ConfidenceNN inIN [ theDT poundNN ]e29 isVBZ widelyRB expectedVBN toTO takeVB anotherDT sharpJJ diveNN ifIN [ tradeNN figuresNNS forIN [ SeptemberNNP ]e32 ]e30 ,, dueJJ forIN releaseNN tomorrowNN ,, failVBP toTO showVB aDT substantialJJ improvementNN fromIN [ JulyNNP ]e6 andCC [ AugustNNP ]e10 'sPOS nearJJ -HYPH recordNN deficitsNNS ..

[ ChancellorNNP ofIN theDT ExchequerNNP NigelNNP LawsonNNP 'sPOS ]e21 restatedVBN commitmentNN toIN aDT firmJJ monetaryJJ policyNN hasVBZ helpedVBN toTO preventVB aDT freefallNN inIN sterlingNN overIN theDT pastJJ weekNN ..

ButCC analystsNNS reckonVBP underlyingJJ supportNN forIN sterlingNN hasVBZ beenVBN [ erodedVBN ]e23 byIN [ theDT chancellorNN 'sPOS ]e21 failureNN toTO announceVB anyDT newJJ policyNN measuresNNS inIN [ [ hisPRP$ ]e21 [ MansionNNP HouseNNP ]e2 speechNN ]e4 [ lastJJ ThursdayNNP ]e0 ..

[ ThisDT ]e23 hasVBZ increasedVBN theDT riskNN ofIN [ theDT governmentNN ]e19 beingNN forcedVBN toTO increaseVB [ baseNN ratesNNS ]e18 toIN 16CD %NN fromIN [ theirPRP$ ]e18 currentJJ 15CD %NN levelNN toTO defendVB [ theDT poundNN ]e29 ,, economistsNNS andCC foreignJJ exchangeNN marketNN analystsNNS sayVBP ..

```` TheDT risksNNS forIN sterlingNN ofIN aDT badJJ tradeNN figureNN areVBP veryRB heavilyRB onIN theDT downJJ sideNN ,, '''' saidVBD [ ChrisNNP DillowNNP ,, seniorJJ U.K.NNP economistNN atIN NomuraNNP ResearchNNP InstituteNNP ]e22 ..

```` IfIN thereEX isVBZ anotherDT badJJ tradeNN numberNN ,, thereEX couldMD beVB anDT awfulJJ lotNN ofIN pressureNN ,, '''' notedVBD [ SimonNNP BriscoeNNP ,, U.K.NNP economistNN forIN MidlandNNP MontaguNNP ,, aDT unitNN ofIN MidlandNNP BankNNP PLCNNP ]e1 ..

ForecastsNNS forIN [ theDT tradeNN figuresNNS ]e30 rangeVBP widelyRB ,, butCC fewJJ economistsNNS expectVBP [ theDT dataNNS ]e30 toTO showVB aDT veryRB markedJJ improvementNN fromIN [ theDT #$ 2CD billionCD -LRB--LRB- $$ 3.2CD billionCD -RRB--RRB- deficitNN inIN theDT currentJJ accountNN reportedVBN forIN [ AugustNNP ]e10 ]e25 ..

[ TheDT [ AugustNNP ]e10 deficitNN ]e25 andCC theDT #$ 2.2CD billionCD gapNN registeredVBN inIN [ JulyNNP ]e6 areVBP toppedVBN onlyRB byIN theDT #$ 2.3CD billionCD deficitNN ofIN OctoberNNP 1988CD ..

[ SanjayNNP JoshiNNP ,, EuropeanJJ economistNN atIN BaringNNP BrothersNNP &CC Co.NNP ,, ]e16 saidVBD thereEX isVBZ noDT signNN thatIN [ [ BritainNNP 'sPOS ]e19 manufacturingVBG industryNN ]e11 isVBZ transformingVBG [ itselfPRP ]e11 toTO boostNN exportsNNS ..

AtIN theDT sameJJ timeNN ,, [ hePRP ]e16 remainsVBZ fairlyRB pessimisticJJ aboutIN theDT outlookNN forIN importsNNS ,, givenVBN continuedVBN highJJ consumerNN andCC capitalNN goodsNNS inflowsNNS ..

[ HePRP ]e16 reckonsVBZ [ theDT currentJJ accountNN deficitNN ]e25 willMD narrowVB toIN onlyRB #$ 1.8CD billionCD inIN [ SeptemberNNP ]e32 ..

HoweverRB ,, [ Mr.NNP DillowNNP ]e22 saidVBD [ hePRP ]e22 believesVBZ thatIN aDT reductionNN inIN rawJJ materialNN stockbuildingVBG byIN industryNN couldMD leadVB toIN aDT sharpJJ dropNN inIN importsNNS ..

CombinedVBN withIN atIN leastJJS someDT reboundNN inIN exportsNNS afterIN [ AugustNNP 'sPOS ]e10 unexpectedJJ declineNN ,, [ theDT deficitNN ]e25 couldMD narrowVB toIN asRB littleJJ asIN #$ 1.3CD billionCD ..

[ Mr.NNP BriscoeNNP ,, whoWP alsoRB forecastsVBZ aDT #$ 1.3CD billionCD currentJJ accountNN gapNN ,, ]e1 warnsVBZ thatIN evenRB ifIN [ theDT tradeNN figuresNNS ]e30 areVBP bullishJJ forIN sterlingNN ,, [ theDT currencyNN ]e29 woMD n'tRB advanceVB muchJJ becauseIN investorsNNS willMD wantVB toTO seeVB furtherJJ evidenceNN ofIN theDT turnaroundNN beforeIN adjustingVBG positionsNNS ..

NeverthelessRB ,, [ hePRP ]e1 notedVBD ,, ```` NoDT onePRP willMD wantVB toTO goVB intoIN [ theDT tradeNN figuresNNS ]e30 withoutIN aDT flatJJ positionNN '''' inIN [ theDT poundNN ]e29 ..

MeanwhileRB ,, overallJJ evidenceNN onIN [ theDT economyNN ]e8 remainsVBZ fairlyRB cloudedJJ ..

InIN [ [ hisPRP$ ]e21 [ MansionNNP HouseNNP ]e2 speechNN ]e4 ,, [ Mr.NNP LawsonNNP ]e21 warnedVBD thatIN aDT furtherJJ slowdownNN canMD beVB expectedVBN asIN theDT impactNN ofIN theDT lastJJ riseNN inIN interestNN ratesNNS earlierRBR thisDT monthNN takesVBZ effectNN ..

[ U.K.NNP baseNN ratesNNS ]e28 areVBP atIN [ theirPRP$ ]e28 highestJJS levelNN inIN eightCD yearsNNS ..

ButCC [ consumerNN expenditureNN dataNNS releasedVBD [ FridayNNP ]e17 ]e27 doVBP n'tRB suggestVB thatIN [ theDT U.K.NNP economyNN ]e8 isVBZ slowingVBG thatRB quicklyRB ..

[ TheDT figuresNNS ]e27 showVBP thatIN [ spendingNN ]e7 [ roseVBD ]e26 0.1CD %NN inIN theDT thirdJJ quarterNN fromIN theDT secondJJ quarterNN andCC wasVBD upRB 3.8CD %NN fromIN aDT yearNN agoRB ..

[ ThisDT ]e26 comparesVBZ withIN aDT 1.6CD %NN riseNN inIN theDT secondNN fromIN theDT firstJJ quarterNN andCC aDT 5.4CD %NN increaseNN fromIN theDT secondJJ quarterNN ofIN 1988CD ..

[ Mr.NNP DillowNNP ]e22 saidVBD [ theDT dataNNS ]e27 showVBP [ theDT economyNN ]e8 ```` isVBZ stillRB quiteRB strongJJ ,, '''' butCC suggestionsNNS thatIN muchJJ ofIN [ theDT spendingNN ]e7 wentVBD onIN servicesNNS ratherRB thanIN consumerNN goodsNNS shouldMD reduceVB fearsNNS ofIN moreJJR importNN risesNNS ..

CertainlyRB ,, [ theDT chancellorNN ]e21 hasVBZ madeVBN itPRP clearJJ thatIN [ hePRP ]e21 isVBZ preparedJJ toTO increaseVB interestNN ratesNNS againRB ifIN necessaryJJ toTO bothDT ensureVB thatIN aDT substantialJJ slowdownNN doesVBZ takeVB placeNN andCC thatIN sterlingNN doesVBZ n'tRB declineVB furtherRB ..

[ ThursdayNNP ]e0 ,, [ hePRP ]e21 remindedVBD [ hisPRP$ ]e21 audienceNN thatIN [ theDT governmentNN ]e19 ```` canMD notRB allowVB theDT necessaryJJ rigorNN ofIN monetaryJJ policyNN toTO beVB underminedVBN byIN exchangeNN rateNN weaknessNN .. ''''

[ AnalystsNNS ]e20 agreeVBP thereEX isVBZ littleJJ holdingVBG sterlingNN firmJJ atIN theDT momentNN otherJJ thanIN [ [ Mr.NNP LawsonNNP 'sPOS ]e21 promiseNN thatIN ratesNNS willMD beVB pushedVBN higherRBR ifIN necessaryJJ ]e24 ..

AndCC ,, [ theyPRP ]e20 warnVBP ,, anyDT furtherJJ dropNN inIN [ theDT governmentNN 'sPOS ]e19 popularityNN couldMD swiftlyRB makeVB [ thisDT promiseNN ]e24 soundVB hollowJJ ..

[ SterlingNN ]e14 wasVBD alreadyRB showingVBG someDT signsNNS ofIN aDT lackNN ofIN confidenceNN inIN [ [ Mr.NNP LawsonNNP 'sPOS ]e21 promiseNN ]e24 [ FridayNNP ]e17 ..

InIN EuropeanJJ tradingNN [ itPRP ]e14 declinedVBD toIN $$ 1.5890CD andCC 2.9495CD marksNNS fromIN $$ 1.5940CD andCC 2.9429CD marksNNS [ lateRB ThursdayNNP ]e31 ..

EconomistsNNS suggestedVBD thatIN ifIN [ theDT poundNN ]e29 fallsVBZ muchRB belowIN 2.90CD marksNNS ,, [ theDT governmentNN ]e19 willMD beVB forcedVBN toTO increaseVB ratesNNS toIN 16CD %NN ,, bothDT toTO haltVB anyDT furtherJJ declineNN andCC ensureVB thatIN theDT balanceNN ofIN monetaryJJ policyNN remainsVBZ unchangedJJ ..

[ FridayNNP 'sPOS ]e17 MarketNNP ActivityNNP

[ TheDT dollarNN ]e9 postedVBD gainsNNS inIN quietJJ tradingNN asIN concernsNNS aboutIN equitiesNNS abatedVBD ..

ForeignJJ exchangeNN dealersNNS saidVBD thatIN [ theDT currencyNN marketNN ]e5 hasVBZ begunVBN toTO distanceVB [ itselfPRP ]e5 fromIN theDT volatileJJ stockNN exchangeNN ,, whichWDT hasVBZ preoccupiedVBN [ theDT marketNN ]e5 sinceIN Oct.NNP 13CD ,, whenWRB theDT DowNNP JonesNNP IndustrialNNP AverageNNP plungedVBD moreJJR thanIN 190CD pointsNNS ..

CurrencyNN analystsNNS predictVBP thatIN inIN theDT comingVBG weekNN [ theDT foreignJJ exchangeNN marketNN ]e3 willMD shiftVB [ itsPRP$ ]e3 focusNN backRB toIN economicJJ fundamentalsNNS ,, keepingVBG aDT closeJJ eyeNN outRP forIN anyDT signsNNS ofIN monetaryJJ easingVBG byIN U.S.NNP FederalNNP ReserveNNP ..

LateRB inIN theDT [ NewNNP YorkNNP ]e15 tradingNN dayNN ,, [ theDT dollarNN ]e9 wasVBD quotedVBN atIN 1.8578CD marksNNS ,, upRB fromIN 1.8470CD marksNNS [ lateRB ThursdayNNP ]e31 inIN [ NewNNP YorkNNP ]e15 ..

[ TheDT U.S.NNP currencyNN ]e9 wasVBD alsoRB changingVBG handsNNS atIN 142.43CD yenNN ,, upRB fromIN 141.70CD yenNN inIN [ NewNNP YorkNNP ]e15 [ lateRB ThursdayNNP ]e31 ..

InIN [ TokyoNNP ]e12 onIN [ MondayNNP ]e13 ,, [ theDT U.S.NNP currencyNN ]e9 openedVBD forIN tradingNN atIN 141.95CD yenNN ,, upRB fromIN [ FridayNNP 'sPOS ]e17 [ TokyoNNP ]e12 closeNN ofIN 141.35CD yenNN ..

OnIN theDT CommodityNNP ExchangeNNP inIN [ NewNNP YorkNNP ]e15 ,, goldNN forIN currentJJ deliveryNN settledVBN atIN $$ 367.30CD anDT ounceNN ,, upRB 20CD centsNNS ..

EstimatedVBN volumeNN wasVBD aDT lightJJ 2.4CD millionCD ouncesNNS ..

InIN earlyJJ tradingNN inIN HongNNP KongNNP [ MondayNNP ]e13 ,, goldNN wasVBD quotedVBN atIN $$ 366.50CD anDT ounceNN ..

DOC: [u'nw/wsj/15/wsj_1502', 0]

FreightNN ratesNNS ,, decliningVBG forIN mostJJS ofIN theDT decadeNN becauseIN ofIN competitionNN spurredVBN byIN deregulationNN ,, areVBP bottomingVBG outRP ,, [ turningVBG ]e21 upwardRB andCC threateningVBG toTO fuelVB inflationNN ..

TruckingNN ,, shippingNN andCC airNN -HYPH freightNN companiesNNS haveVBP announcedVBN [ rateNN increasesNNS ,, scheduledVBN forIN thisDT fallNN orCC [ earlyJJ nextJJ yearNN ]e16 ,, reflectingVBG higherJJR costsNNS andCC tightenedVBN demandNN forIN freightNN transportNN ]e21 ..

[ MajorJJ shippersNNS ]e23 sayVBP [ theyPRP ]e23 [ expectVBP ]e10 freightNN ratesNNS toTO riseVB atIN leastJJS asRB fastRB asIN inflationNN andCC maybeRB fasterRBR inIN theDT nextJJ fewJJ yearsNNS ..

[ ThatDT ]e10 'sVBZ aDT bigJJ changeNN fromIN recentJJ yearsNNS whenWRB freightNN haulageNN wasVBD aDT brightJJ spotNN forIN U.S.NNP productivityNN ,, helpingVBG toTO restrainVB inflationNN andCC makeVB U.S.NNP industryNN moreRBR competitiveJJ abroadRB ..

```` DemandNN hasVBZ caughtVBN upRP withIN theDT supplyNN ofIN certainJJ typesNNS ofIN freightNN transportationNN ,, andCC ratesNNS areVBP startingVBG toTO moveVB upRB '''' atIN aDT rateNN ```` closeJJ toIN orCC slightlyRB moreJJR thanIN theDT inflationNN rateNN ,, '''' saidVBD CliffordNNP SayreNNP ,, directorNN ofIN logisticsNNS atIN DuNNP PontNNP CoNNP ..

[ ShippersNNS surveyedVBD recentlyRB byIN [ OhioNNP StateNNP UniversityNNP ]e7 ]e20 saidVBD [ theyPRP ]e20 expectVBP [ theirPRP$ ]e20 freightNN -HYPH transportNN ,, storageNN andCC distributionNN costsNNS toTO riseVB aboutRB 4CD %NN [ thisDT yearNN ]e14 ..

[ OnlyRB 10CD %NN ofIN [ theDT 250CD shippersNNS polledVBN ]e20 ]e9 expectedVBD [ theirPRP$ ]e9 freightNN -HYPH transportNN costsNNS toTO decreaseVB ,, comparedVBN withIN 30CD %NN whoWP hadVBD lookedVBN toIN freightNN transportNN toTO reduceVB costsNNS inIN pastJJ yearsNNS ..

```` [ ThisDT ]e14 isVBZ theDT firstJJ yearNN sinceIN transportationNN deregulationNN inIN [ 1980CD ]e2 thatIN [ wePRP ]e7 haveVBP hadVBD suchJJ aDT dramaticJJ andCC broadRB -HYPH basedVBN upturnNN inIN perceivedVBN transportationNN ratesNNS ,, '''' saidVBD [ BernardNNP LaLondeNNP ,, aDT transportationNN logisticsNNS professorNN atIN [ OhioNNP StateNNP inIN ColumbusNNP ]e7 ]e12 ..

TheDT deregulationNN ofIN railroadsNNS andCC truckingNN companiesNNS thatWDT beganVBD inIN [ 1980CD ]e2 enabledVBD shippersNNS toTO bargainVB forIN transportationNN ..

[ CarriersNNS ]e4 couldMD useVB [ theirPRP$ ]e4 equipmentNN moreRBR efficientlyRB ,, leadingVBG toIN overcapacityNN [ theyPRP ]e4 wereVBD eagerJJ toTO fillVB ..

[ ShippersNNS ]e13 cutVBN aboutRB $$ 35CD billionCD fromIN [ theirPRP$ ]e13 annualJJ ,, inter-cityJJ truckNN andCC railNN costsNNS ,, toIN aboutRB $$ 150CD billionCD ,, orCC aboutRB 6.4CD %NN ofIN grossJJ nationalJJ productNN ,, downRB fromIN 8CD %NN ofIN GNPNNP inIN 1981CD ..

ButCC withIN muchJJ ofIN theDT inefficiencyNN squeezedVBN outIN ofIN theDT freightNN -HYPH transportNN systemNN ,, risingVBG costsNNS areVBP likelyJJ toTO beVB reflectedVBN directlyRB inIN higherJJR freightNN ratesNNS ..

```` ShippersNNP areVBP sayingVBG ``` theDT partyNN 'sVBZ overJJ ,, ''' '''' saidVBD [ Mr.NNP LaLondeNNP ]e12 ..

```` [ ShippersNNP ]e18 woMD n'tRB beVB ableJJ toTO lookVB forIN transportationNN -HYPH costNN savingsNNS asIN [ theyPRP ]e18 haveVBP forIN theDT lastJJ eightCD orCC nineCD yearsNNS ..

TransportNN ratesNNS woMD n'tRB beVB anDT opportunityNN forIN offsettingVBG costNN increasesNNS inIN otherJJ segmentsNNS ofIN theDT economyNN .. ''''

RobertNNP DelaneyNNP ,, aDT consultantNN atIN [ ArthurNNP D.NNP LittleNNP Inc.NNP ,, CambridgeNNP ,, Mass.NNP ]e0 ,, saidVBD ```` [ WePRP ]e0 'veVBP gottenVBN allDT theDT benefitsNNS ofIN deregulationNN inIN freightNN -HYPH costNN reductionsNNS ..

NowRB [ wePRP ]e0 areVBP startingVBG toTO seeVB realJJ freightNN -HYPH rateNN increasesNNS asIN carriersNNS replaceVBP equipmentNN ,, payVBP higherJJR fuelNN costsNNS andCC payVBP moreJJR forIN laborNN ..

YouPRP 'llMD seeVB carriersNNS tryVBP toTO recoupVB someDT ofIN theDT priceNN cuttingNN thatWDT occurredVBD previouslyRB .. ''''

NotRB everyoneNN believesVBZ thatIN theDT goodJJ timesNNS areVBP overJJ forIN shippersNNS ..

```` ThereEX 'sVBZ stillRB aDT lotNN ofIN pressureNN onIN ratesNNS inIN bothDT railNN andCC truckNN ,, '''' saidVBD GerardNNP McCulloughNNP ,, lecturerNN inIN transportationNN atIN MassachusettsNNP InstituteNNP ofIN TechnologyNNP ..

[ LessJJR -HYPH thanIN -HYPH truckloadNN companiesNNS ,, whichWDT carryVBP theDT freightNN ofIN severalJJ shippersNNS inIN eachDT truckNN trailerNN ,, ]e6 discountedVBD awayRB aDT 4.7CD %NN rateNN increaseNN implementedVBD lastJJ AprilNNP ..

[ TheDT carriersNNS ]e6 wereVBD competingVBG fiercelyRB forIN marketNN shareNN ..

RailroadNN -HYPH rateNN increasesNNS areVBP likelyJJ toTO beVB restrainedVBN byIN weakeningVBG railNN -HYPH trafficNN levelsNNS andCC keenJJ competitionNN forIN freightNN fromIN trucksNNS ..

AnDT officialNN atIN [ ConsolidatedNNP FreightwaysNNP Inc.NNP ,, aDT MenloNNP ParkNNP ,, Calif.NNP ,, lessJJR -HYPH thanIN -HYPH truckloadNN carrierNN ,, ]e19 saidVBD rateNN discountingNN inIN thatDT industryNN hasVBZ begunVBN toTO ```` stabilizeVB .. ''''

[ ConsolidatedNNP FreightwaysNNP ]e19 plansVBZ toTO raiseVB [ itsPRP$ ]e19 ratesNNS 5.3CD %NN lateRB thisDT yearNN orCC [ earlyRB nextJJ yearNN ]e16 ,, andCC atRB leastRBS twoCD competitorsNNS haveVBP announcedVBN similarJJ increasesNNS ..

[ TruckersNNS ]e15 areVBP ```` tryingVBG toTO sendVB signalsNNS thatIN [ theyPRP ]e15 needVBP toTO stopVB theDT bloodlettingVBG ,, forgetVB aboutIN marketNN shareNN andCC goVB forIN higherJJR ratesNNS ,, '''' saidVBD [ MichaelNNP LloydNNP ,, anDT analystNN atIN [ SalomonNNP BrosNNP ]e3 ]e17 ..

AndCC ```` [ shippersNNS ]e8 areVBP gettingVBG theDT feelingNN thatIN [ theyPRP ]e8 haveVBP playedVBN oneCD truckerNN offRP againstIN anotherDT asRB muchJJ asIN [ theyPRP ]e8 canMD ,, '''' [ hePRP ]e17 saidVBD ..

[ AirNN -HYPH freightNN carriersNNS ]e5 raisedVBD [ theirPRP$ ]e5 ratesNNS forIN U.S.NNP productsNNS goingVBG acrossIN [ theDT PacificNNP ]e1 toIN [ AsiaNNP ]e24 byIN aboutRB 20CD %NN earlierRBR thisDT monthNN ..

AndCC [ JapanNNP AirNNP LinesNNP ]e25 saidVBD [ itPRP ]e25 plansVBZ toTO boostVB [ itsPRP$ ]e25 ratesNNS aDT furtherJJR 25CD %NN overIN theDT nextJJ twoCD yearsNNS ..

SuchJJ rateNN increasesNNS ```` willMD increaseVB theDT totalJJ costNN ofIN U.S.NNP productsNNS andCC slowVB downRP theDT rateNN ofIN increaseNN ofIN U.S.NNP exportsNNS ,, '''' saidVBD RichardNNP ConnorsNNP ,, aDT seniorJJ viceNN presidentNN ofIN YusenNNP AirNNP &CC SeaNNP ServiceNNP U.S.A.NNP Inc.NNP ,, theDT U.S.NNP airNN -HYPH freightNN -HYPH forwardingVBG subsidiaryNN ofIN NipponNNP YusenNNP KaishaNNP ofIN JapanNNP ..

[ ShipNN companiesNNS carryingVBG bulkJJ commoditiesNNS ,, suchJJ asIN oilNN ,, grainNN ,, coalNN andCC ironNN oreNN ,, ]e11 haveVBP beenVBN ableJJ toTO increaseVB [ theirPRP$ ]e11 ratesNNS inIN theDT lastJJ coupleNN ofIN yearsNNS ..

SomeDT bulkNN shippingNN ratesNNS haveVBP increasedVBN ```` 3CD %NN toTO 4CD %NN inIN theDT pastJJ fewJJ monthsNNS ,, '''' saidVBD [ [ SalomonNNP 'sPOS ]e3 Mr.NNP LloydNNP ]e17 ..

AndCC [ shipNN linesNNS carryingVBG containersNNS ]e22 areVBP alsoRB tryingVBG toTO raiseVB [ theirPRP$ ]e22 ratesNNS ..

CarriersNNS boostedVBD ratesNNS moreJJR thanIN 10CD %NN inIN theDT NorthNNP AtlanticNNP betweenIN theDT U.S.NNP andCC EuropeNNP lastJJ SeptemberNNP ,, hopingVBG toTO partlyRB restoreVB ratesNNS toIN earlierJJR levelsNNS ..

ShipNN linesNNS operatingVBG inIN [ theDT PacificNNP ]e1 planVBP toTO raiseVB ratesNNS onIN containersNNS carryingVBG U.S.NNP exportsNNS toIN [ AsiaNNP ]e24 aboutRB 10CD %NN ,, effectiveJJ nextJJ AprilNNP ..

DOC: [u'nw/wsj/15/wsj_1503', 0]

[ MGMNNP GrandNNP Inc.NNP ]e0 saidVBD [ itPRP ]e0 filedVBD aDT registrationNN statementNN withIN theDT SecuritiesNNPS andCC ExchangeNNP CommissionNNP forIN [ aDT publicJJ offeringNN ofIN sixCD millionCD commonJJ sharesNNS ]e1 ..

[ TheDT BeverlyNNP HillsNNP ,, Calif.NN -HYPH basedVBN companyNN ]e0 saidVBD [ itPRP ]e0 wouldMD haveVB 26.9CD millionCD commonJJ sharesNNS outstandingJJ afterIN [ theDT offeringNN ]e1 ..

[ TheDT hotelNN andCC GamingNN companyNN ]e0 saidVBD MerrillNNP LynchNNP CapitalNNP MarketsNNP willMD leadVB theDT underwritersNNS ..

ProceedsNNS fromIN [ theDT saleNN ]e1 willMD beVB usedVBN forIN remodelingNN andCC refurbishingNN projectsNNS ,, asRB wellRB asIN forIN theDT plannedVBN [ MGMNNP GrandNNP ]e0 hotelNN /SYM casinoNN andCC themeNN parkNN ..

DOC: [u'nw/wsj/15/wsj_1504', 0]

[ BobNNP StoneNNP ]e2 stewedVBD overIN aDT letterNN fromIN [ [ hisPRP$ ]e2 managerNN ]e6 [ puttingVBG ]e0 [ himPRP ]e2 onIN [ probationNN ]e18 forIN insubordinationNN ..

[ Mr.NNP StoneNNP ]e2 thoughtVBD [ theDT disciplineNN ]e18 wasVBD unfairJJ ;: [ hePRP ]e2 believedVBD thatIN [ [ hisPRP$ ]e2 managerNN ]e6 wantedVBD toTO getVB ridJJ ofIN [ himPRP ]e2 forIN personalJJ reasonsNNS ..

UnableJJ toTO persuadeVB [ theDT managerNN ]e6 toTO changeVB [ [ hisPRP$ ]e6 decisionNN ]e0 ,, [ hePRP ]e2 wentVBD toIN [ aDT ```` companyNN courtNN '''' ]e22 forIN aDT hearingNN ..

AtIN theDT scheduledVBN timeNN ,, [ Mr.NNP StoneNNP ]e2 enteredVBD aDT conferenceNN roomNN inIN aDT buildingNN nearIN whereWRB [ hePRP ]e2 workedVBD ..

AfterIN [ theDT threeCD membersNNS ofIN [ theDT courtNN ]e22 ]e12 introducedVBN [ themselvesPRP ]e12 ,, [ theDT chairmanNN ofIN [ theDT panelNN ]e22 ]e14 saidVBD :: ```` GoVB aheadRB andCC tellVB [ usPRP ]e22 whatWP happenedVBD ..

[ WePRP ]e22 mayMD askVB questionsNNS asIN youPRP goVBP alongRP ,, orCC [ wePRP ]e22 mayMD waitVB untilIN theDT endNN .. ''''

NoDT lawyersNNS orCC tapeNN recordersNNS wereVBD presentJJ ..

TheDT onlyJJ extraJJ peopleNNS wereVBD aDT coupleNN ofIN personnelNNS specialistsNNS ,, oneCD ofIN whomWP knewVBD [ Mr.NNP StoneNNP 'sPOS ]e2 caseNN intimatelyRB andCC wouldMD helpVB fillVB inRP anyDT factsNNS neededVBN toTO giveVB [ theDT courtNN ]e22 theDT fullJJ pictureNN ..

OverIN aDT cupNN ofIN coffeeNN ,, [ Mr.NNP StoneNNP ]e2 toldVBD [ hisPRP$ ]e2 storyNN ..

[ HePRP ]e2 talkedVBD aboutRB 20CD minutesNNS ..

WhenWRB [ hePRP ]e2 wasVBD throughJJ ,, [ theDT courtNN membersNNS ]e12 askedVBD manyJJ questionsNNS ,, thenRB [ theDT chairmanNN ]e14 saidVBD [ theyPRP ]e12 wouldMD likeVB toTO hearVB [ [ hisPRP$ ]e2 managerNN 'sPOS ]e6 sideNN andCC talkVB toIN witnessesNNS ..

[ TheDT chairmanNN ]e14 promisedVBD [ Mr.NNP StoneNNP ]e2 aDT decisionNN withinIN twoCD weeksNNS ..

[ BobNNP StoneNNP ]e2 isVBZ aDT fictionalJJ nameNN ,, butCC [ theDT incidentNN describedVBN ]e20 isVBZ realJJ ..

[ ItPRP ]e20 happenedVBD atIN NorthropNNP Corp.NNP inIN LosNNP AngelesNNP ..

[ TheDT courtNN ]e22 isVBZ calledVBN theDT ManagementNNP AppealsNNP CommitteeNNP ,, orCC justRB ```` MACNNP ,, '''' andCC [ itPRP ]e22 isVBZ likelyJJ toTO hearVB aDT coupleNN ofIN dozenNN casesNNS aDT yearNN ..

AlterVB someDT detailsNNS ofIN [ thisDT exampleNN ]e20 andCC [ itPRP ]e20 couldMD beVB takingVBG placeNN todayNN atIN [ [ FederalNNP ExpressNNP inIN MemphisNNP ]e19 ,, theDT DefenseNNP andCC UnderseasNNP SystemsNNP divisionsNNS ofIN HoneywellNNP inIN MinneapolisNNP ,, aDT GeneralNNP ElectricNNP plantNN inIN ColumbiaNNP ,, Md.NNP ,, orCC aDT numberNN ofIN otherJJ companiesNNS ]e7 ..

[ TheseDT firmsNNS ]e7 areVBP pioneersNNS inIN aDT significantJJ newJJ trendNN inIN theDT corporateJJ worldNN :: theDT riseNN ofIN whatWP [ IPRP ]e8 callVBP corporateJJ dueJJ processNN ..

AlthoughIN [ corporateJJ dueJJ processNN ]e21 isVBZ practicedVBN todayNN inIN fewJJ companiesNNS --: perhapsRB 40CD toTO 60CD --: [ itPRP ]e21 isVBZ oneCD ofIN theDT fastestJJS developingVBG trendsNNS inIN industryNN ..

InIN theDT comingJJ decadeNN aDT majorityNN ofIN peopleNNS -HYPH orientedVBN companiesNNS areVBP likelyJJ toTO adoptVB [ itPRP ]e21 ..

[ CorporateJJ dueJJ processNN ]e17 appealsNNS toIN managementNN forIN aDT varietyNN ofIN reasonsNNS ..

[ ItPRP ]e17 reducesVBZ lawsuitsNNS fromIN disgruntledVBN employeesNNS andCC ex-employeesNNS ,, withIN allDT thatDT meansVBZ forIN reducedVBN legalJJ costsNNS andCC betterJJR publicJJ relationsNNS ..

[ ItPRP ]e17 helpsVBZ toTO keepVB outRP unionsNNS ..

[ ItPRP ]e17 increasesVBZ employeeNN commitmentNN toIN theDT companyNN ,, withIN allDT thatDT meansVBZ forIN efficiencyNN andCC qualityNN controlNN ..

WhatWP mustMD yourPRP$ managementNN teamNN doVB toTO establishVB corporateJJ dueJJ processNN ?.

HereRB areVBP fourCD keyJJ stepsNNS ::

1LS .. MakeVB sureJJ youPRP haveVBP [ aDT strongJJ personnelNNS departmentNN ]e9 ..

[ ItPRP ]e9 mustMD beVB ableJJ toTO handleVB mostJJS ofIN theDT complaintsNNS thatWDT canMD notRB beVB solvedVBN inIN theDT trenchesNNS byIN managersNNS andCC theirPRP$ subordinatesNNS ,, elseRB theDT companyNN courtNN orCC adjudicatorsNNS willMD beVB inundatedVBN withIN casesNNS ..

AtIN PolaroidNNP ,, theDT PersonnelNNP PolicyNNP PlanningNNP CommitteeNNP mayMD hearVB onlyRB aboutRB 20CD casesNNS aDT yearNN ;: theDT restNN ofIN theDT manyJJ hundredsNNS ofIN complaintsNNS areVBP resolvedVBN atIN earlierJJR stagesNNS ..

AtIN TWANNP ,, theDT SystemNNP BoardNNP ofIN AdjustmentNNP hearsVBZ 50CD toTO 75CD casesNNS aDT yearNN ,, onlyRB aDT fractionNN ofIN theDT complaintsNNS broughtVBN toIN personnelNNS specialistsNNS ..

AtIN CiticorpNNP ,, theDT ProblemNNP ReviewNNP BoardNNP mayMD hearVB onlyRB 12CD orCC soRB casesNNS becauseIN ofIN personnelNNS 'sPOS skillNN inIN complaintNN -HYPH resolutionNN ..

InIN aDT typicalJJ yearNN ,, upIN toTO 20CD %NN ofIN theDT workNN forceNN goesVBZ toIN personnelNNS specialistsNNS withIN complaintsNNS ofIN unfairJJ treatmentNN ..

InIN aDT largeJJ companyNN thatDT meansVBZ manyJJ hundredsNNS ofIN complaintsNNS forIN personnelNNS toTO handleVB ..

2LS .. FormallyRB orCC informallyRB ,, trainVB [ allDT [ yourPRP$ ]e23 managersNNS andCC supervisorsNNS ]e26 inIN [ theDT companyNN 'sPOS ]e23 dueJJ -HYPH processNN approachNN ..

SeeVB thatIN [ theyPRP ]e26 knowVBP [ companyNN personnelNNS policyNN ]e1 backwardsRB andCC forwardsRB ,, forIN [ itPRP ]e1 isVBZ theDT ```` lawNN '''' governingVBG companyNN courtsNNS andCC adjudicatorsNNS ..

CoachVB [ themPRP ]e26 inIN handlingVBG complaintsNNS soIN thatIN [ theyPRP ]e26 canMD resolveVB problemsNNS immediatelyRB ..

InIN caseNN managersNNS andCC personnelNNS specialistsNNS areVBP unsuccessfulJJ andCC [ subordinatesNNS ]e25 takeVBP [ theirPRP$ ]e25 complaintsNNS toIN aDT companyNN courtNN orCC adjudicatorNN ,, teachVB managersNNS toTO acceptVB [ reversalsNNS ]e15 asIN aDT factNN ofIN businessNN lifeNN ,, forIN inIN aDT goodJJ dueJJ -HYPH processNN systemNN [ theyPRP ]e15 areVBP boundVBN toTO happenVB ..

InIN theDT 15CD companiesNNS [ IPRP ]e8 studiedVBD ,, reversalNN ratesNNS rangeVBP onIN theDT averageNN fromIN 20CD %NN toIN 40CD %NN ..

3LS .. DecideVB whetherCC youPRP wantVBP aDT panelNN systemNN orCC aDT singleJJ adjudicatorNN ..

ADT panelNN systemNN likeIN [ thatDT inIN [ theDT [ BobNNP StoneNNP ]e2 exampleNN ]e20 ]e22 enjoysVBZ suchJJ advantagesNNS asIN highJJ credibilityNN andCC ,, forIN theDT panelistsNNS ,, mutualJJ supportNN ..

AnDT adjudicatorNN systemNN --: thatDT isVBZ ,, anDT investigatorNN whoWP actsVBZ firstRB asIN aDT factNN -HYPH finderNN andCC thenRB switchesVBZ hatsNNS andCC arbitratesVBZ theDT factsNNS --: hasVBZ suchJJ advantagesNNS asIN speedNN ,, flexibilityNN andCC maximumNN privacyNN ..

[ InternationalNNP BusinessNNP MachinesNNP ]e24 andCC BankNNP ofIN AmericaNNP areVBP amongIN theDT companiesNNS usingVBG theDT singleJJ -HYPH adjudicatorNN approachNN ..

4LS .. MakeVB [ yourPRP$ dueJJ -HYPH processNN systemNN ]e5 visibleJJ ..

[ ItPRP ]e5 woMD n'tRB doVB anyDT goodJJ forIN anybodyNN unlessIN employeesNNS knowVBP aboutIN [ itPRP ]e5 ..

[ MostJJS managementsNNS ]e4 hesitateVBP toTO goVB allDT outRP inIN advertisingVBG [ theirPRP$ ]e4 dueJJ -HYPH processNN systemsNNS forIN fearNN ofIN encouragingVBG cranksNNS andCC chronicNN soreheadsNNS toTO fileVB complaintsNNS ..

OnIN theDT otherJJ handNN ,, [ theyPRP ]e4 makeVBP sureRB atIN aDT minimumNN thatIN [ theirPRP$ ]e4 systemsNNS areVBP describedVBN inIN [ theirPRP$ ]e4 employeeNN handbooksNNS andCC talkedVBD upRP byIN personnelNNS specialistsNNS ..

[ SmithNNP -HYPH KlineNNP BeechamNNP ]e10 goesVBZ furtherRBR andCC sometimesRB featuresVBZ [ itsPRP$ ]e10 grievanceNN procedureNN inIN closedJJ -HYPH circuitNN TVNN programsNNS ..

NaturallyRB ,, oneCD ofIN theDT bestJJS waysNNS toTO guaranteeVB visibilityNN forIN [ yourPRP$ dueJJ -HYPH processNN systemNN ]e3 isVBZ forIN topJJ managementNN toTO [ supportVB ]e11 [ itPRP ]e3 ..

AtIN [ IBMNNP ]e24 ,, [ theDT companyNN 'sPOS ]e24 OpenNNP DoorNNP systemNN isVBZ sometimesRB theDT subjectNN ofIN memorandumsNNS fromIN theDT chiefJJ executiveNN ..

[ FederalNNP ExpressNNP ]e19 goesVBZ furtherRBR inIN [ thisDT respectNN ]e11 thanIN anyDT companyNN [ IPRP ]e8 knowVBP ofIN withIN bothDT [ FrederickNNP SmithNNP ]e16 andCC [ JamesNNP BarksdaleNNP ]e13 ,, [ chiefJJ executiveNN ]e16 andCC [ chiefJJ operatingNN officerNN ]e13 ,, respectivelyRB ,, sittingVBG inRP onIN theDT AppealsNNP BoardNNP almostRB everyDT TuesdayNNP toTO decideVB casesNNS ..

[ Mr.NNP EwingNNP ]e8 isVBZ aDT consultantNN basedVBN inIN WinchesterNNP ,, Mass.NNP ,, andCC authorNN ofIN ```` JusticeNNP onIN theDT JobNNP :: ResolvingNNP GrievancesNNP inIN theDT NonunionNNP WorkplaceNNP '''' -LRB--LRB- HarvardNNP BusinessNNP SchoolNNP PressNNP ,, 1989CD -RRB--RRB- ..

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[ TokyoNNP ]e31 stocksNNS closedVBD higherRBR inIN activeJJ tradingNN [ FridayNNP ]e20 ,, markingVBG theDT fourthJJ consecutiveJJ dailyJJ gainNN sinceIN [ [ MondayNNP 'sPOS ]e15 sharpJJ fallNN ]e30 ..

[ LondonNNP ]e0 sharesNNS closedVBD moderatelyRB lowerRBR inIN thinJJ tradingNN ..

AtIN [ TokyoNNP ]e31 ,, [ theDT NikkeiNNP indexNN ofIN 225CD selectedVBN issuesNNS ]e23 wasVBD upRB 112.16CD pointsNNS toIN 35486.38CD ..

[ TheDT indexNN ]e23 advancedVBD 266.66CD pointsNNS [ ThursdayNNP ]e16 ..

InIN earlyJJ tradingNN inIN [ TokyoNNP ]e31 [ MondayNNP ]e15 ,, [ theDT NikkeiNNP indexNN ]e23 roseVBD 101.98CD pointsNNS toIN 35588.36CD ..

[ FridayNNP 'sPOS ]e20 volumeNN onIN [ theDT FirstJJ SectionNNP ]e11 wasVBD estimatedVBN atIN oneCD billionCD sharesNNS ,, upRB fromIN 862CD millionCD [ ThursdayNNP ]e16 ..

WinnersNNS outpacedVBD losersNNS ,, 572CD toTO 368CD ,, whileIN 181CD issuesNNS remainedVBD unchangedJJ ..

WithIN investorsNNS relievedVBN atIN theDT overnightJJ gainNN inIN [ NewNNP YorkNNP ]e6 stocksNNS ,, smallJJ -HYPH lotNN buyingNN ordersNNS streamedVBD intoIN [ theDT marketNN ]e6 fromIN earlyJJ morningNN ,, makingVBG tradersNNS believeVB [ theDT marketNN ]e6 wasVBD backRB toIN normalJJ ..

[ TheDT NikkeiNNP ,, whichWDT reachedVBD asRB highJJ asIN 35611.38CD rightRB afterIN theDT openingNN ,, ]e23 surrenderedVBD partNN ofIN [ itsPRP$ ]e23 earlyJJ advanceNN towardIN theDT endNN ofIN [ theDT dayNN ]e20 becauseIN ofIN profitNN -HYPH takingNN ..

```` InvestorsNNS ,, especiallyRB dealersNNS ,, doVBP n'tRB wantVB toTO holdVB aDT positionNN overIN [ theDT weekendNN ]e25 ,, '''' aDT traderNN atIN DaiNNP -HYPH ichiNNP SecuritiesNNP saidVBD ,, addingVBG ,, thoughIN ,, thatIN theDT tradingNN moodNN remainedVBD positiveJJ throughIN theDT afternoonNN sessionNN ..

TheDT TokyoNNP StockNNP PriceNNP IndexNNP -LRB--LRB- TopixNNP -RRB--RRB- ofIN allDT issuesNNS listedVBN inIN [ theDT FirstJJ SectionNNP ]e11 ,, whichWDT gainedVBD 22.78CD pointsNNS [ ThursdayNNP ]e16 ,, wasVBD upRB 14.06CD pointsNNS ,, orCC 0.53CD %NN ,, atIN 2679.72CD ..

TheDT [ SecondNNP SectionNNP ]e22 indexNN ,, whichWDT roseVBD 15.72CD pointsNNS [ ThursdayNNP ]e16 ,, wasVBD upRB 11.88CD pointsNNS ,, orCC 0.32CD %NN ,, toTO closeVB atIN 3717.46CD ..

VolumeNN inIN [ theDT secondJJ sectionNN ]e22 wasVBD estimatedVBN atIN 30CD millionCD sharesNNS ,, upRB fromIN 28CD millionCD [ ThursdayNNP ]e16 ..

InIN turmoilNN causedVBN byIN [ theDT [ previousJJ FridayNNP 'sPOS ]e28 plungeNN inIN [ NewNNP YorkNNP ]e6 stocksNNS ]e7 ,, [ theDT NikkeiNNP ]e23 markedVBD [ aDT sharpJJ 647.33CD -HYPH pointNN fallNN ]e30 [ MondayNNP ]e15 ..

ButCC [ theDT NikkeiNNP ]e23 fellVBD anDT overallJJ 1.8CD %NN inIN valueNN [ thatDT dayNN ]e15 comparedVBN withIN [ [ WallNNP StreetNNP 'sPOS ]e2 farRB sharperJJR 6.9CD %NN dropNN onIN Oct.NNP 13CD ]e7 ..

[ TheDT TokyoNNP marketNN 'sPOS ]e31 resiliencyNN helpedVBD [ participantsNNS ]e24 toTO regainVB confidenceNN graduallyRB asIN [ theyPRP ]e24 spentVBD moreJJR timeNN onIN analyzingNN factorsNNS thatWDT causedVBD [ theDT [ FridayNNP ]e28 plungeNN ]e7 andCC realizedVBD theseDT problemsNNS wereVBD uniqueJJ toIN [ NewNNP YorkNNP ]e6 stocksNNS andCC notRB directlyRB relatedVBN toIN [ TokyoNNP ]e31 ..

[ TheDT NikkeiNNP ]e23 continuedVBD toTO gainVB forIN theDT restNN ofIN [ theDT weekNN ]e14 ,, addingVBG 1017.69CD pointsNNS inIN fourCD daysNNS --: moreRBR thanIN erasingVBG [ [ MondayNNP 'sPOS ]e15 lossesNNS ]e30 ..

ButCC furtherJJ majorJJ advancesNNS onIN [ theDT NikkeiNNP ]e23 areVBP n'tRB foreseenVBN [ thisDT weekNN ]e14 byIN marketNN observersNNS ..

InvestorsNNS areVBP stillRB waitingVBG toTO seeVB howWRB theDT U.S.NNP governmentNN willMD decideVB onIN interestNN ratesNNS andCC howWRB theDT dollarNN willMD beVB stabilizedVBN ..

SomeDT highRB -HYPH pricedVBN issuesNNS madeVBD aDT comebackNN [ FridayNNP ]e20 ..

PioneerNNP surgedVBD 450CD yenNNS -LRB--LRB- $$ 3.16CD -RRB--RRB- toIN 6,050CD yenNNS -LRB--LRB- $$ 42.60CD -RRB--RRB- ..

KyoceraNNP advancedVBN 80CD yenNNS toIN 5,440CD ..

FanucNNP gainedVBD 100CD toIN 7,580CD ..

[ BreweriesNNS ]e29 attractedVBD investorsNNS becauseIN ofIN [ theirPRP$ ]e29 landNN propertyNN holdingsNNS thatWDT couldMD figureVB inIN developmentNN orCC otherJJ plansNNS ,, tradersNNS saidVBD ..

SapporoNNP gainedVBD 80CD toIN 1,920CD andCC KirinNNP addedVBD 60CD toIN 2,070CD ..

HousingsNNS ,, constructionsNNS andCC pharmaceuticalsNNS continuedVBD toTO beVB boughtVBN followingVBG [ ThursdayNNP 'sPOS ]e16 gainsNNS becauseIN ofIN strongJJ earningsNNS outlooksNNS ..

DaiwaNNP HouseNNP gainedVBD 50CD toIN 2,660CD ..

MisawaNNP HomesNNP wasVBD upRB 20CD atIN 2,960CD ..

KajimaNNP advancedVBD 40CD toIN 2,120CD andCC OhbayashiNNP addedVBD 50CD toIN 1,730CD ..

FujisawaNNP addedVBD 80CD toIN 2,010CD andCC MochidaNNP advancedVBD 230CD toIN 4,400CD ..

[ LondonNNP ]e0 shareNN pricesNNS wereVBD influencedVBN largelyRB byIN declinesNNS onIN [ WallNNP StreetNNP ]e2 andCC weaknessNN inIN theDT BritishJJ poundNN ..

[ TheDT keyJJ FinancialNNP TimesNNP -HYPH StockNNP ExchangeNNP 100CD -HYPH shareNN indexNN ]e8 endedVBD 10.2CD pointsNNS lowerRBR atIN 2179.1CD ,, aboveRB [ itsPRP$ ]e8 intradayNN lowJJ ofIN 2176.9CD ,, butCC offRB theDT dayNN 'sPOS highJJ ofIN 2189CD ..

[ TheDT indexNN ]e8 finishedVBD 2.4CD %NN underIN [ itsPRP$ ]e8 closeNN ofIN 2233.9CD [ theDT previousJJ FridayNNP ]e28 ,, althoughIN [ itPRP ]e8 recoupedVBD someDT ofIN theDT sharpJJ lossesNNS stagedVBD earlyRB lastJJ weekNN onIN theDT backNN ofIN [ [ WallNNP StreetNNP 'sPOS ]e2 fallNN ]e7 ..

[ LondonNNP ]e0 wasVBD weakJJ throughoutIN [ FridayNNP 'sPOS ]e20 tradingNN ,, howeverRB ,, onIN whatWP dealersNNS attributedVBN toIN generallyRB thinJJ interestNN aheadRB ofIN [ theDT weekendNN ]e25 andCC [ [ thisDT weekNN 'sPOS ]e14 potentiallyRB importantJJ U.K.NNP tradeNN figuresNNS forIN SeptemberNNP ]e18 ..

[ TheDT FTNNP -HYPH SENNP 100CD ]e8 largelyRB remainedVBD withinIN anDT 11CD -HYPH pointNN rangeNN establshedVBN withinIN theDT firstJJ hourNN ofIN tradingNN beforeRB [ itPRP ]e8 easedVBD toIN anDT intradayNN lowNN lateRB inIN theDT sessionNN whenWRB aDT flurryNN ofIN programNN sellingNN pushedVBD [ WallNNP StreetNNP ]e2 lowerRBR ..

TheDT FTNNP 30CD -HYPH shareNNP indexNN closedVBD 11.0CD pointsNNS lowerRBR atIN 1761.0CD ..

VolumeNN wasVBD extremelyRB thinJJ atIN 351.3CD millionCD sharesNNS ,, theDT lightestJJS volumeNN ofIN [ theDT weekNN ]e14 andCC modestlyRB underRB [ ThursdayNNP 'sPOS ]e16 387.4CD millionCD sharesNNS ..

[ DealersNNS ]e17 saidVBD [ theDT dayNN 'sPOS ]e20 actionNN wasVBD featurelessJJ outsideIN someDT responseNN toIN sterlingNN 'sPOS earlyJJ weaknessNN againstIN [ theDT markNN ]e3 ,, andCC fearsNNS thatIN [ WallNNP StreetNNP ]e2 mightMD openVB lowerRBR afterIN [ itsPRP$ ]e3 strongJJ leapNN forwardRB [ ThursdayNNP ]e16 ..

[ TheyPRP ]e17 addedVBD thatIN [ marketNN -HYPH makersNNS ]e1 wereVBD largelyRB sidelinedVBN afterIN aggressivelyRB supportingVBG [ theDT marketNN ]e0 [ ThursdayNNP ]e16 inIN [ theirPRP$ ]e1 questNN toTO coverVB internalJJ shortagesNNS ofIN [ FTNNP -HYPH SENNP 100CD ]e8 sharesNNS ..

InterestNN mayMD remainVB limitedJJ intoIN [ tomorrowNN 'sPOS U.K.NNP tradeNN figuresNNS ]e18 ,, whichWDT [ theDT marketNN ]e0 willMD beVB watchingVBG closelyRB toTO seeVB ifIN thereEX isVBZ anyDT improvementNN afterIN disappointingJJ numbersNNS inIN theDT previousJJ twoCD monthsNNS ..

TheDT keyJJ corporateJJ newsNN ofIN [ theDT dayNN ]e20 wasVBD thatIN [ BritishNNP AirwaysNNP ]e12 decidedVBD toTO [ withdrawVB ]e21 fromIN [ aDT managementNN -HYPH ledVBN bidNN forIN [ UALNNP Corp.NNP ,, theDT parentNN ofIN UnitedNNP AirlinesNNP ]e4 ]e10 ..

[ BritishNNP AirwaysNNP ]e12 roseVBD initiallyRB afterIN announcingVBG [ [ itsPRP$ ]e12 withdrawalNN fromIN [ theDT [ UALNNP ]e4 dealNN ]e10 ]e21 ..

[ DealersNNS ]e9 saidVBD [ theyPRP ]e9 viewedVBD theDT initialJJ #$ 390-millionCD -LRB--LRB- $$ 622CD millionCD -RRB--RRB- outlayNN forIN aDT 15CD %NN stakeNN inIN [ theDT airlineNN ]e4 asIN aDT bitNN muchJJ ..

[ ItsPRP$ ]e4 sharesNNS slidVBD inIN lateJJ dealingsNNS toTO closeVB aDT pennyNN perIN shareNN lowerRBR atIN 197CD penceNN ..

[ TheDT airlineNN ]e4 wasVBD theDT mostRBS activeJJ FTNNP -HYPH SENNP 100CD atIN 8.2CD millionCD sharesNNS tradedVBN ..

TheDT nextRB mostRBS activeJJ topJJ -HYPH tierNN stockNN wasVBD [ B.A.TNNP IndustriesNNP ,, theDT targetNN ofIN [ [ SirNNP JamesNNP GoldsmithNNP 'sPOS ]e26 #$ 13.4CD billionCD bidNN ]e19 ]e13 ..

[ TheDT companyNN ]e13 gainedVBD shareholderNN approvalNN [ ThursdayNNP ]e16 toTO restructureNN inIN aDT bidNN toTO fendVB offRP [ theDT hostileNN takeoverNN ]e19 ..

[ SirNNP JamesNNP ]e26 saidVBD [ ThursdayNNP ]e16 nightNN thatIN [ hisPRP$ ]e26 plansNNS forIN [ theDT takeoverNN ]e19 hadVBD n'tRB changedVBN ..

[ B.A.TNNP ]e13 endedVBD [ theDT dayNN ]e20 atIN 778CD ,, downRB 5CD ,, onIN turnoverNN ofIN 7.5CD millionCD sharesNNS ..

DealersNNS saidVBD [ itPRP ]e13 wasVBD hitVBN byIN someDT profitNN -HYPH takingNN afterIN gainsNNS sinceIN mid-weekNN ..

InIN otherJJ activeJJ sharesNNS ,, TrusthouseNNP ForteNNP shedVBD 10CD toIN 294CD onIN volumeNN ofIN 6.4CD millionCD sharesNNS afterIN aDT BarclaysNNP DeNNP ZoeteNNP WeddNNP downgradingNN ,, whileIN [ HillsdownNNP HoldingsNNP ,, aDT foodNN productsNNS concernNN ,, ]e27 wasVBD boostedVBN 2CD toIN 271CD afterIN [ itPRP ]e27 disclosedVBD [ itPRP ]e27 wouldMD seekVB shareholderNN approvalNN toTO beginVB shareNN repurchasesNNS ..

ElsewhereRB inIN EuropeNNP ,, shareNN pricesNNS closedVBD higherRBR inIN StockholmNNP ,, BrusselsNNP andCC MilanNNP ..

PricesNNS wereVBD lowerJJR inIN FrankfurtNNP ,, ZurichNNP ,, ParisNNP andCC AmsterdamNNP ..

SouthJJ AfricanJJ goldNN stocksNNS closedVBD moderatelyRB lowerRBR ..

ShareNN pricesNNS closedVBD higherRBR inIN SydneyNNP ,, TaipeiNNP ,, WellingtonNNP ,, ManilaNNP ,, HongNNP KongNNP andCC SingaporeNNP andCC wereVBD lowerJJR inIN SeoulNNP ..

HereRB areVBP priceNN trendsNNS onIN theDT worldNN 'sPOS majorJJ stockNN marketsNNS ,, asIN calculatedVBN byIN MorganNNP StanleyNNP CapitalNNP InternationalNNP PerspectiveNNP ,, GenevaNNP ..

ToTO makeVB [ themPRP ]e5 directlyRB comparableJJ ,, [ eachDT indexNN ]e5 isVBZ basedVBN onIN theDT closeNN ofIN 1969CD equalingVBG 100CD ..

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