Wojciech Jaworski / ENIAM

no	,	it	was	n't	black	monday	.
UH	,	PRP	VBD	RB	JJ	NNP	.
4	4	4	0	4	7	4	4

but	while	the	new	york	stock	exchange	did	n't	fall	apart	friday	as	the	dow	jones	industrial	average	plunged	190.58	points	--	most	of	it	in	the	final	hour	--	it	barely	managed	to	stay	this	side	of	chaos	.
CC	IN	DT	NNP	NNP	NNP	NNP	VBD	RB	VB	RB	NNP	IN	DT	NNP	NNP	NNP	NNP	VBD	CD	NNS	:	JJS	IN	PRP	IN	DT	JJ	NN	:	PRP	RB	VBD	TO	VB	DT	NN	IN	NN	.
33	33	7	7	7	7	8	2	8	8	10	10	10	18	18	18	18	19	13	21	19	23	21	23	24	23	29	29	26	23	33	33	0	35	33	37	35	37	38	33

some	``	circuit	breakers	''	installed	after	the	october	1987	crash	failed	their	first	test	,	traders	say	,	unable	to	cool	the	selling	panic	in	both	stocks	and	futures	.
DT	``	NN	NNS	''	VBN	IN	DT	NNP	CD	NN	VBD	PRP$	JJ	NN	,	NNS	VBP	,	JJ	TO	VB	DT	NN	NN	IN	DT	NNS	CC	NNS	.
4	4	4	12	4	4	6	11	11	11	7	0	15	15	12	18	18	12	18	12	22	20	25	25	22	25	30	30	30	26	12

the	49	stock	specialist	firms	on	the	big	board	floor	--	the	buyers	and	sellers	of	last	resort	who	were	criticized	after	the	1987	crash	--	once	again	could	n't	handle	the	selling	pressure	.
DT	CD	NN	NN	NNS	IN	DT	NNP	NNP	NN	:	DT	NNS	CC	NNS	IN	JJ	NN	WP	VBD	VBN	IN	DT	CD	NN	:	RB	RB	MD	RB	VB	DT	NN	NN	.
5	5	5	5	15	5	10	10	10	6	15	15	15	15	29	15	18	16	15	19	20	21	25	25	22	15	29	27	0	29	29	34	34	31	29

big	investment	banks	refused	to	step	up	to	the	plate	to	support	the	beleaguered	floor	traders	by	buying	big	blocks	of	stock	,	traders	say	.
JJ	NN	NNS	VBD	TO	VB	RP	TO	DT	NN	TO	VB	DT	JJ	NN	NNS	IN	VBG	JJ	NNS	IN	NN	,	NNS	VBP	.
3	3	4	25	6	4	6	7	10	8	12	6	16	16	16	12	12	17	20	18	20	21	25	25	0	25

heavy	selling	of	standard	&	poor	's	500-stock	index	futures	in	chicago	relentlessly	beat	stocks	downward	.
JJ	NN	IN	NNP	CC	NNP	POS	JJ	NN	NNS	IN	NNP	RB	VBD	NNS	RB	.
2	14	2	7	7	7	10	10	10	3	2	11	14	0	14	14	14

seven	big	board	stocks	--	ual	,	amr	,	bankamerica	,	walt	disney	,	capital	cities\/abc	,	philip	morris	and	pacific	telesis	group	--	stopped	trading	and	never	resumed	.
CD	NNP	NNP	NNS	:	NNP	,	NNP	,	NNP	,	NNP	NNP	,	NNP	NNP	,	NNP	NNP	CC	NNP	NNP	NNP	:	VBD	NN	CC	RB	VBD	.
4	4	4	23	23	23	23	23	23	23	23	13	23	23	16	23	23	19	23	23	23	23	25	23	0	25	25	29	25	25

the	finger-pointing	has	already	begun	.
DT	NN	VBZ	RB	VBN	.
2	3	0	3	3	3

``	the	equity	market	was	illiquid	.
``	DT	NN	NN	VBD	JJ	.
5	4	4	5	0	5	5

once	again	{	the	specialists	}	were	not	able	to	handle	the	imbalances	on	the	floor	of	the	new	york	stock	exchange	,	''	said	christopher	pedersen	,	senior	vice	president	at	twenty-first	securities	corp	.
RB	RB	-LRB-	DT	NNS	-RRB-	VBD	RB	JJ	TO	VB	DT	NNS	IN	DT	NN	IN	DT	NNP	NNP	NNP	NNP	,	''	VBD	NNP	NNP	,	JJ	NN	NN	IN	NNP	NNP	NNP	.
7	1	7	5	7	7	25	7	7	11	9	13	11	13	16	14	16	22	22	22	22	17	25	25	0	27	31	31	31	31	25	31	35	35	32	25

countered	james	maguire	,	chairman	of	specialists	henderson	brothers	inc.	:	``	it	is	easy	to	say	the	specialist	is	n't	doing	his	job	.
VBD	NNP	NNP	,	NN	IN	NNS	NNP	NNP	NNP	:	``	PRP	VBZ	JJ	TO	VB	DT	NN	VBZ	RB	VBG	PRP$	NN	.
0	3	5	5	1	5	10	10	10	6	1	1	14	1	14	17	14	19	20	17	20	20	24	22	1

when	the	dollar	is	in	a	free-fall	,	even	central	banks	ca	n't	stop	it	.
WRB	DT	NN	VBZ	IN	DT	NN	,	RB	JJ	NNS	MD	RB	VB	PRP	.
12	3	4	1	4	7	5	12	11	11	12	0	12	12	14	12

speculators	are	calling	for	a	degree	of	liquidity	that	is	not	there	in	the	market	.	''
NNS	VBP	VBG	IN	DT	NN	IN	NN	WDT	VBZ	RB	RB	IN	DT	NN	.	''
2	0	2	3	6	4	6	7	6	9	10	10	10	15	13	2	2

many	money	managers	and	some	traders	had	already	left	their	offices	early	friday	afternoon	on	a	warm	autumn	day	--	because	the	stock	market	was	so	quiet	.
JJ	NN	NNS	CC	DT	NNS	VBD	RB	VBN	PRP$	NNS	RB	NNP	NN	IN	DT	JJ	NN	NN	:	IN	DT	NN	NN	VBD	RB	JJ	.
3	3	6	6	6	7	0	7	7	11	9	14	14	9	9	19	19	19	15	9	9	24	24	25	21	27	25	7

then	in	a	lightning	plunge	,	the	dow	jones	industrials	in	barely	an	hour	surrendered	about	a	third	of	their	gains	this	year	,	chalking	up	a	190.58-point	,	or	6.9	%	,	loss	on	the	day	in	gargantuan	trading	volume	.
RB	IN	DT	NN	NN	,	DT	NNP	NNP	NNS	IN	RB	DT	NN	VBD	IN	DT	JJ	IN	PRP$	NNS	DT	NN	,	VBG	RP	DT	JJ	,	CC	CD	NN	,	NN	IN	DT	NN	IN	JJ	NN	NN	.
15	15	5	5	2	15	10	10	10	15	15	14	12	11	0	18	16	15	18	21	23	23	19	15	15	25	34	32	32	32	32	34	32	25	34	37	35	25	41	41	38	15

final-hour	trading	accelerated	to	108.1	million	shares	,	a	record	for	the	big	board	.
JJ	NN	VBN	TO	CD	CD	NNS	,	DT	NN	IN	DT	NNP	NNP	.
2	3	0	3	6	7	10	10	10	4	10	14	14	11	3

at	the	end	of	the	day	,	251.2	million	shares	were	traded	.
IN	DT	NN	IN	DT	NN	,	CD	CD	NNS	VBD	VBN	.
11	3	1	3	6	4	11	9	10	11	0	11	11

the	dow	jones	industrials	closed	at	2569.26	.
DT	NNP	NNP	NNS	VBD	IN	CD	.
4	4	4	5	0	5	6	5

the	dow	's	decline	was	second	in	point	terms	only	to	the	508-point	black	monday	crash	that	occurred	oct.	19	,	1987	.
DT	NNP	POS	NN	VBD	JJ	IN	NN	NNS	RB	TO	DT	JJ	JJ	NNP	NN	WDT	VBD	NNP	CD	,	CD	.
3	3	4	5	0	5	6	9	7	11	6	16	16	16	16	11	16	17	18	19	19	19	5

in	percentage	terms	,	however	,	the	dow	's	dive	was	the	12th-worst	ever	and	the	sharpest	since	the	market	fell	156.83	,	or	8	%	,	a	week	after	black	monday	.
IN	NN	NNS	,	RB	,	DT	NNP	POS	NN	VBD	DT	NN	RB	CC	DT	JJS	IN	DT	NN	VBD	CD	,	CC	CD	NN	,	DT	NN	IN	NNP	NNP	.
11	3	1	11	11	11	9	9	10	11	0	13	17	13	17	17	11	17	20	21	18	26	26	26	26	21	21	29	30	21	32	30	11

the	dow	fell	22.6	%	on	black	monday	.
DT	NNP	VBD	CD	NN	IN	JJ	NNP	.
2	3	0	5	3	3	8	6	3

shares	of	ual	,	the	parent	of	united	airlines	,	were	extremely	active	all	day	friday	,	reacting	to	news	and	rumors	about	the	proposed	$	6.79	billion	buy-out	of	the	airline	by	an	employee-management	group	.
NNS	IN	NNP	,	DT	NN	IN	NNP	NNPS	,	VBD	RB	JJ	DT	NN	NNP	,	VBG	TO	NN	CC	NNS	IN	DT	VBN	$	CD	CD	NN	IN	DT	NN	IN	DT	NN	NN	.
11	1	6	6	6	2	6	9	7	6	0	13	11	15	11	11	11	11	18	22	22	19	22	29	29	29	26	26	23	29	32	30	29	36	36	33	11

wall	street	's	takeover-stock	speculators	,	or	``	risk	arbitragers	,	''	had	placed	unusually	large	bets	that	a	takeover	would	succeed	and	ual	stock	would	rise	.
NNP	NNP	POS	NN	NNS	,	CC	``	NN	NNS	,	''	VBD	VBN	RB	JJ	NNS	IN	DT	NN	MD	VB	CC	NNP	NN	MD	VB	.
3	3	10	5	10	10	10	10	10	13	10	10	0	13	16	17	14	17	20	21	26	21	26	25	26	18	26	13

at	2:43	p.m.	edt	,	came	the	sickening	news	:	the	big	board	was	halting	trading	in	ual	,	``	pending	news	.	''
IN	CD	RB	NNP	,	VBD	DT	JJ	NN	:	DT	NNP	NNP	VBD	VBG	NN	IN	NNP	,	``	VBG	NN	.	''
6	4	4	1	6	14	9	9	6	14	13	13	14	0	14	15	16	17	15	15	15	21	14	14

on	the	exchange	floor	,	``	as	soon	as	ual	stopped	trading	,	we	braced	for	a	panic	,	''	said	one	top	floor	trader	.
IN	DT	NN	NN	,	``	RB	RB	IN	NNP	VBD	VBG	,	PRP	VBD	IN	DT	NN	,	''	VBD	CD	JJ	NN	NN	.
15	4	4	1	15	15	15	7	7	11	9	11	15	15	21	15	18	16	21	21	0	25	25	25	21	21

several	traders	could	be	seen	shaking	their	heads	when	the	news	flashed	.
JJ	NNS	MD	VB	VBN	VBG	PRP$	NNS	WRB	DT	NN	VBD	.
2	3	0	3	4	5	8	6	5	11	12	9	3

for	weeks	,	the	market	had	been	nervous	about	takeovers	,	after	campeau	corp.	's	cash	crunch	spurred	concern	about	the	prospects	for	future	highly	leveraged	takeovers	.
IN	NNS	,	DT	NN	VBD	VBN	JJ	IN	NNS	,	IN	NNP	NNP	POS	NN	NN	VBN	NN	IN	DT	NNS	IN	NN	RB	JJ	NNS	.
6	1	6	5	6	0	6	7	8	9	7	7	15	15	17	17	18	12	18	19	22	20	22	27	26	27	23	6

and	10	minutes	after	the	ual	trading	halt	came	news	that	the	ual	group	could	n't	get	financing	for	its	bid	.
CC	CD	NNS	IN	DT	NNP	NN	NN	VBD	NN	IN	DT	NNP	NN	MD	RB	VB	NN	IN	PRP$	NN	.
9	3	4	9	8	8	8	4	0	9	10	14	14	15	11	15	15	17	18	21	19	9

at	this	point	,	the	dow	was	down	about	35	points	.
IN	DT	NN	,	DT	NNP	VBD	IN	IN	CD	NNS	.
7	3	1	7	6	7	0	7	11	9	8	7

the	market	crumbled	.
DT	NN	VBD	.
2	3	0	3

arbitragers	could	n't	dump	their	ual	stock	--	but	they	rid	themselves	of	nearly	every	``	rumor	''	stock	they	had	.
NNS	MD	RB	VB	PRP$	NNP	NN	:	CC	PRP	VB	PRP	IN	RB	DT	``	NN	''	NN	PRP	VBD	.
2	11	2	2	7	7	4	11	11	11	0	11	11	15	19	19	19	19	13	21	19	11

for	example	,	their	selling	caused	trading	halts	to	be	declared	in	usair	group	,	which	closed	down	3	7\/8	to	41	1\/2	,	delta	air	lines	,	which	fell	7	3\/4	to	69	1\/4	,	and	philips	industries	,	which	sank	3	to	21	1\/2	.
IN	NN	,	PRP$	NN	VBD	NN	NNS	TO	VB	VBN	IN	NNP	NNP	,	WDT	VBD	IN	CD	CD	TO	CD	CD	,	NNP	NNP	NNPS	,	WDT	VBD	CD	CD	TO	CD	CD	,	CC	NNP	NNPS	,	WDT	VBD	CD	TO	CD	CD	.
6	1	6	5	6	0	8	10	10	6	10	11	14	39	14	14	16	17	20	18	18	23	21	39	27	27	39	27	27	29	32	30	30	35	33	39	39	39	12	39	39	41	42	42	46	44	6

these	stocks	eventually	reopened	.
DT	NNS	RB	VBD	.
2	4	4	0	4

but	as	panic	spread	,	speculators	began	to	sell	blue-chip	stocks	such	as	philip	morris	and	international	business	machines	to	offset	their	losses	.
CC	IN	NN	NN	,	NNS	VBD	TO	VB	JJ	NNS	JJ	IN	NNP	NNP	CC	NNP	NNP	NNS	TO	VB	PRP$	NNS	.
7	7	4	2	7	7	0	9	7	11	9	13	11	15	19	19	19	19	13	21	9	23	21	7

when	trading	was	halted	in	philip	morris	,	the	stock	was	trading	at	41	,	down	3	3\/8	,	while	ibm	closed	5	5\/8	lower	at	102	.
WRB	NN	VBD	VBN	IN	NNP	NNP	,	DT	NN	VBD	VBG	IN	CD	,	RB	CD	CD	,	IN	NNP	VBD	CD	CD	JJR	IN	CD	.
11	3	1	3	4	7	5	11	10	11	0	11	12	13	12	12	18	16	12	12	22	20	24	25	22	22	26	11

selling	snowballed	because	of	waves	of	automatic	``	stop-loss	''	orders	,	which	are	triggered	by	computer	when	prices	fall	to	certain	levels	.
VBG	VBN	IN	IN	NNS	IN	JJ	``	NN	''	NNS	,	WDT	VBP	VBN	IN	NN	WRB	NNS	VBP	TO	JJ	NNS	.
2	0	2	3	3	5	11	11	11	11	6	11	11	13	14	15	16	15	20	18	20	23	21	2

most	of	the	stock	selling	pressure	came	from	wall	street	professionals	,	including	computer-guided	program	traders	.
JJS	IN	DT	NN	NN	NN	VBD	IN	NNP	NNP	NNS	,	VBG	JJ	NN	NNS	.
7	1	6	6	6	2	0	7	11	11	8	11	11	16	16	13	7

traders	said	most	of	their	major	institutional	investors	,	on	the	other	hand	,	sat	tight	.
NNS	VBD	JJS	IN	PRP$	JJ	JJ	NNS	,	IN	DT	JJ	NN	,	VBD	RB	.
2	0	15	3	8	8	8	4	15	15	13	13	10	15	2	15	2

now	,	at	3:07	,	one	of	the	market	's	post-crash	``	reforms	''	took	hold	as	the	s&p	500	futures	contract	had	plunged	12	points	,	equivalent	to	around	a	100-point	drop	in	the	dow	industrials	.
RB	,	IN	CD	,	CD	IN	DT	NN	POS	JJ	``	NNS	''	VBD	NN	IN	DT	NNP	CD	NNS	NN	VBD	VBN	CD	NNS	,	JJ	TO	RB	DT	JJ	NN	IN	DT	NNP	NNS	.
15	15	15	3	15	15	6	10	10	13	13	13	7	13	0	15	15	22	22	22	22	23	17	23	26	24	26	26	28	33	30	30	29	33	37	37	34	15

under	an	agreement	signed	by	the	big	board	and	the	chicago	mercantile	exchange	,	trading	was	temporarily	halted	in	chicago	.
IN	DT	NN	VBN	IN	DT	NNP	NNP	CC	DT	NNP	NNP	NNP	,	NN	VBD	RB	VBN	IN	NNP	.
16	3	1	3	4	8	8	13	13	13	13	13	5	16	16	0	16	16	18	19	16

after	the	trading	halt	in	the	s&p	500	pit	in	chicago	,	waves	of	selling	continued	to	hit	stocks	themselves	on	the	big	board	,	and	specialists	continued	to	notch	prices	down	.
IN	DT	NN	NN	IN	DT	NNP	CD	NN	IN	NNP	,	NNS	IN	VBG	VBN	TO	VB	NNS	PRP	IN	DT	NNP	NNP	,	CC	NNS	VBD	TO	VB	NNS	RB	.
28	4	4	1	4	9	9	9	5	9	10	28	16	13	14	28	18	16	20	18	18	24	24	21	28	28	28	0	30	28	30	30	28

as	a	result	,	the	link	between	the	futures	and	stock	markets	ripped	apart	.
IN	DT	NN	,	DT	NN	IN	DT	NNS	CC	NN	NNS	VBD	RB	.
13	3	1	13	6	13	6	12	12	12	12	7	0	13	13

without	the	guidepost	of	stock-index	futures	--	the	barometer	of	where	traders	think	the	overall	stock	market	is	headed	--	many	traders	were	afraid	to	trust	stock	prices	quoted	on	the	big	board	.
IN	DT	NN	IN	NN	NNS	:	DT	NN	IN	WRB	NNS	VBP	DT	JJ	NN	NN	VBZ	VBN	:	JJ	NNS	VBD	JJ	TO	VB	NN	NNS	VBD	IN	DT	NNP	NNP	.
23	3	1	3	6	9	9	9	4	9	10	13	11	17	17	17	18	13	18	9	22	23	0	23	26	24	28	26	28	29	33	33	30	23

the	futures	halt	was	even	assailed	by	big	board	floor	traders	.
DT	NNS	NN	VBD	RB	VBN	IN	NNP	NNP	NN	NNS	.
3	3	4	0	4	4	6	11	11	11	7	4

``	it	screwed	things	up	,	''	said	one	major	specialist	.
``	PRP	VBD	NNS	RP	,	''	VBD	CD	JJ	NN	.
8	3	8	3	3	8	8	0	11	11	8	8

this	confusion	effectively	halted	one	form	of	program	trading	,	stock	index	arbitrage	,	that	closely	links	the	futures	and	stock	markets	,	and	has	been	blamed	by	some	for	the	market	's	big	swings	.
DT	NN	RB	VBD	CD	NN	IN	NN	NN	,	NNP	NNP	NN	,	WDT	RB	VBZ	DT	NNS	CC	NN	NNS	,	CC	VBZ	VBN	VBN	IN	DT	IN	DT	NN	POS	JJ	NNS	.
2	4	4	0	6	13	6	9	7	13	13	13	4	13	13	17	15	22	22	22	22	17	17	17	17	25	26	27	28	27	33	33	35	35	30	4

(	in	a	stock-index	arbitrage	sell	program	,	traders	buy	or	sell	big	baskets	of	stocks	and	offset	the	trade	in	futures	to	lock	in	a	price	difference	.	)
-LRB-	IN	DT	NN	NN	NN	NN	,	NNS	VBP	CC	VBP	JJ	NNS	IN	NNS	CC	VBP	DT	NN	IN	NNS	TO	VB	RP	DT	NN	NN	.	-RRB-
10	10	7	7	7	7	2	10	10	0	10	10	14	10	14	15	10	10	20	18	20	21	24	18	24	28	28	24	10	10

``	when	the	airline	information	came	through	,	it	cracked	every	model	we	had	for	the	marketplace	,	''	said	a	managing	director	at	one	of	the	largest	program-trading	firms	.
``	WRB	DT	NN	NN	VBD	RB	,	PRP	VBD	DT	NN	PRP	VBD	IN	DT	NN	,	''	VBD	DT	NN	NN	IN	CD	IN	DT	JJS	NN	NNS	.
20	10	5	5	6	2	6	10	10	20	12	10	14	12	12	17	15	20	20	0	23	23	20	23	24	25	30	30	30	26	20

``	we	did	n't	even	get	a	chance	to	do	the	programs	we	wanted	to	do	.	''
``	PRP	VBD	RB	RB	VB	DT	NN	TO	VB	DT	NNS	PRP	VBD	TO	VB	.	''
3	3	0	3	3	3	8	6	10	8	12	10	14	12	16	14	3	3

but	stocks	kept	falling	.
CC	NNS	VBD	VBG	.
3	3	0	3	3

the	dow	industrials	were	down	55	points	at	3	p.m.	before	the	futures-trading	halt	.
DT	NNP	NNS	VBD	RB	CD	NNS	IN	CD	NN	IN	DT	JJ	NN	.
3	3	4	0	4	7	5	4	8	9	4	14	14	11	4

at	3:30	p.m.	,	at	the	end	of	the	``	cooling	off	''	period	,	the	average	was	down	114.76	points	.
IN	CD	RB	,	IN	DT	NN	IN	DT	``	VBG	RP	''	NN	,	DT	NN	VBD	RB	CD	NNS	.
18	1	2	18	18	7	5	7	14	14	14	14	14	8	18	17	18	0	18	21	19	18

meanwhile	,	during	the	the	s&p	trading	halt	,	s&p	futures	sell	orders	began	piling	up	,	while	stocks	in	new	york	kept	falling	sharply	.
RB	,	IN	DT	DT	NNP	NN	NN	,	NNP	NNS	NN	NNS	VBD	VBG	RP	,	IN	NNS	IN	NNP	NNP	VBD	VBG	RB	.
14	14	14	8	8	8	8	3	14	13	13	13	14	0	14	15	14	14	23	19	22	20	18	23	24	14

big	board	chairman	john	j.	phelan	said	yesterday	the	circuit	breaker	``	worked	well	mechanically	.
NNP	NNP	NNP	NNP	NNP	NNP	VBD	NN	DT	NN	NN	``	VBD	RB	RB	.
6	6	6	6	6	7	0	7	11	11	13	13	7	13	13	7

i	just	think	it	's	nonproductive	at	this	point	to	get	into	a	debate	if	index	arbitrage	would	have	helped	or	hurt	things	.	''
PRP	RB	VBP	PRP	VBZ	JJ	IN	DT	NN	TO	VB	IN	DT	NN	IN	NN	NN	MD	VB	VBN	CC	VB	NNS	.	''
3	3	0	5	3	5	5	9	7	11	5	11	14	12	14	17	18	15	18	19	20	20	20	3	3

under	another	post-crash	system	,	big	board	president	richard	grasso	(	mr.	phelan	was	flying	to	bangkok	as	the	market	was	falling	)	was	talking	on	an	``	inter-exchange	hot	line	''	to	the	other	exchanges	,	the	securities	and	exchange	commission	and	the	federal	reserve	board	.
IN	DT	JJ	NN	,	NNP	NNP	NN	NNP	NNP	-LRB-	NNP	NNP	VBD	VBG	TO	NNP	IN	DT	NN	VBD	VBG	-RRB-	VBD	VBG	IN	DT	``	JJ	JJ	NN	''	TO	DT	JJ	NNS	,	DT	NNPS	CC	NNP	NNP	CC	DT	NNP	NNP	NNP	.
24	4	4	1	24	10	10	10	10	24	14	13	14	24	14	15	16	15	20	21	18	21	14	0	24	25	31	31	31	31	26	31	31	36	36	47	47	42	42	42	42	47	47	47	47	47	33	24

he	camped	out	at	a	high-tech	nerve	center	on	the	floor	of	the	big	board	,	where	he	could	watch	updates	on	prices	and	pending	stock	orders	.
PRP	VBD	RP	IN	DT	JJ	NN	NN	IN	DT	NN	IN	DT	NNP	NNP	,	WRB	PRP	MD	VB	NNS	IN	NNS	CC	VBG	NN	NNS	.
2	0	2	2	8	8	8	4	8	11	9	11	15	15	12	8	8	19	17	19	20	21	27	27	27	27	22	2

at	about	3:30	p.m.	edt	,	s&p	futures	resumed	trading	,	and	for	a	brief	time	the	futures	and	stock	markets	started	to	come	back	in	line	.
IN	IN	CD	RB	NNP	,	NNP	NNS	VBD	NN	,	CC	IN	DT	JJ	NN	DT	NNS	CC	NN	NNS	VBD	TO	VB	RB	IN	NN	.
9	5	5	5	1	9	8	9	22	9	22	22	22	16	16	13	21	21	21	21	22	0	24	22	24	25	26	22

buyers	stepped	in	to	the	futures	pit	.
NNS	VBD	RP	TO	DT	NNS	NN	.
2	0	2	3	7	7	4	2

but	the	build-up	of	s&p	futures	sell	orders	weighed	on	the	market	,	and	the	link	with	stocks	began	to	fray	again	.
CC	DT	JJ	IN	NNP	NNS	NN	NNS	VBD	IN	DT	NN	,	CC	DT	NN	IN	NNS	VBD	TO	NN	RB	.
9	3	9	3	8	8	8	4	19	9	12	10	19	19	16	19	16	17	0	21	19	21	19

at	about	3:45	,	the	s&p	market	careened	to	still	another	limit	,	of	30	points	down	,	and	trading	was	locked	again	.
IN	IN	CD	,	DT	NNP	NN	VBD	TO	RB	DT	NN	,	IN	CD	NNS	RB	,	CC	NN	VBD	VBN	RB	.
21	3	1	21	7	7	8	21	8	11	12	9	12	12	16	14	16	21	21	21	0	21	22	21

futures	traders	say	the	s&p	was	signaling	that	the	dow	could	fall	as	much	as	200	points	.
NNS	NNS	VBP	DT	NNP	VBD	VBG	IN	DT	NNP	MD	VB	RB	JJ	IN	CD	NNS	.
2	3	0	5	6	3	6	7	10	11	8	11	14	12	14	17	15	3

during	this	time	,	small	investors	began	ringing	their	brokers	,	wondering	whether	another	crash	had	begun	.
IN	DT	NN	,	JJ	NNS	VBD	VBG	PRP$	NNS	,	VBG	IN	DT	NN	VBD	VBN	.
7	3	1	7	6	7	0	7	10	8	7	7	12	15	16	13	16	7

at	prudential-bache	securities	inc.	,	which	is	trying	to	cater	to	small	investors	,	some	demoralized	brokers	thought	this	would	be	the	final	confidence-crusher	.
IN	NNP	NNPS	NNP	,	WDT	VBZ	VBG	TO	VB	TO	JJ	NNS	,	DT	VBN	NNS	VBD	DT	MD	VB	DT	JJ	NN	.
18	4	4	1	4	4	6	7	10	8	10	13	11	4	17	17	18	0	20	18	20	24	24	21	18

that	's	when	george	l.	ball	,	chairman	of	the	prudential	insurance	co.	of	america	unit	,	took	to	the	internal	intercom	system	to	declare	that	the	plunge	was	only	``	mechanical	.	''
DT	VBZ	WRB	NNP	NNP	NNP	,	NN	IN	DT	NNP	NNP	NNP	IN	NNP	NN	,	VBD	TO	DT	NNP	NNP	NNP	TO	VB	IN	DT	NN	VBD	RB	``	JJ	.	''
2	0	2	6	6	8	8	18	8	16	13	13	16	13	14	9	8	3	18	23	23	23	19	25	18	25	28	29	26	32	32	29	2	2

``	i	have	a	hunch	that	this	particular	decline	today	is	something	`	more	ado	about	less	.	'
``	PRP	VBP	DT	JJ	IN	DT	JJ	NN	NN	VBZ	NN	``	RBR	JJ	IN	RBR	.	''
3	3	0	5	3	5	9	9	10	11	6	15	15	15	11	15	16	3	3

it	would	be	my	inclination	to	advise	clients	not	to	sell	,	to	look	for	an	opportunity	to	buy	,	''	mr.	ball	told	the	brokers	.
PRP	MD	VB	PRP$	NN	TO	VB	NNS	RB	TO	VB	,	TO	VB	IN	DT	NN	TO	VB	,	''	NNP	NNP	VBD	DT	NNS	.
2	24	2	5	3	7	3	7	11	11	7	11	14	11	14	17	15	19	17	24	24	23	24	0	26	24	24

at	merrill	lynch	&	co.	,	the	nation	's	biggest	brokerage	firm	,	a	news	release	was	prepared	headlined	``	merrill	lynch	comments	on	market	drop	.	''
IN	NNP	NNP	CC	NNP	,	DT	NN	POS	JJS	NN	NN	,	DT	NN	NN	VBD	JJ	VBN	``	NNP	NNP	NNS	IN	NN	NN	.	''
17	5	5	5	12	12	9	9	12	12	12	1	17	16	16	17	0	17	18	23	22	23	19	23	26	24	17	17

the	release	cautioned	that	``	there	are	significant	differences	between	the	current	environment	and	that	of	october	1987	''	and	that	there	are	still	``	attractive	investment	opportunities	''	in	the	stock	market	.
DT	NN	VBD	IN	``	EX	VBP	JJ	NNS	IN	DT	JJ	NN	CC	IN	IN	NNP	CD	''	CC	IN	EX	VBP	RB	``	JJ	NN	NNS	''	IN	DT	NN	NN	.
2	3	0	21	4	7	4	9	7	9	13	13	15	15	10	15	16	17	4	21	3	23	21	23	28	28	28	23	28	28	33	33	30	3

however	,	jeffrey	b.	lane	,	president	of	shearson	lehman	hutton	inc.	,	said	that	friday	's	plunge	is	``	going	to	set	back	''	relations	with	customers	,	``	because	it	reinforces	the	concern	of	volatility	.
RB	,	NNP	NNP	NNP	,	NN	IN	NNP	NNP	NNP	NNP	,	VBD	IN	NNP	POS	NN	VBZ	``	VBG	TO	VB	RP	''	NNS	IN	NNS	,	``	IN	PRP	VBZ	DT	NN	IN	NN	.
14	14	5	5	7	7	14	7	12	12	12	8	7	0	14	17	18	19	15	19	19	23	21	23	23	23	26	27	21	21	21	33	31	35	33	35	36	14

and	i	think	a	lot	of	people	will	harp	on	program	trading	.
CC	PRP	VBP	DT	NN	IN	NNS	MD	VB	IN	NN	NN	.
3	3	0	5	8	5	6	3	8	9	12	10	3

it	's	going	to	bring	the	debate	right	back	to	the	forefront	.	''
PRP	VBZ	VBG	TO	VB	DT	NN	RB	RB	TO	DT	NN	.	''
2	0	2	5	3	7	5	5	8	8	12	10	2	2

as	the	dow	average	ground	to	its	final	190.58	loss	friday	,	the	s&p	pit	stayed	locked	at	its	30-point	trading	limit	.
IN	DT	NNP	NNP	VBD	TO	PRP$	JJ	CD	NN	NNP	,	DT	NNP	NN	VBD	VBN	IN	PRP$	JJ	NN	NN	.
16	3	5	3	1	5	10	10	10	6	5	16	15	15	16	0	16	17	22	22	22	18	16

jeffrey	yass	of	program	trader	susquehanna	investment	group	said	2,000	s&p	contracts	were	for	sale	on	the	close	,	the	equivalent	of	$	330	million	in	stock	.
NNP	NNP	IN	NN	NN	NNP	NNP	NNP	VBD	CD	NN	NNS	VBD	IN	NN	IN	DT	NN	,	DT	NN	IN	$	CD	CD	IN	NN	.
2	9	2	8	8	8	8	3	0	12	12	13	9	13	14	13	18	16	13	21	13	21	22	23	23	23	26	9

but	there	were	no	buyers	.
CC	EX	VBD	DT	NNS	.
3	3	0	5	3	3

while	friday	's	debacle	involved	mainly	professional	traders	rather	than	investors	,	it	left	the	market	vulnerable	to	continued	selling	this	morning	,	traders	said	.
IN	NNP	POS	NN	VBN	RB	JJ	NNS	RB	IN	NNS	,	PRP	VBD	DT	NN	JJ	TO	VBD	VBG	DT	NN	,	NNS	VBD	.
14	3	4	5	1	5	8	5	10	8	10	14	14	25	16	17	14	17	20	18	22	17	25	25	0	25

stock-index	futures	contracts	settled	at	much	lower	prices	than	indexes	of	the	stock	market	itself	.
JJ	NNS	NNS	VBD	IN	JJ	JJR	NNS	IN	NNS	IN	DT	NN	NN	PRP	.
3	3	4	0	4	7	8	5	8	9	10	14	14	15	11	4

at	those	levels	,	stocks	are	set	up	to	be	hammered	by	index	arbitragers	,	who	lock	in	profits	by	buying	futures	when	futures	prices	fall	,	and	simultaneously	sell	off	stocks	.
IN	DT	NNS	,	NNS	VBP	VBN	RP	TO	VB	VBN	IN	NN	NNS	,	WP	VBP	RP	NNS	IN	VBG	NNS	WRB	NNS	NNS	VBP	,	CC	RB	VB	RP	NNS	.
6	3	1	6	6	0	6	7	10	7	10	11	14	12	14	14	16	17	17	17	20	21	21	25	26	23	17	17	30	17	30	30	6

but	nobody	knows	at	what	level	the	futures	and	stocks	will	open	today	.
CC	NN	VBZ	IN	WP	VBP	DT	NNS	CC	NNS	MD	VB	NN	.
3	3	0	3	4	5	10	10	10	11	4	11	12	3

the	de-linkage	between	the	stock	and	futures	markets	friday	will	undoubtedly	cause	renewed	debate	about	whether	wall	street	is	properly	prepared	for	another	crash	situation	.
DT	NN	IN	DT	NN	CC	NNS	NNS	NNP	MD	RB	VB	VBN	NN	IN	IN	NNP	NNP	VBZ	RB	VBN	IN	DT	NN	NN	.
2	9	9	8	8	8	8	3	10	0	10	10	14	12	14	15	18	19	16	21	19	21	25	25	22	10

the	big	board	's	mr.	grasso	said	,	``	our	systemic	performance	was	good	.	''
DT	NNP	NNP	POS	NNP	NNP	VBD	,	``	PRP$	JJ	NN	VBD	JJ	.	''
4	4	4	6	6	7	0	7	13	12	12	13	7	13	7	7

but	the	exchange	will	``	look	at	the	performance	of	all	specialists	in	all	stocks	.
CC	DT	NN	MD	``	VB	IN	DT	NN	IN	DT	NNS	IN	DT	NNS	.
4	3	4	0	4	4	6	9	7	9	12	10	9	15	13	4

obviously	we	'll	take	a	close	look	at	any	situation	in	which	we	think	the	dealer-community	obligations	were	n't	met	,	''	he	said	.
RB	PRP	MD	VB	DT	JJ	NN	IN	DT	NN	IN	WDT	PRP	VBP	DT	NN	NNS	VBD	RB	VBN	,	''	PRP	VBD	.
3	3	24	3	7	7	4	7	10	8	10	11	14	11	17	17	18	14	18	18	24	24	24	0	24

(	see	related	story	:	``	fed	ready	to	inject	big	funds	''	--	wsj	oct.	16	,	1989	)
-LRB-	NNP	NNP	NN	:	``	NNP	JJ	TO	VB	JJ	NNS	''	:	NNP	NNP	CD	,	CD	-RRB-
2	0	4	16	16	16	8	16	10	8	12	10	16	16	16	2	16	16	16	2

but	specialists	complain	privately	that	just	as	in	the	1987	crash	,	the	``	upstairs	''	firms	--	big	investment	banks	that	support	the	market	by	trading	big	blocks	of	stock	--	stayed	on	the	sidelines	during	friday	's	blood-letting	.
CC	NNS	VBP	RB	IN	RB	RB	IN	DT	CD	NN	,	DT	``	NN	''	NNS	:	JJ	NN	NNS	WDT	VBP	DT	NN	IN	VBG	JJ	NNS	IN	NN	:	VBD	IN	DT	NNS	IN	NNP	POS	NN	.
3	3	0	3	3	8	6	33	11	11	8	33	17	17	17	17	21	21	21	21	33	21	22	25	23	23	26	29	27	29	30	21	5	33	36	34	33	39	40	37	3

mr.	phelan	said	,	``	it	will	take	another	day	or	two	''	to	analyze	who	was	buying	and	selling	friday	.
NNP	NNP	VBD	,	``	PRP	MD	VB	DT	NN	CC	CD	''	TO	VB	WP	VBD	VBG	CC	VBG	NNP	.
2	3	0	3	7	7	3	7	10	8	12	10	8	15	8	15	16	17	18	18	18	3

concerning	your	sept.	21	page-one	article	on	prince	charles	and	the	leeches	:	it	's	a	few	hundred	years	since	england	has	been	a	kingdom	.
VBG	PRP$	NNP	CD	NN	NN	IN	NNP	NNP	CC	DT	NNS	:	PRP	VBZ	DT	JJ	CD	NNS	IN	NNP	VBZ	VBN	DT	NN	.
15	6	6	6	6	1	6	9	12	12	12	7	15	15	0	17	19	17	15	15	22	20	22	25	23	15

it	's	now	the	united	kingdom	of	great	britain	and	northern	ireland	,	comprising	wales	,	northern	ireland	,	scotland	,	and	...	oh	yes	,	england	,	too	.
PRP	VBZ	RB	DT	NNP	NNP	IN	NNP	NNP	CC	NNP	NNP	,	VBG	NNP	,	JJ	NNP	,	NNP	,	CC	:	UH	NNP	,	NNP	,	RB	.
2	0	2	6	6	2	6	9	12	12	12	7	6	6	29	29	18	29	29	29	29	29	29	25	29	29	29	29	14	2

just	thought	you	'd	like	to	know	.
RB	VBN	PRP	MD	VB	TO	VB	.
2	0	4	2	4	7	5	2

george	morton
NNP	NNP
2	0

ports	of	call	inc.	reached	agreements	to	sell	its	remaining	seven	aircraft	to	buyers	that	were	n't	disclosed	.
NNS	IN	NNP	NNP	VBD	NNS	TO	VB	PRP$	VBG	CD	NN	TO	NNS	WDT	VBD	RB	VBN	.
4	1	2	5	0	5	8	6	12	12	12	8	8	13	14	15	16	16	5

the	agreements	bring	to	a	total	of	nine	the	number	of	planes	the	travel	company	has	sold	this	year	as	part	of	a	restructuring	.
DT	NNS	VBP	TO	DT	NN	IN	CD	DT	NN	IN	NNS	DT	NN	NN	VBZ	VBN	DT	NN	IN	NN	IN	DT	NN	.
2	3	0	3	6	4	6	7	10	3	10	11	15	15	16	10	16	19	17	17	20	21	24	22	3

the	company	said	a	portion	of	the	$	32	million	realized	from	the	sales	will	be	used	to	repay	its	bank	debt	and	other	obligations	resulting	from	the	currently	suspended	air-charter	operations	.
DT	NN	VBD	DT	NN	IN	DT	$	CD	CD	VBN	IN	DT	NNS	MD	VB	VBN	TO	VB	PRP$	NN	NN	CC	JJ	NNS	VBG	IN	DT	RB	VBN	NN	NNS	.
2	3	0	5	15	5	8	6	8	8	8	11	14	12	3	15	16	19	17	22	22	25	25	25	19	25	26	32	30	32	32	27	3

earlier	the	company	announced	it	would	sell	its	aging	fleet	of	boeing	co.	707s	because	of	increasing	maintenance	costs	.
RB	DT	NN	VBD	PRP	MD	VB	PRP$	VBG	NN	IN	NNP	NNP	,	IN	IN	VBG	NN	NNS	.
4	3	4	0	6	4	6	10	10	7	10	14	14	11	7	15	19	19	15	4

a	consortium	of	private	investors	operating	as	ljh	funding	co.	said	it	has	made	a	$	409	million	cash	bid	for	most	of	l.j.	hooker	corp.	's	real-estate	and	shopping-center	holdings	.
DT	NN	IN	JJ	NNS	VBG	IN	NNP	NNP	NNP	VBD	PRP	VBZ	VBN	DT	$	CD	CD	NN	NN	IN	JJS	IN	NNP	NNP	NNP	POS	NN	CC	NN	NNS	.
2	11	2	5	3	2	6	10	10	7	0	13	11	13	20	20	16	16	20	14	20	21	22	27	27	27	31	31	31	31	23	11

the	$	409	million	bid	includes	the	assumption	of	an	estimated	$	300	million	in	secured	liabilities	on	those	properties	,	according	to	those	making	the	bid	.
DT	$	CD	CD	NN	VBZ	DT	NN	IN	DT	VBN	$	CD	CD	IN	JJ	NNS	IN	DT	NNS	,	VBG	TO	DT	VBG	DT	NN	.
5	5	2	2	6	0	8	6	8	11	9	11	12	12	11	17	15	17	20	18	6	6	22	23	24	27	25	6

the	group	is	led	by	jay	shidler	,	chief	executive	officer	of	shidler	investment	corp.	in	honolulu	,	and	a.	boyd	simpson	,	chief	executive	of	the	atlanta-based	simpson	organization	inc	.
DT	NN	VBZ	VBN	IN	NNP	NNP	,	JJ	JJ	NN	IN	NNP	NNP	NNP	IN	NNP	,	CC	NNP	NNP	NNP	,	JJ	NN	IN	DT	JJ	NNP	NNP	NNP	.
2	3	0	3	4	7	11	11	11	11	25	11	15	15	12	15	16	25	25	22	22	25	25	25	5	25	31	31	31	31	26	3

mr.	shidler	's	company	specializes	in	commercial	real-estate	investment	and	claims	to	have	$	1	billion	in	assets	;	mr.	simpson	is	a	developer	and	a	former	senior	executive	of	l.j.	hooker	.
NNP	NNP	POS	NN	VBZ	IN	JJ	NN	NN	CC	NNS	TO	VB	$	CD	CD	IN	NNS	:	NNP	NNP	VBZ	DT	NN	CC	DT	JJ	JJ	NN	IN	NNP	NNP	.
3	3	4	5	22	5	9	9	6	5	5	13	11	13	14	14	14	17	22	21	22	0	24	29	29	29	29	29	22	29	32	30	22

``	the	assets	are	good	,	but	they	require	more	money	and	management	''	than	can	be	provided	in	l.j.	hooker	's	current	situation	,	said	mr.	simpson	in	an	interview	.	``
``	DT	NNS	VBP	JJ	,	CC	PRP	VBP	JJR	NN	CC	NN	''	IN	MD	VB	VBN	IN	NNP	NNP	POS	JJ	NN	,	VBD	NNP	NNP	IN	DT	NN	.	``
26	3	4	9	4	9	9	9	26	13	13	13	9	13	13	15	16	17	18	22	22	24	24	19	26	0	28	26	26	31	29	26	26

hooker	's	philosophy	was	to	build	and	sell	.
NNP	POS	NN	VBD	TO	VB	CC	VB	.
2	3	4	0	6	4	6	6	4

we	want	to	build	and	hold	.	''
PRP	VBP	TO	VB	CC	VB	.	''
2	0	4	2	4	4	2	2

l.j.	hooker	,	based	in	atlanta	,	is	operating	with	protection	from	its	creditors	under	chapter	11	of	the	u.s.	bankruptcy	code	.
NNP	NNP	,	VBN	IN	NNP	,	VBZ	VBG	IN	NN	IN	PRP$	NNS	IN	NN	CD	IN	DT	NNP	NNP	NNP	.
2	8	2	2	4	5	2	0	8	9	10	11	14	12	11	15	16	16	22	22	22	18	8

its	parent	company	,	hooker	corp.	of	sydney	,	australia	,	is	currently	being	managed	by	a	court-appointed	provisional	liquidator	.
PRP$	NN	NN	,	NNP	NNP	IN	NNP	,	NNP	,	VBZ	RB	VBG	VBN	IN	DT	JJ	JJ	NN	.
3	3	6	6	6	12	6	10	10	7	6	0	12	12	14	15	20	20	20	16	12

sanford	sigoloff	,	chief	executive	of	l.j.	hooker	,	said	yesterday	in	a	statement	that	he	has	not	yet	seen	the	bid	but	that	he	would	review	it	and	bring	it	to	the	attention	of	the	creditors	committee	.
NNP	NNP	,	JJ	NN	IN	NNP	NNP	,	VBD	NN	IN	DT	NN	IN	PRP	VBZ	RB	RB	VBN	DT	NN	CC	IN	PRP	MD	VB	PRP	CC	VB	PRP	TO	DT	NN	IN	DT	NNS	NN	.
2	5	5	5	10	5	8	6	5	0	10	10	14	12	24	17	15	17	17	17	22	20	24	10	26	24	26	27	27	27	30	30	34	32	34	38	38	35	10

the	$	409	million	bid	is	estimated	by	mr.	simpson	as	representing	75	%	of	the	value	of	all	hooker	real-estate	holdings	in	the	u.s.	.
DT	$	CD	CD	NN	VBZ	VBN	IN	NNP	NNP	IN	VBG	CD	NN	IN	DT	NN	IN	DT	NNP	NN	NNS	IN	DT	NNP	.
5	5	2	2	6	0	6	7	10	8	7	11	14	12	14	17	15	17	22	22	22	18	22	25	23	6

not	included	in	the	bid	are	bonwit	teller	or	b.	altman	&	co.	,	l.j.	hooker	's	department-store	chains	.
RB	VBN	IN	DT	NN	VBP	NNP	NNP	CC	NNP	NNP	CC	NNP	,	NNP	NNP	POS	NN	NNS	.
2	6	2	5	3	0	8	13	13	13	13	13	19	19	17	17	19	19	6	6

the	offer	covers	the	massive	1.8	million-square-foot	forest	fair	mall	in	cincinnati	,	the	800,000	square-foot	richland	fashion	mall	in	columbia	,	s.c.	,	and	the	700,000	square-foot	thornton	town	center	mall	in	thornton	,	colo	.
DT	NN	VBZ	DT	JJ	CD	JJ	NN	JJ	NN	IN	NNP	,	DT	CD	NN	JJ	NN	NN	IN	NNP	,	NNP	,	CC	DT	CD	NN	NNP	NNP	NNP	NN	IN	NNP	,	NNP	.
2	3	0	10	10	10	10	10	10	32	10	11	32	19	19	19	19	19	32	19	23	23	20	32	32	32	32	32	32	32	32	3	32	36	36	33	3

the	thornton	mall	opened	sept.	19	with	a	bigg	's	hypermarket	as	its	anchor	;	the	columbia	mall	is	expected	to	open	nov.	15	.
DT	NNP	NN	VBD	NNP	CD	IN	DT	NN	POS	NN	IN	PRP$	NNP	:	DT	NNP	NN	VBZ	VBN	TO	VB	NNP	CD	.
3	3	4	19	4	5	4	11	10	11	7	11	14	12	19	18	18	19	0	19	22	20	22	23	19

other	hooker	properties	included	are	a	20-story	office	tower	in	midtown	atlanta	,	expected	to	be	completed	next	february	;	vacant	land	sites	in	florida	and	ohio	;	l.j.	hooker	international	,	the	commercial	real-estate	brokerage	company	that	once	did	business	as	merrill	lynch	commercial	real	estate	,	plus	other	shopping	centers	.
JJ	NNP	NNS	VBD	VBP	DT	JJ	NN	NN	IN	NNP	NNP	,	VBN	TO	VB	VBN	IN	NNP	:	JJ	NN	NNS	IN	NNP	CC	NNP	:	NNP	NNP	NNP	,	DT	JJ	NN	NN	NN	WDT	RB	VBD	NN	IN	NNP	NNP	NNP	NNP	NN	,	CC	JJ	NN	NNS	.
3	3	5	3	0	9	9	9	52	9	12	10	9	9	16	14	16	19	17	52	23	23	52	23	27	27	24	52	31	31	37	37	37	37	37	37	52	37	40	38	40	40	47	47	47	47	42	52	52	52	52	5	5

the	consortium	was	put	together	by	hoare	govett	,	the	london-based	investment	banking	company	that	is	a	subsidiary	of	security	pacific	corp	.
DT	NN	VBD	VBN	RB	IN	NNP	NNP	,	DT	JJ	NN	NN	NN	WDT	VBZ	DT	NN	IN	NNP	NNP	NNP	.
2	3	0	3	4	4	8	14	14	14	14	14	14	6	14	15	18	16	18	22	22	19	3

``	we	do	n't	anticipate	any	problems	in	raising	the	funding	for	the	bid	,	''	said	allan	campbell	,	the	head	of	mergers	and	acquisitions	at	hoare	govett	,	in	an	interview	.
``	PRP	VBP	RB	VB	DT	NNS	IN	VBG	DT	NN	IN	DT	NN	,	''	VBD	NNP	NNP	,	DT	NN	IN	NNS	CC	NNS	IN	NNP	NNP	,	IN	DT	NN	.
17	3	17	3	3	7	5	7	8	11	9	11	14	12	17	17	0	19	22	22	22	17	22	26	26	23	22	29	27	17	17	33	31	17

hoare	govett	is	acting	as	the	consortium	's	investment	bankers	.
NNP	NNP	VBZ	VBG	IN	DT	NN	POS	NN	NNS	.
2	3	0	3	4	8	8	10	10	5	3

according	to	people	familiar	with	the	consortium	,	the	bid	was	code-named	project	klute	,	a	reference	to	the	film	``	klute	''	in	which	a	prostitute	played	by	actress	jane	fonda	is	saved	from	a	psychotic	businessman	by	a	police	officer	named	john	klute	.
VBG	TO	NNS	JJ	IN	DT	NN	,	DT	NN	VBD	JJ	NN	NN	,	DT	NN	TO	DT	NN	``	FW	''	IN	WDT	DT	NN	VBN	IN	NN	NNP	NNP	VBZ	VBN	IN	DT	JJ	NN	IN	DT	NN	NN	VBD	NNP	NNP	.
11	1	2	3	4	7	5	11	10	11	0	11	14	17	17	17	12	17	20	18	20	20	20	20	24	27	33	27	28	32	32	29	24	33	34	38	38	35	34	42	42	39	42	45	43	11

l.j.	hooker	was	a	small	home-building	company	based	in	atlanta	in	1979	when	mr.	simpson	was	hired	to	push	it	into	commercial	development	.
NNP	NNP	VBD	DT	JJ	NN	NN	VBN	IN	NNP	IN	CD	WRB	NNP	NNP	VBD	VBN	TO	VB	PRP	IN	JJ	NN	.
2	3	0	7	7	7	3	7	8	9	3	11	12	15	16	13	16	19	17	19	19	23	21	3

the	company	grew	modestly	until	1986	,	when	a	majority	position	in	hooker	corp.	was	acquired	by	australian	developer	george	herscu	,	currently	hooker	's	chairman	.
DT	NN	VBD	RB	IN	CD	,	WRB	DT	NN	NN	IN	NNP	NNP	VBD	VBN	IN	NNP	NNP	NNP	NNP	,	NNP	NNP	POS	NN	.
2	3	0	3	3	5	6	6	11	11	15	11	14	12	8	15	16	21	21	21	26	26	26	25	26	17	3

mr.	herscu	proceeded	to	launch	an	ambitious	,	but	ill-fated	,	$	1	billion	acquisition	binge	that	included	bonwit	teller	and	b.	altman	&	co.	,	as	well	as	majority	positions	in	merksamer	jewelers	,	a	sacramento	chain	;	sakowitz	inc.	,	the	houston-based	retailer	,	and	parisian	inc.	,	the	southeast	department-store	chain	.
NNP	NNP	VBD	TO	VB	DT	JJ	,	CC	JJ	,	$	CD	CD	NN	NN	WDT	VBD	NNP	NNP	CC	NNP	NNP	CC	NNP	,	RB	RB	IN	NN	NNS	IN	NNP	NNPS	,	DT	NNP	NN	:	NNP	NNP	,	DT	JJ	NN	,	CC	NNP	NNP	,	DT	NNP	NN	NN	.
2	3	0	5	3	16	10	10	10	16	10	16	12	12	16	5	16	17	20	25	25	25	25	25	31	31	31	27	27	31	18	31	34	38	38	38	38	54	54	41	45	45	45	45	54	54	54	49	54	54	54	54	54	32	3

eventually	mr.	simpson	and	mr.	herscu	had	a	falling	out	over	the	direction	of	the	company	,	and	mr.	simpson	said	he	resigned	in	1988	.
RB	NNP	NNP	CC	NNP	NNP	VBD	DT	VBG	RP	IN	DT	NN	IN	DT	NN	,	CC	NNP	NNP	VBD	PRP	VBD	IN	CD	.
21	3	6	6	6	7	21	9	7	9	7	13	11	13	16	14	21	21	20	21	0	23	21	23	24	21

since	then	,	hooker	corp.	has	sold	its	interest	in	the	parisian	chain	back	to	parisian	's	management	and	is	currently	attempting	to	sell	the	b.	altman	&	co.	chain	.
IN	RB	,	NNP	NNP	VBZ	VBN	PRP$	NN	IN	DT	JJ	NN	RB	TO	NNP	POS	NN	CC	VBZ	RB	VBG	TO	VB	DT	NNP	NNP	CC	NNP	NN	.
6	1	6	5	6	0	6	9	7	9	13	13	10	7	14	17	18	15	6	6	20	20	24	22	30	30	30	30	30	24	6

in	addition	,	robert	sakowitz	,	chief	executive	of	the	sakowitz	chain	,	is	seeking	funds	to	buy	out	the	hooker	interest	in	his	company	.
IN	NN	,	NNP	NNP	,	JJ	NN	IN	DT	NNP	NN	,	VBZ	VBG	NNS	TO	VB	RP	DT	NNP	NN	IN	PRP$	NN	.
14	1	14	5	8	8	8	14	8	12	12	9	8	0	14	15	18	16	18	22	22	18	22	25	23	14

the	merksamer	chain	is	currently	being	offered	for	sale	by	first	boston	corp	.
DT	NNP	NN	VBZ	RB	VBG	VBN	IN	NN	IN	NNP	NNP	NNP	.
3	3	4	0	4	4	6	7	8	7	13	13	10	4

reached	in	honolulu	,	mr.	shidler	said	that	he	believes	the	various	hooker	malls	can	become	profitable	with	new	management	.
VBN	IN	NNP	,	NNP	NNP	VBD	IN	PRP	VBZ	DT	JJ	NNP	NNS	MD	VB	JJ	IN	JJ	NN	.
7	1	2	7	6	7	0	7	10	8	14	14	14	15	10	15	16	16	20	18	7

``	these	are	n't	mature	assets	,	but	they	have	the	potential	to	be	so	,	''	said	mr.	shidler	.
``	DT	VBP	RB	JJ	NNS	,	CC	PRP	VBP	DT	JJ	TO	VB	RB	,	''	VBD	NNP	NNP	.
18	3	10	3	6	3	10	10	10	18	12	10	14	12	14	18	18	0	20	18	18

``	managed	properly	,	and	with	a	long-term	outlook	,	these	can	become	investment-grade	quality	properties	.
``	VBD	RB	,	CC	IN	DT	JJ	NN	,	DT	MD	VB	JJ	NN	NNS	.
12	12	2	3	3	3	9	9	6	12	12	0	12	16	16	13	12

canadian	steel-ingot	production	totaled	291,890	metric	tons	in	the	week	ended	oct.	7	,	up	14.8	%	from	the	preceding	week	's	total	of	254,280	tons	,	statistics	canada	,	a	federal	agency	,	said	.
JJ	NN	NN	VBD	CD	JJ	NNS	IN	DT	NN	VBN	NNP	CD	,	RB	CD	NN	IN	DT	VBG	NN	POS	NN	IN	CD	NNS	,	NNPS	NNP	,	DT	JJ	NN	,	VBD	.
3	3	4	35	7	7	4	4	10	8	10	11	12	4	4	17	15	15	22	22	22	23	18	23	26	24	35	29	33	33	33	33	35	33	0	35

the	week	's	total	was	up	6.2	%	from	274,963	tons	a	year	earlier	.
DT	NN	POS	NN	VBD	RB	CD	NN	IN	CD	NNS	DT	NN	RBR	.
3	3	4	5	0	5	8	6	6	11	9	13	14	9	5

the	year-to-date	total	was	12,006,883	tons	,	up	7.8	%	from	11,141,711	tons	a	year	earlier	.
DT	JJ	NN	VBD	CD	NNS	,	RB	CD	NN	IN	CD	NNS	DT	NN	RBR	.
3	3	4	0	6	4	4	4	10	8	8	13	11	15	16	11	4

the	treasury	plans	to	raise	$	175	million	in	new	cash	thursday	by	selling	about	$	9.75	billion	of	52-week	bills	and	redeeming	$	9.58	billion	of	maturing	bills	.
DT	NNP	NNS	TO	VB	$	CD	CD	IN	JJ	NN	NNP	IN	VBG	IN	$	CD	CD	IN	JJ	NNS	CC	VBG	$	CD	CD	IN	VBG	NNS	.
2	3	0	5	3	5	6	6	6	11	9	5	5	13	16	14	16	16	16	21	19	14	14	26	26	23	26	29	27	3

the	bills	will	be	dated	oct.	26	and	will	mature	oct.	25	,	1990	.
DT	NNS	MD	VB	VBN	NNP	CD	CC	MD	VB	NNP	CD	,	CD	.
2	3	0	3	4	5	6	3	3	9	10	11	11	11	3

they	will	be	available	in	minimum	denominations	of	$	10,000	.
PRP	MD	VB	JJ	IN	JJ	NNS	IN	$	CD	.
2	0	2	3	4	7	5	7	10	8	2

bids	must	be	received	by	1	p.m.	edt	thursday	at	the	treasury	or	at	federal	reserve	banks	or	branches	.
NNS	MD	VB	VBN	IN	CD	RB	NNP	NNP	IN	DT	NNP	CC	IN	NNP	NNP	NNS	CC	NNS	.
2	0	2	3	4	8	8	5	4	4	12	10	10	10	19	19	19	19	14	2

as	small	investors	peppered	their	mutual	funds	with	phone	calls	over	the	weekend	,	big	fund	managers	said	they	have	a	strong	defense	against	any	wave	of	withdrawals	:	cash	.
IN	JJ	NNS	VBD	PRP$	JJ	NNS	IN	NN	NNS	IN	DT	NN	,	JJ	NN	NNS	VBD	PRP	VBP	DT	JJ	NN	IN	DT	NN	IN	NNS	:	NN	.
18	3	4	1	7	7	4	4	10	8	4	13	11	18	17	17	18	0	20	18	23	23	30	23	26	24	26	27	30	20	18

unlike	the	weekend	before	black	monday	,	the	funds	were	n't	swamped	with	heavy	withdrawal	requests	.
IN	DT	NN	IN	JJ	NNP	,	DT	NNS	VBD	RB	VBN	IN	JJ	NN	NNS	.
10	3	1	3	6	4	10	9	10	0	10	10	12	16	16	13	10

and	many	fund	managers	have	built	up	cash	levels	and	say	they	will	be	buying	stock	this	week	.
CC	JJ	NN	NNS	VBP	VBN	IN	NN	NNS	CC	VBP	PRP	MD	VB	VBG	NN	DT	NN	.
5	4	4	5	0	5	6	9	6	5	5	13	11	13	14	15	18	15	5

at	fidelity	investments	,	the	nation	's	largest	fund	company	,	telephone	volume	was	up	sharply	,	but	it	was	still	at	just	half	the	level	of	the	weekend	preceding	black	monday	in	1987	.
IN	NNP	NNP	,	DT	NN	POS	JJS	NN	NN	,	NN	NN	VBD	RB	RB	,	CC	PRP	VBD	RB	IN	RB	PDT	DT	NN	IN	DT	NN	VBG	JJ	NNP	IN	CD	.
20	3	10	10	7	7	10	10	10	1	10	13	14	20	14	15	20	20	20	0	20	20	26	23	26	22	26	29	27	29	32	30	29	33	20

the	boston	firm	said	stock-fund	redemptions	were	running	at	less	than	one-third	the	level	two	years	ago	.
DT	NNP	NN	VBD	NN	NNS	VBD	VBG	IN	JJR	IN	RB	DT	NN	CD	NNS	RB	.
3	3	4	0	6	7	4	7	8	11	14	11	14	9	16	17	14	4

as	of	yesterday	afternoon	,	the	redemptions	represented	less	than	15	%	of	the	total	cash	position	of	about	$	2	billion	of	fidelity	's	stock	funds	.
IN	IN	NN	NN	,	DT	NNS	VBD	RBR	IN	CD	NN	IN	DT	JJ	NN	NN	IN	IN	$	CD	CD	IN	NNP	POS	NN	NNS	.
8	1	4	2	8	7	8	0	10	12	10	8	12	17	17	17	13	17	20	18	20	20	17	25	27	27	23	8

``	two	years	ago	there	were	massive	redemption	levels	over	the	weekend	and	a	lot	of	fear	around	,	''	said	c.	bruce	johnstone	,	who	runs	fidelity	investments	'	$	5	billion	equity-income	fund	.
``	CD	NNS	IN	EX	VBD	JJ	NN	NNS	IN	DT	NN	CC	DT	NN	IN	NN	IN	,	''	VBD	NNP	NNP	NNP	,	WP	VBZ	NNP	NNP	POS	$	CD	CD	NN	NN	.
21	3	4	6	6	21	9	9	15	9	12	10	15	15	6	15	16	15	21	21	0	24	24	21	24	24	26	30	30	35	35	31	31	35	27	21

``	this	feels	more	like	a	one-shot	deal	.
``	DT	VBZ	JJR	IN	DT	JJ	NN	.
3	3	0	5	3	8	8	5	3

people	are	n't	panicking	.	''
NNS	VBP	RB	VBG	.	''
2	0	2	2	2	2

the	test	may	come	today	.
DT	NN	MD	VB	NN	.
2	3	0	3	4	3

friday	's	stock	market	sell-off	came	too	late	for	many	investors	to	act	.
NNP	POS	NN	NN	NN	VBD	RB	JJ	IN	JJ	NNS	TO	VB	.
2	5	5	5	6	0	6	7	7	11	13	13	9	6

some	shareholders	have	held	off	until	today	because	any	fund	exchanges	made	after	friday	's	close	would	take	place	at	today	's	closing	prices	.
DT	NNS	VBP	VBN	RP	IN	NN	IN	DT	NN	NNS	VBD	IN	NNP	POS	NN	MD	VB	NN	IN	NN	POS	NN	NNS	.
2	3	0	3	4	4	6	4	11	11	17	11	12	15	16	13	8	17	18	18	22	24	24	20	3

stock	fund	redemptions	during	the	1987	debacle	did	n't	begin	to	snowball	until	after	the	market	opened	on	black	monday	.
NNP	NNP	NNS	IN	DT	CD	NN	VBD	RB	VB	TO	VB	IN	IN	DT	NN	VBD	IN	NNP	NNP	.
3	3	8	8	7	7	4	0	8	8	12	10	10	13	16	17	14	17	20	18	8

but	fund	managers	say	they	're	ready	.
CC	NN	NNS	VBP	PRP	VBP	JJ	.
4	3	4	0	6	4	6	4

many	have	raised	cash	levels	,	which	act	as	a	buffer	against	steep	market	declines	.
JJ	VBP	VBN	NN	NNS	,	WDT	VBP	IN	DT	NN	IN	JJ	NN	NNS	.
2	0	2	5	3	5	5	7	8	11	9	8	15	15	12	2

mario	gabelli	,	for	instance	,	holds	cash	positions	well	above	20	%	in	several	of	his	funds	.
NNP	NNP	,	IN	NN	,	VBZ	NN	NNS	RB	IN	CD	NN	IN	JJ	IN	PRP$	NNS	.
2	7	7	7	4	7	0	9	7	11	9	13	11	7	14	15	18	16	7

windsor	fund	's	john	neff	and	mutual	series	'	michael	price	said	they	had	raised	their	cash	levels	to	more	than	20	%	and	30	%	,	respectively	,	this	year	.
NNP	NNP	POS	NNP	NNP	CC	NNP	NNP	POS	NNP	NNP	VBD	PRP	VBD	VBN	PRP$	NN	NNS	TO	JJR	IN	CD	NN	CC	CD	NN	,	RB	,	DT	NN	.
3	3	5	5	11	11	9	9	11	11	12	0	14	12	14	18	18	15	15	21	28	21	21	21	21	21	28	19	15	31	15	12

even	peter	lynch	,	manager	of	fidelity	's	$	12.7	billion	magellan	fund	,	the	nation	's	largest	stock	fund	,	built	up	cash	to	7	%	or	$	850	million	.
RB	NNP	NNP	,	NN	IN	NNP	POS	$	CD	CD	JJ	NN	,	DT	NN	POS	JJS	NN	NN	,	VBN	IN	NN	TO	CD	NN	CC	$	CD	CD	.
3	3	5	5	22	5	8	13	13	9	9	13	20	20	17	17	20	20	20	6	22	0	22	22	22	27	29	29	25	29	29	22

one	reason	is	that	after	two	years	of	monthly	net	redemptions	,	the	fund	posted	net	inflows	of	money	from	investors	in	august	and	september	.
CD	NN	VBZ	IN	IN	CD	NNS	IN	JJ	NN	NNS	,	DT	NN	VBD	JJ	NNS	IN	NN	IN	NNS	IN	NNP	CC	NNP	.
2	3	0	3	15	7	5	7	11	11	8	15	14	15	4	17	15	17	18	17	20	15	25	25	22	3

``	i	've	let	the	money	build	up	,	''	mr.	lynch	said	,	who	added	that	he	has	had	trouble	finding	stocks	he	likes	.
``	PRP	VBP	VB	DT	NN	VBN	RP	,	''	NNP	NNP	VBD	,	WP	VBD	IN	PRP	VBZ	VBN	NN	VBG	NNS	PRP	VBZ	.
13	3	13	3	6	7	4	7	13	13	12	13	0	13	13	15	16	19	17	19	20	20	22	25	23	13

not	all	funds	have	raised	cash	levels	,	of	course	.
RB	DT	NNS	VBP	VBN	NN	NNS	,	IN	NN	.
2	3	4	0	4	7	5	5	5	9	4

as	a	group	,	stock	funds	held	10.2	%	of	assets	in	cash	as	of	august	,	the	latest	figures	available	from	the	investment	company	institute	.
IN	DT	NN	,	NN	NNS	VBD	CD	NN	IN	NNS	IN	NN	IN	IN	NNP	,	DT	JJS	NNS	JJ	IN	DT	NN	NN	NNP	.
7	3	1	7	6	7	0	9	7	9	10	7	12	7	14	15	7	20	20	7	20	21	26	26	26	22	7

that	was	modestly	higher	than	the	8.8	%	and	9.2	%	levels	in	august	and	september	of	1987	.
DT	VBD	RB	JJR	IN	DT	CD	NN	CC	CD	NN	NNS	IN	NNP	CC	NNP	IN	CD	.
2	0	4	2	4	12	8	12	8	8	8	5	12	16	16	13	16	17	2

also	,	persistent	redemptions	would	force	some	fund	managers	to	dump	stocks	to	raise	cash	.
RB	,	JJ	NNS	MD	VB	DT	NN	NNS	TO	VB	NNS	TO	VB	NN	.
5	5	4	5	0	5	9	9	11	11	6	11	14	11	14	5

but	a	strong	level	of	investor	withdrawals	is	much	more	unlikely	this	time	around	,	fund	managers	said	.
CC	DT	JJ	NN	IN	NN	NNS	VBZ	RB	RBR	JJ	DT	NN	RB	,	NN	NNS	VBD	.
18	4	4	8	4	7	5	18	8	9	9	13	8	13	18	17	18	0	18

a	major	reason	is	that	investors	already	have	sharply	scaled	back	their	purchases	of	stock	funds	since	black	monday	.
DT	JJ	NN	VBZ	IN	NNS	RB	VBP	RB	VBN	RP	PRP$	NNS	IN	NN	NNS	IN	JJ	NNP	.
3	3	4	0	4	8	8	5	10	8	10	13	10	13	16	14	10	19	17	4

stock-fund	sales	have	rebounded	in	recent	months	,	but	monthly	net	purchases	are	still	running	at	less	than	half	1987	levels	.
NN	NNS	VBP	VBN	IN	JJ	NNS	,	CC	JJ	NN	NNS	VBP	RB	VBG	IN	JJR	IN	DT	CD	NNS	.
2	3	13	3	4	7	5	13	13	12	12	13	0	13	13	15	18	21	18	21	16	13

``	there	's	not	nearly	as	much	froth	,	''	said	john	bogle	,	chairman	of	vanguard	group	inc.	,	a	big	valley	forge	,	pa.	,	fund	company	.
``	EX	VBZ	RB	RB	RB	JJ	NN	,	''	VBD	NNP	NNP	,	NN	IN	NNP	NNP	NNP	,	DT	JJ	NNP	NNP	,	NNP	,	NN	NN	.
11	3	11	3	7	7	8	3	11	11	0	13	15	15	11	15	19	19	29	29	29	29	26	26	26	29	26	29	16	11

many	fund	managers	argue	that	now	's	the	time	to	buy	.
JJ	NN	NNS	VBP	IN	RB	VBZ	DT	NN	TO	VB	.
3	3	4	0	4	7	5	9	7	11	9	4

vincent	bajakian	,	manager	of	the	$	1.8	billion	wellington	fund	,	added	to	his	positions	in	bristol-myers	squibb	,	woolworth	and	dun	&	bradstreet	friday	.
NNP	NNP	,	NN	IN	DT	$	CD	CD	NNP	NNP	,	VBD	TO	PRP$	NNS	IN	NNP	NNP	,	NNP	CC	NNP	CC	NNP	NNP	.
2	4	4	13	4	11	11	7	7	11	5	4	0	13	16	14	16	19	25	25	25	25	25	25	17	13	13

and	today	he	'll	be	looking	to	buy	drug	stocks	like	eli	lilly	,	pfizer	and	american	home	products	whose	dividend	yields	have	been	bolstered	by	stock	declines	.
CC	NN	PRP	MD	VB	VBG	TO	VB	NN	NNS	IN	NNP	NNP	,	NNP	CC	NNP	NNP	NNS	WP$	NN	NNS	VBP	VBN	VBN	IN	NN	NNS	.
4	4	4	0	4	5	8	6	10	8	10	13	19	19	19	19	19	19	11	19	20	20	20	23	24	25	28	26	4

fidelity	's	mr.	lynch	,	for	his	part	,	snapped	up	southern	co.	shares	friday	after	the	stock	got	hammered	.
NNP	POS	NNP	NNP	,	IN	PRP$	NN	,	VBD	RP	NNP	NNP	NNS	NNP	IN	DT	NN	VBD	VBN	.
2	4	4	10	10	10	8	6	10	0	10	14	14	10	10	10	18	19	16	19	10

if	the	market	drops	further	today	,	he	said	he	'll	be	buying	blue	chips	such	as	bristol-myers	and	kellogg	.
IN	DT	NN	VBZ	RBR	NN	,	PRP	VBD	PRP	MD	VB	VBG	JJ	NNS	JJ	IN	NNP	CC	NNP	.
9	3	4	1	4	4	9	9	0	11	9	11	12	15	13	17	15	20	20	17	9

``	if	they	croak	stocks	like	that	,	''	he	said	,	it	presents	an	opportunity	that	is	``	the	kind	of	thing	you	dream	about	.	''
``	IN	PRP	VBP	NNS	IN	DT	,	''	PRP	VBD	,	PRP	VBZ	DT	NN	WDT	VBZ	``	DT	NN	IN	NN	PRP	VBP	RB	.	''
14	14	4	2	4	5	6	11	11	11	14	11	14	0	16	14	16	17	18	21	18	21	22	25	21	25	14	14

major	mutual-fund	groups	said	phone	calls	were	arriving	at	twice	the	normal	weekend	pace	yesterday	.
JJ	NN	NNS	VBD	NN	NNS	VBD	VBG	IN	RB	DT	JJ	NN	NN	NN	.
3	3	4	0	6	7	4	7	8	14	14	14	14	9	8	4

but	most	investors	were	seeking	share	prices	and	other	information	.
CC	JJS	NNS	VBD	VBG	NN	NNS	CC	JJ	NN	.
4	3	4	0	4	7	10	10	10	5	4

trading	volume	was	only	modestly	higher	than	normal	.
NN	NN	VBD	RB	RB	JJR	IN	JJ	.
2	3	0	3	4	4	4	7	3

still	,	fund	groups	are	n't	taking	any	chances	.
RB	,	NN	NNS	VBP	RB	VBG	DT	NNS	.
5	5	4	5	0	5	5	9	7	5

they	hope	to	avoid	the	jammed	phone	lines	and	other	snags	that	infuriated	some	fund	investors	in	october	1987	.
PRP	VBP	TO	VB	DT	JJ	NN	NNS	CC	JJ	NNS	WDT	VBD	DT	NN	NNS	IN	NNP	CD	.
2	0	4	2	11	8	8	11	11	11	4	11	12	16	16	13	13	17	18	2

fidelity	on	saturday	opened	its	54	walk-in	investor	centers	across	the	country	.
NNP	IN	NNP	VBD	PRP$	CD	JJ	NN	NNS	IN	DT	NN	.
4	4	2	0	9	9	9	9	4	9	12	10	4

the	centers	normally	are	closed	through	the	weekend	.
DT	NNS	RB	VBP	VBN	IN	DT	NN	.
2	4	4	0	4	5	8	6	4

in	addition	,	east	coast	centers	will	open	at	7:30	edt	this	morning	,	instead	of	the	normal	8:30	.
IN	NN	,	NNP	NNP	NNS	MD	VB	IN	CD	NNP	DT	NN	,	RB	IN	DT	JJ	CD	.
7	1	7	6	6	7	0	7	8	11	9	13	8	8	16	8	19	19	16	7

t.	rowe	price	associates	inc.	increased	its	staff	of	phone	representatives	to	handle	investor	requests	.
NNP	NNP	NNP	NNPS	NNP	VBD	PRP$	NN	IN	NN	NNS	TO	VB	NN	NNS	.
5	5	5	5	6	0	8	6	8	11	9	13	11	15	13	6

the	baltimore-based	group	noted	that	some	investors	moved	money	from	stock	funds	to	money-market	funds	.
DT	JJ	NN	VBD	IN	DT	NNS	VBD	NN	IN	NN	NNS	TO	JJ	NNS	.
3	3	4	0	4	7	8	5	8	8	12	10	8	15	13	4

but	most	investors	seemed	to	be	``	in	an	information	mode	rather	than	in	a	transaction	mode	,	''	said	steven	norwitz	,	a	vice	president	.
CC	JJS	NNS	VBD	TO	VB	``	IN	DT	NN	NN	RB	IN	IN	DT	NN	NN	,	''	VBD	NNP	NNP	,	DT	NN	NN	.
4	3	4	20	6	4	6	6	11	11	8	8	12	8	17	17	14	20	20	0	22	26	26	26	26	20	20

and	vanguard	,	among	other	groups	,	said	it	was	adding	more	phone	representatives	today	to	help	investors	get	through	.
CC	NNP	,	IN	JJ	NNS	,	VBD	PRP	VBD	VBG	JJR	NN	NNS	NN	TO	VB	NNS	VB	RB	.
8	8	8	8	6	4	8	0	10	8	10	14	14	11	11	17	11	19	17	19	8

in	an	unusual	move	,	several	funds	moved	to	calm	investors	with	recordings	on	their	toll-free	phone	lines	.
IN	DT	JJ	NN	,	JJ	NNS	VBD	TO	VB	NNS	IN	NNS	IN	PRP$	JJ	NN	NNS	.
8	4	4	1	8	7	8	0	10	8	10	10	12	10	18	18	18	14	8

``	we	view	{	friday	's	}	market	decline	as	offering	us	a	buying	opportunity	as	long-term	investors	,	''	a	recording	at	gabelli	&	co.	funds	said	over	the	weekend	.
``	PRP	VBP	-LRB-	NNP	POS	-RRB-	NN	NN	IN	VBG	PRP	DT	NN	NN	IN	JJ	NNS	,	''	DT	NN	IN	NNP	CC	NNP	NNS	VBD	IN	DT	NN	.
28	3	28	6	6	9	6	9	3	3	10	11	15	15	11	11	18	16	28	28	22	28	22	27	27	27	23	0	28	31	29	28

the	janus	group	had	a	similar	recording	for	investors	.
DT	NNP	NNP	VBD	DT	JJ	NN	IN	NNS	.
3	3	4	0	7	7	4	4	8	4

several	fund	managers	expect	a	rough	market	this	morning	before	prices	stabilize	.
JJ	NN	NNS	VBP	DT	JJ	NN	DT	NN	IN	NNS	VBP	.
3	3	4	0	7	7	9	9	4	4	12	10	4

some	early	selling	is	likely	to	stem	from	investors	and	portfolio	managers	who	want	to	lock	in	this	year	's	fat	profits	.
DT	JJ	NN	VBZ	JJ	TO	VB	IN	NNS	CC	NN	NNS	WP	VBP	TO	VB	RP	DT	NN	POS	JJ	NNS	.
3	3	4	0	4	7	5	7	12	12	12	8	12	13	16	14	16	20	20	22	22	16	4

stock	funds	have	averaged	a	staggering	gain	of	25	%	through	september	,	according	to	lipper	analytical	services	inc	.
NN	NNS	VBP	VBN	DT	JJ	NN	IN	CD	NN	IN	NNP	,	VBG	TO	NNP	NNP	NNPS	NNP	.
2	3	0	3	7	7	4	7	10	8	4	11	4	4	14	19	19	19	15	3

elaine	garzarelli	,	who	runs	shearson	lehman	hutton	inc.	's	$	335	million	sector	analysis	portfolio	,	predicts	the	market	will	open	down	at	least	50	points	on	technical	factors	and	``	some	panic	selling	.	''
NNP	NNP	,	WP	VBZ	NNP	NNP	NNP	NNP	POS	$	CD	CD	NN	NN	NN	,	VBZ	DT	NN	MD	VB	RP	IN	JJS	CD	NNS	IN	JJ	NNS	CC	``	DT	NN	VBG	.	''
2	18	2	2	4	10	10	10	10	16	16	11	11	16	16	5	2	0	20	21	18	21	22	27	24	24	23	23	30	35	35	35	35	35	28	18	18

but	she	expects	prices	to	rebound	soon	and	is	telling	investors	she	expects	the	stock	market	wo	n't	decline	more	than	10	%	to	15	%	from	recent	highs	.
CC	PRP	VBZ	NNS	TO	VB	RB	CC	VBZ	VBG	NNS	PRP	VBZ	DT	NN	NN	MD	RB	VB	JJR	IN	CD	NN	TO	CD	NN	IN	JJ	NNS	.
3	3	0	6	6	3	6	3	3	9	10	13	10	16	16	17	13	17	17	21	19	21	21	21	21	21	19	29	27	3

``	this	is	not	a	major	crash	,	''	she	said	.
``	DT	VBZ	RB	DT	JJ	NN	,	''	PRP	VBD	.
11	3	11	3	7	7	3	11	11	11	0	11

nevertheless	,	ms.	garzarelli	said	she	was	swamped	with	phone	calls	over	the	weekend	from	nervous	shareholders	.
RB	,	NNP	NNP	VBD	PRP	VBD	VBN	IN	NN	NNS	IN	DT	NN	IN	JJ	NNS	.
5	5	4	5	0	7	5	7	8	11	9	8	14	12	8	17	15	5

``	half	of	them	are	really	scared	and	want	to	sell	,	''	she	said	,	``	but	i	'm	trying	to	talk	them	out	of	it	.	''
``	NN	IN	PRP	VBP	RB	JJ	CC	VB	TO	VB	,	''	PRP	VBD	,	``	CC	PRP	VBP	VBG	TO	VB	PRP	IN	IN	PRP	.	''
20	5	2	3	20	7	5	5	5	11	9	15	15	15	20	15	20	20	20	0	20	23	21	23	23	25	26	20	20

she	added	,	``	if	they	all	were	bullish	,	i	'd	really	be	upset	.	''
PRP	VBD	,	``	IN	PRP	DT	VBD	JJ	,	PRP	MD	RB	VB	JJ	.	''
2	0	2	12	12	8	8	5	8	12	12	2	12	12	14	2	2

the	backdrop	to	friday	's	slide	was	markedly	different	from	that	of	the	october	1987	crash	,	fund	managers	argue	.
DT	NN	TO	NNP	POS	NN	VBD	RB	JJ	IN	DT	IN	DT	NNP	CD	NN	,	NN	NNS	VBP	.
2	7	2	5	6	3	20	9	7	9	10	11	16	16	16	12	20	19	20	0	20

two	years	ago	,	unlike	today	,	the	dollar	was	weak	,	interest	rates	were	rising	and	the	market	was	very	overvalued	,	they	say	.
CD	NNS	RB	,	IN	NN	,	DT	NN	VBD	JJ	,	NN	NNS	VBD	VBG	CC	DT	NN	VBD	RB	VBN	,	PRP	VBP	.
2	3	20	20	20	5	20	9	10	20	10	20	14	15	20	15	20	19	20	25	22	20	25	25	0	25

``	from	the	investors	'	standpoint	,	institutions	and	individuals	learned	a	painful	lesson	...	by	selling	at	the	lows	''	on	black	monday	,	said	stephen	boesel	,	manager	of	the	$	580	million	t.	rowe	price	growth	and	income	fund	.
``	IN	DT	NNS	POS	NN	,	NNS	CC	NNS	VBD	DT	JJ	NN	:	IN	VBG	IN	DT	NNS	''	IN	JJ	NNP	,	VBD	NNP	NNP	,	NN	IN	DT	$	CD	CD	NNP	NNP	NNP	NN	CC	NN	NN	.
26	11	5	5	6	2	11	10	10	11	26	14	14	11	11	11	16	17	20	18	17	17	24	22	26	0	28	30	30	26	30	42	42	33	33	42	42	42	42	42	42	31	26

this	time	,	``	i	do	n't	think	we	'll	get	a	panic	reaction	.
DT	NN	,	``	PRP	VBP	RB	VB	PRP	MD	VB	DT	NN	NN	.
2	6	6	6	6	0	6	6	10	8	10	14	14	11	6

newport	corp.	said	it	expects	to	report	fiscal-first-quarter	earnings	of	between	15	cents	and	19	cents	a	share	,	somewhat	below	analysts	'	estimates	of	19	cents	to	23	cents	.
NNP	NNP	VBD	PRP	VBZ	TO	VB	JJ	NNS	IN	IN	CD	NNS	CC	CD	NNS	DT	NN	,	RB	IN	NNS	POS	NNS	IN	CD	NNS	TO	CD	NNS	.
2	3	0	5	3	7	5	9	7	9	18	11	11	11	11	11	18	10	18	21	18	23	24	21	24	27	30	30	30	25	3

the	maker	of	scientific	instruments	and	laser	parts	said	orders	fell	below	expectations	in	recent	months	.
DT	NN	IN	JJ	NNS	CC	NN	NNS	VBD	NNS	VBD	IN	NNS	IN	JJ	NNS	.
2	9	2	5	8	8	8	3	0	11	9	11	12	11	16	14	9

a	spokesman	added	that	sales	in	the	current	quarter	will	about	equal	the	yearearlier	quarter	's	figure	,	when	newport	reported	net	income	of	$	1.7	million	,	or	21	cents	a	share	,	on	$	14.1	million	in	sales	.
DT	NN	VBD	IN	NNS	IN	DT	JJ	NN	MD	RB	VB	DT	JJ	NN	POS	NN	,	WRB	NNP	VBD	JJ	NN	IN	$	CD	CD	,	CC	CD	NNS	DT	NN	,	IN	$	CD	CD	IN	NNS	.
2	3	0	3	12	5	9	9	6	12	12	4	16	16	16	17	12	17	17	21	19	23	21	23	33	25	25	33	33	31	33	33	24	23	23	35	36	36	36	39	3

ripples	from	the	strike	by	55,000	machinists	union	members	against	boeing	co.	reached	air	carriers	friday	as	america	west	airlines	announced	it	will	postpone	its	new	service	out	of	houston	because	of	delays	in	receiving	aircraft	from	the	seattle	jet	maker	.
NNS	IN	DT	NN	IN	CD	NNS	NN	NNS	IN	NNP	NNP	VBD	NN	NNS	NNP	IN	NNP	NNP	NNP	VBD	PRP	MD	VB	PRP$	JJ	NN	IN	IN	NNP	IN	IN	NNS	IN	VBG	NN	IN	DT	NNP	NN	NN	.
13	1	4	2	4	9	9	9	5	4	12	10	0	15	13	13	13	20	20	21	17	23	21	23	27	27	24	27	28	29	24	31	31	33	34	35	35	41	41	41	37	13

peter	otradovec	,	vice	president	for	planning	at	the	phoenix	,	ariz.	,	carrier	,	said	in	an	interview	that	the	work	stoppage	at	boeing	,	now	entering	its	13th	day	,	``	has	caused	some	turmoil	in	our	scheduling	''	and	that	more	than	500	passengers	who	were	booked	to	fly	out	of	houston	on	america	west	would	now	be	put	on	other	airlines	.
NNP	NNP	,	NN	NN	IN	NN	IN	DT	NNP	,	NNP	,	NN	,	VBD	IN	DT	NN	IN	DT	NN	NN	IN	NNP	,	RB	VBG	PRP$	JJ	NN	,	``	VBZ	VBN	DT	NN	IN	PRP$	NN	''	CC	IN	JJR	IN	CD	NNS	WP	VBD	VBN	TO	VB	IN	IN	NNP	IN	NNP	NNP	MD	RB	VB	VBN	IN	JJ	NNS	.
2	5	5	5	16	5	6	5	14	12	12	14	12	8	5	0	16	19	17	43	23	23	34	23	24	23	28	23	31	31	28	23	34	20	34	37	35	37	40	38	34	43	16	45	47	45	59	47	48	49	52	50	52	53	54	52	58	56	43	59	59	61	62	65	63	16

mr.	otradovec	said	boeing	told	america	west	that	the	757	it	was	supposed	to	get	this	thursday	would	n't	be	delivered	until	nov.	7	--	the	day	after	the	airline	had	been	planning	to	initiate	service	at	houston	with	four	daily	flights	,	including	three	nonstops	to	phoenix	and	one	nonstop	to	las	vegas	.
NNP	NNP	VBD	NNP	VBD	NNP	NNP	IN	DT	CD	PRP	VBD	VBN	TO	VB	DT	NNP	MD	RB	VB	VBN	IN	NNP	CD	:	DT	NN	IN	DT	NN	VBD	VBN	VBG	TO	VB	NN	IN	NNP	IN	CD	JJ	NNS	,	VBG	CD	NNS	TO	NNP	CC	CD	JJ	TO	NNP	NNP	.
2	3	0	5	3	7	5	5	10	18	12	10	12	15	13	17	15	8	18	18	20	21	27	23	27	27	22	27	30	31	28	31	32	35	33	35	36	37	35	42	42	39	42	42	46	51	46	47	51	51	44	51	54	52	3

now	,	those	routes	are	n't	expected	to	begin	until	jan	.
RB	,	DT	NNS	VBP	RB	VBN	TO	VB	IN	NNP	.
5	5	4	5	0	5	5	9	7	7	10	5

boeing	is	also	supposed	to	send	to	america	west	another	757	twin-engine	aircraft	as	well	as	a	737	by	year	's	end	.
NNP	VBZ	RB	VBN	TO	VB	TO	NNP	NNP	DT	CD	JJ	NN	RB	RB	IN	DT	CD	IN	NN	POS	NN	.
2	0	2	2	6	4	6	9	7	13	13	13	18	18	14	14	18	6	6	21	22	19	2