[ yields/NNS ] on/IN [ money-market/JJ mutual/JJ funds/NNS ] continued/VBD to/TO slide/VB ,/, amid/IN [ signs/NNS ] that/IN [ portfolio/NN managers/NNS ] expect/VBP [ further/JJ declines/NNS ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
[ longer/JJR maturities/NNS ] are/VBP thought/VBN to/TO indicate/VB [ declining/VBG interest_6/NN rates/NNS ] because/IN [ they/PP ] permit/VBP [ portfolio/NN managers/NNS ] to/TO retain/VB relatively/RB [ higher/JJR rates/NNS ] for/IN [ a/DT longer/JJR period/NN ] ./. 
$$
nevertheless/RB ,/, said/VBD [ brenda/NP malizia/NP negus/NP ] ,/, [ editor/NN ] of/IN [ money/NP fund/NP report/NP ] ,/, yields/NNS ``/`` may/MD [ blip/VB ] up/RP again/RB before/IN [ they/PP ] [ blip/VBP ] down/RP ''/'' because/IN of/IN [ recent/JJ rises/NNS ] in/IN [ short-term/JJ interest_6/NN rates/NNS ] ./. 
$$
[ j.p./NP bolduc/NP ] ,/, [ vice/NN chairman/NN ] of/IN [ w.r./NP grace/NP ] &/CC [ co./NP ] ,/, [ which/WDT ] holds/VBZ [ a/DT 83.4/AB %/NN interest_5/NN ] in/IN [ this/DT energy-services/JJ company/NN ] ,/, was/VBD elected/VBN [ a/DT director/NN ] ./. 
$$
====================================== [ finmeccanica/NP ] is/VBZ [ an/DT italian/JJ state-owned/JJ holding/VBG company/NN ] with/IN [ interests_5/NNS ] in/IN [ the/DT mechanical/JJ engineering/NN industry/NN ] ./. 
$$
====================================== in/IN [ august/NP ] ,/, [ the/DT commission/NN ] ruled/VBD that/IN between/IN [ $/$ 190/AB million/AB ] and/CC [ $/$ 195/AB million/AB ] of/IN [ the/DT plant/NN 's/POS construction/NN cost/NN ] was/VBD unreasonable/JJ and/CC should/MD be/VB refunded/VBN ,/, plus/CC [ interest_6/NN ] ./. 
$$
[ last/JJ month/NN ] ,/, [ judge/NP curry/NP ] set/VBD [ the/DT interest_6/NN rate/NN ] on/IN [ the/DT refund/NN ] at/IN [ 9/AB %/NN ] ./. 
$$
====================================== [ gary/NP hoffman/NP ] ,/, [ a/DT washington/NP lawyer/NN ] specializing/VBG in/IN [ intellectual-property/JJ cases/NNS ] ,/, said/VBD [ the/DT threat/NN ] of/IN [ u.s./NP retaliation/NN ] ,/, combined/VBN with/IN [ a/DT growing/VBG recognition/NN ] that/IN protecting/VBG [ intellectual/JJ property/NN ] is/VBZ in/IN [ a/DT country/NN 's/POS own/JJ interest_4/NN ] ,/, prompted/VBD [ the/DT improvements/NNS ] made/VBN by/IN [ south/NP korea/NP ] ,/, [ taiwan/NP ] and/CC [ saudi/NP arabia/NP ] ./. 
$$
====================================== [ mr./NP rapanelli/NP ] recently/RB has/VBZ said/VBD [ the/DT government/NN ] of/IN [ president/NP carlos/NP menem/NP ] ,/, [ who/WP ] took/VBD [ office/NN july/NP 8/AB ] ,/, feels/VBZ [ a/DT significant/JJ reduction/NN ] of/IN [ principal/NN ] and/CC [ interest_6/NN ] is/VBZ [ the/DT only/JJ way/NN ] [ the/DT debt/NN problem/NN ] may/MD be/VB solved/VBN ./. 
$$
[ that/DT stake/NN ] ,/, together/RB with/IN [ its/PP$ convertible/JJ ] preferred/VBN [ stock/NN holdings/NNS ] ,/, gives/VBZ [ faulding/NP ] [ the/DT right/NN ] to/TO increase/VB [ its/PP$ interest_5/NN ] to/TO [ 70/AB %/NN ] of/IN [ moleculon/NP 's/POS voting/NN stock/NN ] ./. 
$$
====================================== [ the/DT purchases/NNS ] show/VBP [ the/DT strong/JJ interest_1/NN ] of/IN [ japanese/JJ investors/NNS ] in/IN [ u.s./NP mortgage-based/JJ instruments/NNS ] ,/, [ fannie/NP mae/NP 's/POS chairman/NN ] ,/, [ david/NP o./NP maxwell/NP ] ,/, said/VBD at/IN [ a/DT news/NN conference/NN ] ./. 
$$
first/JJ ,/, [ they/PP ] are/VBP designed/VBN to/TO eliminate/VB [ the/DT risk/NN ] of/IN [ prepayment/NN --mortgage-backed/JJ securities/NNS ] can/MD be/VB retired/VBN early/RB if/IN [ interest_6/NN rates/NNS ] decline/VBP ,/, and/CC [ such/JJ prepayment/NN ] forces/VBZ [ investors/NNS ] to/TO redeploy/VB [ their/PP$ money/NN ] at/IN [ lower/JJR rates/NNS ] ./. 
$$
at/IN [ the/DT same/JJ time/NN ] ,/, [ the/DT drop/NN ] in/IN [ interest_6/NN rates/NNS ] since/IN [ the/DT spring/NN ] has/VBZ failed/VBN to/TO revive/VB [ the/DT residential/JJ construction/NN industry/NN ] ./. 
$$
[ david/NP berson/NP ] ,/, [ economist/NN ] for/IN [ the/DT mortgage/NP bankers/NP association/NP ] ,/, predicted/VBD [ the/DT drop/NN ] in/IN [ interest_6/NN rates/NNS ] eventually/RB will/MD boost/VB spending/NN on/IN [ single-family/JJ homes/NNS ] ,/, but/CC probably/RB not/RB until/IN [ early/JJ next/JJ year/NN ] ./. 
$$
[ the/DT toronto-based/JJ real/JJ estate/NN concern/NN ] said/VBD [ each/DT bond/NN warrant/NN ] entitles/VBZ [ the/DT holder/NN ] to/TO buy/VB [ c$/$ 1,000/AB principal/NN amount/NN ] of/IN [ debentures/NNS ] at/IN [ par/NN ] plus/CC accrued/VBN [ interest_6/NN ] to/TO [ the/DT date/NN ] of/IN [ purchase/NN ] ./. 
$$
[ he/PP ] also/RB said/VBD that/IN after/IN [ the/DT charges/NNS ] ,/, and/CC ``/`` assuming/VBG [ no/DT dramatic/JJ fluctuation/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, [ the/DT company/NN ] expects/VBZ to/TO achieve/VB [ near-record/JJ earnings/NNS ] in/IN [ 1990/AB ] ./. 
$$
====================================== [ the/DT fire/NN ] is/VBZ also/RB fueled/VBN by/IN growing/JJ [ international/JJ interest_1/NN ] in/IN [ japanese/JJ behavior/NN ] ./. 
$$
====================================== meanwhile/RB ,/, [ traders/NNS ] in/IN [ tokyo/NP ] say/VBP that/IN [ the/DT prospect/NN ] of/IN [ lower/JJR u.s./NP interest_6/NN rates/NNS ] has/VBZ spurred/VBN [ dollar/NN ] buying/VBG by/IN [ japanese/JJ institutions/NNS ] ./. 
$$
====================================== [ the/DT market/NN ] again/RB showed/VBD [ little/JJ interest_1/NN ] in/IN [ further/JJ evidence/NN ] of/IN [ a/DT ] slowing/VBG [ u.s./NP economy/NN ] ,/, and/CC [ traders/NNS ] note/VBP that/IN [ the/DT market/NN ] in/IN [ recent/JJ weeks/NNS ] has/VBZ taken/VBN [ its/PP$ cues/NNS ] more/RBR from/IN [ wall/NP street/NP ] than/IN [ u.s./NP economic/JJ indicators/NNS ] ./. 
$$
====================================== [ signs/NNS ] of/IN [ a/DT slowing/VBG economy/NN ] are/VBP increasing/VBG [ pressure/NN ] on/IN [ the/DT federal/NP reserve/NP ] to/TO cut/VB [ short-term/JJ interest_6/NN rates/NNS ] ,/, but/CC [ it/PP ] is/VBZ n't/RB clear/JJ whether/IN [ the/DT central/JJ bank/NN ] will/MD do/VB so/RB ./. 
$$
====================================== [ the/DT fed/NP ] cut/VBD [ the/DT key/JJ federal/JJ funds/NNS interest_6/NN rate/NN ] by/IN about/RB [ 0.25/AB percentage/NN point/NN ] to/TO [ 8.75/AB %/NN ] after/IN [ the/DT oct./NP 13/AB stock/NN market/NN plunge/NN ] ,/, but/CC has/VBZ shown/VBN [ no/DT sign/NN ] of/IN [ movement/NN ] since/IN ./. 
$$
====================================== ``/`` [ each/DT day/NN ] that/IN [ congress/NP ] fails/VBZ to/TO act.../: will/MD cause/VB [ additional/JJ disruption/NN ] in/IN [ our/PP$ borrowing/NN schedule/NN ] ,/, possibly/RB resulting/VBG in/IN [ higher/JJR interest_6/NN costs/NNS ] to/TO [ the/DT taxpayer/NN ] ,/, ''/'' [ treasury/NP secretary/NP nicholas/NP brady/NP ] said/VBD in/IN [ a/DT speech/NN ] prepared/VBN for/IN [ delivery/NN last/JJ night/NN ] to/TO [ a/DT group/NN ] of/IN [ bankers/NNS ] ./. 
$$
====================================== ``/`` [ we/PP ] believe/VBP that/IN [ it/PP ] is/VBZ vitally/RB important/JJ for/IN [ those/DT japanese/JJ business/NN interests_3/NNS ] {/( in/IN [ the/DT u.s/NP ] ./. 
$$
====================================== [ heightened/JJ japanese/JJ interest_1/NN ] in/IN [ american/JJ small/JJ business/NN ] parallels/VBZ [ an/DT acceleration/NN ] of/IN [ investments/NNS ] giving/VBG [ japanese/JJ companies/NNS ] control/NN of/IN [ large/JJ ] ,/, highly/RB [ visible/JJ u.s./NP corporations/NNS ] ,/, such/JJ as/IN [ columbia/NP pictures/NP entertainment/NP inc/NP ] ./. 
$$
[ last/JJ year/NN ] ,/, [ mitsubishi/NP international/NP corp./NP ] ,/, [ the/DT new/NP york-based/NP arm/NN ] of/IN [ mitsubishi/NP corp./NP ] ,/, bought/VBD controlling/VBG [ interest_5/NN ] in/IN [ the/DT glass/NN company/NN ] in/IN [ a/DT joint/JJ venture/NN ] with/IN [ ronald/NP bodner/NP ] ,/, [ a/DT glass/NN industry/NN executive/NN ] and/CC [ mitsubishi/NP consultant/NN ] ./. 
$$
====================================== [ adds/VBZ takeshi/NP kondo/NP ] ,/, [ senior/JJ vice/NN president/NN ] of/IN [ c./NP itoh/NP america/NP inc./NP ] :/: ``/`` [ we/PP ] have/VBP [ a/DT great/JJ interest_1/NN ] in/IN making/VBG [ investments/NNS ] ,/, particularly/RB in/IN [ new/JJ ventures/NNS ] ./. 
$$
====================================== [ mr./NP klauser/NP ] says/VBZ [ mitsui/NP ] has/VBZ [ 75/AB u.s./NP subsidiaries/NNS ] in/IN [ which/WDT ] [ it/PP ] holds/VBZ [ 35/AB %/NN interest_5/NN ] or/CC [ more/JJR ] and/CC [ the/DT trading/NN company/NN ] hopes/VBZ to/TO double/VB [ the/DT number/NN ] of/IN [ its/PP$ u.s./NP affiliates/NNS ] in/IN [ 1990/AB ] ./. 
$$
for/IN nearly/RB [ a/DT decade/NN ] ,/, [ banks/NNS ] have/VBP competed/VBN for/IN [ customers/NNS ] primarily/RB with/IN [ the/DT interest_6/NN rates/NNS they/PP ] pay/VBP on/IN [ their/PP$ deposits/NNS ] and/CC [ charge/VB ] on/IN [ their/PP$ loans/NNS ] ./. 
$$
====================================== [ wednesday/NP ] ,/, [ november/NP 1/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ olympia/NP broadcasting/NP corp./NP ] said/VBD [ it/PP ] did/VBD n't/RB make/VB [ a/DT $/$ 1.64/AB million/AB semiannual/JJ interest_6/NN payment/NN due/JJ yesterday/NN ] on/IN [ $/$ 23.4/AB million/AB ] of/IN [ senior/JJ subordinated/VBN debentures/NNS ] ./. 
$$
====================================== [ the/DT united/NP kingdom/NP high/NP court/NP ] declared/VBD [ illegal/JJ a/DT variety/NN ] of/IN [ interest_6/NN rate/NN swap/NN transactions/NNS ] and/CC [ options/NNS ] deals/NNS between/IN [ a/DT london/NP borough/NN council/NN ] and/CC [ commercial/JJ banks/NNS ] ./. 
$$
at/IN [ one/AB point/NN ] ,/, [ hammersmith/NP ] is/VBZ reported/VBN to/TO have/VB accounted/VBN for/IN as/RB much/JJ as/IN [ 10/AB %/NN ] of/IN [ the/DT sterling/NN market/NN ] in/IN [ interest_6/NN rate/NN swap/NN dealings/NNS ] ./. 
$$
====================================== when/WRB [ two/AB parties/NNS ] engage/VBP in/IN [ an/DT interest_6/NN rate/NN ] swap/NN ,/, [ they/PP ] are/VBP betting/VBG against/IN [ each/DT other/JJ ] on/IN [ future/JJ rates/NNS ] ./. 
$$
thus/RB ,/, [ an/DT institution/NN ] obligated/VBD to/TO make/VB [ fixed-rate/JJ interest_6/NN payments/NNS ] on/IN [ debt/NN ] swaps/NNS [ the/DT payments/NNS ] with/IN [ another/DT ] making/VBG [ floating-rate/JJ payments/NNS ] ./. 
$$
as/IN [ interest_6/NN rates/NNS ] rose/VBD ,/, [ municipalities/NNS ] owed/VBD [ the/DT banks/NNS ] more/JJR than/IN [ the/DT banks/NNS ] were/VBD paying/VBG [ them/PP ] ./. 
$$
====================================== ``/`` [ i/PP ] 'm/VBP starting/VBG to/TO see/VB [ more/JJR business/NN transactions/NNS ] ,/, ''/'' says/VBZ [ andrea/NP west/NP ] of/IN [ american/NP telephone/NP ] &/CC [ telegraph/NP co./NP ] ,/, noting/VBG [ growing/VBG interest_1/NN ] in/IN [ use/NN ] of/IN [ 900/AB service/NN ] for/IN [ stock/NN sales/NNS ] ,/, [ software/NN tutorials/NNS ] and/CC even/RB [ service/NN contracts/NNS ] ./. 
$$
``/`` [ i/PP ] 'd/MD much/RB rather/RB see/VB [ them/PP ] dealing/VBG with/IN [ interest_6/NN rates/NNS ] and/CC [ the/DT deficit/NN ] ./. 
$$
[ there/EX ] is/VBZ [ $/$ 30.9/AB million/AB ] of/IN [ fourth/JJ series/NN bonds/NNS ] ,/, [ the/DT interest_6/NN ] on/IN [ which/WDT ] is/VBZ not/RB subject/JJ to/TO [ the/DT federal/JJ alternative/NN minimum/NN tax/NN ] ./. 
$$
[ its/PP$ backers/NNS ] fielded/VBD [ every/DT important/JJ interest_4/NN ] on/IN [ their/PP$ team/NN ] --/: [ a/DT popular/JJ mayor/NN ] ,/, [ the/DT chamber/NP ] of/IN [ commerce/NP ] ,/, [ the/DT major/JJ media/NNS ] --/: and/CC spent/VBD [ $/$ 100,000/AB ] on/IN [ promotion/NN ] ./. 
$$
[ congress/NP ] could/MD create/VB [ a/DT compensation/NN program/NN ] to/TO help/VB [ such/JJ victims/NNS ] while/IN protecting/VBG [ the/DT national/JJ interest_4/NN ] in/IN encouraging/VBG [ new/JJ drugs/NNS ] ./. 
$$
====================================== [ institutions/NNS ] mostly/RB remained/VBD on/IN [ the/DT sidelines/NNS ] because/IN of/IN [ uncertainty/NN regarding/VBG interest_6/NN rates/NNS ] and/CC [ the/DT dollar/NN ] ./. 
$$
====================================== [ due/JJ ] to/TO continuingly/RB [ high/JJ gold/NN prices/NNS ] tied/VBN to/TO [ uncertainty/NN ] about/IN [ the/DT u.s./NP currency/NN ] ,/, [ investor/NN interest_1/NN ] was/VBD directed/VBN toward/IN [ oil/NN ] and/CC [ mining/NN shares/NNS ] ,/, [ which/WDT traders/NNS ] called/VBD [ a/DT ] ``/`` [ defensive/JJ ] ''/'' [ action/NN ] frequently/RB taken/VBN when/WRB [ the/DT dollar/NN ] is/VBZ expected/VBN to/TO fall/VB or/CC during/IN [ times/NNS ] of/IN [ inflation/NN ] ./. 
$$
====================================== [ dealers/NNS ] said/VBD [ most/JJS investor/NN interest_1/NN ] was/VBD focused/VBN on/IN [ defensive/JJ blue-chip/JJ stocks/NNS ] ,/, particularly/RB [ those/DT ] with/IN [ limited/JJ u.k./NP exposure/NN ] ./. 
$$
[ total/JJ return/NN ] measures/VBZ [ price/NN changes/NNS ] and/CC [ interest_6/NN income/NN ] ./. 
$$
[ the/DT rating/NN concern/NN ] said/VBD [ the/DT textile/NN ] and/CC [ clothing/NN company/NN 's/POS interest_6/NN expense/NN ] exceeds/VBZ [ operating/NN profit/NN ] ``/`` by/IN [ a/DT wide/JJ margin/NN ] ''/'' and/CC [ it/PP ] noted/VBD united/NP 's/POS estimated/VBN [ after-tax/JJ loss/NN ] of/IN [ $/$ 24/AB million/AB ] for/IN [ the/DT year/NN ] ended/VBD [ june/NP 30/AB ] ./. 
$$
====================================== although/IN [ takeover/NN experts/NNS ] said/VBD [ they/PP ] doubted/VBD [ mr./NP steinberg/NP ] will/MD make/VB [ a/DT bid/NN ] by/IN [ himself/PP ] ,/, [ the/DT application/NN ] by/IN [ his/PP$ reliance/NP group/NP holdings/NPS inc./NP ] could/MD signal/VB [ his/PP$ interest_1/NN ] in/IN helping/VBG revive/VB [ a/DT failed/VBN labor-management/JJ bid/NN ] ./. 
$$
====================================== [ younkers/NP management/NN ] is/VBZ likely/JJ to/TO buy/VB [ a/DT 10/AB %/NN ] to/TO [ 20/AB %/NN interest_5/NN ] in/IN [ the/DT chain/NN ] in/IN [ january/NP ] ,/, said/VBD [ fred/NP s./NP hubbell/NP ] ,/, [ equitable/NP 's/POS president/NN ] and/CC [ chief/NN executive/NN officer/NN ] ./. 
$$
====================================== [ reuters/NP holdings/NP plc/NP ] said/VBD [ michael/NP reupke/NP ] resigned/VBD as/IN [ general/JJ manager/NN ] to/TO pursue/VB [ unspecified/JJ interests_3/NNS ] ,/, [ a/DT move/NN ] [ the/DT news/NN organization/NN ] termed/VBD [ an/DT ] ``/`` [ amicable/JJ separation/NN ] ./. 
$$
====================================== [ the/DT company/NN ] also/RB cited/VBD [ interest_6/NN costs/NNS ] and/CC [ amortization/NN ] of/IN [ goodwill/NN ] as/IN [ factors/NNS ] in/IN [ the/DT loss/NN ] ./. 
$$
====================================== trading/NN is/VBZ expected/VBN to/TO remain/VB subdued/VBN as/IN [ the/DT market/NN ] awaits/VBZ [ tomorrow/NN 's/POS release/NN ] of/IN [ the/DT jobs/NNS data/NNS ] with/IN [ the/DT hope/NN ] that/IN [ it/PP ] will/MD point/VB toward/IN [ a/DT decline/NN ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ meridian/NP national/NP corp./NP ] said/VBD [ it/PP ] sold/VBD [ 750,000/AB shares/NNS ] of/IN [ its/PP$ common/JJ stock/NN ] to/TO [ the/DT mcalpine/NP family/NN interests_5/NNS ] ,/, for/IN [ $/$ 1/AB million/AB ] ,/, or/CC [ $/$ 1.35/AB ] [ a/DT share/NN ] ./. 
$$
====================================== [ the/DT thrift/NN ] said/VBD that/IN ``/`` after/IN [ these/DT charges/NNS ] and/CC assuming/VBG [ no/DT dramatic/JJ fluctuation/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, [ the/DT association/NN ] expects/VBZ to/TO achieve/VB near/IN [ record/NN earnings/NNS ] in/IN [ 1990/AB ] ./. 
$$
====================================== [ the/DT fed/NP ] is/VBZ coming/VBG under/IN [ pressure/NN ] to/TO cut/VB [ short-term/JJ interest_6/NN rates/NNS ] due/JJ to/TO [ the/DT apparent/JJ slowing/NN ] of/IN [ the/DT economy/NN ] ./. 
$$
====================================== [ tuesday/NP ] ,/, [ october/NP 31/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ it/PP ] was/VBD in/IN [ jaguar/NP 's/POS best/JJS interests_4/NNS ] ``/`` for/IN [ the/DT company/NN 's/POS future/NN ] to/TO be/VB assured/VBN and/CC [ the/DT present/JJ climate/NN ] of/IN [ uncertainty/NN ] resolved/VBN as/RB quickly/RB as/IN [ possible/JJ ] ,/, ''/'' [ mr./NP ridley/NP ] said/VBD ./. 
$$
[ the/DT share/NN price/NN ] was/VBD languishing/VBG at/IN about/IN [ 400/AB pence/NN ] before/IN [ ford/NP 's/POS sept./NP 19/AB announcement/NN ] of/IN [ its/PP$ interest_1/NN ] in/IN [ a/DT minority/NN stake/NN ] ./. 
$$
[ the/DT government/NN ] ,/, already/RB buffeted/VBN by/IN [ high/JJ interest_6/NN rates/NNS ] and/CC [ a/DT slowing/VBG economy/NN ] ,/, has/VBZ been/VBN badly/RB hurt/VBN by/IN [ last/JJ week/NN 's/POS shake-up/NN ] in/IN [ mrs./NP thatcher/NP 's/POS cabinet/NN ] ./. 
$$
``/`` [ he/PP ] is/VBZ going/VBG to/TO pursue/VB [ other/JJ interests_3/NNS ] ,/, ''/'' [ mr./NP jahn/NP ] said/VBD ./. 
$$
but/CC [ other/JJ sectors/NNS ] failed/VBD to/TO attract/VB [ investor/NN interest_1/NN ] and/CC remained/VBD [ sluggish/JJ ] ,/, making/VBG [ overall/JJ ] trading/NN appear/VB mixed/JJ ./. 
$$
first/LS ,/, [ he/PP ] said/VBD ,/, [ domestic/JJ interest_6/NN rates/NNS ] are/VBP likely/JJ to/TO stay/VB at/IN [ higher/JJR levels/NNS ] as/IN increased/JJ [ anticipation/NN ] of/IN [ inflation/NN ] followed/VBD rising/VBG [ consumer/NN prices/NNS ] reported/VBN [ last/JJ week/NN ] ./. 
$$
====================================== [ the/DT cd/NN trend/NN ] runs/VBZ counter/RB to/TO [ the/DT direction/NN ] of/IN [ short-term/JJ interest_6/NN rates/NNS ] at/IN [ the/DT treasury/NP bill/NN auction/NN monday/NP ] ./. 
$$
but/CC when/WRB [ market/NN interest_6/NN rates/NNS ] move/VBP up/RB rapidly/RB ,/, [ increases/NNS ] in/IN [ bank/NN cd/NN ] yields/NNS sometimes/RB lag/VBP ./. 
$$
====================================== [ fraser/NP ] &/CC [ neave/NP ] ,/, [ which/WDT ] also/RB has/VBZ [ interests_5/NNS ] in/IN packaging/NN ,/, [ beer/NN ] and/CC [ dairy/NN products/NNS ] ,/, holds/VBZ [ the/DT coke/NP licenses/NNS ] for/IN [ malaysia/NP ] and/CC [ brunei/NP ] ,/, where/WRB [ per-capita/JJ consumption/NN ] is/VBZ n't/RB as/RB high/JJ as/IN in/IN [ singapore/NP ] ./. 
$$
====================================== [ moody/NP ] [ 's/POS investors/NPS service/NP inc./NP ] said/VBD [ it/PP ] lowered/VBD [ the/DT ratings/NNS ] on/IN about/IN [ $/$ 3.2/AB billion/AB ] of/IN [ houston/NP lighting/NP ] &/CC [ power/NP co./NP 's/POS securities/NNS ] because/IN of/IN [ the/DT company/NN 's/POS low/JJ levels/NNS ] of/IN [ interest_6/NN coverage/NN ] and/CC [ internal/JJ cash/NN generation/NN ] ./. 
$$
[ the/DT remainder/NN ] expect/VBP [ a/DT downturn/NN ] to/TO begin/VB sometime/RB in/IN ====================================== although/IN [ manufacturers/NNS ] often/RB are/VBP quick/JJ to/TO call/VB for/IN [ lower/JJR interest_6/NN rates/NNS ] ,/, [ 60/AB %/NN ] of/IN [ the/DT executives/NNS ] said/VBD [ they/PP ] would/MD prefer/VB that/IN [ the/DT fed/NP ] keep/VB inflation-fighting/NN as/IN [ its/PP$ top/JJ priority/NN ] even/RB if/IN [ that/DT ] means/VBZ [ higher/JJR rates/NNS ] ./. 
$$
[ the/DT other/JJ 40/AB %/NN ] said/VBD [ the/DT fed/NP ] ought/MD to/TO worry/VB [ less/RBR ] about/IN [ inflation/NN ] and/CC bring/VB [ interest_6/NN rates/NNS ] down/RP ./. 
$$
====================================== [ the/DT average/JJ interest_6/NN rate/NN ] rose/VBD to/TO [ 8.3875/AB %/NN ] at/IN [ citicorp/NP 's/POS $/$ 50/AB million/AB weekly/JJ auction/NN ] of/IN [ 91-day/JJ commercial/JJ paper/NN ] ,/, or/CC [ corporate/JJ ious/NNS ] ,/, from/IN [ 8.337/AB %/NN ] at/IN [ last/JJ week/NN 's/POS sale/NN ] ./. 
$$
====================================== [ the/DT fbi/NP ] initially/RB showed/VBD [ little/JJ interest_1/NN ] ,/, and/CC [ he/PP ] had/VBD [ the/DT impression/NN other/JJ federal/JJ security/NN agencies/NNS ] were/VBD tangled/VBN up/RB in/IN [ legal/JJ red/JJ tape/NN ] ./. 
$$
[ one/AB ] of/IN [ its/PP$ international/JJ specialists/NNS ] ,/, [ steve/NP white/NP ] ,/, took/VBD [ a/DT quick/JJ interest_1/NN ] in/IN [ mr./NP stoll/NP 's/POS hunt/NN ] ,/, ultimately/RB tracing/VBG [ the/DT hacker/NN ] to/TO [ west/NP germany/NP ] ./. 
$$
====================================== but/CC [ higher/JJR interest_6/NN rates/NNS ] paid/VBN on/IN [ off-budget/JJ debt/NN ] could/MD add/VB [ billions/NNS ] to/TO [ the/DT bailout/NN ] costs/NNS ,/, and/CC would/MD n't/RB be/VB subject/JJ to/TO [ congressional/JJ scrutiny/NN ] ,/, [ ways/NPS ] and/CC [ means/NPS members/NNS ] argued/VBD ./. 
$$
[ the/DT lumber/NN ] ,/, [ insulation/NN ] and/CC [ fireproofing/NN concern/NN ] said/VBD [ the/DT transaction/NN ] ,/, [ which/WDT ] includes/VBZ [ a/DT swap/NN ] of/IN [ other/JJ timber/NN interests_5/NNS ] ,/, would/MD result/VB in/IN [ a/DT $/$ 13.5/AB million/AB after-tax/JJ ] gain/NN ,/, to/TO be/VB recorded/VBN in/IN [ the/DT fourth/JJ quarter/NN ] ./. 
$$
[ a/DT spokesman/NN ] said/VBD [ healthvest/NP ] has/VBZ paid/VBN [ two/AB ] of/IN [ the/DT three/AB banks/NNS ] [ it/PP ] owed/VBD [ interest_6/NN ] to/TO in/IN [ october/NP ] and/CC is/VBZ in/IN [ negotiations/NNS ] with/IN [ the/DT third/JJ bank/NN ] ./. 
$$
[ the/DT loan/NN ] is/VBZ backed/VBN by/IN [ healthcare/NP 's/POS 5.4/AB %/NN stake/NN ] in/IN [ healthvest/NP ] and/CC [ interest_5/NN ] in/IN [ certain/JJ facilities/NNS ] ./. 
$$
====================================== [ prosecutors/NNS ] ,/, in/IN [ an/DT indictment/NN ] based/VBN on/IN [ the/DT grand/JJ jury/NN 's/POS report/NN ] ,/, maintain/VBP that/IN at/IN [ various/JJ times/NNS ] since/IN [ 1975/AB ] ,/, [ he/PP ] owned/VBD [ a/DT secret/JJ ] and/CC [ illegal/JJ interest_5/NN ] in/IN [ a/DT beer/NN distributorship/NN ] ;/: plotted/VBD hidden/JJ [ ownership/NN *interests/NNS ] in/IN [ real/JJ estate/NN ] [ that/WDT ] presented/VBD [ an/DT alleged/JJ conflict/NN ] of/IN [ *interest/NN ] ;/: set/VBN up/RP [ a/DT dummy/JJ corporation/NN ] to/TO buy/VB [ a/DT car/NN ] and/CC obtain/VB [ insurance/NN ] for/IN [ his/PP$ former/JJ girlfriend/NN ] (/( now/RB [ his/PP$ second/JJ wife/NN ] )/) ;/: and/CC maintained/VBD [ 54/AB accounts/NNS ] in/IN [ six/AB banks/NNS ] in/IN [ cambria/NP county/NP ] ./. 
$$
====================================== [ prosecutors/NNS ] ,/, in/IN [ an/DT indictment/NN ] based/VBN on/IN [ the/DT grand/JJ jury/NN 's/POS report/NN ] ,/, maintain/VBP that/IN at/IN [ various/JJ times/NNS ] since/IN [ 1975/AB ] ,/, [ he/PP ] owned/VBD [ a/DT secret/JJ ] and/CC [ illegal/JJ *interest/NN ] in/IN [ a/DT beer/NN distributorship/NN ] ;/: plotted/VBD hidden/JJ [ ownership/NN interests_5/NNS ] in/IN [ real/JJ estate/NN ] [ that/WDT ] presented/VBD [ an/DT alleged/JJ conflict/NN ] of/IN [ *interest/NN ] ;/: set/VBN up/RP [ a/DT dummy/JJ corporation/NN ] to/TO buy/VB [ a/DT car/NN ] and/CC obtain/VB [ insurance/NN ] for/IN [ his/PP$ former/JJ girlfriend/NN ] (/( now/RB [ his/PP$ second/JJ wife/NN ] )/) ;/: and/CC maintained/VBD [ 54/AB accounts/NNS ] in/IN [ six/AB banks/NNS ] in/IN [ cambria/NP county/NP ] ./. 
$$
[ it/PP ] refinanced/VBD [ the/DT judge/NN 's/POS loan/NN ] ,/, lowered/VBD [ its/PP$ interest_6/NN rate/NN ] and/CC accepted/VBD [ a/DT trade-in/NN ] [ that/WDT ] had/VBD n't/RB originally/RB been/VBN [ part/NN ] of/IN [ the/DT deal/NN ] --/: [ a/DT beat/JJ ] up/JJ [ 1981/AB chevy/NP citation/NP ] [ the/DT dealer/NN ] had/VBD to/TO repair/VB before/IN [ it/PP ] could/MD be/VB resold/VBN ./. 
$$
[ two/AB years/NNS ] later/RB ,/, [ he/PP ] wrote/VBD to/TO complain/VB that/IN [ the/DT interest_6/NN ] [ he/PP ] was/VBD paying/VBG on/IN [ an/DT unsecured/JJ $/$ 10,000/AB loan/NN ] was/VBD ``/`` absolutely/RB onerous/JJ ./. 
$$
[ the/DT group/NN 's/POS bid/NN ] for/IN [ $/$ 40.9/AB million/AB ] of/IN [ wastewater/NN treatment/NN ] insured/JJ [ bonds/NNS ] ,/, [ series/NN 1989/AB ] [ a/NP ] ,/, produced/VBD [ a/DT 7.0826/AB %/NN true/JJ interest_6/NN cost/NN ] ./. 
$$
[ the/DT group/NN 's/POS bid/NN ] for/IN [ $/$ 34.2/AB million/AB ] of/IN [ wastewater/NN treatment/NN bonds/NNS ] ,/, [ series/NN 1989/AB b/NP ] ,/, produced/VBD [ a/DT 7.0808/AB %/NN true/JJ interest_6/NN cost/NN ] ./. 
$$
[ interest_6/NN ] on/IN [ the/DT bonds/NNS ] will/MD be/VB treated/VBN as/IN [ a/DT preference/NN item/NN ] in/IN calculating/VBG [ the/DT federal/JJ alternative/NN minimum/JJ tax/NN ] [ that/WDT ] may/MD be/VB imposed/VBN on/IN [ certain/JJ investors/NNS ] ./. 
$$
but/CC [ it/PP ] marks/VBZ [ a/DT big/JJ change/NN ] for/IN [ the/DT japanese/NPS ] ,/, [ who/WP ] shunned/VBD [ mortgage/NN securities/NNS ] after/IN getting/VBG burned/VBN by/IN [ a/DT big/JJ downturn/NN ] in/IN [ interest_6/NN ] rates/NNS [ a/DT few/JJ years/NNS ] back/RB ./. 
$$
====================================== ``/`` [ you/PP ] ca/MD n't/RB say/VB [ it/PP ] 's/VBZ [ a/DT ] ``/`` [ tsunami/NN ] ''/'' (/( [ tidal/JJ wave/NN ] )/) ,/, but/CC [ we/PP ] 're/VBP making/VBG [ some/DT headway/NN ] ,/, ''/'' says/VBZ [ fannie/NP mae/NP 's/POS chairman/NN ] ,/, [ david/NP o./NP maxwell/NP ] ,/, [ who/WP ] visits/VBZ [ tokyo/NP ] at/IN [ least/JJS ] once/RB [ a/DT year/NN ] to/TO explain/VB and/CC drum/VB up/RP [ investor/NN interest_1/NN ] in/IN [ mortgage/NN securities/NNS ] ./. 
$$
``/`` [ interest_1/NN ] is/VBZ [ a/DT great/JJ deal/NN ] higher/JJR than/IN [ it/PP ] was/VBD [ a/DT year/NN ] ago/RB ./. 
$$
''/'' ultimately/RB ,/, [ he/PP ] says/VBZ ,/, [ strong/JJ demand/NN ] could/MD help/VB to/TO drive/VB down/RP [ interest_6/NN rates/NNS ] on/IN [ mortgage/NN securities/NNS ] ./. 
$$
====================================== compounding/VBG [ the/DT trouble/NN ] to/TO [ japanese/JJ investors/NNS ] ,/, [ mortgage/NN securities/NNS ] pay/VBP [ interest_6/NN ] monthly/RB ,/, since/IN [ most/JJS mortgages/NNS ] require/VBP [ homeowners/NNS ] to/TO make/VB [ monthly/JJ payments/NNS ] ./. 
$$
====================================== [ supporters/NNS ] of/IN [ poison/NN pills/NNS ] argue/VBP [ that/DT their/PP$ adoption/NN ] forces/VBZ [ bidders/NNS ] to/TO negotiate/VB with/IN [ a/DT corporation/NN 's/POS directors/NNS ] ,/, [ who/WP ] are/VBP thereby/RB put/VBN in/IN [ a/DT better/JJR position/NN ] to/TO pursue/VB [ the/DT long-term/JJ interests_4/NNS ] of/IN [ the/DT corporation/NN ] ./. 
$$
====================================== [ enfield/NP ] is/VBZ [ a/DT holding/VBG company/NN ] with/IN [ interests_5/NNS ] in/IN manufacturing/VBG [ concerns/NNS ] ./. 
$$
====================================== [ odds/NNS ] and/CC [ ends/NNS ] ====================================== despite/IN [ growing/VBG interest_1/NN ] in/IN [ the/DT environment/NN ] ,/, [ u.s./NP consumers/NNS ] have/VBP n't/RB shown/VBN [ much/JJ *interest/NN ] in/IN [ refillable/JJ packages/NNS ] for/IN [ household/NN products/NNS ] ./. 
$$
====================================== [ odds/NNS ] and/CC [ ends/NNS ] ====================================== despite/IN [ growing/VBG *interest/NN ] in/IN [ the/DT environment/NN ] ,/, [ u.s./NP consumers/NNS ] have/VBP n't/RB shown/VBN [ much/JJ interest_1/NN ] in/IN [ refillable/JJ packages/NNS ] for/IN [ household/NN products/NNS ] ./. 
$$
[ they/PP ] pay/VBP [ interest_6/NN ] only/RB for/IN [ 115/AB months/NNS ] ,/, with/IN [ principal/JJ payments/NNS ] beginning/VBG thereafter/RB ./. 
$$
====================================== [ a/DT number/NN ] of/IN [ those/DT ] polled/VBN predict/VBP [ the/DT dollar/NN ] will/MD slip/VB as/IN [ the/DT federal/NP reserve/NP eases/VBZ interest_6/NN rates/NNS ] ./. 
$$
====================================== in/IN [ last/JJ month/NN 's/POS survey/NN ] ,/, [ a/DT number/NN ] of/IN [ currency/NN analysts/NNS ] predicted/VBD [ the/DT dollar/NN ] would/MD be/VB [ pressured/VBN ] by/IN [ a/DT narrowing/NN ] of/IN [ interest_6/NN rate/NN differentials/NNS ] between/IN [ the/DT u.s./NP ] and/CC [ west/NP germany/NP ] ./. 
$$
====================================== after/IN [ a/DT ] surprisingly/RB [ sharp/JJ ] widening/NN in/IN [ the/DT u.s./NP august/NP merchandise/NN trade/NN deficit/NN ] --/: [ $/$ 10.77/AB billion/AB ] from/IN [ a/DT revised/JJ $/$ 8.24/AB billion/AB ] in/IN [ july/NP ] and/CC well/RB above/IN [ expectations/NNS ] --/: and/CC [ a/DT startling/JJ 190-point/JJ drop/NN ] in/IN [ stock/NN prices/NNS ] on/IN [ oct./NP 13/AB ] ,/, [ the/DT federal/NP reserve/NP ] relaxed/VBD [ short-term/JJ interest_6/NN rates/NNS ] ,/, knocking/VBG [ fed/VBN funds/NNS ] from/IN around/IN [ 9/AB %/NN ] to/TO [ 8/AB 34/AB %/NN ] ./. 
$$
====================================== but/CC [ predictions/NNS ] that/IN [ central/JJ banks/NNS ] of/IN [ the/DT group/NP ] of/IN [ seven/NP ] (/( [ g-7/NP ] )/) [ major/JJ industrial/JJ nations/NNS ] would/MD continue/VB [ their/PP$ massive/JJ dollar/NN sales/NNS ] went/VBD astray/RB ,/, as/IN [ the/DT market/NN ] drove/VBD [ the/DT dollar/NN ] downward/RB on/IN [ its/PP$ own/JJ ] ,/, reacting/VBG to/TO [ wall/NP street/NP 's/POS plunge/NN ] and/CC [ subsequent/JJ price/NN volatility/NN ] ,/, [ lower/JJR u.s./NP interest_6/NN rates/NNS ] and/CC [ signs/NNS ] of/IN [ a/DT ] slowing/VBG [ u.s./NP economy/NN ] ./. 
$$
====================================== but/CC ,/, [ mr./NP kakita/NP ] added/VBD ,/, once/RB [ u.s./NP equities/NNS ] regain/VBP [ some/DT stability/NN ] ,/, [ players/NNS ] will/MD move/VB back/RB into/IN [ dollar-denominated/JJ investments/NNS ] ,/, especially/RB [ treasury/NP bonds/NNS ] ,/, [ whose/WP$ value/NN ] rises/VBZ when/WRB [ interest_6/NN rates/NNS ] decline/VBP ./. 
$$
[ he/PP ] said/VBD [ he/PP ] expects/VBZ [ u.s./NP interest_6/NN rates/NNS ] to/TO decline/VB ,/, dragging/VBG [ the/DT dollar/NN ] down/RB to/TO around/IN [ 1.80/AB marks/NNS ] by/IN [ the/DT end/NN ] of/IN [ january/NP ] after/IN [ a/DT short-lived/JJ dash/NN ] to/TO [ 1.87/AB marks/NNS ] by/IN [ the/DT end/NN ] of/IN [ november/NP ] ./. 
$$
[ west/JJ german/JJ interest_6/NN rates/NNS ] ,/, [ he/PP ] said/VBD ,/, will/MD remain/VB [ unchanged/JJ ] ./. 
$$
====================================== ``/`` [ we/PP ] 're/VBP finally/RB seeing/VBG [ the/DT culmination/NN ] of/IN [ all/PDT the/DT recessionary/JJ buildup/NN ] of/IN [ the/DT last/JJ few/JJ months/NNS ] ,/, ''/'' [ he/PP ] said/VBD ,/, noting/VBG [ a/DT ] continuing/VBG [ downward/JJ trend/NN ] in/IN [ u.s./NP interest_6/NN rates/NNS ] ,/, [ a/DT shaky/JJ stock/NN market/NN ] and/CC ``/`` [ gloomier/JJR economic/JJ times/NNS ] ahead/RB ''/'' [ all/DT ] signal/VBP [ a/DT ] significantly/RB [ lower/JJR dollar/NN ] ./. 
$$
====================================== [ the/DT head/JJ trader/NN ] of/IN [ chemical/NP banking/NP corp./NP 's/POS interest_6/NN rate/NN options/NNS group/NN ] has/VBZ left/VBN [ the/DT company/NN ] ,/, following/VBG [ valuation/NN errors/NNS ] [ that/WDT ] resulted/VBD in/IN [ a/DT $/$ 33/AB million/AB charge/NN ] against/IN [ its/PP$ third-quarter/JJ results/NNS ] ./. 
$$
====================================== in/IN [ other/JJ personnel/NNS changes/NNS ] stemming/VBG from/IN [ problems/NNS ] in/IN [ its/PP$ options/NNS unit/NN ] :/: ====================================== --/: [ chemical/NP ] named/VBD [ james/NP kennedy/NP ] ,/, [ a/DT trader/NN ] in/IN [ swaps/NNS contracts/NNS ] for/IN [ the/DT bank/NN ] ,/, to/TO assume/VB [ mr./NP edelson/NP 's/POS duties/NNS ] and/CC to/TO be/VB trading/NN [ manager/NN ] for/IN [ derivative/JJ products/NNS ] ,/, including/VBG [ swaps/NNS ] and/CC [ interest_6/NN rate/NN options/NNS ] ./. 
$$
[ the/DT spokeswoman/NN ] said/VBD [ the/DT frankfurt/NP situation/NN ] was/VBD ``/`` totally/RB [ different/JJ ] ''/'' from/IN [ problems/NNS ] in/IN [ the/DT interest_6/NN rate/NN options/NNS unit/NN ] ./. 
$$
====================================== according/VBG to/TO [ individuals/NNS ] familiar/JJ with/IN [ the/DT situation/NN ] ,/, [ the/DT frankfurt/NP loss/NN ] stemmed/VBD from/IN [ a/DT computer/NN program/NN ] for/IN calculating/VBG [ prices/NNS ] on/IN [ forward-rate/JJ agreements/NNS ] [ that/WDT ] failed/VBD to/TO envision/VB [ an/DT interest_6/NN rate/NN environment/NN ] where/WRB [ short-term/JJ rates/NNS ] were/VBD equal/JJ to/TO or/CC higher/JJR than/IN [ long-term/JJ rates/NNS ] ./. 
$$
====================================== while/IN [ the/DT incidents/NNS ] involving/VBG [ interest_6/NN rate/NN options/NNS ] and/CC [ forward-rate/JJ agreements/NNS ] are/VBP unrelated/JJ ,/, [ some/DT observers/NNS ] say/VBP [ they/PP ] echo/VBP [ a/DT 1987/AB incident/NN ] in/IN [ which/WDT ] [ bankers/NP trust/NP new/NP york/NP corp./NP ] restated/VBD [ the/DT value/NN ] of/IN [ its/PP$ foreign/JJ exchange/NN options/NNS ] contracts/NN downward/RB by/IN about/RB [ $/$ 80/AB million/AB ] ./. 
$$
in/IN [ an/DT interest_6/NN rate/NN options/NNS contract/NN ] ,/, [ a/DT client/NN ] pays/VBZ [ a/DT fee/NN ] to/TO [ a/DT bank/NN ] for/IN [ custom-tailored/JJ protection/NN ] against/IN [ adverse/JJ *interest/NN rate/NN swings/NNS ] for/IN [ a/DT specified/JJ period/NN ] ./. 
$$
====================================== started/VBN [ three/AB years/NNS ] ago/RB ,/, [ chemical/NP 's/POS interest_6/NN rate/NN options/NNS group/NN ] was/VBD [ a/DT leading/JJ force/NN ] in/IN [ the/DT field/NN ] ./. 
$$
====================================== started/VBN [ three/AB years/NNS ] ago/RB ,/, [ chemical/NP 's/POS interest_6/NN rate/NN options/NNS group/NN ] was/VBD [ a/DT leading/JJ force/NN ] in/IN [ the/DT field/NN ] ./. 
$$
====================================== after/IN [ 20/AB years/NNS ] of/IN [ pushing/VBG labor/NN proposals/NNS ] to/TO overhaul/VB [ the/DT nation/NN 's/POS health-care/NN system/NN ] ,/, [ bert/NP seidman/NP ] of/IN [ the/DT afl-cio/NP ] is/VBZ finding/VBG [ interest_1/NN ] from/IN [ an/DT unlikely/JJ quarter/NN ] :/: [ big/JJ business/NN ] ./. 
$$
====================================== [ some/DT analysts/NNS ] are/VBP cynical/JJ about/IN [ the/DT new/JJ corporate/JJ interest_1/NN ] in/IN [ health-care/NN overhaul/NN ] ./. 
$$
[ unless/IN ] [ the/DT federal/NP reserve/NP eases/VBZ interest_6/NN rates/NNS ] soon/RB to/TO stimulate/VB [ the/DT economy/NN ] ,/, [ profits/NNS ] could/MD remain/VB [ disappointing/JJ ] ./. 
$$
====================================== [ bouygues/NP s.a./NP ] ,/, [ a/DT diversified/JJ construction/NN concern/NN ] based/VBN in/IN [ paris/NP ] ,/, said/VBD [ its/PP$ consolidated/JJ profit/NN ] for/IN [ the/DT 1989/AB first/JJ half/NN ] ,/, after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] ,/, surged/VBD to/TO [ 188/AB million/AB french/JJ francs/NNS ] (/( [ $/$ 30.2/AB million/AB ] )/) from/IN [ 65/AB million/AB francs/NNS ] [ a/DT year/NN ] earlier/RBR ./. 
$$
====================================== for/IN [ all/DT ] of/IN [ 1988/AB ] ,/, [ bouygues/NNS ] had/VBD consolidated/JJ [ profit/NN ] of/IN [ 519/AB million/AB francs/NNS ] ,/, after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] ,/, on/IN [ revenue/NN ] of/IN [ 50/AB billion/AB francs/NNS ] ./. 
$$
====================================== ``/`` [ the/DT interest_6/NN rate/NN sensitives/NNS ] are/VBP n't/RB rallying/VBG with/IN [ the/DT rest/NN ] of/IN [ the/DT market/NN ] because/IN of/IN [ fears/NNS ] about/IN [ what/WP ] [ the/DT ] (/( [ federal/NP reserve/NP ] )/) will/MD do/VB ,/, ''/'' [ mr./NP jennison/NP ] said/VBD ./. 
$$
[ he/PP ] said/VBD that/IN [ investors/NNS ] will/MD scour/VB [ the/DT october/NP employment/NN report/NN ] ,/, [ due/JJ ] out/RB [ friday/NP ] ,/, for/IN [ clues/NNS ] about/IN [ the/DT direction/NN ] of/IN [ the/DT economy/NN ] and/CC [ the/DT immediate/JJ outlook/NN ] for/IN [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ the/DT separate/JJ $/$ 67/AB billion/AB bill/NN ] sent/VBN to/TO [ the/DT white/NP house/NP ] had/VBD [ budget/NN difficulties/NNS ] ,/, too/RB ,/, but/CC was/VBD saved/VBN ultimately/RB by/IN [ its/PP$ importance/NN ] to/TO [ a/DT broad/JJ spectrum/NN ] of/IN [ interests_3/NNS ] in/IN [ congress/NP ] and/CC [ the/DT administration/NN ] [ itself/PP ] ./. 
$$
====================================== [ the/DT dallas/NP oil/NN ] and/CC [ gas/NN concern/NN ] said/VBD that/IN [ $/$ 10/AB million/AB ] of/IN [ the/DT facility/NN ] would/MD be/VB used/VBN to/TO consolidate/VB [ the/DT company/NN 's/POS $/$ 8.1/AB million/AB ] of/IN [ existing/VBG bank/NN debt/NN ] ,/, to/TO repurchase/VB [ 4/AB million/AB ] of/IN [ its/PP$ 4.9/AB million/AB shares/NNS ] outstanding/JJ of/IN [ series/NP d/NP convertible/JJ preferred/JJ stock/NN ] ,/, and/CC to/TO purchase/VB [ a/DT 10/AB %/NN net-profits/JJ interest_5/NN ] in/IN [ certain/JJ oil/NN ] and/CC [ gas/NN properties/NNS ] from/IN [ one/AB ] of/IN [ its/PP$ existing/VBG lenders/NNS ] ,/, [ national/NP canada/NP corp/NP ] ./. 
$$
====================================== [ ted/NP eubank/NP ] ,/, [ coda/NP 's/POS president/NN ] ,/, said/VBD [ the/DT loan/NN ] carries/VBZ [ an/DT interest_6/NN rate/NN ] of/IN [ prime/JJ ] plus/CC [ one/AB percentage/NN point/NN ] ,/, with/IN [ 85/AB %/NN ] of/IN [ the/DT company/NN 's/POS net/JJ oil/NN ] and/CC [ gas/NN revenue/NN ] [ each/DT month/NN ] dedicated/VBN to/TO [ repayment/NN ] ./. 
$$
====================================== [ santa/NP fe/NP ] has/VBZ disclosed/VBN that/IN [ it/PP ] is/VBZ negotiating/VBG to/TO sell/VB [ a/DT 20/AB %/NN interest_5/NN ] in/IN [ its/PP$ real/JJ estate/NN unit/NN ] to/TO [ the/DT california/NP public/NP employees/NPS retirement/NP system/NP ] for/IN roughly/RB [ $/$ 400/AB million/AB ] ./. 
$$
====================================== [ profit/NN ] after/IN [ tax/NN ] and/CC [ minority/NN interest_5/NN ] but/CC before/IN [ extraordinary/JJ items/NNS ] rose/VBD [ 12/AB %/NN ] to/TO #/# [ 135.2/AB million/AB ] ;/: [ per-share/JJ earnings/NNS ] rose/VBD to/TO [ five/AB pence/NNS ] from/IN [ 4.5/AB pence/NNS ] ./. 
$$
''/'' ====================================== [ mr./NP meek/NP ] said/VBD [ his/PP$ suspicions/NNS ] were/VBD aroused/VBN by/IN [ several/JJ foreign/JJ investments/NNS ] by/IN [ lincoln/NP ] ,/, including/VBG [ $/$ 22/AB million/AB ] paid/VBN to/TO [ credit/NP suisse/NP ] of/IN [ switzerland/NP ] ,/, [ an/DT $/$ 18/AB million/AB interest_5/NN ] in/IN [ saudi/NP european/NP bank/NP ] in/IN [ paris/NP ] ,/, [ a/DT $/$ 17.5/AB million/AB investment/NN ] in/IN [ a/DT bahamas/NPS trading/NN company/NN ] ,/, and/CC [ a/DT ] recently/RB discovered/VBN holding/NN in/IN [ a/DT panama-based/JJ company/NN ] ,/, [ southbrook/NP holdings/NPS ] ./. 
$$
[ he/PP ] noted/VBD that/IN [ institutional/JJ investors/NNS ] showed/VBD ``/`` pretty/RB general/JJ ''/'' [ interest_1/NN ] in/IN [ stocks/NNS ] in/IN [ the/DT latest/JJS session/NN ] ./. 
$$
====================================== [ ogden/NP projects/NPS ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ solid-waste/NN recovery/NN ] and/CC [ hazardous-waste/NN cleanup/NN ] ,/, said/VBD [ it/PP ] has/VBZ [ 13/AB facilities/NNS ] in/IN [ operation/NN ] ,/, up/RB from/IN [ seven/AB ] [ a/DT year/NN ] ago/RB ./. 
$$
====================================== meanwhile/RB ,/, [ ogden/NP corp./NP ] ,/, [ which/WDT ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ building/NN maintenance/NN ] and/CC [ management/NN ] ,/, reported/VBD [ third-quarter/JJ net/JJ income/NN ] of/IN [ $/$ 27.1/AB million/AB ] ,/, or/CC [ 67/AB cents/NNS ] [ a/DT share/NN ] ,/, more/JJR than/IN twice/RB [ the/DT $/$ 13.5/AB million/AB ] ,/, or/CC [ 34/AB cents/NNS ] [ a/DT share/NN ] ,/, [ a/DT year/NN ] earlier/RBR ./. 
$$
====================================== ``/`` [ his/PP$ ] {/( [ phelan/NN 's/POS ] }/) [ own/JJ interests_3/NNS ] are/VBP in/IN building/VBG [ an/DT electronic/JJ marketplace/NN ] ,/, ''/'' said/VBD [ a/DT market/NN maker/NN ] ./. 
$$
====================================== [ economists/NNS ] said/VBD [ the/DT report/NN ] raised/VBD [ speculation/NN ] that/IN [ the/DT economic/JJ slowdown/NN ] could/MD turn/VB into/IN [ a/DT recession/NN ] ,/, [ which/WDT ] would/MD pave/VB [ the/DT way/NN ] for/IN [ the/DT federal/NP reserve/NP ] to/TO lower/VB [ interest_6/NN rates/NNS ] ./. 
$$
[ some/DT analysts/NNS ] believe/VBP [ the/DT company/NN ] has/VBZ [ the/DT ability/NN ] to/TO pinpoint/VB [ the/DT trough/NN ] in/IN [ interest_6/NN rate/JJ cycles/NNS ] ./. 
$$
====================================== in/IN [ october/NP 1979/AB ] ,/, just/RB [ days/NNS ] before/IN [ the/DT federal/NP reserve/NP ] raised/VBD [ interest_6/NN rates/NNS ] ,/, [ ibm/NP ] offered/VBD [ $/$ 1/AB billion/AB ] in/IN [ debt/NN securities/NNS ] ./. 
$$
====================================== [ west/JJ german/JJ bonds/NNS ] firmed/VBD [ a/DT bit/NN ] after/IN [ monday/NP 's/POS fall/NN ] ,/, but/CC [ traders/NNS ] said/VBD [ the/DT market/NN ] remains/VBZ [ bearish/JJ due/RB ] to/TO [ speculation/NN ] that/IN [ interest_6/NN rates/NNS ] could/MD rise/VB again/RB ./. 
$$
[ his/PP$ comments/NNS ] were/VBD interpreted/VBN as/IN [ a/DT sign/NN ] that/IN [ higher/JJR interest_6/NN rates/NNS ] are/VBP possible/JJ ./. 
$$
====================================== still/RB ,/, [ a/DT lot/NN ] of/IN [ investors/NNS ] clearly/RB have/VBP revived/VBN [ their/PP$ interest_1/NN ] in/IN [ gold/NN ] and/CC [ utility/NN shares/NNS ] ./. 
$$
''/'' ====================================== ``/`` if/IN [ the/DT fed/NP ] does/VBZ not/RB come/VBN to/TO [ the/DT rescue/NN ] and/CC produce/VB [ lower/JJR short-term/JJ interest_6/NN rates/NNS ] over/IN [ the/DT next/JJ 30/AB days/NNS ] ,/, [ the/DT market/NN ] 's/VBZ going/VBG to/TO flounder/VB ,/, ''/'' says/VBZ [ larry/NP wachtel/NP ] ,/, [ a/DT market/NN analyst/NN ] with/IN [ prudential-bache/NP securities/NP ] ./. 
$$
although/IN [ daimler/NP ] has/VBZ said/VBD [ it/PP ] is/VBZ n't/RB *interested/JJ in/IN mounting/VBG [ a/DT bid/NN ] for/IN [ jaguar/NP ] ,/, [ dealers/NNS ] said/VBD [ its/PP$ name/NN ] further/RB underlined/VBD [ the/DT growing/VBG interest_1/NN ] in/IN [ the/DT british/JJ concern/NN ] ./. 
$$
====================================== [ takamori/NP matsuda/NP ] ,/, [ an/DT analyst/NN ] at/IN [ dresdner-abd/NP securities/NP ] ,/, said/VBD [ fading/JJ expectation/NN ] for/IN [ lower/JJR interest_6/NN rates/NNS ] made/VBD [ investors/NNS ] step/VB back/RB from/IN [ real-estate/NN shares/NNS ] ,/, [ which/WDT ] advanced/VBD [ last/JJ week/NN ] ./. 
$$
for/IN almost/RB [ any/DT peruvian/NP ] [ these/DT days/NNS ] ,/, to/TO show/VB [ an/DT interest_1/NN ] in/IN [ public/JJ office/NN ] is/VBZ [ a/DT heroic/JJ gesture/NN ] ;/: for/IN [ mr./NP vargas/NP llosa/NP ] especially/RB so/RB ,/, since/IN [ he/PP ] already/RB has/VBZ achieved/VBN [ a/DT high/JJ position/NN ] in/IN [ the/DT world/NN 's/POS eyes/NNS ] as/IN [ a/DT writer/NN ] ./. 
$$
====================================== [ the/DT four/NP seasons/NPS spokeswoman/NN ] said/VBD [ mr./NP sharp/NP ] ,/, [ who/WP ] has/VBZ [ an/DT 81/AB %/NN voting/NN stake/NN ] in/IN [ the/DT company/NN ] ,/, has/VBZ [ no/DT current/JJ plans/NNS ] to/TO sell/VB [ his/PP$ interest_5/NN ] ./. 
$$
====================================== [ rockefeller/NP group/NP ] said/VBD in/IN [ september/NP ] [ it/PP ] would/MD seek/VB [ investors/NNS ] to/TO purchase/VB as/RB much/JJ as/IN [ 80/AB %/NN ] of/IN [ the/DT firm/NN ] ,/, [ a/DT holding/VBG company/NN ] for/IN [ rockefeller/NP family/NN interests_5/NNS ] ./. 
$$
====================================== selected/JJ [ blue-chip/JJ issues/NNS ] attracted/VBD buying/NN [ interest_1/NN ] ,/, however/RB ,/, and/CC [ the/DT dow/NP jones/NP industrial/NP average/NP ] stayed/VBD in/IN [ positive/JJ territory/NN ] throughout/IN [ the/DT entire/JJ session/NN ] ./. 
$$
[ the/DT realization/NN ] that/IN [ interest_6/NN rates/NNS ] will/MD be/VB firm/JJ due/RB to/TO [ excessive/JJ demand/NN ] for/IN [ credit/NN ] on/IN [ the/DT part/NN ] of/IN [ the/DT federal/JJ government/NN ] (/( including/VBG [ off-balance/JJ sheet/NN requirements/NNS ] )/) and/CC [ leveraged/JJ buyout/NN ] related/JJ [ transactions/NNS ] ./. 
$$
[ one/NN ] can/MD magnify/VB [ this/DT problem/NN 10/AB times/NNS ] for/IN highly/RB [ leveraged/JJ companies/NNS whose/WP$ revenues/NNS ] are/VBP slowing/VBG and/CC where/WRB [ interest_6/NN rates/NNS ] are/VBP no/RB longer/RB [ accommodative/JJ ] ,/, in/IN [ bifurcated/JJ credit/NN markets/NNS ] ./. 
$$
[ a/DT dollar/NN ] [ that/WDT ] will/MD slide/VB into/IN [ year/NN end/NN ] --/: due/RB to/TO [ international/JJ interest_6/NN rate/NN differentials/NNS ] and/CC [ the/DT choreographed/JJ ] [ trading/NN techniques/NNS ] of/IN [ certain/JJ oil/NN importers/NNS ] --/: [ which/WDT ] does/VBZ not/RB inspire/VB [ foreign-investor/NN *interest/NN ] ./. 
$$
[ a/DT dollar/NN ] [ that/WDT ] will/MD slide/VB into/IN [ year/NN end/NN ] --/: due/RB to/TO [ international/JJ *interest/NN rate/NN differentials/NNS ] and/CC [ the/DT choreographed/JJ ] [ trading/NN techniques/NNS ] of/IN [ certain/JJ oil/NN importers/NNS ] --/: [ which/WDT ] does/VBZ not/RB inspire/VB [ foreign-investor/NN interest_1/NN ] ./. 
$$
====================================== [ the/DT loan/NN ] ,/, [ which/WDT ] carries/VBZ [ a/DT 9.65/AB %/NN annual/JJ interest_6/NN rate/NN ] ,/, was/VBD approved/VBN after/IN [ scientific-atlanta/NP ] won/VBD [ a/DT $/$ 29.4/AB million/AB contract/NN ] to/TO supply/VB [ equipment/NN ] and/CC [ services/NNS ] for/IN [ the/DT project/NN ] in/IN [ chile/NP ] ./. 
$$
====================================== [ short-term/JJ interest_6/NN rates/NNS ] rose/VBD at/IN [ the/DT government/NN 's/POS regular/JJ weekly/JJ treasury-bill/NN auction/NN ] ./. 
$$
====================================== here/RB are/VBP [ details/NNS ] of/IN [ yesterday/NN 's/POS 51-day/JJ cash/NN management/NN bill/NN auction/NN ] :/: ====================================== [ interest_6/NN rate/NN 8.07/AB %/NN ] [ the/DT bills/NNS ] are/VBP dated/VBN [ oct./NP 31/AB ] and/CC [ mature/NP dec./NP 21/AB ] ,/, [ 1989/AB ] ./. 
$$
====================================== in/IN [ june/NP ] ,/, [ western/NP union/NP ] was/VBD forced/VBN to/TO reset/VB [ the/DT interest_6/NN rate/NN ] on/IN [ the/DT senior/JJ secured/VBN notes/NNS ] due/RB in/IN [ 1992/AB ] to/TO [ 19/AB 14/AB %/NN ] from/IN [ 16/AB 12/AB %/NN ] ,/, [ a/DT move/NN ] [ which/WDT ] increased/VBD [ the/DT firm/NN 's/POS annual/JJ *interest/NN payments/NNS ] by/IN [ $/$ 13.8/AB million/AB ] ./. 
$$
====================================== in/IN [ june/NP ] ,/, [ western/NP union/NP ] was/VBD forced/VBN to/TO reset/VB [ the/DT *interest/NN rate/NN ] on/IN [ the/DT senior/JJ secured/VBN notes/NNS ] due/RB in/IN [ 1992/AB ] to/TO [ 19/AB 14/AB %/NN ] from/IN [ 16/AB 12/AB %/NN ] ,/, [ a/DT move/NN ] [ which/WDT ] increased/VBD [ the/DT firm/NN 's/POS annual/JJ interest_6/NN payments/NNS ] by/IN [ $/$ 13.8/AB million/AB ] ./. 
$$
``/`` [ my/PP$ impression/NN ] is/VBZ that/IN [ there/EX ] is/VBZ n't/RB [ anything/NN ] [ which/WDT ] arouses/VBZ [ our/PP$ interest_1/NN ] at/IN [ first/JJ glance/NN ] ,/, ''/'' says/VBZ [ an/DT official/NN ] from/IN [ japan/NP 's/POS ministry/NP ] of/IN [ international/NP trade/NP ] and/CC [ industry/NP ] ./. 
$$
[ the/DT survey/NN ] also/RB detected/VBD [ a/DT bit/NN more/JJR interest_1/NN ] in/IN [ golf/NN ] ,/, [ a/DT positive/JJ sign/NN ] for/IN [ country/NN clubs/NNS ] and/CC [ golf/NN club/NN makers/NNS ] ./. 
$$
====================================== [ the/DT central/JJ bank/NN ] also/RB unexpectedly/RB raised/VBD [ the/DT base/NN rate/NN ] by/IN [ half/PDT a/DT percentage/NN point/NN ] to/TO [ 3.75/AB %/NN oct./NP 11/AB ] as/IN [ part/NN ] of/IN [ an/DT inflation-fighting/JJ move/NN ] [ that/WDT ] indirectly/RB increases/VBZ [ interest_6/NN rates/NNS ] charged/VBN on/IN [ new/JJ home/NN construction/NN loans/NNS ] ./. 
$$
====================================== [ analysts/NNS ] also/RB say/VBP [ it/PP ] 's/VBZ inevitable/JJ that/IN [ brazil/NP ] will/MD seek/VB to/TO renegotiate/VB [ its/PP$ $/$ 115/AB billion/AB foreign/JJ debt/NN ] ,/, on/IN [ which/WDT ] [ it/PP ] suspended/VBD [ interest_6/NN payments/NNS last/JJ month/NN ] ./. 
$$
[ it/PP ] reflects/VBZ [ values/NNS ] of/IN [ a/DT generation/NN ] [ that/WDT ] wants/VBZ [ more/JJR time/NN ] for/IN [ families/NNS ] and/CC [ personal/JJ interests_3/NNS ] ,/, says/VBZ [ john/NP h./NP moxley/NP iii/NP ] ,/, [ who/WP ] directs/VBZ [ physician-executive/JJ searches/NNS ] for/IN [ kornferry/NP international/NP ] ./. 
$$
[ the/DT approach/NN ] has/VBZ generated/VBN [ so/RB much/JJ interest_1/NN ] that/IN [ nyu/NP ] is/VBZ [ host/NN ] to/TO [ the/DT first/JJ conference/NN ] on/IN [ cooperative/JJ care/NN nov./NP 30/AB ] ./. 
$$
====================================== [ investor/NN interest_1/NN ] in/IN [ stock/NN funds/NNS ] ``/`` [ has/VBZ n't/RB ] stalled/VBN at/IN [ all/DT ] ,/, ''/'' [ mr./NP hines/NP ] maintains/VBZ ./. 
$$
''/'' ====================================== [ it/PP ] is/VBZ in/IN [ the/DT western/JJ interest_4/NN ] to/TO see/VB [ mr./NP gorbachev/NP ] succeed/VB ./. 
$$
====================================== [ revco/NP ] insists/VBZ that/IN [ the/DT proposal/NN ] is/VBZ simply/RB [ an/DT ] ``/`` [ expression/NN ] of/IN [ interest_1/NN ] ,/, ''/'' because/IN under/IN [ chapter/NP 11/AB revco/NP ] has/VBZ ``/`` [ exclusivity/NN rights/NNS ] ''/'' until/IN [ feb./NP 28/AB ] ./. 
$$
====================================== to/TO ensure/VB [ the/DT loyalty/NN ] of/IN [ the/DT business/NN sector/NN ] ,/, [ mr./NP gorbachev/NP ] may/MD offer/VB [ concessions/NNS ] and/CC [ powers/NNS ] [ that/WDT ] will/MD allow/VB [ the/DT business/NN community/NN ] to/TO preserve/VB [ its/PP$ own/JJ interests_4/NNS ] ,/, probably/RB by/IN [ restricting/VBG competition/NN ] ./. 
$$
====================================== [ quotron/NP ] is/VBZ n't/RB profitable/JJ on/IN [ citicorp/NP 's/POS books/NNS ] because/IN of/IN [ the/DT interest_6/NN ] charges/VBZ [ the/DT new/NP york/NP bank/NN holding/VBG company/NN ] incurred/VBD in/IN buying/VBG [ the/DT financial-data/JJ concern/NN ] for/IN [ $/$ 680/AB million/AB ] ,/, says/VBZ [ ronald/NP i./NP mandle/NP ] ,/, [ analyst/NN ] for/IN [ sanford/NP c./NP bernstein/NP ] &/CC [ co/NP ] ./. 
$$
====================================== [ abc/NP 's/POS baseball/NN experience/NN ] may/MD be/VB of/IN [ interest_2/NN ] to/TO [ cbs/NP inc./NP ] ,/, [ which/WDT ] [ next/JJ season/NN ] takes/VBZ over/RP [ the/DT broadcasting/NN ] of/IN [ all/DT baseball/NN playoffs/NNS ] in/IN [ a/DT four-year/JJ television/NN contract/NN ] priced/VBN at/IN [ $/$ 1.06/AB billion/AB ] ./. 
$$
but/CC [ interest_1/NN ] instead/RB decreased/VBD ./. 
$$
but/CC [ interest_1/NN ] waned/VBD as/IN [ the/DT day/NN ] wore/VBD on/RB and/CC [ investors/NNS ] looked/VBD ahead/RB to/TO [ the/DT release/NN ] later/RB [ this/DT week/NN ] of/IN [ two/AB important/JJ economic/JJ reports/NNS ] ./. 
$$
====================================== [ monday/NP ] ,/, [ october/NP 30/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== annualized/VBN [ interest_6/NN rates/NNS ] on/IN [ certain/JJ investments/NNS ] as/IN reported/VBN by/IN [ the/DT federal/NP reserve/NP board/NP ] on/IN [ a/DT weekly-average/JJ basis/NN ] :/: ====================================== [ a-discounted/VBN rate/NN ] ./. 
$$
====================================== [ western/NP union/NP ] had/VBD said/VBD [ two/AB weeks/NNS ] ago/RB that/IN [ it/PP ] might/MD withdraw/VB [ the/DT pending/VBG offer/NN ] ,/, [ which/WDT ] would/MD have/VB replaced/VBN [ $/$ 500/AB million/AB ] in/IN [ so-called/JJ reset/JJ notes/NNS ] ,/, now/RB paying/VBG [ 19.25/AB %/NN annual/JJ interest_6/NN ] and/CC set/VBN to/TO come/VB due/RB in/IN [ 1992/AB ] ,/, with/IN [ two/AB new/JJ issues/NNS ] paying/VBG [ lower/JJR *interest/NN ] ./. 
$$
====================================== [ western/NP union/NP ] had/VBD said/VBD [ two/AB weeks/NNS ] ago/RB that/IN [ it/PP ] might/MD withdraw/VB [ the/DT pending/VBG offer/NN ] ,/, [ which/WDT ] would/MD have/VB replaced/VBN [ $/$ 500/AB million/AB ] in/IN [ so-called/JJ reset/JJ notes/NNS ] ,/, now/RB paying/VBG [ 19.25/AB %/NN annual/JJ *interest/NN ] and/CC set/VBN to/TO come/VB due/RB in/IN [ 1992/AB ] ,/, with/IN [ two/AB new/JJ issues/NNS ] paying/VBG [ lower/JJR interest_6/NN ] ./. 
$$
[ the/DT notes/NNS ] became/VBD [ burdensome/JJ ] when/WRB [ reset/NN provisions/NNS ] allowed/VBD [ their/PP$ interest_6/NN rate/NN ] to/TO be/VB raised/VBN to/TO [ 19.25/AB %/NN last/JJ june/NP ] ./. 
$$
====================================== [ western/NP union/NP ] had/VBD offered/VBN to/TO swap/VB [ each/DT $/$ 1,000/AB face/NN amount/NN ] of/IN [ the/DT notes/NNS ] for/IN [ six/AB shares/NNS ] of/IN [ common/JJ stock/NN ] and/CC [ two/AB new/JJ debt/NN issues/NNS ] :/: [ a/DT $/$ 500/AB note/NN ] paying/VBG [ an/DT interest_6/NN rate/NN ] starting/VBG at/IN [ 16.75/AB %/NN ] annually/RB and/CC rising/VBG in/IN [ later/JJ years/NNS ] ,/, due/RB in/IN [ 1992/AB ] ,/, and/CC [ a/DT $/$ 500/AB note/NN ] ,/, due/RB in/IN [ 1997/AB ] ,/, paying/VBG [ a/DT fixed/VBN rate/NN ] of/IN [ 17/AB %/NN ] and/CC [ including/VBG rights/NNS ] protecting/VBG [ a/DT holder/NN ] against/IN [ a/DT decline/NN ] in/IN [ the/DT trading/NN price/NN ] of/IN [ the/DT bond/NN ] ./. 
$$
====================================== [ western/NP union/NP ] must/MD make/VB [ $/$ 48/AB million/AB ] in/IN [ interest_6/NN payments/NNS ] on/IN [ the/DT reset/NN notes/NNS ] on/IN [ dec./NP 15/AB ] ,/, and/CC [ a/DT company/NN spokesman/NN ] said/VBD [ it/PP ] fully/RB intends/VBZ to/TO meet/VB [ the/DT payments/NNS ] ./. 
$$
but/CC [ western/NP union/NP ] has/VBZ said/VBD [ it/PP ] must/MD lower/VB [ the/DT interest_6/NN rate/NN ] on/IN [ its/PP$ debt/NN ] to/TO regain/VB [ full/JJ financial/JJ health/NN ] ./. 
$$
====================================== [ munich-based/JJ allianz/NP 's/POS brief/JJ explanatory/JJ statement/NN ] said/VBD [ it/PP ] is/VBZ acting/VBG to/TO protect/VB [ its/PP$ own/JJ interests_4/NNS ] as/IN [ a/DT shareholder/NN ] of/IN [ navigation/NP mixte/NP ] ./. 
$$
[ allianz/NP ] said/VBD in/IN [ its/PP$ statement/NN ] that/IN [ it/PP ] was/VBD acting/VBG to/TO protect/VB [ that/DT interest_5/NN ] ,/, [ which/WDT ] ties/VBZ [ it/PP ] to/TO [ navigation/NP mixte/NP ] as/IN [ a/DT partner/NN ] ./. 
$$
====================================== [ fletcher/NP challenge/NP ltd./NP ] said/VBD [ its/PP$ petrocorp/NP unit/NN ] agreed/VBD to/TO acquire/VB [ certain/JJ alberta/NP oil/NN ] and/CC [ gas/NN interests_5/NNS ] from/IN [ amoco/NP corp./NP 's/POS canadian/JJ unit/NN ] ,/, for/IN about/RB [ 130/AB million/AB canadian/JJ dollars/NNS ] (/( [ us$/$ 110.6/AB million/AB ] )/) ./. 
$$
====================================== [ mercury/NP ] attributed/VBD [ the/DT loss/NN ] to/TO [ rapid/JJ prepayments/NNS ] of/IN [ loans/NNS ] and/CC [ costs/NNS ] incurred/VBN in/IN refinancing/VBG [ many/JJ house/NN loans/NNS ] [ this/DT past/JJ spring/NN ] and/CC [ summer/NN ] ,/, when/WRB [ interest_6/NN rates/NNS ] dipped/VBD ./. 
$$
====================================== [ james/NP river/NP ] ,/, [ a/DT maker/NN ] of/IN [ pulp/NN ] ,/, [ paper/NN ] and/CC [ plastic/NN products/NNS ] ,/, already/RB has/VBZ [ interests_5/NNS ] in/IN [ tissue/NN businesses/NNS ] in/IN [ france/NP ] ,/, [ spain/NP ] ,/, [ italy/NP ] and/CC [ turkey/NP ] ./. 
$$
====================================== [ comments/NNS ] by/IN [ john/NP major/NP ] ,/, [ who/WP ] has/VBZ succeeded/VBN [ mr./NP lawson/NP ] ,/, also/RB failed/VBD to/TO damp/VB [ market/NN concern/NN ] ,/, despite/IN [ his/PP$ pledge/NN ] to/TO maintain/VB relatively/RB [ high/JJ british/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== according/VBG to/TO [ one/AB london-based/JJ analyst/NN ] ,/, even/RB [ higher/JJR interest_6/NN rates/NNS ] wo/MD n't/RB help/VB [ the/DT pound/NN ] if/IN [ britain/NP 's/POS government/NN ] continues/VBZ to/TO appear/VB [ unstable/JJ ] ./. 
$$
====================================== [ rockefeller/NP group/NP ] agreed/VBD to/TO sell/VB [ a/DT 51/AB %/NN interest_5/NN ] to/TO [ mitsubishi/NP estate/NP ] ,/, [ a/DT major/JJ japanese/JJ developer/NN ] and/CC [ property/NN owner/NN ] ,/, for/IN [ $/$ 846/AB million/AB ] ./. 
$$
====================================== [ cray/NP research/NP ] will/MD retain/VB [ a/DT 10/AB %/NN interest_5/NN ] in/IN [ the/DT new/JJ company/NN ] ,/, [ which/WDT ] will/MD be/VB based/VBN in/IN [ colorado/NP springs/NP ] ,/, [ colo/NP ] ./. 
$$
====================================== [ bio-technology/NP ] ,/, [ a/DT new/NP york/NP maker/NN ] of/IN genetically/RB engineered/VBN [ products/NNS ] for/IN [ human/NN ] and/CC [ animal/NN health/NN care/NN ] ,/, said/VBD [ it/PP ] made/VBD [ the/DT exchange/NN ] offer/NN to/TO reduce/VB [ its/PP$ interest_6/NN payments/NNS ] ./. 
$$
====================================== of/IN [ course/NN these/DT turf/JJ battles/NNS ] are/VBP unseemly/JJ ,/, [ wasteful/JJ ] and/CC potentially/RB dangerous/JJ and/CC should/MD be/VB resolved/VBN in/IN [ the/DT interest_4/NN ] of/IN [ national/JJ security/NN ] ,/, but/CC [ mr./NP lehman/NP ] seems/VBZ to/TO be/VB [ part/NN ] of/IN [ the/DT problem/NN ] rather/RB than/IN [ part/NN ] of/IN [ the/DT answer/NN ] ./. 
$$
====================================== [ mr./NP corr/NP ] resigned/VBD to/TO pursue/VB [ other/JJ business/NN interests_3/NNS ] ,/, [ the/DT airline/NN ] said/VBD ./. 
$$
[ cincinnati-based/JJ p&g/NP ] took/VBD [ an/DT interest_1/NN ] ;/: [ it/PP ] ordered/VBD [ two/AB studies/NNS ] on/IN [ psyllium/NN ] and/CC [ cholesterol/NN ] ./. 
$$
with/IN [ interest_1/NN ] in/IN [ emigration/NN ] and/CC [ investment/NN ] abroad/RB soaring/VBG since/IN [ june/NP 4/AB ] ,/, [ that/DT assumption/NN ] no/RB longer/RB seems/VBZ so/RB safe/JJ ./. 
$$
====================================== [ net/JJ interest_6/NN income/NN ] for/IN [ the/DT third/JJ quarter/NN ] declined/VBD to/TO [ $/$ 35.6/AB million/AB ] from/IN [ $/$ 70.1/AB million/AB ] [ a/DT year/NN ] ago/IN ./. 
$$
====================================== [ the/DT bonds/NNS ] will/MD be/VB issued/VBN for/IN [ a/DT term/NN ] of/IN [ 34/AB years/NNS ] at/IN [ an/DT interest_6/NN rate/NN ] of/IN [ 8/AB %/NN ] ./. 
$$
====================================== [ the/DT manufacturers/NPS hanover/NP corp./NP unit/NN ] ,/, [ which/WDT ] is/VBZ seeking/VBG [ repayment/NN ] of/IN [ a/DT $/$ 36/AB million/AB loan/NN ] ,/, has/VBZ asked/VBN [ the/DT court/NN ] to/TO give/VB [ its/PP$ claim/NN priority/NN ] over/IN [ that/DT ] of/IN [ minpeco/NP ] ,/, [ which/WDT ] won/VBD [ a/DT $/$ 132/AB million/AB judgment/NN ] against/IN [ mr./NP hunt/NP ] ,/, [ his/PP$ brother/NN nelson/NP bunker/NP hunt/NP ] and/CC [ other/JJ defendants/NNS last/JJ year/NN ] in/IN [ a/DT case/NN ] stemming/VBG from/IN [ their/PP$ alleged/VBN attempts/NNS ] to/TO corner/VB [ the/DT silver/JJ market/NN ] in/IN ====================================== while/IN claiming/VBG that/IN [ penalties/NNS ] ,/, [ legal/JJ fees/NNS ] and/CC [ interest_6/NN ] have/VBP driven/VBN [ the/DT value/NN ] of/IN [ its/PP$ claim/NN ] to/TO [ more/JJR ] than/IN [ $/$ 250/AB million/AB ] ,/, [ minpeco/NP ] has/VBZ agreed/VBN to/TO settle/VB for/IN [ an/DT allowed/JJ claim/NN ] of/IN as/RB much/JJ as/IN [ $/$ 65.7/AB million/AB ] ./. 
$$
====================================== [ automatic/NP data/NP ] is/VBZ redeeming/JJ [ the/DT bonds/NNS ] because/IN [ the/DT after-tax/JJ cost/NN ] of/IN [ the/DT interest_6/NN ] on/IN [ the/DT bonds/NNS ] is/VBZ higher/JJR than/IN [ the/DT dividend/NN yield/NN ] on/IN [ the/DT common/JJ ] ,/, [ a/DT spokesman/NN ] said/VBD ./. 
$$
[ one/AB thing/NN ] 's/VBZ for/IN [ sure/JJ ] :/: [ there/EX ] have/VBP been/VBN [ a/DT ton/NN ] of/IN [ them/PP ] ,/, and/CC [ greater/JJR beings/NNS ] than/IN [ the/DT editors/NNS ] of/IN [ the/DT national/NP enquirer/NP ] have/VBP shown/VBN [ interest_1/NN ] ./. 
$$
but/CC more/RBR recently/RB ,/, [ the/DT pound/NN ] has/VBZ been/VBN falling/VBG with/IN [ high/JJ inflation/NN ] ,/, [ which/WDT ] has/VBZ also/RB seemed/VBN almost/RB impervious/JJ to/TO [ the/DT high/JJ interest_6/NN ] rates/NNS [ mr./NP lawson/NP ] deployed/VBD to/TO stop/VB [ it/PP ] ./. 
$$
[ mr./NP reynolds/NP ] also/RB notes/VBZ that/IN since/IN [ british/JJ banks/NNS ] have/VBP [ no/DT reserve/NN requirements/NNS ] ,/, [ high/JJ interest_6/NN rates/NNS ] are/VBP less/RBR likely/JJ to/TO curb/VB [ inflation/NN ] than/IN to/TO cause/VB [ recession/NN ] ./. 
$$
[ our/PP$ advice/NN ] is/VBZ [ this/DT ] :/: immediately/RB return/VB [ the/DT government/NN surpluses/NNS ] to/TO [ the/DT economy/NN ] through/IN [ incentive-maximizing/JJ tax/NN ] cuts/NNS ,/, and/CC find/VB [ some/DT monetary/JJ policy/NN target/NN ] [ that/WDT ] balances/VBZ [ both/DT supply/NN ] and/CC [ demand/NN ] for/IN [ money/NN ] (/( [ which/WDT ] [ neither/DT ] [ aggregates/NNS ] nor/CC [ interest_6/NN rates/NNS ] can/MD do/VB )/) ./. 
$$
while/IN [ mr./NP roman/NP ] is/VBZ [ a/DT workaholic/NN detailsman/NN ] ,/, [ mr./NP phillips/NP ] would/MD rather/RB delegate/VB ,/, leaving/VBG [ him/PP ] [ time/NN ] for/IN [ his/PP$ interests_3/NNS ] outside/IN [ the/DT office/NN ] ./. 
$$
====================================== [ the/DT company/NN 's/POS earnings/NNS ] before/IN [ interest_6/NN ] ,/, [ taxes/NNS ] and/CC [ depreciation/NN ] ,/, [ which/WDT bondholders/NNS ] use/VBP [ a/DT measurement/NN ] of/IN [ the/DT chain/NN 's/POS ability/NN ] to/TO pay/VB [ its/PP$ existing/VBG debt/NN ] ,/, increased/VBD [ 11/AB %/NN ] in/IN [ fiscal/JJ 1989/AB ] to/TO [ $/$ 926.1/AB million/AB ] from/IN [ $/$ 833.6/AB million/AB ] ./. 
$$
excluding/VBG [ those/DT businesses/NNS ] ,/, [ earnings/NNS ] before/IN [ interest_6/NN ] ,/, [ taxes/NNS ] and/CC [ depreciation/NN ] for/IN [ 1988/AB ] would/MD have/VB been/VBN [ $/$ 728.5/AB million/AB ] ./. 
$$
====================================== [ financial/JJ analysts/NNS ] note/VBP that/IN [ mr./NP rey/NP ] is/VBZ attracted/VBN to/TO [ companies/NNS ] [ that/WDT ] are/VBP undervalued/VBN on/IN [ the/DT basis/NN ] of/IN [ their/PP$ real-estate/NN interests_5/NNS ] ./. 
$$
[ that/DT ] means/VBZ [ unisys/NP ] must/MD pay/VB about/IN [ $/$ 100/AB million/AB ] in/IN [ interest_6/NN ] [ every/DT quarter/NN ] ,/, on/IN [ top/NN ] of/IN [ $/$ 27/AB million/AB ] in/IN [ dividends/NNS ] on/IN [ preferred/JJ stock/NN ] ./. 
$$
[ it/PP ] said/VBD [ long-term/JJ interest_6/NN rates/NNS ] ,/, then/RB above/IN [ 9/AB %/NN ] ,/, could/MD drop/VB to/TO [ 7/AB %/NN ] by/IN [ the/DT end/NN ] of/IN [ 1989/AB ] ,/, so/IN [ bonds/NNS ] ,/, [ which/WDT ] benefit/VBP from/IN falling/VBG [ rates/NNS ] ,/, would/MD be/VB [ a/DT good/JJ buy/NN ] ./. 
$$
[ a/DT good/JJ half-hour/NN ] into/IN [ breakfast/NN ] at/IN [ the/DT palmer/NP house/NP ] ,/, [ mr./NP o'brien/NP ] looks/VBZ up/IN from/IN [ his/PP$ plate/NN ] after/IN [ mr./NP straszheim/NP ] says/VBZ [ something/NN ] about/IN [ people/NNS ] [ who/WP ] believe/VBP [ interest_6/NN rates/NNS ] are/VBP about/IN to/TO nosedive/JJ ./. 
$$
''/'' [ he/PP ] says/VBZ [ the/DT economy/NN ] ,/, and/CC especially/RB [ the/DT employment/NN numbers/NNS ] ,/, look/VBP much/RB better/RB than/IN [ he/PP ] expected/VBD ;/: [ interest_6/NN rates/NNS ] have/VBP generally/RB declined/VBN ;/: [ inflation/NN has/VBZ n't/RB ] run/VB amok/RB ./. 
$$
to/TO keep/VB [ the/DT exchange/NN rate/NN ] pegged/VBD ,/, [ mr./NP lawson/NP ] tightened/VBD [ monetary/JJ policy/NN ] and/CC pushed/VBD [ interest_6/NN rates/NNS ] up/RB to/TO [ 15/AB %/NN ] ./. 
$$
[ this/DT ] doubled/VBD [ the/DT mortgage/NN interest_6/NN rates/NNS ] of/IN [ the/DT many/JJ new/JJ homeowners/NNS ] that/IN [ mrs./NP thatcher/NP 's/POS policies/NNS ] had/VBD created/VBN ,/, producing/VBG [ widespread/JJ disaffection/NN ] and/CC [ pushing/VBG labor/NN ] ahead/RB in/IN [ the/DT polls/NNS ] ./. 
$$
consequently/RB ,/, [ mr./NP lawson/NP ] saddled/VBD [ mrs./NP thatcher/NP ] with/IN [ a/DT record/NN trade/NN deficit/NN ] ,/, renewed/VBN [ inflation/NN ] and/CC [ high/JJ interest_6/NN rates/NNS ] --/: [ three/AB political/JJ failures/NNS ] in/IN [ a/DT row/NN ] ./. 
$$
[ the/DT most/RBS important/JJ governments/NNS ] have/VBP ignored/VBN [ the/DT role/NN ] of/IN [ low/JJ tax/NN rates/NNS ] in/IN attracting/VBG [ real/JJ capital/NN investment/NN ] ,/, instead/RB emphasizing/VBG [ financial/JJ flows/NNS ] in/IN [ response/NN ] to/TO [ high/JJ interest_6/NN rates/NNS ] ./. 
$$
then/RB ,/, when/WRB [ the/DT currency/NN ] falls/VBZ ,/, [ interest_6/NN rates/NNS ] are/VBP raised/VBN to/TO attract/VB [ financial/JJ flows/NNS ] in/IN [ order/NN ] to/TO stabilize/VB [ the/DT exchange/NN rate/NN ] ./. 
$$
====================================== [ ra/NP ] acquired/VBD [ the/DT howick/NP coal/NN mine/NN oct./NP 20/AB ] when/WRB [ it/PP ] bought/VBD [ british/NP petroleum/NP co./NP 's/POS australian/JJ coal/NN interests_5/NNS ] for/IN [ $/$ 275/AB million/AB ] ./. 
$$
[ rather/RB ] ,/, [ mr./NP perlman/NP ] said/VBD ,/, [ control/NP data/NP ] intends/VBZ to/TO bid/VB for/IN [ the/DT ] coming/VBG [ minnesota/NP lottery/NN contract/NN ] and/CC is/VBZ seeking/VBG [ new/JJ applications/NNS ] for/IN [ the/DT technology/NN ] overseas/RB ,/, where/WRB ``/`` [ there/EX ] is/VBZ [ great/JJ interest_1/NN ] in/IN [ games/NNS ] of/IN [ skill/NN ] ./. 
$$
====================================== underscoring/VBG [ the/DT size/NN ] of/IN [ the/DT deficits/NNS ] of/IN [ the/DT past/JJ few/JJ years/NNS ] ,/, [ the/DT treasury/NP report/NN ] showed/VBD that/IN for/IN [ the/DT first/JJ time/NN interest_6/NN ] paid/VBN on/IN [ the/DT public/JJ debt/NN ] --/: [ $/$ 240.86/AB billion/AB ] --/: exceeded/VBD [ spending/NN ] on/IN [ social/NP security/NP ] ,/, [ the/DT single/JJ largest/JJS government/NN program/NN ] ./. 
$$
accrued/VBN [ interest_6/NN ] on/IN [ the/DT refund/NN ] was/VBD about/IN [ $/$ 18/AB million/AB ] as/IN of/IN [ oct./NP 25/AB ] ./. 
$$
====================================== [ humana/NP inc./NP ] said/VBD [ it/PP ] expects/VBZ to/TO receive/VB about/IN [ $/$ 27/AB million/AB ] in/IN [ federal/JJ income-tax/JJ refunds/NNS ] and/CC [ interest_6/NN ] from/IN [ a/DT court/NN ] ruling/VBG on/IN [ a/DT tax/NN dispute/NN ] ./. 
$$
====================================== in/IN [ addition/NN ] ,/, [ new/NP york-based/JJ lin/NP ] would/MD exercise/VB [ its/PP$ right/NN ] to/TO buy/VB out/IN for/IN [ $/$ 1.9/AB billion/AB ] [ the/DT 55/AB %/NN equity/NN interest_5/NN ] of/IN [ its/PP$ partner/NN ] ,/, [ metromedia/NP co./NP ] ,/, in/IN [ a/DT new/NP york/NP cellular/JJ franchise/NN ] ./. 
$$
although/IN [ he/PP ] expressed/VBD [ confidence/NN ] that/IN [ the/DT proposed/VBN new/JJ company/NN 's/POS cash/NN flow/NN ] would/MD be/VB sufficient/JJ to/TO cover/VB [ interest_6/NN payments/NNS ] on/IN [ the/DT debt/NN ] ,/, [ he/PP ] estimated/VBD that/IN [ the/DT company/NN ] would/MD n't/RB be/VB profitable/JJ until/IN [ 1994/AB ] or/CC later/RB ./. 
$$
in/IN [ response/NN ] to/TO [ bellsouth/NP 's/POS amended/VBN pact/NN ] ,/, [ the/DT kirkland/NP ] ,/, [ wash./NP ] ,/, [ company/NN ] extended/VBD [ its/PP$ own/JJ offer/NN ] to/TO buy/VB [ 22/AB million/AB lin/NP shares/NNS ] for/IN [ $/$ 125/AB ] apiece/RB ,/, [ which/WDT ] would/MD give/VB [ mccaw/NP ] [ a/DT 50.3/AB %/NN controlling/VBG interest_5/NN ] ./. 
$$
''/'' ====================================== under/IN [ its/PP$ revised/VBN proposal/NN ] ,/, [ atlanta-based/JJ bellsouth/NP ] would/MD have/VB [ a/DT 50/AB %/NN interest_5/NN ] in/IN [ the/DT new/JJ cellular/JJ company/NN ] and/CC would/MD be/VB responsible/JJ for/IN [ half/DT ] of/IN [ its/PP$ debt/NN ] ./. 
$$
[ urging/NP lin/NP directors/NNS ] to/TO conduct/VB ``/`` [ a/DT fair/JJ auction/NN ] on/IN [ a/DT level/NN playing/VBG field/NN ] ,/, ''/'' [ mccaw/NP ] asked/VBD how/WRB well/RB [ the/DT public/JJ interest_4/NN ] would/MD be/VB served/VBN ``/`` with/IN [ the/DT bell/NP ] operating/VBG [ companies/NNS ] controlling/VBG over/IN [ 94/AB %/NN ] of/IN [ all/DT cellular/JJ ] {/( [ potential/JJ customers/NNS ] }/) in/IN [ the/DT nation/NN 's/POS top/JJ 10/AB markets/NNS ] ./. 
$$
====================================== [ traders/NNS ] said/VBD that/IN selling/VBG [ pressure/NN was/VBD n't/RB ] enormous/JJ and/CC that/IN [ the/DT dax/NP ] dropped/VBD [ friday/NP more/JJR ] on/IN [ a/DT lack/NN ] of/IN [ any/DT substantial/JJ buying/NN interest_1/NN ] ./. 
$$
[ she/PP ] could/MD end/VB up/IN seeking/VBG [ a/DT fourth/JJ term/NN ] in/IN [ an/DT economy/NN ] sick/JJ with/IN [ inflation/NN ] ,/, [ high/JJ interest_6/NN rates/NNS ] and/CC [ a/DT heavy/JJ trade/NN deficit/NN ] ./. 
$$
====================================== of/IN [ immediate/JJ concern/NN ] is/VBZ whether/IN [ the/DT thatcher/NP government/NN ] will/MD continue/VB [ mr./NP lawson/NP 's/POS policy/NN ] of/IN tracking/VBG [ the/DT monetary/JJ policies/NNS ] of/IN [ the/DT west/NP german/NP bundesbank/NP ] and/CC responding/VBG in/IN [ kind/NN ] when/WRB [ the/DT frankfurt/NP authorities/NNS ] move/VBP [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ a/DT state/NN trial/NN judge/NN ] in/IN [ illinois/NP ] gave/VBD [ preliminary/JJ approval/NN ] to/TO [ a/DT proposed/VBN settlement/NN ] of/IN [ a/DT suit/NN ] against/IN [ a/DT bank/NP ] of/IN [ new/NP york/NP co./NP unit/NN ] ,/, [ irving/NP trust/NP co./NP ] ,/, over/IN [ the/DT interest_6/NN rates/NNS ] on/IN [ irving/NP 's/POS former/JJ one/AB wall/NP street/NP account/NP money-market/JJ deposit/NN accounts/NNS ] ./. 
$$
[ the/DT plaintiffs/NNS ] accused/VBD [ irving/NP ] of/IN paying/VBG [ less/JJR interest_6/NN ] than/IN promised/VBN in/IN [ a/DT marketing/NN brochure/NN ] ./. 
$$
and/CC ,/, by/IN [ the/DT end/NN ] of/IN [ that/DT week/NN ] ,/, [ the/DT key/JJ federal/JJ funds/NNS interest_6/NN rate/NN ] ,/, [ which/WDT ] is/VBZ largely/RB controlled/VBN by/IN [ the/DT fed/NP ] ,/, had/VBD settled/VBN at/IN [ 8.75/AB %/NN ] ,/, barely/RB changed/VBN from/IN [ the/DT level/NN ] of/IN just/RB under/IN [ 9/AB %/NN ] [ that/WDT ] prevailed/VBD [ the/DT previous/JJ week/NN ] ./. 
$$
and/CC [ judge/NP newman/NP ] ,/, [ a/DT former/JJ patent/NN lawyer/NN ] ,/, wrote/VBD in/IN [ her/PP$ dissent/NN ] when/WRB [ the/DT court/NN ] denied/VBD [ a/DT motion/NN ] for/IN [ a/DT rehearing/NN ] of/IN [ the/DT case/NN ] by/IN [ the/DT full/JJ court/NN ] ,/, ``/`` [ the/DT panel/NN 's/POS judicial/JJ legislation/NN ] has/VBZ affected/VBN [ an/DT important/JJ high-technological/JJ industry/NN ] ,/, without/IN [ regard/NN ] to/TO [ the/DT consequences/NNS ] for/IN [ research/NN ] and/CC [ innovation/NN ] or/CC [ the/DT public/JJ interest_4/NN ] ./. 
$$
====================================== [ friday/NP ] ,/, [ october/NP 27/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== although/IN [ that/DT ] may/MD sound/VB like/IN [ an/DT arcane/JJ maneuver/NN ] of/IN [ little/JJ interest_2/NN ] outside/IN [ washington/NP ] ,/, [ it/PP ] would/MD set/VB off/RP [ a/DT political/JJ earthquake/NN ] ./. 
$$
[ republicans/NPS ] have/VBP [ as/RB much/JJ interest_1/NN ] as/IN [ democrats/NPS ] in/IN ``/`` [ the/DT way/NN ] [ the/DT system/NN ] works/VBZ ,/, ''/'' [ he/PP ] notes/VBZ ./. 
$$
[ the/DT government/NN ] had/VBD fallen/VBN [ $/$ 300/AB million/AB ] behind/RB in/IN [ interest_6/NN payments/NNS ] ./. 
$$
[ the/DT remainder/NN ] of/IN [ the/DT debt/NN ] will/MD be/VB exchanged/VBN for/IN [ new/JJ costa/JJ rican/JJ bonds/NNS ] with/IN [ a/DT 6/AB 14/AB %/NN interest_6/NN rate/NN ] ./. 
$$
[ the/DT industrial/JJ revolution/NN ] has/VBZ produced/VBN [ an/DT explosion/NN ] in/IN [ the/DT capital/NN market/NN ] ,/, [ which/WDT ] is/VBZ [ a/DT far/RB cheaper/JJR source/NN ] of/IN [ funds/NNS ] than/IN [ government-controlled/JJ banks/NNS ] ,/, where/WRB [ interest_6/NN rates/NNS ] for/IN [ prime/JJ borrowers/NNS ] are/VBP around/RB [ 16/AB %/NN ] ./. 
$$
====================================== [ one/AB person/NN ] close/RB to/TO [ the/DT process/NN ] says/VBZ [ it/PP ] would/MD not/RB be/VB in/IN [ the/DT best/JJS interest_4/NN ] of/IN [ cbs/NP news/NP ] to/TO comment/VB on/IN [ a/DT ] ``/`` [ work/NN ] in/IN [ progress/NN ] ,/, ''/'' such/JJ as/IN [ the/DT hoffman/NP re-creation/NN ] ,/, but/CC says/VBZ [ cbs/NP news/NP ] is/VBZ ``/`` [ aware/JJ ] ''/'' of/IN [ the/DT concerns/NNS ] of/IN [ ms./NP lawrenson/NP ] and/CC [ mr./NP hoffman/NP 's/POS former/JJ wife/NN ] ./. 
$$
====================================== [ leaseway/NP transportation/NP corp./NP ] said/VBD [ it/PP ] will/MD [ restructure/VB $/$ 192.5/AB million/AB ] of/IN [ certain/JJ subordinated/JJ debentures/NNS ] to/TO reduce/VB [ its/PP$ debt/NN obligations/NNS ] and/CC [ interest_6/NN expense/NN ] ./. 
$$
but/CC [ the/DT proposed/JJ transaction/NN ] calls/VBZ for/IN [ an/DT exchange/NN ] of/IN [ the/DT debt/NN ] for/IN [ new/JJ debentures/NNS ] of/IN [ lower/JJR face/NN value/NN ] and/CC reduced/JJ [ cash/NN interest_6/NN ] ./. 
$$
also/RB ,/, [ debt/NN holders/NNS ] would/MD be/VB offered/VBN [ an/DT equity/NN position/NN ] in/IN [ leaseway/NP ] ,/, [ which/WDT ] in/IN [ total/NN ] would/MD represent/VB [ a/DT controlling/VBG interest_5/NN ] in/IN [ the/DT company/NN ] ./. 
$$
[ he/PP ] noted/VBD that/IN for/IN [ the/DT first/JJ time/NN ] in/IN [ months/NNS ] [ there/EX ] was/VBD [ some/DT light/JJ investor/NN interest_1/NN ] in/IN [ the/DT metals/NNS ] ./. 
$$
====================================== in/IN [ addition/NN ] ,/, [ the/DT effective/JJ interest_6/NN rate/NN ] on/IN [ the/DT $/$ 410/AB million/AB ] of/IN [ total/JJ remaining/VBG bank/NN debt/NN ] after/IN [ the/DT restructuring/NN ] is/VBZ [ 10.66/AB %/NN ] ./. 
$$
[ the/DT combined/JJ effect/NN ] of/IN [ these/DT changes/NNS ] is/VBZ expected/VBN to/TO save/VB [ the/DT company/NN ] about/RB [ $/$ 4/AB million/AB ] in/IN [ interest_6/NN expenses/NNS ] next/IN [ year/NN ] ,/, or/CC [ six/AB cents/NNS ] [ a/DT share/NN ] ./. 
$$
because/IN [ municipal/JJ bonds/NNS yields/NNS ] have/VBP risen/VBN at/IN [ a/DT time/NN ] when/WRB [ interest_6/NN rates/NNS ] generally/RB have/VBP fallen/VBN ,/, [ some/DT portfolio/NN managers/NNS ] are/VBP assuming/VBG that/IN [ bonds/NNS ] bought/VBN now/RB will/MD appreciate/VB in/IN [ value/NN ] as/IN [ the/DT municipal/JJ bond/NN market/NN rebounds/VBZ ] ./. 
$$
====================================== [ ms./NP avedisian/NP ] believes/VBZ that/IN [ the/DT mutual/JJ funds/NNS ] are/VBP selling/VBG [ muni/JJ bonds/NNS ] [ that/WDT ] have/VBP [ a/DT negative/JJ convexity/NN ] --/: [ those/DT ] [ that/WDT ] have/VBP appreciated/VBN in/IN [ price/NN ] slowly/RB relative/JJ to/TO [ the/DT decline/NN ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
[ we/PP ] even/RB invited/VBD [ the/DT public/NN ] to/TO stop/VB by/RP and/CC see/VB [ the/DT program/NN ] ,/, but/CC there/RB was/VBD n't/RB [ much/JJ interest_1/NN ] ./. 
$$
''/'' ====================================== [ advertisers/NNS ] are/VBP showing/VBG [ interest_1/NN ] ./. 
$$
[ that/DT ] 's/VBZ because/RB [ municipal-bond/JJ interest_6/NN ] is/VBZ exempt/JJ from/IN [ federal/JJ income/NN tax/NN ] --/: and/CC from/IN [ state/NN ] and/CC [ local/JJ taxes/NNS ] too/RB ,/, for/IN [ in-state/JJ investors/NNS ] ./. 
$$
[ the/DT idea/NN ] is/VBZ to/TO have/VB [ money/NN ] rolling/VBG over/RP [ each/DT year/NN ] at/IN [ prevailing/JJ interest_6/NN rates/NNS ] ./. 
$$
[ that/DT ] makes/VBZ [ them/PP ] [ a/DT reasonable/JJ option/NN ] for/IN [ investors/NNS ] [ who/WP ] will/MD accept/VB [ some/DT risk/NN ] of/IN [ price/NN fluctuation/NN ] in/IN [ order/NN ] to/TO make/VB [ a/DT bet/NN ] that/IN [ interest_6/NN rates/NNS ] will/MD decline/VB over/IN [ the/DT next/JJ year/NN ] or/CC so/RB ./. 
$$
but/CC [ they/PP ] will/MD have/VB [ disappointing/JJ returns/NNS ] or/CC [ even/JJ losses/NNS ] if/IN [ interest_6/NN rates/NNS ] rise/VBP instead/RB ./. 
$$
if/IN [ interest_6/NN rates/NNS ] do/VBP n't/RB change/VB ,/, bond/NN [ fund/NN investors/NNS '/POS returns/NNS ] will/MD be/VB about/RB [ equal/JJ ] to/TO [ the/DT funds/NNS '/POS current/JJ yields/NNS ] ./. 
$$
[ an/DT interest_6/NN rate/NN ] is/VBZ guaranteed/VBN for/IN between/IN [ one/AB ] and/CC [ seven/AB years/NNS ] ,/, after/IN [ which/WDT holders/NNS ] get/VBP [ 30/AB days/NNS ] to/TO choose/VB [ another/DT guarantee/NN period/NN ] or/CC to/TO switch/VB to/TO [ another/DT insurer/NN 's/POS contract/NN ] without/IN [ the/DT surrender/NN charges/NNS ] [ that/WDT ] are/VBP common/JJ to/TO [ annuities/NNS ] ./. 
$$
for/IN [ instance/NN ] ,/, [ a/DT cd-type/JJ annuity/NN ] from/IN [ north/NP american/NP co./NP ] for/IN [ life/NP ] &/CC [ health/NP insurance/NP ] ,/, [ chicago/NP ] ,/, offers/VBZ [ 8.8/AB %/NN interest_6/NN ] for/IN [ one/AB year/NN ] or/CC [ a/DT 9/AB %/NN rate/NN ] for/IN [ two/AB years/NNS ] ./. 
$$
with/IN [ average/JJ maturities/NNS ] of/IN [ a/DT month/NN ] or/CC so/RB ,/, [ money/NN funds/NNS ] offer/VBP fixed/JJ [ share/NN prices/NNS ] and/CC [ floating/VBG returns/NNS ] that/IN [ track/VBP market/NN interest_6/NN rates/NNS ] ,/, with/IN [ a/DT slight/JJ lag/NN ] ./. 
$$
to/TO say/VB that/IN [ the/DT pentagon/NP ] should/MD act/VB irresponsibly/RB because/IN acting/VBG responsibly/RB will/MD provoke/VB [ congress/NP ] into/IN acting/VBG irresponsibly/RB leads/VBZ to/TO [ the/DT conclusion/NN ] that/IN [ the/DT pentagon/NP ] should/MD deliberately/RB exaggerate/VB [ its/PP$ needs/NNS ] in/IN [ the/DT national/JJ interest_4/NN ] ;/: in/IN [ other/JJ words/NNS ] ,/, that/IN [ it/PP ] is/VBZ justified/JJ in/IN committing/VBG [ a/DT crime/NN ] --/: lying/VBG to/TO [ congress/NP ] --/: because/IN [ it/PP ] is/VBZ morally/RB superior/JJ ./. 
$$
[ strategy/NN ] is/VBZ not/RB [ a/DT separate/JJ event/NN ] in/IN [ an/DT idealized/JJ sequence/NN ] of/IN [ discrete/JJ events/NNS ] ;/: [ it/PP ] is/VBZ [ a/DT way/NN ] of/IN [ thinking/NN ] [ that/WDT ] neutralizes/VBZ [ threats/NNS ] to/TO [ our/PP$ interests_4/NNS ] in/IN [ a/DT manner/NN ] consistent/JJ with/IN [ our/PP$ financial/JJ ] ,/, [ cultural/JJ ] and/CC [ physical/JJ limitations/NNS ] ./. 
$$
====================================== while/IN [ wall/NP street/NP 's/POS tough/JJ times/NNS ] and/CC [ lower/JJR u.s./NP interest_6/NN rates/NNS ] continue/VBP to/TO undermine/VB [ the/DT dollar/NN ] ,/, [ weakness/NN ] in/IN [ the/DT pound/NN ] and/CC [ the/DT yen/NN ] is/VBZ expected/VBN to/TO offset/VB [ those/DT factors/NNS ] ./. 
$$
====================================== with/IN [ the/DT stock/NN market/NN ] wobbly/JJ and/CC [ dollar/NN buyers/NNS ] discouraged/VBN by/IN [ signs/NNS ] of/IN [ u.s./NP economic/JJ weakness/NN ] and/CC [ the/DT recent/JJ decline/NN ] in/IN [ u.s./NP interest_6/NN rates/NNS ] [ that/WDT ] has/VBZ diminished/VBN [ the/DT attractiveness/NN ] of/IN [ dollar-denominated/JJ investments/NNS ] ,/, [ traders/NNS ] say/VBP [ the/DT dollar/NN ] is/VBZ still/RB in/IN [ a/DT precarious/JJ position/NN ] ./. 
$$
====================================== [ he/PP ] was/VBD succeeded/VBN by/IN [ john/NP major/NP ] ,/, [ who/WP friday/NP ] expressed/VBD [ a/DT desire/NN ] for/IN [ a/DT firm/JJ pound/NN ] and/CC supported/VBD [ the/DT ] relatively/RB [ high/JJ british/JJ interest_6/NN rates/NNS ] that/IN [ he/PP ] said/VBD ``/`` are/VBP working/VBG exactly/RB as/RB intended/VBN ''/'' in/IN [ reducing/VBG inflation/NN ] ./. 
$$
====================================== [ pound/NN concerns/NNS ] aside/RB ,/, [ the/DT lack/NN ] of/IN [ strong/JJ buying/NN interest_1/NN ] in/IN [ the/DT yen/NN ] is/VBZ [ another/DT boon/NN ] for/IN [ the/DT dollar/NN ] ,/, [ many/JJ traders/NNS ] say/VBP ./. 
$$
[ the/DT yen/NN 's/POS softness/NN ] ,/, [ she/PP ] says/VBZ ,/, apparently/RB stems/VBZ from/IN [ japanese/JJ investors/NNS '/POS interest_1/NN ] in/IN buying/VBG [ dollars/NNS ] against/IN [ the/DT yen/NN ] to/TO purchase/VB [ u.s./NP bond/NN issues/NNS ] and/CC [ persistent/JJ worries/NNS ] about/IN [ this/DT year/NN 's/POS upheaval/NN ] in/IN [ the/DT japanese/JJ government/NN ] ./. 
$$
[ giant/NN ] has/VBZ [ interests_5/NNS ] in/IN [ cement/NN ] making/NN and/CC [ newsprint/NN ] ./. 
$$
====================================== [ the/DT redemption/NN price/NN ] will/MD be/VB [ 109.66/AB %/NN ] of/IN [ the/DT principal/NN amount/NN ] of/IN [ the/DT bonds/NNS ] ,/, plus/CC accrued/JJ [ interest_6/NN ] to/TO [ the/DT date/NN ] of/IN [ redemption/NN ] ./. 
$$
====================================== [ colony/NN banks/NNS ] have/VBP [ a/DT major/JJ stake/NN ] in/IN how/WRB [ interest_6/NN rates/NNS ] move/VBP because/IN of/IN [ their/PP$ enormous/JJ hong/NP kong-dollar/NN exposure/NN ] ./. 
$$
even/RB though/IN [ the/DT currency/NN ] is/VBZ pegged/VBN to/TO [ the/DT u.s./NP dollar/NN ] ,/, with/IN [ a/DT fixed/JJ exchange/NN rate/NN ] of/IN [ hk$/$ 7.8/AB ] to/TO [ the/DT american/JJ currency/NN ] ,/, [ the/DT u.s./NP ] and/CC [ hong/NP kong/NP economies/NNS ] do/VBP n't/RB always/RB move/VB in/IN [ lock/JJ step/NN ] ,/, making/VBG [ it/PP ] difficult/JJ to/TO predict/VB where/WRB [ interest_6/NN rates/NNS ] in/IN [ the/DT colony/NN ] will/MD go/VB ./. 
$$
====================================== [ unocal/NP corp./NP 's/POS decision/NN ] to/TO put/VB [ its/PP$ norwegian/JJ oil/NN ] and/CC [ gas/NN interests_5/NNS ] up/RP for/IN [ sale/NN ] earlier/RBR [ this/DT week/NN ] is/VBZ [ another/DT step/NN ] in/IN [ the/DT company/NN 's/POS strategic/JJ review/NN ] of/IN [ its/PP$ properties/NNS ] ,/, and/CC shows/VBZ that/IN [ few/JJ ] of/IN [ them/PP ] are/VBP [ sacred/JJ cows/NNS ] ./. 
$$
in/IN [ addition/NN ] to/TO [ an/DT 18/AB %/NN stake/NN ] in/IN [ the/DT veslefrikk/NP offshore/JJ field/NN ] ,/, [ the/DT norwegian/JJ unit/NN ] has/VBZ [ interests_5/NNS ] ranging/VBG from/IN [ 10/AB %/NN ] to/TO [ 25/AB %/NN ] in/IN [ three/AB other/JJ norwegian/JJ oil/NN ] and/CC [ gas/NN production/NN licenses/NNS ] ./. 
$$
[ interest_6/NN ] during/IN [ first/JJ year/NN ] paid/VBN semiannually/RB at/IN [ 7.51/AB %/NN ] ./. 
$$
thereafter/RB ,/, [ interest_6/NN ] paid/VBN annually/RB at/IN [ 7.65/AB %/NN ] ./. 
$$
[ the/DT issue/NN ] ,/, formally/RB titled/VBN [ mnb/NP home/NP equity/NP loan/NP asset/NP backed/NP certificates/NPS ] ,/, [ series/NN 1989/AB ] ,/, will/MD represent/VB [ interest_5/NN ] in/IN [ a/DT trust/NN fund/NN ] of/IN [ home/NN equity/NN revolving/VBG credit/NN line/NN loans/NNS ] originated/VBN by/IN [ the/DT retail/JJ finance/NN division/NN ] of/IN [ maryland/NP national/NP bank/NP ] and/CC secured/VBN primarily/RB by/IN [ second/JJ deeds/NNS ] of/IN [ trust/NN ] or/CC [ second/JJ mortgages/NNS ] on/IN [ single/JJ ] to/TO [ four-family/JJ residential/JJ properties/NNS ] ./. 
$$
[ mitchell/NP ] will/MD get/VB [ a/DT half/NN interest_5/NN ] in/IN [ the/DT oil/NN ] ./. 
$$
====================================== [ such/JJ an/DT offer/NN ] could/MD torpedo/VB [ a/DT plan/NN ] by/IN [ lion/NP nathan/NP ltd./NP ] of/IN [ new/NP zealand/NP ] to/TO acquire/VB [ half/PDT the/DT brewing/NN interests_5/NNS ] ./. 
$$
)/) ====================================== [ washington/NP ] ====================================== that/IN [ the/DT motivation/NN ] for/IN [ the/DT two-year/JJ reduction/NN ] to/TO [ 19.6/AB %/NN ] is/VBZ budgetary/JJ does/VBZ not/RB mean/VB [ it/PP ] is/VBZ not/RB in/IN [ the/DT public/JJ interest_4/NN ] ./. 
$$
====================================== [ the/DT fasb/NP rule/NN ] will/MD cover/VB [ such/JJ financial/JJ instruments/NNS ] as/IN [ interest_6/NN rate/NN swaps/NNS ] ,/, [ financial/JJ guarantees/NNS ] ,/, foward/JJ [ *interest/NN rate/NN contracts/NNS ] ,/, [ loan/NN contracts/NNS ] ,/, [ loan/NN commitments/NNS ] and/CC [ options/NNS ] written/VBN on/IN [ securites/NNS ] held/JJ ./. 
$$
====================================== [ we/PP ] read/VBP with/IN [ interest_1/NN robert/NP tomsho/NP 's/POS sept./NP 28/AB page-one/NN article/NN ] on/IN [ robert/NP redford/NP ] (/( [ ``/`` the/DT sundance/NP kid/NP gets/VBZ little/JJ respect/NN ] around/IN [ sundance/NP ] ''/'' )/) ./. 
$$
[ your/PP$ interest_4/NN ] is/VBZ not/RB taken/VBN to/TO [ heart/NN ] because/IN [ people/NNS ] only/RB care/VB about/IN [ your/PP$ performance/NN ''./NN ] --/: [ freshman/NN basketball/NN player/NN ] ./. 
$$
so/RB [ mr./NP kahn/NP ] says/VBZ [ high/JJ priority/NN ] is/VBZ being/VBG given/VBN to/TO creating/VBG [ a/DT computerized/JJ matchmaking/NN service/NN ] ``/`` where/WRB instead/RB of/IN being/VBG matched/VBN for/IN [ eye/NN color/NN ] ,/, [ you/PP ] could/MD be/VB matched/VBN for/IN [ similar/JJ intellectual/JJ interests_3/NNS ] ./. 
$$
====================================== at/IN [ the/DT same/JJ time/NN ] ,/, moves/NNS toward/IN [ tighter/JJR air-quality/NN standards/NNS ] are/VBP spurring/VBG [ interest_1/NN ] in/IN [ lighter/JJR ] or/CC [ alternative/JJ fuels/NNS ] [ that/WDT ] do/VBP n't/RB pollute/VB as/RB much/RB as/IN [ fuel/NN ] refined/VBN from/IN ``/`` [ heavy/JJ ] ''/'' [ crudes/NNS ] ,/, generally/RB high/JJ in/IN [ sulfur/NN ] ./. 
$$
====================================== [ junk-fund/NN holders/NNS ] have/VBP barely/RB broken/VBN even/RB [ this/DT year/NN ] ,/, as/IN [ fat/JJ interest_6/NN payments/NNS ] barely/RB managed/VBD to/TO offset/VB declining/VBG [ prices/NNS ] ./. 
$$
====================================== [ unless/IN mr./NP lawson/NP 's/POS resignation/NN ] leads/VBZ to/TO [ a/DT change/NN ] in/IN [ british/JJ *interest-rate/NN policy/NN ] --/: [ mrs./NP thatcher/NP 's/POS administration/NN ] firmly/RB supports/VBZ [ high/JJ interest_6/NN rates/NNS ] to/TO keep/VB [ inflation/NN ] in/IN [ check/NN ] --/: or/CC posturing/VBG toward/IN [ full/JJ inclusion/NN ] in/IN [ the/DT european/JJ monetary/NP system/NP 's/POS exchange-rate/NN mechanism/NN ] ,/, [ mr./NP lawson/NP 's/POS withdrawal/NN ] will/MD have/VB [ little/JJ long-term/JJ impact/NN ] on/IN [ exchange/NN rates/NNS ] ,/, [ mr./NP chandross/NP ] concluded/VBD ./. 
$$
====================================== as/IN [ a/DT result/NN ] of/IN [ the/DT ] refinancing/NN ,/, [ the/DT company/NN ] said/VBD [ the/DT interest_6/NN ] on/IN [ the/DT debt/NN ] will/MD fall/VB to/TO slightly/RB more/JJR than/IN [ 11/AB %/NN ] from/IN slightly/RB more/JJR than/IN [ 14/AB %/NN ] ./. 
$$
at/IN [ 15/AB %/NN ] ,/, [ base/NN interest_6/NN rates/NNS ] are/VBP [ the/DT highest/JJS ] in/IN [ eight/AB years/NNS ] ,/, and/CC [ the/DT 7.6/AB %/NN annual/JJ inflation/NN rate/NN ] is/VBZ by/IN far/RB [ the/DT highest/JJS ] in/IN [ the/DT european/NP community/NP ] ./. 
$$
[ he/PP ] was/VBD convicted/VBN of/IN [ charging/VBG interest_6/NN rates/NNS ] much/RB higher/JJR than/IN [ what/WP ] [ the/DT law/NN ] permitted/VBD ,/, and/CC attempting/VBG to/TO evade/VB [ income/NN taxes/NNS ] by/IN using/VBG [ a/DT double/JJ accounting/NN system/NN ] ./. 
$$
but/CC [ the/DT interest_6/NN rates/NNS they/PP ] charge/VBP are/VBP often/RB near/IN [ japan/NP 's/POS 54.75/AB %/NN legal/JJ limit/NN ] ,/, says/VBZ [ kenji/NP utsunomiya/NP ] ,/, [ a/DT lawyer/NN ] specializing/VBG in/IN [ loan/NN troubles/NNS ] ./. 
$$
====================================== at/IN [ a/DT news/NN conference/NN ] ,/, [ mr./NP fournier/NP ] accused/VBD [ paribas/NP ] of/IN planning/VBG to/TO pay/VB for/IN [ the/DT takeover/NN ] by/IN selling/VBG [ parts/NNS ] of/IN [ the/DT company/NN ] ,/, [ whose/WP$ interests_5/NNS ] include/VBP [ insurance/NN ] ,/, banking/NN ,/, [ tuna/NN canning/NN ] ,/, [ sugar/NN ] and/CC [ orange/NN juice/NN ] ./. 
$$
[ the/DT debt/NN reduction/NN ] is/VBZ expected/VBN to/TO save/VB [ the/DT fort/NP lauderdale/NP ] ,/, [ fla./NP home/NN video/NN concern/NN ] about/RB [ $/$ 2/AB million/AB ] [ a/DT year/NN ] in/IN [ interest_6/NN expense/NN ] ./. 
$$
[ the/DT zero-coupon/JJ ] subordinated/JJ [ notes/NNS ] have/VBP [ no/DT periodic/JJ interest_6/NN payments/NNS ] ./. 
$$
[ eiji/NP nakazato/NP ] ,/, [ a/DT takashimaya/NP general/JJ manager/NN ] ,/, admits/VBZ that/IN [ his/PP$ company/NN 's/POS image/NN ] is/VBZ similar/JJ to/TO [ saks/NP 's/POS ] and/CC that/IN [ there/EX ] is/VBZ [ some/DT interest_1/NN ] in/IN [ the/DT idea/NN ] ./. 
$$
[ that/DT ] is/VBZ [ another/DT small/JJ encouragement/NN ] for/IN [ the/DT federal/NP reserve/NP ] to/TO lower/VB [ interest_6/NN rates/NNS ] in/IN coming/JJ [ weeks/NNS ] ,/, [ they/PP ] reasoned/VBD ./. 
$$
====================================== [ the/DT loans/NNS ] will/MD be/VB at/IN [ variable/JJ interest_6/NN rates/NNS ] ,/, currently/RB [ 7.74/AB %/NN ] [ a/DT year/NN ] ./. 
$$
[ the/DT company/NN ] also/RB said/VBD [ it/PP ] would/MD n't/RB make/VB [ the/DT semiannual/JJ interest_6/NN payment/NN ] on/IN [ its/PP$ $/$ 40/AB million/AB ] of/IN [ 7/AB %/NN convertible/JJ subordinated/JJ debentures/NNS ] by/IN [ the/DT nov./NP 1/AB due/JJ date/NN ] or/CC within/IN [ the/DT grace/NN period/NN ] ./. 
$$
[ the/DT stock/NN market/NN ] has/VBZ had/VBD [ a/DT heightened/JJ concern/NN ] about/IN [ turmoil/NN ] with/IN [ high-risk/JJ financing/NN ] ever/RB since/IN [ campeau/NP corp./NP ] nearly/RB missed/VBD [ an/DT interest_6/NN payment/NN ] on/IN [ its/PP$ junk/NN bonds/NNS ] in/IN [ september/NP ] ./. 
$$
====================================== [ the/DT commission/NN ] said/VBD [ coats/NNS ] must/MD first/RB dispose/VB of/IN [ its/PP$ interest_5/NN ] in/IN [ britain/NP 's/POS domestic/JJ sewing/NN thread/NN industry/NN ] and/CC [ its/PP$ shares/NNS ] in/IN [ the/DT gutermann/NP group/NP ] ./. 
$$
====================================== [ thursday/NP ] ,/, [ october/NP 26/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ the/DT year-earlier/JJ quarter/NN ] included/VBD [ a/DT one-time/JJ after-tax/JJ gain/NN ] of/IN [ $/$ 223.4/AB million/AB ] from/IN [ the/DT sale/NN ] of/IN [ interests_5/NNS ] in/IN [ its/PP$ computerized/JJ reservations/NNS partnership/NN ] ,/, [ covia/NP ] ./. 
$$
====================================== for/IN [ the/DT nine/AB months/NNS ] ,/, [ net/JJ income/NN ] fell/VBD [ 71/AB %/NN ] to/TO [ $/$ 317.3/AB million/AB ] ,/, or/CC [ $/$ 14.66/AB ] [ a/DT share/NN ] ,/, from/IN [ $/$ 1.1/AB billion/AB ] ,/, or/CC [ $/$ 34.35/AB ] [ a/DT share/NN ] ,/, [ which/WDT ] includes/VBZ [ the/DT gain/NN ] from/IN [ the/DT sale/NN ] of/IN [ covia/NP interests_5/NNS ] ./. 
$$
[ that/DT property/NN ] was/VBD donated/VBN to/TO [ goodwill/NP ] by/IN [ artra/NP group/NP inc./NP ] ,/, [ a/DT northbrook/NP ] ,/, [ ill./NP ] ,/, [ company/NN ] with/IN [ interests_5/NNS ] in/IN [ fashion/NN jewelry/NN ] and/CC [ accessories/NNS ] ./. 
$$
but/CC [ the/DT document/NN ] --/: featuring/VBG [ a/DT passel/NN ] of/IN [ new/JJ details/NNS ] --/: is/VBZ sure/JJ to/TO revive/VB [ interest_1/NN ] in/IN [ the/DT matter/NN ] on/IN [ capitol/NP hill/NP ] ,/, where/WRB [ lawmakers/NNS ] [ this/DT week/NN ] are/VBP deciding/VBG on/IN [ appropriations/NNS ] for/IN [ northrop/NP 's/POS most/JJS important/JJ pentagon/NP program/NN ] ,/, [ the/DT b-2/NP stealth/NP bomber/NN ] ./. 
$$
====================================== [ the/DT company/NN ] is/VBZ asking/VBG [ the/DT international/NP chamber/NP ] of/IN [ commerce/NP ] to/TO order/VB [ asia/NP culture/NP travel/NP ] and/CC [ its/PP$ associates/NNS ] to/TO return/VB [ the/DT $/$ 6,250,000/AB ] ,/, plus/CC [ interest_6/NN ] ``/`` at/IN [ the/DT highest/JJS lawful/JJ rate/NN ] ./. 
$$
[ karl/JJ von/NP der/NN heyden/NN ] ,/, [ chief/JJ financial/JJ officer/NN ] ,/, said/VBD [ he/PP ] is/VBZ talking/VBG with/IN [ bankers/NNS ] about/IN refinancing/VBG between/IN [ $/$ 2.5/AB billion/AB ] and/CC [ $/$ 3/AB billion/AB ] of/IN [ rjr/NP loans/NNS ] at/IN [ lower/JJR interest_6/NN rates/NNS ] ,/, possibly/RB securing/VBG [ the/DT refinanced/VBN debt/NN ] with/IN [ some/DT ] of/IN [ rjr/NP 's/POS assets/NNS ] ./. 
$$
``/`` [ there/EX ] would/MD have/VB to/TO be/VB [ some/DT cataclysmic/JJ event/NN ] for/IN [ us/PP ] not/RB to/TO bring/VB [ our/PP$ interest_6/NN rate/NN ] down/RP ./. 
$$
and/CC although/IN [ the/DT company/NN ] apparently/RB is/VBZ meeting/VBG [ its/PP$ cash-interest/JJ payments/NNS ] with/IN [ ease/NN ] ,/, [ the/DT clock/NN ] is/VBZ ticking/VBG on/IN [ its/PP$ non-cash/JJ notes/NNS ] --/: to/TO [ the/DT tune/NN ] of/IN about/RB [ $/$ 1.4/AB billion/AB ] of/IN [ accrued/JJ interest_6/NN ] [ this/DT year/NN ] ,/, with/IN [ the/DT amounts/NNS ] expected/VBN to/TO rise/VB to/TO about/RB [ $/$ 2.3/AB billion/AB ] in/IN [ 1993/AB ] ./. 
$$
[ some/DT time/NN ] before/IN [ april/NP 1991/AB ] ,/, [ rjr/NP ] must/MD fix/VB [ the/DT interest_6/NN ] rates/NNS on/IN [ $/$ 5.8/AB billion/AB worth/NN ] of/IN [ pik/NP bonds/NNS ] so/IN [ the/DT notes/NNS trade/NN ] at/IN [ par/NN ] ,/, in/IN [ accordance/NN ] with/IN [ the/DT bonds/NNS '/POS terms/NNS ] ./. 
$$
[ that/DT ] means/VBZ if/IN [ the/DT notes/NNS ] continue/VBP trading/VBG below/IN [ their/PP$ $/$ 100/AB par/NN value/NN ] --/: [ they/PP ] are/VBP now/RB trading/VBG below/IN [ $/$ 80/AB ] (/( excluding/VBG [ accrued/JJ interest_6/NN ] )/) --/: [ rjr/NP ] must/MD boost/VB [ the/DT bonds/NNS '/POS *interest/NN ] rates/VBZ as/RB high/RB as/IN necessary/JJ to/TO drive/VB [ their/PP$ market/NN price/NN ] to/TO [ $/$ 100/AB ] ./. 
$$
[ that/DT ] means/VBZ if/IN [ the/DT notes/NNS ] continue/VBP trading/VBG below/IN [ their/PP$ $/$ 100/AB par/NN value/NN ] --/: [ they/PP ] are/VBP now/RB trading/VBG below/IN [ $/$ 80/AB ] (/( excluding/VBG [ accrued/JJ *interest/NN ] )/) --/: [ rjr/NP ] must/MD boost/VB [ the/DT bonds/NNS '/POS interest_6/NN ] rates/VBZ as/RB high/RB as/IN necessary/JJ to/TO drive/VB [ their/PP$ market/NN price/NN ] to/TO [ $/$ 100/AB ] ./. 
$$
[ that/DT ] could/MD require/VB fixing/VBG [ the/DT interest_6/NN rate/NN ] as/RB high/JJ as/IN [ 20/AB %/NN ] ,/, [ bankers/NNS ] say/VBP ,/, especially/RB if/IN [ the/DT junk-bond/NN market/NN ] remains/VBZ [ weak/JJ ] or/CC deteriorates/VBZ further/RB ./. 
$$
[ the/DT bonds/NNS ] will/MD continue/VB to/TO accrue/VB [ interest_6/NN ] in/IN [ paper/NN ] until/IN [ the/DT mid-1990s/NNS ] to/TO late/JJ [ 1990s/NNS ] ./. 
$$
and/CC that/IN ,/, of/IN [ course/NN ] ,/, will/MD depend/VB on/IN just/RB how/WRB [ high/JJ rjr/NP ] is/VBZ forced/VBN to/TO fix/VB [ the/DT interest_6/NN rate/NN ] to/TO get/VB [ the/DT bonds/NNS ] trading/NN up/RP to/TO [ par/NN ] ./. 
$$
[ brunswick/NP ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ defense/NN ] and/CC [ aerospace/JJ products/NNS ] ./. 
$$
[ market/NN analysts/NNS ] said/VBD that/IN continued/JJ [ declines/NNS ] and/CC [ volatility/NN ] in/IN [ the/DT stock/NN market/NN ] contributed/VBD generally/RB to/TO [ enhanced/JJ investor/NN interest_1/NN ] in/IN [ precious/JJ metals/NNS ] ,/, but/CC that/IN [ the/DT british/JJ political/JJ news/NN ] was/VBD [ the/DT main/JJ factor/NN ] boosting/VBG [ prices/NNS ] :/: [ chancellor/NP ] of/IN [ the/DT exchequer/NP nigel/NP lawson/NP ] resigned/VBD ./. 
$$
but/CC [ he/PP ] also/RB noted/VBD that/IN if/IN [ uncertainty/NN ] continues/VBZ in/IN [ the/DT stock/NN market/NN ] ,/, [ that/WDT ] might/MD create/VB [ some/DT investor/NN interest_1/NN ] in/IN [ precious/JJ metals/NNS ] ./. 
$$
[ that/DT interest_1/NN ] has/VBZ been/VBN lacking/JJ for/IN [ a/DT long/JJ time/NN ] ,/, [ he/PP ] said/VBD ./. 
$$
[ bert/NP ruiz/NP ] ,/, [ soft/JJ commodity/NN specialist/NN ] at/IN [ balfour/NP ] ,/, [ maclaine/NP futures/NP inc./NP ] ,/, said/VBD that/IN [ all/DT week/NN ] [ he/PP ] has/VBZ seen/VBN increasing/VBG [ open/JJ interest_5/NN ] and/CC [ declining/VBG prices/NNS ] --/: [ an/DT almost/RB certain/JJ sign/NN ] that/IN [ additional/JJ selling/NN ] of/IN [ contracts/NNS ] is/VBZ taking/VBG [ place/NN ] ./. 
$$
[ open/JJ interest_5/NN ] is/VBZ [ the/DT number/NN ] of/IN [ outstanding/JJ contracts/NNS ] [ that/WDT ] remain/VBP to/TO be/VB settled/VBN either/CC by/IN [ an/DT opposite/JJ trade/NN ] or/CC [ delivery/NN ] ./. 
$$
====================================== [ costa/NP rica/NP ] also/RB would/MD be/VB able/JJ to/TO pay/VB [ overdue/JJ interest_6/NN ] on/IN [ its/PP$ still-outstanding/JJ loans/NNS ] at/IN ``/`` [ more/JJR favorable/JJ terms/NNS ] ''/'' than/IN [ regular/JJ debtors/NNS ] ,/, [ other/JJ u.s./NP bankers/NNS ] said/VBD ./. 
$$
====================================== [ these/DT ] pooled/JJ [ investments/NNS ] in/IN [ trusts/NNS ] ,/, [ which/WDT ] drew/VBD [ income/NN ] from/IN [ owned/VBN properties/NNS ] or/CC from/IN [ interest_6/NN ] on/IN [ mortgages/NNS ] ,/, were/VBD hit/VBN by/IN [ the/DT real/JJ estate/NN doldrums/NNS ] of/IN [ that/DT year/NN ] ./. 
$$
overbuilding/NN ,/, [ inflation/NN ] ,/, [ high/JJ interest_6/NN ] and/CC [ materials/NNS costs/NNS ] ,/, [ mortgage/NN defaults/NNS ] and/CC [ some/DT questionable/JJ lending/NN practices/NNS ] combined/VBD to/TO hurt/VB [ reits/NNS ] ./. 
$$
====================================== [ mr./NP osborne/NP ] said/VBD [ maclean/NP hunter/NP holdings/NP ltd./NP ] ,/, owned/VBN by/IN [ certain/JJ directors/NNS ] and/CC [ subsidiaries/NNS ] of/IN [ maclean/NP hunter/NP ] ,/, has/VBZ [ a/DT voting/NN interest_5/NN ] of/IN about/RB [ 20/AB %/NN ] in/IN [ the/DT company/NN ] ;/: [ no/DT other/JJ holder/NN ] has/VBZ as/RB much/JJ as/IN [ 10/AB %/NN ] ./. 
$$
[ mr./NP lawson/NP ] carefully/RB watched/VBD [ exchange/NN rates/NNS ] and/CC stood/VBD ready/JJ to/TO increase/VB [ u.k./NP interest_6/NN rates/NNS ] when/WRB [ the/DT pound/NN ] slid/VBD too/RB sharply/RB against/IN [ the/DT dollar/NN ] or/CC [ the/DT mark/NN ] ./. 
$$
====================================== [ republicans/NPS ] would/MD defer/VB [ the/DT tax/NN break/NN ] :/: save/VB [ $/$ 2,000/AB ] ,/, and/CC [ you/PP ] 'll/MD escape/VB [ taxes/NNS ] on/IN [ all/PDT the/DT interest_6/NN ] [ that/DT sum/NN ] earns/VBZ over/IN [ the/DT years/NNS ] till/IN [ you/PP ] retire/VBP ./. 
$$
[ balances/NP ] in/IN [ ira/NN ] and/CC [ keogh/NP accounts/NNS ] (/( [ retirement/NN accounts/NNS ] for/IN [ the/DT self-employed/JJ ] )/) ,/, [ which/WDT ] had/VBD swelled/VBN by/IN [ $/$ 75/AB billion/AB ] in/IN [ 1986/AB ] ,/, grew/VBD by/IN only/RB [ $/$ 48/AB billion/AB ] in/IN [ 1988/AB ] ,/, including/VBG [ interest_6/NN ] on/IN [ past/JJ contributions/NNS ] ./. 
$$
but/CC at/IN [ retirement/NN 25/AB years/NNS ] later/RB ,/, [ the/DT entire/JJ $/$ 4,773/AB ] in/IN [ interest_6/NN ] could/MD be/VB withdrawn/VBN [ taxfree/JJ ] ,/, along/IN with/IN [ the/DT ] already/RB taxed/VBN [ $/$ 2,000/AB initial/JJ contribution/NN ] ./. 
$$
====================================== on/IN [ the/DT other/JJ hand/NN ] ,/, [ the/DT case/NN ] for/IN [ delayed/JJ gratification/NN ] is/VBZ bolstered/VBN by/IN [ evidence/NN ] that/IN [ a/DT surprising/JJ number/NN ] of/IN [ upper-income/JJ americans/NPS ] still/RB are/VBP putting/VBG [ money/NN ] in/IN [ iras/NNS ] even/RB though/IN [ the/DT only/JJ tax/NN break/NN ] is/VBZ deferring/VBG [ tax/NN ] on/IN [ the/DT interest_6/NN ] [ the/DT contributions/NNS ] earn/VBP ./. 
$$
but/CC allowing/VBG [ the/DT interest_6/NN buildup/NN ] on/IN [ those/DT contributions/NNS ] to/TO escape/VB [ taxation/NN ] would/MD cost/VB [ the/DT treasury/NP ] far/RB more/JJR than/IN [ that/DT sum/NN ] in/IN [ the/DT long/JJ run/NN ] ,/, [ the/DT congressional/NP budget/NP office/NP ] says/VBZ ./. 
$$
[ credit/NP lyonnais/NP ] reported/VBD [ 1988/AB consolidated/JJ profit/NN ] of/IN [ 2.06/AB billion/AB francs/NNS ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] ./. 
$$
until/IN yesterday/NN ,/, [ institutional/JJ investors/NNS ] had/VBD showed/VBN [ little/JJ interest_1/NN ] in/IN buying/VBG [ the/DT securities/NNS ] ./. 
$$
====================================== [ strips/NNS ] are/VBP created/VBN by/IN separating/VBG [ the/DT interest_6/NN payment/NN portion/NN ] of/IN [ the/DT bond/NN ] from/IN [ the/DT principal/JJ portion/NN ] ,/, called/VBD [ the/DT corpus/NN ] ./. 
$$
[ zero-coupon/JJ securities/NNS ] pay/VBP [ no/DT interest_6/NN ] until/IN [ maturity/NN ] ,/, with/IN [ the/DT return/NN ] to/TO [ investors/NNS ] consisting/VBG primarily/RB of/IN [ the/DT bond/NN discount/NN ] ./. 
$$
====================================== [ one/AB basis/NN ] for/IN [ linking/VBG change/NN ] in/IN [ the/DT east/NP ] and/CC [ change/NN ] in/IN [ the/DT west/NP ] is/VBZ [ the/DT notion/NN ] that/IN integrating/VBG [ 110/AB million/AB eastern/JJ europeans/NPS ] with/IN [ 320/AB million/AB western/JJ europeans/NPS ] is/VBZ primarily/RB [ the/DT task/NN ] of/IN [ europeans/NPS ] ,/, despite/IN [ the/DT u.s./NP 's/POS obvious/JJ strategic/JJ ] and/CC [ economic/JJ interest_4/NN ] ./. 
$$
''/'' ====================================== [ he/PP ] adds/VBZ that/IN with/IN [ communism/NN ] collapsing/VBG and/CC [ mr./NP gorbachev/NP ] scrambling/VBG to/TO rejuvenate/VB [ the/DT soviet/JJ economy/NN ] ,/, ``/`` [ our/PP$ interest_4/NN ] lies/VBZ in/IN [ a/DT controlled/VBN transformation/NN ] ,/, [ a/DT contained/VBN nuclear/JJ reaction/NN ] ,/, so/IN [ we/PP ] need/VBP to/TO help/VB [ him/PP ] ,/, and/CC not/RB just/RB with/IN [ words/NNS ] ./. 
$$
====================================== like/IN [ most/JJS treasury/NN secretaries/NNS ] ,/, [ mr./NP brady/NP ] takes/VBZ [ a/DT keen/JJ interest_1/NN ] in/IN [ monetary/JJ matters/NNS ] ,/, of/IN [ course/NN ] ./. 
$$
[ he/PP ] was/VBD ,/, in/IN [ fact/NN ] ,/, taking/VBG [ an/DT ] especially/RB [ keen/JJ interest_1/NN ] in/IN [ board/NN matters/NNS ] even/RB before/IN [ he/PP ] went/VBD to/TO [ the/DT treasury/NN ] ./. 
$$
====================================== in/IN [ recent/JJ weeks/NNS ] ,/, moreover/RB ,/, [ mr./NP brady/NP ] has/VBZ joined/VBN [ other/JJ administration/NN officials/NNS ] in/IN trying/VBG to/TO urge/VB [ the/DT fed/NP ] toward/IN [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
[ the/DT fed/NP ] has/VBZ let/VBN [ interest_6/NN rates/NNS ] slip/VBP slightly/RB ,/, but/CC whether/IN [ the/DT main/JJ reason/NN ] was/VBD [ dollar/NN intervention/NN ] ,/, [ the/DT gloomy/JJ reports/NNS ] on/IN [ manufacturing/VBG employment/NN ] ,/, or/CC [ the/DT friday/NP 13/AB market/NN drop/NN ] ,/, only/RB [ mr./NP greenspan/NP ] and/CC [ his/PP$ associates/NNS ] know/VBP ./. 
$$
[ mca/NP ] holds/VBZ [ half/DT ] of/IN [ cineplex/NP 's/POS equity/NN ] and/CC [ 33/AB %/NN ] of/IN [ its/PP$ voting/NN rights/NNS ] through/IN [ restricted/VBN voting/NN shares/NNS ] ,/, while/IN [ bronfman/NP interests_5/NNS ] hold/VBP about/IN [ 24/AB %/NN ] of/IN [ the/DT company/NN 's/POS equity/NN ] ./. 
$$
''/'' in/IN [ such/JJ circumstances/NNS ] ,/, [ free-speech/NN interests_4/NNS ] outweighed/VBD [ the/DT *interests/NNS ] of/IN [ the/DT copyright/NN owner/NN ] ./. 
$$
''/'' in/IN [ such/JJ circumstances/NNS ] ,/, [ free-speech/NN *interests/NNS ] outweighed/VBD [ the/DT interests_4/NNS ] of/IN [ the/DT copyright/NN owner/NN ] ./. 
$$
in/IN [ a/DT decision/NN ] in/IN [ april/NP ] of/IN [ this/DT year/NN ] ,/, [ judge/NP roger/NP miner/NP ] ,/, joined/VBN by/IN [ judge/NP frank/NP altimari/NP ] ,/, agreed/VBD on/IN denying/VBG [ the/DT injunction/NN ] and/CC did/VBD not/RB [ doubt/VB ] that/IN ``/`` [ bare-faced/NP messiah/NP ] ''/'' was/VBD [ a/DT serious/JJ work/NN ] but/CC rejected/VBD [ judge/NP leval/NP 's/POS argument/NN ] that/IN [ the/DT public/JJ interest_4/NN ] in/IN [ scholarship/NN ] could/MD outweigh/VB [ the/DT sanctity/NN ] of/IN [ copyright/NN ] ./. 
$$
''/'' ====================================== [ decisions/NNS ] by/IN [ the/DT second/NP circuit/NP itself/PP ] ,/, [ judge/NP oakes/NP ] continued/VBD ,/, had/VBD recognized/VBN that/IN [ public/JJ interest_1/NN ] in/IN [ the/DT subject/JJ matter/NN ] and/CC [ the/DT indispensability/NN ] in/IN [ particular/JJ cases/NNS ] of/IN [ verbatim/JJ quotations/NNS ] are/VBP [ vital/JJ components/NNS ] of/IN [ fair/JJ use/NN ] ./. 
$$
yet/RB [ a/DT bill/NN ] tailored/VBN to/TO [ the/DT interests_4/NNS ] of/IN [ a/DT single/JJ individual/NN ] passed/VBD [ congress/NP ] with/IN [ almost/RB unimaginable/JJ speed/NN ] ,/, before/IN [ the/DT judicial/JJ process/NN ] had/VBD run/VBN [ its/PP$ course/NN ] ,/, and/CC ,/, indeed/RB ,/, while/IN [ the/DT morgan/NP case/NN ] was/VBD awaiting/VBG [ a/DT ruling/NN ] by/IN [ the/DT appellate/JJ court/NN ] ./. 
$$
[ gm/NP class/NP h/NP ] ,/, [ which/WDT ] represents/VBZ [ a/DT dividend/NN interest_5/NN ] in/IN [ hughes/NP earnings/NNS ] ,/, closed/VBD at/IN [ $/$ 29/AB ] ,/, up/RB [ 25/AB cents/NNS ] in/IN [ big/NP board/NP composite/JJ ] trading/NN ./. 
$$
[ gm/NP class/NP e/NP ] ,/, [ which/WDT ] represents/VBZ [ a/DT dividend/NN interest_5/NN ] in/IN [ eds/NP profit/NN ] ,/, fell/VBD [ 75/AB cents/NNS ] to/TO [ $/$ 52.25/AB ] on/IN [ the/DT big/NP board/NP ] ./. 
$$
====================================== [ all/DT ] of/IN [ the/DT bidders/NNS ] contemplate/VBP [ full/JJ payment/NN including/VBG interest_6/NN ] to/TO [ secured/VBN creditors/NNS ] ./. 
$$
====================================== [ geoffrey/NP kalmus/NP ] ,/, [ counsel/NN ] to/TO [ the/DT official/JJ creditors/NNS committee/NN ] ,/, said/VBD that/IN under/IN [ the/DT united/NP illuminating/NP plan/NN ] ,/, [ unsecured/JJ creditors/NNS ] would/MD be/VB paid/VBN in/IN [ full/JJ credits/NNS ] and/CC [ interest_6/NN ] of/IN about/IN [ $/$ 855/AB million/AB ] ,/, accrued/VBN before/IN [ ps/NP ] of/IN [ new/NP hampshire/NP 's/POS jan./NP 1988/AB ] filing/VBG for/IN [ bankruptcy/NN court/NN protection/NN ] ./. 
$$
in/IN [ addition/NN ] ,/, [ they/PP ] would/MD receive/VB [ some/DT $/$ 200/AB million/AB ] in/IN [ payments/NNS ] for/IN [ interest_6/NN ] since/IN then/RB ./. 
$$
[ mr./NP kalmus/NP ] said/VBD that/IN by/IN [ next/JJ july/NP they/PP ] would/MD have/VB accrued/VBN [ unpaid/JJ interest_6/NN ] equal/JJ to/TO [ $/$ 350/AB million/AB ] ./. 
$$
[ other/JJ plans/NNS ] generally/RB would/MD n't/RB pay/VB [ unsecured/JJ creditors/NNS '/POS interest_6/NN ] accrued/VBN since/IN [ the/DT filing/NN ] ./. 
$$
====================================== though/IN obscure/JJ to/TO [ most/JJS investors/NNS ] ,/, [ the/DT question/NN ] of/IN whether/IN to/TO list/VB [ options/NNS ] on/IN more/JJR than/IN [ one/AB exchange/NN ] has/VBZ aroused/VBN [ much/JJ interest_1/NN ] in/IN [ congress/NP ] ,/, mainly/RB because/IN [ regional/JJ exchanges/NNS ] fear/VBP [ the/DT change/NN ] could/MD bankrupt/VB [ them/PP ] ./. 
$$
====================================== [ the/DT two-stroke/JJ engine/NN displays/NNS ] by/IN [ toyota/NP ] and/CC [ fuji/NP heavy/NP industries/NPS ] ,/, [ the/DT maker/NN ] of/IN [ subaru/NP cars/NNS ] ,/, drew/VBD plenty/RB of/IN [ interest_1/NN ] from/IN [ u.s./NP auto/NN executives/NNS ] ,/, [ who/WP ] are/VBP rushing/VBG to/TO develop/VB [ two-stroke/JJ engines/NNS ] ./. 
$$
but/CC [ the/DT fed/NP ] is/VBZ n't/RB enthusiastic/JJ about/IN [ treasury/NP efforts/NNS ] to/TO bring/VB down/IN [ the/DT value/NN ] of/IN [ the/DT dollar/NN ] through/IN [ intervention/NN ] in/IN [ foreign-exchange/JJ markets/NNS ] ,/, and/CC [ the/DT treasury/NP ] is/VBZ frustrated/VBN at/IN [ the/DT fed/NP 's/POS reluctance/NN ] to/TO cut/VB [ interest_6/NN rates/NNS ] to/TO pull/VB down/IN [ the/DT dollar/NN 's/POS value/NN ] ./. 
$$
[ many/JJ analysts/NNS ] are/VBP expecting/VBG [ the/DT fed/NP ] to/TO lower/VB [ interest_6/NN rates/NNS ] at/IN [ least/JJS ] once/RB more/JJR before/IN [ the/DT end/NN ] of/IN [ the/DT year/NN ] ./. 
$$
====================================== [ the/DT amount/NN ] covers/VBZ [ taxes/NNS ] ,/, [ interest_6/NN ] and/CC [ penalties/NNS ] owed/VBN from/IN [ 1966/AB ] ,/, when/WRB [ the/DT state/NN ] began/VBD collecting/VBG [ corporate/JJ taxes/NNS ] ,/, to/TO [ 1985/AB ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ international/NP mobile/NP machines/NPS corp./NP ] fell/VBD to/TO [ 3,102,935/AB shares/NNS ] in/IN [ the/DT month/NN ] ended/VBD [ oct./NP 13/AB ] from/IN [ 3,420,936/AB ] in/IN [ september/NP ] ./. 
$$
====================================== (/( see/VB :/: ``/`` [ short/JJ interest_5/NN ] in/IN [ otc/NP stocks/NNS posts/VBZ 6/AB %/NN jump/NN ] --/: [ rise/NN ] during/IN [ latest/JJS period/NN ] is/VBZ [ sharpest/JJS ] since/IN [ april/NP ] ;/: [ oct./NP 13/AB drop/NN is/VBZ n't/RB factor/NN ] ''/'' --/: [ wsj/NP oct./NP 25/AB ] ,/, [ 1989/AB ] ./. 
$$
====================================== ``/`` with/IN [ the/DT decline/NN ] in/IN [ stock/NN prices/NNS ] and/CC continued/VBD [ low/JJ ] or/CC [ stable/JJ interest_6/NN rates/NNS ] ,/, [ stocks/NNS ] are/VBP representing/VBG [ a/DT better/JJR value/NN ] [ all/PDT the/DT time/NN ] ,/, ''/'' [ renaissance/NP president/NP frank/NP w./NP terrizzi/NP ] said/VBD yesterday/NN ./. 
$$
on/IN [ top/NN ] of/IN [ this/DT ] ,/, [ the/DT traveler/NN ] [ who/WP ] converts/VBZ [ his/PP$ dollars/NNS ] into/IN [ foreign/JJ currency/NN ] before/IN [ the/DT trip/NN starts/VBP ] will/MD lose/VB [ interest_6/NN ] from/IN [ the/DT day/NN ] of/IN [ conversion/NN ] ./. 
$$
in/IN [ the/DT meantime/NN ] ,/, [ the/DT money/NN ] can/MD continue/VB to/TO earn/VB [ interest_6/NN ] for/IN [ the/DT card/NN holder/NN ] --/: often/RB more/RBR than/IN [ 1/AB %/NN ] during/IN [ that/DT ] ``/`` [ float/NN ] ''/'' [ period/NN ] alone/RB ./. 
$$
====================================== ``/`` [ lower/JJR yields/NNS ] are/VBP just/RB reflecting/VBG [ lower/JJR short-term/JJ interest_6/NN rates/NNS ] ,/, ''/'' said/VBD [ brenda/NP malizia/NP negus/NP ] ,/, [ editor/NN ] of/IN [ money/NP fund/NP report/NP ] ./. 
$$
[ money/NP funds/NNS ] invest/VBP in/IN [ such/JJ things/NNS ] as/IN [ short-term/JJ treasury/NP securities/NNS ] ,/, [ commercial/JJ paper/NN ] and/CC [ certificates/NNS ] of/IN [ deposit/NN ] ,/, [ all/DT ] of/IN [ which/WDT ] have/VBP been/VBN posting/VBG [ lower/JJR interest_6/NN rates/NNS ] since/IN [ last/JJ spring/NN ] ./. 
$$
====================================== [ average/JJ maturity/NN ] was/VBD as/RB short/JJ as/IN [ 29/AB days/NNS ] at/IN [ the/DT start/NN ] of/IN [ this/DT year/NN ] ,/, when/WRB [ short-term/JJ interest_6/NN rates/NNS ] were/VBD moving/VBG steadily/RB upward/RB ./. 
$$
[ that/DT ] 's/VBZ worse/JJR than/IN [ the/DT price/NN drop/NN ] sustained/VBN by/IN [ the/DT bonds/NNS ] in/IN [ its/PP$ portfolio/NN ] ,/, [ whose/WP$ total/JJ return/NN ] (/( [ bond-price/JJ changes/NNS ] plus/CC [ interest_6/NN ] )/) has/VBZ amounted/VBN to/TO [ a/DT negative/JJ 6.08/AB %/NN ] ./. 
$$
[ carl/NP ericson/NP ] ,/, [ who/WP ] runs/VBZ [ the/DT colonial/NP intermediate/NP high/NP income/NP fund/NP ] ,/, says/VBZ [ the/DT fund/NN 's/POS 25/AB %/NN leverage/NN ] has/VBZ jacked/VBN up/IN [ its/PP$ interest_6/NN income/NN ] ./. 
$$
====================================== [ i/PP ] read/VBP [ the/DT exerpts/NNS ] of/IN [ wayne/NP angell/NP 's/POS exchange/NN ] with/IN [ a/DT gosbank/NP representative/NN ] (/( [ ``/`` put/VB ] [ the/DT soviet/NP economy/NP ] on/IN [ golden/NP rails/NPS ] ,/, ''/'' [ editorial/NN page/NN ] ,/, [ oct./NP 5/AB ] )/) with/IN [ great/JJ interest_1/NN ] ,/, since/IN [ the/DT gold/JJ standard/NN ] is/VBZ [ one/AB ] of/IN [ my/PP$ areas/NNS ] of/IN [ research/NN ] ./. 
$$
====================================== [ wednesday/NP ] ,/, [ october/NP 25/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ democrats/NPS ] asked/VBD in/IN [ this/DT week/NN ] for/IN [ discussions/NNS ] with/IN [ president/NP bush/NP ] have/VBP suggested/VBN [ ways/NNS ] of/IN ``/`` tinkering/VBG ''/'' with/IN [ the/DT packwood-roth/NP proposal/NN ] ,/, suggesting/VBG [ an/DT interest_1/NN ] in/IN looking/VBG for/IN [ a/DT modified/VBN version/NN ] [ they/PP ] can/MD back/VB ,/, [ one/AB official/NN ] said/VBD ./. 
$$
====================================== [ net/JJ income/NN ] includes/VBZ [ an/DT extraordinary/JJ gain/NN ] of/IN about/IN [ $/$ 100,000/AB ] from/IN [ the/DT reversal/NN ] of/IN [ bad/JJ debt/NN ] and/CC [ interest_6/NN income/NN ] ./. 
$$
[ it/PP ] also/RB would/MD defer/VB [ interest_6/NN ] and/CC [ principal/NN ] on/IN [ junk/NN bonds/NNS ] [ that/WDT ] have/VBP fallen/VBN due/JJ ;/: [ the/DT grace/NN period/NN ] for/IN paying/VBG [ the/DT bill/NN ] expires/VBZ [ nov./NP 16/AB ] ./. 
$$
====================================== at/IN [ the/DT same/JJ time/NN ] ,/, [ investors/NNS ] estimate/VBP [ the/DT restructuring/VBG ] would/MD cut/VB [ the/DT company/NN 's/POS annual/JJ cash/NN interest_6/NN bill/NN ] from/IN about/IN [ $/$ 90/AB million/AB ] to/TO [ $/$ 85/AB million/AB ] ./. 
$$
yet/RB to/TO pay/VB [ that/DT interest_6/NN bill/NN ] ,/, [ analysts/NNS ] say/VBP [ sci/NP tv/NP ] will/MD only/RB produce/VB about/IN [ $/$ 80/AB million/AB ] to/TO [ $/$ 90/AB million/AB ] of/IN [ cash/NN ] flow/NN [ a/DT year/NN ] ./. 
$$
''/'' ====================================== [ kemper/NP ] also/RB blasted/VBD [ the/DT big/NP board/NP ] for/IN ignoring/VBG [ the/DT interests_4/NNS ] of/IN [ individual/JJ ] and/CC [ institutional/JJ holders/NNS ] ./. 
$$
[ the/DT notes/NNS ] are/VBP [ zero-coupon/NN securities/NNS ] and/CC will/MD not/RB pay/VB [ interest_6/NN ] periodically/RB ./. 
$$
====================================== [ michigan/NP ] --/: [ $/$ 80/AB million/AB ] of/IN [ first/JJ general/JJ obligation/NN bonds/NNS ] (/( [ series/NN 1989/AB environmental/JJ protection/NN program/NN ] and/CC [ recreation/NN program/NN ] )/) ,/, tentatively/RB priced/VBN by/IN [ a/DT shearson/NP lehman/NP hutton/NP group/NN ] to/TO yield/VB from/IN [ 6/AB %/NN ] for/IN [ current/JJ interest_6/NN bonds/NNS due/JJ 1990/AB ] to/TO [ 7.25/AB %/NN ] for/IN [ convertible/JJ capital/NN appreciation/NN bonds/NNS ] ./. 
$$
[ environmental/JJ protection/NN program/NN current/JJ interest_6/NN bonds/NNS ] are/VBP due/JJ [ 1995-1999/AB ] ,/, [ 2005/AB ] and/CC [ 2009/AB ] ./. 
$$
[ recreation/NN program/NN current/JJ interest_6/NN bonds/NNS ] are/VBP due/JJ [ 1990-1995/AB ] ,/, and/CC are/VBP priced/VBN to/TO yield/VB from/IN [ 6/AB %/NN ] in/IN [ 1990/AB ] to/TO [ 6.45/AB %/NN ] in/IN [ 1995/AB ] ./. 
$$
[ national/NP intergroup/NP ] is/VBZ negotiating/VBG for/IN [ the/DT sale/NN ] of/IN [ its/PP$ 50/AB %/NN interest_5/NN ] in/IN [ national/NP steel/NP ] to/TO concentrate/VB more/RBR fully/RB on/IN [ drug/NN distribution/NN operations/NNS ] ./. 
$$
====================================== [ allied-signal/NP ] is/VBZ [ a/DT unit/NN ] of/IN [ allied-signal/NP inc./NP ] ,/, [ a/DT manufacturer/NN ] with/IN [ interests_5/NNS ] in/IN [ aerospace/NN ] ,/, [ automotive/JJ products/NNS ] and/CC engineered/JJ [ materials/NNS ] ./. 
$$
====================================== outside/IN [ what/WP ] essentially/RB amounted/VBD to/TO [ a/DT bookkeeping/NN exercise/NN ] ,/, [ dealers/NNS ] said/VBD [ london/NP dealings/NNS ] were/VBD largely/RB dulled/VBN by/IN [ the/DT absence/NN ] of/IN [ active/JJ interest_1/NN ] beyond/IN [ the/DT market-makers/NNS ] ./. 
$$
[ the/DT remainder/NN ] is/VBZ held/VBN by/IN [ the/DT public/NN ] and/CC by/IN [ family/NN interests_5/NNS ] ,/, [ a/DT spokeswoman/NN ] for/IN [ the/DT french/JJ group/NN ] said/VBD ./. 
$$
====================================== already/RB ,/, [ many/JJ ] of/IN [ the/DT big/NP board/NP 's/POS own/JJ floor/NN traders/NNS ] are/VBP warning/VBG that/IN [ the/DT esp/NP baskets/NNS ] are/VBP risky/JJ and/CC not/RB in/IN [ the/DT best/JJS interests_4/NNS ] of/IN [ the/DT investing/VBG public/NN ] ./. 
$$
====================================== [ the/DT ratings/NNS concern/NN ] said/VBD [ the/DT acquisition/NN ] should/MD result/VB in/IN [ pretax/JJ losses/NNS ] from/IN [ operations/NNS ] because/IN of/IN [ increases/NNS ] in/IN [ interest_6/NN expense/NN ] and/CC [ charges/NNS ] for/IN [ depreciation/NN ] and/CC [ amortization/NN ] ,/, but/CC that/IN [ it/PP ] expects/VBZ [ the/DT losses/NNS ] to/TO be/VB reduced/VBN through/IN [ productivity/NN gains/NNS ] and/CC [ above/JJ average/JJ growth/NN ] of/IN [ the/DT company/NN 's/POS hospitals/NNS ] ./. 
$$
====================================== [ the/DT french/JJ unit/NN ] of/IN [ ferruzzi/NP agricola/NP finanziaria/NP ] also/RB disclosed/VBD [ a/DT 40/AB %/NN rise/NN ] in/IN [ its/PP$ consolidated/JJ net/JJ profit/NN ] for/IN [ the/DT first/JJ ] [ half/NN ] of/IN [ 1989/AB ] ,/, excluding/VBG [ nonrecurring/JJ items/NNS ] and/CC after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] ./. 
$$
[ this/DT ] will/MD include/VB [ the/DT sale/NN ] of/IN [ its/PP$ interest_5/NN ] in/IN [ the/DT joint/JJ venture/NN beghin/NP corbehem/NP ] to/TO [ feldemuehle/NP ag/NP ] ./. 
$$
====================================== and/CC in/IN [ a/DT separate/JJ transaction/NN ] ,/, [ beghin-say/NP ] will/MD sell/VB [ its/PP$ ] remaining/VBG [ 25/AB %/NN interest_5/NN ] in/IN [ a.t.b./NP ] ,/, [ a/DT holding/VBG company/NN ] for/IN [ international/JJ trading/NN assets/NNS ] ,/, to/TO [ an/DT unspecified/JJ unit/NN ] of/IN [ ferruzzi/NP ] for/IN [ 258/AB million/AB francs/NNS ] ./. 
$$
[ many/JJ japanese/JJ companies/NNS ] expect/VBP [ record/NN profits/NNS ] [ this/DT fiscal/JJ year/NN ] ,/, and/CC [ japanese/JJ interest_6/NN rates/NNS ] ,/, though/IN up/RB [ a/DT bit/NN ] recently/RB ,/, are/VBP still/RB low/JJ ./. 
$$
====================================== [ a/DT spokeswoman/NN ] said/VBD [ toronto-based/JJ campeau/NP ] has/VBZ received/VBN ``/`` [ expressions/NNS ] of/IN [ interest_1/NN ] ''/'' in/IN [ bloomingdale/NP 's/POS ] ,/, but/CC [ she/PP ] declined/VBD to/TO comment/VB on/IN whether/IN [ any/DT actual/JJ bids/NNS ] had/VBD been/VBN made/VBN ./. 
$$
====================================== [ the/DT tw/NP prospectus/NN ] says/VBZ that/IN if/IN [ the/DT acquisition/NN ] had/VBD been/VBN completed/VBN earlier/RBR ,/, [ pretax/JJ earnings/NNS ] ``/`` would/MD have/VB been/VBN insufficient/JJ to/TO cover/VB [ its/PP$ fixed/JJ charges/NNS ] ,/, including/VBG [ interest_6/NN ] on/IN [ debt/NN securities/NNS ] ,/, ''/'' by/IN approximately/RB [ $/$ 62.7/AB million/AB ] in/IN [ the/DT first/JJ six/AB months/NNS ] of/IN [ 1989/AB ] ./. 
$$
[ its/PP$ calculations/NNS ] for/IN [ meeting/VBG cash/NN charges/NNS ] ignore/VBP [ $/$ 52/AB million/AB ] [ a/DT year/NN ] in/IN [ interest_6/NN ] on/IN [ cash-deferred/JJ ] ,/, or/CC [ zero-coupon/JJ debentures/NNS ] --/: [ which/WDT ] ultimately/RB would/MD have/VB had/VBD to/TO be/VB paid/VBN ./. 
$$
====================================== [ cbs/NP ] may/MD cushion/VB [ losses/NNS ] with/IN about/IN [ $/$ 200/AB million/AB ] [ a/DT year/NN ] in/IN [ interest_6/NN ] earned/VBN on/IN [ the/DT proceeds/NNS ] from/IN selling/VBG [ cbs/NP records/NPS ] and/CC [ other/JJ businesses/NNS ] ./. 
$$
====================================== [ the/DT first/JJ meeting/NN yesterday/NN ] was/VBD with/IN [ 10/AB senate/NP democrats/NPS ] [ who/WP ] have/VBP expressed/VBN [ an/DT interest_1/NN ] in/IN cutting/VBG [ the/DT tax/NN ] ./. 
$$
====================================== [ the/DT average/JJ interest_6/NN rate/NN ] rose/VBD to/TO [ 8.337/AB %/NN ] at/IN [ citicorp/NP 's/POS $/$ 50/AB million/AB weekly/JJ auction/NN ] of/IN [ 91-day/JJ commercial/JJ paper/NN ] ,/, or/CC [ corporate/JJ ious/NNS ] ,/, from/IN [ 8.292/AB %/NN ] at/IN [ last/JJ week/NN 's/POS sale/NN ] ./. 
$$
====================================== in/IN [ addition/NN ] to/TO [ insurance/NN ] and/CC [ finance/NN ] ,/, [ itt/NP ] has/VBZ [ interests_5/NNS ] in/IN [ electronic/JJ parts/NNS ] ,/, [ defense/NN technology/NN ] ,/, [ automotive/JJ parts/NNS ] ,/, [ fluid/NN technology/NN ] ,/, [ pulp/NN ] and/CC [ timber/NN ] ,/, and/CC [ communications/NNS ] and/CC [ information/NN services/NNS ] ./. 
$$
====================================== [ amoco/NP ] ,/, [ an/DT energy/NN concern/NN ] ,/, is/VBZ [ the/DT operator/NN ] of/IN [ the/DT project/NN ] with/IN [ a/DT 43.75/AB %/NN working/VBG interest_5/NN ] ,/, and/CC [ other/JJ partners/NNS ] include/VBP [ hydro/NP congo/NP ] ,/, [ the/DT congolese/JJ state/NN oil/NN company/NN ] ,/, with/IN [ a/DT 50/AB %/NN *interest/NN ] ,/, and/CC [ kuwait/NP foreign/NP petroleum/NP exploration/NP co./NP ] with/IN [ a/DT 6.25/AB %/NN stake/NN ] ./. 
$$
====================================== [ amoco/NP ] ,/, [ an/DT energy/NN concern/NN ] ,/, is/VBZ [ the/DT operator/NN ] of/IN [ the/DT project/NN ] with/IN [ a/DT 43.75/AB %/NN working/VBG *interest/NN ] ,/, and/CC [ other/JJ partners/NNS ] include/VBP [ hydro/NP congo/NP ] ,/, [ the/DT congolese/JJ state/NN oil/NN company/NN ] ,/, with/IN [ a/DT 50/AB %/NN interest_5/NN ] ,/, and/CC [ kuwait/NP foreign/NP petroleum/NP exploration/NP co./NP ] with/IN [ a/DT 6.25/AB %/NN stake/NN ] ./. 
$$
====================================== [ the/DT french/JJ water/NN treatment/NN group/NN ] said/VBD [ consolidated/JJ net/JJ profit/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] rose/VBD to/TO [ 749/AB million/AB francs/NNS ] (/( [ us$/$ 119.2/AB million/AB ] )/) from/IN [ 575/AB million/AB francs/NNS ] in/IN [ the/DT first/JJ ] [ half/NN ] of/IN [ 1988/AB ] ./. 
$$
====================================== [ boston/NP co./NP ] ,/, [ the/DT upper-crust/JJ financial/JJ services/NNS concern/NN ] [ that/WDT ] was/VBD rocked/VBN by/IN [ a/DT management/NN scandal/NN late/RB last/JJ year/NN ] ,/, has/VBZ had/VBN [ a/DT sharp/JJ drop/NN ] in/IN [ profitability/NN ] --/: mainly/RB because/IN [ a/DT high-risk/JJ bet/NN ] on/IN [ interest_6/NN rates/NNS ] backfired/VBD ./. 
$$
====================================== moreover/RB ,/, [ the/DT number/NN ] of/IN [ people/NNS ] [ who/WP ] spontaneously/RB cited/VBD [ lower/JJR prices/NNS ] as/IN [ the/DT reason/NN ] for/IN [ their/PP$ interest_1/NN ] in/IN [ sears/NP ] declined/VBD to/TO [ 16/AB %/NN ] in/IN [ september/NP ] from/IN [ 33/AB %/NN ] in/IN [ march/NP ] ./. 
$$
in/IN [ addition/NN ] ,/, [ mrs./NP lidgerwood/NP ] said/VBD ,/, [ norfolk/NP ] is/VBZ likely/JJ to/TO draw/VB down/RP [ its/PP$ cash/NN ] initially/RB to/TO finance/VB [ the/DT purchases/NNS ] and/CC thus/RB forfeit/VB [ some/DT interest_6/NN income/NN ] ./. 
$$
====================================== [ tuesday/NP ] ,/, [ october/NP 24/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ one/AB party/NN ] could/MD stand/VB for/IN [ consumer/NN interests_4/NNS ] ,/, [ small/JJ government/NN ] ,/, [ free/JJ trade/NN ] and/CC [ globalism/NN ] to/TO put/VB [ japan/NP ] clearly/RB among/IN [ the/DT most/RBS ] developed/JJ and/CC [ open/JJ countries/NNS ] ./. 
$$
if/IN [ the/DT irs/NP ] seeks/VBZ [ late-payment/NN interest_6/NN ] because/IN of/IN [ the/DT lost/JJ check/NN ] ,/, [ you/PP ] should/MD request/VB [ *interest/NN abatement/NN ] ,/, [ publisher/NN prentice/NP hall/NP notes/VBZ ] ./. 
$$
if/IN [ the/DT irs/NP ] seeks/VBZ [ late-payment/NN *interest/NN ] because/IN of/IN [ the/DT lost/JJ check/NN ] ,/, [ you/PP ] should/MD request/VB [ interest_6/NN abatement/NN ] ,/, [ publisher/NN prentice/NP hall/NP notes/VBZ ] ./. 
$$
====================================== as/IN [ you/PP ] can/MD guess/VB ,/, [ the/DT blandings/NNS ] want/VBP to/TO deduct/VB [ home-mortgage/JJ interest_6/NN ] on/IN [ the/DT $/$ 200,000/AB loan/NN ] ./. 
$$
====================================== thus/RB ,/, [ the/DT irs/NP ] says/VBZ ,/, [ the/DT blandings/NP '/POS $/$ 200,000/AB loan/NN ] is/VBZ [ home-acquisition/JJ debt/NN ] ,/, and/CC [ interest_6/NN ] on/IN [ it/PP ] is/VBZ fully/RB deductible/JJ ./. 
$$
[ seattle/NP 's/POS license/NN fees/NNS ] for/IN [ adult/JJ peep/NN shows/NNS ] vary/VBP from/IN [ those/DT ] for/IN [ other/JJ coin-operated/JJ amusements/NNS ] without/IN serving/VBG [ a/DT substantial/JJ government/NN interest_4/NN ] and/CC are/VBP unconstitutional/JJ ,/, [ the/DT ninth-circuit/JJ appeals/NNS court/NN ] holds/VBZ for/IN [ acorn/NP investments/NP inc/NP ] ./. 
$$
====================================== [ blue-chip/JJ advertisers/NNS ] have/VBP [ plenty/NN ] of/IN [ complaints/NNS ] about/IN [ the/DT magazines/NNS they/PP ] advertise/VBP in/IN ,/, ranging/VBG from/IN [ inadequate/JJ consumer/NN research/NN ] to/TO [ ad/NN ] ``/`` [ clutter/NN ] ''/'' and/CC [ a/DT ] seemingly/RB [ unchecked/JJ proliferation/NN ] of/IN [ special/JJ interest_3/NN magazines/NNS ] ./. 
$$
[ leonard/NP lauder/NP ] ,/, [ president/NN ] and/CC [ chief/JJ executive/JJ officer/NN ] of/IN [ estee/NP lauder/NP ] ,/, said/VBD [ consumer/NN magazines/NNS ] are/VBP suffering/VBG from/IN [ what/WP ] [ he/PP ] called/VBD ``/`` [ niche-itis,``/`` the/NN increasing/JJ number/NN ] of/IN [ magazines/NNS ] [ that/WDT ] target/VBP [ the/DT idosyncratic/JJ interests_3/NNS ] of/IN [ readers/NNS ] ./. 
$$
[ the/DT level/NN ] of/IN [ interest_1/NN ] in/IN [ the/DT rtc/NP 's/POS properties/NNS ] has/VBZ been/VBN greater/JJR than/IN expected/VBN ,/, and/CC has/VBZ come/VBN from/IN [ larger/JJR companies/NNS ] than/IN initially/RB anticipated/VBN ,/, says/VBZ [ stan/NP ross/NP ] ,/, [ leventhal/NP 's/POS co-managing/JJ partner/NN ] ./. 
$$
====================================== although/IN [ a/DT finnish/JJ group/NN ] has/VBZ [ a/DT minority/NN interest_5/NN ] in/IN [ an/DT ] already/RB operating/VBG [ moscow/NP hotel/NN ] ,/, [ the/DT sheraton-pan/NP ] [ am/NP ] [ venture/NN ] will/MD be/VB [ the/DT first/JJ joint-venture/JJ hotels/NNS ] in/IN [ the/DT soviet/NP union/NP ] to/TO have/VB as/RB much/JJ as/IN [ 50/AB %/NN foreign/JJ ownership/NN ] ./. 
$$
[ high/JJ default/NN rates/NNS ] ,/, [ a/DT low/JJ interest_6/NN rate/NN ] ,/, and/CC [ government/NN coverage/NN ] of/IN [ all/DT *interest/NN costs/NNS ] while/IN [ the/DT student/NN ] is/VBZ in/IN [ school/NN ] make/VBP [ program/NN costs/NNS ] extremely/RB high/JJ ./. 
$$
[ high/JJ default/NN rates/NNS ] ,/, [ a/DT low/JJ *interest/NN rate/NN ] ,/, and/CC [ government/NN coverage/NN ] of/IN [ all/DT interest_6/NN costs/NNS ] while/IN [ the/DT student/NN ] is/VBZ in/IN [ school/NN ] make/VBP [ program/NN costs/NNS ] extremely/RB high/JJ ./. 
$$
while/IN [ the/DT student/NN ] was/VBD in/IN [ school/NN ] ,/, [ interest_6/NN costs/NNS ] would/MD either/RB be/VB paid/VBN by/IN [ the/DT student/NN ] or/CC added/VBN to/TO [ the/DT loan/NN balance/NN ] ./. 
$$
====================================== far/RB from/IN promoting/VBG [ a/DT commonality/NN ] of/IN [ interests_3/NNS ] among/IN [ black/JJ ] ,/, [ white/JJ ] ,/, [ hispanic/JJ ] and/CC [ other/JJ minority/NN voters/NNS ] ,/, drawing/VBG [ the/DT district/NN lines/NNS ] according/VBG to/TO race/NN suggests/VBZ [ that/DT race/NN ] is/VBZ [ the/DT voter/NN 's/POS ] and/CC [ the/DT candidate/NN ] 's/VBZ [ most/RBS important/JJ trait/NN ] ./. 
$$
[ madison/NP ] explained/VBD that/IN [ a/DT representative/NN 's/POS duty/NN ] was/VBD to/TO speak/VB not/RB for/IN [ the/DT narrow/JJ interests_4/NNS ] of/IN [ one/AB group/NN ] but/CC instead/RB for/IN [ the/DT common/JJ good/NN ] ./. 
$$
[ large/JJ ] ,/, [ heterogeneous/JJ election/NN districts/NNS ] would/MD encourage/VB [ good/JJ government/NN ] ,/, said/VBD [ madison/NP ] ,/, because/IN [ a/DT representative/NN ] would/MD be/VB compelled/VBN to/TO serve/VB [ the/DT interests_4/NNS ] of/IN [ all/PDT his/PP$ constituents/NNS ] and/CC be/VB servile/JJ to/TO [ none/NN ] ./. 
$$
as/RB long/RB as/IN [ we/PP ] believe/VBP that/IN [ all/DT americans/NPS ] ,/, of/IN [ every/DT race/NN ] and/CC [ ethnic/JJ background/NN ] ,/, have/VBP [ common/JJ interests_3/NNS ] and/CC can/MD live/VB together/RB cooperatively/RB ,/, [ our/PP$ political/JJ map/NN ] should/MD reflect/VB [ our/PP$ belief/NN ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ nasdaq/NP over-the-counter/JJ stocks/NNS ] rose/VBD [ 6/AB %/NN ] as/IN of/IN [ mid-october/NP ] ,/, [ its/PP$ biggest/JJS jump/NN ] since/IN [ 6.3/AB %/NN last/JJ april/NP ] ./. 
$$
====================================== [ the/DT most/RBS recent/JJ otc/NP short/JJ interest_5/NN statistics/NNS ] were/VBD compiled/VBN [ oct./NP 13/AB ] ,/, [ the/DT day/NN ] [ the/DT nasdaq/NP composite/JJ index/NN ] slid/VBD [ 3/AB %/NN ] and/CC [ the/DT new/NP york/NP stock/NP exchange/NP ] tumbled/VBD [ 7/AB %/NN ] ./. 
$$
however/RB ,/, [ the/DT short/JJ interest_5/NN figures/NNS ] reported/VBN by/IN [ brokerage/NN ] and/CC [ securities/NNS ] clearing/NN [ firms/NNS ] to/TO [ the/DT national/NP association/NP ] of/IN [ securities/NP dealers/NP ] include/VBP only/RB [ those/DT trades/NNS ] completed/VBN ,/, or/CC settled/VBN ,/, by/IN [ oct./NP 13/AB ] ,/, rather/RB than/IN [ trades/NNS ] [ that/WDT ] occurred/VBD on/IN [ that/DT day/NN ] ,/, according/VBG to/TO [ gene/NP finn/NP ] ,/, [ chief/JJ economist/NN ] for/IN [ the/DT nasd/NP ] ./. 
$$
====================================== [ the/DT total/JJ short/JJ interest_5/NN ] in/IN [ nasdaq/NP stocks/NNS ] as/IN of/IN [ mid-october/NP ] was/VBD [ 237.1/AB million/AB shares/NNS ] ,/, up/RB from/IN [ 223.7/AB million/AB ] in/IN [ september/NP ] but/CC well/RB below/IN [ the/DT record/JJ level/NN ] of/IN [ 279/AB million/AB shares/NNS ] established/VBN in/IN [ july/NP 1987/AB ] ./. 
$$
[ the/DT sharp/JJ rise/NN ] in/IN [ otc/NP short/JJ interest_5/NN ] compares/VBZ with/IN [ the/DT 4.2/AB %/NN decline/NN ] in/IN [ short/JJ *interest/NN ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] and/CC [ the/DT 3/AB %/NN rise/NN ] on/IN [ the/DT american/NP stock/NP exchange/NP ] during/IN [ the/DT september-october/NP period/NN ] ./. 
$$
[ short/JJ interest_5/NN ] ,/, [ which/WDT ] represents/VBZ [ the/DT number/NN ] of/IN [ shares/NNS ] borrowed/VBN and/CC sold/VBN ,/, but/CC not/RB yet/RB replaced/VBN ,/, can/MD be/VB [ a/DT bad-expectations/JJ barometer/NN ] for/IN [ many/JJ stocks/NNS ] ./. 
$$
====================================== among/IN [ 2,412/AB ] of/IN [ the/DT largest/JJS otc/NP issues/NNS ] ,/, [ short/JJ interest_5/NN ] rose/VBD to/TO [ 196.8/AB million/AB shares/NNS ] ,/, from/IN [ 185.7/AB million/AB ] in/IN [ 2,379/AB stocks/NNS ] in/IN [ september/NP ] ./. 
$$
[ big/JJ stocks/NNS ] with/IN [ large/JJ short/JJ interest_5/NN gains/NNS ] as/IN of/IN [ oct./NP 13/AB ] included/VBD [ first/NP executive/NP ] ,/, [ intel/NP ] ,/, [ campeau/NP ] and/CC [ lin/NP broadcasting/NP ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ first/NP executive/NP ] ,/, [ an/DT insurance/NN issue/NN ] ,/, rose/VBD [ 55/AB %/NN ] to/TO [ 3.8/AB million/AB ] ./. 
$$
[ intel/NP 's/POS short/JJ interest_5/NN ] jumped/VBD [ 42/AB %/NN ] ,/, while/IN [ campeau/NP 's/POS increased/VBD 62/AB %/NN ] ./. 
$$
====================================== [ meritor/NP savings/NP ] again/RB had/VBD [ the/DT dubious/JJ honor/NN ] of/IN being/VBG [ the/DT otc/NP stock/NN ] with/IN [ the/DT biggest/JJS short/JJ interest_5/NN position/NN ] on/IN [ nasdaq/NP ] ./. 
$$
in/IN [ addition/NN ] ,/, [ changes/NNS ] in/IN [ short/JJ interest_5/NN ] in/IN [ some/DT stocks/NNS ] may/MD be/VB caused/VBN by/IN [ arbitrage/NN ] ./. 
$$
====================================== [ two/AB big/JJ stocks/NNS ] involved/VBN in/IN [ takeover/NN activity/NN ] saw/VBD [ their/PP$ short/JJ interest_5/NN surge/NN ] ./. 
$$
[ short/JJ interest_5/NN ] in/IN [ the/DT american/JJ depositary/JJ receipts/NNS ] of/IN [ jaguar/NP ] ,/, [ the/DT target/NN ] of/IN [ both/DT ford/NP motor/NP ] and/CC [ general/NP motors/NP ] ,/, more/RBR than/IN doubled/VBD ./. 
$$
====================================== [ nasdaq/NP stocks/NNS ] [ that/WDT ] showed/VBD [ a/DT drop/NN ] in/IN [ short/JJ interest_5/NN ] included/VBD [ adobe/NP systems/NP ] ,/, [ class/NP ] [ a/NP shares/NNS ] of/IN [ tele-communications/NP ] and/CC [ takeover/NN targets/NNS lyphomed/NP ] and/CC [ jerrico/NP ] ./. 
$$
====================================== [ the/DT nasd/NP ] ,/, [ which/WDT ] operates/VBZ [ the/DT nasdaq/NP computer/NN system/NN ] on/IN [ which/WDT ] [ 5,200/AB otc/NP issues/NNS trade/NN ] ,/, compiles/VBZ [ short/JJ interest_5/NN data/NNS ] in/IN [ two/AB categories/NNS ] :/: [ the/DT ] approximately/RB [ two-thirds/NNS ] ,/, and/CC generally/RB [ biggest/JJS ] ,/, [ nasdaq/NP stocks/NNS ] [ that/WDT ] trade/VBP on/IN [ the/DT national/NP market/NP system/NP ] ;/: and/CC [ the/DT one-third/NN ] ,/, and/CC generally/RB [ smaller/JJR ] ,/, [ nasdaq/NP stocks/NNS ] [ that/WDT ] are/VBP n't/RB [ a/DT part/NN ] of/IN [ the/DT system/NN ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ 1,327/AB non-nms/JJ securities/NNS ] totaled/VBD [ 40.3/AB million/AB shares/NNS ] ,/, compared/VBN with/IN almost/RB [ 38/AB million/AB shares/NNS ] in/IN [ 1,310/AB issues/NNS ] in/IN [ september/NP ] ./. 
$$
====================================== [ the/DT october/NP short/JJ interest_5/NN ] represents/VBZ [ 1.04/AB days/NNS ] of/IN [ average/JJ daily/JJ trading/NN volume/NN ] in/IN [ the/DT smaller/JJR stocks/NNS ] in/IN [ the/DT system/NN ] for/IN [ the/DT reporting/NN period/NN ] ,/, compared/VBN with/IN [ 0.94/AB day/NN ] [ a/DT month/NN ] ago/RB ./. 
$$
====================================== [ the/DT adjacent/JJ tables/NNS ] show/VBP [ the/DT issues/NNS ] in/IN [ which/WDT ] [ a/DT short/JJ interest_5/NN position/NN ] of/IN at/IN [ least/JJS 50,000/AB shares/NNS ] existed/VBD as/IN of/IN [ oct./NP 13/AB ] or/CC in/IN [ which/WDT there/EX ] was/VBD [ a/DT short/JJ position/NN change/NN ] of/IN at/IN [ least/JJS 25,000/AB shares/NNS ] since/IN [ sept./NP 15/AB ] (/( see/VB accompanying/JJ [ tables/NNS ] --/: [ wsj/NP oct./NP 25/AB ] ,/, [ 1989/AB ] )/) ./. 
$$
secured/JJ [ creditors/NNS ] would/MD recover/VB [ both/DT principal/NN ] and/CC [ interest_6/NN ] ,/, while/IN [ unsecured/JJ creditors/NNS ] would/MD receive/VB [ only/RB principal/NN ] and/CC [ *interest/NN ] accrued/VBN before/IN [ ps/NP ] of/IN [ new/NP hampshire/NP ] filed/VBD for/IN [ bankruptcy/NP code/NP protection/NN ] in/IN [ january/NP ] ====================================== [ the/DT biggest/JJS change/NN ] in/IN [ northeast/NP 's/POS offer/NN ] was/VBD in/IN [ improvements/NNS ] made/VBN for/IN [ equity/NN holders/NNS ] [ who/WP ] had/VBD been/VBN given/VBN [ short/JJ shrift/NN ] previously/RB ./. 
$$
[ a/DT slowing/VBG economy/NN ] and/CC [ the/DT implication/NN ] of/IN [ lower/JJR inflation/NN ] and/CC [ interest_6/NN rates/NNS ] tend/VBP to/TO bolster/VB [ bond/NN prices/NNS ] ./. 
$$
''/'' ====================================== [ interest_1/NN ] picks/VBZ up/RP ,/, though/RB ,/, when/WRB [ mr./NP gould/NP ] gets/VBZ around/IN to/TO discussing/VBG [ the/DT meaning/NN ] of/IN [ the/DT burgess/NP oddities/NNS ] for/IN [ the/DT theory/NN ] of/IN [ evolution/NN ] ./. 
$$
[ these/DT ] consist/VBP of/IN [ current/JJ interest_6/NN bonds/NNS due/JJ 1990-2002/AB ] ,/, [ 2010/AB ] and/CC [ 2015/AB ] ,/, and/CC [ capital/NN appreciation/NN bonds/NNS due/JJ 2003/AB ] and/CC [ 2004/AB ] ,/, tentatively/RB priced/VBN to/TO yield/VB from/IN [ 5.75/AB %/NN ] in/IN [ 1990/AB ] to/TO [ 7.14/AB %/NN ] in/IN [ 2010/AB ] ./. 
$$
====================================== [ west/NP virginia/NP parkways/NP ] ,/, [ economic/NP development/NP ] and/CC [ tourism/NP authority/NP ] --/: [ $/$ 143/AB million/AB ] of/IN [ parkway/NN revenue/NN bonds/NNS ] ,/, [ series/NN 1989/AB ] ,/, with/IN [ current/JJ interest_6/NN bonds/NNS due/JJ 1990-2002/AB ] and/CC [ 2019/AB ] and/CC [ capital/NN appreciation/NN bonds/NNS due/JJ 2003-2008/AB ] ,/, tentatively/RB priced/VBN by/IN [ a/DT painewebber/NP inc./NP group/NN ] to/TO yield/VB from/IN [ 6/AB %/NN ] in/IN [ 1990/AB ] to/TO [ 7.31/AB %/NN ] in/IN [ 2019/AB ] ./. 
$$
[ current/JJ interest_6/NN serial/NN bonds/NNS ] are/VBP tentatively/RB priced/VBN to/TO yield/VB to/TO [ 7.05/AB %/NN ] in/IN [ 2002/AB ] ./. 
$$
[ interest_6/NN rates/NNS ] generally/RB began/VBD declining/VBG [ last/JJ spring/NN ] after/IN moving/VBG steadily/RB upward/RB for/IN more/JJR than/IN [ a/DT year/NN ] ./. 
$$
====================================== [ so-called/JJ jumbo/JJ cds/NNS ] ,/, typically/RB in/IN [ denominations/NNS ] of/IN [ $/$ 90,000/AB ] and/CC up/RB ,/, also/RB usually/RB follow/VBP [ t-bills/NNS ] and/CC [ interest_6/NN rate/NN trends/NNS ] in/IN [ general/JJ more/RBR ] than/IN [ those/DT ] aimed/VBN at/IN [ small/JJ investors/NNS ] ./. 
$$
====================================== [ mr./NP miller/NP ] repeated/VBD that/IN in/IN [ the/DT next/JJ six/AB months/NNS ] [ he/PP ] plans/VBZ to/TO sell/VB [ another/DT $/$ 200/AB million/AB ] to/TO [ $/$ 300/AB million/AB ] of/IN [ assets/NNS ] to/TO repay/VB [ debt/NN ] and/CC reduce/VB [ interest_6/NN costs/NNS ] at/IN [ wang/NP ] ,/, [ a/DT minincomputer/JJR maker/NN ] in/IN [ lowell/NP ] ,/, [ mass/NP ] ./. 
$$
====================================== as/IN [ a/DT result/NN ] ,/, [ prime/NP minister/NP margaret/NP thatcher/NP 's/POS government/NN ] is/VBZ n't/RB currently/RB expected/VBN to/TO ease/VB [ interest_6/NN rates/NNS ] before/IN [ next/JJ spring/NN ] ,/, if/IN then/RB ./. 
$$
====================================== [ strong/JJ profit/NN ] in/IN [ the/DT process/NN industries/NNS ] ,/, including/VBG [ chemical/NN ] and/CC [ pulp/NN ] and/CC [ paper/NN ] ,/, were/VBD offset/VBN by/IN [ higher/JJR interest_6/NN expense/NN ] and/CC by/IN [ lower/JJR earnings/NNS ] as/IN [ the/DT company/NN ] closed/VBN out/RP [ certain/JJ long-term/JJ contracts/NNS ] ./. 
$$
====================================== [ net/NN ] in/IN [ the/DT latest/JJS quarter/NN ] included/VBD [ a/DT pretax/JJ gain/NN ] of/IN [ $/$ 22.4/AB million/AB ] from/IN [ the/DT sale/NN ] of/IN [ combustion/NP 's/POS minority/NN interest_5/NN ] in/IN [ stein/NP industrie/NP ] to/TO [ gec/NP alsthom/NP n.v./NP ] of/IN [ the/DT netherlands/NP ] ./. 
$$
====================================== [ the/DT trade/NN ] and/CC [ cbi/NP reports/NNS ] refocused/VBD [ attention/NN ] on/IN [ high/JJ interest_6/NN rates/NNS ] and/CC [ corporate/JJ profitability/NN ] and/CC helped/VBD rekindle/VB underlying/JJ [ concerns/NNS ] over/IN [ prospects/NNS ] for/IN [ a/DT recession/NN ] in/IN [ the/DT u.k./NP ] ,/, [ dealers/NNS ] said/VBD ./. 
$$
====================================== [ market/NN watchers/NNS ] also/RB noted/VBD [ an/DT absence/NN ] of/IN [ institutional/JJ interest_1/NN ] later/RB in/IN [ the/DT session/NN ] helped/VBD pave/VB [ the/DT way/NN ] for/IN [ broader/JJR declines/NNS ] when/WRB [ wall/NP street/NP ] opened/VBD [ weaker/JJR ] ./. 
$$
====================================== [ they/PP ] added/VBD that/IN [ market-makers/NNS ] were/VBD knocking/VBG [ share/NN prices/NNS ] down/RP in/IN [ midafternoon/NN ] in/IN [ a/DT bid/NN ] to/TO attract/VB [ some/DT interest_1/NN ] ,/, but/CC [ the/DT action/NN ] largely/RB helped/VBD [ open/VB the/DT way/NN ] for/IN [ london/NP 's/POS late/JJ declines/NNS ] ./. 
$$
====================================== [ insurance/NN stocks/NNS ] provided/VBD [ some/DT early/JJ support/NN ] to/TO [ the/DT market/NN ] ,/, partly/RB on/IN [ favorable/JJ brokerage/NN recommendatons/NNS ] and/CC talk/NN of/IN [ continental/JJ european/JJ interest_1/NN ] in/IN [ british/JJ life/NN ] and/CC [ composite/JJ insurers/NNS ] ./. 
$$
====================================== on/IN [ the/DT other/JJ hand/NN ] ,/, [ high-priced/JJ shares/NNS ] such/JJ as/IN [ pioneer/NP electronic/NP ] and/CC [ sony/NP ] failed/VBD to/TO spark/VB [ investor/NN interest_1/NN ] because/IN [ these/DT issues/NNS ] are/VBP unlikely/JJ to/TO be/VB bought/VBN by/IN [ investment/NN trust/NN funds/NNS ] ,/, [ observers/NNS ] said/VBD ./. 
$$
====================================== [ a/DT majority/NN stake/NN ] in/IN [ paxus/NP ] currently/RB held/VBN by/IN [ nzi/NP corp./NP ] will/MD be/VB diluted/VBN to/TO slightly/RB less/JJR than/IN [ 50/AB %/NN ] after/IN [ ibm/NP ] acquires/VBZ [ its/PP$ interest_5/NN ] ./. 
$$
====================================== [ mr./NP bond/NP ] blamed/VBD rising/VBG [ australian/JJ interest_6/NN rates/NNS ] and/CC [ the/DT acquisition/NN ] of/IN [ bell/NP group/NP ] ``/`` with/IN [ its/PP$ ] [ very/RB high/JJ levels/NNS ] of/IN [ shortterm/JJ debt/NN ] ''/'' for/IN producing/VBG [ a/DT condition/NN ] ``/`` [ that/DT ] was/VBD [ no/DT ] longer/RBR sustainable/JJ ./. 
$$
''/'' ====================================== [ he/PP ] did/VBD n't/RB [ name/VB energy/NN resources/NNS ] in/IN [ that/DT list/NN ] ,/, signaling/VBG that/IN [ all/PDT the/DT company/NN 's/POS coal/NN ] and/CC [ oil/NN interests_5/NNS ] might/MD be/VB for/IN [ sale/NN ] in/IN [ total/NN ] or/CC in/IN [ part/NN ] ./. 
$$
[ some/DT ] of/IN [ the/DT oil/NN interests_5/NNS ] already/RB have/VBP been/VBN sold/VBN ./. 
$$
meanwhile/RB ,/, [ sci/NP tv/NP ] can/MD barely/RB pay/VB [ its/PP$ cash/NN interest_6/NN bill/NN ] ,/, and/CC to/TO stay/VB out/IN of/IN [ bankruptcy/NN court/NN ] [ it/PP ] must/MD soon/RB [ reschedule/VB ] [ a/DT lot/NN ] of/IN [ bank/NN loans/NNS ] and/CC [ junk/NN bonds/NNS ] [ that/WDT ] have/VBP fallen/VBN [ due/JJ ] ./. 
$$
====================================== [ control/NP data/NP corp./NP ] said/VBD [ it/PP ] is/VBZ offering/VBG to/TO purchase/VB [ the/DT $/$ 154.2/AB million/AB amount/NN ] of/IN [ its/PP$ 12/AB 34/AB %/NN senior/JJ notes/NNS due/JJ june/NP 15/AB ] ,/, [ 1991/AB ] ,/, at/IN [ par/NN ] ,/, plus/CC accrued/VBN [ interest_6/NN ] to/TO [ the/DT dec./NP 8/AB purchase/NN date/NN ] ./. 
$$
====================================== [ economists/NNS ] said/VBD [ the/DT bond/NN market/NN 's/POS strength/NN ] also/RB is/VBZ [ a/DT sign/NN ] that/IN [ investors/NNS ] expect/VBP [ the/DT federal/NP reserve/NP ] to/TO cut/VB [ interest_6/NN rates/NNS ] amid/IN [ growing/VBG evidence/NN ] that/IN [ the/DT economy/NN ] is/VBZ slowing/VBG ./. 
$$
``/`` [ people/NNS ] are/VBP looking/VBG [ past/JJ supply/NN ] to/TO [ lower/JJR interest_6/NN rates/NNS ] ,/, but/CC [ they/PP ] 're/VBP also/RB worried/VBN about/IN being/VBG whipsawed/VBN by/IN [ the/DT volatility/NN ] in/IN [ the/DT stock/NN market/NN ] ./. 
$$
====================================== ``/`` [ interest_1/NN ] by/IN [ japanese/JJ investors/NNS ] was/VBD limited/VBN ,/, ''/'' said/VBD [ michael/NP moran/NP ] ,/, [ chief/NN economist/NN ] at/IN [ daiwa/NP securities/NPS america/NP inc/NP ] ./. 
$$
''/'' ====================================== however/RB ,/, [ mr./NP moran/NP ] added/VBD that/IN [ the/DT japanese/NP ] generally/RB have/VBP [ a/DT positive/JJ view/NN ] of/IN [ the/DT u.s./NP bond/NN market/NN ] because/IN of/IN [ expectations/NNS ] that/IN [ the/DT dollar/NN ] will/MD remain/VB [ strong/JJ ] and/CC [ interest_6/NN rates/NNS ] will/MD decline/VB ./. 
$$
====================================== [ a/DT small/JJ yield/NN premium/NN ] over/IN [ comparable/JJ treasurys/NNS ] and/CC [ a/DT lack/NN ] of/IN [ liquidity/NN ] is/VBZ hampering/VBG [ dealers/NNS '/POS efforts/NNS ] to/TO drum/VB up/IN [ interest_1/NN ] in/IN [ the/DT so-called/JJ bailout/NN bonds/NNS ] ./. 
$$
====================================== [ corporate/NP issues/NPS ] ====================================== [ several/JJ blue-chip/JJ companies/NNS ] tapped/VBD [ the/DT new-issue/JJ market/NN yesterday/NN ] to/TO take/VB [ advantage/NN ] of/IN [ falling/VBG interest_6/NN rates/NNS ] ./. 
$$
[ the/DT bonds/NNS ] were/VBD won/VBN by/IN [ a/DT goldman/NP ] ,/, [ sachs/NP ] &/CC [ co./NP group/NN ] with/IN [ a/DT true/JJ interest_6/NN cost/NN ] of/IN [ 7.17/AB %/NN ] ./. 
$$
====================================== [ eurodollar/JJ bonds/NNS ] are/VBP often/RB issued/VBN by/IN [ foreign/JJ corporations/NNS ] ,/, but/CC [ interest_6/NN ] and/CC [ principal/NN ] are/VBP paid/VBN in/IN [ dollars/NNS ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] increased/VBD [ 6/AB %/NN ] in/IN [ the/DT nasdaq/NP over-the-counter/NN market/NN ] for/IN [ the/DT month/NN ] ended/VBD [ oct./NP 13/AB ] ./. 
$$
====================================== because/IN of/IN [ the/DT interest_1/NN ] connected/VBN with/IN [ the/DT issue/NN ] ,/, [ the/DT london/NP exchange/NN ] took/VBD [ the/DT unusual/JJ step/NN ] of/IN letting/VBG [ traders/NNS ] establish/VB [ an/DT ] officially/RB sanctioned/VBN [ when-issued/JJ market/NN ] ./. 
$$
====================================== [ jaguar/NP ] seems/VBZ to/TO be/VB losing/VBG [ interest_1/NN ] in/IN giving/VBG [ gm/NP ] [ a/DT minority/NN stake/NN ] ,/, said/VBD [ one/AB individual/NN ] close/JJ to/TO [ the/DT talks/NNS ] ,/, adding/VBG ,/, ``/`` [ it/PP ] would/MD n't/RB surprise/VB [ me/PP ] if/IN {/( [ jaguar/NP executives/NNS ] }/) want/VBP to/TO wait/VB and/CC see/VB [ what/WP ] [ the/DT color/NN ] of/IN [ that/DT ] {/( [ ford/NP bid/NN ] }/) is/VBZ ''/'' [ first/JJ ] ./. 
$$
''/'' ====================================== [ a/DT gm/NP spokesman/NN ] yesterday/NN reiterated/VBD [ the/DT company/NN 's/POS interest_1/NN ] in/IN acquiring/VBG [ a/DT minority/NN stake/NN ] to/TO help/VB [ jaguar/NP ] remain/VB [ independent/JJ ] ./. 
$$
====================================== [ gm/NP 's/POS interest_1/NN ] in/IN [ jaguar/NP ] reflects/VBZ [ a/DT desire/NN ] to/TO help/VB diversify/VB [ the/DT u.s./NP company/NN 's/POS products/NNS ] in/IN [ the/DT growing/VBG luxury-car/NN segment/NN ] of/IN [ the/DT market/NN ] ./. 
$$
====================================== in/IN [ august/NP ] ,/, [ asarco/NP ] ,/, through/IN [ its/PP$ lac/NP d'amiante/NP du/NP quebec/NP subsidiary/NN ] ,/, sold/VBD [ its/PP$ ] remaining/VBG [ one-third/JJ interest_5/NN ] in/IN [ an/DT asbestos/NN ] mining/NN [ limited/VBN partnership/NN ] in/IN [ canada/NP ] for/IN [ $/$ 11.7/AB million/AB ] ./. 
$$
however/RB ,/, [ an/DT olivetti/NP spokeswoman/NN ] said/VBD [ ocn-ppl/NP ] ,/, of/IN [ which/WDT ] [ olivetti/NP ] sold/VBD [ the/DT majority/NN interest_5/NN last/JJ year/NN ] ,/, ``/`` does/VBZ n't/RB make/VB [ equipment/NN ] [ that/WDT ] has/VBZ [ the/DT type/NN ] of/IN [ precision/NN ] necessary/JJ for/IN [ sophisticated/JJ productions/NNS ] ./. 
$$
[ a/DT sinking/VBG economy/NN ] depresses/VBZ [ corporate/JJ earnings/NNS ] and/CC thus/RB [ stock/NN prices/NNS ] ,/, but/CC [ it/PP ] buoys/VBZ [ bond/NN prices/NNS ] as/IN [ interest_6/NN rates/NNS ] fall/VBP ./. 
$$
``/`` [ corporate/JJ profits/NNS ] are/VBP going/VBG to/TO decrease/VB faster/RBR than/IN [ interest_6/NN rates/NNS ] will/MD fall/VB ,/, and/CC [ the/DT probability/NN ] is/VBZ that/IN [ we/PP ] 'll/MD see/VB [ negative/JJ economic/JJ growth/NN ] in/IN [ the/DT fourth/JJ quarter/NN ] ./. 
$$
====================================== [ mr./NP goldston/NP ] ,/, [ who/WP ] had/VBD been/VBN [ president/NN ] of/IN [ faberge/NP inc./NP 's/POS faberge/NP u.s.a./NP division/NN ] before/IN joining/VBG [ reebok/NP ] in/IN [ september/NP 1988/AB ] ,/, left/VBN in/IN [ august/NP ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== ``/`` [ it/PP ] was/VBD [ a/DT time/NN ] when/WRB [ interest_6/NN rates/NNS ] came/VBD down/IN very/RB rapidly/RB ,/, ''/'' [ dr./NP blumenfeld/NP ] recalls/VBZ ./. 
$$
because/IN [ the/DT cd/NP ] had/VBD [ an/DT effective/JJ yield/NN ] of/IN [ 13.4/AB %/NN ] when/WRB [ it/PP ] was/VBD issued/VBN in/IN [ 1984/AB ] ,/, and/CC [ interest_6/NN rates/NNS ] in/IN [ general/JJ ] had/VBD declined/VBN sharply/RB since/IN then/RB ,/, [ part/NN ] of/IN [ the/DT price/NN dr./NP blumenfeld/NP ] paid/VBD was/VBD [ a/DT premium/NN ] --/: [ an/DT additional/JJ amount/NN ] on/IN [ top/NN ] of/IN [ the/DT cd/NP 's/POS base/NN value/NN ] plus/CC accrued/VBN [ *interest/NN ] [ that/WDT ] represented/VBD [ the/DT cd/NP 's/POS increased/VBN market/NN value/NN ] ./. 
$$
[ he/PP ] assumed/VBD that/IN [ principal/NN ] and/CC [ interest_6/NN ] were/VBD ``/`` fully/RB insured/VBN up/IN to/TO [ $/$ 100,000/AB ] ,/, ''/'' [ he/PP ] adds/VBZ ./. 
$$
(/( [ federal/NP deposit/NN insurance/NN ] would/MD pay/VB [ principal/NN ] and/CC [ interest_6/NN ] accrued/VBN to/TO [ the/DT date/NN ] of/IN [ liquidation/NN ] ,/, to/TO [ a/DT maximum/NN ] of/IN [ $/$ 100,000/AB ] ./. 
$$
====================================== because/IN of/IN [ the/DT tax/NN consequences/NNS ] of/IN [ zero-coupon/JJ investments/NNS ] --/: [ income/NN tax/NN ] is/VBZ payable/JJ in/IN [ the/DT year/NN interest_6/NN ] is/VBZ accrued/VBN ,/, although/IN [ *interest/NN ] is/VBZ n't/RB actually/RB paid/VBN until/IN [ maturity/NN ] --/: [ zero-coupon/JJ cds/NPS ] are/VBP usually/RB sold/VBN for/IN [ tax-advantaged/JJ accounts/NNS ] to/TO finance/VB [ things/NNS ] like/IN [ retirement/NN ] and/CC [ children/NNS 's/POS education/NN ] ./. 
$$
====================================== [ housing/NP ] and/CC [ urban/NP development/NP secretary/NP jack/NP kemp/NP ] called/VBD on/IN [ the/DT federal/NP reserve/NP system/NP ] to/TO lower/VB [ interest_6/NN rates/NNS ] ./. 
$$
====================================== in/IN [ a/DT speech/NN ] to/TO [ the/DT mortgage/NP bankers/NPS association/NP ] ,/, [ mr./NP kemp/NP ] broke/VBD [ the/DT administration/NN 's/POS public/JJ silence/NN ] on/IN [ the/DT fed/NP ] and/CC complained/VBD that/IN ``/`` [ interest_6/NN rates/NNS ] are/VBP too/RB high/JJ ./. 
$$
''/'' ====================================== ``/`` [ i/PP ] am/VBP convinced/VBN that/IN [ a/DT monetary/JJ policy/NN ] for/IN [ this/DT country/NN ] [ that/WDT ] would/MD return/VB [ interest_6/NN rates/NNS ] to/TO [ the/DT historical/JJ level/NN ] of/IN [ 4/AB %/NN ] or/CC [ 5/AB %/NN ] would/MD have/VB not/RB only/RB [ an/DT immediate/JJ impact/NN ] on/IN [ housing/NN starts/NNS ] ,/, [ the/DT housing/NN stock/NN ] ,/, [ our/PP$ industry/NN ] in/IN [ america/NP ] ,/, [ the/DT refurbishing/NN ] of/IN [ our/PP$ industrial/JJ system/NN ] ,/, [ it/PP ] would/MD help/VB [ the/DT third/NP world/NP economies/NNS ] considerably/RB and/CC [ it/PP ] would/MD particularly/RB have/VB [ a/DT favorable/JJ impact/NN ] upon/IN [ our/PP$ budget/NN deficit/NN ] ,/, ''/'' [ mr./NP kemp/NP ] said/VBD ./. 
$$
====================================== [ the/DT fed/NP ] recently/RB eased/VBD [ credit/NN ] by/IN lowering/VBG [ the/DT bellwether/NN federal/JJ funds/NNS interest_6/NN rate/NN ] to/TO [ 8/AB 34/AB %/NN ] from/IN about/IN [ 9/AB %/NN ] ./. 
$$
in/IN [ addition/NN ] ,/, [ a/DT norfolk/NP affiliate/NN ] ,/, [ york/NP capital/NP inc./NP ] ,/, will/MD purchase/VB [ all/DT ] of/IN [ the/DT interests_5/NNS ] of/IN [ eagle/NP 's/POS secured/VBN lenders/NNS ] ,/, [ which/WDT ] total/VBP [ $/$ 11.5/AB million/AB ] ,/, and/CC guarantee/VBP as/RB much/RB as/IN [ $/$ 8.2/AB million/AB ] in/IN [ payments/NNS ] to/TO [ eagle/NP 's/POS unsecured/JJ creditors/NNS ] ./. 
$$
as/IN [ interest_6/NN rates/NNS ] paid/VBD [ depositors/NNS ] were/VBD lowered/VBN ,/, [ thrift/NN withdrawals/NNS ] exceeded/VBD [ deposits/NNS ] by/IN [ $/$ 5.1/AB billion/AB ] ,/, not/RB including/VBG [ *interest/NN ] credited/VBN to/TO [ accounts/NNS ] ./. 
$$
''/'' ====================================== for/IN [ the/DT third/JJ quarter/NN ] ,/, operating/NN [ profit/NN ] from/IN [ carbide/NP 's/POS chemicals/NNS ] and/CC [ plastics/NNS business/NN ] fell/VBD to/TO [ $/$ 238/AB million/AB ] from/IN [ $/$ 352/AB million/AB ] [ a/DT year/NN ] ago/IN ,/, before/IN accounting/VBG for/IN [ taxes/NNS ] and/CC [ interest_6/NN expense/NN ] ./. 
$$
[ time/NP warner/NP ] emphasized/VBD in/IN [ a/DT news/NN release/NN ] that/IN [ it/PP ] should/MD be/VB evaluated/VBN based/VBN on/IN [ its/PP$ cash/NN flow/NN ] ,/, [ which/WDT ] [ the/DT company/NN ] defined/VBD as/IN [ earnings/NNS ] before/IN [ interest_6/NN ] ,/, [ taxes/NNS ] ,/, [ depreciation/NN ] and/CC [ amortization/NN ] ./. 
$$
[ the/DT machinists/NNS '/POS criticisms/NNS ] of/IN [ the/DT labor-management/JJ bid/NN ] and/CC [ their/PP$ threats/NNS ] of/IN [ a/DT strike/NN ] unless/IN [ they/PP ] received/VBD [ substantial/JJ wage/NN ] increases/NNS [ this/DT year/NN ] helped/VBD [ cool/VB banks/NNS '/POS interest_1/NN ] in/IN financing/VBG [ the/DT transaction/NN ] ./. 
$$
====================================== but/CC [ he/PP ] and/CC [ his/PP$ chief/JJ financial/JJ officer/NN ] ,/, [ john/NP pope/NP ] ,/, sowed/VBD [ some/DT ] of/IN [ the/DT seeds/NNS ] for/IN [ the/DT deal/NN 's/POS failure/NN ] by/IN insisting/VBG [ banks/NNS ] accept/VB [ low/JJ financing/NN fees/NNS ] and/CC [ interest_6/NN rates/NNS ] ,/, while/IN [ they/PP ] invested/VBD in/IN [ the/DT transaction/NN ] only/RB [ a/DT small/JJ fraction/NN ] of/IN [ the/DT $/$ 114.3/AB million/AB ] [ they/PP ] stood/VBD to/TO gain/VB from/IN [ sale/NN ] of/IN [ their/PP$ ual/NP stock/NN ] and/CC [ options/NNS ] ./. 
$$
[ the/DT issue/NN ] includes/VBZ [ current/JJ interest_6/NN bonds/NNS due/JJ 1991-2000/AB ] ,/, [ 2009/AB ] ,/, [ 2012/AB ] ,/, [ 2014/AB ] and/CC [ 2016/AB ] ,/, and/CC [ capital/NN appreciation/NN bonds/NNS due/JJ 2001-2005/AB ] ./. 
$$
[ the/DT current/JJ interest_6/NN serial/NN bonds/NNS ] are/VBP priced/VBN to/TO yield/VB from/IN [ 6.15/AB %/NN ] in/IN [ 1991/AB ] to/TO [ 7.10/AB %/NN ] in/IN [ 2000/AB ] ./. 
$$
[ interest_6/NN ] on/IN [ the/DT bonds/NNS ] will/MD be/VB treated/VBN as/IN [ a/DT preference/NN item/NN ] in/IN calculating/VBG [ the/DT federal/JJ alternative/JJ minimum/JJ tax/NN ] [ that/WDT ] may/MD be/VB imposed/VBN on/IN [ certain/JJ investors/NNS ] ./. 
$$
in/IN [ an/DT economic/JJ slowdown/NN ] ,/, [ heavy/JJ debt/NN loads/NNS ] reduce/VBP [ the/DT flexibility/NN ] of/IN [ companies/NNS ] because/IN [ cash/NN ] [ that/WDT ] would/MD normally/RB be/VB used/VBN to/TO keep/VB [ the/DT company/NN buoyant/JJ ] must/MD be/VB diverted/VBN to/TO [ interest_6/NN payments/NNS ] ./. 
$$
[ mr./NP goodson/NP ] ,/, in/IN [ his/PP$ own/JJ statement/NN ] ,/, was/VBD less/RBR upbeat/JJ ,/, saying/VBG ``/`` unfortunately/RB over/IN [ the/DT past/JJ few/JJ years/NNS ] ,/, [ it/PP ] has/VBZ become/VBN increasingly/RB clear/JJ that/IN [ ralph/NP ] and/CC [ i/PP ] have/VBP [ different/JJ agendas/NNS ] ,/, ''/'' and/CC that/IN [ he/PP ] feels/VBZ ``/`` more/RBR comfortable/JJ with/IN [ a/DT management/NN team/NN ] [ whose/WP$ sole/JJ interest_3/NN ] and/CC [ responsibility/NN ] is/VBZ in/IN [ the/DT goodson/NP papers/NNS ] ./. 
$$
====================================== [ allianz/NP ] holds/VBZ [ a/DT 50/AB %/NN stake/NN ] in/IN [ navigation/NP mixte/NP 's/POS insurance/NN interests_5/NNS ] ,/, acquired/VBN [ three/AB weeks/NNS ] ago/RB ./. 
$$
[ payment/NN ] by/IN [ allianz/NP ] for/IN [ the/DT insurance/NN ] interests_5/VBZ [ it/PP ] has/VBZ just/RB bought/VBN will/MD help/VB swell/VB [ the/DT french/JJ concern/NN 's/POS treasury/NN ] to/TO [ an/DT estimated/JJ 11/AB billion/AB francs/NNS ] ./. 
$$
====================================== [ rockwell/NP international/NP corp./NP ] bought/VBD out/RP [ ikegai/NP corp./NP 's/POS interest_5/NN ] in/IN [ ikegai-goss/NP ] ,/, [ a/DT joint/JJ venture/NN ] of/IN [ the/DT two/AB companies/NNS ] based/VBN in/IN [ tokyo/NP ] ./. 
$$
[ such/JJ news/NN ] is/VBZ good/JJ for/IN [ bonds/NNS ] because/IN [ economic/JJ weakness/NN ] sometimes/RB causes/VBZ [ the/DT federal/NP reserve/NP ] to/TO lower/VB [ interest_6/NN rates/NNS ] in/IN [ an/DT effort/NN ] to/TO stimulate/VB [ the/DT economy/NN ] and/CC [ stave/VB ] off/IN [ a/DT recession/NN ] ./. 
$$
====================================== so/RB far/RB ,/, [ money/NN managers/NNS ] and/CC [ other/JJ bond/NN buyers/NNS ] have/VBP n't/RB shown/VBN [ much/JJ interest_1/NN ] in/IN [ the/DT refcorp/NP bonds/NNS ] ./. 
$$
``/`` [ this/DT ] is/VBZ [ a/DT rare/JJ case/NN ] of/IN [ a/DT company/NN ] with/IN [ a/DT big/JJ majority/NN holder/NN ] [ which/WDT ] will/MD probably/RB act/VB in/IN [ the/DT interests_4/NNS ] of/IN [ the/DT minority/NN holders/NNS ] ,/, ''/'' [ one/AB investor/NN ] says/VBZ ./. 
$$
====================================== [ itel/NP ] bought/VBD [ a/DT 17/AB %/NN stake/NN ] in/IN [ sante/NP fe/NP pacific/NP last/JJ year/NN ] and/CC [ olympia/NP ] &/CC [ york/NP ] later/RB purchased/VBD about/RB [ a/DT 20/AB %/NN stake/NN ] ;/: [ they/PP ] would/MD have/VB [ interests_5/NNS ] in/IN [ the/DT new/JJ realty/NN company/NN ] in/IN [ line/NN ] with/IN [ their/PP$ holdings/NNS ] in/IN [ sante/NP fe/NP pacific/NP ] ./. 
$$
[ the/DT note/NN ] would/MD accrue/VB [ interest_6/NN ] at/IN [ the/DT rate/NN ] of/IN [ 13.5/AB %/NN ] [ a/DT year/NN ] ,/, [ which/WDT ] would/MD be/VB payable/JJ to/TO [ the/DT fund/NN ] after/IN [ five/AB years/NNS ] ,/, according/VBG to/TO [ stephen/NP e./NP roulac/NP ] ,/, [ a/DT real/JJ estate/NN consultant/NN ] working/VBG for/IN [ the/DT fund/NN ] ./. 
$$
====================================== [ the/DT purpose/NN ] of/IN [ the/DT note/NN ] is/VBZ to/TO provide/VB added/JJ [ capital/NN ] for/IN [ the/DT spun-off/JJ company/NN ] in/IN [ a/DT form/NN ] [ that/WDT ] will/MD save/VB [ it/PP ] [ spending/VBG cash/NN ] on/IN [ immediate/JJ interest_6/NN payments/NNS ] ,/, [ mr./NP roulac/NP ] said/VBD ./. 
$$
====================================== [ the/DT financial-services/NNS firm/NN ] ,/, struggling/VBG since/IN [ summer/NN ] to/TO avoid/VB [ a/DT bankruptcy-law/NN ] filing/NN after/IN [ missing/VBG interest_6/NN payments/NNS ] on/IN about/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ,/, will/MD retain/VB [ the/DT right/NN ] to/TO regain/VB [ the/DT subsidiary/NN ] ./. 
$$
====================================== [ kikkoman/NP ] was/VBD up/RB [ 30/AB ] to/TO [ 1,600/AB ] ,/, receiving/VBG [ investor/NN interest_1/NN ] for/IN [ its/PP$ land/NN property/NN holdings/NNS ] near/IN [ tokyo/NP ] ,/, [ a/DT trader/NN ] said/VBD ./. 
$$
====================================== banking/NN [ stocks/NNS ] were/VBD [ the/DT major/JJ gainers/NNS monday/NP ] amid/IN [ hope/NN ] that/IN [ interest_6/NN rates/NNS ] have/VBP [ peaked/VBN ] ,/, as/IN [ deutsche/NP bank/NP ] and/CC [ dresdner/NP bank/NP ] added/VBD [ 4/AB marks/NNS ] [ each/DT ] to/TO [ 664/AB marks/NNS ] (/( [ $/$ 357/AB ] )/) and/CC [ 326/AB marks/NNS ] ,/, respectively/RB ./. 
$$
====================================== [ monday/NP ] ,/, [ october/NP 23/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ interest_6/NN income/NN ] rose/VBD [ 29/AB %/NN ] to/TO about/RB [ $/$ 1.35/AB billion/AB ] from/IN [ $/$ 1.05/AB billion/AB ] ./. 
$$
====================================== annualized/JJ [ interest_6/NN rates/NNS ] on/IN [ certain/JJ investments/NNS ] as/IN reported/VBN by/IN [ the/DT federal/NP reserve/NP board/NP ] on/IN [ a/DT weekly-average/JJ basis/NN ] :/: ====================================== [ a-discounted/LS rate/NN ] ./. 
$$
reflecting/VBG [ the/DT new-found/JJ interest_1/NN ] ,/, more/JJR than/IN [ 140/AB u.s./NP companies/NNS ] are/VBP taking/VBG [ part/NN ] in/IN [ a/DT moscow/NP exhibition/NN ] organized/VBN by/IN [ mr./NP forrester/NP 's/POS trade/NN group/NN ] ./. 
$$
====================================== in/IN [ the/DT statement/NN ] ,/, [ mr./NP skase/NP ] said/VBD that/IN on/IN [ the/DT basis/NN ] of/IN [ current/JJ interest_6/NN rates/NNS ] in/IN [ australia/NP ] ,/, [ the/DT company/NN 's/POS asset/NN sales/NNS ] would/MD reduce/VB [ *interest/NN expense/NN ] by/IN about/RB [ a$/$ 120/AB million/AB ] [ a/DT year/NN ] in/IN [ addition/NN ] to/TO eliminating/VBG [ certain/JJ liabilities/NNS ] ./. 
$$
====================================== [ they/PP ] were/VBD [ what/WP ] [ he/PP ] called/VBD [ an/DT ] ``/`` [ unlawful/JJ termination/NN ] ''/'' by/IN [ mgmua/NP ] of/IN [ the/DT acquisition/NN agreement/NN ] with/IN [ qintex/NP ] ,/, [ high/JJ australian/JJ interest_6/NN rates/NNS ] ,/, [ a/DT pilots/NNS '/POS strike/NN ] at/IN [ australian/JJ domestic/JJ airlines/NNS ] [ that/WDT ] cut/VBD [ revenue/NN ] at/IN [ the/DT company/NN 's/POS australian/JJ ] resorts/NNS and/CC delays/NNS in/IN completing/VBG [ a/DT sale/NN ] of/IN [ two/AB regional/JJ tv/NN stations/NNS ] in/IN [ queensland/NP state/NN ] ./. 
$$
in/IN [ his/PP$ statement/NN ] ,/, [ mr./NP skase/NP ] said/VBD [ preliminary/JJ accounts/NNS ] showed/VBD that/IN [ group/NN profit/NN ] before/IN [ interest_6/NN ] ,/, [ tax/NN ] and/CC [ depreciation/NN ] ``/`` will/MD exceed/VB [ a$/$ 170/AB million/AB ] ./. 
$$
====================================== [ mr./NP skase/NP ] also/RB disclosed/VBD [ a/DT disagreement/NN ] among/IN [ directors/NNS ] of/IN [ qintex/NP australia/NP ] over/IN [ certain/JJ fees/NNS ] claimed/VBN by/IN [ qintex/NP group/NP management/NP services/NP pty./NP ] ,/, [ a/DT management-services/JJ concern/NN ] in/IN [ which/WDT ] [ qintex/NP australia/NP executives/NNS ] have/VBP [ an/DT interest_5/NN ] ./. 
$$
====================================== [ military/JJ buyers/NNS ] have/VBP shown/VBN [ interest_1/NN ] ,/, [ national/JJ ] says/VBZ ,/, because/IN [ ferroelectric/JJ chips/NNS ] resist/VBP [ atomic/JJ radiation/NN ] ./. 
$$
[ the/DT company/NN ] said/VBD [ earnings/NNS ] would/MD have/VB increased/VBN if/IN [ it/PP ] had/VBD n't/RB been/VBN actively/RB repurchasing/VBG [ its/PP$ shares/NNS ] ,/, thus/RB increasing/VBG [ its/PP$ interest_6/NN expense/NN ] and/CC reducing/VBG [ its/PP$ *interest/NN income/NN ] ./. 
$$
====================================== [ the/DT junk/NN market/NN ] ,/, [ which/WDT ] mushroomed/VBD to/TO [ $/$ 200/AB billion/AB ] from/IN less/JJR than/IN [ $/$ 2/AB billion/AB ] at/IN [ the/DT start/NN ] of/IN [ the/DT decade/NN ] ,/, has/VBZ been/VBN declining/VBG for/IN [ months/NNS ] as/IN [ issuers/NNS ] have/VBP stumbled/VBN under/IN [ the/DT weight/NN ] of/IN [ hefty/JJ interest_6/NN payments/NNS ] ./. 
$$
[ campeau/NP ] developed/VBD [ a/DT cash/NN squeeze/NN ] [ that/WDT ] caused/VBD [ it/PP ] to/TO be/VB tardy/JJ on/IN [ some/DT interest_6/NN payments/NNS ] and/CC to/TO put/VB [ its/PP$ prestigious/JJ bloomingdale/NP 's/POS department/NN store/NN chain/NN ] up/RB for/IN [ sale/NN ] ./. 
$$
====================================== [ new/NP canaan/NP investments/NP ] is/VBZ [ a/DT ] closely/RB held/VBN [ investment/NN partnership/NN ] with/IN [ interests_5/NNS ] primarily/RB in/IN [ the/DT packaging/NN industry/NN ] ./. 
$$
====================================== aside/RB from/IN [ generale/NP ] de/FW [ belgique/NP ] and/CC [ asahi/NP ] ,/, [ the/DT syndicate/NN ] includes/VBZ [ antwerpsche/NP hypotheekkas/NP ] ,/, [ a/DT belgian/JJ savings/NN bank/NN ] ,/, and/CC [ various/JJ family/NN interests_5/NNS ] ./. 
$$
====================================== even/RB without/IN [ bid/NN talk/NN ] ,/, [ this/DT year/NN 's/POS surge/NN ] in/IN [ prices/NNS ] for/IN [ brussels/NP real/JJ estate/NN ] has/VBZ excited/VBN [ interest_1/NN ] in/IN [ ag/NP ] ./. 
$$
''/'' ====================================== [ individuals/NNS ] close/JJ to/TO [ the/DT ford/NP side/NN ] of/IN [ the/DT negotiations/NNS ] said/VBD [ late/RB last/JJ week/NN ] that/IN [ the/DT no./NN 2/AB u.s./NP auto/NN maker/NN ] lost/VBD [ interest_1/NN ] as/IN [ it/PP ] became/VBD clear/JJ that/IN [ the/DT swedish/JJ auto/NN maker/NN 's/POS automotive/JJ operations/NNS ] had/VBD [ little/JJ ] to/TO offer/VB in/IN [ the/DT way/NN ] of/IN [ image/NN ] or/CC [ technology/NN ] ./. 
$$
and/CC [ it/PP ] retains/VBZ [ an/DT interest_1/NN ] in/IN acquiring/VBG [ candies/NNS ] and/CC [ other/JJ articles/NNS ] [ that/WDT ] might/MD be/VB sold/VBN in/IN [ tobacco/NN shops/NNS ] ./. 
$$
but/CC [ he/PP ] emphasizes/VBZ that/IN [ cathay/NP ] has/VBZ n't/RB [ any/DT interest_1/NN ] in/IN [ swapping/VBG equity/NN stakes/NNS ] with/IN [ the/DT u.s./NP carrier/NN ] or/CC with/IN [ lufthansa/NP ] ,/, [ the/DT west/JJ german/JJ airline/NN ] with/IN [ which/WDT ] [ it/PP ] has/VBZ cooperated/VBN for/IN about/IN [ a/DT decade/NN ] ./. 
$$
====================================== [ friday/NP ] ,/, [ october/NP 20/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
for/IN [ each/DT $/$ 1,000/AB ] of/IN [ notes/NNS ] ,/, [ the/DT maker/NN ] of/IN [ specialty/NN metals/NNS ] ,/, [ industrial/JJ fasteners/NNS ] and/CC [ consumer/NN products/NNS ] will/MD pay/VB [ $/$ 1,026.46/AB ] plus/CC [ $/$ 8.68/AB ] of/IN [ interest_6/NN ] accrued/VBN from/IN [ dec./NP 1/AB ] ./. 
$$
====================================== ``/`` [ it/PP ] 's/VBZ horrible/JJ to/TO say/VB ,/, but/CC [ it/PP ] 's/VBZ unfortunate/JJ that/IN [ earthquake/NN was/VBD n't/RB ] in/IN [ phoenix/NP ] --/: [ it/PP ] might/MD have/VB knocked/VBN out/RP [ some/DT ] of/IN [ our/PP$ empty/JJ buildings/NNS ] ,/, ''/'' said/VBD [ c.w./NP jackson/NP ] ,/, [ a/DT prominent/JJ arizona/NP businessman/NN ] with/IN [ interests_5/NNS ] in/IN [ real/JJ estate/NN ] ,/, banking/NN and/CC [ many/JJ other/JJ businesses/NNS ] ./. 
$$
====================================== ``/`` in/IN [ the/DT next/JJ few/JJ weeks/NNS ] ,/, [ i/PP ] will/MD be/VB consulting/VBG with/IN [ my/PP$ political/JJ advisers/NNS ] and/CC with/IN [ the/DT democratic/JJ leaders/NNS ] about/IN [ the/DT best/JJS way/NN ] of/IN preserving/VBG [ the/DT interests_4/NNS ] of/IN [ my/PP$ constituents/NNS ] ,/, ''/'' said/VBD [ mr./NP garcia/NP ] ,/, [ 56/AB years/NNS ] old/JJ ./. 
$$
but/CC [ the/DT net/JJ interest_6/NN bill/NN ] jumped/VBD [ 85/AB %/NN ] to/TO [ a$/$ 686.7/AB million/AB ] from/IN [ a$/$ 371.1/AB million/AB ] ./. 
$$
[ bond/NP corp./NP ] has/VBZ [ interests_5/NNS ] in/IN [ brewing/NN ] ,/, [ media/NNS ] and/CC [ communications/NNS ] ,/, [ natural/JJ resources/NNS ] and/CC [ property/NN ] ./. 
$$
====================================== [ earnings/NNS ] before/IN [ interest_6/NN ] and/CC [ tax/NN ] from/IN [ brewing/NN ] dived/VBD [ 50/AB %/NN ] to/TO [ a$/$ 123.8/AB million/AB ] from/IN [ a$/$ 247.3/AB million/AB ] ./. 
$$
[ the/DT reason/NN ] was/VBD not/RB [ high/JJ interest_6/NN rates/NNS ] or/CC [ labor/NN costs/NNS ] ./. 
$$
[ we/PP ] believe/VBP [ interest_6/NN rates/NNS ] will/MD continue/VB to/TO trend/VB [ lower/RBR ] ,/, and/CC [ the/DT economy/NN ] will/MD slow/VB around/IN [ the/DT world/NN ] ./. 
$$
``/`` [ people/NNS ] showed/VBD [ some/DT ] [ staying/NN power/NN ] and/CC ,/, in/IN [ fact/NN ] ,/, [ interest_1/NN ] in/IN buying/VBG [ equities/NNS ] ./. 
$$
====================================== [ his/PP$ interest_1/NN ] in/IN [ the/DT natural/JJ environment/NN dates/VBZ ] from/IN [ his/PP$ youth/NN ] ./. 
$$
[ comsat/NP video/NP ] will/MD pay/VB [ $/$ 17/AB million/AB ] for/IN [ a/DT 62.5/AB %/NN interest_5/NN ] ,/, with/IN [ messrs./NPS lee/NP ] and/CC [ bynoe/NP ] putting/VBG up/RP [ $/$ 8/AB million/AB ] for/IN [ a/DT 37.5/AB %/NN stake/NN ] in/IN [ the/DT team/NN ] ./. 
$$
[ the/DT company/NN ] attributed/VBD [ the/DT decline/NN ] to/TO [ consumers/NNS '/POS concern/NN ] over/IN [ interest_6/NN rates/NNS ] and/CC [ gas/NN prices/NNS ] --/: [ two/AB key/NN expenses/NNS ] for/IN [ rv/NN buyers/NNS ] ./. 
$$
''/'' ====================================== [ analysts/NNS ] insist/VBP that/IN even/RB without/IN [ help/NN ] from/IN [ a/DT shaky/JJ stock/NN market/NN ] ,/, [ which/WDT ] provided/VBD [ a/DT temporary/JJ boost/NN ] for/IN [ bonds/NNS ] during/IN [ the/DT oct./NP 13/AB stock/NN market/NN plunge/NN ] ,/, [ bond/NN prices/NNS ] will/MD start/VB to/TO climb/VB on/IN [ the/DT prospects/NNS ] that/IN [ the/DT federal/NP reserve/NP ] will/MD allow/VB [ interest_6/NN rates/NNS ] to/TO move/VB [ lower/RBR ] in/IN [ the/DT coming/VBG weeks/NNS ] ./. 
$$
[ investors/NNS ] rushed/VBD to/TO buy/VB [ bonds/NNS ] during/IN [ the/DT summer/NN ] as/IN [ prices/NNS ] soared/VBD on/IN [ speculation/NN ] that/IN [ interest_6/NN rates/NNS ] would/MD continue/VB to/TO fall/VB ./. 
$$
[ total/JJ return/NN ] is/VBZ [ price/NN changes/NNS ] plus/CC [ interest_6/NN income/NN ] ./. 
$$
====================================== [ james/NP kochan/NP ] ,/, [ chief/JJ fixed-income/JJ strategist/NN ] at/IN [ merrill/NP lynch/NP ] ,/, is/VBZ touting/VBG [ shorter-term/JJR securities/NNS ] ,/, [ which/WDT ] [ he/PP ] says/VBZ should/MD benefit/VB more/RBR quickly/RB than/IN [ longer-term/JJR bonds/NNS ] as/IN [ interest_6/NN rates/NNS ] fall/VBP ./. 
$$
''/'' ====================================== [ the/DT spokesman/NN ] said/VBD [ the/DT issue/NN ] was/VBD sold/VBN out/RB and/CC met/VBD with/IN [ strong/JJ interest_1/NN ] abroad/RB ,/, particularly/RB from/IN [ japanese/JJ investors/NNS ] ./. 
$$
[ the/DT plan/NN ] ,/, proposed/VBN by/IN [ u.s./NP secretary/NP ] of/IN [ state/NP nicholas/NP brady/NP ] ,/, [ calls/VBZ ] for/IN [ banks/NNS ] either/CC to/TO make/VB [ new/JJ loans/NNS ] or/CC to/TO reduce/VB [ the/DT principle/NN ] on/IN [ existing/JJ loans/NNS ] or/CC to/TO cut/VB [ the/DT interest_6/NN rate/NN ] on/IN [ those/DT ] existing/VBG [ loans/NNS ] ./. 
$$
[ general/NP electric/NP co./NP ] recently/RB sold/VBD off/RP [ its/PP$ interests_5/NNS ] in/IN [ liquid-crystal/JJ displays/NNS ] to/TO [ thompson-csf/NP ] of/IN [ france/NP ] ./. 
$$
[ growth/NN stocks/NNS ] may/MD [ underperform/VB cyclical/JJ stocks/NNS ] next/IN [ year/NN ] if/IN [ the/DT federal/NP reserve/NP ] begins/VBZ to/TO let/VB [ interest_6/NN rates/NNS ] drift/VB sufficiently/RB lower/RBR to/TO boost/VB [ the/DT economy/NN ] ./. 
$$
[ the/DT funds/NNS ] will/MD be/VB used/VBN for/IN refinancing/VBG [ existing/VBG debt/NN ] of/IN [ the/DT washington/NP ] ,/, [ d.c./NP ] ,/, [ concern/NN ] at/IN [ lower/JJR interest_6/NN rates/NNS ] and/CC for/IN [ other/JJ general/JJ purposes/NNS ] ./. 
$$
====================================== [ home/NP beneficial/NP corp./NP ] ,/, [ richmond/NP ] ,/, [ va./NP ] ,/, said/VBD [ it/PP ] contracted/VBD to/TO sell/VB [ its/PP$ 50/AB %/NN interest_5/NN ] in/IN [ a/DT richmond-area/JJ shopping/NN mall/NN ] to/TO [ a/DT buyer/NN ] [ that/DT was/VBD n't/RB ] identified/VBN ./. 
$$
====================================== but/CC [ saatchi/NP 's/POS troubles/NNS ] have/VBP only/RB whipped/VBN up/RP [ interest_1/NN ] among/IN [ outsiders/NNS ] *interested/VBN in/IN picking/VBG off/RP [ pieces/NNS ] of/IN [ its/PP$ ad/NN businesses/NNS ] ./. 
$$
====================================== insofar/RB as/IN [ mr./NP dingell/NP ] has/VBZ [ a/DT special/JJ interest_4/NN ] in/IN [ nih/NP ] and/CC [ the/DT institutions/NNS ] [ that/WDT ] receive/VBP [ its/PP$ ] funding/NN ,/, [ the/DT rockefeller/NP scientists/NNS ] were/VBD [ no/DT doubt/RB ] discomfited/JJ by/IN [ dr./NP baltimore/NP 's/POS unflattering/JJ public/JJ opinion/NN ] of/IN [ this/DT congressional/JJ patron/NN ] ,/, [ whose/WP$ behavior/NN ] reminded/VBD [ dr./NP baltimore/NP ] of/IN [ the/DT mccarthy/NP era/NN ] ./. 
$$
in/IN [ his/PP$ mansion/NP house/NP speech/NN ] ,/, [ mr./NP lawson/NP ] warned/VBD that/IN [ a/DT further/JJ slowdown/NN ] can/MD be/VB expected/VBN as/IN [ the/DT impact/NN ] of/IN [ the/DT last/JJ rise/NN ] in/IN [ interest_6/NN rates/NNS ] earlier/RBR [ this/DT month/NN ] takes/VBZ [ effect/NN ] ./. 
$$
====================================== certainly/RB ,/, [ the/DT chancellor/NN ] has/VBZ made/VBN [ it/PP ] clear/JJ that/IN [ he/PP ] is/VBZ prepared/VBN to/TO increase/VB [ interest_6/NN rates/NNS ] again/RB if/IN necessary/JJ to/TO [ both/DT ] ensure/VB that/IN [ a/DT substantial/JJ slowdown/NN ] does/VBZ take/VB [ place/NN ] and/CC [ that/DT sterling/NN ] does/VBZ n't/RB decline/VB further/RB ./. 
$$
[ investors/NNS ] are/VBP still/RB waiting/VBG to/TO see/VB how/WRB [ the/DT u.s./NP government/NN ] will/MD decide/VB on/IN [ interest_6/NN rates/NNS ] and/CC how/WRB [ the/DT dollar/NN ] will/MD be/VB stabilized/VBN ./. 
$$
====================================== [ london/NP ] was/VBD weak/JJ throughout/IN [ friday/NP 's/POS ] trading/NN ,/, however/RB ,/, on/IN [ what/WP dealers/NNS ] attributed/VBN to/TO generally/RB [ thin/JJ interest_1/NN ] ahead/RB of/IN [ the/DT weekend/NN ] and/CC [ this/DT week/NN ] 's/VBZ potentially/RB [ important/JJ u.k./NP trade/NN figures/NNS ] for/IN [ september/NP ] ./. 
$$
[ interest_1/NN ] may/MD remain/VB limited/JJ into/IN [ tomorrow/NN 's/POS u.k./NP trade/NN figures/NNS ] ,/, [ which/WDT ] [ the/DT market/NN ] will/MD be/VB watching/VBG closely/RB to/TO see/VB if/IN [ there/EX ] is/VBZ [ any/DT improvement/NN ] after/IN [ disappointing/JJ numbers/NNS ] in/IN [ the/DT previous/JJ two/AB months/NNS ] ./. 
$$
====================================== [ the/DT idea/NN ] was/VBD to/TO let/VB [ small/JJ investors/NNS ] ,/, [ the/DT backbone/NN ] of/IN [ the/DT fund/NN business/NN ] ,/, deal/VB in/IN [ the/DT money/NN market/NN 's/POS high/JJ short-term/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== eventually/RB ,/, [ the/DT money/NN funds/NNS '/POS success/NN ] forced/VBD [ relaxation/NN ] of/IN [ curbs/NNS ] on/IN [ bank/NN interest_6/NN rates/NNS ] to/TO allow/VB [ banks/NNS ] to/TO offer/VB competing/VBG [ yields/NNS ] ./. 
$$
[ the/DT spokesman/NN ] refused/VBD to/TO comment/VB on/IN [ speculation/NN ] that/IN [ industrial/NP equity/NP ] might/MD use/VB [ its/PP$ interest_5/NN ] as/IN [ a/DT platform/NN ] to/TO launch/VB [ a/DT hostile/JJ bid/NN ] for/IN [ the/DT company/NN ] ./. 
$$
====================================== [ he/PP ] surveys/VBZ [ the/DT prospective/JJ investors/NNS ] gathered/VBN in/IN [ the/DT board/NN room/NN ] of/IN [ the/DT philippine/JJ government/NN 's/POS asset/NP privatization/NP trust/NP ] for/IN [ the/DT sale/NN ] of/IN [ a/DT 36/AB %/NN interest_5/NN ] in/IN [ the/DT country/NN 's/POS largest/JJS paper/NN mill/NN ] ./. 
$$
[ those/DT current/JJ holders/NNS ] would/MD also/RB receive/VB [ minority/NN interests_5/NNS ] in/IN [ the/DT new/JJ company/NN ] ./. 
$$
====================================== [ the/DT new/JJ structure/NN ] would/MD be/VB similar/JJ to/TO [ a/DT recapitalization/NN ] in/IN [ which/WDT holders/NNS ] get/VBP [ a/DT special/JJ dividend/NN ] yet/CC retain/VBP [ a/DT controlling/JJ ownership/NN interest_5/NN ] ./. 
$$
====================================== [ he/PP ] succeeds/VBZ [ paul/NP p./NP aniskovich/NP jr./NP ] ,/, [ who/WP ] resigned/VBD to/TO pursue/VB [ other/JJ business/NN interests_3/NNS ] ,/, [ the/DT company/NN ] said/VBD ./. 
$$
====================================== [ mr./NP conway/NP ] was/VBD [ executive/JJ vice/NN president/NN ] and/CC [ chief/JJ investment/NN officer/NN ] of/IN [ union/NP central/NP life/NP insurance/NP co./NP ] ,/, of/IN [ cincinnati/NP ] ,/, in/IN [ 1987/AB ] ,/, when/WRB [ union/NP central/NP ] bought/VBD [ a/DT 54/AB %/NN interest_5/NN ] in/IN [ manhattan/NP national/NP corp/NP ] ./. 
$$
====================================== late/RB yesterday/NN ,/, [ georgia/NP gulf/NP ] said/VBD [ it/PP ] reviewed/VBD [ the/DT nl/NP proposal/NN ] as/RB well/RB as/IN [ interests_1/NNS ] from/IN ``/`` [ third/JJ parties/NNS ] ''/'' [ regarding/VBG business/NN combinations/NNS ] ./. 
$$
====================================== and/CC [ they/PP ] believe/VBP [ the/DT big/NP board/NP ] ,/, under/IN [ mr./NP phelan/NP ] ,/, has/VBZ abandoned/VBN [ their/PP$ interest_4/NN ] ./. 
$$
====================================== almost/RB [ all/DT new/JJ regulation/NN ] is/VBZ introduced/VBN in/IN [ the/DT interests_4/NNS ] of/IN protecting/VBG [ the/DT little/JJ guy/NN ] ,/, and/CC [ he/PP ] invariably/RB is/VBZ [ the/DT one/AB least/JJS able/JJ ] to/TO cope/VB with/IN [ its/PP$ consequences/NNS ] ./. 
$$
====================================== [ an/DT official/NN ] for/IN [ the/DT lead/NN underwriter/NN ] declined/VBD to/TO comment/VB on/IN [ the/DT reason/NN ] for/IN [ the/DT delay/NN ] ,/, but/CC [ market/NN participants/NNS ] speculated/VBD that/IN [ a/DT number/NN ] of/IN [ factors/NNS ] ,/, including/VBG [ a/DT lack/NN ] of/IN [ investor/NN interest_1/NN ] ,/, were/VBD responsible/JJ ./. 
$$
[ the/DT santa/NP ana/NP bonds/NNS ] were/VBD tentatively/RB priced/VBN to/TO yield/VB from/IN [ 6.40/AB %/NN ] in/IN [ 1991/AB ] to/TO [ 7.458/AB %/NN ] in/IN ====================================== bucking/VBG [ the/DT market/NN trend/NN ] ,/, [ an/DT issue/NN ] of/IN [ $/$ 130/AB million/AB general/JJ obligation/NN distributable/JJ state/NN aid/NN bonds/NNS ] from/IN [ detroit/NP ] ,/, [ mich./NP ] ,/, apparently/RB drew/VBD [ solid/JJ investor/NN interest_1/NN ] ./. 
$$
[ they/PP ] were/VBD tentatively/RB priced/VBN to/TO yield/VB from/IN [ 6.20/AB %/NN ] in/IN [ 1991/AB ] to/TO [ 7.272/AB %/NN ] in/IN ====================================== [ foreign/NP bond/NP ] ====================================== [ west/JJ german/JJ dealers/NNS ] said/VBD [ there/EX ] was/VBD [ little/JJ interest_1/NN ] in/IN [ treasury/NP bonds/NNS ] ahead/RB of/IN [ thursday/NP 's/POS new/JJ government/NN bond/NN issue/NN ] ./. 
$$
in/IN [ the/DT case/NN ] of/IN [ copper/NN ] ,/, [ he/PP ] said/VBD ,/, [ the/DT upbeat/JJ mood/NN ] of/IN [ stocks/NNS ] was/VBD reflected/VBN in/IN [ demand/NN ] for/IN [ futures/NNS ] contracts/NNS because/IN [ a/DT stronger/JJR economy/NN ] means/VBZ [ greater/JJR buying/NN interest_1/NN ] for/IN [ the/DT metal/NN ] ./. 
$$
[ the/DT gains/NNS ] also/RB sparked/VBD buying/NN [ interest_1/NN ] in/IN [ other/JJ real-estate/NN companies/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== [ metromedia/NP ] ,/, headed/VBN by/IN [ john/NP w./NP kluge/NP ] ,/, has/VBZ [ interests_5/NNS ] in/IN [ telecommunications/NN ] ,/, [ robotic/JJ painting/NN ] ,/, [ computer/NN software/NN ] ,/, [ restaurants/NNS ] and/CC [ entertainment/NN ] ./. 
$$
''/'' ====================================== for/IN [ example/NN ] ,/, in/IN [ a/DT special/JJ meeting/NN monday/NP ] with/IN [ mr./NP phelan/NP ] ,/, [ senior/JJ officials/NNS ] of/IN [ some/DT ] of/IN [ the/DT big/NP board/NP 's/POS 49/AB stock/NN specialist/NN firms/NNS ] complained/VBD that/IN [ the/DT exchange/NN ] is/VBZ [ no/DT ] longer/RBR representing/VBG [ their/PP$ interests_4/NNS ] ./. 
$$
====================================== [ dealers/NNS ] attributed/VBD most/JJS of/IN [ the/DT day/NN 's/POS gains/NNS ] to/TO [ market-makers/NNS ] moving/VBG [ prices/NNS ] higher/RBR ,/, rather/RB than/IN [ an/DT outbreak/NN ] of/IN [ significant/JJ buying/NN interest_1/NN ] ./. 
$$
====================================== though/IN [ the/DT market/NN ] was/VBD stronger/JJR ,/, [ dealers/NNS ] said/VBD [ fresh/JJ buying/NN interest_1/NN ] was/VBD sidelined/VBN ahead/RB of/IN [ a/DT potential/JJ market-affecting/JJ debate/NN ] in/IN [ the/DT house/NP ] of/IN [ commons/NP set/NN ] for/IN [ tuesday/NP ] ./. 
$$
and/CC [ the/DT treasury/NP 's/POS $/$ 17.6/AB billion/AB auction/NN ] of/IN [ short-term/JJ bills/NNS ] ,/, [ which/WDT ] generated/VBD [ strong/JJ buying/NN interest_1/NN ] ,/, helped/VBD to/TO lift/VB [ the/DT bond/NN market/NN ] out/IN of/IN [ the/DT doldrums/NN ] ./. 
$$
in/IN [ an/DT advisory/JJ letter/NN ] ,/, [ the/DT department/NN ] said/VBD that/IN ,/, starting/VBG [ oct./NP 18/AB ] ,/, [ loans/NNS ] could/MD be/VB limited/VBN to/TO ``/`` [ parties/NNS ] in/IN [ interest_5/NN ] ,/, ''/'' [ which/WDT ] generally/RB means/VBZ [ active/JJ workers/NNS ] but/CC also/RB includes/VBZ [ retirees/NNS ] [ who/WP ] continue/VBP as/IN [ directors/NNS ] and/CC [ 10/AB %/NN shareholders/NNS ] ./. 
$$
====================================== [ the/DT 1989/AB series/NP ] ,/, disrupted/VBN by/IN [ a/DT devastating/VBG earthquake/NN ] and/CC diminished/VBN in/IN [ national/JJ interest_2/NN ] because/IN [ both/DT ] [ teams/NNS ] came/VBD from/IN [ the/DT san/NP francisco/NP bay/NP area/NN ] ,/, is/VBZ likely/JJ to/TO end/VB up/RP as/IN [ the/DT lowest-rated/JJ series/NP ] of/IN [ this/DT decade/NN ] and/CC probably/RB since/IN [ the/DT event/NN ] has/VBZ been/VBN broadcast/VBN ./. 
$$
====================================== [ mr./NP sugarman/NP ] has/VBZ in/IN [ turn/NN ] contended/VBN that/IN [ the/DT other/JJ major/JJ shareholder/NN group/NN ] --/: [ whose/WP$ interests_5/NNS ] are/VBP represented/VBN by/IN [ three/AB other/JJ directors/NNS ] connected/VBN to/TO [ trusts/NNS ] in/IN [ the/DT name/NN ] of/IN [ the/DT children/NNS ] of/IN [ the/DT company/NN 's/POS founder/NN ] ,/, [ james/NP patterson/NP ] --/: has/VBZ [ ties/NNS ] to/TO [ a/DT ] competing/VBG [ fast/JJ food/NN chain/NN ] ,/, [ wendy/NP 's/POS international/NP inc/NP ] ./. 
$$
====================================== [ the/DT spokesman/NN ] said/VBD [ unocal/NP ] has/VBZ had/VBN ``/`` [ considerable/JJ interest_1/NN ] ''/'' from/IN [ prospective/JJ buyers/NNS ] ./. 
$$
in/IN [ panama/NP ] ,/, [ the/DT u.s./NP interests_4/NNS ] at/IN [ stake/NN ] were/VBD happily/RB [ minor/JJ ] ;/: [ the/DT only/JJ people/NNS ] killed/VBN were/VBD [ foreigners/NNS ] hapless/JJ enough/RB to/TO trust/VB [ american/JJ will/NN ] ./. 
$$
much/JJ of/IN [ kkr/NP 's/POS financing/NN ] for/IN [ the/DT rjr/NP buy-out/JJ ] is/VBZ with/IN [ so-called/JJ payment-in-kind/JJ debt/NN ] ,/, [ notes/NNS ] [ that/WDT ] accumulate/VBP [ interest_6/NN ] in/IN [ more/JJR notes/NNS ] and/CC do/VBP n't/RB require/VB [ cash/NN payments/NNS ] for/IN [ several/JJ years/NNS ] ./. 
$$
[ the/DT lawyers/NNS ] probably/RB wo/MD n't/RB mention/VB [ his/PP$ interest_1/NN ] in/IN [ horse/NN racing/NN ] ,/, though/IN [ mr./NP monieson/NP ] says/VBZ [ it/PP ] remains/VBZ [ a/DT hobby/NN ] ./. 
$$
====================================== [ he/PP ] predicts/VBZ [ a/DT downward/JJ move/NN ] in/IN [ dollar-mark/NN trade/NN ] and/CC [ a/DT less/RBR dramatic/JJ slip/NN ] in/IN [ dollar-yen/JJ ] ,/, noting/VBG that/IN [ there/EX ] continues/VBZ to/TO be/VB [ a/DT large/JJ pool/NN ] of/IN [ japanese/JJ investor/NN interest_1/NN ] in/IN [ u.s./NP securities/NNS ] ,/, [ which/WDT ] could/MD provide/VB [ a/DT solid/JJ base/NN ] for/IN [ the/DT dollar/NN ] at/IN around/IN [ 140/AB yen/NNS ] ./. 
$$
====================================== buying/NN [ interest_1/NN ] in/IN [ du/NP pont/NP ] ,/, [ which/WDT ] declared/VBD [ a/DT stock/NN split/NN ] and/CC [ a/DT dividend/NN boost/NN ] ,/, and/CC [ certain/JJ other/JJ blue-chip/JJ issues/NNS ] gave/VBD [ the/DT industrial/JJ average/NN ] [ a/DT better/JJR performance/NN ] than/IN [ broader/JJR indexes/NNS ] ./. 
$$
indeed/RB ,/, [ the/DT dlj/NP banker/NN ] says/VBZ ,/, in/IN [ the/DT reborn/JJ capital/NN structure/NN cash/NN coverage/NN ] of/IN [ interest_6/NN ] ``/`` will/MD meaningfully/RB improve/VB ./. 
$$
''/'' [ he/PP ] added/VBD :/: ``/`` [ there/EX ] 's/VBZ probably/RB even/RB [ a/DT magazine/NN ] for/IN [ left-handed/JJ golfers.../: ] but/CC [ the/DT general/JJ interest_3/NN magazine/NN ] is/VBZ [ something/NN ] [ we/PP ] [ all/DT ] miss/VBP ,/, and/CC [ it/PP ] should/MD come/VB back/RP ./. 
$$
[ the/DT white/JJ group/NN ] argued/VBD that/IN [ whites/NNS ] were/VBD not/RB fully/RB and/CC fairly/RB represented/VBN ,/, because/IN in/IN [ city-wide/JJ elections/NNS ] only/RB [ black/JJ candidates/NNS ] or/CC [ white/JJ candidates/NNS ] [ who/WP ] catered/VBD to/TO ``/`` [ black/JJ interests_4/NNS ] ''/'' could/MD win/VB ./. 
$$
''/'' [ two/AB hundred/AB years/NNS ] ago/RB ,/, [ critics/NNS ] of/IN [ the/DT new/JJ united/NP states/NP constitution/NP ] warned/VBD that/IN [ the/DT electoral/JJ districts/NNS ] for/IN [ congress/NP ] were/VBD too/RB large/JJ and/CC encompassed/VBD [ too/RB many/JJ different/JJ economic/JJ interests_3/NNS ] ./. 
$$
in/IN [ addition/NN ] to/TO [ his/PP$ interest_1/NN ] in/IN [ ozone/NN depletion/NN ] [ he/PP ] has/VBZ extensively/RB studied/VBN [ the/DT related/VBN topic/NN ] of/IN [ global/JJ ] warming/NN ,/, [ a/DT theory/NN ] [ that/IN mankind/NN 's/POS generation/NN ] of/IN [ carbon/NN dioxide/NN ] through/IN [ increased/VBN combustion/NN ] of/IN [ fossil/JJ fuels/NNS ] is/VBZ creating/VBG [ a/DT ] ``/`` [ greenhouse/NN effect/NN ] ''/'' [ that/WDT ] will/MD work/VB [ important/JJ climatic/JJ changes/NNS ] in/IN [ the/DT earth/NN 's/POS atmosphere/NN ] over/IN [ time/NN ] ./. 
$$
====================================== but/CC [ overall/JJ buying/NN interest_1/NN ] remained/VBD strong/JJ through/IN [ monday/NP ] ,/, with/IN [ many/JJ observers/NNS ] saying/VBG [ they/PP ] expect/VBP [ the/DT nikkei/NP ] to/TO continue/VB with/IN [ moderate/JJ gains/NNS ] [ this/DT week/NN ] ./. 
$$
====================================== [ profit/NN ] after/IN [ taxes/NNS ] and/CC [ minority/NN interests_5/NNS ] but/CC before/IN [ extraordinary/JJ items/NNS ] climbed/VBD [ 27/AB %/NN ] to/TO #/# [ 143.4/AB million/AB ] from/IN [ #/# 112.5/AB million/AB ] ,/, with/IN [ earnings/NNS ] per/IN [ share/NN ] rising/VBG to/TO [ 85.1/AB pence/NNS ] (/( [ $/$ 1.35/AB ] )/) from/IN [ 79.4/AB pence/NNS ] (/( [ $/$ 1.26/AB ] )/) ./. 
$$
====================================== but/CC while/IN [ u.s./NP interest_1/NN ] may/MD be/VB big/JJ and/CC growing/VBG ,/, [ the/DT difficulties/NNS ] [ that/WDT ] have/VBP stymied/VBN [ deals/NNS ] in/IN [ the/DT past/NN ] show/VBP [ no/DT sign/NN ] of/IN abating/VBG ./. 
$$
''/'' ====================================== [ the/DT u.s./NP 's/POS interest_4/NN ] in/IN [ somalia/NP ] consists/VBZ of/IN [ a/DT single/JJ runway/NN ] at/IN [ the/DT port/NN ] of/IN [ berbera/NP ] ,/, [ which/WDT ] [ u.s./NP military/JJ aircraft/NN ] have/VBP [ the/DT right/NN ] to/TO use/VB for/IN [ surveillance/NN ] of/IN [ the/DT gulf/NP ] of/IN [ aden/NP ] and/CC [ the/DT indian/NP ocean/NP ] ./. 
$$
====================================== [ sotheby/NP ] 's/VBZ provided/VBD [ the/DT dorrance/NP family/NN ] [ a/DT guarantee/NN ] of/IN at/IN [ least/JJS $/$ 100/AB million/AB ] ,/, and/CC as/RB much/JJ as/IN [ $/$ 120/AB million/AB ] ,/, to/TO obtain/VB [ the/DT collection/NN ] ,/, [ people/NNS ] familiar/JJ with/IN [ the/DT transaction/NN ] said/VBD ,/, thus/RB taking/VBG [ a/DT greater/JJR ] than/IN [ usual/JJ financial/JJ interest_5/NN ] in/IN [ the/DT property/NN ] to/TO be/VB sold/VBN ./. 
$$
[ it/PP ] requires/VBZ [ financial/JJ planners/NNS ] to/TO register/VB with/IN [ states/NNS ] ,/, pass/VB [ competency/NN tests/NNS ] and/CC reveal/VB to/TO [ customers/NNS ] [ any/DT conflicts/NNS ] of/IN [ interest_4/NN ] ./. 
$$
====================================== [ naomi/NP bernhard/NP levinson/NP ] ,/, [ a/DT fine-arts/NNS appraiser/NN ] at/IN [ bernhard/NP associates/NPS ] in/IN [ san/NP francisco/NP ] ,/, considers/VBZ [ it/PP ] ``/`` [ definite/JJ conflict/NN ] of/IN [ interest_4/NN ] for/IN [ an/DT auction/NN house/NN ] to/TO [ both/DT ] advise/VB [ a/DT client/NN ] on/IN [ purchases/NNS ] and/CC to/TO set/VB [ price/NN estimates/NNS ] on/IN [ the/DT paintings/NNS ] to/TO be/VB purchased/VBN ./. 
$$
''/'' ====================================== ``/`` [ i/PP ] ca/MD n't/RB see/VB why/WRB [ there/EX ] would/MD be/VB [ a/DT conflict/NN ] of/IN [ interest_4/NN ] ,/, ''/'' says/VBZ [ sotheby/NP 's/POS ms./NP levitt/NP ] ./. 
$$
====================================== [ prosecutors/NNS ] ,/, in/IN [ an/DT indictment/NN ] based/VBN on/IN [ the/DT grand/JJ jury/NN 's/POS report/NN ] ,/, maintain/VBP that/IN at/IN [ various/JJ times/NNS ] since/IN [ 1975/AB ] ,/, [ he/PP ] owned/VBD [ a/DT secret/JJ ] and/CC [ illegal/JJ *interest/NN ] in/IN [ a/DT beer/NN distributorship/NN ] ;/: plotted/VBD hidden/JJ [ ownership/NN *interests/NNS ] in/IN [ real/JJ estate/NN ] [ that/WDT ] presented/VBD [ an/DT alleged/JJ conflict/NN ] of/IN [ interest_4/NN ] ;/: set/VBN up/RP [ a/DT dummy/JJ corporation/NN ] to/TO buy/VB [ a/DT car/NN ] and/CC obtain/VB [ insurance/NN ] for/IN [ his/PP$ former/JJ girlfriend/NN ] (/( now/RB [ his/PP$ second/JJ wife/NN ] )/) ;/: and/CC maintained/VBD [ 54/AB accounts/NNS ] in/IN [ six/AB banks/NNS ] in/IN [ cambria/NP county/NP ] ./. 
$$
[ richard/NP buckley/NP ] said/VBD [ stevric/NP 's/POS acquisition/NN ] of/IN [ arby/NP 's/POS ] ``/`` would/MD allow/VB [ seasoned/JJ franchisers/NNS ] and/CC [ food-service/NN operators/NNS ] ,/, with/IN [ no/DT conflicts/NNS ] of/IN [ interest_4/NN ] ,/, to/TO stabilize/VB [ franchisee/NN relations/NNS ] and/CC properly/RB [ refocus/VB ] [ the/DT company/NN 's/POS energies/NNS ] toward/IN [ growth/NN ] ./. 
$$
''/'' so/RB [ owners/NNS ] have/VBP developed/VBN [ a/DT ] ``/`` [ code/NN ] of/IN [ ethics/NNS ] ,/, ''/'' outlining/VBG [ rules/NNS ] for/IN [ consultants/NNS ] and/CC [ agents/NNS ] ,/, and/CC [ disclosure/NN ] of/IN [ fees/NNS ] and/CC [ any/DT conflicts/NNS ] of/IN [ interest_4/NN ] ./. 
$$
but/CC [ such/JJ partnerships/NNS ] are/VBP common/JJ in/IN mining/NN ,/, where/WRB [ there/EX ] are/VBP n't/RB [ problems/NNS ] or/CC [ conflict/NN ] of/IN [ interest_4/NN ] or/CC [ risk/NN ] of/IN cheating/VBG by/IN [ a/DT partner/NN ] ,/, ''/'' [ trelleborg/NP 's/POS president/NN ] says/VBZ ./. 
$$
indeed/RB ,/, [ some/DT ] of/IN [ the/DT bill/NN 's/POS requirements/NNS ] ,/, including/VBG [ broad/JJ representation/NN ] on/IN [ the/DT exchanges/NNS '/POS boards/NNS ] of/IN [ directors/NNS ] and/CC [ strong/JJ measures/NNS ] to/TO prevent/VB [ conflicts/NNS ] of/IN [ interest_4/NN ] ,/, already/RB have/VBP been/VBN put/VBN in/IN [ place/NN ] by/IN [ the/DT coffee/NP ] ,/, [ sugar/NP ] &/CC [ cocoa/NP exchange/NP ] and/CC [ other/JJ futures/NNS exchanges/NNS ] ./. 
$$
[ this/DT ] ``/`` [ enlightened/JJ self-interest/NN ] ''/'' is/VBZ supposed/VBN to/TO overcome/VB [ the/DT built-in/JJ ] conflicts/NNS of/IN [ interest_4/NN ] ./. 
$$
``/`` [ a/DT conflict/NN ] of/IN [ interest_4/NN standard/NN ] for/IN [ a/DT committee/NN ] giving/VBG [ us/PP ] [ advice/NN ] is/VBZ n't/RB [ a/DT relevant/JJ standard/NN ] ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
``/`` [ there/EX ] 's/VBZ [ no/DT conflict/NN ] of/IN [ interest_4/NN ] ,/, ''/'' [ he/PP ] says/VBZ ,/, referring/VBG to/TO [ his/PP$ involvement/NN ] in/IN [ china/NP ] ./. 
$$
[ a/DT 10/AB %/NN gain/NN ] in/IN [ operating/NN profit/NN ] in/IN [ the/DT quarter/NN ] was/VBD offset/VBN by/IN [ a/DT 21/AB %/NN boost/NN ] in/IN [ interest_6/NN expense/NN ] ,/, reflecting/VBG [ higher/JJR consolidated/JJ borrowings/NNS ] and/CC [ *interest/NN rates/NNS ] ./. 
$$
====================================== [ the/DT meeting/NN ] offered/VBD [ stark/JJ evidence/NN ] of/IN [ a/DT dramatic/JJ fall/NN ] in/IN [ scientific/JJ interest_1/NN ] in/IN [ cold/JJ fusion/NN research/NN ] ./. 
$$
[ the/DT company/NN ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ television/NN ] ,/, trucking/NN [ services/NNS ] ,/, and/CC [ glass-making/NN ] and/CC [ food-processing/NN equipment/NN ] ,/, said/VBD [ it/PP ] plans/VBZ to/TO make/VB [ other/JJ acquisitions/NNS ] in/IN [ the/DT telephone/NN industry/NN ] ./. 
$$
although/IN [ prices/NNS ] rallied/VBD [ briefly/RB ] following/VBG [ the/DT tumble/NN ] on/IN [ world/NN stock/NN markets/NNS ] earlier/RBR [ this/DT month/NN ] and/CC [ the/DT related/VBN decline/NN ] of/IN [ the/DT dollar/NN ] ,/, [ precious/JJ metals/NNS ] are/VBP out/RB of/IN [ favor/NN ] for/IN [ the/DT moment/NN ] because/IN of/IN [ high/JJ interest_6/NN rates/NNS ] and/CC [ a/DT determination/NN ] by/IN [ industrial/JJ nations/NNS ] to/TO curb/VB [ inflation/NN ] ,/, [ dealers/NNS ] say/VBP ./. 
$$
but/CC [ their/PP$ value/NN ] as/IN [ investments/NNS ] can/MD be/VB decimated/VBN by/IN [ inflation/NN ] ,/, [ which/WDT ] erodes/VBZ [ the/DT purchasing/VBG power/NN ] of/IN [ bonds/NNS '/POS fixed-dollar/JJ interest_6/NN payments/NNS ] ./. 
$$
====================================== [ one/AB suit/NN ] ,/, filed/VBN by/IN more/JJR than/IN [ three/AB dozen/NN investors/NNS ] ,/, [ charges/VBZ ] that/IN [ mr./NP peterson/NP ] misused/VBD much/JJ of/IN [ the/DT $/$ 9.7/AB million/AB ] put/VBD into/IN [ a/DT limited/VBN partnership/NN ] that/IN [ he/PP ] operated/VBD and/CC promoted/VBD ,/, spending/VBG [ some/DT ] of/IN [ it/PP ] to/TO pay/VB [ his/PP$ own/JJ legal/JJ bills/NNS ] and/CC to/TO invest/VB in/IN [ other/JJ companies/NNS ] in/IN [ which/WDT ] [ he/PP ] had/VBD [ an/DT interest_5/NN ] ./. 
$$
like/IN [ other/JJ zeros/NNS ] ,/, [ they/PP ] pay/VBP [ all/DT their/PP$ interest_6/NN ] at/IN [ maturity/NN ] ,/, meaning/VBG that/IN [ buyers/NNS ] can/MD time/VB [ things/NNS ] so/RB that/IN [ their/PP$ bonds/NNS ] pay/VBP off/RP just/RB when/WRB [ junior/NP graduates/VBZ ] from/IN [ high/JJ school/NN ] ./. 
$$
[ their/PP$ price/NN ] falls/VBZ further/RBR than/IN that/DT of/IN [ other/JJ bonds/NNS ] when/WRB [ inflation/NN ] and/CC [ interest_6/NN rates/NNS ] kick/VBP up/RP ./. 
$$
issuing/NN [ states/NNS ] generally/RB limit/VBP [ the/DT guarantees/NNS ] to/TO [ in-state/JJ institutions/NNS ] ,/, however/RB ,/, and/CC [ buyers/NNS ] get/VBP [ refunds/NNS ] without/IN [ much/JJ interest_6/NN ] if/IN [ the/DT children/NNS ] do/VBP n't/RB attend/VB [ the/DT specified/VBN schools/NNS ] ./. 
$$
[ he/PP ] also/RB owes/VBZ [ a/DT lot/NN ] of/IN [ back/JJ taxes/NNS ] ,/, [ interest_6/NN ] and/CC [ civil/JJ fraud/NN penalties/NNS ] ./. 
$$
or/CC [ an/DT interest_5/NN ] in/IN [ a/DT retirement/NN community/NN ] in/IN [ nevada/NP ] [ that/WDT ] will/MD knock/VB [ your/PP$ socks/NNS ] off/IN ,/, once/IN [ it/PP ] is/VBZ built/VBN ./. 
$$
====================================== between/IN [ 1978/AB ] and/CC [ 1987/AB ] ,/, for/IN [ instance/NN ] ,/, [ sh/NP oil/NP ] in/IN [ winter/NP haven/NP ] ,/, [ fla./NP ] ,/, sold/VBN [ interests_5/NNS ] in/IN [ oil/NN wells/NNS ] to/TO [ a/DT very/RB select/JJ group/NN ] of/IN [ local/JJ residents/NNS ] ,/, while/IN turning/VBG away/RB [ numerous/JJ other/JJ eager/JJ investors/NNS ] ./. 
$$
[ they/PP ] commonly/RB give/VB [ two/AB scenarios/NNS ] :/: [ one/AB ] is/VBZ based/VBN on/IN [ interest_6/NN rates/NNS ] that/IN [ the/DT company/NN ] guarantees/VBZ (/( usually/RB [ 4/AB %/NN ] to/TO [ 4.5/AB %/NN ] )/) and/CC [ the/DT other/JJ ] on/IN [ the/DT rate/NN ] [ it/PP ] is/VBZ currently/RB getting/VBG on/IN [ investment/NN ] ,/, often/RB [ 8.5/AB %/NN ] or/CC [ more/JJR ] ./. 
$$
====================================== projecting/VBG [ the/DT latter/JJ ] over/IN [ several/JJ decades/NNS ] ,/, [ i/PP ] find/VBP [ my/PP$ cash/NN buildup/NN ] is/VBZ impressive/JJ --/: but/CC can/MD [ any/DT high/JJ interest_6/NN rate/NN ] prevail/VB for/IN [ that/DT long/RB ] ./. 
$$
====================================== yes/RB ,/, [ he/PP ] says/VBZ ,/, [ premiums/NNS ] on/IN [ such/JJ variable-rate/JJ coverage/NN ] can/MD be/VB structured/VBN to/TO ``/`` vanish/VB ''/'' after/IN [ a/DT certain/JJ period/NN ] --/: but/CC usually/RB only/RB if/IN [ interest_6/NN rates/NNS ] stay/VBP [ high/JJ ] enough/RB to/TO generate/VB [ sufficient/JJ cash/NN ] to/TO cover/VB [ the/DT annual/JJ cost/NN ] of/IN [ insurance/NN protection/NN ] ./. 
$$
if/IN [ interest_6/NN rates/NNS ] plunge/VBP ,/, [ the/DT insurer/NN ] may/MD be/VB knocking/VBG on/IN [ my/PP$ door/NN ] ,/, asking/VBG for/IN [ steeper/JJR premium/NN payments/NNS ] to/TO maintain/VB [ the/DT same/JJ amount/NN ] of/IN [ protection/NN ] ./. 
$$
====================================== [ some/DT insurers/NNS ] have/VBP also/RB started/VBN offering/VBG ``/`` [ persistency/NN ] bonuses/NNS ,/, ''/'' such/JJ as/IN [ extra/JJ dividends/NNS ] or/CC [ a/DT ] marginally/RB [ higher/JJR interest_6/NN yield/NN ] ,/, if/IN [ the/DT policy/NN ] is/VBZ maintained/VBN for/IN [ 10/AB years/NNS ] ./. 
$$
at/IN [ age/NN 65/AB ] ,/, when/WRB [ i/PP ] 'd/MD stop/VB paying/VBG [ premiums/NNS ] ,/, [ the/DT ameritas/NP offering/NN ] would/MD have/VB [ a/DT projected/VBN cash/NN value/NN $/$ 14,000/AB higher/JJR ] than/IN [ the/DT other/JJ ] ,/, even/RB though/IN [ the/DT equitable/NP 's/POS policy/NN illustration/NN ] assumed/VBD [ a/DT ] fractionally/RB [ higher/JJR interest_6/NN rate/NN ] ./. 
$$
====================================== buying/NN [ interest_1/NN ] also/RB resurfaced/VBD in/IN [ the/DT technology/NN sector/NN ] ,/, including/VBG [ international/NP business/NP machines/NP ] ,/, [ whose/WP$ board/NN ] approved/VBD [ a/DT $/$ 1/AB billion/AB increase/NN ] in/IN [ its/PP$ stock/NN buy-back/JJ program/NN ] ./. 
$$
====================================== in/IN [ a/DT speech/NN ] prepared/VBN for/IN [ delivery/NN ] to/TO [ london/NP 's/POS financial/JJ community/NN ] ,/, [ mr./NP lawson/NP ] summed/VBD up/RP [ current/JJ economic/JJ policy/NN ] as/IN [ a/DT battle/NN ] to/TO wring/VB [ inflation/NN ] out/IN of/IN [ the/DT british/JJ economy/NN ] ,/, using/VBG [ high/JJ interest_6/NN rates/NNS ] as/IN ``/`` [ the/DT essential/JJ instrument/NN ] ''/'' to/TO carry/VB out/RP [ the/DT campaign/NN ] ./. 
$$
''/'' ====================================== in/IN reaffirming/VBG [ the/DT current/JJ monetary/JJ policy/NN ] of/IN using/VBG [ high/JJ interest_6/NN rates/NNS ] to/TO fight/VB [ inflation/NN ] and/CC [ shore/VB ] up/IN [ the/DT pound/NN ] ,/, [ mr./NP lawson/NP ] dismissed/VBD [ other/JJ approaches/NNS ] to/TO managing/VBG [ the/DT economy/NN ] ./. 
$$
while/IN [ lower/JJR joblessness/NN ] is/VBZ generally/RB [ good/JJ news/NN ] ,/, [ the/DT hefty/JJ drop/NN last/JJ month/NN ] indicates/VBZ that/IN [ the/DT economy/NN ] is/VBZ n't/RB slowing/VBG down/RP as/RB much/RB as/IN hoped/VBN --/: despite/IN [ a/DT doubling/NN ] of/IN [ interest_6/NN rates/NNS ] over/IN [ the/DT last/JJ 16/AB months/NNS ] ./. 
$$
``/`` now/RB [ the/DT interest_1/NN ] is/VBZ in/IN [ what/WP ] else/RB can/MD [ i/PP ] do/VB with/IN [ that/DT money/NN ] ./. 
$$
``/`` [ we/PP ] see/VBP [ a/DT lot/NN ] of/IN [ interest_1/NN ] in/IN [ those/DT kind/NN ] of/IN [ things/NNS ] ,/, ''/'' says/VBZ [ frank/NP salerno/NP ] ,/, [ a/DT vice/NN president/NN ] of/IN [ bankers/NP trust/NP ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] declined/VBD for/IN [ the/DT second/JJ consecutive/JJ month/NN ] ,/, [ this/DT time/NN 4.2/AB %/NN ] ,/, while/IN [ the/DT american/NP stock/NP exchange/NP ] reported/VBD [ its/PP$ third/JJ consecutive/JJ record/NN month/NN ] of/IN [ short/JJ *interest/NN ] ./. 
$$
====================================== [ short/JJ *interest/NN ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] declined/VBD for/IN [ the/DT second/JJ consecutive/JJ month/NN ] ,/, [ this/DT time/NN 4.2/AB %/NN ] ,/, while/IN [ the/DT american/NP stock/NP exchange/NP ] reported/VBD [ its/PP$ third/JJ consecutive/JJ record/NN month/NN ] of/IN [ short/JJ interest_5/NN ] ./. 
$$
====================================== [ the/DT big/NP board/NP ] reported/VBD [ that/DT short/JJ interest_5/NN ] dropped/VBD to/TO [ 523,920,214/AB shares/NNS ] as/IN of/IN [ oct./NP 13/AB ] from/IN [ 547,347,585/AB shares/NNS ] in/IN [ mid-september/NN ] ./. 
$$
[ amex/NP short/JJ interest_5/NN ] climbed/VBD [ 3/AB %/NN ] to/TO [ 53,496,665/AB shares/NNS ] from/IN [ 51,911,566/AB shares/NNS ] ./. 
$$
====================================== [ amex/NP short/JJ interest_5/NN ] has/VBZ been/VBN heading/VBG upward/RB since/IN [ mid-december/NN ] ,/, with/IN [ increases/NNS ] in/IN [ each/DT month/NN ] since/IN then/RB except/IN at/IN [ mid-july/NN ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] is/VBZ [ the/DT number/NN ] of/IN [ shares/NNS ] [ that/WDT ] have/VBP n't/RB yet/RB been/VBN purchased/VBN for/IN [ return/NN ] to/TO [ lenders/NNS ] ./. 
$$
although/IN [ a/DT substantial/JJ short/JJ position/NN ] reflects/VBZ [ heavy/JJ speculation/NN ] that/IN [ a/DT stock/NN 's/POS price/NN ] will/MD decline/VB ,/, [ some/DT investors/NNS ] consider/VBP [ an/DT increase/NN ] in/IN [ short/JJ interest_5/NN ] bullish/JJ because/IN [ the/DT borrowed/VBN shares/NNS ] eventually/RB must/MD be/VB bought/VBN back/RB ./. 
$$
====================================== [ fluctuation/NN ] in/IN [ short/JJ interest_5/NN ] of/IN [ certain/JJ stocks/NNS ] also/RB may/MD be/VB caused/VBN partly/RB by/IN arbitraging/VBG ./. 
$$
====================================== [ the/DT level/NN ] of/IN [ negative/JJ sentiment/NN ] measured/VBN by/IN [ the/DT big/NP board/NP short/JJ interest_5/NN ratio/NN ] slipped/VBD to/TO [ 3.36/AB ] from/IN [ last/JJ month/NN ] 's/POS [ 3.38/AB ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ international/NP business/NP machines/NP corp./NP ] plunged/VBD to/TO [ 1,425,035/AB shares/NNS ] from/IN [ 2,387,226/AB shares/NNS ] [ a/DT month/NN ] earlier/RBR ./. 
$$
also/RB closely/RB watched/VBN is/VBZ [ exxon/NP corp./NP ] ,/, where/WRB [ short/JJ interest_5/NN ] slid/VBD to/TO [ 4,469,167/AB shares/NNS ] from/IN [ 5,088,774/AB ] ./. 
$$
====================================== [ the/DT amex/NP short/JJ interest_5/NN volume/NN leader/NN ] again/RB was/VBD [ texas/NP air/NP corp./NP ] ,/, rising/VBG to/TO [ 3,820,634/AB shares/NNS ] from/IN [ 3,363,949/AB ] ./. 
$$
====================================== [ the/DT adjacent/JJ tables/NNS ] show/VBP [ the/DT big/NP board/NP ] and/CC [ amex/NP issues/NNS ] in/IN [ which/WDT ] [ a/DT short/JJ interest_5/NN position/NN ] of/IN at/IN [ least/JJS 100,000/AB shares/NNS ] existed/VBD as/IN of/IN [ mid-october/NN ] or/CC in/IN [ which/WDT there/EX ] was/VBD [ a/DT short/JJ position/NN change/NN ] of/IN at/IN [ least/JJS 50,000/AB shares/NNS ] since/IN [ mid-september/NN ] ./. 
$$
====================================== [ textron/NP ] said/VBD that/IN [ nine-months/NNS '/POS results/NNS ] do/VBP n't/RB include/VB [ earnings/NNS ] of/IN [ avdel/NP plc/NP ] ,/, [ a/DT british/JJ maker/NN ] of/IN [ industrial/JJ fasteners/NNS ] ,/, but/CC do/VBP include/VB [ interest_6/NN costs/NNS ] of/IN [ $/$ 16.4/AB million/AB ] on/IN [ borrowings/NNS ] related/VBN to/TO [ the/DT proposed/VBN purchase/NN ] of/IN [ avdel/NP ] ./. 
$$
====================================== [ stock-market/NN fears/NNS ] and/CC relatively/RB [ more/RBR attractive/JJ interest_6/NN rates/NNS ] pushed/VBD [ money-market/JJ mutual/JJ fund/NN assets/NNS ] up/RB [ $/$ 6.07/AB billion/AB ] in/IN [ the/DT latest/JJS week/NN ] ,/, [ the/DT sharpest/JJS increase/NN ] in/IN almost/RB [ two/AB years/NNS ] ./. 
$$
so/IN [ the/DT bank/NN 's/POS board/NN ] decided/VBD to/TO make/VB [ 1.23/AB billion/AB malaysian/JJ dollars/NNS ] (/( [ us$/$ 457/AB million/AB ] )/) in/IN [ provisions/NNS ] for/IN [ interest_6/NN payments/NNS ] from/IN [ loans/NNS ] previously/RB recorded/VBN as/IN [ revenue/NN ] but/CC never/RB actually/RB received/VBN by/IN [ the/DT bank/NN ] ,/, and/CC to/TO submit/VB [ a/DT bailout/NN package/NN ] to/TO replenish/VB [ the/DT bank/NN 's/POS paid-up/JJ capital/NN ] ./. 
$$
but/CC [ public/JJ documents/NNS ] indicate/VBP [ 10/AB %/NN ] or/CC [ more/JJR ] of/IN [ the/DT bank/NN 's/POS provisions/NNS ] were/VBD made/VBN for/IN [ foregone/JJ interest_6/NN ] on/IN [ a/DT m$/$ 200/AB million/AB loan/NN ] to/TO [ malaysia/NP 's/POS dominant/JJ political/JJ party/NN ] ,/, [ the/DT united/NP malays/NP national/NP organization/NP ] ,/, to/TO build/VB [ its/PP$ convention/NN ] and/CC [ headquarters/NN complex/NN ] in/IN [ kuala/NP lumpur/NP ] ./. 
$$
[ bond/NN prices/NNS ] also/RB jumped/VBD as/IN [ traders/NNS ] appeared/VBD to/TO read/VB [ the/DT data/NNS ] as/IN [ a/DT sign/NN ] that/IN [ interest_6/NN rates/NNS ] may/MD fall/VB ./. 
$$
[ the/DT steep/JJ climb/NN ] in/IN [ producer/NN prices/NNS ] reported/VBN [ last/JJ friday/NP ] fostered/VBD [ pessimism/NN ] about/IN [ lower/JJR interest_6/NN rates/NNS ] and/CC contributed/VBD to/TO [ the/DT stock/NN market/NN 's/POS 6.9/AB %/NN plunge/NN ] [ that/DT day/NN ] ./. 
$$
in/IN [ the/DT past/JJ several/JJ days/NNS ] ,/, however/RB ,/, [ the/DT u.s./NP 's/POS central/JJ bank/NN ] has/VBZ allowed/VBN [ a/DT key/JJ interest_6/NN rate/NN ] to/TO fall/VB slightly/RB to/TO try/VB to/TO stabilize/VB [ the/DT markets/NNS ] ./. 
$$
====================================== after/RB [ watching/VBG interest_1/NN ] in/IN [ the/DT sport/NN plummet/VB ] for/IN [ years/NNS ] ,/, [ the/DT ski/NN industry/NN ] is/VBZ trying/VBG to/TO give/VB [ itself/PP ] [ a/DT lift/NN ] ./. 
$$
====================================== [ the/DT glazer/NP group/NN ] said/VBD in/IN [ a/DT securities/NP ] and/CC [ exchange/NP commission/NP ] filing/NN in/IN [ early/JJ october/NP ] that/IN [ it/PP ] may/MD seek/VB [ a/DT controlling/NN interest_5/NN ] in/IN [ harley-davidson/NP ] ,/, or/CC seek/VB [ representation/NN ] on/IN [ the/DT company/NN 's/POS board/NN ] ./. 
$$
''/'' ====================================== [ the/DT reason/NN ] is/VBZ [ simple/JJ ] ,/, [ mr./NP wyss/NP ] says/VBZ :/: ``/`` [ interest_6/NN rates/NNS ] almost/RB always/RB decline/VBP during/IN [ recession/NN ] ./. 
$$
''/'' as/RB surely/RB as/IN [ a/DT seesaw/NN ] tilts/VBZ ,/, falling/VBG [ interest_6/NN rates/NNS ] force/VBP up/RB [ the/DT price/NN ] of/IN previously/RB issued/VBN [ bonds/NNS ] ./. 
$$
[ they/PP ] are/VBP worth/JJ more/JJR because/IN [ they/PP ] pay/VBP [ higher/JJR interest_6/NN ] than/IN newly/RB issued/VBN [ bonds/NNS ] do/VBP ./. 
$$
when/WRB [ interest_6/NN rates/NNS ] have/VBP dropped/VBN ,/, [ it/PP ] makes/VBZ [ sense/NN ] for/IN [ corporations/NNS ] to/TO do/VB just/RB [ that/DT ] ;/: [ they/PP ] then/RB save/VBP on/IN [ *interest/NN costs/NNS ] ./. 
$$
when/WRB [ *interest/NN rates/NNS ] have/VBP dropped/VBN ,/, [ it/PP ] makes/VBZ [ sense/NN ] for/IN [ corporations/NNS ] to/TO do/VB just/RB [ that/DT ] ;/: [ they/PP ] then/RB save/VBP on/IN [ interest_6/NN costs/NNS ] ./. 
$$
because/IN [ he/PP ] sees/VBZ [ a/DT ] ``/`` [ 5/AB %/NN ] to/TO [ 6/AB %/NN base/NN rate/NN ] of/IN [ inflation/NN ] in/IN [ the/DT economy/NN ] ,/, ''/'' [ he/PP ] doubts/VBZ that/IN [ interest_6/NN rates/NNS ] will/MD fall/VB much/RB [ any/DT time/NN ] soon/RB ./. 
$$
====================================== to/TO lure/VB [ buyers/NNS ] to/TO [ the/DT chicago/NP ] &/CC [ north/NP western/NP bonds/NNS ] ,/, [ portfolio/NN managers/NNS ] said/VBD [ donaldson/NP lufkin/NP ] sweetened/VBD [ the/DT transaction/NN ] by/IN offering/VBG [ the/DT bonds/NNS ] with/IN [ a/DT resettable/JJ interest_6/NN rate/NN ] and/CC [ a/DT 10/AB %/NN equity/NN kicker/NN ] ./. 
$$
that/DT raised/VBD [ hopes/NNS ] that/IN [ interest_6/NN rates/NNS ] will/MD continue/VB to/TO move/VB [ lower/RBR ] ./. 
$$
====================================== in/IN [ an/DT interview/NN ] ,/, [ pemberton/NP hutchinson/NP ] ,/, [ president/NN ] and/CC [ chief/JJ executive/NN ] ,/, cited/VBD [ several/JJ reasons/NNS ] for/IN [ the/DT improvement/NN ] :/: [ higher/JJR employee/NN productivity/NN ] and/CC ``/`` [ good/JJ natural/NN conditions/NNS ] ''/'' in/IN [ the/DT mines/NNS ] ,/, as/RB well/RB as/IN [ lower/JJR costs/NNS ] for/IN [ materials/NNS ] ,/, [ administrative/JJ overhead/NN ] and/CC [ debt/NN interest_6/NN ] ./. 
$$
====================================== [ chase/NP manhattan/NP corp./NP ] ,/, after/IN trying/VBG unsuccessfully/RB to/TO sell/VB [ its/PP$ interest_5/NN ] in/IN [ its/PP$ lower/JJR manhattan/NP operations/NNS building/NN ] ,/, has/VBZ exercised/VBN [ its/PP$ option/NN ] to/TO purchase/VB [ the/DT 50-story/JJ office/NN tower/NN ] ./. 
$$
====================================== as/IN [ part/NN ] of/IN [ its/PP$ decision/NN ] to/TO leave/VB [ the/DT building/NN ] ,/, [ chase/NP ] tried/VBD to/TO sell/VB [ its/PP$ interest_5/NN ] ,/, along/IN with/IN [ the/DT atlas/NP estate/NN 's/POS *interest/NN ] ,/, shortly/RB after/IN [ the/DT october/NP 1987/AB stock/NN market/NN crash/NN ] ./. 
$$
====================================== as/IN [ part/NN ] of/IN [ its/PP$ decision/NN ] to/TO leave/VB [ the/DT building/NN ] ,/, [ chase/NP ] tried/VBD to/TO sell/VB [ its/PP$ *interest/NN ] ,/, along/IN with/IN [ the/DT atlas/NP estate/NN 's/POS interest_5/NN ] ,/, shortly/RB after/IN [ the/DT october/NP 1987/AB stock/NN market/NN crash/NN ] ./. 
$$
====================================== --/: for/IN [ the/DT past/JJ several/JJ years/NNS ] ,/, [ the/DT banks/NNS ] ,/, lacking/VBG [ a/DT private/JJ navy/NN ] to/TO enforce/VB [ their/PP$ interests_4/NNS ] ,/, have/VBP been/VBN pressuring/VBG [ the/DT u.s./NP treasury/NP ] to/TO underwrite/VB [ their/PP$ bad/JJ ldc/NP credits/NNS ] ./. 
$$
====================================== when/WRB [ roger/NP birnbaum/NP ] ,/, [ an/DT executive/NN ] [ who/WP ] worked/VBD for/IN [ guber/NP peters/NP ] in/IN [ the/DT early/JJ 1980s/NNS ] ,/, left/VBD to/TO take/VB [ a/DT job/NN ] as/IN [ head/NN ] of/IN [ production/NN ] at/IN [ the/DT united/NP artists/NP studio/NN ] ,/, [ they/PP ] made/VBD [ him/PP ] forfeit/VB [ all/DT credits/NNS ] and/CC [ financial/JJ interest_5/NN ] in/IN [ the/DT films/NNS ] [ he/PP ] had/VBD helped/VBN develop/VB ,/, including/VBG ``/`` [ rainman/NP ] ''/'' and/CC ``/`` [ batman/NP ] ./. 
$$
[ warner/NP itself/PP ] was/VBD in/IN [ negotiations/NNS ] with/IN [ mgm/NP ] over/IN [ certain/JJ movie/NN ] and/CC [ other/JJ rights/NNS ] ,/, and/CC [ it/PP ] was/VBD ``/`` in/IN [ warner/NP 's/POS interest_4/NN ] to/TO accommodate/VB [ mgmua/NP ] ,/, [ guber/NP ] and/CC [ peters/NP ] by/IN permitting/VBG [ them/PP ] to/TO become/VB [ mgm/NP executives/NNS ] ,/, ''/'' [ mr./NP daly/NP ] said/VBD in/IN [ his/PP$ affidavit/NN ] ./. 
$$
====================================== [ warner/NP ] obviously/RB does/VBZ n't/RB think/VB that/IN [ it/PP ] is/VBZ in/IN [ its/PP$ own/JJ interests_4/NNS ] to/TO let/VB [ mr./NP guber/NP ] and/CC [ mr./NP peters/NP ] go/VB off/RP to/TO [ columbia/NP ] ./. 
$$
during/IN [ settlement/NN talks/NNS ] ,/, for/IN [ example/NN ] ,/, [ warner/NP ] demanded/VBD [ such/JJ things/NNS ] as/IN [ cable/NN tv/NN rights/NNS ] to/TO [ columbia/NP movies/NNS ] and/CC [ columbia/NP 's/POS interest_5/NN ] in/IN [ the/DT studio/NN ] [ it/PP ] jointly/RB owns/VBZ with/IN [ warner/NP ] ,/, according/VBG to/TO [ executives/NNS ] involved/VBN in/IN [ the/DT talks/NNS ] ./. 
$$
''/'' ====================================== moreover/RB ,/, [ the/DT interest_6/NN ] on/IN [ asset-backed/JJ securities/NNS ] is/VBZ fully/RB [ taxable/JJ ] ,/, while/IN [ *interest/NN ] on/IN [ treasury/NP issues/NNS ] is/VBZ tax-free/JJ at/IN [ the/DT state/NN ] and/CC [ local/JJ level/NN ] ./. 
$$
====================================== [ the/DT front/JJ cover/NN ] of/IN [ the/DT prospectus/NN ] for/IN [ the/DT citibank/NP credit-card/NN receivables/NN ] offering/VBG [ points/NNS ] out/JJ in/IN [ bold/JJ capital/NN letters/NNS ] that/IN [ the/DT certificates/NNS ] represent/VBP [ an/DT interest_5/NN ] only/RB in/IN [ the/DT ] specially/RB created/VBN [ trust/NN ] and/CC ``/`` do/VBP not/RB represent/VB [ *interests/NNS ] in/IN or/CC [ obligations/NNS ] of/IN [ the/DT banks/NNS ] ,/, [ citibank/NP n.a./NP ] ,/, [ citicorp/NP ] or/CC [ any/DT affiliate/NN ] thereof/RB ./. 
$$
====================================== [ the/DT front/JJ cover/NN ] of/IN [ the/DT prospectus/NN ] for/IN [ the/DT citibank/NP credit-card/NN receivables/NN ] offering/VBG [ points/NNS ] out/JJ in/IN [ bold/JJ capital/NN letters/NNS ] that/IN [ the/DT certificates/NNS ] represent/VBP [ an/DT *interest/NN ] only/RB in/IN [ the/DT ] specially/RB created/VBN [ trust/NN ] and/CC ``/`` do/VBP not/RB represent/VB [ interests_5/NNS ] in/IN or/CC [ obligations/NNS ] of/IN [ the/DT banks/NNS ] ,/, [ citibank/NP n.a./NP ] ,/, [ citicorp/NP ] or/CC [ any/DT affiliate/NN ] thereof/RB ./. 
$$
====================================== [ health/NP care/NP property/NP ] holds/VBZ [ an/DT interest_5/NN ] in/IN [ 139/AB facilities/NNS ] in/IN [ 30/AB states/NNS ] ./. 
$$
====================================== even/RB [ lobbyists/NNS ] for/IN [ heavy/JJ industry/NN ] ,/, [ one/AB ] of/IN [ the/DT interests_5/NNS ] hit/VBD hardest/RBS in/IN [ the/DT 1986/AB bill/NN ] ,/, are/VBP encouraged/VBN ./. 
$$
after/IN [ a/DT slick/JJ redesign/NN ] ,/, [ the/DT two-year-old/JJ magazine/NN ] has/VBZ been/VBN relaunched/VBN [ this/DT month/NN ] by/IN [ its/PP$ parent/NN company/NN ] ,/, [ keizaikai/NP corp./NP ] ,/, [ the/DT tokyo-based/JJ company/NN ] with/IN [ interests_5/NNS ] [ that/WDT ] include/VBP [ financial/JJ services/NNS ] ,/, [ book/NN ] publishing/NN and/CC [ a/DT tourist/NN agency/NN ] ./. 
$$
====================================== [ cost/NN ] and/CC [ expenses/NNS ] for/IN [ the/DT quarter/NN ] ,/, excluding/VBG [ interest_6/NN ] ,/, increased/VBD [ 6.1/AB %/NN ] to/TO [ $/$ 333.3/AB million/AB ] from/IN [ $/$ 314/AB million/AB ] [ the/DT year/NN ] before/RB ./. 
$$
but/CC in/IN [ the/DT light/NN ] of/IN [ events/NNS ] in/IN [ panama/NP ] ,/, where/WRB [ the/DT u.s./NP ] has/VBZ [ such/JJ clear/JJ strategic/JJ interests_4/NNS ] ,/, waiting/VBG for/IN [ the/DT delta/NP force/NP ] may/MD prove/VB to/TO be/VB [ a/DT dangerous/JJ gambit/NN ] ./. 
$$
[ a/DT year/NN ] earlier/RBR ,/, [ the/DT company/NN ] had/VBD [ profit/NN ] from/IN [ discontinued/VBN operations/NNS ] of/IN [ $/$ 24.9/AB million/AB ] from/IN [ sale/NN ] of/IN [ a/DT pipeline/NN ] ,/, [ a/DT refinery/NN ] and/CC [ an/DT interest_5/NN ] in/IN [ a/DT second/JJ refinery/NN ] ./. 
$$
in/IN [ addition/NN ] ,/, [ the/DT company/NN ] cited/VBD [ cost-reduction/JJ moves/NNS ] and/CC [ interest_6/NN income/NN ] ./. 
$$
[ interest_6/NN ] will/MD be/VB paid/VBN semi-annually/RB ./. 
$$
====================================== [ a/DT new/JJ product/NN ] ,/, [ newsedge/NP ] ,/, carries/VBZ [ five/AB business/NN news/NN wires/NNS ] simultaneously/RB into/IN [ a/DT user/NN 's/POS computer/NN ] and/CC [ beeps/NNS ] and/CC [ flashes/NNS ] whenever/WRB [ an/DT article/NN ] appears/VBZ [ that/DT ] is/VBZ of/IN [ interest_2/NN ] to/TO [ the/DT user/NN ] ./. 
$$
====================================== moreover/RB ,/, [ individual/NP inc./NP 's/POS computers/NNS ] can/MD weigh/VB [ the/DT value/NN ] of/IN [ an/DT article/NN ] based/VBN on/IN how/WRB closely/RB [ the/DT story/NN ] matches/VBZ [ the/DT subscriber/NN 's/POS interest_3/NN area/NN ] ./. 
$$
====================================== [ hot/JJ topic/NN ] :/: [ interest_1/NN ] in/IN [ the/DT abortion/NN issue/NN ] is/VBZ so/RB great/JJ that/IN [ the/DT hotline/NP ] ,/, [ a/DT daily/JJ ] ,/, [ computer-distributed/JJ political/JJ newsletter/NN ] ,/, comes/VBZ up/RP with/IN [ a/DT spinoff/NN product/NN ] called/VBD [ the/DT abortion/NP report/NP ] dealing/VBG solely/RB with/IN [ its/PP$ political/JJ implications/NNS ] ./. 
$$
====================================== [ rumors/NP ] of/IN [ soviet/JJ interest_1/NN ] also/RB pushed/VBD up/RB [ the/DT prices/NNS ] of/IN [ soybean/NN futures/NNS contracts/NNS ] ./. 
$$
====================================== [ analysts/NNS ] said/VBD [ they/PP ] were/VBD impressed/VBN by/IN [ the/DT performance/NN ] of/IN [ the/DT company/NN 's/POS newspaper/NN group/NN ] ,/, [ which/WDT ] consists/VBZ of/IN [ the/DT times/NP ] ,/, [ 35/AB regional/JJ newspapers/NNS ] and/CC [ a/DT one-third/JJ interest_5/NN ] in/IN [ the/DT international/NP herald/NP tribune/NP ] ;/: [ group/NN operating/NN profit/NN ] for/IN [ the/DT quarter/NN ] increased/VBD slightly/RB to/TO [ $/$ 34.9/AB million/AB ] from/IN [ $/$ 34.5/AB million/AB ] on/IN [ flat/JJ revenue/NN ] ./. 
$$
but/CC [ the/DT economy/NN ] ``/`` is/VBZ slowing/VBG enough/RB to/TO give/VB [ the/DT federal/NP reserve/NP leeway/NN ] to/TO reduce/VB [ interest_6/NN rates/NNS ] ./. 
$$
[ the/DT theory/NN ] relies/VBZ on/IN [ three/AB assumptions/NNS ] :/: ====================================== [ 1/LS ] )/) [ voters/NNS ] can/MD ``/`` buy/VB ''/'' [ one/AB ] of/IN [ two/AB brands/NNS ] when/WRB [ they/PP ] select/VBP [ their/PP$ political/JJ agents/NNS ] --/: [ a/DT republican/JJ brand/NN ] [ that/WDT ] believes/VBZ in/IN [ the/DT minimalist/JJ state/NN ] and/CC in/IN [ the/DT virtues/NNS ] of/IN [ private/JJ markets/NNS ] over/IN [ the/DT vices/NNS ] of/IN [ public/JJ action/NN ] ,/, and/CC [ a/DT democratic/JJ brand/NN ] [ that/WDT ] believes/VBZ in/IN [ big/JJ government/NN ] and/CC in/IN [ public/JJ intervention/NN ] to/TO remedy/VB [ the/DT excesses/NNS ] attendant/JJ to/TO [ the/DT pursuit/NN ] of/IN [ private/JJ interest_4/NN ] ./. 
$$
====================================== [ michael/NP f./NP harris/NP ] ,/, [ 53/AB ] ,/, was/VBD named/VBN [ executive/JJ vice/NN president/NN ] ,/, [ north/NP america/NP ] ,/, for/IN [ the/DT financial/NP times/NPS ] ,/, [ the/DT business/NN newspaper/NN ] published/VBN by/IN [ this/DT company/NN ] that/WDT also/RB has/VBZ [ interests_5/NNS ] in/IN [ book/NN ] publishing/NN ,/, [ fine/JJ china/NN ] ,/, [ oil/NN services/NNS ] and/CC [ investment/NN banking/NN ] ./. 
$$
[ laurance/NP v./NP allen/NP ] ,/, [ 44/AB ] ,/, [ who/WP ] had/VBD been/VBN [ director/NN ] for/IN [ north/NP america/NP ] ,/, resigned/VBD to/TO pursue/VB [ other/JJ business/NN interests_3/NNS ] and/CC do/VB [ some/DT ] consulting/NN ./. 
$$
====================================== in/IN [ a/DT joint/JJ statement/NN ] ,/, [ the/DT two/AB companies/NNS ] ,/, [ whose/WP$ combined/VBN holdings/NNS equal/JJ 52.7/AB %/NN ] of/IN [ sun/NP life/NP 's/POS ordinary/JJ shares/NNS ] ,/, said/VBD [ their/PP$ agreement/NN ] is/VBZ aimed/VBN at/IN reducing/VBG ``/`` [ the/DT uncertainty/NN ] and/CC [ instability/NN ] for/IN [ sun/NP life/NP ] [ that/WDT ] has/VBZ resulted/VBN from/IN [ two/AB major/JJ shareholders/NNS ] owning/VBG ''/'' [ a/DT controlling/VBG interest_5/NN ] in/IN [ the/DT company/NN ] ./. 
$$
====================================== [ schlumberger/NP ltd./NP ] ,/, [ new/NP york/NP ] ,/, reported/VBD [ third-quarter/JJ net/JJ income/NN ] edged/VBD up/IN as/IN [ growth/NN ] in/IN [ its/PP$ oil-field/JJ services/NNS sector/NN ] offset/VBP [ a/DT decline/NN ] in/IN [ interest_6/NN income/NN ] ./. 
$$
====================================== [ the/DT lower/JJR interest_6/NN income/NN ] occurred/VBD because/IN [ schlumberger/NP ] spent/VBD [ $/$ 1.2/AB billion/AB ] buying/VBG back/RB [ its/PP$ stock/NN last/JJ year/NN ] ./. 
$$
====================================== [ dumez/NP ] said/VBD [ group/NN profit/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] rose/VBD to/TO [ 252/AB million/AB francs/NNS ] (/( [ $/$ 40.1/AB million/AB ] )/) from/IN [ 148/AB million/AB ] [ a/DT year/NN ] earlier/RBR ./. 
$$
====================================== for/IN [ all/DT ] of/IN [ 1988/AB ] ,/, [ dumez/NP ] had/VBD [ group/NN profit/NN ] of/IN [ 452/AB million/AB francs/NNS ] after/IN [ payment/NN ] to/TO [ minority/NN interests_5/NNS ] ./. 
$$
''/'' ====================================== [ mr./NP rosen/NP ] said/VBD [ the/DT quake/NN ] will/MD revive/VB [ consumer/NN interest_1/NN ] in/IN [ a/DT little-publicized/JJ 1972/AB state/NN law/NN ] [ that/WDT ] requires/VBZ [ brokers/NNS ] to/TO disclose/VB to/TO [ potential/JJ buyers/NNS ] how/WRB [ close/JJ a/DT property/NN ] sits/VBZ to/TO [ a/DT fault/NN line/NN ] ./. 
$$
[ the/DT gain/NN ] resulted/VBD from/IN [ the/DT sale/NN ] of/IN [ grace/NP equipment/NP co./NP ] ,/, [ the/DT initial/JJ public/JJ offering/NN ] of/IN [ a/DT one-sixth/JJ interest_5/NN ] in/IN [ grace/NP energy/NP corp./NP ] and/CC [ an/DT adjustment/NN ] in/IN [ the/DT carrying/VBG value/NN ] of/IN [ certain/JJ natural/JJ resource/NN assets/NNS ] not/RB [ part/NN ] of/IN [ grace/NP energy/NP ] ./. 
$$
====================================== [ the/DT international/JJ specialty/NN chemical/NN company/NN 's/POS earnings/NNS ] were/VBD hurt/VBN by/IN [ an/DT accrual/NN ] for/IN [ stock-appreciation/NN rights/NNS ] [ that/WDT ] reflected/VBD [ a/DT 19/AB %/NN increase/NN ] in/IN [ the/DT stock/NN price/NN ] ,/, and/CC [ higher/JJR interest_6/NN expenses/NNS ] ./. 
$$
====================================== under/IN [ terms/NNS ] of/IN [ the/DT transaction/NN ] ,/, [ which/WDT ] was/VBD proposed/VBN in/IN [ june/NP ] ,/, [ doman/NP ] said/VBD [ it/PP ] acquired/VBD [ international/NP forest/NP products/NPS ltd./NP 's/POS 22/AB %/NN stake/NN ] in/IN [ western/NP forest/NP ] ,/, and/CC [ western/NP forest/NP ] ,/, in/IN [ a/DT related/VBN transaction/NN ] ,/, bought/VBD back/RB [ a/DT 22/AB %/NN interest_5/NN ] in/IN [ the/DT company/NN ] from/IN [ fletcher/NP challenge/NP canada/NP ltd/NP ] ./. 
$$
====================================== [ the/DT fletcher/NP challenge/NP canada/NP stake/NN ] was/VBD then/RB canceled/VBN ,/, [ doman/NP ] said/VBD ,/, raising/VBG [ doman/NP 's/POS interest_5/NN ] in/IN [ western/NP forest/NP ] to/TO [ 56/AB %/NN ] ./. 
$$
[ doman/NP ] said/VBD [ it/PP ] was/VBD also/RB granted/VBN [ an/DT option/NN ] to/TO acquire/VB [ the/DT ] remaining/VBG [ 44/AB %/NN interest_5/NN ] in/IN [ western/NP forest/NP ] ,/, [ which/WDT ] is/VBZ currently/RB held/VBN by/IN [ two/AB canadian/JJ banks/NNS ] ./. 
$$
====================================== but/CC [ traders/NNS ] said/VBD [ the/DT market/NN ] lacks/VBZ [ a/DT base/NN ] on/IN [ which/WDT ] to/TO set/VB [ long-term/JJ buying/NN strategy/NN ] ,/, as/IN [ the/DT future/JJ direction/NN ] of/IN [ u.s./NP interest_6/NN rates/NNS ] remains/VBZ [ unclear/JJ ] ./. 
$$
====================================== ``/`` [ investor/NN interest_1/NN switches/VBZ ] back/RB and/CC forth/RB ceaselessly/RB as/IN [ they/PP ] are/VBP unable/JJ to/TO shift/VB [ their/PP$ weight/NN ] to/TO [ one/AB side/NN ] for/IN [ sure/JJ ] ,/, ''/'' [ mr./NP mitsuoka/NP ] of/IN [ daiwa/NP investment/NP trust/NP ] said/VBD ./. 
$$
====================================== leading/VBG [ construction/NN companies/NNS ] also/RB attracted/VBD [ interest_1/NN ] for/IN [ their/PP$ strong/JJ earnings/NNS outlooks/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== but/CC despite/IN [ the/DT flurry/NN ] of/IN [ interest_1/NN ] in/IN [ those/DT shares/NNS ] ,/, [ dealers/NNS ] said/VBD ,/, [ the/DT market/NN ] remains/VBZ [ nervous/JJ ] about/IN [ wall/NP street/NP 's/POS volatility/NN ] and/CC [ high/JJ u.k./NP *interest/NN rates/NNS ] ./. 
$$
====================================== but/CC despite/IN [ the/DT flurry/NN ] of/IN [ *interest/NN ] in/IN [ those/DT shares/NNS ] ,/, [ dealers/NNS ] said/VBD ,/, [ the/DT market/NN ] remains/VBZ [ nervous/JJ ] about/IN [ wall/NP street/NP 's/POS volatility/NN ] and/CC [ high/JJ u.k./NP interest_6/NN rates/NNS ] ./. 
$$
====================================== [ general/NP universal/NP stores/NPS ] ,/, [ another/DT top-tier/JJ stock/NN ] hit/VBN recently/RB by/IN [ concerns/NNS ] over/IN [ retail/JJ demand/NN ] in/IN [ the/DT face/NN ] of/IN [ high/JJ interest_6/NN rates/NNS ] ,/, gained/VBD [ 20/AB ] to/TO [ #/# 10.44/AB ] ./. 
$$
====================================== in/IN [ a/DT filing/NN ] with/IN [ the/DT securities/NPS ] and/CC [ exchange/NP commission/NP ] ,/, [ mr./NP gintel/NP ] said/VBD [ xtra/NP ] ``/`` has/VBZ pursued/VBN [ business/NN strategies/NNS ] [ that/WDT ] are/VBP n't/RB in/IN [ the/DT best/JJS interest_4/NN ] of/IN [ stockholders/NNS ] ./. 
$$
====================================== [ stocks/NNS ] and/CC [ bonds/NNS surged/VBD ] on/IN [ the/DT second/JJ anniversary/NN ] of/IN [ black/NP monday/NP ] as/IN [ a/DT favorable/JJ inflation/NN report/NN ] prompted/VBD [ speculation/NN ] of/IN [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
[ the/DT rapid/JJ recovery/NN ] continued/VBD to/TO be/VB fueled/VBN by/IN [ growth/NN ] in/IN [ consumer/NN loans/NNS ] ,/, [ higher/JJR interest_6/NN margins/NNS ] and/CC [ only/JJ minor/JJ loan/NN losses/NNS ] ./. 
$$
====================================== [ big/NP board/NP short/JJ interest_5/NN ] fell/VBD [ 4.2/AB %/NN ] for/IN [ the/DT month/NN ] ended/VBD [ oct./NP 13/AB ] ,/, [ the/DT second/JJ decline/NN ] in/IN [ a/DT row/NN ] ./. 
$$
====================================== but/CC [ foreign-exchange/JJ dealers/NNS ] said/VBD [ the/DT dollar/NN ] staged/VBD [ a/DT quick/JJ comeback/NN ] ,/, prompted/VBN by/IN [ a/DT round/NN ] of/IN [ short/JJ ] covering/NN and/CC [ some/DT fresh/JJ buying/NN interest_1/NN ] later/RB in/IN [ the/DT trading/NN day/NN ] ./. 
$$
====================================== ``/`` [ the/DT fed/NP ] wo/MD n't/RB be/VB stampeded/VBN into/IN easing/VBG ,/, ''/'' [ mr./NP logan/NP ] said/VBD ,/, predicting/VBG that/IN for/IN now/RB ,/, [ interest_6/NN rates/NNS ] will/MD stay/VB where/WRB [ they/PP ] are/VBP ./. 
$$
====================================== [ the/DT hotels/NNS ] and/CC [ management/NN interests_5/NNS ] will/MD be/VB sold/VBN at/IN [ an/DT auction/NN ] ,/, said/VBD [ john/NP rothman/NP ] ,/, [ president/NN ] and/CC [ chief/NN executive/JJ officer/NN ] of/IN [ the/DT trust/NN ] and/CC [ a/DT director/NN ] of/IN [ the/DT corporation/NN ] ./. 
$$
[ value/NN ] of/IN [ the/DT properties/NNS ] and/CC [ management/NN interests_5/NNS was/VBD n't/RB ] disclosed/VBN ./. 
$$
====================================== in/IN [ all/DT ] ,/, [ the/DT los/NP angeles-based/JJ ] trust/NN [ plans/VBZ ] to/TO sell/VB [ its/PP$ interests_5/NNS ] in/IN [ 36/AB hotels/NNS ] ,/, while/IN [ the/DT corporation/NN ] will/MD sell/VB [ its/PP$ management/NN *interests/NNS ] in/IN [ 32/AB ] of/IN [ those/DT properties/NNS ] ./. 
$$
====================================== excluded/VBN from/IN [ the/DT sale/NN ] are/VBP [ the/DT interests_5/NNS ] of/IN [ the/DT trust/NN ] and/CC [ the/DT corporation/NN ] in/IN [ two/AB las/NP vegas/NP hotel-casinos/NNS ] ./. 
$$
====================================== [ american/NP medical/NP ] has/VBZ agreed/VBN to/TO [ the/DT offer/NN ] ,/, but/CC earlier/RBR [ this/DT month/NN ] said/VBD [ it/PP ] had/VBD received/VBN [ new/JJ ] ``/`` [ expressions/NNS ] of/IN [ interest_1/NN ] ''/'' from/IN [ two/AB previous/JJ bidders/NNS ] ./. 
$$
====================================== [ thursday/NP ] ,/, [ october/NP 19/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ first/NP fidelity/NP bancorp./NP ] ,/, [ lawrenceville/NP ] ,/, [ n.j./NP ] ,/, reported/VBD [ a/DT 24/AB %/NN drop/NN ] in/IN [ third-quarter/JJ profit/NN ] ,/, because/IN of/IN [ a/DT decline/NN ] in/IN earning/VBG [ assets/NNS ] ,/, [ lower/JJR loan/NN volume/NN ] and/CC [ tighter/JJR interest_6/NN margins/NNS ] ./. 
$$
====================================== (/( see/VB :/: ``/`` [ marketing/NP brief/NP ] --/: [ viacom/NP inc./NP ] :/: [ third-period/JJ loss/NN widened/VBD ] ;/: [ interest_6/NN expense/NN ] is/VBZ [ cited/VBN ] ''/'' --/: [ wsj/NP oct./NP 19/AB ] ,/, [ 1989/AB ] ./. 
$$
====================================== [ the/DT defense/NN electronics/NNS concern/NN ] attributed/VBD [ the/DT operating/VBG improvement/NN ] to/TO [ higher/JJR profit/NN margins/NNS ] and/CC [ lower/JJR net/JJ interest_6/NN expense/NN ] ./. 
$$
[ healthvest/NP ] missed/VBD [ an/DT interest_6/NN payment/NN ] to/TO [ bank/NP ] of/IN [ tokyo/NP ] on/IN [ oct./NP 1/AB ] ./. 
$$
====================================== [ healthvest/NP ] is/VBZ in/IN [ a/DT severe/JJ liquidity/NN bind/NN ] because/IN [ its/PP$ affiliate/NN ] ,/, [ healthcare/NP international/NP inc./NP ] ,/, has/VBZ failed/VBN to/TO make/VB about/IN [ $/$ 10.6/AB million/AB ] in/IN [ principal/NN ] and/CC [ interest_6/NN payments/NNS ] owed/VBD since/IN [ august/NP ] ./. 
$$
====================================== [ lin/NP ] would/MD have/VB [ a/DT priority/NN right/NN ] to/TO pursue/VB [ all/DT opportunities/NNS ] to/TO acquire/VB [ u.s./NP cellular/JJ interests_5/NNS ] in/IN [ markets/NNS ] other/JJ than/IN [ those/DT ] in/IN [ which/WDT mccaw/NP ] holds/VBZ [ an/DT *interest/NN ] ,/, or/CC [ which/WDT ] are/VBP contiguous/JJ to/TO [ those/DT markets/NNS ] ,/, unless/IN [ lin/NP ] has/VBZ [ an/DT *interest/NN ] there/RB or/CC [ contiguous/JJ ] to/TO [ it/PP ] ./. 
$$
====================================== [ lin/NP ] would/MD have/VB [ a/DT priority/NN right/NN ] to/TO pursue/VB [ all/DT opportunities/NNS ] to/TO acquire/VB [ u.s./NP cellular/JJ *interests/NNS ] in/IN [ markets/NNS ] other/JJ than/IN [ those/DT ] in/IN [ which/WDT mccaw/NP ] holds/VBZ [ an/DT interest_5/NN ] ,/, or/CC [ which/WDT ] are/VBP contiguous/JJ to/TO [ those/DT markets/NNS ] ,/, unless/IN [ lin/NP ] has/VBZ [ an/DT *interest/NN ] there/RB or/CC [ contiguous/JJ ] to/TO [ it/PP ] ./. 
$$
====================================== [ lin/NP ] would/MD have/VB [ a/DT priority/NN right/NN ] to/TO pursue/VB [ all/DT opportunities/NNS ] to/TO acquire/VB [ u.s./NP cellular/JJ *interests/NNS ] in/IN [ markets/NNS ] other/JJ than/IN [ those/DT ] in/IN [ which/WDT mccaw/NP ] holds/VBZ [ an/DT interest/NN ] ,/, or/CC [ which/WDT ] are/VBP contiguous/JJ to/TO [ those/DT markets/NNS ] ,/, unless/IN [ lin/NP ] has/VBZ [ an/DT interest_5/NN ] there/RB or/CC [ contiguous/JJ ] to/TO [ it/PP ] ./. 
$$
[ independent/JJ directors/NNS ] would/MD have/VB [ veto/NN rights/NNS ] to/TO [ any/DT acquisition/NN ] if/IN [ they/PP ] unanimously/RB decide/VBP [ it/PP ] is/VBZ n't/RB in/IN [ lin/NP 's/POS best/JJS interest_4/NN ] ./. 
$$
[ the/DT directors/NNS ] would/MD be/VB able/JJ to/TO sell/VB [ particular/JJ assets/NNS ] to/TO enable/VB [ such/JJ buyers/NNS ] as/IN [ the/DT regional/JJ bell/NP ] operating/VBG [ companies/NNS ] to/TO purchase/VB [ the/DT company/NN 's/POS interests_5/NNS ] ./. 
$$
====================================== [ past/NP due/NP impasse/NP ] ====================================== [ i/PP ] never/RB pay/VBP [ my/PP$ bills/NNS ] ====================================== till/IN [ the/DT very/RB last/JJ day/NN ] ;/: ====================================== [ i/PP ] lose/VBP [ far/RB less/JJR interest_6/NN ] ====================================== by/IN proceeding/VBG [ that/DT way/NN ] ./. 
$$
====================================== [ bankamerica/NP corp./NP ] reported/VBD [ a/DT 34/AB %/NN jump/NN ] in/IN [ third-quarter/JJ earnings/NNS ] ,/, as/IN [ its/PP$ rocket-like/JJ recovery/NN ] from/IN nearly/RB [ ruinous/JJ losses/NNS several/JJ years/NNS ] ago/IN continued/VBD to/TO be/VB fueled/VBN by/IN [ growth/NN ] in/IN [ consumer/NN loans/NNS ] ,/, [ higher/JJR interest_6/NN margins/NNS ] and/CC [ negligible/JJ loan/NN losses/NNS ] ./. 
$$
but/CC [ that/DT drop/NN ] was/VBD caused/VBN entirely/RB by/IN [ a/DT decline/NN ] in/IN [ brazilian/JJ interest_6/NN ] paid/VBN ,/, to/TO [ $/$ 5/AB million/AB ] from/IN [ $/$ 54/AB million/AB ] [ the/DT second/JJ quarter/NN ] ./. 
$$
[ the/DT 4.52/AB %/NN net/JJ interest_6/NN margin/NN ] ,/, or/CC [ the/DT difference/NN ] between/IN [ the/DT yield/NN ] on/IN [ a/DT bank/NN 's/POS investments/NNS ] and/CC [ the/DT rate/NN ] [ it/PP ] pays/VBZ for/IN [ deposits/NNS ] and/CC [ other/JJ borrowings/NNS ] ,/, was/VBD still/RB markedly/RB higher/JJR than/IN [ the/DT 3.91/AB %/NN ratio/NN ] [ a/DT year/NN ] earlier/RBR ,/, and/CC is/VBZ among/IN [ the/DT best/JJS ] in/IN [ the/DT industry/NN ] ,/, [ analysts/NNS ] said/VBD ./. 
$$
[ canadian/NP pacific/NP ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ transportation/NN ] ,/, [ telecommunications/NNS ] ,/, [ forest/NN products/NNS ] ,/, [ energy/NN ] and/CC [ real/JJ estate/NN ] ,/, finally/RB took/VBD [ its/PP$ majority/NN block/NN ] off/IN [ the/DT market/NN ] [ this/DT spring/NN ] ./. 
$$
''/'' ====================================== [ martin/NP h./NP ruby/NP ] ,/, [ a/DT managing/VBG director/NN ] of/IN [ capital/NP holding/NP 's/POS accumulation/NP ] and/CC [ investment/NP group/NP ] ,/, also/RB resigned/VBD to/TO pursue/VB [ other/JJ business/NN interests_3/NNS ] ,/, [ capital/NP holding/NP ] said/VBD ./. 
$$
``/`` [ i/PP ] do/VBP n't/RB believe/VB in/IN [ the/DT airline/NN business/NN ] [ you/PP ] can/MD be/VB totally/RB laissez-faire/FW because/IN of/IN [ the/DT high/JJ degree/NN ] of/IN [ public/JJ interest_4/NN ] ''/'' at/IN [ stake/NN ] ./. 
$$
====================================== [ institutions/NNS ] ,/, meanwhile/RB ,/, stepped/VBD back/RB to/TO [ the/DT sidelines/NNS ] as/IN [ the/DT direction/NN ] of/IN [ u.s./NP interest_6/NN rates/NNS ] remained/VBD [ unclear/JJ ] ./. 
$$
[ the/DT impact/NN ] on/IN [ japanese/JJ insurers/NNS ] and/CC [ property/NN owners/NNS ] with/IN [ interests_5/NNS ] in/IN [ the/DT san/NP francisco/NP area/NN ] is/VBZ still/RB being/VBG assessed/VBN ,/, [ they/PP ] said/VBD ./. 
$$
with/IN [ uncertainty/NN ] still/RB hanging/VBG over/IN [ interest_6/NN rates/NNS ] and/CC [ the/DT dollar/NN ] ,/, [ the/DT market/NN ] failed/VBD to/TO find/VB [ a/DT focus/NN ] [ that/WDT ] might/MD lead/VB to/TO further/JJ [ investor/NN commitments/NNS ] ,/, [ they/PP ] said/VBD ./. 
$$
====================================== [ interest_6/NN rate-sensitive/JJ shares/NNS ] such/JJ as/IN [ steel/NN ] ,/, [ construction/NN ] and/CC [ electric/JJ utility/NN companies/NNS ] ,/, [ which/WDT ] rose/VBD early/RB in/IN [ the/DT week/NN ] ,/, saw/VBD [ their/PP$ advance/NN ] weaken/VB yesterday/NN ./. 
$$
[ the/DT industry/NN ] had/VBD shown/VBN [ signs/NNS ] of/IN [ recovery/NN ] [ this/DT summer/NN ] ,/, after/IN [ the/DT central/JJ bank/NN ] began/VBD to/TO relax/VB [ its/PP$ clamp/NN ] on/IN [ credit/NN ] ,/, allowing/VBG [ interest_6/NN rates/NNS ] to/TO drop/VB [ a/DT bit/NN ] after/IN pushing/VBG [ them/PP ] up/IN for/IN [ a/DT year/NN ] ./. 
$$
[ net/NN ] also/RB was/VBD aided/VBN by/IN [ a/DT gain/NN ] on/IN [ the/DT sale/NN ] of/IN [ the/DT company/NN 's/POS equity/NN interests_5/NNS ] in/IN [ south/NP africa/NP effective/JJ sept./NP 1/AB ] ./. 
$$
====================================== in/IN [ the/DT period/NN ] ,/, [ the/DT company/NN ] completed/VBD [ the/DT sale/NN ] of/IN [ its/PP$ european/JJ cosmetics/NNS businesses/NNS ] ,/, sold/VBD [ a/DT majority/NN interest_5/NN ] in/IN [ its/PP$ brazilian/JJ affiliate/NN ] ,/, and/CC announced/VBD [ the/DT reorganization/NN ] of/IN [ its/PP$ over-the-counter/JJ drug/NN businesses/NNS ] into/IN [ a/DT new/JJ unit/NN ] ,/, [ schering-plough/NP health/NP care/NP products/NPS ] ./. 
$$
====================================== [ affiliated/NP bankshares/NPS ] of/IN [ colorado/NP inc./NP ] said/VBD [ it/PP ] agreed/VBD to/TO sell/VB [ its/PP$ 10/AB %/NN interest_5/NN ] in/IN [ rocky/NP mountain/NP bankcard/NP systems/NPS ] for/IN [ $/$ 18.5/AB million/AB ] to/TO [ colorado/NP national/NP bank/NP ] of/IN [ denver/NP ] and/CC [ central/NP bank/NP ] of/IN [ denver/NP ] ./. 
$$
[ the/DT fed/NP ] is/VBZ easily/RB assigned/VBN [ the/DT blame/NN ] for/IN [ unpleasantness/NN ] ,/, like/IN [ high/JJ interest_6/NN rates/NNS ] or/CC [ slow/JJ economic/JJ growth/NN ] ,/, while/IN [ the/DT politicians/NNS ] can/MD escape/VB [ responsibility/NN ] by/IN pointing/VBG to/TO [ the/DT fed/NP 's/POS independence/NN ] ./. 
$$
[ the/DT problem/NN ] is/VBZ not/RB that/IN [ the/DT fed/NP ] is/VBZ too/RB unresponsive/JJ to/TO [ the/DT public/JJ interest_4/NN ] ./. 
$$
on/IN [ the/DT contrary/NN ] ,/, [ it/PP ] is/VBZ too/RB responsive/JJ to/TO [ an/DT incorrect/JJ view/NN ] of/IN [ the/DT public/JJ interest_4/NN ] ./. 
$$
[ he/PP ] has/VBZ [ a/DT built-in/NN ] ,/, [ constant/JJ longing/NN ] for/IN [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
or/CC would/MD [ he/PP ] interpret/VB [ it/PP ] as/IN [ instruction/NN ] to/TO give/VB [ more/JJR weight/NN ] to/TO [ these/DT other/JJ objectives/NNS ] that/IN [ the/DT secretary/NN ] represents/VBZ --/: [ low/JJ interest_6/NN rates/NNS ] ,/, [ short-run/JJ economic/JJ expansion/NN ] ,/, and/CC [ stabilization/NN ] of/IN [ exchange/NN rates/NNS ] at/IN internationally/RB managed/VBN [ levels/NNS ] ./. 
$$
====================================== [ the/DT bank/NN 's/POS medium-term/JJ ] and/CC [ long-term/JJ loans/NNS ] to/TO [ less-developed/JJ countries/NNS ] total/VBP [ $/$ 293/AB million/AB ] ,/, of/IN [ which/WDT ] [ $/$ 146/AB million/AB ] are/VBP n't/RB accruing/VBG [ interest_6/NN ] ,/, [ the/DT bank/NN ] said/VBD ./. 
$$
[ the/DT company/NN ] ,/, [ which/WDT ] is/VBZ retaining/VBG most/JJS of/IN [ its/PP$ wine/NN ] and/CC [ all/DT ] of/IN [ its/PP$ soft-drink/NN interests_5/NNS ] ,/, did/VBD n't/RB [ break/NN ] out/RP [ results/NNS ] for/IN [ the/DT businesses/NNS ] [ it/PP ] plans/VBZ to/TO sell/VB ./. 
$$
====================================== [ whitbread/NP ] now/RB intends/VBZ to/TO bolster/VB [ its/PP$ brewing/NN interests_5/NNS ] ,/, in/IN [ an/DT effort/NN ] to/TO grab/VB [ a/DT share/NN ] of/IN [ sales/NNS ] to/TO [ free/JJ houses/NNS ] ./. 
$$
in/IN [ britain/NP ] ,/, [ those/DT interests_5/NNS ] include/VBP [ the/DT beefeater/NP steakhouse/NN chain/NN ] and/CC [ joint/JJ ownership/NN ] with/IN [ pepsico/NP inc./NP ] of/IN [ the/DT country/NN 's/POS pizza/NP hut/NP chain/NN ] ./. 
$$
====================================== [ speculation/NN ] that/IN [ the/DT federal/NP reserve/NP ] will/MD lower/VB [ interest_6/NN rates/NNS ] in/IN coming/VBG [ weeks/NNS ] helped/VBD push/VB [ the/DT dollar/NN ] down/RB [ while/NN ] boosting/VBG [ stocks/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== [ amr/NP 's/POS board/NN ] ,/, in/IN [ a/DT statement/NN ] after/IN [ a/DT regular/JJ meeting/NN yesterday/NN ] ,/, said/VBD :/: ``/`` [ ill-considered/JJ ] and/CC [ reckless/JJ acquisition/NN proposals/NNS ] adversely/RB affect/VBP [ employee/NN ] ,/, [ financial/JJ ] and/CC [ business/NN relationships/NNS ] and/CC are/VBP contrary/JJ to/TO [ the/DT best/JJS interests_4/NNS ] of/IN [ amr/NP shareholders/NNS ] ./. 
$$
[ mr./NP hayes/NP ] ,/, [ 52/AB years/NNS ] old/JJ ,/, [ left/VBD southwestern/NP bell/NP telephone/NP co./NP ] in/IN [ january/NP ] ,/, where/WRB [ he/PP ] had/VBD been/VBN [ chairman/NN ] ,/, [ president/NN ] and/CC [ chief/JJ executive/NN ] ,/, to/TO join/VB [ triad/NP capital/NP partners/NPS ] ,/, [ a/DT st./NP louis/NP company/NN ] with/IN [ interests_5/NNS ] in/IN [ solid/JJ waste/NN ] and/CC recycling/NN ,/, [ telecommunications/NN ] and/CC [ international/JJ venture/NN capital/NN ] ./. 
$$
[ such/JJ high-yield/JJ debt/NN ] is/VBZ similar/JJ to/TO [ a/DT zero-coupon/NN bond/NN ] in/IN that/IN [ it/PP ] is/VBZ sold/VBN at/IN [ a/DT discount/NN ] to/TO [ face/NN value/NN ] ,/, with/IN [ interest_6/NN ] accruing/VBG instead/RB of/IN being/VBG paid/VBN to/TO [ the/DT holder/NN ] ./. 
$$
under/IN [ current/JJ rules/NNS ] ,/, [ that/DT ] accrued/VBN [ interest_6/NN ] is/VBZ deductible/JJ by/IN [ the/DT company/NN ] issuing/VBG [ the/DT debt/NN ] ./. 
$$
for/IN [ example/NN ] ,/, if/IN [ a/DT company/NN ] posted/VBD [ a/DT loss/NN ] of/IN [ $/$ 100/AB million/AB ] from/IN [ buy-out/NN interest_6/NN payments/NNS ] ,/, [ the/DT existing/VBG rule/NN ] would/MD allow/VB [ the/DT concern/NN ] to/TO be/VB able/JJ to/TO receive/VB [ a/DT refund/NN ] from/IN [ the/DT tax/NN ] [ it/PP ] paid/VBD from/IN [ 1986/AB ] through/IN [ 1989/AB ] ,/, when/WRB [ it/PP ] may/MD have/VB been/VBN [ a/DT profitable/JJ public/JJ company/NN ] ./. 
$$
====================================== [ one/AB possible/JJ solution/NN ] for/IN [ wall/NP street/NP ] is/VBZ to/TO increase/VB [ the/DT equity/NN part/NN ] of/IN [ the/DT transaction/NN ] --/: [ that/DT ] is/VBZ ,/, give/VB [ lenders/NNS ] [ a/DT bigger/JJR stake/NN ] in/IN [ the/DT surviving/VBG company/NN ] rather/RB than/IN just/RB [ interest_6/NN payments/NNS ] ./. 
$$
since/IN [ they/PP ] have/VBP [ a/DT lower/JJR interest_6/NN rate/NN ] ,/, [ they/PP ] would/MD n't/RB fall/VB under/IN [ the/DT junk-bond/NN category/NN ] [ that/WDT ] would/MD lose/VB [ its/PP$ deductibility/NN ] ./. 
$$
[ the/DT house/NP version/NN ] of/IN [ the/DT bill/NN ] would/MD make/VB [ debt/NN ] non-deductible/JJ if/IN [ it/PP ] pays/VBZ [ five/AB percentage/NN points/NNS ] above/IN [ treasury/NP notes/NNS ] ,/, has/VBZ at/IN [ least/JJS a/DT five-year/JJ maturity/NN ] and/CC does/VBZ n't/RB pay/VB [ interest_6/NN ] for/IN at/IN [ least/JJS one/AB year/NN ] out/IN of/IN [ the/DT first/JJ five/AB ] ./. 
$$
[ the/DT senate/NP bill/NN ] would/MD only/RB deny/VB [ the/DT deduction/NN ] until/IN [ interest_6/NN ] is/VBZ actually/RB paid/VBN ./. 
$$
====================================== currently/RB ,/, even/RB though/IN [ the/DT issuer/NN ] does/VBZ n't/RB pay/VB [ tax/NN ] ,/, [ the/DT debt/NN holder/NN ] is/VBZ taxed/VBN on/IN [ the/DT accrued/VBN interest_6/NN ] ./. 
$$
``/`` [ the/DT interest_6/NN deduction/NN ] was/VBD [ the/DT engine/NN ] [ that/WDT ] made/VBD [ these/DT things/NNS ] more/RBR productive/JJ ./. 
$$
[ northrop/NP 's/POS interest_6/NN expense/NN ] also/RB soared/VBD to/TO [ $/$ 35/AB million/AB ] from/IN [ $/$ 17/AB million/AB ] [ a/DT year/NN ] ago/RB ./. 
$$
[ its/PP$ interest_6/NN expense/NN ] surged/VBD to/TO [ $/$ 21.5/AB million/AB ] from/IN [ $/$ 12.4/AB million/AB ] ./. 
$$
====================================== [ mr./NP maynard/NP ] is/VBZ n't/RB [ the/DT first/JJ entrepreneur/NN ] to/TO bump/VB up/IN against/IN [ entrenched/JJ interests_4/NNS ] ./. 
$$
''/'' ====================================== despite/IN [ recent/JJ declines/NNS ] in/IN [ interest_6/NN rates/NNS ] ,/, [ money/NN funds/NNS ] continue/VBP to/TO offer/VB [ better/JJR yields/NNS ] than/IN [ other/JJ comparable/JJ investments/NNS ] ./. 
$$
[ the/DT s&l/NP bailout/NN ] could/MD cost/VB [ $/$ 300/AB billion/AB ] ,/, computing/VBG [ interest_6/NN ] on/IN [ the/DT government/NN 's/POS loans/NNS ] ./. 
$$
====================================== in/IN [ addition/NN ] ,/, [ hunter/NP ] said/VBD [ it/PP ] will/MD use/VB [ proceeds/NNS ] from/IN [ a/DT private/JJ placement/NN ] of/IN [ $/$ 8/AB million/AB ] of/IN [ preferred/JJ shares/NNS ] to/TO purchase/VB [ an/DT interest_5/NN ] in/IN [ a/DT start-up/JJ company/NN ] to/TO underwrite/VB [ environmental/JJ impairment/NN insurance/NN ] ./. 
$$
[ ford/NP ] has/VBZ signaled/VBN [ it/PP ] might/MD acquire/VB [ a/DT majority/NN interest_5/NN ] later/RB ./. 
$$
[ the/DT ] refinancing/NN of/IN [ $/$ 481/AB million/AB ] in/IN [ long-term/JJ debt/NN ] reduced/VBD [ net/JJ income/NN ] by/IN [ $/$ 22/AB million/AB ] ,/, or/CC [ five/AB cents/NNS ] [ a/DT share/NN ] ,/, but/CC in/IN [ the/DT long/JJ run/NN ] will/MD save/VB more/JJR than/IN [ $/$ 250/AB million/AB ] in/IN [ interest_6/NN costs/NNS ] ./. 
$$
[ the/DT decision/NN ] to/TO increase/VB [ the/DT loan-loss/NN ] reserve/NN and/CC suspend/VB [ the/DT dividend/NN ] is/VBZ ``/`` [ both/DT prudent/JJ ] and/CC in/IN [ the/DT best/JJS long-term/JJ interest_4/NN ] of/IN [ the/DT shareholders/NNS ] ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
[ initial/JJ interest_6/NN rate/NN ] set/VBN at/IN [ 0.375/AB point/NN ] over/IN [ three-month/JJ libor/NP ] ./. 
$$
[ interest_6/NN payments/NNS ] on/IN [ the/DT bonds/NNS ] will/MD be/VB payable/JJ semiannually/RB ./. 
$$
at/IN [ the/DT state/NN ] and/CC [ local/JJ level/NN ] ,/, [ the/DT bonds/NNS ] are/VBP subject/JJ to/TO [ surtaxes/NNS ] and/CC [ estate/NN ] ,/, [ inheritance/NN ] and/CC [ gift/NN taxes/NNS ] ,/, but/CC [ exempt/JJ ] from/IN [ taxation/NN ] as/IN to/TO [ principal/NN ] and/CC [ interest_6/NN ] ./. 
$$
``/`` if/IN [ the/DT stock/NN market/NN tremors/NNS ] are/VBP behind/IN [ us/PP ] ,/, then/RB [ the/DT bond/NN market/NN ] will/MD go/VB back/RB to/TO looking/VBG at/IN [ the/DT next/JJ batch/NN ] of/IN [ economic/JJ numbers/NNS ] to/TO determine/VB ''/'' where/WRB [ interest_6/NN rates/NNS ] are/VBP heading/VBG ./. 
$$
[ interest_6/NN rates/NNS ] barely/RB budged/VBN from/IN [ tuesday/NP 's/POS levels/NNS ] ./. 
$$
[ he/PP ] said/VBD ,/, while/IN [ dialogue/NN ] is/VBZ important/JJ ,/, [ enough/JJ forums/NNS ] already/RB exist/VBP ``/`` in/IN [ which/WDT ] [ different/JJ interests_3/NNS ] ''/'' can/MD express/VB [ themselves/PP ] ./. 
$$
not/RB just/RB that/IN [ people/NNS ] are/VBP being/VBG heard/VBN but/CC that/IN [ their/PP$ interests_4/NNS ] are/VBP being/VBG taken/VBN seriously/RB ./. 
$$
[ the/DT queks/NPS control/VBP ] [ the/DT hong/NP leong/NP group/NP ] ,/, [ which/WDT ] has/VBZ [ widespread/JJ interests_5/NNS ] in/IN manufacturing/NN ,/, [ property/NN ] and/CC [ finance/NN ] in/IN [ both/DT malaysia/NP ] and/CC [ singapore/NP ] ./. 
$$
====================================== [ wednesday/NP ] ,/, [ october/NP 18/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ such/JJ disclosures/NNS ] of/IN [ big/JJ holdings/NNS ] often/RB are/VBP used/VBN by/IN [ raiders/NNS ] to/TO try/VB to/TO scare/VB [ a/DT company/NN 's/POS managers/NNS ] ,/, and/CC to/TO stir/VB [ interest_1/NN ] in/IN [ the/DT stock/NN ] ./. 
$$
====================================== [ the/DT $/$ 55/AB million/AB gain/NN ] on/IN [ the/DT sale/NN ] was/VBD offset/VBN by/IN [ lower/JJR interest_6/NN income/NN ] ,/, [ poorer/JJR results/NNS ] from/IN [ foreign-exchange/JJ ] trading/NN and/CC [ a/DT $/$ 9/AB million/AB loss/NN ] on/IN [ the/DT sale/NN ] of/IN [ a/DT unit/NN ] ,/, [ securities/NPS settlement/NP corp/NP ] ./. 
$$
====================================== [ viacom/NP inc./NP ] ,/, [ new/NP york/NP ] ,/, reported/VBD that/IN [ its/PP$ third-quarter/JJ loss/NN ] widened/VBD to/TO [ $/$ 21.7/AB million/AB ] ,/, or/CC [ 41/AB cents/NNS ] [ a/DT share/NN ] ,/, primarily/RB because/IN of/IN [ interest_6/NN expense/NN ] of/IN [ $/$ 70.1/AB million/AB ] ./. 
$$
[ interest_6/NN expense/NN ] in/IN [ the/DT 1988/AB third/JJ quarter/NN ] was/VBD [ $/$ 75.3/AB million/AB ] ./. 
$$
====================================== [ viacom/NP ] said/VBD [ it/PP ] also/RB restructured/VBD [ bank/NN debt/NN ] under/IN [ a/DT $/$ 1.5/AB billion/AB unsecured/JJ bank/NN agreement/NN ] [ that/WDT ] offers/VBZ [ significant/JJ interest_6/NN rate/NN savings/NNS ] ./. 
$$
[ the/DT joint/JJ venture/NN ] is/VBZ being/VBG [ undone/VBN ] ,/, with/IN [ mccall/NP 's/POS magazine/NN ] being/VBG sold/VBN [ last/JJ summer/NN ] to/TO [ the/DT new/NP york/NP times/NP co./NP 's/POS magazine/NP group/NP ] for/IN about/RB [ $/$ 80/AB million/AB ] ,/, and/CC [ time/NN warner/NP ] agreeing/VBG to/TO sell/VB back/RP [ its/PP$ 50/AB %/NN interest_5/NN ] in/IN [ working/NP woman/NP ] and/CC [ working/NP mother/NP ] to/TO [ mr./NP lang/NP ] ./. 
$$
====================================== [ the/DT sale/NN price/NN ] of/IN [ mccall/NP 's/POS ] --/: twice/RB [ what/WP ] [ mr./NP lang/NP ] originally/RB paid/VBD for/IN [ it/PP ] --/: will/MD finance/VB [ lang/NP communications/NP '/POS buy-back/NN ] of/IN [ time/NP warner/NP 's/POS 50/AB %/NN interest_5/NN ] in/IN [ working/NP woman/NP ] and/CC [ working/NP mother/NP ] ./. 
$$
====================================== [ profit/NN ] after/IN [ taxes/NNS ] and/CC [ minority/NN interests_5/NNS ] increased/VBD [ 16/AB %/NN ] to/TO #/# [ 55.2/AB million/AB ] from/IN [ #/# 47.6/AB million/AB ] in/IN [ the/DT year-earlier/JJ period/NN ] ,/, while/IN [ earnings/NNS ] per/IN [ share/NN ] rose/VBD [ 16/AB %/NN ] to/TO [ 27.9/AB pence/NNS ] (/( [ 44/AB cents/NNS ] )/) from/IN [ 24.1/AB pence/NNS ] (/( [ 38/AB cents/NNS ] )/) ./. 
$$
====================================== [ profit/NN ] after/IN [ taxes/NNS ] and/CC [ minority/NN interests_5/NNS ] but/CC before/IN [ extraordinary/JJ items/NNS ] increased/VBD [ 22/AB %/NN ] to/TO #/# [ 92.6/AB million/AB ] from/IN [ #/# 75.6/AB million/AB ] [ a/DT year/NN ] earlier/RBR ,/, while/IN fully/RB diluted/VBN [ earnings/NNS ] per/IN [ share/NN ] rose/VBD to/TO [ 29.90/AB pence/NNS ] (/( [ 47/AB cents/NNS ] )/) from/IN [ 24.68/AB pence/NNS ] (/( [ 39/AB cents/NNS ] )/) ./. 
$$
''/'' buried/VBN in/IN [ the/DT glossy/JJ hardbound/JJ catalog/NN ] for/IN [ the/DT sale/NN ] ,/, however/RB ,/, appears/VBZ [ the/DT statement/NN ] ,/, ``/`` [ sotheby/NP 's/POS ] has/VBZ [ an/DT interest_5/NN ] in/IN [ the/DT property/NN ] in/IN [ this/DT catalog/NN ] ./. 
$$
[ we/PP ] have/VBN [ some/DT level/NN ] of/IN [ financial/JJ interest_5/NN ] ''/'' in/IN [ the/DT collection/NN ] ./. 
$$
while/IN [ he/PP ] adds/VBZ that/IN [ he/PP ] has/VBZ [ no/DT problem/NN ] with/IN [ auction/NN houses/NNS ] [ who/WP ] sell/VBP [ works/NNS ] in/IN [ which/WDT ] [ they/PP ] have/VBP [ a/DT financial/JJ interest_5/NN ] ,/, ``/`` [ it/PP ] ought/MD not/RB to/TO be/VB hidden/VBN in/IN [ some/DT small/JJ print/NN ] ./. 
$$
====================================== while/IN [ mr./NP woodland/NP ] does/VBZ n't/RB predict/VB [ a/DT significant/JJ climb/NN ] for/IN [ the/DT u.s./NP unit/NN ] in/IN [ light/NN ] of/IN [ recent/JJ moves/NNS ] in/IN [ interest_6/NN rates/NNS ] around/IN [ the/DT world/NN ] ,/, [ he/PP ] noted/VBD that/IN ``/`` [ its/PP$ downside/JJ potential/NN ] is/VBZ surprisingly/RB and/CC --/: for/IN [ dollar/NN bulls/NNS ] --/: ``/`` impressively/RB ''/'' limited/JJ ./. 
$$
====================================== [ proceeds/NNS ] from/IN [ the/DT bonds/NNS ] ,/, with/IN [ coupon/NN rates/NNS ] in/IN [ the/DT 8/AB %/NN range/NN ] ,/, will/MD be/VB used/VBN to/TO replace/VB [ bonds/NNS ] with/IN [ an/DT average/JJ interest_6/NN rate/NN ] of/IN [ 13.1/AB %/NN ] ./. 
$$
[ the/DT tva/NP ] said/VBD [ the/DT refinancing/VBG ] should/MD save/VB [ $/$ 75/AB million/AB ] [ a/DT year/NN ] in/IN [ interest_6/NN payments/NNS ] ./. 
$$
====================================== ``/`` [ cincinnati/NP gas/NP ] &/CC [ electric/NP ] is/VBZ in/IN [ good/JJ shape/NN ] ,/, ''/'' [ mr./NP taft/NP ] said/VBD ,/, and/CC [ utilities/NNS ] are/VBP ``/`` [ a/DT good/JJ investment/NN ] because/IN [ interest_6/NN rates/NNS ] are/VBP going/VBG down/RB ./. 
$$
[ mr./NP bush/NP ] would/MD be/VB acting/VBG in/IN [ the/DT public/JJ interest_4/NN ] if/IN [ he/PP ] let/VBD [ the/DT washington/NP elites/NNS ] [ who/WP ] manipulate/VBP [ these/DT budgets/NNS ] --/: [ the/DT bureaucrats/NNS ] ,/, [ the/DT lobbyists/NNS ] ,/, [ the/DT congressional/JJ staffers/NNS ] --/: live/VB for/IN just/RB [ one/AB year/NN ] on/IN [ a/DT restricted/JJ diet/NN ] ./. 
$$
====================================== [ currency/NN concerns/NNS ] also/RB weigh/VBP heavily/RB on/IN [ interest_6/NN rate-sensitive/JJ stocks/NNS ] such/JJ as/IN [ banking/NN ] and/CC [ other/JJ financial/JJ issues/NNS ] because/IN of/IN [ fears/NNS ] that/IN [ japanese/JJ *interest/NN rates/NNS ] might/MD have/VB to/TO rise/VB to/TO keep/VB [ the/DT dollar/NN ] in/IN [ check/NN ] ./. 
$$
still/RB ,/, [ some/DT sectors/NNS ] found/VBD buying/NN [ interest_1/NN ] after/IN being/VBG actively/RB sold/VBN in/IN [ recent/JJ weeks/NNS ] ./. 
$$
[ he/PP ] succeeds/VBZ [ james/NP e./NP burt/NP iii/NP ] ,/, [ who/WP ] resigned/VBD from/IN [ all/DT three/AB posts/NNS ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== [ tuesday/NP ] ,/, [ october/NP 17/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ the/DT company/NN 's/POS chemicals/NNS interests_5/NNS ] include/VBP ,/, among/IN [ other/JJ things/NNS ] ,/, [ petroleum/NN additives/NNS ] ,/, [ pharmaceuticals/NNS ingredients/NNS ] and/CC [ polysilicon/NN ] used/VBN by/IN [ the/DT semiconductor/NN industry/NN ] ./. 
$$
====================================== except/IN to/TO characterize/VB [ its/PP$ offer/NN ] as/IN ``/`` [ fair/JJ ] and/CC [ generous/JJ ] and/CC in/IN [ the/DT best/JJS interests_4/NNS ] of/IN [ mesa/NP shareholders/NNS ] ,/, ''/'' [ stateswest/NP ] declined/VBD to/TO discuss/VB [ details/NNS ] of/IN [ its/PP$ proposal/NN ] ./. 
$$
====================================== by/IN concealing/VBG [ the/DT non-enforcement/JJ agreement/NN ] ,/, [ certain/JJ transactions/NNS ] with/IN [ messrs./NP taylor/NP ] and/CC [ watson/NP ] were/VBD entered/VBN on/IN [ firstsouth/NP 's/POS books/NNS ] as/IN [ loans/NNS ] ,/, allowing/VBG [ the/DT thrift/NN ] to/TO [ report/VB fees/NNS ] and/CC [ interest_6/NN ] as/IN [ current/JJ income/NN ] ,/, according/VBG to/TO [ the/DT u.s./NP attorney/NN 's/POS office/NN ] in/IN [ little/NP rock/NP ] ,/, [ ark/NP ] ./. 
$$
''/'' ====================================== [ this/DT interest_1/NN ] in/IN [ words/NNS ] goes/VBZ beyond/IN [ puns/NNS ] and/CC [ playfulness/NN ] ,/, however/RB ./. 
$$
====================================== [ canadian/JJ officials/NNS ] said/VBD [ the/DT trade/NN pact/NN ] has/VBZ kindled/VBN [ an/DT export/NN interest_1/NN ] among/IN [ many/JJ small/JJ canadian/JJ companies/NNS ] [ that/WDT ] previously/RB had/VBD little/JJ or/CC [ no/RB foreign/JJ sales/NNS ] ./. 
$$
[ balcor/NP ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ real/JJ estate/NN ] ,/, said/VBD [ the/DT position/NN ] is/VBZ newly/RB created/VBN ./. 
$$
[ mr./NP johnson/NP ] succeeds/VBZ [ harry/NP w./NP sherman/NP ] ,/, [ who/WP ] resigned/VBD to/TO pursue/VB [ other/JJ interests_3/NNS ] ,/, in/IN [ both/DT ] [ positions/NNS ] ./. 
$$
====================================== [ h./NP anthony/NP ittleson/NP ] was/VBD elected/VBN [ a/DT director/NN ] of/IN [ this/DT company/NN ] ,/, [ which/WDT ] primarily/RB has/VBZ [ interests_5/NNS ] in/IN [ radio/NN ] and/CC [ television/NN stations/NNS ] ,/, increasing/VBG [ the/DT number/NN ] of/IN [ seats/NNS ] to/TO [ five/AB ] ./. 
$$
[ mr./NP noriega/NP 's/POS tips/NNS ] on/IN [ emerging/VBG leftists/NNS ] at/IN [ his/PP$ school/NN ] were/VBD deemed/VBN more/RBR important/JJ to/TO [ u.s./NP interests_4/NNS ] ./. 
$$
satisfying/VBG [ its/PP$ interests_4/NNS ] was/VBD [ a/DT priority/NN ] for/IN [ any/DT panamanian/JJ leader/NN ] ./. 
$$
====================================== [ the/DT new/JJ reports/NNS ] of/IN [ sluggishness/NN ] ,/, [ which/WDT ] were/VBD foreshadowed/VBN by/IN [ an/DT earlier/JJR labor/NP department/NP report/NN ] that/IN manufacturing/VBG [ payrolls/NNS ] dropped/VBD by/IN [ 105,000/AB ] in/IN [ september/NP ] ,/, give/VBP [ the/DT fed/NP ] [ another/DT reason/NN ] to/TO further/RB ease/VB [ its/PP$ grip/NN ] on/IN [ credit/NN ] and/CC [ lower/VB interest_6/NN rates/NNS ] ./. 
$$
as/IN [ vice/NN presidentnational-government/NN relations/NNS ] ,/, [ mr./NP womack/NP ] will/MD work/VB with/IN [ p&g/NP 's/POS top/JJ management/NN ] and/CC with/IN [ the/DT company/NN 's/POS government-relations/NNS staff/NN ] ``/`` to/TO represent/VB [ p&g/NP 's/POS interests_4/NNS ] at/IN [ the/DT federal/JJ level/NN ] ,/, ''/'' said/VBD [ john/NP g./NP smale/NP ] ,/, [ chairman/NN ] and/CC [ chief/NN executive/NN officer/NN ] ./. 
$$
====================================== [ currently/RB ] ,/, [ mr./NP merksamer/NP ] owns/VBZ [ 20/AB %/NN ] of/IN [ the/DT company/NN ] ;/: [ l.j./NP hooker/NP ] acquired/VBD [ its/PP$ 80/AB %/NN interest_5/NN ] in/IN [ the/DT firm/NN ] in/IN [ may/NP 1986/AB ] ./. 
$$
====================================== [ ernst/NP ] &/CC [ young/NP ] said/VBD [ eastern/NP 's/POS plans/NNS ] will/MD miss/VB [ its/PP$ projections/NNS ] of/IN [ earnings/NNS ] before/IN [ interest_6/NN ] ,/, [ tax/NN ] and/CC [ depreciation/NN ] by/IN [ $/$ 100/AB million/AB ] ,/, and/CC that/IN [ eastern/NP 's/POS plan/NN ] presented/VBD [ no/DT comfort/NN level/NN ] ,/, according/VBG to/TO [ a/DT source/NN present/NN ] at/IN [ yesterday/NN 's/POS session/NN ] ./. 
$$
[ interest_6/NN ] will/MD be/VB imposed/VBN on/IN [ unpaid/JJ taxes/NNS ] ,/, but/CC [ late-payment/NN penalties/NNS ] on/IN [ the/DT returns/NNS ] will/MD be/VB waived/VBN if/IN [ the/DT balance/NN ] due/JJ and/CC paid/VBN is/VBZ [ 10/AB %/NN ] or/CC [ less/JJR ] of/IN [ the/DT liability/NN ] ./. 
$$
in/IN [ an/DT apparent/JJ attempt/NN ] to/TO keep/VB [ a/DT lid/NN ] on/IN [ short-term/JJ interest_6/NN rates/NNS ] ,/, [ the/DT fed/NP ] once/RB again/RB pumped/VBD [ money/NN ] into/IN [ the/DT banking/NN system/NN ] ./. 
$$
[ the/DT fed/NP ] has/VBZ allowed/VBN [ a/DT key/JJ short-term/JJ interest_6/NN rate/NN ] to/TO decline/VB about/IN [ one-quarter/NN percentage/NN point/NN ] ./. 
$$
====================================== [ the/DT cross-border/JJ loan/NN portfolio/NN ] reflected/VBD ``/`` [ adjustment/NN problems/NNS ] and/CC [ episodic/JJ payment/NN patterns/NNS ] ,/, ''/'' [ the/DT bank/NN ] said/VBD [ no/DT interest_6/NN payments/NNS ] from/IN [ argentina/NP ] in/IN [ the/DT nine/AB months/NNS ] and/CC [ none/NN ] from/IN [ brazil/NP ] in/IN [ the/DT third/JJ quarter/NN ] ,/, while/IN [ venezuela/NP ] brought/VBD [ itself/PP ] ``/`` substantially/RB current/JJ ./. 
$$
====================================== [ wells/NP fargo/NP ] ====================================== [ wells/NP fargo/NP ] continued/VBD to/TO generate/VB [ one/AB ] of/IN [ the/DT highest/JJS profit/NN margins/NNS ] among/IN [ major/JJ banks/NNS ] ,/, minimizing/VBG [ a/DT drop/NN ] in/IN [ net/JJ interest_6/NN margin/NN ] with/IN [ 13/AB %/NN third-quarter/NN growth/NN ] in/IN [ high-yielding/JJ business/NN loans/NNS ] and/CC [ similar/JJ growth/NN ] in/IN [ mortgages/NNS ] ./. 
$$
====================================== as/IN [ a/DT result/NN ] ,/, [ wells/NP fargo/NP 's/POS net/JJ interest_6/NN income/NN ] rose/VBD [ $/$ 36.3/AB million/AB ] ,/, or/CC [ 7/AB %/NN ] ,/, to/TO [ $/$ 537/AB million/AB ] for/IN [ the/DT quarter/NN ] ./. 
$$
====================================== [ manufacturers/NPS hanover/NP ] ====================================== [ manufacturers/NPS hanover/NP ] said/VBD that/IN excluding/VBG [ the/DT addition/NN ] to/TO [ its/PP$ reserves/NNS ] ,/, [ certain/JJ tax/NN benefits/NNS ] ,/, and/CC [ a/DT one-time/JJ $/$ 16/AB million/AB gain/NN ] on/IN [ the/DT sale/NN ] of/IN [ an/DT interest_5/NN ] in/IN [ a/DT foreign/JJ leasing/NN company/NN ] ,/, [ third-quarter/NN earnings/NNS ] were/VBD [ $/$ 75/AB million/AB ] ./. 
$$
====================================== [ the/DT net/JJ interest_6/NN margin-the/NN difference/NN ] between/IN [ the/DT bank/NN 's/POS cost/NN ] of/IN [ funds/NNS ] and/CC [ what/WP ] [ it/PP ] receives/VBZ as/IN [ *interest/NN payments/NNS ] --/: improved/VBD in/IN [ the/DT quarter/NN ] ,/, as/IN did/VBD [ certain/JJ areas/NNS ] of/IN [ wholesale/JJ banking/NN ] ./. 
$$
[ expenses/NNS ] unrelated/JJ to/TO [ interest_6/NN ] rose/VBD [ 5.4/AB %/NN ] ,/, to/TO [ $/$ 541/AB million/AB ] ./. 
$$
====================================== [ pnc/NP financial/NP ] ====================================== [ pnc/NP financial/NP ] cited/VBD [ higher/JJR income/NN ] from/IN [ sources/NNS ] unrelated/JJ to/TO [ interest_6/NN ] and/CC said/VBD [ it/PP ] continues/VBZ to/TO cut/VB [ costs/NNS ] ./. 
$$
====================================== [ net/JJ interest_6/NN income/NN ] in/IN [ the/DT third/JJ quarter/NN ] edged/VBD up/IN [ 1.4/AB %/NN ] ,/, to/TO [ $/$ 317.7/AB million/AB ] ./. 
$$
====================================== in/IN [ a/DT filing/NN ] with/IN [ the/DT securities/NPS ] and/CC [ exchange/NP commission/NP ] ,/, [ parsow/NP ] and/CC [ elkhorn/NP ] ,/, [ which/WDT ] together/RB hold/VBP [ 8.685/AB %/NN ] of/IN [ caci/NP 's/POS common/JJ shares/NNS ] ,/, said/VBD [ they/PP ] think/VBP [ it/PP ] is/VBZ in/IN [ the/DT best/JJS interest_4/NN ] of/IN [ caci/NP stockholders/NNS ] that/IN [ the/DT company/NN ] be/VB sold/VBN ./. 
$$
[ the/DT move/NN ] was/VBD meant/VBN to/TO keep/VB [ a/DT lid/NN ] on/IN [ interest_6/NN rates/NNS ] and/CC to/TO boost/VB [ investor/NN confidence/NN ] ./. 
$$
''/'' [ legitimate/JJ ranchers/NNS ] ,/, [ who/WP ] have/VBP [ an/DT interest_4/NN ] in/IN preserving/VBG [ the/DT herds/NNS ] ,/, would/MD go/VB out/IN of/IN [ business/NN ] ./. 
$$
====================================== [ the/DT exhibition/NN ] by/IN [ the/DT u.s.-u.s.s.r./NP trade/NP ] and/CC [ economic/NP council/NP ] underscores/VBZ [ the/DT ] growing/VBG [ u.s./NP interest_1/NN ] in/IN [ that/DT nation/NN 's/POS market/NN ] ,/, though/IN [ trade/NN ] between/IN [ the/DT two/AB countries/NNS ] is/VBZ [ a/DT minuscule/JJ $/$ 3/AB billion/AB ] ./. 
$$
====================================== [ polaroid/NP ] reported/VBD operating/VBG [ profit/NN ] before/IN [ taxes/NNS ] and/CC [ interest_6/NN costs/NNS ] of/IN [ $/$ 63.1/AB million/AB ] for/IN [ the/DT third/JJ quarter/NN ] ,/, more/RBR than/IN double/VB [ the/DT year-before/JJ $/$ 24/AB million/AB ] ./. 
$$
beginning/VBG in/IN [ the/DT early/JJ 19th/JJ century/NN ] ,/, with/IN [ u.s./NP v./CC hudson/NP ] and/CC [ goodwin/NP ] ,/, [ the/DT supreme/NP court/NP ] has/VBZ repeatedly/RB held/VBN that/IN [ a/DT judicial/JJ power/NN ] to/TO declare/VB conduct/NN to/TO be/VB against/IN [ the/DT public/JJ interest_4/NN ] and/CC hence/RB [ criminal/JJ ] ,/, while/IN well/RB established/VBN in/IN [ british/JJ law/NN ] ,/, would/MD usurp/VB [ legislative/JJ authority/NN ] under/IN [ the/DT doctrine/NN ] of/IN [ separation/NN ] of/IN [ powers/NNS ] ./. 
$$
====================================== [ banks/NNS ] are/VBP continuing/VBG to/TO go/VB after/IN [ individual/JJ investors/NNS ] ,/, despite/IN [ falling/VBG interest_6/NN rates/NNS ] ./. 
$$
``/`` [ reports/NNS ] from/IN [ branches/NNS ] are/VBP that/IN [ there/EX ] has/VBZ been/VBN [ greater/JJR interest_1/NN ] in/IN [ the/DT last/JJ day/NN ] or/CC so/RB ,/, ''/'' said/VBD [ steven/NP braitman/NP ] ,/, [ a/DT vice/NN president/NN ] at/IN [ chemical/NP bank/NP ] in/IN [ new/NP york/NP ] ./. 
$$
====================================== [ cds/NNS ] sold/VBD by/IN [ major/JJ brokerage/NN houses/NNS ] ,/, [ which/WDT ] like/IN [ jumbo/JJ cds/NNS ] tend/VBP to/TO closely/RB follow/VB [ interest_6/NN rate/NN trends/NNS ] ,/, also/RB posted/VBN [ larger/JJR drops/NNS ] in/IN [ yields/NNS ] ./. 
$$
in/IN [ late/JJ april/NP ] ,/, when/WRB [ interest_6/NN rates/NNS ] were/VBD at/IN [ their/PP$ recent/JJ highs/NNS ] ,/, [ short-term/NP cds/NNS ] sold/VBN by/IN [ brokers/NNS ] were/VBD offering/VBG yields/NNS [ half/PDT a/DT percentage/NN point/NN ] or/CC more/RBR higher/JJR than/IN [ banks/NNS ] ./. 
$$
``/`` [ what/WP ] happened/VBD in/IN [ the/DT stock/NN market/NN ] and/CC [ the/DT bigger/JJR trade/NN deficit/NN ] ''/'' reported/VBN yesterday/NN ``/`` make/VBP [ it/PP ] unlikely/JJ that/IN [ short-term/JJ interest_6/NN rates/NNS ] will/MD rise/VB ''/'' [ any/DT time/NN ] soon/RB ,/, said/VBD [ mr./NP mehl/NP ] of/IN [ banxquote/NP ] ./. 
$$
====================================== [ the/DT purchase/NN ] comes/VBZ after/IN nearly/RB [ three/AB years/NNS ] of/IN [ on-again/JJ off-again/JJ talks/NNS ] between/IN [ tci/NP ] and/CC [ viacom/NP ] ,/, [ which/WDT ] has/VBZ also/RB discussed/VBN [ the/DT sale/NN ] of/IN [ an/DT interest_5/NN ] in/IN [ showtime/NP ] with/IN [ other/JJ cable/NN operators/NNS ] ./. 
$$
====================================== [ they/PP ] add/VBP that/IN [ the/DT fed/NP ] has/VBZ allowed/VBN [ the/DT key/JJ federal/JJ funds/NNS interest_6/NN rate/NN ] to/TO dip/VB to/TO about/IN [ 8/AB 58/AB %/NN ] from/IN [ its/PP$ levels/NNS ] of/IN just/RB below/IN [ 9/AB %/NN last/JJ week/NN ] ./. 
$$
[ cross/NP ] &/CC [ trecker/NP ] is/VBZ also/RB selling/VBG [ its/PP$ equity/NN interest_5/NN ] in/IN [ a/DT japanese/JJ joint/NN venture/NN ] ,/, [ murata/NP warner/NP swasey/NP ] ,/, to/TO [ murata/NP machinery/NP ] ./. 
$$
====================================== [ the/DT average/JJ interest_6/NN rate/NN ] fell/VBD to/TO [ 8.292/AB %/NN ] at/IN [ citicorp/NP 's/POS $/$ 50/AB million/AB weekly/JJ auction/NN ] of/IN [ 91-day/JJ commercial/JJ paper/NN ] ,/, or/CC [ corporate/JJ ious/NNS ] ,/, from/IN [ 8.483/AB %/NN ] at/IN [ last/JJ week/NN 's/POS sale/NN ] ./. 
$$
but/CC [ yesterday/NN 's/POS announcement/NN ] indicates/VBZ that/IN [ ford/NP ] has/VBZ n't/RB lost/VBN [ interest_1/NN ] ./. 
$$
[ integrated/NP ] has/VBZ been/VBN struggling/VBG to/TO avoid/VB [ a/DT bankruptcy-law/NN ] filing/NN since/IN [ june/NP ] ,/, when/WRB [ it/PP ] failed/VBD to/TO make/VB [ interest_6/NN payments/NNS ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ./. 
$$
[ the/DT new/JJ notes/NNS ] will/MD bear/VB [ interest_6/NN ] at/IN [ 5.5/AB %/NN ] through/IN [ july/NP 31/AB ] ,/, [ 1991/AB ] ,/, and/CC thereafter/RB at/IN [ 10/AB %/NN ] ./. 
$$
====================================== [ citicorp/NP ] ,/, for/IN [ example/NN ] ,/, said/VBD only/RB that/IN [ it/PP ] had/VBD ``/`` [ expressions/NNS ] of/IN [ interest_1/NN ] of/IN [ a/DT transaction/NN ] from/IN [ both/DT ] [ the/DT borrowers/NNS ] and/CC [ the/DT banks/NNS ] ,/, ''/'' but/CC did/VBD n't/RB have/VB [ an/DT agreement/NN ] ./. 
$$
====================================== at/IN [ a/DT meeting/NN sept./NP 1/AB ] to/TO consider/VB [ the/DT labor-management/NN bid/NN ] ,/, [ the/DT board/NN ] also/RB was/VBD informed/VBN by/IN [ its/PP$ investment/NN adviser/NN ] ,/, [ first/NP boston/NP corp./NP ] ,/, of/IN [ interest_1/NN ] expressed/VBN by/IN [ buy-out/NN funds/NNS ] including/VBG [ kohlberg/NP kravis/NP roberts/NP ] &/CC [ co./NP ] and/CC [ forstmann/NP little/NP ] &/CC [ co./NP ] ,/, as/RB well/RB as/IN by/IN [ robert/NP bass/NP ] ,/, [ morgan/NP stanley/NP 's/POS buy-out/NN fund/NN ] ,/, and/CC [ pan/NP ] [ am/NP ] [ corp/NP ] ./. 
$$
despite/IN [ renewed/VBN interest_1/NN ] by/IN [ the/DT public/NN ] in/IN [ such/JJ topics/NNS ] as/IN [ the/DT environment/NN ] and/CC [ the/DT third/NP world/NP ] ,/, [ it/PP ] has/VBZ n't/RB been/VBN able/JJ to/TO shake/VB [ its/PP$ reputation/NN ] as/IN [ a/DT magazine/NN boys/NNS ] like/VBP to/TO flip/VB through/RB in/IN [ search/NN ] of/IN [ topless/JJ tribe/NN women/NNS ] ./. 
$$
but/CC [ this/DT year/NN ] ,/, when/WRB [ the/DT hullabaloo/NN ] surrounding/VBG [ its/PP$ centennial/NN ] died/VBD ,/, so/RB too/RB did/VBD [ some/DT advertiser/NN interest_1/NN ] ./. 
$$
====================================== but/CC would/MD n't/RB [ you/PP ] know/VB ,/, now/RB that/IN [ we/PP ] are/VBP spending/VBG [ jillions/NNS ] of/IN [ dollars/NNS ] ,/, and/CC have/VBP built/VBN [ those/DT new/JJ divisions/NNS ] and/CC [ new/JJ air/NN wings/NNS ] ,/, and/CC have/VBP positioned/VBN [ all/PDT these/DT ships/NNS ] and/CC supplies/NNS to/TO fight/VB [ the/DT russians/NPS ] in/IN [ iran/NP ] ,/, [ the/DT russians/NPS ] seem/VBP to/TO have/VB lost/VBN [ interest_1/NN ] in/IN [ the/DT whole/JJ subject/NN ] ./. 
$$
[ sotheby/NP 's/POS ] ,/, [ the/DT auction/NN house/NN ] founded/VBN in/IN [ london/NP 1744/AB ] and/CC now/RB under/IN [ the/DT umbrella/NN ] of/IN [ sotheby/NP 's/POS holdings/NPS inc./NP ] ,/, was/VBD hoping/VBG to/TO stir/VB up/RP [ interest_1/NN ] in/IN [ old/JJ masters/NNS ] as/IN [ it/PP ] strove/VBD to/TO build/VB [ its/PP$ u.s./NP business/NN ] ./. 
$$
''/'' frequently/RB ,/, [ clients/NNS ] express/VBP [ interest_1/NN ] in/IN [ paintings/NNS ] but/CC do/VBP n't/RB end/VB up/RB [ bidding/NN ] ,/, [ she/PP ] adds/VBZ ,/, ``/`` so/RB [ we/PP ] do/VBP n't/RB know/VB [ who/WP ] [ the/DT potential/JJ buyer/NN ] will/MD be/VB ./. 
$$
[ they/PP ] were/VBD protecting/VBG [ his/PP$ interests_4/NNS ] ./. 
$$
====================================== [ dow/NP jones/NP ] &/CC [ co./NP ] said/VBD [ it/PP ] acquired/VBD [ a/DT 15/AB %/NN interest_5/NN ] in/IN [ datatimes/NP corp./NP ] ,/, [ a/DT subsidiary/NN ] of/IN [ oklahoma/NP publishing/NP co./NP ] ,/, [ oklahoma/NP city/NP ] ,/, [ that/WDT ] provides/VBZ [ electronic/JJ research/NN services/NNS ] ./. 
$$
[ the/DT other/JJ two/AB options/NNS ] consist/VBP of/IN swapping/VBG [ loans/NNS ] for/IN [ bonds/NNS ] with/IN [ 6.25/AB %/NN interest_6/NN rates/NNS ] ,/, or/CC providing/VBG [ fresh/JJ loans/NNS ] ./. 
$$
[ ford/NP motor/NP co./NP ] and/CC [ japan/NP 's/POS mazda/NP motor/NP corp./NP ] have/VBP [ equity/NN interests_5/NNS ] in/IN [ kia/NP ] ./. 
$$
in/IN [ a/DT sagging/VBG market/NN ] ,/, [ the/DT federal/NP reserve/NP system/NP ] ``/`` might/MD flood/VB [ the/DT market/NN ] with/IN [ funds/NNS ] ,/, and/CC [ that/DT ] should/MD bring/VB [ interest_6/NN rates/NNS ] down/RB ,/, ''/'' says/VBZ [ leonard/NP t./NP anctil/NP ] ,/, [ vice/NN president/NN ] of/IN [ the/DT bank/NP ] of/IN [ new/NP england/NP ] ,/, [ boston/NP ] ./. 
$$
''/'' for/IN [ small/JJ companies/NNS ] ,/, [ he/PP ] says/VBZ ,/, [ interest_6/NN rates/NNS ] are/VBP far/RB more/RBR important/JJ than/IN [ what/WP ] happens/VBZ on/IN [ stock/NN exchanges/NNS ] ./. 
$$
====================================== annualized/VBN [ interest_6/NN rates/NNS ] on/IN [ certain/JJ investments/NNS ] as/IN reported/VBN by/IN [ the/DT federal/NP reserve/NP board/NP ] on/IN [ a/DT weekly-average/JJ basis/NN ] :/: [ 1989/AB ] and/CC [ wednesday/NP october/NP 4/AB ] ,/, [ 1989/AB ] ./. 
$$
====================================== [ the/DT transaction/NN ] is/VBZ [ part/NN ] of/IN [ ugi/NP 's/POS continuing/VBG program/NN ] to/TO shed/VB [ amerigas/NP 's/POS industrial/JJ gas/NN interests_5/NNS ] and/CC expand/VB [ the/DT subsidiary/NN 's/POS propane/NN business/NN ] ./. 
$$
====================================== [ k/NP mart/NN ] tested/VBD [ the/DT warehouse-club/NN sector/NN last/JJ year/NN ] with/IN [ its/PP$ acquisition/NN ] of/IN [ a/DT 51/AB %/NN interest_5/NN ] in/IN [ makro/NP inc/NP ] ./. 
$$
====================================== moreover/RB ,/, [ mr./NP douglas/NP ] sees/VBZ [ a/DT revival/NN ] of/IN [ institutional/JJ interest_1/NN ] in/IN [ smaller/JJR growth/JJ stocks/NNS ] [ that/WDT ] could/MD boost/VB [ the/DT performance/NN ] of/IN [ these/DT stocks/NNS ] in/IN [ the/DT medium/JJ term/NN ] ./. 
$$
``/`` [ we/PP ] 're/VBP seeing/VBG [ a/DT real/JJ turnaround/NN ] in/IN [ interest_1/NN ] in/IN [ small/JJ growth/NN stocks/NNS ] ,/, ''/'' [ he/PP ] says/VBZ ./. 
$$
''/'' ====================================== [ compound/JJ annual/JJ returns/NNS ] ,/, including/VBG [ price/NN changes/NNS ] and/CC [ income/NN ] from/IN [ interest_6/NN ] and/CC [ dividends/NNS ] ====================================== [ \*/SYM actual/JJ performance/NN ] ,/, not/RB annualized/VBN ====================================== [ source/NN ] :/: [ ibbotson/NP associates/NPS inc/NP ] ./. 
$$
but/CC [ other/JJ banks/NNS ] balked/VBD at/IN [ the/DT low/JJ interest_6/NN rate/NN ] and/CC [ banking/NN fees/NNS ] [ the/DT ual/NP group/NN ] was/VBD willing/JJ to/TO pay/VB [ them/PP ] ./. 
$$
[ officials/NNS ] familiar/JJ with/IN [ the/DT bank/NN talks/NNS ] said/VBD [ the/DT ual/NP buy-out/NN group/NN ] --/: [ ual/NP pilots/NNS ] ,/, [ management/NN ] ,/, and/CC [ british/NP airways/NPS plc/NP ] --/: is/VBZ now/RB willing/JJ to/TO pay/VB [ higher/JJR bank/NN fees/NNS ] and/CC [ interest_6/NN ] ,/, but/CC is/VBZ n't/RB likely/JJ to/TO boost/VB [ its/PP$ $/$ 965/AB million/AB equity/NN contribution/NN ] ./. 
$$
}/) [ interest_6/NN rates/NNS ] ,/, [ lower/JJR ] {/( [ u.s/NP ] ./. 
$$
at/IN [ the/DT time/NN ] ,/, [ many/JJ traders/NNS ] took/VBD [ it/PP ] to/TO be/VB [ a/DT signal/NN ] that/IN [ the/DT fed/NP ] would/MD n't/RB lower/VB [ interest_6/NN rates/NNS ] to/TO weaken/VB [ the/DT dollar/NN ] ,/, and/CC that/IN [ the/DT u.s./NP ] was/VBD at/IN [ odds/NNS ] with/IN [ its/PP$ major/JJ trading/NN partners/NNS ] in/IN seeking/VBG to/TO stabilize/VB [ a/DT high-flying/JJ u.s./NP currency/NN ] at/IN [ a/DT lower/JJR level/NN ] ./. 
$$
[ another/DT $/$ 20/AB billion/AB ] would/MD be/VB raised/VBN through/IN [ treasury/NP bonds/NNS ] ,/, [ which/WDT ] pay/VBP [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
[ that/DT debt/NN ] would/MD be/VB paid/VBN off/RP as/IN [ the/DT assets/NNS ] are/VBP sold/VBN ,/, leaving/VBG [ the/DT total/JJ spending/NN ] for/IN [ the/DT bailout/NN ] at/IN [ $/$ 50/AB billion/AB ] ,/, or/CC [ $/$ 166/AB billion/AB including/VBG interest_6/NN ] over/IN [ 10/AB years/NNS ] ./. 
$$
====================================== [ net/JJ interest_6/NN income/NN ] sank/VBD [ 27/AB %/NN ] in/IN [ the/DT quarter/NN ] to/TO [ $/$ 254/AB million/AB ] from/IN [ $/$ 347/AB million/AB ] ./. 
$$
[ the/DT interest_6/NN rate/NN ] on/IN [ short-term/JJ funds/NNS ] ,/, [ which/WDT banks/NNS ] borrow/VBP to/TO finance/VB [ longer-term/JJ loans/NNS ] to/TO [ customers/NNS ] ,/, was/VBD ``/`` sharply/RB [ higher/JJR ] ,/, ''/'' [ morgan/NP ] said/VBD ./. 
$$
====================================== [ morgan/NP ] received/VBD [ $/$ 2/AB million/AB ] of/IN [ interest_6/NN payments/NNS ] on/IN [ its/PP$ medium/JJ ] and/CC [ long-term/JJ brazilian/JJ loans/NNS ] ;/: had/VBD they/PP been/VBN accruing/VBG [ *interest/NN ] ,/, [ net/JJ *interest/NN income/NN ] would/MD have/VB been/VBN [ $/$ 35/AB million/AB ] higher/JJR in/IN [ the/DT quarter/NN ] ,/, [ morgan/NP ] said/VBD ./. 
$$
====================================== [ morgan/NP ] received/VBD [ $/$ 2/AB million/AB ] of/IN [ *interest/NN payments/NNS ] on/IN [ its/PP$ medium/JJ ] and/CC [ long-term/JJ brazilian/JJ loans/NNS ] ;/: had/VBD they/PP been/VBN accruing/VBG [ *interest/NN ] ,/, [ net/JJ interest_6/NN income/NN ] would/MD have/VB been/VBN [ $/$ 35/AB million/AB ] higher/JJR in/IN [ the/DT quarter/NN ] ,/, [ morgan/NP ] said/VBD ./. 
$$
====================================== [ morgan/NP ] received/VBD [ $/$ 2/AB million/AB ] of/IN [ *interest/NN payments/NNS ] on/IN [ its/PP$ medium/JJ ] and/CC [ long-term/JJ brazilian/JJ loans/NNS ] ;/: had/VBD they/PP been/VBN accruing/VBG [ interest_6/NN ] ,/, [ net/JJ *interest/NN income/NN ] would/MD have/VB been/VBN [ $/$ 35/AB million/AB ] higher/JJR in/IN [ the/DT quarter/NN ] ,/, [ morgan/NP ] said/VBD ./. 
$$
[ such/JJ loans/NNS ] to/TO [ argentina/NP ] also/RB remain/VBP classified/JJ as/IN [ non-accruing/JJ ] ,/, costing/VBG [ the/DT bank/NN $/$ 10/AB million/AB ] of/IN [ interest_6/NN income/NN ] in/IN [ the/DT third/JJ period/NN ] ./. 
$$
====================================== [ income/NN ] from/IN [ sources/NNS ] other/JJ than/IN [ interest_6/NN ] climbed/VBD [ 12/AB %/NN ] to/TO [ $/$ 414/AB million/AB ] ,/, reflecting/VBG [ higher/JJR corporate-finance/NN ] and/CC [ other/JJ fees/NNS ] and/CC [ gains/NNS ] on/IN [ sales/NNS ] of/IN [ investment/NN securities/NNS ] ./. 
$$
[ the/DT higher/JJR rates/NNS ] paid/VBN on/IN [ deposits/NNS ] also/RB helped/VBD squeeze/VB [ ncnb/NP 's/POS net/JJ interest_6/NN margin/NN ] in/IN [ the/DT southeast/NP ] to/TO [ 3.38/AB %/NN ] from/IN [ 3.80/AB %/NN ] [ a/DT year/NN ] earlier/RBR ./. 
$$
[ the/DT company/NN ] said/VBD [ the/DT gain/NN ] resulted/VBD mainly/RB from/IN [ a/DT $/$ 54/AB million/AB increase/NN ] in/IN [ net/JJ interest_6/NN income/NN ] ,/, reflecting/VBG [ a/DT 33/AB %/NN increase/NN ] in/IN [ real/NN estate/NN loans/NNS ] (/( mainly/RB [ residential/JJ ] )/) ,/, and/CC [ a/DT 19/AB %/NN rise/NN ] in/IN [ consumer/NN loans/NNS ] ./. 
$$
as/IN [ a/DT result/NN ] ,/, [ security/NP pacific/NP 's/POS net/JJ interest_6/NN margin/NN ] fell/VBD only/RB [ 13/AB basis/NN points/NNS ] ,/, [ a/DT more/RBR mild/JJ decrease/NN ] than/IN [ some/DT major/JJ banks/NNS ] outside/IN [ california/NP ] ,/, [ which/WDT ] have/VBP been/VBN reporting/VBG [ more/RBR sluggish/JJ earnings/NNS ] ./. 
$$
[ revenue/NN ] derived/VBN from/IN [ interest_6/NN ] and/CC [ dividends/NNS ] jumped/VBD [ 30/AB %/NN ] to/TO [ $/$ 1.4/AB billion/AB ] ./. 
$$
====================================== [ a/DT year/NN ] ago/RB ,/, [ net/NN ] at/IN [ the/DT new/NP york/NP investment/NN banking/VBG firm/NN ] was/VBD [ $/$ 20.9/AB million/AB ] ,/, or/CC [ 50/AB cents/NNS ] [ a/DT share/NN ] ,/, including/VBG [ a/DT special/JJ pretax/JJ gain/NN ] of/IN [ $/$ 46.3/AB million/AB ] from/IN [ the/DT sale/NN ] of/IN [ the/DT company/NN 's/POS interest_5/NN ] in/IN [ national/NP car/NP rental/NP systems/NP inc/NP ] ./. 
$$
[ revenue/NN ] was/VBD [ $/$ 444.9/AB million/AB ] ,/, including/VBG [ net/JJ interest_6/NN ] ,/, down/RB slightly/RB from/IN [ $/$ 450.7/AB million/AB ] ./. 
$$
[ the/DT real/JJ key/NN ] is/VBZ to/TO have/VB [ the/DT economy/NN ] working/VBG and/CC [ interest_6/NN rates/NNS ] down/RB ./. 
$$
[ the/DT national/JJ economic/JJ interests_4/NNS ] are/VBP much/RB better/RB served/VBN allowing/VBG [ the/DT private/JJ *interests/NNS ] of/IN [ bankers/NNS ] and/CC [ investors/NNS ] be/VB [ the/DT ultimate/JJ judges/NNS ] of/IN [ the/DT investment/NN quality/NN ] of/IN [ various/JJ lbo/NP deals/NNS ] and/CC [ leveraged/VBN restructurings/NNS ] ./. 
$$
[ the/DT national/JJ economic/JJ *interests/NNS ] are/VBP much/RB better/RB served/VBN allowing/VBG [ the/DT private/JJ interests_4/NNS ] of/IN [ bankers/NNS ] and/CC [ investors/NNS ] be/VB [ the/DT ultimate/JJ judges/NNS ] of/IN [ the/DT investment/NN quality/NN ] of/IN [ various/JJ lbo/NP deals/NNS ] and/CC [ leveraged/VBN restructurings/NNS ] ./. 
$$
====================================== although/IN [ the/DT smoking/NN provision/NN ] has/VBZ attracted/VBN [ the/DT most/RBS public/JJ interest_1/NN ] ,/, [ the/DT underlying/JJ bill/NN ] was/VBD [ the/DT subject/NN ] of/IN [ behind-the-scenes/JJ ] lobbying/VBG because/IN of/IN [ its/PP$ impact/NN ] on/IN [ air/NN transportation/NN ] and/CC [ the/DT more/RBR mundane/JJ ] ,/, but/CC politically/RB [ important/JJ ] ,/, [ projects/NNS ] of/IN [ members/NNS ] ./. 
$$
====================================== [ the/DT company/NN ] reported/VBD [ a/DT loss/NN ] after/IN [ taxation/NN ] and/CC [ minority/NN interests_5/NNS ] of/IN [ 14/AB million/AB irish/JJ punts/NNS ] ,/, compared/VBN with/IN [ a/DT loss/NN ] of/IN [ 9.3/AB million/JJ irish/NP punts/NNS ] for/IN [ the/DT year-earlier/JJ period/NN ] ./. 
$$
====================================== [ short-term/JJ interest_6/NN rates/NNS ] fell/VBD yesterday/NN at/IN [ the/DT government/NN 's/POS weekly/JJ treasury/NP bill/NN auction/NN ] ./. 
$$
====================================== why/WRB [ all/DT the/DT interest_1/NN ] ./. 
$$
[ the/DT sacramento/NP ] ,/, [ calif./NP ] ,/, [ company/NN ] also/RB attributed/VBD improved/VBN [ performance/NN ] to/TO [ a/DT lower/JJR effective/JJ tax/NN rate/NN ] and/CC [ higher/JJR interest_6/NN income/NN ] ./. 
$$
[ bsn/NP ] will/MD initially/RB acquire/VB [ a/DT 15/AB %/NN interest_5/NN ] in/IN [ birkel/NP ] ,/, [ a/DT ] closely/RB held/VBN [ concern/NN ] ./. 
$$
====================================== [ monday/NP ] ,/, [ october/NP 16/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ united/NP biscuits/NP ] (/( [ holdings/NP ] )/) [ plc/NP ] ,/, [ a/DT british/JJ food/NN producer/NN ] ,/, announced/VBD [ the/DT creation/NN ] of/IN [ a/DT european/JJ group/NN ] to/TO bring/VB together/RB [ its/PP$ trading/NN interests_5/NNS ] in/IN [ the/DT region/NN ] ./. 
$$
[ he/PP ] expects/VBZ [ a/DT drop/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, [ which/WDT ] would/MD help/VB [ gold/NN ] by/IN keeping/VBG [ the/DT dollar/NN ] from/IN rising/VBG ./. 
$$
[ cara/NP operations/NP ] ,/, [ a/DT food/NN services/NNS concern/NN ] ,/, and/CC [ unicorp/NP ] ,/, [ a/DT holding/VBG company/NN ] with/IN [ interests_5/NNS ] in/IN [ oil/NN ] and/CC [ natural/JJ gas/NN ] and/CC [ financial/JJ services/NNS ] ,/, are/VBP based/VBN in/IN [ toronto/NP ] ./. 
$$
====================================== [ maxus/NP ] ,/, [ an/DT independent/JJ oil/NN ] and/CC [ gas/NN concern/NN ] ,/, is/VBZ [ the/DT operator/NN ] and/CC owns/VBZ [ a/DT 56/AB %/NN interest_5/NN ] in/IN [ the/DT new/JJ field/NN ] ,/, called/VBD [ northeast/NP intan/NP ] ./. 
$$
[ other/JJ interests_5/NNS ] are/VBP owned/VBN by/IN [ bp/NP petroleum/NP development/NP ] (/( [ ses/NP ] )/) [ ltd./NP ] ,/, [ c./NP itoh/NP energy/NP co./NP ltd./NP ] ,/, [ deminex/NP sumatra/NP oel/NP g.m.b/NP ] ./. 
$$
[ the/DT federal/NP reserve/NP ] signaled/VBD [ its/PP$ willingness/NN ] to/TO provide/VB [ liquidity/NN ] ;/: [ the/DT interest_6/NN rate/NN ] on/IN [ its/PP$ loans/NNS ] to/TO [ major/JJ banks/NNS ] inched/VBD downward/RB early/JJ in/IN [ the/DT day/NN ] ./. 
$$
====================================== at/IN [ a/DT news/NN conference/NN ] here/RB yesterday/NN ,/, [ natwest/NP officials/NNS ] said/VBD [ they/PP ] expect/VBP [ potential/JJ interest_1/NN ] from/IN [ banks/NNS ] throughout/IN [ continental/JJ europe/NP ] ,/, [ australia/NP ] and/CC [ the/DT u.s/NP ] ./. 
$$
====================================== [ the/DT federal/NP reserve/NP ] gave/VBD [ comfort/NN ] to/TO [ the/DT financial/JJ markets/NNS ] yesterday/NN by/IN allowing/VBG [ a/DT key/JJ interest_6/NN rate/NN ] to/TO drift/VB downward/RB ./. 
$$
====================================== [ the/DT fed/NP ] allowed/VBD [ the/DT key/JJ federal/JJ funds/NNS interest_6/NN rate/NN ] to/TO dip/VB to/TO about/RB [ 8/AB 5/AB %/NN ] from/IN [ its/PP$ levels/NNS ] of/IN just/RB below/IN [ 9/AB %/NN last/JJ week/NN ] ./. 
$$
[ government/NP officials/NNS ] say/VBP [ it/PP ] 's/VBZ unclear/JJ ,/, however/RB ,/, where/WRB [ the/DT bellwether/NN ] fed/JJ [ funds/NNS rate/NN ] ,/, [ which/WDT ] influences/VBZ [ other/JJ interest_6/NN rates/NNS ] ,/, will/MD come/VB to/TO rest/VB ./. 
$$
for/IN [ weeks/NNS ] prior/RB to/TO [ the/DT market/NN 's/POS drop/NN ] ,/, [ the/DT treasury/NP ] had/VBD been/VBN urging/VBG [ the/DT fed/NP ] to/TO bring/VB down/RB [ short-term/JJ interest_6/NN rates/NNS ] ,/, and/CC [ the/DT fed/NP ] had/VBD been/VBN resisting/VBG ./. 
$$
[ the/DT fed/NP ] already/RB is/VBZ experiencing/VBG [ political/JJ pressure/NN ] to/TO supply/VB [ lower/JJR interest_6/NN rates/NNS ] and/CC [ easy/JJ money/NN ] ./. 
$$
[ there/EX ] is/VBZ [ the/DT constant/JJ insistence/NN ] that/IN [ the/DT fed/NP ] could/MD lower/VB [ interest_6/NN rates/NNS ] were/VBD [ it/PP ] not/RB so/RB obstinate/JJ ./. 
$$
[ the/DT fed/NP ] indeed/RB can/MD lower/VB [ short-term/JJ interest_6/NN rates/NNS ] by/IN pumping/VBG [ reserves/NNS ] into/IN [ the/DT banks/NNS ] ,/, but/CC [ it/PP ] ca/MD n't/RB do/VB much/JJ about/IN [ them/PP ] from/IN there/RB on/RB ./. 
$$
if/IN [ the/DT reserves/NNS ] generate/VBP [ inflation/NN ] ,/, [ which/WDT ] is/VBZ [ what/WP ] [ the/DT fed/NP fears/VBZ ] most/RBS right/RB now/RB ,/, [ interest_6/NN rates/NNS ] will/MD go/VB up/RB as/IN [ lenders/NNS ] demand/VBP [ a/DT premium/NN ] ./. 
$$
====================================== in/IN [ a/DT terse/JJ news/NN release/NN ] responding/VBG to/TO [ an/DT article/NN yesterday/NN ] in/IN [ the/DT wall/NP street/NP journal/NP ] ,/, [ which/WDT ] credited/VBD [ a/DT front-page/JJ interview/NN story/NN ] in/IN [ the/DT sunday/NP los/NP angeles/NP daily/NP news/NP ] ,/, [ valhi/NP inc./NP ] said/VBD [ the/DT quotes/NNS ] in/IN [ the/DT articles/NNS ] ``/`` do/VBP not/RB accurately/RB reflect/VB [ valhi/NP 's/POS ] and/CC [ mr./NP simmons/NP 's/POS intentions/NNS ] ''/'' concerning/VBG [ their/PP$ interests_5/NNS ] in/IN [ lockheed/NP ] ./. 
$$
if/IN [ the/DT yen/NN rebounds/NNS ] against/IN [ the/DT dollar/NN ] ,/, [ he/PP ] said/VBD ,/, [ there/EX ] is/VBZ [ less/JJR chance/NN ] of/IN [ an/DT additional/JJ increase/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, [ which/WDT ] could/MD help/VB stabilize/VB [ tokyo/NP share/NN prices/NNS ] ./. 
$$
[ analysts/NNS ] say/VBP [ one/AB point/NN ] in/IN [ tokyo/NP 's/POS favor/NN ] [ this/DT time/NN ] is/VBZ [ the/DT fact/NN ] that/IN for/IN [ the/DT past/JJ several/JJ weeks/NNS ] [ the/DT market/NN ] has/VBZ been/VBN in/IN relatively/RB [ low/JJ gear/NN ] ,/, driven/VBN by/IN [ fundamental/JJ concerns/NNS ] about/IN [ earnings/NNS ] and/CC [ interest_6/NN rates/NNS ] rather/RB than/IN [ wild/JJ speculation/NN ] ./. 
$$
after/IN [ the/DT one-point/JJ rise/NN oct./NP 5/AB ] to/TO [ 15/AB %/NN ] ,/, [ britain/NP 's/POS base/NN interest_6/NN rate/NN ] stands/VBZ at/IN [ its/PP$ highest/JJS level/NN ] in/IN [ eight/AB years/NNS ] ./. 
$$
[ a/DT market/NN plunge/NN ] in/IN [ britain/NP ] could/MD bring/VB [ pressure/NN ] for/IN [ him/PP ] to/TO lower/VB [ interest_6/NN rates/NNS ] ./. 
$$
''/'' ====================================== [ lockheed/NP 's/POS share/NN price/NN ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] has/VBZ been/VBN propped/VBN up/RP in/IN [ recent/JJ weeks/NNS ] ,/, despite/IN [ disappointing/JJ earnings/NNS ] ,/, because/IN of/IN [ mr./NP simmons/NP 's/POS interest_1/NN ] in/IN [ the/DT company/NN ] ./. 
$$
[ the/DT reasons/NNS ] include/VBP [ the/DT obvious/JJ differences/NNS ] in/IN [ the/DT market/NN ] between/IN [ this/DT fall/NN ] and/CC [ 1987/AB ] :/: [ interest_6/NN rates/NNS ] have/VBP n't/RB been/VBN rising/VBG [ this/DT time/NN ] ,/, as/IN [ they/PP ] were/VBD in/IN [ 1987/AB ] ;/: [ the/DT dollar/NN ] ,/, though/RB hit/VBD [ friday/NP ] ,/, [ has/VBZ n't/RB ] been/VBN eroding/VBG dangerously/RB ;/: [ the/DT economy/NN ] is/VBZ n't/RB overheating/VBG ;/: and/CC ,/, above/IN [ all/DT ] ,/, [ stocks/NNS ] are/VBP far/RB from/IN being/VBG as/RB wildly/RB overpriced/VBN :/: [ they/PP ] are/VBP selling/VBG at/IN only/RB about/RB [ 13/AB times/NNS per-share/JJ earnings/NNS ] ,/, compared/VBN with/IN about/RB [ 20/AB two/AB years/NNS ] ago/RB ./. 
$$
[ many/JJ traders/NNS ] think/VBP [ the/DT fed/NP ] will/MD quickly/RB lower/VB [ interest_6/NN rates/NNS ] ,/, [ a/DT move/NN ] [ that/WDT ] would/MD be/VB [ a/DT plus/NN ] for/IN [ stocks/NNS ] ./. 
$$
[ any/DT move/NN ] to/TO lower/VB [ interest_6/NN rates/NNS ] ,/, for/IN [ example/NN ] ,/, would/MD be/VB [ a/DT positive/NN ] for/IN [ stocks/NNS ] ,/, by/IN [ making/VBG fixed-income/JJ investments/NNS ] less/RBR competitive/JJ with/IN [ them/PP ] ./. 
$$
====================================== in/IN [ 1987/AB ] ,/, [ then-treasury/JJ secretary/NP james/NP baker/NP ] was/VBD threatening/VBG [ a/DT big/JJ drop/NN ] in/IN [ the/DT dollar/NN ] if/IN [ west/NP germany/NP ] raised/VBD [ interest_6/NN rates/NNS ] ./. 
$$
[ this/DT year/NN ] ,/, [ federal/NP reserve/NP chairman/NP alan/NP greenspan/NP ] seemed/VBD to/TO warn/VB [ he/PP ] would/MD n't/RB lower/VB [ interest_6/NN rates/NNS ] merely/RB to/TO keep/VB [ the/DT dollar/NN ] within/IN [ an/DT agreed-on/JJ exchange/NN range/NN ] ./. 
$$
then/RB [ it/PP ] was/VBD [ house/NP budget/NP committee/NP chairman/NP daniel/NP rostenkowski/NP ] threatening/VBG to/TO eliminate/VB [ the/DT tax/NN deductibility/NN ] of/IN [ interest_6/NN ] for/IN [ certain/JJ debt-financed/JJ takeovers/NNS ] ./. 
$$
)/) ====================================== but/CC [ market/NN observers/NNS ] point/VBP out/IN [ that/IN long-term/JJ government/NN bond/NN interest_6/NN rates/NNS ] ,/, currently/RB at/IN [ 7.85/AB %/NN ] ,/, are/VBP [ 2.5/AB percentage/NN points/NNS ] lower/JJR than/IN [ the/DT level/NN ] [ that/WDT ] prevailed/VBD in/IN [ october/NP 1987/AB ] ,/, when/WRB [ *interest/NN rates/NNS ] had/VBD been/VBN rising/VBG for/IN most/JJS of/IN [ the/DT year/NN ] ./. 
$$
``/`` while/IN [ a/DT number/NN ] of/IN [ lbos/NNS ] are/VBP fine/JJ ,/, [ there/EX ] are/VBP also/RB many/JJ where/WRB [ the/DT cash/NN flow/NN ] can/MD not/RB pay/VB [ the/DT interest_6/NN ] ,/, but/CC {/( [ that/DT ] }/) instead/RB are/VBP based/VBN on/IN [ the/DT buyer/NN ] selling/VBG [ divisions/NNS ] to/TO [ a/DT greater/JJR fool/NN ] to/TO pay/VB off/RP [ the/DT debt/NN ] ,/, ''/'' [ mr./NP icahn/NP ] says/VBZ ./. 
$$
====================================== moreover/RB ,/, [ fees/NNS ] and/CC [ interest_6/NN rates/NNS ] paid/VBN to/TO [ the/DT banks/NNS ] would/MD have/VB been/VBN stingy/JJ --/: far/RB below/IN [ those/DT ] in/IN [ comparable/JJ takeovers/NNS ] ./. 
$$
)/) [ citibank/NP 's/POS confidence/NN ] was/VBD bolstered/VBN as/RB recently/RB as/IN [ 10/AB days/NNS ] ago/RB when/WRB [ representatives/NNS ] of/IN [ 120/AB banks/NNS ] [ that/WDT ] had/VBD expressed/VBN [ interest_1/NN ] in/IN [ the/DT ual/NP transaction/NN ] attended/VBD [ a/DT meeting/NN ] with/IN [ citibank/NP representatives/NNS ] ./. 
$$
because/IN [ buy-out/NN loans/NNS ] often/RB get/VB refinanced/VBN --/: and/CC thus/RB paid/VBD off/RP --/: ahead/RB of/IN [ schedule/NN ] ,/, [ banks/NNS ] ca/MD n't/RB count/VB on/IN [ years/NNS ] of/IN [ interest_6/NN income/NN ] from/IN [ these/DT loans/NNS ] ./. 
$$
====================================== [ the/DT interest_6/NN rate/NN ] promised/VBD [ the/DT banks/NNS ] was/VBD also/RB relatively/RB [ low/JJ ] ;/: [ 2/AB %/NN ] over/IN [ the/DT rate/NN banks/NNS ] charge/VBP [ each/DT other/JJ ] in/IN [ london/NP ] ,/, known/VBN as/IN [ libor/NP ] ./. 
$$
====================================== [ he/PP ] and/CC [ others/NNS ] cite/VBP [ friday/NP 's/POS plunge/NN ] in/IN [ u.s./NP stock/NN prices/NNS ] and/CC [ the/DT narrowing/VBG difference/NN ] between/IN [ interest_6/NN rates/NNS ] in/IN [ the/DT u.s./NP ] and/CC [ some/DT ] of/IN [ its/PP$ major/JJ trading/NN partners/NNS ] ,/, particularly/RB [ west/NP germany/NP ] and/CC [ japan/NP ] ./. 
$$
[ many/JJ analysts/NNS ] also/RB suspect/VBP that/IN [ the/DT federal/NP reserve/NP ] has/VBZ begun/VBN to/TO reduce/VB [ interest_6/NN rates/NNS ] and/CC could/MD go/VB further/RBR ./. 
$$
[ lower/JJR interest_6/NN rates/NNS ] usually/RB diminish/VBP [ a/DT currency/NN 's/POS appeal/NN ] to/TO [ international/JJ investors/NNS ] and/CC [ speculators/NNS ] ./. 
$$
====================================== [ traders/NNS ] concluded/VBD that/IN [ u.s./NP interest_6/NN rates/NNS ] would/MD remain/VB [ firm/JJ ] ,/, and/CC [ the/DT dollar/NN ] quickly/RB climbed/VBD to/TO [ its/PP$ intraday/JJ highs/NNS ] of/IN [ 1.9140/AB marks/NNS ] and/CC [ 144.80/AB yen/NNS ] ./. 
$$
''/'' ====================================== in/IN [ the/DT past/JJ week/NN ] and/CC [ a/DT half/NN ] ,/, [ major/JJ european/JJ countries/NNS ] --/: led/VBN by/IN [ west/NP germany/NP ] and/CC [ japan/NP ] --/: raised/VBD [ official/JJ domestic/JJ interest_6/NN rates/NNS ] ,/, mostly/RB to/TO keep/VB [ their/PP$ currencies/NNS ] from/IN falling/VBG further/RBR and/CC to/TO stem/VB [ the/DT inflationary/JJ impact/NN ] of/IN [ those/DT declines/NNS ] ./. 
$$
====================================== [ harris/NP trust/NP 's/POS mr./NP fio/NP rito/NP ] predicts/VBZ that/IN ``/`` [ an/DT equity/NN market/NN hit/NN ] will/MD trigger/VB [ further/JJ liquidation/NN ] ;/: with/IN [ the/DT japanese/NNS ] and/CC [ germans/NNS ] raising/VBG {/( [ interest_6/NN ] }/) [ rates/NNS ] ,/, [ the/DT fundamentals/NNS ] changed/VBN for/IN [ the/DT dollar/NN ] ./. 
$$
====================================== [ dollar/NN doubters/NNS ] point/VBP to/TO [ the/DT prospects/NNS ] of/IN [ a/DT bumpy/JJ u.s./NP stock/NN market/NN ] at/IN [ best/JJS ] ,/, and/CC [ the/DT prospect/NN ] of/IN [ lower/JJR u.s./NP interest_6/NN rates/NNS ] ./. 
$$
====================================== [ the/DT cboe/NP ] said/VBD in/IN [ a/DT statement/NN ] that/IN ``/`` [ the/DT interests_4/NNS ] of/IN [ fair/JJ ] and/CC [ orderly/JJ markets/NNS ] would/MD n't/RB be/VB served/VBN by/IN [ a/DT resumption/NN ] of/IN trading/NN ./. 
$$
since/IN then/RB ,/, [ hooker/NP corp./NP ] has/VBZ sold/VBN [ its/PP$ interest_5/NN ] in/IN [ the/DT parisian/JJ chain/NN ] back/RB to/TO [ parisian/JJ 's/POS management/NN ] and/CC is/VBZ currently/RB attempting/VBG to/TO sell/VB [ the/DT b./NP altman/NP ] &/CC [ co./NP chain/NN ] ./. 
$$
in/IN [ addition/NN ] ,/, [ robert/NP sakowitz/NP ] ,/, [ chief/JJ executive/NN ] of/IN [ the/DT sakowitz/NP chain/NN ] ,/, is/VBZ seeking/VBG [ funds/NNS ] to/TO buy/VB out/RP [ the/DT hooker/NP interest_5/NN ] in/IN [ his/PP$ company/NN ] ./. 
$$
[ two/AB years/NNS ] ago/RB ,/, unlike/IN [ today/NN ] ,/, [ the/DT dollar/NN ] was/VBD weak/JJ ,/, [ interest_6/NN rates/NNS ] were/VBD rising/VBG and/CC [ the/DT market/NN ] was/VBD very/RB overvalued/JJ ,/, [ they/PP ] say/VBP ./. 
$$
====================================== [ diamond/NP shamrock/NP ] is/VBZ [ the/DT operator/NN ] ,/, with/IN [ a/DT 100/AB %/NN interest_5/NN ] in/IN [ the/DT well/NN ] ./. 
$$
but/CC [ its/PP$ competitors/NNS ] --/: including/VBG [ dow/NP chemical/NP co./NP ] ,/, [ union/NP carbide/NP corp./NP ] and/CC [ several/JJ oil/NN giants/NNS ] --/: have/VBP [ much/RB broader/JJR business/NN interests_5/NNS ] and/CC so/RB are/VBP better/RBR cushioned/VBN against/IN [ price/NN swings/NNS ] ./. 
$$
====================================== [ some/DT ] believe/VBP [ p&g/NP 's/POS interest_1/NN ] in/IN [ a/DT superconcentrated/JJ detergent/NN ] goes/VBZ beyond/IN [ the/DT concern/NN ] for/IN [ the/DT japanese/NPS ] ./. 
$$
[ bozell/NP ] joins/VBZ [ backer/NP spielvogel/NP bates/NP ] and/CC [ ogilvy/NP group/NP ] as/IN [ u.s./NP agencies/NNS ] with/IN [ interests_5/NNS ] in/IN [ korean/JJ agencies/NNS ] ./. 
$$
====================================== [ september/NP 's/POS steep/JJ rise/NN ] in/IN [ producer/NN prices/NNS ] shows/VBZ [ that/IN inflation/NN ] still/RB persists/VBZ ,/, and/CC [ the/DT pessimism/NN ] over/IN [ interest_6/NN rates/NNS ] caused/VBN by/IN [ the/DT new/JJ price/NN data/NNS ] contributed/VBD to/TO [ the/DT stock/NN market/NN 's/POS plunge/NN friday/NP ] ./. 
$$
[ analysts/NNS ] immediately/RB viewed/VBD [ the/DT price/NN data/NN ] ,/, [ the/DT grimmest/JJS inflation/NN news/NN ] in/IN [ months/NNS ] ,/, as/IN [ evidence/NN ] that/IN [ the/DT federal/NP reserve/NP ] was/VBD unlikely/JJ to/TO allow/VB [ interest_6/NN rates/NNS ] to/TO fall/VB as/IN [ many/JJ investors/NNS ] had/VBD hoped/VBN ./. 
$$
[ the/DT revenue-raising/JJ provisions/NNS ] ,/, [ which/WDT ] affect/VBP mostly/RB [ corporations/NNS ] ,/, would/MD :/: ====================================== --/: prevent/VB [ companies/NNS ] [ that/WDT ] have/VBP made/VBN [ leveraged/JJ buy-outs/NNS ] from/IN getting/VBG [ federal/JJ tax/NN refunds/NNS ] resulting/VBG from/IN [ losses/NNS ] caused/VBN by/IN [ interest_6/NN payments/NNS ] on/IN [ debt/NN ] issued/VBN to/TO finance/VB [ the/DT buy-outs/NNS ] ,/, [ effective/JJ aug./NP 2/AB ] ,/, [ 1989/AB ] ./. 
$$
[ the/DT measure/NN repeals/VBZ ] [ a/DT 50/AB %/NN exclusion/NN ] given/VBN to/TO [ banks/NNS ] on/IN [ the/DT interest_6/NN ] from/IN [ loans/NNS ] used/VBN to/TO acquire/VB [ securities/NNS ] for/IN [ an/DT esop/NP ] ,/, if/IN [ the/DT esop/NP ] owns/VBZ less/JJR than/IN [ 30/AB %/NN ] of/IN [ the/DT employer/NN 's/POS stock/NN ] ./. 
$$
====================================== --/: [ curb/VB junk/NN bonds/NNS ] by/IN [ ending/VBG tax/NN benefits/NNS ] for/IN [ certain/JJ securities/NNS ] ,/, such/JJ as/IN [ zero-coupon/JJ bonds/NNS ] ,/, [ that/WDT ] postpone/VBP [ cash/NN interest_6/NN payments/NNS ] ./. 
$$
[ she/PP ] says/VBZ [ that/DT ratio/NN ] could/MD climb/VB to/TO [ 14.5/AB ] ,/, given/VBN [ current/JJ interest_6/NN rates/NNS ] ,/, and/CC still/RB be/VB within/IN [ the/DT range/NN ] of/IN ``/`` [ fair/JJ value/NN ] ./. 
$$
unlike/IN [ 1987/AB ] ,/, [ interest_6/NN rates/NNS ] have/VBP been/VBN falling/VBG [ this/DT year/NN ] ./. 
$$
''/'' if/IN [ the/DT dollar/NN ] stays/VBZ [ weak/JJ ] ,/, [ he/PP ] says/VBZ ,/, [ that/WDT ] will/MD add/VB to/TO [ inflationary/JJ pressures/NNS ] in/IN [ the/DT u.s./NP ] and/CC make/VB [ it/PP ] hard/JJ for/IN [ the/DT federal/NP reserve/NP board/NP ] to/TO ease/VB [ interest_6/NN rates/NNS ] very/RB much/RB ./. 
$$
[ mccaw/NP cellular/NP communications/NP ] ,/, for/IN [ instance/NN ] ,/, has/VBZ offered/VBN to/TO buy/VB [ lin/NP broadcasting/NP ] as/RB well/RB as/IN [ metromedia/NP 's/POS new/NP york/NP city/NP cellular/JJ telephone/NN interests_5/NNS ] ,/, and/CC in/IN [ a/DT separate/JJ transaction/NN ] ,/, sell/VB [ certain/JJ mccaw/NP properties/NNS ] to/TO [ contel/NP cellular/NP ] ./. 
$$
====================================== [ friday/NP ] ,/, [ october/NP 13/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ gm/NP ] said/VBD [ it/PP ] still/RB is/VBZ talking/VBG with/IN [ jaguar/NP ] about/IN acquiring/VBG [ a/DT minority/NN interest_5/NN ] ./. 
$$
[ the/DT resulting/VBG decline/NN ] in/IN [ interest_6/NN rates/NNS ] and/CC [ the/DT value/NN ] of/IN [ the/DT dollar/NN ] could/MD reinvigorate/VB [ american/JJ business/NN ] --/: indeed/RB ,/, [ the/DT entire/JJ economy/NN ] ./. 
$$
====================================== but/CC if/IN [ the/DT stock/NN market/NN ] does/VBZ n't/RB continue/VB to/TO plummet/VB ,/, [ the/DT beneficial/JJ effects/NNS ] of/IN [ lower/JJR interest_6/NN rates/NNS ] and/CC [ a/DT lower/JJR dollar/NN ] may/MD well/RB dominate/VB ./. 
$$
but/CC [ the/DT experience/NN ] of/IN [ the/DT 1987/AB crash/NN ] suggests/VBZ [ the/DT fed/NP ] is/VBZ likely/JJ to/TO bring/VB down/RP [ short-term/JJ interest_6/NN rates/NNS ] in/IN [ its/PP$ effort/NN ] to/TO [ calm/VB markets/NNS ] ./. 
$$
====================================== [ anticipating/VBG ] [ the/DT fed/NP 's/POS move/NN ] ,/, [ money/NN traders/NNS ] lowered/VBD [ a/DT key/JJ interest_6/NN rate/NN ] known/VBN as/IN [ the/DT federal/NP funds/NP rate/NN ] to/TO [ 8.625/AB %/NN late/RB friday/NP ] ,/, down/RB from/IN [ 8.820/AB %/NN ] [ the/DT day/NN ] before/RB ./. 
$$
[ the/DT principal-only/JJ securities/NNS ] pay/VBP [ the/DT principal/NN ] from/IN [ the/DT ] underlying/JJ [ freddie/NP mac/NP 8/AB %/NN securities/NNS ] ,/, while/IN [ the/DT *interest-only/JJ securities/NNS ] pay/VBP [ only/JJ interest_6/NN ] ./. 
$$
[ mr./NP savoca/NP ] succeeds/VBZ [ william/NP h./NP borten/NP ] ,/, [ who/WP ] resigned/VBD to/TO pursue/VB [ personal/JJ interests_3/NNS ] ./. 
$$
[ it/PP ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ military/JJ electronics/NNS ] and/CC [ electro-optics/NNS ] ,/, [ marine/JJ transportation/NN ] and/CC [ machinery/NN ] used/VBN to/TO make/VB [ food/NN ] and/CC [ beverage/NN cans/NNS ] ./. 
$$
====================================== [ the/DT annual/JJ interest_6/NN rate/NN ] for/IN [ each/DT ] of/IN [ the/DT next/JJ 11/AB years/NNS ] will/MD be/VB set/VBN [ each/DT fall/NN ] ,/, when/WRB [ details/NNS ] of/IN [ a/DT new/JJ series/NN ] are/VBP released/VBN ./. 
$$
[ he/PP ] argues/VBZ that/IN [ stocks/NNS ] are/VBP reasonably/RB valued/VBN now/RB ,/, and/CC that/IN [ interest_6/NN rates/NNS ] are/VBP lower/JJR now/RB than/IN in/IN [ the/DT fall/NN ] of/IN [ 1987/AB ] ./. 
$$
[ a/DT few/JJ hours/NNS ] after/IN [ the/DT party/NN ] launched/VBD [ its/PP$ own/JJ affinity/NN credit/NN card/NN ] earlier/RBR [ this/DT month/NN ] ,/, [ the/DT tories/NNS ] raised/VBD [ the/DT nation/NN 's/POS base/NN interest_6/NN rate/NN ] ./. 
$$
====================================== [ friday/NP 's/POS approval/NN ] was/VBD needed/VBN to/TO conform/VB with/IN [ bourse/NP rules/NNS ] regarding/VBG [ companies/NNS ] with/IN [ bank/NN interests_5/NNS ] and/CC follows/VBZ [ a/DT similar/JJ approval/NN ] given/VBN [ wednesday/NP ] to/TO [ cie/NP ] ./. 
$$
====================================== [ junk/NN bonds/NNS ] ,/, [ which/WDT ] mushroomed/VBD from/IN less/RBR than/IN [ $/$ 2/AB billion/AB ] at/IN [ the/DT start/NN ] of/IN [ this/DT decade/NN ] ,/, have/VBP been/VBN declining/VBG for/IN [ months/NNS ] as/IN [ issuer/NN ] after/IN [ issuer/NN ] sank/VBD beneath/IN [ the/DT weight/NN ] of/IN [ hefty/JJ interest_6/NN payments/NNS ] ./. 
$$
[ campeau/NP ] developed/VBD [ a/DT cash/NN squeeze/NN ] [ that/WDT ] caused/VBD [ it/PP ] to/TO be/VB tardy/JJ on/IN [ some/DT interest_6/NN payments/NNS ] and/CC to/TO put/VB [ its/PP$ prestigious/JJ bloomingdales/NP department-store/JJ chain/NN ] up/IN for/IN [ sale/NN ] ./. 
$$
``/`` [ this/DT ] marks/VBZ [ a/DT significant/JJ shift/NN ] in/IN [ the/DT interest_6/NN rate/NN outlook/NN ] ,/, ''/'' says/VBZ [ william/NP sullivan/NP ] ,/, [ director/NN ] of/IN [ money/NN market/NN research/NN ] at/IN [ dean/NP witter/NP reynolds/NP inc./NP ] ,/, [ new/NP york/NP ] ./. 
$$
====================================== [ first/NP boston/NP estimates/VBZ ] that/IN in/IN [ november/NP ] and/CC [ december/NP ] alone/RB ,/, junk/NN [ bond/NN investors/NNS ] will/MD receive/VB [ $/$ 4.8/AB billion/AB ] of/IN [ coupon/NN interest_6/NN payments/NNS ] ./. 
$$
despite/IN [ the/DT ] relatively/RB [ strong/JJ economy/NN ] ,/, [ junk/NN bond/NN prices/NNS ] did/VBD [ nothing/NN ] except/IN go/VB down/IN ,/, hammered/VBN by/IN [ a/DT ] seemingly/RB [ endless/JJ trail/NN ] of/IN [ bad/JJ news/NN ] :/: ====================================== --/: in/IN [ june/NP ] ,/, [ two/AB months/NNS ] before/IN [ it/PP ] would/MD default/VB on/IN [ interest_6/NN payments/NNS ] covering/VBG [ some/DT ] of/IN [ its/PP$ $/$ 1.2/AB billion/AB ] of/IN [ speculative/JJ debt/NN securities/NNS ] ,/, [ new/NP york-based/JJ integrated/NP resources/NPS inc./NP ] said/VBD [ it/PP ] ran/VBD out/IN of/IN [ borrowed/VBN money/NN ] ./. 
$$
====================================== --/: in/IN [ august/NP ] ,/, [ resorts/NPS international/NP inc./NP ] ,/, [ which/WDT ] sold/VBD more/JJR than/IN [ $/$ 500/AB million/AB ] of/IN [ junk/NN bonds/NNS ] ,/, suspended/VBN [ interest_6/NN payments/NNS ] ./. 
$$
====================================== --/: in/IN [ september/NP ] ,/, just/RB as/IN [ the/DT cash/NN squeeze/NN ] hit/VBD [ campeau/NP ] ,/, [ lomas/NP financial/NP corp./NP ] defaulted/VBD on/IN [ $/$ 145/AB million/AB ] of/IN [ notes/NNS ] and/CC appeared/VBD unlikely/JJ to/TO pay/VB [ interest_6/NN ] on/IN [ a/DT total/NN ] of/IN [ $/$ 1.2/AB billion/AB ] of/IN [ debt/NN securities/NNS ] ./. 
$$
====================================== ``/`` [ the/DT era/NN ] of/IN [ the/DT 1980s/AB ] is/VBZ about/IN [ compound/JJ interest_6/NN ] and/CC [ the/DT ] reaching/NN for/IN [ it/PP ] ,/, ''/'' says/VBZ [ james/NP grant/NP ] ,/, [ editor/NN ] of/IN [ grant/NP 's/POS *interest/NP rate/NP observer/NP ] ,/, [ an/DT early/JJ critic/NN ] of/IN [ the/DT junk/NN bond/NN market/NN ] ./. 
$$
``/`` [ what/WP ] [ we/PP ] 've/VBP begun/VBN to/TO see/VB is/VBZ [ the/DT damage/NN ] to/TO [ businesses/NNS ] of/IN paying/VBG [ exorbitant/JJ compound/NN interest_6/NN ] ./. 
$$
[ businesses/NNS ] were/VBD borrowing/VBG at/IN [ interest_6/NN rates/NNS ] higher/JJR than/IN [ their/PP$ own/JJ earnings/NNS ] ./. 
$$
but/CC [ the/DT airlines/NNS ] are/VBP scarcely/RB [ a/DT clear/JJ case/NN ] ,/, given/VBN [ anti-takeover/JJ mischief/NN ] by/IN [ secretary/NP ] of/IN [ transportation/NP skinner/NP ] ,/, [ who/WP ] professes/VBZ to/TO believe/VB [ safety/NN ] will/MD be/VB compromised/VBN if/IN [ klm/NP ] and/CC [ british/NP airways/NPS own/VBP interests_5/NNS ] in/IN [ companies/NNS ] [ that/WDT ] fly/VBP [ airplanes/NNS ] ./. 
$$
====================================== [ interest_6/NN income/NN ] and/CC [ most/JJS fee/NN income/NN ] was/VBD strong/JJ ./. 
$$
====================================== among/IN [ unanswered/JJ questions/NNS ] are/VBP whether/IN [ mr./NP papandreou/NP ] received/VBD [ $/$ 23/AB million/AB ] of/IN [ stolen/VBN bank/NP ] of/IN [ crete/NP funds/NNS ] and/CC [ an/DT additional/JJ $/$ 734,000/AB ] in/IN [ bribes/NNS ] ,/, as/RB contended/VBN ;/: whether/IN [ the/DT prime/JJ minister/NN ] ordered/VBD [ state/NN agencies/NNS ] to/TO deposit/VB [ some/DT $/$ 57/AB million/AB ] in/IN [ mr./NP koskotas/NP 's/POS bank/NN ] and/CC then/RB skim/VB off/IN [ the/DT interest_6/NN ] ;/: and/CC ,/, [ what/WP ] [ pasok/NP 's/POS cut/NN ] was/VBD from/IN [ the/DT $/$ 210/AB million/AB mr./NP koskotas/NP ] pinched/VBD ./. 
$$
but/CC [ they/PP ] will/MD work/VB together/RB on/IN [ energy/NN ] -/: ,/, [ environmental/JJ ] -/: and/CC [ fair-trade-related/JJ issues/NNS ] and/CC [ conduct/VB seminars/NNS ] on/IN [ topics/NNS ] of/IN [ mutual/JJ interest_4/NN ] ,/, said/VBD [ gibson/NP gayle/NP jr./NP ] of/IN [ 585-lawyer/NN fulbright/NP ] &/CC [ jaworski/NP ] ./. 
$$
[ nbc/NP 's/POS interest_1/NN ] may/MD revive/VB [ the/DT deal/NN ] ,/, [ which/WDT ] [ mgmua/NP ] killed/VBD [ last/JJ week/NN ] when/WRB [ the/DT australian/JJ concern/NN ] had/VBD [ trouble/NN raising/VBG cash/NN ] ./. 
$$
[ nbc/NP ] may/MD yet/RB find/VB [ a/DT way/NN ] to/TO take/VB [ a/DT passive/JJ ] ,/, [ minority/NN interest_5/NN ] in/IN [ a/DT program-maker/NN ] without/IN violating/VBG [ the/DT rules/NNS ] ./. 
$$
since/IN [ nbc/NP 's/POS interest_1/NN ] in/IN [ the/DT qintex/NP bid/NN ] for/IN [ MGMNP ] was/VBD disclosed/VBN ,/, [ mr./NP wright/NP ] has/VBZ n't/RB been/VBN available/JJ for/IN [ comment/NN ] ./. 
$$
====================================== [ the/DT u.s./NP ] always/RB ought/MD to/TO stand/VB up/IN for/IN [ its/PP$ interests_4/NNS ] ,/, but/CC [ it/PP ] 's/VBZ essential/JJ that/IN [ u.s./NP officials/NNS ] have/VBP [ an/DT appreciation/NN ] of/IN [ the/DT politics/NNS ] and/CC [ history/NN ] of/IN [ our/PP$ allies/NNS ] ./. 
$$
====================================== [ warner/NP 's/POS decision/NN ] to/TO file/VB [ suit/NN ] in/IN [ the/DT wake/NN ] of/IN [ its/PP$ failure/NN ] to/TO reach/VB [ a/DT settlement/NN ] with/IN [ sony/NP ] did/VBD n't/RB [ surprise/VB executives/NNS ] at/IN [ rival/JJ studios/NNS ] ,/, [ who/WP ] say/VBP [ warner/NP ] is/VBZ only/RB protecting/VBG [ its/PP$ own/JJ interests_4/NNS ] ./. 
$$
[ the/DT official/NN ] said/VBD [ citic/NP ] will/MD pay/VB [ an/DT interest_6/NN rate/NN ] [ that/WDT ] will/MD be/VB about/IN [ 0.5/AB percentage/NN point/NN ] higher/JJR than/IN [ the/DT amount/NN citic/NP ] would/MD have/VB paid/VBN for/IN [ a/DT similar/JJ borrowing/NN ] before/IN [ june/NP 4/AB ] ./. 
$$
[ he/PP ] said/VBD [ it/PP ] was/VBD difficult/JJ to/TO calculate/VB [ the/DT exact/JJ interest_6/NN rate/NN ] because/IN of/IN [ the/DT currency/NN option/NN ] ./. 
$$
====================================== looking/VBG ahead/RB ,/, [ the/DT majority/NN ] of/IN [ area/NN officials/NNS ] expect/VBP [ interest_6/NN rates/NNS ] to/TO [ decline/VB ] and/CC [ inflation/NN ] to/TO rise/VB ,/, while/IN [ 44/AB %/NN ] of/IN [ the/DT chief/NN executives/NNS ] feel/VBP [ a/DT recession/NN ] is/VBZ likely/JJ by/IN [ the/DT end/NN ] of/IN ====================================== on/IN [ the/DT regional/JJ level/NN ] ,/, [ executives/NNS ] had/VBD [ less/RBR good/JJ news/NN ] to/TO report/VB about/IN [ their/PP$ own/JJ businesses/NNS ] ./. 
$$
''/'' ====================================== but/CC [ kamal/NP kant/NP tewary/NP ] ,/, [ minister/NN ] for/IN [ information/NN ] and/CC [ broadcasting/NN ] ,/, says/VBZ :/: ``/`` [ we/PP ] are/VBP [ the/DT elected/VBN representatives/NNS ] of/IN [ the/DT people/NNS ] ,/, and/CC [ we/PP ] will/MD do/VB [ whatever/WDT ] [ we/PP ] think/VBP is/VBZ fit/JJ and/CC in/IN [ the/DT interests_4/NNS ] of/IN [ the/DT people/NNS ] ./. 
$$
====================================== [ speculation/NN ] that/IN [ the/DT fed/NP ] would/MD sharply/RB ease/VB [ its/PP$ credit/NN reins/NNS ] was/VBD [ damped/VBN ] earlier/RBR [ this/DT week/NN ] when/WRB [ chairman/NP alan/NP greenspan/NP ] said/VBD [ central/JJ banks/NNS ] should/MD n't/RB focus/VB too/RB much/RB on/IN [ intermediate/JJ goals/NNS ] for/IN [ exchange/NN rates/NNS ] and/CC [ interest_6/NN rates/NNS ] ./. 
$$
====================================== vowing/VBG to/TO continue/VB [ his/PP$ government/NN 's/POS strategy/NN ] of/IN [ combating/VBG inflation/NN ] with/IN [ high/JJ interest_6/NN rates/NNS ] ,/, [ mr./NP lawson/NP ] told/VBD [ the/DT conservative/NP party/NP conference/NN ] that/IN [ the/DT battle/NN ] to/TO rein/VB in/IN [ inflation/NN ] required/VBD [ a/DT strong/JJ currency/NN ] ./. 
$$
====================================== moreover/RB ,/, [ the/DT current/JJ high/JJ level/NN ] of/IN [ the/DT u.s./NP stock/NN market/NN ] ,/, and/CC [ the/DT possibility/NN ] of/IN [ u.s./NP interest_6/NN rates/NNS ] being/VBG [ cut/NN ] or/CC [ japanese/JJ rates/NNS ] being/VBG raised/VBN again/RB to/TO keep/VB [ the/DT dollar/NN ] down/IN ,/, might/MD draw/VB [ funds/NNS ] currently/RB invested/VBN in/IN [ japanese/JJ equities/NNS ] into/IN [ the/DT u.s./NP market/NN ] ,/, [ some/DT investors/NNS ] fear/VBP ./. 
$$
====================================== [ yukio/NP itagaki/NP ] ,/, [ director/NN ] of/IN [ the/DT fund/NN management/NN department/NN ] at/IN [ kokusai/NP investment/NP trust/NP management/NP co./NP ] ,/, said/VBD [ the/DT discount/NN rate/NN increase/NN ] did/VBD n't/RB have/VB [ much/JJ effect/NN ] on/IN [ the/DT actual/JJ market/NN environment/NN ] ,/, as/IN [ short-term/JJ interest_6/NN rates/NNS ] already/RB had/VBD been/VBN above/IN [ 5/AB %/NN ] ./. 
$$
[ bull/NP last/JJ year/NN ] increased/VBD to/TO [ 69.4/AB %/NN its/PP$ controlling/VBG interest_5/NN ] in/IN [ honeywell/NP bull/NP inc/NP ] ./. 
$$
====================================== [ the/DT principal/JJ reason/NN ] for/IN [ the/DT slower/JJR growth/NN ] is/VBZ [ the/DT narrowing/VBG difference/NN ] in/IN [ interest_6/NN rates/NNS ] on/IN [ loans/NNS ] and/CC [ the/DT cost/NN ] of/IN [ *interest-bearing/JJ consumer/NN deposits/NNS ] ./. 
$$
[ an/DT official/NN ] said/VBD [ there/EX ] has/VBZ been/VBN [ much/JJ interest_1/NN ] in/IN [ the/DT company/NN ] recently/RB ./. 
$$
====================================== [ treasury/NP bonds/NNS ] ended/VBD modestly/RB [ higher/RBR yesterday/NN ] on/IN [ growing/VBG speculation/NN ] that/IN [ the/DT federal/NP reserve/NP ] is/VBZ allowing/VBG [ interest_6/NN rates/NNS ] to/TO ease/VB slightly/RB ./. 
$$
[ the/DT group/NN 's/POS bid/NN ] produced/VBD [ a/DT 6.634/AB %/NN true/JJ interest_6/NN cost/NN ] ./. 
$$
====================================== [ foreign/JJ bonds/NNS ] ====================================== [ interest_6/NN rates/NNS ] and/CC [ inflation/NN ] weighed/VBD heavily/RB on/IN [ the/DT japanese/JJ government/NN bond/NN market/NN ] ,/, [ which/WDT ] ended/VBD [ lower/RBR one/AB day/NN ] after/IN [ the/DT bank/NP ] of/IN [ japan/NP ] raised/VBD [ its/PP$ discount/NN rate/NN ] ./. 
$$
earlier/RBR [ this/DT month/NN ] ,/, [ gibbons/NP green/NP ] sold/VBD [ its/PP$ interest_5/NN ] in/IN [ sheller-globe/NP ] to/TO [ united/NP technologies/NP ] ./. 
$$
[ reduced/VBN u.s./NP interests_1/NNS ] in/IN [ panama/NP ] did/VBD n't/RB justify/VB risking/VBG [ american/JJ lives/NNS ] to/TO unseat/VB [ noriega/NP ] ./. 
$$
====================================== moreover/RB ,/, [ the/DT fine/JJ print/NN ] in/IN [ the/DT little-understood/JJ gramm-rudman/NP law/NN exempts/VBZ ] more/JJR than/IN [ half/NN ] of/IN [ all/DT federal/JJ ] spending/NN --/: including/VBG [ social/NP security/NP ] ,/, [ food/NN stamps/NNS ] ,/, [ federal/JJ pensions/NNS ] and/CC [ interest_6/NN payments/NNS ] --/: from/IN [ the/DT automatic/JJ cuts/NNS ] ./. 
$$
====================================== [ a/DT move/NN ] to/TO [ lower/VB interest_6/NN rates/NNS ] ``/`` remains/VBZ [ contingent/JJ ] on/IN [ evidence/NN ] that/IN [ domestic/JJ demand/NN ] is/VBZ slowing/VBG ,/, ''/'' said/VBD [ susan/NP hering/NP ] ,/, [ an/DT economist/NN ] at/IN [ salomon/NP brothers/NP inc/NP ] ./. 
$$
''/'' ====================================== [ stocks/NNS ] drew/VBD [ some/DT support/NN ] from/IN [ falling/VBG interest_6/NN rates/NNS ] ./. 
$$
====================================== ``/`` [ you/PP ] have/VBP [ the/DT specter/NN ] of/IN [ a/DT sell-off/NN ] in/IN [ japan/NP ] combined/VBN with/IN [ the/DT change/NN ] in/IN [ interest_6/NN rates/NNS ] reminding/VBG [ people/NNS ] that/IN [ global/JJ markets/NNS ] are/VBP linked/VBN ,/, ''/'' said/VBD [ new/NP york/NP stock/NP exchange/NP floor/NN trader/NN arthur/NP cashin/NP jr/NP ] ./. 
$$
====================================== [ mccaw/NP ] has/VBZ offered/VBN to/TO acquire/VB [ metromedia/NP 's/POS new/NP york/NP city/NP cellular/JJ telephone/NN interests_5/NNS ] and/CC ,/, in/IN [ a/DT separate/JJ transaction/NN ] ,/, sell/VB [ certain/JJ mccaw/NP properties/NNS ] to/TO [ contel/NP cellular/NP ] ./. 
$$
[ plastics/NNS machinery/NN ] accounted/VBD for/IN [ 28/AB %/NN ] of/IN [ milacron/NP 's/POS sales/NNS ] for/IN [ all/DT ] of/IN [ last/JJ year/NN ] and/CC [ 45/AB %/NN ] of/IN [ operating/NN profit/NN ] before/IN [ interest_6/NN ] and/CC [ corporate/JJ expense/NN ] ./. 
$$
====================================== [ british/JJ chancellor/NP ] of/IN [ the/DT exchequer/NP nigel/NP lawson/NP ] pledged/VBD to/TO continue/VB [ the/DT government/NN 's/POS strategy/NN ] of/IN [ fighting/VBG inflation/NN ] with/IN [ a/DT strong/JJ pound/NN ] and/CC [ high/JJ interest_6/NN rates/NNS ] for/IN as/RB long/JJ as/IN [ necessary/JJ ] ./. 
$$
====================================== [ the/DT tax/NN increases/NNS ] include/VBP [ provisions/NNS ] [ that/WDT ] would/MD prevent/VB [ companies/NNS ] [ that/WDT ] have/VBP made/VBN [ leveraged/VBN buy-outs/NNS ] from/IN getting/VBG [ federal/JJ tax/NN refunds/NNS ] resulting/VBG from/IN [ losses/NNS ] caused/VBN by/IN [ interest_6/NN payments/NNS ] on/IN [ debt/NN ] issued/VBN to/TO finance/VB [ the/DT buy-outs/NNS ] ./. 
$$
[ the/DT bill/NN ] also/RB would/MD close/VB [ a/DT loophole/NN regarding/VBG employee/NN stock/NN ownership/NN plans/NNS ] ,/, [ effective/JJ june/NP 6/AB ] ,/, [ 1989/AB ] ,/, [ that/WDT ] has/VBZ been/VBN exploited/VBN by/IN [ investment/NN bankers/NNS ] in/IN [ corporate/JJ takeovers/NNS ] ,/, and/CC would/MD curb/VB [ junk/NN bonds/NNS ] by/IN [ ending/VBG tax/NN benefits/NNS ] for/IN [ certain/JJ securities/NNS ] ,/, such/JJ as/IN [ zero-coupon/JJ bonds/NNS ] ,/, [ that/WDT ] postpone/VBP [ cash/NN interest_6/NN payments/NNS ] ./. 
$$
[ smith/NP ] did/VBD not/RB write/VB in/IN [ the/DT wealth/NP ] of/IN [ nations/NP ] that/IN [ an/DT ] ``/`` [ invisible/JJ hand/NN ] ''/'' always/RB connects/VBZ [ the/DT pursuit/NN ] of/IN [ self-interest/NN ] in/IN [ the/DT marketplace/NN ] to/TO [ the/DT interest_4/NN ] of/IN society/NN only/RB that/IN [ it/PP ] ``/`` frequently/RB ''/'' does/VBZ so/RB ./. 
$$
====================================== [ fed/NP fears/NNS ] about/IN [ its/PP$ independence/NN ] slow/VBP moves/NNS to/TO cut/VB [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ continental/NP bank/NP corp./NP ] --/: [ $/$ 150/AB million/AB ] of/IN [ floating-rate/JJ notes/NNS ] ,/, [ due/JJ oct./NP 18/AB ] ,/, [ 1994/AB ] ,/, priced/VBN with/IN [ an/DT interest_6/NN rate/NN ] [ that/WDT ] will/MD float/VB [ 15/AB basis/NN points/NNS ] above/IN [ the/DT three-month/JJ london/NP interbank/NP offered/NP rate/NP ] ./. 
$$
[ both/DT bank/NN ] holding/VBG [ companies/NNS ] attributed/VBD [ the/DT lackluster/JJ performance/NN ] to/TO [ high/JJ interest_6/NN rates/NNS they/PP ] must/MD pay/VB on/IN [ deposits/NNS ] because/IN of/IN [ increased/VBN competition/NN ] ./. 
$$
[ the/DT pittsburgh/NP bank/NN holding/VBG company/NN 's/POS fourth/JJ consecutive/JJ quarter/NN ] of/IN [ strengthened/VBN results/NNS ] reflected/VBD [ a/DT 5/AB %/NN rise/NN ] in/IN [ net/JJ interest_6/NN revenue/NN ] ,/, [ a/DT 6/AB %/NN increase/NN ] in/IN [ service/NN fees/NNS ] and/CC [ a/DT 25/AB %/NN drop/NN ] in/IN [ operating/NN expense/NN ] ./. 
$$
[ barnett/NP banks/NP ] said/VBD [ earnings/NNS ] from/IN [ 14/AB %/NN loan/NN growth/NN ] and/CC [ gains/NNS ] from/IN costcutting/NN [ efforts/NNS ] were/VBD offset/VBN by/IN [ a/DT decline/NN ] of/IN [ 20/AB basis/NN points/NNS ] in/IN [ its/PP$ net/JJ interest_6/NN margin/NN ] from/IN [ the/DT year-ago/JJ quarter/NN ] ./. 
$$
[ the/DT average/JJ rate/NN ] on/IN [ these/DT core/NN deposits/NNS ] rose/VBD [ seven/AB basis/NN points/NNS ] from/IN [ the/DT second/JJ quarter/NN ] --/: in/IN [ a/DT period/NN ] of/IN [ declining/VBG interest_6/NN rates/NNS ] ,/, primarily/RB on/IN [ the/DT loan/NN side/NN ] of/IN [ the/DT balance/NN sheet/NN ] ./. 
$$
that/DT reflected/VBN [ the/DT ] restructuring/NN at/IN [ a/DT reduced/VBN interest_6/NN rate/NN ] of/IN [ a/DT large/JJ loan/NN ] originated/VBN by/IN [ one/AB ] of/IN [ mellon/NP 's/POS mortgage/NN ] banking/NN [ units/NNS ] to/TO [ a/DT home/NN builder/NN ] and/CC [ the/DT addition/NN ] of/IN [ a/DT large/JJ midwest/JJS commercial/JJ mortgage/NN ] to/TO [ a/DT non-accrual/JJ basis/NN ] ./. 
$$
[ executives/NNS ] of/IN [ norcen/NP ] and/CC [ westmin/NP ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ oil/NN ] ,/, [ gas/NN ] and/CC [ mining/NN ] ,/, said/VBD [ the/DT dispute/NN ] stems/VBZ from/IN [ a/DT proposal/NN ] by/IN [ westmin/NP ] to/TO transfer/VB about/RB [ c$/$ 400/AB million/AB ] of/IN [ related/VBN tax/NN pools/NNS ] to/TO [ norcen/NP ] ,/, as/IN [ part/NN ] of/IN [ the/DT transaction/NN ] ./. 
$$
====================================== [ bnl/NP ] alleges/VBZ in/IN [ the/DT suit/NN ] that/IN [ the/DT credits/NNS ] and/CC [ loans/NNS ] were/VBD made/VBN at/IN [ interest_6/NN rates/NNS ] and/CC [ fees/NNS ] below/IN [ prevailing/VBG market/NN rates/NNS ] ,/, ``/`` [ a/DT fact/NN ] [ that/WDT ] was/VBD known/VBN or/CC should/MD have/VB been/VBN known/VBN [ both/DT ] to/TO [ the/DT defendants/NNS ] and/CC [ those/DT ] acting/VBG in/IN [ concert/NN ] with/IN [ them/PP ] ./. 
$$
====================================== [ varity/NP corp./NP ] said/VBD [ its/PP$ massey-ferguson/NP farm/NN machinery/NN unit/NN ] agreed/VBD to/TO sell/VB [ a/DT majority/NN interest_5/NN ] in/IN [ the/DT italian-based/JJ landini/NP tractor/NN business/NN ] to/TO [ eurobelge/NP s.a./NP ] of/IN [ luxembourg/NP ] ./. 
$$
====================================== [ varity/NN ] said/VBD [ it/PP ] will/MD retain/VB [ a/DT ] ``/`` [ substantial/JJ ] ''/'' [ minority/NN interest_5/NN ] in/IN [ landini/NP ] and/CC that/IN [ the/DT company/NN ] will/MD be/VB operated/VBN as/IN [ a/DT joint/JJ venture/NN ] ./. 
$$
====================================== [ traders/NNS ] expressed/VBD [ concern/NN ] that/IN [ the/DT data/NN ] ,/, coming/VBG on/IN [ the/DT heels/NNS ] of/IN [ federal/NP reserve/NP chairman/NP alan/NP greenspan/NP 's/POS indications/NNS ] that/IN [ the/DT fed/NP ] wo/MD n't/RB lower/VB [ interest_6/NN rates/NNS ] to/TO rein/VB in/IN [ the/DT dollar/NN ] ,/, may/MD worsen/VB [ the/DT rate/NN outlook/NN ] even/RB further/RBR ./. 
$$
[ its/PP$ interest_6/NN ] is/VBZ adjustable/JJ ,/, and/CC in/IN [ june/NP ] [ it/PP ] leapt/VBD to/TO [ 19/AB 14/AB %/NN ] ./. 
$$
``/`` but/CC [ we/PP ] ca/MD n't/RB keep/VB paying/VBG [ 19/AB 14/AB interest_6/NN ] ./. 
$$
if/IN [ the/DT company/NN ] ca/MD n't/RB refinance/VB [ the/DT bonds/NNS ] and/CC [ lower/VB its/PP$ interest_6/NN payments/NNS ] ,/, [ he/PP ] says/VBZ ,/, ``/`` [ we/PP ] 'll/MD be/VB in/IN [ nuclear/JJ meltdown/NN ] ./. 
$$
====================================== by/IN [ the/DT time/NN ] [ the/DT company/NN ] had/VBD sweetened/VBN [ the/DT pot/NN ] for/IN [ various/JJ constituencies/NNS ] ,/, [ its/PP$ annual/JJ carrying/NN costs/NNS ] in/IN [ interest_6/NN ] and/CC [ dividends/NNS ] had/VBD risen/VBN to/TO [ $/$ 148/AB million/AB ] ,/, up/RB [ $/$ 44/AB million/AB ] from/IN [ the/DT original/JJ lebow/NP plan/NN ] of/IN [ may/NP 1987/AB ] ./. 
$$
but/CC to/TO sell/VB [ the/DT bonds/NNS ] to/TO [ its/PP$ clients/NNS ] ,/, [ drexel/NP ] insisted/VBD [ the/DT terms/NNS ] provide/VBP [ that/IN interest_6/NN ] could/MD be/VB [ reset/NN ] twice/RB by/IN [ investment/NN bankers/NNS ] ./. 
$$
====================================== by/IN [ june/NP ] ,/, [ the/DT sorry/JJ state/NN ] of/IN [ the/DT business/NN ] caused/VBD [ interest_6/NN ] on/IN [ the/DT junk/NN ] bonds/NNS to/TO be/VB [ reset/VBN ] to/TO [ 19/AB 14/AB %/NN ] from/IN [ 16/AB 12/AB %/NN ] ,/, increasing/VBG [ the/DT company/NN 's/POS annual/JJ *interest/NN payments/NNS ] by/IN [ $/$ 13.8/AB million/AB ] ./. 
$$
====================================== by/IN [ june/NP ] ,/, [ the/DT sorry/JJ state/NN ] of/IN [ the/DT business/NN ] caused/VBD [ *interest/NN ] on/IN [ the/DT junk/NN ] bonds/NNS to/TO be/VB [ reset/VBN ] to/TO [ 19/AB 14/AB %/NN ] from/IN [ 16/AB 12/AB %/NN ] ,/, increasing/VBG [ the/DT company/NN 's/POS annual/JJ interest_6/NN payments/NNS ] by/IN [ $/$ 13.8/AB million/AB ] ./. 
$$
[ the/DT auto/NN maker/NN ] would/MD n't/RB say/VB how/WRB [ the/DT equity/NN interests_5/NNS ] would/MD be/VB divided/VBN among/IN [ the/DT partners/NNS ] ,/, but/CC expressed/VBN [ hope/NN ] that/IN [ the/DT transaction/NN ] would/MD be/VB completed/VBN by/IN [ year/NN end/NN ] ./. 
$$
====================================== [ c./NP vincent/NP prothro/NP ] ,/, [ chairman/NN ] and/CC [ chief/JJ executive/JJ officer/NN ] of/IN [ this/DT maker/NN ] of/IN [ semiconductors/NNS ] ,/, was/VBD named/VBN to/TO [ the/DT additional/JJ post/NN ] of/IN [ president/NN ] ,/, succeeding/VBG [ john/NP w./NP smith/NP ] ,/, [ who/WP ] resigned/VBD to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== [ mesa/NP airlines/NP inc./NP ] ,/, [ farmington/NP ] ,/, [ n.m./NP ] ,/, said/VBD [ it/PP ] has/VBZ ``/`` [ no/DT interest_1/NN ] ''/'' in/IN [ a/DT merger/NN proposal/NN ] from/IN [ its/PP$ tiny/JJ rival/NN ] ,/, [ stateswest/NP airlines/NP ] ./. 
$$
as/IN [ part/NN ] of/IN [ the/DT settlement/NN ] ,/, [ ge/NP ] ,/, with/IN [ interests_5/NNS ] in/IN [ electrical/JJ products/NNS ] ,/, [ financial/JJ services/NNS ] and/CC [ broadcasting/NN ] ,/, also/RB agreed/VBD to/TO implement/VB [ certain/JJ policies/NNS ] and/CC [ procedures/NNS ] at/IN [ the/DT facility/NN ] where/WRB [ the/DT adapters/NNS ] were/VBD manufactured/VBN ,/, so/RB that/IN [ the/DT situation/NN ] leading/VBG to/TO [ the/DT investigation/NN ] would/MD not/RB recur/VB ./. 
$$
====================================== citing/VBG [ a/DT decline/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, [ an/DT ] overly/RB [ costly/JJ pipe/NN replacement/NN program/NN ] and/CC [ the/DT borrowing/NN ] of/IN [ $/$ 58.1/AB million/AB ] by/IN [ the/DT utility/NN ] to/TO purchase/VB [ primerit/NP bank/NP ] ,/, [ the/DT commission/NN staff/NN ] called/VBD [ the/DT rate/NN request/NN ] ``/`` [ unjustified/JJ ] on/IN [ the/DT basis/NN ] of/IN [ the/DT facts/NNS ] [ that/WDT ] have/VBP emerged/VBN from/IN [ our/PP$ extensive/JJ study/NN ] ./. 
$$
====================================== [ the/DT new/JJ blue/NP chip/NP forecast/NN ] also/RB shows/VBZ [ the/DT administration/NN 's/POS optimistic/JJ july/NP forecasts/NNS ] for/IN [ inflation/NN ] and/CC [ interest_6/NN rates/NNS ] [ this/DT year/NN ] are/VBP now/RB more/RBR widely/RB held/VBN ./. 
$$
[ the/DT bush/NP economists/NNS ] predict/VBP [ 2.3/AB %/NN growth/NN ] and/CC [ a/DT 6.7/AB %/NN interest_6/NN rate/NN ] on/IN [ three-month/JJ treasury/NP bills/NNS ] ;/: [ the/DT private/JJ economists/NNS ] foresee/VBP only/RB [ 1.8/AB %/NN growth/NN ] and/CC [ a/DT 7.3/AB %/NN rate/NN ] on/IN [ three-month/JJ treasury/NP bills/NNS ] ./. 
$$
[ ge/NP ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ consumer/NN ] and/CC [ industrial/JJ products/NNS ] and/CC [ broadcasting/NN ] ./. 
$$
====================================== [ thursday/NP ] ,/, [ october/NP 12/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ the/DT engine/NN maker/NN ] is/VBZ [ a/DT unit/NN ] of/IN [ united/NP technologies/NPS corp./NP ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN making/VBG [ helicopters/NNS ] ,/, [ elevators/NNS ] ,/, and/CC [ defense/NN ] and/CC [ industrial/JJ products/NNS ] ./. 
$$
[ refcorp/NP ] also/RB said/VBD [ the/DT bonds/NNS ] may/MD be/VB stripped/VBN into/IN [ their/PP$ separate/JJ interest_6/NN ] and/CC [ principal/JJ components/NNS ] ./. 
$$
''/'' ====================================== [ mr./NP schumer/NP ] said/VBD [ the/DT notes/NNS ] issued/VBN by/IN [ such/JJ an/DT rtc/NP thrift/NN ] would/MD require/VB [ a/DT higher/JJR interest_6/NN rate/NN ] that/IN of/IN [ regular/JJ treausry/NP debt/NN ] ./. 
$$
====================================== [ the/DT state/NN ] of/IN [ bavaria/NP ] is/VBZ ready/JJ to/TO sell/VB [ its/PP$ 35.45/AB %/NN interest_5/NN ] in/IN [ tank/NN maker/NN krauss-maffei/NP ag/NP ] ,/, [ the/DT bavarian/JJ finance/NN minister/NN ] said/VBD ./. 
$$
[ the/DT company/NN ] has/VBZ [ interests_5/NNS ] in/IN [ publishing/VBG large-typeface/NN books/NNS ] and/CC providing/VBG [ direct/JJ response/NN advertising/NN ] ./. 
$$
====================================== [ the/DT realignment/NN ] ,/, [ which/WDT ] essentially/RB splits/VBZ [ the/DT business/NN ] into/IN [ its/PP$ long-distance/NN operations/NNS ] and/CC [ its/PP$ local/JJ telecommunications/NN operations/NNS ] ,/, comes/VBZ [ nine/AB months/NNS ] after/IN [ united/NP telecom/NP ] brought/VBD controlling/JJ [ interest_5/NN ] in/IN [ sprint/NP ] from/IN [ gte/NP corp/NP ] ./. 
$$
''/'' ====================================== [ mr./NP mcdermott/NP ] cited/VBD [ chase/NP 's/POS slimmer/JJR net/JJ interest_6/NN margin/NN ] --/: [ the/DT difference/NN ] between/IN [ what/WP ] [ it/PP ] pays/VBZ and/CC [ charges/VBZ ] for/IN [ money/NN ] --/: as/IN [ one/AB disappointment/NN ] ./. 
$$
====================================== [ net/JJ interest_6/NN income/NN ] rose/VBD [ 4.4/AB %/NN ] to/TO [ $/$ 768/AB million/AB ] from/IN [ $/$ 734/AB million/AB ] [ a/DT year/NN ] ago/RB ./. 
$$
[ the/DT third-quarter/NN ] and/CC [ year-earlier/JJ results/NNS ] do/VBP n't/RB reflect/VB [ $/$ 82/AB million/AB ] of/IN [ interest_6/NN payments/NNS ] owed/VBN but/CC not/RB paid/VBN by/IN [ brazil/NP ] ./. 
$$
[ they/PP ] also/RB asked/VBD how/WRB to/TO balance/VB [ the/DT competing/VBG values/NNS ] of/IN [ the/DT constitutional/JJ right/NN ] to/TO [ abortion/NN ] and/CC [ the/DT state/NN 's/POS ] ``/`` [ interest_1/NN ] in/IN protecting/VBG [ potential/JJ human/JJ life/NN ] ./. 
$$
falling/VBG [ interest_6/NN rates/NNS ] prompt/VBP [ cities/NNS ] and/CC [ states/NNS ] to/TO issue/VB [ more/JJR municipal/JJ bonds/NNS ] ./. 
$$
``/`` [ we/PP ] feel/VBP [ interest_6/NN rates/NNS ] are/VBP pretty/RB favorable/JJ now/RB for/IN [ long-term/JJ debt/NN ] ,/, ''/'' says/VBZ [ philip/NP shapiro/NP ] ,/, [ chief/JJ financial/JJ officer/NN ] of/IN [ the/DT massachusetts/NP water/NP resources/NPS authority/NP ] ./. 
$$
although/IN [ ramada/NP ] will/MD have/VB to/TO ask/VB for/IN [ an/DT extension/NN ] of/IN [ the/DT nov./NP 30/AB termination/NN date/NN ] for/IN [ the/DT agreement/NN ] and/CC [ other/JJ concessions/NNS ] ,/, [ a/DT prime/NP official/NN ] and/CC [ others/NNS ] familiar/JJ with/IN [ the/DT transaction/NN ] said/VBD [ the/DT delay/NN ] wo/MD n't/RB affect/VB [ the/DT buyers/NNS '/POS interest_1/NN ] in/IN [ the/DT hotels/NNS ] ./. 
$$
[ that/DT strategy/NN ] ,/, launched/VBN by/IN [ treasury/NP secretary/NP nicholas/NP brady/NP ] in/IN [ march/NP ] ,/, initially/RB stressed/VBD cutting/VBG back/RB [ debt/NN ] and/CC [ interest_6/NN payments/NNS ] ,/, but/CC recently/RB [ it/PP ] has/VBZ placed/VBN [ more/JJR emphasis/NN ] on/IN [ continued/JJ bank/NN lending/NN ] ./. 
$$
[ some/DT administration/NN officials/NNS ] [ who/WP ] have/VBP advocated/VBN cutting/VBG back/RB [ debt/NN ] and/CC [ interest_6/NN payments/NNS ] oppose/VBP [ the/DT recent/JJ re-emphasis/NN ] on/IN [ continued/JJ bank/NN ] lending/NN and/CC are/VBP trying/VBG to/TO counter/VB [ it/PP ] ./. 
$$
but/CC [ the/DT nbc/NP spokesman/NN ] said/VBD that/IN [ nbc/NP 's/POS interest_1/NN ] was/VBD never/RB meant/VBN to/TO be/VB seen/VBN as/IN [ a/DT direct/JJ challenge/NN ] to/TO [ the/DT ] ``/`` [ anachronistic/JJ ] and/CC [ antiquated/JJ ] ''/'' [ rules/NNS ] ./. 
$$
====================================== only/RB [ $/$ 579.8/AB billion/AB ] at/IN [ an/DT annual/JJ rate/NN ] in/IN [ the/DT second/JJ quarter/NN ] of/IN [ 1989/AB ] ,/, or/CC less/JJR than/IN [ half/NN ] of/IN [ uncle/NP sam/NP 's/POS outlays/NNS ] ,/, according/VBG to/TO [ the/DT august/NP issue/NN ] of/IN [ economic/NP indicators/NPS ] ,/, went/VBD for/IN [ such/JJ things/NNS ] as/IN [ interest_6/NN ] on/IN [ debt/NN ] ,/, [ a/DT new/JJ defense/NP department/NP computer/NN ] ,/, [ a/DT space/NN shot/NN ] ,/, or/CC [ the/DT salary/NN ] of/IN [ a/DT postal/JJ worker/NN ] or/CC [ congressman/NN ] ./. 
$$
====================================== (/( [ this/DT transfer/NN growth/NN ] ,/, at/IN [ 52/AB %/NN ] of/IN [ budget/NN ] ,/, has/VBZ seemingly/RB slowed/VBN from/IN [ the/DT last/JJ carter/NP administration/NN year/NN ] of/IN [ 1980/AB ] ,/, when/WRB [ it/PP ] was/VBD [ 58/AB %/NN ] ,/, but/CC [ the/DT ] ``/`` [ slowdown/NN ] ''/'' stems/VBZ mainly/RB from/IN [ the/DT sharp/JJ run-up/NN ] of/IN [ debt/NN interest_6/NN ] in/IN [ the/DT 1980s/NNS ] ./. 
$$
====================================== for/IN does/VBZ [ it/PP ] make/VB [ sense/NN ] for/IN [ congress/NP ] to/TO transfer/VB [ money/NN ] --/: in/IN [ the/DT face/NN ] of/IN [ a/DT ] mounting/VBG [ $/$ 2.9/AB trillion/AB gross/JJ federal/JJ debt/NN ] and/CC [ net/JJ interest_6/NN payments/NNS ] now/RB at/IN about/IN [ $/$ 175/AB billion/AB ] annually/RB --/: to/TO [ states/NNS ] and/CC [ localities/NNS ] [ that/WDT ] are/VBP [ themselves/PP ] relatively/RB debt-free/JJ ./. 
$$
``/`` [ she/PP ] has/VBZ taken/VBN [ an/DT interest_1/NN ] in/IN [ religion/NN ] ''/'' and/CC reads/VBZ [ the/DT bible/NP ] and/CC [ buddhist/JJ works/NNS ] in/IN [ the/DT evenings/NNS ] ./. 
$$
[ the/DT new/JJ method/NN ] will/MD likely/RB speed/VB [ development/NN ] of/IN [ medical/JJ diagnostic/JJ products/NNS ] ,/, and/CC has/VBZ already/RB stirred/VBN [ intense/JJ interest_1/NN ] among/IN [ major/JJ drug/NN companies/NNS ] ./. 
$$
[ commercial/JJ interest_1/NN ] is/VBZ intense/JJ ./. 
$$
``/`` [ there/EX ] 's/VBZ [ a/DT very/RB broad/JJ interest_1/NN ] in/IN [ low/JJ cholesterol/NN ] across/IN [ a/DT spectrum/NN ] of/IN [ ages/NNS ] ./. 
$$
====================================== [ the/DT big/JJ dairy/NN companies/NNS ] --/: including/VBG [ dairymen/NP inc./NP ] ,/, [ borden/NP inc./NP ] and/CC [ kraft/NP ] --/: are/VBP close-mouthed/JJ about/IN [ the/DT new/JJ cholesterol-reduction/NN processes/NNS ] ,/, saying/VBG only/RB that/IN [ they/PP ] are/VBP watching/VBG [ them/PP ] with/IN [ interest_1/NN ] ./. 
$$
====================================== [ yields/NNS ] on/IN [ money-market/JJ mutual/JJ funds/NNS ] slipped/VBD back/RB to/TO [ september/NP 's/POS levels/NNS ] ,/, reflecting/VBG [ this/DT week/NN 's/POS retreat/NN ] of/IN [ short-term/JJ interest_6/NN rates/NNS ] ./. 
$$
[ that/DT rise/NN ] ,/, from/IN [ 8.60/AB %/NN ] ,/, was/VBD [ a/DT result/NN ] of/IN [ higher/JJR short-term/JJ interest_6/NN rates/NNS ] in/IN [ the/DT previous/JJ reporting/NN week/NN ] ,/, said/VBD [ brenda/NP malizia/NP negus/NP ] ,/, [ editor/NN ] of/IN [ the/DT holliston/NP ] ,/, [ mass.-based/JJ newsletter/NN ] ./. 
$$
====================================== [ ms./NP negus/NP ] noted/VBD that/IN [ interest_6/NN rates/NNS ] generally/RB declined/VBD following/VBG [ friday/NP 's/POS employment/NN report/NN ] ./. 
$$
[ compound/JJ yields/NNS ] assume/VBP that/IN [ dividends/NNS ] are/VBP reinvested/VBN and/CC that/IN [ interest_6/NN rates/NNS ] remain/VBP [ constant/JJ ] for/IN [ one/AB year/NN ] ./. 
$$
[ laidlaw/NP ] is/VBZ [ a/DT waste/NN management/NN ] and/CC [ school-bus/NN operator/NN ] ,/, in/IN [ which/WDT ] [ canadian/NP pacific/NP ltd./NP ] has/VBZ [ a/DT 47/AB %/NN voting/NN interest_5/NN ] ./. 
$$
====================================== as/IN [ a/DT result/NN ] of/IN [ the/DT panama/NP fiasco/NN ] ,/, [ a/DT lot/NN ] of/IN [ people/NNS ] ,/, in/IN [ the/DT u.s./NP ] and/CC elsewhere/RB ,/, now/RB will/MD be/VB watching/VBG [ the/DT american/JJ presidency/NN ] with/IN [ interest_1/NN ] ./. 
$$
====================================== ``/`` [ the/DT events/NNS ] of/IN [ recent/JJ days/NNS ] ,/, ''/'' wrote/VBD [ mr./NP lacey/NP ] ,/, ``/`` suggest/VBP that/IN at/IN [ least/JJS ] [ some/DT ] of/IN [ the/DT ibt/NP leadership/NN ] may/MD now/RB believe/VB [ it/PP ] is/VBZ in/IN [ their/PP$ own/JJ best/JJS interests_4/NNS ] to/TO cooperate/VB as/IN little/RB as/RB possible/JJ --/: or/CC even/RB not/RB at/IN [ all/DT ] --/: with/IN [ the/DT court-appointed/JJ officers/NNS ] ./. 
$$
====================================== [ the/DT dollar/NN ] shrugged/VBD off/RP [ a/DT surprise/NN rise/NN ] in/IN [ japanese/JJ interest_6/NN rates/NNS ] and/CC gained/VBD despite/IN [ concerted/JJ selling/NN ] by/IN [ central/JJ banks/NNS ] ,/, while/IN [ the/DT fed/NP 's/POS *interest/NN rate/NN stance/NN ] subdued/VBD [ stock/NN ] and/CC [ bond/NN traders/NNS ] ./. 
$$
====================================== [ the/DT dollar/NN ] shrugged/VBD off/RP [ a/DT surprise/NN rise/NN ] in/IN [ japanese/JJ *interest/NN rates/NNS ] and/CC gained/VBD despite/IN [ concerted/JJ selling/NN ] by/IN [ central/JJ banks/NNS ] ,/, while/IN [ the/DT fed/NP 's/POS interest_6/NN rate/NN stance/NN ] subdued/VBD [ stock/NN ] and/CC [ bond/NN traders/NNS ] ./. 
$$
====================================== by/IN [ midday/NN ] ,/, [ fed-watching/JJ traders/NNS ] saw/VBD that/IN [ the/DT u.s./NP central/JJ bank/NN was/VBD n't/RB allowing/VBG interest_6/NN rates/NNS ] to/TO drift/VB lower/RBR and/CC concluded/VBD that/IN [ the/DT fed/NP ] remains/VBZ more/RBR concerned/JJ about/IN [ fighting/VBG inflation/NN ] through/IN [ firm/JJ *interest/NN rates/NNS ] than/IN about/IN helping/VBG to/TO rein/VB in/RP [ the/DT dollar/NN ] ./. 
$$
[ the/DT fed/NP ] would/MD n't/RB reduce/VB [ interest_6/NN rates/NNS ] before/IN [ such/JJ an/DT important/JJ inflation/NN indicator/NN ] is/VBZ out/RB ,/, [ mr./NP strauss/NP ] said/VBD ./. 
$$
[ it/PP ] 's/VBZ in/IN [ this/DT country/NN 's/POS national/JJ interest_4/NN ] to/TO have/VB [ four/AB ] or/CC [ five/AB american/JJ international/JJ banks/NNS ] ./. 
$$
====================================== since/IN [ the/DT rjr/NP bombshell/NN ] burst/VBD [ last/JJ october/NP ] ,/, [ long-term/JJ industrials/NNS ] have/VBP produced/VBN [ an/DT annual/JJ total/JJ return/NN ] --/: [ including/VBG price/NN changes/NNS ] and/CC [ interest_6/NN ] --/: of/IN [ 13.35/AB %/NN ] ,/, well/RB below/IN [ the/DT 16.80/AB %/NN ] on/IN [ telephone/NN issues/NNS ] and/CC [ the/DT 15.93/AB %/NN ] on/IN [ electric/JJ utilities/NNS ] ,/, according/VBG to/TO [ merrill/NP lynch/NP ] &/CC [ co./NP 's/POS bond/NN indexes/NNS ] ./. 
$$
[ several/JJ say/NN investors/NNS ] claim/VBP to/TO want/VB [ event-risk/JJ protection/NN ] until/IN [ they/PP ] discover/VBP [ they/PP ] will/MD have/VB to/TO pay/VB for/IN [ it/PP ] by/IN [ lower/JJR interest_6/NN rates/NNS ] on/IN [ their/PP$ bonds/NNS ] ./. 
$$
====================================== but/CC [ mr./NP samson/NP ] of/IN [ s&p/NP ] says/VBZ ,/, ``/`` [ our/PP$ experience/NN ] shows/VBZ unequivocally/RB [ there/EX ] 's/VBZ [ a/DT tremendous/JJ interest_1/NN ] in/IN [ protection/NN ] against/IN [ event/NN risk/NN ] ./. 
$$
''/'' ====================================== [ annual/JJ total/JJ returns/NNS ] ,/, including/VBG [ price/NN changes/NNS ] and/CC [ interest_6/NN income/NN ] ,/, on/IN [ investment-grade/JJ bonds/NNS ] issued/VBN by/IN [ industrial/JJ corporations/NNS ] ,/, [ other/JJ investment-grade/JJ corporate/JJ bonds/NNS ] and/CC [ u.s./NP treasury/NP bonds/NNS ] since/IN [ oct./NN 21/AB ] ,/, [ 1988/AB ] ./. 
$$
====================================== since/IN [ 1986/AB ] ,/, when/WRB [ congress/NP ] passed/VBD [ landmark/NN legislation/NN ] overhauling/VBG [ the/DT u.s./NP tax/NN code/NN ] ,/, [ u.s./NP multinationals/NNS ] have/VBP been/VBN required/VBN to/TO allocate/VB [ interest_6/NN expenses/NNS ] on/IN [ a/DT consolidated/JJ basis/NN ] ./. 
$$
[ the/DT effect/NN ] for/IN [ many/JJ companies/NNS ] has/VBZ been/VBN to/TO increase/VB [ the/DT effective/NN cost/NN ] of/IN [ debt/NN financing/NN ] ,/, because/IN [ interest_6/NN expenses/NNS ] allocated/VBN against/IN [ foreign/JJ income/NN ] ``/`` crowd/VBP out/RP ''/'' [ tax/NN credits/NNS ] [ that/WDT ] otherwise/RB might/MD be/VB available/JJ ./. 
$$
====================================== thus/RB ,/, [ interest_6/NN expenses/NNS ] in/IN [ the/DT u.s./NP ] must/MD now/RB be/VB allocated/VBN [ prorata/FW ] to/TO [ foreign-based/JJ assets/NNS ] ./. 
$$
however/RB ,/, by/IN setting/VBG up/RP [ ford/NP holdings/NPS ] ,/, and/CC selling/VBG [ the/DT 25/AB %/NN stake/NN ] making/VBG [ it/PP ] [ a/DT stand-alone/JJ unit/NN ] under/IN [ the/DT tax/NN law/NN ] ,/, [ ford/NP ] is/VBZ n't/RB required/VBN to/TO consolidate/VB [ these/DT interest_6/NN expenses/NNS ] and/CC can/MD preserve/VB [ its/PP$ foreign/JJ tax/NN credits/NNS ] ./. 
$$
[ preferred/JJ stock/NN ] normally/RB pays/VBZ [ dividends/NNS ] to/TO [ holders/NNS ] comparable/JJ to/TO [ interest_6/NN rates/NNS ] on/IN [ some/DT money-market/JJ investments/NNS ] ./. 
$$
[ the/DT open/JJ interest_5/NN ] ,/, or/CC [ the/DT number/NN ] of/IN [ contracts/NNS ] [ that/WDT ] remain/VBP to/TO be/VB either/CC nullified/VBN by/IN [ an/DT opposite/JJ trade/NN ] or/CC fulfilled/VBN by/IN [ delivery/NN ] of/IN [ the/DT commodity/NN ] ,/, in/IN [ the/DT december/NP contract/NN ] yesterday/NN rose/VBD by/IN [ 513/AB contracts/NNS ] to/TO [ 18,950/AB contracts/NNS ] ./. 
$$
====================================== [ the/DT december/NP open/JJ interest_5/NN ] is/VBZ equivalent/JJ to/TO [ 236,913/AB tons/NNS ] of/IN [ copper/NN ] ./. 
$$
[ john/NP gross/NP ] ,/, [ president/NN ] of/IN [ j.e./NP gross/NP ] &/CC [ associates/NP ] ,/, [ a/DT copper/NN industry/NN advisory/NN firm/NN ] based/VBN in/IN [ new/NP city/NP ] ,/, [ n.y./NP ] ,/, noted/VBD [ that/IN tonnage/NN ] represented/VBN by/IN [ 11,313/AB contracts/NNS ] of/IN [ open/JJ interest_5/NN ] in/IN [ december/NP options/NNS ] on/IN [ copper/NN futures/NNS ] must/MD be/VB added/VBN ./. 
$$
====================================== [ that/DT ] makes/VBZ [ the/DT total/JJ open/JJ interest_5/NN ] in/IN [ copper/NN futures/NNS ] and/CC [ options/NNS ] equal/JJ to/TO [ 378,326/AB tons/NNS ] ./. 
$$
[ the/DT wide/JJ disparity/NN ] between/IN [ open/JJ interest_5/NN ] and/CC [ deliverable/JJ supplies/NNS ] is/VBZ n't/RB as/RB great/JJ as/IN [ the/DT numbers/NNS ] suggest/VBP because/IN [ the/DT vast/JJ majority/NN ] of/IN [ futures/NNS contracts/NNS ] are/VBP simply/RB nullified/VBN by/IN offsetting/VBG [ trades/NNS ] and/CC [ most/JJS option/NN contracts/NNS ] typically/RB expire/VBP [ unexercised/JJ ] ./. 
$$
in/IN [ recent/JJ months/NNS ] ,/, [ similar/JJ ] potentially/RB [ tight/JJ supply/NN vs./IN open/JJ interest_5/NN situations/NNS ] have/VBP been/VBN resolved/VBN without/IN [ delivery/NN problems/NNS ] ./. 
$$
====================================== also/RB ,/, [ mr./NP gross/NP ] noted/VBD ,/, [ copper/NN options/NNS ] expire/VBP in/IN [ november/NP ] ,/, so/IN [ the/DT pressure/NN ] of/IN [ that/DT open/JJ interest_5/NN ] will/MD be/VB relieved/VBN [ a/DT month/NN ] before/IN [ any/DT delivery/NN crunch/NN ] occurs/VBZ in/IN [ futures/NNS ] ./. 
$$
[ the/DT tax/NN deductions/NNS ] resulted/VBD from/IN [ fraudulent/JJ interest_6/NN expenses/NNS ] created/VBN in/IN [ 1981/AB ] ,/, [ the/DT indictment/NN ] alleged/VBD ./. 
$$
====================================== specifically/RB ,/, [ the/DT defendants/NNS ] are/VBP charged/VBN with/IN creating/VBG [ fraudulent/JJ interest_6/NN expenses/NNS ] in/IN [ 1981/AB ] through/IN prearranged/JJ ,/, [ bogus/JJ transactions/NNS ] in/IN [ government/NN securities/NNS ] ./. 
$$
====================================== [ wednesday/NP ] ,/, [ october/NP 11/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ american/NP express/NP ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ financial/JJ services/NNS ] and/CC publishing/NN ./. 
$$
====================================== [ american/JJ basketball/NN ] stars/NNS [ danny/NP ferry/NP ] and/CC [ brian/NP shaw/NP ] are/VBP generating/VBG [ a/DT lot/NN ] of/IN [ interest_1/NN ] in/IN [ italian/JJ basketball/NN ] ,/, but/CC [ they/PP ] have/VBP n't/RB generated/VBN [ a/DT lot/NN ] of/IN [ wins/NNS ] yet/RB for/IN [ their/PP$ messaggero/NP roma/NP team/NN ] ,/, owned/VBN by/IN [ the/DT ferruzzi/NP group/NN ] ./. 
$$
====================================== ``/`` [ we/PP ] 've/VBP had/VBN [ expressions/NNS ] of/IN [ interest_1/NN ] ,/, not/RB offers/NNS ,/, ''/'' [ an/DT ami/NP spokeswoman/NN ] said/VBD ./. 
$$
therefore/RB [ it/PP ] does/VBZ n't/RB surprise/VB [ me/PP ] that/IN [ there/EX ] [ 's/VBZ considerable/JJ interest_1/NN ] in/IN [ it/PP ] ,/, ''/'' [ a/DT first/NPS boston/NP official/NN ] said/VBD ./. 
$$
[ lenders/NNS ] also/RB balked/VBD because/IN of/IN pending/VBG [ congressional/JJ action/NN ] on/IN [ a/DT proposal/NN ] on/IN [ tax/NN deductibility/NN ] of/IN [ interest_6/NN payments/NNS ] in/IN [ some/DT securities/NNS ] ./. 
$$
[ mr./NP weinroth/NP ] said/VBD [ he/PP ] told/VBD [ whitehall/NP ] ``/`` that/IN [ we/PP ] really/RB had/VBD [ serious/JJ interest_1/NN ] on/IN [ a/DT deal/NN ] [ that/WDT ] was/VBD much/RB more/RBR attractive/JJ ''/'' to/TO [ integrated/NP ] ./. 
$$
''/'' ====================================== [ integrated/NP ] ,/, [ which/WDT ] has/VBZ been/VBN struggling/VBG to/TO avoid/VB [ a/DT bankruptcy-law/NN ] filing/NN since/IN [ it/PP ] failed/VBD to/TO make/VB [ interest_6/NN payments/NNS ] in/IN [ june/NP ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ,/, would/MD use/VB [ proceeds/NNS ] from/IN [ the/DT sale/NN ] of/IN [ the/DT core/NN businesses/NNS ] to/TO [ restructure/NN debt/NN ] ./. 
$$
''/'' ====================================== ``/`` after/IN seeing/VBG `/`` [ bambi/NP ] ,/, '/'' [ nobody/NN ] wants/VBZ to/TO kill/VB [ a/DT deer/NN ] ,/, ''/'' says/VBZ [ prof./NP luis/NP a./NP cafferarelli/NP ] ,/, [ whose/WP$ current/JJ major/JJ interest_3/NN ] is/VBZ [ free/JJ boundary/NN problems/NNS ] in/IN [ differential/JJ equations/NNS ] ./. 
$$
[ the/DT sale/NN ] includes/VBZ [ all/DT ] of/IN [ a&m/NP 's/POS record/NN operations/NNS ] ,/, [ its/PP$ music/NN video/NN interests_5/NNS ] and/CC [ a&m/NP 's/POS los/NP angeles/NP offices/NNS ] but/CC not/RB [ the/DT music-publishing/JJ *interests/NNS ] ./. 
$$
[ the/DT sale/NN ] includes/VBZ [ all/DT ] of/IN [ a&m/NP 's/POS record/NN operations/NNS ] ,/, [ its/PP$ music/NN video/NN *interests/NNS ] and/CC [ a&m/NP 's/POS los/NP angeles/NP offices/NNS ] but/CC not/RB [ the/DT music-publishing/JJ interests_5/NNS ] ./. 
$$
====================================== [ bank/NP one/NP ] also/RB had/VBD expressed/VBN [ interest_1/NN ] in/IN [ mcorp/NP 's/POS mvestment/NP unit/NN ] ,/, [ which/WDT ] handles/VBZ about/RB [ $/$ 17/AB billion/AB ] in/IN [ trust/NN ] and/CC [ custody/NN assets/NNS ] ./. 
$$
[ may/NP ] also/RB will/MD acquire/VB [ a/DT 20/AB %/NN interest_5/NN ] in/IN [ the/DT new/JJ company/NN ] ./. 
$$
====================================== [ first/NP union/NP corp./NP ] ,/, [ charlotte/NP ] ,/, [ n.c./NP ] ,/, reported/VBD [ a/DT 4.4/AB %/NN decline/NN ] in/IN [ third-quarter/JJ earnings/NNS ] to/TO [ $/$ 70.7/AB million/AB ] ,/, or/CC [ 66/AB cents/NNS ] [ a/DT share/NN ] ,/, as/IN [ price/NN competition/NN ] continued/VBD to/TO pressure/VB [ net/JJ interest_6/NN margins/NNS ] ./. 
$$
====================================== first/RB [ union/NP 's/POS net/JJ interest_6/NN income/NN ] ,/, squeezed/VBN between/IN [ lower/JJR rates/NNS ] on/IN [ loans/NNS ] and/CC [ higher/JJR rates/NNS ] for/IN [ deposits/NNS ] ,/, decreased/VBD [ 5/AB %/NN ] to/TO [ $/$ 282/AB million/AB ] during/IN [ the/DT 1989/AB quarter/NN ] ./. 
$$
in/IN [ addition/NN ] ,/, [ the/DT company/NN ] said/VBD [ the/DT growth/NN ] in/IN [ higher-cost/JJ deposits/NNS ] during/IN [ the/DT period/NN ] offset/VBD [ net/JJ interest_6/NN income/NN ] from/IN [ strong/JJ growth/NN ] in/IN [ loans/NNS ] ./. 
$$
====================================== [ a/DT gloomier/JJR outlook/NN ] for/IN [ interest_6/NN rates/NNS ] and/CC [ some/DT bad/JJ news/NN ] from/IN [ the/DT takeover/NN front/NN ] sent/VBD [ the/DT stock/NN market/NN ] falling/VBG further/RB from/IN [ its/PP$ record/NN highs/NNS ] ./. 
$$
''/'' [ the/DT executive/NN ] added/VBD that/IN [ the/DT delays/NNS ] may/MD have/VB prompted/VBN renewed/VBN [ interest_1/NN ] by/IN [ bddp/NP ] ./. 
$$
[ stock/NN ] and/CC [ bond/NN prices/NNS ] fell/VBD further/RB as/IN [ investors/NNS ] decided/VBD [ the/DT fed/NP ] probably/RB wo/MD n't/RB lower/VB [ interest_6/NN rates/NNS ] anytime/RB soon/RB ./. 
$$
[ so-called/JJ pik/NP securities/NNS ] pay/VBD [ interest_6/NN ] in/IN [ the/DT form/NN ] of/IN [ additional/JJ securities/NNS ] ./. 
$$
despite/IN [ the/DT higher/JJR yield/NN ] ,/, [ small/JJ investors/NNS ] did/VBD n't/RB show/VB [ much/JJ interest_6/NN ] in/IN [ the/DT notes/NNS ] ./. 
$$
[ applications/NNS $/$ 18,457,957,000/AB accepted/VBN ] bids/NNS [ $/$ 7,530,802,000/AB accepted/VBN ] at/IN [ low/JJ price/NN 74/AB %/NN accepted/VBN ] noncompetitively/RB [ $/$ 221,000,000/AB average/JJ price/NN ] (/( [ rate/NN ] )/) [ 99.579/AB ] (/( [ 8.08/AB %/NN ] )/) [ high/JJ price/NN ] (/( [ rate/NN ] )/) [ 99.631/AB ] (/( [ 8.07/AB %/NN ] )/) [ low/JJ price/NN ] (/( [ rate/NN ] )/) [ 99.579/AB ] (/( [ 8.08/AB %/NN ] )/) [ interest_6/NN rate/NN 8.00/AB %/NN ] [ the/DT notes/NNS ] are/VBP dated/VBN [ october/NP 16/AB ] and/CC [ mature/VBP october/NP 15/AB ] ,/, [ 1996/AB ] ./. 
$$
====================================== but/CC [ traders/NNS ] said/VBD [ the/DT rate/NN increase/NN ] destroyed/VBD [ hopes/NNS ] of/IN [ a/DT comeback/NN ] among/IN [ interest_6/NN rate-sensitive/JJ larger-capitalization/JJ issues/NNS ] ./. 
$$
====================================== [ the/DT london/NP market/NN ] broke/VBD even/RB with/IN [ the/DT help/NN ] of/IN [ gains/NNS ] in/IN [ certain/JJ blue-chip/JJ stocks/NNS ] rather/RB than/IN [ any/DT ] easing/NN of/IN [ fears/NNS ] over/IN [ high/JJ interest_6/NN rates/NNS ] and/CC [ a/DT weak/JJ pound/NN ] ./. 
$$
====================================== [ dealers/NNS ] said/VBD [ there/EX ] was/VBD [ institutional/JJ interest_1/NN ] in/IN [ some/DT recession-resistant/JJ blue-chip/JJ issues/NNS ] ./. 
$$
[ racal/NP telecom/NP ] also/RB benefited/VBD from/IN [ the/DT interest_1/NN ] in/IN [ the/DT u.s./NP cellular/JJ phone/NN company/NN ] ,/, rising/VBG [ 3/AB ] to/TO [ 381/AB ] ./. 
$$
[ talk/NP ] of/IN [ ford/NP 's/POS imminent/JJ move/NN ] to/TO acquire/VB [ a/DT stake/NN ] in/IN [ sweden/NP 's/POS saab/NP ] also/RB has/VBZ helped/VBN to/TO damp/VB [ interest_1/NN ] in/IN [ jaguar/NP ] ./. 
$$
[ some/DT dealers/NNS ] said/VBD [ there/EX ] were/VBD [ expectations/NNS ] that/IN [ the/DT news/NN ] and/CC [ information/NN provider/NN ] will/MD suffer/VB from/IN [ high/JJ interest_6/NN rates/NNS ] and/CC cutbacks/NNS in/IN [ equipment/NN ] at/IN [ u.k./NP financial/JJ institutions/NNS ] ./. 
$$
[ south/JJ african/JJ gold/NN stocks/NNS ] closed/VBD sharply/RB lower/RBR in/IN [ response/NN ] to/TO [ the/DT stronger/JJR dollar/NN ] ,/, [ lower/JJR gold/NN prices/NNS ] and/CC [ an/DT increase/NN ] in/IN [ south/JJ african/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== annualized/VBN [ interest_6/NN rates/NNS ] on/IN [ certain/JJ investments/NNS ] as/IN reported/VBN by/IN [ the/DT federal/NP reserve/NP board/NP ] on/IN [ a/DT weekly-average/JJ basis/NN ] :/: ====================================== [ treasury/NN bonds/NNS ] (/( [ 30/AB year/NN ] )/) [ -c/NN 8.13/AB 8.26/AB ] ====================================== [ a-discounted/JJ rate/NN ] ./. 
$$
====================================== [ mixed/NP opinions/NPS ] ====================================== (/( [ ``/`` observers/NNS differ/VBP ] on/IN [ federal/NP reserve/NP decision/NN 's/POS effect/NN ] on/IN [ stock/NP market/NP ''./SYM ] --/: [ news/NN headline/NN ] )/) ====================================== [ some/DT ] feel/VBP that/IN [ the/DT federal/NP reserve/NP ] determines/VBZ ====================================== whether/IN [ stocks/NNS ] will/MD decline/VB or/CC head/VB up/IN ,/, ====================================== because/IN [ it/PP ] dictates/VBZ [ the/DT interest_6/NN rates/NNS ] ====================================== (/( [ others/NNS ] are/VBP simply/RB fed/VBN up/IN )/) /) ====================================== --/: [ george/NP o./NP ludcke/NP ] ./. 
$$
====================================== [ the/DT culprit/NN ] was/VBD [ the/DT interest_6/NN rate/NN outlook/NN ] ,/, and/CC [ the/DT victims/NNS ] were/VBD [ the/DT otc/NP 's/POS biggest/JJS technology/NN issues/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
amid/IN [ speculation/NN ] that/IN [ interest_6/NN rates/NNS ] wo/MD n't/RB fall/VB [ any/DT time/NN ] soon/RB ,/, [ investors/NNS ] decided/VBD to/TO unload/VB [ some/DT ] of/IN [ the/DT otc/NP market/NN 's/POS leading/VBG technology/NN stocks/NNS ] ./. 
$$
====================================== [ the/DT interest_6/NN rate/NN speculation/NN ] also/RB led/VBD to/TO [ weaker/JJR prices/NNS ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] ,/, where/WRB [ the/DT big/NP board/NP 's/POS composite/JJ index/NN ] and/CC [ the/DT dow/NP jones/NP industrial/NP average/NP ] [ both/DT ] fell/VBD [ 0.2/AB %/NN ] ./. 
$$
[ he/PP ] believes/VBZ [ the/DT interest_6/NN rate/NN worries/NNS ] were/VBD just/RB [ an/DT excuse/NN ] for/IN [ the/DT already-nervous/NN ] ./. 
$$
[ both/DT general/NP motors/NPS ] and/CC [ ford/NP motor/NP ] have/VBP expressed/VBN [ interest_1/NN ] in/IN taking/VBG [ a/DT stake/NN ] in/IN [ the/DT company/NN ] ./. 
$$
====================================== [ tuesday/NP ] ,/, [ october/NP 10/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ richard/NP searby/NP ] ,/, [ news/NP corp./NP 's/POS chairman/NN ] ,/, told/VBD [ stockholders/NNS ] at/IN [ the/DT company/NN 's/POS annual/JJ meeting/NN ] that/IN [ earnings/NNS ] for/IN [ the/DT first/JJ quarter/NN ] ended/VBD [ sept./NP 30/AB ] were/VBD ``/`` adversely/RB affected/VBN ''/'' by/IN [ three/AB factors/NNS ] :/: [ high/JJ interest_6/NN rates/NNS ] in/IN [ australia/NP ] and/CC [ britain/NP ] ,/, [ a/DT strike/NN ] by/IN [ australian/JJ airline/NN pilots/NNS ] ,/, and/CC ``/`` [ very/RB large/JJ costs/NNS ] ''/'' of/IN establishing/VBG [ the/DT sky/NP television/NP operation/NN ] ,/, [ a/DT satellite/NN television/NN service/NN ] ,/, in/IN [ britain/NP ] ./. 
$$
not/RB only/RB had/VBD n't/RB [ the/DT issue/NN ] been/VBN priced/VBN and/CC gone/VBN to/TO [ market/NN ] ,/, [ competitors/NNS ] argued/VBD ,/, but/CC [ bankers/NPS trust/NP ] was/VBD shooting/VBG [ fish/NN ] in/IN [ a/DT barrel/NN ] ,/, [ they/PP ] said/VBD ,/, because/IN [ bankers/NPS trust/NP ] holds/VBZ [ a/DT minority/NN equity/NN interest_5/NN ] in/IN [ dallas-based/JJ morningstar/NP ] ./. 
$$
in/IN [ the/DT ] restructuring/NN ,/, [ carter/NP hawley/NP ] spun/VBD off/IN [ neiman/NP marcus/NP group/NP ] ,/, and/CC [ general/NP cinema/NP corp./NP ] traded/VBD [ its/PP$ stake/NN ] in/IN [ carter/NP hawley/NP ] for/IN [ a/DT 60/AB %/NN interest_5/NN ] in/IN [ neiman/NP marcus/NP ] ./. 
$$
====================================== [ mr./NP lee/NP ] ,/, [ an/DT international/JJ businessman/NN ] with/IN [ substantial/JJ interests_5/NNS ] in/IN [ real/JJ estate/NN ] ,/, importing/VBG and/CC exporting/VBG ,/, and/CC [ public/JJ utilities/NNS ] ,/, is/VBZ believed/VBN to/TO be/VB living/VBG in/IN [ taiwan/NP ] ./. 
$$
====================================== [ the/DT appeals/NNS court/NN ] ruled/VBD that/IN when/WRB [ nonrecourse/JJ mortgage/NN loans/NNS ] exceed/VBP [ the/DT fair/JJ market/NN value/NN ] of/IN [ property/NN ] in/IN [ a/DT tax/NN shelter/NN ] ,/, [ investors/NNS ] may/MD still/RB claim/VB [ partial/JJ depreciation/NN ] and/CC [ interest_6/NN deductions/NNS ] for/IN [ the/DT portion/NN ] of/IN [ the/DT loans/NNS ] [ that/WDT ] do/VBP n't/RB exceed/VB [ fair/JJ market/NN value/NN ] ./. 
$$
[ a/DT federal/JJ district/NN court/NN ] in/IN [ florida/NP ] ,/, upheld/VBN by/IN [ a/DT federal/JJ appeals/NNS court/NN ] in/IN [ atlanta/NP ] ,/, ruled/VBD that/IN [ coastal/NP 's/POS legal/JJ property/NN interest_5/NN ] was/VBD insufficient/JJ to/TO file/VB [ the/DT lawsuit/NN ] ./. 
$$
====================================== thus/RB ,/, [ executives/NNS ] have/VBP identified/VBN [ a/DT number/NN ] of/IN [ cash-raising/JJ alternatives/NNS ] to/TO [ ipos/NPS ] [ that/WDT ] include/VBP [ buy-outs/NNS ] of/IN [ inactive/JJ shareholders/NNS ] ;/: [ recapitalizations/NNS ] ;/: [ employee/NN stock/NN ownership/NN plans/NNS ] ,/, [ which/WDT ] allow/VBP [ the/DT owners/NNS ] to/TO sell/VB [ interests_5/NNS ] in/IN [ the/DT company/NN ] to/TO [ employees/NNS ] while/IN deferring/VBG [ capital-gains/JJ taxes/NNS ] on/IN [ the/DT proceeds/NNS ] ;/: and/CC [ industrial/JJ joint/JJ ventures/NNS ] ,/, [ which/WDT ] often/RB link/VBP [ a/DT small/JJ company/NN ] developing/VBG [ a/DT new/JJ technology/NN ] with/IN [ a/DT larger/JJR company/NN ] looking/VBG to/TO exploit/VB [ that/DT technology/NN ] ./. 
$$
as/IN [ the/DT army/NP ] withheld/VBD [ tax/NN ] of/IN [ $/$ 17.81/AB ] ,/, [ he/PP ] may/MD owe/VB [ none/NN ] ;/: but/CC [ the/DT army/NP ] says/VBZ [ it/PP ] will/MD repay/VB [ reservists/NPS ] for/IN [ interest_6/NN ] paid/VBN on/IN [ any/DT added/VBN tax/NN ] ./. 
$$
====================================== [ mortgage/NP points/NPS ] --/: [ interest_6/NN ] paid/VBN in/IN [ advance/NN ] --/: are/VBP n't/RB reported/VBN by/IN [ recipients/NNS ] to/TO [ the/DT irs/NP ] now/RB ;/: but/CC [ the/DT house/NN bill/NN ] would/MD have/VB [ lenders/NNS ] report/VB [ points/NNS ] to/TO foster/VB [ compliance/NN ] ./. 
$$
====================================== [ telerate/NP inc./NP ] said/VBD [ a/DT committee/NN ] of/IN [ independent/JJ directors/NNS ] rejected/VBD as/RB inadequate/JJ [ an/DT $/$ 18-a-share/JJ tender/NN offer/NN ] from/IN [ dow/NP jones/NP ] &/CC [ co./NP ] ,/, [ owner/NN ] of/IN [ a/DT 67/AB %/NN interest_5/NN ] in/IN [ the/DT electronic/JJ financial/JJ information/NN services/NNS company/NN ] ./. 
$$
====================================== [ neil/NP s./NP hirsch/NP ] ,/, [ president/NN ] and/CC [ chief/NN executive/JJ officer/NN ] of/IN [ telerate/NP ] ,/, said/VBD that/IN [ he/PP ] wo/MD n't/RB tender/VB [ any/DT ] of/IN [ his/PP$ shares/NNS ] ,/, about/IN [ a/DT 6/AB %/NN interest_5/NN ] ,/, and/CC that/IN [ no/DT other/JJ telerate/NP director/NN ] or/CC [ executive/JJ officer/NN ] intends/VBZ to/TO tender/VB [ any/DT shares/NNS ] in/IN [ the/DT offer/NN ] ./. 
$$
[ the/DT english/JJ economy/NN ] would/MD collapse/VB ,/, and/CC [ german/NP interest_6/NN rates/NNS ] would/MD therefore/RB rise/VB ./. 
$$
====================================== according/VBG to/TO [ another/DT executive/NN ] familiar/JJ with/IN [ the/DT company/NN ] ,/, [ mr./NP hawkins/NP ] ,/, in/IN [ a/DT trip/NN ] to/TO [ london/NP ] [ a/DT few/JJ weeks/NNS ] ago/IN ,/, expressed/VBD [ interest_1/NN ] in/IN [ a/DT share/NN buy-back/NN ] using/VBG [ the/DT proceeds/NNS ] from/IN [ the/DT planned/VBN sale/NN ] of/IN [ saatchi/NP 's/POS consulting/VBG business/NN ] ./. 
$$
====================================== [ the/DT announcement/NN ] ,/, confirming/VBG [ recent/JJ press/NN reports/NNS ] ,/, makes/VBZ [ the/DT anglo-french/NP ] partners/NNS [ the/DT first/JJ ferranti/NP suitors/NNS ] to/TO declare/VB [ their/PP$ interest_1/NN ] publicly/RB ./. 
$$
''/'' [ ferranti/NP chairman/NP sir/NP derek/NP alun-jones/NP ] declined/VBD to/TO identify/VB [ other/JJ potential/JJ bidders/NNS ] ,/, but/CC [ a/DT ferranti/NP statement/NN ] said/VBD ``/`` [ a/DT large/JJ number/NN ] of/IN [ major/JJ u.k./NP ] and/CC [ overseas/JJ defense/NN ] and/CC [ electronics/NNS companies/NNS ] ''/'' have/VBP expressed/VBN [ interest_1/NN ] in/IN [ the/DT company/NN ] ./. 
$$
''/'' ====================================== [ thomson/NP 's/POS interest_1/NN ] in/IN [ ferranti/NP ] is/VBZ intense/JJ ./. 
$$
[ french/JJ defense/NN contractor/NN matra/NP s.a./NP ] denied/VBD [ any/DT interest_1/NN ] in/IN [ ferranti/NP ] ,/, as/IN did/VBD [ st./NP louis-based/JJ emerson/NP electric/NP co/NP ] ./. 
$$
[ the/DT notes/NNS ] are/VBP [ zero-coupon/NN securities/NNS ] and/CC will/MD not/RB pay/VB [ interest_6/NN ] periodically/RB ./. 
$$
[ series/NN c/NN bonds/NNS ] ,/, [ the/DT interest_6/NN ] on/IN [ which/WDT ] is/VBZ subject/JJ to/TO [ the/DT tax/NN ] ,/, include/VBP [ current/JJ *interest/NN serial/NN bonds/NNS due/JJ 1992-1999/AB ] ,/, [ capital/NN appreciation/NN bonds/NNS due/JJ 2005-2010/AB ] and/CC [ tender/JJ option/NN bonds/NNS ] ,/, [ which/WDT ] are/VBP not/RB being/VBG reoffered/VBN ,/, due/JJ in/IN [ 2021/AB ] ./. 
$$
====================================== [ pse/NP inc./NP ] said/VBD [ it/PP ] exercised/VBD [ its/PP$ option/NN ] to/TO purchase/VB from/IN [ general/NP electric/NP capital/NP corp./NP ] [ a/DT majority/NN interest_5/NN ] in/IN [ a/DT waste/NN heat/NN recovery/NN facility/NN ] in/IN [ port/NP arthur/NP ] ,/, [ texas/NP ] ,/, for/IN about/IN [ $/$ 40/AB million/AB ] ./. 
$$
====================================== integrated/NP ,/, [ which/WDT ] has/VBZ been/VBN trying/VBG to/TO avoid/VB [ a/DT bankruptcy-law/NN ] filing/NN since/IN [ it/PP ] failed/VBD to/TO make/VB [ interest_6/NN payments/NNS ] in/IN [ june/NP ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ,/, would/MD use/VB [ proceeds/NNS ] from/IN [ the/DT sale/NN ] of/IN [ the/DT core/NN businesses/NNS ] to/TO [ restructure/VB debt/NN ] ./. 
$$
====================================== [ the/DT company/NN ] ,/, [ which/WDT ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ insurance/NN brokerage/NN ] ,/, said/VBD that/IN [ it/PP ] is/VBZ continuing/VBG [ negotiations/NNS ] with/IN [ whitehall/NP ] and/CC that/IN [ it/PP ] is/VBZ also/RB ``/`` engaged/VBN in/IN [ serious/JJ discussions/NNS ] ''/'' with/IN [ another/DT bidder/NN ] that/IN [ it/PP ] did/VBD n't/RB identify/VB ./. 
$$
[ mr./NP spiotto/NP ] said/VBD that/IN [ he/PP ] hoped/VBD [ the/DT situation/NN ] could/MD be/VB resolved/VBN among/IN [ all/DT creditors/NNS ] ,/, and/CC that/IN [ a/DT bankruptcy/NN ] filing/NN would/MD n't/RB be/VB in/IN [ anybody/NN ] [ 's/POS interest_4/NN ] ./. 
$$
[ net/JJ interest_6/NN income/NN ] --/: [ income/NN ] from/IN [ fannie/NP mae/NP 's/POS investment/NN portfolio/NN ] minus/CC [ interest/NN ] paid/VBN on/IN [ borrowings/NNS ] and/CC [ other/JJ related/VBN costs/NNS ] --/: rose/VBD to/TO [ $/$ 301.5/AB million/AB ] from/IN [ $/$ 217.2/AB million/AB ] [ the/DT year/NN ] before/IN ./. 
$$
[ they/PP ] need/VBP [ some/DT good/JJ examples/NNS ] of/IN how/WRB to/TO apply/VB [ the/DT technology/NN ] if/IN [ they/PP ] are/VBP to/TO pique/VB [ customers/NNS '/POS interest_1/NN ] ,/, lest/IN [ image-processing/NN ] become/VB just/RB [ another/DT solution/NN ] in/IN [ search/NN ] of/IN [ a/DT problem/NN ] ./. 
$$
====================================== [ unisys/NP ] ,/, [ which/WDT ] has/VBZ had/VBN [ its/PP$ problems/NNS ] of/IN [ late/JJ ] ,/, said/VBD [ the/DT system/NN ] has/VBZ already/RB generated/VBN [ considerable/JJ interest_1/NN ] ,/, even/RB among/IN [ customers/NNS ] [ that/WDT ] do/VBP n't/RB typically/RB buy/VB from/IN [ the/DT company/NN ] ./. 
$$
====================================== [ weyerhaeuser/NP ] added/VBD that/IN [ jujo/NP paper/NP co./NP ] of/IN [ japan/NP ] will/MD increase/VB [ its/PP$ equity/NN interest_5/NN ] in/IN [ north/NP pacific/NP paper/NP ] to/TO [ 20/AB %/NN ] from/IN [ 10/AB %/NN ] ./. 
$$
====================================== [ american/NP maize/NP ] primarily/RB has/VBZ [ interests_5/NNS ] in/IN [ making/VBG corn/NN syrups/NNS ] and/CC [ starches/NNS ] ./. 
$$
====================================== [ the/DT dollar/NN ] shot/VBD higher/JJR while/IN [ stocks/NNS ] and/CC [ bonds/NNS ] retreated/VBD after/IN [ traders/NNS ] interpreted/VBD [ remarks/NNS ] by/IN [ federal/NP reserve/NP chairman/NP alan/NP greenspan/NP ] to/TO mean/VB [ the/DT central/JJ bank/NN ] wo/MD n't/RB lower/VB [ interest_6/NN rates/NNS ] to/TO halt/VB [ the/DT dollar/NN 's/POS rally/NN ] ./. 
$$
====================================== [ mr./NP greenspan/NP ] ,/, in/IN [ a/DT prepared/VBN speech/NN ] ,/, said/VBD governing/VBG [ monetary/JJ policy/NN ] through/IN [ intermediate/JJ targets/NNS ] for/IN [ exchange/NN ] and/CC [ interest_6/NN rates/NNS ] may/MD not/RB coincide/VB with/IN [ the/DT fed/NP 's/POS long-term/JJ inflation-fighting/JJ goals/NNS ] ./. 
$$
====================================== [ the/DT bond/NN market/NN rally/NN ] came/VBD to/TO [ an/DT abrupt/JJ halt/NN yesterday/NN ] after/IN [ the/DT federal/NP reserve/NP ] sent/VBD [ strong/JJ signals/NNS ] that/IN [ it/PP ] is/VBZ n't/RB ready/JJ to/TO relax/VB [ interest_6/NN rates/NNS ] ./. 
$$
[ the/DT fed/NP ] also/RB has/VBZ come/VBN under/IN [ pressure/NN ] from/IN [ the/DT bush/NP administration/NN ] to/TO reduce/VB [ interest_6/NN rates/NNS ] to/TO bring/VB down/IN [ the/DT value/NN ] of/IN [ the/DT dollar/NN ] and/CC to/TO steer/VB [ the/DT economy/NN ] clear/JJ of/IN [ a/DT recession/NN ] ./. 
$$
====================================== but/CC yesterday/NN ,/, [ fed/NP chairman/NP alan/NP greenspan/NP ] suggested/VBD [ that/DT lower/JJR interest_6/NN rates/NNS ] may/MD not/RB be/VB [ the/DT long-term/JJ solution/NN ] for/IN [ the/DT strong/JJ dollar/NN ] ./. 
$$
speaking/VBG to/TO [ u.s./NP ] and/CC [ soviet/NP officials/NNS ] in/IN [ moscow/NP ] ,/, [ the/DT fed/NP chairman/NN ] warned/VBD that/IN in/IN setting/VBG [ monetary/JJ policy/NN ] ,/, ``/`` [ inordinate/JJ attention/NN ] to/TO [ some/DT types/NNS ] of/IN [ intermediate/JJ targets/NNS ] ,/, ''/'' such/JJ as/IN [ the/DT level/NN ] of/IN [ exchange/NN rates/NNS ] or/CC [ interest_6/NN rates/NNS ] ,/, ``/`` may/MD not/RB promote/VB [ the/DT attainment/NN ] of/IN [ long-term/JJ goals/NNS ] ./. 
$$
''/'' ====================================== [ his/PP$ remarks/NNS ] were/VBD interpreted/VBN by/IN [ credit/NN market/NN analysts/NNS ] as/IN [ a/DT sign/NN ] that/IN [ the/DT fed/NP ] is/VBZ unlikely/JJ to/TO lower/VB [ interest_6/NN rates/NNS ] based/VBN solely/RB on/IN [ foreign/JJ exchange/NN concerns/NNS ] ./. 
$$
====================================== in/IN [ the/DT corporate/JJ bond/NN market/NN ] ,/, [ some/DT $/$ 2.47/AB billion/AB ] of/IN [ new/JJ debt/NN ] was/VBD issued/VBN yesterday/NN as/IN [ companies/NNS ] rushed/VBD to/TO take/VB [ advantage/NN ] of/IN [ falling/VBG interest_6/NN rates/NNS ] ./. 
$$
====================================== even/RB though/IN [ the/DT report/NN ] helped/VBD to/TO accelerate/VB [ the/DT market/NN 's/POS downturn/NN ] ,/, [ dealers/NNS ] said/VBD ,/, [ prices/NNS ] are/VBP depressed/VBN mainly/RB by/IN [ the/DT belief/NN ] that/IN [ the/DT pound/NN ] will/MD remain/VB under/IN [ pressure/NN ] and/CC that/IN [ the/DT government/NN ] can/MD do/VB little/JJ to/TO support/VB [ the/DT currency/NN ] other/JJ than/IN continue/VB to/TO raise/VB [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ saatchi/NP ] &/CC [ saatchi/NP ] fell/VBD [ 17/AB 12/AB ] to/TO [ 332/AB ] after/IN [ fininvest/NP ] ,/, [ the/DT milan/NP ] ,/, [ italy/NP ] ,/, holding/VBG [ company/NN ] for/IN [ sylvio/NP berlusconi/NP 's/POS media/NNS interests_5/NNS ] ,/, said/VBD [ it/PP ] acquired/VBD [ a/DT ] ``/`` [ small/JJ stake/NN ] ''/'' in/IN [ the/DT international/JJ marketing/NN group/NN ] for/IN [ investment/NN purposes/NNS ] ./. 
$$
[ traders/NNS ] concluded/VBD that/IN [ a/DT sharp/JJ reduction/NN ] in/IN [ interest_6/NN rates/NNS ] now/RB is/VBZ unlikely/JJ ,/, [ mr./NP savaiko/NP ] said/VBD ./. 
$$
``/`` [ what/WP ] [ he/PP ] said/VBD undid/VBD much/RB of/IN [ the/DT intervention/NN efforts/NNS ] {/( by/IN [ major/JJ central/JJ banks/NNS ] }/) [ last/JJ week/NN ] ,/, ''/'' [ which/WDT ] attempted/VBD to/TO send/VB [ the/DT dollar/NN ] lower/RBR by/IN selling/VBG [ the/DT u.s./NP currency/NN ] in/IN [ the/DT foreign/JJ exchange/NN market/NN ] and/CC [ raising/VBG interest_6/NN rates/NNS ] in/IN [ europe/NP ] ,/, [ mr./NP savaiko/NP ] said/VBD ./. 
$$
``/`` [ our/PP$ main/JJ interest_3/NN ] was/VBD to/TO put/VB [ the/DT firm/NN ] out/IN of/IN [ business/NN ] and/CC [ we/PP ] did/VBD [ it/PP ] fairly/RB quickly/RB ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
[ they/PP ] can/MD swap/VB [ their/PP$ loans/NNS ] for/IN [ 30-year/JJ bonds/NNS ] with/IN [ a/DT face/NN value/NN ] discounted/VBN by/IN [ 35/AB %/NN ] ,/, swap/VB [ them/PP ] for/IN [ 30-year/JJ par/JJ bonds/NNS ] with/IN [ 6.25/AB %/NN ] fixed/VBN [ interest_6/NN rates/NNS ] or/CC provide/VB [ new/JJ money/NN ] equal/JJ to/TO [ 25/AB %/NN ] of/IN [ their/PP$ medium/NN ] -/: and/CC [ long-term/JJ exposure/NN ] over/IN [ four/AB years/NNS ] ./. 
$$
[ lin/NP ] is/VBZ perceived/VBN as/IN having/VBG [ cellular/JJ properties/NNS ] worth/JJ more/JJR than/IN [ those/DT ] in/IN [ small/JJ cities/NNS ] such/JJ as/IN [ memphis/NP ] because/IN [ it/PP ] has/VBZ [ interests_5/NNS ] in/IN [ large/JJ ] ,/, growing/JJ [ markets/NNS ] such/JJ as/IN [ new/NP york/NP ] ,/, [ los/NP angeles/NP ] and/CC [ houston/NP ] ./. 
$$
[ anticipation/NN ] of/IN [ the/DT data/NNS ] ,/, along/IN with/IN [ hopes/NNS ] for/IN [ lower/JJR interest_6/NN rates/NNS ] ,/, had/VBD helped/VBN push/VB [ the/DT stock/NN ] up/RP nearly/RB [ 8/AB %/NN last/JJ week/NN ] ./. 
$$
====================================== [ artra/NP group/NP ] said/VBD [ a/DT three-step/JJ recapitalization/NN ] by/IN [ its/PP$ lori/NP corp./NP unit/NN ] will/MD cut/VB [ lori/NP 's/POS annual/JJ interest_6/NN expense/NN ] by/IN [ $/$ 3/AB million/AB ] and/CC save/VB [ lori/NP $/$ 2/AB million/AB ] annually/RB in/IN [ preferred/JJ dividends/NNS ] ./. 
$$
[ artra/NP ] said/VBD [ the/DT move/NN ] will/MD yield/VB [ artra/NP ] [ a/DT nonrecurring/JJ gain/NN ] of/IN about/IN [ $/$ 3/AB million/AB this/DT year/NN ] and/CC [ $/$ 550,000/AB ] in/IN [ annual/JJ interest_6/NN savings/NNS ] ./. 
$$
====================================== [ star/NP ] ,/, [ which/WDT ] has/VBZ [ 15/AB banking/NN units/NNS ] ,/, said/VBD [ the/DT action/NN was/VBD n't/RB ] taken/VBN in/IN [ response/NN ] to/TO [ any/DT specific/JJ effort/NN ] to/TO acquire/VB [ the/DT company/NN ] and/CC is/VBZ n't/RB intended/VBN to/TO thwart/VB [ bids/NNS ] [ that/WDT ] are/VBP considered/VBN fair/RB and/CC in/IN [ the/DT best/JJS interests_4/NNS ] of/IN [ the/DT company/NN ] and/CC [ shareholders/NNS ] ./. 
$$
====================================== [ mr./NP greenspan/NP ] ,/, speaking/VBG to/TO [ u.s./NP ] and/CC [ soviet/JJ officials/NNS ] at/IN [ the/DT u.s./NP ambassador/NP 's/POS residence/NN ] in/IN [ moscow/NP ] ,/, warned/VBD that/IN in/IN setting/VBG [ monetary/JJ policy/NN ] ``/`` [ inordinate/JJ attention/NN ] to/TO [ some/DT types/NNS ] of/IN [ intermediate/JJ targets/NNS ] ,/, ''/'' such/JJ as/IN [ the/DT immediate/JJ level/NN ] of/IN [ exchange/NN rates/NNS ] or/CC [ interest_6/NN rates/NNS ] ,/, ``/`` may/MD not/RB promote/VB [ the/DT attainment/NN ] of/IN [ long-term/JJ goals/NNS ] ./. 
$$
[ he/PP ] said/VBD [ the/DT banks/NNS ] may/MD have/VB lost/VBN [ a/DT ] ``/`` [ golden/JJ opportunity/NN ] ''/'' by/IN not/RB intervening/VBG more/RBR aggressively/RB [ last/JJ week/NN ] when/WRB [ many/JJ european/JJ nations/NNS ] raised/VBD [ key/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ other/JJ analysts/NNS ] noted/VBD that/IN [ mr./NP greenspan/NP 's/POS comments/NNS ] helped/VBD [ the/DT market/NN shrug/VB ] off/RP [ fears/NNS ] [ the/DT fed/NP ] planned/VBD to/TO ease/VB [ u.s./NP interest_6/NN rates/NNS ] soon/RB ./. 
$$
====================================== [ the/DT interest_6/NN rate/NN ] fell/VBD to/TO [ 8.483/AB %/NN ] at/IN [ citicorp/NP 's/POS $/$ 50/AB million/AB weekly/JJ auction/NN ] of/IN [ 91-day/JJ commercial/JJ paper/NN ] ,/, or/CC [ corporate/JJ ious/NNS ] ,/, from/IN [ 8.793/AB %/NN ] at/IN [ last/JJ week/NN 's/POS sale/NN ] ./. 
$$
====================================== [ the/DT transaction/NN ] will/MD not/RB include/VB [ the/DT real/JJ estate/NN ] or/CC [ publishing/NN interests_5/NNS ] of/IN [ a&m/NP ] ,/, [ which/WDT ] was/VBD started/VBN [ 27/AB years/NNS ] ago/RB in/IN [ a/DT garage/NN ] by/IN [ trumpet/NN player/NN herb/NP alpert/NP ] and/CC [ partner/NN jerry/NP moss/NP ] ./. 
$$
[ executives/NNS ] at/IN [ warner/NP ] have/VBP been/VBN angered/VBN by/IN [ the/DT negotiations/NNS ] to/TO free/VB [ the/DT producers/NNS ] ,/, [ a/DT team/NN ] with/IN [ film/NN interests_5/NNS ] including/VBG ``/`` [ batman/NP ] ,/, ''/'' ``/`` [ rain/NN man/NN ] ,/, ''/'' and/CC ``/`` [ gorillas/NNS ] in/IN [ the/DT mist/NN ] ./. 
$$
in/IN [ contrast/NN ] to/TO [ consumer/NN cd/NP ] yields/NNS ,/, [ which/WDT ] banks/NNS generally/RB keep/VBP at/IN [ the/DT same/JJ level/NN ] for/IN [ a/DT week/NN ] at/IN [ a/DT time/NN ] ,/, [ jumbo/JJ cd/NP yields/NNS ] fluctuate/VBP daily/RB to/TO more/RBR accurately/RB reflect/VB [ prevailing/VBG interest_6/NN rates/NNS ] ./. 
$$
====================================== [ skipper/NP 's/POS inc./NN ] said/VBD that/IN [ national/NP pizza/NP co./NP ] has/VBZ expressed/VBN renewed/VBN [ interest_1/NN ] in/IN acquiring/VBG [ the/DT operator/NN ] of/IN [ seafood/NN restaurants/NNS ] ./. 
$$
[ the/DT oil/NN ] and/CC [ natural/JJ gas/NN exploration/NN ] and/CC [ production/NN concern/NN ] is/VBZ [ operator/NN ] of/IN [ the/DT well/NN ] with/IN [ a/DT 60/AB %/NN interest_5/NN ] ;/: [ exxon/NP corp./NP ] holds/VBZ [ the/DT rest/NN ] ./. 
$$
====================================== [ the/DT dollar/NN ] surged/VBD and/CC [ the/DT stock/NN ] and/CC [ bond/NN market/NN rallies/NNS ] fizzled/VBN after/IN [ fed/NP chairman/NP greenspan/NP ] indicated/VBD [ the/DT central/JJ bank/NN ] wo/MD n't/RB lower/VB [ interest_6/NN rates/NNS ] to/TO halt/VB [ the/DT currency/NN 's/POS run-up/NN ] ./. 
$$
''/'' ====================================== [ the/DT bush/NP administration/NN ] has/VBZ been/VBN urging/VBG [ the/DT fed/NP ] to/TO help/VB bring/VB down/IN [ the/DT dollar/NN ] by/IN lowering/VBG [ short-term/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ horn/NP ] &/CC [ hardart/NP ] ,/, [ which/WDT ] has/VBZ [ direct-marketing/NN ] and/CC [ restaurant/NN businesses/NNS ] ,/, plans/VBZ to/TO use/VB about/IN [ $/$ 20/AB million/AB ] of/IN [ proceeds/NNS ] to/TO buy/VB back/RB [ the/DT ownership/NN interests_5/NNS ] in/IN [ five/AB parcels/NNS ] of/IN [ new/NP york/NP city/NP property/NN ] ./. 
$$
====================================== taking/VBG [ the/DT passive/JJ ] ,/, [ hands-off/JJ approach/NN ] may/MD unwittingly/RB place/VB [ shareholders/NNS '/POS interests_4/NNS ] at/IN [ risk/NN ] ./. 
$$
====================================== [ profit/NN ] from/IN [ current/JJ operations/NNS ] for/IN [ the/DT first-six/JJ months/NNS ] ,/, after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] ,/, came/VBD in/RB at/IN [ 220.6/AB million/AB francs/NNS ] ,/, up/RB from/IN [ 157.3/AB million/AB francs/NNS ] in/IN [ the/DT corresponding/JJ period/NN ] of/IN [ 1988/AB ] ./. 
$$
[ they/PP ] say/VBP [ they/PP ] represent/VBP [ the/DT ] ``/`` [ public/JJ interest_4/NN ] ''/'' but/CC [ they/PP ] do/VBP n't/RB do/VB so/RB badly/RB for/IN [ their/PP$ own/JJ *interests/NNS ] ,/, either/RB ./. 
$$
[ they/PP ] say/VBP [ they/PP ] represent/VBP [ the/DT ] ``/`` [ public/JJ *interest/NN ] ''/'' but/CC [ they/PP ] do/VBP n't/RB do/VB so/RB badly/RB for/IN [ their/PP$ own/JJ interests_4/NNS ] ,/, either/RB ./. 
$$
among/IN [ other/JJ interests_5/NNS ] ,/, [ the/DT pritzkers/NP control/NN ] [ the/DT hyatt/NP hotel/NP chain/NN ] ./. 
$$
====================================== [ the/DT florida/NP session/NN ] is/VBZ of/IN [ particular/JJ interest_2/NN ] because/IN of/IN [ a/DT landmark/NN florida/NP supreme/NP court/NP ] ruling/NN [ last/JJ week/NN ] [ that/WDT ] struck/VBD down/RP [ a/DT law/NN ] restricting/VBG [ abortions/NNS ] ./. 
$$
====================================== and/CC ,/, ``/`` [ we/PP ] further/RBR startled/VBD [ people/NNS ] by/IN saying/VBG [ that/DT gold/NN ] would/MD subsequently/RB recover/VB and/CC could/MD go/VB as/RB high/JJ as/IN [ $/$ 3,750/AB ] [ an/DT ounce/NN ] in/IN [ a/DT few/JJ years/NNS ] if/IN [ the/DT then-rampant/JJ inflation/NN ] and/CC [ soaring/VBG interest_6/NN rates/NNS ] continued/VBD at/IN [ the/DT same/JJ pace/NN ] ,/, ''/'' [ she/PP ] said/VBD ./. 
$$
====================================== [ zero-coupon/JJ bonds/NNS ] pay/VBP [ no/DT interest_6/NN ] but/CC are/VBP issued/VBN at/IN [ a/DT deep/JJ discount/NN ] ./. 
$$
====================================== [ mr./NP mcavity/NP ] ,/, [ the/DT toronto-based/JJ publisher/NN ] and/CC [ editor/NN ] of/IN [ the/DT ] ``/`` [ deliberations/NP ] ''/'' [ newsletter/NN ] and/CC [ president/NN ] of/IN [ mvp/NP capital/NP corp./NP ] ,/, [ a/DT mining/NN finance/NN concern/NN ] with/IN [ interests_5/NNS ] in/IN [ 40/AB gold/NN ] mining/NN and/CC [ exploration/NN firms/NNS ] ,/, said/VBD [ his/PP$ attachment/NN ] to/TO [ gold/NN ] is/VBZ strong/JJ because/IN ``/`` [ gold/NN ] is/VBZ [ the/DT only/JJ currency/NN ] [ that/WDT ] has/VBZ [ a/DT 3,000-year/JJ history/NN ] ./. 
$$
====================================== ``/`` [ the/DT willingness/NN ] of/IN [ west/NP germany/NP ] to/TO hike/VB [ interest_6/NN rates/NNS ] by/IN [ 100/AB basis/NN points/NNS ] ,/, ''/'' [ which/WDT ] [ its/PP$ central/JJ bank/NN ] did/VBD [ last/JJ week/NN ] ,/, ``/`` indicates/VBZ to/TO [ me/PP ] that/IN [ a/DT real/JJ commitment/NN ] has/VBZ been/VBN made/VBN to/TO depress/VB [ the/DT dollar/NN ] ,/, far/RB more/RBR than/IN [ any/DT intervention/NN measures/NNS ] ./. 
$$
``/`` in/IN [ this/DT connection/NN ] ,/, ''/'' [ the/DT u.s./NP auto/NN maker/NN ] said/VBD ,/, ``/`` [ gm/NP ] is/VBZ discussing/VBG [ the/DT possibility/NN ] of/IN acquiring/VBG [ a/DT minority/NN interest_5/NN ] in/IN [ jaguar/NP plc/NP ] to/TO assist/VB [ jaguar/NP ] in/IN remaining/VBG [ an/DT independent/JJ british-owned/JJ manufacturer/NN ] ./. 
$$
====================================== as/IN [ part/NN ] of/IN [ an/DT ongoing/JJ restructuring/NN program/NN ] ,/, [ usx/NP corp./NP ] said/VBD [ it/PP ] sold/VBD [ its/PP$ equity/NN interests_5/NNS ] in/IN [ three/AB south/NP african/NP companies/NNS ] [ that/WDT ] produce/VBP [ raw/JJ materials/NNS ] that/WDT [ no/DT longer/JJR ] were/VBD essential/JJ to/TO [ its/PP$ operations/NNS ] ./. 
$$
[ usx/NP ] said/VBD [ its/PP$ usx/NP holdings/NP inc./NP unit/NN ] had/VBD held/VBN [ non-controlling/JJ interests_5/NNS ] in/IN [ those/DT companies/NNS ] since/IN [ 1968/AB ] ./. 
$$
[ proceeds/NNS ] will/MD be/VB used/VBN to/TO reduce/VB [ debt/NN ] ,/, [ which/WDT ] will/MD ``/`` take/VB [ the/DT bank/NN pressure/NN ] away/RB and/CC reduce/VB [ interest_6/NN payments/NNS ] ./. 
$$
''/'' ====================================== [ paul/NP stuart/NP ] also/RB promised/VBD to/TO honor/VB [ the/DT skip-a-month/JJ payment/NN plan/NN ] (/( [ interest_6/NN ] would/MD accrue/VB )/) ``/`` for/IN [ those/DT ] of/IN [ you/PP ] [ who/WP ] decide/VBP to/TO take/VB [ advantage/NN ] of/IN [ the/DT offer/NN ] ./. 
$$
====================================== [ monday/NP ] ,/, [ october/NP 9/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ the/DT loss/NN ] also/RB included/VBD about/RB [ $/$ 5.6/AB million/AB ] of/IN [ interest_6/NN expenses/NNS ] ./. 
$$
[ the/DT average/JJ total/NN return/NN ] ,/, including/VBG [ both/DT price/NN changes/NNS ] and/CC [ interest_6/NN income/NN ] ,/, of/IN [ 28/AB junk/NN muni/NN funds/NNS ] tracked/VBN by/IN [ lipper/NP analytical/NP services/NP inc./NP ] was/VBD [ 9.29/AB %/NN ] ;/: [ the/DT return/NN ] on/IN [ 24/AB insured/VBN muni/NN funds/NNS ] averaged/VBD [ 8.89/AB %/NN ] ./. 
$$
on/IN [ a/DT $/$ 10,000/AB investment/NN ] ,/, for/IN [ example/NN ] ,/, [ half/JJ percentage/NN point/NN ] represents/VBZ [ a/DT difference/NN ] of/IN only/RB [ $/$ 50/AB ] [ a/DT year/NN ] in/IN [ interest_6/NN income/NN ] ./. 
$$
''/'' ====================================== [ total/JJ return/NN ] ,/, including/VBG [ price/NN changes/NNS ] and/CC [ interest_6/NN income/NN ] ,/, for/IN [ municipal/JJ bond/NN mutual/JJ funds/NNS ] in/IN [ periods/NNS ] ending/VBG [ sept./NP 30/AB ] ./. 
$$
====================================== lacking/VBG [ voting/NN representation/NN ] in/IN [ congress/NP ] ,/, [ puerto/NP rico/NP ] has/VBZ for/IN [ years/NNS ] retained/VBN politically/RB [ potent/JJ lobbyists/NNS ] to/TO defend/VB [ its/PP$ interests_4/NNS ] here/RB ./. 
$$
[ john/NP lipsky/NP ] ,/, [ an/DT international/JJ economist/NN ] at/IN [ salomon/NP brothers/NP ] in/IN [ london/NP ] ,/, said/VBD [ the/DT boost/NN ] in/IN [ british/JJ interest_6/NN ] rates/NNS [ last/JJ week/NN was/VBD n't/RB ] enough/JJ to/TO increase/VB [ the/DT pound/NN 's/POS appeal/NN ] relative/JJ to/TO [ other/JJ currencies/NNS ] ./. 
$$
====================================== [ the/DT currency/NN 's/POS weakness/NN ] helped/VBD amplify/VB [ market/NN concerns/NNS ] over/IN [ rising/VBG interest_6/NN rates/NNS ] and/CC [ a/DT possible/JJ recession/NN ] ./. 
$$
[ analysts/NNS ] fear/VBP that/IN [ a/DT continued/VBN slide/NN ] in/IN [ the/DT pound/NN ] ,/, along/IN with/IN [ the/DT current/JJ high/JJ interest_6/NN rates/NNS ] ,/, could/MD put/VB [ britain/NP ] back/RB in/IN [ its/PP$ high-inflation/JJ ] ,/, [ low-growth/JJ predicament/NN ] of/IN [ the/DT 1970s/NNS ] ./. 
$$
====================================== [ building/NN stocks/NNS ] were/VBD battered/VBN by/IN [ last/JJ week/NN 's/POS jump/NN ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
but/CC [ dealers/NNS ] said/VBD [ it/PP ] was/VBD getting/VBG [ support/NN ] from/IN [ general/JJ interest_1/NN ] in/IN [ the/DT airline/NN sector/NN ] after/IN [ u.s./NP investor/NN donald/NP trump/NP 's/POS bid/NN last/JJ week/NN ] for/IN [ american/NP airlines/NP ] ./. 
$$
====================================== [ traders/NNS ] said/VBD [ the/DT market/NN ] had/VBD absorbed/VBN [ the/DT impact/NN ] of/IN [ last/JJ week/NN 's/POS increases/NNS ] in/IN [ interest_6/NN rates/NNS ] in/IN [ europe/NP ] ./. 
$$
[ total/JJ return/NN ] measures/VBZ [ price/NN changes/NNS ] plus/CC [ interest_6/NN income/NN ] ./. 
$$
====================================== [ the/DT performance/NN ] has/VBZ sparked/VBN [ a/DT mild/JJ resurgence/NN ] in/IN [ investor/NN interest_1/NN ] in/IN [ foreign/JJ government/NN bonds/NNS ] ,/, [ which/WDT ] tend/VBP to/TO rise/VB in/IN [ value/NN ] when/WRB [ the/DT dollar/NN ] weakens/VBZ ,/, making/VBG [ foreign/JJ securities/NNS ] worth/JJ more/RBR in/IN [ dollar/NN terms/NNS ] ./. 
$$
====================================== in/IN [ their/PP$ latest/JJS dollar/NN attack/NN ] ,/, [ many/JJ european/JJ central/JJ ] banks/NNS [ last/JJ week/NN ] raised/VBD [ interest_6/NN rates/NNS ] ./. 
$$
====================================== among/IN [ other/JJ things/NNS ] ,/, [ mr./NP prapas/NP ] contends/VBZ that/IN [ most/JJS foreign/JJ interest_6/NN rates/NNS ] have/VBP probably/RB [ peaked/VBN ] ,/, [ inflation/NN ] abroad/RB appears/VBZ under/IN [ control/NN ] ,/, and/CC [ economic/JJ growth/NN ] there/RB is/VBZ beginning/VBG to/TO slow/VB down/RP ,/, [ conditions/NNS ] [ that/WDT ] should/MD boost/VB [ the/DT price/NN ] of/IN [ foreign/JJ government/NN bonds/NNS ] ./. 
$$
====================================== [ the/DT gains/NNS ] were/VBD most/RBS pronounced/JJ in/IN [ the/DT short/JJ end/NN ] of/IN [ the/DT market/NN ] on/IN [ growing/VBG speculation/NN ] that/IN [ the/DT federal/NP reserve/NP ] could/MD soon/RB lower/VB [ interest_6/NN rates/NNS ] to/TO counter/VB [ fresh/JJ signs/NNS ] of/IN [ economic/JJ weakness/NN ] ./. 
$$
====================================== [ expectations/NNS ] of/IN [ falling/VBG interest_6/NN rates/NNS ] were/VBD sparked/VBN by/IN [ friday/NP 's/POS release/NN ] of/IN [ weaker-than-expected/JJ september/NP employment/NN data/NNS ] ./. 
$$
====================================== meanwhile/RB ,/, [ the/DT fed/NP 's/POS efforts/NNS ] to/TO wring/VB [ inflationary/JJ pressures/NNS ] from/IN [ the/DT economy/NN ] by/IN [ keeping/VBG interest_6/NN rates/NNS ] high/JJ has/VBZ increased/VBN [ the/DT burden/NN ] of/IN [ most/JJS corporate/JJ *interest/NN payments/NNS ] ./. 
$$
====================================== meanwhile/RB ,/, [ the/DT fed/NP 's/POS efforts/NNS ] to/TO wring/VB [ inflationary/JJ pressures/NNS ] from/IN [ the/DT economy/NN ] by/IN [ keeping/VBG *interest/NN rates/NNS ] high/JJ has/VBZ increased/VBN [ the/DT burden/NN ] of/IN [ most/JJS corporate/JJ interest_6/NN payments/NNS ] ./. 
$$
====================================== [ profit-taking/NN ] made/VBD [ its/PP$ presence/NN ] felt/VBN in/IN [ the/DT broad/JJ market/NN ] in/IN [ early/JJ ] trading/NN as/IN [ prices/NNS ] drifted/VBD to/TO [ session/NN lows/NNS ] ,/, but/CC [ interest_1/NN ] in/IN [ blue/JJ chips/NNS ] and/CC [ technology/NN issues/NNS ] ,/, including/VBG [ ibm/NP ] ,/, provided/VBD [ the/DT catalyst/NN ] for/IN [ stocks/NNS ] to/TO reverse/VB [ course/NN ] ./. 
$$
[ some/DT critics/NNS ] believe/VBP that/IN [ the/DT world/NP bank/NP ] is/VBZ ``/`` [ round-tripping/NN ] ''/'' [ funds/NNS ] ,/, or/CC [ lending/VBG money/NN ] to/TO pay/VB [ interest_6/NN ] in/IN [ the/DT guise/NN ] of/IN [ controversial/JJ ] ``/`` [ structural/JJ adjustment/NN ] ''/'' [ loans/NNS ] ,/, in/IN [ order/NN ] to/TO keep/VB down/RB [ the/DT arrearages/NNS ] in/IN [ its/PP$ loan/NN portfolio/NN ] ./. 
$$
[ the/DT idea/NN ] that/IN [ money-center/JJ banks/NNS ] are/VBP ``/`` [ statesmen/NNS ] ''/'' with/IN [ world/NN obligations/NNS ] [ that/WDT ] take/VBP [ precedence/NN ] over/IN [ their/PP$ shareholders/NNS '/POS interests_4/NNS ] is/VBZ extremely/RB dangerous/JJ to/TO [ our/PP$ free/JJ banking/NN system/NN ] ./. 
$$
[ he/PP ] believes/VBZ that/IN [ investor/NN interest_1/NN ] might/MD broaden/VB to/TO [ the/DT second-tier/JJ stocks/NNS ] in/IN [ the/DT sector/NN ] ,/, if/IN [ such/JJ leading/VBG issues/NNS ] as/IN [ microsoft/NP ] and/CC [ intel/NP ] continue/VBP to/TO do/VB well/RB ./. 
$$
====================================== first/NP [ executive/NP ] ,/, [ which/WDT ] has/VBZ attracted/VBN [ the/DT interest_1/NN ] of/IN [ two/AB investment/NN partnerships/NNS ] recently/RB ,/, slipped/VBD [ 5/AB ] to/TO [ 12/AB 3/AB ] ./. 
$$
====================================== [ jaguar/NP 's/POS american/NP depositary/NN receipts/NNS ] slid/VBD [ 1/AB ] to/TO [ 10/AB 7/AB ] on/IN [ volume/NN ] of/IN [ 3.4/AB million/AB ] after/IN [ the/DT british/JJ car/NN maker/NN ] said/VBD that/IN [ general/NP motors/NP ] is/VBZ considering/VBG taking/VBG [ a/DT minority/NN interest_5/NN ] in/IN [ the/DT company/NN ] ./. 
$$
[ the/DT british/JJ company/NN ] has/VBZ interpreted/VBN [ ford/NP 's/POS interest_1/NN ] as/IN [ a/DT prelude/NN ] to/TO [ a/DT hostile/JJ takeover/NN bid/NN ] ./. 
$$
[ a/DT spokeswoman/NN ] told/VBD [ dow/NP jones/NP professional/NP investor/NP report/NP ] that/IN [ a/DT presentation/NN ] by/IN [ managers/NNS ] at/IN [ an/DT investment/NN conference/NN last/JJ week/NN ] may/MD have/VB generated/VBN [ interest_1/NN ] in/IN [ the/DT stock/NN ] ./. 
$$
====================================== [ market/NN participants/NNS ] said/VBD [ the/DT pound/NN ] is/VBZ suffering/VBG [ a/DT delayed/VBN reaction/NN ] to/TO [ last/JJ week/NN 's/POS coordinated/VBN interest_6/NN rate/NN increases/NNS ] in/IN [ europe/NP ] ,/, [ which/WDT ] pushed/VBD [ britain/NP 's/POS base/NN lending/NN rate/NN ] up/IN [ a/DT full/JJ percentage/NN point/NN ] to/TO [ 15/AB %/NN ] ,/, [ the/DT highest/JJS level/NN ] since/IN [ 1982/AB ] ./. 
$$
====================================== according/VBG to/TO [ analysts/NNS ] ,/, [ concern/NN ] has/VBZ gripped/VBN [ the/DT market/NN ] that/IN [ britain/NP 's/POS high/JJ interest_6/NN rate/NN policy/NN ] will/MD prompt/VB [ a/DT recession/NN ] ,/, [ which/WDT ] could/MD leave/VB [ the/DT pound/NN ] vulnerable/JJ to/TO [ an/DT ] even/RB [ steeper/JJR decline/NN ] ./. 
$$
====================================== ``/`` [ traders/NNS ] are/VBP disillusioned/VBN with/IN [ the/DT interest_6/NN rate/NN hike/NN ] and/CC beginning/VBG to/TO realize/VB that/IN [ we/PP ] 're/VBP seeing/VBG [ a/DT decaying/JJ ] {/( [ united/NP kingdom/NP ] }/) [ economy/NN ] ,/, ''/'' said/VBD [ scott/NP greene/NP ] ,/, [ chief/JJ dealer/NN ] at/IN [ bank/NP julius/NP baer/NP ] &/CC [ co/NP ] ./. 
$$
====================================== but/CC [ traders/NNS ] said/VBD [ bidding/NN ] for/IN [ the/DT dollar/NN ] is/VBZ firm/JJ ,/, despite/IN [ interest_6/NN rate/NN increases/NNS ] in/IN [ europe/NP ] [ that/WDT ] were/VBD expected/VBN to/TO depress/VB [ the/DT u.s./NP unit/NN ] by/IN drawing/VBG [ funds/NNS ] away/RB from/IN [ dollar-denominated/JJ instruments/NNS ] ./. 
$$
``/`` [ that/DT ] and/CC [ the/DT interest_1/NN ] from/IN [ the/DT corporate/JJ sector/NN ] ./. 
$$
[ the/DT total/JJ cost/NN ] of/IN [ the/DT bailout/NN ] ,/, including/VBG [ interest_6/NN ] ,/, is/VBZ expected/VBN to/TO be/VB roughly/RB [ $/$ 166/AB billion/AB ] over/IN [ 10/AB years/NNS ] ./. 
$$
[ industry/NN analysts/NNS ] say/VBP that/IN if/IN [ resolution/NP trust/NP issues/VBZ notes/NNS ] [ that/WDT ] carry/VBP [ the/DT full/JJ faith/NN ] and/CC [ credit/NN ] of/IN [ the/DT u.s./NP government/NN ] ,/, [ which/WDT ] would/MD allow/VB [ it/PP ] to/TO pay/VB [ the/DT lowest/JJS possible/JJ interest_6/NN rate/NN ] ,/, [ the/DT amount/NN ] of/IN [ the/DT notes/NNS ] would/MD count/VB as/IN [ federal/JJ outlays/NNS ] and/CC deepen/VB [ the/DT budget/NN deficit/NN ] ./. 
$$
[ high/JJ interest_6/NN rates/NNS ] ,/, for/IN [ example/NN ] ,/, had/VBD stifled/VBN housing/NN and/CC discouraged/VBN [ business/NN spending/NN ] ./. 
$$
====================================== [ the/DT union/NP pacific/NP officials/NNS ] said/VBD [ the/DT earnings/NNS decline/NN ] largely/RB reflects/VBZ [ additional/JJ interest_6/NN expense/NN ] related/VBN to/TO [ a/DT share-repurchase/JJ program/NN ] ./. 
$$
[ the/DT redemption/NN ] ,/, pursuant/JJ to/TO [ a/DT mandatory/JJ sinking/VBG fund/NN ] ,/, is/VBZ at/IN [ par/NN ] ,/, plus/CC accrued/JJ [ interest_6/NN ] ./. 
$$
if/IN [ this/DT ] continues/VBZ ,/, [ u.s./NP interests_4/NNS ] could/MD be/VB hurt/VBN ./. 
$$
====================================== [ the/DT saudi/JJ bad-neighbor/JJ policy/NN ] hurts/VBZ [ u.s./NP interests_4/NNS ] too/RB ./. 
$$
[ washington/NP ] should/MD not/RB remain/VB [ idle/JJ ] when/WRB [ saudi/JJ policies/NNS ] hurt/VBP [ our/PP$ ] ,/, as/RB well/RB as/IN [ their/PP$ own/JJ ] ,/, [ interests_4/NNS ] ./. 
$$
[ bce/NP inc./NP ] is/VBZ [ a/DT montreal-based/JJ holding/NN company/NN ] with/IN [ interests_5/NNS ] in/IN [ telecommunications/NNS ] ,/, [ gas/NN ] and/CC [ natural/JJ resources/NNS ] ./. 
$$
====================================== [ the/DT cellular/JJ phone/NN company/NN ] ,/, [ which/WDT ] has/VBZ [ gas/NN distribution/NN operations/NNS ] in/IN [ florida/NP ] ,/, said/VBD [ the/DT proposed/JJ facility/NN ] consists/VBZ of/IN [ a/DT four-year/JJ revolving/JJ credit/NN ] and/CC [ a/DT subsequent/JJ six-year/JJ term/NN loan/NN ] ,/, with/IN [ annual/JJ interest_6/NN ] running/VBG at/IN between/IN [ prime/JJ ] and/CC [ prime/JJ ] plus/CC [ 1.25/AB percentage/NN points/NNS ] ,/, depending/VBG on/IN [ the/DT balance/NN ] outstanding/JJ ./. 
$$
in/IN [ both/DT previous/JJ cases/NNS ] ,/, ``/`` [ representatives/NNS ] of/IN [ the/DT school/NN 's/POS athletic/JJ interests_4/NNS ] ,/, ''/'' [ i.e./FW ] ,/, [ boosters/NNS ] ,/, were/VBD involved/VBN ./. 
$$
====================================== [ national/NP city/NP corp./NP ] is/VBZ having/VBG [ a/DT strong/JJ profit/NN year/NN ] because/IN of/IN [ a/DT wider-than-normal/JJ spread/NN ] in/IN [ interest_6/NN rates/NNS ] and/CC [ good/JJ economic/JJ conditions/NNS ] in/IN [ its/PP$ ohio/NP ] and/CC [ kentucky/NP service/NN area/NN ] ,/, [ edward/NP b./NP brandon/NP ] ,/, [ chairman/NN ] and/CC [ chief/JJ executive/JJ officer/NN ] ,/, said/VBD ./. 
$$
====================================== [ the/DT spread/NN ] between/IN [ national/NP city/NP 's/POS interest_6/NN income/NN ] on/IN [ loans/NNS ] and/CC [ its/PP$ cost/NN ] of/IN [ funds/NNS ] was/VBD particularly/RB favorable/JJ in/IN [ the/DT first/JJ ] [ half/NN ] ,/, [ officials/NNS ] said/VBD ./. 
$$
====================================== however/RB ,/, [ it/PP ] will/MD be/VB [ difficult/JJ next/JJ year/NN ] to/TO show/VB [ an/DT improvement/NN ] in/IN [ the/DT interest_6/NN margin/NN ] between/IN [ loan/NN rates/NNS ] and/CC [ the/DT cost/NN ] of/IN [ funds/NNS ] ,/, said/VBD [ mr./NP daberko/NP ] ,/, [ who/WP ] is/VBZ responsible/JJ for/IN banking/NN [ operations/NNS ] ./. 
$$
[ the/DT federal/NP reserve/NP board/NP ] in/IN [ the/DT 1989/AB first/JJ ] [ half/NN ] kept/VBD [ short-term/JJ interest_6/NN rates/NNS ] relatively/RB high/JJ in/IN [ relation/NN ] to/TO [ intermediate/JJ ] and/CC [ longer/JJR rates/NNS ] ,/, [ he/PP ] said/VBD ./. 
$$
[ many/JJ ] of/IN [ national/NP city/NP 's/POS commercial/NN ] and/CC [ consumer/NN loans/NNS ] have/VBP [ variable/JJ rates/NNS ] tied/VBN to/TO [ prime/JJ ] or/CC [ other/JJ short-term/JJ interest_6/NN rates/NNS ] ,/, [ he/PP ] said/VBD ./. 
$$
[ auto/NN companies/NNS '/POS finance/NN subsidiaries/NNS ] appear/VBP to/TO be/VB increasing/VBG [ their/PP$ share/NN ] of/IN [ the/DT auto-financing/NN business/NN ] ,/, partly/RB through/IN [ below-market/JJ interest_6/NN rates/NNS ] ,/, [ he/PP ] said/VBD ./. 
$$
====================================== [ harcourt/NP ] emphasized/VBD that/IN [ cash/NN flow/NN ] from/IN publishing/NN and/CC [ insurance/NN operations/NNS ] will/MD be/VB ``/`` entirely/RB sufficient/JJ to/TO pay/VB [ cash/NN interest_6/NN obligations/NNS ] for/IN [ the/DT foreseeable/JJ future/NN ] ./. 
$$
''/'' [ it/PP ] said/VBD [ operating/NN profit/NN ] from/IN [ parks/NNS ] would/MD be/VB about/RB [ $/$ 65/AB million/AB ] for/IN [ 1989/AB ] ,/, whereas/IN [ the/DT interest_6/NN savings/NNS ] in/IN selling/VBG [ the/DT parks/NNS ] is/VBZ about/RB [ $/$ 115/AB million/AB ] ./. 
$$
``/`` [ we/PP ] 're/VBP giving/VBG up/RP [ $/$ 75/AB million/AB ] in/IN [ cash/NN flow/NN ] but/CC picking/VBG up/RP [ $/$ 115/AB million/AB ] in/IN [ reduced/JJ interest_6/NN expense/NN ] ./. 
$$
====================================== integrated/NP has/VBZ been/VBN trying/VBG to/TO avoid/VB [ a/DT bankruptcy-law/NN ] filing/NN since/IN [ it/PP ] failed/VBD to/TO make/VB [ interest_6/NN payments/NNS ] in/IN [ june/NP ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ./. 
$$
[ students/NNS ] ,/, chanting/VBG ``/`` hey/UH ,/, hey/UH ,/, ho/UH ,/, ho/UH ,/, [ western/JJ civ/NN ] has/VBZ got/VBD to/TO go/VB ,/, ''/'' charged/VBD that/IN [ the/DT reading/NN list/NN ] reflected/VBD [ the/DT values/NNS ] of/IN [ a/DT white/JJ male/NN ] ,/, [ western/JJ power/NN structure/NN ] and/CC demanded/VBD [ books/NNS ] [ that/WDT ] recognized/VBD [ the/DT interests_3/NNS ] of/IN [ women/NNS ] ,/, [ minorities/NNS ] and/CC [ the/DT third/NP world/NP ] ./. 
$$
====================================== [ the/DT toy/NN maker/NN ] also/RB said/VBD [ a/DT group/NN ] [ that/WDT ] currently/RB owns/VBZ [ 19.5/AB %/NN ] of/IN [ tonka/NP 's/POS shares/NNS ] said/VBD in/IN [ an/DT sec/NP ] filing/NN that/IN [ the/DT group/NN 's/POS ] ``/`` [ interests_4/NNS ] will/MD be/VB best/RB served/VBN in/IN exploring/VBG [ opportunities/NNS ] ''/'' to/TO sell/VB [ all/DT ] or/CC [ part/NN ] of/IN [ its/PP$ tonka/NP stock/NN ] ./. 
$$
but/CC [ tonka/NP ] said/VBD [ the/DT group/NN ] ,/, [ which/WDT ] includes/VBZ [ tonka/NP vice/NP chairman/NP gordon/NP l./NP bramah/NP ] ,/, also/RB said/VBD [ it/PP ] may/MD acquire/VB [ more/JJR shares/NNS ] on/IN [ its/PP$ own/JJ ] or/CC with/IN [ others/NNS ] ``/`` with/IN [ a/DT view/NN ] toward/IN obtaining/VBG [ a/DT controlling/NN interest_5/NN ] in/IN [ the/DT company/NN ] ./. 
$$
====================================== [ the/DT government/NN 's/POS moves/NNS ] came/VBD [ a/DT week/NN ] after/IN [ mr./NP pocklington/NP ] missed/VBD [ a/DT c$/$ 400,000/AB interest_6/NN payment/NN ] on/IN [ the/DT c$/$ 6/AB million/AB government/NN loan/NN ] and/CC failed/VBD for/IN [ the/DT second/JJ time/NN ] in/IN [ four/AB months/NNS ] to/TO meet/VB [ a/DT construction/NN start-up/NN deadline/NN ] for/IN [ the/DT proposed/VBN c$/$ 22/AB million/AB pork/NN plant/NN ] ./. 
$$
====================================== [ bill/NP krause/NP ] ,/, [ 3com/NP chairman/NN ] and/CC [ chief/JJ executive/JJ officer/NN ] ,/, said/VBD [ he/PP ] talked/VBD with/IN [ digital/NP communications/NP ] after/IN receiving/VBG [ the/DT letter/NN ] ``/`` to/TO make/VB [ sure/JJ they/PP ] had/VBD [ no/DT interest_1/NN ] in/IN [ a/DT business/NN arrangement/NN ] ./. 
$$
====================================== if/IN ,/, as/IN [ traders/NNS fear/VBP ] ,/, [ stock/NN baskets/NNS ] attract/VBP [ little/JJ customer/NN interest_1/NN ] ,/, [ that/WDT ] would/MD leave/VB [ market/NN makers/NNS less/JJR room/NN ] to/TO get/VB out/IN of/IN [ unwanted/JJ positions/NNS ] ./. 
$$
[ he/PP ] said/VBD [ merrill/NP lynch/NP ] and/CC [ kidder/NP peabody/NP ] still/RB have/VBP [ an/DT interest_1/NN ] in/IN [ becoming/VBG market/NN makers/NNS ] ./. 
$$
[ a/DT group/NN ] of/IN [ big/NP board/NP floor/NN brokers/NNS ] ,/, [ the/DT alliance/NP ] of/IN [ floor/NP brokers/NP ] ,/, already/RB have/VB fired/VBN off/RP [ a/DT testy/JJ memorandum/NN ] to/TO [ the/DT sec/NP ] criticizing/VBG [ the/DT stock/NN basket/NN ] as/IN [ risky/JJ ] and/CC not/RB in/IN [ the/DT interest_4/NN ] of/IN [ the/DT public/NN ] ./. 
$$
[ he/PP ] forced/VBD [ the/DT european/JJ airline/NN ] to/TO reduce/VB [ its/PP$ planned/JJ investment/NN ] ,/, saying/VBG that/IN [ it/PP ] contravened/VBD [ the/DT spirit/NN ] of/IN [ the/DT federal/JJ aviation/NN laws/NNS ] [ that/WDT ] prohibit/VBP [ foreigners/NNS ] from/IN owning/VBG more/JJR than/IN [ a/DT 25/AB %/NN voting/NN interest_5/NN ] in/IN [ u.s./NP airlines/NNS ] and/CC [ that/WDT ] say/VBP [ the/DT carriers/NNS ] must/MD be/VB controlled/VBN by/IN [ u.s./NP citizens/NNS ] ./. 
$$
with/IN [ the/DT nation/NN ] still/RB running/VBG [ big/JJ trade/NN ] and/CC [ budget/NN deficits/NNS ] ,/, [ such/JJ investments/NNS ] help/VBP hold/VB down/RP [ interest_6/NN rates/NNS ] ./. 
$$
====================================== ``/`` [ we/PP ] are/VBP basically/RB for/IN as/RB [ much/JJ open/JJ investment/NN ] as/IN [ possible/JJ ] ,/, so/RB long/RB as/IN [ it/PP ] does/VBZ not/RB create/VB [ a/DT problem/NN ] for/IN [ our/PP$ national/JJ security/NN ] or/CC [ our/PP$ strategic/JJ interests_4/NNS ] ,/, ''/'' [ u.s./NP trade/NP representative/NP carla/NP hills/NP ] told/VBD [ members/NNS ] of/IN [ congress/NP last/JJ week/NN ] when/WRB [ she/PP ] was/VBD asked/VBN about/IN [ mr./NP skinner/NP 's/POS moves/NNS ] ./. 
$$
[ the/DT dutch/NPS ] ,/, while/IN stepping/VBG up/RP [ their/PP$ interest_5/NN ] in/IN [ u.s./NP airlines/NNS ] ,/, already/RB control/VBP [ the/DT parent/NN ] of/IN [ u.s.-based/JJ shell/NP oil/NP co/NP ] ./. 
$$
====================================== [ friday/NP ] ,/, [ october/NP 6/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== if/IN [ american/NP ] elects/VBZ to/TO compete/VB economically/RB with/IN [ mr./NP trump/NP ] in/IN [ a/DT recapitalization/NN ] ,/, such/JJ as/IN [ a/DT stock/NN buy-back/NN ] with/IN [ a/DT special/JJ dividend/NN ] financed/VBN with/IN [ new/JJ debt/NN ] ,/, [ it/PP ] would/MD then/RB be/VB difficult/JJ to/TO make/VB [ the/DT political/JJ argument/NN ] that/IN [ excessive/JJ airline/NN debt/NN levels/NNS ] violate/VBP [ the/DT public/JJ interest_4/NN ] ./. 
$$
[ interest_6/NN ] at/IN [ 1/AB point/NN ] below/IN [ the/DT three-month/JJ vienna/NP interbank/NN ] offered/VBN [ rate/NN ] ;/: [ three/AB billion/AB schillings/NNS ] is/VBZ [ an/DT international/JJ tranche/NN ] with/IN [ credit/NP suisse/NP first/NP boston/NP ltd./NP ] as/IN [ coordinator/NN ] ./. 
$$
[ interest_6/NN rates/NNS ] generally/RB have/VBP been/VBN declining/VBG since/IN [ last/JJ spring/NN ] ,/, despite/IN [ a/DT few/JJ upward/JJ blips/NNS ] in/IN [ recent/JJ weeks/NNS ] ./. 
$$
if/IN [ interest_6/NN rates/NNS ] do/VBP continue/VB downward/RB ,/, yields/NNS on/IN [ money-market/NN accounts/NNS ] and/CC [ money/NN funds/NNS ] will/MD decline/VB ,/, too/RB ./. 
$$
====================================== as/IN with/IN [ most/RBS recent/JJ first/JJ ladies/NNS ] ,/, [ mrs./NP bush/NP ] has/VBZ taken/VBN [ a/DT special/JJ interest_1/NN ] in/IN [ one/AB issue/NN ] ./. 
$$
in/IN [ her/PP$ case/NN ] ,/, [ it/PP ] is/VBZ [ literacy/NN ] ,/, [ an/DT issue/NN ] [ that/WDT ] combines/VBZ [ her/PP$ personal/JJ interest_1/NN ] with/IN [ a/DT sense/NN ] of/IN [ political/JJ savvy/NN ] ./. 
$$
with/IN [ five/AB children/NNS ] ,/, including/VBG [ one/AB son/NN ] [ who/WP ] struggled/VBD with/IN [ dyslexia/NN ] ,/, [ she/PP ] had/VBD always/RB had/VBN [ an/DT interest_1/NN ] in/IN [ education/NN ] ./. 
$$
====================================== [ the/DT federal/NP reserve/NP ] is/VBZ resisting/VBG [ domestic/JJ ] and/CC [ international/JJ pressure/NN ] to/TO reduce/VB [ interest_6/NN rates/NNS ] to/TO bring/VB down/IN [ the/DT dollar/NN ] ,/, causing/VBG [ escalating/VBG tension/NN ] between/IN [ it/PP ] and/CC [ the/DT bush/NP administration/NN ] ./. 
$$
====================================== [ signs/NNS ] of/IN [ a/DT weakening/NN economy/NN ] ,/, such/JJ as/IN [ friday/NP 's/POS report/NN ] that/IN [ the/DT unemployment/NN rate/NN ] rose/VBD in/IN [ september/NP ] ,/, still/RB may/MD lead/VB [ the/DT central/JJ bank/NN ] to/TO [ lower/JJR interest_6/NN rates/NNS ] in/IN [ the/DT coming/VBG weeks/NNS ] ./. 
$$
but/CC [ the/DT fed/NP ] sets/VBZ [ interest_6/NN rate/NN policy/NN ] ,/, [ which/WDT ] can/MD cause/VB much/RB larger/JJR and/CC [ more/JJR lasting/VBG movements/NNS ] in/IN [ exchange/NN rates/NNS ] ./. 
$$
====================================== [ lower/JJR interest_6/NN rates/NNS ] reduce/VBP [ upward/JJ pressure/NN ] on/IN [ the/DT dollar/NN ] by/IN [ making/VBG dollar/NN securities/NNS ] less/RBR attractive/JJ to/TO [ foreign/JJ investors/NNS ] ./. 
$$
[ european/JJ central/JJ banks/NNS ] also/RB helped/VBD relieve/VB [ upward/JJ pressure/NN ] on/IN [ the/DT dollar/NN ] by/IN raising/VBG [ their/PP$ interest_6/NN ] rates/NNS [ last/JJ week/NN ] ./. 
$$
''/'' ====================================== [ mr./NP johnson/NP ] has/VBZ been/VBN [ a/DT consistent/JJ advocate/NN ] of/IN [ lowering/VBG interest_6/NN rates/NNS ] to/TO help/VB [ the/DT domestic/JJ economy/NN ] ./. 
$$
''/'' ====================================== [ the/DT ] newly/RB released/VBN [ fed/NP minutes/NNS ] also/RB disclose/VBP that/IN [ the/DT central/JJ bank/NN 's/POS policy-making/JJ open-market/JJ committee/NN ] voted/VBD [ 10-1/AB ] at/IN [ its/PP$ aug./NP 22/AB meeting/NN ] to/TO leave/VB [ monetary/JJ policy/NN ] unchanged/JJ but/CC to/TO lean/VB toward/IN [ lower/JJR interest_6/NN rates/NNS ] if/IN [ economic/JJ conditions/NNS ] warranted/VBD ./. 
$$
====================================== [ several/JJ companies/NNS ] and/CC [ individuals/NNS ] have/VBP expressed/VBN [ interest_1/NN ] in/IN purchasing/VBG [ the/DT principal/JJ assets/NNS ] of/IN [ the/DT company/NN ] ,/, [ it/PP ] said/VBD ./. 
$$
====================================== despite/IN [ this/DT year/NN 's/POS spectacular/JJ rallies/NNS ] in/IN [ the/DT stock/NN ] and/CC [ bond/NN markets/NNS ] --/: including/VBG [ a/DT record/NN ] high/NN for/IN [ the/DT dow/NP jones/NP industrial/NP average/NP ] and/CC [ a/DT one-percentage-point/JJ drop/NN ] in/IN [ interest_6/NN rates/NNS ] --/: [ the/DT good/JJ times/NNS ] have/VBP n't/RB returned/VBN ./. 
$$
====================================== [ james/NP harmon/NP ] ,/, [ a/DT 30-year/JJ veteran/NN ] of/IN [ the/DT securities/NNS business/NN ] and/CC [ chairman/NN ] of/IN [ wertheim/NP schroder/NP ] &/CC [ co./NP ] ,/, says/VBZ ,/, ``/`` [ wall/NP street/NP today/NN ] generally/RB has/VBZ placed/VBN {/( [ the/DT pursuit/NN ] of/IN }/) [ its/PP$ own/JJ fees/NNS ] above/IN [ the/DT best/JJS interests_4/NNS ] of/IN [ its/PP$ clients/NNS ] ./. 
$$
====================================== [ the/DT economy/NN 's/POS unexpected/JJ sluggishness/NN ] and/CC [ the/DT dollar/NN 's/POS continued/VBN strength/NN ] are/VBP likely/JJ to/TO force/VB [ the/DT federal/NP reserve/NP ] to/TO cut/VB [ interest_6/NN rates/NNS ] in/IN coming/VBG [ weeks/NNS ] ,/, [ analysts/NNS ] say/VBP ./. 
$$
thus/RB ,/, [ many/JJ investment/NN managers/NNS ] are/VBP buying/VBG mainly/RB [ shorter-term/JJ issues/NNS ] ,/, [ those/DT due/JJ ] in/IN [ five/AB years/NNS ] or/CC [ less/JJR ] ,/, because/IN [ they/PP ] think/VBP [ long-term/JJ interest_6/NN rates/NNS ] wo/MD n't/RB fall/VB as/RB much/RB as/IN [ short-term/JJ rates/NNS ] ./. 
$$
[ he/PP ] expects/VBZ [ the/DT fed/NP ] to/TO drive/VB down/IN [ the/DT interest_6/NN rate/NN ] on/IN [ federal/JJ funds/NNS ] ,/, or/CC [ overnight/JJ loans/NNS ] among/IN [ banks/NNS ] ,/, to/TO [ 8/AB 34/AB %/NN ] from/IN [ 9/AB %/NN ] in/IN coming/VBG [ weeks/NNS ] ./. 
$$
``/`` and/CC [ that/DT ] certainly/RB increases/VBZ [ the/DT odds/NNS ] that/IN [ interest_6/NN rates/NNS ] will/MD move/VB [ lower/RBR ] soon/RB ./. 
$$
====================================== [ interest_6/NN rates/NNS ] tumbled/VBD on/IN [ news/NN ] that/IN [ the/DT september/NP employment/NN report/NN ] showed/VBD [ unexpected/JJ economic/JJ weakness/NN ] ./. 
$$
[ short-term/JJ interest_6/NN rates/NNS ] fell/VBD especially/RB sharply/RB ./. 
$$
====================================== once/RB [ the/DT paper/NN work/NN ] is/VBZ finished/VBN ,/, [ the/DT underwriter/NN ] escorts/VBZ [ the/DT company/NN 's/POS executives/NNS ] around/IN [ the/DT country/NN ] to/TO [ drum/VB ] up/IN [ interest_1/NN ] in/IN [ its/PP$ shares/NNS ] ./. 
$$
====================================== [ a/DT sharp/JJ rise/NN ] in/IN [ european/JJ interest_6/NN ] rates/NNS [ last/JJ week/NN ] over/IN and/CC above/IN [ increases/NNS ] throughout/IN [ this/DT year/NN ] could/MD crimp/VB [ metals/NNS demand/NN ] ,/, [ dealers/NNS ] say/VBP ./. 
$$
====================================== [ the/DT combination/NN ] of/IN [ higher/JJR costs/NNS ] for/IN [ the/DT raw/JJ materials/NNS ] and/CC [ the/DT strain/NN ] of/IN [ high/JJ real/JJ interest_6/NN rates/NNS ] leave/VBP [ consumers/NNS ] with/IN [ little/JJ choice/NN ] but/CC to/TO keep/VB [ raw/JJ material/NN inventories/NNS ] as/RB low/RB as/IN [ possible/JJ ] ,/, [ dealers/NNS ] say/VBP ./. 
$$
====================================== looking/VBG ahead/RB to/TO [ commodity/NN markets/NNS ] [ this/DT week/NN ] :/: ====================================== [ copper/NN ] ====================================== [ traders/NNS ] will/MD be/VB watching/VBG [ today/NN 's/POS london/NP metal/NP exchange/NP 's/POS report/NN ] on/IN [ copper/NN stocks/NNS ] in/IN [ its/PP$ warehouses/NNS ] with/IN [ more/JJR ] than/IN [ the/DT usual/JJ interest_1/NN ] ./. 
$$
and/CC [ their/PP$ interest_1/NN ] in/IN [ stocks/NNS was/VBD n't/RB ] fully/RB restored/VBN until/IN [ it/PP ] became/VBD [ apparent/JJ ] in/IN [ 1988/AB ] that/IN [ the/DT crash/NN ] would/MD n't/RB send/VB [ the/DT economy/NN ] into/IN [ a/DT recession/NN ] ./. 
$$
instead/RB of/IN looking/VBG at/IN [ interest_6/NN rates/NNS ] ,/, [ inflation/NN ] and/CC [ earnings/NN projections/NNS ] ,/, [ the/DT leveraged/JJ ] buy-out/NN and/CC [ merger/NN offers/NNS ] [ that/WDT ] drove/VBD [ the/DT stock/NN market/NN ] were/VBD based/VBN on/IN how/WRB [ much/JJ cash/NN ] [ a/DT target/NN company/NN ] could/MD generate/VB to/TO pay/VB off/IN [ the/DT loans/NNS ] [ that/WDT ] financed/VBD [ the/DT acquisition/NN ] ./. 
$$
====================================== [ friday/NP 's/POS market/NP activity/NP ] ====================================== [ optimism/NN ] about/IN [ the/DT prospects/NNS ] for/IN [ lower/JJR interest_6/NN rates/NNS ] helped/VBD push/VB [ the/DT dow/NP jones/NP industrial/NP average/NP ] up/IN [ 11.96/AB ] to/TO ====================================== for/IN [ the/DT week/NN ] ,/, [ the/DT dow/NP industrials/NNS ] climbed/VBD [ 92.70/AB points/NNS ] --/: [ the/DT biggest/JJS weekly/JJ point/NN advance/NN ] since/IN [ 114.86/AB points/NNS ] in/IN [ the/DT week/NN ] ended/VBD [ june/NP 3/AB ] ,/, [ 1988/AB ] ./. 
$$
[ there/EX ] was/VBD [ speculation/NN ] that/IN [ the/DT federal/NP reserve/NP ] would/MD soon/RB take/VB [ another/DT step/NN ] to/TO lower/VB [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ chevron/NP ] continued/VBD [ its/PP$ climb/NN ] on/IN [ takeover/NN ] and/CC [ restructuring/VBG speculation/NN ] ,/, including/VBG [ rumors/NNS ] that/IN [ british/NP petroleum/NP ] may/MD be/VB accumulating/VBG [ the/DT shares/NNS ] and/CC may/MD have/VB [ an/DT interest_1/NN ] in/IN buying/VBG [ the/DT company/NN 's/POS west/NP coast/NP oil/NN refineries/NNS ] ./. 
$$
====================================== [ the/DT fed/NP ] is/VBZ resisting/VBG [ pressure/NN ] to/TO cut/VB [ interest_6/NN rates/NNS ] ,/, though/IN [ analysts/NNS ] say/VBP [ a/DT reduction/NN ] is/VBZ likely/JJ in/IN coming/VBG [ weeks/NNS ] because/IN of/IN [ the/DT economy/NN 's/POS unexpected/JJ sluggishness/NN ] and/CC [ the/DT dollar/NN 's/POS continued/VBN strength/NN ] ./. 
$$
[ they/PP ] have/VBP piled/VBN on/IN [ $/$ 1.3/AB billion/AB ] of/IN [ debt/NN ] ,/, much/JJ of/IN [ it/PP ] falling/VBG due/JJ in/IN [ the/DT short/JJ term/NN ] ,/, and/CC effectively/RB have/VBP been/VBN borrowing/VBG to/TO pay/VB [ interest_6/NN ] and/CC [ dividends/NNS ] ./. 
$$
====================================== in/IN [ 1991/AB ] ,/, [ northrop/NP ] must/MD pay/VB [ lenders/NNS $/$ 180/AB million/AB ] ,/, along/IN with/IN [ annual/JJ interest_6/NN ] of/IN about/IN [ $/$ 120/AB million/AB ] ./. 
$$
but/CC [ richard/NP goldberg/NP ] ,/, [ an/DT attorney/NN ] for/IN [ the/DT partnership/NN group/NN ] ,/, noted/VBD that/IN [ the/DT shares/NNS ] were/VBD trading/VBG ``/`` in/IN [ the/DT low/JJ $/$ 4s/AB ] ''/'' before/IN [ the/DT group/NN 's/POS original/JJ offer/NN ] and/CC that/IN [ the/DT stock/NN ] might/MD fall/VB if/IN [ the/DT partnership/NN ] loses/VBZ [ interest_1/NN ] ./. 
$$
====================================== [ analysts/NNS ] said/VBD [ fear/NN ] of/IN [ higher/JJR interest_6/NN rates/NNS ] prompted/VBD [ investors/NNS ] to/TO sell/VB [ large-capitalization/JJ issues/NNS ] ,/, [ which/WDT ] are/VBP driven/VBN by/IN [ excess/JJ liquidity/NN ] in/IN [ the/DT market/NN ] ,/, in/IN [ favor/NN ] of/IN [ smaller/JJR companies/NNS ] ./. 
$$
but/CC [ a/DT surge/NN ] of/IN [ buying/VBG interest_1/NN ] in/IN [ jaguar/NP ] and/CC [ saatchi/NP ] &/CC [ saatchi/NP ] materialized/VBD to/TO push/VB [ prices/NNS ] up/RP ./. 
$$
''/'' ====================================== [ some/DT players/NNS ] said/VBD [ the/DT rise/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, though/IN [ undesirable/JJ ] ,/, will/MD help/VB to/TO damp/VB [ u.k./NP inflationary/JJ pressures/NNS ] ./. 
$$
``/`` if/IN {/( [ chancellor/NP ] of/IN [ the/DT exchequer/NP nigel/NP ] }/) [ lawson/NP ] is/VBZ going/VBG to/TO use/VB [ the/DT high/JJ interest_6/NN rate/NN medicine/NN ] ,/, [ he/PP ] might/MD as/RB well/RB make/VB [ the/DT tonic/NN strong/JJ ] ,/, ''/'' [ one/AB dealer/NN ] said/VBD ./. 
$$
====================================== [ guinness/NP ] climbed/VBD [ 25/AB ] to/TO [ 597/AB ] on/IN [ followthrough/JJ ] buying/NN after/IN [ a/DT strong/JJ interim/JJ earnings/NNS ] report/NN [ thursday/NP ] and/CC on/IN [ the/DT growing/VBG perception/NN ] that/IN [ its/PP$ 24/AB %/NN beneficial/JJ interest_5/NN ] in/IN [ french/JJ luxury/NN goods/NNS maker/NN louis/NP vuitton/NP moet/NP hennessey/NP ] will/MD prove/VB [ a/DT good/JJ investment/NN ] ./. 
$$
====================================== [ bullish/JJ dollar/NN sentiment/NN ] appears/VBZ to/TO be/VB strong/JJ enough/RB to/TO survive/VB [ any/DT gradual/JJ reduction/NN ] in/IN [ u.s./NP interest_6/NN rates/NNS ] ./. 
$$
meanwhile/RB ,/, [ many/JJ government-bond/NN funds/NNS ] found/VBD [ their/PP$ portfolio/NN values/NNS ] eroded/VBN by/IN [ rising/VBG interest_6/NN rates/NNS ] ./. 
$$
''/'' ====================================== [ investors/NNS ] managed/VBD to/TO eke/VB out/IN [ a/DT positive/JJ total/NN return/NN ] --/: [ price/NN change/NN ] plus/CC [ interest_6/NN income/NN ] --/: only/RB because/IN of/IN [ the/DT *interest/NN checks/NNS they/PP ] received/VBD in/IN [ the/DT quarter/NN ] ./. 
$$
if/IN [ interest_6/NN payments/NNS ] are/VBP included/VBN ,/, [ their/PP$ losses/NNS ] narrowed/VBD to/TO [ 1.27/AB %/NN ] --/: still/RB [ the/DT worst/JJS quarter/NN ] in/IN nearly/RB [ two/AB years/NNS ] ./. 
$$
====================================== rising/VBG [ interest_6/NN rates/NNS ] ,/, meanwhile/RB ,/, battered/VBN [ government/NN funds/NNS ] ,/, [ whose/WP$ value/NN ] fell/VBD [ an/DT average/NN ] of/IN [ 1.37/AB %/NN ] for/IN [ the/DT quarter/NN ] before/IN [ *interest/NN payments/NNS ] ./. 
$$
(/( [ values/NNS ] of/IN [ most/JJS government/NN bond/NN funds/NNS ] fall/VBP as/IN [ interest_6/NN rates/NNS ] rise/VB ./. 
$$
)/) ====================================== [ hardest/RBS hit/VBN ] :/: [ zero-coupon/NN bond/NN funds/NNS ] ,/, [ which/WDT ] invest/VBP in/IN [ bonds/NNS ] sold/VBN at/IN [ a/DT deep/JJ discount/NN ] and/CC do/VBP n't/RB pay/VB [ any/DT interest_6/NN ] until/IN [ they/PP ] mature/VBP ./. 
$$
with/IN [ interest_6/NN rates/NNS ] rising/VBG [ a/DT bit/NN ] during/IN [ the/DT quarter/NN ] ,/, [ those/DT funds/NNS ] with/IN [ shortest/JJS maturities/NNS ] --/: and/CC hence/RB [ least/JJS *interest-rate/NN risk-benefited/NN ] most/RBS ./. 
$$
[ the/DT major/JJ reason/NN ] :/: expected/VBN [ softening/NN ] of/IN [ the/DT economy/NN ] ,/, accompanied/VBN by/IN [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
[ this/DT bet/NN ] will/MD backfire/VB ,/, of/IN [ course/NN ] ,/, if/IN [ interest_6/NN rates/NNS ] rise/VBP further/RB instead/RB ./. 
$$
[ the/DT army/NP ] did/VBD allow/VB that/IN [ congress/NP ] gives/VBZ [ him/PP ] [ $/$ 5/AB million/AB ] [ a/DT year/NN ] to/TO [ train/VB civilians/NNS ] ``/`` so/IN [ they/PP ] can/MD function/VB in/IN [ the/DT national/JJ interest_4/NN ] in/IN [ case/NN ] of/IN [ war/NN ] ,/, ''/'' apparently/RB on/IN [ the/DT assumption/NN ] that/IN [ the/DT next/JJ war/NN ] will/MD involve/VB [ rifles/NNS ] rather/RB than/IN [ missiles/NNS ] ./. 
$$
given/VBN [ a/DT slowing/NN ] in/IN [ the/DT growth/NN ] of/IN [ personal/JJ income/NN ] ,/, continued/VBD [ high/JJ personal/JJ debt/NN levels/NNS ] and/CC [ high/JJ interest_6/NN rates/NNS ] ,/, [ durable-goods/NNS sales/NNS ] are/VBP likely/JJ to/TO continue/VB to/TO be/VB sluggish/JJ ,/, [ he/PP ] added/VBD ./. 
$$
[ the/DT dallas/NP company/NN ] attributed/VBD [ the/DT gains/NNS ] to/TO [ strong/JJ interest_1/NN ] in/IN [ women/NNS 's/POS sportswear/NN ] and/CC [ back-to-school/JJ merchandise/NN ] ./. 
$$
[ non-steel/JJ interests_5/NNS ] ,/, [ which/WDT ] currently/RB contribute/VBP [ 3.5/AB billion/AB marks/NNS ] to/TO [ group/NN sales/NNS ] ,/, are/VBP planned/VBN to/TO rise/VB to/TO [ 5/AB ] to/TO [ 6/AB billion/AB marks/NNS ] by/IN [ the/DT mid-1990s/AB ] ,/, [ mr./NP gienow/NP ] said/VBD ./. 
$$
====================================== [ the/DT company/NN ] holds/VBZ [ this/DT view/NN ] despite/IN declining/VBG [ prices/NNS ] in/IN [ several/JJ steel/NN product/NN areas/NNS ] and/CC despite/IN [ britain/NP 's/POS high/JJ interest_6/NN rates/NNS ] ./. 
$$
``/`` [ there/EX ] has/VBZ been/VBN [ interest_1/NN ] in/IN acquiring/VBG [ b./NP altman/NP ] &/CC [ co./NP ] since/IN [ january/NP ] ,/, ''/'' [ mr./NP sigoloff/NP ] said/VBD in/IN [ an/DT interview/NN ] ./. 
$$
''/'' ====================================== in/IN [ houston/NP ] ,/, [ robert/NP sakowitz/NP ] ,/, [ chief/NN executive/NN ] of/IN [ sakowitz/NP inc./NP ] ,/, said/VBD [ he/PP ] is/VBZ continuing/VBG to/TO discuss/VB [ the/DT possibility/NN ] of/IN buying/VBG [ l.j./NP hooker/NP 's/POS majority/NN interest_5/NN ] in/IN [ the/DT specialty/NN chain/NN ] ./. 
$$
[ l.j./NP hooker/NP ] has/VBZ already/RB sold/VBN [ its/PP$ majority/NN interest_5/NN ] in/IN [ parisian/NP inc./NP ] ,/, [ a/DT southern/JJ department/NN store/NN chain/NN ] ,/, to/TO [ management/NN ] ./. 
$$
====================================== [ the/DT firm/NN ] has/VBZ been/VBN racing/VBG to/TO complete/VB [ the/DT transaction/NN ] by/IN [ its/PP$ oct./NP 15/AB deadline/NN ] to/TO avoid/VB [ a/DT bankruptcy/NN ] filing/NN ,/, after/IN having/VBG failed/VBN to/TO make/VB [ interest_6/NN payments/NNS ] in/IN [ june/NP ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ./. 
$$
====================================== at/IN [ sept./NP 30/AB ] ,/, [ fedders/NNS ] had/VBD [ no/DT short-term/JJ debt/NN ] ,/, and/CC [ long-term/JJ debt/NN ] was/VBD around/IN [ $/$ 53/AB million/AB ] at/IN [ an/DT average/JJ interest_6/NN rate/NN ] of/IN [ 9.3/AB %/NN ] ,/, leaving/VBG ``/`` [ ample/JJ borrowing/NN capacity/NN ] ,/, ''/'' [ the/DT executive/NN ] said/VBD ./. 
$$
====================================== [ maxus/NP energy/NP corp./NP ] said/VBD [ it/PP ] sold/VBD [ a/DT 10/AB %/NN interest_5/NN ] in/IN [ a/DT production-sharing/NN contract/NN ] in/IN [ indonesia/NP ] to/TO [ repsol/NP exploracion/NP s.a./NP ] of/IN [ spain/NP ] for/IN about/IN [ $/$ 100/AB million/AB ] ./. 
$$
====================================== [ the/DT oil/NN ] and/CC [ gas/NN concern/NN ] said/VBD [ the/DT sale/NN ] lowered/VBD [ its/PP$ interest_5/NN ] in/IN [ the/DT contract/NN ] to/TO [ 24.3/AB %/NN ] from/IN [ 34.3/AB %/NN ] ,/, while/IN increasing/VBG [ repsol/NP 's/POS *interest/NN ] to/TO [ 12.45/AB %/NN ] ./. 
$$
====================================== [ the/DT oil/NN ] and/CC [ gas/NN concern/NN ] said/VBD [ the/DT sale/NN ] lowered/VBD [ its/PP$ *interest/NN ] in/IN [ the/DT contract/NN ] to/TO [ 24.3/AB %/NN ] from/IN [ 34.3/AB %/NN ] ,/, while/IN increasing/VBG [ repsol/NP 's/POS interest_5/NN ] to/TO [ 12.45/AB %/NN ] ./. 
$$
====================================== ``/`` [ this/DT sale/NN ] allows/VBZ [ us/PP ] to/TO retain/VB [ a/DT sizable/JJ interest_5/NN ] in/IN [ the/DT northwest/NP java/NP contract/NN area/NN ] ,/, while/IN increasing/VBG [ our/PP$ financial/JJ flexibility/NN ] ,/, ''/'' said/VBD [ charles/NP blackburn/NP ] ,/, [ chairman/NN ] and/CC [ chief/JJ executive/NN ] of/IN [ maxus/NP ] ./. 
$$
''/'' ====================================== [ whatever/WDT ] [ the/DT case/NN ] ,/, [ public/JJ interest_1/NN ] in/IN [ herbal/JJ medicine/NN ] is/VBZ rising/VBG ./. 
$$
''/'' [ there/EX ] are/VBP [ many/JJ more/JJR people/NNS ] than/IN [ the/DT media/NNS ] cover/VB working/VBG as/IN [ brokers/NNS ] ,/, [ advisers/NNS ] and/CC [ planners/NNS ] ,/, [ who/WP ] absolutely/RB keep/VBP [ their/PP$ clients/NNS '/POS best/JJS interests_4/NNS ] [ a/DT priority/NN ] and/CC actively/RB live/VB [ exemplary/JJ ethical/JJ lives/NNS ] ./. 
$$
''/'' ====================================== [ loan/NP pricing/NP ] ,/, [ a/DT private/JJ firm/NN ] [ that/WDT ] sells/VBZ [ data/NNS ] on/IN [ the/DT commercial/JJ loan/NN market/NN ] ,/, cited/VBD [ higher/JJR interest_6/NN rates/NNS ] on/IN [ junk/NN bonds/NNS ] as/IN [ one/AB factor/NN ] [ that/WDT ] is/VBZ causing/VBG [ more/JJR borrowers/NNS ] to/TO turn/VB to/TO [ short-term/JJ bank/NN loans/NNS ] ./. 
$$
[ the/DT well-publicized/JJ troubles/NNS ] of/IN [ some/DT large/JJ issuers/NNS ] of/IN [ high-yield/JJ corporate/JJ bonds/NNS ] have/VBP sent/VBN [ interest_6/NN rates/NNS ] for/IN [ such/JJ issues/NNS ] climbing/VBG to/TO [ new/JJ highs/NNS ] relative/JJ to/TO [ government/NN debt/NN ] ./. 
$$
declining/VBG [ after-tax/JJ profits/NNS ] ,/, [ higher/JJR corporate/JJ interest_6/NN payments/NNS ] and/CC [ moderating/VBG spending/NN ] by/IN [ consumers/NNS ] will/MD retard/VB [ growth/NN ] in/IN [ businesses/NNS '/POS cash/NN flow/NN ] in/IN [ 1990/AB ] ,/, according/VBG to/TO [ the/DT forecast/NN ] ./. 
$$
but/CC [ others/NNS ] look/VBP for/IN [ the/DT federal/NP reserve/NP ] to/TO ease/VB [ short-term/JJ interest_6/NN rates/NNS ] soon/RB ,/, giving/VBG [ stocks/NNS ] [ another/DT upward/JJ boost/NN ] ./. 
$$
[ the/DT u.s./NP currency/NN ] dropped/VBD [ briefly/RB ] yesterday/NN after/IN [ west/NP germany/NP 's/POS bundesbank/NP ] announced/VBD [ it/PP ] was/VBD pushing/VBG [ interest_6/NN rates/NNS ] up/IN [ a/DT full/JJ percentage/NN point/NN ] ,/, but/CC quickly/RB recovered/VBD and/CC moved/VBD [ higher/RBR ] ./. 
$$
[ he/PP ] started/VBD to/TO push/VB against/IN [ the/DT powerful/JJ owners/NNS ] of/IN [ alcohol/NN mills/NNS ] [ who/WP ] had/VBD been/VBN using/VBG [ their/PP$ political/JJ influence/NN ] to/TO withhold/VB [ interest_6/NN payments/NNS ] to/TO [ the/DT state/NN bank/NN ] ./. 
$$
====================================== [ the/DT beauty/NN ] of/IN [ brazilian/JJ corporativism/NN ] is/VBZ that/IN [ political/JJ alliances/NNS ] can/MD be/VB made/VBN among/IN [ socialists/NNS ] and/CC [ capitalists/NNS ] [ who/WP ] share/VBP [ the/DT mutual/JJ goal/NN ] of/IN maintaining/VBG [ their/PP$ protected/JJ interests_4/NNS ] ./. 
$$
''/'' [ he/PP ] also/RB said/VBD [ he/PP ] expects/VBZ [ interest_6/NN rates/NNS ] to/TO drop/VB further/RBR ,/, ``/`` and/CC [ that/DT ] usually/RB works/VBZ to/TO [ everyone/NN ] [ 's/POS favor/NN ] ./. 
$$
''/'' [ he/PP ] attributed/VBD that/IN [ activity/NN ] to/TO [ a/DT drop/NN ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
[ interest_6/NN ] on/IN [ bonds/NNS ] due/JJ in/IN [ 2022/AB ] ,/, [ which/WDT ] are/VBP [ series/NN 11/AB ] ,/, is/VBZ subject/JJ to/TO [ the/DT tax/NN ] ./. 
$$
====================================== [ capital/NP citiesabc/NP video/NP enterprises/NPS inc./NP ] ,/, for/IN [ example/NN ] ,/, recently/RB bought/VBD [ a/DT sizable/JJ minority/NN interest_5/NN ] in/IN [ telemunchen/NP ] ,/, [ a/DT west/JJ german/JJ production/NN company/NN ] ,/, and/CC is/VBZ believed/VBN to/TO be/VB looking/VBG at/IN [ similar/JJ investments/NNS ] in/IN [ france/NP ] and/CC [ spain/NP ] ./. 
$$
in/IN [ the/DT interest_4/NN ] of/IN [ uniformity/NN ] ,/, [ a/DT large/JJ part/NN ] of/IN [ it/PP ] is/VBZ likely/JJ to/TO be/VB federal/JJ ./. 
$$
====================================== [ the/DT supply/NN ] is/VBZ [ the/DT highest/JJS ] since/IN [ 1983/AB ] ,/, when/WRB more/JJR than/IN [ 10,000/AB houses/NNS ] clogged/VBD [ the/DT market/NN ] because/IN of/IN [ high/JJ interest_6/NN rates/NNS ] ./. 
$$
''/'' ====================================== [ mr./NP gates/NP ] ,/, [ 46/AB years/NNS ] old/JJ ,/, is/VBZ [ a/DT native/JJ kansan/NP ] [ who/WP ] developed/VBD [ a/DT deep/JJ interest_1/NN ] in/IN [ eastern/NP europe/NP ] and/CC [ the/DT soviet/NP union/NP ] in/IN [ college/NN ] ./. 
$$
====================================== despite/IN [ his/PP$ long/JJ interest_1/NN ] in/IN [ the/DT soviet/NP union/NP ] ,/, [ mr./NP gates/NP ] could/MD n't/RB actually/RB visit/VB [ the/DT country/NN ] until/IN [ this/DT year/NN ] ,/, when/WRB [ he/PP ] left/VBD [ the/DT intelligence/NN business/NN ] and/CC moved/VBD into/IN [ his/PP$ new/JJ role/NN ] as/IN [ mr./NP scowcroft/NP 's/POS deputy/NN ] ./. 
$$
====================================== [ some/DT u.s./NP ] and/CC [ european/JJ bankers/NNS ] have/VBP argued/VBN that/IN [ the/DT proposed/VBN settlement/NN ] does/VBZ n't/RB include/VB [ sufficient/JJ enhancements/NNS ] --/: [ government/NN ] and/CC [ international/JJ agency/NN funds/NNS ] ,/, [ assurances/NNS ] and/CC guarantees/NNS --/: to/TO compensate/VB [ them/PP ] for/IN [ losses/NNS they/PP ] have/VBP to/TO take/VB if/IN [ they/PP ] opt/VBP to/TO offer/VB [ mexico/NP cuts/NNS ] in/IN [ its/PP$ debt/NN ] or/CC [ interest_6/NN payments/NNS ] ./. 
$$
[ the/DT proposed/VBN agreement/NN ] gives/VBZ [ banks/NNS ] [ the/DT option/NN ] of/IN [ cutting/VBG debt/NN ] or/CC [ interest_6/NN payments/NNS ] or/CC providing/VBG [ new/JJ loans/NNS ] ./. 
$$
[ officials/NNS ] at/IN [ cbs/NP inc./NP ] and/CC [ capital/NP citiesabc/NP inc./NP ] said/VBD [ their/PP$ stations/NNS ] have/VBP n't/RB expressed/VBN [ an/DT interest_1/NN ] in/IN moving/VBG [ prime/JJ time/NN ] ./. 
$$
[ the/DT remainder/NN ] is/VBZ for/IN [ debt/NN interest_6/NN ] ./. 
$$
[ the/DT underlying/VBG bill/NN ] provides/VBZ [ an/DT estimated/VBN $/$ 592/AB million/AB ] for/IN [ the/DT agricultural/NP research/NP service/NP ] and/CC is/VBZ laced/VBN with/IN [ parochial/JJ interests_4/NNS ] ./. 
$$
[ the/DT boston-based/JJ utility/NN ] said/VBD [ it/PP ] instructed/VBD [ its/PP$ trustee/NN ] to/TO offer/VB to/TO buy/VB [ the/DT bonds/NNS ] at/IN [ a/DT price/NN ] not/RB exceeding/VBG [ par/NN ] plus/CC accrued/VBN [ interest_6/NN ] to/TO [ the/DT purchase/NN date/NN ] ./. 
$$
====================================== [ bears/NNS ] say/VBP [ harcourt/NP 's/POS cash/NN annual/JJ interest_6/NN bill/NN ] is/VBZ about/IN [ $/$ 155/AB million/AB ] ./. 
$$
and/CC [ those/DT figures/NNS ] do/VBP n't/RB include/VB [ interest_6/NN ] on/IN more/JJR than/IN [ $/$ 600/AB million/AB ] in/IN [ zero-coupon/NN bonds/NNS ] and/CC [ pay-in-kind/JJ bonds/NNS ] (/( with/IN [ *interest/NN ] paid/VBN in/IN [ the/DT form/NN ] of/IN [ additional/JJ securities/NNS ] )/) ./. 
$$
[ harcourt/NP ] will/MD start/VB [ paying/VBG cash/NN interest_6/NN ] on/IN [ those/DT ] in/IN [ several/JJ years/NNS ] ./. 
$$
====================================== [ an/DT official/NN ] at/IN [ first/NP boston/NP ] ,/, [ which/WDT ] structured/VBD [ harcourt/NP 's/POS recapitalization/NN ] ,/, says/VBZ that/IN ``/`` after/IN applying/VBG [ the/DT proceeds/NNS ] of/IN [ the/DT park/NN sale/NN ] ,/, [ hbj/NP ] should/MD have/VB [ no/DT problem/NN ] meeting/VBG [ its/PP$ interest_6/NN ] and/CC [ principal/JJ payments/NNS ] ./. 
$$
[ the/DT only/JJ democrat/NP ] [ who/WP ] 's/VBZ expressed/VBN [ any/DT interest_1/NN ] at/IN [ all/DT ] ,/, [ mr./NP janson/NP ] says/VBZ ,/, is/VBZ [ a/DT pharmacist/NN ] [ who/WP ] works/VBZ [ nights/NNS ] ./. 
$$
====================================== [ news/NN ] of/IN [ mr./NP trump/NP 's/POS interest_1/NN ] in/IN [ amr/NP ] ,/, [ which/WDT ] had/VBD been/VBN rumored/VBN for/IN [ weeks/NNS ] ,/, sparked/VBD [ a/DT revival/NN ] of/IN buying/NN in/IN [ several/JJ other/JJ issues/NNS ] surrounded/VBN by/IN [ takeover/NN ] or/CC [ restructuring/NN speculation/NN ] ./. 
$$
====================================== [ analysts/NNS ] attributed/VBD [ the/DT lack/NN ] of/IN [ direction/NN ] partly/RB to/TO [ uncertainty/NN ] about/IN [ the/DT effects/NNS ] of/IN [ a/DT round/NN ] of/IN [ interest_6/NN rate/NN increases/NNS ] in/IN [ west/NP germany/NP ] and/CC [ several/JJ other/JJ european/JJ countries/NNS ] ./. 
$$
====================================== [ interest_1/NN ] in/IN [ takeover/NN stocks/NNS ] boosted/VBD [ hilton/NP hotels/NPS ] ,/, [ which/WDT ] jumped/VBD [ 4/AB ] to/TO [ 109/AB 5/AB ] on/IN [ talk/NN ] of/IN [ an/DT imminent/JJ bid/NN ] for/IN [ the/DT company/NN ] ./. 
$$
====================================== in/IN [ earlier/JJR statements/NNS ] ,/, [ rosewood/NP ] has/VBZ denied/VBN [ any/DT takeover/NN interest_1/NN ] ,/, saying/VBG [ it/PP ] merely/RB wants/VBZ [ more/JJR influence/NN ] in/IN [ the/DT company/NN ] to/TO enhance/VB [ shareholder/NN values/NNS ] ./. 
$$
====================================== [ bond/NN prices/NNS ] surged/VBD on/IN [ the/DT strength/NN ] of/IN [ the/DT dollar/NN ] ,/, [ which/WDT ] climbed/VBD on/IN [ foreign/JJ exchange/NN markets/NNS ] despite/IN [ a/DT sharp/JJ rise/NN ] in/IN [ foreign/JJ interest_6/NN rates/NNS ] ./. 
$$
[ england/NP 's/POS central/JJ bank/NN ] signaled/VBD [ a/DT rise/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, causing/VBG [ barclays/NP bank/NP plc/NP ] and/CC [ other/JJ large/JJ commercial/JJ banks/NNS ] to/TO raise/VB [ their/PP$ base/NN ] lending/NN [ rates/NNS ] to/TO [ 15/AB %/NN ] from/IN [ 14/AB %/NN ] ./. 
$$
}/) [ interest_6/NN rates/NNS ] ,/, ''/'' said/VBD [ mickey/NP levy/NP ] ,/, [ chief/JJ economist/NN ] at/IN [ first/NP fidelity/NP bank/NP corp./NP ] ,/, [ philadelphia/NP ] ./. 
$$
====================================== [ robert/NP shapiro/NP ] ,/, [ executive/NN vice/NN president/NN ] and/CC [ head/NN ] of/IN [ the/DT new-issue/JJ department/NN ] at/IN [ shearson/NP lehman/NP hutton/NP inc./NP ] ,/, said/VBD [ the/DT offering/NN ] attracted/VBD [ broad/JJ investor/NN interest_1/NN ] and/CC was/VBD quickly/RB snapped/VBN up/RB ./. 
$$
====================================== [ foreign/JJ bonds/NNS ] ====================================== [ foreign/JJ government/NN bonds/NNS ] closed/VBD unchanged/JJ to/TO modestly/RB lower/JJR after/IN [ the/DT bundesbank/NP ] raised/VBD [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ bond/NN dealers/NNS ] in/IN [ several/JJ countries/NNS ] said/VBD [ foreign/JJ bonds/NNS ] did/VBD n't/RB [ fall/VB ] sharply/RB because/IN [ interest_6/NN rate/NN hikes/NNS ] were/VBD widely/RB expected/VBN and/CC had/VBD been/VBN factored/VBN into/IN [ the/DT market/NN ] ./. 
$$
[ open/JJ interest_5/NN figures/NNS ] released/VBN by/IN [ the/DT coffee/NP ] ,/, [ sugar/NP ] &/CC [ cocoa/NP exchange/NP ] showed/VBD [ an/DT increase/NN ] of/IN [ 3,420/AB contracts/NNS ] ,/, raising/VBG [ the/DT total/JJ open/JJ *interest/NN ] for/IN [ sugar/NN ] to/TO [ 156,806/AB contracts/NNS ] ./. 
$$
[ open/JJ interest_5/NN ] is/VBZ [ the/DT number/NN ] of/IN [ contracts/NNS ] [ that/WDT ] have/VBP to/TO be/VB either/RB nullified/VBN by/IN [ an/DT opposite/JJ trade/NN ] or/CC fulfilled/VBN by/IN [ delivery/NN ] of/IN [ the/DT commodity/NN ] ./. 
$$
====================================== [ international/NP business/NP machines/NP corp./NP ] and/CC [ geographic/NP systems/NP corp./NP ] said/VBD [ ibm/NP ] agreed/VBD to/TO acquire/VB [ an/DT equity/NN interest_5/NN ] in/IN [ geographic/NP systems/NP ] ,/, [ green/NP bay/NP ] ,/, [ wis./NP ] ,/, [ a/DT maker/NN ] of/IN [ geographic/JJ information/NN systems/NNS solutions/NNS ] ./. 
$$
====================================== [ thursday/NP ] ,/, [ october/NP 5/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ the/DT dollar/NN ] strengthened/VBD despite/IN [ interest_6/NN rate/NN increases/NNS ] in/IN [ europe/NP ] and/CC continued/JJ [ dollar-selling/NN ] by/IN [ central/JJ banks/NNS ] ./. 
$$
====================================== ``/`` here/RB in/IN [ europe/NP ] ,/, [ everybody/NN ] was/VBD expecting/VBG [ the/DT bundesbank/NP ] to/TO raise/VB [ interest_6/NN rates/NNS ] ;/: [ a/DT full/JJ point/NN ] was/VBD [ a/DT surprise/NN ] ,/, but/CC that/IN [ something/NN ] had/VBD to/TO be/VB done/VBN was/VBD clear/JJ to/TO [ everybody/NN ] ,/, ''/'' said/VBD [ aloys/NP bischofberger/NP ] ,/, [ chief/JJ economist/NN ] for/IN [ credit/NP suisse/NP ] in/IN [ zurich/NP ] ./. 
$$
while/IN [ japan/NP 's/POS central/JJ bank/NN ] is/VBZ willing/JJ to/TO let/VB [ market/NN interest_6/NN rates/NNS ] edge/VB higher/RBR ,/, [ they/PP ] contend/VBP that/IN [ the/DT ruling/VBG liberal/NP democratic/NP party/NP 's/POS political/JJ status/NN ] remains/VBZ too/RB delicate/JJ to/TO risk/VB [ upsetting/VBG ] either/CC [ japan/NP 's/POS economic/JJ growth/NN ] or/CC [ its/PP$ stock/NN market/NN ] with/IN [ higher/JJR official/JJ *interest/NN rates/NNS ] ./. 
$$
====================================== supporting/VBG [ the/DT dollar/NN ] in/IN [ the/DT face/NN ] of/IN [ the/DT central/JJ banks/NNS '/POS efforts/NNS ] to/TO tame/VB [ it/PP ] are/VBP [ a/DT strong/JJ u.s./NP economy/NN ] ,/, still/RB relatively/RB [ high/JJ u.s./NP interest_6/NN rates/NNS ] compared/VBN with/IN [ those/DT ] in/IN [ germany/NP ] and/CC [ japan/NP ] ,/, and/CC [ foreigners/NNS '/POS notion/NN ] that/IN [ the/DT u.s./NP ] ,/, as/IN [ mr./NP dennis/NP ] of/IN [ james/NP capel/NP ] put/VBD [ it/PP ] ,/, ``/`` appears/VBZ very/RB stable/JJ politically/RB in/IN [ a/DT world/NN ] [ that/WDT ] appears/VBZ very/RB unstable/JJ [ this/DT year/NN ] ./. 
$$
====================================== buoyed/VBN by/IN [ such/JJ deals/NNS ] as/IN [ sony/NP corp./NP 's/POS purchase/NN ] of/IN [ columbia/NP pictures/NP entertainment/NP inc./NP ] and/CC [ dai-ichi/NP kangyo/NP bank/NP ltd./NP 's/POS purchase/NN ] of/IN [ a/DT 60/AB %/NN interest_5/NN ] in/IN [ cit/NP group/NP holdings/NP inc./NP ] ,/, [ japanese/JJ overseas/JJ acquisitions/NNS ] totaled/VBD [ $/$ 7.36/AB billion/AB ] in/IN [ september/NP ] ,/, up/RB sharply/RB from/IN [ $/$ 2.92/AB billion/AB ] [ a/DT year/NN ] earlier/RBR ./. 
$$
[ that/DT figure/NN ] does/VBZ n't/RB include/VB [ attorney/NN 's/POS fees/NNS ] and/CC [ interest_6/NN costs/NNS ] ./. 
$$
====================================== [ opec/NP ] and/CC [ the/DT 12-nation/JJ community/NN ] share/VBP [ an/DT interest_1/NN ] in/IN [ stability/NN ] and/CC in/IN avoiding/VBG [ the/DT oil-price/JJ surges/NNS ] of/IN [ previous/JJ years/NNS ] ,/, [ the/DT indonesian/JJ official/NN ] said/VBD ./. 
$$
====================================== in/IN [ tokyo/NP ] ,/, [ interest_6/NN rate/NN worries/NNS ] were/VBD muted/JJ and/CC [ stocks/NNS ] rolled/VBD up/RP [ their/PP$ second/JJ consecutive/JJ gain/NN ] ,/, helped/VBN by/IN [ institutional/JJ ] and/CC [ investment/JJ trust/NN fund/NN ] buying/NN near/IN [ the/DT close/NN ] ./. 
$$
''/'' ====================================== according/VBG to/TO [ traders/NNS ] ,/, [ the/DT rate/NN rise/NN ] heightened/VBD already/RB [ strong/JJ fears/NNS ] that/IN [ u.k./NP corporate/JJ profits/NNS ] will/MD be/VB harmed/VBN by/IN [ high/JJ interest_6/NN rates/NNS ] ./. 
$$
``/`` [ the/DT market/NN ] ca/MD n't/RB go/VB on/RP making/VBG out/RP [ that/DT higher/JJR interest_6/NN rates/NNS ] are/VBP n't/RB going/VBG to/TO seriously/RB harm/VB [ a/DT lot/NN ] of/IN [ companies/NNS '/POS earnings/NNS ] ,/, ''/'' [ one/AB dealer/NN ] said/VBD ./. 
$$
====================================== [ concern/NN ] over/IN [ currency/NN fluctuations/NNS ] and/CC [ expectations/NNS ] of/IN [ the/DT west/JJ german/JJ interest_6/NN rate/NN increase/NN ] encouraged/VBD [ investors/NNS ] to/TO ``/`` get/VB on/RP and/CC then/RB off/RP quickly/RB on/IN [ one/AB issue/NN ] after/IN [ another/DT ] ,/, ''/'' [ a/DT trader/NN ] at/IN [ dai-ichi/NP securities/NP ] said/VBD ,/, describing/VBG [ an/DT aggressive/JJ desire/NN ] to/TO take/VB [ profits/NNS ] quickly/RB ./. 
$$
====================================== [ sugar/NN refiners/NNS ] attracted/VBD buying/NN [ interest_1/NN ] after/IN [ a/DT local/JJ news/NN report/NN ] pointed/VBD out/IN [ an/DT improvement/NN ] in/IN [ sugar/NN prices/NNS ] over/IN [ the/DT past/JJ few/JJ months/NNS ] ./. 
$$
====================================== [ the/DT state-controlled/JJ commercial/JJ bank/NN group/NN ] said/VBD [ group/NN profit/NN ] rose/VBD to/TO [ 1.49/AB billion/AB francs/NNS ] (/( [ $/$ 233.2/AB million/AB ] )/) from/IN [ 1.24/AB billion/AB francs/NNS ] [ a/DT year/NN ] earlier/RBR ,/, and/CC was/VBD ahead/RB [ 16/AB %/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] at/IN [ 1.37/AB billion/AB francs/NNS ] ./. 
$$
[ pressure/NN ] on/IN [ interest_6/NN rates/NNS ] and/CC [ stiff/JJ competition/NN ] held/VBD [ net/JJ *interest/NN income/NN ] from/IN [ these/DT loans/NNS ] to/TO [ 12.05/AB billion/AB francs/NNS ] ,/, however/RB ,/, up/RB only/RB [ 6/AB %/NN ] from/IN [ a/DT year/NN ] earlier/RBR ./. 
$$
====================================== [ profit/NN ] after/IN [ taxes/NNS ] and/CC [ minority/NN interests_5/NNS ] and/CC before/IN [ special/JJ items/NNS ] rose/VBD [ 36/AB %/NN ] to/TO #/# [ 168/AB million/AB ] from/IN [ #/# 123/AB million/AB ] ,/, with/IN [ earnings/NNS ] per/IN [ share/NN ] rising/VBG to/TO [ 17.9/AB pence/NNS ] from/IN [ 13.5/AB pence/NNS ] ./. 
$$
====================================== [ the/DT west/JJ german/JJ bundesbank/NP ] raised/VBD [ its/PP$ official/JJ interest_6/NN rates/NNS ] by/IN [ a/DT full/JJ percentage/NN point/NN ] [ each/DT ] in/IN [ a/DT determined/JJ effort/NN ] to/TO boost/VB [ the/DT mark/NN ] and/CC [ cool/VB ] off/RP [ europe/NP 's/POS largest/JJS economy/NN ] before/IN [ inflationary/JJ pressures/NNS ] multiply/VBP ./. 
$$
====================================== [ the/DT full-point/JJ increases/NNS ] lift/VBP [ west/NP germany/NP 's/POS benchmark/JJ interest_6/NN rates/NNS ] to/TO [ their/PP$ highest/JJS level/NN ] since/IN [ 1982/AB ] ,/, when/WRB [ its/PP$ economy/NN ] was/VBD still/RB struggling/VBG to/TO emerge/VB from/IN [ the/DT last/JJ recession/NN ] ./. 
$$
[ the/DT sources/NNS ] said/VBD that/IN [ the/DT plan/NN ] under/IN [ discussion/NN ] envisions/VBZ [ sony/NP ] swapping/VBG [ columbia/NP 's/POS interest_5/NN ] in/IN [ the/DT burbank/NP studio/NN ] for/IN [ the/DT old/JJ metro-goldwyn-mayer/NP lot/NN ] in/IN [ culver/NP city/NP ] ,/, [ calif./NP ] ,/, [ which/WDT ] [ warner/NP ] acquired/VBD [ two/AB years/NNS ] ago/RB with/IN [ its/PP$ purchase/NN ] of/IN [ lorimar/NP telepictures/NP corp/NP ] ./. 
$$
====================================== [ the/DT filing/NN ] says/VBZ [ guber/NP peters/NP ] told/VBD [ sony/NP ] that/IN over/IN [ the/DT next/JJ three/AB years/NNS ] ,/, [ it/PP ] expects/VBZ [ revenue/NN ] of/IN [ $/$ 50/AB million/AB ] from/IN [ its/PP$ interests_5/NNS ] in/IN [ the/DT films/NNS ] ``/`` [ batman/NP ] ,/, ''/'' ``/`` [ rainman/NP ] ,/, ''/'' and/CC ``/`` [ gorillas/NNS ] in/IN [ the/DT mist/NN ] ./. 
$$
====================================== [ sony/NP ] said/VBD [ it/PP ] will/MD establish/VB [ a/DT bonus/NN pool/NN ] for/IN [ mr./NP guber/NP ] and/CC [ mr./NP peters/NP ] and/CC up/IN to/TO [ three/AB other/JJ executives/NNS ] based/VBN on/IN [ a/DT percentage/NN ] of/IN [ the/DT amount/NN ] by/IN [ which/WDT ] [ columbia/NP 's/POS profits/NNS ] exceed/VBP [ $/$ 200/AB million/AB ] before/IN [ interest_6/NN ] ,/, [ depreciation/NN ] and/CC [ taxes/NNS ] ./. 
$$
====================================== [ profits/NNS ] before/IN [ interest_6/NN ] ,/, [ taxes/NNS ] and/CC [ depcreciation/NN ] is/VBZ generally/RB referred/VBN to/TO as/IN [ cash/NN flow/NN ] in/IN [ the/DT motion-picture/NN business/NN ] ./. 
$$
====================================== [ ima/NP ] has/VBZ [ four/AB times/NNS ] extended/VBD [ its/PP$ tender/NN offer/NN ] for/IN [ american/NP medical/NP ] ,/, saying/VBG [ it/PP ] is/VBZ awaiting/VBG [ congressional/JJ action/NN ] on/IN [ a/DT proposal/NN ] [ that/WDT ] could/MD eliminate/VB [ the/DT tax/NN deductibility/NN ] of/IN [ certain/JJ interest_6/NN payments/NNS ] on/IN [ original-issue/JJ discounts/NNS ] of/IN [ debt/NN securities/NNS ] used/VBN to/TO finance/VB [ the/DT offer/NN ] ./. 
$$
[ the/DT food/NN producer/NN ] and/CC [ real/JJ estate/NN developer/NN ] said/VBD [ the/DT notes/NNS ] ,/, [ which/WDT ] were/VBD sold/VBN at/IN [ a/DT discount/NN ] ,/, would/MD be/VB redeemed/VBN at/IN [ 100/AB %/NN ] of/IN [ the/DT principal/JJ amount/NN ] plus/CC accrued/JJ [ interest_6/NN ] of/IN [ $/$ 20/AB ] per/IN [ $/$ 1,000/AB note/NN ] for/IN [ the/DT period/NN sept./NP 1/AB ] to/TO [ nov./NP 1/AB ] ./. 
$$
====================================== [ dallas-based/JJ amr/NP ] indicated/VBD [ yesterday/NN ] that/IN [ it/PP ] intends/VBZ to/TO remain/VB [ independent/JJ ] ,/, and/CC ,/, signaling/VBG that/IN [ it/PP ] may/MD seek/VB help/NN from/IN [ congress/NP ] on/IN [ public-policy/NN grounds/NNS ] ,/, warned/VBD that/IN ``/`` [ excess/JJ levels/NNS ] of/IN [ debt/NN ] in/IN [ the/DT airline/NN industry/NN ] are/VBP not/RB in/IN [ the/DT public/JJ interest_4/NN ] ./. 
$$
``/`` but/CC if/IN [ you/PP ] do/VBP [ that/DT ] to/TO [ an/DT airline/NN ] ,/, [ it/PP ] 's/VBZ [ a/DT real/JJ blow/NN ] to/TO [ the/DT public/JJ interest_4/NN ] ./. 
$$
====================================== [ analysts/NNS ] said/VBD [ mr./NP trump/NP 's/POS bid/NN ] equals/VBZ [ the/DT levels/NNS ] of/IN [ the/DT successful/JJ bids/NNS ] for/IN [ northwest/NP ] and/CC [ united/NP ] ,/, namely/RB more/JJR than/IN [ six/AB times/NNS earnings/NNS ] before/IN [ interest_6/NN ] ,/, [ taxes/NNS ] ,/, and/CC [ depreciation/NN ] ./. 
$$
''/'' but/CC [ he/PP ] warned/VBD that/IN ``/`` [ immediate/JJ rejection/NN ] and/CC [ vilification/NN ] ''/'' of/IN [ him/PP ] [ might/MD n't/RB ] be/VB in/IN [ the/DT interests_4/NNS ] of/IN [ shareholders/NNS ] ,/, noting/VBG that/IN [ amr/NP ] does/VBZ n't/RB pay/VB [ a/DT stock/NN dividend/NN ] ./. 
$$
''/'' ====================================== [ the/DT company/NN ] added/VBD that/IN [ amr/NP ] ``/`` continues/VBZ to/TO believe/VB that/IN [ excess/JJ levels/NNS ] of/IN [ debt/NN ] in/IN [ the/DT airline/NN industry/NN ] are/VBP not/RB in/IN [ the/DT public/JJ interest_4/NN ] ./. 
$$
[ the/DT company/NN ] defaulted/VBD in/IN [ interest_6/NN payments/NNS ] in/IN [ sept/NP ] ./. 
$$
====================================== [ the/DT pound/NN 's/POS relentless/JJ slide/NN ] stirred/VBD [ the/DT bank/NP ] of/IN [ england/NP ] to/TO mount/VB [ a/DT global-market/JJ intervention/NN ] and/CC may/MD soon/RB force/VB [ british/NP chancellor/NP ] of/IN [ the/DT exchequer/NP nigel/NP lawson/NP ] to/TO push/VB through/RP [ another/DT increase/NN ] in/IN [ british/JJ interest_6/NN rates/NNS ] --/: [ the/DT 11th/JJ ] since/IN [ june/NP 1988/AB ] ./. 
$$
====================================== behind/IN [ the/DT turmoil/NN ] is/VBZ [ an/DT expected/VBN decision/NN today/NN ] by/IN [ the/DT west/JJ german/JJ bundesbank/NP ] to/TO boost/VB [ key/JJ interest_6/NN rates/NNS ] ./. 
$$
if/IN [ the/DT bank/NP ] of/IN [ england/NP 's/POS market/NN interventions/NNS ] do/VBP n't/RB shore/VB up/RP [ the/DT relative/JJ value/NN ] of/IN [ sterling/NN ] ,/, ``/`` [ the/DT only/JJ thing/NN ] [ he/PP ] [ 's/POS ] got/VBN left/JJ is/VBZ [ interest_6/NN rates/NNS ] ,/, ''/'' said/VBD [ shearson/NP lehman/NP hutton/NP analyst/NN adam/NP bennett/NP ] ./. 
$$
[ mr./NP lawson/NP ] has/VBZ attacked/VBN [ this/DT problem/NN ] by/IN [ raising/VBG interest_6/NN rates/NNS ] so/IN [ consumers/NNS ] buy/VBP [ fewer/JJR goods/NNS ] from/IN abroad/RB ./. 
$$
[ the/DT peril/NN ] is/VBZ that/IN [ continuous/JJ ] ratcheting/VBG up/RP of/IN [ interest_6/NN rates/NNS ] will/MD produce/VB [ a/DT more/RBR punishing/JJ downturn/NN ] than/IN [ the/DT government/NN ] wants/VBZ ./. 
$$
but/CC [ it/PP ] reasoned/VBD that/IN [ lawyers/NNS ] should/MD be/VB liable/JJ for/IN [ emotional/JJ distress/NN ] when/WRB [ their/PP$ clients/NNS ] have/VBP [ a/DT substantial/JJ emotional/JJ interest_1/NN ] at/IN [ stake/NN ] ./. 
$$
because/IN [ interest_6/NN rates/NNS ] on/IN [ credit/NN ] are/VBP prohibitive/JJ ,/, [ he/PP ] often/RB forgoes/VBZ [ fertilizers/NNS ] and/CC instead/RB relies/VBZ on/IN [ crop/NN rotation/NN ] to/TO help/VB restore/VB [ nutrients/NNS ] to/TO [ the/DT soil/NN ] :/: [ some/DT fields/NNS ] are/VBP planted/VBN with/IN [ soy/NN ] ,/, [ wheat/NN ] ,/, [ corn/NN ] and/CC [ sunflower/NN ] for/IN [ several/JJ years/NNS ] ,/, and/CC then/RB returned/VBN to/TO pasture/VB for/IN [ the/DT cattle/NNS ] ./. 
$$
[ the/DT second/JJ ] is/VBZ [ the/DT willingness/NN ] of/IN [ the/DT u.s.s.r./NP ] to/TO commit/VB [ itself/PP ] to/TO [ the/DT discipline/NN ] of/IN [ confining/VBG government/NN deficits/NNS ] to/TO [ the/DT level/NN ] limited/VBN by/IN [ the/DT gold/JJ payments/NNS ] of/IN [ principal/NN ] and/CC [ interest_6/NN ] required/VBN of/IN [ the/DT gold/JJ bonds/NNS ] ./. 
$$
[ this/DT ] means/VBZ that/IN [ the/DT current/JJ domestic/JJ deficit/NN ] must/MD be/VB financed/VBN with/IN [ bonds/NNS ] ,/, [ which/WDT ] of/IN [ course/NN ] become/VBP readily/RB marketable/JJ in/IN [ moscow/NP ] ,/, [ leningrad/NP ] ,/, [ new/NP york/NP ] and/CC [ london/NP ] if/IN [ the/DT bonds/NNS ] carry/VBP [ the/DT promise/NN ] to/TO pay/VB [ principal/NN ] and/CC [ interest_6/NN ] in/IN [ gold/NN ] ./. 
$$
indeed/RB ,/, [ i/PP ] would/MD expect/VB [ the/DT soviet/NP union/NP ] could/MD step/VB to/TO [ the/DT front/NN ] of/IN [ the/DT line/NN ] in/IN [ seeking/VBG credit/NN ] at/IN [ the/DT lowest/JJS possible/JJ interest_6/NN rate/NN ] ./. 
$$
[ i/PP ] would/MD bet/VB [ such/JJ bonds/NNS ] would/MD be/VB snapped/VBN up/RP around/IN [ 3/AB %/NN ] ,/, [ which/WDT ] would/MD be/VB [ the/DT lowest/JJS governmental/JJ interest_6/NN rate/NN ] on/IN [ earth/NN ] ,/, including/VBG [ japan/NP 's/POS ] ./. 
$$
as/IN [ markets/NNS ] gain/VBP [ experience/NN ] with/IN [ soviet/JJ gold-backed/JJ bonds/NNS ] ,/, [ interest_6/NN ] on/IN [ the/DT bonds/NNS ] could/MD be/VB expected/VBN to/TO decline/VB ,/, perhaps/RB approaching/VBG [ 2/AB %/NN ] ,/, [ the/DT going/VBG rate/NN ] for/IN [ u.s./NP gold-mining-company/JJ gold/NN bonds/NNS ] ./. 
$$
====================================== [ what/WP interest_6/NN rate/NN ] would/MD [ soviet/JJ bonds/NNS ] need/VB if/IN [ the/DT gosbank/NP ] had/VBD [ an/DT independent/JJ monetary/JJ power/NN ] similar/JJ to/TO [ the/DT fed/NP ] ./. 
$$
for/IN [ instance/NN ] ,/, if/IN [ soviet/JJ inflation/NN ] is/VBZ currently/RB at/IN [ 10/AB %/NN ] ,/, then/RB [ the/DT expected/VBN interest_6/NN rate/NN ] would/MD be/VB initially/RB around/IN [ 18/AB %/NN ] ./. 
$$
if/IN [ the/DT inflation/NN rate/NN ] is/VBZ higher/JJR ,/, then/RB [ it/PP ] would/MD take/VB proportionally/RB [ higher/JJR interest_6/NN rates/NNS ] to/TO stabilize/VB [ the/DT rate/NN ] of/IN [ inflation/NN ] ./. 
$$
====================================== ``/`` [ this/DT ] has/VBZ already/RB dragged/VBN on/RB [ a/DT lot/NN ] longer/RBR than/IN expected/VBN ,/, and/CC [ we/PP ] have/VBP {/( [ an/DT interest_6/NN payment/NN ] }/) [ coming/VBG dec./NP 15/AB ] ,/, ''/'' [ mr./NP ross/NP ] added/VBD ./. 
$$
====================================== for/IN [ instance/NN ] ,/, [ new/JJ borrowers/NNS ] in/IN [ the/DT guaranteed/VBN student-loan/JJ program/NN ] would/MD have/VB to/TO pay/VB [ higher/JJR origination/NN fees/NNS ] ,/, and/CC [ lenders/NNS ] would/MD be/VB paid/VBN at/IN [ a/DT lower/JJR interest_6/NN rate/NN ] ,/, in/IN [ order/NN ] to/TO save/VB [ money/NN ] ./. 
$$
[ the/DT certificates/NNS ] are/VBP n't/RB [ certificates/NNS ] of/IN [ deposit/NN ] ,/, [ the/DT guarantee/NN ] is/VBZ n't/RB [ federal/JJ deposit/NN insurance/NN ] ,/, and/CC [ the/DT bonus/NN interest_6/NN rates/NNS ] are/VBP good/JJ for/IN only/RB [ the/DT first/JJ three/AB months/NNS ] on/IN [ one/AB ] -/: and/CC [ two-year/JJ investments/NNS ] ./. 
$$
[ people/NNS ] [ who/WP ] express/VBP [ interest_1/NN ] in/IN [ the/DT certificates/NNS ] receive/VBP [ a/DT detailed/VBN prospectus/NN ] ./. 
$$
''/'' ====================================== [ american/NP express/NP ] obviously/RB has/VBZ [ a/DT big/JJ interest_4/NN ] in/IN protecting/VBG [ that/DT reputation/NN ] ./. 
$$
[ it/PP ] 's/VBZ [ an/DT annuity/NN ] --/: [ a/DT type/NN ] of/IN [ tax-advantaged/JJ retirement/NN savings/NNS ] plan/NN --/: [ whose/WP$ appeal/NN ] is/VBZ augmented/VBN by/IN [ an/DT eye-catching/JJ first-year/JJ interest_6/NN rate/NN ] of/IN [ 12/AB %/NN ] ./. 
$$
[ they/PP ] offer/VBP [ interest_6/NN rates/NNS ] [ that/WDT ] are/VBP fixed/VBN at/IN [ the/DT time/NN ] of/IN [ purchase/NN ] ./. 
$$
[ oil/NN producers/NNS ] ,/, [ banana/NN farmers/NNS ] ,/, [ pineapple/NN growers/NNS ] ,/, [ cattlemen/NNS ] were/VBD among/IN [ the/DT objects/NNS ] of/IN [ the/DT committee/NN 's/POS interests_3/NNS ] ./. 
$$
[ this/DT volatile/JJ source/NN ] of/IN [ liquidity/NN ] from/IN [ deposit/NN brokers/NNS ] seeking/VBG [ high/JJ interest_6/NN rates/NNS ] contributed/VBD to/TO [ current/JJ s&l/NP insolvencies/NNS ] ./. 
$$
[ the/DT notes/NNS ] are/VBP [ zero-coupon/JJ securities/NNS ] and/CC will/MD not/RB pay/VB [ interest_6/NN ] periodically/RB ./. 
$$
====================================== [ california/NP housing/NP finance/NP agency/NP ] --/: [ $/$ 79.2/AB million/AB ] of/IN [ home/NN mortgage/NN revenue/NN bonds/NNS ] ,/, [ 1989/AB series/NP e/NP ] ,/, with/IN [ current/JJ interest_6/NN bonds/NNS due/JJ 1993-1999/AB ] ,/, [ 2009/AB ] ,/, [ 2019/AB ] and/CC [ 2029/AB ] ,/, and/CC [ capital/NN appreciation/NN bonds/NNS due/JJ 2000-2005/JJ ] ,/, tentatively/RB priced/VBN by/IN [ a/DT merrill/NP lynch/NP capital/NP markets/NP group/NN ] to/TO yield/VB from/IN [ 6.50/AB %/NN ] in/IN [ 1993/AB ] to/TO [ 7.70/AB %/NN ] in/IN [ 2029/AB ] ./. 
$$
[ interest_6/NN ] on/IN [ the/DT bonds/NNS ] will/MD be/VB treated/VBN as/IN [ a/DT preference/NN item/NN ] in/IN calculating/VBG [ the/DT federal/JJ alternative/JJ minimum/NN tax/NN ] ./. 
$$
[ there/EX ] is/VBZ [ no/DT potential/NN ] for/IN [ negative/JJ amortization/NN ] ,/, because/IN [ homeowners/NNS ] must/MD make/VB up/IN [ interest_6/NN shortfalls/NNS ] in/IN [ cash/NN ] ./. 
$$
[ foresters/NNS ] express/VBP [ great/JJ interest_1/NN ] in/IN knowing/VBG about/IN [ the/DT redwoods/NNS you/PP ] mention/VBP in/IN [ oregon/NP 's/POS cascade/NP mountains/NP ] ,/, as/IN [ redwoods/NNS ] grow/VBP in/IN [ coastal/JJ regions/NNS ] of/IN [ northern/NP california/NP ] and/CC [ southern/NP oregon/NP ] ./. 
$$
[ wall/NP street/NP 's/POS rise/NN ] to/TO [ a/DT record/NN ] close/NN [ tuesday/NP ] and/CC [ its/PP$ strong/JJ opening/NN yesterday/NN ] were/VBD outweighed/VBN by/IN [ continued/VBN weakness/NN ] in/IN [ the/DT pound/NN ] ,/, [ which/WDT ] sharpened/VBD [ fears/NNS ] that/IN [ u.k./NP interest_6/NN rates/NNS ] might/MD soon/RB rise/VB ./. 
$$
but/CC [ some/DT ] said/VBD [ a/DT prospective/JJ interest_6/NN rate/NN increase/NN ] by/IN [ the/DT bundesbank/NP ] is/VBZ already/RB reflected/VBN in/IN [ current/JJ dollar/NN rates/NNS ] ,/, so/IN [ an/DT announcement/NN ] of/IN [ a/DT rate/NN rise/NN today/NN ] might/MD have/VB [ little/JJ effect/NN ] ./. 
$$
====================================== [ investor/NN interest_1/NN ] yesterday/NN centered/VBD on/IN [ companies/NNS whose/WP$ share/NN prices/NNS ] are/VBP low/JJ in/IN [ relation/NN ] to/TO [ their/PP$ property/NN holdings/NNS ] ./. 
$$
but/CC [ investor/NN interest_1/NN ] ,/, [ which/WDT ] blossomed/VBD in/IN [ early/JJ ] trading/VBG ,/, ``/`` dried/VBN up/IN almost/RB completely/RB in/IN [ the/DT afternoon/NN ] ,/, ''/'' [ one/AB trader/NN ] said/VBD ./. 
$$
[ an/DT increase/NN ] in/IN [ west/JJ german/JJ interest_6/NN rates/NNS ] would/MD put/VB [ pressure/NN ] on/IN [ u.k./NP rates/NNS ] to/TO follow/VB [ suit/NN ] ./. 
$$
====================================== [ grand/NP metropolitan/NP ] was/VBD [ 6/AB ] higher/JJR at/IN [ 604/AB ] on/IN talk/VB that/IN [ financier/NN sir/NP james/NP goldsmith/NP ] is/VBZ *interested/VBN in/IN buying/VBG [ the/DT brewing/NN interests_5/NNS ] of/IN [ the/DT leisure/NN ] ,/, [ food/NN ] and/CC drinks/NNS [ giant/NN ] ./. 
$$
and/CC [ they/PP ] managed/VBD to/TO eke/VB out/RP [ that/DT slim/JJ total/JJ return/NN ] only/RB because/IN of/IN [ interest_6/NN income/NN ] ./. 
$$
====================================== rising/VBG [ interest_6/NN rates/NNS ] also/RB hammered/VBD [ the/DT most/RBS aggressive/JJ bond/NN funds/NNS ] ,/, particularly/RB [ zero-coupon/JJ bond/NN funds/NNS ] ./. 
$$
[ these/DT funds/NNS ] ,/, [ which/WDT ] invest/VBP in/IN [ bonds/NNS ] sold/VBN at/IN [ a/DT deep/JJ discount/NN ] and/CC do/VBP n't/RB pay/VB [ any/DT interest_6/NN ] until/IN [ they/PP ] mature/VBP ,/, are/VBP thus/RB affected/VBN more/RBR than/IN [ other/JJ bond/NN funds/NNS ] by/IN [ fluctuations/NNS ] in/IN [ *interest/NN rates/NNS ] ./. 
$$
====================================== [ mr./NP kern/NP 's/POS gloom/NN ] stems/VBZ from/IN [ a/DT string/NN ] of/IN [ recent/JJ economic/JJ indicators/NNS ] showing/VBG that/IN [ britain/NP 's/POS inflationary/JJ pressure/NN has/VBZ n't/RB ] lost/VBN [ potency/NN ] despite/IN [ 15/AB months/NNS ] of/IN [ rising/VBG interest_6/NN rates/NNS ] ./. 
$$
====================================== [ economists/NNS ] predict/VBP that/IN because/IN of/IN [ the/DT inflationary/JJ signs/NNS ] ,/, [ interest_6/NN rates/NNS ] will/MD remain/VB high/JJ ,/, possibly/RB hitting/VBG [ 15/AB %/NN ] ,/, particularly/RB if/IN [ sterling/NN ] continues/VBZ to/TO come/VB under/IN [ pressure/NN ] ./. 
$$
but/CC with/IN [ traders/NNS ] expecting/VBG [ west/NP germany/NP 's/POS bundesbank/NP ] to/TO push/VB [ short-term/JJ interest_6/NN ] rates/NNS [ higher/RBR today/NN ] ,/, [ the/DT safe/JJ bet/NN ] was/VBD to/TO be/VB light/JJ on/IN [ dollars/NNS ] ./. 
$$
[ mr./NP spaulding/NP ] ,/, [ 50/AB years/NNS ] old/JJ ,/, succeeds/VBZ [ thomas/NP ward/NP ] ,/, [ 51/AB ] ,/, [ who/WP ] left/VBD to/TO pursue/VB [ personal/JJ interests_3/NNS ] ./. 
$$
consequently/RB ,/, [ corporations/NNS ] such/JJ as/IN [ brand-name/JJ food/NN ] and/CC [ consumer-product/JJ companies/NNS ] [ that/WDT ] can/MD generate/VB [ steady/JJ sales/NNS ] to/TO meet/VB [ interest_6/NN payments/NNS ] are/VBP being/VBG valued/VBN more/RBR highly/RB on/IN [ their/PP$ buy-out/NN potential/NN ] ./. 
$$
in/IN [ fact/NN ] ,/, [ zenith/NP ] says/VBZ [ it/PP ] would/MD have/VB been/VBN profitable/JJ in/IN [ the/DT last/JJ 12/AB months/NNS ] if/IN [ it/PP ] had/VBD n't/RB incurred/VBN [ the/DT hefty/JJ interest_6/NN expense/NN ] on/IN [ its/PP$ debt/NN load/NN ] ./. 
$$
====================================== how/WRB fast/RB [ the/DT genome/NN project/NN ] moves/VBZ is/VBZ of/IN more/JJR than/IN [ academic/JJ interest_1/NN ] ./. 
$$
[ banks/NNS ] can/MD protect/VB [ themselves/PP ] by/IN maintaining/VBG [ a/DT security/NN interest_5/NN ] in/IN [ the/DT property/NN ] but/CC not/RB participating/VBG in/IN [ management/NN ] ,/, suggests/VBZ [ margaret/NP murphy/NP ] ,/, [ a/DT partner/NN ] with/IN [ the/DT new/NP york/NP law/NN firm/NN white/NP ] &/CC [ case/NP ] ./. 
$$
====================================== [ overseas/JJ studies/NNS ] draw/VBP [ more/JJR interest_1/NN ] at/IN [ colleges/NNS ] [ this/DT fall/NN ] ./. 
$$
``/`` [ a/DT lot/NN ] of/IN [ people/NNS ] are/VBP taking/VBG [ japanese/NP ] out/IN of/IN [ sheer/JJ interest_1/NN ] ,/, ''/'' says/VBZ [ pace/NP university/NP 's/POS provost/NN joseph/NP m./NP pastor/NP jr/NP ] ./. 
$$
[ the/DT mark/NN ] has/VBZ posted/VBN [ steady/JJ gains/NNS ] [ this/DT week/NN ] as/IN [ the/DT market/NN ] expects/VBZ [ an/DT increase/NN ] in/IN [ german/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ brenda/NP malizia/NP negus/NP ] ,/, [ the/DT newsletter/NN 's/POS editor/NN ] said/VBD ``/`` [ short-term/JJ interest_6/NN rates/NNS ] have/VBP picked/VBN up/RP [ a/DT little/JJ steam/NN ] ./. 
$$
[ the/DT average/JJ maturity/NN ] is/VBZ considered/VBN [ an/DT indication/NN ] of/IN [ which/WDT direction/NN professional/JJ money/NN managers/NNS ] think/VBP [ interest_6/NN rates/NNS ] are/VBP headed/VBN ./. 
$$
[ a/DT compound/NN yield/NN ] assumes/VBZ [ the/DT interest_6/NN rate/NN ] remains/VBZ unchanged/JJ for/IN [ a/DT year/NN ] and/CC [ dividends/NNS ] are/VBP reinvested/VBN ./. 
$$
====================================== [ kevin/NP smith/NP ] ,/, [ the/DT city/NN 's/POS treasurer/NN ] ,/, said/VBD [ he/PP ] complained/VBD to/TO [ e.f./NP hutton/NP ] &/CC [ co./NP ] ,/, [ which/WDT ] in/IN [ august/NP 1987/AB ] agreed/VBD to/TO pay/VB [ the/DT city/NN its/PP$ principal/JJ amount/NN ] plus/IN about/RB [ 3/AB %/NN interest_6/NN ] ./. 
$$
====================================== ``/`` [ jane/NP ] is/VBZ supportive/JJ of/IN [ the/DT process/NN ] ,/, ''/'' says/VBZ [ one/AB person/NN ] involved/VBN in/IN [ the/DT show/NN ] ,/, ``/`` [ which/WDT ] could/MD lead/VB to/TO [ the/DT development/NN ] of/IN [ a/DT quality/NN morning/NN program/NN ] [ that/WDT ] fills/VBZ [ an/DT important/JJ market/NN need/NN ] and/CC is/VBZ consistent/JJ with/IN [ both/DT ] [ her/PP ] professional/JJ and/CC [ personal/JJ interests_3/NNS ] ./. 
$$
====================================== [ cable/NN ] :/: [ comcast/NP corp./NP ] agreed/VBD to/TO buy/VB [ an/DT interest_5/NN ] in/IN [ pay-per-view/NP network/NP inc./NP ] 's/VBZ [ viewer/NP 's/POS choice/NP ] ,/, [ a/DT cable/NN programming/NN service/NN ] owned/VBN by/IN [ eight/AB other/JJ cable/NN ] and/CC [ entertainment/NN concerns/NNS ] ./. 
$$
====================================== [ a/DT spokeswoman/NN ] for/IN [ opinion/NP research/NP ] said/VBD [ mr./NP brown/NP ] resigned/VBD to/TO ``/`` [ re-evaluate/JJ his/PP$ own/JJ interests_3/NNS ] and/CC [ goals/NNS ] and/CC to/TO explore/VB [ a/DT number/NN ] of/IN [ possibilities/NNS ] [ both/DT ] within/IN and/CC outside/IN [ the/DT research/NN industry/NN ] ./. 
$$
====================================== [ consumer/NN stocks/NNS ] and/CC [ issues/NNS ] sensitive/JJ to/TO [ changes/NNS ] in/IN [ interest_6/NN rates/NNS ] ,/, [ the/DT biggest/JJS gainers/NNS ] in/IN [ tuesday/NP 's/POS session/NN ] ,/, turned/VBD in/RB [ a/DT mixed/VBN showing/NN ] ./. 
$$
====================================== [ major/NP u.k./NP retailer/NN sears/NP plc/NP ] reported/VBD [ lower/JJR pretax/JJ profits/NNS ] than/IN at/IN [ last/JJ year/NN 's/POS interim/JJ stage/NN ] ,/, as/IN [ difficult/JJ trading/NN conditions/NNS ] ,/, brought/VBD on/RP by/IN [ high/JJ interest_6/NN rates/NNS ] and/CC [ rising/VBG wage/NN settlements/NNS ] ,/, cut/VBD into/IN [ revenue/NN ] ./. 
$$
====================================== when/WRB [ international/NP business/NP machines/NP ] hit/VBD [ a/DT 52-week/JJ low/JJ ] on/IN [ tuesday/NP ] ,/, [ it/PP ] stirred/VBD [ some/DT interest_1/NN ] among/IN [ bottom-fishers/NNS ] ./. 
$$
====================================== in/IN [ one/AB high-profile/JJ deal/NN ] ,/, [ atwood/NP ] traded/VBD [ construction/NN gear/NN ] ,/, [ safety/NN nets/NNS ] and/CC [ security/NN service/NN ] for/IN [ the/DT eiffel/NP tower/NP restaurant/NP ] in/IN [ paris/NP ] --/: [ which/WDT ] [ it/PP ] disassembled/VBD and/CC moved/VBD to/TO [ new/NP orleans/NP ] for/IN [ a/DT client/NN ] ,/, in/IN [ exchange/NN ] for/IN [ an/DT interest_5/NN ] in/IN [ the/DT reconstructed/JJ restaurant/NN ] ./. 
$$
====================================== [ the/DT principal/JJ authors/NNS ] of/IN [ the/DT gramm-rudman-hollings/NP deficit/NN law/NN ] were/VBD present/JJ ,/, and/CC [ all/DT ] came/VBD asking/VBG to/TO protect/VB [ funds/NNS ] important/JJ to/TO [ their/PP$ interests_4/NNS ] ./. 
$$
====================================== [ bell/NP group/NP 's/POS main/JJ assets/NNS ] are/VBP [ the/DT west/JJ australian/JJ newspaper/NN ] in/IN [ perth/NP ] and/CC [ an/DT interest_5/NN ] in/IN [ bell/NP resources/NP ltd/NP ] ./. 
$$
====================================== [ elsinore/NP corp./NP ] of/IN [ las/NP vegas/NP ] ,/, [ nev./NP ] ,/, said/VBD [ its/PP$ finance/NN unit/NN ] will/MD redeem/VB on/IN [ nov./NP 2/AB $/$ 55/AB million/AB ] of/IN [ its/PP$ 15/AB 12/AB %/NN senior/JJ mortgage/NN bonds/NNS due/JJ 1999/AB ] and/CC [ their/PP$ ] accrued/JJ and/CC [ unpaid/JJ interest_6/NN ] ,/, together/RB with/IN [ the/DT 1989/AB coupon/NN ] attached/VBN to/TO [ the/DT bonds/NNS ] ./. 
$$
[ integrated/NP ] announced/VBD [ its/PP$ intention/NN ] to/TO sell/VB [ united/NP resources/NP ] and/CC [ other/JJ businesses/NNS ] in/IN [ june/NP ] ,/, when/WRB [ it/PP ] failed/VBD to/TO make/VB [ interest_6/NN payments/NNS ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ./. 
$$
====================================== [ the/DT bond/NN market/NN ] ended/VBD narrowly/RB mixed/JJ in/IN [ quiet/JJ ] trading/NN as/IN [ investors/NNS ] awaited/VBD [ news/NN ] about/IN [ the/DT economy/NN ] and/CC [ foreign/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== ``/`` [ i/PP ] will/MD say/VB again/RB ,/, being/VBG from/IN [ the/DT midwest/NP ] and/CC having/VBG [ a/DT general/JJ interest_1/NN ] in/IN keeping/VBG [ an/DT american/JJ manufacturing/NN base/NN ] ,/, [ i/PP ] am/VBP very/RB concerned/JJ about/IN [ the/DT ] {/( [ strong/JJ ] }/) [ dollar/NN ] ''/'' hurting/VBG [ the/DT competitive/JJ position/NN ] of/IN [ u.s./NP exporters/NNS ] ,/, [ mrs./NP seger/NP ] said/VBD ./. 
$$
``/`` [ i/PP ] have/VBP favored/VBN easing/VBG [ monetary/JJ policy/NN ] to/TO allow/VB [ interest_6/NN rates/NNS ] to/TO be/VB somewhat/RB lower/JJR and/CC weaken/VB [ the/DT dollar/NN ] ,/, ''/'' [ she/PP ] said/VBD ./. 
$$
====================================== [ foreign/JJ bonds/NNS ] ====================================== [ west/JJ german/JJ government/NN bonds/NNS ] were/VBD unchanged/JJ to/TO slightly/RB lower/JJR as/IN [ investors/NNS ] braced/VBD for/IN [ a/DT possible/JJ increase/NN ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ the/DT crew-pairing/JJ issue/NN ] is/VBZ stirring/VBG [ interest_1/NN ] among/IN [ safety/NN investigators/NNS ] because/IN [ flight/NP 5050/AB 's/POS co-pilot/NN ] ,/, [ who/WP ] apparently/RB was/VBD at/IN [ the/DT controls/NNS ] at/IN [ the/DT beginning/NN ] of/IN [ the/DT takeoff/NN ] ,/, had/VBD [ little/JJ experience/NN ] in/IN [ the/DT ] boeing/NP [ 737/NP aircraft/NN ] ./. 
$$
====================================== [ wednesday/NP ] ,/, [ october/NP 4/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ state/NP bank/NP ] said/VBD [ high/JJ interest_6/NN rates/NNS ] and/CC [ recent/JJ ] ``/`` [ poor/JJ ] ''/'' [ australian/JJ economic/JJ indicators/NNS ] contributed/VBD to/TO [ the/DT result/NN ] ./. 
$$
====================================== [ tuesday/NP ] ,/, [ october/NP 3/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ sallie/NP mae/NP ] said/VBD [ the/DT redemption/NN price/NN ] is/VBZ [ 103.875/AB %/NN ] of/IN [ the/DT principal/JJ amount/NN ] ,/, plus/CC accrued/JJ [ interest_6/NN ] from/IN [ nov./NP 15/AB ] ./. 
$$
[ his/PP$ talk/NN ] about/IN [ the/DT priority/NN ] of/IN [ common/JJ human/JJ values/NNS ] over/IN [ class/NN struggle/NN ] has/VBZ paved/VBN [ the/DT way/NN ] for/IN [ a/DT revival/NN ] of/IN [ interest_1/NN ] in/IN [ theology/NN ] and/CC [ religious/JJ philosophy/NN ] in/IN [ general/JJ ] ,/, and/CC [ the/DT history/NN ] of/IN [ the/DT russian/NP orthodox/NP church/NP ] in/IN [ particular/NN ] ./. 
$$
[ mr./NP ross/NP ] of/IN [ ecpa/NP ] ,/, noting/VBG [ the/DT vast/JJ difference/NN ] in/IN [ interest_1/NN ] ,/, gleefully/RB remarked/VBD on/IN [ the/DT difficulties/NNS his/PP$ atheist/JJ colleagues/NNS ] were/VBD having/VBG in/IN grabbing/VBG [ the/DT public/NN 's/POS attention/NN ] ./. 
$$
====================================== [ erc/NP ] said/VBD [ the/DT lines/NNS ] of/IN [ credit/NN ] with/IN [ american/NP security/NP bank/NP ] of/IN [ washington/NP ] ,/, [ d.c./NP ] ,/, and/CC [ sovran/NP bank/NP ] of/IN [ richmond/NP ] ,/, [ va./NP ] ,/, are/VBP unsecured/JJ and/CC [ interest_6/NN rates/NNS ] are/VBP at/IN or/CC below/IN [ the/DT prime/JJ rate/NN ] ./. 
$$
====================================== to/TO pay/VB for/IN [ it/PP ] [ all/DT ] ,/, [ he/PP ] borrowed/VBD [ dm7,000/AB ] from/IN [ the/DT federal/JJ government/NN ] at/IN [ a/DT reduced/JJ interest_6/NN rate/NN ] ./. 
$$
====================================== [ smithkline/NP ] is/VBZ n't/RB [ the/DT only/JJ company/NN ] to/TO exploit/VB [ congressional/JJ interest_1/NN ] in/IN [ bolar/NP ] ./. 
$$
``/`` [ we/PP ] figured/VBD with/IN [ all/DT ] [ that/WDT ] 's/VBZ going/VBG on/RP ,/, [ the/DT fda/NP ] might/MD find/VB [ our/PP$ study/NN ] of/IN [ interest_2/NN ] ,/, ''/'' [ a/DT warner-lambert/NP official/NN ] says/VBZ ./. 
$$
[ mr./NP leber/NP ] says/VBZ [ he/PP ] 's/VBZ counting/VBG on/IN [ the/DT increasing/VBG interest_1/NN ] by/IN [ americans/NPS ] in/IN [ all/DT things/NNS soviet/JJ ] to/TO boost/VB [ average/JJ weekly/JJ receipts/NNS ] [ this/DT time/NN ] to/TO [ the/DT $/$ 1.2/AB million/AB level/NN ] ./. 
$$
[ the/DT nepalese/NPS ] have/VBP expressed/VBN [ an/DT interest_1/NN ] in/IN obtaining/VBG [ weapons/NNS ] for/IN [ their/PP$ 25,000-man/JJ army/NN ] from/IN [ china/NP ] ,/, rather/RB than/IN [ india/NP ] ./. 
$$
====================================== [ insight/NP communications/NP co./NP ] said/VBD [ it/PP ] signed/VBD [ an/DT agreement/NN ] to/TO acquire/VB [ controlling/JJ interest_5/NN ] in/IN ,/, and/CC [ management/NN ] of/IN ,/, [ clyde/NP cablevision/NP ltd./NP ] ,/, [ the/DT ] partially/RB built/VBN [ cable/NN television/NN system/NN ] serving/VBG [ glasgow/NP ] ,/, [ scotland/NP ] ./. 
$$
[ they/PP ] reason/VBP that/IN [ lower/JJR earnings/NNS ] may/MD help/VB prompt/VB [ the/DT federal/NP reserve/NP ] to/TO cut/VB [ short-term/JJ interest_6/NN rates/NNS ] ,/, [ which/WDT ] in/IN [ turn/NN ] would/MD boost/VB [ corporate/JJ earnings/NNS ] next/IN [ year/NN ] ./. 
$$
if/IN ,/, as/IN [ he/PP ] expects/VBZ ,/, [ the/DT economy/NN ] slips/VBZ into/IN [ a/DT recession/NN ] during/IN [ the/DT current/JJ quarter/NN ] ,/, [ he/PP ] predicts/VBZ [ the/DT federal/NP reserve/NP ] wo/MD n't/RB be/VB able/JJ to/TO cut/VB [ interest_6/NN rates/NNS ] fast/RB enough/RB to/TO offset/VB plunging/VBG [ earnings/NNS ] ./. 
$$
[ many/JJ traders/NNS ] are/VBP expecting/VBG [ the/DT west/JJ german/JJ central/NN bank/NN ] to/TO raise/VB [ key/JJ interest_6/NN rates/NNS ] at/IN [ least/JJS half/DT a/DT percentage/NN point/NN ] on/IN [ thursday/NP ] ./. 
$$
[ higher/JJR interest_6/NN rates/NNS ] abroad/RB tend/VBP to/TO make/VB [ the/DT dollar/NN ] less/RBR attractive/JJ to/TO [ foreign/JJ investors/NNS ] ./. 
$$
====================================== whether/IN [ a/DT stock/NN offering/NN ] is/VBZ in/IN [ the/DT best/JJS interest_4/NN ] of/IN [ mr./NP wisner/NP ] or/CC [ his/PP$ shareholders/NNS ] is/VBZ unanswerable/JJ ./. 
$$
[ that/DT ] is/VBZ [ one/AB part/NN ] of/IN [ the/DT loss/NN ] sustained/VBN by/IN [ taxpayers/NNS ] ,/, offset/VBN to/TO [ an/DT extent/NN ] [ that/WDT ] is/VBZ not/RB reported/VBN by/IN [ the/DT interest_6/NN ] earned/VBN on/IN [ foreign-exchange/NN holdings/NNS ] ./. 
$$
====================================== [ the/DT fed/NP 's/POS policy/NN ] of/IN pushing/VBG up/RP [ interest_6/NN rates/NNS ] from/IN [ march/NP 1988/AB ] to/TO [ march/NP 1989/AB ] ,/, in/IN [ an/DT attempt/NN ] to/TO reduce/VB [ inflation/NN ] ,/, pummeled/VBD [ the/DT housing/NN industry/NN ] and/CC eroded/VBD much/RB of/IN [ the/DT strength/NN ] in/IN manufacturing/NN ./. 
$$
[ these/DT two/AB sectors/NNS ] are/VBP closely/RB influenced/VBN by/IN [ interest_6/NN rates/NNS ] because/IN [ purchases/NNS ] frequently/RB are/VBP financed/VBN by/IN borrowing/VBG ./. 
$$
[ this/DT week/NN 's/POS issue/NN ] of/IN [ barron/NP 's/POS ] added/VBD to/TO [ the/DT speculation/NN ] over/IN [ general/NP motors/NPS ] and/CC [ ford/NP 's/POS interest_1/NN ] in/IN [ the/DT european/JJ luxury-car/NN maker/NN ] ./. 
$$
[ both/DT ] [ companies/NNS ] have/VBP expressed/VBN [ an/DT interest_1/NN ] in/IN buying/VBG [ a/DT significant/JJ stake/NN ] in/IN [ jaguar/NP ] ./. 
$$
[ shortages/NNS ] keep/VBP [ interest_1/NN ] pumped/VBD up/RB in/IN [ nintendo/NP products/NNS ] ,/, [ analysts/NNS ] say/VBP ,/, [ one/AB reason/NN nintendo/NP ] expects/VBZ [ sales/NNS ] to/TO jump/VB [ 53/AB %/NN ] to/TO [ $/$ 2.6/AB billion/AB this/DT year/NN ] from/IN [ $/$ 1.7/AB billion/AB ] in/IN [ 1988/AB ] ./. 
$$
====================================== [ the/DT average/JJ interest_6/NN rate/NN ] inched/VBD up/IN to/TO [ 8.793/AB %/NN ] at/IN [ citicorp/NPS 's/POS $/$ 50/AB million/AB weekly/JJ auction/NN ] of/IN [ 91-day/AB commercial/JJ paper/NN ] ,/, or/CC [ corporate/JJ ious/NNS ] ,/, from/IN [ 8.7446/AB %/NN ] at/IN [ last/JJ week/NN 's/POS sale/NN ] ./. 
$$
that/IN led/VBN to/TO [ a/DT recession/NN ] and/CC plunged/VBD [ many/JJ companies/NNS ] ,/, especially/RB [ those/DT ] with/IN [ interests_5/NNS ] in/IN [ a/DT declining/VBG property/NN market/NN ] ,/, into/IN [ financial/JJ problems/NNS ] ./. 
$$
====================================== frustrated/JJ in/IN [ its/PP$ bid/NN ] to/TO buy/VB [ lin/NP broadcasting/NP corp./NP 's/POS big-city/JJ cellular/JJ phone/NN franchises/NNS ] ,/, [ mccaw/NP cellular/NP communications/NPS inc./NP ] agreed/VBD to/TO buy/VB [ metromedia/NP co./NP 's/POS new/NP york/NP franchise/NN interests_5/NNS ] for/IN [ $/$ 1.9/AB billion/AB ] ./. 
$$
====================================== [ mccaw/NP ] is/VBZ essentially/RB swapping/VBG [ franchises/NNS ] in/IN [ the/DT less/RBS populated/JJ states/NNS ] of/IN [ alabama/NP ] ,/, [ kentucky/NP ] and/CC [ tennessee/NP ] for/IN [ a/DT large/JJ interest_5/NN ] in/IN [ the/DT biggest/JJS market/NN ] of/IN [ all-new/NP york/NP ] ./. 
$$
[ lin/NP ] has/VBZ [ a/DT right/NN ] of/IN [ first/JJ refusal/NN ] to/TO buy/VB [ metromedia/NP 's/POS interest_5/NN ] ,/, and/CC [ some/DT analysts/NNS ] expect/VBP [ lin/NP ] to/TO exercise/VB [ that/DT right/NN ] ./. 
$$
====================================== in/IN [ the/DT metromedia/NP purchase/NN ] ,/, [ mccaw/NP ] would/MD acquire/VB [ a/DT 50/AB %/NN voting/NN interest_5/NN ] and/CC [ a/DT 45.67/AB %/NN equity/NN *interest/NN ] in/IN [ the/DT new/NP york/NP city/NP non-wireline/JJ cellular/JJ franchise/NN ] ./. 
$$
====================================== in/IN [ the/DT metromedia/NP purchase/NN ] ,/, [ mccaw/NP ] would/MD acquire/VB [ a/DT 50/AB %/NN voting/NN *interest/NN ] and/CC [ a/DT 45.67/AB %/NN equity/NN interest_5/NN ] in/IN [ the/DT new/NP york/NP city/NP non-wireline/JJ cellular/JJ franchise/NN ] ./. 
$$
[ new/NP york-based/JJ lin/NP ] currently/RB owns/VBZ [ a/DT 50/AB %/NN voting/NN interest_5/NN ] and/CC [ a/DT 45/AB %/NN equity/NN *interest/NN ] in/IN [ the/DT franchise/NN ] ./. 
$$
[ new/NP york-based/JJ lin/NP ] currently/RB owns/VBZ [ a/DT 50/AB %/NN voting/NN *interest/NN ] and/CC [ a/DT 45/AB %/NN equity/NN interest_5/NN ] in/IN [ the/DT franchise/NN ] ./. 
$$
====================================== [ bellsouth/NP ] ,/, [ which/WDT ] has/VBZ [ the/DT finances/NNS ] to/TO exercise/VB [ lin/NP 's/POS option/NN ] on/IN [ new/NP york/NP franchise/NN ] ,/, has/VBZ expressed/VBN [ interest_1/NN ] in/IN attaining/VBG [ the/DT remainder/NN ] of/IN [ the/DT market/NN ] for/IN [ the/DT merged/JJ company/NN ] ./. 
$$
====================================== thus/RB ,/, [ some/DT analysts/NNS ] were/VBD n't/RB optimistic/JJ about/IN [ mccaw/NP 's/POS ability/NN ] to/TO acquire/VB [ metromedia/NP 's/POS new/NP york/NP interests_5/NNS ] ./. 
$$
''/'' ====================================== [ other/JJ analysts/NNS ] warned/VBD ,/, however/RB ,/, that/IN [ the/DT combined/VBN cellular-phone/NN *interests/NNS ] of/IN [ bellsouth/NP ] and/CC [ lin/NP ] might/MD be/VB reluctant/JJ to/TO pile/VB on/RP [ more/JJR debt/NN ] by/IN buying/VBG [ new/NP york-based/JJ metromedia/NP 's/POS interests_5/NNS ] ,/, and/CC [ bellsouth/NP itself/PP ] might/MD object/VB to/TO [ the/DT price/NN ] ./. 
$$
====================================== if/IN [ lin/NP ] does/VBZ n't/RB exercise/VB [ the/DT option/NN ] and/CC [ mccaw/NP ] does/VBZ acquire/VB [ metromedia/NP 's/POS interest_5/NN ] ,/, ``/`` [ the/DT ironic/JJ thing/NN ] is/VBZ that/IN [ mccaw/NP ] could/MD end/VB up/IN being/VBG [ lin/NP 's/POS controlling/VBG partner/NN ] ''/'' in/IN [ the/DT new/NP york/NP franchise/NN ] ,/, [ mr./NP grubman/NP ] said/VBD ./. 
$$
in/IN [ addition/NN ] to/TO [ its/PP$ interests_5/NNS ] in/IN [ las/NP vegas/NP real/JJ estate/NN ] ,/, [ mgm/NP grand/NP ] owns/VBZ and/CC operates/VBZ [ a/DT luxury/NN airline/NN ] ./. 
$$
as/RB many/JJ as/IN [ 12/AB million/AB individuals/NNS ] hold/VBP [ interests_5/NNS ] in/IN [ partnerships/NNS ] [ that/WDT ] own/VBP [ everything/NN ] from/IN shopping/NN [ centers/NNS ] to/TO cable/NN [ tv/NN systems/NNS ] ,/, shipping/NN [ containers/NNS ] and/CC [ oil/NN wells/NNS ] ./. 
$$
====================================== [ delayed/VBN ] to/TO [ 1990/AB ] are/VBP [ the/DT first/JJ irs/NP lists/NNS ] of/IN [ taxpayers/NNS ] subject/JJ to/TO [ 20/AB %/NN withholding/NN ] for/IN supplying/VBG [ faulty/JJ social/NP security/NP ] or/CC [ employer/NN numbers/NNS ] to/TO [ payers/NNS ] of/IN [ interest_6/NN ] and/CC [ dividends/NNS ] ./. 
$$
====================================== among/IN [ its/PP$ concerns/NNS ] :/: offers/NNS of/IN [ unreasonable/JJ pay/NN ] and/CC [ perks/NNS ] to/TO entice/VB and/CC keep/VB [ doctors/NNS ] ,/, [ service/NN partnerships/NNS ] [ that/WDT ] promote/VBP [ doctors/NNS '/POS private/JJ interests_3/NNS ] with/IN [ exempt/JJ funds/NNS ] ,/, [ exempt/JJ holding/VBG companies/NNS ] with/IN [ for-profit/JJ units/NNS ] ,/, and/CC [ reports/NNS ] of/IN [ restrictions/NNS ] on/IN [ emergency-room/NN admittances/NNS ] ./. 
$$
====================================== [ hca/NP ] said/VBD [ the/DT terms/NNS ] of/IN [ its/PP$ new/JJ agreement/NN call/NN ] for/IN [ a/DT purchase/NN price/NN ] of/IN [ $/$ 68.3/AB million/AB ] for/IN [ its/PP$ equity/NN interest_5/NN ] in/IN [ the/DT australian/JJ operations/NNS ] and/CC [ the/DT repayment/NN ] of/IN [ certain/JJ debt/NN ] owed/VBN to/TO [ hospital/NP corp./NP ] by/IN [ its/PP$ australian/JJ subsidiary/NN ] ./. 
$$
====================================== in/IN [ london/NP ] ,/, [ shares/NNS ] were/VBD sharply/RB higher/JJR as/IN [ wall/NP street/NP 's/POS strength/NN ] helped/VBD to/TO overshadow/VB [ the/DT market/NN 's/POS immediate/JJ concern/NN ] with/IN [ a/DT possible/JJ u.k./NP interest_6/NN rate/NN increase/NN ] ./. 
$$
====================================== [ other/JJ losers/NNS ] included/VBD [ pharmaceutical/JJ ] and/CC [ textile/JJ shares/NNS ] ,/, but/CC [ two/AB issues/NNS ] attracted/VBD [ investor/NN interest_1/NN ] because/IN of/IN [ strong/JJ earning/NN prospects/NNS ] for/IN [ new/JJ products/NNS ] ./. 
$$
====================================== [ dealers/NNS ] said/VBD that/IN even/RB though/IN [ fears/NNS ] of/IN [ higher/JJR u.k./NP interest_6/NN rates/NNS ] are/VBP still/RB [ prevalent/JJ ] ,/, [ the/DT market/NN ] was/VBD underpinned/VBN by/IN [ the/DT pound/NN 's/POS firmness/NN ] resulting/VBG from/IN [ recent/JJ central/JJ bank/NN support/NN ] and/CC by/IN [ a/DT late/JJ flurry/NN ] of/IN buying/VBG for/IN [ technical/JJ reasons/NNS ] ./. 
$$
====================================== ``/`` [ day-to-day/JJ swings/NNS ] can/MD have/VB [ a/DT lot/NN ] of/IN [ significance/NN ] for/IN [ the/DT financial/JJ markets/NNS ] ,/, [ which/WDT ] worry/VBP about/IN [ the/DT effect/NN ] on/IN [ interest_6/NN rates/NNS ] and/CC [ federal/NP reserve/NP policy/NN ] ,/, ''/'' says/VBZ [ norman/NP robertson/NP ] ,/, [ chief/JJ economist/NN ] at/IN [ mellon/NP bank/NP corp./NP ] ,/, [ pittsburgh/NP ] ./. 
$$
[ dwg/NP 's/POS other/JJ major/JJ operating/VBG units/NNS ] ,/, [ arby/NP 's/POS inc./NP ] and/CC [ royal/NP crown/NP cos./NP ] ,/, have/VBP also/RB attracted/VBN [ considerable/JJ investor/NN interest_1/NN ] ./. 
$$
====================================== [ gregory/NP parkos/NP ] ,/, [ president/NN ] and/CC [ chief/JJ operating/VBG officer/NN ] of/IN [ whittaker/NP ] ,/, commented/VBD that/IN [ the/DT group/NN ] has/VBZ ``/`` indicated/VBN that/IN [ their/PP$ interest_1/NN ] is/VBZ as/IN [ investors/NNS ] ./. 
$$
[ some/DT buyers/NNS ] [ who/WP ] apply/VBP for/IN [ an/DT ibm/NP credit/NN card/NN ] may/MD also/RB be/VB eligible/JJ for/IN as/RB much/JJ as/IN [ $/$ 3,500/AB ] in/IN [ credit/NN ] ,/, with/IN [ the/DT first/JJ payment/NN ] deferred/VBN until/IN [ february/NP ] and/CC [ no/DT interest_6/NN charge/NN ] during/IN [ the/DT promotion/NN ] ./. 
$$
in/IN [ a/DT prepared/JJ statement/NN ] ,/, [ the/DT company/NN ] said/VBD [ mr./NP shields/NP ] had/VBD made/VBN ``/`` [ a/DT personal/JJ decision/NN ] to/TO leave/VB [ the/DT company/NN ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== [ traders/NNS ] noted/VBD that/IN [ the/DT japanese/JJ unit/NN ] has/VBZ been/VBN hit/VBN by/IN [ cross-trading/NN ] against/IN [ the/DT mark/NN ] in/IN [ anticipation/NN ] of/IN [ an/DT interest_6/NN rate/NN increase/NN ] in/IN [ germany/NP ] ./. 
$$
====================================== [ james/NP bailey/NP ] ,/, [ 43-year-old/JJ president/NN ] and/CC [ chief/JJ executive/NN officer/NN ] ,/, resigned/VBD to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
[ there/EX ] were/VBD [ rumors/NNS ] that/IN [ investor/NN carl/NP icahn/NP ] was/VBD raising/VBG [ his/PP$ 11.4/AB %/NN interest_5/NN ] in/IN [ the/DT company/NN ] in/IN [ anticipation/NN ] of/IN [ a/DT stock/NN buy-back/NN ] ./. 
$$
====================================== [ interest_1/NN ] in/IN [ the/DT financial/JJ group/NN ] extended/VBD to/TO [ selected/JJ issues/NNS ] of/IN [ insurance/NN companies/NNS ] ./. 
$$
====================================== [ bonds/NNS prices/NNS ] crept/VBD [ higher/JJR yesterday/NN ] ,/, strengthened/VBN by/IN [ a/DT firmer/JJR dollar/NN ] ,/, by/IN [ increased/VBN japanese/JJ buying/NN ] and/CC by/IN [ optimism/NN ] that/IN [ interest_6/NN rates/NNS ] may/MD decline/VB ./. 
$$
====================================== ``/`` [ we/PP ] saw/VBD [ the/DT first/JJ glimmers/NNS ] of/IN [ retail/JJ interest_1/NN ] since/IN [ we/PP ] got/VBD [ the/DT new/JJ supply/NN ] at/IN [ the/DT august/NP ] refunding/NN ,/, ''/'' said/VBD [ joseph/NP liro/NP ] ,/, [ a/DT vice/NN president/NN ] and/CC [ money/NN market/NN economist/NN ] at/IN [ s.g./NP warburg/NP securities/NPS ] &/CC [ co/NP ] ./. 
$$
====================================== [ bond/NN prices/NNS ] also/RB were/VBD supported/VBN by/IN [ speculation/NN ] that/IN [ the/DT federal/NP reserve/NP ] --/: [ which/WDT ] has/VBZ been/VBN unable/JJ to/TO control/VB [ the/DT dollar/NN ] through/IN [ intervention/NN ] alone/RB --/: may/MD consider/VB [ lowering/VBG interest_6/NN rates/NNS ] as/IN [ a/DT new/JJ tactic/NN ] ./. 
$$
====================================== still/RB ,/, [ comments/NNS ] by/IN [ white/NP house/NP economist/NN michael/NP boskin/NP ] may/MD have/VB added/VBN [ fuel/NN ] to/TO [ the/DT speculation/NN ] about/IN [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
speaking/VBG at/IN [ a/DT meeting/NN ] hosted/VBN by/IN [ the/DT japanese/NP economic/NP planning/NP agency/NP ] ,/, [ mr./NP boskin/NP ] based/VBD [ the/DT outlook/NN ] on/IN [ lower/JJR interest_6/NN rates/NNS ] ,/, according/VBG to/TO [ a/DT japanese/JJ news/NN service/NN ] ./. 
$$
====================================== [ short-term/JJ interest_6/NN rates/NNS ] fell/VBD sharply/RB ./. 
$$
====================================== [ the/DT average/NN ] winning/VBG [ net/JJ interest_6/NN cost/NN ] for/IN [ the/DT $/$ 550/AB million/AB pennsylvania/NP note/NN issue/NN ] was/VBD [ 6.35/AB %/NN ] ,/, according/VBG to/TO [ arthur/NP heilman/NP ] ,/, [ director/NN ] of/IN [ pennsylvania/NP 's/POS bureau/NP ] of/IN [ revenues/NP ] ,/, [ cash/NP flow/NP ] and/CC [ debt/NP ] ./. 
$$
[ occidental/NP petroleum/NP ] has/VBZ [ interests_5/NNS ] in/IN [ oil/NN ] and/CC [ gas/NN ] ,/, [ pipelines/NNS ] ,/, [ chemicals/NNS ] ,/, and/CC [ agricultural/JJ products/NNS ] ./. 
$$
but/CC [ toro/NP ] said/VBD that/IN beginning/VBG in/IN [ fiscal/JJ 1991/AB ] ,/, [ it/PP ] expects/VBZ [ profit/NN ] to/TO improve/VB significantly/RB by/IN nearly/RB doubling/VBG [ its/PP$ walk/NN power/NN mower/NN volume/NN ] without/IN adding/VBG [ related/JJ support/NN ] and/CC [ overhead/JJ costs/NNS ] ,/, and/CC by/IN [ lower/JJR interest_6/NN cost/NN ] resulting/VBG from/IN [ a/DT significant/JJ positive/JJ cash/NN flow/NN ] ./. 
$$
====================================== [ nominations/NNS ] are/VBP [ indications/NNS ] of/IN [ interest_1/NN ] in/IN [ specific/NN areas/NNS ] [ that/WDT ] would/MD be/VB attractive/JJ for/IN [ exploration/NN ] ./. 
$$
[ he/PP ] would/MD n't/RB disclose/VB [ the/DT number/NN ] of/IN [ nominations/NNS ] received/VBN or/CC [ the/DT areas/NNS ] [ that/WDT ] generated/VBD [ the/DT most/JJS interest_1/NN ] ./. 
$$
====================================== [ interest_1/NN ] in/IN [ the/DT area/NN ] is/VBZ expected/VBN to/TO be/VB renewed/VBN by/IN [ a/DT project/NN ] of/IN [ esso/NP resources/NPS canada/NP ltd./NP ] ,/, [ shell/NP canada/NP ltd./NP ] and/CC [ gulf/NP canada/NP resources/NPS ltd./NP ] to/TO export/VB more/JJR than/IN [ nine/AB trillion/AB cubic/JJ feet/NNS ] of/IN [ natural/JJ gas/NN ] from/IN [ the/DT mackenzie/NP river/NP delta/NP ] to/TO [ the/DT u.s./NP ] starting/VBG in/IN [ 1996/AB ] ./. 
$$
``/`` [ you/PP ] watch/VBP [ what/WP ] [ the/DT competition/NN ] is/VBZ doing/VBG and/CC [ what/WP ] 's/VBZ happening/VBG to/TO interest_6/NN [ rates/NNS ] in/IN [ general/JJ ] very/RB carefully/RB ./. 
$$
====================================== [ transco/NP exploration/NP partners/NPS ltd./NP ] said/VBD [ it/PP ] received/VBD [ high/JJ bids/NNS ] totaling/VBG [ $/$ 48.1/AB million/AB ] from/IN [ oryx/NP energy/NP co./NP ] and/CC [ transco/NP exploration/NP ] &/CC [ production/NP co./NP ] for/IN [ its/PP$ interest_5/NN ] in/IN [ five/AB offshore/JJ oil/NN ] and/CC [ gas/NN development/NN wells/NNS ] ./. 
$$
====================================== [ tax/NN increases/NNS ] ====================================== [ the/DT wide-ranging/JJ bill/NN ] contains/VBZ [ provisions/NNS ] [ that/WDT ] would/MD :/: ====================================== --/: prevent/VB [ companies/NNS ] [ that/WDT ] have/VBP made/VBN [ leveraged/JJ buy-outs/NNS ] from/IN getting/VBG [ federal/JJ tax/NN refunds/NNS ] resulting/VBG from/IN [ losses/NNS ] caused/VBN by/IN [ interest_6/NN payments/NNS ] on/IN [ debt/NN ] issued/VBN to/TO finance/VB [ the/DT buy-outs/NNS ] ,/, [ effective/JJ aug./NP 2/AB ] ,/, [ 1989/AB ] ./. 
$$
[ the/DT measure/NN repeals/VBZ ] [ a/DT 50/AB %/NN exclusion/NN ] given/VBN to/TO [ banks/NNS ] on/IN [ the/DT interest_6/NN ] from/IN [ loans/NNS ] used/VBN to/TO acquire/VB [ securities/NNS ] for/IN [ an/DT esop/NP ] ,/, if/IN [ the/DT esop/NP ] owns/VBZ less/RBR than/IN [ 30/AB %/NN ] of/IN [ the/DT employer/NN 's/POS stock/NN ] ./. 
$$
====================================== --/: [ curb/VB junk/NN bonds/NNS ] by/IN [ ending/VBG tax/NN benefits/NNS ] for/IN [ certain/JJ securities/NNS ] ,/, such/JJ as/IN [ zero-coupon/JJ bonds/NNS ] ,/, [ that/WDT ] postpone/VBP [ cash/NN interest_6/NN payments/NNS ] ./. 
$$
[ mccaw/NP ] also/RB plans/VBZ to/TO sell/VB [ its/PP$ cellular/JJ interests_5/NNS ] in/IN [ the/DT southeast/NP ] for/IN [ $/$ 1.3/AB billion/AB ] ./. 
$$
====================================== [ worse/JJR ] yet/RB ,/, [ mr./NP bush/NP 's/POS interest_1/NN ] in/IN [ a/DT cw/NP ban/NN ] prevented/VBD [ the/DT reagan/NP administration/NN ] in/IN [ 1987/AB ] from/IN adopting/VBG [ a/DT more/RBR honest/JJ ] and/CC [ responsible/JJ position/NN ] toward/IN [ such/JJ an/DT accord/NN ] :/: as/IN [ the/DT u.s./NP binary/JJ modernization/NN program/NN ] got/VBD under/IN [ way/NN ] ,/, [ the/DT soviet/NP union/NP ] became/VBD ever/RB more/RBR determined/JJ to/TO conclude/VB [ a/DT cw/NP ban/NN ] quickly/RB ./. 
$$
should/MD [ he/PP ] do/VB so/RB ,/, [ u.s./NP national/JJ interests_4/NNS ] are/VBP headed/VBN for/IN [ a/DT ] possibly/RB [ fatal/JJ head-on/JJ collision/NN ] with/IN [ dangerous/JJ arms-control/JJ delusions/NNS ] ./. 
$$
====================================== [ allianz/NP ag/NP ] agreed/VBD to/TO acquire/VB [ 50/AB %/NN ] of/IN [ the/DT insurance/NN interests_5/NNS ] of/IN [ cie./NP ] de/NP [ navigation/NP mixte/NP ] for/IN about/RB [ 6.5/AB billion/AB french/JJ francs/NNS ] (/( [ $/$ 1.02/AB billion/AB ] )/) ./. 
$$
====================================== [ the/DT agreement/NN ] will/MD help/VB [ navigation/NP mixte/NP ] fend/VB off/RP [ potential/JJ raiders/NNS ] and/CC end/VB [ speculative/JJ interest_1/NN ] [ that/WDT ] has/VBZ led/VBN to/TO [ flurries/NNS ] of/IN [ *interest/NN ] in/IN [ its/PP$ stock/NN ] during/IN [ the/DT past/JJ year/NN ] ./. 
$$
====================================== [ the/DT agreement/NN ] will/MD help/VB [ navigation/NP mixte/NP ] fend/VB off/RP [ potential/JJ raiders/NNS ] and/CC end/VB [ speculative/JJ *interest/NN ] [ that/WDT ] has/VBZ led/VBN to/TO [ flurries/NNS ] of/IN [ interest_1/NN ] in/IN [ its/PP$ stock/NN ] during/IN [ the/DT past/JJ year/NN ] ./. 
$$
not/RB only/RB will/MD [ it/PP ] put/VB [ half/PDT the/DT group/NN 's/POS much-coveted/JJ insurance/NN interests_5/NNS ] in/IN [ the/DT hands/NNS ] of/IN [ a/DT powerful/JJ ally/NN ] ,/, but/CC [ mr./NP fournier/NP ] also/RB noted/VBD that/IN [ the/DT accord/NN ] will/MD boost/VB [ navigation/NP mixte/NP 's/POS cash/NN hoard/NN ] to/TO about/RB [ 11/AB billion/AB francs/NNS ] by/IN [ year/NN end/NN ] ./. 
$$
[ he/PP ] also/RB said/VBD [ allianz/NP ] does/VBZ n't/RB currently/RB plan/VB to/TO transfer/VB [ its/PP$ ] existing/VBG [ french/JJ interests_5/NNS ] to/TO [ the/DT new/JJ holding/VBG company/NN ] ./. 
$$
under/IN [ the/DT accord/NN ] ,/, [ foreign/JJ bank/NN creditors/NNS ] [ who/WP ] hold/VBP about/RB [ $/$ 53/AB billion/AB ] of/IN [ mexican/JJ government/NN ] medium-term/JJ and/CC [ long-term/JJ debt/NN ] can/MD exchange/VB [ their/PP$ loans/NNS ] for/IN [ bonds/NNS ] [ that/WDT ] represent/VBP [ a/DT 35/AB %/NN ] cut/NN in/IN [ principal/NN ] ,/, swap/VB [ them/PP ] for/IN [ bonds/NNS ] [ that/WDT ] carry/VBP [ a/DT 6.25/AB %/NN ] fixed/VBN [ rate/NN ] of/IN [ interest_6/NN ] ,/, or/CC put/VB up/RP [ further/JJ loans/NNS ] ./. 
$$
[ he/PP ] said/VBD [ domestic/JJ interest_6/NN rates/NNS ] have/VBP dropped/VBN [ 20/AB %/NN ] ,/, saving/VBG [ the/DT country/NN ] as/RB much/RB as/IN [ $/$ 10/AB billion/AB ] [ a/DT year/NN ] ./. 
$$
[ the/DT u.s./NP interest_4/NN ] lies/VBZ in/IN continuing/VBG [ that/DT competition/NN ] until/IN [ mr./NP gorbachev/NP ] has/VBZ [ no/DT choice/NN ] but/CC to/TO withdraw/VB from/IN [ his/PP$ global/JJ ] and/CC [ military/JJ commitments/NNS ] ./. 
$$
[ ugi/NP ] ,/, [ a/DT utility/NN ] ,/, has/VBZ sold/VBN [ most/JJS ] of/IN [ amerigas/NP 's/POS industrial-gas/JJ interests_5/NNS ] and/CC is/VBZ using/VBG proceeds/NNS mainly/RB to/TO expand/VB [ the/DT unit/NN 's/POS propane/NN operations/NNS ] ./. 
$$
====================================== annualized/VBN [ interest_6/NN rates/NNS ] on/IN [ certain/JJ investments/NNS ] as/IN reported/VBN by/IN [ the/DT federal/NP reserve/NP board/NP ] on/IN [ a/DT weekly-average/JJ basis/NN ] :/: ====================================== [ a-discounted/JJ rate/NN ] ./. 
$$
====================================== [ the/DT critical/JJ next/JJ step/NN ] was/VBD carving/VBG up/RP [ the/DT leases/NNS ] and/CC packaging/VBG [ them/PP ] in/IN [ limited/JJ partnerships/NNS ] [ that/WDT ] would/MD throw/VB off/RP [ tax/NN losses/NNS ] generated/VBN by/IN [ heavy/JJ interest_6/NN payments/NNS ] and/CC [ depreciation/NN ] ./. 
$$
''/'' ====================================== [ rothschild/NP ] sold/VBD [ its/PP$ interest_5/NN ] as/IN [ general/JJ partner/NN ] to/TO [ mr./NP rogers/NP ] ,/, [ the/DT former/JJ trupin/NP associate/NN ] --/: effectively/RB walking/VBG out/IN on/IN [ its/PP$ limited-partner/JJ investors/NNS ] despite/IN [ a/DT pledge/NN ] in/IN [ its/PP$ offering/VBG memorandums/NNS ] not/RB to/TO sell/VB out/RP without/IN [ investor/NN approval/NN ] ./. 
$$
[ swissair/NP ] owns/VBZ [ 8/AB %/NN ] and/CC is/VBZ planning/VBG to/TO raise/VB [ its/PP$ interest_5/NN ] to/TO [ 10/AB %/NN ] ,/, and/CC [ air/NP france/NP ] is/VBZ also/RB *interested/VBN in/IN raising/VBG [ its/PP$ holding/NN ] from/IN [ the/DT current/JJ 1.5/AB %/NN ] ,/, according/VBG to/TO [ austrian/NP airlines/NPS ] ./. 
$$
====================================== [ wyse/NP technology/NP corp./NP ] signals/VBZ [ its/PP$ interest_1/NN ] in/IN [ handicapped/JJ workers/NNS ] in/IN [ every/DT ad/NN ] ./. 
$$
====================================== [ mr./NP sperandeo/NP ] expects/VBZ [ stocks/NNS ] to/TO decline/VB over/IN [ the/DT next/JJ few/JJ months/NNS ] because/RB ,/, [ he/PP ] says/VBZ ,/, [ the/DT federal/NP reserve/NP board/NP ] seems/VBZ to/TO have/VB given/VBN up/IN on/IN [ pushing/VBG interest_6/NN rates/NNS ] down/RP ,/, and/CC is/VBZ trying/VBG to/TO drive/VB down/RP [ the/DT value/NN ] of/IN [ the/DT dollar/NN ] ./. 
$$
[ mr./NP sperandeo/NP ] expects/VBZ [ interest_6/NN rates/NNS ] to/TO rise/VB ,/, [ which/WDT ] would/MD hurt/VB [ the/DT value/NN ] of/IN existing/VBG [ bonds/NNS ] ./. 
$$
====================================== [ occidental/NP petroleum/NP corp./NP ] said/VBD [ its/PP$ domestic/JJ oil/NN ] and/CC [ gas/NN subsidiary/NN ] ,/, [ oxy/NP usa/NP inc./NP ] ,/, sold/VBD to/TO [ exxon/NP corp./NP ] for/IN about/RB [ $/$ 148/AB million/AB its/PP$ interests_5/NNS ] in/IN [ several/JJ oil/NN ] and/CC [ gas/NN wells/NNS ] in/IN [ wyoming/NP ] ,/, [ texas/NP ] ,/, [ alabama/NP ] and/CC [ new/NP mexico/NP ] ./. 
$$
====================================== [ the/DT largest/JJS stake/NN ] sold/VBN was/VBD [ occidental/NP ] [ 's/POS 15.7/AB %/NN working/VBG interest_5/NN ] in/IN [ the/DT hartzog/NP draw/NP property/NN ] in/IN [ campbell/NP county/NP ] ,/, [ wyo/NP ] ./. 
$$
====================================== [ an/DT exxon/NP spokesman/NN ] said/VBD [ the/DT $/$ 148/AB million/AB purchase/NN ] will/MD give/VB [ the/DT company/NN ] [ an/DT interest_5/NN ] in/IN [ 2,100/AB oil/NN ] and/CC [ gas/NN wells/NNS ] ./. 
$$
====================================== [ healthvest/NP ] said/VBD [ it/PP ] does/VBZ n't/RB have/VB [ enough/JJ cash/NN ] to/TO make/VB about/RB [ $/$ 6.5/AB million/AB ] of/IN [ interest_6/NN payments/NNS ] due/JJ shortly/RB and/CC said/VBD [ it/PP ] is/VBZ negotiating/VBG with/IN [ bank/NN ] and/CC [ insurance-company/JJ lenders/NNS ] to/TO postpone/VB [ the/DT payments/NNS ] ./. 
$$
====================================== [ last/JJ june/NP ] ,/, [ tootal/NP ] consented/VBD to/TO [ a/DT friendly/JJ #/# 395/AB million/AB ] (/( [ $/$ 639.7/AB million/AB ] )/) [ takeover/NN ] from/IN [ a/DT much/RB larger/JJR textile/JJ group/NN ] ,/, [ coats/NP viyella/NP plc/NP ] ,/, but/CC [ the/DT linkup/NN ] between/IN [ the/DT two/AB ] has/VBZ been/VBN put/VBN on/IN [ ice/NN ] for/IN [ the/DT moment/NN ] as/IN [ the/DT u.k./NP monopolies/NP ] and/CC [ mergers/NP commission/NP ] investigates/VBZ [ the/DT possibility/NN ] that/IN [ the/DT combination/NN ] of/IN [ the/DT two/AB companies/NNS '/POS british/JJ thread/NN interests_5/NNS ] could/MD be/VB anti-competitive/JJ ./. 
$$
====================================== meanwhile/RB ,/, profit/NN attributable/JJ to/TO [ shareholders/NNS ] ,/, or/CC [ profit/NN ] after/IN [ tax/NN ] and/CC [ minority/NN interests_5/NNS ] ,/, rose/VBD [ 4/AB %/NN ] to/TO #/# [ 13.3/AB million/AB ] from/IN [ #/# 12.8/AB million/AB ] [ a/DT year/NN ] earlier/RBR ./. 
$$
[ profit/NN ] after/IN [ tax/NN ] ,/, [ minority/NN interests_5/NNS ] and/CC [ extraordinary/JJ items/NNS ] ,/, known/VBN as/IN [ net/JJ profit/NN ] attributable/JJ to/TO [ shareholders/NNS ] ,/, rose/VBD [ 25/AB %/NN ] to/TO #/# [ 13.7/AB million/AB ] from/IN [ #/# 10.9/AB million/AB ] ./. 
$$
====================================== [ occidental/NP petroleum/NP corp./NP ] ,/, [ los/NP angeles/NP ] ,/, said/VBD [ it/PP ] will/MD redeem/VB [ nov./NP 1/AB its/PP$ $/$ 207/AB million/AB principal/NN amount/NN ] outstanding/JJ of/IN [ floating-rate/JJ senior/JJ notes/NNS ] due/JJ may/MD [ 1/AB ] ,/, [ 1990/AB ] ,/, at/IN [ par/NN ] plus/CC [ interest_6/NN ] accrued/VBN to/TO [ the/DT redemption/NN date/NN ] ./. 
$$
====================================== [ monday/NP ] ,/, [ october/NP 2/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ a/DT myriad/NN ] of/IN [ problems/NNS ] underlie/VBP [ the/DT dimmer/JJR outlook/NN ] :/: [ the/DT economy/NN ] is/VBZ slowing/VBG ,/, [ labor/NN costs/NNS ] are/VBP rising/VBG ,/, heavily/RB [ leveraged/JJ corporations/NNS ] are/VBP paying/VBG [ huge/JJ amounts/NNS ] of/IN [ interest_6/NN ] and/CC [ the/DT dollar/NN 's/POS recent/JJ strength/NN ] is/VBZ crimping/VBG [ overseas/JJ sales/NNS ] and/CC [ profits/NNS ] ./. 
$$
but/CC [ he/PP ] adds/VBZ [ a/DT qualification/NN ] :/: as/IN [ the/DT economy/NN slows/VBZ ] ,/, [ interest_6/NN rates/NNS ] will/MD fall/VB ,/, perhaps/RB sharply/RB ./. 
$$
====================================== [ the/DT commercial/JJ bank/NN group/NN ] ,/, [ france/NP ] 's/POS biggest/JJS in/IN [ terms/NNS ] of/IN [ total/JJ assets/NNS ] ,/, said/VBD [ group/NN profit/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] rose/VBD to/TO [ 1.475/AB billion/AB francs/NNS ] (/( [ $/$ 232.3/AB million/AB ] )/) from/IN [ 1.308/AB billion/AB francs/NNS ] in/IN [ the/DT first/JJ ] [ half/NN ] of/IN [ 1988/AB ] ./. 
$$
[ the/DT loan/NN ] calls/VBZ for/IN [ payment/NN ] of/IN [ base/JJ interest_6/NN ] plus/CC [ a/DT participation/NN ] in/IN [ the/DT revenue/NN growth/NN ] and/CC [ value/NN appreciation/NN ] of/IN [ the/DT hospital/NN ] ./. 
$$
====================================== [ they/PP ] said/VBD [ the/DT transaction/NN ] will/MD be/VB accounted/VBN for/IN as/IN [ a/DT ] pooling/NN of/IN [ interests_5/NNS ] and/CC is/VBZ subject/JJ to/TO [ approval/NN ] by/IN [ both/DT ] [ boards/NNS ] and/CC by/IN [ microbilt/NP 's/POS shareholders/NNS ] ./. 
$$
''/'' but/CC [ he/PP ] said/VBD [ he/PP ] thinks/VBZ [ the/DT economy/NN ] ``/`` will/MD continue/VB to/TO follow/VB [ the/DT trend/NN ] downward/RB ''/'' until/IN [ the/DT federal/NP reserve/NP board/NP eases/VBZ ] up/RP on/IN [ the/DT money/NN supply/NN ] or/CC reduces/VBZ [ interest_6/NN rates/NNS ] ./. 
$$
[ the/DT most/RBS likely/JJ next/JJ move/NN ] is/VBZ for/IN [ the/DT west/JJ german/JJ bundesbank/NP ] to/TO raise/VB [ interest_6/NN rates/NNS ] [ this/DT week/NN ] ./. 
$$
[ higher/JJR interest_6/NN rates/NNS ] abroad/RB make/VBP [ the/DT dollar/NN ] less/RBR attractive/JJ to/TO [ foreign/JJ investors/NNS ] ./. 
$$
[ there/EX ] remains/VBZ [ some/DT hope/NN ] that/IN [ the/DT fed/NP ] will/MD cut/VB [ u.s./NP interest_6/NN rates/NNS ] as/IN [ part/NN ] of/IN [ the/DT international/JJ effort/NN ] to/TO drive/VB [ the/DT dollar/NN lower/JJR ] ;/: but/CC [ most/JJS traders/NNS ] think/VBP [ it/PP ] 's/VBZ unlikely/RB [ the/DT fed/NP ] will/MD move/VB without/IN [ concrete/JJ evidence/NN ] that/IN [ the/DT u.s./NP economy/NN ] is/VBZ slowing/VBG ./. 
$$
``/`` [ price-earnings/JJ multiples/NNS ] are/VBP high/JJ ,/, [ interest_6/NN rates/NNS ] have/VBP risen/VBN ,/, and/CC [ earnings/NNS ] are/VBP flat/JJ to/TO down/RB ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
[ the/DT real/JJ estate/NN investment/NN trust/NN ] said/VBD [ it/PP ] is/VBZ seeking/VBG to/TO postpone/VB [ interest_6/NN payments/NNS ] because/IN [ it/PP ] [ has/VBZ n't/RB ] received/VBN [ $/$ 6.2/AB million/AB ] in/IN [ rent/NN ] and/CC [ mortgage/NN payments/NNS ] from/IN [ healthcare/NP international/NP ] ./. 
$$
====================================== [ the/DT senator/NN ] is/VBZ working/VBG with/IN about/RB [ 15/AB democratic/JJ colleagues/NNS ] [ who/WP ] have/VBP expressed/VBN [ interest_1/NN ] in/IN [ a/DT lower/JJR capital-gains/NNS tax/NN ] cut/NN of/IN [ one/AB kind/NN ] or/CC [ another/DT ] ./. 
$$
if/IN [ that/DT offer/NN ] is/VBZ successful/JJ ,/, [ general/NP homes/NP ] will/MD amend/VB [ its/PP$ new/JJ credit/NN agreement/NN ] to/TO allow/VB [ it/PP ] to/TO issue/VB [ stock/NN ] instead/RB of/IN [ paying/VBG interest_6/NN ] on/IN [ the/DT $/$ 60/AB million/AB loan/NN ] ./. 
$$
====================================== [ west/NP germany/NP 's/POS allianz/NP ag/NP ] agreed/VBD to/TO buy/VB [ 50/AB %/NN ] of/IN [ the/DT insurance/NN interest_5/NN ] of/IN [ france/NP 's/POS navigation/NP mixte/NP ] for/IN about/RB [ $/$ 1/AB billion/AB ] ./. 
$$
====================================== in/IN [ london/NP ] ,/, [ shares/NNS ] were/VBD moderately/RB lower/JJR in/IN [ thin/JJ ] trading/NN on/IN [ continued/JJ fears/NNS ] that/IN [ higher/JJR interest_6/NN rates/NNS ] are/VBP coming/VBG ,/, [ a/DT concern/NN ] [ that/WDT ] weighed/VBD down/RP [ many/JJ other/JJ european/JJ markets/NNS ] as/RB well/RB ./. 
$$
but/CC [ dealers/NNS ] said/VBD [ the/DT market/NN ] is/VBZ still/RB broadly/RB [ pressured/VBN ] by/IN [ concerns/NNS ] [ that/WDT ] u.k./NP [ interest_6/NN rates/NNS ] may/MD be/VB about/RB to/TO rise/VB further/RBR ./. 
$$
====================================== [ they/PP ] said/VBD [ the/DT market/NN 's/POS current/JJ focus/NN ] on/IN [ the/DT west/JJ german/JJ central/JJ bank/NN council/NN 's/POS thursday/NP meeting/NN ] is/VBZ damping/VBG [ interest_1/NN ] in/IN [ stock/NN ] trading/NN ./. 
$$
====================================== [ interest_6/NN rates/NNS ] moved/VBD [ higher/RBR yesterday/NN ] at/IN [ the/DT government/NN 's/POS weekly/JJ treasury/NP bill/NN auction/NN ] ./. 
$$
====================================== [ foreign/JJ bonds/NNS ] ====================================== [ european/JJ investors/NNS ] are/VBP bracing/VBG for/IN [ what/WP ] is/VBZ widely/RB expected/VBN to/TO be/VB [ an/DT imminent/JJ increase/NN ] in/IN [ west/JJ german/JJ interest_6/NN rates/NNS ] ./. 
$$
[ he/PP ] conceded/VBD that/IN [ he/PP ] had/VBD n't/RB disclosed/VBN [ the/DT transaction/NN ] fully/RB on/IN [ personal/JJ financial/JJ reports/NNS ] and/CC probably/RB would/MD have/VB to/TO pay/VB [ back/JJ taxes/NNS ] and/CC [ interest_6/NN ] because/IN [ he/PP ] had/VBD claimed/VBN [ favorable/JJ capital-gains/NNS treatment/NN ] to/TO [ which/WDT ] [ he/PP ] [ was/VBD n't/RB ] entitled/VBN ./. 
$$
while/IN in/IN [ bankruptcy/NN court/NN ] ,/, [ global/NP marine/NP ] slashed/VBD [ debt/NN ] by/IN more/JJR than/IN [ half/NN ] and/CC got/VBD [ a/DT four-year/JJ break/NN ] from/IN [ cash/NN interest_6/NN payments/NNS ] ./. 
$$
====================================== [ the/DT company/NN ] is/VBZ seeking/VBG to/TO allow/VB [ shareholders/NNS ] with/IN [ a/DT stake/NN ] of/IN [ 10/AB %/NN ] to/TO propose/VB [ amendments/NNS ] to/TO [ its/PP$ articles/NNS ] of/IN [ incorporation/NN ] and/CC to/TO allow/VB [ holders/NNS ] with/IN [ a/DT 20/AB %/NN interest_5/NN ] to/TO call/VB [ a/DT meeting/NN ] ./. 
$$
still/RB ,/, [ they/PP ] cautioned/VBD that/IN [ audi/NP ] may/MD need/VB to/TO shed/VB about/RB [ 100/AB ] of/IN [ its/PP$ 365/AB u.s./NP dealers/NNS ] [ who/WP ] have/VBP lost/VBN [ interest_1/NN ] in/IN [ the/DT franchise/NN ] ./. 
$$
====================================== [ foreign/JJ exchange/NN traders/NNS ] said/VBD [ activity/NN ] was/VBD fairly/RB [ thin/JJ ] ,/, with/IN [ most/JJS participants/NNS ] tightly/RB focused/VBN on/IN [ the/DT likelihood/NN ] of/IN [ an/DT interest_6/NN rate/NN increase/NN ] in/IN [ germany/NP ] later/RB [ this/DT week/NN ] ./. 
$$
without/IN [ an/DT interest_6/NN rate/NN increase/NN ] in/IN [ west/NP germany/NP ] --/: [ a/DT move/NN ] [ that/WDT ] probably/RB will/MD be/VB mimicked/VBN in/IN [ most/JJS other/JJ west/JJ european/JJ countries/NNS ] --/: [ u.s./NP *interest/NN rates/NNS ] will/MD still/RB have/VB [ an/DT attractive/JJ premium/NN ] over/IN [ those/DT ] of/IN [ most/JJS other/JJ major/JJ nations/NNS ] ,/, drawing/VBG [ money/NN ] to/TO [ the/DT dollar/NN ] ,/, [ traders/NNS ] said/VBD ./. 
$$
[ he/PP ] added/VBD that/IN [ the/DT rise/NN ] in/IN [ official/JJ rates/NNS ] would/MD put/VB [ a/DT solid/JJ floor/NN ] under/IN [ short-term/JJ rates/NNS ] near/IN existing/JJ [ levels/NNS ] ,/, allowing/VBG for/IN [ additional/JJ gains/NNS ] in/IN [ interest_6/NN rates/NNS ] [ that/WDT ] would/MD reduce/VB [ the/DT flow/NN ] of/IN [ funds/NNS ] to/TO [ the/DT u.s/NP ] ./. 
$$
under/IN [ the/DT new/JJ arrangement/NN ] ,/, [ phillips/NP ] will/MD hold/VB [ an/DT 82/AB %/NN working/JJ interest_5/NN ] in/IN [ the/DT acreage/NN ] ,/, as/RB well/RB as/IN act/VB as/IN [ operator/NN ] ,/, and/CC [ northwest/NP ] will/MD hold/VB [ the/DT ] remaining/VBG [ 18/AB %/NN interest/NN ] ./. 
$$
====================================== [ the/DT partial/JJ sale/NN ] of/IN [ west/NP germany/NP 's/POS 16th-largest/JJ bank/NN ] is/VBZ [ the/DT first/JJ major/JJ public/JJ offering/NN ] since/IN [ may/NP 1988/AB ] ,/, when/WRB [ the/DT government/NN ] sold/VBD [ its/PP$ ] remaining/VBG [ 60/AB %/NN interest_5/NN ] in/IN [ aluminum/NN ] ,/, [ energy/NN ] ,/, and/CC [ chemical/NN concern/NN viag/NP ag/NP ] ./. 
$$
====================================== [ the/DT group/NN ] may/MD seek/VB to/TO acquire/VB [ a/DT controlling/VBG interest_5/NN ] in/IN [ harley-davidson/NP ] or/CC seek/VB [ representation/NN ] on/IN [ the/DT company/NN 's/POS board/NN ] ./. 
$$
for/IN [ example/NN ] ,/, notwithstanding/IN [ his/PP$ praise/NN ] for/IN [ milton/NP friedman/NP ] ,/, when/WRB [ it/PP ] came/VBD to/TO recommending/VBG [ western/JJ economists/NNS ] to/TO become/VB [ foreign/JJ associate/JJ members/NNS ] of/IN [ the/DT soviet/NP academy/NP ] ,/, [ mr./NP aganbegyan/NP ] proposed/VBD [ j.k./NP galbraith/NP ] and/CC [ wassily/NP leontief/NP ] ,/, explaining/VBG that/IN [ soviet/JJ interest_1/NN ] in/IN [ them/PP ] is/VBZ keen/JJ because/IN [ their/PP$ works/NNS ] ``/`` show/VBP up/RP [ the.../: darker/JJR side/NN ] ''/'' of/IN [ the/DT free/JJ market/NN ] ./. 
$$
====================================== [ it/PP ] [ 's/VBZ clear/JJ mr./NP pierce/NP ] and/CC [ his/PP$ followers/NNS ] in/IN [ the/DT pro-sealed-records/JJ ] ,/, [ anti-choice/JJ ] ,/, [ adoption-business/NN triumvirate/NN ] are/VBP not/RB operating/VBG in/IN [ the/DT best/JJS interest_4/NN ] of/IN [ the/DT adoptee/NN ] ./. 
$$
====================================== [ netherlands-based/JJ hcs/NP ] has/VBZ [ interests_5/NNS ] in/IN [ software/NN ] and/CC [ hardware/NN development/NN ] ,/, [ automation/NN projects/NNS ] and/CC [ visual/JJ communications/NNS ] ./. 
$$
[ mexico/NP ] ,/, [ the/DT first/JJ nation/NN ] to/TO agree/VB to/TO [ a/DT package/NN ] under/IN [ the/DT strategy/NN ] ,/, recently/RB negotiated/VBD [ a/DT proposed/VBN bank/NN debt/NN agreement/NN ] [ that/WDT ] includes/VBZ [ options/NNS ] allowing/VBG for/IN [ a/DT 35/AB %/NN ] cut/NN in/IN [ either/DT its/PP$ principal/NN ] or/CC [ interest_6/NN payments/NNS ] ./. 
$$
[ it/PP ] [ has/VBZ n't/RB ] paid/VBD [ interest_6/NN ] on/IN [ its/PP$ medium-term/JJ ] and/CC [ long-term/JJ bank/NN debt/NN ] since/IN [ april/NP last/JJ year/NN ] and/CC is/VBZ now/RB more/JJR than/IN [ $/$ 4/AB billion/AB ] in/IN [ arrears/NNS ] ./. 
$$
[ hudson/NP general/NP ] said/VBD [ it/PP ] will/MD hold/VB [ discussions/NNS ] with/IN [ its/PP$ banks/NNS ] and/CC will/MD grant/VB [ the/DT banks/NNS ] ``/`` [ a/DT security/NN interest_5/NN ] in/IN [ all/DT its/PP$ assets/NNS ] to/TO [ the/DT extent/NN ] [ it/PP ] is/VBZ permitted/VBN to/TO do/VB so/RB ./. 
$$
and/CC [ our/PP$ children/NNS ] will/MD be/VB paying/VBG [ interest_6/NN ] on/IN [ the/DT excess/JJ debt/NN ] for/IN [ all/PDT that/DT time/NN ] ./. 
$$
for/IN [ example/NN ] ,/, [ one/PP ] might/MD consider/VB [ the/DT ] following/VBG [ possible/JJ revenue/NN sources/NNS ] ,/, with/IN [ their/PP$ annual/JJ yields/NNS ] as/IN estimated/VBN by/IN [ the/DT congressional/NP budget/NP office/NP ] :/: ====================================== --/: eliminate/VB [ deductibility/NN ] of/IN [ state/NN ] and/CC [ local/JJ taxes/NNS ] --/: [ $/$ 32.1/AB billion/AB ] ;/: ====================================== --/: [ tax/NN employer-paid/JJ heath/NN insurance/NN ] as/IN [ income/NN ] --/: [ $/$ 25.1/AB billion/AB ] ;/: ====================================== --/: raise/VB [ premiums/NNS ] to/TO cover/VB [ 50/AB %/NN ] of/IN [ the/DT cost/NN ] of/IN [ medicare/NP supplementary/NP medical/NP insurance/NP ] --/: [ $/$ 18.6/AB billion/AB ] ;/: ====================================== --/: limit/VB [ the/DT value/NN ] of/IN [ the/DT mortgage/NN interest_6/NN deduction/NN ] to/TO [ 15/AB %/NN ] of/IN [ the/DT *interest/NN ] ,/, [ the/DT amount/NN ] of/IN [ the/DT first-bracket/NN tax/NN rate/NN ] --/: [ $/$ 14.5/AB billion/AB ] ;/: ====================================== --/: increase/VB [ the/DT motor/NN fuel/NN tax/NN ] by/IN [ 12/AB cents/NNS ] [ a/DT gallon/NN ] --/: [ $/$ 11.7/AB billion/AB ] ;/: ====================================== --/: [ tax/VB 60/AB %/NN ] of/IN [ social/NP security/NP benefits/NNS ] as/IN [ income/NN ] --/: [ $/$ 11.3/AB billion/AB ] ;/: ====================================== --/: [ tax/VB 30/AB %/NN ] of/IN [ capital/NN gains/NNS ] from/IN [ home/NN sales/NNS ] --/: [ $/$ 7.5/AB billion/AB ] ;/: ====================================== --/: [ tax/VB capital/NN gains/NNS ] at/IN [ death/NN ] --/: [ $/$ 5.8/AB billion/AB ] ;/: ====================================== --/: raise/VB [ the/DT tax/NN ] on/IN [ distilled/JJ spirits/NNS ] by/IN [ 20/AB %/NN ] and/CC raise/VB [ beer/NN ] and/CC [ wine/NN tax/NN ] to/TO [ the/DT level/NN ] of/IN [ distilled/JJ spirits/NNS tax/NN ] --/: [ $/$ 4.4/AB billion/AB ] ;/: ====================================== --/: double/VB [ the/DT cigarette/NN tax/NN ] --/: [ $/$ 3/AB billion/AB ] ./. 
$$
====================================== among/IN [ significant/JJ events/NNS ] for/IN [ the/DT concern/NN ] in/IN [ the/DT first/JJ ] [ half/NN ] was/VBD [ american/NP telephone/NP ] &/CC [ telegraph/NP co./NP 's/POS agreement/NN ] to/TO take/VB [ an/DT 18.6/AB %/NN stake/NN ] in/IN [ cir/NP ] in/IN [ exchange/NN ] for/IN [ its/PP$ 22/AB %/NN ] holding/NN in/IN [ office/NN equipment/NN manufacturer/NN ing/NP c./NP olivetti/NP ] &/CC [ co./NP cir/NP ] raised/VBD [ its/PP$ interests_5/NNS ] in/IN [ olivetti/NP ] to/TO [ 41/AB %/NN ] as/IN [ a/DT result/NN ] of/IN [ the/DT agreement/NN ] ./. 
$$
[ the/DT group/NN ] also/RB had/VBD [ its/PP$ insurance/NN units/NNS ] suspended/VBN ,/, fueling/VBG [ speculation/NN ] that/IN [ it/PP ] planned/VBD to/TO ally/VB [ these/DT units/NNS ] with/IN [ a/DT big/JJ institution/NN ] or/CC [ group/NN ] of/IN [ institutions/NNS ] to/TO help/VB dissuade/VB [ recent/JJ unwelcome/JJ interest_1/NN ] in/IN [ its/PP$ stock/NN ] ./. 
$$
however/RB ,/, in/IN [ health-chem/NP 's/POS most/RBS recent/JJ securities/NPS ] and/CC [ exchange/NP commission/NP ] filing/NN ,/, [ it/PP ] indicated/VBD [ it/PP ] was/VBD having/VBG [ significant/JJ financial/JJ problems/NNS ] stemming/VBG in/IN [ part/NN ] from/IN [ planned/JJ capital/NN investments/NNS ] and/CC [ the/DT anticipated/JJ settlement/NN ] of/IN [ tax/NN ] and/CC [ interest_6/NN obligations/NNS ] resulting/VBG from/IN [ a/DT prior/JJ year/NN 's/POS tax/NN audit/NN ] stipulated/VBD [ agreement/NN ] ./. 
$$
====================================== in/IN [ addition/NN ] ,/, beginning/VBG [ this/DT year/NN ] ,/, [ the/DT company/NN ] has/VBZ deferred/VBN [ recognition/NN ] of/IN [ interest_6/NN income/NN ] earned/VBN on/IN [ funds/NNS ] deposited/VBN into/IN [ an/DT escrow/NN account/NN ] related/VBN to/TO [ a/DT settlement/NN agreement/NN ] with/IN [ a/DT former/JJ director/NN ] ./. 
$$
in/IN [ may/NP ] ,/, [ the/DT agency/NN ] ordered/VBD [ the/DT board/NP ] of/IN [ trade/NP ] to/TO return/VB [ the/DT fine/NN ] to/TO [ mr./NP malato/NP ] with/IN [ accrued/JJ interest_6/NN ] and/CC to/TO end/VB [ his/PP$ suspension/NN ] ./. 
$$
====================================== [ the/DT attorney/NN general/NN 's/POS office/NN ] filed/VBD [ suit/NN ] to/TO recover/VB [ the/DT money/NN ] for/IN [ consumers/NNS ] ,/, [ which/WDT ] with/IN [ interest_6/NN ] and/CC [ taxes/NNS ] totals/VBZ [ the/DT amount/NN ] of/IN [ the/DT settlement/NN ] ./. 
$$
====================================== [ us/PP ] [ west/NP ] said/VBD [ it/PP ] believed/VBD ``/`` [ our/PP$ position/NN ] was/VBD legally/RB justified/JJ ,/, ''/'' but/CC that/IN [ it/PP ] was/VBD in/IN [ the/DT ] ``/`` [ best/JJS interests_4/NNS ] of/IN [ our/PP$ shareowners/NNS ] ,/, [ our/PP$ customers/NNS ] and/CC [ our/PP$ company/NN ] ''/'' to/TO settle/VB [ the/DT dispute/NN ] because/IN ``/`` [ litigation/NN ] can/MD be/VB very/RB expensive/JJ ./. 
$$
[ dexter/NP ] reduced/VBD [ its/PP$ interest_5/NN ] in/IN [ grafil/NP ] in/IN [ 1987/AB ] to/TO [ 20/AB %/NN ] and/CC then/RB acquired/VBD [ resin/NN products/NNS ] and/CC [ technology/NN ] from/IN [ the/DT venture/NN ] ./. 
$$
====================================== [ there/EX ] must/MD be/VB [ a/DT reduction/NN ] of/IN [ government/NN regulation/NN ] of/IN [ the/DT economy/NN ] ,/, [ which/WDT today/NN ] controls/VBZ [ everything/NN ] from/IN [ the/DT size/NN ] of/IN [ a/DT doughnut/NN ] to/TO [ the/DT rate/NN ] of/IN [ interest_6/NN ] ./. 
$$
====================================== [ the/DT filing/NN ] said/VBD [ the/DT additional/JJ shares/NNS ] were/VBD bought/VBN to/TO increase/VB [ the/DT simmons/NP companies/NNS '/POS equity/NN interests_5/NNS ] in/IN [ calabasas/NP ] ,/, [ calif.-based/JJ lockheed/NP ] ./. 
$$
[ the/DT group/NN ] ,/, already/RB slumping/VBG ,/, is/VBZ in/IN for/IN ``/`` [ a/DT much/RB weaker/JJR ] ''/'' [ second/JJ ] [ half/NN ] because/IN [ high/JJ interest_6/NN rates/NNS ] will/MD further/RBR crimp/VB [ credit/NN purchases/NNS ] ,/, [ she/PP ] explains/VBZ ./. 
$$
====================================== in/IN [ an/DT *interest-rate/NN options/NNS contract/NN ] ,/, [ a/DT customer/NN ] typically/RB pays/VBZ [ a/DT bank/NN ] [ a/DT fee/NN ] for/IN [ custom-tailored/JJ protection/NN ] against/IN [ swings/NNS ] in/IN [ interest_6/NN rates/NNS ] above/IN or/CC below/IN [ certain/JJ levels/NNS ] for/IN [ a/DT specified/JJ period/NN ] ./. 
$$
====================================== [ a/DT major/JJ obstacle/NN ] to/TO [ doing/VBG business/NN ] ,/, [ soviet/JJ lawyers/NNS ] say/VBP ,/, is/VBZ that/IN [ many/JJ people/NNS ] in/IN [ the/DT soviet/NP union/NP ] proposing/VBG [ joint/JJ ventures/NNS ] have/VBP failed/VBN to/TO provide/VB [ enough/JJ information/NN ] to/TO interest_2/VB [ potential/JJ foreign/JJ investors/NNS ] ./. 
$$
[ this/DT lack/NN ] of/IN [ interest_1/NN ] is/VBZ only/RB [ the/DT latest/JJS bad/JJ news/NN ] for/IN [ the/DT arizona/NP utility/NN ] ,/, [ which/WDT ] has/VBZ slashed/VBN [ its/PP$ common-stock/NN dividend/NN ] ,/, warned/VBN of/IN [ prospective/JJ losses/NNS ] and/CC seen/VBN [ its/PP$ chairman/NN ] depart/VB under/IN [ cloudy/JJ circumstances/NNS ] [ that/WDT ] included/VBD [ the/DT sale/NN ] of/IN much/JJ of/IN [ his/PP$ stock/NN ] ./. 
$$
====================================== [ mr./NP nobrega/NP ] pledged/VBD [ government/NN efforts/NNS ] to/TO restrain/VB [ inflation/NN ] with/IN [ such/JJ steps/NNS ] as/IN holding/VBG down/RP [ increases/NNS ] for/IN [ steel/NN prices/NNS ] and/CC [ utility/NN rates/NNS ] ,/, and/CC maintaining/VBG [ high/JJ real/JJ ] ,/, or/CC [ inflation-adjusted/JJ ] ,/, [ interest_6/NN rates/NNS ] ./. 
$$
====================================== anticipating/VBG [ higher/JJR inflation/NN ] [ this/DT month/NN ] ,/, [ brasilia/NP last/JJ week/NN ] raised/VBD [ the/DT overnight/JJ interest_6/NN rate/NN ] on/IN [ government/NN bonds/NNS ] to/TO [ the/DT equivalent/NN ] of/IN [ a/DT record/NN 9,530/AB %/NN ] [ a/DT year/NN ] ./. 
$$
====================================== [ preussag/NP ] ,/, [ which/WDT ] has/VBZ [ widespread/JJ metals/NNS ] trading/NN ,/, [ energy/NN ] and/CC [ engineering/NN interests_5/NNS ] ,/, said/VBD [ the/DT takeover/NN ] would/MD create/VB [ a/DT metals/NNS ] and/CC [ engineering/NN conglomerate/NN ] with/IN [ 70,000/AB employees/NNS ] world-wide/RB ./. 
$$
in/IN [ fact/NN ] ,/, [ the/DT indirect/JJ impact/NN ] of/IN [ the/DT debt/NN accord/NN ] on/IN [ the/DT expectations/NNS ] as/IN [ risks/NNS ] and/CC [ uncertainties/NNS ] declined/VBD has/VBZ allowed/VBN [ domestic/JJ interest_6/NN rates/NNS ] to/TO fall/VB sharply/RB ,/, thus/RB providing/VBG [ much/RB needed/JJ relief/NN ] to/TO [ domestic/JJ debt/NN service/NN ] and/CC improving/VBG [ the/DT climate/NN ] for/IN [ investment/NN ] ./. 
$$
after/IN pushing/VBG up/RP [ interest_6/NN rates/NNS ] from/IN [ march/NP 1988/AB ] to/TO [ march/NP 1989/AB ] to/TO head/VB off/RP [ inflation/NN ] ,/, [ the/DT fed/NP ] let/VB [ rates/NNS ] slip/VB [ a/DT few/JJ times/NNS ] [ this/DT summer/NN ] ./. 
$$
``/`` when/WRB [ the/DT rating/NN ] is/VBZ in/IN [ the/DT double-b/JJ category/NN ] ,/, [ the/DT ] (/( [ interest_6/NN ] )/) [ coverage/NN ] is/VBZ very/RB thin/JJ ./. 
$$
====================================== [ the/DT september/NP economic/JJ statistics/NNS ] are/VBP expected/VBN to/TO present/VB [ a/DT familiar/JJ result/NN ] :/: [ a/DT mixed/VBN signal/NN ] that/IN [ economists/NNS ] say/VBP is/VBZ unlikely/JJ to/TO cause/VB [ a/DT change/NN ] in/IN [ interest_6/NN rate/NN policy/NN ] ./. 
$$
====================================== [ many/JJ economists/NNS ] expect/VBP [ the/DT fed/NP 's/POS policy-making/JJ arm/NN ] to/TO maintain/VB [ a/DT holding/VBG pattern/NN ] on/IN [ interest_6/NN rates/NNS ] at/IN [ its/PP$ meeting/NN ] [ that/WDT ] begins/VBZ [ tomorrow/NN ] ,/, partly/RB because/IN of/IN [ the/DT expected/VBN jobs/NNS data/NNS ] and/CC partly/RB because/IN [ it/PP ] may/MD have/VB to/TO ``/`` turn/VB [ its/PP$ attention/NN ] to/TO batting/VBG down/IN [ the/DT dollar/NN ] ,/, ''/'' [ mr./NP ciminero/NP ] said/VBD ./. 
$$
but/CC [ the/DT company/NN ] still/RB owes/VBZ about/IN [ $/$ 1.6/AB billion/AB ] of/IN [ junk-bond/NN debt/NN ] ,/, [ which/WDT ] carries/VBZ [ an/DT interest_6/NN rate/NN ] of/IN about/IN [ 14/AB %/NN ] ./. 
$$
[ anheuser-busch/NP 's/POS purchase/NN ] of/IN [ the/DT six/AB parks/NNS ] would/MD increase/VB [ its/PP$ debt/NN ] and/CC [ interest_6/NN expense/NN ] ,/, [ the/DT rating/NN agency/NN ] said/VBD ./. 
$$
====================================== despite/IN [ a/DT big/JJ drop/NN ] in/IN [ interest_6/NN rates/NNS ] and/CC [ the/DT dow/NP jones/NP industrial/NP average/NP 's/POS rise/NN ] to/TO record/NN [ levels/NNS ] during/IN [ the/DT quarter/NN ] ,/, [ wall/NP street/NP still/JJ has/VBZ n't/RB ] recovered/VBN from/IN [ the/DT shakeout/NN ] sparked/VBN by/IN [ the/DT october/NP 1987/AB stock/NN market/NN crash/NN ] ./. 
$$
as/IN [ interest_6/NN rates/NNS ] declined/VBD ,/, [ merrill/NP ] raised/VBD [ its/PP$ market/NN ] share/NN more/JJR than/IN [ four/AB percentage/NN ] points/NNS to/TO [ 21.5/AB %/NN ] ./. 
$$
[ a/DT one/AB percentage-point/JJ drop/NN ] in/IN [ interest_6/NN rates/NNS ] [ this/DT year/NN ] helped/VBD raise/VB [ the/DT volume/NN ] of/IN [ new/JJ debt/NN securities/NNS ] to/TO [ a/DT record/NN $/$ 193.9/AB billion/AB ] from/IN [ $/$ 181.4/AB billion/AB ] [ a/DT year/NN ] earlier/RBR ./. 
$$
and/CC [ analysts/NNS ] say/VBP that/IN [ foreign/JJ investors/NNS ] ,/, [ who/WP ] have/VBP shown/VBN [ more/JJR interest_1/NN ] in/IN [ u.s./NP stocks/NNS ] lately/RB ,/, still/RB wo/MD n't/RB go/VB near/IN [ smaller/JJR issues/NNS ] because/IN [ the/DT stocks/NNS ] are/VBP harder/JJR to/TO buy/VB and/CC sell/VB quickly/RB ./. 
$$
====================================== [ cooper/NP development/NP ] lost/VBD [ 5/AB ] to/TO [ 5/AB ] after/IN [ it/PP ] reaffirmed/VBD [ its/PP$ interest_1/NN ] in/IN acquiring/VBG [ cooper/NP life/NP ] in/IN [ a/DT stock-swap/JJ transaction/NN ] ./. 
$$
''/'' ====================================== [ dr./NP hammer/NP 's/POS british/NP lawyer/NN ] ,/, in/IN [ a/DT letter/NN ] to/TO [ ebury/NP press/NP ] ,/, goes/VBZ further/RB ,/, charging/VBG that/IN ``/`` [ it/PP ] is/VBZ difficult/JJ to/TO envisage/VB [ a/DT more/RBR despicable/JJ attack/NN ] upon/IN [ a/DT gentleman/NN ] [ who/WP ] ,/, throughout/IN [ his/PP$ long/JJ life/NN ] ,/, has/VBZ done/VBN so/RB much/RB for/IN [ his/PP$ country/NN ] and/CC so/RB much/RB in/IN [ the/DT interests_4/NNS ] of/IN [ health/NN care/NN ] and/CC [ world/NN peace/NN ] ./. 
$$
)/) for/IN [ stronger/JJR language/NN ] ,/, and/CC [ many/JJ conservative/JJ western/JJ senators/NNS ] will/MD be/VB anxious/JJ to/TO end/VB [ the/DT fight/NN ] because/IN of/IN [ their/PP$ interest_1/NN ] in/IN [ funds/NNS ] attached/VBN to/TO [ the/DT underlying/VBG natural/JJ resources/NNS bill/NN ] ./. 
$$
``/`` [ b.a.t/NP ] will/MD still/RB be/VB [ a/DT conglomerate/NN ] with/IN [ a/DT curious/JJ melange/NN ] of/IN [ tobacco/NN ] and/CC [ insurance/NN interests_5/NNS ] ./. 
$$
====================================== as/IN [ interest_6/NN rates/NNS ] fell/VBD about/IN [ a/DT percentage/NN point/NN ] during/IN [ the/DT first/JJ nine/AB months/NNS ] of/IN [ this/DT year/NN ] ,/, [ issuers/NNS ] took/VBD [ advantage/NN ] of/IN [ lower/JJR financing/NN costs/NNS ] and/CC sold/VBD [ a/DT record/NN $/$ 193.9/AB billion/AB ] of/IN [ debt/NN securities/NNS ] to/TO [ the/DT public/NN ] ,/, up/IN from/IN [ $/$ 181.4/AB billion/AB ] in/IN [ the/DT same/JJ period/NN last/JJ year/NN ] ./. 
$$
[ its/PP$ net/JJ interest_6/NN margin/NN ] --/: [ the/DT difference/NN ] between/IN [ its/PP$ cost/NN ] of/IN [ funds/NNS ] and/CC [ what/WP ] [ it/PP ] receives/VBZ on/IN [ loans/NNS ] --/: has/VBZ risen/VBN to/TO [ 4.74/AB %/NN ] from/IN [ 3.79/AB %/NN ] [ a/DT year/NN ] ago/IN ,/, largely/RB because/IN of/IN [ the/DT high-yielding/JJ consumer/NN loans/NNS ] ./. 
$$
[ flow/NP ] ,/, based/VBN in/IN [ mclean/NP ] ,/, [ va./NP ] ,/, has/VBZ [ interests_5/NNS ] in/IN [ defense/NN work/NN ] ,/, [ electronics/NNS ] ,/, and/CC [ software/NN ] ./. 
$$
====================================== [ friday/NP ] ,/, [ september/NP 29/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ addwest/NP gold/NP ] holds/VBZ [ a/DT 60/AB %/NN interest_5/NN ] in/IN [ the/DT kendall/NP gold/NN mine/NN ] in/IN [ montana/NP ] as/RB well/RB as/IN [ various/JJ properties/NNS ] in/IN [ that/DT state/NN ] and/CC in/IN [ california/NP ] ./. 
$$
[ the/DT other/JJ ] would/MD add/VB [ the/DT treasury/NP secretary/NN ] to/TO [ the/DT autonomous/JJ 12-member/JJ fed/NP committee/NN ] [ that/WDT ] manipulates/VBZ [ short-term/JJ interest_6/NN rates/NNS ] ./. 
$$
but/CC [ he/PP ] traces/VBZ [ his/PP$ interest_1/NN ] in/IN reforming/VBG [ the/DT fed/NP ] to/TO [ complaints/NNS ] from/IN [ constituents/NNS ] during/IN [ the/DT deep/JJ recession/NN ] of/IN [ the/DT early/JJ 1980s/AB ] ./. 
$$
====================================== [ current/JJ law/NN ] instructs/VBZ [ the/DT fed/NP ] ``/`` to/TO promote/VB effectively/RB [ the/DT goals/NNS ] of/IN [ maximum/JJ employment/NN ] ,/, [ stable/JJ prices/NNS ] and/CC [ moderate/JJ long-term/JJ interest_6/NN rates/NNS ] ./. 
$$
[ the/DT fed/NP ] might/MD have/VB to/TO raise/VB [ short-term/JJ interest_6/NN rates/NNS ] for/IN [ a/DT while/NN ] to/TO yank/VB down/IN [ the/DT inflation/NN rate/NN ] ,/, [ he/PP ] concedes/VBZ ./. 
$$
but/CC [ he/PP ] claims/VBZ that/IN [ that/DT ] would/MD be/VB offset/VBN by/IN [ an/DT almost/RB immediate/JJ drop/NN ] in/IN [ interest_6/NN rates/NNS ] once/IN [ financial/JJ markets/NNS ] understood/VBD that/IN [ congress/NP ] and/CC [ the/DT fed/NP ] were/VBD serious/JJ about/IN [ eradicating/VBG inflation/NN ] ./. 
$$
''/'' by/IN [ raising/VBG interest_6/NN rates/NNS ] high/JJ enough/RB ,/, [ he/PP ] suggests/VBZ ,/, [ the/DT fed/NP ] could/MD cause/VB [ a/DT recession/NN ] and/CC bring/VB down/IN [ inflation/NN ] as/IN [ it/PP ] did/VBD in/IN [ the/DT early/JJ 1980s/AB ] ./. 
$$
''/'' [ politicians/NNS ] always/RB favor/VBP [ easy/JJ money/NN ] and/CC [ low/JJ interest_6/NN rates/NNS ] ,/, and/CC [ that/DT ] means/VBZ [ more/JJR inflation/NN ] ,/, [ he/PP ] reasons/VBZ ./. 
$$
====================================== [ a/DT major/JJ depressant/NN ] ,/, according/VBG to/TO [ william/NP o'neill/NP ] ,/, [ vice/NN president/NN ] of/IN [ research/NN ] for/IN [ elders/NP futures/NP inc./NP ] ,/, [ new/NP york/NP ] ,/, could/MD have/VB been/VBN [ a/DT decline/NN ] in/IN [ prices/NNS ] of/IN [ short-term/JJ interest_6/NN rate/NN futures/NNS ] ./. 
$$
``/`` [ that/DT ] could/MD portend/VB [ a/DT rise/NN ] in/IN [ interest_6/NN rates/NNS ] ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
====================================== [ higher/JJR interest_6/NN rates/NNS ] hurt/VBP [ precious/JJ metals/NNS ] because/IN [ the/DT metals/NNS ] are/VBP n't/RB [ *interest-bearing/JJ investments/NNS ] and/CC must/MD generate/VB [ price/NN gains/NNS ] to/TO match/VB [ increases/NNS ] in/IN [ *interest/NN rates/NNS ] ,/, [ he/PP ] said/VBD ./. 
$$
[ municipal/JJ bonds/NNS ] did/VBD even/RB [ worse/JJR ] ,/, with/IN [ 20-year/JJ general/JJ obligation/NN bonds/NNS ] posting/VBG [ a/DT 2.5/AB %/NN negative/JJ total/NN return/NN ] (/( [ price/NN changes/NNS ] plus/CC [ interest_6/NN payments/NNS ] ./. 
$$
by/IN [ lowering/VBG interest_6/NN rates/NNS ] just/RB enough/RB to/TO keep/VB [ the/DT economy/NN ] growing/VBG at/IN [ a/DT moderate/JJ pace/NN ] without/IN [ accelerating/VBG inflation/NN ] ,/, [ the/DT fed/NP ] was/VBD attempting/VBG to/TO steer/VB [ the/DT economy/NN ] toward/IN [ its/PP$ eighth/JJ year/NN ] of/IN [ economic/JJ expansion/NN ] ./. 
$$
[ the/DT market/NN ] soared/VBD on/IN [ speculation/NN ] that/IN [ interest_6/NN rates/NNS ] would/MD continue/VB to/TO fall/VB ./. 
$$
====================================== [ such/JJ strong/JJ gains/NNS ] ,/, of/IN [ course/NN ] ,/, may/MD not/RB happen/VB if/IN [ the/DT economy/NN ] suddenly/RB picks/VBZ up/IN [ strength/NN ] or/CC if/IN [ interest_6/NN rates/NNS ] rise/VBP ./. 
$$
====================================== [ donald/NP fine/NP ] ,/, [ chief/NN market/NN analyst/NN ] at/IN [ chase/NP manhattan/NP bank/NP ] ,/, expects/VBZ [ the/DT interest_6/NN rate/NN ] on/IN [ federal/JJ funds/NNS ] to/TO fall/VB to/TO about/IN [ 8.5/AB %/NN ] by/IN [ year-end/NN ] from/IN [ its/PP$ current/JJ target/NN level/NN ] of/IN about/IN [ 9/AB %/NN ] ./. 
$$
and/CC when/WRB [ that/DT ] happens/VBZ ,/, [ real/JJ interest_6/NN rates/NNS ] (/( [ rates/NNS ] adjusted/VBN for/IN [ inflation/NN ] )/) will/MD appear/VB [ higher/JJR ] ./. 
$$
====================================== [ the/DT launch/NN ] of/IN [ the/DT holding/VBG company/NN ] by/IN [ one/AB ] of/IN [ europe/NP 's/POS most/JJS flamboyant/JJ capitalists/NNS ] would/MD be/VB [ the/DT most/RBS spectacular/JJ sign/NN ] yet/RB of/IN [ a/DT growing/VBG interest_1/NN ] by/IN [ western/JJ businesses/NNS ] in/IN [ hungary/NP ] ,/, [ the/DT eastern/NP european/NP country/NN ] [ that/WDT ] is/VBZ regarded/VBN as/IN having/VBG moved/VBN [ the/DT furthest/RBS ] toward/IN [ a/DT market/NN economy/NN ] ./. 
$$
''/'' [ warner/NP advisers/NNS friday/NP ] said/VBD [ the/DT company/NN ] is/VBZ prepared/VBN to/TO take/VB [ legal/JJ action/NN ] to/TO protect/VB [ its/PP$ interests_4/NNS ] and/CC has/VBZ already/RB notified/VBN [ sony/NP ] that/IN [ it/PP ] may/MD consider/VB [ a/DT suit/NN ] against/IN [ the/DT japanese/JJ electronics/NNS ] giant/NN for/IN inducing/VBG [ a/DT breach/NN ] of/IN [ contract/NN ] between/IN [ mr./NP guber/NP ] and/CC [ warner/NP ] ./. 
$$
====================================== [ commodity/NP futures/NP trading/NP commission/NP member/NN fowler/NP west/NP ] declined/VBD to/TO comment/VB on/IN [ mr./NP sandner/NP ] but/CC said/VBD :/: ``/`` [ it/PP ] 's/VBZ in/IN [ the/DT interest_4/NN ] of/IN [ the/DT self-regulator/NN ] to/TO avoid/VB even/RB [ the/DT appearance/NN ] of/IN [ impropriety/NN ] ./. 
$$
====================================== [ mr./NP beyer/NP ] said/VBD [ he/PP ] became/VBD [ aware/JJ ] of/IN [ mr./NP sandner/NP 's/POS interest_5/NN ] in/IN [ abs/NP ] shortly/RB after/IN [ it/PP ] was/VBD included/VBN in/IN [ merc/NP regulatory/JJ filings/NNS march/NP 13/AB ] ./. 
$$
====================================== [ his/PP$ 1988/AB indirect/JJ interest_5/NN ] in/IN [ abs/NP was/VBD n't/RB ] disclosed/VBN in/IN [ merc/NP regulatory/JJ filings/NNS ] ./. 
$$
====================================== ``/`` [ i/PP ] would/MD never/RB allow/VB [ any/DT interest_4/NN ] [ i/PP ] have/VBP to/TO influence/VB [ my/PP$ thinking/NN ] on/IN [ an/DT issue/NN ] ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
====================================== [ westinghouse/NP ] said/VBD [ it/PP ] will/MD receive/VB about/IN [ $/$ 370/AB million/AB ] from/IN [ the/DT zurich/NP ] ,/, [ switzerland-based/JJ electrical-engineering/JJ giant/NN ] for/IN [ its/PP$ 55/AB %/NN interest_5/NN ] in/IN [ the/DT business/NN ] ./. 
$$
''/'' [ producer/NN ] and/CC [ founder/NN aaron/NP spelling/NP ] ,/, in/IN [ a/DT release/NN ] ,/, spoke/VBD of/IN ``/`` [ recent/JJ expressions/NNS ] of/IN [ interest_1/NN ] in/IN [ the/DT company/NN ] ,/, ''/'' and/CC [ ronald/NP lightstone/NP ] ,/, [ executive/JJ vice/NN president/NN ] ,/, said/VBD [ several/JJ companies/NNS ] had/VBD inquired/VBN about/IN [ a/DT possible/JJ bid/NN ] but/CC would/MD n't/RB specify/VB if/IN [ an/DT offer/NN ] is/VBZ actually/RB on/IN [ the/DT table/NN ] ./. 
$$
[ c./NP itoh/NP ] was/VBD [ one/AB ] of/IN [ many/JJ companies/NNS ] [ that/WDT ] talked/VBD about/IN buying/VBG at/IN [ least/JJS an/DT equity/NN interest_5/NN ] in/IN [ MGMNP ] ;/: [ jvcvictor/NP co./NP ] of/IN [ japan/NP ] ,/, [ which/WDT ] is/VBZ [ 50/AB %/NN ] owned/VBN by/IN [ matsushita/NP ] ,/, recently/RB agreed/VBD to/TO invest/VB more/JJR than/IN [ $/$ 100/AB million/AB ] in/IN [ a/DT joint/JJ venture/NN ] with/IN [ independent/JJ hollywood/NP producer/NN larry/NP gordon/NP ] to/TO produce/VB and/CC finance/VB [ motion/NN pictures/NNS ] ./. 
$$
====================================== [ john/NP m./NP russell/NP ] ,/, [ senior/JJ vice/NN president/NN ] and/CC [ chief/NN financial/JJ officer/NN ] ,/, resigned/VBD to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
[ he/PP ] succeeds/VBZ [ george/NP p./NP newman/NP ] ,/, [ who/WP ] is/VBZ leaving/VBG [ virginia/NP trading/NP ] to/TO ``/`` pursue/VB [ personal/JJ ] and/CC [ community/NN interests_3/NNS ] ,/, including/VBG [ ballet/NP chicago/NP ] of/IN [ which/WDT ] [ he/PP ] is/VBZ [ founder/NN ] and/CC [ president/NN ] ,/, ''/'' [ the/DT company/NN ] said/VBD ./. 
$$
====================================== [ the/DT others/NNS ] ,/, however/RB ,/, said/VBD [ the/DT central/JJ banks/NNS ] have/VBP successfully/RB cast/VBN [ a/DT bearish/JJ tone/NN ] to/TO [ the/DT market/NN ] and/CC added/VBN that/IN [ the/DT continued/VBN threat/NN ] of/IN [ an/DT official/JJ rise/NN ] in/IN [ west/JJ german/JJ ] and/CC [ japanese/JJ interest_6/NN rates/NNS ] will/MD further/RB damp/VB [ enthusiasm/NN ] for/IN [ the/DT u.s./NP currency/NN ] in/IN [ the/DT near/JJ term/NN ] ./. 
$$
[ the/DT u.s./NP federal/NP reserve/NP ] will/MD find/VB [ it/PP ] necessary/JJ ,/, [ he/PP ] says/VBZ ,/, to/TO [ lower/VB interest_6/NN rates/NNS ] to/TO relieve/VB [ pressure/NN ] on/IN [ the/DT junk-bond/JJ market/NN ] and/CC to/TO prevent/VB [ the/DT u.s./NP economy/NN ] from/IN stalling/VBG ./. 
$$
====================================== [ nick/NP murphy/NP ] ,/, [ an/DT analyst/NN ] at/IN [ barclays/NP ] de/IN [ zoete/NP wedd/NP ] in/IN [ london/NP ] ,/, forecasts/VBZ that/IN [ the/DT dollar/NN ] will/MD firm/VB slightly/RB during/IN [ the/DT next/JJ few/JJ weeks/NNS ] ,/, but/CC adds/VBZ [ its/PP$ performance/NN ] will/MD be/VB nervous/JJ in/IN [ the/DT face/NN ] of/IN [ further/JJ central-bank/JJ intervention/NN ] and/CC [ concern/NN ] about/IN [ a/DT rise/NN ] in/IN [ west/JJ german/JJ interest_6/NN rates/NNS ] ./. 
$$
[ mr./NP murphy/NP ] reckons/VBZ that/IN [ u.s./NP interest_6/NN rates/NNS ] are/VBP set/VBN to/TO remain/VB where/WRB [ they/PP ] are/VBP for/IN [ some/DT time/NN ] ./. 
$$
====================================== [ mr./NP goloven/NP ] is/VBZ skeptical/JJ [ the/DT west/NP germans/NPS ] will/MD increase/VB [ interest_6/NN rates/NNS ] significantly/RB ,/, but/CC added/VBD that/IN [ the/DT mark/NN ] remains/VBZ [ weak/JJ ] within/IN [ the/DT european/NP monetary/NP system/NP ] ,/, [ which/WDT ] could/MD provide/VB [ impetus/NN ] for/IN [ the/DT west/NP germans/NPS ] to/TO boost/VB [ rates/NNS ] ./. 
$$
====================================== [ resorts/NPS ] has/VBZ suspended/VBN [ interest_6/NN payments/NNS ] on/IN [ its/PP$ bonds/NNS ] ,/, pending/VBG [ a/DT debt/NN ] restructuring/NN ./. 
$$
[ the/DT reports/NNS ] also/RB cited/VBD [ rumors/NNS ] of/IN [ possible/JJ interest_1/NN ] by/IN [ the/DT bass/NP family/NN ] of/IN [ texas/NP ] ./. 
$$
====================================== [ mr./NP trump/NP ] has/VBZ often/RB bought/VBN [ stock/NN ] in/IN [ companies/NNS ] and/CC then/RB sold/VBN after/IN [ his/PP$ buying/NN ] was/VBD disclosed/VBN and/CC [ the/DT stocks/NNS ] rose/VBD in/IN [ price/NN ] on/IN [ takeover/NN speculation/NN ] ,/, [ so/RB his/PP$ interest_1/NN ] would/MD n't/RB necessarily/RB presage/VB [ a/DT bid/NN ] by/IN [ him/PP ] ./. 
$$
====================================== [ interest_6/NN rates/NNS ] climbed/VBD further/RB ./. 
$$
[ the/DT base/NN rate/NN ] no/RB longer/RB steers/VBZ [ market/NN interest_6/NN rates/NNS ] ,/, but/CC [ it/PP ] still/RB governs/VBZ [ mortgage/NN loans/NNS ] and/CC [ other/JJ types/NNS ] of/IN [ consumer/NN credit/NN ] ./. 
$$
====================================== [ london/NP share/NN prices/NNS ] closed/VBD modestly/RB [ higher/JJR friday/NP ] on/IN [ a/DT flurry/NN ] of/IN [ new/JJ trading-account/JJ buying/NN ] and/CC [ the/DT retreat/NN ] of/IN [ worries/NNS ] over/IN [ an/DT imminent/JJ boost/NN ] in/IN [ u.k./NP interest_6/NN rates/NNS ] ./. 
$$
[ florida/NP ] failed/VBD to/TO show/VB that/IN [ the/DT government/NN 's/POS interest_4/NN ] was/VBD served/VBN by/IN prohibiting/VBG [ the/DT accountants/NNS '/POS ] from/IN soliciting/VBG and/CC bidding/VBG for/IN [ business/NN ] ,/, [ the/DT judge/NN ] ruled/VBD ./. 
$$
====================================== as/IN [ the/DT house/NP ] debated/VBD [ its/PP$ capital/NN gains/NNS provision/NN ] ,/, [ several/JJ democratic/JJ senators/NNS ] met/VBD in/IN [ the/DT office/NN ] of/IN [ florida/NP sen./NP bob/NP graham/NP ] to/TO discuss/VB [ their/PP$ common/JJ interest_4/NN ] in/IN cutting/VBG [ the/DT capital/NN ] gains/NNS [ tax/NN rate/NN ] ./. 
$$
[ freshmen/NNS senators/NNS ] such/JJ as/IN [ charles/NP robb/NP ] of/IN [ virginia/NP ] and/CC [ joseph/NP lieberman/NP ] of/IN [ connecticut/NP ] also/RB have/VBP expressed/VBN [ interest_1/NN ] ./. 
$$
in/IN [ particular/JJ ] ,/, [ the/DT economic/JJ discussions/NNS ] will/MD be/VB shaped/VBN by/IN [ the/DT fact/NN ] that/IN [ banks/NNS ] seem/VBP inclined/VBN to/TO select/VB [ the/DT principal/NN ] and/CC [ interest_6/NN reduction/NN options/NNS ] of/IN [ the/DT brady/NP plan/NP ] ,/, reducing/VBG [ the/DT likelihood/NN ] of/IN [ large/JJ sums/NNS ] of/IN [ fresh/JJ money/NN ] flowing/VBG to/TO [ mexico/NP ] ./. 
$$
====================================== [ equitable/NP ] said/VBD [ it/PP ] expects/VBZ to/TO reach/VB [ an/DT agreement/NN ] in/IN [ principle/NN ] shortly/RB with/IN [ creditors/NNS ] [ that/WDT ] would/MD permit/VB [ it/PP ] to/TO forgo/VB [ payments/NNS ] of/IN [ principal/NN ] ,/, but/CC not/RB of/IN [ interest_6/NN ] ,/, on/IN [ the/DT $/$ 633.9/AB million/AB ] in/IN [ debt/NN ] through/IN [ nov./NP 30/AB ] while/IN [ it/PP ] negotiates/VBZ [ a/DT longer-term/JJR ] restructuring/NN ./. 
$$
[ it/PP ] added/VBD that/IN [ it/PP ] is/VBZ currently/RB paying/VBG [ interest_6/NN ] on/IN [ all/DT its/PP$ debt/NN ] and/CC [ principal/JJ payments/NNS ] on/IN [ its/PP$ ] publicly/RB held/JJ [ medium-term/JJ notes/NNS ] as/IN [ they/PP ] fall/VBP due/JJ ./. 
$$
====================================== [ profit/NN ] after/IN [ tax/NN ] and/CC [ minority/NN interests_5/NNS ] ,/, or/CC [ profit/NN ] attributable/JJ to/TO [ shareholders/NNS ] ,/, rose/VBD [ 25/AB %/NN ] to/TO #/# [ 70.5/AB million/AB ] from/IN [ #/# 56.6/AB million/AB ] ./. 
$$
[ charges/NNS ] for/IN [ minority/NN interests_5/NNS ] totaled/VBD [ #/# 6.5/AB million/AB ] ,/, down/RB [ 13/AB %/NN ] from/IN [ #/# 7.5/AB million/AB ] in/IN [ the/DT year-earlier/JJ period/NN ] ./. 
$$
[ brick/NN sales/NNS ] ,/, however/RB ,/, have/VBP been/VBN [ pressured/JJ ] by/IN [ high/JJ interest_6/NN rates/NNS ] and/CC [ the/DT related/JJ downturn/NN ] in/IN [ housing/NN construction/NN ] and/CC [ repair/NN activity/NN ] ./. 
$$
====================================== [ conagra/NP ] said/VBD [ it/PP ] is/VBZ n't/RB aware/JJ of/IN [ any/DT takeover/NN interest_1/NN ] in/IN [ the/DT company/NN ] ./. 
$$
''/'' [ boatmen/NPS 's/POS ] ,/, [ he/PP ] said/VBD ,/, ``/`` along/IN with/IN banking/NN [ institutions/NNS ] in/IN [ general/JJ ] ,/, ''/'' [ will/MD ] in/IN [ the/DT future/NN ] feel/VB [ a/DT longterm/JJ squeeze/NN ] on/IN [ net/JJ interest_6/NN margins/NNS ] --/: [ the/DT so-called/JJ ] ``/`` [ spread/NN ] ''/'' between/IN [ what/WP ] [ a/DT bank/NN ] pays/VBZ for/IN [ funds/NNS ] and/CC [ what/WDT *interest/NN ] [ it/PP ] can/MD charge/VB for/IN [ loans/NNS ] ./. 
$$
although/IN [ final/JJ figures/NNS ] are/VBP n't/RB yet/RB [ available/JJ ] ,/, [ the/DT third/JJ period/NN 's/POS net/JJ interest_6/NN margin/NN ] narrowed/VBD somewhat/RB from/IN [ 4.11/AB %/NN ] in/IN [ the/DT second/JJ quarter/NN ] ./. 
$$
but/CC in/IN [ the/DT u.s./NP ] ,/, [ any/DT possible/JJ interest_1/NN ] in/IN marketing/VBG [ the/DT drug/NN ] has/VBZ been/VBN dashed/VBN by/IN [ right-to-life/JJ groups/NNS ] [ that/WDT ] have/VBP made/VBN [ it/PP ] clear/JJ [ they/PP ] would/MD lead/VB [ a/DT boycott/NN ] of/IN [ any/DT company/NN ] [ that/WDT ] tried/VBD to/TO market/VB [ the/DT drug/NN ] ./. 
$$
[ he/PP ] said/VBD [ american/NP 's/POS interest_1/NN ] in/IN [ such/JJ a/DT deal/NN ] is/VBZ motivated/VBN more/RBR by/IN seeking/VBG to/TO position/VB [ sabre/NP world-wide/RB ] than/IN in/IN boosting/VBG [ american/NP 's/POS stock/NN price/NN ] to/TO discourage/VB [ u.s./NP takeover/NN artists/NNS ] from/IN making/VBG [ a/DT play/NN ] for/IN [ the/DT airline/NN ] ./. 
$$
====================================== ``/`` [ we/PP ] have/VBP to/TO be/VB aware/JJ of/IN [ the/DT interest_1/NN ] of/IN [ financial/JJ buyers/NNS ] in/IN [ the/DT u.s./NP ] ,/, ''/'' [ mr./NP crandall/NP ] said/VBD ./. 
$$
====================================== [ the/DT warrant/NN ] offering/NN in/IN [ london/NP ] by/IN [ salomon/NP brothers/NPS international/NP ltd./NP ] is/VBZ [ an/DT attempt/NN ] by/IN [ the/DT investment/NN house/NN ] to/TO capitalize/VB on/IN [ interest_1/NN ] in/IN [ the/DT hong/NP kong/NP stock/NN market/NN ] ./. 
$$
====================================== ``/`` [ we/PP ] believe/VBP [ there/EX ] 's/VBZ [ a/DT lot/NN ] of/IN [ interest_1/NN ] in/IN [ the/DT hong/NP kong/NP market/NN ] ./. 
$$
====================================== [ mr./NP lim/NP ] says/VBZ [ uic/NP ] has/VBZ been/VBN attracting/VBG [ interest_1/NN ] from/IN [ overseas/JJ investors/NNS ] ./. 
$$
[ sas/NP ] owns/VBZ [ 23/AB hotels/NNS ] directly/RB and/CC holds/VBZ [ interests_5/NNS ] in/IN [ 105/AB ] more/JJR through/IN [ its/PP$ 40/AB %/NN stake/NN ] in/IN [ intercontinental/NP hotel/NP corp./NP ] acquired/VBN earlier/RB [ this/DT year/NN ] ./. 
$$
[ they/PP ] think/VBP [ it/PP ] is/VBZ [ more/RBR likely/JJ harlin/NP ] will/MD offer/VB [ investors/NNS more/JJR equity/NN ] in/IN [ itself/PP ] ,/, or/CC perhaps/RB persuade/VB [ elders/NP ] ,/, [ one/AB ] of/IN [ australia/NP 's/POS biggest/JJS companies/NNS ] with/IN [ interests_5/NNS ] in/IN [ brewing/NN ] ,/, [ financial/JJ services/NNS ] ,/, [ natural/JJ resources/NNS ] and/CC [ agribusiness/NN ] ,/, to/TO sell/VB [ assets/NNS ] and/CC return/VB [ the/DT cash/NN ] to/TO [ elders/NP shareholders/NNS ] ./. 
$$
====================================== in/IN [ a/DT sept./NP 25/AB letter/NN ] to/TO [ dunkin/NP ] '/'' [ donuts/NP franchise/NN owners/NNS ] ,/, [ the/DT company/NN 's/POS chairman/NN ] ,/, [ robert/NP m./NP rosenberg/NP ] ,/, said/VBD [ certain/JJ franchise/NN owners/NNS ] have/VBP expressed/VBN [ concerns/NNS ] that/IN [ a/DT takeover/NN ] might/MD jeopardize/VB [ the/DT dunkin/NP ] '/'' [ donuts/NP system/NN ] and/CC have/VBP offered/VBN to/TO help/VB finance/VB [ a/DT leveraged/JJ ] buy-out/NN of/IN [ the/DT company/NN ] as/IN [ a/DT means/NN ] of/IN protecting/VBG [ their/PP$ interests_4/NNS ] ./. 
$$
[ the/DT company/NN ] also/RB continues/VBZ to/TO pursue/VB [ a/DT sale/NN ] of/IN [ an/DT interest_5/NN ] in/IN [ its/PP$ showtime/NP networks/NPS inc./NP unit/NN ] to/TO [ other/JJ companies/NNS ] in/IN [ the/DT cable-tv/NN industry/NN ] ,/, [ mr./NP biondi/NP ] said/VBD ./. 
$$
====================================== [ viacom/NP ] said/VBD [ its/PP$ new/JJ 10-year/JJ bank/NN agreement/NN ] ,/, provided/VBN by/IN [ a/DT group/NN ] led/VBN by/IN [ citicorp/NP 's/POS citibank/NP n.a./NP unit/NN ] and/CC [ bank/NP ] of/IN [ new/NP york/NP ] will/MD allow/VB [ it/PP ] to/TO lower/VB [ interest_6/NN costs/NNS ] significantly/RB and/CC to/TO launch/VB [ a/DT $/$ 500/AB million/AB commercial/JJ paper/NN program/NN ] ,/, [ which/WDT ] was/VBD approved/VBN by/IN [ the/DT viacom/NP board/NN yesterday/NN ] ./. 
$$
====================================== as/IN [ he/PP ] grew/VBD [ older/JJR ] ,/, [ mr./NP fu/NP 's/POS interest_1/NN ] in/IN [ politics/NNS ] faded/VBD ./. 
$$
====================================== additionally/RB ,/, [ the/DT pending/VBG sale/NN ] of/IN [ a/DT 12/AB %/NN interest_5/NN ] in/IN [ enron/NP oil/NP ] &/CC [ gas/NP ] ,/, [ which/WDT ] [ moody/NP 's/POS ] expects/VBZ to/TO generate/VB [ proceeds/NNS ] of/IN at/IN [ least/JJS $/$ 130/AB million/AB ] ,/, will/MD enable/VB [ enron/NP ] to/TO continue/VB [ its/PP$ ongoing/JJ debt-reduction/NN program/NN ] and/CC reduce/VB [ its/PP$ interest/NN burden/NN ] ,/, [ moody/NP 's/POS ] said/VBD ./. 
$$
====================================== under/IN [ interlake/NP 's/POS restructuring/NN plan/NN ] ,/, [ which/WDT ] is/VBZ generally/RB thought/VBN to/TO have/VB deflected/VBN [ any/DT possible/JJ mark/NP iv/NP interest_1/NN ] ,/, [ the/DT company/NN ] also/RB borrowed/VBD [ $/$ 550/AB million/AB ] to/TO pay/VB for/IN [ the/DT dividend/NN ] and/CC to/TO refinance/VB [ previous/JJ debt/NN holdings/NNS ] ./. 
$$
====================================== [ thermedics/NP inc./NP ] said/VBD [ it/PP ] will/MD redeem/VB [ its/PP$ 5.5/AB %/NN convertible/JJ subordinated/JJ debentures/NNS due/JJ 1996/AB ] on/IN [ oct./NP 31/AB ] ,/, ====================================== [ the/DT redemption/NN price/NN ] is/VBZ [ 103/AB %/NN ] of/IN [ the/DT principal/JJ amount/NN ] plus/CC accrued/JJ [ interest_6/NN ] to/TO [ the/DT redemption/NN date/NN ] ./. 
$$
====================================== [ artra/NP ] has/VBZ [ interests_5/NNS ] in/IN [ fashion/NN jewelry/NN ] and/CC [ assessories/NNS ] and/CC [ food-industry/NN supplies/NNS ] ./. 
$$
''/'' although/IN [ several/JJ companies/NNS ] including/VBG [ merck/NP ] have/VBP [ research/NN interests_3/NNS ] in/IN [ angiotensin/NN ii/AB receptor/NN antagonists/NNS ] ,/, [ a/DT spokesman/NN ] for/IN [ merck/NP ] said/VBD [ it/PP ] considers/VBZ [ du/NP pont/NP ] to/TO be/VB leading/VBG [ the/DT pack/NN ] ./. 
$$
[ the/DT initial/JJ rate/NN ] will/MD be/VB set/VBN [ tuesday/NP ] ,/, [ interest_6/NN ] will/MD be/VB paid/VBN quarterly/RB ,/, and/CC [ the/DT rate/NN ] on/IN [ the/DT notes/NNS ] will/MD be/VB [ reset/VB ] monthly/RB ./. 
$$
====================================== [ dallas/NP county/NP utility/NP ] and/CC [ reclamation/NP district/NP ] ,/, [ texas/NP ] --/: [ $/$ 91.8/AB million/AB ] of/IN [ unlimited/JJ tax/NN ] refunding/NN and/CC [ improvement/NN bonds/NNS ] ,/, [ series/NN 1989/AB ] ,/, with/IN [ current/JJ interest_6/NN bonds/NNS ] due/JJ in/IN [ 1999/AB ] and/CC [ capital/NN appreciation/NN bonds/NNS due/JJ 2000-2020/AB ] ,/, tentatively/RB priced/VBN by/IN [ a/DT merrill/NP lynch/NP capital/NP markets/NP group/NN ] to/TO yield/VB from/IN [ 7.10/AB %/NN ] in/IN [ 1999/AB ] to/TO [ 7.70/AB %/NN ] to/TO [ maturity/NN ] in/IN [ 2009-2020/AB ] ./. 
$$
[ there/EX ] are/VBP [ $/$ 10.3/AB million/AB ] of/IN [ 7/AB %/NN current/JJ interest_6/NN bonds/NNS ] tentatively/RB priced/VBN to/TO yield/VB [ 7.10/AB %/NN ] in/IN [ 1999/AB ] ./. 
$$
====================================== [ thursday/NP ] ,/, [ september/NP 28/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
``/`` to/TO protect/VB [ these/DT things/NNS ] are/VBP n't/RB necessarily/RB in/IN [ their/PP$ best/JJS interest_4/NN ] ,/, ''/'' [ he/PP ] says/VBZ ./. 
$$
====================================== in/IN [ the/DT mortgage/NN market/NN ] ,/, [ traders/NNS ] said/VBD [ new/NP york-based/JJ seaman/NP 's/POS bank/NP ] for/IN [ savings/NPS ] sold/VBD as/RB much/JJ as/IN [ $/$ 1/AB billion/AB ] of/IN [ derivative/JJ securities/NNS ] ,/, sparking/VBG [ interest_1/NN ] in/IN [ an/DT ] otherwise/RB [ quiet/JJ market/NN ] ./. 
$$
====================================== as/IN [ the/DT name/NN ] implies/VBZ ,/, [ inverse/JJ floating-rate/NN securities/NNS '/POS yields/NNS ] rise/VBP when/WRB [ interest_6/NN rates/NNS ] fall/VBP and/CC drop/VBP when/WRB [ rates/NNS ] rise/VBP ./. 
$$
[ a/DT few/JJ wall/NP street/NP underwriters/NNS ] ran/VBD up/RP [ large/JJ losses/NNS ] in/IN [ april/NP 1987/AB ] when/WRB [ they/PP ] mispriced/VBD [ hundreds/NNS ] of/IN [ millions/NNS ] of/IN [ dollars/NNS ] of/IN [ inverse/JJ floating-rate/NN issues/NNS ] and/CC saw/VBD [ prices/NNS ] drop/VB as/IN [ interest_6/NN rates/NNS ] soared/VBD ./. 
$$
[ the/DT notes/NNS ] were/VBD priced/VBN with/IN [ an/DT interest_6/NN rate/NN ] [ that/WDT ] will/MD float/VB even/RB with/IN [ the/DT one-month/JJ london/NP interbank/NP offered/NP rate/NP ] ,/, and/CC [ they/PP ] were/VBD being/VBG offered/VBN to/TO [ investors/NNS ] at/IN [ various/JJ prices/NNS ] ./. 
$$
though/IN [ many/JJ chains/NNS ] [ that/WDT ] have/VBP filed/VBN for/IN [ bankruptcy/NN protection/NN ] or/CC been/VBN forced/VBN to/TO [ restructure/VB ] were/VBD modestly/RB profitable/JJ when/WRB acquired/VBN ,/, [ they/PP ] could/MD n't/RB support/VB [ 17/AB %/NN interest_6/NN payments/NNS ] and/CC repay/VB [ bridge/NN loans/NNS ] while/IN preserving/VBG [ operating/NN capital/NN ] ./. 
$$
====================================== ``/`` [ the/DT annual/JJ interest_6/NN payments/NNS ] were/VBD [ $/$ 11/AB million/AB ] ,/, ''/'' says/VBZ [ mr./NP waters/NP ] ./. 
$$
``/`` [ more/JJR equity/NN ] would/MD have/VB meant/VBN [ smaller/JJR interest_6/NN payments/NNS ] ,/, and/CC would/MD have/VB provided/VBN cushioning/NN to/TO meet/VB [ the/DT downturns/NNS ] ./. 
$$
====================================== [ brady/NP ] and/CC [ his/PP$ lieutenant/NN david/NP mulford/NP ] believe/VBP [ the/DT federal/NP reserve/NP ] should/MD lower/VB [ interest_6/NN rates/NNS ] ,/, [ which/WDT ] would/MD make/VB [ u.s./NP investments/NNS ] less/RBR attractive/JJ and/CC bring/VB down/RP [ the/DT dollar/NN ] ./. 
$$
[ the/DT house/NP ] counts/VBZ as/IN [ revenue/NN ] [ the/DT interest_6/NN ] from/IN [ the/DT escrow/NN account/NN ] into/IN [ which/WDT ] [ u.s./NP panama/NP canal/NP fees/NNS ] are/VBP being/VBG placed/VBN during/IN [ the/DT struggle/NN ] to/TO get/VB [ the/DT panamanian/JJ dictator/NN ] to/TO quit/VB ./. 
$$
[ some/DT analysts/NNS ] also/RB predict/VBP [ the/DT federal/NP reserve/NP ] will/MD let/VB [ u.s./NP interest_6/NN rates/NNS ] slip/VB lower/RBR to/TO undercut/VB [ the/DT dollar/NN 's/POS strength/NN ] ./. 
$$
[ the/DT prospectus/NN ] also/RB said/VBD [ the/DT combined/VBN holding/NN ] by/IN [ non-residents/NNS ] of/IN [ canada/NP ] will/MD be/VB limited/VBN to/TO [ 45/AB %/NN ] ,/, and/CC [ the/DT combined/VBN foreign/JJ voting/NN interest_5/NN ] ca/MD n't/RB exceed/VB [ 25/AB %/NN ] on/IN [ any/DT single/JJ resolution/NN ] ./. 
$$
====================================== in/IN [ london/NP ] ,/, [ shares/NNS ] fell/VBD sharply/RB in/IN [ thin/JJ ] trading/NN marked/VBN by/IN [ nervousness/NN ] over/IN [ interest_6/NN rates/NNS ] and/CC [ the/DT pound/NN 's/POS weakness/NN ] ./. 
$$
====================================== [ dealers/NNS ] said/VBD [ shares/NNS ] drifted/VBD lower/RBR throughout/IN [ the/DT session/NN ] on/IN [ investor/NN worries/NNS ] [ that/IN ] u.k./NP [ interest_6/NN rates/NNS ] will/MD need/VB to/TO be/VB pushed/VBN higher/RBR to/TO support/VB [ the/DT pound/NN ] ./. 
$$
''/'' but/CC now/RB ,/, ``/`` [ he/PP ] trusts/VBZ [ me/PP ] because/IN when/WRB [ i/PP ] make/VBP [ a/DT decision/NN ] ,/, [ he/PP ] knows/VBZ [ it/PP ] 's/VBZ in/IN [ his/PP$ best/JJS interest_4/NN ] ,/, ''/'' [ she/PP ] says/VBZ ,/, adding/VBG ,/, ``/`` [ i/PP ] 'm/VBP not/RB from/IN [ that/DT old-boy/NN network/NN ] ./. 
$$
====================================== [ the/DT french/NP financial/JJ holding/VBG company/NN ] said/VBD [ that/DT its/PP$ group/NN profit/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] rose/VBD to/TO [ 1.91/AB billion/AB francs/NNS ] (/( [ $/$ 299.9/AB million/AB ] )/) from/IN [ 1.4/AB billion/AB francs/NNS ] in/IN [ the/DT first/JJ ] [ half/NN ] of/IN [ 1988/AB ] ./. 
$$
[ the/DT group/NN ] said/VBD [ all/DT its/PP$ majority-held/JJ bank/NN interests_5/NNS ] contributed/VBD to/TO [ the/DT advance/NN ] ./. 
$$
however/RB ,/, at/IN [ midafternoon/NN ] ,/, [ the/DT commodity/NP exchange/NP 's/POS report/NN ] showed/VBD [ that/IN open/JJ interest_5/NN ] in/IN [ copper/NN ] ,/, or/CC [ the/DT number/NN ] of/IN [ contracts/NNS ] [ that/WDT ] remain/VBP to/TO be/VB liquidated/VBN by/IN [ either/DT ] [ an/DT opposite/JJ trade/NN ] or/CC [ delivery/NN ] ,/, had/VBD dropped/VBN by/IN [ 2,083/AB ] ,/, to/TO [ 19,063/AB ] ./. 
$$
[ the/DT december/NP open/JJ interest_5/NN ] declined/VBD by/IN [ 1,597/AB contracts/NNS ] ./. 
$$
[ the/DT report/NN ] said/VBD [ there/EX ] had/VBD been/VBN [ a/DT structural/JJ change/NN ] in/IN [ the/DT sugar/NN market/NN ] in/IN [ that/IN more/JJR demand/NN ] was/VBD coming/VBG from/IN developing/VBG [ countries/NNS ] ,/, [ which/WDT ] are/VBP n't/RB inclined/VBN to/TO pay/VB [ higher/JJR prices/NNS ] for/IN [ sugar/NN ] ,/, and/CC that/IN [ sugar-using/JJ industries/NNS ] are/VBP keeping/VBG [ smaller/JJR inventories/NNS ] because/IN of/IN [ high/JJ interest_6/NN rates/NNS ] and/CC [ other/JJ costs/NNS ] of/IN carrying/VBG [ the/DT supplies/NNS ] ,/, [ the/DT analyst/NN ] said/VBD ./. 
$$
====================================== [ vickers/NP plc/NP ] ,/, [ a/DT british/JJ defense/NN ] and/CC [ engineering/NN concern/NN ] ,/, said/VBD [ its/PP$ pretax/JJ profit/NN ] for/IN [ the/DT first/JJ ] [ half/NN ] of/IN [ the/DT year/NN ] increased/VBN [ 31/AB %/NN ] ,/, largely/RB from/IN [ interest_6/NN income/NN ] associated/VBN with/IN [ the/DT sale/NN ] of/IN [ its/PP$ howson-algraphy/NP lithographic/JJ plate/NN business/NN ] to/TO [ du/NP pont/NP co/NP ] ./. 
$$
at/IN [ the/DT same/JJ time/NN ] ,/, [ warner/NP ] has/VBZ [ its/PP$ own/JJ interests_4/NNS ] to/TO protect/VB ;/: [ guber-peters/NP ] has/VBZ already/RB begun/VBN developing/VBG and/CC producing/VBG [ a/DT number/NN ] of/IN [ movies/NNS ] with/IN [ warner/NP funds/NNS ] and/CC [ warner/NP ] is/VBZ sure/JJ to/TO act/VB to/TO secure/VB [ rights/NNS ] to/TO [ those/DT projects/NNS ] ./. 
$$
but/CC [ the/DT dealers/NNS ] predicted/VBD [ the/DT chances/NNS ] of/IN [ central/JJ banks/NNS ] restraining/VBG [ the/DT dollar/NN ] will/MD diminish/VB over/IN [ time/NN ] without/IN [ a/DT change/NN ] in/IN [ world/NN interest_6/NN rates/NNS ] ./. 
$$
====================================== [ the/DT proposal/NN ] also/RB would/MD repeal/VB [ a/DT 50/AB %/NN exclusion/NN ] on/IN [ interest_6/NN ] on/IN [ bank/NN loans/NNS ] for/IN [ making/VBG stock/NN purchases/NNS ] for/IN [ employee/NN stock/NN ownership/NN plans/NNS ] ,/, repeal/VB [ an/DT automatic/JJ reduction/NN ] in/IN [ airport/NN ] and/CC [ airway/NN taxes/NNS ] ,/, impose/VB [ a/DT tax/NN ] on/IN [ ozone-depleting/JJ chemicals/NNS ] ,/, and/CC put/VB [ limits/NNS ] on/IN [ refunds/NNS ] to/TO [ companies/NNS ] [ that/WDT ] are/VBP involved/VBN in/IN [ leveraged/VBN buy-outs/NNS ] ./. 
$$
``/`` [ the/DT dollar/NN ] ,/, [ capital/NN gains/NNS ] ,/, [ interest_6/NN rates/NNS ] ,/, [ technology/NN stocks/NNS ] --/: [ these/DT ] are/VBP [ the/DT underpinnings/NNS ] of/IN [ the/DT market/NN ] ./. 
$$
====================================== [ that/DT lump/NN payment/NN ] should/MD lower/VB [ harcourt/NP 's/POS interest_6/NN bill/NN ] by/IN roughly/RB [ $/$ 115/AB million/AB ] [ a/DT year/NN ] ,/, said/VBD [ john/NP berardi/NP ] ,/, [ harcourt/NP 's/POS senior/JJ vice/NN president/NN ] and/CC [ treasurer/NN ] ./. 
$$
[ loan/NN covenants/NNS ] require/VBP [ harcourt/NP ] to/TO pay/VB [ the/DT bank/NN debt/NN ] before/IN [ the/DT high-yield/JJ notes/NNS ] ,/, [ which/WDT ] ,/, at/IN [ upwards/RB ] of/IN [ 14/AB %/NN interest_6/NN ] ,/, are/VBP much/RB more/RBR weighty/JJ than/IN [ the/DT bank/NN debt/NN ] ,/, [ which/WDT ] carries/VBZ [ a/DT 12/AB %/NN *interest/NN rate/NN ] ./. 
$$
[ mr./NP bolduc/NP ] succeeds/VBZ [ terrence/NP d./NP daniels/NP ] ,/, [ 46/AB ] ,/, [ who/WP ] resigned/VBD to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== for/IN [ years/NNS ] ,/, [ yield-hungry/JJ investors/NNS ] earned/VBD [ extra/JJ interest_6/NN ] by/IN making/VBG federally/RB insured/VBN [ deposits/NNS ] in/IN [ troubled/JJ s&ls/NNS ] [ that/WDT ] had/VBD to/TO pay/VB [ above-market/JJ rates/NNS ] to/TO attract/VB [ funds/NNS ] ./. 
$$
[ the/DT principal/NN ] will/MD be/VB backed/VBN by/IN [ zero-coupon/JJ treasury/NP bonds/NNS ] ,/, and/CC [ the/DT treasury/NP ] is/VBZ required/VBN by/IN [ law/NN ] to/TO pay/VB [ the/DT interest_6/NN ] on/IN [ the/DT securities/NNS ] if/IN [ there/EX ] ever/RB are/VBP [ insufficient/JJ funds/NNS ] from/IN [ other/JJ sources/NNS ] ./. 
$$
[ the/DT interest_6/NN ] [ they/PP ] pay/VBP is/VBZ exempt/JJ from/IN [ state/NN ] and/CC [ local/JJ income/NN taxes/NNS ] ./. 
$$
[ corporate/JJ ] and/CC [ municipal/JJ bonds/NNS ] typically/RB can/MD be/VB called/VBN early/RB --/: presenting/VBG [ investors/NNS ] with/IN [ the/DT unhappy/JJ chore/NN ] of/IN reinvesting/VBG [ their/PP$ principal/NN ] at/IN [ a/DT lower/JJR interest_6/NN rate/NN ] than/IN [ they/PP ] had/VBD on/IN [ the/DT bond/NN ] [ that/WDT ] was/VBD called/VBN ./. 
$$
)/) ====================================== neither/CC [ the/DT congressional/JJ leadership/NN ] nor/CC [ the/DT administration/NN ] has/VBZ [ any/DT interest_1/NN ] in/IN holding/VBG up/RP [ revision/NN ] of/IN [ the/DT debt/NN ceiling/NN ] ./. 
$$
[ the/DT shares/NNS ] have/VBP more/RBR than/IN doubled/VBN since/IN then/RB ,/, stirring/VBG [ further/JJ interest_1/NN ] in/IN [ the/DT new-issues/JJ market/NN ] ,/, [ mr./NP franyo/NP ] says/VBZ ./. 
$$
[ discretion/NN ] is/VBZ given/VBN to/TO [ the/DT secretary/NN ] of/IN [ defense/NN ] to/TO waive/VB [ the/DT provisions/NNS ] when/WRB judged/VBN in/IN [ the/DT national/JJ interest_4/NN ] ./. 
$$
====================================== as/IN [ an/DT example/NN ] ,/, consider/VB [ mary/NP ] and/CC [ tom/NP blake/NP ] ,/, [ who/WP ] are/VBP [ both/DT ] over/IN [ 65/AB ] and/CC [ eligible/JJ ] for/IN [ medicare/NP coverage/NN ] and/CC [ who/WP ] [ each/DT ] receive/VBP [ $/$ 23,000/AB ] of/IN [ taxable/JJ pension/NN ] and/CC [ interest_6/NN income/NN ] and/CC [ $/$ 10,500/AB ] of/IN [ social/NP security/NP benefits/NNS ] ./. 
$$
[ the/DT director/NN skips/VBZ ] through/IN [ the/DT segments/NNS ] [ that/WDT ] might/MD have/VB given/VBN [ the/DT picture/NN ] [ some/DT interest_2/NN ] ,/, especially/RB [ the/DT doctor/NN 's/POS ] (/( [ mr./NP whitaker/NP ] )/) [ desire/NN ] to/TO rehabilitate/VB [ johnny/NP ] through/IN [ plastic/JJ surgery/NN ] ./. 
$$
====================================== [ oryx/NP energy/NP ] ,/, [ an/DT independent/JJ oil/NN ] and/CC [ natural/JJ gas/NN producer/NN ] ,/, has/VBZ [ a/DT 53.9/AB %/NN working/VBG interest_5/NN ] and/CC [ blackstone/NP oil/NP co./NP ] of/IN [ houston/NP ] is/VBZ [ the/DT operator/NN ] of/IN [ the/DT project/NN ] with/IN [ a/DT 10.02/AB %/NN *interest/NN ] ./. 
$$
====================================== [ oryx/NP energy/NP ] ,/, [ an/DT independent/JJ oil/NN ] and/CC [ natural/JJ gas/NN producer/NN ] ,/, has/VBZ [ a/DT 53.9/AB %/NN working/VBG *interest/NN ] and/CC [ blackstone/NP oil/NP co./NP ] of/IN [ houston/NP ] is/VBZ [ the/DT operator/NN ] of/IN [ the/DT project/NN ] with/IN [ a/DT 10.02/AB %/NN interest_5/NN ] ./. 
$$
[ the/DT remaining/JJ interests_5/NNS ] are/VBP divided/VBN among/IN [ many/JJ other/JJ partners/NNS ] ./. 
$$
====================================== [ major/JJ u.s./NP ] and/CC [ japanese/JJ concerns/NNS ] ,/, including/VBG [ nippon/NP life/NP insurance/NP co./NP ] ,/, [ mitsubishi/NP estate/NP inc./NP ] and/CC [ jmb/NP realty/NP co./NP ] ,/, have/VBP voiced/VBN [ interest_1/NN ] in/IN acquiring/VBG [ a/DT stake/NN ] in/IN [ rockefeller/NP group/NP inc./NP ] ,/, according/VBG to/TO [ individuals/NNS ] familiar/JJ with/IN [ the/DT proposed/JJ rockefeller/NP sale/NN ] ./. 
$$
[ they/PP ] are/VBP aware/JJ of/IN [ my/PP$ interest_1/NN ] ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
====================================== [ ray/NP mikulich/NP ] ,/, [ shearson/NP managing/NN director/NN ] ,/, said/VBD [ he/PP ] would/MD n't/RB confirm/VB or/CC deny/VB [ interest_1/NN ] by/IN [ such/JJ companies/NNS ] as/IN [ nippon/NP life/NP ] ,/, of/IN [ tokyo/NP ] ,/, [ one/AB ] of/IN [ the/DT world/NN 's/POS largest/JJS institutional/JJ investors/NNS ] ;/: [ mitsubishi/NP estate/NP ] ,/, [ a/DT major/JJ tokyo/NP developer/NN ] and/CC [ international/JJ property/NN owner/NN ] ;/: and/CC [ jmb/NP ] ,/, [ a/DT diversified/JJ u.s./NP real-estate/NN concern/NN ] based/VBN in/IN [ chicago/NP ] ./. 
$$
[ product/NN sales/NNS ] are/VBP ``/`` [ a/DT sharp/JJ contrast/NN ] to/TO [ the/DT days/NNS ] when/WRB [ biotechnology/NN companies/NNS ] lived/VB off/IN [ meager/JJ contract/NN research/NN ] and/CC [ interest_6/NN income/NN ] ,/, ''/'' says/VBZ [ ernst/NP 's/POS steven/NP burrill/NP ] ./. 
$$
[ he/PP ] said/VBD [ the/DT polish/JJ government/NN ] is/VBZ strictly/RB controlling/VBG [ credit/NN expansion/NN ] ,/, allowing/VBG [ interest_6/NN rates/NNS ] to/TO float/VB ,/, reducing/VBG [ the/DT government/NN 's/POS budget/NN deficit/NN ] and/CC moving/VBG to/TO [ a/DT realistic/JJ ] ,/, [ unified/JJ exchange/NN rate/NN ] ./. 
$$
''/'' ====================================== to/TO encourage/VB [ ethanol/NN production/NN ] ,/, [ big/JJ farmers/NNS ] were/VBD given/VBN [ government/NN loans/NNS ] at/IN [ interest_6/NN rates/NNS ] below/IN [ inflation/NN ] to/TO cover/VB more/JJR than/IN [ 80/AB %/NN ] of/IN [ investments/NNS ] in/IN [ distilleries/NNS ] on/IN [ their/PP$ properties/NNS ] ./. 
$$
shortening/VBG [ maturities/NNS ] suggest/VBP [ higher/JJR interest_6/NN rates/NNS ] on/IN [ the/DT horizon/NN ] ,/, while/IN lengthening/VBG [ maturities/NNS ] hint/VBP [ rates/NNS ] will/MD come/VB down/RB ./. 
$$
[ the/DT government/NN 's/POS indiscriminate/JJ underwriting/NN ] of/IN [ deposits/NNS ] has/VBZ had/VBN [ the/DT perverse/JJ effect/NN ] of/IN [ drawing/VBG money/NN ] to/TO [ unsound/JJ financial/JJ institutions/NNS ] ,/, [ which/WDT ] offer/VBP [ higher/JJR interest_6/NN rates/NNS ] in/IN [ a/DT desperate/JJ attempt/NN ] to/TO crapshoot/VB [ their/PP$ way/NN ] to/TO [ solvency/NN ] ./. 
$$
====================================== [ the/DT prestigious/JJ awards/NNS ] ,/, presented/VBN in/IN [ new/NP york/NP ] ,/, are/VBP widely/RB believed/VBN to/TO be/VB [ an/DT indicator/NN ] of/IN [ future/JJ nobel/NP prize/NP awards/NNS ] and/CC thus/RB are/VBP watched/VBN with/IN [ great/JJ interest_1/NN ] in/IN [ the/DT medical/JJ ] and/CC [ scientific/JJ communities/NNS ] ./. 
$$
====================================== [ henley/NP group/NP inc./NP ] said/VBD [ it/PP ] plans/VBZ to/TO spin/VB off/RP [ its/PP$ land/NN holdings/NNS ] to/TO [ shareholders/NNS ] ,/, leaving/VBG [ the/DT company/NN ] with/IN [ diverse/JJ interests_5/NNS ] in/IN [ laboratory/NN supply/NN operations/NNS ] and/CC [ industrial/JJ products/NNS ] ./. 
$$
also/RB included/VBN in/IN [ the/DT package/NN ] will/MD be/VB [ henley/NP group/NP 's/POS headquarters/NNS building/NN ] in/IN [ la/NP jolla/NP ] ,/, [ calif./NP ] and/CC [ a/DT 50/AB %/NN interest_5/NN ] in/IN [ a/DT new/NP hampshire/NP oceanfront/JJ development/NN ] ./. 
$$
[ the/DT eight-year/JJ bond/NN ] will/MD bear/VB [ annual/JJ interest_6/NN ] of/IN [ 10.5/AB %/NN ] [ that/WDT ] may/MD be/VB paid/VBN in/IN [ cash/NN ] or/CC in/IN [ the/DT form/NN ] of/IN [ more/JJR debentures/NNS ] ./. 
$$
====================================== [ it/PP ] is/VBZ strange/JJ to/TO see/VB [ those/DT ] [ who/WP ] call/VBP [ themselves/PP ] ``/`` [ conservatives/NNS ] ''/'' subvert/VBP [ their/PP$ country/NN 's/POS interests_4/NNS ] in/IN [ the/DT name/NN ] of/IN [ a/DT free-market/NN ideology/NN ] that/IN [ few/JJ countries/NNS practice/VBP ] ./. 
$$
====================================== [ richard/NP p./NP arnold/NP ] resigned/VBD as/IN [ president/NN ] and/CC [ chief/JJ financial/JJ officer/NN ] of/IN [ this/DT storage/NN products/NNS manufacturer/NN ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== [ joao/NP ribeiro/NP da/NP fonseca/NN ] ,/, [ 52/AB years/NNS ] old/JJ ,/, [ chief/JJ general/JJ manager/NN ] for/IN [ the/DT europe/NP ] ,/, [ middle/NP east/NP ] and/CC [ africa/NP region/NN ] of/IN [ this/DT electronic/JJ payment-system/NN organization/NN ] ,/, said/VBD [ he/PP ] will/MD retire/VB [ early/RB next/JJ year/NN ] to/TO pursue/VB [ personal/NP interests_3/NNS ] in/IN [ portugal/NP ] ./. 
$$
====================================== [ florida/NP ] --/: [ $/$ 860.4/AB million/AB ] of/IN [ full/JJ faith/NN ] and/CC [ credit/NN state/NP board/NP ] of/IN [ education/NP public/JJ education/NN capital/NN outlay/NN bonds/NNS ] ,/, [ series/NP 1989-a/NP ] (/( refunding/JJ [ bonds/NNS ] )/) ,/, with/IN [ current/JJ interest_6/NN bonds/NNS due/JJ 2023/AB ] ,/, [ 2024/AB ] and/CC [ 2025/AB ] ,/, tentatively/RB priced/VBN by/IN [ a/DT lazard/NP freres/NP ] &/CC [ co./NP group/NN ] ./. 
$$
``/`` although/IN [ august/NP data/NNS ] failed/VBD to/TO bring/VB [ the/DT awaited/JJ recovery/NN ] of/IN [ home/NN building/NN ] in/IN [ response/NN ] to/TO [ lower/JJR interest_6/NN rates/NNS ] ,/, improving/VBG [ sales/NNS ] of/IN newly/RB completed/VBN [ homes/NNS ] suggest/VBP that/IN [ a/DT rebound/NN ] of/IN [ building/NN ] is/VBZ n't/RB far/RB off/RB ./. 
$$
====================================== [ the/DT maker/NN ] of/IN [ hardware/NN ] and/CC [ printing/NN supplies/NNS ] said/VBD [ mr./NP fritzsche/NP ] will/MD be/VB succeeded/VBN by/IN [ longtime/JJ director/NN daniel/NP e./NP virnich/NP ] ,/, [ a/DT 48-year-old/JJ denver/NP businessman/NN ] [ whose/WP$ personal/JJ holding/NN company/NN ] has/VBZ [ interests_5/NNS ] in/IN manufacturing/NN and/CC [ real/JJ estate/NN ] ./. 
$$
and/CC [ the/DT keystone/NP officers/NNS ] will/MD have/VB [ the/DT right/NN ] to/TO buy/VB out/RP [ ta/NP 's/POS interest_5/NN ] ``/`` more/RBR than/IN [ five/AB years/NNS ] down/IN [ the/DT road/NN ] ./. 
$$
[ they/PP ] 're/VBP expecting/VBG [ the/DT west/JJ german/JJ bundesbank/NP ] to/TO push/VB [ interest_6/NN rates/NNS ] higher/RBR soon/RB ,/, making/VBG [ mark-denominated/JJ investments/NNS ] more/RBR attractive/JJ ./. 
$$
====================================== [ profit/NN ] after/IN [ tax/NN ] and/CC [ minority/NN interests_5/NNS ] ,/, or/CC [ profit/NN ] attributable/JJ to/TO [ shareholders/NNS ] ,/, rose/VBD to/TO #/# [ 93/AB million/AB ] ,/, or/CC [ 6.02/AB pence/NNS ] [ a/DT share/NN ] ,/, from/IN [ #/# 72.2/AB million/AB ] ,/, or/CC [ 4.85/AB pence/NNS ] [ a/DT share/NN ] ,/, [ the/DT year/NN ] before/RB ./. 
$$
====================================== [ the/DT results/NNS ] came/VBD amid/IN [ a/DT sharp/JJ deterioration/NN ] in/IN [ the/DT u.k./NP housing/NN market/NN ] brought/VBN on/RP by/IN [ the/DT high/JJ level/NN ] of/IN [ interest_6/NN rates/NNS ] ,/, [ abbey/NP ] said/VBD ./. 
$$
====================================== in/IN [ the/DT wake/NN ] of/IN [ lower-than-expected/JJ seat/NN sales/NNS ] to/TO [ the/DT automobile/NN industry/NN ] ,/, [ a/DT five-week/JJ labor/NN strike/NN ] at/IN [ a/DT battery/NN plant/NN ] and/CC [ higher/JJR interest_6/NN expenses/NNS ] ,/, among/IN [ other/JJ things/NNS ] ,/, [ johnson/NP controls/NP ] said/VBD [ it/PP ] expects/VBZ [ 1989/AB profit/NN ] to/TO drop/VB [ 5/AB %/NN ] from/IN [ last/JJ year/NN ] ./. 
$$
====================================== [ profit/NN ] after/IN [ taxes/NNS ] and/CC [ minority/NN interests_5/NNS ] tumbled/VBD by/IN [ half/NN ] to/TO #/# [ 15.8/AB million/AB ] ,/, or/CC [ 3.8/AB pence/NNS ] [ a/DT share/NN ] on/IN [ a/DT ] fully/RB diluted/JJ [ basis/NN ] ,/, from/IN [ #/# 31.2/AB million/AB ] ,/, or/CC [ 7.2/AB pence/NNS ] [ a/DT share/NN ] ./. 
$$
====================================== [ some/DT ] say/VBP [ such/JJ arrangements/NNS ] raise/VBP [ questions/NNS ] about/IN [ possible/JJ conflicts/NNS ] of/IN [ interest_4/NN ] :/: is/VBZ [ the/DT consultant/NN ] really/RB working/VBG for/IN [ the/DT small/JJ client/NN ] or/CC for/IN ,/, say/UH ,/, [ big/JJ insurance/NN companies/NNS ] ./. 
$$
====================================== [ a/DT spokesman/NN ] said/VBD [ the/DT board/NN 's/POS rejection/NN ] stemmed/VBD ,/, in/IN [ part/NN ] ,/, from/IN [ several/JJ terms/NNS ] of/IN [ the/DT offer/NN ] that/IN [ it/PP ] believes/VBZ ``/`` are/VBP n't/RB in/IN [ the/DT best/JJS interests_4/NNS ] ''/'' of/IN [ the/DT company/NN ] or/CC [ its/PP$ shareholders/NNS ] ./. 
$$
[ the/DT spokeswoman/NN ] said/VBD [ no/DT decision/NN ] on/IN how/WRB [ the/DT proceeds/NNS ] will/MD be/VB spent/VBN will/MD be/VB made/VBN until/IN after/IN [ the/DT company/NN ] completes/VBZ [ the/DT purchase/NN ] of/IN [ a/DT minority/NN interest_5/NN ] in/IN [ a.l./NP williams/NP co./NP ] ,/, [ another/DT insurance/NN concern/NN ] ./. 
$$
====================================== [ sony/NP ] moved/VBD to/TO secure/VB [ the/DT transaction/NN ] by/IN signing/VBG [ an/DT option/NN agreement/NN ] with/IN [ coca/NP cola/NP co./NP ] to/TO purchase/VB [ its/PP$ 49/AB %/NN interest_5/NN ] in/IN [ columbia/NP ] ,/, [ which/WDT ] is/VBZ due/JJ for/IN [ ratification/NN ] at/IN [ a/DT coke/NP board/NN meeting/NN monday/NP ] ./. 
$$
[ sony/NP ] also/RB entered/VBD into/IN [ an/DT option/NN agreement/NN ] with/IN [ allen/NP ] &/CC [ co./NP ] ,/, [ which/WDT ] owns/VBZ [ a/DT 3/AB %/NN interest_5/NN ] in/IN [ columbia/NP ] ./. 
$$
====================================== as/IN [ part/NN ] of/IN [ the/DT announcement/NN yesterday/NN ] ,/, [ columbia/NP 's/POS president/NN ] and/CC [ chief/JJ executive/NN ] ,/, [ mr./NP kaufman/NP ] ,/, and/CC [ the/DT company/NN 's/POS chief/JJ operating/NN officer/NN ] ,/, [ lewis/NP j./NP korman/NP ] ,/, said/VBD [ they/PP ] would/MD leave/VB [ the/DT company/NN ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ,/, probably/RB in/IN [ the/DT entertainment/NN industry/NN ] ./. 
$$
====================================== [ wednesday/NP ] ,/, [ september/NP 27/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VBP [ actual/JJ transactions/NNS ] ./. 
$$
''/'' [ he/PP ] adds/VBZ that/IN ``/`` [ it/PP ] 's/VBZ not/RB in/IN [ the/DT nation/NN 's/POS interest_4/NN ] or/CC in/IN [ any/DT one/AB state/NN 's/POS *interest/NN ] to/TO protect/VB [ the/DT management/NN ] of/IN [ a/DT company/NN ] [ that/WDT ] 's/VBZ not/RB doing/VBG well/RB ''/'' from/IN [ possible/JJ takeovers/NNS ] ./. 
$$
''/'' [ he/PP ] adds/VBZ that/IN ``/`` [ it/PP ] 's/VBZ not/RB in/IN [ the/DT nation/NN 's/POS *interest/NN ] or/CC in/IN [ any/DT one/AB state/NN 's/POS interest_4/NN ] to/TO protect/VB [ the/DT management/NN ] of/IN [ a/DT company/NN ] [ that/WDT ] 's/VBZ not/RB doing/VBG well/RB ''/'' from/IN [ possible/JJ takeovers/NNS ] ./. 
$$
====================================== [ the/DT oil/NN industry/NN ] showed/VBD renewed/JJ [ interest_1/NN ] in/IN [ the/DT sea/NN ] off/IN [ newfoundland/NP ] ,/, bidding/VBG [ 52.8/AB million/AB canadian/JJ dollars/NNS ] (/( [ us$/$ 44.9/AB million/AB ] )/) for/IN [ exploration/NN rights/NNS ] on/IN [ eight/AB concessions/NNS ] totaling/VBG [ 926,612/AB acres/NNS ] ./. 
$$
====================================== [ gerry/NP angevine/NP ] ,/, [ president/NN ] of/IN [ the/DT canadian/NP energy/NP research/NP institute/NP ] ,/, said/VBD [ interest_1/NN ] in/IN [ exploration/NN ] is/VBZ being/VBG spurred/VBN by/IN [ plans/NNS ] to/TO develop/VB [ the/DT hibernia/NP field/NN ] ./. 
$$
====================================== ``/`` [ this/DT ] will/MD stimulate/VB [ additional/JJ interest_1/NN ] among/IN [ thrifts/NNS ] ,/, ''/'' said/VBD [ kip/NP weissman/NP ] ,/, [ an/DT attorney/NN ] with/IN [ silver/NP ] ,/, [ freedman/NP ] &/CC [ taff/NP ] here/RB ./. 
$$
====================================== [ london/NP shares/NNS ] closed/VBD slightly/RB lower/RBR on/IN [ continued/JJ nervousness/NN ] over/IN [ the/DT direction/NN ] of/IN [ u.k./NP interest_6/NN rates/NNS ] and/CC [ corporate/JJ profitability/NN ] ./. 
$$
[ the/DT deficits/NNS ] have/VBP focused/VBN [ attention/NN ] on/IN [ the/DT prospects/NNS ] for/IN [ an/DT interest_6/NN rate/NN increase/NN ] in/IN [ the/DT coming/VBG weeks/NNS ] ./. 
$$
====================================== [ frankfurt/NP prices/NNS ] fell/VBD across/IN [ the/DT board/NN ] amid/IN [ continued/JJ rumors/NNS ] [ the/DT bundesbank/NP ] will/MD call/VB for/IN [ an/DT emergency/NN meeting/NN thursday/NP ] to/TO raise/VB [ interest_6/NN rates/NNS ] ./. 
$$
while/IN [ speculation/NN ] about/IN [ an/DT imminent/JJ rise/NN ] in/IN [ german/JJ interest_6/NN rates/NNS ] has/VBZ been/VBN making/VBG [ the/DT rounds/NNS ] for/IN [ days/NNS ] ,/, [ it/PP ] intensified/VBD [ this/DT week/NN ] ,/, sending/VBG [ the/DT dax/NP index/NN ] into/IN [ a/DT tailspin/NN tuesday/NP ] [ that/WDT ] cost/VBD [ it/PP ] [ 2.8/AB %/NN ] by/IN [ the/DT end/NN ] of/IN [ wednesday/NP 's/POS session/NN ] ./. 
$$
====================================== [ zurich/NN prices/NNS ] tumbled/VBD in/IN moderately/RB [ active/JJ ] trading/NN as/IN [ jitters/NNS ] about/IN [ domestic/JJ interest_6/NN rates/NNS ] and/CC [ the/DT bleak/NN mood/NN ] on/IN [ other/JJ european/JJ stock/NN markets/NNS ] prompted/VBD [ widespread/JJ ] selling/NN ,/, [ brokers/NNS ] said/VBD ./. 
$$
====================================== [ columbia/NP pictures/NPS ] added/VBD [ 14/AB ] to/TO [ 26/AB 12/AB ] on/IN [ 4.9/AB million/AB shares/NNS ] after/IN [ sony/NP ] confirmed/VBD [ reports/NNS ] that/IN [ it/PP ] agreed/VBD to/TO acquire/VB [ the/DT company/NN ] ,/, including/VBG [ the/DT 49/AB %/NN interest_5/NN ] owned/VBN by/IN [ coca-cola/NP ] ,/, for/IN [ $/$ 27/AB ] [ a/DT share/NN ] ./. 
$$
[ he/PP ] said/VBD [ appropriate/JJ articles/NNS ] would/MD include/VB almost/RB [ anything/NN ] ``/`` as/RB long/RB as/IN [ it/PP ] 's/VBZ of/IN [ interest_2/NN ] to/TO [ the/DT inmates/NNS ] ./. 
$$
``/`` now/RB ,/, [ they/PP ] 're/VBP finding/VBG [ the/DT economy/NN ] better/JJR than/IN expected/VBN and/CC [ their/PP$ interest_1/NN ] in/IN [ buying/VBG copper/NN ] is/VBZ increasing/VBG ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
====================================== [ foreign/JJ bonds/NNS ] ====================================== [ west/JJ german/JJ government/NN bonds/NNS ] came/VBD under/IN [ pressure/NN ] again/RB as/IN [ market/NN participants/NNS ] become/VBP increasingly/RB convinced/JJ that/IN [ the/DT bundesbank/NP ] will/MD boost/VB [ interest_6/NN rates/NNS ] at/IN [ its/PP$ oct./NP 5/AB meeting/NN ] ./. 
$$
====================================== [ traders/NNS ] said/VBD [ investors/NNS ] have/VBP shown/VBN [ little/JJ interest_1/NN ] in/IN [ the/DT bond/NN auction/NN ] due/JJ to/TO [ the/DT ] relatively/RB [ low/JJ coupon/NN rate/NN ] ./. 
$$
====================================== [ ima/NP ] is/VBZ extending/VBG [ the/DT ] offer/NN to/TO await/VB [ senate/NP action/NN ] on/IN [ a/DT proposal/NN ] [ that/WDT ] could/MD eliminate/VB [ the/DT tax/NN deductibility/NN ] of/IN [ certain/JJ interest_6/NN payments/NNS ] or/CC [ original/JJ issue/NN discounts/NNS ] on/IN [ debt/NN securities/NNS ] used/VBN to/TO finance/VB [ the/DT offer/NN ] ./. 
$$
====================================== ``/`` [ the/DT system/NN 's/POS main/JJ interest_3/NN ] is/VBZ to/TO maintain/VB [ the/DT empire/NN ] ,/, ''/'' [ she/PP ] says/VBZ ./. 
$$
====================================== [ henley/NP group/NP ] plans/VBZ to/TO spin/VB off/RP [ its/PP$ land/NN holdings/NNS ] ,/, leaving/VBG [ the/DT company/NN ] with/IN [ interests_5/NNS ] in/IN [ laboratory/NN supply/NN operations/NNS ] and/CC [ industrial/JJ products/NNS ] ./. 
$$
====================================== if/IN [ the/DT bundesbank/NP ] raises/VBZ [ its/PP$ key/JJ interest_6/NN rates/NNS ] ,/, [ many/JJ other/JJ european/JJ central/JJ banks/NNS ] are/VBP likely/JJ to/TO follow/VB [ suit/NN ] ./. 
$$
====================================== [ national/NP medical/NP ] said/VBD in/IN [ los/NP angeles/NP ] that/IN [ all/DT three/AB ] of/IN [ its/PP$ operating/VBG groups/NNS ] --/: [ general/JJ hospitals/NNS ] ,/, [ specialty/NN hospitals/NNS ] and/CC [ nursing/NN homes/NNS ] --/: posted/VBD [ higher/JJR revenue/NN ] and/CC [ operating/NN profits/NNS ] before/IN [ interest_6/NN ] during/IN [ the/DT quarter/NN ] ./. 
$$
[ national/NP medical/NP ] said/VBD [ it/PP ] will/MD redeem/VB [ the/DT debentures/NNS oct./NP 30/AB ] at/IN [ 102.3/AB %/NN ] of/IN [ the/DT principal/JJ amount/NN ] plus/CC accrued/VBN [ interest_6/NN ] ./. 
$$
[ the/DT partners/NNS ] over/IN [ 15/AB years/NNS ] were/VBD allowed/VBN to/TO deduct/VB from/IN [ their/PP$ personal/JJ ] taxes/NNS [ the/DT interest_6/NN ] on/IN [ the/DT borrowings/NNS ] ,/, [ depreciation/NN ] and/CC [ 7/AB %/NN investment/NN tax/NN credit/NN ] ./. 
$$
``/`` [ we/PP ] understand/VBP that/IN [ a/DT stable/JJ china/NP ] is/VBZ in/IN [ the/DT interest_4/NN ] of/IN [ the/DT united/NP states/NPS ] ,/, ''/'' said/VBD [ mr./NP wan/NP ] ./. 
$$
``/`` [ china/NP ] is/VBZ hopeless/JJ without/IN [ democracy/NN ] ,/, ''/'' said/VBD [ mr./NP wan/NP ] ,/, adding/VBG ,/, ``/`` [ i/PP ] believe/VBP that/IN making/VBG [ a/DT democratic/JJ ] and/CC [ stable/JJ china/NP ] will/MD be/VB in/IN [ the/DT interest_4/NN ] of/IN [ the/DT united/NP states/NPS ] ./. 
$$
under/IN [ terms/NNS ] of/IN [ the/DT loan/NN ] ,/, [ o&y/NP ] 's/POS fully/RB diluted/JJ [ stake/NN ] in/IN [ campeau/NP ] increased/VBD to/TO [ 38.4/AB %/NN ] from/IN [ 25/AB %/NN ] while/IN [ campeau/NP chairman/NP robert/NP campeau/NP ] 's/POS fully/RB diluted/JJ [ interest_5/NN ] fell/VBD to/TO [ 43.2/AB %/NN ] from/IN [ 54/AB %/NN ] ./. 
$$
)/) [ inc./NP ] ,/, [ its/PP$ 83.8/AB %/NN indirect/JJ interest_5/NN ] in/IN [ ralphs/NP grocery/NP co./NP ] and/CC [ some/DT ] of/IN [ campeau/NP 's/POS prime/JJ canadian/JJ properties/NNS ] ./. 
$$
====================================== [ o&y/NP ] said/VBD [ its/PP$ $/$ 250/AB million/AB loan/NN ] to/TO [ campeau/NP ] bears/VBZ [ interest_6/NN ] at/IN [ 9.875/AB %/NN ] annually/RB and/CC matures/VBZ [ sept./NP 15/AB ] ,/, [ 1991/AB ] ./. 
$$
``/`` and/CC [ what/WP ] [ they/PP ] are/VBP doing/VBG is/VBZ ultimately/RB not/RB in/IN [ the/DT best/JJS interest_4/NN ] of/IN [ their/PP$ clients/NNS ] ./. 
$$
====================================== [ the/DT associated/NP landscape/NP contractors/NPS ] of/IN [ america/NP ] ,/, [ a/DT falls/NP church/NP ] ,/, [ va./NP ] ,/, [ trade/NN association/NN ] [ that/WDT ] kicked/VBD in/IN [ $/$ 25,000/AB ] for/IN [ the/DT nasa/NP study/NN ] ,/, has/VBZ [ a/DT shorter-term/JJR interest_4/NN ] :/: selling/VBG [ more/JJR plants/NNS ] ./. 
$$
====================================== [ the/DT documents/NNS ] indicate/VBP that/IN [ mr./NP sherman/NP ] ``/`` agreed/VBD to/TO continue/VB to/TO look/VB after/IN {/( [ the/DT company/NN 's/POS ] }/) [ interests_4/NNS ] regarding/VBG [ marine/NP corps/NP contracts/NNS ] ,/, ''/'' in/IN [ one/AB case/NN receiving/VBG cash/NN ] directly/RB from/IN [ mr./NP lamberth/NP ] ./. 
$$
====================================== [ the/DT average/JJ interest_6/NN rate/NN ] rose/VBD to/TO [ 8.7446/AB %/NN ] at/IN [ citicorp/NP 's/POS $/$ 50/AB million/AB weekly/JJ auction/NN ] of/IN [ 91-day/JJ commercial/JJ paper/NN ] ,/, or/CC [ corporate/JJ ious/NNS ] ,/, from/IN [ 8.5825/AB %/NN ] at/IN [ last/JJ week/NN 's/POS sale/NN ] ./. 
$$
even/RB [ worse/JJR ] ,/, [ a/DT taxpayer/NN ] could/MD borrow/VB [ the/DT $/$ 2,000/AB ] for/IN [ his/PP$ ira/NN ] ,/, take/VB [ the/DT tax/NN deduction/NN ] ,/, and/CC deduct/VB [ the/DT interest_6/NN ] paid/VBN on/IN [ the/DT loan/NN ] /) [ headlines/NNS ] in/IN [ the/DT press/NN ] such/JJ as/IN ``/`` [ short/JJ ] on/IN [ cash/NN ] for/IN [ an/DT ira/NN ] ./. 
$$
[ we/PP ] analyzed/VBD [ a/DT sample/NN ] of/IN [ 2,400/AB tax/NN returns/NNS ] filed/VBN between/IN [ 1980/AB ] and/CC [ 1984/AB ] ,/, expecting/VBG to/TO find/VB that/IN [ taxpayers/NNS ] [ who/WP ] opened/VBD [ iras/NNS ] during/IN [ 1982-84/AB ] gradually/RB reduced/VBD [ their/PP$ reported/JJ interest_6/NN ] and/CC [ dividend/NN income/NN ] as/IN [ they/PP ] shuffled/VBD [ assets/NNS ] out/IN of/IN [ taxable/JJ accounts/NNS ] and/CC into/IN [ iras/NN ] ./. 
$$
even/RB [ the/DT prospect/NN ] of/IN [ higher/JJR tax/NN rates/NNS ] during/IN [ retirement/NN ] (/( when/WRB [ the/DT principal/NN ] plus/CC [ interest_6/NN ] is/VBZ finally/RB taxed/VBN )/) may/MD do/VB little/JJ to/TO damp/VB [ the/DT joy/NN ] of/IN denying/VBG [ the/DT irs/NP its/PP$ due/NN ] ./. 
$$
[ this/DT ] gives/VBZ [ our/PP$ senior/JJ citizens/NNS ] [ the/DT security/NN ] of/IN knowing/VBG that/IN once/RB [ they/PP ] have/VBP paid/VBN [ taxes/NNS ] on/IN [ the/DT earned/JJ income/NN ] during/IN [ their/PP$ working/NN years/NNS ] ,/, [ the/DT money/NN ] saved/VBN in/IN [ an/DT ira-plus/NN ] ,/, and/CC [ all/DT interest_6/NN ] ,/, will/MD be/VB [ tax/NN ] free/JJ at/IN [ the/DT time/NN ] of/IN [ retirement/NN ] ./. 
$$
[ mr./NP holland/NP ] said/VBD [ mr./NP blair/NP 's/POS actions/NNS ] at/IN [ the/DT meeting/NN ] were/VBD ``/`` in/RB [ accord/RB ] with/IN [ a/DT plan/NN conceived.../: ] to/TO protect/VB [ his/PP$ personal/JJ interests_4/NNS ] ./. 
$$
[ the/DT merc/NP ] said/VBD in/IN [ part/NN ] that/IN [ siegel/NP ] ``/`` favored/VBN [ its/PP$ own/JJ ] rather/RB than/IN [ customers/NNS '/POS best/JJS interests_4/NNS ] ''/'' by/IN making/VBG [ trades/NNS ] in/IN [ their/PP$ accounts/NNS ] without/IN [ customer/NN approval/NN ] ./. 
$$
====================================== [ dow/NP jones/NP ] &/CC [ co./NP ] began/VBD [ its/PP$ ] previously/RB announced/VBN [ $/$ 18-a-share/JJ tender/NN offer/NN ] for/IN [ shares/NNS ] of/IN [ telerate/NP inc./NP ] ,/, [ an/DT electronic/JJ financial/JJ information/NN company/NN ] in/IN [ which/WDT ] [ dow/NP jones/NP ] owns/VBZ [ a/DT 67/AB %/NN interest_5/NN ] ./. 
$$
====================================== for/IN [ the/DT moment/NN ] ,/, [ that/DT mix/NN ] wo/MD n't/RB include/VB [ a/DT rise/NN ] in/IN [ west/JJ german/JJ interest_6/NN rates/NNS ] ,/, though/RB ./. 
$$
[ mr./NP waigel/NP 's/POS chief/JJ aide/NN ] ,/, [ hans/NP tietmeyer/NP ] ,/, said/VBD [ his/PP$ country/NN ] would/MD n't/RB consider/VB [ raising/VBG interest_6/NN rates/NNS ] until/IN [ the/DT current/JJ round/NN ] of/IN [ wage/NN negotiations/NNS ] with/IN [ labor/NN unions/NNS ] is/VBZ completed/VBN ./. 
$$
[ some/DT analysts/NNS ] have/VBP advocated/VBN [ raising/VBG interest_6/NN rates/NNS ] in/IN [ japan/NP ] and/CC [ west/NP germany/NP ] to/TO reverse/VB [ the/DT recent/JJ rise/NN ] in/IN [ the/DT dollar/NN 's/POS value/NN ] ./. 
$$
[ he/PP ] said/VBD that/IN since/IN [ mexico/NP ] and/CC [ its/PP$ bankers/NNS ] reached/VBD [ a/DT proposed/VBN agreement/NN ] following/VBG [ the/DT strategy/NN ] ,/, [ domestic/JJ interest_6/NN rates/NNS ] in/IN [ that/DT country/NN ] have/VBP dropped/VBN to/TO [ 34/AB %/NN ] from/IN [ 55/AB %/NN ] ,/, cutting/VBG [ the/DT government/NN 's/POS *interest/NN payments/NNS ] on/IN [ its/PP$ domestic/JJ debt/NN ] by/IN as/RB much/JJ as/IN [ $/$ 10/AB billion/AB ] [ a/DT year/NN ] ./. 
$$
====================================== citing/VBG [ the/DT need/NN ] to/TO conserve/VB [ foreign/JJ exchange/NN ] ,/, [ brazil/NP last/JJ week/NN ] failed/VBD to/TO make/VB [ a/DT scheduled/VBN $/$ 1.6/AB billion/AB interest_6/NN payment/NN ] to/TO [ its/PP$ international/JJ banks/NNS ] ./. 
$$
====================================== [ tuesday/NP ] ,/, [ september/NP 26/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ bruce/NP m./NP holland/NP ] resigned/VBD as/IN [ president/NN ] and/CC [ chief/NN operating/VBG officer/NN ] of/IN [ this/DT maker/NN ] of/IN [ computer-aided/JJ design/NN systems/NNS ] to/TO pursue/VB [ other/JJ business/NN interests_3/NNS ] ./. 
$$
====================================== [ ms./NP kurtzig/NP ] appeared/VBD to/TO have/VB severed/VBN [ all/DT ties/NNS ] with/IN ask/NP in/IN [ february/NP ] when/WRB [ she/PP ] resigned/VBD as/IN [ chairwoman/NN ] ,/, saying/VBG [ she/PP ] wanted/VBD to/TO pursue/VB [ other/JJ business/NN interests_3/NNS ] ./. 
$$
====================================== ``/`` [ there/EX ] 's/VBZ [ a/DT terrible/JJ conflict/NN ] of/IN [ interest_4/NN ] ''/'' among/IN [ investors/NNS ] when/WRB [ a/DT scarcity/NN ] of/IN [ new/JJ capital/NN ] gives/VBZ [ the/DT wealthiest/JJS partners/NNS power/NN ] to/TO dictate/VB financing/NN [ terms/NNS ] ,/, [ mr./NP greene/NP ] said/VBD ./. 
$$
but/CC [ interest_1/NN ] is/VBZ rising/VBG fast/RB :/: [ an/DT additional/JJ 17/AB %/NN ] said/VBD [ they/PP ] would/MD begin/VB [ electronic/JJ document/NN transmissions/NNS ] soon/RB ./. 
$$
but/CC aside/RB from/IN [ buying/VBG interest_1/NN ] in/IN [ single-country/JJ stock/NN funds/NNS ] and/CC [ issues/NNS ] of/IN [ movie/NN companies/NNS ] ,/, trading/NN remained/VBN [ sluggish/JJ ] ./. 
$$
as/IN [ a/DT concession/NN ] to/TO [ the/DT ] ``/`` [ k/NP ] ''/'' [ men/NNS ] ,/, [ dai-ichi/NP ] established/VBD [ a/DT small/JJ retail/JJ bank/NN ] in/IN [ los/NP angeles/NP ] ,/, keeping/VBG [ a/DT 5/AB %/NN interest_5/NN ] and/CC placing/VBG [ the/DT remaining/VBG ownership/NN ] with/IN [ friendly/JJ companies/NNS ] ./. 
$$
so/IN [ the/DT bank/NN ] has/VBZ started/VBN looking/VBG for/IN [ ways/NNS ] to/TO tap/VB [ medium-size/JJ companies/NNS ] willing/JJ to/TO pay/VB [ higher/JJR interest_6/NN rates/NNS ] than/IN [ the/DT big/JJ multinationals/NNS ] pay/VBP ./. 
$$
''/'' ====================================== [ tvsm/NP 's/POS venture/NN ] is/VBZ spurred/VBN by/IN [ a/DT rush/NN ] of/IN [ interest_1/NN ] from/IN [ advertisers/NNS ] in/IN and/CC [ publishers/NNS ] of/IN [ cable/NN ] and/CC [ tv/NN magazines/NNS ] ./. 
$$
====================================== [ they/PP ] also/RB worried/VBD that/IN [ the/DT treasury/NP 's/POS huge/JJ borrowing/NN needs/NNS ] would/MD drive/VB up/RP [ interest_6/NN rates/NNS ] further/RB ./. 
$$
====================================== [ the/DT deal/NN 's/POS proposed/VBN structure/NN ] had/VBD n't/RB been/VBN finalized/VBN by/IN [ late/JJ yesterday/NN ] ,/, but/CC [ the/DT offering/NN ] is/VBZ expected/VBN to/TO consist/VB largely/RB of/IN [ long/JJ current/JJ interest_6/NN term/NN bonds/NNS ] ,/, maturing/VBG to/TO around/IN [ 2025/AB ] ./. 
$$
====================================== [ foreign/JJ bonds/NNS ] ====================================== despite/IN [ the/DT u.s./NP dollar/NN 's/POS decline/NN ] on/IN [ foreign/JJ exchange/NN markets/NNS ] ,/, [ prices/NNS ] of/IN [ major/JJ foreign/JJ government/NN bonds/NNS ] fell/VBD on/IN [ fears/NNS ] that/IN [ some/DT central/JJ banks/NNS ] in/IN [ europe/NP ] and/CC [ japan/NP ] may/MD soon/RB consider/VB [ raising/VBG interest_6/NN rates/NNS ] as/IN [ a/DT way/NN ] to/TO cut/VB [ the/DT dollar/NN 's/POS strength/NN ] ./. 
$$
[ an/DT official/NN ] at/IN [ first/NP boston/NP corp./NP ] ,/, [ which/WDT ] underwrote/VBD [ the/DT issue/NN ] ,/, said/VBD [ the/DT notes/NNS ] drew/VBD [ interest_1/NN ] from/IN [ a/DT diverse/JJ set/NN ] of/IN [ investors/NNS ] with/IN [ demand/NN ] [ far/RB exceeding/VBG supply/NN ] ./. 
$$
''/'' ====================================== while/IN [ the/DT trade/NN report/NN ] drew/VBD [ substantive/JJ selling/NN ] into/IN [ the/DT market/NN ] ,/, [ dealers/NNS ] said/VBD [ knee-jerk/JJ concerns/NNS ] over/IN [ u.k./NP interest_6/NN rate/NN increases/NNS ] subsided/VBD and/CC helped/VBD keep/VB [ the/DT key/JJ index/NN ] from/IN [ an/DT even/RB sharper/JJR decline/NN ] ./. 
$$
[ drg/NP ] closed/VBD at/IN [ 609/AB ] ,/, up/RB ====================================== [ share/NN prices/NNS ] on/IN [ the/DT frankfurt/NP stock/NP exchange/NP ] closed/VBD sharply/RB lower/RBR in/IN [ active/JJ ] trading/NN ,/, [ pressured/VBN ] by/IN [ a/DT lower/JJR dollar/NN ] and/CC [ fears/NNS ] of/IN [ rising/VBG interest_6/NN rates/NNS ] ./. 
$$
[ mr./NP poehl/NP ] said/VBD [ monday/NP ] that/IN [ the/DT bundesbank/NP ] is/VBZ pondering/VBG whether/IN [ current/JJ interest_6/NN rates/NNS ] are/VBP consistent/JJ with/IN [ the/DT strong/JJ economic/JJ growth/NN ] in/IN [ west/NP germany/NP ] ./. 
$$
====================================== banking/JJ [ stocks/NNS ] were/VBD also/RB sharply/RB [ lower/JJR ] ,/, as/IN [ analysts/NNS ] fear/VBP that/IN [ another/DT rate/NN increase/NN ] will/MD put/VB [ pressure/NN ] on/IN [ the/DT banks/NNS '/POS interest_6/NN margins/NNS ] ./. 
$$
in/IN [ contrast/NN ] ,/, [ mr./NP stenholm/NP ] puts/VBZ [ a/DT farmer/NN 's/POS priority/NN ] on/IN [ lowering/VBG interest_6/NN rates/NNS ] ,/, and/CC so/RB is/VBZ drawn/VBN to/TO [ a/DT democratic/JJ alternative/NN ] [ that/WDT ] promises/VBZ to/TO do/VB more/RBR to/TO reduce/VB [ the/DT budget/NN deficit/NN ] and/CC also/RB encourages/VBZ [ savings/NNS ] by/IN expanding/VBG [ the/DT ] largely/RB [ middle-class/JJ tax/NN break/NN ] for/IN [ individual/JJ retirement/NN accounts/NNS ] ./. 
$$
[ mr./NP wyden/NP ] reflects/VBZ [ the/DT administration/NN 's/POS effort/NN ] to/TO exploit/VB [ local/JJ interests_4/NNS ] to/TO reach/VB beyond/IN [ the/DT republican/NP 's/POS traditional/JJ conservative/JJ economic/JJ base/NN ] in/IN [ the/DT democratic-controlled/JJ house/NP ] ./. 
$$
[ the/DT speaker/NN ] is/VBZ [ a/DT native/NN ] of/IN [ the/DT pacific/NP northwest/NP ] and/CC is/VBZ familiar/JJ with/IN [ many/DT ] of/IN [ the/DT same/JJ economic/JJ interests_3/NNS ] driving/VBG [ mr./NP wyden/NP ] ./. 
$$
====================================== [ crs/NP sirrine/NP inc./NP ] said/VBD [ its/PP$ crss/NP capital/NP inc./NP unit/NN ] agreed/VBD in/IN [ principle/NN ] to/TO buy/VB [ sithe/NP energies/NPS u.s.a./NP inc./NP 's/POS 51/AB %/NN interest_5/NN ] in/IN [ three/AB independent/JJ power/NN projects/NNS ] ./. 
$$
[ the/DT british/JJ firm/NN ] would/MD sell/VB [ its/PP$ paper/NN ] and/CC [ retailing/NN interests_5/NNS ] ,/, including/VBG [ saks/NP fifth/NP avenue/NP ] and/CC [ marshall/NP field/NP ] ,/, and/CC focus/VB on/IN [ tobacco/NN ] and/CC [ financial/JJ services/NNS ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] rose/VBD [ 2.7/AB %/NN ] in/IN [ over-the-counter/JJ stocks/NNS ] in/IN [ the/DT month/NN ] [ that/WDT ] ended/VBD in/IN [ mid-september/NP ] ./. 
$$
====================================== [ britain/NP 's/POS trade/NN deficit/NN ] hit/VBD [ $/$ 3.23/AB billion/AB ] in/IN [ august/NP ] ,/, [ the/DT third/JJ highest/JJS ] ever/RB ,/, reinforcing/VBG [ a/DT belief/NN ] that/IN [ interest_6/NN rates/NNS ] will/MD remain/VB [ high/JJ ] in/IN coming/VBG [ months/NNS ] ./. 
$$
====================================== [ the/DT company/NN ] said/VBD [ these/DT assets/NNS ] could/MD include/VB [ its/PP$ 43.7/AB %/NN interest_5/NN ] in/IN [ lead-zinc/JJ producer/NN curragh/NP resources/NPS inc./NP ] ,/, and/CC [ its/PP$ controlling/VBG *interest/NN ] in/IN [ the/DT gold-mining/JJ operations/NNS ] within/IN [ pamour/NP group/NP ] ,/, including/VBG [ pamour/NP inc./NP ] ,/, [ giant/NP yellowknife/NP mines/NPS ltd./NP ] ,/, [ erg/NP resources/NPS inc./NP ] ,/, and/CC [ pamorex/NP minerals/NPS inc/NP ] ./. 
$$
====================================== [ the/DT company/NN ] said/VBD [ these/DT assets/NNS ] could/MD include/VB [ its/PP$ 43.7/AB %/NN *interest/NN ] in/IN [ lead-zinc/JJ producer/NN curragh/NP resources/NPS inc./NP ] ,/, and/CC [ its/PP$ controlling/VBG interest_5/NN ] in/IN [ the/DT gold-mining/JJ operations/NNS ] within/IN [ pamour/NP group/NP ] ,/, including/VBG [ pamour/NP inc./NP ] ,/, [ giant/NP yellowknife/NP mines/NPS ltd./NP ] ,/, [ erg/NP resources/NPS inc./NP ] ,/, and/CC [ pamorex/NP minerals/NPS inc/NP ] ./. 
$$
====================================== [ merrill/NP lynch/NP ] &/CC [ co./NP ] exercised/VBD [ an/DT option/NN ] to/TO acquire/VB [ the/DT ] remaining/VBG [ 50/AB %/NN ] in/IN [ tandem/NP financial/NP group/NP inc./NP ] ,/, [ an/DT interest_5/NN ] that/IN [ franklin/NP resources/NPS inc./NP ] had/VBD been/VBN in/IN [ discussions/NNS ] to/TO buy/VB ./. 
$$
====================================== under/IN [ the/DT agreement/NN ] ,/, [ ormat/NP ] will/MD sell/VB [ a/DT 50/AB %/NN interest_5/NN ] in/IN [ its/PP$ puna/NP geothermal/NP ventures/NPS unit/NN ] to/TO [ hawaiian/NP electric/NP ] ./. 
$$
====================================== while/IN teaching/VBG [ a/DT sales/NNS management/NN course/NN last/JJ spring/NN ] ,/, [ mr./NP barnett/NP ] recruited/VBD [ margaret/NP lee/NP ] ,/, [ wife/NN ] of/IN [ stetson/NP president/NP h./NP douglas/NP lee/NP ] ,/, to/TO give/VB [ a/DT few/JJ lectures/NNS ] on/IN entertaining/NN --/: and/CC [ she/PP ] was/VBD impressed/VBN with/IN [ the/DT students/NNS '/POS interest_1/NN ] ./. 
$$
====================================== [ kaneb/NP services/NPS inc./NP ] said/VBD [ it/PP ] expects/VBZ to/TO report/VB [ a/DT gain/NN ] of/IN over/IN [ $/$ 100/AB million/AB ] in/IN [ the/DT third/JJ quarter/NN ] from/IN [ the/DT sale/NN ] of/IN [ a/DT 33/AB %/NN limited-partner/JJ interest_5/NN ] in/IN [ its/PP$ kaneb/NP pipe/NP line/NP partners/NPS limited/NP partnership/NP ] ./. 
$$
====================================== [ nova/NP ] is/VBZ [ a/DT pipeline/NN ] ,/, [ oil/NN ] and/CC [ gas/NN ] ,/, and/CC [ petrochemical/NN concern/NN ] based/VBN in/IN [ calgary/NP ] ;/: [ westcoast/NP ] ,/, based/VBN in/IN [ vancouver/NP ] ,/, has/VBZ [ oil/NN ] ,/, [ gas/NN ] ,/, and/CC [ pipeline/NN interests_5/NNS ] ./. 
$$
====================================== ``/`` [ the/DT government/NN 's/POS interests_4/NNS ] should/MD be/VB protected/VBN by/IN [ public/JJ officials/NNS ] ,/, not/RB by/IN [ self-appointed/JJ ] and/CC [ self-interested/JJ private/JJ parties/NNS ] [ who/WP ] have/VBP suffered/VBN [ no/DT injury/NN ] at/IN [ all/DT ] ,/, ''/'' asserts/VBZ [ paul/NP gewirtz/NP ] ,/, [ a/DT yale/NN law/NN professor/NN ] [ who/WP ] has/VBZ submitted/VBN [ papers/NNS ] supporting/VBG [ the/DT contractors/NNS ] to/TO [ the/DT courts/NNS ] ./. 
$$
[ somerset/NP broadcasting/NP ] is/VBZ [ a/DT unit/NN ] of/IN [ somerset/NP group/NP inc./NP ] ,/, [ a/DT holding/VBG company/NN ] with/IN [ interests_5/NNS ] in/IN [ broadcasting/NN ] ,/, banking/NN and/CC [ construction/NN products/NNS ] ./. 
$$
====================================== [ the/DT mark/NN 's/POS attractiveness/NN ] will/MD multiply/VB if/IN [ the/DT bundesbank/NP ] decides/VBZ to/TO raise/VB [ key/JJ interest_6/NN rates/NNS ] ./. 
$$
[ higher/JJR domestic/JJ interest_6/NN rates/NNS ] usually/RB bolster/VBP [ the/DT national/JJ currency/NN ] by/IN [ drawing/VBG money/NN ] to/TO [ *interest-bearing/JJ investments/NNS ] denominated/VBN in/IN [ that/DT currency/NN ] ./. 
$$
====================================== if/IN [ central/JJ banks/NNS ] intend/VBP to/TO lower/VB [ the/DT dollar/NN ] for/IN [ an/DT extended/JJ period/NN ] --/: and/CC [ this/DT ] appears/VBZ to/TO be/VB [ their/PP$ goal/NN ] --/: [ the/DT most/JJS effective/JJ option/NN ] open/JJ to/TO [ them/PP ] is/VBZ [ a/DT realignment/NN ] of/IN [ interest_6/NN rates/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
[ callable/JJ ] after/IN [ five/AB years/NNS ] at/IN [ par/NN ] ,/, then/RB on/IN [ every/DT interest_6/NN payment/NN date/NN ] ./. 
$$
[ may/NP department/NP stores/NPS co./NP ] has/VBZ also/RB disclosed/VBN [ its/PP$ interest_1/NN ] in/IN selling/VBG [ its/PP$ caldor/NP ] and/CC [ venture/NP discount/NN businesses/NNS ] ./. 
$$
====================================== in/IN [ addition/NN ] ,/, [ b.a.t/NP ] would/MD divest/VB [ its/PP$ big/JJ u.s./NP ] and/CC [ united/NP kingdom/NP paper/NN businesses/NNS ] and/CC [ u.k./NP ] retailing/VBG [ interests_5/NNS ] to/TO [ existing/VBG shareholders/NNS ] through/IN [ issues/NNS ] of/IN [ new/JJ equity/NN ] in/IN [ the/DT two/AB businesses/NNS ] ,/, [ which/WDT ] would/MD be/VB separately/RB quoted/VBN on/IN [ london/NP 's/POS stock/NP exchange/NP ] ./. 
$$
====================================== [ kaneb/NP services/NPS inc./NP ] ,/, [ an/DT offering/NN ] of/IN [ 4,650,000/AB senior/JJ preference/NN units/NNS ] ,/, representing/VBG [ a/DT 33/AB %/NN ] limited/VBD [ partner/NN interest_5/NN ] in/IN [ kaneb/NP pipe/NP line/NP partners/NPS l.p./NP ] ,/, via/IN [ goldman/NP ] ,/, [ sachs/NP ] &/CC [ co./NP ] ;/: [ bateman/NP eichler/NP ] ,/, [ hill/NP richards/NP inc./NP ] ;/: [ mcdonald/NP ] &/CC [ co./NP securities/NPS inc./NP ] ;/: [ prescott/NP ] ,/, [ ball/NP ] &/CC [ turben/NP inc./NP ] ,/, and/CC [ rauscher/NP pierce/NP refsnes/NP inc/NP ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ both/DT large/JJ ] and/CC [ small/JJ nasdaq/NP over-the-counter/JJ stocks/NNS ] rose/VBD ,/, resulting/VBG in/IN [ a/DT 2.7/AB %/NN jump/NN ] as/IN of/IN [ mid-september/NP ] from/IN [ a/DT month/NN ] earlier/RB ./. 
$$
====================================== [ the/DT increase/NN ] was/VBD smaller/JJR than/IN [ the/DT 4.2/AB %/NN rise/NN ] in/IN [ otc/NP short/JJ interest_5/NN ] posted/VBD [ last/JJ month/NN ] ./. 
$$
but/CC while/IN [ short/JJ interest_5/NN ] rose/VBD only/RB [ 1/AB %/NN ] among/IN [ large/JJ otc/NP issues/NNS ] as/IN of/IN [ sept./NP 15/AB ] ,/, [ it/PP ] surged/VBD [ 11.8/AB %/NN ] among/IN [ smaller/JJR stocks/NNS ] ./. 
$$
====================================== [ the/DT advance/NN ] in/IN [ otc/NP short/JJ interest_5/NN ] in/IN [ the/DT latest/JJS month/NN ] compares/VBZ with/IN [ a/DT 1.3/AB %/NN decline/NN ] in/IN [ short/JJ *interest/NN ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] and/CC [ an/DT increase/NN ] of/IN less/JJR than/IN [ 1/AB %/NN ] on/IN [ the/DT american/NP stock/NP exchange/NP ] during/IN [ the/DT same/JJ period/NN ] ./. 
$$
====================================== [ the/DT advance/NN ] in/IN [ otc/NP short/JJ *interest/NN ] in/IN [ the/DT latest/JJS month/NN ] compares/VBZ with/IN [ a/DT 1.3/AB %/NN decline/NN ] in/IN [ short/JJ interest_5/NN ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] and/CC [ an/DT increase/NN ] of/IN less/JJR than/IN [ 1/AB %/NN ] on/IN [ the/DT american/NP stock/NP exchange/NP ] during/IN [ the/DT same/JJ period/NN ] ./. 
$$
====================================== among/IN [ nasdaq/NP issues/NNS ] ,/, [ short/JJ interest_5/NN ] in/IN [ acclaim/NP entertainment/NP ] ballooned/VBD to/TO [ 371,819/AB shares/NNS ] from/IN [ 9,992/AB ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ first/NP executive/NP ] ,/, [ a/DT big/JJ buyer/NN ] of/IN [ junk/NN bonds/NNS ] ,/, rose/VBD [ 18/AB %/NN ] to/TO [ 2.5/AB million/AB shares/NNS ] ./. 
$$
[ summa/NP medical/NP ] saw/VBD [ its/PP$ short/JJ interest_5/NN jump/NN 77/AB %/NN ] to/TO [ one/AB million/AB shares/NNS ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] in/IN [ novell/NP ] ,/, [ jaguar/NP ] and/CC [ st./NP paul/NP cos./NP ] declined/VBD in/IN [ the/DT latest/JJS month/NN ] ./. 
$$
[ short/JJ interest_5/NN ] is/VBZ [ the/DT number/NN ] of/IN [ shares/NNS ] borrowed/VBN and/CC sold/VBN but/CC not/RB yet/RB replaced/VBN ./. 
$$
although/IN [ a/DT surge/NN ] in/IN [ short/JJ interest_5/NN ] indicates/VBZ [ speculation/NN ] that/IN [ a/DT stock/NN 's/POS price/NN ] will/MD fall/VB ,/, [ many/JJ analysts/NNS ] view/VBP [ a/DT firm/JJ base/NN ] of/IN [ short/JJ *interest/NN ] as/IN [ healthy/JJ ] ,/, because/IN [ shares/NNS ] [ that/WDT ] are/VBP sold/VBN [ short/JJ ] must/MD eventually/RB be/VB replaced/VBN through/IN buying/VBG ./. 
$$
although/IN [ a/DT surge/NN ] in/IN [ short/JJ *interest/NN ] indicates/VBZ [ speculation/NN ] that/IN [ a/DT stock/NN 's/POS price/NN ] will/MD fall/VB ,/, [ many/JJ analysts/NNS ] view/VBP [ a/DT firm/JJ base/NN ] of/IN [ short/JJ interest_5/NN ] as/IN [ healthy/JJ ] ,/, because/IN [ shares/NNS ] [ that/WDT ] are/VBP sold/VBN [ short/JJ ] must/MD eventually/RB be/VB replaced/VBN through/IN buying/VBG ./. 
$$
====================================== [ the/DT national/NP association/NP ] of/IN [ securities/NPS dealers/NPS ] ,/, [ which/WDT ] operates/VBZ [ the/DT nasdaq/NP computer/NN system/NN ] on/IN [ which/WDT ] [ 5,200/AB otc/NP issues/NNS trade/NN ] ,/, compiles/VBZ [ short/JJ interest_5/NN data/NNS ] in/IN [ two/AB categories/NNS ] :/: [ the/DT ] approximately/RB [ two-thirds/NNS ] ,/, and/CC generally/RB [ biggest/JJS ] ,/, [ nasdaq/NP stocks/NNS ] [ that/WDT ] trade/VBP on/IN [ the/DT national/NP market/NP system/NP ] ;/: and/CC [ the/DT one-third/NN ] ,/, and/CC generally/RB [ smaller/JJR ] ,/, [ stocks/NNS ] [ that/WDT ] are/VBP n't/RB [ a/DT part/NN ] of/IN [ the/DT system/NN ] ./. 
$$
====================================== as/IN of/IN [ sept./NP 15/AB ] ,/, [ short/JJ interest_5/NN ] in/IN [ 2,391/AB national/NP market/NP system/NP securities/NNS ] totaled/VBD [ 185.3/AB million/AB shares/NNS ] ,/, compared/VBN with/IN [ 183.4/AB million/AB shares/NNS ] in/IN [ 2,413/AB issues/NNS ] as/IN of/IN [ mid-august/NP ] ./. 
$$
====================================== among/IN [ 1,334/AB ] of/IN [ the/DT smaller/JJR stocks/NNS ] not/RB on/IN [ the/DT national/NP market/NP system/NP ] ,/, [ short/JJ interest_5/NN ] totaled/VBD nearly/RB [ 38/AB million/AB shares/NNS ] ,/, or/CC [ 94/AB %/NN ] of/IN [ one/AB day/NN 's/POS average/JJ volume/NN ] ./. 
$$
====================================== [ the/DT adjacent/JJ tables/NNS ] show/VBP [ the/DT issues/NNS ] in/IN [ which/WDT ] [ a/DT short/JJ interest_5/NN position/NN ] of/IN at/IN [ least/JJS 50,000/AB shares/NNS ] existed/VBD as/IN of/IN [ sept./NP 15/AB ] or/CC in/IN [ which/WDT there/EX ] was/VBD [ a/DT short/JJ position/NN change/NN ] of/IN at/IN [ least/JJS 25,000/AB shares/NNS ] since/IN [ mid-august/NP ] (/( see/VB accompanying/VBG [ tables/NNS ] --/: [ wsj/NP sept./NP 26/AB ] ,/, [ 1989/AB ] )/) ./. 
$$
[ officials/NNS ] at/IN [ electronics/NNS makers/NNS toshiba/NP corp./NP ] ,/, [ sanyo/NP electric/NP co./NP ] and/CC [ matsushita/NP electric/NP industrial/NP co./NP ] ,/, for/IN [ instance/NN ] ,/, said/VBD [ they/PP ] have/VBP [ no/DT immediate/JJ interest_1/NN ] in/IN buying/VBG [ a/DT foreign/JJ studio/NN ] ./. 
$$
[ mr./NP o'malley/NP ] said/VBD [ price/NP waterhouse/NP ] ,/, while/IN not/RB always/RB able/JJ to/TO do/VB [ huge/JJ joint-venture/JJ computer/NN installations/NNS ] because/IN of/IN [ conflict/NN ] of/IN [ interest_4/NN ] with/IN [ its/PP$ audit/NN work/NN ] ,/, would/MD continue/VB to/TO do/VB [ systems-strategies/NNS ] ,/, [ software-installation/NN ] and/CC [ tax-software/NN work/NN ] for/IN [ clients/NNS ] ./. 
$$
``/`` [ i/PP ] do/VBP n't/RB have/VB [ any/DT interest_1/NN ] in/IN acquiring/VBG [ a/DT phone/NN system/NN ] in/IN [ mexico/NP ] ,/, but/CC [ we/PP ] 'd/MD love/VB to/TO be/VB [ a/DT supplier/NN ] ,/, ''/'' [ mr./NP allen/NP ] said/VBD ./. 
$$
====================================== with/IN [ interest_6/NN ] rates/NNS [ a/DT full/JJ percentage/NN point/NN ] or/CC [ more/JJR ] below/IN [ last/JJ spring/NN 's/POS levels/NNS ] ,/, [ many/JJ people/NNS ] are/VBP focusing/VBG on/IN [ the/DT financing/NN ] of/IN [ their/PP$ biggest/JJS investment/NN ] --/: [ their/PP$ homes/NNS ] ./. 
$$
====================================== [ the/DT average/JJ interest_6/NN rate/NN ] on/IN [ a/DT 30-year/JJ fixed-rate/JJ mortgage/NN ] in/IN [ major/JJ metropolitan/JJ areas/NNS ] was/VBD just/RB under/IN [ 10/AB %/NN last/JJ week/NN ] ,/, compared/VBN with/IN [ 11.22/AB %/NN ] in/IN [ late/JJ march/NP ] ,/, according/VBG to/TO [ bank/NP rate/NP monitor/NP ] ,/, [ a/DT north/NP palm/NP beach/NP ] ,/, [ fla./NP ] ,/, [ newsletter/NN ] ./. 
$$
not/RB only/RB are/VBP [ interest_6/NN rates/NNS ] in/IN [ general/JJ ] expected/VBN to/TO dip/VB ,/, [ he/PP ] says/VBZ ,/, but/CC [ mortgage/NN rates/NNS ] usually/RB decline/VBP during/IN [ the/DT winter/NN months/NNS ] ,/, when/WRB [ demand/NN ] is/VBZ low/JJ ./. 
$$
[ some/DT ] of/IN [ them/PP ] have/VBP seen/VBN [ payments/NNS ] rise/VB by/IN [ several/JJ hundred/AB dollars/NNS ] [ a/DT month/NN ] ,/, as/IN [ interest_6/NN rates/NNS ] climbed/VBD steadily/RB over/IN [ the/DT past/JJ two/AB years/NNS ] ./. 
$$
[ borrowers/NNS ] [ who/WP ] hire/VBP [ lawyers/NNS ] to/TO represent/VB [ their/PP$ own/JJ interests_4/NNS ] face/VBP [ an/DT additional/JJ charge/NN ] ./. 
$$
''/'' ====================================== [ the/DT big/JJ imponderable/JJ ] ,/, or/CC [ course/NN ] ,/, is/VBZ [ what/WP ] 's/VBZ going/VBG to/TO happen/VB to/TO [ interest_6/NN rates/NNS ] ./. 
$$
[ some/DT rate-watchers/NNS ] say/VBP [ a/DT ] reasonably/RB [ strong/JJ economy/NN ] will/MD keep/VB [ interest_6/NN rates/NNS ] from/IN falling/VBG further/RB ./. 
$$
[ a/DT fixed/VBN rate/NN ] of/IN about/IN [ 10/AB %/NN ] may/MD look/VB [ good/JJ ] compared/VBN to/TO [ what/WP ] [ they/PP ] 're/VBP paying/VBG now/RB ,/, but/CC [ the/DT adjustable-rate/JJ loan/NN ] could/MD be/VB [ a/DT better/JJR deal/NN ] later/RB if/IN [ interest_6/NN rates/NNS ] fall/VBP further/RB ./. 
$$
[ research/NN ] by/IN [ the/DT u.s./NP league/NP ] of/IN [ savings/NP institutions/NPS ] shows/VBZ that/IN [ most/JJS holders/NNS ] of/IN [ adjustable/JJ rate/NN mortgages/NNS ] have/VBP paid/VBN significantly/RB less/JJR in/IN [ interest_6/NN ] than/IN [ they/PP ] would/MD have/VB on/IN [ fixed/VBN rate/NN loans/NNS ] ./. 
$$
====================================== in/IN [ the/DT end/NN ] ,/, [ a/DT lot/NN ] comes/VBZ down/IN to/TO where/WRB [ you/PP ] think/VBP [ interest_6/NN rates/NNS ] are/VBP headed/VBN ,/, [ which/WDT ] is/VBZ [ a/DT hard/JJ call/NN ] for/IN [ professionals/NNS these/DT days/NNS ] ,/, let/VB alone/RB [ individual/JJ homeowners/NNS ] ./. 
$$
====================================== [ shell/NP ] and/CC [ exxon/NP ] ,/, in/IN [ turn/NN ] ,/, will/MD acquire/VB [ amoco/NP 's/POS 25.77/AB %/NN equity/NN interest_5/NN ] in/IN [ block/NP 21024a/NP ] in/IN [ the/DT northern/JJ north/NP sea/NP ] and/CC [ block/NP 2120a/NP ] in/IN [ the/DT central/JJ sector/NN ] ./. 
$$
====================================== [ the/DT august/NP data/NNS ] reinforced/VBD [ expectations/NNS ] that/IN [ british/JJ banks/NNS '/POS base/NN interest_6/NN rates/NNS ] will/MD remain/VB at/IN [ 14/AB %/NN ] or/CC [ increase/NN ] over/IN [ the/DT next/JJ few/JJ months/NNS ] ./. 
$$
since/IN [ june/NP 1988/AB ] ,/, [ the/DT british/JJ government/NN ] has/VBZ raised/VBN [ interest_6/NN rates/NNS 10/AB times/NNS ] in/IN [ an/DT attempt/NN ] to/TO stifle/VB [ the/DT demand/NN ] [ that/WDT ] is/VBZ sucking/VBG in/IN [ imports/NNS ] and/CC [ feeding/VBG inflation/NN ] ,/, [ which/WDT ] is/VBZ running/VBG at/IN [ an/DT annual/JJ rate/NN ] of/IN [ 7.3/AB %/NN ] ./. 
$$
shortly/RB after/IN [ the/DT government/NN ] announced/VBD [ the/DT figures/NNS ] ,/, [ chancellor/NP ] of/IN [ the/DT exchequer/NP nigel/NP lawson/NP ] reiterated/VBD that/IN [ interest_6/NN rates/NNS ] will/MD remain/VB ``/`` at/IN [ whatever/WDT level/NN ] is/VBZ necessary/JJ to/TO keep/VB on/IN [ top/NN ] of/IN [ inflation/NN ] ./. 
$$
''/'' ====================================== [ some/DT private/JJ economists/NNS ] suggested/VBD that/IN [ another/DT set/NN ] of/IN [ poor/JJ trade/NN figures/NNS ] might/MD prompt/VB [ the/DT government/NN ] to/TO raise/VB [ interest_6/NN rates/NNS ] again/RB ./. 
$$
but/CC [ mr./NP lawson/NP ] is/VBZ likely/JJ to/TO resist/VB [ such/PDT a/DT ] politically/RB [ unpopular/JJ move/NN ] as/RB long/RB as/IN [ possible/JJ ] ,/, particularly/RB as/IN [ higher/JJR interest_6/NN rates/NNS ] could/MD raise/VB [ mortgage/NN rates/NNS ] and/CC thus/RB fuel/VB [ higher/JJR inflation/NN ] ./. 
$$
====================================== [ yesterday/NN ] ,/, [ british/JJ officials/NNS ] said/VBD [ they/PP ] long/RB have/VBP expected/VBN [ the/DT current/JJ account/NN ] to/TO be/VB [ one/NN ] of/IN [ the/DT last/JJ economic/JJ indicators/NNS ] to/TO respond/VB to/TO [ high/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== annualized/VBN [ interest_6/NN rates/NNS ] on/IN [ certain/JJ investments/NNS ] as/IN reported/VBN by/IN [ the/DT federal/NP reserve/NP board/NP ] on/IN [ a/DT weekly-average/JJ basis/NN ] :/: ====================================== [ a-discounted/JJ rate/NN ] ./. 
$$
and/CC many/RB bitterly/RB remember/VBP [ a/DT major/JJ bond/NN issue/NN ] in/IN [ stalin/NP 's/POS era/NN ] shortly/RB after/IN [ world/NP war/NP ii/NP ] ,/, when/WRB [ people/NNS ] were/VBD forced/VBN to/TO buy/VB [ bonds/NNS ] but/CC never/RB received/VBD [ the/DT promised/VBN interest_6/NN payments/NNS ] ./. 
$$
in/IN [ exchange/NN ] for/IN [ interest_6/NN ] on/IN [ the/DT smallest/JJS loan/NN ] ,/, [ senior/JJ lenders/NNS ] will/MD receive/VB [ series/NP ] [ a/NP convertible/JJ ] preferred/VBN [ stock/NN ] equal/JJ to/TO about/IN [ 15/AB %/NN ] of/IN [ general/NP homes/NPS '/POS equity/NN ] ./. 
$$
[ mci/NP communications/NPS ] rose/VBD [ 34/AB ] to/TO [ 45/AB 5/AB ] on/IN [ 2.2/AB million/AB shares/NNS ] ;/: [ lin/NP broadcasting/NP ] gained/VBD [ 3/AB 34/AB ] to/TO [ 108/AB 7/AB ] on/IN [ speculation/NN ] that/IN [ mccaw/NP cellular/NP ] might/MD raise/VB [ its/PP$ bid/NN ] for/IN [ lin/NP ] ,/, [ which/WDT ] has/VBZ agreed/VBN to/TO merge/VB [ its/PP$ domestic/JJ cellular/JJ telephone/NN interests_5/NNS ] with/IN [ bellsouth/NP ] ./. 
$$
====================================== [ the/DT venice/NP magistrate/NN 's/POS interest_1/NN ] was/VBD understandable/JJ ./. 
$$
====================================== [ monday/NP ] ,/, [ september/NP 25/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ the/DT fairfield/NP ] ,/, [ conn./NP ] ,/, [ concern/NN ] has/VBZ [ interests_5/NNS ] in/IN [ many/JJ businesses/NNS ] including/VBG [ lighting/NN ] ,/, [ plastics/NNS ] ,/, [ aircraft/NN engines/NNS ] ,/, [ industrial/JJ products/NNS ] ,/, [ appliances/NNS ] ,/, [ electrical/JJ controls/NNS ] ,/, [ medical/JJ systems/NNS ] ,/, [ factory/NN automation/NN ] and/CC [ broadcasting/NN ] and/CC [ financial/JJ services/NNS ] ./. 
$$
====================================== [ holders/NNS ] of/IN about/IN [ $/$ 83/AB million/AB face/NN amount/NN ] of/IN [ seaman/NP 's/POS junior/JJ subordinated/VBN debentures/NNS ] would/MD receive/VB about/IN [ an/DT 8/AB %/NN stake/NN ] in/IN [ seaman/NP ] in/IN [ return/NN ] for/IN accepting/VBG [ $/$ 20.8/AB million/AB face/NN amount/NN ] in/IN [ new/JJ securities/NNS ] ,/, also/RB carrying/VBG [ a/DT lower/JJR interest_6/NN rate/NN ] but/CC ranking/VBG [ higher/JJR ] in/IN [ the/DT financial/JJ structure/NN ] than/IN [ their/PP$ current/JJ securities/NNS ] ./. 
$$
====================================== under/IN [ the/DT new/JJ terms/NNS ] ,/, [ the/DT banks/NNS ] will/MD have/VB [ $/$ 150/AB million/AB ] of/IN [ 12/AB %/NN senior/JJ debt/NN ] ,/, of/IN [ which/WDT interest_6/NN ] will/MD be/VB currently/RB payable/JJ on/IN only/RB [ $/$ 125/AB million/AB ] until/IN [ nov./NP 15/AB ] ,/, [ 1992/AB ] ./. 
$$
====================================== [ the/DT pay-in-kind/JJ securities/NNS ] ,/, [ which/WDT ] pay/VBP [ interest_6/NN ] in/IN [ the/DT form/NN ] of/IN [ additional/JJ securities/NNS ] ,/, are/VBP likely/JJ to/TO have/VB [ a/DT market/NN value/NN ] well/RB below/IN [ their/PP$ $/$ 50/AB million/AB face/NN value/NN ] ,/, further/RB increasing/VBG [ the/DT financial/JJ fallout/NN ] for/IN [ banks/NNS ] from/IN [ the/DT deal/NN ] if/IN [ they/PP ] decided/VBD to/TO sell/VB [ those/DT securities/NNS ] before/IN [ maturity/NN ] ./. 
$$
[ that/DT ] would/MD eliminate/VB [ any/DT economic/JJ incentive/NN ] [ the/DT federal/NP reserve/NP ] might/MD have/VB to/TO allow/VB [ interest_6/NN rates/NNS ] to/TO fall/VB ./. 
$$
[ drexel/NP burnham/NP 's/POS ms./NP cohen/NP ] said/VBD [ stock/NN prices/NNS ] are/VBP at/IN [ a/DT ] sufficiently/RB [ high/JJ level/NN ] that/IN [ they/PP ] ca/MD n't/RB tolerate/VB [ a/DT rise/NN ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
yet/CC [ she/PP ] said/VBD that/IN with/IN [ the/DT dollar/NN ] declining/VBG and/CC [ a/DT flood/NN ] of/IN [ new/JJ debt/NN ] issues/VBZ about/IN to/TO come/VB to/TO [ market/NN ] ,/, [ higher/JJR interest_6/NN rates/NNS ] seem/VBP very/RB likely/JJ ./. 
$$
====================================== [ venezuela/NP ] and/CC [ its/PP$ main/JJ commercial/JJ banks/NNS ] are/VBP near/IN [ agreement/NN ] on/IN [ a/DT short-term/JJ bank/NN loan/NN ] of/IN more/JJR than/IN [ $/$ 590/AB million/AB ] to/TO enable/VB [ that/DT country/NN ] to/TO catch/VB up/IN on/IN [ overdue/JJ interest_6/NN payments/NNS ] ,/, [ bankers/NNS ] and/CC [ officials/NNS ] said/VBD ./. 
$$
====================================== during/IN [ the/DT past/JJ few/JJ months/NNS ] ,/, [ venezuela/NP ] has/VBZ fallen/VBN more/JJR than/IN [ $/$ 700/AB million/AB ] behind/IN on/IN [ interest_6/NN payments/NNS ] to/TO [ its/PP$ commercial-bank/JJ creditors/NNS ] ./. 
$$
[ that/DT arrangement/NN ] is/VBZ expected/VBN to/TO include/VB [ new/JJ lending/NN ] and/CC [ some/DT options/NNS ] for/IN [ reducing/VBG debt/NN ] and/CC [ interest_6/NN ] ,/, according/VBG to/TO [ bankers/NNS ] attending/VBG [ the/DT annual/JJ meetings/NNS ] here/RB of/IN [ the/DT international/NP monetary/NP fund/NP ] and/CC [ the/DT world/NP bank/NP ] ./. 
$$
====================================== but/CC fired/VBN by/IN [ u.s./NP rhetoric/NN ] on/IN [ the/DT need/NN ] for/IN [ reductions/NNS ] in/IN [ debt/NN ] and/CC [ debt-service/JJ costs/NNS ] ,/, [ venezuela/NP ] recently/RB sought/VBD [ a/DT 50/AB %/NN ] cut/NN in/IN [ its/PP$ foreign-bank/JJ debt/NN ] or/CC in/IN [ its/PP$ interest_6/NN payments/NNS ] ./. 
$$
====================================== [ the/DT post/NN ] at/IN [ newsweek/NN ] has/VBZ been/VBN vacant/JJ since/IN [ january/NP ] ,/, when/WRB [ christopher/NP m./NP little/NP ] abruptly/RB resigned/VBD to/TO become/VB [ president/NN ] of/IN [ the/DT much-smaller/JJ cowles/NP magazine/NP inc./NP ] ,/, [ a/DT publisher/NN ] of/IN [ special/JJ interest_3/NN magazines/NNS ] ./. 
$$
====================================== [ predictably/RB ] ,/, [ u.s./NP law/NN firms/NNS '/POS interest_1/NN ] in/IN [ europe/NP ] has/VBZ generated/VBN [ a/DT lively/JJ turf/NN war/NN ] ./. 
$$
[ some/DT foreign/JJ banks/NNS ] are/VBP even/RB considering/VBG [ taking/VBG loan-defaulters/NNS ] to/TO [ court/NN ] ,/, [ a/DT drastic/JJ step/NN ] in/IN [ china/NP ] because/IN [ court/NN action/NN ] is/VBZ viewed/VBN as/IN harmful/JJ to/TO [ a/DT foreign/JJ bank/NN 's/POS long-term/JJ interests_4/NNS ] in/IN [ china/NP ] ./. 
$$
[ often/RB mr./NP weber/NP ] had/VBD [ a/DT personal/JJ stake/NN ] in/IN [ the/DT investments/NNS ] ,/, [ the/DT lawsuit/NN ] says/VBZ ,/, though/IN [ mr./NP weber/NP 's/POS conflict/NN ] of/IN [ interest_4/NN ] was/VBD never/RB disclosed/VBN to/TO [ mr./NP joel/NP ] ./. 
$$
====================================== under/IN [ the/DT pact/NN ] ,/, [ oryx/NP ] sold/VBD [ its/PP$ interests_5/NNS ] in/IN about/IN [ 107/AB oil/NN ] and/CC [ gas/NN fields/NNS ] in/IN [ 12/AB states/NNS ] to/TO [ american/NP exploration/NP co./NP ] of/IN [ houston/NP ] ./. 
$$
except/IN for/IN trading/VBG in/IN [ a/DT euroyen/NP interest_6/NN rate/NN futures/NNS contract/NN ] ,/, [ the/DT fledgling/JJ tokyo/NP exchange/NN ] has/VBZ been/VBN [ a/DT disappointment/NN ] ,/, [ japanese/JJ futures/NNS traders/NNS ] say/VBP ./. 
$$
in/IN [ addition/NN ] ,/, [ several/JJ other/JJ bidders/NNS ] expressed/VBD [ interest_1/NN ] in/IN buying/VBG [ some/DT ] of/IN [ the/DT delaware/NP ] &/CC [ hudson/NP 's/POS assets/NNS ] rather/RB than/IN [ the/DT entire/JJ railroad/NN ] ./. 
$$
====================================== [ kent/NP p./NP shoemaker/NP ] ,/, [ a/DT former/JJ president/NN ] of/IN [ the/DT d&h/NP ] ,/, leads/VBZ [ another/DT bidder/NN group/NN ] [ that/WDT ] includes/VBZ [ investment/NN bank/NN wertheim/NP schroder/NP ] and/CC [ other/JJ interests_5/NNS ] ./. 
$$
====================================== [ the/DT market/NN mood/NN ] improved/VBD on/IN [ the/DT relative/JJ strength/NN ] of/IN [ the/DT yen/NNS ] ,/, [ lower/JJR short-term/JJ domestic/JJ interest_6/NN rates/NNS ] and/CC [ higher/JJR bond/NN prices/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== while/IN stressing/VBG [ they/PP ] have/VBP n't/RB lowered/VBN [ their/PP$ guard/NN ] against/IN [ currency/NN fluctuations/NNS ] and/CC [ higher/JJR interest_6/NN rates/NNS ] ,/, [ traders/NNS ] and/CC [ fund/NN managers/NNS ] expressed/VBD [ hope/NN ] for/IN [ more/JJR market/NN advances/NNS ] ./. 
$$
====================================== amid/IN [ thin/JJ dealings/NNS ] ,/, [ high-priced/JJ issues/NNS ] continued/VBD to/TO receive/VB [ buying/NN interest_1/NN ] following/VBG [ friday/NP 's/POS gains/NNS ] ./. 
$$
====================================== besides/IN [ a/DT softer/JJR opening/NN ] on/IN [ wall/NP street/NP ] ,/, [ dealers/NNS ] said/VBD [ london/NP ] declined/VBD on/IN [ a/DT lack/NN ] of/IN [ interest_1/NN ] in/IN [ fresh/JJ positions/NNS ] ahead/RB of/IN [ tuesday/NP 's/POS u.k./NP balance/NN ] of/IN [ payments/NNS figures/NNS ] for/IN [ august/NP ] ./. 
$$
also/RB ,/, continued/VBD [ lively/JJ interest_1/NN ] from/IN [ foreign/JJ investors/NNS ] hoping/VBG to/TO capitalize/VB on/IN [ the/DT strengthening/VBG mark/NN ] added/VBN to/TO [ the/DT market/NN 's/POS climb/NN ] ./. 
$$
''/'' ====================================== as/IN [ a/DT result/NN ] of/IN [ the/DT apparent/JJ reprieve/NN ] in/IN [ interest_6/NN rate/NN speculation/NN ] ,/, banking/NN [ shares/NNS ] gained/VBD sharply/RB [ monday/NP ] ./. 
$$
====================================== in/IN [ paris/NP ] ,/, [ interest_6/NN rate/NN concerns/NNS ] acted/VBD as/IN [ a/DT brake/NN ] on/IN [ recent/JJ speculative/JJ demand/NN ] ./. 
$$
[ traders/NNS ] took/VBD [ the/DT statement/NN ] as/IN [ a/DT sign/NN ] of/IN [ higher/JJR european/JJ interest_6/NN rates/NNS ] in/IN [ the/DT near/JJ term/NN ] and/CC began/VBD taking/VBG [ profits/NNS ] on/IN [ some/DT ] of/IN [ the/DT issues/NNS ] [ that/WDT ] led/VBD [ the/DT market/NN ] to/TO [ last/JJ week/NN 's/POS string/NN ] of/IN [ three/AB consecutive/JJ record/NN ] closes/NN ./. 
$$
====================================== [ sakata/NP inx/NP ] established/VBD [ a/DT joint/JJ venture/NN company/NN ] in/IN [ indonesia/NP ] called/VBN [ pt/NP sakata/NP inx/NP indonesia/NP ] ,/, together/RB with/IN [ a/DT local/JJ publishing/NN company/NN ] and/CC [ certain/JJ other/JJ interests_5/NNS ] ./. 
$$
====================================== [ jean/NP gandois/NP ] ,/, [ president/NN ] of/IN [ the/DT state-controlled/JJ paris-based/JJ metals/NNS group/NN ] ,/, told/VBD [ a/DT news/NN conference/NN ] that/IN consolidated/JJ [ net/NN ] ,/, after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] ,/, jumped/VBD to/TO [ 1.729/AB billion/AB francs/NNS ] (/( [ us$/$ 262/AB million/AB ] )/) from/IN [ 744/AB million/AB francs/NNS ] [ a/DT year/NN ] earlier/RB ./. 
$$
====================================== although/IN [ british/NP airways/NPS ] is/VBZ receiving/VBG only/RB [ a/DT 15/AB %/NN voting/NN interest_5/NN ] in/IN [ united/NP ] ,/, [ the/DT $/$ 750/AB million/AB amount/NN ] of/IN [ its/PP$ investment/NN ] is/VBZ [ 78/AB %/NN ] of/IN [ $/$ 965/AB million/AB ] in/IN [ cash/NN equity/NN ] raised/VBN for/IN [ the/DT purchase/NN ] ./. 
$$
====================================== in/IN [ washington/NP ] ,/, [ interest_1/NN ] is/VBZ building/VBG on/IN [ capitol/NP hill/NP ] in/IN [ leveraged/JJ buy-outs/NNS ] of/IN [ airlines/NNS ] and/CC [ foreign/JJ ownership/NN ] ./. 
$$
but/CC [ he/PP ] said/VBD yesterday/NN that/IN [ the/DT court/NN ] had/VBD gone/VBN ``/`` into/IN [ the/DT matter/NN ] with/IN [ great/JJ care/NN ] and/CC [ the/DT public/JJ interest_4/NN ] has/VBZ been/VBN served/VBN ''/'' by/IN [ the/DT sentence/NN ] ./. 
$$
[ he/PP ] also/RB added/VBD to/TO [ speculation/NN ] that/IN [ the/DT west/JJ german/JJ central/JJ bank/NN ] might/MD raise/VB [ interest_6/NN rates/NNS ] ./. 
$$
[ some/DT ] say/VBP [ it/PP ] will/MD --/: [ they/PP ] argue/VBP that/IN [ the/DT dollar/NN ] is/VBZ solidly/RB supported/VBN by/IN [ the/DT buoyant/JJ american/JJ economy/NN ] and/CC relatively/RB [ low/JJ u.s./NP inflation/NN ] ,/, while/IN [ u.s./NP inflation-adjusted/JJ interest_6/NN rates/NNS ] are/VBP high/JJ compared/VBN with/IN [ those/DT ] in/IN [ germany/NP ] and/CC [ japan/NP ] ./. 
$$
====================================== [ u.s./NP treasury/NP efforts/NNS ] to/TO get/VB [ the/DT fed/NP ] to/TO help/VB bring/VB down/IN [ the/DT dollar/NN ] by/IN [ lowering/VBG interest_6/NN rates/NNS ] clearly/RB have/VBP n't/RB born/VBN [ fruit/NN ] ./. 
$$
if/IN [ west/NP germany/NP ] and/CC [ japan/NP ] do/VBP n't/RB raise/VB [ domestic/JJ interest_6/NN rates/NNS ] and/CC [ the/DT u.s./NP ] lowers/VBZ [ rates/NNS ] ``/`` [ this/DT week/NN ] ,/, [ the/DT dollar/NN ] will/MD resume/VB going/VBG up/RB slowly/RB to/TO [ the/DT highs/NNS ] of/IN [ two/AB marks/NNS we/PP ] had/VBD [ a/DT few/JJ days/NNS ] ago/RB ,/, ''/'' said/VBD [ roberto/NP bianchi/NP ] ,/, [ a/DT vice/NN president/NN ] at/IN [ union/NP bank/NP ] of/IN [ switzerland/NP ] in/IN [ zurich/NP ] ./. 
$$
====================================== [ manufacturers/NNS ] also/RB agreed/VBD to/TO sell/VB ,/, for/IN [ $/$ 1.28/AB billion/AB ] ,/, [ a/DT 60/AB %/NN interest_5/NN ] in/IN [ the/DT cit/NP group/NP ] ,/, [ the/DT bank/NN 's/POS nationwide/JJ business/NN finance/NN company/NN ] ,/, to/TO [ the/DT dai-ichi/NP kangyo/NP bank/NP ltd/NP ] ./. 
$$
[ mei/NP ] ,/, [ which/WDT ] currently/RB has/VBZ about/IN [ 19.2/AB million/AB common/JJ shares/NNS ] outstanding/JJ ,/, is/VBZ seeking/VBG to/TO diversify/VB beyond/IN [ its/PP$ snack-food/NN interests_5/NNS ] ./. 
$$
''/'' [ there/EX ] is/VBZ growing/VBG [ interest_1/NN ] among/IN [ precious/JJ metals/NNS traders/NNS ] as/IN to/TO [ what/WP ] [ the/DT nations/NNS ] will/MD do/VB to/TO depress/VB [ the/DT dollar/NN ] ,/, [ she/PP ] said/VBD ,/, and/CC [ it/PP ] appears/VBZ [ they/PP ] want/VBP to/TO reduce/VB [ it/PP ] substantially/RB ,/, ``/`` [ which/WDT ] would/MD be/VB favorable/JJ not/RB only/JJ for/IN [ precious/JJ metals/NNS ] ,/, but/CC for/IN [ the/DT u.s./NP economy/NN ] as/IN [ a/DT whole/NN ] ./. 
$$
====================================== [ itel/NP ] said/VBD [ its/PP$ stake/NN ] includes/VBZ [ a/DT 35/AB %/NN interest_5/NN ] [ it/PP ] bought/VBD in/IN [ the/DT ] publicly/RB traded/JJ [ company/NN ] as/RB well/RB as/IN [ a/DT new/JJ issue/NN ] of/IN [ quadrum/NP shares/NNS ] ./. 
$$
====================================== [ itel/NP ] said/VBD [ it/PP ] has/VBZ [ the/DT option/NN ] to/TO increase/VB [ its/PP$ stake/NN ] to/TO [ more/JJR ] than/IN [ 50/AB %/NN ] of/IN [ quadrum/NP ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ financial/JJ services/NNS ] and/CC [ telecommunications/NN equipment/NN ] ./. 
$$
====================================== [ mr./NP yeres/NP ] thinks/VBZ [ the/DT commodity-swap/NN market/NN ] is/VBZ taking/VBG off/RB fast/RB in/IN [ part/NN ] because/IN of/IN [ trading/NN sophistication/NN ] [ that/WDT ] has/VBZ built/VBN up/RB in/IN [ the/DT past/JJ five/AB years/NNS ] in/IN [ the/DT much/JJ bigger/JJR swap/NN markets/NNS ] for/IN [ interest_6/NN rates/NNS ] and/CC [ currencies/NNS ] ./. 
$$
although/IN [ the/DT sell-off/NN ] in/IN [ the/DT market/NN ] has/VBZ propped/VBN yields/NNS up/IN to/TO [ levels/NNS ] [ that/WDT ] should/MD be/VB attractive/JJ to/TO [ domestic/JJ investors/NNS ] ,/, concerns/NNS that/IN [ the/DT dollar/NN ] may/MD continue/VB [ its/PP$ slide/NN ] was/VBD expected/VBN to/TO dampen/VB [ foreign/JJ buying/NN interest_1/NN ] ./. 
$$
====================================== ``/`` had/VBD [ it/PP ] not/RB been/VBN for/IN [ this/DT sudden/JJ collapse/NN ] in/IN [ the/DT dollar/NN ] ,/, [ we/PP ] might/MD have/VB seen/VBN [ some/DT ] [ emerging/VBG interest_1/NN ] in/IN [ the/DT two-year/JJ ] and/CC [ four-year/JJ note/NN auctions/NNS ] on/IN [ the/DT part/NN ] of/IN [ the/DT japanese/NPS ] ,/, ''/'' said/VBD [ david/NP resler/NP ] ,/, [ chief/JJ economist/NN ] at/IN [ normura/NP securities/NPS international/NP inc/NP ] ./. 
$$
====================================== [ some/DT economists/NNS ] contend/VBP that/IN [ individual/JJ investors/NNS ] ,/, [ who/WP ] typically/RB buy/VBP [ securities/NNS ] at/IN [ treasury/NP auctions/NNS ] through/IN [ noncompetitive/JJ bids/NNS ] ,/, will/MD show/VB [ strong/JJ interest_1/NN ] for/IN [ the/DT two-year/JJ notes/NNS ] ,/, repeating/VBG [ the/DT pattern/NN ] seen/VBN at/IN [ yesterday/NN 's/POS six-month/JJ bill/NN sale/NN ] ./. 
$$
====================================== [ dealers/NNS ] said/VBD [ they/PP ] saw/VBD [ a/DT lot/NN ] of/IN [ interest_1/NN ] in/IN [ lomas/NP paper/NN yesterday/NN ] ,/, but/CC [ they/PP ] added/VBD that/IN trading/NN was/VBD limited/JJ ,/, as/IN [ it/PP ] has/VBZ been/VBN for/IN [ months/NNS ] ./. 
$$
[ the/DT deutsche/NN mark/NN bond/NN market/NN ] often/RB firms/VBZ when/WRB [ the/DT dollar/NN ] falls/VBZ ,/, but/CC [ dealers/NNS ] said/VBD [ monday/NP ] that/IN [ the/DT lack/NN ] of/IN buying/VBG [ reflected/VBN concern/NN ] that/IN [ west/NP germany/NP 's/POS central/JJ bank/NN ] will/MD raise/VB [ interest_6/NN rates/NNS ] sometime/RB [ next/JJ month/NN ] ./. 
$$
====================================== [ gordon/NP n./NP oakes/NP jr./NP ] ,/, [ monarch/NP 's/POS chairman/NN ] and/CC [ chief/JJ executive/NN ] ,/, said/VBD [ the/DT insurer/NN ] had/VBD terminated/VBN [ talks/NNS ] with/IN [ several/JJ companies/NNS ] [ that/WDT ] had/VBD expressed/VBN [ an/DT interest_1/NN ] in/IN buying/VBG [ the/DT unit/NN ] ./. 
$$
====================================== [ mr./NP oakes/NP ] said/VBD [ the/DT interest_1/NN ] that/IN [ other/JJ insurers/NNS ] showed/VBN in/IN [ monarch/NP 's/POS disability/NN income/NN products/NNS ] that/IN was/VBD ``/`` [ the/DT determining/JJ factor/NN ] ''/'' in/IN [ the/DT company/NN 's/POS decision/NN ] to/TO keep/VB [ the/DT unit/NN ] ./. 
$$
although/IN [ the/DT colonial/NP dames/NPS ] actively/RB maintain/VBP [ their/PP$ interest_5/NN ] --/: [ 160/AB ] of/IN [ them/PP ] come/VBP [ every/DT two/AB years/NNS ] to/TO take/VB [ tea/NN ] on/IN [ the/DT lawn/NN ] --/: [ upkeep/NN ] is/VBZ [ a/DT problem/NN ] ./. 
$$
leaving/VBG [ no/DT cliche/NN unturned/JJ ] ,/, [ the/DT series/NN ] also/RB proposes/VBZ [ a/DT beautiful/JJ love/NN interest_3/NN ] for/IN [ dr./NP kulani/NP ] ./. 
$$
====================================== [ students/NNS ] ,/, [ mr./NP sowell/NP ] argues/VBZ sensibly/RB ,/, should/MD choose/VB not/RB [ the/DT ] ``/`` [ best/JJS school/NN ] ,/, ''/'' but/CC [ the/DT school/NN ] [ that/WDT ] best/RBS accommodates/VBZ [ their/PP$ individual/JJ abilities/NNS ] and/CC [ interests_3/NNS ] :/: [ an/DT aspiring/JJ poet/NN 's/POS heaven/NN ] can/MD be/VB [ an/DT aspiring/JJ engineer/NN 's/POS hell/NN ] ./. 
$$
====================================== [ friday/NP ] ,/, [ september/NP 22/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ the/DT spending/NN figure/NN ] ,/, [ which/WDT ] includes/VBZ [ all/DT outlays/NNS ] except/IN [ interest_6/NN payments/NNS ] ,/, climbed/VBD [ 0.6/AB %/NN ] in/IN [ july/NP ] ./. 
$$
''/'' ====================================== [ ps/NP ] of/IN [ new/NP hampshire/NP ] filed/VBD for/IN [ bankruptcy-law/NN protection/NN ] in/IN [ january/NP 1988/AB ] because/IN [ it/PP ] was/VBD unable/JJ to/TO meet/VB [ interest_6/NN payments/NNS ] on/IN [ its/PP$ $/$ 1.72/AB billion/AB ] in/IN [ debt/NN ] ,/, much/JJ of/IN [ which/WDT ] was/VBD taken/VBN on/RP to/TO finance/VB [ its/PP$ 35.6/AB %/NN stake/NN ] in/IN [ the/DT long-delayed/JJ seabrook/NP ] ,/, [ n.h./NP ] ,/, [ power/NN plant/NN ] ./. 
$$
====================================== given/VBN [ both/DT mrs./NP thatcher/NP 's/POS steadfast/JJ support/NN ] for/IN [ north/JJ american/JJ interests_4/NNS ] and/CC [ the/DT unilateralist/JJ tendencies/NNS ] of/IN [ the/DT british/JJ opposition/NN ] ,/, [ president/NP bush/NP ] and/CC [ canadian/NP prime/NP minister/NP brian/NP mulroney/NP ] might/MD do/VB well/RB to/TO help/VB [ her/PP ] make/VB [ her/PP$ point/NN ] ./. 
$$
''/'' for/IN [ britain/NP ] ,/, [ freer/JJR access/NN ] to/TO [ a/DT market/NN ] of/IN [ 250/AB million/AB prosperous/JJ ] and/CC [ english-speaking/JJ people/NNS ] could/MD give/VB [ a/DT needed/JJ boost/NN ] to/TO [ its/PP$ ] manufacturing/NN and/CC [ marketing/NN interests_5/NNS ] ./. 
$$
====================================== [ q/NN ] :/: [ your/PP$ colleagues/NNS ] ,/, [ budget/NP director/NP richard/NP darman/NP ] and/CC [ economic/NP adviser/NP michael/NP boskin/NP ] ,/, have/VBP indicated/VBN [ they/PP ] 'd/MD like/VB [ the/DT fed/NP ] to/TO bring/VB down/RP [ interest_6/NN ] rates/NNS [ a/DT little/JJ bit/NN ] ./. 
$$
[ he/PP ] blamed/VBD [ the/DT british/JJ sales/NNS ] slump/NN primarily/RB on/IN [ high/JJ interest_6/NN rates/NNS ] and/CC reduced/JJ [ consumer/NN spending/NN ] ./. 
$$
(/( in/IN [ the/DT meantime/NN ] ,/, first/NP [ boston/NP ] is/VBZ earning/VBG [ a/DT healthy/JJ interest_6/NN rate/NN ] on/IN [ its/PP$ campeau-related/JJ bonds/NNS ] ./. 
$$
but/CC [ all/DT three/AB car/NN makers/NNS ] have/VBP denied/VBN [ market/NN rumors/NNS ] about/IN [ their/PP$ possible/JJ interest_1/NN ] in/IN [ jaguar/NP ] ./. 
$$
``/`` [ it/PP ] 's/VBZ not/RB [ all/DT ] [ that/RB ] clear/JJ [ it/PP ] 's/VBZ in/IN [ the/DT social/JJ interest_4/NN ] to/TO stop/VB [ this/DT ] shifting/VBG around/RB of/IN [ assets/NNS ] ./. 
$$
and/CC [ they/PP ] asked/VBD [ the/DT american/JJ officials/NNS ] whether/IN [ they/PP ] thought/VBD [ a/DT 5/AB %/NN interest_6/NN rate/NN ] on/IN [ bonds/NNS ] would/MD attract/VB [ russian/JJ investors/NNS ] ./. 
$$
====================================== [ many/JJ agents/NNS ] are/VBP skeptical/JJ about/IN [ the/DT poll/NN 's/POS unflattering/JJ findings/NNS ] and/CC argue/VBP that/IN [ it/PP ] only/RB makes/VBZ [ sense/NN ] for/IN [ them/PP ] to/TO act/VB in/IN [ the/DT consumer/NN 's/POS best/JJS interest_4/NN ] ./. 
$$
[ president/NP garcia/NP ] reportedly/RB said/VBD [ peru/NP ] could/MD resume/VB [ interest_6/NN payments/NNS ] if/IN [ it/PP ] won/VBD [ a/DT $/$ 500/AB million/AB standby/JJ loan/NN ] plus/CC [ an/DT $/$ 800/AB million/AB bridging/JJ loan/NN ] to/TO cover/VB [ its/PP$ debts/NNS ] to/TO [ the/DT imf/NP ] ./. 
$$
====================================== (/( [ 2/LS ] )/) [ these/DT ] sweeping/JJ [ claims/NNS ] of/IN [ national/JJ power/NN draw/VBP sustenance/NN ] from/IN [ the/DT court/NN 's/POS justification/NN ] for/IN [ the/DT federal/JJ wage/NN ] and/CC [ hour/NN standards/NNS ] for/IN [ state/NN ] and/CC [ municipal/JJ employees/NNS ] in/IN [ the/DT garcia/NP decision/NN ] :/: [ states/NNS ] do/VBP not/RB need/VB [ any/DT protection/NN ] by/IN [ the/DT court/NN ] ,/, [ the/DT argument/NN ] runs/VBZ ,/, because/IN [ they/PP ] are/VBP already/RB quite/RB adequately/RB protected/VBN by/IN [ the/DT national/JJ ] ``/`` [ political/JJ process/NN ] ,/, ''/'' [ i.e./FW ] ,/, [ representation/NN ] of/IN [ local/JJ interests_4/NNS ] in/IN [ congress/NP ] and/CC [ the/DT political/JJ parties/NNS ] ,/, [ the/DT state-centered/JJ arithmetic/NN ] of/IN [ the/DT electoral/JJ college/NN ] ,/, [ etc/FW ] ./. 
$$
but/CC to/TO say/VB that/IN [ local/JJ interests_4/NNS ] receive/VBP [ a/DT hearing/NN ] in/IN [ congress/NP ] is/VBZ not/RB to/TO say/VB that/IN [ the/DT states/NNS ] as/IN policymaking/JJ [ governments/NNS ] receive/VBP [ a/DT hearing/NN ] there/RB ./. 
$$
while/IN [ unilever/NP ] no/RB longer/RB has/VBZ [ any/DT financial/JJ interest_5/NN ] in/IN [ the/DT agency/NN ] ,/, [ it/PP ] is/VBZ far/RB and/CC away/RB [ lintas/NP 's/POS largest/JJS ] ,/, and/CC [ longest-standing/JJS ] ,/, [ client/NN ] ./. 
$$
[ the/DT new/JJ bonds/NNS ] would/MD carry/VB either/CC [ a/DT below-market/JJ interest_6/NN rate/NN ] or/CC [ a/DT discount/NN ] on/IN [ the/DT value/NN ] of/IN [ the/DT original/JJ loan/NN ] ./. 
$$
[ it/PP ] triggered/VBD [ a/DT surge/NN ] of/IN [ new/JJ optimism/NN ] in/IN [ the/DT country/NN ] ,/, [ which/WDT ] helped/VBD [ the/DT government/NN ] reduce/VB [ the/DT high/JJ interest_6/NN rates/NNS ] [ it/PP ] had/VBD to/TO pay/VB to/TO keep/VB [ skittish/JJ investors/NNS ] from/IN sending/VBG [ more/JJR money/NN ] abroad/RB ./. 
$$
nonetheless/RB ,/, [ interest_6/NN rates/NNS ] remain/VBP [ high/JJ ] and/CC [ most/JJS ] of/IN [ mexico/NP 's/POS savings/NNS ] are/VBP in/IN [ volatile/JJ ] ,/, [ short-term/JJ instruments/NNS ] ./. 
$$
====================================== [ cooker/NP restaurant/NP corp./NP ] said/VBD [ its/PP$ employee/NN stock/NN ownership/NN plan/NN ] has/VBZ agreed/VBN to/TO buy/VB [ 1,084,606/AB shares/NNS ] ,/, or/CC [ 10/AB %/NN ] of/IN [ its/PP$ common/JJ stock/NN ] ,/, for/IN [ $/$ 3.25/AB ] [ a/DT share/NN ] ,/, [ payable/JJ ] over/IN [ 2/AB 12/AB years/NNS ] without/IN [ interest_6/NN ] ./. 
$$
====================================== [ messrs./NPS hickey/NP ] and/CC [ hornbeck/NP ] have/VBP agreed/VBN to/TO enter/VB [ non-competition/JJ agreements/NNS ] and/CC [ a/DT five-year/JJ agreement/NN ] not/RB to/TO acquire/VB [ an/DT interest_5/NN ] in/IN [ cooker/NP ] or/CC to/TO participate/VB in/IN [ any/DT proxy/JJ contest/NN ] regarding/VBG [ cooker/NP ] ./. 
$$
====================================== [ the/DT spain/NP fund/NP ] has/VBZ attracted/VBN [ the/DT most/JJS interest_1/NN ] from/IN [ the/DT japanese/NPS ] ./. 
$$
but/CC [ the/DT recent/JJ frenetic/JJ trading/NN activity/NN ] also/RB has/VBZ sparked/VBN [ interest_1/NN ] from/IN [ the/DT big/NP board/NP ] ./. 
$$
====================================== [ lotus/NP development/NP corp./NP ] said/VBD [ it/PP ] agreed/VBD to/TO acquire/VB [ a/DT 15/AB %/NN interest_5/NN ] in/IN [ sybase/NP inc./NP ] ,/, [ a/DT ] closely/RB held/VBN [ developer/NN ] of/IN [ database/NN software/NN ] ./. 
$$
====================================== [ lotus/NP ] ,/, [ one/AB ] of/IN [ the/DT software/NN industry/NN 's/POS largest/JJS companies/NNS ] ,/, acquired/VBD [ a/DT minority/NN interest_5/NN ] in/IN [ another/DT ] closely/RB held/VBN [ company/NN ] ,/, [ computer/NN software/NN developer/NN rational/NP systems/NP inc./NP ] ,/, in/IN [ july/NP ] ./. 
$$
but/CC while/IN [ blue-collar/JJ workers/NNS ] could/MD be/VB laid/VBN off/RP when/WRB [ recessions/NNS ] occurred/VBD ,/, [ machines/NNS ] ca/MD n't/RB be/VB fired/VBN ,/, and/CC [ interest_6/NN payments/NNS ] do/VBP n't/RB go/VB away/RB ./. 
$$
====================================== ``/`` [ every/DT recession/NN ] in/IN [ the/DT last/JJ 35/AB years/NNS ] --/: and/CC [ there/EX ] have/VBP been/VBN [ six/AB ] --/: has/VBZ happened/VBN because/IN [ the/DT fed/NP ] kept/VBD tightening/VBG even/RB though/IN [ the/DT economy/NN ] slowed/VBD ,/, ''/'' says/VBZ [ mr./NP levine/NP ] ,/, [ who/WP ] notes/VBZ that/IN [ the/DT fed/NP ] was/VBD quick/JJ to/TO cut/VB [ interest_6/NN rates/NNS ] [ this/DT summer/NN ] when/WRB [ job/NN growth/NN ] slowed/VBD ./. 
$$
[ a/DT reacceleration/NN ] would/MD bring/VB on/RP [ higher/JJR interest_6/NN rates/NNS ] ,/, [ which/WDT ] would/MD be/VB likely/JJ to/TO offset/VB [ stronger/JJR earnings/NNS gains/NNS ] ./. 
$$
====================================== if/IN [ a/DT bidder/NN ] buys/VBZ [ 20/AB %/NN ] or/CC [ more/JJR ] of/IN [ the/DT telephone/NN company/NN 's/POS stock/NN ] ,/, or/CC if/IN [ the/DT board/NN ] finds/VBZ that/IN [ a/DT bidder/NN ] [ who/WP ] owns/VBZ at/IN [ least/JJS 10/AB %/NN ] of/IN [ the/DT stock/NN ] is/VBZ ``/`` [ adverse/JJ ] ''/'' to/TO [ shareholders/NNS '/POS interests_4/NNS ] ,/, [ the/DT new/JJ rights/NNS ] would/MD allow/VB [ holders/NNS ] ,/, except/IN [ the/DT hostile/JJ bidder/NN ] ,/, to/TO buy/VB [ more/JJR stock/NN ] at/IN [ half/PDT the/DT price/NN ] at/IN [ that/DT time/NN ] ./. 
$$
[ mr./NP silbert/NP ] attributed/VBD [ the/DT disputes/NNS ] principally/RB to/TO [ the/DT ] compounding/NN of/IN [ interest_6/NN ] and/CC [ divestiture/NN ] of/IN [ non-banking/JJ subsidiaries/NNS ] prior/RB to/TO [ 1979/AB ] ./. 
$$
====================================== [ unified/NP savings/NP ] had/VBD [ $/$ 49.6/AB million/AB ] in/IN only/RB [ 600/AB deposit/NN accounts/NNS ] --/: [ an/DT indication/NN ] that/IN [ most/JJS ] of/IN [ its/PP$ deposits/NNS ] were/VBD in/IN [ $/$ 100,000/AB ] ``/`` brokered/JJ ''/'' [ accounts/NNS ] ,/, [ which/WDT ] follow/VBP [ small/JJ increases/NNS ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
====================================== aside/RB from/IN [ belgium/NP ] and/CC [ the/DT u.s./NP ] ,/, [ the/DT company/NN ] has/VBZ [ smaller/JJR video-distribution/NN ] and/CC [ other/JJ film/NN interests_5/NNS ] in/IN [ the/DT netherlands/NP ] ,/, [ luxembourg/NP ] ,/, [ west/NP germany/NP ] ,/, [ france/NP ] ,/, [ switzerland/NP ] and/CC [ spain/NP ] ./. 
$$
====================================== [ the/DT pharmaceuticals/NNS concern/NN ] said/VBD [ the/DT notes/NNS ] will/MD be/VB redeemed/VBN at/IN [ a/DT price/NN ] of/IN [ 104.725/AB ] plus/CC accrued/JJ but/CC [ unpaid/JJ interest_6/NN ] to/TO [ the/DT redemption/NN date/NN ] ./. 
$$
====================================== [ speculation/NN ] is/VBZ widespread/JJ that/IN [ interest_6/NN rates/NNS ] will/MD drop/VB over/IN [ the/DT next/JJ few/JJ months/NNS ] ./. 
$$
====================================== [ surveys/NNS ] and/CC [ technical/JJ bond/NN market/NN readings/NNS ] indicate/VBP [ many/JJ money/NN managers/NNS ] expect/VBP [ lower/JJR interest_6/NN rates/NNS ] [ this/DT fall/NN ] ./. 
$$
[ they/PP ] worry/VBP [ that/DT high/JJ u.s./NP interest_6/NN rates/NNS ] are/VBP keeping/VBG [ the/DT dollar/NN ] too/RB high/RB in/IN [ the/DT foreign-exchange/JJ markets/NNS ] ./. 
$$
[ ms./NP lazar/NP ] and/CC [ edward/NP s./NP hyman/NP ] ,/, [ vice/NN chairman/NN ] ,/, are/VBP predicting/VBG [ lower/JJR interest_6/NN rates/NNS ] over/IN [ the/DT next/JJ few/JJ months/NNS ] ,/, with/IN [ further/JJ declines/NNS ] next/JJ [ year/NN ] ./. 
$$
====================================== [ one/AB reason/NN ] [ they/PP ] expect/VBP [ lower/JJR interest_6/NN rates/NNS ] is/VBZ low/RB [ money-supply/JJ growth/NN ] ./. 
$$
in/IN [ march/NP ] ,/, for/IN [ example/NN ] ,/, [ surveys/NNS ] showed/VBD [ widespread/JJ fears/NNS ] among/IN [ money/NN managers/NNS ] that/IN [ higher/JJR inflation/NN ] would/MD drive/VB up/RP [ interest_6/NN rates/NNS ] ./. 
$$
with/IN [ all/PDT this/DT borrowing/NN ] coming/VBG soon/RB ,/, [ some/DT traders/NNS ] fear/VBP [ interest_6/NN rates/NNS ] have/VBP nowhere/RB to/TO go/VB but/CC up/RB ./. 
$$
====================================== are/VBP [ the/DT contrarians/NNS ] right/JJ that/IN [ interest_6/NN rates/NNS ] will/MD soon/RB rise/VB ./. 
$$
====================================== [ a/DT spokesman/NN ] for/IN [ the/DT raiders/NPS ] had/VBD [ no/DT comment/NN ] on/IN [ the/DT oakland/NP proposal/NN ] ``/`` [ other/JJ ] than/IN [ the/DT fact/NN ] that/IN [ we/PP ] 're/VBP very/RB appreciative/JJ of/IN [ the/DT interest_1/NN ] shown/VBN ./. 
$$
====================================== on/IN [ friday/NP ] ,/, [ central/NP realty/NP president/NP john/NP a./NP murphy/NP ] said/VBD in/IN [ a/DT letter/NN ] to/TO [ major/NP realty/NP 's/POS board/NN ] of/IN [ directors/NNS ] that/IN [ central/NP realty/NP 's/POS directors/NNS ] were/VBD ``/`` dumbfounded/JJ ''/'' at/IN [ major/NP realty/NP 's/POS ] ``/`` [ lack/NN ] of/IN [ sensitivity/NN ] to/TO [ shareholder/NN ] and/CC [ employee/NN interests_4/NNS ] ./. 
$$
[ the/DT company/NN ] also/RB failed/VBD to/TO pay/VB [ interest_6/NN due/JJ sept./NP 1/AB ] ./. 
$$
====================================== [ the/DT deal/NN ] will/MD be/VB treated/VBN as/IN [ a/DT ] pooling/NN of/IN [ interest_5/NN ] ,/, [ which/WDT ] combines/VBZ [ the/DT income/NN statements/NNS ] and/CC [ balance/NN sheets/NNS ] of/IN [ the/DT two/AB companies/NNS ] and/CC does/VBZ n't/RB create/VB [ any/DT good/JJ will/NN ] ./. 
$$
====================================== [ united/NP merchants/NPS '/POS board/NN ] authorized/VBD [ mr./NP ruskin/NP ] on/IN [ sept./NP 6/AB ] to/TO develop/VB [ a/DT proposal/NN ] to/TO acquire/VB [ a/DT controlling/JJ interest_5/NN ] and/CC implement/VB [ a/DT reorganization/NN ] of/IN [ the/DT company/NN ] ./. 
$$
``/`` [ the/DT company/NN ] to/TO [ date/NN has/VBZ n't/RB ] exhibited/VBD [ exceptional/JJ interest_1/NN ] in/IN helping/VBG [ shareholders/NNS ] ,/, ''/'' says/VBZ [ painewebber/NP inc./NP analyst/NN eli/NP lustgarten/NP ] ./. 
$$
====================================== [ data/NNS ] on/IN [ consumer/NN income/NN ] and/CC spending/NN in/IN [ august/NP ] bolstered/VBD [ perceptions/NNS ] that/IN [ the/DT fed/NP ] would/MD be/VB risking/VBG [ an/DT upturn/NN ] in/IN [ inflation/NN ] if/IN [ it/PP ] lowered/VBD [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ data/NNS ] on/IN [ consumer/NN income/NN ] and/CC spending/NN in/IN [ august/NP ] bolstered/VBD [ perceptions/NNS ] that/IN [ the/DT fed/NP ] would/MD be/VB risking/VBG [ an/DT upturn/NN ] in/IN [ inflation/NN ] if/IN [ it/PP ] lowered/VBD [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ the/DT u.s./NP treasury/NP ] and/CC [ the/DT japanese/NP ] have/VBP recently/RB been/VBN urging/VBG [ the/DT u.s./NP federal/NP reserve/NP ] to/TO cut/VB [ interest_6/NN rates/NNS ] to/TO reduce/VB [ upward/JJ pressure/NN ] on/IN [ the/DT dollar/NN ] ./. 
$$
====================================== in/IN [ the/DT absence/NN ] of/IN [ interest_6/NN rate/NN changes/NNS ] ,/, [ the/DT group/NP ] of/IN [ seven/NP ] will/MD have/VB to/TO rely/VB on/IN [ intervention/NN ] in/IN [ exchange/NN markets/NNS ] to/TO influence/VB [ the/DT dollar/NN ] ./. 
$$
[ the/DT company/NN ] said/VBD [ mr./NP lawrence/NP ] resigned/VBD to/TO ``/`` pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
[ van/NP kampen/NP merritt/NP prime/NP rate/NP income/NP trust/NP ] --/: [ 11.5/AB million/AB shares/NNS ] of/IN [ beneficial/JJ interest_5/NN ] ,/, via/IN [ prudential-bache/NP ] ./. 
$$
====================================== [ kaneb/NP pipe/NP line/NP partners/NPS l.p./NP ] --/: [ 4.65/AB million/AB units/NNS ] ,/, representing/VBG [ senior/JJ limited/NP partnership/NP interests_5/NNS ] ,/, via/IN [ goldman/NP sachs/NP ] ./. 
$$
while/IN [ british/NP air/NP ] will/MD officially/RB have/VB only/RB [ a/DT 15/AB %/NN voting/JJ interest_5/NN ] in/IN [ united/NP ] ,/, [ its/PP$ equity/NN contribution/NN ] accounts/VBZ for/IN [ 78/AB %/NN ] of/IN [ the/DT total/JJ equity/NN ] of/IN [ $/$ 965/AB million/AB ] ./. 
$$
[ the/DT government/NN ] paid/VBD [ $/$ 17.33/AB billion/AB ] in/IN [ interest_6/NN last/JJ month/NN ] on/IN [ the/DT federal/JJ debt/NN ] ./. 
$$
====================================== [ chrysler/NP corp./NP ] ,/, saying/VBG that/IN [ it/PP ] wanted/VBD to/TO cash/VB in/IN on/IN [ an/DT investment/NN ] [ that/WDT ] had/VBD soared/VBN in/IN [ value/NN ] ,/, sold/VBD about/RB [ half/NN ] of/IN [ its/PP$ interest_5/NN ] in/IN [ mitsubishi/NP motors/NPS corp./NP ] ,/, in/IN [ a/DT move/NN ] [ that/WDT ] will/MD bring/VB [ the/DT u.s./NP auto/NN maker/NN ] about/RB [ $/$ 310/AB million/AB ] after/IN [ taxes/NNS ] ./. 
$$
by/IN settling/VBG ,/, [ he/PP ] added/VBD ,/, [ the/DT companies/NNS ] were/VBD able/JJ to/TO halt/VB accumulating/VBG [ legal/JJ fees/NNS ] and/CC [ interest_6/NN ] on/IN [ the/DT judgment/NN ] ./. 
$$
====================================== [ manufacturers/NPS hanover/NP corp./NP ] said/VBD [ its/PP$ international-leasing/JJ subsidiary/NN ] sold/VBD [ its/PP$ 45/AB %/NN interest_5/NN ] in/IN [ korea/NP industrial/NP leasing/NP co./NP ] to/TO [ nippon/NP credit/NP bank/NP ltd./NP ] ,/, [ tokyo/NP ] ,/, for/IN [ $/$ 68/AB million/AB ] ./. 
$$
====================================== [ mr./NP lipper/NP ] said/VBD [ carl/NP ruderman/NP ] ,/, [ chairman/NN ] of/IN [ drake/NP ] ,/, ``/`` admitted/VBN to/TO [ me/PP ] [ he/PP ] can/MD not/RB afford/VB to/TO go/VB forward/RB with/IN [ venture/NP ] ''/'' and/CC is/VBZ seeking/VBG [ a/DT buyer/NN ] for/IN [ the/DT equity/NN interest_5/NN ] [ he/PP ] acquired/VBD ./. 
$$
====================================== [ investor/NN interest_1/NN ] in/IN [ summit/NP technology/NP ] ,/, [ visx/NP ] and/CC [ taunton/NP technologies/NPS ] blossomed/VBD [ last/JJ month/NN ] after/IN [ an/DT article/NN ] in/IN [ this/DT newspaper/NN ] said/VBD [ the/DT three/AB companies/NNS ] are/VBP racing/VBG to/TO market/VB [ a/DT version/NN ] of/IN [ a/DT ] highly/RB specialized/VBN [ laser/NN ] to/TO correct/VB [ vision/NN defects/NNS ] ./. 
$$
[ gm/NP ] has/VBZ raised/VBN [ the/DT interest_6/NN rates/NNS ] on/IN [ its/PP$ cut-rate/JJ auto/NN loans/NNS ] ;/: [ they/PP ] now/RB range/VBP from/IN [ 6.9/AB %/NN ] on/IN [ 24-month/JJ loans/NNS ] to/TO [ 10.9/AB %/NN ] on/IN [ 60-month/JJ loans/NNS ] ,/, compared/VBN with/IN [ terms/NNS ] on/IN [ 1989/AB models/NNS ] as/RB low/RB as/IN [ 2.9/AB %/NN ] ./. 
$$
====================================== [ investor/NN interest_1/NN ] was/VBD mainly/RB targeted/VBN at/IN [ issues/NNS whose/WP$ prices/NNS ] seemed/VBD to/TO move/VB up/RP quickly/RB ./. 
$$
====================================== amid/IN [ uncertainty/NN ] about/IN [ exchange/NN rate/NN directions/NNS ] and/CC [ domestic/JJ interest_6/NN rates/NNS ] ,/, [ institutional/JJ investors/NNS ] remained/VBD sidelined/JJ through/IN [ the/DT week/NN ] ./. 
$$
in/IN [ recent/JJ years/NNS ] ,/, [ he/PP ] says/VBZ ,/, [ italy/NP ] ``/`` has/VBZ concentrated/VBN only/RB on/IN [ monetary/JJ policy/NN ] --/: ``/`` by/IN [ keeping/VBG interest_6/NN rates/NNS ] high/JJ to/TO finance/VB [ its/PP$ huge/JJ deficit/NN ] ./. 
$$
====================================== [ mr./NP cirino/NP pomicino/NP ] hopes/VBZ to/TO change/VB that/DT by/IN ``/`` picking/VBG out/RP [ a/DT few/JJ areas/NNS ] [ that/WDT ] are/VBP essential/JJ to/TO [ the/DT national/JJ interest_4/NN ] and/CC concentrating/VBG on/IN making/VBG [ them/PP ] work/VB ,/, ''/'' [ he/PP ] says/VBZ ./. 
$$
====================================== [ the/DT budget/NN post/NN ] ,/, however/RB ,/, is/VBZ sure/JJ to/TO be/VB [ an/DT even/RB bigger/JJR ] challenge/NN ,/, because/IN spending/NN [ cuts/NNS ] involve/VBP attacking/VBG [ long/RB entrenched/VBN interests_4/NNS ] --/: [ something/NN ] [ few/JJ politicians/NNS ] seem/VBP willing/JJ to/TO do/VB ,/, especially/RB in/IN [ italy/NP ] ./. 
$$
====================================== [ the/DT bundesbank/NP ] ,/, appearing/VBG to/TO signal/VB [ a/DT further/JJ rise/NN ] in/IN [ west/JJ german/JJ interest_6/NN rates/NNS ] ,/, said/VBD [ previous/JJ rate-tightening/JJ steps/NNS ] have/VBP n't/RB sufficiently/RB reduced/VBN [ the/DT danger/NN ] of/IN [ inflation/NN ] ./. 
$$
====================================== in/IN [ its/PP$ september/NP report/NN ] ,/, [ the/DT central/JJ bank/NN ] said/VBD [ its/PP$ policy/NN ] of/IN slowly/RB forcing/VBG up/RP [ market/NN interest_6/NN rates/NNS ] [ this/DT summer/NN ] had/VBD only/RB ``/`` limited/JJ [ success/NN ] ''/'' in/IN reducing/VBG [ the/DT cash/NN ] circulating/VBG in/IN [ the/DT nation/NN 's/POS economy/NN ] ./. 
$$
''/'' [ it/PP ] said/VBD [ west/JJ german/JJ interest_6/NN rates/NNS ] are/VBP still/RB well/RB below/IN [ the/DT international/JJ average/NN ] and/CC that/IN [ currency/NN markets/NNS ] are/VBP focusing/VBG on/IN [ the/DT higher/JJR nominal/NN *interest/NN rates/NNS ] offered/VBN by/IN [ other/JJ currencies/NNS ] ./. 
$$
for/IN [ instance/NN ] ,/, [ u/NP s/NP west/NP ] purchased/VBD [ an/DT interest_5/NN ] in/IN [ a/DT u.k./NP cable/NN company/NN ] that/IN [ one/AB day/NN ] may/MD be/VB allowed/VBN to/TO provide/VB [ telephone/NN service/NN ] over/IN [ the/DT cable/NN network/NN ] ./. 
$$
====================================== ``/`` [ our/PP$ actions/NNS ] should/MD n't/RB be/VB interpreted/VBN as/IN [ a/DT lack/NN ] of/IN [ interest_1/NN ] in/IN [ international/JJ markets/NNS ] ,/, ''/'' explains/VBZ [ mr./NP malik/NP ] ./. 
$$
[ the/DT other/JJ day/NN ] ,/, [ mr./NP bourassa/NP ] ,/, [ who/WP ] angered/VBD [ english-speaking/JJ quebeckers/NPS ] by/IN reneging/VBG on/IN [ a/DT campaign/NN promise/NN ] to/TO permit/VB [ outdoor/JJ commercial/JJ signs/NNS ] in/IN [ english/NP ] ,/, squirmed/VBD through/IN [ an/DT hourlong/JJ session/NN ] designed/VBN to/TO reassure/VB [ these/DT voters/NNS ] --/: about/RB [ a/DT tenth/JJ ] of/IN [ the/DT electorate/NN ] --/: that/IN [ he/PP ] 'd/MD protect/VB [ their/PP$ interests_4/NNS ] ./. 
$$
====================================== [ cie./NP ] de/NP [ saint/NP gobain/NP ] said/VBD [ consolidated/JJ net/JJ income/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] rose/VBD [ 15/AB %/NN ] to/TO [ 2.01/AB billion/AB french/JJ francs/NNS ] (/( [ $/$ 305.7/AB million/AB ] )/) in/IN [ the/DT first/JJ ] [ half/NN ] of/IN [ 1989/AB ] ,/, reflecting/VBG continued/VBN [ strong/JJ demand/NN ] across/IN [ most/JJS major/JJ markets/NNS ] and/CC [ product/NN ranges/NNS ] ./. 
$$
but/CC initially/RB [ the/DT government/NN ] put/VBD [ the/DT second-quarter/JJ rate/NN ] at/IN [ 1.7/AB %/NN ] ,/, triggering/VBG [ anxiety/NN ] that/IN [ the/DT country/NN ] was/VBD heading/VBG for/IN [ a/DT recession/NN ] and/CC probably/RB influencing/VBG [ a/DT federal/NP reserve/NP ] move/NN to/TO let/VB [ interest_6/NN rates/NNS ] fall/VB in/IN [ late/JJ july/NP ] ./. 
$$
beginning/VBG in/IN [ march/NP 1988/AB ] and/CC continuing/VBG until/IN [ last/JJ spring/NN ] ,/, [ the/DT fed/NP ] steadily/RB pushed/VBD up/RP [ interest_6/NN rates/NNS ] to/TO curb/VB [ economic/JJ activity/NN ] in/IN [ order/NN ] to/TO restrain/VB [ inflation/NN ] ./. 
$$
[ generale/NP d'electricite/NP ] said/VBD [ its/PP$ group/NN profit/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] nearly/RB tripled/VBD in/IN [ the/DT first/JJ ] [ half/NN ] ,/, partly/RB as/IN [ a/DT result/NN ] of/IN accounting/NN [ changes/NNS ] linked/VBN to/TO [ the/DT creation/NN ] of/IN [ its/PP$ joint/JJ venture/NN ] with/IN [ general/NP electric/NP co./NP ] of/IN [ britain/NP ] ./. 
$$
====================================== to/TO tell/VB [ your/PP$ readers/NNS ] ``/`` to/TO find/VB out/RP [ which/WDT bonds/NNS ] are/VBP safe/JJ and/CC [ which/WDT ones/NNS ] risky/JJ ,/, do/VBP n't/RB look/VB at/IN [ the/DT ratings/NNS ] ,/, [ look/NN ] at/IN [ the/DT interest_6/NN rate/NN ] ''/'' is/VBZ [ unsound/JJ advice/NN ] ./. 
$$
[ interest_6/NN rates/NNS ] can/MD fluctuate/VB at/IN [ any/DT time/NN ] for/IN [ many/JJ reasons/NNS ] other/JJ than/IN [ a/DT change/NN ] in/IN [ basic/NN credit/NN quality/NN ] ./. 
$$
[ the/DT city/NN 's/POS bonds/NNS ] [ that/WDT ] were/VBD rated/VBN by/IN [ s&p/NP ] continued/VBD to/TO pay/VB [ principal/NN ] and/CC [ interest_6/NN ] and/CC never/RB went/VBD into/IN [ default/NN ] ./. 
$$
====================================== [ james/NP pattison/NP ] ,/, [ owner/NN ] of/IN [ jim/NP pattison/NP industries/NPS ltd./NP ] ,/, was/VBD elected/VBN [ a/DT director/NN ] of/IN [ this/DT concern/NN ] with/IN [ interests_5/NNS ] in/IN engineering/NN and/CC [ financial/JJ services/NNS ] ./. 
$$
''/'' [ none/NN ] of/IN [ ferranti/NP 's/POS banks/NNS ] threatened/VBD to/TO call/VB in/IN [ their/PP$ loans/NNS ] ,/, [ this/DT source/NN ] said/VBD --/: [ it/PP ] would/MD have/VB been/VBN against/IN [ their/PP$ own/JJ interests_4/NNS ] to/TO have/VB done/VBN so/RB ./. 
$$
[ intek/NP ] is/VBZ [ a/DT holding/VBG company/NN ] with/IN [ interests_5/NNS ] in/IN [ coating/NN products/NNS ] for/IN [ static/JJ control/NN ] ,/, and/CC is/VBZ also/RB [ a/DT maker/NN ] of/IN [ electrostatic/JJ simulation/NN ] and/CC [ testing/NN equipment/NN ] ./. 
$$
====================================== [ the/DT company/NN 's/POS low-key/JJ publicity/NN campaign/NN ] has/VBZ continued/VBN to/TO generate/VB [ interest_1/NN ] ./. 
$$
[ traders/NNS ] said/VBD [ retail/JJ interest_1/NN ] in/IN [ bonds/NNS ] has/VBZ dried/VBN up/IN and/CC [ price/NN moves/NNS ] are/VBP driven/VBN mostly/RB by/IN [ technical/JJ factors/NNS ] ./. 
$$
====================================== in/IN [ a/DT brief/JJ statement/NN ] ,/, [ mr./NP ankeny/NP ] conceded/VBD [ he/PP ] is/VBZ n't/RB [ the/DT best/JJS person/NN ] to/TO turn/VB [ first/NP bank/NP ] around/IN :/: ``/`` given/VBN [ the/DT ] challenges/NNS [ the/DT organization/NN ] faces/VBZ ,/, [ i/PP ] 've/VBP determined/VBN that/IN [ it/PP ] is/VBZ in/IN [ the/DT best/JJS interest_4/NN ] of/IN [ shareholders/NNS ] and/CC [ employees/NNS ] that/IN [ i/PP ] resign/VBP ''/'' as/IN [ chairman/NN ] ,/, [ president/NN ] and/CC [ chief/NN executive/NN ] ./. 
$$
by/IN far/RB [ the/DT worst/JJS ] was/VBD holding/VBG onto/IN [ an/DT $/$ 8/AB billion/AB government/NN bond/NN position/NN ] through/IN [ rising/VBG interest_6/NN rates/NNS ] during/IN [ 1987/AB ] in/IN [ the/DT hope/NN ] that/IN [ rates/NNS ] would/MD decline/VB ;/: [ rates/NNS ] did/VBD n't/RB and/CC [ the/DT value/NN ] of/IN [ the/DT bonds/NNS ] fell/VBD more/JJR than/IN [ $/$ 700/AB million/AB ] in/IN [ nine/AB months/NNS ] ./. 
$$
====================================== [ general/NP signal/NP ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ process/NN control/NN ] ,/, [ electrical/JJ ] ,/, [ semiconductor/NN ] ,/, [ transportation/NN ] and/CC [ telecommunications/NNS systems/NNS ] ,/, [ has/VBZ n't/RB ] had/VBN [ anyone/NN ] in/IN [ the/DT post/NN ] since/IN [ january/NP ] ,/, when/WRB [ theodore/NP wiedemann/NP ] resigned/VBD for/IN [ personal/JJ reasons/NNS ] ./. 
$$
====================================== [ itt/NP consumer/NP ] is/VBZ [ a/DT unit/NN ] of/IN [ new/NP york-based/JJ itt/NP corp./NP ] ,/, [ a/DT multinational/JJ giant/NN ] with/IN [ interests_5/NNS ] including/VBG [ communications/NNS ] ,/, [ information/NN ] and/CC [ financial/JJ services/NNS ] ,/, manufacturing/NN and/CC [ hotels/NNS ] ./. 
$$
``/`` [ the/DT attorneys/NNS ] general/JJ around/IN [ the/DT country/NN ] have/VBP been/VBN made/VBN [ aware/JJ ] of/IN [ some/DT ] of/IN [ these/DT practices/NNS ] and/CC will/MD note/VB [ this/DT settlement/NN ] with/IN [ interest_1/NN ] ,/, ''/'' [ mr./NP van/NP ] de/NP [ kamp/NP ] said/VBD ./. 
$$
[ any/DT nation/NN ] [ that/WDT ] believes/VBZ ``/`` [ extraordinary/JJ events/NNS ] ''/'' endanger/VBP [ its/PP$ ] ``/`` [ supreme/NN interests_4/NNS ] ''/'' may/MD withdraw/VB from/IN [ the/DT proposed/VBN conventional/JJ arms-control/JJ treaty/NN ] after/IN giving/VBG [ three/AB months/NNS '/POS notice/NN ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] for/IN [ the/DT month/NN ] ended/VBD [ sept./NP 15/AB ] fell/VBD [ 1.3/AB %/NN ] on/IN [ the/DT new/NP york/NP stock/NP exchange/NP ] but/CC crept/VBD up/IN less/JJR than/IN [ 1/AB %/NN ] to/TO [ a/DT record/NN ] on/IN [ the/DT american/NP stock/NP exchange/NP ] ./. 
$$
====================================== on/IN [ the/DT big/NP board/NP ] ,/, [ short/JJ interest_5/NN ] slipped/VBD to/TO [ 547,347,585/AB shares/NNS ] from/IN [ 554,537,766/AB ] [ a/DT month/NN ] earlier/RB ./. 
$$
on/IN [ the/DT amex/NP ] ,/, [ short/JJ interest_5/NN ] reached/VBD [ 51,887,168/AB shares/NNS ] from/IN [ an/DT adjusted/VBN 51,844,137/AB ] ./. 
$$
====================================== [ short/JJ interest_5/NN ] is/VBZ [ the/DT number/NN ] of/IN [ shares/NNS ] [ that/WDT ] have/VBP n't/RB yet/RB been/VBN purchased/VBN for/IN [ return/NN ] to/TO [ lenders/NNS ] ./. 
$$
although/IN [ a/DT substantial/JJ short/JJ position/NN ] reflects/VBZ [ heavy/JJ speculation/NN ] that/IN [ a/DT stock/NN 's/POS price/NN ] will/MD decline/VB ,/, [ some/DT investors/NNS ] consider/VBP [ an/DT increase/NN ] in/IN [ short/JJ interest_5/NN ] bullish/JJ because/IN [ the/DT borrowed/VBN shares/NNS ] eventually/RB must/MD be/VB bought/VBN back/RB ./. 
$$
====================================== [ fluctuation/NN ] in/IN [ short/JJ interest_5/NN ] of/IN [ certain/JJ stocks/NNS ] also/RB may/MD be/VB caused/VBN partly/RB by/IN arbitraging/VBG ./. 
$$
====================================== [ the/DT level/NN ] of/IN [ negative/JJ sentiment/NN ] measured/VBN by/IN [ the/DT big/NP board/NP short/JJ interest_5/NN ratio/NN ] rose/VBD to/TO [ 3.38/AB ] from/IN [ last/JJ month/NN ] 's/POS [ 3.13/AB ] ./. 
$$
[ the/DT ratio/NN ] is/VBZ [ the/DT number/NN ] of/IN trading/NN [ days/NNS ] ,/, at/IN [ the/DT exchange/NN 's/POS average/JJ trading/VBG volume/NN ] ,/, [ that/WDT ] would/MD be/VB required/VBN to/TO convert/VB [ the/DT total/JJ short/JJ interest_5/NN position/NN ] ./. 
$$
====================================== [ the/DT largest/JJS big/NP board/NP ] drop/NN in/IN [ short/JJ interest_5/NN volume/NN ] was/VBD that/IN of/IN [ panhandle/NP eastern/NP corp./NP ] ,/, [ a/DT pipeline/NN company/NN ] ,/, to/TO [ 495,904/AB shares/NNS ] from/IN [ 6.4/AB million/AB ] ./. 
$$
====================================== [ the/DT adjacent/JJ tables/NNS ] show/VBP [ the/DT big/NP board/NP ] and/CC [ amex/NP issues/NNS ] in/IN [ which/WDT ] [ a/DT short/JJ interest_5/NN position/NN ] of/IN at/IN [ least/JJS 100,000/AB shares/NNS ] existed/VBD as/IN of/IN [ mid-september/NP ] or/CC in/IN [ which/WDT there/EX ] was/VBD [ a/DT short/JJ position/NN change/NN ] of/IN at/IN [ least/JJS 50,000/AB shares/NNS ] since/IN [ mid-august/NP ] (/( see/VB accompanying/VBG [ tables/NNS ] --/: [ wsj/NP sept./NP 22/AB ] ,/, [ 1989/AB ] )/) ./. 
$$
[ mr./NP schlossberg/NP ] thought/VBD [ dinner/NN ] would/MD be/VB [ a/DT better/JJR way/NN ] to/TO ``/`` really/RB communicate/VB with/IN [ her/PP ] so/IN [ she/PP ] would/MD take/VB [ a/DT special/JJ interest_1/NN ] in/IN [ me/PP ] ./. 
$$
====================================== [ cie./NP ] de/NP [ saint/NP gobain/NP ] said/VBD [ consolidated/JJ net/JJ income/NN ] after/IN [ payments/NNS ] to/TO [ minority/NN interests_5/NNS ] rose/VBD [ 15/AB %/NN ] to/TO [ 2.01/AB billion/AB french/JJ francs/NNS ] (/( [ $/$ 305.7/AB million/AB ] )/) in/IN [ the/DT first/JJ ] [ half/DT ] of/IN [ 1989/AB ] ,/, reflecting/VBG continued/VBN [ strong/JJ demand/NN ] across/IN [ most/JJS major/JJ markets/NNS ] and/CC [ product/NN ranges/NNS ] ./. 
$$
====================================== [ coats/NPS viyella/NP plc/NP ] ,/, [ a/DT british/JJ textile/NN manufacturer/NN ] ,/, said/VBD [ pretax/JJ profit/NN ] slumped/VBD [ 27/AB %/NN ] during/IN [ the/DT latest/JJS six/AB months/NNS ] ,/, as/IN [ high/JJ u.k./NP interest_6/NN rates/NNS ] and/CC [ rising/VBG imports/NNS ] ripped/VBD into/IN [ profitability/NN ] ./. 
$$
for/IN [ the/DT first/JJ six/AB months/NNS ] of/IN [ 1989/AB ] ,/, [ the/DT company/NN ] reported/VBD [ revenue/NN ] of/IN [ $/$ 1.77/AB billion/AB ] and/CC [ earnings/NNS ] before/IN [ interest_6/NN ] ,/, [ taxes/NNS ] and/CC [ depreciation/NN ] of/IN [ $/$ 365/AB million/AB ] ./. 
$$
[ its/PP$ net/JJ interest_6/NN expenses/NNS ] were/VBD [ $/$ 238/AB million/AB ] in/IN [ the/DT same/JJ period/NN ] ./. 
$$
====================================== under/IN [ the/DT accord/NN ] ,/, [ banks/NNS ] can/MD choose/VB to/TO make/VB [ new/JJ loans/NNS ] and/CC take/VB [ no/DT charge/NN ] against/IN [ reserves/NNS ] or/CC to/TO swap/VB [ their/PP$ loans/NNS ] for/IN [ bonds/NNS ] [ that/WDT ] carry/VBP either/CC [ a/DT 35/AB %/NN discount/NN ] in/IN [ face/NN value/NN ] from/IN [ the/DT loan/NN amount/NN ] or/CC [ a/DT below-market/JJ 6.25/AB %/NN interest_6/NN rate/NN ] ./. 
$$
[ budget/NN ] and/CC [ trade/NN deficits/NNS ] as/RB well/RB as/IN [ unemployment/NN ] outrank/VBP [ interest_6/NN rates/NNS ] as/IN [ economic/JJ concerns/NNS ] ./. 
$$
[ gop/NP rep./NP martin/NP ] says/VBZ [ voters/NNS '/POS wide/JJ interests_3/NNS ] are/VBP n't/RB reflected/VBN in/IN [ what/WP ] [ she/PP ] calls/VBZ [ the/DT media/NNS 's/POS ] ``/`` [ bikini/NN treatment/NN ] :/: [ skimpy/JJ coverage/NN ] [ that/WDT ] calls/VBZ [ attention/NN ] to/TO [ the/DT most/RBS sensational/JJ parts/NNS ] ./. 
$$
====================================== [ note/NN ] :/: [ capital/NN ] is/VBZ defined/VBN as/IN [ owner/NN 's/POS equity/NN ] ,/, [ reserves/NNS ] ,/, [ minority/NN interest_5/NN ] ,/, preferred/VBN [ stock/NN ] and/CC [ long-term/JJ debt/NN ] ./. 
$$
====================================== in/IN [ the/DT letter/NN ] ,/, [ mr./NP preston/NP ] said/VBD [ it/PP ] remained/VBD in/IN [ the/DT company/NN 's/POS long-term/JJ interest_4/NN ] to/TO remain/VB [ independent/JJ ] ./. 
$$
====================================== [ ford/NP motor/NP 's/POS interest_1/NN ] in/IN [ jaguar/NP ] continued/VBD to/TO stir/VB [ *interest/NN ] in/IN [ the/DT foreign/JJ car/NN maker/NN ] ,/, [ whose/WP$ ] [ american/JJ depositary/NN receipts/NNS ] were/VBD [ the/DT most/RBS active/JJ issue/NN ] on/IN [ nasdaq/NP ] ;/: [ they/PP ] rose/VBD [ 1732/AB ] to/TO [ 8/AB 1316/AB ] on/IN [ turnover/NN ] of/IN [ 4.1/AB million/AB ] ./. 
$$
====================================== [ ford/NP motor/NP 's/POS *interest/NN ] in/IN [ jaguar/NP ] continued/VBD to/TO stir/VB [ interest_1/NN ] in/IN [ the/DT foreign/JJ car/NN maker/NN ] ,/, [ whose/WP$ ] [ american/JJ depositary/NN receipts/NNS ] were/VBD [ the/DT most/RBS active/JJ issue/NN ] on/IN [ nasdaq/NP ] ;/: [ they/PP ] rose/VBD [ 1732/AB ] to/TO [ 8/AB 1316/AB ] on/IN [ turnover/NN ] of/IN [ 4.1/AB million/AB ] ./. 
$$
[ both/PDT ] [ the/DT bush/NP administration/NN ] and/CC [ the/DT japanese/NP ] would/MD like/VB to/TO see/VB [ the/DT u.s./NP federal/NP reserve/NP lower/JJR interest_6/NN rates/NNS ] --/: [ a/DT move/NN ] [ that/WDT ] would/MD weaken/VB [ the/DT dollar/NN ] by/IN making/VBG [ u.s./NP investments/NNS ] less/RBR attractive/JJ ./. 
$$
according/VBG to/TO [ some/DT u.s./NP officials/NNS ] ,/, [ the/DT japanese/NP ] have/VBP offered/VBN to/TO multiply/VB [ the/DT power/NN ] of/IN [ a/DT u.s./NP *interest-rate/NN cut/NN ] by/IN boosting/VBG [ their/PP$ own/JJ interest_6/NN rates/NNS ] at/IN [ the/DT same/JJ time/NN ] ./. 
$$
====================================== [ the/DT selectiveness/NN ] reflected/VBD [ an/DT investors/NNS '/POS move/NN ] to/TO avoid/VB committing/VBG [ themselves/PP ] to/TO [ the/DT market/NN ] ,/, as/IN [ uncertainties/NNS ] about/IN [ currencies/NNS ] and/CC [ domestic/JJ interest_6/NN rates/NNS ] remained/VBD [ strong/JJ ] ,/, [ traders/NNS ] said/VBD ./. 
$$
and/CC [ relative/JJ firmness/NN ] on/IN [ wall/NP street/NP ] ,/, along/IN with/IN [ the/DT lack/NN ] of/IN [ movement/NN ] by/IN [ west/NP germany/NP ] on/IN [ interest_6/NN rates/NNS ] ,/, as/IN feared/VBN [ thursday/NP ] ,/, helped/VBD to/TO ease/VB [ fears/NNS ] that/IN [ a/DT major/JJ downward/JJ correction/NN ] was/VBD imminent/JJ ./. 
$$
[ jaguar/NP ] ,/, [ the/DT focus/NN ] of/IN [ active/JJ dealings/NNS ] since/IN [ ford/NP motor/NP ] announced/VBD [ its/PP$ interest_1/NN ] earlier/RBR [ this/DT week/NN ] ,/, closed/VBD at/IN [ 548/AB ] ,/, up/IN [ 38/AB ] ,/, on/IN [ 11/AB million/AB shares/NNS ] traded/VBN ./. 
$$
)/) ====================================== in/IN [ 1985/AB ] ,/, [ a/DT ] little/RB more/JJR than/IN [ a/DT year/NN ] after/IN leaving/VBG [ the/DT agency/NN ] ,/, [ mr./NP wilson/NP ] received/VBD [ a/DT 15/AB %/NN interest_5/NN ] --/: then/RB valued/VBN at/IN [ $/$ 750,000/AB ] --/: in/IN [ a/DT hud-backed/JJ florida/NP apartment/NN project/NN ] in/IN [ which/WDT ] [ mr./NP briscoe/NP ] was/VBD [ the/DT general/JJ partner/NN ] ./. 
$$
====================================== at/IN [ the/DT private/JJ meeting/NN mr./NP wilson/NP ] arranged/VBD before/IN [ dinner/NN ] between/IN [ the/DT hud/NP secretary/NN ] and/CC [ the/DT painewebber/NP chairman/NN ] ,/, [ the/DT two/AB men/NNS ] discussed/VBD ``/`` [ general/JJ pleasantries/NNS ] and/CC [ the/DT sad/JJ state/NN ] of/IN [ the/DT homeless/JJ ] ,/, ''/'' according/VBG to/TO [ an/DT official/NN ] of/IN [ the/DT firm/NN ] ,/, but/CC not/RB [ painewebber/NP 's/POS interest_1/NN ] in/IN [ doing/VBG business/NN ] with/IN [ hud/NP ] ./. 
$$
[ hud/NP officials/NNS ] nevertheless/RB acknowledge/VBP [ they/PP ] were/VBD concerned/VBN about/IN [ a/DT possible/JJ conflict/NN ] of/IN [ interest_4/NN ] ,/, with/IN [ painewebber/NP ] representing/VBG [ both/PDT ] [ the/DT seller/NN ] and/CC [ buyer/NN ] of/IN [ various/JJ agency/NN assets/NNS ] ./. 
$$
[ the/DT officials/NNS ] put/VBD aside/RB [ their/PP$ concerns/NNS ] after/IN reviewing/VBG [ a/DT legal/JJ opinion/NN ] asserting/VBG that/IN ``/`` [ no/DT conflict/NN ] of/IN [ interest_4/NN ] should/MD arise/VB ./. 
$$
====================================== [ congress/NP ] passed/VBD [ a/DT law/NN ] specifically/RB permitting/VBG [ ginnie/NP mae/NP ] ,/, in/IN [ the/DT interests_4/NNS ] of/IN [ preserving/VBG low-income/JJ housing/NN ] ,/, to/TO sell/VB [ the/DT assets/NNS ] to/TO [ a/DT state/NN agency/NN ] in/IN [ a/DT negotiated/VBN sale/NN ] --/: without/IN seeking/VBG [ competitive/JJ bids/NNS ] ./. 
$$
[ federal/NP ] has/VBZ had/VBN to/TO pay/VB [ interest_6/NN ] on/IN [ money/NN ] borrowed/VBN in/IN [ connection/NN ] with/IN [ the/DT acquisition/NN ] while/IN [ it/PP ] waded/VBD through/IN [ the/DT process/NN ] of/IN obtaining/VBG [ regulatory/JJ approvals/NNS ] for/IN [ the/DT acquisition/NN ] ./. 
$$
====================================== [ the/DT dollar/NN ] finished/VBD moderately/RB [ stronger/JJR ] ,/, barely/RB reacting/VBG to/TO [ a/DT decision/NN ] to/TO leave/VB [ german/JJ interest_6/NN rates/NNS ] unchanged/JJ and/CC [ news/NN ] that/IN [ the/DT second-quarter/JJ u.s./NP gross/JJ national/JJ product/NN ] was/VBD lower/JJR than/IN [ earlier/JJR estimates/NNS ] ./. 
$$
although/IN [ few/JJ ] in/IN [ the/DT market/NN ] had/VBD expected/VBN [ the/DT bundesbank/NP ] to/TO raise/VB [ german/JJ interest_6/NN rates/NNS ] before/IN [ the/DT g-7/NP gathering/NN ] ,/, [ the/DT market/NN ] had/VBD nonetheless/RB been/VBN wary/JJ of/IN [ the/DT possibility/NN ] ./. 
$$
as/IN reported/VBN ,/, [ new/NP york-based/JJ lin/NP ] agreed/VBD earlier/RBR [ this/DT month/NN ] to/TO merge/VB [ its/PP$ domestic/JJ cellular/JJ telephone/NN interests_5/NNS ] with/IN [ bellsouth/NP ] in/IN [ a/DT move/NN ] aimed/VBN at/IN [ thwarting/VBG mccaw/NP 's/POS bid/NN ] ./. 
$$
''/'' ====================================== [ foreign/NP bonds/NPS ] ====================================== [ west/JJ german/JJ government/NN bonds/NNS ] ended/VBD [ weaker/JJR ] even/RB though/IN [ the/DT policy-making/JJ unit/NN ] of/IN [ the/DT deutsche/NP bundesbank/NP ] left/VBD [ important/JJ interest_6/NN rates/NNS ] unchanged/JJ ./. 
$$
====================================== [ the/DT market/NN 's/POS weakness/NN ] reflects/VBZ [ growing/VBG sentiment/NN ] that/IN [ the/DT central/JJ bank/NN ] will/MD eventually/RB push/VB [ interest_6/NN rates/NNS ] higher/JJR ./. 
$$
====================================== [ anchor/NP ] ,/, [ which/WDT ] has/VBZ said/VBN [ it/PP ] has/VBZ been/VBN talking/VBG to/TO [ third/JJ parties/NNS ] ,/, said/VBD that/IN based/VBN on/IN [ the/DT ] ``/`` [ interests_1/NNS ] indicated/VBN ''/'' by/IN [ those/DT parties/NNS ] ,/, [ the/DT company/NN 's/POS sale/NN ] would/MD be/VB [ the/DT best/JJS method/NN ] for/IN [ improving/VBG value/NN ] for/IN [ anchor/NP shareholders/NNS ] ./. 
$$
====================================== ``/`` at/IN [ the/DT present/JJ level/NN ] of/IN [ assets/NNS ] and/CC yields/NNS ,/, over/IN [ $/$ 400/AB million/AB ] [ a/DT week/NN ] comes/VBZ just/RB from/IN [ the/DT interest_6/NN ] credited/VBN by/IN [ funds/NNS ] to/TO [ individual/JJ accounts/NNS ] ,/, ''/'' said/VBD [ jacob/NP dreyer/NP ] ,/, [ vice/NN president/NN ] and/CC [ chief/NN economist/NN ] at/IN [ the/DT washington/NP ] ,/, [ d.c.-based/JJ trade/NN group/NN ] ./. 
$$
====================================== [ capitol/NP records/NPS ] said/VBD [ david/NP berman/NP ] resigned/VBD as/IN [ president/NN ] ,/, [ effective/JJ today/NN ] ,/, ``/`` to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== [ westinghouse/NP ] has/VBZ [ interests_5/NNS ] in/IN [ electrical/JJ products/NNS ] ,/, [ defense/NN electronics/NNS ] ,/, [ financial/JJ services/NNS ] and/CC [ broadcasting/NN ] ./. 
$$
====================================== ``/`` though/IN [ this/DT transaction/NN ] has/VBZ [ some/DT 30/AB days/NNS ] to/TO become/VB totally/RB [ effective/JJ ] ,/, [ we/PP ] wanted/VBD [ you/PP ] to/TO know/VB of/IN [ this/DT development/NN ] and/CC how/WRB [ we/PP ] feel/VBP [ it/PP ] 's/VBZ in/IN [ the/DT very/RB best/JJS interest_4/NN ] of/IN [ a&m/NP 's/POS future/NN ] ,/, ''/'' [ the/DT company/NN 's/POS co-chairman/NN ] and/CC [ chairman/NN ] ,/, [ herb/NP alpert/NP ] and/CC [ jerry/NP moss/NP ] ,/, said/VBD in/IN [ a/DT note/NN ] to/TO [ the/DT a&m/NP staff/NN ] ,/, [ which/WDT ] was/VBD later/RB disclosed/VBN to/TO [ the/DT media/NNS ] ./. 
$$
====================================== [ thursday/NP ] ,/, [ september/NP 21/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
[ namely/RB ] ,/, [ seaman/NP furniture/NP ] ,/, [ a/DT furniture/NN retailer/NN ] acquired/VBN by/IN [ kohlberg/NP kravis/NP roberts/NP ] [ that/WDT ] has/VBZ missed/VBN [ interest_6/NN payments/NNS ] on/IN [ its/PP$ bonds/NNS ] ;/: [ g./NP heileman/NP ] ,/, [ a/DT wisconsin/NP brewer/NN ] bought/VBN by/IN [ the/DT now-troubled/JJ ] ,/, [ australia-based/JJ bond/NP corp./NP ] ,/, and/CC [ phillips/NP beverage/NP co./NP ] ,/, [ a/DT minneapolis/NP liquor/NN distributor/NN ] acquired/VBN by/IN [ its/PP$ management/NN ] ./. 
$$
[ fees/NNS ] are/VBP larger/JJR and/CC [ interest_6/NN rates/NNS ] are/VBP [ 1/AB 12/AB percentage/NN points/NNS ] higher/JJR than/IN on/IN [ other/JJ corporate/JJ loans/NNS ] ,/, according/VBG to/TO [ wells/NP fargo/NP ] ./. 
$$
[ what/WP ] is/VBZ unnerving/VBG about/IN [ first/NP bank/NP ] is/VBZ [ that/DT ] --/: after/IN [ a/DT series/NN ] of/IN [ mishaps/NNS ] in/IN [ energy/NN ] ,/, [ real/JJ estate/NN ] and/CC [ agriculture/NN loans/NNS ] ,/, and/CC [ a/DT disastrous/JJ wrong-way/JJ bet/NN ] on/IN [ interest_6/NN rates/NNS ] ,/, [ it/PP ] ,/, too/RB ,/, believed/VBD [ it/PP ] was/VBD taking/VBG [ a/DT conservative/JJ stance/NN ] ./. 
$$
[ a/DT big/JJ cyclical/JJ company/NN ] ,/, such/JJ as/IN [ amr/NP ] ,/, [ parent/NN ] of/IN [ american/NP airlines/NPS ] ,/, could/MD raise/VB [ money/NN ] in/IN [ the/DT stock/NN market/NN ] ,/, reduce/VB [ debt/NN ] and/CC cut/VB [ interest_6/NN expense/NN ] ,/, [ slash/VB fares/NNS ] and/CC [ undercut/VB debt-laden/JJ competitors/NNS ] ./. 
$$
====================================== [ big/NP board/NP short/JJ interest_5/NN ] fell/VBD [ 1.3/AB %/NN ] for/IN [ the/DT month/NN ] ended/VBD [ sept./NP 15/AB ] ./. 
$$
[ hanson/NP ] has/VBZ [ interests_5/NNS ] in/IN [ chemicals/NNS ] ,/, [ restaurants/NNS ] ,/, [ foods/NNS ] ,/, building/VBG [ products/NNS ] ,/, [ cookware/NN ] ,/, lighting/NN and/CC [ other/JJ products/NNS ] ./. 
$$
====================================== [ dow/NP jones/NP ] ,/, [ which/WDT ] publishes/VBZ [ the/NP wall/NP street/NP journal/NP ] ,/, has/VBZ been/VBN [ an/DT investor/NN ] in/IN [ telerate/NP ] ,/, [ an/DT electronic/JJ financial/JJ information/NN ] and/CC [ transaction/NN services/NNS company/NN ] ,/, since/IN [ 1985/AB ] ,/, when/WRB [ it/PP ] purchased/VBD [ a/DT 32/AB %/NN interest_5/NN ] ./. 
$$
[ mr./NP jacquette/NP ] ,/, [ 52/AB years/NNS ] old/JJ ,/, succeeds/VBZ [ steven/NP t./NP darak/NP ] ,/, [ who/WP ] resigned/VBD as/IN [ president/NN ] and/CC [ chief/NN operating/VBG officer/NN wednesday/NP ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
``/`` [ the/DT common/JJ interest_4/NN ] of/IN [ common/JJ ownership/NN ] will/MD supersede/VB [ any/DT parochial/JJ concerns/NNS ] ,/, ''/'' [ he/PP ] predicts/VBZ ./. 
$$
``/`` [ they/PP ] went/VBD from/IN [ asking/VBG 'why/WRB ] did/VBD [ those/DT no-good-bums/NNS ] cut/VB [ us/PP ] loose/RB ,/, '/'' to/TO [ 'who/WP ] is/VBZ going/VBG to/TO lend/VB [ us/PP ] [ money/NN ] at/IN [ what/WDT interest_6/NN rates/NNS ] ./. 
$$
====================================== [ raytheon/NP ] ,/, [ which/WDT ] used/VBD [ a/DT 1939/AB british/JJ design/NN ] to/TO make/VB [ radar/NN equipment/NN ] to/TO detect/VB [ enemy/NN planes/NNS ] during/IN [ world/NP war/NP ii/NP ] ,/, had/VBD purchased/VBN [ a/DT one-third/JJ interest_5/NN ] in/IN [ new/NP japan/NP radio/NP ] in/IN [ 1961/AB ] and/CC made/VBN [ its/PP$ tube/NN designs/NNS ] available/JJ to/TO [ the/DT japanese/JJ concern/NN ] ./. 
$$
====================================== [ marriott/NP ] ,/, [ which/WDT ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ restaurants/NNS ] and/CC [ contract-food/NN services/NNS ] ,/, already/RB has/VBZ used/VBN [ the/DT franchising/NN technique/NN ] successfully/RB to/TO expand/VB [ its/PP$ marriott/NP hotels/NPS ] &/CC [ resorts/NPS ] and/CC [ residence/NP inn/NP chains/NNS ] ./. 
$$
[ the/DT histadrut/NP ] owns/VBZ [ koor/NP industries/NPS ltd./NP ] ,/, [ the/DT state/NN 's/POS largest/JJS industrial/JJ conglomerate/NN ] [ whose/WP$ interests_5/NNS ] in/IN [ steel/NN ] ,/, [ electronics/NN ] ,/, [ chemicals/NNS ] and/CC [ consumer/NN products/NNS ] yielded/VBD [ 1988/AB sales/NNS ] of/IN [ $/$ 2.34/AB billion/AB ] ./. 
$$
====================================== [ the/DT acquisition/NN ] is/VBZ expected/VBN to/TO generate/VB [ wide/JJ interest_1/NN ] because/IN [ there/EX ] has/VBZ been/VBN [ much/JJ publicity/NN ] in/IN [ recent/JJ years/NNS ] over/IN [ drugs/NNS ] [ which/WDT ] are/VBP being/VBG touted/VBN as/RB hair-growing/JJ or/CC [ wrinkle-fighting/JJ treatments/NNS ] ./. 
$$
====================================== in/IN [ princeton/NP ] ,/, [ n.j./NP ] ,/, [ a/DT spokeswoman/NN ] for/IN [ squibb/NP ] declined/VBD to/TO release/VB [ details/NNS ] of/IN [ the/DT drugs/NNS '/POS studies/NNS ] ,/, but/CC said/VBD that/IN ``/`` [ there/EX ] was/VBD [ sufficient/JJ data/NN ] to/TO support/VB [ our/PP$ interest_1/NN ] in/IN [ this/DT opportunity/NN ] ./. 
$$
[ whatever/WDT balance/NN ] should/MD be/VB struck/VBN between/IN [ consumers/NNS '/POS interest_4/NN ] in/IN getting/VBG [ old/JJ drugs/NNS ] cheaply/RB and/CC [ their/PP$ *interest/NN ] in/IN seeing/VBG [ new/JJ drugs/NNS ] invented/VBN ,/, [ it/PP ] can/MD be/VB struck/VBN through/IN [ patent/NN policy/NN ] rather/RB than/IN by/IN forcing/VBG [ generic/JJ makers/NNS ] to/TO jump/VB through/IN [ needless/JJ paper-work/NN hoops/NNS ] ./. 
$$
[ whatever/WDT balance/NN ] should/MD be/VB struck/VBN between/IN [ consumers/NNS '/POS *interest/NN ] in/IN getting/VBG [ old/JJ drugs/NNS ] cheaply/RB and/CC [ their/PP$ interest_4/NN ] in/IN seeing/VBG [ new/JJ drugs/NNS ] invented/VBN ,/, [ it/PP ] can/MD be/VB struck/VBN through/IN [ patent/NN policy/NN ] rather/RB than/IN by/IN forcing/VBG [ generic/JJ makers/NNS ] to/TO jump/VB through/IN [ needless/JJ paper-work/NN hoops/NNS ] ./. 
$$
[ san/NP miguel/NP ] said/VBD in/IN [ a/DT report/NN ] to/TO [ its/PP$ stockholders/NNS ] that/IN [ higher/JJR wages/NNS ] ,/, [ production/NN costs/NNS ] ,/, and/CC [ interest_6/NN rates/NNS ] threaten/VBP [ growth/NN prospects/NNS ] for/IN [ the/DT second/JJ ] [ half/NN ] ./. 
$$
====================================== [ goldstar/NP industrial/NP ] is/VBZ [ a/DT member/NN company/NN ] of/IN [ lucky-goldstar/NP ] ,/, [ a/DT company/NN ] with/IN [ interests_5/NNS ] in/IN [ electronics/NN ] ,/, [ chemistry/NN ] and/CC [ energy/NN ] ,/, and/CC [ a/DT network/NN ] of/IN [ 34/AB companies/NNS ] and/CC [ 110,000/AB employees/NNS ] in/IN more/RBR than/IN [ 37/AB countries/NNS ] world-wide/JJ ./. 
$$
====================================== [ two/AB other/JJ companies/NNS ] ,/, [ morgan/NP stanley/NP inc./NP ] and/CC [ credit/NP suisse/NP first/NP boston/NP ltd./NP ] ,/, were/VBD [ part/NN ] of/IN [ a/DT consortium/NN ] [ that/WDT ] conceived/VBD [ the/DT project/NN ] but/CC later/RB sold/VBD most/RBS of/IN [ its/PP$ interest_5/NN ] to/TO [ olympia/NP ] &/CC [ york/NP ] ./. 
$$
====================================== additionally/RB ,/, [ movements/NNS ] in/IN [ exchange/NN rates/NNS ] can/MD also/RB be/VB caused/VBN by/IN [ divergent/JJ interest_6/NN rates/NNS ] ./. 
$$
suppose/VB [ that/DT ] from/IN [ an/DT initial/JJ point/NN ] of/IN [ equality/NN ] ,/, [ the/DT interest_6/NN rate/NN ] on/IN [ british/JJ bonds/NNS ] rises/VBZ while/IN that/DT on/IN [ u.s./NP bonds/NNS ] remains/VBZ [ unchanged/JJ ] ./. 
$$
====================================== because/IN faster/JJR [ monetary/JJ growth/NN ] can/MD cause/VB [ faster/JJR economic/JJ growth/NN ] and/CC [ lower/JJR nominal/JJ interest_6/NN rates/NNS ] ,/, [ it/PP ] can/MD cause/VB [ the/DT dollar/NN ] to/TO fall/VB ./. 
$$
====================================== [ yesterday/NN ] ,/, [ vw/NP ] and/CC [ volvo/NP spokesmen/NNS ] denied/VBD [ speculation/NN ] about/IN [ their/PP$ possible/JJ interest_1/NN ] in/IN [ jaguar/NP ] ./. 
$$
====================================== [ american/NP home/NP ] ,/, involved/VBN in/IN [ anti-generic/JJ drug/NN campaigns/NNS ] over/IN [ the/DT years/NNS ] ,/, surprised/VBD [ some/DT industry/NN executives/NNS ] when/WRB [ it/PP ] acquired/VBD controlling/VBG [ interest_5/NN ] in/IN [ quantum/NP ] in/IN [ 1986/AB ] ./. 
$$
====================================== [ new/NP york-based/JJ american/NP home/NP ] has/VBZ [ interests_5/NNS ] in/IN [ prescription/NN ] and/CC [ over-the-counter/JJ drugs/NNS ] ,/, [ medical/JJ supplies/NNS ] and/CC [ food/NN ] and/CC [ household/NN products/NNS ] ./. 
$$
====================================== [ dr./NP seife/NP ] testified/VBD that/IN [ he/PP ] began/VBD diverting/VBG [ quantum/NP 's/POS drug/NN applications/NNS ] away/RB from/IN [ mr./NP chang/NP ] in/IN [ 1986/AB ] to/TO avoid/VB [ any/DT appearance/NN ] of/IN [ conflict/NN ] of/IN [ interest_4/NN ] or/CC [ favoritism/NN ] ./. 
$$
[ the/DT compromise/NN ] :/: [ letters/NNS ] arriving/VBG from/IN [ russia/NP ] could/MD be/VB opened/VBN by/IN [ anyone/NN ] because/IN [ they/PP ] might/MD contain/VB [ news/NN ] of/IN [ general/JJ interest_2/NN ] from/IN [ home/NN ] ./. 
$$
but/CC when/WRB [ the/DT government/NN ] finally/RB reined/VBD in/RP [ inflation/NN ] by/IN [ sending/VBG interest_6/NN rates/NNS ] soaring/VBG ,/, [ the/DT kibbutzim/NNS ] suddenly/RB found/VBD [ themselves/PP ] shockingly/RB over-committed/JJ ./. 
$$
and/CC [ the/DT kibbutzim/NNS ] generally/RB have/VBP been/VBN able/JJ to/TO renegotiate/VB [ their/PP$ loans/NNS ] at/IN [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
[ negotiations/NNS ] for/IN [ long-term/JJ ] financing/NN ,/, involving/VBG [ mr./NP rodale/NP 's/POS acquisition/NN ] of/IN [ a/DT minority/NN interest_5/NN ] in/IN [ the/DT store/NN ] ,/, are/VBP in/IN [ progress/NN ] ,/, [ robert/NP contant/NP ] ,/, [ a/DT saint/NP mark/NP 's/POS partner/NN ] ,/, added/VBD ./. 
$$
[ they/PP ] also/RB wanted/VBD to/TO cap/VB [ interest_6/NN deductions/NNS ] for/IN [ lbo/NP borrowing/NN ] ./. 
$$
[ no/DT more/JJR ] ``/`` [ corporate/JJ raider/NN ] ''/'' [ taxes/NNS ] ,/, but/CC [ there/EX ] is/VBZ [ a/DT provision/NN ] [ that/WDT ] limits/VBZ [ refunds/NNS ] of/IN [ prior-year/JJ taxes/NNS ] for/IN [ companies/NNS ] [ that/WDT ] show/VBP [ losses/NNS ] because/IN of/IN [ high/JJ lbo/NP interest_6/NN costs/NNS ] ./. 
$$
====================================== [ co/NP lpl/NP +/NN etr/NP ] ====================================== [ louisiana/NP power/NP ] &/CC [ light/NP co./NP ] ,/, [ a/DT unit/NN ] of/IN [ entergy/NP corp./NP ] ,/, said/VBD [ it/PP ] will/MD redeem/VB in/IN [ entirety/NN ] on/IN [ oct./NP 27/AB ] ,/, [ five/AB series/NN ] of/IN [ first/JJ mortgage/NN bonds/NNS ] at/IN [ 100/AB %/NN ] of/IN [ the/DT principal/NN ] plus/CC [ interest_6/NN ] ./. 
$$
[ sale/NP ] of/IN [ the/DT equity/NN interest_5/NN ] will/MD result/VB in/IN [ a/DT ] ``/`` [ significant/JJ charge/NN ] ''/'' but/CC [ the/DT amount/NN has/VBZ n't/RB ] been/VBN determined/VBN ,/, [ it/PP ] added/VBD ./. 
$$
====================================== [ currency/NN traders/NNS ] said/VBD that/IN besides/IN [ a/DT wariness/NN ] of/IN [ central/JJ bank/NN action/NN ] against/IN [ the/DT dollar/NN ] ,/, [ there/EX ] also/RB is/VBZ [ a/DT fear/NN ] that/IN [ west/NP germany/NP ] will/MD boost/VB [ interest_6/NN rates/NNS today/NN ] ./. 
$$
although/IN [ the/DT likelihood/NN ] of/IN [ such/JJ an/DT increase/NN ] is/VBZ n't/RB great/JJ ,/, [ traders/NNS ] do/VBP n't/RB want/VB to/TO be/VB holding/VBG [ dollars/NNS ] should/MD [ the/DT bundesbank/NP ] decide/VB [ today/NN ] that/IN [ inflationary/JJ threats/NNS ] justify/VBP [ an/DT interest_6/NN rate/NN increase/NN ] ./. 
$$
[ the/DT battle/NN ] over/IN [ section/NP 89/AB ] is/VBZ really/RB [ a/DT battle/NN ] over/IN whether/IN [ congress/NP ] can/MD be/VB forced/VBN to/TO represent/VB [ the/DT people/NNS ] instead/RB of/IN [ its/PP$ own/JJ peculiar/JJ interests_4/NNS ] ./. 
$$
[ bridge/NN loans/NNS ] pay/VBP [ interest_6/NN rates/NNS ] [ that/WDT ] are/VBP as/RB much/JJ as/IN [ four/AB percentage/NN points/NNS ] above/IN [ the/DT prime/JJ rate/NN ] ,/, and/CC as/RB much/JJ as/IN [ five/AB percentage/NN points/NNS ] above/IN [ the/DT investment/NN bank/NN 's/POS own/JJ cost/NN ] of/IN borrowing/NN ./. 
$$
====================================== [ the/DT ohio/NP mattress/NP price/NN ] is/VBZ about/RB [ 14/AB times/NNS ] [ the/DT company/NN 's/POS earnings/NNS ] before/IN [ interest_6/NN ] and/CC [ taxes/NNS ] ,/, and/CC [ 11/AB times/NNS its/PP$ earnings/NNS ] before/IN [ *interest/NN ] ,/, [ taxes/NNS ] and/CC [ depreciation/NN ] ./. 
$$
[ that/DT ] indicates/VBZ that/IN [ the/DT company/NN ] could/MD have/VB [ difficulty/NN ] making/VBG [ its/PP$ interest_6/NN payments/NNS ] unless/IN [ its/PP$ rapid/JJ growth/NN ] continues/VBZ ./. 
$$
in/IN [ other/JJ lbos/NPS ] ,/, [ typical/JJ prices/NNS ] have/VBP been/VBN [ seven/AB ] to/TO [ 10/AB times/NNS ] [ a/DT company/NN 's/POS earnings/NNS ] before/IN [ interest_6/NN ] and/CC [ taxes/NNS ] ./. 
$$
[ interest_6/NN rates/NNS ] often/RB escalate/VBP [ every/DT six/AB months/NNS ] ,/, and/CC if/IN [ the/DT loan/NN ] remains/VBZ [ outstanding/JJ ] too/RB long/JJ ,/, [ the/DT wall/NP street/NP lender/NN ] can/MD end/VB up/RP with/IN [ more/JJR collateral/NN ] or/CC [ a/DT big/JJ equity/NN stake/NN ] in/IN [ the/DT company/NN ] ,/, as/IN [ salomon/NP brothers/NPS ] did/VBD with/IN [ tvx/NP broadcast/NP group/NP ] ,/, [ a/DT television/NN station/NN owner/NN ] ./. 
$$
[ salomon/NP ] ,/, [ which/WDT ] had/VBD sunk/VBN [ a/DT total/NN ] of/IN [ $/$ 345/AB million/AB ] in/IN [ bridge/NN loans/NNS ] into/IN [ tvx/NP broadcasting/NP ] and/CC ended/VBD up/RP owning/VBG [ 79/AB %/NN ] of/IN [ its/PP$ equity/NN ] ,/, recently/RB agreed/VBD to/TO sell/VB [ its/PP$ interest_5/NN ] to/TO [ paramount/NP communications/NPS inc./NP ] for/IN [ $/$ 110/AB million/AB ] in/IN [ cash/NN ] and/CC [ the/DT assumption/NN ] of/IN [ $/$ 30/AB million/AB ] in/IN [ debt/NN ] ./. 
$$
====================================== [ texas/NP air/NP 's/POS chairman/NN ] ,/, [ frank/NP lorenzo/NP ] ,/, disclosed/VBD [ last/JJ month/NN ] that/IN [ the/DT company/NN ] is/VBZ considering/VBG selling/VBG [ an/DT interest_5/NN ] in/IN [ continental/NP airlines/NPS ] ,/, [ its/PP$ main/JJ operating/VBG unit/NN ] ./. 
$$
====================================== [ alaska/NP airlines/NPS group/NP ] ,/, [ the/DT german/JJ carrier/NN lufthansa/NP ] and/CC [ southwest/NP airlines/NPS ] have/VBP [ all/DT ] expressed/VBD [ interest_1/NN ] in/IN buying/VBG [ a/DT share/NN ] of/IN [ sabre/NP ] ./. 
$$
====================================== [ u.s./NP security/NN officials/NNS ] expect/VBP [ the/DT colombian/JJ drug/NN cartels/NNS ] to/TO launch/VB [ terrorist/JJ attacks/NNS ] against/IN americans/NPS and/CC [ american/JJ interests_5/NNS ] to/TO scare/VB [ the/DT u.s./NP ] away/RB from/IN [ its/PP$ anti-cartel/JJ stand/NN ] ./. 
$$
but/CC [ officials/NNS ] said/VBD [ they/PP ] do/VBP n't/RB know/VB of/IN [ any/DT way/NN ] to/TO protect/VB [ all/DT u.s./NP interests_5/NNS ] in/IN [ such/JJ countries/NNS ] as/IN [ bolivia/NP ] ,/, [ peru/NP ] and/CC [ colombia/NP ] ,/, where/WRB [ the/DT cartels/NNS '/POS power/NN ] is/VBZ immense/JJ ./. 
$$
====================================== [ the/DT junk-bond/JJ funds/NNS ] continue/VBP to/TO rake/VB in/RP [ enormous/JJ interest_6/NN payments/NNS ] ./. 
$$
====================================== [ investors/NNS ] have/VBP racked/VBN up/RP [ a/DT measly/JJ 5.7/AB %/NN total/NN return/NN ] ,/, or/CC [ price/NN changes/NNS ] plus/CC [ interest_6/NN payments/NNS ] ,/, for/IN [ a/DT merrill/NP lynch/NP junk-bond/JJ index/NN ] in/IN [ the/DT year/NN ] to/TO [ date/NN ] ./. 
$$
[ the/DT buy-back/NN ] ,/, at/IN [ par/NN ] plus/CC accrued/VBN [ interest_6/NN ] ,/, would/MD occur/VB within/IN [ 12/AB months/NNS ] after/IN [ the/DT ] planned/VBN restructuring/NN of/IN [ campeau/NP ] and/CC [ its/PP$ subsidiaries/NNS ] is/VBZ completed/VBN ./. 
$$
but/CC [ uncertainty/NN ] regarding/VBG [ the/DT direction/NN ] of/IN [ currencies/NNS ] and/CC [ domestic/JJ interest_6/NN rates/NNS ] discouraged/VBD [ further/JJ buying/NN *interest/NN ] ,/, [ traders/NNS ] said/VBD ./. 
$$
but/CC [ uncertainty/NN ] regarding/VBG [ the/DT direction/NN ] of/IN [ currencies/NNS ] and/CC [ domestic/JJ *interest/NN rates/NNS ] discouraged/VBD [ further/JJ buying/NN interest_1/NN ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== [ steels/NNS ] including/VBG [ the/DT ] ``/`` [ big/JJ five/AB ] ''/'' such/JJ as/IN [ nippon/NP steel/NP ] and/CC [ kobe/NP steel/NP ] as/RB well/RB as/IN [ smaller/JJR tokyo/NP steel/NP ] and/CC [ nisshin/NP steel/NP ] declined/VBD amid/IN growing/VBG [ expectations/NNS ] of/IN [ higher/JJR interest_6/NN rates/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== [ local/JJ banks/NNS ] also/RB attracted/VBN [ interest_1/NN ] because/IN of/IN [ speculation/NN ] about/IN [ mergers/NNS ] and/CC [ acquisitions/NNS ] ./. 
$$
====================================== [ london/NP shares/NNS ] closed/VBD higher/RBR but/CC overall/RB [ the/DT session/NN ] was/VBD marked/VBN by/IN [ modest/JJ volume/NN ] and/CC [ the/DT continued/VBN absence/NN ] of/IN [ active/JJ institutional/JJ interest_1/NN ] ./. 
$$
====================================== [ dealers/NNS ] said/VBD [ news/NN ] of/IN [ a/DT possible/JJ hostile/JJ bid/NN ] for/IN [ jaguar/NP ] by/IN [ u.s./NP auto/NN maker/NN ford/NP motor/NP ] gave/VBD [ the/DT market/NN ] [ a/DT much-needed/JJ shot/NN ] in/IN [ the/DT arm/NN ] even/RB though/IN [ the/DT auto/NN maker/NN 's/POS interest_1/NN ] in/IN [ the/DT u.k./NP concern/NN was/VBD n't/RB ] viewed/VBN as/IN [ a/DT major/JJ surprise/NN ] ./. 
$$
====================================== [ the/DT dollar/NN ] slid/VBD against/IN [ other/JJ major/JJ currencies/NNS ] as/IN [ news/NN reports/NNS ] and/CC [ rumors/NNS ] inflamed/VBD [ concerns/NNS ] about/IN [ the/DT possibility/NN ] of/IN [ an/DT interest_6/NN rate/NN increase/NN ] in/IN [ germany/NP ] and/CC about/IN [ a/DT weekend/NN meeting/NN ] of/IN [ finance/NN chiefs/NNS ] from/IN [ the/DT group/NP ] of/IN [ seven/NP industrialized/JJ countries/NNS ] ./. 
$$
====================================== although/IN [ many/JJ foreign-exchange/JJ traders/NNS ] still/RB voiced/VBD [ skepticism/NN ] [ that/DT today/NN 's/POS meeting/NN ] of/IN [ the/DT bundesbank/NP 's/POS central/JJ bank/NN council/NN ] will/MD raise/VB [ interest_6/NN rates/NNS ] ,/, [ the/DT traders/NNS ] said/VBD [ participants/NNS ] are/VBP n't/RB ready/JJ to/TO buy/VB [ dollars/NNS ] until/IN [ the/DT issue/NN ] has/VBZ been/VBN put/VBN to/TO rest/VB ./. 
$$
====================================== for/IN [ weeks/NNS ] [ the/DT market/NN ] has/VBZ been/VBN rife/JJ with/IN [ rumors/NNS ] about/IN [ massive/JJ japanese/JJ interest_1/NN ] in/IN [ the/DT $/$ 140/AB million/AB asset/NN fund/NN ] ./. 
$$
instead/RB ,/, [ executives/NNS ] at/IN [ several/JJ japanese/JJ securities/NNS firms/NNS ] said/VBD ,/, [ the/DT major/JJ interest_1/NN ] was/VBD coming/VBG from/IN [ individual/JJ japanese/JJ investors/NNS ] ./. 
$$
nonetheless/RB ,/, [ mr./NP conlon/NP ] said/VBD ,/, [ the/DT interest_1/NN ] in/IN [ the/DT spain/NP fund/NP ] was/VBD widespread/JJ ,/, coming/VBG from/IN more/RBR than/IN just/RB [ the/DT japanese/NPS ] ./. 
$$
====================================== [ ms./NP negus/NP ] of/IN [ donoghue/NP 's/POS money/NP fund/NP report/NP ] predicted/VBD that/IN [ money-fund/JJ yields/NNS ] will/MD decline/VB [ a/DT bit/NN ] in/IN coming/VBG [ weeks/NNS ] as/IN [ they/PP ] catch/VBP up/RP with/IN [ other/JJ recent/JJ dips/NNS ] in/IN [ interest_6/NN rates/NNS ] ./. 
$$
====================================== [ the/DT fed/NP has/VBZ n't/RB ] made/VBD [ a/DT move/NN ] since/IN [ it/PP ] pulled/VBD [ short-term/JJ interest_6/NN rates/NNS ] down/RP [ a/DT bit/NN ] in/IN [ late/JJ july/NP ] ./. 
$$
[ lower/JJR u.s./NP interest_6/NN rates/NNS ] would/MD help/VB restrain/VB [ the/DT dollar/NN ] ./. 
$$
[ a/DT twa/NP official/NN ] told/VBD [ a/DT lawyer/NN ] representing/VBG [ gay/JJ rights/NNS groups/NNS ] ,/, ``/`` [ we/PP ] are/VBP aware/JJ of/IN [ the/DT non-traditional/JJ lifestyles/NNS ] prevalent/JJ in/IN [ our/PP$ society/NN ] and/CC [ our/PP$ sole/JJ interest_3/NN ] is/VBZ [ the/DT promotion/NN ] of/IN [ travel/NN ] ,/, not/RB [ social/JJ commentary/NN ] ./. 
$$
====================================== [ mexican/JJ officials/NNS ] said/VBD [ investors/NNS ] in/IN [ the/DT u.s./NP ] ,/, [ japan/NP ] and/CC [ europe/NP ] have/VBP expressed/VBN [ interest_1/NN ] in/IN [ the/DT plan/NN ] ./. 
$$
====================================== [ the/DT move/NN ] has/VBZ [ ominous/JJ overtones/NNS ] for/IN [ mexico/NP 's/POS chances/NNS ] of/IN getting/VBG [ sufficient/JJ new/JJ bank/NN loans/NNS ] to/TO [ both/DT ] grow/VB economically/RB and/CC meet/VB [ its/PP$ interest_6/NN payments/NNS ] on/IN [ its/PP$ debt/NN ] ./. 
$$
[ that/DT accord/NN ] allows/VBZ [ banks/NNS three/AB options/NNS ] on/IN [ their/PP$ debt/NN ] :/: to/TO make/VB [ new/JJ loans/NNS ] over/IN [ the/DT next/JJ four/AB years/NNS ] totaling/VBG [ 25/AB %/NN ] of/IN [ their/PP$ current/JJ exposure/NN ] and/CC take/VB [ no/DT charge/NN ] against/IN [ reserves/NNS ] ,/, or/CC to/TO swap/VB [ their/PP$ loans/NNS ] for/IN [ bonds/NNS ] [ that/WDT ] carry/VBP either/CC [ a/DT 35/AB %/NN discount/NN ] in/IN [ face/NN value/NN ] from/IN [ the/DT loan/NN amount/NN ] or/CC [ a/DT 6.25/AB %/NN interest_6/NN rate/NN ] ./. 
$$
====================================== under/IN [ the/DT pact/NN ] ,/, [ el/NP paso/NP ] will/MD sell/VB back/RB to/TO [ commercial/NP federal/NP savings/NP ] &/CC [ loan/NP association/NP ] about/IN [ 600,000/AB shares/NNS ] of/IN [ the/DT s&l/NP 's/POS preferred/JJ stock/NN ] for/IN [ $/$ 32/AB million/AB ] plus/CC [ interest_6/NN ] and/CC [ dividends/NNS ] ./. 
$$
====================================== [ minorco/NP ] is/VBZ [ the/DT foreign/JJ investment/NN arm/NN ] of/IN [ anglo/NP american/NP corp./NP ] of/IN [ south/NP africa/NP ltd./NP ] and/CC has/VBZ mining/NN and/CC [ industrial/JJ interest_5/NNS ] in/IN [ the/DT u.k./NP ] ,/, [ north/NP ] and/CC [ south/NP america/NP ] and/CC [ australia/NP ] ./. 
$$
====================================== [ bond/NN traders/NNS ] said/VBD [ several/JJ other/JJ factors/NNS ] contributed/VBD to/TO [ the/DT market/NN 's/POS weak/JJ tone/NN ] ,/, including/VBG [ the/DT prospect/NN ] of/IN [ a/DT new/JJ supply/NN ] and/CC [ disappointment/NN ] that/IN [ the/DT federal/NP reserve/NP 's/POS so-called/JJ tan/NP book/NP ] did/VBD n't/RB show/VB [ sufficient/JJ slowing/NN ] in/IN [ the/DT economy/NN ] to/TO warrant/VB [ another/DT ] easing/NN of/IN [ interest_6/NN rates/NNS ] by/IN [ the/DT fed/NP ] ./. 
$$
====================================== [ short-term/JJ interest_6/NN rates/NNS ] also/RB rose/VBD ./. 
$$
[ the/DT selling/NN ] picked/VBD up/IN [ speed/NN ] later/RB when/WRB [ bank/NP ] of/IN [ japan/NP governor/NP satoshi/NP sumita/NP ] refused/VBD to/TO discuss/VB [ interest_6/NN rates/NNS ] at/IN [ a/DT ] regularly/RB scheduled/VBN [ news/NN conference/NN ] ./. 
$$
====================================== [ the/DT redemption/NN price/NN ] is/VBZ equal/JJ to/TO [ 100/AB 34/AB %/NN ] of/IN [ the/DT principal/JJ amount/NN ] of/IN [ each/DT note/NN ] ,/, plus/CC accrued/VBN [ interest_6/NN ] to/TO [ oct./NP 25/AB ] ./. 
$$
====================================== [ rockwell/NP ] has/VBZ [ interests_5/NNS ] in/IN [ aerospace/NN ] ,/, [ electronics/NNS ] ,/, [ automotive/JJ ] and/CC [ graphics/NNS businesses/NNS ] ./. 
$$
====================================== to/TO protect/VB [ its/PP$ interest_5/NN ] in/IN [ plaza/NP commerce/NP ] ,/, [ comerica/NP ] has/VBZ obtained/VBN [ warrants/NNS ] to/TO acquire/VB as/RB much/RB as/IN [ 24.9/AB %/NN ] of/IN [ the/DT common/JJ shares/NNS ] of/IN [ plaza/NP commerce/NP ] ,/, [ comerica/NP ] said/VBD ./. 
$$
====================================== [ wednesday/NP ] ,/, [ september/NP 20/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
since/IN [ 1986/AB ] ,/, [ reader/NP 's/POS digest/NP association/NP ] has/VBZ acquired/VBN [ three/AB special/JJ interest_3/NN magazines/NNS ] ,/, [ travel-holiday/NP ] ,/, [ the/NP family/NP handyman/NP ] ,/, and/CC [ new/NP choices/NPS ] ,/, formerly/RB known/VBN as/IN [ 50/AB ] plus/CC [ magazine/NN ] ./. 
$$
====================================== [ owen/NP lipstein/NP ] ,/, [ president/NN ] and/CC [ general/JJ partner/NN ] in/IN [ american/NP health/NP ] and/CC [ the/DT related/VBN special/JJ interest_3/NN magazines/NNS ] [ that/WDT ] form/VBP [ american/NP health/NP partners/NPS ] ,/, acknowledged/VBD that/IN [ he/PP ] is/VBZ discussing/VBG [ a/DT sale/NN ] of/IN [ american/NP health/NP ] ,/, but/CC declined/VBD to/TO identify/VB [ the/DT buyer/NN ] ./. 
$$
''/'' ====================================== in/IN [ a/DT terse/JJ internal/JJ memorandum/NN ] ,/, [ eric/NP gleacher/NP ] ,/, [ head/NN ] of/IN [ morgan/NP 's/POS investment/NN banking/NN department/NN ] ,/, said/VBD [ mr./NP garonzik/NP ] ``/`` will/MD be/VB leaving/VBG [ the/DT firm/NN ] to/TO pursue/VB [ his/PP$ own/JJ business/NN interests_3/NNS ] ./. 
$$
[ the/DT move/NN ] ,/, [ which/WDT ] [ other/JJ banks/NNS ] are/VBP likely/JJ to/TO follow/VB ,/, could/MD hurt/VB [ mexico/NP 's/POS chances/NNS ] of/IN getting/VBG [ enough/JJ new/JJ bank/NN loans/NNS ] to/TO bolster/VB [ its/PP$ economy/NN ] and/CC meet/VB [ interest_6/NN payments/NNS ] ./. 
$$
====================================== [ scott/NP 's/POS ] ,/, [ which/WDT ] has/VBZ [ interests_5/NNS ] in/IN [ fast/JJ food/NN ] ,/, [ photography/NN ] ,/, [ transportation/NN ] and/CC [ hotels/NNS ] ,/, will/MD still/RB ``/`` have/VB [ room/NN ] to/TO make/VB [ major/JJ acquisitions/NNS ] ''/'' following/VBG [ the/DT special/JJ cash/NN payout/NN ] ,/, said/VBD [ bruce/NP dodds/NP ] ,/, [ senior/JJ vice/NN president/NN ] and/CC [ chief/NN financial/JJ officer/NN ] ./. 
$$
====================================== [ monroe/NP county/NP airport/NP authority/NP ] ,/, [ n.y./NP ] --/: [ $/$ 108.5/AB million/AB ] of/IN [ greater/NP rochester/NP international/NP airport/NP revenue/NN bonds/NNS ] ,/, [ series/NN 1989/AB ] ,/, with/IN [ current/JJ interest_6/NN bonds/NNS due/JJ 1994-2001/AB ] ,/, [ 2009/AB ] and/CC [ 2019/AB ] and/CC [ capital/NN appreciation/NN bonds/NNS due/JJ 2002-2004/AB ] ,/, priced/VBN by/IN [ a/DT smith/NP barney/NP ] ,/, [ harris/NP upham/NP ] &/CC [ co./NP group/NN ] to/TO yield/VB from/IN [ 6.55/AB %/NN ] in/IN [ 1994/AB ] to/TO [ 7.65/AB %/NN ] in/IN [ 2019/AB ] ./. 
$$
[ interest_6/NN ] on/IN [ the/DT bonds/NNS ] will/MD be/VB treated/VBN as/IN [ a/DT preference/NN item/NN ] in/IN calculating/VBG [ the/DT federal/JJ alternative/NN minimum/NN tax/NN ] ./. 
$$
[ the/DT current/JJ interest_6/NN serial/JJ bonds/NNS ] are/VBP being/VBG reoffered/VBN at/IN [ par/NN ] to/TO yield/VB from/IN [ 6.60/AB %/NN ] in/IN [ 1994/AB ] to/TO [ 7.20/AB %/NN ] in/IN [ 2001/AB ] ./. 
$$
[ there/EX ] are/VBP [ $/$ 19.2/AB million/AB ] of/IN [ 7/AB 14/AB %/NN current/JJ interest_6/NN term/NN bonds/NNS ] priced/VBN at/IN [ 96.965/AB ] to/TO yield/VB [ 7.55/AB %/NN ] in/IN [ 2009/AB ] and/CC [ $/$ 65.6/AB million/AB ] of/IN [ 7/AB 14/AB %/NN current/JJ *interest/NN term/NN bonds/NNS ] priced/VBN at/IN [ 95.336/AB ] to/TO yield/VB [ 7.65/AB %/NN ] in/IN [ 2019/AB ] ./. 
$$
although/IN first/NP [ executive/NP ] has/VBZ [ $/$ 329/AB million/AB ] of/IN [ bonds/NNS ] [ that/WDT ] have/VBP stopped/VBN [ paying/VBG interest_6/NN ] ,/, [ this/DT person/NN ] adds/VBZ ,/, in/IN [ 1989/AB it/PP ] will/MD have/VB [ $/$ 2/AB billion/AB ] of/IN [ cash/NN investment/NN income/NN ] to/TO cover/VB about/IN [ $/$ 1.4/AB billion/AB ] of/IN [ *interest/NN obligations/NNS ] to/TO [ policyholders/NNS ] and/CC related/VBN [ expenses/NNS ] ./. 
$$
====================================== [ profit/NN ] after/IN [ taxes/NNS ] and/CC [ minority/NN interests_5/NNS ] advanced/VBD [ 22/AB %/NN ] to/TO #/# [ 95.1/AB million/AB ] ,/, or/CC [ 13.2/AB pence/NN ] [ a/DT share/NN ] ,/, from/IN [ #/# 78.2/AB million/AB ] ,/, or/CC [ 11/AB pence/NN ] ,/, in/IN [ the/DT first/JJ six/AB months/NNS ] of/IN [ 1988/AB ] ./. 
$$
====================================== faced/VBN with/IN sharply/RB [ higher/JJR interest_6/NN rates/NNS ] and/CC [ flagging/JJ demand/NN ] for/IN [ new/JJ homes/NNS ] in/IN [ britain/NP ] ,/, [ tarmac/NP ] ``/`` made/VBD [ the/DT most/JJS ] of/IN [ its/PP$ opportunities/NNS ] in/IN [ the/DT first/JJ ] [ half/DT ] ,/, ''/'' said/VBD [ eric/NP pountain/NP ] ,/, [ tarmac/NP 's/POS chairman/NN ] ./. 
$$
[ the/DT housing/NN industry/NN ] was/VBD battered/VBN earlier/RB [ this/DT year/NN ] by/IN [ the/DT federal/NP reserve/NP 's/POS efforts/NNS ] to/TO restrain/VB [ economic/JJ activity/NN ] and/CC [ hold/VB ] down/IN [ inflation/NN ] by/IN [ raising/VBG interest_6/NN rates/NNS ] ./. 
$$
[ home/NN ] building/NN and/CC buying/NN picked/VBD up/IN [ a/DT bit/NN ] after/IN [ the/DT fed/NP ] began/VBD nudging/VBG [ interest_6/NN rates/NNS ] down/IN ,/, but/CC [ mr./NP seiders/NP ] said/VBD [ the/DT latest/JJS numbers/NNS ] show/VBP [ that/IN talk/NN ] of/IN [ a/DT rebound/NN ] in/IN housing/NN was/VBD premature/JJ ./. 
$$
====================================== [ profit/NN ] after/IN [ taxes/NNS ] and/CC [ minority/NN interests_5/NNS ] ,/, or/CC [ profit/NN ] attributable/JJ to/TO [ shareholders/NNS ] ,/, rose/VBD [ 20/AB %/NN ] to/TO #/# [ 690/AB million/AB ] ,/, or/CC [ 92.4/AB pence/NN ] (/( [ $/$ 1.45/AB ] )/) [ a/DT share/NN ] ,/, from/IN [ #/# 576/AB million/AB ] ,/, or/CC [ 77.1/AB pence/NN ] [ a/DT share/NN ] ./. 
$$
because/IN [ they/PP ] offer/VBP [ a/DT chance/NN ] at/IN [ making/VBG money/NN ] on/IN [ the/DT stock/NN ] ,/, [ the/DT bonds/NNS ] pay/VB [ very/RB low/JJ interest_6/NN rates/NNS ] ./. 
$$
====================================== so/IN far/RB ,/, [ there/EX ] 's/VBZ [ no/DT dearth/NN ] of/IN [ interest_1/NN ] in/IN helping/VBG [ hanwa/NP ] raise/VB [ money/NN ] ./. 
$$
[ calmat/NP 's/POS interests_5/NNS ] include/VBP [ concrete/NN ] ,/, [ asphalt/NN ] and/CC [ land/NN development/NN ] ./. 
$$
====================================== [ bond/NP corp./NP ] also/RB agreed/VBD yesterday/NN to/TO sell/VB [ its/PP$ 67.7/AB %/NN interest_5/NN ] in/IN [ the/DT harriet/NP oil/NN field/NN ] ,/, off/IN [ the/DT northwestern/JJ coast/NN ] of/IN [ australia/NP ] ,/, for/IN [ a$/$ 220/NP million/AB ] --/: at/IN [ an/DT undisclosed/JJ profit/NN ] --/: to/TO [ aviva/NP petroleum/NP inc./NP ] ,/, [ a/DT small/JJ ] ,/, [ british-based/JJ independent/JJ oil/NN concern/NN ] ./. 
$$
[ the/DT new/NP zealand/NP company/NN ] also/RB has/VBZ agreed/VBN to/TO arrange/VB [ funds/NNS ] for/IN [ bell/NP resources/NPS ] to/TO buy/VB back/RB about/IN [ a$/$ 600/AB million/AB ] of/IN [ bonds/NNS ] [ it/PP ] has/VBZ issued/VBN that/IN are/VBP convertible/JJ into/IN [ bell/NP resources/NPS ] shares/NNS ,/, and/CC to/TO arrange/VB [ funds/NNS ] to/TO repurchase/VB [ an/DT undisclosed/JJ amount/NN ] of/IN [ subordinated/VBN debentures/NNS ] issued/VBN by/IN [ bond/NP corp./NP ] brewing/NN [ interests_5/NNS ] ./. 
$$
====================================== [ the/DT merc/NP ] alleged/VBD that/IN [ siegel/NP trading/NP ] ``/`` favored/VBN [ its/PP$ own/JJ ] rather/RB than/IN [ customers/NNS '/POS best/JJS interests_4/NNS ] ''/'' by/IN making/VBG [ trades/NNS ] in/IN [ customers/NNS '/POS accounts/NNS ] without/IN [ their/PP$ approval/NN ] ./. 
$$
====================================== [ tuesday/NP ] ,/, [ september/NP 19/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
relatively/RB [ small/JJ groups/NNS ] organized/VBN around/IN narrowly/RB focused/VBN [ interests_3/NNS ] find/VBP [ advantage/NN ] in/IN [ lobbying/VBG government/NN ] for/IN [ programs/NNS ] [ that/WDT ] serve/VBP [ those/DT *interests/NNS ] ./. 
$$
relatively/RB [ small/JJ groups/NNS ] organized/VBN around/IN narrowly/RB focused/VBN [ *interests/NNS ] find/VBP [ advantage/NN ] in/IN [ lobbying/VBG government/NN ] for/IN [ programs/NNS ] [ that/WDT ] serve/VBP [ those/DT interests_3/NNS ] ./. 
$$
====================================== [ brazil/NP ] has/VBZ so/RB far/RB failed/VBN to/TO make/VB [ a/DT $/$ 1.6/AB billion/AB interest_6/NN payment/NN ] [ that/WDT ] was/VBD due/JJ to/TO [ banks/NNS monday/NP ] ,/, [ bankers/NNS ] and/CC [ brazilian/JJ officials/NNS ] said/VBD ./. 
$$
[ this/DT ] would/MD boost/VB [ brazil/NP 's/POS ability/NN ] to/TO make/VB [ interest_6/NN payments/NNS ] ./. 
$$
====================================== even/RB if/IN [ there/EX ] is/VBZ [ no/DT short-term/JJ imf/NP agreement/NN ] ,/, though/RB ,/, [ brazil/NP ] still/RB may/MD choose/VB to/TO make/VB [ some/DT ] of/IN [ the/DT interest_6/NN payment/NN ] now/RB overdue/JJ to/TO [ banks/NNS ] ./. 
$$
====================================== [ brazilian/JJ officials/NNS ] have/VBP warned/VBN in/IN [ recent/JJ weeks/NNS ] that/IN [ they/PP ] wo/MD n't/RB run/VB [ their/PP$ foreign-exchange/JJ reserves/NNS ] below/IN ``/`` [ reasonable/JJ levels/NNS ] ''/'' to/TO make/VB [ interest_6/NN payments/NNS ] to/TO [ banks/NNS ] ./. 
$$
[ such/PDT a/DT facility/NN ] is/VBZ unnecessary/JJ ,/, [ he/PP ] told/VBD [ congress/NP ] ,/, stressing/VBG that/IN [ it/PP ] would/MD disrupt/VB and/CC delay/VB [ cuts/NNS ] in/IN [ debt/NN ] and/CC [ interest_6/NN payments/NNS ] under/IN [ the/DT present/JJ strengthened/VBN debt/NN strategy/NN ] ./. 
$$
[ the/DT ] fully/RB diluted/VBN [ equity/NN interest_5/NN ] of/IN [ mr./NP campeau/NP ] ,/, [ chairman/NN ] and/CC [ chief/NN executive/NN officer/NN ] ,/, will/MD fall/VB to/TO [ 43.2/AB %/NN ] from/IN [ 54/AB %/NN ] ./. 
$$
====================================== allied/NP will/MD use/VB [ a/DT portion/NN ] of/IN [ the/DT $/$ 250/AB million/AB loan/NN ] to/TO make/VB [ an/DT interest_6/NN payment/NN due/JJ last/JJ friday/NP ] on/IN [ its/PP$ 11/AB 12/AB %/NN senior/JJ subordinated/VBN debentures/NNS ] ./. 
$$
[ those/DT ] viewing/VBG [ banks/NNS ] favorably/RB may/MD have/VB been/VBN thinking/VBG about/IN [ the/DT higher/JJR interest_6/NN rates/NNS banks/NNS ] started/VBD paying/VBG on/IN [ deposits/NNS ] after/IN [ deregulation/NN ] ,/, [ image/NN consultants/NNS ] suggest/VBP ,/, while/IN [ those/DT ] with/IN [ a/DT low/JJ opinion/NN ] may/MD have/VB been/VBN reacting/VBG to/TO [ the/DT savings/NNS ] and/CC [ loan/NN crisis/NN ] ./. 
$$
''/'' ====================================== [ investments/NPS ] :/: ``/`` [ people/NNS ] [ who/WP ] are/VBP perceived/VBN as/IN trying/VBG to/TO sell/VB [ you/PP ] [ something/NN ] without/IN having/VBG [ your/PP$ best/JJS interests_4/NNS ] at/IN [ heart/NN ] are/VBP always/RB going/VBG to/TO come/VB up/IN on/IN [ the/DT negative/JJ side/NN ] ,/, ''/'' says/VBZ [ mr./NP schroer/NP ] of/IN [ booz/NP ] ,/, [ allen/NP ] &/CC [ hamilton/NP ] ./. 
$$
for/IN [ that/DT reason/NN ] ,/, [ individuals/NNS ] should/MD ``/`` [ rebalance/VB ] with/IN [ cash/NN flow/NN ] ''/'' from/IN [ dividends/NNS ] ,/, [ interest_6/NN ] and/CC [ new/JJ savings/NNS ] ,/, says/VBZ [ michael/NP lipper/NP ] ,/, [ head/NN ] of/IN [ lipper/NP analytical/NP services/NPS ] ./. 
$$
[ bonds/NNS ] ,/, unlike/IN [ stocks/NNS ] ,/, offer/VBP [ good/JJ gains/NNS ] if/IN [ recession/NN ] drives/VBZ down/IN [ interest_6/NN rates/NNS ] ;/: [ they/PP ] also/RB provide/VBP [ higher/JJR current/JJ income/NN ] and/CC [ more/JJR stable/JJ returns/NNS ] ./. 
$$
====================================== [ his/PP$ analysis/NN ] tries/VBZ to/TO adjust/VB for/IN [ the/DT effect/NN ] of/IN [ big/JJ changes/NNS ] --/: such/JJ as/IN [ the/DT federal/NP reserve/NP ] 's/POS freeing/NN of/IN [ interest_6/NN rates/NNS ] in/IN [ 1979/AB ] or/CC [ the/DT big/JJ spike/NN ] in/IN [ inflation/NN ] in/IN [ the/DT last/JJ decade/NN ] --/: on/IN [ the/DT relative/JJ behavior/NN ] of/IN [ different/JJ assets/NNS ] ./. 
$$
====================================== [ pantera/NP ] 's/POS ,/, [ which/WDT ] operates/VBZ [ the/DT pizza/NP inn/NP chain/NN ] ,/, received/VBD [ a/DT waiver/NN ] from/IN [ its/PP$ lenders/NNS ] extending/VBG until/IN [ sept./NP 29/AB ] [ a/DT $/$ 4.6/AB million/AB interest_6/NN ] and/CC [ principal/JJ payment/NN ] [ that/WDT ] had/VBD been/VBN due/JJ [ aug./NP 1/AB ] ./. 
$$
====================================== [ pantera/NP ] 's/VBZ also/RB failed/VBN to/TO pay/VB [ interest_6/NN due/JJ sept./NP 1/AB ] on/IN [ $/$ 6.9/AB million/AB ] in/IN [ debentures/NNS ] ,/, saying/VBG [ a/DT condition/NN ] of/IN [ its/PP$ waiver/NN ] prevented/VBD [ it/PP ] from/IN making/VBG [ the/DT payments/NNS ] ./. 
$$
[ the/DT debentures/NNS ] can/MD be/VB declared/VBN in/IN [ default/NN 30/AB days/NNS ] after/IN [ the/DT interest_6/NN payment/NN ] is/VBZ missed/VBN ./. 
$$
[ mr./NP dougherty/NP ] currently/RB is/VBZ looking/VBG for/IN [ 1990/AB pretax/JJ earnings/NNS ] of/IN [ #/# 82/AB million/AB ] ,/, or/CC [ 18/AB pence/NN ] [ a/DT share/NN ] ,/, including/VBG [ #/# 7/AB million/AB ] of/IN [ interest_6/NN income/NN ] on/IN [ the/DT proceeds/NNS ] of/IN [ the/DT sale/NN ] ./. 
$$
but/CC [ industry/NN executives/NNS ] said/VBD [ marsh/NP ] &/CC [ mclennan/NP ] has/VBZ expressed/VBN [ interest_1/NN ] in/IN [ the/DT cleveland/NP consulting/NP unit/NN ] ,/, and/CC [ mcgraw-hill/NP ] ,/, [ alexander/NP proudfoot/NP ] ,/, and/CC [ dun/NP ] &/CC [ bradstreet/NP ] have/VBP made/VBN [ some/DT inquiries/NNS ] ./. 
$$
[ they/PP ] said/VBD [ saatchi/NP 's/POS largest/JJS consulting/NN unit/NN ] ,/, [ hay/NP group/NP ] ,/, was/VBD attracting/VBG [ less/JJR interest_1/NN ] than/IN [ some/DT ] of/IN [ the/DT smaller/JJR companies/NNS ] because/IN of/IN [ its/PP$ size/NN ] and/CC [ some/DT financial/JJ problems/NNS ] at/IN [ the/DT unit/NN ] ./. 
$$
but/CC [ they/PP ] said/VBD [ gartner/NP management/NN ] would/MD offer/VB less/JJR than/IN [ the/DT ] approximately/RB [ $/$ 85/AB million/AB saatchi/NP ] paid/VBD for/IN [ the/DT consultant/NN ] ,/, while/IN [ saatchi/NP ] hopes/VBZ to/TO command/VB [ a/DT premium/NN ] for/IN [ the/DT firm/NN ] ,/, [ which/WDT ] has/VBZ attracted/VBN [ a/DT fair/JJ amount/NN ] of/IN [ interest_1/NN ] ./. 
$$
[ current/JJ interest_6/NN serial/NN bonds/NNS ] are/VBP due/JJ [ 1991-2005/AB ] ,/, [ 2008/AB ] ,/, [ 2015/AB ] ,/, [ 2017/AB ] and/CC [ 2018/AB ] ./. 
$$
among/IN [ special/JJ obligation/NN bonds/NNS ] ,/, [ current/JJ interest_6/NN bonds/NNS ] are/VBP due/JJ [ 1990-1998/AB ] ,/, and/CC [ non-callable/JJ capital/NN appreciation/NN bonds/NNS ] are/VBP [ due/JJ 1999-2007/AB ] ./. 
$$
[ the/DT current/JJ interest_6/NN bonds/NNS ] are/VBP priced/VBN to/TO yield/VB from/IN [ 5.90/AB %/NN ] in/IN [ 1990/AB ] to/TO [ 6.70/AB %/NN ] in/IN [ 1998/AB ] ./. 
$$
====================================== [ texas/NP municipal/NP power/NP agency/NP ] --/: [ $/$ 197.2/AB million/AB ] of/IN [ refunding/NN revenue/NN bonds/NNS ] ,/, [ series/NN 1989/AB ] ,/, with/IN [ current/JJ interest_6/NN bonds/NNS due/JJ 1990-2000/AB ] and/CC [ 2002/AB ] and/CC [ non-callable/JJ capital/NN appreciation/NN bonds/NNS due/JJ 2003-2012/AB ] ,/, priced/VBN by/IN [ a/DT goldman/NP sachs/NP ] &/CC [ co./NP group/NN ] to/TO yield/VB from/IN [ 6.10/AB %/NN ] in/IN [ 1990/AB ] to/TO [ 7.35/AB %/NN ] to/TO [ maturity/NN ] for/IN [ capital/NN appreciation/NN bonds/NNS due/JJ 2007-2012/AB ] ./. 
$$
====================================== in/IN [ a/DT filing/NN ] with/IN [ the/DT securities/NPS ] and/CC [ exchange/NP commission/NP ] ,/, [ shearson/NP ] said/VBD [ it/PP ] is/VBZ also/RB considering/VBG having/VBG [ gulf/NP applied/NP ] acquire/VB [ businesses/NNS ] or/CC [ interests_5/NNS ] in/IN [ oil/NN ] and/CC [ gas/NN properties/NNS ] or/CC liquidating/VBG or/CC [ selling/VBG part/NN ] of/IN [ the/DT company/NN 's/POS assets/NNS ] ./. 
$$
[ csr/NP ltd./NP ] and/CC [ pioneer/NP international/NP ltd./NP ] agreed/VBD to/TO buy/VB [ the/DT interests_5/NNS effective/JJ sept./NP 1/AB ] ,/, according/VBG to/TO [ a/DT statement/NN ] from/IN [ peat/NP marwick/NP hungerfords/NP ] ./. 
$$
====================================== [ hooker/NP ] ,/, [ a/DT property/NN ] and/CC [ retail/JJ concern/NN ] with/IN [ u.s./NP interests_5/NNS ] ,/, turned/VBD [ itself/PP ] over/IN to/TO [ the/DT court-appointed/JJ provisional/JJ liquidator/NN ] in/IN [ july/NP ] because/IN of/IN [ a/DT cash/NN shortage/NN ] ./. 
$$
[ the/DT restructuring/NN plan/NN ] proposes/VBZ that/IN [ the/DT debt/NN ] be/VB [ swapped/VBN ] for/IN [ the/DT following/NN ] :/: ====================================== --/: for/IN [ 13/AB 7/AB %/NN mortgage/NN notes/NNS due/JJ 1998/AB ] :/: [ new/JJ 10/AB %/NN series/NP b/NP notes/NNS ] ,/, with/IN [ payment-in-kind/JJ option/NN ] allowing/VBG [ the/DT company/NN ] to/TO issue/VB [ more/JJR debt/NN ] in/IN [ lieu/NN ] of/IN [ cash/NN interest_6/NN payments/NNS ] for/IN [ the/DT first/JJ three/AB years/NNS ] ./. 
$$
====================================== [ resorts/NPS ] also/RB has/VBZ [ $/$ 600/AB million/AB ] of/IN [ unsecured/JJ junior/JJ debt/NN ] outstanding/JJ at/IN [ interest_6/NN rates/NNS ] ranging/VBG from/IN [ 10/AB %/NN ] to/TO [ 16/AB 5/AB %/NN ] ./. 
$$
====================================== as/IN [ the/DT directions/NNS ] of/IN [ the/DT foreign/JJ exchange/NN market/NN ] and/CC [ domestic/JJ interest_6/NN rates/NNS ] remained/VBD [ unclear/JJ ] ,/, [ investors/NNS ] were/VBD cautious/JJ ,/, shying/VBG away/RB from/IN [ active/JJ ] buying/NN ,/, [ traders/NNS ] said/VBD ./. 
$$
[ traders/NNS ] said/VBD [ the/DT sector/NN ] attracted/VBD [ investor/NN interest_1/NN ] because/IN of/IN [ their/PP$ strong/JJ earnings/NNS outlook/NN ] due/JJ to/TO [ growing/VBG demand/NN ] for/IN [ high-quality/NN houses/NNS ] ./. 
$$
====================================== [ real/JJ estates/NNS ] and/CC [ railways/NNS ] received/VBD [ buying/NN interest_1/NN ] for/IN [ earnings/NNS prospects/NNS ] based/VBN on/IN [ existing/VBG property/NN holdings/NNS tuesday/NP ] ,/, but/CC ended/VBD mixed/VBN as/IN [ investors/NNS ] took/VBD [ profits/NNS ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== [ the/DT bundesbank/NP 's/POS central/NP bank/NP council/NP ] is/VBZ slated/VBN to/TO meet/VB [ tomorrow/NN ] ,/, and/CC although/IN [ an/DT increase/NN ] in/IN [ german/JJ interest_6/NN rates/NNS ] is/VBZ n't/RB widely/RB expected/VBN to/TO [ result/VB ] ,/, [ participants/NNS ] are/VBP reluctant/JJ to/TO risk/VB [ new/JJ positions/NNS ] in/IN [ case/NN ] [ the/DT bundesbank/NP defies/VBZ predictions/NNS ] ,/, [ foreign-exchange/JJ traders/NNS ] said/VBD ./. 
$$
[ participants/NNS ] viewed/VBD [ the/DT slower/JJR economic/JJ data/NNS ] as/IN increasing/VBG [ chances/NNS ] of/IN [ renewed/VBN interest_6/NN rate/NN reductions/NNS ] by/IN [ the/DT u.s./NP fed/NP ] ,/, [ traders/NNS ] said/VBD ./. 
$$
====================================== [ lower/JJR interest_6/NN rates/NNS ] generally/RB hurt/VBP [ the/DT domestic/JJ currency/NN ] by/IN reducing/VBG [ the/DT attractiveness/NN ] of/IN [ *interest-bearing/JJ investments/NNS ] denominated/VBN in/IN [ that/DT currency/NN ] ./. 
$$
until/IN [ u.s./NP interest_6/NN rates/NNS decline/NN ] ,/, [ a/DT lower/JJR inflation/NN rate/NN ] will/MD keep/VB [ inflation-adjusted/JJ yields/NNS ] attractive/JJ ,/, [ dealers/NNS ] noted/VBD ./. 
$$
[ the/DT yen/NN ] has/VBZ weakened/VBN against/IN [ the/DT mark/NN ] in/IN [ recent/JJ days/NNS ] because/IN [ the/DT bundesbank/NP ] is/VBZ seen/VBN as/RB more/RBR likely/JJ to/TO raise/VB [ interest_6/NN rates/NNS ] in/IN [ the/DT near/JJ future/NN ] than/IN [ japan/NP 's/POS central/JJ bank/NN ] ./. 
$$
''/'' [ he/PP ] said/VBD [ the/DT goal/NN ] of/IN [ u.s./NP policy/NN ] should/MD be/VB to/TO ``/`` find/VB [ points/NNS ] of/IN [ mutual/JJ advantage/NN ] ,/, [ gains/NNS ] [ that/WDT ] help/VBP [ them/PP ] ,/, but/CC that/IN also/RB ,/, at/IN [ the/DT same/JJ time/NN ] ,/, serve/VBP [ our/PP$ interests_4/NNS ] ./. 
$$
====================================== [ the/DT department/NN 's/POS reaction/NN ] to/TO [ the/DT northwest/NP deal/NN ] is/VBZ of/IN [ keen/JJ interest_2/NN ] to/TO [ the/DT aviation/NN community/NN ] and/CC to/TO [ congress/NP ] ,/, where/WRB [ concern/NN ] is/VBZ building/VBG about/IN [ the/DT implications/NNS ] of/IN [ leveraged/JJ buy-outs/NNS ] and/CC [ the/DT involvement/NN ] of/IN [ foreign/JJ airlines/NNS ] in/IN helping/VBG to/TO finance/VB [ the/DT transactions/NNS ] ./. 
$$
``/`` [ i/PP ] will/MD not/RB allow/VB [ excessive/JJ debt/NN ] in/IN [ the/DT airline/NN industry/NN ] to/TO jeopardize/VB [ the/DT public/JJ interest_4/NN ] ,/, especially/RB in/IN [ the/DT area/NN ] of/IN [ safety/NN ] ,/, ''/'' [ he/PP ] said/VBD ./. 
$$
but/CC [ the/DT companies/NNS '/POS combined/VBN voting/NN interest_5/NN ] is/VBZ under/IN [ 20/AB %/NN ] because/IN [ $/$ 400/AB million/AB ] of/IN [ their/PP$ stake/NN ] is/VBZ in/IN [ preferred/JJ stock/NN ] ./. 
$$
====================================== [ the/DT average/JJ interest_6/NN rate/NN ] fell/VBD for/IN [ the/DT third/JJ consecutive/JJ week/NN ] ,/, to/TO [ 8.5825/AB %/NN ] from/IN [ 8.6150/AB %/NN last/JJ week/NN ] ,/, at/IN [ citicorp/NP 's/POS $/$ 50/AB million/AB weekly/JJ auction/NN ] of/IN [ 91-day/JJ commercial/JJ paper/NN ] ,/, or/CC [ corporate/JJ ious/NNS ] ./. 
$$
``/`` [ i/PP ] have/VBP been/VBN watching/VBG [ his/PP$ studies/NNS ] with/IN [ great/JJ interest_1/NN ] and/CC [ admiration/NN ] ,/, ''/'' says/VBZ [ victor/NP mckusick/NP ] ,/, [ a/DT johns/NP hopkins/NP geneticist/NN ] [ who/WP ] is/VBZ recognized/VBN for/IN ,/, among/IN [ other/JJ things/NNS ] ,/, [ extensive/JJ research/NN ] on/IN [ the/DT amish/NP ] ./. 
$$
[ his/PP$ corporate/JJ canvas/NN ] ,/, [ which/WDT ] includes/VBZ [ brewing/NN ] ,/, [ media/NNS ] ,/, [ resources/NNS ] and/CC [ property/NN interests_5/NNS ] ,/, is/VBZ in/IN [ tatters/NNS ] ./. 
$$
but/CC with/IN [ australia/NP ] now/RB committed/VBD to/TO [ keeping/VBG interest_6/NN rates/NNS ] high/JJ ,/, that/DT [ era/NN ] is/VBZ over/IN ./. 
$$
[ that/DT ] swelled/VBD [ the/DT foreign-debt/NN burden/NN ] ,/, so/IN [ the/DT government/NN ] raised/VBD [ domestic/JJ interest_6/NN rates/NNS ] to/TO [ slow/JJ demand/NN ] ./. 
$$
[ domestic/JJ interest_6/NN rates/NNS ] are/VBP likely/JJ to/TO stay/VB [ high/JJ ] ,/, causing/VBG [ economists/NNS ] and/CC [ others/NNS ] to/TO warn/VB of/IN [ more/RBR corporate/JJ failure/NN ] ./. 
$$
[ merrill/NP lynch/NP ] &/CC [ co./NP ] withdrew/VBD as/IN [ lead/NN manager/NN ] of/IN [ a/DT a$/$ 1/AB billion/AB bond/NN issue/NN mr./NP holmes/NP ] [ a/DT court/NP 's/POS bell/NP resources/NP ltd./NP ] would/MD have/VB used/VBN to/TO reduce/VB [ its/PP$ interest_6/NN bill/NN ] ./. 
$$
``/`` [ the/DT idea/NN ] was/VBD [ he/PP ] might/MD make/VB [ it/PP ] ,/, ''/'' [ one/AB banker/NN ] says/VBZ ,/, but/CC ``/`` [ high/JJ interest_6/NN rates/NNS ] changed/VBD [ a/DT lot/NN ] ./. 
$$
====================================== [ david/NP maxwell/NP ] ,/, [ fannie/NP mae/NP 's/POS chairman/NN ] ,/, said/VBD [ the/DT split/NN ] and/CC [ the/DT dividend/NN increase/NN ] ``/`` reflect/VBP [ our/PP$ confidence/NN ] in/IN [ fannie/NP mae/NP 's/POS continued/JJ success/NN ] and/CC [ our/PP$ interest_1/NN ] in/IN broadening/VBG [ the/DT distribution/NN ] of/IN [ our/PP$ stock/NN ] ./. 
$$
====================================== [ the/DT company/NN ] said/VBD [ thomas/NP csathy/NP ] ,/, [ its/PP$ president/NN ] and/CC [ chief/NN operating/VBG officer/NN ] since/IN [ 1986/AB ] ,/, has/VBZ resigned/VBN ``/`` to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
====================================== [ the/DT notion/NN ] stems/VBZ from/IN [ sen./NP bentsen/NP 's/POS interest_1/NN ] in/IN encouraging/VBG [ long-range/JJ thinking/NN ] by/IN [ american/JJ business/NN *interests/NNS ] and/CC in/IN [ discouraging/JJ short-term/JJ ] trading/NN for/IN [ quick/JJ profits/NNS ] ./. 
$$
====================================== [ short-term/JJ interest_6/NN rates/NNS ] rose/VBD slightly/RB ./. 
$$
either/CC [ the/DT yen/NNS ] will/MD weaken/VB further/RBR ,/, as/IN [ many/JJ analysts/NNS ] believe/VBP ,/, or/CC [ the/DT bank/NP ] of/IN [ japan/NP ] will/MD boost/VB [ interest_6/NN rates/NNS ] to/TO defend/VB [ the/DT yen/NNS ] as/RB well/RB as/IN quell/VB [ domestic/JJ inflationary/JJ pressures/NNS ] ./. 
$$
[ mr./NP gross/NP ] observed/VBD that/IN [ the/DT open/JJ interest_5/NN ] ,/, or/CC [ the/DT number/NN ] of/IN [ contracts/NNS ] remaining/VBG to/TO be/VB nullified/VBN by/IN [ an/DT opposite/JJ trade/NN ] or/CC fulfilled/VBN by/IN [ delivery/NN ] of/IN [ copper/NN ] ,/, at/IN [ 3,750/AB contracts/NNS ] yesterday/NN was/VBD equal/JJ to/TO [ 46,875/AB tons/NNS ] ,/, or/CC about/IN [ three/AB times/NNS ] [ the/DT amount/NN ] of/IN [ copper/NN ] in/IN [ storage/NN ] for/IN [ delivery/NN ] against/IN [ the/DT september/NP contract/NN ] ./. 
$$
because/IN [ prices/NNS ] will/MD probably/RB rise/VB in/IN [ the/DT next/JJ few/JJ months/NNS ] ,/, [ many/JJ analysts/NNS ] concluded/VBD that/IN [ the/DT federal/NP reserve/NP ] wo/MD n't/RB lower/VB [ interest_6/NN rates/NNS ] anytime/RB soon/RB ./. 
$$
====================================== and/CC [ his/PP$ habit/NN ] of/IN shuffling/VBG [ investments/NNS ] within/IN [ his/PP$ amorphous/JJ corporate/JJ structure/NN ] confuses/VBZ even/RB [ admirers/NNS ] and/CC deflects/VBZ [ the/DT interest_1/NN ] of/IN [ major/JJ institutional/JJ investors/NNS ] from/IN [ all/DT ] but/CC [ one/AB ] or/CC [ two/AB ] of/IN [ his/PP$ companies/NNS ] ./. 
$$
in/IN [ return/NN ] ,/, [ richfield/NP ] is/VBZ seeking/VBG [ a/DT stake/NN ] of/IN at/IN [ least/JJS 65/AB %/NN ] in/IN [ the/DT australian/JJ company/NN ] ,/, [ which/WDT ] owns/VBZ [ substantial/JJ retail/NN ] and/CC [ property/NN interests_5/NNS ] in/IN [ the/DT u.s/NP ] ./. 
$$
====================================== according/VBG to/TO [ a/DT company/NN chart/NN ] dated/VBN [ july/NP 17/AB ] ,/, [ mr./NP lo/NP ] owns/VBZ [ a/DT 51.7/AB %/NN interest_5/NN ] in/IN [ century/NP city/NP ] ,/, [ the/DT group/NN holding/VBG concern/NN ] ./. 
$$
[ his/PP$ effective/JJ interest_5/NN ] in/IN [ richfield/NP ] ,/, after/IN filtering/VBG through/IN [ several/JJ other/JJ affiliate/NN companies/NNS ] ,/, comes/VBZ to/TO just/RB [ 18/AB %/NN ] ./. 
$$
[ news/NP corp./NP ] sold/VBD [ its/PP$ book-publishing/NN interests_5/NNS ] ,/, including/VBG [ harper/NP ] &/CC [ row/NP publishers/NPS inc./NP ] and/CC [ william/NP collins/NP plc/NP ] ,/, for/IN about/IN [ $/$ 1.3/AB billion/AB ] to/TO [ a/DT joint-venture/NN company/NN ] owned/VBN by/IN [ news/NP corp./NP ] and/CC [ a/DT company/NN ] associated/JJ with/IN [ credit/NP suisse/NP ] first/NP [ boston/NP ] ./. 
$$
====================================== annualized/JJ [ interest_6/NN rates/NNS ] on/IN [ certain/JJ investments/NNS ] as/IN reported/VBN by/IN [ the/DT federal/NP reserve/NP board/NP ] on/IN [ a/DT weekly-average/NN basis/NN ] :/: ====================================== [ a-discounted/JJ rate/NN ] ./. 
$$
[ he/PP ] succeeds/VBZ [ c.j./NP byrne/NP mcnamara/NP ] ,/, [ who/WP ] left/VBD [ the/DT company/NN ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
[ the/DT debt/NN service/NN ] ,/, or/CC [ the/DT principal/NN ] and/CC [ interest_6/NN obligations/NNS ] falling/VBG due/RB ,/, amounts/VBZ to/TO nearly/RB [ half/NN ] of/IN [ the/DT region/NN 's/POS export/NN revenues/NNS ] ./. 
$$
as/IN [ a/DT result/NN ] ,/, [ mlx/NP ] would/MD acquire/VB [ the/DT outstanding/JJ minority/NN interests_5/NNS ] in/IN [ its/PP$ two/AB principal/JJ operating/VBG subsidiaries/NNS ] ./. 
$$
does/VBZ [ the/DT risk/NN ] of/IN [ hostile/JJ takeovers/NNS ] force/VB [ corporate/JJ officers/NNS ] to/TO focus/VB on/IN [ the/DT short/JJ term/NN ] and/CC ignore/VB [ the/DT corporation/NN 's/POS long-range/JJ interests_4/NNS ] ./. 
$$
====================================== then/RB ,/, of/IN [ course/NN ] ,/, [ there/EX ] is/VBZ [ the/DT question/NN ] of/IN [ what/WDT role/NN stock/NN exchanges/NNS ] will/MD play/VB in/IN [ this/DT future/JJ world/NN ] of/IN [ narrow/JJ ownership/NN ] and/CC [ less/JJR interest_1/NN ] in/IN [ liquidity/NN ] ./. 
$$
''/'' ====================================== [ goodison/NP ] may/MD be/VB [ an/DT enigma/NN ] ,/, but/CC [ hud/NP ] has/VBZ also/RB given/VBN [ oakland/NP township/NP ] [ an/DT $/$ 11,810/AB block/NN grant/NN ] to/TO ``/`` reduce/VB [ interest_6/NN charges/NNS ] for/IN [ business/NN owners/NNS ] in/IN [ the/DT 'goodison/NP historical/NP area/NP ] '/'' ''/'' and/CC [ a/DT $/$ 13,543/AB grant/NN ] to/TO construct/VB ``/`` [ barrier/NN free/JJ improvements/NNS ] ''/'' at/IN [ the/DT township/NN hall/NN ] ,/, [ records/NNS ] show/VBP ./. 
$$
``/`` [ i/PP ] do/VBP n't/RB think/VB [ we/PP ] should/MD view/VB that/DT as/IN bad/JJ for/IN [ western/JJ interests_4/NNS ] ,/, ''/'' [ mr./NP bush/NP ] said/VBD ./. 
$$
[ an/DT interest_5/NN ] in/IN [ pars/NP ] is/VBZ n't/RB as/RB valuable/JJ ./. 
$$
soon/RB after/IN [ he/PP ] went/VBD [ public/JJ ] with/IN [ his/PP$ new-found/JJ interest_1/NN ] in/IN [ capital/NN gains/NNS ] ,/, [ he/PP ] closeted/VBD [ himself/PP ] in/IN [ a/DT room/NN ] on/IN [ the/DT second/JJ floor/NN ] of/IN [ the/DT capitol/NP ] to/TO hear/VB [ what/WP ] [ the/DT democratic/JJ majority/NN ] on/IN [ his/PP$ committee/NN ] had/VBD to/TO say/VB ./. 
$$
====================================== [ jerrold/NP s./NP cooper/NP ] ====================================== [ chairman/NP ] ,/, near/IN [ eastern/NP studies/NPS ] ====================================== [ acting/NP chairman/NP ] ,/, [ classics/NPS ] ====================================== [ johns/NP hopkins/NP university/NP ] ====================================== [ baltimore/NP ] ====================================== as/IN [ an/DT alumnus/NN ] of/IN [ johns/NP hopkins/NP ] (/( b.a./NP [ '81/AB '81/AB ] )/) ,/, [ i/PP ] read/VBD [ mr./NP sykes/NP 's/POS article/NN ] with/IN [ great/JJ interest_1/NN ] ./. 
$$
[ most/JJS interest_6/NN rate/NN margins/NNS ] in/IN [ japan/NP ] remain/VBP fixed/JJ and/CC ,/, while/IN [ floating-rate/JJ loans/NNS ] now/RB make/VBP up/RP more/RBR than/IN [ 50/AB %/NN ] of/IN [ loans/NNS ] made/VBN in/IN [ tokyo/NP ] ,/, [ banks/NNS ] have/VBP [ a/DT vast/JJ ] ,/, [ cheap/JJ deposit/NN rate/NN thanks/NNS ] to/TO [ a/DT rigid/JJ savings/NNS ethic/NN ] and/CC [ a/DT national/JJ savings-deposit/JJ rate/NN ] of/IN [ only/JJ 0.38/AB %/NN ] ./. 
$$
but/CC [ the/DT judges/NNS ] decided/VBD to/TO knock/VB out/RP [ several/JJ categories/NNS ] of/IN [ charges/NNS ] ,/, including/VBG [ late-payment/JJ fees/NNS ] of/IN [ $/$ 200,000/AB ] ,/, [ which/WDT ] sounds/VBZ like/IN [ a/DT reasonable/JJ amount/NN ] for/IN [ interest_6/NN ] ./. 
$$
``/`` [ it/PP ] has/VBZ been/VBN able/JJ to/TO [ outperform/JJ stocks/NNS three/AB times/NNS ] in/IN [ 10/AB years/NNS ''./NN ] and/CC [ interest_6/NN ] ,/, if/IN [ any/DT ] --/: on/IN [ selected/VBN investments/NNS ] ,/, in/IN ./. 
$$
====================================== [ monday/NP ] ,/, [ september/NP 18/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/RB are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
and/CC [ a/DT third/NN ] are/VBP funded/VBN by/IN [ company-owned/JJ life/NN insurance/NN ] in/IN [ which/WDT ] [ the/DT executive/NN ] has/VBZ [ no/DT interest_5/NN ] ;/: again/RB ,/, [ it/PP ] 's/VBZ [ a/DT promise/NN ] to/TO pay/VB ./. 
$$
[ the/DT louisville/NP ] ,/, [ ky./NP ] ,/, [ life/NN insurance/NN concern/NN ] said/VBD [ the/DT series/NP ] [ a/JJ notes/NNS ] will/MD be/VB issued/VBN with/IN fixed/JJ or/CC [ floating/JJ interest_6/NN rates/NNS ] or/CC at/IN [ an/DT original/JJ issue/NN discount/NN ] ./. 
$$
====================================== [ manufacturers/NPS ] also/RB said/VBD [ it/PP ] reached/VBD [ a/DT definitive/JJ agreement/NN ] to/TO sell/VB [ a/DT 60/AB %/NN interest_5/NN ] in/IN [ cit/NP group/NP ] to/TO [ dai-ichi/NP kangyo/NP bank/NP ] of/IN [ japan/NP ] for/IN [ $/$ 1.28/AB billion/AB ] ./. 
$$
on/IN [ friday/NP ] ,/, [ di/NP giorgio/NP ] said/VBD [ it/PP ] had/VBD received/VBN [ indications/NNS ] of/IN [ interest_1/NN ] from/IN [ third/JJ parties/NNS ] [ whom/WP ] [ it/PP ] did/VBD n't/RB identify/VB ./. 
$$
====================================== ``/`` [ there/EX ] 's/VBZ beginning/VBG to/TO be/VB [ some/DT ] [ buying/NN interest_1/NN ] in/IN [ the/DT better/JJR quality/NN names/NNS ] ,/, ''/'' said/VBD [ robert/NP lupo/NP ] ,/, [ a/DT managing/VBG director/NN ] at/IN [ smith/NP barney/NP ] ,/, [ harris/NP upham/NP ] &/CC [ co/NP ] ./. 
$$
[ mr./NP yocam/NP ] announced/VBD [ last/JJ year/NN ] that/IN [ he/PP ] intended/VBD to/TO leave/VB [ apple/NP ] to/TO pursue/VB [ other/JJ interests_3/NNS ] ./. 
$$
[ mr./NP bogart/NP estimates/NNS ] that/IN operating/VBG [ cash/NN flow/NN ] will/MD cover/VB only/RB [ 81/AB %/NN ] of/IN [ this/DT year/NN 's/POS interest_6/NN bill/NN ] ./. 
$$
''/'' when/WRB [ various/JJ acquisition/NN attempts/NNS ] failed/VBD ,/, [ m.d.c./NP ] found/VBD [ itself/PP ] overfunded/VBN and/CC paying/VBG [ high/JJ interest_6/NN ] ./. 
$$
[ that/DT move/NN ] also/RB reduced/VBD [ the/DT company/NN 's/POS interest_6/NN charges/NNS ] ./. 
$$
====================================== instead/RB ,/, [ citicorp/NP 's/POS equity/NN interest_5/NN ] in/IN [ the/DT purchase/NN ] is/VBZ being/VBG reduced/VBN ,/, and/CC [ another/DT financial/JJ buyer/NN ] ,/, possibly/RB [ another/DT leveraged/JJ buy-out/NN fund/NN ] ,/, is/VBZ likely/JJ to/TO step/VB in/IN to/TO help/VB make/VB [ the/DT purchase/NN ] ,/, according/VBG to/TO [ one/AB person/NN ] familiar/JJ with/IN [ the/DT sale/NN ] ./. 
$$
====================================== [ r.h./NP macy/NP ] &/CC [ co./NP ] said/VBD in/IN [ a/DT letter/NN ] to/TO [ its/PP$ investors/NNS ] that/IN [ pretax/JJ earnings/NNS ] before/IN [ interest_6/NN ] and/CC [ depreciation/NN ] were/VBD [ $/$ 925/AB million/AB ] on/IN [ sales/NNS ] of/IN about/RB [ $/$ 7/AB billion/AB ] in/IN [ fiscal/JJ 1989/AB ] ,/, [ which/WDT ] ended/VBD [ july/NP 29/AB ] ./. 
$$
[ he/PP ] added/VBD that/IN increased/VBN [ buying/JJ interest_1/NN ] for/IN [ sugar/NN ] in/IN [ the/DT world/NN market/NN ] might/MD also/RB have/VB contributed/VBN to/TO [ a/DT stronger/JJR tone/NN ] in/IN [ futures/NNS ] ./. 
$$
====================================== [ others/NNS ] ,/, however/RB ,/, noted/VBD that/IN with/IN [ the/DT chance/NN ] for/IN [ interest_6/NN rate/NN increases/NNS ] in/IN [ europe/NP ] and/CC [ japan/NP ] increasing/VBG ,/, [ the/DT dollar/NN ] will/MD find/VB [ any/DT ] climb/NN [ a/DT hard/JJ one/NN ] ./. 
$$
====================================== [ a/DT survey/NN ] of/IN [ international/JJ analysts/NNS ] indicates/VBZ ,/, also/RB ,/, that/IN while/IN [ the/DT bundesbank/NP ] and/CC [ other/JJ european/JJ central/JJ banks/NNS ] are/VBP n't/RB likely/JJ to/TO raise/VB [ interest_6/NN rates/NNS ] following/VBG [ the/DT bundesbank/NP 's/POS central/NP bank/NP council/NP meeting/NN thursday/NP ] ,/, [ many/JJ analysts/NNS ] expect/VBP [ a/DT coordinated/VBN credit-tightening/NN ] on/IN [ the/DT continent/NP ] in/IN [ the/DT next/JJ four/AB ] to/TO [ eight/AB weeks/NNS ] ./. 
$$
but/CC [ distribution/NN ] has/VBZ been/VBN suspended/VBN on/IN [ nrm/NP 's/POS $/$ 2/AB convertible/JJ acquisition/NN ] preferred/VBD [ units/NNS ] ,/, [ which/WDT ] are/VBP cumulative/JJ and/CC bear/VBP [ interest_6/NN ] at/IN [ one/AB percentage/NN point/NN ] above/IN [ the/DT prime/JJ rate/NN ] ./. 
$$
moreover/RB ,/, [ disclosures/NNS ] of/IN [ campeau/NP 's/POS ] deepening/VBG [ financial/JJ troubles/NNS ] and/CC [ the/DT failure/NN ] of/IN [ one/AB ] of/IN [ its/PP$ units/NNS ] to/TO make/VB [ an/DT interest_6/NN payment/NN last/JJ week/NN ] prompted/VBD much/JJ of/IN [ the/DT decline/NN ] in/IN [ junk/NN bond/NN prices/NNS ] ./. 
$$
[ mitsui/NP ] also/RB has/VBZ [ an/DT option/NN ] to/TO purchase/VB [ another/DT 5/AB %/NN interest_5/NN ] later/RB ./. 
$$
[ the/DT utility/NN holding/VBG company/NN ] said/VBD [ the/DT redemption/NN ] is/VBZ expected/VBN to/TO save/VB more/JJR than/IN [ $/$ 2/AB million/AB ] in/IN [ interest_6/NN costs/NNS ] over/IN [ the/DT next/JJ two/AB years/NNS ] ./. 
$$
[ it/PP ] will/MD redeem/VB [ them/PP ] at/IN [ face/NN amount/NN ] plus/IN [ one/AB day/NN ] 's/POS accrued/VBN and/CC [ unpaid/JJ interest_6/NN ] from/IN [ oct./NP 15/AB ] to/TO [ the/DT redemption/NN date/NN ] ./. 
$$
====================================== accrued/VBN [ semiannual/JJ interest_6/NN due/JJ oct./NP 15/AB ] will/MD be/VB paid/VBN to/TO [ holders/NNS ] of/IN [ record/NN oct./NP 1/AB ] ./. 
$$
[ the/DT japanese/JJ securities/NNS house/NN ] already/RB has/VBZ [ a/DT 25.1/AB %/NN interest_5/NN ] in/IN [ matuschka/NP 's/POS mat/NP main/NP anlage/NP trust/NP g.m.b/NP ] ./. 
$$
[ the/DT new/JJ hippocrates/NP ] will/MD have/VB [ editorial/JJ matter/NN ] similar/JJ to/TO in/IN [ health/NP ] ,/, but/CC with/IN [ some/DT added/VBN features/NNS ] [ that/WDT ] address/VBP [ physicians/NNS '/POS interests_3/NNS ] ./. 
$$
[ panhandle/NP ] said/VBD [ the/DT long-depressed/JJ houston/NP market/NN ] improved/VBD enough/RB [ this/DT year/NN ] to/TO generate/VB [ more/JJR interest_1/NN ] than/IN anticipated/VBN ./. 
$$
''/'' ====================================== [ secretary/NP baker/NP ] ,/, [ an/DT active/JJ outdoorsman/NN ] ,/, has/VBZ [ a/DT keen/JJ interest_1/NN ] in/IN [ environmental/JJ issues/NNS ] ./. 
$$
====================================== ``/`` if/IN [ a/DT person/NN ] is/VBZ accused/VBN of/IN [ bank/NN fraud/NN ] ,/, let/VB [ him/PP ] be/VB tried/VBN for/IN [ that/DT ] ,/, ''/'' said/VBD [ mr./NP lowell/NP ] ,/, [ who/WP ] successfully/RB defended/VBD [ texas/NP thrift/NN owner/NN thomas/NP m./NP gaubert/NP ] against/IN [ charges/NNS ] that/IN [ he/PP ] misled/VBD [ the/DT officers/NNS ] of/IN [ an/DT iowa/NP thrift/NN ] about/IN [ his/PP$ interest_1/NN ] in/IN [ a/DT real/JJ estate/NN ] deal/NN [ they/PP ] were/VBD financing/VBG ./. 
$$
====================================== [ the/DT financial/JJ services/NNS company/NN ] has/VBZ been/VBN trying/VBG to/TO avoid/VB [ a/DT bankruptcy-law/JJ ] filing/NN since/IN [ it/PP ] failed/VBD to/TO make/VB [ interest_6/NN payments/NNS ] in/IN [ june/NP ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] of/IN [ debt/NN ] ./. 
$$
but/CC [ sources/NNS ] familiar/JJ with/IN [ mr./NP bass/NP ] say/VBP that/IN after/IN reviewing/VBG [ the/DT assets/NNS ] [ he/PP ] lost/VBD [ interest_1/NN ] ./. 
$$
in/IN [ march/NP 1988/AB ] ,/, [ the/DT central/JJ bank/NN ] began/VBD nudging/VBG [ interest_6/NN rates/NNS ] higher/RBR in/IN [ an/DT effort/NN ] to/TO slow/VB [ economic/JJ activity/NN ] so/RB that/IN [ prices/NNS ] would/MD moderate/VB ./. 
$$
but/CC [ this/DT spring/NN ] ,/, after/IN allowing/VBG [ short-term/JJ interest_6/NN rates/NNS ] to/TO climb/VB [ three/AB percentage/NN points/NNS ] ,/, [ the/DT fed/NP reversed/VBD course/NN ] and/CC started/VBD pushing/VBG [ rates/NNS ] down/RB to/TO protect/VB [ the/DT slowing/VBG economy/NN ] from/IN [ a/DT recession/NN ] ./. 
$$
====================================== [ kaneb/NP pipe/NP line/NP partners/NP l.p./NP ] --/: [ 4.65/AB million/AB units/NNS ] ,/, representing/VBG [ senior/JJ preference/NN limited/NP partnership/NP interests_5/NNS ] ,/, via/IN [ goldman/NP sachs/NP ] ./. 
$$
for/IN [ example/NN ] ,/, [ lincoln/NP ] sold/VBD [ an/DT equity/NN interest_5/NN ] in/IN [ the/DT project/NN ] to/TO [ american/NP continental/NP ] ,/, [ a/DT purchase/NN ] [ the/DT parent/NN ] financed/VBD with/IN [ proceeds/NNS ] of/IN ``/`` [ illusory/JJ transactions/NNS ] with/IN [ lincoln/NP subsidiaries/NNS ] ,/, ''/'' according/VBG to/TO [ the/DT suit/NN ] ./. 
$$
====================================== [ the/DT investment/NN banking/NN concern/NN ] had/VBD to/TO withdraw/VB [ a/DT bond/NN ] offering/NN for/IN [ ohio/NP mattress/NP co./NP last/JJ month/NN ] because/IN of/IN [ lack/NN ] of/IN [ investor/NN interest_1/NN ] ./. 
$$
====================================== [ henry/NP kissinger/NP ] ,/, [ who/WP ] has/VBZ opposed/VBN [ sanctions/NNS ] against/IN [ china/NP ] and/CC [ who/WP ] has/VBZ [ extensive/JJ business/NN interests_5/NNS ] of/IN [ his/PP$ own/JJ ] in/IN [ china/NP ] ,/, turned/VBD down/RP [ an/DT invitation/NN ] to/TO speak/VB at/IN [ the/DT event/NN ] ./. 
$$
====================================== according/VBG to/TO [ new/NP american/NP shoe/NP ] ,/, [ the/DT puerto/JJ rican/JJ government/NN ] has/VBZ expressed/VBN [ interest_1/NN ] in/IN keeping/VBG [ the/DT company/NN 's/POS factories/NNS ] there/RB operating/VBG ,/, and/CC has/VBZ arranged/VBN for/IN [ private/JJ ] and/CC [ government/NN financial/JJ institutions/NNS ] to/TO discuss/VB [ local/JJ investment/NN possiblities/NNS ] with/IN [ the/DT company/NN ] ./. 
$$
[ ge/NP ] also/RB has/VBZ [ interests_5/NNS ] in/IN [ broadcasting/NN ] ,/, lighting/NN [ products/NNS ] ,/, [ jet/NN engines/NNS ] ,/, [ appliances/NNS ] and/CC [ plastics/NNS ] ./. 
$$
====================================== [ the/DT delay/NN ] in/IN getting/VBG [ its/PP$ lenders/NNS '/POS approval/NN ] of/IN [ the/DT o&y/NP loan/NN ] meant/VBD [ campeau/NP 's/POS allied/NP stores/NP unit/NN ] missed/VBD [ the/DT interest_6/NN payment/NN due/JJ friday/NP ] on/IN [ one/AB series/NN ] of/IN [ junk/NN bonds/NNS ] ./. 
$$
[ allied/NP ] said/VBD [ it/PP ] paid/VBD [ the/DT interest_6/NN ] on/IN [ its/PP$ 10/AB 14/AB %/NN senior/JJ notes/NNS due/JJ 1992/AB ] but/CC did/VBD n't/RB pay/VB [ the/DT *interest/NN ] on/IN [ its/PP$ 11/AB 12/AB %/NN senior/JJ subordinated/VBN debentures/NNS due/JJ 1997/AB ] ./. 
$$
====================================== [ allied/NP ] did/VBD n't/RB indicate/VB [ the/DT amount/NN ] of/IN [ the/DT overdue/JJ payment/NN ] ,/, but/CC [ analysts/NNS ] said/VBD [ the/DT aggregate/JJ interest_6/NN due/JJ friday/NP ] on/IN [ allied/NP 's/POS high-yield/JJ bonds/NNS ] was/VBD about/RB [ $/$ 50/AB million/AB ] ./. 
$$
====================================== [ this/DT week/NN 's/POS revision/NN ] of/IN [ the/DT european/JJ currency/NN unit/NN ] is/VBZ n't/RB likely/JJ to/TO alter/VB [ interest_6/NN rates/NNS ] on/IN [ ecu-denominated/JJ securities/NNS ] ./. 
$$
====================================== nevertheless/RB ,/, on/IN [ the/DT surface/NN ] [ it/PP ] would/MD seem/VB [ logical/JJ ] for/IN [ ecu/NP interest_6/NN ] rates/NNS to/TO be/VB higher/JJR than/IN would/MD otherwise/RB be/VB [ the/DT case/NN ] because/IN of/IN [ higher/JJR inflation/NN ] in/IN [ spain/NP ] and/CC [ portugal/NP ] ./. 
$$
``/`` with/IN [ the/DT inclusion/NN ] of/IN [ the/DT peseta/NN ] and/CC [ escudo/NN ] ,/, [ there/EX ] is/VBZ apt/JJ to/TO be/VB [ a/DT rise/NN ] in/IN [ both/DT ] [ the/DT short/JJ ] -/: and/CC [ long-term/JJ interest_6/NN rates/NNS ] since/IN [ the/DT share/NN ] of/IN [ so-called/JJ soft-currency/JJ ] or/CC [ high/JJ *interest/NN countries/NNS ] in/IN [ the/DT currency/NN basket/NN ] will/MD increase/VB ,/, ''/'' according/VBG to/TO [ a/DT study/NN ] of/IN [ the/DT ecu/NP ] by/IN [ ubs/NP phillips/NP ] &/CC [ drew/NP ] ./. 
$$
====================================== according/VBG to/TO [ that/DT study/NN ] ,/, ``/`` [ the/DT short-term/JJ ecu/NP market/NN interest_6/NN rate/NN ] after/IN [ the/DT incorporation/NN ] of/IN [ the/DT iberian/JJ currencies/NNS ] will/MD be/VB about/RB [ 85/AB basis/NN points/NNS ] above/IN [ the/DT synthetical/JJ ecu/NP reference/NN *interest/NN rate/NN ] ,/, ''/'' [ which/WDT ] does/VBZ n't/RB take/VB [ the/DT peseta/NN ] and/CC [ escudo/NN ] into/IN [ consideration/NN ] ./. 
$$
====================================== as/RB long/RB as/IN [ foreign-exchange/JJ rates/NNS ] between/IN [ the/DT various/JJ european/JJ currencies/NNS ] remain/VBP [ stable/JJ ] ,/, then/RB [ fluctuations/NNS ] in/IN [ interest_6/NN rates/NNS ] on/IN [ ecu-denominated/JJ securities/NNS ] should/MD respond/VB mainly/RB to/TO [ the/DT changing/VBG fortunes/NNS ] of/IN [ yields/NNS ] in/IN [ the/DT constituent/JJ credit/NN markets/NNS ] ,/, with/IN [ the/DT greatest/JJS influence/NN ] exerted/VBN by/IN [ west/NP germany/NP ] ,/, [ france/NP ] ,/, [ the/DT u.k./NP ] and/CC [ italy/NP ] ./. 
$$
and/CC in/IN [ a/DT later/JJ scene/NN ] ,/, [ we/PP ] see/VBP [ shirer/NP ] chafing/VBG at/IN [ the/DT folly/NN ] of/IN being/VBG required/VBN by/IN [ cbs/NP ] to/TO cover/VB ``/`` [ human/JJ interest_3/NN ] ''/'' [ stories/NNS ] like/IN [ the/DT vienna/NP boys/NP '/POS choir/NN ] at/IN [ the/DT very/JJ moment/NN ] of/IN [ the/DT anschluss/NP ] ./. 
$$
====================================== [ the/DT amount/NN ] of/IN [ interest_6/NN ] saved/VBN through/IN [ the/DT buy-back/NN ] could/MD reach/VB as/RB much/JJ as/IN [ $/$ 100/AB million/AB ] [ a/DT year/NN ] ./. 
$$
====================================== [ friday/NP ] ,/, [ september/NP 15/AB ] ,/, [ 1989/AB ] ====================================== [ the/DT key/JJ u.s./NP ] and/CC [ foreign/JJ annual/JJ interest_6/NN rates/NNS ] below/IN are/VBP [ a/DT guide/NN ] to/TO [ general/JJ levels/NNS ] but/CC do/VBP n't/RB always/RB represent/VB [ actual/JJ transactions/NNS ] ./. 
$$
====================================== [ united/NP brands/NP co./NP ] said/VBD [ it/PP ] sold/VBD [ its/PP$ 18.5/AB %/NN interest_5/NN ] in/IN [ fii/NP fyffes/NP plc/NP ] ,/, [ a/DT distributor/NN ] of/IN [ fresh/JJ fruit/NN ] and/CC [ vegetables/NNS ] ,/, principally/RB in/IN [ the/DT united/NP kingdom/NP ] ./. 
$$
====================================== [ mr./NP kerkorian/NP ] began/VBD trying/VBG to/TO sell/VB [ MGMNP ] [ some/DT 18/AB months/NNS ] ago/RB ,/, and/CC [ a/DT long/JJ list/NN ] of/IN [ companies/NNS ] expressed/VBD [ an/DT interest_1/NN ] ,/, including/VBG [ walt/NP disney/NP co./NP ] ,/, [ mca/NP inc./NP ] ,/, and/CC [ davis/NP cos./NP ] ,/, controlled/VBN by/IN [ marvin/NP davis/NP ] ./. 
$$
====================================== still/RB [ unresolved/JJ ] is/VBZ [ the/DT key/JJ question/NN ] in/IN [ the/DT case/NN ] :/: whether/IN [ rates/NNS ] will/MD be/VB increased/VBN enough/RB to/TO satisfy/VB [ the/DT interests_4/NNS ] of/IN [ investors/NNS ] in/IN [ the/DT troubled/VBN utility/NN ] ,/, or/CC whether/IN [ increases/NNS ] will/MD be/VB held/VBN down/RB in/IN [ the/DT *interests/NNS ] of/IN [ the/DT utility/NN 's/POS customers/NNS ] ./. 
$$
====================================== still/RB [ unresolved/JJ ] is/VBZ [ the/DT key/JJ question/NN ] in/IN [ the/DT case/NN ] :/: whether/IN [ rates/NNS ] will/MD be/VB increased/VBN enough/RB to/TO satisfy/VB [ the/DT *interests/NNS ] of/IN [ investors/NNS ] in/IN [ the/DT troubled/VBN utility/NN ] ,/, or/CC whether/IN [ increases/NNS ] will/MD be/VB held/VBN down/RB in/IN [ the/DT interests_4/NNS ] of/IN [ the/DT utility/NN 's/POS customers/NNS ] ./. 
$$
[ ps/NP ] of/IN [ new/NP hampshire/NP ] filed/VBD for/IN [ chapter/NP 11/AB status/NN ] under/IN [ the/DT federal/JJ bankruptcy/NP code/NP ] in/IN [ january/NP 1988/AB ] because/IN [ it/PP ] [ was/VBD n't/RB ] able/JJ to/TO make/VB [ interest_6/NN payments/NNS ] on/IN [ its/PP$ huge/JJ debt/NN ] ,/, much/JJ of/IN [ which/WDT ] was/VBD taken/VBN on/RP to/TO finance/VB [ its/PP$ seabrook/NP stake/NN ] ./. 
$$
====================================== in/IN [ the/DT same/JJ period/NN ] ,/, [ the/DT so-called/JJ coverage/NN ratio/NN ] of/IN [ service/NN businesses/NNS ] --/: [ their/PP$ cash/NN flow/NN ] divided/VBN by/IN [ their/PP$ interest_6/NN payments/NNS ] --/: fell/VBD to/TO [ 2.3-to-1/JJ ] from/IN [ 4.5-to-1/JJ ] ./. 
$$
[ environmental/JJ groups/NNS ] have/VBP [ no/DT interest_1/NN ] in/IN obtaining/VBG [ winning/VBG fines/NNS ] for/IN [ the/DT treasury/NP ] ,/, and/CC will/MD ``/`` trade/VB ''/'' even/RB [ a/DT ] relatively/RB [ modest/JJ credit/NN project/NN ] for/IN [ very/RB high/JJ fines/NNS ] ./. 
$$
in/IN [ a/DT talk/NN ] to/TO [ big/JJ junk-bond/NN buyers/NNS last/JJ week/NN ] ,/, [ mr./NP milken/NP ] told/VBD [ them/PP ] [ it/PP ] was/VBD [ time/NN ] for/IN [ some/DT companies/NNS ] to/TO [ de-leverage/VB ] ,/, urging/VBG [ many/JJ companies/NNS ] to/TO swap/VB [ their/PP$ junk/NN debt/NN ] for/IN [ a/DT combination/NN ] of/IN [ equity/NN ] and/CC [ higher-grade/JJ debt/NN ] carrying/VBG [ a/DT lower/JJR interest_6/NN burden/NN ] ./. 
$$
[ many/JJ investors/NNS ] [ who/WP ] wanted/VBD to/TO sell/VB could/MD n't/RB find/VB [ any/DT buyers/NNS ] ,/, and/CC [ there/EX ] were/VBD [ widespread/JJ fears/NNS ] that/IN [ some/DT junk-bond/NN financed/VBN companies/NNS ] ,/, despite/IN [ the/DT ] relatively/RB [ strong/JJ economy/NN ] ,/, were/VBD close/JJ to/TO defaulting/VBG on/IN [ their/PP$ heavy/JJ interest_6/NN payments/NNS ] ./. 
$$
====================================== but/CC [ mr./NP milken/NP ] ,/, seemingly/RB siding/VBG with/IN [ his/PP$ critics/NNS ] [ who/WP ] have/VBP argued/VBN that/IN [ many/JJ companies/NNS '/POS stock/NN prices/NNS ] have/VBP been/VBN held/VBN down/RB by/IN [ the/DT burdensome/JJ interest_6/NN payments/NNS ] called/VBN for/IN by/IN [ their/PP$ junk/NN bonds/NNS ] ,/, argues/VBZ that/IN [ a/DT shift/NN ] away/RB from/IN [ junk/NN ] is/VBZ now/RB [ the/DT best/JJS way/NN ] for/IN [ investors/NNS ] to/TO make/VB [ money/NN ] ./. 
$$
[ integrated/NP resources/NP inc./NP ] ,/, [ a/DT drexel/NP client/NN ] ,/, defaulted/VBD in/IN [ july/NP ] on/IN nearly/RB [ $/$ 1/AB billion/AB ] in/IN [ debt/NN ] ;/: [ resorts/NP international/NP inc./NP ] failed/VBD to/TO meet/VB [ interest_6/NN payments/NNS ] on/IN [ $/$ 925/AB million/AB ] in/IN [ junk/NN debt/NN ] ./. 
$$
[ many/JJ junk-bond/NN prices/NNS ] tilted/VBD lower/RBR despite/IN [ a/DT big/JJ drop/NN ] in/IN [ interest_6/NN rates/NNS ] and/CC [ no/DT signs/NNS ] of/IN [ recession/NN ] ./. 
$$
[ that/DT debt/NN ] will/MD cost/VB [ the/DT company/NN $/$ 600/AB million/AB ] to/TO [ $/$ 700/AB million/AB ] in/IN [ interest_6/NN payments/NNS ] [ a/DT year/NN ] ./. 
$$
at/IN [ its/PP$ current/JJ operating/VBG level/NN ] ,/, [ analysts/NNS ] say/VBP ,/, united/NP generates/VBZ about/RB [ $/$ 1.1/AB billion/AB ] in/IN [ cash/NN ] annually/RB to/TO pay/VB [ its/PP$ interest_6/NN bill/NN ] ./. 
$$
and/CC because/IN [ its/PP$ lenders/NNS ] can/MD deduct/VB [ 50/AB %/NN ] of/IN [ the/DT interest_6/NN ] [ they/PP ] earn/VBP on/IN [ ual/NP 's/POS loan/NN ] ,/, [ the/DT buy-out/NN group/NN ] has/VBZ been/VBN able/JJ to/TO line/VB up/RP financing/NN at/IN [ a/DT more/RBR favorable/JJ *interest/NN rate/NN ] ./. 
$$
``/`` [ we/PP ] will/MD vote/VB [ our/PP$ claims/NNS ] in/IN [ a/DT way/NN ] [ that/WDT ] suits/VBZ [ our/PP$ customers/NNS '/POS interests_4/NNS ] ,/, ''/'' [ he/PP ] says/VBZ ./. 
$$
[ he/PP ] said/VBD [ canfor/NP ] has/VBZ [ no/DT plans/NNS ] to/TO boost/VB [ its/PP$ interest_5/NN ] in/IN [ newsprint/NN production/NN ] ./. 
$$
====================================== for/IN [ mr./NP davis/NP ] ,/, [ ual/NP ] may/MD become/VB [ the/DT second/JJ major/JJ airline/NN ] to/TO have/VB eluded/VBN [ his/PP$ pursuit/NN ] ,/, [ which/WDT ] could/MD intensify/VB [ questions/NNS ] about/IN [ the/DT seriousness/NN ] of/IN [ his/PP$ interest_1/NN ] in/IN making/VBG [ acquisitions/NNS ] ./. 
$$
[ confusion/NN ] is/VBZ [ the/DT consequence/NN ] of/IN [ the/DT long-hoped-for/JJ soft/JJ landing/NN ] ,/, that/DT [ catch-all/JJ phrase/NN ] [ that/WDT ] connotes/VBZ moderating/JJ [ economic/JJ growth/NN ] ,/, declining/VBG [ inflation/NN ] and/CC [ lower/JJR interest_6/NN rates/NNS ] ./. 
$$
relatively/RB [ high/JJ interest_6/NN rates/NNS ] are/VBP slowing/VBG [ retail/JJ sales/NNS ] ,/, while/IN manufacturing/NN [ inventories/NNS ] are/VBP growing/VBG ./. 
$$
====================================== ``/`` if/IN [ these/DT problems/NNS ] are/VBP cropping/VBG up/RP now/RB with/IN [ modest/JJ inflation/NN ] ,/, [ interest_6/NN rates/NNS ] down/RB and/CC [ the/DT economy/NN ] expanding/VBG ,/, [ what/WP ] in/IN [ god/NP 's/POS name/NN ] do/VBP [ you/PP ] think/VB will/MD happen/VB with/IN extremely/RB [ tight/JJ money/NN ] and/CC [ an/DT economic/JJ downturn/NN ] ./. 
$$
[ the/DT company/NN ] said/VBD [ others/NNS ] besides/IN [ investor/NN arthur/NP goldberg/NP ] ,/, [ who/WP ] is/VBZ bidding/VBG [ $/$ 32/AB ] [ a/DT share/NN ] ,/, have/VBP expressed/VBN [ interest_1/NN ] in/IN buying/VBG [ all/DT ] or/CC [ part/NN ] of/IN [ its/PP$ operations/NNS ] ./. 
$$
[ analysts/NNS ] say/VBP [ the/DT weakness/NN ] in/IN [ the/DT junk-bond/JJ market/NN ] is/VBZ reducing/VBG [ interest_1/NN ] in/IN [ many/JJ takeover/NN stocks/NNS ] ./. 
$$
[ traders/NNS ] say/VBP [ a/DT favorable/JJ article/NN ] on/IN [ the/DT company/NN 's/POS orgotein/NP painkiller/NN ] in/IN [ the/DT current/JJ issue/NN ] of/IN [ the/DT american/NP journal/NP ] of/IN [ medicine/NP ] has/VBZ spurred/VBN [ interest_1/NN ] in/IN [ the/DT stock/NN ] ,/, according/VBG to/TO [ dow/NP jones/NP professional/NP investor/NP report/NP ] ./. 
$$
====================================== [ the/DT world/NP bank/NP loan/NN ] to/TO [ india/NP ] will/MD be/VB at/IN [ a/DT variable/JJ interest_6/NN rate/NN ] ,/, currently/RB [ 7.74/AB %/NN ] [ a/DT year/NN ] ./. 
$$
[ the/DT facilities/NNS ] include/VBP [ a/DT 70/AB %/NN interest_5/NN ] in/IN [ the/DT milford/NP haven/NP refinery/NN ] ,/, [ 250/AB service/NN stations/NNS ] and/CC [ *interests/NNS ] in/IN [ an/DT oil/NN pipeline/NN ] and/CC [ five/AB product/NN terminals/NNS ] ./. 
$$
[ the/DT facilities/NNS ] include/VBP [ a/DT 70/AB %/NN *interest/NN ] in/IN [ the/DT milford/NP haven/NP refinery/NN ] ,/, [ 250/AB service/NN stations/NNS ] and/CC [ interests_5/NNS ] in/IN [ an/DT oil/NN pipeline/NN ] and/CC [ five/AB product/NN terminals/NNS ] ./. 
$$
====================================== [ the/DT new/JJ publication/NN ] comes/VBZ at/IN [ a/DT time/NN ] of/IN [ increased/VBN interest_1/NN ] in/IN [ family/NN business/NN ] among/IN [ major/JJ accounting/NN firms/NNS ] and/CC [ investment/NN houses/NNS ] ./. 
$$
====================================== [ cash-strapped/JJ lone/NP star/NP technologies/NP inc./NP ] ,/, [ dallas/NP ] ,/, said/VBD [ it/PP ] made/VBD [ an/DT annual/JJ interest_6/NN payment/NN due/JJ aug./NP 28/AB ] on/IN [ its/PP$ $/$ 50/AB million/AB ] in/IN [ 8/AB %/NN convertible/JJ subordinated/VBN debentures/NNS due/JJ 2002/AB ] ,/, preventing/VBG [ a/DT default/NN ] on/IN [ its/PP$ debt/NN ] ./. 
$$
====================================== [ a/DT company/NN spokeswoman/NN ] said/VBD [ there/EX ] was/VBD n't/RB [ a/DT particular/JJ reason/NN ] why/WRB [ the/DT interest_6/NN ] was/VBD paid/VBN [ last/JJ week/NN ] ./. 
$$
``/`` [ the/DT momentum/NN ] does/VBZ n't/RB seem/VB to/TO be/VB enough/JJ to/TO take/VB [ it/PP ] above/IN [ two.../: marks/NNS ] ''/'' now/RB that/IN [ interest_6/NN rate/NN differentials/NNS ] have/VBP narrowed/VBN ./. 
$$
====================================== [ interest_6/NN rates/NNS ] aside/RB ,/, [ central/JJ banks/NNS ] remain/VBP [ a/DT primary/JJ obstacle/NN ] to/TO [ a/DT stronger/JJR dollar/NN ] ./. 
$$
====================================== [ di/NP giorgio/NP corp./NP ] ,/, [ san/NP francisco/NP ] ,/, said/VBD ``/`` [ a/DT number/NN ] of/IN [ third/JJ parties/NNS ] ''/'' have/VBP expressed/VBN [ interest_1/NN ] in/IN [ acquiring/VBG part/NN ] or/CC [ all/DT ] of/IN [ the/DT food/NN products/NNS ] and/CC [ building/NN materials/NNS ] marketing/NN and/CC [ distribution/NN firm/NN ] ./. 
$$
====================================== [ di/NP giorgio/NP ] said/VBD [ the/DT most/RBS recent/JJ expressions/NNS ] of/IN [ interest_1/NN ] are/VBP preliminary/JJ ,/, but/CC [ it/PP ] said/VBD [ the/DT board/NN ] authorized/VBD [ management/NN ] and/CC [ shearson/NP lehman/NP hutton/NP inc./NP ] ,/, [ the/DT firm/NN 's/POS financial/JJ adviser/NN ] ,/, to/TO continue/VB to/TO explore/VB [ alternatives/NNS ] to/TO [ dig/NP 's/POS offer/NN ] and/CC to/TO seek/VB [ formal/JJ proposals/NNS ] for/IN [ the/DT sale/NN ] of/IN [ the/DT entire/JJ company/NN ] or/CC [ some/DT ] of/IN [ its/PP$ business/NN units/NNS ] ./. 
$$
====================================== [ british/NP plaster/NP board/NP ] closed/VBD at/IN [ 255/AB ] ,/, up/RB [ 15/AB ] ,/, on/IN [ new/JJ account/NN ] buying/NN and/CC talk/NN of/IN [ possible/JJ takeover/NN interest_1/NN ] in/IN [ the/DT company/NN ] ./. 
$$
[ southmark/NP ] ,/, [ which/WDT ] has/VBZ said/VBD [ it/PP ] plans/VBZ to/TO sell/VB [ its/PP$ health-care/JJ interests_5/NNS ] as/IN [ part/NN ] of/IN [ its/PP$ reorganization/NN ] under/IN [ federal/JJ bankruptcy/NN laws/NNS ] ,/, opposed/VBD [ the/DT spinoffs/NNS ] and/CC began/VBD [ a/DT fight/NN ] to/TO gain/VB [ control/NN ] of/IN [ national/NP heritage/NP 's/POS board/NN ] ./. 
$$
====================================== [ prudential/NP insurance/NP co./NP ] of/IN [ america/NP ] completed/VBD [ its/PP$ acquisition/NN ] of/IN [ merrill/NP lynch/NP ] &/CC [ co./NP 's/POS 75/AB %/NN interest_5/NN ] in/IN [ fine/NP homes/NP international/NP l.p./NP ] for/IN more/JJR than/IN [ $/$ 300/AB million/AB ] ./. 
$$
[ the/DT world/NP bank/NP ] and/CC [ its/PP$ international/NP development/NP association/NP unit/NN ] ,/, [ which/WDT ] makes/VBZ [ loans/NNS ] and/CC [ grants/NNS ] to/TO [ the/DT poorest/JJS countries/NNS ] ,/, have/VBP [ overdue/JJ principal/NN ] and/CC [ interest_6/NN payments/NNS ] on/IN almost/RB [ $/$ 4/AB billion/AB ] of/IN [ loans/NNS ] ,/, [ an/DT increase/NN ] from/IN about/RB [ $/$ 3.4/AB billion/AB ] of/IN [ such/JJ troubled/VBN loans/NNS ] [ the/DT year/NN ] before/RB ./. 
$$
====================================== for/IN [ his/PP$ part/NN ] ,/, [ the/DT rev./NP ronald/NP p./NP lengwin/NP ] ,/, [ a/DT spokesman/NN ] for/IN [ the/DT catholic/NP diocese/NP ] of/IN [ pittsburgh/NP ] ,/, worries/VBZ that/IN [ the/DT show/NN 's/POS pilgrimage/NN ] to/TO [ the/DT parish/NN ] will/MD stir/VB up/RP [ unwanted/JJ interest_1/NN ] in/IN [ the/DT crucifix/NN ] again/RB ./. 
$$
[ ruth/NP may/NP ] ,/, [ an/DT administrative/JJ assistant/NN ] in/IN [ city/NP hall/NP ] [ who/WP ] moved/VBD here/RB in/IN [ 1948/AB ] ,/, laughs/VBZ when/WRB asked/VBN about/IN [ television/NN 's/POS interest_1/NN ] in/IN [ the/DT alien/JJ landing/NN ] ./. 
$$
[ congress/NP president/NP jerome/NP kenyon/NP ] said/VBD [ federated/NP ] and/CC [ allied/NP ] are/VBP n't/RB behind/IN in/IN [ their/PP$ bills/NNS ] ,/, but/CC [ he/PP ] said/VBD [ congress/NP ] was/VBD ``/`` concerned/VBN [ that/DT campeau/NP ] would/MD n't/RB be/VB able/JJ to/TO meet/VB [ their/PP$ interest_6/NN payments/NNS ] ./. 
$$
====================================== ``/`` [ companies/NP ] in/IN [ greece/NP ] are/VBP currently/RB paying/VBG [ 25/AB %/NN ] in/IN [ interest_6/NN rates/NNS ] and/CC [ bank/NN charges/NNS ] as/IN opposed/VBN to/TO around/RB [ 6/AB %/NN ] abroad/RB ,/, ''/'' said/VBD [ dimitris/NP economidis/NP ] ,/, [ president/NN ] of/IN [ economdis/NP electro-optics/NP ] ,/, [ whose/WP$ company/NN ] will/MD be/VB among/IN [ those/DT ] trading/VBG [ otc/NP ] ./. 
$$
====================================== [ the/DT revision/NN ] reflects/VBZ [ a/DT slight/JJ ] widening/NN of/IN [ britain/NP 's/POS trade/NN surplus/NN ] in/IN [ services/NNS ] ,/, particularly/RB in/IN [ tourism/NN ] ,/, and/CC [ a/DT narrowing/NN ] of/IN [ the/DT surplus/NN ] in/IN [ interest_6/NN ] ,/, [ profits/NNS ] and/CC [ dividends/NNS ] ./. 
$$
====================================== [ alpine/NP group/NP inc./NP ] ,/, aiming/VBG to/TO cut/VB [ interest_6/NN costs/NNS ] ,/, will/MD offer/VB [ a/DT package/NN ] of/IN [ cash/NN ] and/CC [ securities/NNS ] for/IN [ its/PP$ $/$ 43.7/AB million/AB debt/NN ] outstanding/JJ ./. 
$$
[ alpine/NP ] would/MD save/VB [ some/RB $/$ 2/AB million/AB ] [ a/DT year/NN ] in/IN [ interest_6/NN costs/NNS ] if/IN [ 80/AB %/NN ] of/IN [ debentures/NNS ] are/VBP exchanged/VBN and/CC [ $/$ 2.5/AB million/AB ] if/IN [ 100/AB %/NN ] are/VBP exchanged/VBN ,/, said/VBD [ steven/NP s./NP elbaum/NP ] ,/, [ chairman/NN ] and/CC [ chief/JJ executive/JJ officer/NN ] ./. 
$$
====================================== [ other/JJ properties/NNS ] include/VBP [ the/DT company/NN 's/POS entire/JJ oil-and-gas/JJ assets/NNS ] in/IN [ dubai/NP ] ,/, [ gabon/NP ] and/CC [ italy/NP ] plus/CC [ certain/JJ interests_5/NNS ] in/IN [ ecuador/NP ] ,/, [ columbia/NP ] and/CC [ indonesia/NP ] ./. 
$$
earlier/RBR [ this/DT month/NN ] ,/, [ van/NP kampen/NP merritt/NP ] ,/, [ an/DT investment/NN banking/NN unit/NN ] of/IN [ xerox/NP corp./NP ] ,/, announced/VBD [ a/DT bid/NN ] to/TO buy/VB [ syncor/NP 's/POS ] for/IN about/RB [ $/$ 81.8/AB million/AB ] ,/, but/CC [ it/PP ] dropped/VBD [ the/DT bid/NN ] due/RB to/TO [ syncor/NP 's/POS lack/NN ] of/IN [ interest_1/NN ] ./. 
$$
====================================== ``/`` [ lower/JJR interest_6/NN rates/NNS ] and/CC [ discount/NN pricing/NN ] have/VBP led/VBN to/TO [ a/DT rebound/NN ] in/IN spending/VBG on/IN [ consumer/NN durables/NNS ] ,/, ''/'' said/VBD [ william/NP k./NP mac-reynolds/NP ] ,/, [ director/NN ] of/IN [ economic/JJ forecasting/NN ] at/IN [ the/DT u.s./NP chamber/NP ] of/IN [ commerce/NP ] ./. 
$$
====================================== [ bell/NP atlantic/NP ] also/RB will/MD be/VB refinancing/VBG [ the/DT debt/NN ] on/IN [ three/AB ] of/IN [ its/PP$ telephone/NN company/NN units/NNS ] to/TO take/VB [ advantage/NN ] of/IN [ lower/JJR interest_6/NN rates/NNS ] ,/, in/IN [ the/DT hope/NN ] of/IN [ improving/VBG cash/NN flow/NN ] ./. 
$$
====================================== [ mr./NP kissinger/NP 's/POS interests_5/NNS ] include/VBP [ a/DT limited/JJ partnership/NN ] called/VBN [ china/NP ventures/NP ] ./. 
$$
====================================== [ it/PP ] 's/VBZ hard/JJ to/TO tell/VB at/IN [ times/NNS ] where/WRB [ such/JJ cultural/JJ activities/NNS end/VBP ] and/CC [ mr./NP kissinger/NP 's/POS business/NN interests_3/NNS ] begin/VBP ./. 
$$
====================================== [ mr./NP kissinger/NP ] adds/VBZ that/IN [ his/PP$ public/JJ comments/NNS ] about/IN [ china/NP ] represent/VBP [ his/PP$ sense/NN ] of/IN [ what/WP ] is/VBZ best/JJS for/IN [ the/DT u.s./NP national/JJ interest_4/NN ] ./. 
$$
``/`` [ his/PP$ sense/NN ] is/VBZ that/IN [ you/PP ] have/VBP to/TO be/VB restrained/VBN in/IN intervening/VBG with/IN [ the/DT internal/JJ affairs/NNS ] of/IN [ another/DT country/NN ] ,/, and/CC [ you/PP ] also/RB have/VBP to/TO be/VB aware/JJ of/IN [ long-term/JJ geopolitical/JJ interests_4/NNS ] [ that/WDT ] may/MD be/VB at/IN [ risk/NN ] ,/, ''/'' says/VBZ [ winston/NP lord/NP ] ,/, [ a/DT former/JJ kissinger/NP protege/NN ] [ who/WP ] was/VBD [ ambassador/NN ] to/TO [ china/NP ] from/IN [ 1985/AB ] to/TO [ 1989/AB ] ./. 
$$
[ mr./NP lord/NP ] adds/VBZ that/IN although/IN [ he/PP ] does/VBZ n't/RB fully/RB share/VB [ mr./NP kissinger/NP 's/POS sympathy/NN ] for/IN [ the/DT deng/NP regime/NN ] ,/, [ he/PP ] is/VBZ convinced/JJ that/IN [ mr./NP kissinger/NP 's/POS views/NNS ] are/VBP n't/RB influenced/VBN by/IN [ money/NN ] :/: ``/`` if/IN [ he/PP ] did/VBD n't/RB have/VB [ a/DT cent/NN ] of/IN [ commercial/JJ interest_5/NN ] in/IN [ china/NP ] ,/, [ he/PP ] would/MD have/VB taken/VBN [ the/DT same/JJ position/NN ] ./. 
$$