKN* while reporting income of only $ *UNKN* . STOP 
Brown 's story : STOP 
The deposits came from savings kept in a *CUNK* *UNK* ; he saved $ *UNKN* in *UNKN* by living with family members and *UNKING* *UNKS* and $ *UNKN* of secret *UNKS* from his *UNK* father , who had abandoned the family in *UNKN* . STOP 
Brown had no proof ; but testimony of his mother and *UNKER* about his father and of an *UNKER* about his *UNK* and *UNKS* satisfied a judge that Brown was *UNK* and his tale of *UNKS* was possible . STOP 
The IRS offered no evidence of hidden sources of taxable income , so Judge *CUNKS* rejected its claims . STOP 
*CUNK* : STOP 
Asked how he made *UNK* *UNKS* of $ *UNKN* out of reported two-year income of $ *UNKN* , Thomas H. *CUNK* of *CUNK* , Texas , told the Tax Court he had *UNKED* his income . STOP 
The court rejected his *UNK* claims , denied his deductions , and imposed a *UNK* penalty ... . STOP 
Rep. *CUNKER* -LRB- R. , Colo. -RRB- entered a bill to exempt from tax *UNKS* for *UNKS* leading to the arrest of *UNK* criminals . STOP 
*CUNK* Peterson *UNKS* her *UNK* and *UNKS* up yet another steep , *UNK* path seemingly *UNK* only for mountain *UNKS* . STOP 
After a *OUS* climb , she is *UNKED* by a *UNK-* *UNK* : a *UNK* of golden *UNKS* under an *UNK* *CUNKER* *UNK* . STOP 
This place is 12 miles into the back country -- a *UNK-* *UNK* for a *UNKER* , but reached by Ms. Peterson and six others in a mere two hours of *UNKING* *UNKED* mountain bikes . STOP 
`` This , '' says Ms. Peterson , `` is what it 's all about . '' STOP 
*CUNK* hundred miles away , *UNKS* at a *CUNK* County , Calif. , state park are among the many who do n't quite share the enthusiasm . STOP 
This summer , *UNKING* *UNKS* were blamed for an accident in the *CUNK* County park , in which a horse -- *UNKED* on a trail that was closed to *UNKS* -- broke its leg . STOP 
The animal had to be destroyed ; the *UNKS* fled and were never found . STOP 
In numerous *UNKS* near San Francisco , *UNKS* have been forced to close *UNKS* , set up speed *UNKS* and use radar *UNKS* to curb fast and reckless riding . STOP 
They have even sent *UNKS* in pursuit of *UNKS* after *UNKS* and *UNKS* complained they were being driven from *UNKS* . STOP 
`` We were being *UNK* , '' says Steve *CUNK* , *UNKS* *UNK* of the East Bay *CUNKAL* Park District . STOP 
Two years ago , the district decided to limit the bikes to fire roads in its *UNKN* *UNKLY* acres . STOP 
From about 200,000 six years ago , the number of mountain bikes in the U.S. is expected to grow to 10 million in 1990 . STOP 
At least half that growth will have come in the past three years alone . STOP 
The controversy *UNKED* up by the *UNKION* of these *UNK-* *UNKS* is one of the most *UNK* *UNKS* to blow through the national *UNKION* movement in recent memory . STOP 
*CUNKS* -- many of them *UNK* environmentalists -- *UNK* their sport an efficient , safe , *UNKING* way to get back to nature , while *UNKING* a right , as taxpayers , to *UNKAL* on public *UNKS* . STOP 
But the bikes ' *UNKING* numbers , safety concerns and fear that they damage *UNK* *UNKS* have prompted *UNKS* , from the *CUNKS* to the Eastern *CUNK* , to ban them from the back country . STOP 
*CUNK* to the issue is that the bikes , in *UNK* hands , can go virtually anywhere , and in reckless hands can become vehicles of *UNK* . STOP 
An *UNK* *UNK* can *UNK* from a dead stop to the top of a *UNK* table without losing balance . STOP 
Such skills allow riders to fly down *OUS* mountain *UNKS* at *UNKS* of up to 40 miles an hour -- a *UNK* for the *UNK* but a *UNK* for *UNKING* *UNKS* or *UNKS* . STOP 
For *UNKED* *UNK-* managers across the nation , the response is increasingly to shut the *UNKS* . STOP 
The state of California , following the lead of some regional *UNKS* , recently adopted regulations that closed nearly all *UNKING* *UNKS* in state *UNKS* to mountain *UNKS* . STOP 
The move largely *UNKS* them to roads used by *UNKED* vehicles . STOP 
Most other states have enacted similar *UNKS* . STOP 
The bikes are *UNUNK* on *UNKS* in national *UNKS* . STOP 
Even the U.S. Forest Service , whose *UNK* `` *UNK-* '' philosophy permits *UNKED* vehicles on thousands of miles of its *UNKS* across the U.S. , has begun to close some *UNKS* to the bikes , including major *UNKS* of the popular Pacific *CUNKEST* *CUNK* , which *UNKS* from California to Canada . STOP 
*CUNK* these *UNKS* come after vigorous *UNK-* lobbying by *UNKION* organizations , the politically *UNK* Sierra Club among them . STOP 
Sierra has been *UNKAL* in *UNKING* a number of the California *UNKS* . STOP 
It has been *UNKING* an *UNK-* campaign to beat back a proposal , pushed by Utah bike groups , to allow the cycles in federally designated *UNKS* areas , where they are now prohibited . STOP 
Yet Sierra 's *UNK-* stance has created something of a *UNK* in the organization , which estimates that 17 % of its 500,000 members own mountain bikes . STOP 
*CUNK* from these members prompted the club recently to *UNK* its *UNK-* rhetoric ; it no longer , for example , *UNKS* the bikes into the same category as *UNKS* and other *UNKING* *UNK-* vehicles . STOP 
But the club still insists that public *UNKS* ought to be closed to the bikes unless studies indicate the bikes wo n't *UNK* the environment or other users . STOP 
`` I have a mountain bike , yet as a *UNKER* I 've been run off the road by kids *UNKING* down a fire trail on them , '' says *CUNK* *CUNK* , an official at Sierra 's headquarters in San Francisco , *UNKING* the concerns of many members . STOP 
`` People who feel that *UNKS* should be banned from an area are n't looking at the whole picture , '' complains Mark *CUNK* , associate editor of Mountain and City *CUNKING* magazine in *CUNK* Park , Calif . STOP 
Mr. *CUNK* is among the *UNKS* of *UNKS* who got their first taste of *UNKS* as *UNKS* or *UNKS* . STOP 
He says fellow *UNKS* show the same concern for the land that they *UNKED* as *UNKS* ; many are *UNKED* that the *UNKION* community would suddenly consider them the *UNK* . STOP 
To fight back , activists such as Mr. *CUNK* are *UNKING* groups to lobby land managers over access issues and *UNUNK* education programs to show that the bikes can *UNKLY* share *UNKS* . STOP 
Mr. *CUNK* 's group , *CUNKED* *CUNK-* *CUNKS* Association , mounted petition drives to help keep open certain Santa *CUNK* Mountain *UNKS* designated for closing . STOP 
*CUNKING* groups in *CUNK* , *CUNK* , Michigan and Massachusetts have won similar concessions , says *CUNK* *CUNKAL* , mountain bike editor of *CUNKING* magazine . STOP 
These groups have been trying to improve the mountain *UNKER* 's image ; in the San *CUNK-* park district where a *UNKER* was *UNKED* by a *UNK* this summer *UNKS* have formed a *UNKER* *UNK* to help *UNKS* *UNK* regulations , and to school riders in proper trail *UNK* . STOP 
Even *UNK* *UNK-* Sierra members concede that 10 % of all riders cause most of the problems . STOP 
While some are *UNK* riders who simply *UNK* regulations , much bad riding simply reflects *UNK* that can be *UNKED* through `` education and *UNKER* pressure , '' says Jim *CUNKER* , a director of the International Mountain *CUNKING* Association . STOP 
`` I think we 're making progress . '' STOP 
Few would have *UNK* such a *UNK* when , a decade ago , some *CUNK* County *UNK* *UNKS* created a hybrid bike using fat tires , *UNK* *UNK* and *UNK-* technology . STOP 
They wanted a machine that would allow them to *UNKAL* into *UNKED* *UNK* then *UNK* to cycles . STOP 
They got a machine more *UNK* , more stable and in many ways easier to ride than the *UNKED* *UNKING* bikes that then were the *UNK* . STOP 
When the bikes first entered mass production in 1981 , they were dismissed as a *UNK* . STOP 
Last year , 25 % of the 10 million *UNKS* sold in the U.S. were mountain bikes . STOP 
In California , a bellwether market , they accounted for more than 80 % of all bike sales . STOP 
The majority of the bikes never even make it into the high country . STOP 
City *UNKS* love them because they shift smoothly in traffic , *UNK* easily over *UNKS* and roll through road glass with far fewer flat tires than *UNKING* bikes . STOP 
*CUNKED* *CUNK* , population *UNKN* , is a *UNKION* of the sport . STOP 
By one estimate , everyone here under 50 owns at least one bike . STOP 
The town is home to the Mountain *CUNK* Hall of *CUNK* and it *UNKS* the annual *CUNK* *CUNK* *CUNK* *CUNK* . STOP 
This summer , the *UNK* attracted more visitors than the *UNKEST* week of the town 's winter ski season . STOP 
David *CUNK* , chairman of the *CUNK* *CUNK* *CUNK* celebration , *UNKS* that the bike 's popularity may be a combination of technology and *UNK* . STOP 
`` The mountain bike feels as comfortable as the ` *UNK* ' bike you had as a *UNK* , but it can do so much more , '' he says . STOP 
The following issues were recently filed with the Securities and Exchange Commission : STOP 
Canada 's *CUNK* of *CUNK* *CUNK* , shelf offering of up to $ 550 million of debentures . STOP 
*CUNK* Gas Holding Co. , a subsidiary of *CUNK-* *CUNKING* Corp. , offering of $ *UNKN* million first preferred ship mortgage notes , via Merrill Lynch Capital Markets . STOP 
*CUNK* *CUNK* & Co. , offering of four million shares of *UNK* convertible preferred stock , Series B. , via Goldman , Sachs & Co , First Boston Corp. , and Merrill Lynch . STOP 
*CUNKED* Technologies Inc. , offering of 2.5 million common shares , via *CUNK* , Van *CUNK* & *CUNK* Inc. and *CUNKS* , *CUNKS* & Co . STOP 
*CUNK-* tremors again shook bond prices , while the dollar turned in a mixed performance . STOP 
Early yesterday , investors scrambled to buy Treasury bonds for safety as stock prices plummeted and fears mounted of a *UNK* of Friday . STOP 
But stocks later recovered , *UNKING* most of their early declines . STOP 
That cut short the rally in Treasury bonds and depressed prices moderately below late Monday 's levels . STOP 
The Dow Jones Industrial Average , down more than *UNKN* points early in the day , finished *UNKN* points lower at *UNKN* . STOP 
*CUNK-* Treasury issues declined about half a point , or $ 5 for each $ 1,000 face amount . STOP 
`` The stock market clearly is leading the bond markets , '' said Jack *CUNK* , an executive vice president at Nikko Securities . STOP 
`` People are *UNKING* a major *UNK* of relief that the world did n't end Monday morning '' or yesterday . STOP 
Gold , a closely watched *UNKER* of investor anxiety , was little changed . STOP 
The dollar initially fell against other major currencies on news that the U.S. trade deficit surged in August to $ *UNKN* billion . STOP 
But the dollar later rebounded , finishing slightly higher against the yen although slightly lower against the mark . STOP 
Federal Reserve officials sent another signal of their *UNKION* to shore up investor confidence . STOP 
In an apparent attempt to keep a *UNK* on short-term interest rates , the Fed once again *UNKED* money into the banking system . STOP 
But the Fed move was a small *UNK* , traders said . STOP 
Fed officials appear reluctant to ease their credit grip any further because a bold move does n't appear necessary , several investment managers said . STOP 
The Fed has allowed a key short-term interest rate to decline about *UNKER* percentage point . STOP 
The federal funds rate on overnight loans between banks has been *UNKING* around 8 3\/4 % , down from 9 % previously . STOP 
Although stocks have led bonds this week , some traders predict that relationship will reverse during the next few weeks . STOP 
Nikko 's Mr. *CUNK* fears a huge wave of Treasury borrowing early next month will drive down Treasury bond prices . STOP 
That , *UNKED* with poor third-quarter *UNKS* comparisons , `` will make trouble for the equity market for the next two to three months , '' he says . STOP 
But several other traders contend investors have *UNKED* to junk-bond *UNKS* , and that stock prices will continue to recover . STOP 
`` They shot the whole *UNK* just because the *UNK* player hit a bad note , '' said *CUNK* *CUNK* , president of *CUNK* Associates Inc. , referring to the stock market 's plunge Friday on news of trouble in financing the UAL Corp . buy-out . STOP 
In major market activity : Treasury bond prices fell . STOP 
The yield on 30-year Treasury bonds climbed back above 8 % , ending the day at *UNKN* % . STOP 
The dollar was mixed . STOP 
Late yesterday in New York , the dollar rose to *UNKN* yen from *UNKN* yen Monday , but fell to *UNKN* marks from *UNKN* marks . STOP 
The Consumer News and Business Channel cable network and U.S. News & World Report have formed a joint venture to produce cable program versions of special issues of the magazine . STOP 
The programs will run on the cable network the Sunday evening immediately prior to the release of the special issue of U.S. News & World Report . STOP 
*CUNK* is a joint venture of the National Broadcasting Co. , a unit of General Electric Co. , and *CUNKION* System Corp . STOP 
*CUNKS* will be offered an advertising package , which for a single price , will include time on the *CUNK* program and ad pages in the special *UNKS* . STOP 
*CUNK* will produce six , *UNK-* programs , beginning in April 1990 . STOP 
The first program scheduled in the joint venture is `` The 1990 *CUNKER* 's *CUNK* . '' STOP 
Other programs and special issues will be based on *UNKS* of health , jobs , personal finance , the best *UNKS* , and investments . STOP 
The programs will be written and produced by *CUNK* , with background and research provided by staff from U.S. News & World Report . STOP 
*CUNKAL* *CUNK* STOP 
I 've learned the hard way that too much *UNK* *CUNKS* *UNK* the next day about nine ; No wonder I say , `` I drink to your health '' -- It certainly is n't to mine ! STOP 
-- George O. *CUNK* . STOP 
*CUNKED* Out STOP 
Those supermarket *UNKS* *CUNK* me feel slow Because I still have n't seen STOP 
-- Bruce *CUNK* . STOP 
*CUNKION* STOP 
*CUNKION* : *UNK* control . STOP 
-- *CUNK* Brown . STOP 
Weyerhaeuser Co. reported a one-time gain and strong *UNK-* sales that offset weakness in pulp and paper to fuel a 15 % jump in third-quarter net income to $ *UNKN* million , or 78 cents a share . STOP 
In the 1988 third quarter , the forest-products company reported profit of $ *UNKN* million , or 69 cents a share . STOP 
Sales rose 9 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
For the nine months , the company posted a 14 % rise in profit to $ *UNKN* million , or $ *UNKN* a share , from $ *UNKN* million , or $ *UNKN* a share . STOP 
Sales rose 9 % to $ *UNKN* billion from $ *UNKN* billion . STOP 
Results for the 1989 third quarter and nine months include a pretax loss of $ 33 million from the company 's business improvement and *UNKING* program , and a gain of $ 49 million on the sale of a subsidiary 's common stock . STOP 
*CUNKS* operations strengthened in the third quarter , while paper operations were *UNKED* by higher costs , soft newsprint exports and a strong Japanese yen . STOP 
Some competing forest-products firms have recently reported improved results due to strong pulp and paper business . STOP 
Weyerhaeuser 's pulp and paper operations were up for the nine months , but full-year performance depends on the balance of operating and maintenance costs , plus pricing of certain products , the company said . STOP 
Looking ahead to the fourth quarter , the company said export *UNK* and *UNKER* markets will be weak , while panel and *UNK* markets will be stronger . STOP 
*CUNK* and paper performance depends on cost and price *UNKS* , the company said . STOP 
Bankers Trust New York Corp. became the latest major U.S. bank to increase reserves for its loans to less-developed countries , making a $ 1.6 billion third-quarter addition to its provision . STOP 
The bank also said it expects to report a $ *UNKN* billion loss for the third quarter and a loss for the full year . STOP 
The new reserves bring the company 's provision for loans to Third World countries to $ 2.6 billion , or 85 % of Bankers Trust 's medium and long-term loans to these countries . STOP 
`` *CUNK* up to the plate and take the big *UNKING* . STOP 
*CUNK* the problem behind you and do n't look back , '' said James J. *CUNK* , analyst at *CUNK* , *CUNK* & *CUNKS* , in *UNKING* of the move . STOP 
Bankers Trust `` has had the capacity to do this for some time , '' the analyst said . STOP 
He expects Citicorp to take a similar step this year . STOP 
Citicorp yesterday reported a 9 % third-quarter earnings drop , which analysts called a bit disappointing , while Manufacturers Hanover Corp. posted a $ *UNKN* million loss for the quarter after adding $ *UNKN* million to its reserve for loans to less-developed countries . STOP 
Three other major U.S. banks posted earnings increases . STOP 
Wells Fargo & Co. of San Francisco posted a 17 % jump . STOP 
*CUNK* Financial Corp. , the parent of Pittsburgh National Bank , reported net income climbed *UNKN* % , while net for Banc One Corp. of Columbus , Ohio , grew 3.8 % . STOP 
Citicorp STOP 
Analysts were only slightly disappointed by Citicorp 's numbers . STOP 
`` There 's nothing in here that 's *UNK* and nothing to make you think they 're setting the world on fire , '' said *CUNK* *CUNKER* , analyst for *CUNK* Lawrence , Morgan Grenfell Inc . STOP 
Earnings from the bank 's global consumer business grew 27 % . STOP 
`` The consumer business continues to drive the earnings stream , '' said Mr. *CUNK* of *CUNK* , *CUNK* & *CUNKS* . STOP 
Corporate finance and trading results in member countries of the Organization for Economic *CUNKION* and Development were `` relatively flat , sometimes *UNK* , '' the bank said , and profit for the area sank 27 % . STOP 
The *UNKER* loan portfolio reflected `` adjustment problems and *UNK* payment patterns , '' the bank said no interest payments from *CUNK* in the nine months and none from Brazil in the third quarter , while *CUNK* brought itself `` substantially current . '' STOP 
Overall , the portfolio narrowed its quarterly loss to $ 70 million from $ 80 million a year earlier . STOP 
`` People were waiting to see if we would take an additional provision '' for *UNK-* and long-term loans to less-developed countries , a Citicorp spokesman said . STOP 
But he *UNKED* the bank 's position that it is comfortable with the current level of $ 2.6 billion , covering about 30 % of the $ 8.9 billion of such loans outstanding . STOP 
Ronald I. *CUNK* , analyst at Sanford C. *CUNK* & Co. , called Citicorp 's *UNKAL* gains of $ 93 million before taxes `` strong . '' STOP 
A `` concerning '' item the analyst cited was the 10 % jump in expenses , which the bank *UNKS* to costs of expanding both its consumer credit-card operations and its overseas branch business . STOP 
Citicorp 's spokesman said , however , that the bank is maintaining those expenses in proportion to revenue growth . STOP 
Wells Fargo STOP 
Wells Fargo continued to generate one of the highest profit margins among major banks , *UNKING* a drop in net interest margin with 13 % third-quarter growth in *UNKING* business loans and similar growth in mortgages . STOP 
Its margin fell only seven basis points , or *UNKS* of a percentage point , from a year ago , compared with a *UNK-* drop at Security Pacific Corp. and much larger declines among banks in other parts of the country . STOP 
As a result , Wells Fargo 's net interest income rose $ *UNKN* million , or 7 % , to $ *UNKN* million for the quarter . STOP 
*CUNKEST* income fell slightly to $ *UNKN* million from $ *UNKN* million , while Wells Fargo continued to *UNKLY* control *UNKEST* expense , which was almost flat at $ *UNKN* million . STOP 
The combination of solid loan growth with tight expense control gave Wells Fargo a 1.25 % return on average assets for the quarter , about 40 % higher than Security Pacific 's and a profit ratio matched by only two or three other major banks in the U.S. . STOP 
Wells Fargo 's return on equity increased to *UNKN* % from *UNKN* % . STOP 
Wells Fargo has sold all of its *UNK-* loans made to less-developed countries , and managed to partly reverse the sharp rise in domestic *UNKAL* loans , which fell 8 % from the previous quarter to $ *UNKN* million from $ *UNKN* million . STOP 
But the amount was still 39 % higher than the year-ago level , and 25 % higher as a percentage of total loans . STOP 
That trend , and Wells Fargo 's heavy exposure to leveraged buy-outs , are about the only worries analysts have about Wells Fargo 's financial picture . STOP 
Wells Fargo is *UNKING* its loan-loss reserve , which increased to $ *UNKN* million at Sept. 30 from $ *UNKN* million the previous quarter but was down from $ *UNKN* million a year ago , when the bank still had some *UNK* foreign loans . STOP 
Manufacturers Hanover STOP 
Manufacturers Hanover said that excluding the addition to its reserves , certain tax benefits , and a one-time $ 16 million gain on the sale of an interest in a foreign leasing company , third-quarter earnings were $ 75 million . STOP 
The comparable year-earlier number was $ 56 million , a spokesman said . STOP 
The bank 's additional provisions brought reserves for loans to less-developed countries to $ 2.4 billion , covering 36 % of its medium and long-term loans outstanding to these nations . STOP 
The net interest margin - the difference between the bank 's cost of funds and what it receives as interest payments -- improved in the quarter , as did certain areas of wholesale banking . STOP 
Fees from *UNKING* loans dropped 48 % , to $ 21 million . STOP 
`` We did n't take part in a lot of deals '' in the quarter `` because their credit quality was poor , '' the spokesman said . STOP 
*CUNKS* unrelated to interest rose 5.4 % , to $ *UNKN* million . STOP 
*CUNK* Financial STOP 
*CUNK* Financial cited higher income from sources unrelated to interest and said it continues to cut costs . STOP 
Net interest income in the third quarter edged up 1.4 % , to $ *UNKN* million . STOP 
Trust income grew 15 % , to $ *UNKN* million , while service charges , fees and commissions increased 22 % , to $ *UNKN* million . STOP 
The bank 's total *UNK* for credit losses was $ *UNKN* million , or *UNKN* % of total loans . STOP 
Prime Minister *CUNK* Gandhi set a date next month for general elections that some analysts say could cost him and his ruling Congress -LRB- I -RRB- Party control of the government . STOP 
Other analysts say the Indian leader could retain control with a *UNK* majority or be forced to rule as the dominant partner in a coalition with other parties . STOP 
*CUNKS* in this large , *UNK* and *UNK* nation are always hard to predict . STOP 
Much depends on the opposition , a loose group of regional and *UNKAL* parties led by former Gandhi cabinet minister *CUNK* *CUNK* *CUNK* . STOP 
The biggest *UNK* is that the elections will be a vote for or against Mr. Gandhi and his five years in power -- five years of *UNK* and *UNKS* , promises and *UNKS* and wide fluctuations in popularity . STOP 
Yesterday , four days after an unusual parliamentary defeat for the ruling party , Mr. Gandhi called elections for the lower house of Parliament on Nov. 22 and 24 . STOP 
The elections will be held in different states on one of the two days . STOP 
-LRB- The lower house 's five-year term expires in January ; the Parliament 's upper house is appointed . -RRB- STOP 
The elections will be a *OUS* test for the *UNK-* prime minister and Congress -LRB- I -RRB- , which in various forms has ruled for 40 of India 's 42 years of independence . STOP 
After a *UNK* win in 1984 in polls held after the assassination of his mother , *CUNK* Gandhi , Mr. Gandhi saw his popularity begin a *UNKER* *UNKER* ride . STOP 
His early promises to make India a modern nation remain *UNKED* down in *UNKED* bureaucracy . STOP 
His *UNK* to clean up local administration and Indian politics , including his own party , went *UNKED* . STOP 
His `` Mr. Clean '' image was *UNKED* by an *UNK-* scandal , which will be a major campaign issue . STOP 
Some analysts predict that disappointment in Mr. Gandhi 's spent *UNK* to reduce corruption and *UNKED* local government will *UNKEST* at the polls . STOP 
`` There 's a wide feeling of *UNKION* across the country , '' says *CUNK* *CUNK* *CUNK* of the Center for Policy Research , in New *CUNK* . STOP 
`` I think the people will be *UNKING* the regime by a *UNK* *UNK* , by a *UNK* revenue *UNK* . STOP 
This could be a big protest against an administrative failure . '' STOP 
Even if the Congress -LRB- I -RRB- retains control of the government , Mr. Gandhi 's ability to push through major initiatives might be *UNKED* by a *UNKER* majority . STOP 
Economic analysts call his *UNKING* *UNKION* of the Indian economy *UNK* , and many are hoping for major new *UNKS* if he is returned firmly to power . STOP 
The *CUNK* *CUNK* , or lower house of Parliament , has *UNKN* elected and two appointed seats . STOP 
In 1984 , the Congress -LRB- I -RRB- captured *UNKN* seats , the largest victory in the history of Indian democracy . STOP 
The *UNK* was fueled by panic that *UNKED* in India at the time . STOP 
Mrs. Gandhi had been *UNKED* by *UNK* *CUNKS* , and many *CUNKS* feared their country might split apart . STOP 
In the previous three general elections , similar national issues *UNKED* the vote . STOP 
In 1971 , the Congress Party won after India 's victory in the *CUNK* war . STOP 
In 1977 , Mrs. Gandhi was thrown out of office after her *UNK-* emergency rule , and in 1980 , after her *UNKS* made a mess of their three years in power , she was restored to office . STOP 
Most political analysts say that if Mr. Gandhi 's opposition *UNKS* to field single candidates in most *UNKS* , the Congress -LRB- I -RRB- will lose big . STOP 
But if the opposition remains *UNKED* , the Congress -LRB- I -RRB- could win a small majority , or lead a coalition government . STOP 
*CUNK* *CUNK* , a *UNK* and former Gandhi ally , predicts Congress -LRB- I -RRB- will win only 150 seats , a quarter of the house , if the opposition fields single candidates in 80 % of the races . STOP 
Analysts say the opposition will struggle this week to *UNUNK* , and its success will be clear only when it *UNKS* its final list of parliamentary candidates . STOP 
The *UNK-* scandal is likely to be one of the big talking points in the campaign , but it 's unclear how it is viewed by average Indian voters . STOP 
In 1986 , India signed a $ 1.4 billion contract with AB Bofors , a unit of Nobel Industries Sweden AB , to purchase 400 *UNK* pieces . STOP 
The contract was negotiated by the countries ' two prime ministers , and was supposed to be free of commissions or agents ' costs . STOP 
In April 1987 , evidence surfaced that commissions were paid . STOP 
The opposition charged that the money was used to *UNK* Indian government officials , an *UNKION* denied by Mr. Gandhi 's administration . STOP 
But many of his statements on the issue in Parliament subsequently were proven wrong by *UNK* evidence . STOP 
The scandal has *UNKED* and *UNKED* , but recent *UNKS* *UNKED* it back onto the front pages , and that has helped *UNK* the opposition , which last week blocked passage of two constitutional amendment bills . STOP 
It was the first time in 20 years that such government bills were defeated . STOP 
In a country where a *UNK* is needed to get a phone , a job , and even into a school , the name Bofors has become a *UNK* *UNKING* *UNK* against the government . STOP 
That illustrates the kind of disappointment many *CUNKS* feel toward Mr. Gandhi , whom they *UNKLY* elected and *UNKLY* supported in his first two years in power . STOP 
His term has produced no *UNK* failures in politics , in the economy or on the military front , and has *UNKED* up some *UNKS* . STOP 
But the average Indian had tremendous hope in the *UNK* leader and his promise to make both government and the ruling party more effective and less *UNK* . STOP 
His failures in those two areas deeply , and sometimes *UNKLY* , disappointed many *CUNKS* . STOP 
`` We do n't like the Congress -LRB- I -RRB- , '' says *CUNK* *CUNK* , a farmer in the western state of *CUNK* . STOP 
`` The Congress government is taking the farmers ' *UNK* and not giving us any support . STOP 
When there are well problems , light problems , road problems , the government tells us to forget it . '' STOP 
The greatest thing going for Mr. Gandhi and the Congress -LRB- I -RRB- Party is the poor reputation of the opposition . STOP 
Even if it *UNKS* for the elections , its *UNK* is likely to be temporary . STOP 
When the Congress -LRB- I -RRB- lost the 1977 election , following Mrs. Gandhi 's *UNKED* emergency rule , a similar coalition took power and then *UNKED* . STOP 
Many *CUNKS* fear a repeat of that experience . STOP 
March 24 , 1986 : STOP 
AB Bofors , a unit of Nobel Industries Sweden AB , *UNKS* into a $ 1.4 billion contract with India 's Defense Ministry to supply 400 Bofors *CUNK-* *UNK-* field *UNKER* *UNKS* . STOP 
In 1985 , Prime Minister *CUNK* Gandhi , in his talks with then Swedish Prime Minister *CUNK* *CUNK* , imposed the condition that the contract have no middlemen . STOP 
April 16 , 1987 : STOP 
Swedish National Radio reports that about $ 40 million -- nearly 3 % of the total contract -- was paid by Bofors as commissions to middlemen . STOP 
June 1 , 1987 : STOP 
Sweden 's National *CUNK* Bureau releases its report *UNKING* payment of about $ 40 million to *UNKED* *CUNKS* . STOP 
The report says that investigations were severely hampered by lack of cooperation from Bofors . STOP 
Bofors says it ca n't disclose the names of the middlemen because it would *UNK* industrial *UNK* . STOP 
A portion of the report containing names of the middlemen is *UNK* by officials citing bank *UNK* requirements . STOP 
Aug. 6 , 1987 : STOP 
Prime Minister Gandhi tells the Indian Parliament , `` ... neither I nor any member of my family has received any consideration in these transactions . STOP 
That is the truth . '' STOP 
Aug. 26 , 1987 : STOP 
Bofors admits payments of $ 41 million to middlemen . STOP 
April 22 , 1988 : STOP 
The *CUNK* newspaper publishes *UNKS* of bank documents for foreign-exchange *UNKS* and letters between Bofors and certain private companies related to the sale of the *UNKS* to India . STOP 
April 26 , 1988 : STOP 
A parliamentary *UNK* committee dominated by the Congress -LRB- I -RRB- Party concludes that there were no middlemen in the deal and no payment to any Indian individual or company . STOP 
July 18 , 1989 : STOP 
The comptroller and *UNKAL* of India reports serious *UNKS* in the government 's technical and financial evaluation of the Bofors deal . STOP 
Sept. 15 , 1989 : STOP 
*CUNKED* army Chief of *CUNK* *CUNK* *CUNK* *UNKS* in an interview that he suggested in May 1987 that the government cancel the Bofors contract . STOP 
According to Gen. *CUNK* , that would have forced Bofors to disclose the names of the middlemen who received *UNKS* from the company . STOP 
His recommendation was rejected by the government . STOP 
Oct. *UNK* 1989 : STOP 
The *CUNK* newspaper publishes the *UNK* portion of the Swedish National *CUNK* Bureau 's report . STOP 
The *UNKS* state that commissions were paid by Bofors to an Indian agent of the arms company . STOP 
*CUNK* Partnership Ltd. and *CUNK* Partners *CUNK* said they may seek proposals from third parties relating to a sale or restructuring of *CUNK* International Inc . STOP 
In a filing with the Securities and Exchange Commission , *CUNK* and *CUNK* , which together hold *UNKN* % of *CUNK* 's common shares , said they think it is in the best interest of *CUNK* stockholders that the company be sold . STOP 
*CUNK* , based in *CUNK* , Va. , said it had n't seen the filing by *CUNK* and *CUNK* and therefore had no comment . STOP 
The partnerships said they may seek board representation , and they may seek the support of *CUNK* 's board and other major shareholders in connection with their plans . STOP 
According to the filing , *CUNK* and *CUNK* are based in *CUNK* , Neb. , and are controlled by the same general partner , Alan S. *CUNK* . STOP 
Their combined stake consists of *UNKN* *CUNK* common shares , including *UNKN* shares bought in the past 60 days at $ *UNKN* to $ *UNKN* a share . STOP 
*CUNKAL* shares may be bought or sold in the open market , in private transactions or otherwise , depending on market conditions and other factors . STOP 
The *UNK* trading relationship between bonds and stocks was *UNKED* yesterday as bonds fell despite a modest decline in stock prices . STOP 
But bond investors continue to keep a close watch on the *UNK* stock market . STOP 
In early trading , investors were bidding bond prices higher as stocks tumbled and fears mounted that Friday 's stock market debacle would be repeated . STOP 
But a partial recovery in the Dow Jones Industrial Average , which had been down more than 60 points in *UNKING* , *UNKED* those expectations . STOP 
Treasury bonds also were hurt late in the day by a $ 4 billion offering by the Tennessee Valley Authority and the prospect of a huge amount of new agency debt . STOP 
`` Bond investors were hoping that stock prices would continue to fall , '' said Roger Early , a vice president at Federated Investors Inc. , Pittsburgh . STOP 
`` When stocks *UNKED* , that was a disappointment . '' STOP 
Meanwhile , for the second straight day , the bond market paid little attention to the Federal Reserve 's open market operations . STOP 
Fed officials *UNKED* more cash into the banking system by *UNKING* $ 1.5 billion of repurchase agreements during the usual *UNK-* intervention period . STOP 
The move was meant to keep a *UNK* on interest rates and to boost investor confidence . STOP 
`` The intervention has been friendly , meaning that they really did n't have to do it , '' said *CUNK* *CUNK* *CUNK* , money-market economist at Drexel Burnham Lambert Inc . STOP 
She said a more aggressive move was n't needed . STOP 
The Fed also appears reluctant to ease credit conditions further . STOP 
It already has allowed the closely watched federal funds rate to decline 1\/4 percentage point to about 8 3\/4 % from its previous target level of about 9 % . STOP 
The rate , which banks charge each other on overnight loans , is considered an early signal of changes in Fed policy . STOP 
It ended at about 8 11\/16 % yesterday , but was as low as 8 1\/2 % Monday . STOP 
The Treasury 's benchmark 30-year bond fell more than 1\/2 point , or over $ 5 for each $ 1,000 face amount , while the yield moved above 8 % for the first time since Thursday . STOP 
*CUNK-* corporate , municipal and mortgage-backed securities also fell . STOP 
But most junk bonds closed unchanged after opening slightly higher on *UNKING* by institutional investors . STOP 
Some so-called high-quality junk issues , such as *CUNK* Macy & Co. 's 14 1\/2 % subordinated debentures , rose . STOP 
The Macy 's issue closed up about one point at a bid price of 97 . STOP 
The TVA 's public debt offering was its first in 15 years . STOP 
*CUNK* investor demand prompted it to boost the size of the issue from $ 3 billion . STOP 
Traders said *UNKING* related to the TVA pricing also pressured Treasury bonds . STOP 
`` *CUNKS* of the TVA bonds reduced their market risk by selling Treasurys to cover at least part of their -LCB- TVA -RCB- holdings , '' said James R. *CUNK* , a senior vice president at Shearson Lehman Government Securities Inc . STOP 
The TVA bonds also `` served to *UNK* the market that there will be even more new supply , '' said Lawrence N. *CUNK* , a managing director at *CUNK* *CUNK* Securities & Co . STOP 
Today the Treasury will announce the size of its next two-year note sale and Resolution Funding Corp. will announce details of its first bond offering . STOP 
Some traders estimate $ *UNKN* billion of new two-year Treasurys will be sold next week , and they expect *CUNK* to offer $ 4 billion to $ 6 billion of long-term `` bailout '' bonds . STOP 
*CUNK* was created to help fund the thrift bailout . STOP 
Another agency issue came to market yesterday . STOP 
The Office of Finance of the Federal Home Loan Banks said it priced a *UNK-* $ *UNKN* billion bond offering for the banks to yield from *UNKN* % to 8.375 % . STOP 
The release of several economic reports had little impact on the market , including a report that the U.S. trade deficit expanded to a surprisingly wide $ *UNKN* billion in August , up from a revised $ *UNKN* billion in July . STOP 
The August gap was expected to have expanded to $ *UNKN* billion . STOP 
Treasury Securities STOP 
Treasury securities were essentially flat to about 1\/2 point lower . STOP 
The benchmark 30-year bond was quoted late at 100 *UNKN* to yield *UNKN* % , compared with 101 *UNKN* to yield *UNKN* % Monday . STOP 
The latest 10-year notes were quoted late at 99 *UNKN* to yield *UNKN* % , compared with 100 *UNKN* to yield *UNKN* % . STOP 
*CUNK-* rates increased . STOP 
The discount rate on three-month bills rose to 7.52 % for a *UNK-* yield of *UNKN* % . STOP 
The rate on six-month bills rose to *UNKN* % for a *UNK-* yield of *UNKN* % . STOP 
Corporate , Other Issues STOP 
*CUNK-* corporate bonds ended 1\/4 to 1\/2 point lower , while most junk bonds ended unchanged . STOP 
The TVA 's huge $ 4 billion offering dominated attention in the *UNK-* market . STOP 
TVA offered $ 2 billion of 30-year bonds priced to yield *UNKN* % ; $ 1 billion in 10-year notes priced to yield *UNKN* % ; and $ 1 billion in five-year notes priced to yield *UNKN* % . STOP 
The TVA , which operates one of the nation 's largest electric power systems , is a corporation *UNKLY* owned by the U.S. government . STOP 
Yesterday 's bond sale was part of a $ 6.7 billion refinancing plan to pay off *UNKEST* debt the TVA owes the Federal Financing Bank , an arm of the Treasury . STOP 
Meanwhile , Lockheed Corp. priced a $ 300 million note offering to yield *UNKN* % . STOP 
*CUNKED* Securities STOP 
The derivative mortgage-backed market revived after a brief *UNKS* as two new *CUNKS* totaling $ 850 million were offered and talk *UNKED* about two more issues that could be priced today . STOP 
The revival of the real estate mortgage investment *UNK* market reflected the relative *UNK* in the mortgage market after two days of volatile trading . STOP 
Dealers noted that it 's difficult to structure new *CUNKS* when prices are moving widely . STOP 
The two *CUNKS* priced were a $ 500 million Federal Home Loan Mortgage Corp. issue *UNUNK* by Salomon Brothers Inc. and a $ 350 million Federal National Mortgage Association deal *UNUNK* by Greenwich Capital Markets . STOP 
The Remic issuance supported prices of Freddie Mac and Fannie Mae securities , which held up better than Government National Mortgage Association securities during an afternoon sell-off . STOP 
Ginnie Mae 9 % securities for November delivery ended at 97 *UNKN* , down *UNKN* ; 9 1\/2 % securities at 99 *UNKN* , down *UNKN* ; and 10 % securities at 101 *UNKN* , down *UNKN* . STOP 
Freddie Mac 9 % securities were at 97 *UNKN* , down *UNKN* . STOP 
The Ginnie Mae 9 % issue was yielding *UNKN* % to a 12-year average life assumption , as the spread above the Treasury 10-year note held at *UNKN* percentage points . STOP 
*CUNKS* STOP 
*CUNKION* over the near-term trend for rates dominated the municipal *UNK* , as gyrations in the stock market continued to *UNK* bonds . STOP 
Long tax-exempt dollar bonds were mostly flat to 3\/8 point lower after a *UNK* session of moving *UNKLY* to stocks in modest *UNKED* trading . STOP 
Prices of *UNKED* municipal bonds were capped by news that Chemical Securities Inc. , as agent for a customer , will accept bids today for two large lists of bonds that include many such issues . STOP 
The lists total $ *UNKN* million . STOP 
*CUNKED* bonds are called at their *UNKEST* call date with the *UNKED* proceeds of another bond issue . STOP 
Meanwhile , several new issues were priced . STOP 
*CUNKS* led by PaineWebber Inc. set preliminary pricing for $ *UNKN* million of California Health Facilities Financing Authority revenue bonds for Kaiser *CUNK* . STOP 
*CUNK* *UNKING* yields were set from 6.25 % in 1993 to *UNKN* % in *UNKN* . STOP 
As part of its College Savings Plan , Connecticut offered $ *UNKN* million of general obligation capital appreciation bonds priced to yield to maturity from 6.25 % in 1994 to *UNKN* % in *UNKN* , *UNKN* and 2009 . STOP 
A Chemical Securities group won a $ 100 million Oregon general obligation *UNKS* ' tax note issue due Nov. 1 , 1990 . STOP 
The 6 3\/4 % notes yield 6.25 % . STOP 
Foreign Bonds STOP 
West German government bond prices took a wild *UNKER* ride , pulled down by Monday 's U.S. stock market gains then up by a *UNKED* U.S. trade deficit and falling U.S. stock prices . STOP 
West Germany 's 7 % bond due October 1999 was at *UNKN* late yesterday , off *UNKN* point from Monday , to yield *UNKN* % . STOP 
The 6 3\/4 % notes due April 1994 were up *UNKN* point to *UNKN* to yield *UNKN* % . STOP 
British government bonds surged on renewed volatility in the stock market . STOP 
The Treasury 11 3\/4 % bond due *UNKN* rose *UNKN* to *UNKN* *UNKN* to yield *UNKN* % . STOP 
But Japanese bonds ended weaker . STOP 
The benchmark No. 111 4.6 % bond due 1998 ended on brokers ' screens at a price of 96 , off *UNKN* point to yield *UNKN* % . STOP 
A House-Senate conference approved an estimated $ 67 billion fiscal 1990 spending bill that provides a 28 % increase for space research and development and *UNKS* far-reaching provisions affecting the federal mortgage market . STOP 
The current ceiling on home loans insured by the Federal Housing Administration would be increased to $ *UNKN* . STOP 
Separately , the bill gives authority to the Bush administration to *UNK* the refinancing of federally subsidized loans for low-income and *UNK-* homeowners . STOP 
The second provision , affecting so-called *UNKN* mortgages , has met strong opposition from investment bankers represented by the Public Securities Association . STOP 
And a *UNK* of influential former Senate aides employed by the Wall Street firm Salomon Brothers came to the Capitol in a *UNK* attempt to strip the provision . STOP 
By an *UNKN* margin , Senate negotiators voted to preserve the *UNKN* mortgage refinancing plan , and despite powerful allies , the opposition found itself *UNUNK* by an unusual alliance of *UNKS* and conservatives . STOP 
The government currently is *UNKING* an estimated *UNKN* loans above 11 % under the *UNKN* program , and however *UNK* to private investors , the refinancing is expected to yield at least $ 15 million in savings in fiscal 1990 . STOP 
This sum has been *UNKED* *UNKLY* by *UNKS* anxious to offset spending elsewhere , and conservative Sen. *CUNK* *CUNK* cast the fight as a *UNK* stand against *UNKED* interests . STOP 
`` We are *UNKS* here , not of the mortgage companies , but the taxpayers , '' said the Texas Republican . STOP 
The action came as the administration won final congressional approval of $ 9 million in assistance for elections scheduled in Nicaragua in February . STOP 
The bulk of the money would be *UNKED* through the National *CUNK* for *CUNK* , but the legislation is so *UNKLY* written that it has been *UNKED* by questions regarding the money 's true purpose and its ultimate *UNKION* . STOP 
The Senate had refused late Friday to *UNK* *UNK* and limit debate , but behind the bipartisan leadership , a solid majority took shape yesterday and *UNKED* aside amendments seeking to cut the total package or *UNKER* it away from direct aid to political parties . STOP 
*CUNKAL* approval -- on a *UNKN* roll call -- was never in doubt , but the opposition drew an unusual mix of senators , including Republicans *CUNK* *CUNKS* and Warren *CUNK* and Democrats Bill *CUNK* and John Glenn . STOP 
The money will be applied for *UNKER* registration and election monitoring , but more than half is likely to go to the Union *CUNKAL* *CUNK* party . STOP 
Critics warned such cash contributions may only *UNUNK* the opposition party 's standing , and one *UNK* is that under Nicaraguan law a major portion of the opposition party 's funds must be shared with the government 's Supreme *CUNKAL* Council . STOP 
Within the appropriations conference yesterday , the $ 67 billion measure is the second largest of the annual domestic spending bills and covers a *UNK* collection of accounts for science , housing , *UNKS* and the environment . STOP 
The decision to raise the ceiling on FHA home loans still faces strong opposition in the House . STOP 
But it is driven by the same fiscal pressures that have forced lawmakers to resort to various *UNKING* devices to *UNK* as much as $ 1 billion in spending that would otherwise put the bill over budget . STOP 
These costs will *UNK* the budget picture in fiscal 1991 , and the measure further *UNKS* Congress to a set of costly projects , including the first construction funds for the space station . STOP 
The station is promised $ 1.8 billion within the $ *UNKN* billion provided for research and development in the National *CUNKS* and Space Administration , and the nation 's *UNKED* aerospace plane -- cut by the Senate -- could receive as much as $ 60 million in new funds or transfers . STOP 
Similarly , the House agreed to add back $ 62 million to continue work on the advanced communications technology satellite , being developed by General Electric Co . STOP 
And while setting a *UNK* limit of $ 1.6 billion on the *UNKED* space probe , the conference *UNKED* $ 30 million for the start-up of the *CUNK-* mission , a successor to the *CUNKER* space probe . STOP 
Among major domestic agencies , the Environmental Protection Agency stands to receive increases significantly beyond those sought by the administration , with pollution *UNK* and control accounts growing by 14 % to about $ *UNKN* million . STOP 
An estimated $ *UNKN* billion is separately *UNKED* for the National Science Foundation , and within the Housing and Urban Development Department , more than $ *UNKN* billion is provided for federally *UNKED* housing , including an expanded effort to modernize public housing units that serve the *UNKEST* families . STOP 
To an unusual degree , the massive bill has become a vehicle for lawmakers to *UNK* funds for projects in home states . STOP 
While the practice was *UNKED* in the past , the conference agreement is *UNKED* with *UNKS* ' hospitals , environmental projects and urban grants designated for specific communities . STOP 
The most striking example yesterday may have been in community development funds , where the two houses had separately approved a total of 27 projects valued at $ 20 million , and the conference added 15 more valued at $ 8 million to *UNKLY* preserve `` balance '' between the House and Senate . STOP 
Yesterday 's conference agreement is the second major bill to emerge from negotiations this week , as *UNKS* approved a fiscal 1990 transportation bill late Monday that includes a sweeping ban on smoking on most domestic airline flights . STOP 
An *UNKION* will remain for flights longer than six hours to Hawaii and Alaska , but estimates by the tobacco industry yesterday indicate all but about 30 flights would be covered . STOP 
Separately , a third conference report covering an $ *UNKN* billion Treasury and *CUNKAL* Service bill was sent to the Senate after passing the House on a *UNKN* roll call yesterday . STOP 
And after weeks of delay , the appropriations process is beginning to take some final shape . STOP 
Defense and foreign aid are the two most critical areas remaining from the administration 's *UNK* . STOP 
And among domestic programs , the most serious threat is White House opposition to abortion riders attached to separate bills funding the District of Columbia and Department of Health and Human Services . STOP 
The same issue *UNKS* to spill over to the foreign aid debate , and Mr. Bush also is threatening to veto any agreement that *UNKS* *CUNKED* provisions renewing U.S. support for the United *CUNKS* Fund for *CUNKION* *CUNKS* . STOP 
In a sharply written letter , Rep. David *CUNK* , chairman of the House appropriations subcommittee for foreign operations , warned Mr. Bush that the result of his `` *UNK* '' could weaken efforts to accommodate the administration elsewhere . STOP 
`` As a result of your *UNK* , '' writes the Wisconsin Democrat , `` I guess there is no longer any point in taking administration views into account on other items in conference , *UNK* regardless of their resolution you apparently intend to veto this bill . STOP 
Markets usually get noticed because they soar or plunge . STOP 
Gold , which has n't risen or fallen significantly in quite some time , yesterday achieved what may be a new level of *UNKS* : The most actively traded futures contracts closed unchanged despite nervous fluctuations in both the dollar and the stock market . STOP 
The settlement prices of the December , February and April gold contracts were even with Monday 's final prices . STOP 
The December 1989 contract , which has the greatest trading volume , ended at $ *UNKN* an ounce . STOP 
The other months posted advances of 10 cents to 20 cents an ounce . STOP 
According to one analyst , Bernard Savaiko of PaineWebber , New York , the stock market 's ability on Monday to rally from last Friday 's decline -- which seemed to indicate that the economy was n't going to fall either -- took the *UNK* out of precious metals prices , and out of gold 's , in particular . STOP 
Yesterday , gold traded within a narrow range . STOP 
Gold tried to rally on Monday but ran into the same situation that has *UNKED* gold prices for more than a year : selling by gold producers , who want to *UNK* the highest possible price for their gold . STOP 
`` December delivery gold is trading in a range of $ *UNKN* to $ *UNKN* -LCB- an ounce -RCB- and is having difficulty breaking out above that , '' Mr. Savaiko said . STOP 
`` *CUNKS* at the moment regard that area a good one in which to sell gold . '' STOP 
Also , Mr. Savaiko noted , stock market investors seeking greater safety are *UNKING* toward buying bonds rather than precious metals because `` we are *UNKING* more toward a *UNK* economy that does n't make gold and precious metals attractive . '' STOP 
Jeffrey *CUNKS* , president of *CUNK* Canada , Toronto precious metals advisers , said there is little to *UNK* gold traders to buy the metal . STOP 
`` Investors in the U.S. and Europe are comfortable with the actions of the -LCB- Federal Reserve -RCB- in its willingness to supply liquidity to financial system , which helped the stock market rebound on Monday , '' he said . STOP 
There is n't any rush on the part of investors in the West to buy gold , he said . STOP 
`` They still bear the memory of October 1987 , when they bought gold after the stock market *UNKED* and ended up losing money because gold prices subsequently fell , '' Mr. *CUNKS* said . STOP 
`` It 's an experience they do n't want to repeat . '' STOP 
At the moment gold traders are n't concerned about inflation , he said , and as for the dollar , `` gold 's association with the currency has been *UNKING* recently so drops in the currency are n't having much impact on gold . '' STOP 
*CUNK* *CUNK* , chief *UNKION* trader for Chase Manhattan Bank , said : `` There is little incentive on the part of traders to sell gold because the stock market may go lower and gold may retain some of its ` flight to safety ' quality . STOP 
There is little incentive to buy gold because if the stock market goes higher , it may be just a false *UNK* . STOP 
This is keeping the gold traders *UNKED* . '' STOP 
The most remarkable feature about yesterday 's action was that the price of roughly $ *UNKN* an ounce was regarded as attractive enough by gold producers around the world to aggressively sell gold , Mr. *CUNK* said . STOP 
`` I do n't know what it means over the long run , but for the short term , it appears that gold producers are *UNK* for the $ 10 or so that gold has risen over the past week or so , '' he said . STOP 
Previously , he noted , gold producers *UNKED* to back off from a rising gold market , letting prices rise as much as possible before selling . STOP 
Mr. *CUNK* observed that the U.S. merchandise trade deficit , which rose sharply in August , according to yesterday 's report , has been having less and less impact on the gold market . STOP 
`` The dollar has n't reacted much to it , so gold has n't either , '' he said . STOP 
In other commodity markets yesterday : STOP 
*CUNK* : STOP 
*CUNK* oil prices rose slightly in lackluster activity as traders in the *UNKS* tried to assess action in the stock market . STOP 
Since stock market indexes plummeted last Friday , participants in all markets have been wary . STOP 
When traders become confident that the stock market has *UNKED* , oil prices are expected to rise as supply and demand fundamentals once again become the major consideration . STOP 
*CUNK* oil for November delivery edged up by 16 cents a barrel to $ *UNKN* a barrel . STOP 
*CUNKING* oil prices also rose . STOP 
November gasoline slipped slightly . STOP 
*CUNK* : STOP 
Futures prices rose on a report that Cuba may seek to postpone some sugar shipments . STOP 
The March contract advanced *UNKN* cent a pound to *UNKN* cents . STOP 
According to an analyst , Cuba ca n't meet all its *UNK* commitments and has asked Japan to accept a delay of shipments scheduled for later this year , into early next year . STOP 
`` Japan is perceived as a wealthy nation that can turn elsewhere in the world market and buy the sugar , '' the analyst said . STOP 
It was the possibility of this demand that helped firm prices , the analyst said . STOP 
Another analyst noted that Cuba has been *UNKING* shipments in recent years . STOP 
`` To the professionals in the trade it did n't cause much surprise . STOP 
The March futures contract traded as high as *UNKN* cents , but could n't sustain the advance , '' he said . STOP 
*CUNK* AND *CUNK* : STOP 
The prices of cattle , *UNKS* and pork *UNKLY* futures contracts rebounded as *UNK* traders shook off fears that the Friday stock market plunge would *UNK* consumer spending , which in turn would hurt retail sales of beef and pork . STOP 
The prices of most *UNK* futures contracts had dropped sharply Monday . STOP 
*CUNK* futures prices were also supported yesterday by signs that supermarket chains are making plans to increase their promotions concerning beef . STOP 
*CUNK* AND *CUNK* : STOP 
The prices of most soybean and *UNKAL* futures contracts rose amid rumors that the Soviet Union is interested in buying from the U.S. or South America about 250,000 metric tons of *UNKS* and as many as 400,000 metric tons of soybean *UNKAL* . STOP 
Traders are especially sensitive to reports of possible U.S. soybean sales because U.S. exports are lagging . STOP 
Since Sept. 1 , about 13 million fewer *UNKS* of U.S. *UNKS* have been sold overseas than for the same period last year . STOP 
*CUNK* futures prices rose slightly while wheat prices settled mixed . STOP 
Moody 's Investors Service Inc. , *UNKING* about increasing competitive pressure on Ryder , placed about $ 2.8 billion in company securities under review for possible *UNK* . STOP 
*CUNKS* under review are Ryder 's *CUNK* collateral trust debentures , *CUNK* senior notes and bonds , *CUNK* preferred stock and the company 's *CUNK-* rating for commercial paper . STOP 
Moody 's said it is *UNKING* the strategies Ryder 's management may follow in *UNKING* significant challenges in some major markets . STOP 
The rating agency said it is focusing especially on the transportation service company 's efforts to control costs , improve margins and enhance its competitive position in its primary business , vehicle leasing and rental . STOP 
The nations of southern Africa know a lot about managing *UNKS* ; their *UNKS* are *UNKING* . STOP 
But the nations of Europe and North America have decided they know better . STOP 
At this week 's U.N. conference in *CUNK* , they imposed a global *UNK* ban that seeks to *UNK* local policies . STOP 
A *CUNK* *UNK* argued that the ban would `` guarantee the *UNKION* of the *UNK* . '' STOP 
*CUNK* *UNKS* , who have an interest in *UNKING* the *UNKS* , would go out of business . STOP 
*CUNKS* would control the *UNUNK* trade . STOP 
Many *UNKS* were willing to *UNK* a compromise , but U.S. *UNK* *CUNK* *CUNK* and others *UNKED* that down . STOP 
The *CUNKS* from the First World wanted a *UNK* play , not a *UNKION* . STOP 
*CUNKLY* , the nations of southern Africa have n't totally *UNKED* their *UNK* . STOP 
Five countries announced they would not honor what one *CUNK* *UNK* *UNKLY* called the `` made in Switzerland '' solution . STOP 
In fact , they seemed a *UNK* *UNK* . STOP 
The director of *CUNK* 's *CUNK* Department described American *UNKS* as `` fat little *UNKS* from urban *UNKS* who do n't know a thing about Africa . '' STOP 
That 's not fair ; they 're not all fat . STOP 
*CUNK* *CUNK* *UNKS* *UNKS* for aid from South Carolina small businesses . STOP 
The Small Business Administration has received more than 5,000 formal requests for disaster loans because of the hurricane . STOP 
About 45 % of requests for *CUNK* relief loans , which also are available to homeowners , come from small businesses , compared with a 25 % business share after most disasters . STOP 
The *CUNK* expects to make about $ 1 billion in Hurricane Hugo loans . STOP 
The disaster fund is *UNKED* by loan *UNKS* . STOP 
*CUNKEST* hit by Hugo in South Carolina were small retailers tied to the tourist industry and businesses in agriculture and *UNKED* *UNK* . STOP 
The State Development Board set up a Hugo *CUNK* to accept *UNKS* help . STOP 
After NBC weather man *CUNK* Scott broadcast the *UNK-* number , it was *UNKED* with 10,000 calls . STOP 
Last week , the U.S. Chamber of Commerce began using its national TV show to seek help , such as equipment , for business owners . STOP 
*CUNKAL* bankers and accountants help *UNKS* fill out forms . STOP 
`` It helps us , and people feel better talking to someone who 's gone through the same thing , '' an *CUNK* official says . STOP 
*CUNK* *CUNK* remain a central lobbying effort , even as Section 89 *UNKS* . STOP 
The Senate , after *UNKING* Section 89 repeal from its deficit-reduction bill , still is expected to join the House in voting to kill the law , which forces companies to provide comparable benefits to *UNKS* and executives alike . STOP 
In lobbying on other *UNK-* *UNKS* , the National Federation of Independent Business will press for legislation that would give *UNKED* people a 100 % tax deduction for their own health plans , up from 25 % currently . STOP 
And the group will urge that the federal government *UNK-* state rules on what must be covered by employers ' health insurance . STOP 
*CUNKS* groups also will fight the *UNK-* provision of legislation that would expand *UNKAL* leaves . STOP 
And they still oppose as too costly an *UNK-* health insurance bill sponsored by Sen. Edward Kennedy -LRB- D. , Mass . -RRB- despite his proposal to phase in small business only gradually . STOP 
There is also worry that the *CUNKER* Commission studying long-term health care will again push lawmakers toward *UNK* solutions . STOP 
The Section 89 victory could have a *UNK* by making it harder to oppose lawmakers on other health proposals . STOP 
`` With the repeal of Section 89 , we can no longer say they 're discouraging businesses from offering health plans , '' says *CUNK* Russell , the Chamber of Commerce 's small-business *UNK* . STOP 
*CUNK* THE *CUNK* : STOP 
Sen. Lloyd *CUNK* -LRB- D. , Texas -RRB- was *UNKED* after a private word to John *CUNK* , lobbyist for the National Federation of Independent Business , resulted in a news release saying that the Senate Finance Committee chairman would recommend repeal of Section 89 . STOP 
Even though the announcement was true in the end , it was issued without the senator 's permission . STOP 
`` I *UNK* it , '' Mr. *CUNK* says *UNKLY* . STOP 
`` It was a timing mistake . '' STOP 
*CUNK-* *CUNK* : STOP 
Sen. *CUNK* Thurmond -LRB- R. , *CUNK* . -RRB- protests pending legislation to end the preference that the federal prison system gets in selling *UNK-* furniture and other goods to government agencies . STOP 
*CUNKS* suppliers want *UNKS* to stop getting high priority , especially as prison production grows with *UNKING* *UNK* *UNKS* . STOP 
Last year , the *UNKS* ' sales to the Pentagon totaled $ *UNKN* million . STOP 
*CUNK* *CUNK* *CUNK* for more access to work on *UNKS* systems . STOP 
*CUNKS* representing some independent *UNK-* shops join a compromise on the Clean Air legislation worked out between environmentalists and Rep. Henry *CUNK* -LRB- D. , Calif . -RRB- . STOP 
The plan would increase the *UNK* on *UNKION* systems to eight years or 80,000 miles from five years or 50,000 for major parts . STOP 
But the *UNK* on *UNKER* parts would be lowered to two years or *UNKN* miles . STOP 
The *UNK* owners say they would benefit because car owners would be less likely to go back to dealers for the *UNKER* repairs after two years . STOP 
The repair shops are n't *UNKED* , however . STOP 
*CUNKS* represented by the *CUNK* Service Industry Association and the Motor Equipment Manufacturers Association oppose any increase in *UNK* length . STOP 
They say the longer the *UNK* , the longer customers will automatically return to *UNK-* dealers , which then find *UNK-* work that might otherwise go to repair shops . STOP 
The House Energy Committee will debate the issue later this month . STOP 
*CUNK* *CUNK* , an Atlanta *UNK* owner who opposes a longer *UNK* , estimates that the current plan costs him as much as $ 15,000 a year in lost business . STOP 
*CUNK* *CUNK* : STOP 
Some 70 % of *UNKS* who recently earned an *CUNK* degree say they 'd prefer to work in or own a small company , yet most take jobs with large concerns , says a survey by the Foster *CUNK* Group , a New York recruiting firm ... . STOP 
*CUNKAL* *CUNK* Inc. of *CUNK* , Md. , seeks a Small Business *CUNKION* Research grant to produce a `` *UNK* assembly for an Army mass *UNKING* *UNK* . STOP 
Banc One Corp. said Frank E. *CUNK* plans to retire as the bank holding company 's president effective Jan. 12 . STOP 
Banc One said `` it is *UNKED* '' that John B. *CUNK* , chairman and chief executive officer , will assume the additional position of president upon Mr. *CUNK* 's retirement . STOP 
Mr. *CUNK* , 50 years old , was chairman and chief executive of American *CUNKER* Corp. , Indianapolis , when that bank holding company merged into Banc One in January 1987 . STOP 
The company said Mr. *CUNK* plans to retire because the process of *UNKING* American *CUNKER* into Banc One `` is considered completed . '' STOP 
Mr. *CUNK* will continue as chairman of the board and chairman of the executive committee of Banc One *CUNK* Corp. , the successor company to American *CUNKER* Corp. , but will no longer be active in day-to-day management . STOP 
He will remain on the Banc One board . STOP 
The Treasury plans to raise $ *UNKN* billion in new cash with the sale Monday of about $ 15.6 billion in short-term bills to redeem $ *UNKN* billion in maturing bills . STOP 
The offering will be divided *UNKLY* between *UNK-* and *UNK-* bills maturing on Jan. 25 , 1990 , and April 26 , 1990 , respectively . STOP 
*CUNKS* for the bills , available in minimum $ 10,000 denominations , must be received by 1 p.m. EDT Monday at the Treasury or at Federal Reserve banks or branches . STOP 
Moody 's Investors Service Inc. said it lowered ratings on about $ 650 million of Beatrice Co. debt , citing the closely held Chicago food concern 's proposed recapitalization . STOP 
The ratings concern said it *UNKED* Beatrice notes , *CUNKS* and certain industrial revenue bonds to *UNK-* from *CUNK-* and the company 's subordinated debentures to *UNK-* from *UNK-* . STOP 
Moody 's said the proposed *UNKION* may `` limit the company 's ability to realize its profit potential '' and that paying dividends from a new series of preferred could squeeze `` basic business operations . '' STOP 
A Beatrice spokesman did n't return calls seeking comment . STOP 
Beatrice , which went private in an $ 8.2 billion leveraged buy-out in 1986 , said last month that it might borrow again to help pay investors as much as $ *UNKN* million in preferred stock and debt securities . STOP 
When the Soviets announced their last *UNKER* had left Afghanistan in February , the voices of *UNK* were all but *UNKED* out by an international *UNKS* of *UNK* . STOP 
It was `` the Soviets ' Vietnam . '' STOP 
The Kabul regime would fall . STOP 
*CUNKS* of refugees would rush home . STOP 
A resistance government would walk into Kabul . STOP 
Those who bought that *UNKION* are now *UNKED* . STOP 
*CUNK* months after Gen. *CUNKS* *CUNK* *UNKED* across the bridge into the U.S.S.R. , a *CUNKED* regime remains in Kabul , the refugees sit in their *UNKS* , and the *UNKION* of Afghan freedom seems as far off as ever . STOP 
But there never was a chance that the Afghan resistance would *UNK* the Kabul regime quickly and easily . STOP 
Soviet leaders said they would support their Kabul clients by all means necessary -- and did . STOP 
The U.S. said it would fully support the resistance -- and did n't . STOP 
With the February 1987 U.N. *UNKS* `` relating to Afghanistan , '' the Soviet Union got everything it needed to consolidate permanent control . STOP 
The terms of the Geneva *UNKS* leave Moscow free to provide its clients in Kabul with assistance of any kind -- including the return of Soviet ground forces -- while requiring the U.S. and Pakistan to cut off aid . STOP 
The only fly in the Soviet *UNK* was the *UNK-* addition of a *UNUNK* American *UNK* , that U.S. aid to the resistance would continue as long as Soviet aid to Kabul did . STOP 
But as soon as the *UNKS* were signed , American officials sharply reduced aid . STOP 
In February 1989 , when the Soviets said they had completed their *UNK* , the U.S. cut it further . STOP 
Not so the Soviets . STOP 
Gen. *CUNK* himself said Soviet troops expected to leave behind more than $ 1 billion of military equipment and installations for the Kabul regime . STOP 
Since the *UNK* withdrawal , Moscow has *UNKED* in an additional $ 200 to $ 300 million worth per month -- nearly $ 2 billion since February , equivalent to the total U.S. aid to the resistance in nine years . STOP 
This includes what *CUNK* Foreign Minister *CUNK* *CUNK* *UNKLY* called `` new *UNK* *UNK-* weapons , '' including more than 800 *CUNK* missiles . STOP 
By early May , Moscow had delivered , for example , 1,000 trucks , about 100 tanks , *UNK* and hundreds of other combat vehicles . STOP 
Later that month , it added an entire tank *UNK* , including 120 *CUNK-* tanks and more than 40 *CUNK* *UNK-* *UNK* fighting vehicles . STOP 
By September , a new *CUNKED* *CUNKED* *CUNK* *CUNK* with an additional 300 combat vehicles , 1,000 more trucks and 10,000 *CUNKED* Afghan troops had arrived in *CUNK* . STOP 
In the last few weeks , Moscow has added *CUNK-* missiles , the *UNKER* version of the *CUNK-* , *CUNK-* *UNK-* aircraft , *CUNKS* , which can *UNKLY* Pakistan 's *CUNK-* *CUNKS* , and *CUNK* *CUNK-* *UNKS* , which can *UNKLY* the *CUNKS* . STOP 
Moscow claims this is all needed to protect the Kabul regime against the *UNK* resistance . STOP 
It is well-known that the regular Afghan *UNK* is filled with reluctant *UNKS* . STOP 
But this is not the entire Afghan army , and it is no longer Kabul 's only military force . STOP 
*CUNK* units have been *UNKED* and *UNKED* in the U.S.S.R. and other East bloc nations ; 30,000 to 40,000 of these troops have returned . STOP 
In addition , the regime has established *UNK-* *UNK* forces totaling more than 100,000 , including *UNKN* *CUNKED* troops of the *CUNK* Ministry -LRB- *CUNK* -RRB- , which still is directed by 1,500 Soviet *CUNK* officers . STOP 
Even if not all these forces are committed to the regime , they are now dependent on it . STOP 
And thousands of Afghan children have been taken to the Soviet Union , where they are *UNK* for the behavior of their families . STOP 
Since 1981 , Indian military advisers have been *UNKING* the Kabul regime . STOP 
In *UNKION* for the withdrawal , Moscow , Kabul and New *CUNK* signed two agreements for several hundred newly *UNK* Indian experts to replace some of the more visible Soviet military personnel . STOP 
Cuban military personnel also have been active in Afghanistan since 1979 . STOP 
The Soviets cut a deal with Iran : a future Iranian role in Afghanistan in exchange for Iranian support of Soviet policy . STOP 
The deal was *UNKED* by the *UNKION* of the *CUNK* *CUNK* *CUNK* *CUNK* to the Afghan prime ministry . STOP 
Moreover , serious questions have been raised about the claimed withdrawal of Soviet forces . STOP 
Before his assassination in 1988 , President *CUNK* of Pakistan repeatedly stated that fresh Soviet troops were being *UNKED* into Afghanistan even as others were *UNKLY* withdrawn . STOP 
Rep. Bill *CUNK* -LRB- R. , Fla. -RRB- reports that these included 20,000 to 30,000 Soviet Central Asian *CUNK* *CUNKER* *CUNKS* , *UNKLY* *UNK* from *CUNKS* and wearing *UNKED* *UNKS* . STOP 
Meanwhile , the Kabul regime is increasingly successful at *UNKING* the resistance as *UNKED* *UNKS* . STOP 
In this they are aided by years of American , European , *CUNK* and Saudi support for the most extreme *UNKS* -- radical *CUNK* *UNKS* with leaders whose policies are *UNK* to the Afghan public . STOP 
This heavy outside support for the worst has *UNKED* better , moderate leaders . STOP 
In *UNK* last year , for example , the regime *UNK* at *CUNK* was prepared to surrender the city to resistance *UNKS* . STOP 
At the last minute , however , *CUNK* officials sent in *CUNK* *CUNK* , perhaps the most *UNKED* and feared of the *UNKS* , with a demand that the surrender be made to his forces . STOP 
The deal fell through , and *CUNK* remains a major regime base . STOP 
The resistance lacks not only air power , *UNK* and expertise but often such *UNKS* as *UNKS* , mine detectors , or even winter *UNKS* . STOP 
*CUNKED* resistance *UNKS* wanted to use *UNK* action and *UNK* tactics to wear down the regime . STOP 
Instead , they were pressured by Pakistan 's *CUNK* , the channel for their support , into *UNKING* *CUNK* . STOP 
They took more than 25 % *UNKS* ; journalists report that they faced *UNKS* without mine detectors . STOP 
The wonder is not that the resistance has failed to *UNK* the Kabul regime , but that it continues to exist and fight at all . STOP 
Last summer , in response to congressional criticism , the State Department and the CIA said they had resumed military aid to the resistance months after it was cut off ; but it is not clear how much is being sent or when it will arrive . STOP 
For months the resistance has been *UNKS* against air attack . STOP 
Thus far there is no indication that they have been *UNKED* with *CUNKS* or other *UNK-* weapons . STOP 
Indeed , U.S. officials have indicated to the press that the *UNKION* of aid depends on what success the weakened resistance *UNKS* by the end of this year . STOP 
Moscow and Kabul must have found that information useful . STOP 
For a decade U.S. policy has been *UNK* , based on *UNKION* and the defense of bureaucratic and political *UNK* . STOP 
No settlement negotiated by others can force the Afghan people to give up their struggle . STOP 
A *UNK* of U.S. military aid would merely abandon them to die in *UNK* . STOP 
*CUNKION* of a new , realistic U.S. policy is long *UNK* . STOP 
Ms. *CUNKS* , editor and *UNK-* of `` Afghanistan : The Great *CUNK* *CUNKED* '' -LRB- *CUNK* House -RRB- , directs the *CUNK* House program on *CUNKEST* Asia . STOP 
Nothing *UNKED* the *UNK* of Ronald Reagan and his *UNKS* as much as the *UNK* to aid Nicaragua 's Contra rebels , or the dream of building a *UNKED* defense shield to *UNK* out Soviet nuclear missiles . STOP 
Yet under Mr. Reagan 's preferred successor , President Bush , those two *UNKED* *UNK-* causes are *UNKING* on the *UNK* . STOP 
And , surprisingly , little more than a *UNKER* of protest is being heard , even though *CUNKS* once *UNKED* fire supporting the Contras and the *CUNK* Defense *CUNK* . STOP 
`` The programs have *UNKS* , '' says Rep. Henry *CUNK* , a conservative Republican from Illinois . STOP 
Yet , he asserts , `` you look around ... and you say , ` Who are the leaders ? STOP 
Who is going to carry the water ? ' '' STOP 
It is n't surprising that President Bush has n't led a *UNK* to pump up the Contras or SDI . STOP 
Though he *UNKLY* supports both programs , Mr. Bush has n't been a *UNK* champion of either cause , as Mr. Reagan was . STOP 
What 's surprising is that there is n't more of a conservative outcry as the Bush administration *UNKS* the programs slip down the *UNK-* list . STOP 
A combination of factors -- a *UNKS* among some conservatives , a decline in the perception of a Soviet threat and a *UNKION* with other issues -- seem to explain the strange *UNK* . STOP 
*CUNK* all , though , conservative Republicans who have *UNKED* both the Contras and SDI are reluctant to attack a Republican president for failing to do more -- though that reluctance may be *UNKING* . STOP 
`` We want to complain , we want to say something about it , and we 're going to as it gets worse , '' says Rep. Dan *CUNK* , an *CUNK* Republican who has been a *UNK* Contra *UNKER* . STOP 
`` But it 's like *UNKING* your father in the *UNKS* . STOP 
You hate to do it because he 's your father . '' STOP 
Mr. *CUNK* says conservatives ' *UNKS* with Mr. Bush 's cautious handling of the recent unsuccessful coup in Panama will make them more willing to speak out . STOP 
Of course , neither President Bush nor the Congress has actually abandoned the Contras or SDI . STOP 
Mr. Bush has struck a deal with congressional leaders to provide *UNKAL* aid to the Contras until Nicaragua holds national elections next February . STOP 
But the administration has dropped any effort to win military aid for the rebels . STOP 
And the administration 's deal with Congress gives several congressional committees the right to cut off even *UNK* aid next month , though the committees are likely to let aid continue until February . STOP 
Most analysts think there 's little prospect the Contras can be a significant fighting force without U.S. arms , and after the February election their future in any form will be *UNK* at best . STOP 
Instead of focusing on the Contras , Mr. Bush has switched to urging members of Congress -- most recently in a White House meeting yesterday -- to approve financing for the election campaign of political opponents of Nicaragua 's Sandinista government . STOP 
The administration continues to support SDI , or Star *CUNKS* , and it recently *UNKED* to persuade the Senate to restore some of the funds it planned to cut from the program . STOP 
And just last week , Defense Secretary Dick Cheney gave a strong speech listing `` *UNKING* reasons '' to push ahead with SDI and saying he 'd urge President Bush to veto a defense bill with `` inadequate '' funding for the program . STOP 
But the strong pitch by Mr. Cheney may be too little too late to prevent damage to SDI . STOP 
The House has already voted for a deep cut in funding , and in the end the program 's *UNKS* will be hard pressed to head off some reduction in spending next year . STOP 
And while the defense secretary is *UNKING* out , President Bush himself has n't launched any *UNK-* campaign to *UNK* up support , as President Reagan did . STOP 
The administration also acknowledges that it is n't pursuing Mr. Reagan 's original vision of an `` *UNK* shield '' protecting the whole U.S. , but rather a more modest version . STOP 
More *OUS* to SDI supporters , the Bush administration appears to have *UNKLY* accepted a new *UNK-* proposal from the Soviet Union that *UNKS* long-term trouble for Star *CUNKS* . STOP 
The Soviets have agreed to complete a treaty cutting strategic weapons without including restrictions on *UNKED* *UNKS* . STOP 
But the Soviets also are insisting that they will reserve the right to withdraw from the completed *UNKS* treaty later on if the U.S. does SDI testing or *UNK* that the Soviets think *UNKS* the existing *UNK-* treaty . STOP 
It will be hard down the road to persuade Congress to approve money for SDI plans if lawmakers fear those plans could scuttle a completed treaty . STOP 
As a result , Frank *CUNK* , a former Reagan Pentagon aide who now heads the Center for Security Policy , charges that the administration 's `` *UNKS* of continued commitment to development and *UNK* of the SDI program strain *UNK* . '' STOP 
Still , *UNKS* may be *UNKING* away from more *UNKING* because they sense political *UNKS* have turned against *UNKING* the Nicaraguan rebels or boosting spending on SDI -- particularly when the public *UNKS* the Soviet threat is declining under Mikhail Gorbachev . STOP 
In fact , because *UNK* seems to be *UNKING* a global retreat , some conservatives may simply be so pleased that their *UNK-* philosophy is *UNKING* that they do n't have the fire at the moment to push controversial programs . STOP 
`` The short of it is that the most *UNK-* among us can not get into too sour a mood with *UNK* *UNKING* , '' says Mitchell *CUNKS* , a former Reagan White House aide who now is president of the Hudson Institute . STOP 
Some activists are *UNKING* to raise the profile of the two causes . STOP 
But they say they ca n't make much *UNK* because of a lack of willing leaders in a position to turn the *UNK* . STOP 
One longtime champion of these programs in Congress , Republican *UNK* *CUNK* *CUNK* of Georgia , is *UNKED* by questions about his ethics , conservatives note . STOP 
Other conservative *UNKS* , like *CUNKING* Republican Sen. Malcolm *CUNK* , a longtime SDI *UNK* , do n't have the clout with the Bush White House that they enjoyed with President Reagan . STOP 
*CUNK* all , though , *UNKS* say neither the Contra nor the SDI cause can be pushed much further without more presidential support . STOP 
`` For there to be wind in the *UNKS* of any program , the chief executive has to be *UNKING* in the *UNKS* , '' says Rep. *CUNK* . STOP 
All this causes Rep. *CUNK* to *UNK* about an *UNK* way to *UNK* up more enthusiasm . STOP 
`` What I 'd like to see , if he is up to it , is for Reagan to take to the *UNKS* to *UNK* enthusiasm for SDI , '' the congressman says . STOP 
We 're *UNK* to report that on Monday President Bush accepted the resignation of William Allen as chairman of the U.S. Civil Rights Commission . STOP 
Mr. Allen , appointed by President Reagan , grew *UNKLY* *UNKED* of dealing with the *UNK* tactics of his enemies . STOP 
His recent speech , *UNKLY* *UNKED* `` *CUNKS* ? *CUNKS* ? *CUNKS* ? What is a *CUNK* ? '' caused an *UNK* when its title *UNKED* out . STOP 
Mr. Allen 's *UNKS* voted to call his *UNUNK* speech `` *UNKS* , *UNKING* and *UNKLY* *UNK* . '' STOP 
*CUNKER* Mary Francis Berry said it was `` another *UNK* episode in the *UNK* of the *UNKED* missile who is chairman . '' STOP 
Rep. Don Edwards , the California Democrat , warned Mr. Allen that the speech would be `` outside the *UNK* of the commission 's *UNKION* . '' STOP 
Thomas *CUNK* , head of the *CUNK* Legal Defense Fund , called the prospect of the speech `` *UNKLY* *UNKING* . '' STOP 
We 've actually read the speech . STOP 
Mr. Allen began it with a warning to his *UNKS* , a California church group that opposes rights for *UNKS* . STOP 
He said that other participants in the conference `` do not believe that the rights of Americans should be guaranteed to citizens who are *UNKAL* , '' but that `` I mean to persuade you to the opposite view . '' STOP 
He *UNKED* to the audience a `` strange , *OUS* '' *UNK* he once heard arguing `` now that we have finally recognized that American blacks have rights , we need to do the same for animals . STOP 
'' Mr. Allen *UNKED* to this *UNK* because it seems to `` *UNK* the status of blacks to that of animals -- as a mere project of charity , of *UNKS* . '' STOP 
Rights on such a basis , whether for blacks or *UNKS* , are `` mere *UNKS* , '' he said , subject to being taken back . STOP 
He says the title of his speech was to make his point that Americans have rights as individuals , not as members of certain select groups . STOP 
His speech criticized the `` *UNK* of *UNKS* of protected groups in society '' as opposed to individual *UNK* or , as he put it , in `` a common *UNK* as Americans . '' STOP 
Instead of lobbying for special treatment , Mr. Allen said that *UNKS* and others should try to ensure equal treatment under the law and not aim for special *UNKS* that would risk `` *OUS* *UNK* with government *UNK* . '' STOP 
This hardly sounds like an *UNKAL* *UNKED* . STOP 
What 's really going on here ? STOP 
The three most important things to understand about Mr. Allen is that he is a black conservative intellectual -- a *UNK* threat to the liberal establishment . STOP 
Mr. Allen , who *UNKS* government at *OUS* *CUNK* *CUNK* College in California and will remain a member of the commission , has spent years arguing that civil rights are individuals ' rights . STOP 
He last made waves when he *UNKED* to defend an Indian *UNK* who had been adopted by *UNK-* parents off her *UNKION* . STOP 
Mr. Allen quickly ran up against the liberal establishment again , which somehow *UNKED* the *UNK* concept of `` Indian rights '' above the rights of individual *CUNKS* . STOP 
There is a huge *UNK* between Mr. Allen 's *UNKER* view and the *UNK* litigation approach of the civil rights groups . STOP 
Indeed , the gap is so large that Mr. Allen 's critics refuse to engage the debate . STOP 
Their *UNK* of him is no substitute for argument . STOP 
Their effort to run him out of Washington is an embarrassment to the original purpose of their own movement . STOP 
We hope the next head of the Civil Rights Commission will be as *UNK* as Mr. Allen in making the case for *UNK* of civil rights . STOP 
*CUNKS* Inc. said its chairman , John R. *CUNK* , will retire as an officer of the company on Jan. 2 . STOP 
George L. *CUNK* , president and chief executive officer , will become chairman and chief executive upon Mr. *CUNK* 's retirement . STOP 
John C. *CUNKER* , executive vice president and chief operating officer , will become president and chief operating officer . STOP 
Mr. *CUNK* , 65 years old , was chief executive of the distributor of *UNKS* and *UNKION* products from 1982 to 1988 . STOP 
He will continue as a director . STOP 
Mr. *CUNK* , 63 , a *UNK-* veteran at *CUNKS* , has been president since 1983 . STOP 
Mr. *CUNKER* , 51 , joined *CUNKS* in August 1988 from *CUNK* Transportation Corp. , where he was president and chief operating officer . STOP 
He has been a *CUNKS* director since 1985 . STOP 
The *UNKS* are part of a planned *UNKION* at the company . STOP 
Soviet leader Mikhail Gorbachev opened a major U.S. trade exhibition in Moscow and spent two hours *UNKING* some of the 150 *UNKS* representing such blue-chip companies as General Motors Corp. , International Business Machines Corp. and Johnson & Johnson . STOP 
At the *CUNK-* Co. stand , Mrs. Nelson Rockefeller , a board member , offered him a *UNK* *UNKER* . STOP 
He did n't *UNK* . STOP 
The exhibition by the *CUNK-* Trade and Economic Council *UNKS* the growing U.S. interest in that nation 's market , though trade between the two countries is a *UNK* $ 3 billion . STOP 
The Soviet president and his prime minister , *CUNK* *CUNK* , spent the *UNKEST* time , about 15 minutes , at the IBM stand , where they got *UNK* *UNK-* key *UNKS* . STOP 
At the GM *UNK* , they barely looked at a *UNKING* *CUNK* , *UNKING* to talk about cooperation possibilities . STOP 
In Beijing , meantime , China opened an international *UNKION* show , but the West 's *UNK* on military deals and uncertainty about the nation 's stability kept many foreign *UNKS* away . STOP 
Officials said 91 companies from 14 countries , including the U.S. , had displays , down from about *UNKN* firms from more than 20 countries at the last show in STOP 
Japanese *UNKER* maker *CUNK* Industries Ltd. was fined two million yen -LRB- $ *UNKN* -RRB- for *UNKING* to the Soviet Union a chemical solution that could be used in *UNK-* systems . STOP 
A *CUNK* executive in charge of exports when the *UNK-* *UNKED* *UNK* was sold to the Soviets in 1986 received a suspended *UNK-* jail sentence . STOP 
Judge *CUNK* *CUNK* told the *CUNK* District Court *CUNK* 's `` responsibility is heavy because illegal exports lowered international trust in Japan . '' STOP 
*CUNK* of the solution in concentrated form to Communist countries is prohibited by Japanese law and by international agreement . STOP 
A Soviet legislative panel rejected as not radical enough a government proposal on *UNKING* economic control . STOP 
The newspaper *CUNK* *CUNK* said the committee decided the plan to *UNK* out economic powers previously exercised by Moscow to the country 's 15 *UNKS* `` does n't reflect the radical changes in the Soviet *UNKION* . '' STOP 
The committee gave the government until Nov. 15 to *UNK* the proposal . STOP 
The move reflected the growing confidence of the revamped Supreme Soviet . STOP 
Scott Paper Co. said it is *UNKING* a proposed $ 650 million *UNKING* project in *CUNK* because it no longer expects to use as much *UNKS* pulp as previously anticipated . STOP 
The *UNKS* *UNKION* and pulp mill , which would have covered about *UNKN* acres in the *CUNK* *CUNK* region , had been approved by *CUNK* 's investment board . STOP 
But it was opposed by some environmentalists as a threat to *CUNK* *CUNK* 's *UNKS* and a potential source of social *UNKEST* for the *UNK* *UNKS* who *UNK* them . STOP 
*CUNK* *CUNK* Co. of Japan is moving its *UNKS* headquarters and holding company to Hong Kong to gain from the British colony 's economic advantages and tax structure . STOP 
With funds of *UNKN* billion Hong Kong dollars -LRB- US$ *UNKN* million -RRB- , the new company , *CUNK* International Co. , plans to acquire 10 of Hong Kong 's top restaurants . STOP 
It also intends to set up an international wholesale market with the Singapore government next May and to open a department store in *CUNK* and shopping centers in Malaysia , Taiwan , Canada , Chicago and Seattle by December 1990 . STOP 
The chain currently has 90 retail outlets in Japan , seven in the U.S. , three in Hong Kong and a dozen more *UNKED* around the *UNK* . STOP 
Major European auction houses are turning increasingly to *UNKED* sales . STOP 
Christie 's will soon have a sale of *CUNK* and *CUNK* art while Sotheby 's is *UNKING* *UNKS* with sales of Swiss , German , Spanish , Australian and Canadian paintings . STOP 
In Brussels , Hotel de *CUNKS* *CUNK* *UNKED* *UNKS* and *UNKS* - along with paintings and *UNKS* . STOP 
Berlin 's *CUNK* *CUNK* will auction art works with *UNK-* estimates of less than $ *UNKN* on Nov. 25 . STOP 
The auction house , known for its sales of *UNKER* *UNK* and *UNK* century works , is providing `` a service to clients who do n't want to sell just their *OUS* oil paintings , '' says *CUNK* *CUNK* 's *CUNK* *CUNKER* . STOP 
*CUNK* *UNKER* *CUNK* is less concerned with market *UNKS* than with Belgium 's *UNKING* tax and *UNK-* burden . STOP 
`` Everything has to be the same between countries , '' says *CUNK* 's *CUNK* *CUNK* , who is asking clients to sign protest *UNKS* . STOP 
`` Then there 'll be fair competition . '' STOP 
*CUNKING* tax-free shopping in the European Community after 1992 could *UNK* more than 3,000 jobs , the International *CUNK* Free *CUNKION* said . STOP 
Instead of banning such shopping , the *UNKION* proposed *UNKING* controls to be sure the privilege is n't *UNKED* ... . STOP 
British and *CUNK* *UNKS* opened talks in *CUNK* aimed at *UNKING* ties *UNKED* because of their 1982 war over the *CUNK* *CUNKS* . STOP 
Britain 's U.N. representative and delegation head *CUNK* *CUNK* called the first meeting `` good , interesting and *UNK* . STOP 
Polaroid Corp. , *UNKING* from *UNKION* savings , reported a strong gain in third-quarter operating results and net income of $ *UNKN* million , or 40 cents a share , after *UNK-* requirements . STOP 
Analysts said the numbers were better than expectations , partly because of strong profit margins and a positive *UNK-* *UNKION* . STOP 
However , they said the company 's flat revenue was a disappointment , and an indication that sales of Polaroid 's new conventional film in the U.S. have been sluggish . STOP 
Revenue in the third quarter was $ *UNKN* million , almost unchanged from $ *UNKN* million a year earlier . STOP 
Polaroid reported operating profit before taxes and interest costs of $ *UNKN* million for the third quarter , more than double the *UNK-* $ 24 million . STOP 
*CUNKS* for staff cuts and other restructuring produced a net loss of $ *UNKN* million , or 77 cents a share , in 1988 's third quarter . STOP 
`` I 'm somewhat skeptical about the underlying demand '' for Polaroid products , said Michael *CUNK* , an analyst with *CUNK* *CUNKER* & Co . STOP 
`` If you believe that a good performance next year is *UNK* on an *UNKION* of revenue , there is n't a lot here to base *UNK* on . '' STOP 
Alex Henderson , an analyst with Prudential-Bache , says Polaroid officials told him yesterday that U.S. sales of the company 's new conventional film product , introduced in the second quarter , have been `` disappointing '' after a promising start . STOP 
Sam *CUNKS* , a Polaroid spokesman , said `` I do n't know about disappointing , '' but added that the company has n't been able to get the product on the *UNKS* of some *UNK-* , discount retailers that it had hoped would be carrying the product already . STOP 
Mr. *CUNKS* said the film , One Film , is currently carried at about 15,000 retail outlets , including *UNKS* and *UNKS* . STOP 
For the nine months , Polaroid reported earnings of $ *UNKN* million , or $ *UNKN* a share . STOP 
Last year , the company had a nine-month loss of $ *UNKN* million , or 23 cents a share . STOP 
In New York Stock Exchange composite trading , Polaroid closed at $ 47 , up $ 1.125 . STOP 
Why is the stock market suddenly so volatile ? STOP 
Yesterday , the Dow Jones Industrial Average did a now familiar dance : It plunged *UNKN* points before lunch , with most of the drop *UNKING* in 25 minutes . STOP 
Then , it rebounded to finish down only *UNKN* points . STOP 
And those swings *UNKED* *UNK* Friday 's *UNK-* plunge and Monday 's *UNK-* recovery . STOP 
`` It 's *UNKS* -- that in an hour you can *UNK* off so much value , '' says *CUNK* *CUNK* , chairman of *CUNK* Investment Management Corp. , Boston . STOP 
And , apparently , it is here to stay . STOP 
Richard *CUNK* , senior *UNK* analyst at Merrill Lynch & Co , says , `` My *UNK* feel is that we 'll live with those swings for a while . '' STOP 
There are many reasons for the market 's *UNKS* : new trading vehicles such as stock-index futures and options ; computer-driven strategies like program trading ; and crowd psychology . STOP 
But most are linked by a single theme : liquidity -- the ability to get in and out of the market quickly . STOP 
Prices are moving up and down so fast because investors are *UNKING* ways to turn over shares at *UNKER* rates and increasingly acting in *UNK* . STOP 
`` Institutions are *UNKING* animals , '' says Peter Anderson , who heads the *UNK-* management arm of *CUNK* Financial Services Inc . STOP 
`` We watch the same indicators and listen to the same *UNKS* . STOP 
Like *UNKS* , we tend to move in the same direction at same time . '' STOP 
And that , naturally , *UNKS* price movements . STOP 
Institutions -- who now account for most trading -- count on being able to buy and sell big blocks of stock at an *UNK-* . STOP 
But when they discover that markets are n't always as liquid as they supposed -- markets jump . STOP 
On Monday , for instance , Howard *CUNK* , a principal at *CUNKER* , Stevens & Clark , found that `` you could n't buy *UNKS* at quoted prices without paying up . '' STOP 
And when many firms had to `` pay up , '' Monday 's sudden rally was sparked . STOP 
Trading in futures and options , some people believe , can add to volatility . STOP 
Investors believe they can can rely on such derivative securities to get in and out of the stock market without actually selling any stocks ; that is , a way of *UNKING* liquid even when they own stocks . STOP 
These and other modern trading methods `` tend to promote dramatic *UNKS* in assets , '' says George Douglas , first vice president at Drexel Burnham Lambert Inc . STOP 
`` It 's the idea that what goes in easy can come out easy '' -- so that *UNKS* of higher volatility get built into the stock market . STOP 
One new investment style called `` asset allocation '' *UNKS* portfolio *UNKS* between stocks , bonds and cash when computer models say one is more attractive . STOP 
For instance , First *CUNK* Corp. , an asset *UNK* based in *CUNK* , N.J. , said it quickly boosted stock positions in its `` aggressive '' accounts to 75 % from 55 % to take advantage of *UNKING* prices Friday . STOP 
It added another 5 % Monday before stocks rallied . STOP 
When they did , the firm reduced those stock holdings to about 70 % . STOP 
A classic example of institutions ' *UNKER* for liquidity is portfolio insurance , now widely *UNKED* . STOP 
Before the 1987 crash , an estimated $ 60 billion in institutional money was managed under this *UNKING* technique . STOP 
The idea was to `` *UNK* '' the value of a portfolio by selling futures when stock prices dropped -- eliminating the need to sell the stocks themselves . STOP 
But in October 1987 , when portfolio insurers rushed to sell at the same time , they *UNKED* both the stock and futures markets . STOP 
Yet even today , institutions are quietly *UNKING* forms of portfolio insurance by *UNKLY* rushing to and *UNK* in the markets . STOP 
Others are doing `` index arbitrage '' a strategy of taking advantage of price *UNKS* between stocks and futures . STOP 
Unlike traditional *UNK-* strategies , all of the above require that market makers be on hand to provide liquidity by buying and selling stocks in a crunch . STOP 
But institutions say Wall Street brokerage firms are less willing to make markets . STOP 
*CUNKS* do n't deny that . STOP 
Wall Street traders say that , with institutional brokerage commissions far lower than in the 1970s , securities firms ca n't afford to take the risk of buying too much stock . STOP 
`` I think everyone 's a little more *UNK* , '' says Jack Baker , head of equity trading at *CUNK* Lehman Hutton Inc . STOP 
`` The institutions have driven -LRB- commission -RRB- rates down to the point where it makes no sense to *UNK* capital , '' says Tom *CUNKER* , senior executive vice president in charge of institutional trading at Oppenheimer & Co . STOP 
`` Why should I risk money for a guy for who 's paying me five cents a dance ? STOP 
All you get is risk . '' STOP 
*CUNK* of liquidity can also result from exchange `` reforms . '' STOP 
Many traders say that `` circuit breakers '' put in place to damp volatility after the 1987 crash actually added to volatility when the stock market plunged Friday . STOP 
The circuit breakers caused a *UNK-* *UNK* in trading in Standard & Poor 's 500-stock index futures contract as the markets were falling . STOP 
`` With the *UNKING* halt , you could only sell stocks '' to cut exposure to the market , says a money manager . STOP 
`` It was *UNK* to people thinking that they could n't get their trades off . '' STOP 
`` It was like they put you in a room with a *UNK* and told you there were three doors to *UNK* , '' said one Chicago-based futures trader . STOP 
`` Then they said , ` By the way , two of the doors are locked . ' '' STOP 
The takeover *UNK* also adds to volatility . STOP 
UAL Corp. is a good example . STOP 
*CUNKED* as a buy-out target , the airline stock was trading at nearly $ *UNKN* a share . STOP 
When the deal ran into trouble , the stock tumbled ; it closed at $ *UNKN* yesterday . STOP 
*CUNKLY* , UAL is now trading closer to its value based on earnings . STOP 
By contrast , traditional *UNK-* investors are unlikely to generate sudden price moves . STOP 
Scott Black , a *UNKED* money manager who heads *CUNK* Management Inc. , points out that for those who invest on fundamentals , `` the value of a stock from day to day does n't change all that much . '' STOP 
Some experts say markets are n't as volatile as widely assumed . STOP 
*CUNKS* Stoll , finance professor at *CUNK* University , says the current volatility in U.S. markets *UNKS* in comparison to the 1930s , decades before derivative instruments such as options and futures were introduced . STOP 
`` I just ca n't believe that the *UNKS* in the financial market are causing any of this volatility , '' he says . STOP 
And Robert D. *CUNK* , president of asset *UNK* First *CUNK* , notes that before Friday 's *UNK* , daily volatility on the New York Stock Exchange in recent weeks had reached `` historically low levels . '' STOP 
Some people tend to ignore that a *UNK-* move is less in percentage terms than it was when the stock market was lower . STOP 
John J. Phelan Jr. , chairman of the Big Board , asserts that `` 1988 and 1989 have been two of the least volatile years in the last 30 or 40 years . '' STOP 
But the low average volatility Mr. Phelan is talking about is n't any *UNK* in a period of rapid stock-market moves like the past week . STOP 
In addition , Sanford *CUNK* , a *CUNK* School finance professor , says volatile *UNKS* in stock prices will continue as long as liquidity falls short of the *OUS* demands of institutions `` who can go out and say ` I have a billion dollars of stocks to sell . ' '' STOP 
Some people think the search for liquidity is *UNKS* . STOP 
In *UNKN* , John Maynard *CUNKS* wrote that `` of the *UNKS* of *UNK* finance none , surely , is more *UNKAL* than the *UNK* of liquidity . '' STOP 
It leads investors to focus on short-term price movements -- `` a game of musical chairs , '' he called it -- rather than on long-term fundamental *UNKION* . STOP 
James A. White contributed to this article . STOP 
The National *CUNKS* and Space Administration said a computer virus has infected one of its networks and is spreading *UNK-* messages related to its Galileo space probe , which is to be launched today . STOP 
Charles *CUNK* , a NASA spokesman , said the agency discovered the virus on Monday on the collection of computer networks *UNKLY* called *CUNK* and expected 100 university centers to be infected by today . STOP 
Although the network is n't connected to the computer systems that operate either Galileo or the shuttle , part of the network will carry *UNKS* of Galileo data once the *UNK* gets *UNK* . STOP 
Mr. *CUNK* said the *UNKER* had n't yet done any harm but the agency feared `` *UNK* data could be *UNKED* for real data . '' STOP 
He estimated it could take a day for a computer security manager to *UNK* the virus from a computer system . STOP 
The *UNKER* , among the *UNKEST* yet to hit a research network , appeared to affect only Digital Equipment Corp. hardware that uses Digital 's *CUNK* operating system . STOP 
It is unrelated to the *UNKED* virus that last year infected *CUNK* , a much larger network used by researchers at universities , laboratories and government agencies around the world . STOP 
In the *UNK* of computer security , the NASA *UNKER* is *UNKLY* a computer worm , Mr. *CUNK* said . STOP 
A worm *UNKS* in the operating system of a computer and spreads by *UNKING* into other computers *UNKED* through networks . STOP 
The Galileo worm apparently was *UNKED* on a computer in France *UNKED* up to NASA 's Space *CUNKS* *CUNKS* Network , Mr. *CUNK* said . STOP 
NASA said the Galileo worm had n't affected its computers or the computers of other government agencies because they had *UNKED* their systems to reject *UNKS* . STOP 
But Mr. *CUNK* said the worm hit universities that had n't elected to make the changes . STOP 
Michael Alexander , a senior editor at *CUNK* , a trade publication , said he was told that the worm gets into a computer center by looking for obvious *UNKS* -- such as ones that are the same as the user 's name . STOP 
If it finds one and gets into the system , it will display a screen when a user *UNKS* on that says , `` *CUNKS* *CUNK* *CUNK* *CUNKS* ... . STOP 
You talk of times of peace for all , and then prepare for war . '' STOP 
In addition , Mr. Alexander said , the worm *UNKS* strange messages to other machines at the center -- such as , `` George *CUNK* was an *UNK* , '' or `` Do n't feed the *UNKS* tonight . '' STOP 
The worm also looks for *UNK* *UNKS* that *UNKER* more *UNKS* on the user . STOP 
The *UNKS* are included in the system software when it is installed but are supposed to be replaced as soon as the system is up and running . STOP 
If it finds one of those *UNKS* , Mr. Alexander said , the worm will do such things as change users ' *UNKS* to a series of random numbers , *UNKING* them from signing on to the network . STOP 
NASA estimated that , on Monday , about four computer centers were affected . STOP 
Yesterday , the number grew to 40 ; today the number is expected to grow to 100 . STOP 
NASA said it will take about a week before it knows exactly how many centers of the 6,000 connected to *CUNK* were affected and the extent of the damage , if any . STOP 
*CUNK-* activists have *UNKED* the launch of the Galileo space probe to Jupiter because it uses *UNK* to generate the electricity needed to run the *UNK* . STOP 
*CUNKS* fear that if the shuttle carrying Galileo into *UNK* should *UNK* , or if Galileo itself *UNKS* into the Earth during the two times it *UNKS* close to the planet , *UNKAL* levels of *UNK* would be released into the atmosphere . STOP 
So far Galileo has been delayed twice , once because of a computer *UNKION* connected with a *UNK-* engine , and yesterday because of the weather . STOP 
NASA said the Galileo worm had nothing to do with either delay . STOP 
Mr. Alexander of *CUNK* said *UNKS* have gone after *CUNK* before . STOP 
He said the *CUNKS* Computer Club , of West Germany , once managed to *UNK* *CUNK* and do such things as change the value of *UNK* , *UNKING* up some calculations . STOP 
It is now a *UNK* that prosecutors are bringing criminal *UNKS* in cases where until a few years ago only a civil action at most would have been brought . STOP 
Yet it is also *UNK* that the power to create new crimes *UNKS* only to the legislature , and not to courts . STOP 
*CUNKING* in the early *UNK* century , with U.S. *UNK* Hudson and *CUNK* , the Supreme Court has repeatedly held that a judicial power to *UNK* conduct to be against the public interest and *UNK* criminal , while well established in British law , would *UNK* legislative authority under the *UNK* of *UNKION* of powers . STOP 
That 's the conventional theory anyway . STOP 
In practice , however , the line between interpretation and *UNKION* of the criminal law long ago began to *UNK* . STOP 
In particular , a common law of white-collar crime has developed with surprising *UNK* over the past decade . STOP 
For example , although insider trading has long been criminal , it has never been *UNKLY* defined . STOP 
In 1983 , the Supreme Court tried to supply a *UNK* definition in the *CUNKS* *UNK* SEC decision , which found that liability *UNKED* on whether the *UNKER* had *UNKED* his *UNK* duty to the corporation in order to obtain `` some personal gain '' and whether the *UNK* knew or *UNKLY* *UNKED* this fact . STOP 
*CUNKLY* , however , lower courts and prosecutors have pushed this definition to its breaking point . STOP 
Consider the facts underlying the 1989 conviction of Robert *CUNK* . STOP 
*CUNK* to a tender offer by *CUNK* for *CUNK* Inc. in 1986 , the founder of the *CUNK* 's supermarket chain called an elderly relative to tell her to *UNK* her stock certificates for delivery . STOP 
She called her daughter to take her to the bank , who , in turn , persuaded her husband , a Mr. *CUNK* , to run this *UNK* . STOP 
*CUNKING* of this information , the husband discussed it with his broker , Mr. *CUNK* , and Mr. *CUNK* then bought for his own account and other clients . STOP 
*CUNKLY* , Mr. *CUNK* was a *UNK-* *UNK* . STOP 
*CUNK* Mr. *CUNK* , his *UNKER* , breach a *UNK* duty -LRB- and , if so , to whom -RRB- ? STOP 
*CUNK* Mr. *CUNK* seek personal gain -LRB- and if so , how -RRB- ? STOP 
Or did Mr. *CUNK* only hear a market *UNK* -LRB- which one may *UNKLY* trade upon -RRB- ? STOP 
The line seems *UNKLY* thin for *UNK-* purposes . STOP 
A second illustration is supplied by the recent guilty plea entered by Robert Freeman , formerly head of arbitrage at Goldman , Sachs & Co . STOP 
*CUNKLY* , Mr. Freeman had invested heavily in the Beatrice leveraged buy-out , when he was told by another prominent trader , Bernard `` *CUNK* '' *CUNKER* , that the deal was in trouble . STOP 
After *UNKING* orders to sell , Mr. Freeman called Martin *CUNK* , an investment banker at Kidder , Peabody & Co. , who was advising on the deal , to confirm these rumors . STOP 
Mr. *CUNK* asked Mr. Freeman who his source was and , on hearing that it was *CUNK* *CUNKER* , responded : `` Well , your *UNK* has a good *UNK* . '' STOP 
The illegal `` *UNK* '' of the *UNK* 's good *UNK* was then largely a confirmation of rumors already known to many in the market . STOP 
*CUNK* the case gone to trial the same issues would have surfaced : STOP 
*CUNK* there a *UNK* breach in order to obtain personal gain ? STOP 
*CUNK* Mr. Freeman have notice of this ? STOP 
Finally , was the information material ? STOP 
Yet , all these issues are subsidiary to a more central issue : Who is and who should be making the criminal law here ? STOP 
It is not my *UNKION* that either Mr. *CUNK* or Mr. Freeman was an *UNK* victim of *UNKAL* *UNKS* . STOP 
*CUNKLY* , both were on notice that their behavior was at least risky . STOP 
But even if they *UNKED* *UNKLY* , reasons still exist to fear and *UNK* this steady process of *UNK-* judicial extension of the law of insider trading . STOP 
*CUNKS* and *UNKS* make decisions in very different ways and are each *UNK* to very different kinds of errors . STOP 
*CUNK-* judicial examination of an actor 's conduct has always been the common law 's method . STOP 
When only civil liability is involved , this method has the *UNUNK* *UNKS* of *UNKAL* *UNK* and *UNK* of *UNKION* . STOP 
Still , *UNK-* *UNK* decision making of this sort is vulnerable to the *UNK* vision caused by a *UNKION* on ad *UNK* -LRB- and usually *UNK* -RRB- *UNKS* . STOP 
When a court decides that a particular actor 's conduct was *UNK* and so *UNKS* the definition of insider trading to reach this conduct , it does not see the potentially enormous number of other cases that will be covered by the expanded rule . STOP 
Thus , a court is poorly positioned to make *UNKS* about the social utility of the expanded rule . STOP 
For example , in focusing on Mr. Freeman 's attempt to gain *UNK* information about a deal 's collapse , one does not naturally think about the reverse side of the *UNK* : What if the *UNK* had been false ? STOP 
*CUNK* a security analyst call an investment banker to make certain that a seemingly *UNK* *UNK* is in fact false ? STOP 
In the past , not only would *UNK* professionals have rushed to check out such rumors with the company , but companies listed on the major stock exchanges were encouraged by the exchanges to respond openly to such inquiries from securities analysts . STOP 
Today , after Mr. Freeman 's plea , there is an uncertainty that is both unfair and inefficient . STOP 
In this light , the *UNK* advantages of legislative *UNKING* become clear : -LRB- 1 -RRB- Before it acts , the legislature typically will hear the views of representatives of all those affected by its decision , not just the immediate parties before the court ; and -LRB- 2 -RRB- the legislature can *UNK* `` bright line '' standards that create less uncertainty than the *UNK-* decisions of courts . STOP 
Although legislative lines can result in *UNKION* -LRB- which explains why the SEC has long resisted a legislative definition of insider trading -RRB- , judicial *UNKING* inevitably creates uncertainty because of the *UNK* *UNKER* *UNKS* and implications of most judicial decisions . STOP 
At least when the stakes are high , uncertainty in turn results in *UNKION* , as individuals do not *UNK* to approach an uncertain line closely . STOP 
The federal mail and wire fraud *UNKS* provide even better *UNKS* of the rapid *UNKION* of a federal common law of white-collar crime . STOP 
In 1987 , the Supreme Court attempted in *CUNKLY* *UNK* U.S. to halt the *UNK* expansion of these *UNKS* by *UNKING* a rule of strict construction for *OUS* criminal *UNKS* . STOP 
Yet , late last year , Congress effectively reversed this decision by *UNKING* a *UNK-* statute that defined fraud to include any scheme to *UNK* another of `` the *UNK* right of *UNKEST* services . '' STOP 
At a *UNK* , this may *UNK* all *UNK* *UNKS* -LRB- and possibly all *UNKS* by an agent or employee -RRB- . STOP 
Such a statute illustrates the fundamental problem : Congress finds it is easier to pass *UNKLY* *UNK* *UNKS* , which the courts must thereafter interpret , than to engage in the difficult *UNKING* *UNKS* that are *UNKLY* its responsibility . STOP 
We are *UNKED* less with a judicial power grab than with a legislative *UNK* . STOP 
*CUNKLY* , when *UNKED* with *UNKLY* *OUS* behavior , prosecutors will exploit the *UNK* such *UNKED* *UNKS* give them . STOP 
Over the long run , however , *UNK* cases will make bad law . STOP 
Mr. *CUNK* is a professor at Columbia Law School . STOP 
Corning Inc. posted a 38 % decline in third-quarter net income to $ *UNKN* million , or 80 cents a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
The year-earlier figure included a one-time gain of $ *UNKN* million from the sale of Corning 's stakes in Japanese businesses . STOP 
Without the gain , operating profit was $ 64 million , or 71 cents a share . STOP 
The telecommunications , specialty glass , *UNK* products and *UNKS* concern said the latest quarter included a *UNKS* *UNK-* of $ *UNKN* . STOP 
A year earlier , net included a $ *UNKN* *UNK* *UNK-* . STOP 
Sales rose 14 % to $ *UNKN* million from $ *UNKN* million . STOP 
Corning 's chairman and chief executive officer , James R. *CUNK* , said operating performance continued to be strong in the telecommunications and health and science segments . STOP 
But the *UNKAL* segment slowed somewhat and consumer products continued below expectations . STOP 
As for joint ventures , Mr. *CUNK* said profit was `` essentially flat '' due primarily to a slow recovery at *CUNKING* Co. in Korea following a strike at a major customer and the disruption of shipments to China . STOP 
Also , profit was hurt by the strength of the dollar overseas which *UNKLY* affected the company 's *UNK-* rate . STOP 
In New York Stock Exchange composite trading , Corning closed at $ *UNKN* , down 75 cents . STOP 
UAL , the *UNKER* stock that *UNKED* Friday 's market *UNK* , briefly *UNKED* traders again yesterday . STOP 
Within 10 minutes after an *UNKN* a.m. trading halt in UAL , parent of United Airlines , the Dow Jones Industrial Average plunged nearly 27 points to a *UNK-* deficit . STOP 
*CUNKED* buying then *UNKED* in , and the industrials *UNKED* 27 points in five minutes . STOP 
The *UNKING* moves show that the stock market remains *UNK* and volatile -- ready to jump at the *UNKEST* *UNK* -- a few days after its *UNKING* *UNK-* plunge . STOP 
*OUS* investors continued to limit their buying to blue-chip stocks while *UNKING* *UNKED* issues . STOP 
The industrial average closed down *UNKN* , to *UNKN* . STOP 
New York Stock Exchange volume was a heavy *UNKN* shares . STOP 
*CUNKS* on the Big Board *UNKED* *UNKS* , *UNKN* to *UNKN* . STOP 
UAL was watched closely and traded heavily . STOP 
The stock tumbled 24 7\/8 to *UNKN* on volume of 2.8 million shares . STOP 
The market is still very *UNK* about rumors and news on pending takeovers . STOP 
UAL , which is trying to *UNK* a buy-out bid that banks would n't finance , represents the future of one of the most powerful *UNKS* in the *UNK* market - corporate restructuring . STOP 
An important element of this phenomenon -- the *UNK-* market for junk bonds , used often to finance *UNKS* and takeovers -- continued to cast a *UNK* over stocks . STOP 
`` It was a very nervous day , '' said John *CUNK* , partner of the Big Board specialist firm *CUNK* , *CUNK* . STOP 
The volatility wo n't end soon . STOP 
This Friday brings the `` double *UNKING* hour , '' Wall Street 's *UNK* for the monthly *OUS* expiration of a variety of stock index futures , index options and options on individual stocks . STOP 
Traders are already *UNKING* their seat *UNKS* . STOP 
*OUS* monthly *UNKS* of the Major Market Index futures and Standard & Poor 's *UNK-* index options have produced *UNK* volatility . STOP 
`` We are in one of those *UNKS* where you are going to get a lot of volatile expiration action , '' said Donald *CUNK* , head of stock-index research at Prudential-Bache Securities . STOP 
Investors were buying yesterday , but they were running scared to premier blue chips such as Procter & Gamble , which jumped 3 3\/8 to *UNKN* . STOP 
Investors `` are buying stocks that have *UNK* earnings , '' said Edward J. *CUNK* , head of block trading at Kidder Peabody . STOP 
Along the way , investors dumped takeover stocks and shares of banks that have *UNK-* debt and risky real estate loans on their books . STOP 
`` These loans are more of a focus than *UNK-* debt now , '' said William *CUNK* , senior block trader at Prudential-Bache Securities . STOP 
Chase Manhattan , which sold 14 million additional shares at 40 1\/8 Monday through an underwriting group led by Goldman Sachs , closed down 1\/8 to 40 . STOP 
Citicorp fell 1\/2 to 32 , and Manufacturers Hanover slipped 3\/8 to 40 1\/4 . STOP 
Chase and Citicorp 's Citibank are involved in the UAL buy-out financing . STOP 
Both Citicorp and Manufacturers Hanover reported earnings yesterday . STOP 
In the first hour of trading , about one million shares a minute changed hands on the Big Board as big stock-index arbitrage sell programs pushed prices lower . STOP 
-LRB- In stock-index arbitrage , traders buy or sell big baskets of stocks against offsetting positions in futures . -RRB- STOP 
Traders said many of the sell programs are positions being established ahead of this Friday 's expiration . STOP 
Aside from computer-guided selling , airline stocks took a *UNKING* as well . STOP 
The Dow Jones Transportation Average fell *UNKN* to close at *UNKN* . STOP 
AMR , the parent of American Airlines , continued to retreat in the wake of New York developer Donald Trump 's decision to withdraw his $ *UNK-* takeover bid . STOP 
The stock fell 3 1\/4 to 73 1\/4 on 3.4 million shares . STOP 
Delta Air Lines fell 1 7\/8 to 67 7\/8 , USAir Group dropped 3\/4 to 40 1\/4 , Southwest Airlines *UNKED* 1\/2 to 25 and Alaska Air Group slid 3\/8 to 24 1\/4 . STOP 
But Texas Air , the owner of Continental and Eastern airlines , *UNKED* the group 's decline by rising 7\/8 to 14 5\/8 in American Stock Exchange trading . STOP 
Eastern said it is ahead of schedule in *UNKING* its operations after filing earlier this year for Chapter 11 bankruptcy protection , from which it expects to emerge early next year . STOP 
Philip Morris , the most active Big Board issue for the second consecutive session , was unchanged at 43 1\/4 on 3.9 million shares . STOP 
Other blue-chip consumer issues also *UNKED* relatively well : PepsiCo rose 1 3\/8 to 58 1\/2 ; Coca-Cola Co. was unchanged at 66 3\/4 ; McDonald 's also closed unchanged at 30 1\/2 , and *CUNK* rose 1\/2 to 75 1\/4 . STOP 
*CUNKER* averages also fell . STOP 
Standard & Poor 's 500-stock index fell *UNKN* to *UNKN* , and the New York Stock Exchange Composite Index fell *UNKN* to *UNKN* . STOP 
Among the *UNKED* stocks that sold off yesterday were Disney , which closed down 2 1\/8 to *UNKN* 1\/4 . STOP 
*CUNKS* Industries tumbled 3\/8 to 22 7\/8 ; *CUNK* *CUNKS* fell 2 1\/2 to 92 and Holiday Corp. fell 2 1\/8 to 69 7\/8 . STOP 
Among other blue chips , Exxon gained 1\/8 to 45 1\/2 . STOP 
International Paper fell 1 3\/8 to 51 1\/2 , Union Carbide eased 7\/8 to 25 , Chevron gained 1\/8 to 64 , and Eastman Kodak closed down 3\/4 to 44 1\/4 . STOP 
The only industry group to show a gain from the industrial average 's record high on Oct. 9 is restaurants . STOP 
Among the three *UNKING* groups , with declines of 10 % to 20 % , are airlines , *UNKS* and securities brokers . STOP 
Trading also was heavy in the over-the-counter market . STOP 
The Nasdaq composite index closed down 1.05 to *UNKN* on volume of *UNKN* million shares . STOP 
`` The environment is a lot more *UNKED* , '' said Gary *CUNK* , manager of equity trading at the OTC stock firm *CUNK* & Co. in New York . STOP 
`` Because there is a lot more volatility now , if guys see that they can make a quick 10 % or 15 % profit , they 'll take it . '' STOP 
Compaq Computer gained 2 1\/8 to 103 3\/4 on two million shares , reflecting market *UNK* about the prospects for its newly introduced *UNKED* computer . STOP 
*CUNK* *CUNK* dropped 1 3\/8 to 49 1\/8 . STOP 
The company 's third-quarter earnings were below both analysts ' forecasts and the year-earlier level . STOP 
*CUNK* *CUNK* added 1\/2 to 17 1\/4 . STOP 
The British company plans to change its name to *CUNKER* , the name of its U.S. unit , and write off part of nearly $ 1.2 billion in good will as a possible *UNK* to *UNKING* in the U.S. . STOP 
*CUNK* rose 5\/8 to 16 1\/8 . STOP 
Shearson Lehman Hutton began its coverage of the company with favorable ratings . STOP 
*CUNK* jumped 2 1\/4 to 56 7\/8 . STOP 
The company reported that earnings from operations for the September quarter were up about 25 % from a year earlier . STOP 
Bay Financial , which said it may be forced to file under Chapter 11 if it ca n't reach an agreement with its lenders to *UNK* its debt burden , plunged 1 3\/8 to 2 1\/8 . STOP 
The Amex Market Value Index fell 1.25 to *UNKN* . STOP 
Volume totaled *UNKN* shares . STOP 
Among active Amex issues , the American depositary receipts of B.A.T Industries fell 1\/4 to 11 3\/4 on turnover of *UNKN* . STOP 
Investment bankers and retailers said the turmoil on Wall Street may benefit managers who plan to bid for U.S. retailing units of the British firm because takeover prices may not be as high as before the recent correction . STOP 
*CUNK* of the *CUNK* slipped 1\/8 to 12 3\/8 on *UNKN* shares . STOP 
*CUNK* Corp. jumped 1 1\/4 to 15 on *UNKN* shares . STOP 
Carnival *CUNK* Lines Class A dropped 1 to 21 1\/8 on *UNKN* shares . STOP 
Amex issues with big percentage price gains included two Eastern Air Lines preferred stocks , *UNKING* to the news about improved recovery in flight schedules after the company filed for bankruptcy protection . STOP 
Eastern 's Class *CUNK* preferred rose 12 % , or 1 1\/4 , to 11 3\/4 ; the Class *CUNK* preferred gained 7 % , or 5\/8 , to 10 1\/4 . STOP 
The biggest percentage *UNKER* on the Amex was *CUNK* , which jumped 23 % , or 5\/8 , to 3 3\/8 on volume of *UNKN* shares . STOP 
On Monday , the company , a provider of environmental consulting services , reported a wider fiscal fourth-quarter loss and predicted a loss for its fiscal 1990 first quarter , but said a profit is expected for all of fiscal 1990 . STOP 
But its *UNK* , *CUNK* & Young , said *CUNK* 's financial situation raises `` substantial doubt about its ability to continue as a going concern . '' STOP 
*CUNKION* *CUNK* Partners advanced 8 % , or 1 3\/8 , to 18 7\/8 . STOP 
*CUNK* *CUNK* and David Wilson contributed to this article . STOP 
*CUNK* *CUNK* *CUNK* Inc. declared a dividend of 40 cents a share on its $ *UNKN* cumulative convertible preferred stock , payable Jan. 2 to stock of record Dec. 8 . STOP 
But directors of the Great *CUNK* , N.Y. , real estate investment trust did n't act on the common stock dividend . STOP 
And they wo n't consider such a dividend , the trust added , before results are available for the first quarter of 1990 . STOP 
In part , the trust cited the need to retain cash for possible acquisitions . STOP 
According to a spokesman , One *CUNK* will have paid out as dividends the required amount of its taxable income to maintain its legal status as a real estate investment trust . STOP 
Banks are continuing to go after individual investors , despite falling interest rates . STOP 
Yields on *UNKION* certificates of deposit fell at about half the rate of so-called *UNK* CDs this week , according to Banxquote Money Markets , an information service based here . STOP 
Investors can get slightly higher yields on deposits below $ 50,000 than they can on deposits of $ *UNKN* and up . STOP 
`` Banks want to remain competitive , '' said *CUNK* *CUNK* , chairman of Banxquote . STOP 
`` October is a big *UNKER* month and perhaps they anticipate greater demand ... among people leaving the stock market . '' STOP 
Some bankers are reporting more inquiries than usual about CDs since Friday . STOP 
`` Reports from branches are that there has been greater interest in the last day or so , '' said Steven *CUNK* , a vice president at Chemical Bank in New York . STOP 
Chemical said deposits Monday were about $ 5 million higher than usual and it expects more activity as investors receive the proceeds from sales of stock . STOP 
`` This is no time to be playing in the street ... STOP 
the Dow has more *UNK* and *UNKS* than an *UNK* , '' *UNKED* an *UNK* Monday in New York newspapers , *UNKING* Lincoln Savings Bank 's one-year CD . STOP 
Harold Jones , Lincoln 's chief retail banking officer , said there has n't yet been `` a *UNK* response , '' although the ad included a coupon that could arrive later in the week . STOP 
Friday 's market *UNK* came *UNK* in the middle of the *UNKEST* month for CD *UNKS* , when a number of banks and thrifts already have promotions under way . STOP 
First National Bank of Boston , for example , is offering certain new *UNKS* an extra quarter of a percentage point on six-month and *UNK-* CDs . STOP 
Some banks actually boosted yields on the *UNKEST* term CDs in the latest week . STOP 
New York 's Citibank , for instance , increased the yield on *UNKION* three-month CDs to 8 % from *UNKN* % . STOP 
On average , however , three-month CDs at major banks are yielding a *UNK* of a percentage point less than they were a week ago . STOP 
Average yields on CDs aimed at individual investors fell less than half as much as yields on Treasury bills sold at Monday 's auction . STOP 
*CUNK-* CDs of $ 50,000 and less *UNKED* an average *UNKN* % in the week ended Tuesday , down from *UNKN* % , according to Banxquote . STOP 
The yield on six-month *CUNKS* fell to *UNKN* % on Monday , from *UNKN* % the week before . STOP 
Meanwhile , the average yield on six-month CDs of more than $ *UNKN* fell to *UNKN* % in the latest week , according to Banxquote , from *UNKN* % the week before . STOP 
Mr. *CUNK* noted that actual rates are almost *UNKAL* on small and *UNKION* CDs , but yields on CDs aimed at the individual investor are boosted by more frequent *UNKING* . STOP 
CDs sold by major brokerage houses , which like *UNK* CDs tend to closely follow interest rate trends , also posted larger drops in yields . STOP 
A six-month , *UNK-* CD , for example , was yielding an average 8.09 % in the latest week , a fifth of a percentage point lower than the week before . STOP 
In late April , when interest rates were at their recent highs , short-term CDs sold by brokers were offering yields half a percentage point or more higher than banks . STOP 
CD yields are generally expected to fall further in coming weeks . STOP 
`` What happened in the stock market and the bigger trade deficit '' reported yesterday `` make it unlikely that short-term interest rates will rise '' any time soon , said Mr. *CUNK* of Banxquote . STOP 
`` Even before the market drop , rates were down about half a percentage point , '' said Robert J. *CUNK* , senior vice president for retail marketing at Manufacturers Hanover Trust Co. in New York . STOP 
`` That puts pressure on CD rates . STOP 
Conservatives have an important decision to make this fall . STOP 
At the recent meetings of the World Bank and International Monetary Fund , the Bush administration announced its intention to decide by *UNK* the size of the next increase in the IMF 's capital base . STOP 
While the U.S. share of the increase probably will not reach the $ 12 billion or more *UNK* in the IMF 's request for a doubling of its $ 90 billion capital , the administration probably will agree to a *UNK-* increase . STOP 
This would be consistent with its *UNKING* support for the Brady Plan and *CUNK* exchange-rate intervention , and with its financial commitment to Mexico , Poland and others . STOP 
The IMF has several reasons for *UNKING* the increase . STOP 
Its role in the economies of developing countries has grown steadily since the 1970s . STOP 
The size and pace of *UNKS* will *UNK* further under the Brady Plan , which promises larger and earlier *UNKS* to approved countries . STOP 
At least three other factors have encouraged the IMF to insist on increased capital . STOP 
First , it argues that its capital base must be increased in order to maintain its size relative to world financial markets , for which it feels some responsibility . STOP 
Second , the World Bank 's recent $ 75 billion capital increase -- $ 14 billion from the U.S. -- has left the IMF feeling less than first *UNK* among international financial institutions . STOP 
Third , the IMF would like to meet Japan 's request for increased ownership -LRB- currently 4.5 % -RRB- . STOP 
Japan has supported a larger role for the IMF in *UNK-* debt issues , and is an important financial *UNK* for *CUNKED* programs in developing countries . STOP 
While international politics may argue for the capital increase , there is a clear economic case against it . STOP 
*CUNKS* of the increase argue that the IMF practices central planning while supporting *UNK* governments . STOP 
They question whether the IMF has any role in developing countries , given its original *UNK* to assist industrial countries in *UNKS* *UNKS* . STOP 
*CUNKS* show that there are already more funds available than *UNK* reform efforts . STOP 
They worry that new IMF funding of developing countries will simply end up *UNKING* IMF debt for *UNK* commercial bank debt , a bad trade all around . STOP 
They believe *UNKS* , which *UNKS* the problems of markets , investment climate and management practices , is the key to *UNK-* growth , not the IMF 's *CUNK* focus on trade deficits , quarterly targets and government debt . STOP 
They point at the numerous *UNK-* governments that have *UNKED* , *UNKED* and regulated themselves into *UNK* under *UNK* IMF programs . STOP 
*CUNKS* on increases in the IMF 's capital base traditionally are made by the administration , with subsequent authorization by Congress . STOP 
The last U.S. congressional authorization , in 1983 , was a political *UNK* and carried a $ 6 billion housing program along with it to secure adequate votes . STOP 
The politics of the 1990 congressional authorization are likely to be similar to those of previous *UNKS* . STOP 
*CUNKS* may support the stabilizing , *UNKAL* role of the IMF on two conditions : that the administration give *UNKS* that liberal Democrats ' support will not be used against them in congressional *UNKION* campaigns ; and that the legislation address -- with dollars -- social and environmental concerns . STOP 
Conservative Republicans will be given the choice of supporting or fighting their party 's popular president in an election year . STOP 
A U.S. decision to refuse the IMF its capital increase , or limit it to 25 % , would bring a major change in international economic policy , and could not be taken *UNKLY* . STOP 
*CUNKS* would *UNK* over the implications for the *CUNK* *UNKION* process and the stability of world financial markets . STOP 
Because commercial banks and the *UNK-* governments believe they will get a piece of any capital increase , a *UNK-* IMF mission would leave both feeling *UNKED* . STOP 
*CUNK* , a U.S. rejection of the capital increase -LRB- and transfer of shares to Japan -RRB- would give Japan an argument against future calls for economic *UNKING* . STOP 
On the other hand , a decision to increase the IMF 's capital would reinforce the central economic role of *UNKAL* institutions in developing countries . STOP 
With the increase , even more *UNK-* energy and talent would be diverted from creating profitable economic systems to setting up economic planning *UNKS* that generate *CUNKED* economic plans . STOP 
*CUNKING* the *UNK* could slow economic development even further , as countries delay *UNKING* steps in anticipation of *UNKER* *UNKAL* support . STOP 
Conservatives should take a position prior to the administration 's year-end deadline . STOP 
The issues are too important to be left to the financial and budget *UNKS* fighting over the size of the capital increase , rather than its purpose . STOP 
If conservatives do n't support an increase in the IMF 's capital , then it is *UNK* on them to speak up now and explain the alternative . STOP 
Mr. *CUNKS* directs the Republican staff of the *CUNK* Economic Committee of Congress . STOP 
The Chicago Mercantile Exchange fined and suspended two commodities traders accused of making *UNKED* trades with each other that allegedly *UNKED* a customer . STOP 
Merc officials said Gary N. Roberts was *UNKED* following the exchange 's investigation of his trading in several commodities *UNKS* from July to November 1988 . STOP 
The Merc said Mr. Roberts *UNK* from the market certain orders in cooperation with another trader , David Stein . STOP 
The Merc fined Mr. Roberts $ 15,000 and suspended his trading membership for three years . STOP 
Also , he and Mr. Stein were ordered to make *UNKION* of $ *UNKN* to a customer . STOP 
Mr. Stein was fined $ 25,000 and suspended for three years . STOP 
Messrs. Roberts and Stein could n't be reached for comment . STOP 
The Merc said that as part of the *UNK* settlement , neither man admitted , nor denied the alleged violations . STOP 
Neither was among the 46 traders indicted last August in a federal investigation of traders at both the Merc and the Chicago Board of Trade . STOP 
In a move that could *UNK* a new competitive challenge to Time Warner Inc. 's powerful Home *CUNK* Office , cable giant Tele-Communications Inc. agreed to buy half of Showtime *CUNKS* Inc. from Viacom Inc. for $ 225 million . STOP 
The purchase comes after nearly three years of *UNK-* *UNK-* talks between *CUNK* and Viacom , which has also discussed the sale of an interest in Showtime with other cable operators . STOP 
Showtime is a *UNK* No. 2 to Home *CUNK* Office , and in May filed a $ 2.5 billion antitrust suit against Time Warner , charging the company and its HBO and American Television cable units with *UNKING* to *UNK* the pay TV business . STOP 
HBO has close to 24 million subscribers to its HBO and *CUNK* networks , while Showtime and its sister service , The *CUNK* Channel , have only about 10 million , according to Paul *CUNK* Associates , a *CUNK* , Calif. , research firm . STOP 
For *CUNK* , the investment in Showtime puts it in an unusual position ; as the largest cable operator , with control of close to 12 million of the nation 's 52 million cable subscribers , *CUNK* is HBO 's largest customer . STOP 
But *CUNK* President John *CUNK* has long been concerned about HBO 's *UNK* of the pay TV business , and has been eager to keep Showtime as a healthy competitor . STOP 
`` It is important to the cable industry that we have a *UNK* and competitive *UNKION* marketplace , '' Mr. *CUNK* said in a statement . STOP 
In a telephone interview , Robert Thomson , *CUNK* senior vice president , said Showtime 's suit against HBO `` does n't involve us , and nothing we 're doing here bears any relationship to that . '' STOP 
He added , `` We do n't intend to be drawn into it , '' noting that *CUNK* wo n't play any active role in the management of Showtime . STOP 
*CUNKING* up Showtime with the largest cable operator in the U.S. could sharply boost its subscribers . STOP 
*CUNK* said it may bring in other cable operators as investors , a practice it has employed in the past with investments in other cable networks , such as The *CUNK* Channel . STOP 
*CUNKAL* cable partners could boost subscribers even further . STOP 
Time Warner declined comment . STOP 
In addition to owning HBO , Time Warner owns American Television & Communications Inc. , the nation 's second largest cable operator after *CUNK* . STOP 
Viacom also owns cable systems , but it is the *UNK* largest operator of such systems , with less than one million subscribers . STOP 
The *CUNK* investment is a big victory for Viacom 's chief executive officer , Frank *CUNK* , and *CUNK* H. *CUNK* , president of the Showtime unit . STOP 
`` This takes any question of Showtime 's *UNK* and puts it away once and for all , '' Mr. *CUNK* said in a telephone interview . STOP 
The fight between HBO and Showtime is particularly *OUS* because Mr. *CUNK* is the former chief executive of HBO , and Mr. *CUNK* served as chief of marketing for the service . STOP 
They were both hired by *CUNKER* *CUNK* , the Boston *UNK* who took control of Viacom three years ago in a leveraged buy-out . STOP 
Time Warner has *UNKLY* denied all of Viacom 's allegations . STOP 
Boeing Co. , already struck by its Machinists union , briefly called off contract talks with its engineers and *UNKED* their demands `` *UNKLY* excessive . '' STOP 
Later , however , the company agreed to meet on Monday with the Seattle Professional Engineering *CUNKS* Association after a federal mediator *UNKED* , according to the union . STOP 
A spokesman for the engineers said the company asked the union to reduce its demands , which included a 19 % pay *UNK* in the first year and 8 % in the second and third years . STOP 
The union represents about *UNKN* engineers and technical workers . STOP 
Its contract expires Dec. 1 . STOP 
Meanwhile , a federal mediator is scheduled to meet today with Boeing officials and representatives of *UNKN* striking Machinists . STOP 
`` It will take several meetings to resolve this , '' said a spokesman for the Machinists union . STOP 
`` We do n't want to bring back something the members will reject . '' STOP 
Machinists already have rejected a package that would have provided a 10 % pay raise plus bonuses over the three-year life of the contract . STOP 
It also would have reduced mandatory overtime . STOP 
Investor *CUNKER* Edelman increased his stake in *CUNK* *CUNK* Inc. and cleared the way for additional purchases . STOP 
It was n't clear , however , whether the actions were related to a battle between the corporate raider and New York attorney Martin *CUNK* for control of Datapoint Corp. , a San Antonio , *CUNKED* *UNKING* systems maker . STOP 
*CUNK* *CUNK* , a computer services company , was *UNK* off to Datapoint holders in 1985 , after Mr. Edelman gained control . STOP 
After Mr. *CUNK* announced he was *UNKING* *UNKS* from shareholders in order to *UNKEST* control of Datapoint from Mr. Edelman , the corporate raider purchased 30 % of Datapoint 's shares . STOP 
In a Securities and Exchange Commission filing , Mr. Edelman said from Sept. 29 to Oct. 13 , he acquired *UNKN* shares of *CUNK* common shares for $ 2.25 to $ *UNKN* each . STOP 
The purchases increased his stake to *UNKN* % of the shares outstanding . STOP 
The filing also said certain provisions which apply to *UNKS* acquiring 20 % or more of *CUNK* common stock , were *UNKED* by *CUNK* for Mr. Edelman , who is chairman of the company . STOP 
Mr. Edelman could n't be reached for comment . STOP 
The federal government should make free , *UNK* testing for the AIDS virus the *UNK* of an expanded campaign to stop the spread of acquired immune *UNK* syndrome , the Hudson Institute recommended . STOP 
`` By encouraging massive , routine , *UNK* testing we can enable society to voluntarily *UNK* itself *UNKLY* into two groups : those who carry the virus and those who do not , '' the Indianapolis research organization said in a new report . STOP 
The report takes a more *UNKED* view of AIDS and recommends a more sweeping response than many other *UNKS* . STOP 
It warns that the AIDS *UNK* `` may reduce the rate of growth of the work force , curb productivity gains and slow economic growth . '' STOP 
It contends that current government policy is failing to stem the AIDS *UNK* because it suggests the use of *UNKS* can make sex `` safe . '' STOP 
But the report says : `` The only safe sex is sex between *UNKED* partners , '' and testing is the only way to learn of *UNKION* . STOP 
Hudson 's researchers estimated that it would cost less than $ 650 million a year to test the entire population between the *UNKS* of 12 and 65 years old . STOP 
In addition , the report recommends that federal and state governments provide free treatment to all who test positive . STOP 
An unexpectedly sharp *UNKING* in the U.S. trade gap for August *UNKED* the dollar lower Tuesday , but *UNKING* on short positions helped the currency rebound to close mixed against major counterparts . STOP 
While the market kept careful *UNKS* on Wall Street 's gyrations , it *UNKED* off a modest downturn in equities to bid the dollar well above the day 's lows . STOP 
Soon after the release of the U.S. trade figures , the dollar plunged to an intraday low of *UNKN* yen . STOP 
It also declined against the mark but did n't reach its intraday low of *UNKN* marks until two hours later . STOP 
The unit *UNKED* about *UNK* New York time at around *UNKN* marks and *UNKN* yen , prompting *UNKED* rumors that the U.S. Federal Reserve had *UNKED* to *UNK* the unit 's tumble . STOP 
The dollar finished at its intraday highs . STOP 
Dealers noted that the foreign exchange market 's initial bearish reaction to the U.S. trade figures was *UNKED* later by a `` *UNKER* *UNK* of the data . '' STOP 
The U.S. Commerce Department reported a $ *UNKN* billion deficit in August , compared with a revised July deficit of $ *UNKN* billion . STOP 
Economists had expected a $ *UNKN* billion gap . STOP 
The August figure reflected a 6.4 % rise in imports and a 0.2 % drop in exports . STOP 
*CUNK* M. *CUNK* , an economist with Manufacturers Hanover Trust in New York , said that while the figures appear to indicate a *UNKLY* deteriorating U.S. trade performance , there 's still enough positive news in the data to justify buying dollars . STOP 
He said that while the U.S. trade gap with Canada has widened significantly , the trade deficit with Western Europe and Japan continues to narrow . STOP 
And he added that manufactured goods exports are still rising . STOP 
The dollar 's near-term path remains *UNK* , according to *UNK* analysts , who *UNK* the market as `` *UNKING* . '' STOP 
In late New York trading yesterday , the dollar was quoted at *UNKN* marks , down from *UNKN* marks late Monday , and at *UNKN* yen , up from *UNKN* yen late Monday . STOP 
Sterling was unchanged at $ *UNKN* . STOP 
In Tokyo Wednesday , the U.S. currency opened for trading at *UNKN* yen , unchanged from Tuesday 's Tokyo close . STOP 
Later , the U.S. currency fell to about *UNKN* yen on news reports of the San Francisco earthquake . STOP 
Some analysts remain bullish and point out that the dollar continues to be well bid despite key rate increases in Europe and Japan , several weeks of aggressive dollar sales by the world central banks -- some traders estimate that the *UNK* of sales topped $ 12 billion -- and a 190-point plunge on the New York Stock Exchange . STOP 
They note that the U.S. unit is trading at the upper end of the *UNKED* target *UNKS* established by the Group of *CUNK* trading partners . STOP 
The *CUNK* *UNKS* West Germany , the U.S. , France , the U.K. , Italy , Canada and Japan . STOP 
The so-called *CUNK* accord was seen to have set ranges of *UNKN* marks to *UNKN* marks and 120 yen to 140 yen . STOP 
They say that the recent *UNKION* of liquidity into the U.S. banking system has been modest , and they do n't anticipate significant easing by the U.S. Federal Reserve . STOP 
The Fed arranged $ 1.5 billion of customer repurchase agreements Tuesday , the second repurchase agreement in two days . STOP 
The move , which *UNKS* capital into the system , is seen as an effort to *UNK* the *UNKAL* markets that the U.S. central bank is ready to provide the *UNK* liquidity . STOP 
But other analysts contend that while the Fed 's move to *UNK* credit has n't been aggressive , it *UNKS* *UNKS* a clear signal that , at least for now , the Fed has *UNKED* its grip on credit . STOP 
They add that the Fed has allowed the key federal funds interest rate to *UNK* to about 8 5\/8 % from its levels of just below 9 % last week . STOP 
The federal funds rate is the overnight lending rate that banks charge each other . STOP 
Market participants said that the mark continues to post the most significant gains against the dollar . STOP 
On the Commodity Exchange in New York , gold for current delivery settled at $ *UNKN* an ounce , up 10 cents . STOP 
Estimated volume was a moderate 3.5 million ounces . STOP 
In early trading in Hong Kong Wednesday , gold was at $ *UNKN* an ounce . STOP 
National Semiconductor Corp. said it settled a *UNK-* patent *UNK* case against *CUNK* Technology Corp. by accepting a $ 3 million payment from *CUNK* in exchange for *UNKING* *CUNK* *UNK* licenses for all products involved . STOP 
The two companies also agreed to settle any future property rights issues over the next 10 years through *UNKING* *UNKION* , both companies said . STOP 
The products are so-called *UNK* integrated *UNKS* that have applications in the consumer electronics , automobile and electronic *UNKION* markets . STOP 
*CUNK* Technology , *CUNKS* , Calif. , called the settlement `` positive , '' since products covered by the disputed patents account for about 20 % of its annual sales . STOP 
The electronics concern said it already has paid $ 2 million of the settlement to National Semiconductor , Santa Clara , Calif. , and will pay the remaining $ 1 million in equal *UNKS* over the next eight quarters . STOP 
The payments are n't expected to have an impact on coming operating results , *CUNK* added . STOP 
NBC 's winning *UNK* has been canceled . STOP 
The National Broadcasting Co. , a unit of General Electric Co. , had its *UNKING* *UNK-* *UNK* as the prime-time ratings leader snapped yesterday by *CUNK-* , a subsidiary of Capital *CUNK* Inc . STOP 
In the ratings compiled by the *CUNK* *CUNK* Co. , ABC , which broadcast the World Series , topped the competition with a *UNKN* rating and 25 share . STOP 
NBC was second with a *UNKN* rating and 24 share followed by CBS Inc. 's television network with a 12.5 rating and 21 share . STOP 
-LRB- A ratings point represents *UNKN* television households ; shares indicate the percentage of sets in use . -RRB- STOP 
The first two games of the World Series between the Oakland *CUNKS* and San Francisco Giants did n't finish in the top 10 ; instead they *UNKED* in *UNK* and *UNK* place . STOP 
The *UNKED* show continues to be ABC 's `` *CUNK* . '' STOP 
NBC had five of the top 10 shows ; ABC had four and CBS had one . STOP 
CBS held the previous record for consecutive No. 1 *UNKS* -- 46 weeks -- during the *UNKN* season . STOP 
Procter & Gamble Co. , Cincinnati , expanding its presence in the food service market , said it acquired Maryland Club Foods , a coffee supplier , from an investor group led by F. Philip *CUNK* of Winter Park , *CUNK* . STOP 
Terms were n't disclosed . STOP 
*CUNKED* Maryland Club Foods , which had sales of about $ 200 million last year , sells coffee under the Maryland Club and *CUNK-* brands to restaurants , hotels , offices and airlines . STOP 
The acquisition `` gives us additional production capacity for the food service coffee business and a stronger distribution network , '' a P&G spokesman said . STOP 
P&G already sells its *CUNKS* ground *UNK* coffee to food service concerns , but not to as many markets as Maryland Club . STOP 
For example , P&G up until now has n't sold coffee to airlines and does only limited business with hotels and large restaurant chains . STOP 
Maryland Club also *UNKS* tea , which fits well with P&G 's *CUNKER* *CUNK* brand , and hot cocoa products . STOP 
The company said the acquisition has been completed and *UNKED* by the Federal Trade Commission . STOP 
The purchase includes a *UNKING* plant in *CUNK* , Neb. , and a leased facility in Houston . STOP 
*CUNK* *CUNK* Ltd. said it borrowed *UNKN* million Dutch *UNKS* -LRB- US$ 102 million -RRB- from a group of Dutch institutional investors . STOP 
*CUNK* *CUNK* , a *CUNKER* , British Columbia , forest products concern , said the *UNKN* % loan is due Oct. 16 , 1996 . STOP 
Funds will be used to repay existing short-term debt and to finance capital spending , it said . STOP 
President Bush will veto a bill funding the *CUNKS* of Labor , Education and Health and Human Services because it would allow federal funding of abortions for victims of rape and incest , the White House said . STOP 
Mr. Bush had threatened a veto previously . STOP 
But he put off a firm decision while his aides and legislators *UNKED* for a compromise that would *UNK* requirements for such abortions in a way acceptable to the president . STOP 
White House Press Secretary Marlin Fitzwater said negotiations between Bush aides and lawmakers ended Monday without success . STOP 
Most lawmakers think it will be extremely difficult for Mr. Bush 's opponents on the abortion issue to round up the votes needed to override the veto . STOP 
But there still may be prolonged debate and political *UNKING* that holds up the $ *UNKN* billion funding bill for the fiscal year that began Oct. 1 . STOP 
Mr. Bush has said he personally *UNKS* of abortions in the cases of rape , incest and danger to the life of the mother . STOP 
But he has opposed Medicaid funding of abortions for poor women who say they are victims of rape and incest , arguing that those exceptions are *UNKED* so *UNKLY* that they open the way for abortions for other women . STOP 
*CUNK* : STOP 
*CUNK* General Inc. intends to sell two of its West Coast weekly newspaper chains , Golden West *CUNKING* Inc. and *CUNKER* Publications , which together *UNK* 31 papers . STOP 
*CUNK* General said it has had inquiries from potential buyers and expects to complete a sale in 1989 . STOP 
It would n't discuss a price . STOP 
Lee *CUNKS* & Associates is to sell the chains . STOP 
*CUNK* Morgan & Co. , New York , will help the *UNK* managers of *CUNK* New Zealand Ltd. to evaluate the failed investment bank 's condition . STOP 
Earlier this month , the Reserve Bank of New Zealand , the country 's central bank , appointed the managers to run the investment bank and pay creditors . STOP 
*CUNK* asked the central bank to *UNK* managers after it revised loan-loss provisions to around the same level of shareholders ' funds of 180 million New Zealand dollars -LRB- US$ *UNKN* million -RRB- . STOP 
*CUNK* is held 80 % by National *CUNK* Fund , New Zealand 's largest pension fund , and 20 % by Salomon Brothers Inc. , the *UNK-* and *UNK-* subsidiary of Salomon Inc. in New York . STOP 
A spokeswoman for *CUNK* Morgan , parent of the bank Morgan *CUNK* Trust Co. , confirmed its appointment to assist the managers but declined to elaborate . STOP 
The managers said in a brief statement yesterday that Morgan will help evaluate *CUNK* 's position and help determine alternatives . STOP 
The managers do n't expect to complete the evaluation until Nov. 30 . STOP 
An *UNKAL* vaccine can alter the immune response of people infected with the AIDS virus , a prominent U.S. scientist said . STOP 
However , that does n't mean they can benefit from the vaccine . STOP 
Its *UNKS* ca n't be determined until a large clinical trial is undertaken by the Army in January , according to Robert *CUNK* , chief of acquired immune *UNK* syndrome research at Walter *CUNKED* Army Institute of Research . STOP 
Dr. *CUNK* 's report on early experiments using an AIDS vaccine made by *CUNKS* Inc. of West *CUNK* , Conn. , came at a meeting of AIDS vaccine researchers in Florida late Monday . STOP 
The vaccine , *CUNK* *CUNK-* , has been *UNKLY* given to 14 people , some of whom are experiencing substantial increases in certain *UNKS* . STOP 
`` The conventional wisdom used to be that you could n't *UNK* the immune response of an infected individual '' by *UNKING* them with *UNK* *UNKAL* proteins , Dr. *CUNK* said . STOP 
`` We 've *UNKED* that you can . '' STOP 
He said certain *UNKS* developed kinds of *UNKS* associated with early AIDS . STOP 
Other *UNKS* sparked by the *UNKION* are of a sort rarely present in large quantities in infected or ill individuals , he added . STOP 
One of the *UNKS* of AIDS remains why infected people produce large quantities of *UNKS* , but *UNK* nonetheless . STOP 
Cross & *CUNKER* Corp. said it reached an agreement to sell its *CUNK* division to recently created *CUNK* *CUNK* Inc. , a U.S. affiliate of *CUNK* *CUNK* Ltd. of *CUNK* , Japan . STOP 
The agreement also includes the purchase of Cross & *CUNKER* 's Warner & *CUNK* -LRB- Switzerland -RRB- AG unit by a European affiliate of *CUNK* *CUNK* . STOP 
Cross & *CUNKER* is also selling its equity interest in a Japanese joint venture , *CUNK* Warner *CUNK* , to *CUNK* *CUNK* . STOP 
Cross & *CUNKER* , a *CUNK* Hills , Mich. , *UNK-* maker , said the net sales price of the total transaction is $ 24 million . STOP 
The *CUNK* division was one of three businesses put up for sale in Cross & *CUNKER* 's restructuring program announced in July . STOP 
Cross & *CUNKER* said negotiations are under way for the sale of another company , *CUNK* . STOP 
The average interest rate fell to *UNKN* % at Citicorp 's $ 50 million weekly auction of *UNK-* commercial paper , or corporate *CUNKS* , from *UNKN* % at last week 's sale . STOP 
*CUNKS* totaling $ *UNKN* million were submitted , and accepted bids were at *UNKN* % . STOP 
Citicorp also said that the average rate fell to *UNKN* % at its $ 50 million auction of *UNK-* commercial paper from *UNKN* % at last week 's sale . STOP 
*CUNKS* totaling $ *UNKN* million were submitted , and accepted bids were at *UNKN* % . STOP 
The bank holding company will auction another $ 50 million of commercial paper in each maturity next Tuesday . STOP 
*CUNK* S.A. reported its 1989 first-half profit soared 88 % , and indicated that its previous estimate of a 50 % rise in earnings for all of 1989 will be exceeded by a wide margin . STOP 
The French electronics and defense group said *UNK* consolidated net profit for the first six months of 1989 totaled *UNKN* million francs -LRB- $ *UNKN* million -RRB- , compared with 130 million francs -LRB- $ *UNKN* million -RRB- in the *UNKING* period of STOP 
Operating profit climbed 51 % , to *UNKN* million francs from *UNKN* million in the first half of 1988 . STOP 
*CUNK* said the sharp improvement in net profit partly reflected a decline of 59 million francs in the group 's net loss from *UNKING* items in the first half of this year to *UNKN* million francs from *UNKN* million a year earlier . STOP 
There was also a decline in the group 's net financial costs to 25 million francs from 50 million a year before . STOP 
These movements were offset , however , by a steep rise in corporate income tax payments to *UNKN* million francs from 35 million in the first six months of 1988 . STOP 
*CUNK* said the sharp rise in its first-half earnings was based on a 15 % gain in consolidated revenue to *UNKN* billion francs from *UNKN* billion a year earlier . STOP 
Rep. Lee Hamilton -LRB- D. , *CUNK* . -RRB- said he and Rep. *CUNK* *CUNK* -LRB- D. , *CUNK* . -RRB- are backing away from their proposal to make the Treasury Secretary a voting member of the Federal Reserve panel that sets monetary policy . STOP 
Rep. Hamilton said the bill will be *UNKED* substantially to call for two meetings each year between the Fed 's open market committee and the Treasury Secretary , the chairman of the Council of Economic *CUNKS* and the director of the Office of Management and Budget . STOP 
The original bill was strongly opposed by the Fed and publicly criticized by friends of the Fed as an attempt to undermine the central bank 's independence . STOP 
Fed critics , however , *UNKED* it as a long *UNK* attempt to bring a measure of *UNKS* and democracy to the setting of monetary policy . STOP 
Rep. Hamilton said the purpose of the meetings would be to `` improve communications and perhaps *UNKION* between the executive branch and the Fed . '' STOP 
Fed Chairman Alan Greenspan *UNKS* regularly for lunch with Treasury Secretary Nicholas Brady and talks frequently with Budget Director Richard Darman and Michael *CUNK* , chairman of the Council of Economic *CUNKS* . STOP 
The administration officials do n't *UNKLY* meet with the entire membership of the open market committee . STOP 
*CUNK* *CUNK* Co. said third-quarter profits dropped 34 % because of lower prices for *UNK* *UNK* materials , the company 's largest product group . STOP 
Net fell to $ *UNKN* million , or $ 1.50 a share , from $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Sales for the quarter slipped 2.7 % to $ *UNKN* million from $ *UNKN* million . STOP 
*CUNK* *UNK* capacity `` has *UNK* demand and we are experiencing reduced profit margins as a result , '' said John D. *CUNK* , chairman and chief executive . STOP 
Prices for *UNK-* *CUNK* *UNK* have dropped more than 15 % since last December , he said . STOP 
The plastic *UNK* is used in a wide range of products , including *UNKING* , *UNK* and electrical wire *UNKION* . STOP 
*CUNK* 's *UNKS* segment reported operating profit for the quarter of $ *UNKN* million , less than half the $ *UNKN* million of the year-earlier quarter . STOP 
Third-quarter operating profit of the *UNKS* group declined slightly to $ *UNKN* million from $ *UNKN* million . STOP 
But operating profit from aerospace products rose nearly 50 % to $ 15 million from $ *UNKN* million . STOP 
In New York Stock Exchange composite trading , shares of the *CUNK* , *CUNKED* company fell $ *UNKN* to $ *UNKN* . STOP 
Fiat *CUNK* . A. , Italy 's leading industrial group , is conducting `` concrete '' talks with West Germany 's Daimler-Benz AG on a series of projects in the aerospace sector , Fiat officials said . STOP 
However , the officials said it was too early to disclose the nature of the proposed projects or indicate when the talks might be concluded . STOP 
Daimler-Benz Chairman *CUNK* *CUNKER* told Milan 's financial daily *CUNK* *CUNK* 24 *CUNK* that talks are taking place between both companies ' aerospace units . STOP 
`` While Mr. *CUNKER* 's comments *UNK* us very much , there currently are no talks in progress regarding the automotive industry , '' a Fiat spokeswoman said . STOP 
In the interview , Mr. *CUNKER* said he is thinking *UNK* of cooperation in the truck sector , but `` in the long run , I do n't want to rule out that we can also come a bit closer in personal cars . '' STOP 
*CUNK* *CUNK* , Italy analyst for County *CUNKEST* Securities in London , said that right now `` the market is n't being influenced by that kind of news , '' referring to the *UNKAL* nature of the talks mentioned by Mr. *CUNKER* and by the uncertainty surrounding world stock exchanges this week . STOP 
Paul *CUNKER* was named president , chief executive officer and chairman of this oil and natural gas company . STOP 
He succeeds John A. *CUNK* , who resigned for personal reasons . STOP 
Mr. *CUNKER* had been president of *CUNK* Pacific 's National Southwest Capital Group subsidiary . STOP 
Mr. *CUNK* will remain with *CUNK* Pacific as a director and a member of the executive committee . STOP 
He has also agreed to become president of a new subsidiary to be formed to make future acquisitions , the company said . STOP 
*CUNKED* investors , despite their *UNK* to dump takeover stocks , should hold on tight to their Jaguar shares . STOP 
That 's the view of some analysts here who argue that Britain 's leading maker of luxury cars still may have two U.S. auto giants *UNKING* for it . STOP 
Yesterday , Ford Motor disclosed that it has raised its holding in Jaguar to 10.4 % from 5 % . STOP 
Both Ford and its rival General Motors recently set their *UNKS* on *UNKING* significant minority stakes in the British company . STOP 
Ford 's latest move increases the pressure on GM to complete its current talks with Jaguar quickly . STOP 
GM is likely to reach the cooperative operating pact it has been seeking in about two weeks , *UNK* individuals say . STOP 
At that point investors may face a long , *UNK* ride . STOP 
A *UNK* in the fight for Jaguar may not emerge until after the expiration late next year of British government takeover restrictions . STOP 
The *UNKS* prevent a buyer from purchasing more than 15 % of Jaguar shares without permission . STOP 
`` This is an *UNKLY* odd takeover battle , '' says London analyst Christopher Will of Shearson Lehman Hutton . STOP 
Jaguar 's American depositary receipts were up 3\/8 yesterday in a down market , closing at 10 3\/8 . STOP 
-LRB- Jaguar 's *CUNKS* make the company one of the most widely held United Kingdom stocks in the U.S. , with more than *UNK-* of its shares owned there . -RRB- STOP 
Jaguar topped the *UNK-* list for the U.S. over-the-counter market Monday . STOP 
And on London 's Stock Exchange Monday , *UNKN* million shares were traded , far above the usual volume . STOP 
Ford 's share purchases *UNKLY* accounted for much of Monday 's heavy trading . STOP 
Last week , many Jaguar shareholders took their money and ran . STOP 
*CUNKS* that Ford 's *UNK* might be *UNKING* put Jaguar shares into reverse after GM confirmed its friendly negotiations with Jaguar . STOP 
But yesterday 's announcement indicates that Ford has n't lost interest . STOP 
Both Shearson 's *CUNK* . Will and Stephen *CUNK* , European auto analyst at the London brokerage firm *CUNKS* & *CUNK* , recently switched their Jaguar recommendations to hold from buy . STOP 
`` *CUNK* tight '' through the coming volatility , Mr. *CUNK* suggests , though he concedes that many small investors will find Jaguar 's *UNKS* `` too hard to *UNK* . '' STOP 
But a crucial point is how Ford *UNKS* when GM , the world 's largest auto maker , firms up its proposed deal with Jaguar . STOP 
At the moment , Ford executives will say little beyond *UNKING* their desire to raise Ford 's Jaguar stake to about 15 % . STOP 
GM is expected to *UNK* roughly # 200 million -LRB- $ *UNKN* million -RRB- by acquiring some Jaguar shares , and then win Jaguar management 's promise of an eventual 30 % stake . STOP 
Analysts believe the car makers also will create joint ventures to develop new executive models , doubling Jaguar 's *UNKLY* output of 50,000 cars . STOP 
Jaguar shareholders would have to *UNKS* such a far-reaching accord . STOP 
Ford might challenge the proposal by offering a full bid if holders and the U.K. government agreed to drop the *UNKER* barrier early . STOP 
`` I think Ford is going to come out with full *UNKS* *UNKING* , '' Mr. *CUNK* says . STOP 
`` Ford wants -LCB- Jaguar -RCB- very much . '' STOP 
U.S. *UNK-* speculators , who may own between 20 % and 30 % of Jaguar , could give Ford enough votes to block the GM deal . STOP 
GM might *UNK* . STOP 
Then , *CUNK* . Will says , `` you get a bidding war between two very rich , very determined international companies . '' STOP 
He believes Jaguar 's share price could *UNK* to between # 8 and # 10 -LRB- $ *UNKN* to $ *UNKN* -RRB- . STOP 
`` There 's quite a bit of value left in the -LCB- Jaguar -RCB- shares here even though they have run up '' lately , says *CUNK* Johnson , a fund manager for *CUNKED* *CUNK* Asset Management . STOP 
At the moment , he intends to keep the firm 's *UNKN* Jaguar shares . STOP 
The risk is that Jaguar 's share price could slump if GM 's agreement with Jaguar effectively *UNKS* out its U.S. rival . STOP 
`` Ford 's appetite to attack -LCB- Jaguar -RCB- could gradually *UNK* over time , particularly if Saab is a reasonably attractive *UNKION* , '' says John Lawson , an auto analyst at London 's Nomura Research Institute . STOP 
He thinks *CUNK-* AB on Friday will announce the sale of 50 % of its car division to Ford ; the companies have been discussing closer cooperation for months . STOP 
*CUNK* *CUNK* , president and chief investment officer of *CUNK* Capital *CUNKS* Inc. , two weeks ago sold his Cincinnati firm 's *UNKN* Jaguar *CUNKS* at about 10 each , making a *UNK* profit on a holding purchased at 4 7\/8 in early May . STOP 
`` I thought the *UNKS* of -LCB- a bidding war -RCB- happening were less , '' he says . STOP 
Of course , that was before Ford 's latest move . STOP 
Jaguar -LRB- OTC ; *CUNK* : *CUNK* -RRB- STOP 
Business : *CUNK* cars STOP 
Year ended Dec. 31 , 1988 : STOP 
Revenue : $ *UNKN* billion STOP 
Net income : $ *UNKN* million ; or 25 cents a share STOP 
First half ended , June 30 , 1989 : STOP 
Net loss : $ 1.7 million vs. net income : $ *UNKN* million ; or 12 cents a share STOP 
*CUNK* daily trading volume : *CUNK* shares outstanding : *UNKN* million STOP 
*CUNK* : All figures are translated into U.S. dollars based on current exchange rates . STOP 
*CUNK* Sloan , 60 years old , announced that he will retire next April as chairman and chief executive officer of this *UNK* food and *UNK* products maker . STOP 
No replacement was immediately named . STOP 
Mr. Sloan plans to remain on the board until his current term expires in April 1991 , a *CUNK* spokesman said . STOP 
Newport Electronics Inc. of Santa *CUNK* , Calif. , said Milton B. Hollander , who holds a *UNKN* % stake , requested a special shareholders ' meeting next Wednesday to remove four current directors and *UNK* an alternative slate . STOP 
Mr. Hollander 's High Technology Holding Co. of Stamford , Conn. , acquired most of its stake last August in an $ *UNK-* tender offer for Newport , a maker of *UNKING* devices . STOP 
Newport said Mr. Hollander is asking shareholders to retain only one director , James R. *CUNKS* , a Newport vice president . STOP 
The board is n't proposing a slate of its own and the other four current directors do n't want to serve beyond the special meeting date , Newport said . STOP 
Mr. Hollander `` is the new owner and wants to exercise control , '' said *CUNK* B. *CUNKS* , Newport 's chairman . STOP 
*CUNK* AG , a major Swiss chemical and pharmaceutical group , said that its group sales rose 25 % to *UNKN* billion francs -LRB- $ *UNKN* billion -RRB- in the first nine months of this year , with strong gains in all divisions . STOP 
A year earlier sales totaled *UNKN* billion francs . STOP 
*CUNK* currency rates and strong sales growth led to a substantial rise in consolidated profit in the period , although the company did n't provide figures , as is *UNK* with Swiss companies . STOP 
*CUNK* said it expects a `` substantial increase '' in consolidated profit for the full year , *UNKING* major currency rate changes . STOP 
*CUNK* PLC , a British maker of computer hardware and communications equipment , posted a 52 % plunge in pretax profit for the latest year . STOP 
The # *UNKN* million -LRB- $ *UNKN* million -RRB- in pretax profit for the 12 months to June 30 was down from # 160 million -LRB- $ *UNKN* million -RRB- a year earlier and below market expectations of # 80 million and # 90 million . STOP 
The slump in profit , which came despite steady sales , was attributed to increased costs for parts and problems with model *UNKS* . STOP 
*CUNK* 's profit after taxes fell a *UNKLY* steep 51 % , to # *UNKN* million from # 105 million a year earlier . STOP 
Sales edged up *UNKLY* to # *UNKN* million from # *UNKN* million a year earlier . STOP 
Microsoft Corp. 's earnings growth continued to *UNK* that of most of its competitors and customers in the *UNKER* industry , as it reported a 36 % jump in fiscal *UNKER* earnings on a 33 % revenue gain . STOP 
The *CUNK* , Wash. company , a bellwether provider of operating systems and software for *UNKER* makers and users , reported net income for the quarter ended Sept. 30 of $ *UNKN* million , or 87 cents a share , up from $ *UNKN* million , or 65 cents a share , in the year-ago period . STOP 
Revenue rose to $ *UNKN* million , from $ *UNKN* million . STOP 
Microsoft previously indicated it would have a strong quarter by forecasting its revenue gain on Oct. 4 , causing a $ *UNKN* a share jump in its stock . STOP 
But its stock jumped again yesterday as it disclosed surprisingly strong margins on those sales . STOP 
Microsoft 's stock rose $ *UNKN* a share in national over-the-counter trading to $ *UNKN* . STOP 
The stock had hit a high of $ 81 a share early last week but collapsed to $ *UNKN* in the Friday stock plunge . STOP 
The company had been experiencing *UNKING* margins because of increased sales of software applications , which have lower margins than do operating systems . STOP 
But the company said that trend was offset in the first quarter by better economies of scale and *UNKS* in manufacturing . STOP 
As a result , Microsoft 's cost of goods , as a percentage of sales , fell 17 % from the year-ago quarter and 13 % from the previous period . STOP 
The trend drove up the *UNK* margin -- net income as a percentage of revenues -- to *UNKN* % in the quarter , compared with *UNKN* % a year earlier . STOP 
Microsoft officials said the strong results also reflected continuing high demand for its software applications and operating systems . STOP 
While it has predicted that overall growth in unit sales of personal computers is slowing to about a 10 % *UNKLY* rate , its own products are selling at a much faster rate because many are *UNKED* to the *UNK-* end of the market . STOP 
That segment continues to post strong *UNKER* gains , while the *UNK-* , or commodity segment , of the industry is experiencing sluggish growth or even sales declines . STOP 
*CUNKED* with its previous quarter , the final period of its 1989 fiscal year , net rose 9 % , and sales rose 7 % . STOP 
Control Data Corp. , Minneapolis , signed a joint development agreement with *CUNK* Computer Systems Inc. to *UNK* an emerging computing architecture in future machines . STOP 
*CUNK* is a leader in what is known as *UNKION* set computing , or *CUNK* , a technology combining *UNKS* and sophisticated software . STOP 
In joining *CUNK* , Control Data follows several competitors in *UNKING* *CUNK* as a new design approach . STOP 
Digital Equipment Corp. , *CUNK* Computers Inc. , NEC Corp. and Group *CUNK* , among others , have similar arrangements with *CUNKS* , based in Sunnyvale , Calif . STOP 
Control Data said it expects its first *CUNKED* mainframe machine to be introduced next year . STOP 
The accord with *CUNK* calls for Control Data to share its expertise in data storage , the companies said . STOP 
Control Data also said it is developing what it called a `` *UNK* '' computer , the *CUNKER* 2000 , intended for scientists , engineers and other users of *UNK* *UNK-* computers . STOP 
*CUNK* *CUNK* *CUNK* an additional $ *UNKN* , to $ *UNKN* , as British Airways indicated it may *UNK* at any *UNKLY* revised version of the *UNKED* $ 6.79 billion buy-out of United Air 's parent . STOP 
UAL has fallen $ *UNKN* , or 31 % , in the three trading days since disclosure of the buy-out 's collapse *UNKED* the stock market . STOP 
Meanwhile , investor Marvin Davis said he remains interested in UAL , but he dropped his earlier $ 300-a-share *UNK-* bid . STOP 
Stock prices fell broadly in heavy trading , dominated by *UNKED* program selling and further declines by UAL and other airline stocks . STOP 
The Dow Jones industrials closed off *UNKN* points , at *UNKN* , after *UNKING* over *UNKN* points in the morning . STOP 
Bond prices ended lower after an early rally , while the dollar was mixed . STOP 
The U.S. trade deficit *UNKED* to $ *UNKN* billion in August , prompting worries that the nation 's export drive had stalled . STOP 
*CUNKS* declined for the second month in a row , while imports rose to a record . STOP 
An analyst called it one of the worst trade reports since the dollar *UNKED* out in STOP 
Industrial output fell 0.1 % in September , the latest sign manufacturing is slowing . STOP 
An analyst cited weaker capital spending and exports . STOP 
Bankers Trust added $ 1.6 billion to reserves for Third World loans , the latest big bank to take such a step . STOP 
It expects a $ *UNKN* billion quarterly loss . STOP 
Citicorp posted a 9 % drop in quarterly profit . STOP 
Manufacturers Hanover had a loss due to a big reserve addition . STOP 
Bank of New England plans to sell some operations and lay off 4 % of its work force after a year of weak earnings and mounting loan problems . STOP 
Eastern Airlines ' creditors have begun exploring alternative approaches to a Chapter 11 reorganization because they are *UNUNK* with the carrier 's latest proposal . STOP 
Tele-Communications agreed to buy half of Showtime *CUNKS* from Viacom for $ 225 million . STOP 
The move could *UNK* a new challenge to Time Warner 's Home *CUNK* Office . STOP 
The CFTC plans to curb dual trading on commodities markets , in which traders buy and sell both for their own account and for clients . STOP 
The move is likely to anger traders . STOP 
*CUNK* Chairman Seidman said that Lincoln Savings & Loan of California should have been seized in 1986 to contain losses he estimated will cost taxpayers as much as $ 2 billion . STOP 
A $ 67 billion spending bill was approved by House-Senate *UNKS* that includes major provisions affecting the federal mortgage market . STOP 
Hooker 's U.S. unit is expected to agree in principle this week to sell its Merksamer *CUNKS* chain to management , according to executives . STOP 
The deficit-reduction bill became *UNKED* over efforts to *UNK* the House version of the legislation in advance of a House-Senate conference . STOP 
Integrated Resources said talks have ended with another potential buyer of its core businesses . STOP 
Three big drug makers posted robust third-quarter earnings . STOP 
*CUNK* 's profit climbed 25 % , *CUNK-* 's 22 % and Eli Lilly 's 24 % . STOP 
Markets -- STOP 
Stocks : Volume *UNKN* shares . STOP 
Dow Jones industrials *UNKN* , off *UNKN* ; transportation *UNKN* , off *UNKN* ; utilities *UNKN* , off *UNKN* . STOP 
Bonds : Shearson Lehman Hutton Treasury index *UNKN* , off STOP 
Commodities : Dow Jones futures index *UNKN* , unchanged ; spot index *UNKN* , off *UNKN* . STOP 
Dollar : *UNKN* yen , up *UNKN* ; *UNKN* marks , off *UNKN* . STOP 
Paul *CUNK* , general partner of *CUNK* Partners , a *UNKAL* firm based in *CUNK* Park , Calif. , was named a director of this computer company . STOP 
Mr. *CUNK* , 57 years old , temporarily increases the board to seven members . STOP 
However , director Thomas *CUNK* has said he wo n't seek *UNKION* at the company 's annual meeting next month . STOP 
*CUNK* Associates Inc. , the Los Angeles investment partnership whose $ *UNK-* bid for *CUNK* Manufacturing Co. was topped recently by a competing offer from a Swedish concern , disclosed that it sold its entire 7 % *CUNK* stake . STOP 
*CUNK* , a *CUNK* , Ind. , *UNKING* manufacturer , had *UNKED* *CUNK* 's proposal . STOP 
It has since asked holders not to immediately tender their shares under a recent $ *UNK-* , or $ *UNKN* million , bid from AB *CUNK* of Sweden , until *CUNK* directors have completed their evaluation . STOP 
In a Securities and Exchange Commission filing , *CUNK* said it sold the *UNKN* *CUNK* shares for $ *UNKN* million in a private transaction on Oct. 12 . STOP 
*CUNK* did n't identify the buyer of the shares , but the date of the *UNK* followed by one day the Swedish concern 's tender offer , and the indicated price of the shares sold *UNKS* *CUNK* 's $ *UNK-* tender offer price . STOP 
A *CUNK* spokeswoman said the company sold the stock in the open market and thus could n't identify the buyer or buyers . STOP 
*CUNKS* *CUNKS* , 45 years old , has been elected to the board of this *UNKER* . STOP 
Mr. *CUNKS* , former president of United Press International and the *CUNKION* *CUNK-* network , most recently *UNKED* *CUNKS* *CUNK* Partners , a *CUNKED* media acquisition firm . STOP 
Mr. *CUNKS* , the first Hispanic person to serve as a Coors director , is an addition to the board , increasing its membership to nine . STOP 
*CUNK* S.A. , a European media and publishing group , reported a small rise in its *UNK* first-half group profit , excluding *UNKAL* items , to *UNKN* million francs -LRB- $ *UNKN* million -RRB- from *UNKN* million francs a year earlier . STOP 
The *CUNKED* group said its earlier projection -- that group profit for all of 1989 would be close to the *UNKN* million francs posted for 1988 -- remains valid . STOP 
*CUNKING* into account *UNKING* gains and losses , *CUNK* 's group net income for the first six months of this year totaled *UNKN* million francs , *UNKLY* double the year-earlier figure of *UNKN* million francs . STOP 
Analysts said *CUNK* 's earnings in the second half might be boosted by a capital gain from the sale of the Paris headquarters of a *UNK-* company that is 49 % owned by *CUNK* . STOP 
*CUNK* Inc. , *CUNK* , Md. , said it received approval from the U.S. Food and Drug Administration to market a genetic test that will assist in *UNKS* and treatment of *UNK* and *UNK* cancer . STOP 
The *CUNK* gene *UNK* test is more *UNK* than existing tests for *UNKING* the type of cancer , whether it has spread or whether there is a *UNK* following treatment , said *CUNK* President Stephen Turner . STOP 
Mr. Turner said the test initially will be used in *UNKION* with *UNKS* and other tests , but eventually might become the benchmark for tumor analysis . STOP 
Mr. Turner said the test will be shipped in 45 days to hospitals and clinical laboratories . STOP 
Dr. *CUNK* Wilson , a cancer treatment specialist at the National Cancer Institute , said the test is widely used in research centers but is n't having a major impact because it is only occasionally useful in *UNKING* the most effective treatment . STOP 
But the test may prove to be more sensitive in *UNKING* whether a tumor has spread or returned following treatment , Dr. Wilson said . STOP 
`` We do n't know yet how useful it 's going to be , '' he said . STOP 
*CUNK* , a *UNK-* developer of genetic medical tests , projects that the cancer test will help it to post its *UNKER* profit during the first quarter of 1990 , Mr. Turner said . STOP 
The company will charge $ 35 for a test and projects about $ 2 million in revenue from the test during the first 12 months of marketing , he said . STOP 
*CUNK* Corp. , *CUNKS* , *CUNK* , said it acquired the clinical laboratories of closely held Central *CUNK* Laboratory Inc. in a cash and securities transaction valued at $ 85 million . STOP 
*CUNK* said its *UNKLY* owned *CUNKEST* Inc. unit paid $ 25 million in cash , provided $ 30 million in notes and $ 30 million in preferred stock to acquire Central 's *UNKS* in the Western U.S. . STOP 
*CUNK* , which provides clinical laboratory services , *UNKED* with Central , based in *CUNK* , Calif. , in a number of areas . STOP 
Beyond removing a competitor , the combination should provide `` *UNKS* , '' said *CUNKED* *CUNK* , *CUNK* 's chief financial officer . STOP 
It also will hand *CUNK* new markets . STOP 
In Los Angeles , for example , Central has had a strong market position while *CUNK* 's presence has been less prominent , according to Mr. *CUNK* . STOP 
Consumers may want to move their *UNKS* a little closer to the TV set . STOP 
*CUNK-* *UNKS* watching ABC 's `` Monday Night Football '' can now vote during *UNK* for the greatest play in 20 years from among four or five *UNKED* *UNKS* . STOP 
Two weeks ago , viewers of several NBC *UNK* consumer segments started calling a 900 number for advice on various *UNK-* issues . STOP 
And the new *UNKED* `` reality '' show `` *CUNK* *CUNK* '' records viewers ' opinions for possible airing on the next day 's show . STOP 
*CUNK* telephone technology has taken a new *UNK* in *UNKION* , and television *UNKS* are *UNKING* to exploit the possibilities . STOP 
Eventually viewers may grow *UNKED* with the technology and *UNK* the cost . STOP 
But right now *UNKS* are *UNKING* that viewers who are busy *UNKING* up a range of services may put down their *UNK* control *UNKS* and stay *UNKED* . STOP 
`` We 've been spending a lot of time in Los Angeles talking to TV production people , '' says Mike Parks , president of Call *CUNK* , which supplied technology for both ABC Sports and NBC 's consumer minutes . STOP 
`` With the *UNKS* of the television market these days , everyone is looking for a way to get viewers more *UNKED* . '' STOP 
One of the leaders behind the expanded use of 900 numbers is Call *CUNK* , a joint venture of giants American Express Co. and American Telephone & Telegraph Co . STOP 
*CUNKED* in August , the venture *UNKS* AT&T 's newly expanded 900 service with 200 *UNKED* computers in American Express 's *CUNK* , Neb. , service center . STOP 
Other long-distance carriers have also begun marketing enhanced 900 service , and special consultants are *UNKING* up to exploit the new tool . STOP 
Blair Entertainment , a New York firm that advises TV stations and sells ads for them , has just formed a subsidiary -- 900 Blair -- to apply the technology to television . STOP 
The use of 900 toll numbers has been expanding rapidly in recent years . STOP 
For a while , *UNK-* *UNK* lines and services that *UNK* children to *UNKAL* -LRB- and *UNKAL* -RRB- movie or music information earned the service a somewhat *UNK* image , but new legal restrictions are aimed at *UNKING* *UNKS* . STOP 
The cost of a 900 call is set by the *UNK* -- ABC Sports , for example -- with the *UNKEST* starting at 75 cents . STOP 
*CUNKING* is included in a *UNKER* 's regular phone bill . STOP 
From the fee , the local phone company and the long-distance carrier *UNK* their costs to carry the call , passing the rest of the money to the *UNK* , which must cover advertising and other costs . STOP 
In recent months , the technology has become more flexible and able to handle much more volume . STOP 
Before , *UNKS* of 900 numbers would just listen and not talk , or they 'd vote `` yes '' or `` no '' by calling one of two numbers . STOP 
-LRB- People in the phone business call this technology `` 900 *UNK* . '' -RRB- STOP 
Now , *UNKS* are led through complex *UNKS* of choices to *UNK* information they want , and the hardware can process 10,000 calls in 90 seconds . STOP 
Up to now , 900 numbers have mainly been used on local TV stations and cable channels . STOP 
*CUNK* used one to give away the house that rock star Jon *CUNK* *CUNK* grew up in . STOP 
For several years , Turner Broadcasting System 's Cable News Network has invited viewers to respond *UNKLY* to *UNKAL* issues -LRB- `` Should the U.S. military *UNK* in Panama ? '' -RRB- , but even the hottest *UNKS* on *CUNK* *UNK* only about 10,000 calls . STOP 
The *UNKEST* uses of the *UNK-* technology *UNK* the growing variety of applications . STOP 
Capital *CUNK* Inc. , CBS Inc. and General Electric Co. 's National Broadcasting Co. unit are expected to announce soon a joint campaign to raise *UNKS* about *UNKER* . STOP 
The subject will be written into the *UNKS* of prime-time shows , and viewers will be given a 900 number to call . STOP 
*CUNKS* will be sent educational *UNKS* , and the call 's modest cost will be an immediate method of raising money . STOP 
Other network applications have very different goals . STOP 
ABC Sports was looking for ways to lift *UNKED* *UNK* ratings for `` Monday Night Football . '' STOP 
*CUNK* *CUNKER* , ABC Sports 's marketing director , says that now `` *UNKS* of thousands '' of fans call its 900 number each week to vote for the best *UNK* return , *UNK* *UNK* , *UNK* . STOP 
Profit from the calls goes to charity , but ABC Sports also uses the calls as a sales tool : After *UNKING* *UNKS* for voting , Frank *CUNK* offers a football *UNK* for $ *UNKN* , and 5 % of *UNKS* stay on the line to order it . STOP 
*CUNKS* may be sold next . STOP 
Meanwhile , NBC Sports recently began `` *CUNKS* *CUNKS* , '' a *UNK-* , *UNK-* 900 line providing a complex array of scores , analysis and *UNK* news . STOP 
A spokesman said its purpose is `` to bolster the impression that NBC Sports is always there for people . '' STOP 
NBC 's `` *CUNK-* '' consumer minutes have increased *UNKER* spending during the day , the network 's *UNKEST* period . STOP 
Each *UNK* *UNKS* a sponsor and a topic : On *CUNKS* , Unilever N.V. 's *CUNKER* Bros. sponsors *UNKS* on *UNK* and exercise , followed by a *UNK-* *CUNKER* Bros. commercial . STOP 
*CUNKS* can call a 900 number for additional advice , which will be *UNKED* to their needs based on the numbers they *UNK* -LRB- `` Press one if you 're pregnant , '' *UNK* . -RRB- . STOP 
If the *UNKER* *UNKS* on the line and leaves a name and address for the sponsor , coupons and a newsletter will be *UNKED* , and the sponsor will be able to *UNKER* a list of desirable potential customers . STOP 
*CUNK* *CUNK* , an *CUNK-* vice president , says NBC has been able to charge premium rates for this ad time . STOP 
She would n't say what the premium is , but it 's believed to be about 40 % above regular *UNK* rates . STOP 
`` We were able to get advertisers to use their promotion budget for this , because they get a chance to do *UNKING* , '' says Ms. *CUNK* . STOP 
`` And we were able to attract some new advertisers because this is something new . '' STOP 
Mr. Parks of Call *CUNK* says TV executives are considering the use of 900 numbers for `` talk shows , game shows , news and opinion surveys . '' STOP 
*CUNKS* are predicting a big *UNK* of new shows in 1990 , when a service called `` automatic number information '' will become widely available . STOP 
This service *UNKS* each *UNKER* 's phone number , and it can be used to generate instant *UNKING* lists . STOP 
`` *CUNK* *CUNK* , '' the new *UNKED* *UNK* show from Paramount Pictures , will use its 900 number for additional purposes that include research , says executive producer Mark B. *UNK* S. *CUNK* . STOP 
`` For a piece on local *UNKS* of World War II , we can ask people to leave the name and number of anyone they know who won a *UNKAL* , '' he says . STOP 
`` That 'll save us time and get people involved . '' STOP 
But Mr. *CUNK* sees much bigger changes ahead . STOP 
`` These are just baby steps toward real *UNK* video , which I believe will be the biggest thing yet to affect television , '' he says . STOP 
Although it would be costly to *UNK* multiple versions , TV *UNKS* could let audiences vote on different *UNKS* for a movie . STOP 
Fox Broadcasting *UNKED* with this concept last year when viewers of `` *CUNKED* ... With *CUNK* '' voted on whether *CUNK* should say `` I love you '' to *CUNK* on *CUNK* 's Day . STOP 
*CUNK* , viewers may also choose different *UNKS* of news coverage . STOP 
`` A *UNK* by phone could let you decide , ` I 'm interested in just the beginning of story No. 1 , and I want story No. 2 in *UNK* , '' Mr. *CUNK* says . STOP 
`` You 'll start to see shows where viewers program the program . STOP 
Integrated Resources Inc. , the troubled financial-services company that has been trying to sell its core companies to restructure debt , said talks with a potential buyer ended . STOP 
Integrated did n't identify the party or say why the talks failed . STOP 
Last week another potential buyer , *CUNK* Financial Group -- which had agreed in August to purchase most of Integrated 's core companies for $ *UNKN* million -- ended talks with Integrated . STOP 
Integrated said that it would continue to pursue `` other alternatives '' to sell the five core companies and that a group of senior executives plans to make a proposal to purchase three of the companies -- Integrated Resources Equity Corp. , Resources Trust Co. and Integrated Resources Asset Management Corp . STOP 
A price was n't disclosed . STOP 
Integrated also said it expects to report a second-quarter loss wider than the earlier estimate of about $ 600 million . STOP 
The company did n't disclose the new estimate but said the change was related to Integrated 's failure to sell its core businesses , as well as `` other events , '' which it did n't detail , that occurred after its announcement last week that it was in talks with the *UNKED* prospective buyer . STOP 
Meanwhile , a number of top sales producers from Integrated Resources Equity will meet this afternoon in Chicago to discuss their options . STOP 
The unit is a *UNKLY* *UNKED* group of about *UNKN* independent brokers and financial planners who sell insurance , *UNKS* , limited partnerships , mutual funds and other investments for Integrated and other firms . STOP 
The sales force is viewed as a critical asset in Integrated 's attempt to sell its core companies . STOP 
*CUNK* cited concerns about how long Integrated would be able to hold together the sales force as one reason its talks with Integrated failed . STOP 
In composite trading on the New York Stock Exchange yesterday , Integrated closed at $ 1.25 a share , down 25 cents . STOP 
Integrated has been struggling to avoid a bankruptcy-law filing since June , when it failed to make interest payments on nearly $ 1 billion of debt . STOP 
Integrated senior and *UNK* creditors are owed a total of about $ 1.8 billion . STOP 
*CUNK* *CUNK* *CUNK* Northern California , killing more than 50 people . STOP 
The *UNK* temblor , which *UNKED* about 15 seconds and registered 6.9 on the Richter scale , also caused the collapse of a *UNK-* section of the San *CUNK-* Bay Bridge and shook Candlestick Park . STOP 
The *UNK* was *UNKED* near *CUNKER* , *UNK* of San Francisco , and was felt as far as 200 miles away . STOP 
*OUS* injuries were reported . STOP 
Some buildings collapsed , gas and water lines *UNKED* and *UNKS* *UNKED* . STOP 
The quake , which also caused damage in San Jose and Berkeley , knocked out electricity and *UNKS* , *UNKED* *UNKS* and disrupted *UNK* service in the Bay Area . STOP 
Major injuries were n't reported at Candlestick Park , where the third game of baseball 's World Series was canceled and fans *UNKED* from the stadium . STOP 
Bush vowed to veto a bill allowing federal financing for abortions in cases of rape and incest , saying tax dollars should n't be used to `` compound a *UNK* act with the taking of an *UNUNK* life . '' STOP 
His *UNK* , in a letter to Democratic Sen. *CUNK* , came ahead of an expected Senate vote on spending legislation containing the provision . STOP 
East Germany 's Politburo met amid speculation that the ruling body would oust *UNK-* leader Honecker , whose rule has been challenged by mass *UNKION* and calls for democratic *UNKS* . STOP 
Meanwhile , about 125 refugees flew to *CUNK* , West Germany , from Warsaw , the first *UNK* in East Germany 's *UNK* exodus . STOP 
The World *CUNK* Association voted at an *CUNKS* *UNK* to *UNKLY* *UNK* the Soviet Union . STOP 
Moscow , which left the group in 1983 to avoid *UNKION* over allegations that political *UNKS* were being *UNKED* as *UNK* , could be suspended if the *UNK* of *UNK* against *UNKS* is discovered during a review within a year . STOP 
NASA postponed the *UNK* of the space shuttle Atlantis because of rain near the site of the launch *UNK* in *CUNK* *CUNKAL* , *CUNK* . STOP 
The flight was *UNKED* for today . STOP 
The *UNK* 's five *UNKS* are to *UNK* the *UNKED* Galileo space probe on an *UNK* mission to Jupiter . STOP 
Senate Democratic leaders said they had enough votes to defeat a proposed constitutional amendment to ban flag *UNKING* . STOP 
The amendment is aimed at *UNKING* a Supreme Court ruling that threw out the conviction of a Texas *UNKER* on grounds that his freedom of speech was violated . STOP 
Federal researchers said *UNKER* mortality rates for people under 45 years of age have begun to decline , particularly for white *UNKS* . STOP 
The National Cancer Institute also projected that overall U.S. mortality rates from lung cancer should begin to drop in several years if cigarette smoking continues to *UNK* . STOP 
Bush met with South Korean President *CUNK* , who indicated that Seoul plans to further ease trade rules to ensure that its economy becomes as open as the other industrialized nations by the *UNKS* . STOP 
Bush assured *CUNK* that the U.S. would stand by its security commitments `` as long as there is a threat '' from Communist North Korea . STOP 
The Bush administration is seeking an understanding with Congress to ease restrictions on U.S. involvement in foreign *UNKS* that might result in the death of a country 's leader . STOP 
A White House spokesman said that while Bush would n't alter a longstanding ban on such involvement , `` there 's a *UNKION* needed '' on its interpretation . STOP 
India 's Gandhi called for parliamentary elections next month . STOP 
The *UNKING* , considered a test for the prime minister and the ruling Congress -LRB- I -RRB- Party , comes amid charges of *UNK* leadership and government corruption . STOP 
Gandhi 's family has ruled independent India for all but five years of its *UNK-* history . STOP 
The Soviet Union *UNKED* from a U.N. General Assembly vote to reject Israel 's credentials . STOP 
It was the first time in seven years that Moscow has n't joined efforts , led by *CUNK* nations , to *UNK* Israel from the world body , and was viewed as a sign of improving *CUNK-* ties . STOP 
Israel was *UNKED* by a vote of *UNKN* , with 15 *UNKS* . STOP 
Black activist Walter *CUNK* said the African National Congress would n't reject violence as a way to pressure the South African government into concessions that might lead to negotiations over apartheid . STOP 
The *UNK-* *CUNK* was among eight black political activists *UNKED* Sunday from prison . STOP 
London has concluded that *CUNK* President *CUNK* was n't responsible for the execution of six British *UNKS* in World War II , although he probably was aware of the *UNKS* . STOP 
The report by the Defense Ministry also rejected allegations that Britain covered up evidence of *CUNK* 's activities as a German army officer . STOP 
An international group approved a formal ban on *UNK* trade despite *UNKS* from southern African governments , which threatened to find alternative channels for selling *UNK* *UNKS* . STOP 
The move by the *CUNKION* on Trade in *CUNKED* *CUNKS* , meeting in Switzerland , places the *UNK* on the *UNKS* list . STOP 
An *UNK* in Colombia killed a federal judge on a *CUNK* street . STOP 
An *OUS* *UNKER* to a local radio station said *UNK* *UNKS* had *UNK* the *UNK* in *UNKION* for the *UNKS* of *CUNKS* wanted on drug charges in the U.S. . STOP 
*CUNK* leader *CUNK* met with *CUNK* 's President *CUNK* , and the two officials pledged to respect each other 's laws , security and stability . STOP 
They stopped short of *UNKING* *UNK* ties , *UNKED* in 1979 . STOP 
The *UNKION* talks in the *CUNK* desert town of *CUNK* followed a meeting Monday in the *CUNK* resort of *CUNK* *CUNK* . STOP 
*CUNK* Group Inc. revised its exchange offer for $ *UNKN* million face amount of *UNKN* % senior subordinated debt due 1996 and extended the offer to Oct. 27 from Oct. 12 . STOP 
The *CUNK* , N.J. , company said holders would receive for each $ 1,000 face amount , $ 750 face amount of a new issue of secured senior subordinated notes , convertible into common stock at an initial rate of $ *UNKN* a share , and 50 common shares . STOP 
The new notes will bear interest at 5.5 % through July 31 , 1991 , and thereafter at 10 % . STOP 
Under the original proposal , the maker of specialty *UNKS* and a developer of *UNK-* technologies offered $ 400 of notes due 1996 , 10 common shares and $ *UNKN* in cash for each $ 1,000 face amount . STOP 
*CUNKION* of the exchange offer is subject to the tender of at least 80 % of the debt , among other things . STOP 
*CUNK* , which said it does n't plan to further extend the offer , said it received $ *UNKN* face amount of debt under the original offer . STOP 
The stock of UAL Corp. continued to be *UNKED* amid signs that British Airways may *UNK* at any *UNK* *UNKION* of the *UNKED* $ 6.79 billion buy-out of United Airlines ' parent . STOP 
UAL stock plummeted a further $ *UNKN* to $ *UNKN* on volume of more than 2.8 million shares in New York Stock Exchange composite trading . STOP 
The plunge followed a drop of $ *UNKN* Monday , amid indications the takeover may take weeks to be revived . STOP 
The stock has fallen $ *UNKN* , or 31 % , in the three trading days since announcement of the collapse of the $ 300-a-share takeover *UNKED* the entire stock market into its *UNK-* plunge ever . STOP 
`` This is a total *UNK* '' for *UNK-* traders , one investment banker said . STOP 
Los Angeles financier Marvin Davis , who put United in play with a $ 5.4 billion bid two months ago , last night *UNKED* both a *UNK* of hope and an extra element of uncertainty by saying he remains interested in acquiring UAL . STOP 
But he dropped his earlier $ 300-a-share *UNK-* bid , saying he must first explore bank financing . STOP 
Even as Citicorp and Chase Manhattan Corp. scrambled to line up bank financing for a revised version of the *UNKED* labor-management bid , British Airways , a 15 % partner in the buying group , indicated it wants to start from *UNK* . STOP 
Its partners are United 's pilots , who were to own 75 % , and UAL management at 10 % . STOP 
*CUNKING* *UNK* to *UNK* , United 's *UNKER* Machinists ' union , which helped scuttle financing for the first bid , yesterday asked UAL Chairman Stephen Wolf and other UAL directors to resign . STOP 
A similar demand was made by a group that represents some of United 's *UNKN* *UNK* employees . STOP 
John *CUNK* , Machinists union general vice president , attacked Mr. Wolf as `` *UNK* and irresponsible '' for pursuing the buy-out . STOP 
Although Mr. Wolf and John *CUNK* , UAL 's chief financial officer , stood to *UNK* $ *UNKN* million for stock and options in the buy-out , UAL executives planned to *UNKEST* only $ 15 million in the new company . STOP 
The *UNK-* machinists , longtime rivals of the white-collar pilots , say the *UNK* would load the company with debt and weaken its finances . STOP 
*CUNKION* about the two banks ' *UNKED* efforts to round up financing for a new bid that the UAL board has n't even seen yet helped send UAL stock *UNKING* downward . STOP 
And rumors of forced selling by *UNK-* traders triggered a *UNK-* *UNK* in the Dow Jones Industrial Average around *UNKN* a.m. EDT yesterday . STOP 
Yesterday 's selling began after a Japanese news agency reported that Japanese banks , which *UNKED* at the first bid , were ready to reject a revised version at around $ 250 a share , or $ *UNKN* billion . STOP 
Several reports as the day *UNKED* gave *UNK* or *UNKING* indications about whether banks would sign up . STOP 
Citicorp , for example , said only that it had `` *UNKS* of interest of a transaction from both the borrowers and the banks , '' but did n't have an agreement . STOP 
Late in the day , Mr. Wolf issued a *UNK* statement calling Mr. *CUNK* 's *UNK* `` *UNK* and *UNKED* for . '' STOP 
But he gave few details on the progress toward a new bid , saying only , `` We are working toward a revised proposal for majority employee ownership . '' STOP 
Meanwhile , in another sign that a new bid is n't imminent , it was learned that the UAL board held a telephone meeting Monday to hear an *UNK* on the situation , but that a formal board meeting is n't likely to be *UNKED* until early next week . STOP 
In London , British Airways Chairman *CUNK* King was quoted in the Times as *UNKING* he is `` not prepared to take my shareholders into a *UNK* deal . '' STOP 
*CUNKS* said it appeared that British Air was *UNKED* at the way the bid has *UNKED* into confusion , as well as by the banks ' effort to round up financing for what one called `` a deal that is n't a deal . '' STOP 
The effort to revive the bid was complicated by the *UNUNK* nature of the *UNK-* buying group . STOP 
The pilots were meeting outside Chicago yesterday . STOP 
But British Air , which was to have supplied $ 750 million out of $ *UNKN* million in equity financing , apparently was n't involved in the second proposal and could well reject it even if banks obtain financing . STOP 
A group of United 's *UNK* employees said in a statement , `` The fact that Wolf and other officers were going to line their *UNKS* with literally millions of dollars while *UNKING* severe pay cuts on the *UNKION* employees of United is not only *UNK* but *UNK* . '' STOP 
The machinists also asked for an investigation by the Securities and Exchange Commission into possible *UNK-* violations in the original bid for UAL by Mr. Davis , as well as in the response by UAL . STOP 
Last week , just before the bank commitments were due , the union asked the U.S. Labor Department to study whether the bid violated legal standards of *UNKS* governing employee investment funds . STOP 
In his statement , Mr. Wolf said , `` We continue to believe our approach is sound , and that it is far better for all employees than the alternative of having an *UNKER* own the company with employees paying for it just the same . '' STOP 
Mr. Wolf has *UNKED* merger advice from a major Wall Street securities firm , *UNKING* instead only on a takeover lawyer , Peter *CUNKS* of *CUNK* *CUNKS* *CUNK* *CUNKER* & *CUNK* . STOP 
The huge drop in UAL stock prompted one takeover stock trader , George *CUNKER* , managing partner of *CUNKER* , *CUNK* & Co. , to deny publicly rumors that his firm was going out of business . STOP 
Mr. *CUNKER* said that despite losses on UAL stock , his firm 's health is `` excellent . '' STOP 
The stock 's decline also has left the UAL board in a *UNK* . STOP 
Although it may not be *UNKLY* *UNKED* to sell the company if the buy-out group ca n't revive its bid , it may have to explore alternatives if the buyers come back with a bid much lower than the group 's original $ 300-a-share proposal . STOP 
At a meeting Sept. 1 to consider the labor-management bid , the board also was informed by its investment adviser , First Boston Corp. , of interest expressed by buy-out funds including *CUNK* Kravis Roberts & Co. and *CUNK* Little & Co. , as well as by Robert Bass , Morgan Stanley 's buy-out fund , and Pan Am Corp . STOP 
The *UNK-* traders were hoping that Mr. Davis or one of the other interested parties might *UNK-* with the situation in disarray , or that the board might consider a recapitalization . STOP 
Meanwhile , Japanese bankers said they were still *UNK* about accepting Citicorp 's latest proposal . STOP 
Macmillan Inc. said it plans a public offering of *UNKN* million shares of its *CUNK* International Inc. unit at $ 19 to $ 21 a share . STOP 
The offering for the language school unit was announced by Robert Maxwell , chairman and chief executive officer of London-based Maxwell Communication Corp. , which owns Macmillan . STOP 
After the offering is completed , Macmillan will own about 56 % of the *CUNK* common stock outstanding . STOP 
Five million shares will be offered in the U.S. , and 3.4 million additional shares will be offered in *UNK* international offerings outside the U.S. . STOP 
Goldman , Sachs & Co. will manage the offering . STOP 
Macmillan said *CUNK* intends to pay quarterly dividends on the stock . STOP 
The company said it expects to pay the first dividend , of 12.5 cents a share , in the 1990 first quarter . STOP 
*CUNK* will borrow an amount equal to its expected net proceeds from the offerings , plus $ 50 million , in connection with a credit agreement with lenders . STOP 
The total borrowing will be about $ *UNKN* million , the company said . STOP 
Proceeds from the borrowings under the credit agreement will be used to pay an $ 80 million cash dividend to Macmillan and to lend the remainder of about $ *UNKN* million to Maxwell Communications in connection with a *UNK* note . STOP 
Proceeds from the offering will be used to repay borrowings under the short-term parts of a credit agreement . STOP 
*CUNK* , which is based in *CUNK* , N.J. , provides language *UNKION* and *UNKION* services through more than *UNKN* language centers in 25 countries . STOP 
In the past five years , more than 68 % of its sales have been outside the U.S. . STOP 
Macmillan has owned *CUNK* since 1966 . STOP 
In the first six months of this year , *CUNK* posted net income of $ 7.6 million on sales of $ *UNKN* million , compared with net income of $ 8.2 million on sales of $ *UNKN* million . STOP 
Right away you notice the following things about a Philip Glass *UNK* . STOP 
It *UNKS* people with funny hair -LRB- or with no hair -- in front of me a *UNK* with *UNKED* *UNKS* sat *UNK* a *UNK* who had *UNKED* his -RRB- . STOP 
*CUNKER* constitute the local *CUNK* Bank come out in force , *UNKED* in black , along with a *UNKING* of *UNKS* who want to be on the cutting edge . STOP 
People in Glass houses tend to look *UNKED* . STOP 
And , if still *OUS* at the evening 's end , you notice something else : The audience , at first *UNKED* and *UNKED* by the music , releases its *UNK-* feelings in collective *UNK* . STOP 
Currently in the middle of a *UNK-* , *UNK-* tour as a *UNK* *UNK* , Mr. Glass has left behind his *UNKS* , equipment and *UNKS* in favor of going it alone . STOP 
He *UNKS* down at the *UNK* and plays . STOP 
And plays . STOP 
*CUNKER* one likes it or one does n't . STOP 
The typical Glass audience , which is more likely to be *UNKED* of music students than their teachers , certainly does . STOP 
The work , though , sounds like *CUNK* for *UNKS* . STOP 
Philip Glass is the *UNK* , and his music the new clothes , of the *UNK-* . STOP 
His success is easy to understand . STOP 
*CUNKLY* introducing and explaining his pieces , Mr. Glass looks and sounds more like a *UNK* *UNK* describing his work than a *UNKAL* *UNK* playing a *UNKAL* . STOP 
The *UNK* *UNKS* , which have been *UNKED* *UNKLY* as *UNK* , *CUNKAL* , *UNK* , cyclical , *UNK* and *UNK* , are *UNKLY* *UNKAL* -LRB- therefore *UNKING* -RRB- , *UNKLY* *UNK* -LRB- therefore *UNK* -RRB- , and *UNKLY* *OUS* but *UNUNK* -LRB- therefore both pretty and *UNUNK* -RRB- . STOP 
It is music for people who want to hear something different but do n't want to work especially hard at the task . STOP 
It is *CUNK* listening for the now generation . STOP 
Mr. Glass has *UNKED* the famous *UNK* *UNK* `` less is more . '' STOP 
His more is always less . STOP 
Far from being *UNK* , the music *UNKLY* *UNKS* us with apparent *UNKS* not so *UNKLY* *UNKED* in the *UNKS* of *UNKN* time , *UNK* *UNKS* , and *UNK* or *UNK* *UNK* *UNKS* . STOP 
But the music has its *UNK* , and Mr. Glass has *UNKED* his *UNK* program around a move from the simple to the relatively complex . STOP 
`` *CUNKING* '' -LRB- 1981 -RRB- , from *CUNKS* , *UNKS* the audience to the Glass technique : Never *UNKING* too far from the *UNK* 's center , Mr. Glass works in the two *UNKS* on either side of middle C , and his *UNKS* *UNK* leave the *UNKS* . STOP 
There is a *UNK* musical style here , but not a particular performance style . STOP 
The music is not especially *UNK* ; indeed , it 's hard to imagine a bad performance of it . STOP 
Nothing *UNK* , no *UNKS* , no *UNK* *UNKING* problems challenge the *UNKER* . STOP 
We hear , we may think , *UNKER* voices , but they all seem to be saying the same thing . STOP 
With `` *CUNK* News , '' music meant to *UNK* *UNKS* of Allen *CUNK* 's `` *CUNK* *CUNK* *CUNK* , '' Mr. Glass gets going . STOP 
His hands sit *UNKER* apart on the *UNK* . STOP 
*CUNK* *UNKS* make you feel as though he may break into a -LRB- very slow -RRB- *UNK* *UNK* . STOP 
The *UNKS* *UNK* , but there is little *UNK* even though his *UNKS* begin to *UNKER* over more of the *UNKS* . STOP 
*CUNKS* *UNKLY* *UNK* : First the music is *UNK* , then it becomes soft , then -LRB- you realize -RRB- it becomes *UNKER* again . STOP 
`` The *CUNK* *CUNK* *CUNK* , '' an *UNK* from `` *CUNK* on the Beach , '' is like a *UNK* but it does n't seem to move much beyond its *UNK-* ground in `` Three *CUNK* *CUNK* . '' STOP 
When Mr. Glass decides to get really fancy , he *UNKS* his hands and hits a *UNK* *UNKS* note with his right hand . STOP 
He does this in at least three of his *UNK* pieces . STOP 
You might call it a *UNK* or a *UNK* *UNK* . STOP 
In `` *CUNK* *CUNK* , '' which came from a commission to write a piece of *UNK* length -LRB- Mr. Glass *UNKLY* , and *UNKLY* , *UNKED* that `` this was no problem for me '' -RRB- , an A section *UNKS* with a B section several times before the piece ends *UNKED* . STOP 
Not only is the typical *CUNK* *UNKED* , it is also often multiple in its context -LRB- *UNK* -RRB- . STOP 
`` *CUNK* *CUNK* '' began its life as the *UNK* to the *CUNK* *CUNK* 's first public address in the U.S. , when Mr. Glass played it on the *UNK* at New York 's *CUNKAL* of St. John the *CUNK* . STOP 
Later it was performed on Radio *CUNK* in Germany , and then *CUNK* *CUNKS* took it for one of her dance pieces . STOP 
The point is that any piece can be used as background music for virtually anything . STOP 
The evening ended with Mr. Glass 's `` *CUNKS* , '' another multiple work . STOP 
*CUNKS* 1 , 2 , and 5 come from the *UNK* of *CUNK* Morris 's *UNKED* film , `` The *CUNK* *CUNK* Line , '' and the two other parts from *UNKAL* music to two separate *UNKS* of the *CUNK* story of the same name . STOP 
When used as background in this way , the music has an appropriate *UNKS* , as when a *UNK-* *UNK* , a *UNKING* minor third , *UNKS* the seemingly *UNKS* *UNK* of reports , interviews and *UNKS* of witnesses in the Morris film . STOP 
*CUNKED* up as a *UNK* , however , the music lacks the *UNK* provided by a context within another medium . STOP 
*CUNKS* of Mr. Glass may agree with the critic Richard *CUNK* 's sense that the 1974 `` *CUNK* in *CUNK* *CUNKS* '' is as *UNK* and *UNK* as `` The *CUNKED* *CUNKER* . '' STOP 
But while making the obvious point that both *UNKS* develop variations from *UNKS* , this comparison *UNKS* the *UNKLY* *UNK* nature of Mr. Glass 's music . STOP 
Its *UNKLY* *UNK* *UNK* *UNKS* a *UNK* that makes one *UNK* for the *UNK* of *UNKAL* *CUNK* , the *UNKLY* radical *UNK* of *CUNK* and *CUNK* , and what in *UNK* even seems like *UNKION* in *CUNKER* . STOP 
Mr. *CUNK* is professor of English at Southern *CUNK* University and editor of the Southwest Review . STOP 
Honeywell Inc. said it hopes to complete shortly the first of two sales of shares in its Japanese joint venture , *CUNK-* , for about $ *UNKN* million . STOP 
The company would n't disclose the buyer of the initial 16 % stake . STOP 
Proceeds of the sale , expected to be completed next week , would be used to repurchase as many as 10 million shares of Honeywell stock , the company said . STOP 
Honeywell said it is negotiating the sale of a second stake in *CUNK-* , but indicated it intends to hold at least 20 % of the joint venture 's stock long term . STOP 
A 20 % stake would allow Honeywell to include *CUNK* earnings in its results . STOP 
Honeywell previously said it intended to reduce its holding in the Japanese concern as part of a restructuring plan which also calls for a reduction of *UNK* on weapons sales . STOP 
Yesterday a spokeswoman said the company was `` pleased with our progress '' in that regard and `` hopes to provide additional details soon . '' STOP 
Honeywell said its Defense and Marine Systems group incurred delays in shipping some undisclosed contracts during the third quarter , resulting in lower operating profit for that business . STOP 
Overall , Honeywell reported earnings of $ *UNKN* million , or $ *UNKN* a share , for the three months ended Oct. 1 compared with a loss of $ *UNKN* million , or 98 cents a share , a year earlier . STOP 
The previous period 's results included a $ *UNKN* million pretax charge related to *UNUNK* contract costs and a $ *UNKN* million pretax gain on real estate sales . STOP 
Sales for the latest quarter were flat , at $ *UNKN* billion . STOP 
For the nine months , Honeywell reported earnings of $ *UNKN* million , or $ *UNKN* a share , compared with earnings of $ *UNKN* million , or $ *UNKN* a share , a year earlier . STOP 
Sales declined slightly to $ *UNKN* billion . STOP 
Once again , your editorial page *UNKS* the law to *UNK* to your almost *UNK* *UNKS* . STOP 
In an *UNKS* of little *UNK* to his central point about private enforcement suits by environmental groups , Michael S. *CUNK* *UNKS* your readers , `` ... the Clean Water Act is written upon the *UNKION* -- the *UNK* , rather -- that nothing but zero risk will do ; it *UNKS* a legal standard of zero *UNK* '' -LRB- `` *CUNKS* Environmental *CUNKS* , '' Sept. 18 -RRB- . STOP 
This statement surely *UNKS* your editorial *UNK* that environmental protection is generally silly or excessive , but it is simply wrong . STOP 
The Clean Water Act contains no `` legal standard '' of zero *UNK* . STOP 
It requires that `` *UNKS* of *UNKS* '' into the `` waters of the United States '' be authorized by permits that reflect the *UNK* limitations developed under section *UNKN* . STOP 
Whatever may be the problems with this system , it *UNKLY* reflects `` zero risk '' or `` zero *UNK* . '' STOP 
Perhaps Mr. *CUNK* was *UNKED* by Congress 's *UNKS* statement of `` the national goal '' in section 101 , which indeed calls for the *UNKION* of *UNKS* -- by 1985 , no less . STOP 
This *OUS* statement was not taken seriously when enacted in 1972 , and should not now be *UNKED* with the *UNK* provisions of the statute . STOP 
Thus , you do the public a great *UNK* when Mr. *CUNK* suggests , even *UNKLY* , that the Clean Water Act *UNKS* the *UNKION* of a *UNK* and water ; your *UNKING* readers may be led to believe that nothing but chance or *UNK* *UNKS* them , as they *UNKER* in the night with their *UNK* and waters , from the *UNKED* *UNK* of the Sierra Club at their doors . STOP 
Robert J. *CUNKS* STOP 
National *CUNK* , the *UNKEST* U.S. magazine , is attracting more readers than ever and offers the *UNK* , *UNKED* pages that upscale advertisers love . STOP 
So why did advertising pages plunge by almost 10 % and ad revenue by 7.2 % in the first half ? STOP 
To hear advertisers tell it , the magazine just has n't kept up with the times . STOP 
Despite renewed interest by the public in such *UNKS* as the environment and the Third World , it has n't been able to shake its reputation as a magazine *UNKS* like to *UNK* through in search of *UNKS* *UNK* women . STOP 
*CUNK* , it lagged behind competitors in offering *UNK-* *UNKS* , from regional editions to discounts for frequent advertisers . STOP 
But now , the magazine is attempting to fight back , with an ambitious plan including a revamped sales strategy and a surprisingly aggressive ad campaign . STOP 
*CUNKS* do n't think of the magazine first , says *CUNK* *CUNK* , who joined in April as national advertising director . STOP 
`` What we want to do is take a more aggressive stance . STOP 
People did n't believe we were in *UNK* with the marketplace , and in many ways we were n't . '' STOP 
The *UNK-* magazine has never had to *UNK* advertisers with quite so much *UNK* before . STOP 
It largely *UNKED* on its *UNK-* *UNKS* : *UNKN* million subscribers in the first half , up from 10.5 million a year ago ; an average age of 42 for readers -- at the *UNK* of their *UNKING* years ; loyalty to the *UNK* of an 85 % average *UNKION* *UNKAL* rate . STOP 
The magazine had its best year yet in 1988 , when it *UNKED* its centennial and *UNKED* up a 17 % gain in ad pages , to *UNKN* . STOP 
But this year , when the *UNK* surrounding its centennial died , so too did some *UNKER* interest . STOP 
The reason , ad executives say , is that the entire magazine business has been soft -- and National *CUNK* has some *UNKS* that make it especially *UNUNK* during a soft market . STOP 
Perhaps the biggest of those factors is its high ad prices -- $ *UNKN* for a *UNK-* page , vs. $ *UNKN* for the *CUNK* , a comparable publication with a far smaller circulation . STOP 
When ad dollars are tight , the high page cost is a major *UNK* for advertisers , who generally want to appear regularly in a publication or not at all . STOP 
Even though National *CUNK* offers far more readers than does a magazine like *CUNK* , `` the page costs you an arm and a leg to develop any *UNK* , '' says Harry Glass , New York media manager for *CUNK* Inc . STOP 
To combat that problem , National *CUNK* , like other magazines , began offering regional editions allowing advertisers to appear in only a portion of its magazines -- for example , ads can run only in the magazines sent to subscribers in the largest 25 markets . STOP 
But the magazine was slower than its competitors to come up with its regional editions , and until last year offered fewer of them than did competitors . STOP 
Time magazine , for example , has more than 100 separate editions going to different regions , top management , and other groups . STOP 
Another *UNKING* point for advertisers was National *CUNK* 's tradition of *UNKING* its ads together , usually at the beginning or end of the magazine , rather than spreading ads out among its articles , as most magazines do . STOP 
And National *CUNK* 's *UNK-* size means extra production costs for advertisers . STOP 
But Ms. *CUNK* says the magazine is fighting back . STOP 
It now offers 30 regional editions , it very recently began running ads *UNK* to articles , and it has been *UNKING* up its sales force . STOP 
And it just launched a promotional campaign to tell chief executives , marketing directors , and media executives just that . STOP 
The *UNK* of the promotion is its new ad campaign , into which the magazine will *UNK* about $ 500,000 , mostly in the next few weeks . STOP 
The campaign , created by *CUNK* Group 's *CUNK* *CUNK* agency , takes advantage of the *UNKING* *UNK* that National *CUNK* is known for . STOP 
In one ad , a *UNK* of the *UNK* of the *CUNK-* in Paris is *UNKED* with the headline , `` The only book more *UNKED* than *UNKS* does n't accept advertising . '' STOP 
Another ad pictures a *UNK* *UNK* , *UNKED* 80 times , with the headline , `` For impact far beyond your size consider our regional editions . '' STOP 
Ms. *CUNK* says she wants the campaign to help attract advertisers in 10 categories , including corporate , financial services , consumer electronics , insurance and food . STOP 
Her goal : to top 300 ad pages in 1990 , up from about *UNKN* this year . STOP 
Whether she can meet that ambitious goal is still far from certain . STOP 
`` The ad campaign is meant to *UNK* the thought of National *CUNK* , '' she says . STOP 
`` We want it to be a *UNKS* kind of image . '' STOP 
WCRS *CUNKS* *CUNK-* *CUNK* STOP 
WCRS Group hopes to announce , perhaps today , an agreement to sell the majority of its ad unit to *CUNKED* Eurocom , a European ad executive said . STOP 
WCRS has been in discussions with Eurocom for several months . STOP 
However , when negotiations *UNKED* down recently , WCRS 's chief executive , Peter Scott , met in Paris with another French firm , *CUNK* *CUNK* *CUNK* *CUNK* , or *CUNK* . STOP 
According to the executive , *CUNK* 's involvement prompted renewed *UNK* in the *CUNK-* talks and the two agencies were hoping to *UNKER* out details by today . STOP 
Executives of the two agencies could n't be reached last night . STOP 
Ad Notes ... . STOP 
NEW *CUNK* : Procter & Gamble Co. , Cincinnati , awarded the ad accounts for its line of Professional *CUNK* *UNK* *UNKING* and oil products to *CUNK* , *CUNK* , *CUNK* , Cincinnati . STOP 
*CUNKS* were n't disclosed . STOP 
Professional *CUNK* products are *UNKLY* made for the *UNK* industry . STOP 
*CUNK* 'S *CUNK* : Stephen *CUNK* , 49 , was named executive vice president , deputy creative director at *CUNK* Advertising , New York . STOP 
He was executive vice president , director of broadcast production . STOP 
The Commodity Futures Trading Commission plans to restrict dual trading on commodity exchanges , a move almost certain to *UNK* exchange officials and traders . STOP 
The CFTC said it will *UNK* the restrictions after the release of a study that shows little economic benefit resulting from dual trading and *UNKS* `` problems '' associated with the practice . STOP 
*CUNKAL* trading gives an exchange trader the right to trade both for his own account and for customers . STOP 
The issue *UNKED* this year after a Federal Bureau of Investigation operation led to charges of widespread trading abuses at the Chicago Board of Trade and Chicago Mercantile Exchange . STOP 
While not specifically mentioned in the FBI charges , dual trading became a focus of attempts to *UNK* industry regulations . STOP 
Critics contend that traders were putting buying or selling for their own accounts ahead of other traders ' customer orders . STOP 
Traders are likely to oppose such restrictions because dual trading provides a way to make money in slower markets where there is a shortage of customer orders . STOP 
The exchanges contend that dual trading *UNKS* liquidity in the markets because traders can buy or sell even when they do n't have a customer order in hand . STOP 
The exchanges say liquidity becomes a severe problem for *UNKLY* traded contracts such as those with a long time remaining before expiration . STOP 
The CFTC may take those arguments into account by allowing exceptions to its restrictions . STOP 
The agency did n't *UNK* specific *UNKS* where dual trading might be allowed , but smaller exchanges or contracts that need additional liquidity are expected to be among them . STOP 
*CUNK* *CUNK* , the agency 's chairman , told the Senate Agriculture Committee that she expects the study to be released within two weeks and the rule changes to be completed by *CUNKING* . STOP 
The study , by the CFTC 's division of economic analysis , shows that `` a trade is a trade , '' a member of the study team said . STOP 
Whether a trade is done on a dual or *UNKAL* basis , the member said , `` does n't seem to have much economic impact . '' STOP 
Currently , most traders on commodity exchanges *UNK* in trading either for customer accounts , which makes them brokers , or for their own accounts as *UNKED* *UNKS* . STOP 
`` The tests indicate that dual and *UNKAL* traders are similar in terms of the trade *UNKS* and liquidity they provide to the market , '' Mrs. *CUNK* told the Senate panel . STOP 
Members of Congress have proposed *UNKING* dual trading in bills to *UNK* CFTC operations . STOP 
The House 's bill would *UNK* dual trading in markets with daily average volume of *UNKN* contracts or more , *UNKING* those considered too difficult to track without a sophisticated computer system . STOP 
The Senate bill would force the CFTC to *UNK* dual trading if an exchange ca n't show that its *UNK* system can *UNK* *UNKING* abuses . STOP 
So far , one test of *UNKING* dual trading has worked well . STOP 
The Chicago Merc banned dual trading in its Standard & Poor 's 500-stock index futures pit in 1987 . STOP 
Under the rules , traders decide before a session begins whether they will trade for their own account or for customers . STOP 
Traders who stand on the pit 's top step , where most customer orders are executed , ca n't trade for themselves . STOP 
A Merc spokesman said the plan has n't made much difference in liquidity in the pit . STOP 
`` It 's too soon to tell ... but people do n't seem to be *UNUNK* with it , '' he said . STOP 
He said he would n't comment on the CFTC plan until the exchange has seen the full proposal . STOP 
But at a meeting last week , Tom *CUNK* , the Board of Trade 's president , told commodity lawyers : `` *CUNKAL* trading is definitely worth saving . STOP 
It adds something to the market . STOP 
Japanese *CUNKS* *CUNK* *CUNK* Car *CUNKS* STOP 
*CUNK* luxury-car makers are trying to set strict design standards for their *UNKS* . STOP 
But some dealers are negotiating *UNKER* terms , while others decline to deal at all . STOP 
Nissan Motor Co. 's Infiniti division likes to insist that every dealer *UNK* and *UNK* a building in a Japanese style . STOP 
*CUNKS* include a *UNKED* *UNK* *UNK* at the center of each *UNK* and a *UNK* bridge *UNKING* a stream that flows into the building from outside . STOP 
`` Infiniti has it down to the *UNKS* , '' says Jay *CUNK* , a partner at *CUNK* Power & Associates , an auto research firm . STOP 
Toyota Motor Corp. 's Lexus division also provides *UNKS* . STOP 
But only two-thirds of Lexus dealers are *UNKING* new buildings according to the Lexus *UNKS* . STOP 
Some are even coming up with their own novel designs . STOP 
In Louisville , Ky. , for example , David Peterson has built a Lexus dealership with the *UNK* on the second floor . STOP 
Yet some dealers have turned down Infiniti or Lexus *UNKS* because they were *UNKING* or unable to meet the design requirements . STOP 
Lee Seidman of Cleveland says Infiniti `` was a bear on *UNKS* '' but at least let him *UNK* an existing building -- without the stream . STOP 
Mr. Seidman says he turned down a Lexus franchise in part because `` the building was *OUS* but very expensive . '' STOP 
To head off arguments , Infiniti offers dealers cash bonuses and *UNKEST* construction loans . STOP 
*CUNKION* *CUNK* 's *CUNK* *CUNKS* Back a *CUNK* STOP 
*CUNK* *CUNK* have to be first to be winners . STOP 
That 's the lesson offered through one case study featured in a design *UNK* . STOP 
Dictaphone Corp. was caught off guard in 1974 when its main competitor , *CUNKER* Office Products of Japan , introduced a *UNK* *UNKION* *UNKER* half the size of standard *UNK* devices . STOP 
*CUNKED* by patent protection from following suit , Dictaphone decided to go a step further and cut the *UNK* in half again -- down to the length of a *UNK* . STOP 
By 1979 , *UNKS* and engineers at Dictaphone , a *CUNK* *CUNKS* subsidiary , had produced a working model of a `` *UNK* '' *UNKER* . STOP 
By 1982 , however , the patent status of the *CUNKER* *UNK* had changed , *UNKING* Dictaphone to develop its own competitive *UNK* system , which it did . STOP 
Marketing and sales departments then urged *UNK* of the *UNK* project . STOP 
But others said *UNK* should proceed . STOP 
Both were right . STOP 
Dictaphone went ahead and introduced the *UNK* in 1985 , but it has n't sold well . STOP 
To date , says *CUNK* *CUNK* , a Dictaphone vice president , it has `` broken even or shown a small loss . '' STOP 
Nevertheless , the device has been successful in other ways . STOP 
It helped Dictaphone attract better engineers , and it provided new technology for other company products . STOP 
The *UNK* *UNKER* also helped transform the company 's reputation from *UNKER* to *UNK-* *UNK* . STOP 
`` It gave me great pride to see the *UNK* of the *UNK* in Japan look at the *UNK* and shake his head and say ` *UNUNK* , ' '' says Mr. *CUNK* . STOP 
Dictaphone 's *UNK* *UNKER* is one of 13 case studies in the *CUNK* *CUNK* *CUNK* , sponsored by the *CUNK* Management Institute of Boston and Harvard Business School . STOP 
The studies are on *UNK* at Harvard this month and will travel to Chicago 's Institute of *CUNK* and the University of California at Berkeley . STOP 
A *CUNK* 's *CUNKS* Means *CUNKING* Out STOP 
*CUNK* *CUNK* Carl *CUNK* of *CUNK* , *CUNK* , was *UNKING* some *UNK* leaves , but the *UNK* kept riding up over the *UNKS* . STOP 
The harder he tried to push them into large *UNKS* , the closer he came to breaking the *UNK* and *UNKING* his back . STOP 
So Mr. *CUNK* , then vice president of the *CUNK* *CUNK* Association , took a *UNKED* garden *UNK* and taped it to the *UNUNK* of a *UNK* *UNK* about nine inches up . STOP 
His crude device worked : The lower *UNK* gathered the leaves into a *UNK* , while the higher , harder *UNK* moved the top of the *UNK* . STOP 
Now *UNKED* into a *UNK* *UNK* , the *UNK-* *UNKS* , or `` *UNKS* , '' also are supposed to aid in picking up leaves . STOP 
One customer , Donald *CUNKS* of *CUNK* , says the *CUNK* *CUNK* allowed him to do his lawn in 2 1\/2 hours , two hours less than usual . STOP 
But other *UNK* makers have their doubts . STOP 
Richard Mason , president of *CUNKS* Co. in *CUNK* , W. Va. , says the *CUNK* *UNK* `` makes sense , '' but it would be `` tough '' to explain to consumers . STOP 
John *CUNKER* , marketing director for *CUNK* *CUNKER* Corp. , a subsidiary of Black & Decker , says people do n't want to move a *UNK* *UNK* . STOP 
`` They either pick it up , '' he says , `` or they start pulling from a fresh direction . '' STOP 
*CUNKS* and *CUNKS* STOP 
*CUNK* *CUNK* *CUNK* *UNKS* or *UNKED* *UNKS* , promises *CUNK* Corp. of *CUNK* , Ind. , the designer of a bed support to replace traditional *UNKS* . STOP 
Four *UNK* steel `` *CUNKS* , '' each roughly in the shape of a `` *CUNK* , '' are attached to the bottom of the box spring in a *UNKED* position ... . STOP 
Nearly half of U.S. consumers say they 'll pay up to 5 % more for packaging that can be *UNKED* or is *UNK* , according to a survey *UNKED* by the Michael Peters Group , a design consultant . STOP 
The Pentagon is a *UNKED* house . STOP 
*CUNKING* there for six years was really *UNK* . STOP 
The ghosts of the past are *UNK* : They are kept at bay only by *UNKING* them vast quantities of our defense budget . STOP 
Some can be bought off relatively *UNKLY* . STOP 
During the Korean War , Gen. Douglas *CUNK* demanded and got , in addition to his U.N. command in Korea , his own naval command in Japan , *CUNK* . STOP 
Those *UNK* operations cost less than $ 2 billion a year , and keep Mac 's ghost quiet . STOP 
That 's about all it costs to *UNK* *CUNK* *CUNK* *CUNKER* 's ghost . STOP 
In *UNKN* , *CUNKER* and the German navy threatened to attack the Panama *CUNKAL* , so we created the Southern *CUNK* in Panama . STOP 
The Southern *CUNK* has grown even bigger since the war because *CUNKER* 's ghost sometimes runs through the *CUNK* *UNKING* *UNKED* like Gen. Noriega . STOP 
The *CUNK* 's huge bureaucracy is needed to *UNK* whether leaders of *UNKS* against Gen. Noriega meet the War *CUNKS* Act 's six points , Cap *CUNKER* 's seven points , the Intelligence Committee 's 32 points and *CUNK* Wilson 's 14 points necessary to justify U.S. support . STOP 
So far no one has . STOP 
The ghost of the Soviet *UNK* discovered in Cuba back in the *UNKS* costs just a few hundred million : the price of the Caribbean *CUNK* in *CUNK* West that President Carter created in 1980 . STOP 
The *UNK* has n't been heard from since , but we keep the staff around just in case . STOP 
George Marshall 's ghost is much more difficult to keep happy . STOP 
We keep a lot of *UNKS* to him around the Pentagon : *UNKS* , *UNKS* , *UNKS* and such . STOP 
The Army headquarters on the third *UNK* of the Pentagon used to *UNK* a lot of *UNK* to him , but the Navy headquarters on the fourth *UNK* made them stop it . STOP 
You see , Marshall had this thing about the Navy and the *CUNKS* -- he wanted to make them part of the Army but Secretary of the Navy James *CUNKAL* blocked him . STOP 
Now his ghost wo n't let up *UNK* it 's done . STOP 
To keep him quiet we *UNK* a new *UNKED* command every year or so run by the Army or the Air Force and put more of the Navy and *CUNKS* under it . STOP 
But we still hear him *UNKING* at night because the Navy has a few ships left , and to satisfy him the Navy 's sea lift forces were given to a new Air Force bureaucracy in Illinois , its space operations to another command in Colorado , the *UNK* to a new Army bureaucracy in Fort *CUNK* , and the Navy 's Indian Ocean and *CUNK* Gulf forces to an Army bureaucracy in Florida . STOP 
*CUNK* brings up the worst and *UNKEST* ghost of all -- the ghost of the shah of Iran . STOP 
When the shah died , President Carter was so scared that the shah 's ghost would blame him for *UNKING* him out to make way for the *UNK* that he declared the Carter *CUNK* . STOP 
Mr. Carter said he would go to war to stop anyone from trying to grab Iran . STOP 
But that ghost would n't settle for words , he wanted money and people -- lots . STOP 
So Mr. Carter formed three new Army divisions and gave them to a new bureaucracy in *CUNK* called the *CUNK* *CUNK* Force . STOP 
But that ghost was n't *UNKED* ; he knew the *CUNK* was neither rapid nor *UNK* nor a force -- even though it cost $ 8 billion or $ 10 billion a year . STOP 
After Mr. Carter was defeated in 1980 , the shah 's ghost claimed the credit and then went after President Reagan and Cap *CUNKER* . STOP 
I saw what he did to them *UNK* . STOP 
It made my *UNKS* dance with *UNK* . STOP 
Why , he used to lay in wait for Cap ; suddenly he 'd *UNK* from behind some *UNK* of Marshall onto Cap 's *UNKEST* and grab him by the *UNK* and *UNK* him *UNK* he *UNKED* up an additional $ 2 billion or so . STOP 
Cap added four more divisions to the Army , two active and two reserve ; two carrier groups to the Navy ; a division -- equivalent to the *CUNKS* ; and the *CUNK-* , *CUNK-* , *CUNK-* and a thousand *UNKAL* aircraft to the Air Force . STOP 
He bought $ 4 billion in *UNKING* ships and $ 7 billion in *UNK* and equipment to fill them , and *UNKED* them at a new $ 6 billion base at Diego Garcia in the middle of the Indian Ocean . STOP 
He *UNKED* all these new forces to the *CUNK* Gulf . STOP 
One night both Marshall 's ghost and the shah 's ghost together caught Cap and threw him to the ground . STOP 
Before they let him go he added a thousand bureaucrats to the *CUNK* in *CUNK* and *UNKED* it Central *CUNK* . STOP 
He gave those bureaucrats charge of all naval operations in the *CUNK* Gulf and Indian Ocean . STOP 
Marshall figured it would be good training for those *UNKS* -- *UNK* maybe they would get the whole Navy . STOP 
They had fun moving the carriers around , but it turned out that they had *UNK* all about mine *UNKS* . STOP 
But the shah still kept *UNKING* out at Cap , so Cap bought a hundred merchant ships more and $ 7 billion of *UNKING* *UNKS* , *UNKS* , *UNK* , in order that those seven new Army divisions and three Marine *UNKS* could *UNUNK* from all those new ships and aircraft and go to war in the *CUNKS* *UNKS* . STOP 
Then suddenly *CUNK* 's ghost came to visit and said , `` What the *UNK* are you doing planning for a land war in Asia *UNKN* miles away ? STOP 
We 'd get our *UNKS* *UNKED* . '' STOP 
*CUNK* for Cap , *CUNK* was *UNKING* and soon went away , while the shah -- he kept coming back . STOP 
So the U.S. found itself paying about $ 2 billion in *UNK* to various Arab *UNKS* for *UNKING* rights around the Indian Ocean . STOP 
We had great success in *CUNK* . STOP 
But then it turned out that President *CUNK* *CUNK* was not at all a nice person and the Navy pointed out that the base he promised us in *CUNK* had *UNKED* up about a hundred years ago and anyway was *UNKN* miles from the *UNK* of the Gulf . STOP 
-LRB- But who 's counting . -RRB- STOP 
Still , *CUNK* was the best we could get , so we stay in bed with President *CUNK* . STOP 
All these reports about him *UNKING* *UNK* are probably *UNKED* anyway . STOP 
But would n't you know , now that we are spending *UNKS* of dollars , and have built those new divisions and new air *UNKS* , and have positioned all these ships and supplies to fight the *CUNKS* in Iran , the *CUNKS* seem to have lost interest in the whole subject . STOP 
Meanwhile , Congress is cutting huge *UNKS* out of the rest of the defense budget . STOP 
*CUNKLY* , some Navy guys said : `` Do we still need to keep all 18 Army divisions on active duty and all those extra *UNKED* aircraft without bases and all those Army guys playing *UNKAL* in *CUNK* ? STOP 
*CUNK* n't we save $ 20 billion or $ 30 billion a year by shifting that stuff to the reserves ? STOP 
And why not save the costs of a thousand bureaucrats by *UNKING* Central *CUNK* and putting responsibility for Gulf naval operations back where it *UNKS* , *UNK* with the task force *UNKER* in the Gulf ? STOP 
And where were all our *UNKLY* paid Indian Ocean allies last year when our *UNKS* were being attacked ? '' STOP 
*CUNKS* like that really *UNK* up Marshall 's ghost . STOP 
He appeared late one night in the *UNK* of the new defense secretary , Dick Cheney . STOP 
Marshall came *UNKING* in like *CUNK* 's ghost *UNKING* those chains of *UNKS* and air *UNKS* and links with Arab *UNKS* . STOP 
He would n't leave until Mr. Cheney promised to do whatever the Pentagon systems analysts told him . STOP 
So next day Mr. Cheney went out and did just that : He canceled the *UNK-* Navy and cut back one carrier and 20 *UNKS* . STOP 
Then he canceled production of the Navy 's most important carrier aircraft , the *CUNK-* and the *CUNK* . STOP 
On the other hand , Mr. Cheney retained all those new land forces . STOP 
Marshall 's ghost is satisfied for now , but he 'll be back . STOP 
What with *CUNK* coming and bigger defense cuts *UNKING* , more and more Pentagon bureaucrats are *UNKING* under their desks . STOP 
They know that they can hold off the ghosts only a little while longer by cutting carriers and ships . STOP 
Then the whole thing will start to collapse , just as it did in the 1970s , and the ghosts and *UNKS* will be *UNKING* through the place turning people 's hair white . STOP 
*CUNKS* me the *UNKS* just thinking about it . STOP 
Mr. Lehman , a Reagan Navy secretary , is a managing director of PaineWebber . STOP 
The metal and *UNK* lobby of CenTrust Bank 's headquarters is *UNKER* than your average savings and loan . STOP 
For one thing , there is an old master on the wall -- `` Samuel *CUNKING* David , '' a big *UNK* *UNKS* painted by *CUNK* *CUNK* , a *UNK-* *CUNK* . STOP 
At the moment , however , the painting is a *UNKING* reminder of the problems that have *UNKED* CenTrust and its *UNK* chairman and chief executive , David L. Paul . STOP 
In an international buying spree that began barely two years ago , Mr. Paul *UNKED* a collection of about 30 *UNK-* works , including the *CUNK* , at a total cost of $ 28 million . STOP 
By midnight Oct. 6 , all of the paintings were supposed to have been sold off , under orders from Florida 's comptroller , whose office *UNKS* the state 's *CUNKS* . STOP 
CenTrust did n't meet the deadline . STOP 
The collection was at the heart of a *UNK* plan Mr. Paul had in which the art was to do double duty -- as an investment for CenTrust and as *UNKION* for the S&L 's new office tower , designed by *CUNK* *CUNK* . STOP 
The *UNK* is that the $ 28 million was *UNKED* from the funds of this federally insured institution even as CenTrust was losing money hand over *UNK* . STOP 
Mr. Paul had no right to buy art for the S&L in the first place -- it is n't on the comptroller 's `` *UNK* '' list -- without seeking a special *UNKION* , which he did not do . STOP 
Besides that , some of the paintings that were to *UNK* the walls of CenTrust actually ended up *UNKING* in the chairman 's estate on La *CUNK* *CUNK* off Miami Beach . STOP 
Last spring , the comptroller 's office called a halt to Mr. Paul 's *UNKING* , giving him six months to sell the paintings . STOP 
The acquisitions , officials said in a letter to Mr. Paul , were `` *UNUNK* , *UNUNK* and *UNKED* . '' STOP 
So far , Mr. Paul has *UNKED* but three of his *UNKS* , he wo n't say to whom . STOP 
The comptroller 's office says it is `` monitoring the situation . '' STOP 
Though the agency could remove Mr. Paul , it has no current intention to do that . STOP 
`` It 's not like selling *CUNKS* , '' Mr. Paul says , as he takes a drag on a *UNKED* St. *CUNK* cigarette . STOP 
`` The last six months has established the quality of the collection . STOP 
There 's no fire sale here . '' STOP 
Despite Mr. Paul 's *UNK* *UNK* , the *UNK-* , *UNKING* *UNK* is finding that getting CenTrust -- Florida 's largest thrift institution -- out of its *UNKEST* investments is much tougher than getting into them had been . STOP 
*CUNKS* are just part of the picture . STOP 
Although Mr. Paul has *UNKED* a $ 1.35 billion junk-bond portfolio to less than $ 900 million since April , the high-yield debt market has plummeted . STOP 
*CUNKING* itself of what is left , as is required of all thrift institutions by July 1994 under the new federal S&L bailout law , may well prove difficult . STOP 
And CenTrust has other problems . STOP 
Late last week federal regulators ordered the thrift institution to stop paying dividends on its preferred stock -- a move that suggests deep concern about an institution . STOP 
Mr. Paul has a plan to bring in $ 150 million by selling off 63 of CenTrust 's 71 branches , but it has yet to be approved by regulators . STOP 
It is Mr. Paul 's art venture , however , that has drawn the most attention from investors and regulators , not to mention *UNKS* throughout the world . STOP