pierretassel/ontonotes5_text_language · Datasets at Hugging Face

tokens sequencelengths 1 210	tags sequencelengths 1 210	text stringlengths 1 1.37k	language stringclasses 1 value
[ "The", "brokerage", "firms", ",", "which", "negotiate", "rates", "with", "the", "banks", "and", "thrifts", "whose", "CDs", "they", "sell", ",", "generally", "feel", "they", "have", "to", "offer", "clients", "more", "than", "they", "can", "get", "on", "T", "-", "bills", "or", "from", "banks", "and", "thrifts", "directly", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	The brokerage firms, which negotiate rates with the banks and thrifts whose CDs they sell, generally feel they have to offer clients more than they can get on T - bills or from banks and thrifts directly.	en
[ "T", "-", "bills", "sold", "at", "Monday", "'s", "auction", "yielded", "7.90", "%", "for", "six", "months", "and", "7.77", "%", "for", "three", "months", ",", "up", "from", "7.82", "%", "and", "7.61", "%", ",", "respectively", ",", "the", "week", "before", "." ]	[ 0, 0, 0, 0, 0, 2, 0, 0, 0, 13, 14, 0, 2, 3, 0, 13, 14, 0, 2, 3, 0, 0, 0, 13, 14, 14, 14, 14, 0, 0, 0, 2, 3, 3, 0 ]	T - bills sold at Monday's auction yielded 7.90% for six months and 7.77% for three months, up from 7.82% and 7.61%, respectively, the week before.	en
[ "So", "-", "called", "jumbo", "CDs", ",", "typically", "in", "denominations", "of", "$", "90,000", "and", "up", ",", "also", "usually", "follow", "T", "-", "bills", "and", "interest", "rate", "trends", "in", "general", "more", "than", "those", "aimed", "at", "small", "investors", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 16, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	So - called jumbo CDs, typically in denominations of $90,000 and up, also usually follow T - bills and interest rate trends in general more than those aimed at small investors.	en
[ "Some", "jumbos", "posted", "fractional", "changes", "in", "average", "yields", "this", "week", ",", "both", "up", "and", "down", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 0, 0, 0, 0, 0, 0 ]	Some jumbos posted fractional changes in average yields this week, both up and down.	en
[ "The", "average", "yield", "on", "threemonth", "jumbos", "rose", "to", "8.00", "%", "from", "7.96", "%", ",", "while", "the", "two", "-", "year", "average", "fell", "by", "the", "same", "amount", "to", "7.89", "%", "." ]	[ 0, 0, 0, 0, 2, 0, 0, 0, 13, 14, 0, 13, 14, 0, 0, 0, 2, 3, 3, 0, 0, 0, 0, 0, 0, 0, 13, 14, 0 ]	The average yield on threemonth jumbos rose to 8.00% from 7.96%, while the two - year average fell by the same amount to 7.89%.	en
[ "Six", "-", "month", "and", "oneyear", "yields", "were", "unchanged", ",", "on", "average", "." ]	[ 2, 3, 3, 0, 2, 0, 0, 0, 0, 0, 0, 0 ]	Six - month and oneyear yields were unchanged, on average.	en
[ "``", "The", "-LRB-", "CD", "-RRB-", "market", "is", "unsettled", "right", "now", ",", "''", "said", "Banxquote", "'s", "Mr.", "Mehl", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 0, 0, 4, 0 ]	"The -LRB- CD -RRB- market is unsettled right now," said Banxquote's Mr. Mehl.	en
[ "``", "It", "'s", "very", "easily", "influenced", "by", "changes", "in", "the", "stock", "market", "and", "the", "junk", "bond", "market", ".", "''" ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	"It's very easily influenced by changes in the stock market and the junk bond market."	en
[ "The", "small", "changes", "in", "averages", "reflect", "generally", "unchanged", "yields", "at", "many", "major", "banks", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	The small changes in averages reflect generally unchanged yields at many major banks.	en
[ "Some", ",", "however", ",", "lowered", "yields", "significantly", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0 ]	Some, however, lowered yields significantly.	en
[ "At", "Chase", "Manhattan", "Bank", "in", "New", "York", ",", "for", "example", ",", "the", "yield", "on", "a", "small", "denomination", "six", "-", "month", "CD", "fell", "about", "a", "quarter", "of", "a", "percentage", "point", "to", "8.06", "%", "." ]	[ 0, 11, 12, 12, 0, 7, 8, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 3, 0, 0, 1, 22, 22, 0, 0, 0, 0, 0, 13, 14, 0 ]	At Chase Manhattan Bank in New York, for example, the yield on a small denomination six - month CD fell about a quarter of a percentage point to 8.06%.	en
[ "In", "California", ",", "Bank", "of", "America", "dropped", "the", "yield", "on", "both", "six", "-", "month", "and", "one", "-", "year", "``", "savings", "''", "CDs", "to", "8.33", "%", "from", "8.61", "%", "." ]	[ 0, 7, 0, 11, 12, 12, 0, 0, 0, 0, 0, 2, 3, 3, 0, 2, 3, 3, 0, 0, 0, 0, 0, 13, 14, 0, 13, 14, 0 ]	In California, Bank of America dropped the yield on both six - month and one - year "savings" CDs to 8.33% from 8.61%.	en
[ "Yields", "on", "money", "-", "market", "deposits", "were", "unchanged", "at", "an", "average", "6.96", "%", "for", "$", "50,000", "and", "less", "and", "down", "just", "a", "hundredth", "of", "a", "percentage", "point", "to", "7.41", "%", "for", "jumbo", "deposits", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 13, 14, 0, 0, 16, 0, 0, 0, 0, 0, 0, 1, 0, 0, 0, 0, 0, 13, 14, 0, 0, 0, 0 ]	Yields on money - market deposits were unchanged at an average 6.96% for $50,000 and less and down just a hundredth of a percentage point to 7.41% for jumbo deposits.	en
[ "Lion", "Nathan", "Ltd.", "agreed", "to", "buy", "the", "franchise", "to", "bottle", ",", "distribute", "and", "market", "Pepsi", "-", "Cola", "soft", "-", "drink", "products", "in", "Australia", ",", "the", "company", "said", "." ]	[ 11, 12, 12, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 12, 12, 0, 0, 0, 0, 0, 7, 0, 0, 0, 0, 0 ]	Lion Nathan Ltd. agreed to buy the franchise to bottle, distribute and market Pepsi - Cola soft - drink products in Australia, the company said.	en
[ "The", "New", "Zealand", "brewing", "and", "retail", "concern", "did", "n't", "disclose", "terms", "." ]	[ 0, 7, 8, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	The New Zealand brewing and retail concern didn't disclose terms.	en
[ "The", "agreement", "is", "effective", "Jan.", "1", "and", "is", "subject", "to", "approval", "from", "Australia", "'s", "Foreign", "Investment", "Review", "Board", "." ]	[ 0, 0, 0, 0, 2, 3, 0, 0, 0, 0, 0, 0, 7, 0, 11, 12, 12, 12, 0 ]	The agreement is effective Jan. 1 and is subject to approval from Australia's Foreign Investment Review Board.	en
[ "Cadbury", "Schweppes", "Australia", "Ltd.", "has", "held", "the", "Australian", "Pepsi", "franchise", "for", "the", "past", "four", "years", "." ]	[ 11, 12, 12, 12, 0, 0, 0, 6, 11, 0, 0, 2, 3, 3, 3, 0 ]	Cadbury Schweppes Australia Ltd. has held the Australian Pepsi franchise for the past four years.	en
[ "Lion", "Nathan", "and", "PepsiCola", "Australia", ",", "a", "unit", "of", "PepsiCo", "Inc.", "of", "the", "U.S.", ",", "did", "n't", "say", "why", "Cadbury", "Schweppes", "will", "no", "longer", "hold", "the", "franchise", "." ]	[ 11, 12, 0, 11, 12, 0, 0, 0, 0, 11, 12, 0, 0, 7, 0, 0, 0, 0, 0, 11, 12, 0, 0, 0, 0, 0, 0, 0 ]	Lion Nathan and PepsiCola Australia, a unit of PepsiCo Inc. of the U.S., didn't say why Cadbury Schweppes will no longer hold the franchise.	en
[ "Wang", "Laboratories", "Inc.", "has", "sold", "$", "25", "million", "of", "assets", "and", "reached", "agreements", "in", "principle", "to", "sell", "an", "additional", "$", "187", "million", "shortly", ",", "Richard", "Miller", ",", "president", ",", "said", "at", "the", "annual", "meeting", "." ]	[ 11, 12, 12, 0, 0, 16, 17, 17, 0, 0, 0, 0, 0, 0, 0, 0, 0, 16, 17, 17, 17, 17, 0, 0, 4, 5, 0, 0, 0, 0, 0, 0, 2, 0, 0 ]	Wang Laboratories Inc. has sold $25 million of assets and reached agreements in principle to sell an additional $187 million shortly, Richard Miller, president, said at the annual meeting.	en
[ "He", "said", "Wang", "had", "reached", "an", "agreement", "with", "a", "``", "major", "financial", "firm", "''", "to", "sell", "for", "$", "150", "million", "its", "domestic", "equipment", "lease", "portfolio", "and", "that", "of", "its", "Wang", "Credit", "Corp.", "subsidiary", "." ]	[ 0, 0, 11, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 16, 17, 17, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 12, 12, 0, 0 ]	He said Wang had reached an agreement with a "major financial firm" to sell for $150 million its domestic equipment lease portfolio and that of its Wang Credit Corp. subsidiary.	en
[ "He", "said", "it", "also", "agreed", "to", "sell", "a", "portion", "of", "its", "European", "real", "estate", "unit", "for", "$", "37", "million", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 6, 0, 0, 0, 0, 16, 17, 17, 0 ]	He said it also agreed to sell a portion of its European real estate unit for $37 million.	en
[ "Mr.", "Miller", "said", "that", "Wang", "has", "already", "sold", "some", "$", "12", "million", "of", "miscellaneous", "assets", "and", "disclosed", "that", "it", "had", "received", "$", "13", "million", "from", "Compaq", "Computer", "Corp.", ",", "Houston", ",", "in", "the", "previously", "announced", "sale", "of", "its", "Stirling", ",", "Scotland", ",", "plant", "." ]	[ 0, 4, 0, 0, 11, 0, 0, 0, 16, 17, 17, 17, 0, 0, 0, 0, 0, 0, 0, 0, 0, 16, 17, 17, 0, 11, 12, 12, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 7, 0, 7, 0, 0, 0 ]	Mr. Miller said that Wang has already sold some $12 million of miscellaneous assets and disclosed that it had received $13 million from Compaq Computer Corp., Houston, in the previously announced sale of its Stirling, Scotland, plant.	en
[ "Mr.", "Miller", "repeated", "that", "in", "the", "next", "six", "months", "he", "plans", "to", "sell", "another", "$", "200", "million", "to", "$", "300", "million", "of", "assets", "to", "repay", "debt", "and", "reduce", "interest", "costs", "at", "Wang", ",", "a", "minincomputer", "maker", "in", "Lowell", ",", "Mass", "." ]	[ 0, 4, 0, 0, 0, 2, 3, 3, 3, 0, 0, 0, 0, 0, 16, 17, 17, 17, 17, 17, 17, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 0, 0, 0, 0, 0, 7, 0, 7, 0 ]	Mr. Miller repeated that in the next six months he plans to sell another $200 million to $300 million of assets to repay debt and reduce interest costs at Wang, a minincomputer maker in Lowell, Mass.	en
[ "In", "response", "to", "questions", "after", "the", "annual", "meeting", ",", "Mr.", "Miller", "said", "the", "company", "is", "no", "longer", "looking", "for", "an", "equity", "investor", "." ]	[ 0, 0, 0, 0, 0, 0, 2, 0, 0, 0, 4, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	In response to questions after the annual meeting, Mr. Miller said the company is no longer looking for an equity investor.	en
[ "During", "the", "summer", ",", "Wang", "executives", "had", "said", "they", "might", "seek", "outside", "investment", "." ]	[ 0, 2, 3, 0, 11, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	During the summer, Wang executives had said they might seek outside investment.	en
[ "Murata", "Mfg.", "Co.", "said", "it", "is", "establishing", "a", "subsidiary", "in", "Britain", "to", "produce", "electric", "parts", ",", "including", "ceramic", "condensers", "." ]	[ 11, 12, 12, 0, 0, 0, 0, 0, 0, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Murata Mfg. Co. said it is establishing a subsidiary in Britain to produce electric parts, including ceramic condensers.	en
[ "The", "Tokyo", "maker", "of", "ceramic", "capacitors", "said", "it", "purchased", "a", "plant", "in", "Plymouth", "." ]	[ 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 7, 0 ]	The Tokyo maker of ceramic capacitors said it purchased a plant in Plymouth.	en
[ "The", "company", "did", "n't", "disclose", "a", "purchase", "price", "or", "capitalization", "figures", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	The company didn't disclose a purchase price or capitalization figures.	en
[ "Murata", "said", ",", "however", ",", "it", "will", "invest", "about", "1.4", "billion", "yen", "-LRB-", "$", "9.9", "million", "-RRB-", "in", "the", "new", "company", "." ]	[ 11, 0, 0, 0, 0, 0, 0, 0, 16, 17, 17, 17, 0, 16, 17, 17, 0, 0, 0, 0, 0, 0 ]	Murata said, however, it will invest about 1.4 billion yen -LRB- $9.9 million -RRB- in the new company.	en
[ "Production", "is", "slated", "to", "begin", "in", "April", "." ]	[ 0, 0, 0, 0, 0, 0, 2, 0 ]	Production is slated to begin in April.	en
[ "The", "company", ",", "which", "has", "a", "European", "foothold", ",", "Murata", "Europe", "Management", "G.m.b", ".", "H.", "in", "Germany", ",", "said", "the", "latest", "venture", "is", "designed", "to", "meet", "demand", "for", "electric", "parts", "in", "European", "Community", "countries", "ahead", "of", "the", "creation", "of", "the", "unified", "market", "by", "the", "end", "of", "1992", "." ]	[ 0, 0, 0, 0, 0, 0, 6, 0, 0, 11, 12, 12, 12, 12, 12, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 12, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 3, 3, 0 ]	The company, which has a European foothold, Murata Europe Management G.m.b . H. in Germany, said the latest venture is designed to meet demand for electric parts in European Community countries ahead of the creation of the unified market by the end of 1992.	en
[ "Murata", "expects", "sales", "at", "the", "unit", "of", "about", "1.5", "billion", "yen", "in", "the", "first", "year", "." ]	[ 11, 0, 0, 0, 0, 0, 0, 16, 17, 17, 17, 0, 2, 3, 3, 0 ]	Murata expects sales at the unit of about 1.5 billion yen in the first year.	en
[ "Safeway", "Stores", "Inc.", "reported", "a", "69", "%", "decline", "in", "profit", "for", "the", "fiscal", "third", "quarter", ",", "but", "said", "operating", "improvements", "were", "masked", "by", "unusual", "gains", "in", "the", "year", "-", "earlier", "period", "." ]	[ 11, 12, 12, 0, 0, 13, 14, 0, 0, 0, 0, 2, 3, 3, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 3, 0, 0 ]	Safeway Stores Inc. reported a 69% decline in profit for the fiscal third quarter, but said operating improvements were masked by unusual gains in the year - earlier period.	en
[ "The", "Oakland", "grocery", "retailer", ",", "closely", "held", "since", "a", "$", "4.2", "billion", "leveraged", "buy", "-", "out", "in", "1986", ",", "said", "profit", "for", "the", "three", "months", "ended", "Sept.", "9", "was", "$", "7.1", "million", ",", "compared", "with", "$", "23", "million", "a", "year", "earlier", "." ]	[ 0, 7, 0, 0, 0, 0, 0, 0, 0, 16, 17, 17, 0, 0, 0, 0, 0, 2, 0, 0, 0, 0, 2, 3, 3, 3, 3, 3, 0, 16, 17, 17, 0, 0, 0, 16, 17, 17, 2, 3, 3, 0 ]	The Oakland grocery retailer, closely held since a $4.2 billion leveraged buy - out in 1986, said profit for the three months ended Sept. 9 was $7.1 million, compared with $23 million a year earlier.	en
[ "But", "it", "said", "the", "year", "-", "earlier", "results", "included", "gains", "of", "$", "23.5", "million", "from", "divestitures", "." ]	[ 0, 0, 0, 0, 2, 3, 3, 0, 0, 0, 0, 16, 17, 17, 0, 0, 0 ]	But it said the year - earlier results included gains of $23.5 million from divestitures.	en
[ "Sales", "rose", "4.2", "%", "to", "$", "3.31", "billion", "from", "$", "3.2", "billion", "." ]	[ 0, 0, 13, 14, 0, 16, 17, 17, 0, 16, 17, 17, 0 ]	Sales rose 4.2% to $3.31 billion from $3.2 billion.	en
[ "For", "the", "nine", "months", ",", "the", "company", "said", "profit", "fell", "49", "%", "to", "$", "23.5", "million", "from", "$", "46", "million", "in", "the", "year", "-", "earlier", "quarter", ",", "which", "included", "divestiture", "-", "related", "gains", "of", "$", "50.6", "million", "." ]	[ 0, 2, 3, 3, 0, 0, 0, 0, 0, 0, 13, 14, 0, 16, 17, 17, 0, 16, 17, 17, 0, 2, 3, 3, 3, 3, 0, 0, 0, 0, 0, 0, 0, 0, 16, 17, 17, 0 ]	For the nine months, the company said profit fell 49% to $23.5 million from $46 million in the year - earlier quarter, which included divestiture - related gains of $50.6 million.	en
[ "Sales", "increased", "5.5", "%", "to", "$", "9.81", "billion", "from", "$", "9.3", "billion", "." ]	[ 0, 0, 13, 14, 0, 16, 17, 17, 0, 16, 17, 17, 0 ]	Sales increased 5.5% to $9.81 billion from $9.3 billion.	en
[ "Britain", "'s", "current", "account", "deficit", "dropped", "to", "1.6", "billion", "-LRB-", "$", "2.56", "billion", "-RRB-", "in", "September", "from", "an", "adjusted", "2", "billion", "-LRB-", "$", "3.21", "billion", "-RRB-", "the", "previous", "month", ",", "but", "the", "improvement", "comes", "amid", "increasing", "concern", "that", "a", "recession", "could", "strike", "the", "U.K.", "economy", "next", "year", "." ]	[ 7, 0, 0, 0, 0, 0, 0, 17, 17, 0, 16, 17, 17, 0, 0, 2, 0, 16, 17, 17, 17, 0, 16, 17, 17, 0, 2, 3, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 7, 0, 2, 3, 0 ]	Britain's current account deficit dropped to 1.6 billion -LRB- $2.56 billion -RRB- in September from an adjusted 2 billion -LRB- $3.21 billion -RRB- the previous month, but the improvement comes amid increasing concern that a recession could strike the U.K. economy next year.	en
[ "The", "Confederation", "of", "British", "Industry", "'s", "latest", "survey", "shows", "that", "business", "executives", "expect", "a", "pronounced", "slowdown", ",", "largely", "because", "of", "a", "16", "-", "month", "series", "of", "interest", "-", "rate", "increases", "that", "has", "raised", "banks", "'", "base", "lending", "rates", "to", "15", "%", "." ]	[ 0, 11, 12, 12, 12, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 13, 14, 0 ]	The Confederation of British Industry's latest survey shows that business executives expect a pronounced slowdown, largely because of a 16 - month series of interest - rate increases that has raised banks' base lending rates to 15%.	en
[ "``", "The", "outlook", "has", "deteriorated", "since", "the", "summer", ",", "with", "orders", "and", "employment", "falling", "and", "output", "at", "a", "standstill", ",", "''", "said", "David", "Wigglesworth", ",", "chairman", "of", "the", "industry", "group", "'s", "economic", "committee", "." ]	[ 0, 0, 0, 0, 0, 0, 2, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 4, 5, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	"The outlook has deteriorated since the summer, with orders and employment falling and output at a standstill," said David Wigglesworth, chairman of the industry group's economic committee.	en
[ "He", "also", "said", "investment", "by", "businesses", "is", "falling", "off", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	He also said investment by businesses is falling off.	en
[ "Of", "1,224", "companies", "surveyed", ",", "31", "%", "expect", "to", "cut", "spending", "on", "plant", "equipment", "and", "machinery", ",", "while", "only", "28", "%", "plan", "to", "spend", "more", "." ]	[ 0, 1, 0, 0, 0, 13, 14, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 13, 14, 14, 0, 0, 0, 0, 0 ]	Of 1,224 companies surveyed, 31% expect to cut spending on plant equipment and machinery, while only 28% plan to spend more.	en
[ "But", "despite", "mounting", "recession", "fears", ",", "government", "data", "do", "n't", "yet", "show", "the", "economy", "grinding", "to", "a", "halt", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	But despite mounting recession fears, government data don't yet show the economy grinding to a halt.	en
[ "Unemployment", ",", "for", "example", ",", "has", "continued", "to", "decline", ",", "and", "the", "September", "trade", "figures", "showed", "increases", "in", "both", "imports", "and", "exports", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Unemployment, for example, has continued to decline, and the September trade figures showed increases in both imports and exports.	en
[ "As", "a", "result", ",", "Prime", "Minister", "Margaret", "Thatcher", "'s", "government", "is", "n't", "currently", "expected", "to", "ease", "interest", "rates", "before", "next", "spring", ",", "if", "then", "." ]	[ 0, 0, 0, 0, 0, 0, 4, 5, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 0, 0, 0, 0 ]	As a result, Prime Minister Margaret Thatcher's government isn't currently expected to ease interest rates before next spring, if then.	en
[ "Chancellor", "of", "the", "Exchequer", "Nigel", "Lawson", "views", "the", "high", "rates", "as", "his", "chief", "weapon", "against", "inflation", ",", "which", "was", "ignited", "by", "tax", "cuts", "and", "loose", "credit", "policies", "in", "1986", "and", "1987", "." ]	[ 0, 0, 0, 0, 4, 5, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 0, 2, 0 ]	Chancellor of the Exchequer Nigel Lawson views the high rates as his chief weapon against inflation, which was ignited by tax cuts and loose credit policies in 1986 and 1987.	en
[ "Officials", "fear", "that", "any", "loosening", "this", "year", "could", "rekindle", "inflation", "or", "further", "weaken", "the", "pound", "against", "other", "major", "currencies", "." ]	[ 0, 0, 0, 0, 0, 2, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Officials fear that any loosening this year could rekindle inflation or further weaken the pound against other major currencies.	en
[ "Fending", "off", "attacks", "on", "his", "economic", "policies", "in", "a", "House", "of", "Commons", "debate", "yesterday", ",", "Mr.", "Lawson", "said", "inflation", "``", "remains", "the", "greatest", "threat", "to", "our", "economic", "well", "-", "being", "''", "and", "promised", "to", "take", "``", "whatever", "steps", "are", "needed", "''", "to", "choke", "it", "off", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 12, 12, 0, 2, 0, 0, 4, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Fending off attacks on his economic policies in a House of Commons debate yesterday, Mr. Lawson said inflation "remains the greatest threat to our economic well - being" and promised to take "whatever steps are needed" to choke it off.	en
[ "The", "latest", "government", "figures", "said", "retail", "prices", "in", "September", "were", "up", "7.6", "%", "from", "a", "year", "earlier", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 2, 0, 0, 13, 14, 0, 2, 3, 3, 0 ]	The latest government figures said retail prices in September were up 7.6% from a year earlier.	en
[ "Many", "economists", "have", "started", "predicting", "a", "mild", "recession", "next", "year", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 0 ]	Many economists have started predicting a mild recession next year.	en
[ "David", "Owen", ",", "U.K.", "economist", "with", "Kleinwort", "Benson", "Group", ",", "reduced", "his", "growth", "forecast", "for", "1990", "to", "0.7", "%", "from", "1.2", "%", "and", "termed", "the", "risk", "of", "recession", "next", "year", "``", "quite", "high", ".", "''" ]	[ 4, 5, 0, 7, 0, 0, 11, 12, 12, 0, 0, 0, 0, 0, 0, 2, 0, 13, 14, 0, 13, 14, 0, 0, 0, 0, 0, 0, 2, 3, 0, 0, 0, 0, 0 ]	David Owen, U.K. economist with Kleinwort Benson Group, reduced his growth forecast for 1990 to 0.7% from 1.2% and termed the risk of recession next year "quite high."	en
[ "But", "he", "said", "the", "downturn", "probably", "wo", "n't", "become", "a", "``", "major", "contraction", "''", "similar", "to", "those", "of", "1974", "and", "1982", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 0, 2, 0 ]	But he said the downturn probably won't become a "major contraction" similar to those of 1974 and 1982.	en
[ "Still", ",", "Britain", "'s", "current", "slump", "is", "a", "cause", "for", "concern", "here", "as", "the", "nation", "joins", "in", "the", "European", "Community", "'s", "plan", "to", "create", "a", "unified", "market", "by", "1992", "." ]	[ 0, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 12, 12, 12, 0, 0, 0, 0, 0, 0, 0, 2, 0 ]	Still, Britain's current slump is a cause for concern here as the nation joins in the European Community's plan to create a unified market by 1992.	en
[ "Compared", "with", "the", "major", "economies", "on", "the", "Continent", ",", "the", "U.K.", "faces", "both", "higher", "inflation", "and", "lower", "growth", "in", "the", "next", "several", "months", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 23, 0, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 3, 3, 0 ]	Compared with the major economies on the Continent, the U.K. faces both higher inflation and lower growth in the next several months.	en
[ "As", "a", "result", ",", "Mr.", "Owen", "warned", ",", "investment", "will", "be", "more", "likely", "to", "flow", "toward", "the", "other", "European", "economies", "and", "``", "the", "U.K.", "will", "be", "less", "prepared", "for", "the", "single", "market", ".", "''" ]	[ 0, 0, 0, 0, 0, 4, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 6, 0, 0, 0, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	As a result, Mr. Owen warned, investment will be more likely to flow toward the other European economies and "the U.K. will be less prepared for the single market."	en
[ "Britain", "'s", "latest", "trade", "figures", "contained", "some", "positive", "news", "for", "the", "economy", ",", "such", "as", "a", "surge", "in", "the", "volume", "of", "exports", ",", "which", "were", "8.5", "%", "higher", "than", "a", "year", "earlier", "." ]	[ 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 13, 14, 0, 0, 2, 3, 3, 0 ]	Britain's latest trade figures contained some positive news for the economy, such as a surge in the volume of exports, which were 8.5% higher than a year earlier.	en
[ "But", "while", "September", "exports", "rose", "to", "8.43", "billion", ",", "imports", "shot", "up", "to", "10.37", "billion", "." ]	[ 0, 0, 2, 0, 0, 0, 17, 17, 0, 0, 0, 0, 0, 17, 17, 0 ]	But while September exports rose to 8.43 billion, imports shot up to 10.37 billion.	en
[ "The", "resulting", "1.9", "billion", "merchandise", "trade", "deficit", "was", "partly", "offset", "by", "an", "assumed", "surplus", "of", "300", "million", "in", "so", "-", "called", "invisible", "items", ",", "which", "include", "income", "from", "investments", ",", "services", "and", "official", "transfers", "." ]	[ 0, 0, 17, 17, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 17, 17, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	The resulting 1.9 billion merchandise trade deficit was partly offset by an assumed surplus of 300 million in so - called invisible items, which include income from investments, services and official transfers.	en
[ "Despite", "the", "narrowing", "of", "the", "monthly", "trade", "gap", ",", "economists", "expect", "the", "current", "account", "deficit", "for", "all", "of", "1989", "to", "swell", "to", "about", "20", "billion", "from", "14.6", "billion", "in", "1988", "." ]	[ 0, 0, 0, 0, 0, 2, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 0, 0, 0, 16, 17, 17, 0, 17, 17, 0, 2, 0 ]	Despite the narrowing of the monthly trade gap, economists expect the current account deficit for all of 1989 to swell to about 20 billion from 14.6 billion in 1988.	en
[ "Increasingly", ",", "economists", "say", "the", "big", "deficit", "reflects", "the", "slipping", "competitive", "position", "of", "British", "industry", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 6, 0, 0 ]	Increasingly, economists say the big deficit reflects the slipping competitive position of British industry.	en
[ "``", "When", "the", "country", "gets", "wealthier", ",", "we", "tend", "to", "buy", "high", "-", "quality", "imports", ",", "''", "Mr.", "Owen", "said", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 4, 0, 0 ]	"When the country gets wealthier, we tend to buy high - quality imports," Mr. Owen said.	en
[ "If", "bluebloods", "wo", "n't", "pay", "high", "prices", "for", "racehorses", "anymore", ",", "who", "will", "?" ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	If bluebloods won't pay high prices for racehorses anymore, who will?	en
[ "Breeders", "are", "betting", "on", "the", "common", "folk", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0 ]	Breeders are betting on the common folk.	en
[ "The", "Thoroughbred", "Owners", "and", "Breeders", "Association", ",", "a", "Lexington", ",", "Ky.", "-", "based", "trade", "group", ",", "has", "launched", "``", "seminars", "''", "for", "``", "potential", "investors", "''", "at", "race", "tracks", "around", "the", "country", "." ]	[ 11, 12, 12, 12, 12, 12, 0, 0, 7, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	The Thoroughbred Owners and Breeders Association, a Lexington, Ky. - based trade group, has launched "seminars" for "potential investors" at race tracks around the country.	en
[ "The", "group", ",", "which", "has", "held", "half", "a", "dozen", "seminars", "so", "far", ",", "also", "is", "considering", "promotional", "videos", "and", "perhaps", "a", "pitch", "to", "Wall", "Street", "investment", "bankers", "." ]	[ 0, 0, 0, 0, 0, 0, 1, 22, 22, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	The group, which has held half a dozen seminars so far, also is considering promotional videos and perhaps a pitch to Wall Street investment bankers.	en
[ "``", "People", "in", "this", "business", "have", "been", "insulated", ",", "''", "says", "Josh", "Pons", ",", "a", "horse", "breeder", "from", "Bel", "Air", ",", "Md", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 4, 5, 0, 0, 0, 0, 0, 7, 8, 0, 7, 0 ]	"People in this business have been insulated," says Josh Pons, a horse breeder from Bel Air, Md.	en
[ "``", "But", "the", "real", "future", "of", "this", "game", "is", "in", "a", "number", "of", "people", "owning", "a", "few", "horses", ".", "''" ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	"But the real future of this game is in a number of people owning a few horses."	en
[ "At", "the", "Laurel", "race", "track", ",", "the", "breeders", "are", "romancing", "people", "like", "Tim", "Hulings", ",", "a", "beer", "packaging", "plant", "worker", "." ]	[ 0, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 4, 5, 0, 0, 0, 0, 0, 0, 0 ]	At the Laurel race track, the breeders are romancing people like Tim Hulings, a beer packaging plant worker.	en
[ "Right", "now", ",", "Mr.", "Hulings", "is", "waving", "his", "racing", "program", ",", "cheering", "for", "Karnak", "on", "the", "Nile", ",", "a", "sleek", "thoroughbred", "galloping", "down", "the", "home", "stretch", "." ]	[ 0, 0, 0, 0, 4, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Right now, Mr. Hulings is waving his racing program, cheering for Karnak on the Nile, a sleek thoroughbred galloping down the home stretch.	en
[ "Mr.", "Hulings", "gloats", "that", "he", "sold", "all", "his", "stocks", "a", "week", "before", "the", "market", "plummeted", "190", "points", "on", "Oct.", "13", ",", "and", "he", "is", "using", "the", "money", "to", "help", "buy", "a", "45", "-", "acre", "horse", "farm", "." ]	[ 0, 4, 0, 0, 0, 0, 0, 0, 0, 2, 3, 0, 0, 0, 0, 1, 0, 0, 2, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 24, 25, 25, 0, 0, 0 ]	Mr. Hulings gloats that he sold all his stocks a week before the market plummeted 190 points on Oct. 13, and he is using the money to help buy a 45 - acre horse farm.	en
[ "``", "Just", "imagine", "how", "exciting", "that", "would", "be", "if", "that", "'s", "your", "horse", ",", "''", "he", "says", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	"Just imagine how exciting that would be if that's your horse," he says.	en
[ "But", "experts", "caution", "that", "this", "is", "n't", "a", "game", "for", "anyone", "with", "a", "weak", "stomach", "or", "wallet", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	But experts caution that this isn't a game for anyone with a weak stomach or wallet.	en
[ "``", "It", "'s", "a", "big", "-", "risk", "business", ",", "''", "warns", "Charles", "C.", "Mihalek", ",", "a", "Lexington", "attorney", "and", "former", "Kentucky", "state", "securities", "commissioner", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 4, 5, 5, 0, 0, 7, 0, 0, 0, 7, 0, 0, 0, 0 ]	"It's a big - risk business," warns Charles C. Mihalek, a Lexington attorney and former Kentucky state securities commissioner.	en
[ "``", "You", "have", "to", "go", "into", "it", "firmly", "believing", "that", "it", "'s", "the", "kind", "of", "investment", "where", "you", "can", "lose", "everything", ".", "''" ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	"You have to go into it firmly believing that it's the kind of investment where you can lose everything."	en
[ "And", "many", "have", "done", "just", "that", "." ]	[ 0, 0, 0, 0, 0, 0, 0 ]	And many have done just that.	en
[ "Consider", "Spendthrift", "Farm", ",", "a", "prominent", "Lexington", "horse", "farm", "that", "went", "public", "in", "1983", "but", "hit", "hard", "times", "and", "filed", "for", "bankruptcy", "-", "court", "protection", "last", "year", "." ]	[ 0, 11, 12, 0, 0, 0, 7, 0, 0, 0, 0, 0, 0, 2, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 2, 3, 0 ]	Consider Spendthrift Farm, a prominent Lexington horse farm that went public in 1983 but hit hard times and filed for bankruptcy - court protection last year.	en
[ "A", "group", "of", "investors", "recently", "bought", "the", "remaining", "assets", "of", "Spendthrift", ",", "hoping", "to", "rebuild", "it", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 0, 0, 0, 0, 0, 0 ]	A group of investors recently bought the remaining assets of Spendthrift, hoping to rebuild it.	en
[ "Other", "investors", "have", "lost", "millions", "in", "partnerships", "that", "bought", "thoroughbred", "racehorses", "or", "stallion", "breeding", "rights", "." ]	[ 0, 0, 0, 0, 1, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Other investors have lost millions in partnerships that bought thoroughbred racehorses or stallion breeding rights.	en
[ "One", "big", "problem", "has", "been", "the", "thoroughbred", "racehorse", "market", "." ]	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	One big problem has been the thoroughbred racehorse market.	en
[ "From", "1974", "to", "1984", ",", "prices", "for", "the", "best", "yearlings", "at", "the", "summer", "sales", "rose", "918", "%", "to", "an", "average", "of", "$", "544,681", "." ]	[ 2, 3, 3, 3, 0, 0, 0, 0, 0, 0, 0, 0, 2, 0, 0, 13, 14, 0, 0, 0, 0, 0, 16, 0 ]	From 1974 to 1984, prices for the best yearlings at the summer sales rose 918% to an average of $544,681.	en
[ "Since", "then", ",", "prices", "have", "slumped", ",", "to", "an", "average", "of", "$", "395,374", "this", "summer", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 16, 2, 3, 0 ]	Since then, prices have slumped, to an average of $395,374 this summer.	en
[ "But", "that", "'s", "for", "the", "best", "horses", ",", "with", "most", "selling", "for", "much", "less", "--", "as", "little", "as", "$", "100", "for", "some", "pedestrian", "thoroughbreds", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 16, 17, 17, 17, 17, 0, 0, 0, 0, 0 ]	But that's for the best horses, with most selling for much less--as little as $100 for some pedestrian thoroughbreds.	en
[ "Even", "while", "they", "move", "outside", "their", "traditional", "tony", "circle", ",", "racehorse", "owners", "still", "try", "to", "capitalize", "on", "the", "elan", "of", "the", "sport", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Even while they move outside their traditional tony circle, racehorse owners still try to capitalize on the elan of the sport.	en
[ "Glossy", "brochures", "circulated", "at", "racetracks", "gush", "about", "the", "limelight", "of", "the", "winner", "'s", "circle", "and", "high", "-", "society", "schmoozing", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Glossy brochures circulated at racetracks gush about the limelight of the winner's circle and high - society schmoozing.	en
[ "One", "handout", "promises", ":", "``", "Pedigrees", ",", "parties", ",", "post", "times", ",", "parimutuels", "and", "pageantry", ".", "''" ]	[ 1, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	One handout promises: "Pedigrees, parties, post times, parimutuels and pageantry."	en
[ "``", "It", "'s", "just", "a", "matter", "of", "marketing", "and", "promoting", "ourselves", ",", "''", "says", "Headley", "Bell", ",", "a", "fifth", "-", "generation", "horse", "breeder", "from", "Lexington", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 4, 5, 0, 0, 15, 0, 0, 0, 0, 0, 7, 0 ]	"It's just a matter of marketing and promoting ourselves," says Headley Bell, a fifth - generation horse breeder from Lexington.	en
[ "Maybe", "it", "'s", "not", "that", "simple", "." ]	[ 0, 0, 0, 0, 0, 0, 0 ]	Maybe it's not that simple.	en
[ "For", "starters", ",", "racehorse", "buyers", "have", "to", "remember", "the", "basic", "problem", "of", "such", "ventures", ":", "These", "beasts", "do", "n't", "come", "with", "warranties", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	For starters, racehorse buyers have to remember the basic problem of such ventures: These beasts don't come with warranties.	en
[ "And", "for", "every", "champion", ",", "there", "are", "plenty", "of", "nags", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	And for every champion, there are plenty of nags.	en
[ "Katherine", "Voss", ",", "a", "veteran", "trainer", "at", "the", "Laurel", ",", "Md.", ",", "track", ",", "offers", "neophytes", "a", "sobering", "tour", "of", "a", "horse", "barn", ",", "noting", "that", "only", "three", "of", "about", "a", "dozen", "horses", "have", "won", "sizable", "purses", "." ]	[ 4, 5, 0, 0, 0, 0, 0, 0, 7, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 1, 22, 0, 1, 22, 22, 0, 0, 0, 0, 0, 0 ]	Katherine Voss, a veteran trainer at the Laurel, Md., track, offers neophytes a sobering tour of a horse barn, noting that only three of about a dozen horses have won sizable purses.	en
[ "One", "brown", "two", "-", "year", "-", "old", "filly", "was", "wheezing", "from", "a", "cold", ",", "while", "another", "had", "splints", "on", "its", "legs", ",", "keeping", "both", "animals", "from", "the", "racetrack", "." ]	[ 1, 0, 2, 3, 3, 3, 3, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	One brown two - year - old filly was wheezing from a cold, while another had splints on its legs, keeping both animals from the racetrack.	en
[ "``", "You", "can", "see", "the", "highs", "and", "lows", "of", "the", "business", "all", "under", "one", "roof", ",", "''", "she", "tells", "the", "group", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 1, 0, 0, 0, 0, 0, 0, 0, 0 ]	"You can see the highs and lows of the business all under one roof," she tells the group.	en
[ "``", "There", "are", "n't", "too", "many", "winners", ".", "''" ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	"There aren't too many winners."	en
[ "Perhaps", "the", "biggest", "hurdle", "owners", "face", "is", "convincing", "newcomers", "that", "this", "is", "a", "reputable", "business", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Perhaps the biggest hurdle owners face is convincing newcomers that this is a reputable business.	en
[ "Some", "badly", "managed", "partnerships", "have", "burned", "investors", ",", "sometimes", "after", "they", "received", "advice", "from", "industry", "``", "consultants", ".", "''" ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Some badly managed partnerships have burned investors, sometimes after they received advice from industry "consultants."	en
[ "So", "owners", "have", "developed", "a", "``", "code", "of", "ethics", ",", "''", "outlining", "rules", "for", "consultants", "and", "agents", ",", "and", "disclosure", "of", "fees", "and", "any", "conflicts", "of", "interest", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	So owners have developed a "code of ethics," outlining rules for consultants and agents, and disclosure of fees and any conflicts of interest.	en
[ "But", "some", "are", "skeptical", "of", "the", "code", "'s", "effectiveness", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	But some are skeptical of the code's effectiveness.	en
[ "``", "The", "industry", "is", "based", "on", "individual", "honesty", ",", "''", "says", "Cap", "Hershey", ",", "a", "Lexington", "horse", "farmer", "and", "one", "of", "the", "investors", "who", "bought", "Spendthrift", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 4, 5, 0, 0, 7, 0, 0, 0, 0, 0, 0, 0, 0, 0, 11, 0 ]	"The industry is based on individual honesty," says Cap Hershey, a Lexington horse farmer and one of the investors who bought Spendthrift.	en
[ "Despite", "the", "drop", "in", "prices", "for", "thoroughbreds", ",", "owning", "one", "still", "is", "n't", "cheap", "." ]	[ 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0 ]	Despite the drop in prices for thoroughbreds, owning one still isn't cheap.	en

[ "The", "brokerage", "firms", ",", "which", "negotiate", "rates", "with", "the", "banks", "and", "thrifts", "whose", "CDs", "they", "sell", ",", "generally", "feel", "they", "have", "to", "offer", "clients", "more", "than", "they", "can", "get", "on", "T", "-", "bills", "or", "from", "banks", "and", "thrifts", "directly", "." ]

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The brokerage firms, which negotiate rates with the banks and thrifts whose CDs they sell, generally feel they have to offer clients more than they can get on T - bills or from banks and thrifts directly.

en

[ "T", "-", "bills", "sold", "at", "Monday", "'s", "auction", "yielded", "7.90", "%", "for", "six", "months", "and", "7.77", "%", "for", "three", "months", ",", "up", "from", "7.82", "%", "and", "7.61", "%", ",", "respectively", ",", "the", "week", "before", "." ]

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T - bills sold at Monday's auction yielded 7.90% for six months and 7.77% for three months, up from 7.82% and 7.61%, respectively, the week before.

en

[ "So", "-", "called", "jumbo", "CDs", ",", "typically", "in", "denominations", "of", "$", "90,000", "and", "up", ",", "also", "usually", "follow", "T", "-", "bills", "and", "interest", "rate", "trends", "in", "general", "more", "than", "those", "aimed", "at", "small", "investors", "." ]

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So - called jumbo CDs, typically in denominations of $90,000 and up, also usually follow T - bills and interest rate trends in general more than those aimed at small investors.

en

[ "Some", "jumbos", "posted", "fractional", "changes", "in", "average", "yields", "this", "week", ",", "both", "up", "and", "down", "." ]

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Some jumbos posted fractional changes in average yields this week, both up and down.

en

[ "The", "average", "yield", "on", "threemonth", "jumbos", "rose", "to", "8.00", "%", "from", "7.96", "%", ",", "while", "the", "two", "-", "year", "average", "fell", "by", "the", "same", "amount", "to", "7.89", "%", "." ]

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The average yield on threemonth jumbos rose to 8.00% from 7.96%, while the two - year average fell by the same amount to 7.89%.

en

[ "Six", "-", "month", "and", "oneyear", "yields", "were", "unchanged", ",", "on", "average", "." ]

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Six - month and oneyear yields were unchanged, on average.

en

[ "``", "The", "-LRB-", "CD", "-RRB-", "market", "is", "unsettled", "right", "now", ",", "''", "said", "Banxquote", "'s", "Mr.", "Mehl", "." ]

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"The -LRB- CD -RRB- market is unsettled right now," said Banxquote's Mr. Mehl.

en

[ "``", "It", "'s", "very", "easily", "influenced", "by", "changes", "in", "the", "stock", "market", "and", "the", "junk", "bond", "market", ".", "''" ]

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"It's very easily influenced by changes in the stock market and the junk bond market."

en

[ "The", "small", "changes", "in", "averages", "reflect", "generally", "unchanged", "yields", "at", "many", "major", "banks", "." ]

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The small changes in averages reflect generally unchanged yields at many major banks.

en

[ "Some", ",", "however", ",", "lowered", "yields", "significantly", "." ]

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Some, however, lowered yields significantly.

en

[ "At", "Chase", "Manhattan", "Bank", "in", "New", "York", ",", "for", "example", ",", "the", "yield", "on", "a", "small", "denomination", "six", "-", "month", "CD", "fell", "about", "a", "quarter", "of", "a", "percentage", "point", "to", "8.06", "%", "." ]

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At Chase Manhattan Bank in New York, for example, the yield on a small denomination six - month CD fell about a quarter of a percentage point to 8.06%.

en

[ "In", "California", ",", "Bank", "of", "America", "dropped", "the", "yield", "on", "both", "six", "-", "month", "and", "one", "-", "year", "``", "savings", "''", "CDs", "to", "8.33", "%", "from", "8.61", "%", "." ]

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In California, Bank of America dropped the yield on both six - month and one - year "savings" CDs to 8.33% from 8.61%.

en

[ "Yields", "on", "money", "-", "market", "deposits", "were", "unchanged", "at", "an", "average", "6.96", "%", "for", "$", "50,000", "and", "less", "and", "down", "just", "a", "hundredth", "of", "a", "percentage", "point", "to", "7.41", "%", "for", "jumbo", "deposits", "." ]

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Yields on money - market deposits were unchanged at an average 6.96% for $50,000 and less and down just a hundredth of a percentage point to 7.41% for jumbo deposits.

en

[ "Lion", "Nathan", "Ltd.", "agreed", "to", "buy", "the", "franchise", "to", "bottle", ",", "distribute", "and", "market", "Pepsi", "-", "Cola", "soft", "-", "drink", "products", "in", "Australia", ",", "the", "company", "said", "." ]

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Lion Nathan Ltd. agreed to buy the franchise to bottle, distribute and market Pepsi - Cola soft - drink products in Australia, the company said.

en

[ "The", "New", "Zealand", "brewing", "and", "retail", "concern", "did", "n't", "disclose", "terms", "." ]

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The New Zealand brewing and retail concern didn't disclose terms.

en

[ "The", "agreement", "is", "effective", "Jan.", "1", "and", "is", "subject", "to", "approval", "from", "Australia", "'s", "Foreign", "Investment", "Review", "Board", "." ]

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The agreement is effective Jan. 1 and is subject to approval from Australia's Foreign Investment Review Board.

en

[ "Cadbury", "Schweppes", "Australia", "Ltd.", "has", "held", "the", "Australian", "Pepsi", "franchise", "for", "the", "past", "four", "years", "." ]

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Cadbury Schweppes Australia Ltd. has held the Australian Pepsi franchise for the past four years.

en

[ "Lion", "Nathan", "and", "PepsiCola", "Australia", ",", "a", "unit", "of", "PepsiCo", "Inc.", "of", "the", "U.S.", ",", "did", "n't", "say", "why", "Cadbury", "Schweppes", "will", "no", "longer", "hold", "the", "franchise", "." ]

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Lion Nathan and PepsiCola Australia, a unit of PepsiCo Inc. of the U.S., didn't say why Cadbury Schweppes will no longer hold the franchise.

en

[ "Wang", "Laboratories", "Inc.", "has", "sold", "$", "25", "million", "of", "assets", "and", "reached", "agreements", "in", "principle", "to", "sell", "an", "additional", "$", "187", "million", "shortly", ",", "Richard", "Miller", ",", "president", ",", "said", "at", "the", "annual", "meeting", "." ]

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Wang Laboratories Inc. has sold $25 million of assets and reached agreements in principle to sell an additional $187 million shortly, Richard Miller, president, said at the annual meeting.

en

[ "He", "said", "Wang", "had", "reached", "an", "agreement", "with", "a", "``", "major", "financial", "firm", "''", "to", "sell", "for", "$", "150", "million", "its", "domestic", "equipment", "lease", "portfolio", "and", "that", "of", "its", "Wang", "Credit", "Corp.", "subsidiary", "." ]

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He said Wang had reached an agreement with a "major financial firm" to sell for $150 million its domestic equipment lease portfolio and that of its Wang Credit Corp. subsidiary.

en

[ "He", "said", "it", "also", "agreed", "to", "sell", "a", "portion", "of", "its", "European", "real", "estate", "unit", "for", "$", "37", "million", "." ]

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He said it also agreed to sell a portion of its European real estate unit for $37 million.

en

[ "Mr.", "Miller", "said", "that", "Wang", "has", "already", "sold", "some", "$", "12", "million", "of", "miscellaneous", "assets", "and", "disclosed", "that", "it", "had", "received", "$", "13", "million", "from", "Compaq", "Computer", "Corp.", ",", "Houston", ",", "in", "the", "previously", "announced", "sale", "of", "its", "Stirling", ",", "Scotland", ",", "plant", "." ]

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Mr. Miller said that Wang has already sold some $12 million of miscellaneous assets and disclosed that it had received $13 million from Compaq Computer Corp., Houston, in the previously announced sale of its Stirling, Scotland, plant.

en

[ "Mr.", "Miller", "repeated", "that", "in", "the", "next", "six", "months", "he", "plans", "to", "sell", "another", "$", "200", "million", "to", "$", "300", "million", "of", "assets", "to", "repay", "debt", "and", "reduce", "interest", "costs", "at", "Wang", ",", "a", "minincomputer", "maker", "in", "Lowell", ",", "Mass", "." ]

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Mr. Miller repeated that in the next six months he plans to sell another $200 million to $300 million of assets to repay debt and reduce interest costs at Wang, a minincomputer maker in Lowell, Mass.

en

[ "In", "response", "to", "questions", "after", "the", "annual", "meeting", ",", "Mr.", "Miller", "said", "the", "company", "is", "no", "longer", "looking", "for", "an", "equity", "investor", "." ]

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In response to questions after the annual meeting, Mr. Miller said the company is no longer looking for an equity investor.

en

[ "During", "the", "summer", ",", "Wang", "executives", "had", "said", "they", "might", "seek", "outside", "investment", "." ]

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During the summer, Wang executives had said they might seek outside investment.

en

[ "Murata", "Mfg.", "Co.", "said", "it", "is", "establishing", "a", "subsidiary", "in", "Britain", "to", "produce", "electric", "parts", ",", "including", "ceramic", "condensers", "." ]

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Murata Mfg. Co. said it is establishing a subsidiary in Britain to produce electric parts, including ceramic condensers.

en

[ "The", "Tokyo", "maker", "of", "ceramic", "capacitors", "said", "it", "purchased", "a", "plant", "in", "Plymouth", "." ]

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The Tokyo maker of ceramic capacitors said it purchased a plant in Plymouth.

en

[ "The", "company", "did", "n't", "disclose", "a", "purchase", "price", "or", "capitalization", "figures", "." ]

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The company didn't disclose a purchase price or capitalization figures.

en

[ "Murata", "said", ",", "however", ",", "it", "will", "invest", "about", "1.4", "billion", "yen", "-LRB-", "$", "9.9", "million", "-RRB-", "in", "the", "new", "company", "." ]

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Murata said, however, it will invest about 1.4 billion yen -LRB- $9.9 million -RRB- in the new company.

en

[ "Production", "is", "slated", "to", "begin", "in", "April", "." ]

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Production is slated to begin in April.

en

[ "The", "company", ",", "which", "has", "a", "European", "foothold", ",", "Murata", "Europe", "Management", "G.m.b", ".", "H.", "in", "Germany", ",", "said", "the", "latest", "venture", "is", "designed", "to", "meet", "demand", "for", "electric", "parts", "in", "European", "Community", "countries", "ahead", "of", "the", "creation", "of", "the", "unified", "market", "by", "the", "end", "of", "1992", "." ]

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The company, which has a European foothold, Murata Europe Management G.m.b . H. in Germany, said the latest venture is designed to meet demand for electric parts in European Community countries ahead of the creation of the unified market by the end of 1992.

en

[ "Murata", "expects", "sales", "at", "the", "unit", "of", "about", "1.5", "billion", "yen", "in", "the", "first", "year", "." ]

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Murata expects sales at the unit of about 1.5 billion yen in the first year.

en

[ "Safeway", "Stores", "Inc.", "reported", "a", "69", "%", "decline", "in", "profit", "for", "the", "fiscal", "third", "quarter", ",", "but", "said", "operating", "improvements", "were", "masked", "by", "unusual", "gains", "in", "the", "year", "-", "earlier", "period", "." ]

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Safeway Stores Inc. reported a 69% decline in profit for the fiscal third quarter, but said operating improvements were masked by unusual gains in the year - earlier period.

en

[ "The", "Oakland", "grocery", "retailer", ",", "closely", "held", "since", "a", "$", "4.2", "billion", "leveraged", "buy", "-", "out", "in", "1986", ",", "said", "profit", "for", "the", "three", "months", "ended", "Sept.", "9", "was", "$", "7.1", "million", ",", "compared", "with", "$", "23", "million", "a", "year", "earlier", "." ]

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The Oakland grocery retailer, closely held since a $4.2 billion leveraged buy - out in 1986, said profit for the three months ended Sept. 9 was $7.1 million, compared with $23 million a year earlier.

en

[ "But", "it", "said", "the", "year", "-", "earlier", "results", "included", "gains", "of", "$", "23.5", "million", "from", "divestitures", "." ]

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But it said the year - earlier results included gains of $23.5 million from divestitures.

en

[ "Sales", "rose", "4.2", "%", "to", "$", "3.31", "billion", "from", "$", "3.2", "billion", "." ]

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Sales rose 4.2% to $3.31 billion from $3.2 billion.

en

[ "For", "the", "nine", "months", ",", "the", "company", "said", "profit", "fell", "49", "%", "to", "$", "23.5", "million", "from", "$", "46", "million", "in", "the", "year", "-", "earlier", "quarter", ",", "which", "included", "divestiture", "-", "related", "gains", "of", "$", "50.6", "million", "." ]

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For the nine months, the company said profit fell 49% to $23.5 million from $46 million in the year - earlier quarter, which included divestiture - related gains of $50.6 million.

en

[ "Sales", "increased", "5.5", "%", "to", "$", "9.81", "billion", "from", "$", "9.3", "billion", "." ]

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Sales increased 5.5% to $9.81 billion from $9.3 billion.

en

[ "Britain", "'s", "current", "account", "deficit", "dropped", "to", "1.6", "billion", "-LRB-", "$", "2.56", "billion", "-RRB-", "in", "September", "from", "an", "adjusted", "2", "billion", "-LRB-", "$", "3.21", "billion", "-RRB-", "the", "previous", "month", ",", "but", "the", "improvement", "comes", "amid", "increasing", "concern", "that", "a", "recession", "could", "strike", "the", "U.K.", "economy", "next", "year", "." ]

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Britain's current account deficit dropped to 1.6 billion -LRB- $2.56 billion -RRB- in September from an adjusted 2 billion -LRB- $3.21 billion -RRB- the previous month, but the improvement comes amid increasing concern that a recession could strike the U.K. economy next year.

en

[ "The", "Confederation", "of", "British", "Industry", "'s", "latest", "survey", "shows", "that", "business", "executives", "expect", "a", "pronounced", "slowdown", ",", "largely", "because", "of", "a", "16", "-", "month", "series", "of", "interest", "-", "rate", "increases", "that", "has", "raised", "banks", "'", "base", "lending", "rates", "to", "15", "%", "." ]

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The Confederation of British Industry's latest survey shows that business executives expect a pronounced slowdown, largely because of a 16 - month series of interest - rate increases that has raised banks' base lending rates to 15%.

en

[ "``", "The", "outlook", "has", "deteriorated", "since", "the", "summer", ",", "with", "orders", "and", "employment", "falling", "and", "output", "at", "a", "standstill", ",", "''", "said", "David", "Wigglesworth", ",", "chairman", "of", "the", "industry", "group", "'s", "economic", "committee", "." ]

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"The outlook has deteriorated since the summer, with orders and employment falling and output at a standstill," said David Wigglesworth, chairman of the industry group's economic committee.

en

[ "He", "also", "said", "investment", "by", "businesses", "is", "falling", "off", "." ]

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He also said investment by businesses is falling off.

en

[ "Of", "1,224", "companies", "surveyed", ",", "31", "%", "expect", "to", "cut", "spending", "on", "plant", "equipment", "and", "machinery", ",", "while", "only", "28", "%", "plan", "to", "spend", "more", "." ]

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Of 1,224 companies surveyed, 31% expect to cut spending on plant equipment and machinery, while only 28% plan to spend more.

en

[ "But", "despite", "mounting", "recession", "fears", ",", "government", "data", "do", "n't", "yet", "show", "the", "economy", "grinding", "to", "a", "halt", "." ]

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But despite mounting recession fears, government data don't yet show the economy grinding to a halt.

en

[ "Unemployment", ",", "for", "example", ",", "has", "continued", "to", "decline", ",", "and", "the", "September", "trade", "figures", "showed", "increases", "in", "both", "imports", "and", "exports", "." ]

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Unemployment, for example, has continued to decline, and the September trade figures showed increases in both imports and exports.

en

[ "As", "a", "result", ",", "Prime", "Minister", "Margaret", "Thatcher", "'s", "government", "is", "n't", "currently", "expected", "to", "ease", "interest", "rates", "before", "next", "spring", ",", "if", "then", "." ]

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As a result, Prime Minister Margaret Thatcher's government isn't currently expected to ease interest rates before next spring, if then.

en

[ "Chancellor", "of", "the", "Exchequer", "Nigel", "Lawson", "views", "the", "high", "rates", "as", "his", "chief", "weapon", "against", "inflation", ",", "which", "was", "ignited", "by", "tax", "cuts", "and", "loose", "credit", "policies", "in", "1986", "and", "1987", "." ]

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Chancellor of the Exchequer Nigel Lawson views the high rates as his chief weapon against inflation, which was ignited by tax cuts and loose credit policies in 1986 and 1987.

en

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Officials fear that any loosening this year could rekindle inflation or further weaken the pound against other major currencies.

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Fending off attacks on his economic policies in a House of Commons debate yesterday, Mr. Lawson said inflation "remains the greatest threat to our economic well - being" and promised to take "whatever steps are needed" to choke it off.

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The latest government figures said retail prices in September were up 7.6% from a year earlier.

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Many economists have started predicting a mild recession next year.

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David Owen, U.K. economist with Kleinwort Benson Group, reduced his growth forecast for 1990 to 0.7% from 1.2% and termed the risk of recession next year "quite high."

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But he said the downturn probably won't become a "major contraction" similar to those of 1974 and 1982.

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Still, Britain's current slump is a cause for concern here as the nation joins in the European Community's plan to create a unified market by 1992.

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[ "Compared", "with", "the", "major", "economies", "on", "the", "Continent", ",", "the", "U.K.", "faces", "both", "higher", "inflation", "and", "lower", "growth", "in", "the", "next", "several", "months", "." ]

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Compared with the major economies on the Continent, the U.K. faces both higher inflation and lower growth in the next several months.

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As a result, Mr. Owen warned, investment will be more likely to flow toward the other European economies and "the U.K. will be less prepared for the single market."

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[ "Britain", "'s", "latest", "trade", "figures", "contained", "some", "positive", "news", "for", "the", "economy", ",", "such", "as", "a", "surge", "in", "the", "volume", "of", "exports", ",", "which", "were", "8.5", "%", "higher", "than", "a", "year", "earlier", "." ]

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Britain's latest trade figures contained some positive news for the economy, such as a surge in the volume of exports, which were 8.5% higher than a year earlier.

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[ "But", "while", "September", "exports", "rose", "to", "8.43", "billion", ",", "imports", "shot", "up", "to", "10.37", "billion", "." ]

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But while September exports rose to 8.43 billion, imports shot up to 10.37 billion.

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The resulting 1.9 billion merchandise trade deficit was partly offset by an assumed surplus of 300 million in so - called invisible items, which include income from investments, services and official transfers.

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Despite the narrowing of the monthly trade gap, economists expect the current account deficit for all of 1989 to swell to about 20 billion from 14.6 billion in 1988.

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[ "Increasingly", ",", "economists", "say", "the", "big", "deficit", "reflects", "the", "slipping", "competitive", "position", "of", "British", "industry", "." ]

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Increasingly, economists say the big deficit reflects the slipping competitive position of British industry.

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[ "``", "When", "the", "country", "gets", "wealthier", ",", "we", "tend", "to", "buy", "high", "-", "quality", "imports", ",", "''", "Mr.", "Owen", "said", "." ]

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"When the country gets wealthier, we tend to buy high - quality imports," Mr. Owen said.

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[ "If", "bluebloods", "wo", "n't", "pay", "high", "prices", "for", "racehorses", "anymore", ",", "who", "will", "?" ]

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If bluebloods won't pay high prices for racehorses anymore, who will?

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[ "Breeders", "are", "betting", "on", "the", "common", "folk", "." ]

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Breeders are betting on the common folk.

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[ "The", "Thoroughbred", "Owners", "and", "Breeders", "Association", ",", "a", "Lexington", ",", "Ky.", "-", "based", "trade", "group", ",", "has", "launched", "``", "seminars", "''", "for", "``", "potential", "investors", "''", "at", "race", "tracks", "around", "the", "country", "." ]

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The Thoroughbred Owners and Breeders Association, a Lexington, Ky. - based trade group, has launched "seminars" for "potential investors" at race tracks around the country.

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[ "The", "group", ",", "which", "has", "held", "half", "a", "dozen", "seminars", "so", "far", ",", "also", "is", "considering", "promotional", "videos", "and", "perhaps", "a", "pitch", "to", "Wall", "Street", "investment", "bankers", "." ]

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The group, which has held half a dozen seminars so far, also is considering promotional videos and perhaps a pitch to Wall Street investment bankers.

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[ "``", "People", "in", "this", "business", "have", "been", "insulated", ",", "''", "says", "Josh", "Pons", ",", "a", "horse", "breeder", "from", "Bel", "Air", ",", "Md", "." ]

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"People in this business have been insulated," says Josh Pons, a horse breeder from Bel Air, Md.

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[ "``", "But", "the", "real", "future", "of", "this", "game", "is", "in", "a", "number", "of", "people", "owning", "a", "few", "horses", ".", "''" ]

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"But the real future of this game is in a number of people owning a few horses."

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[ "At", "the", "Laurel", "race", "track", ",", "the", "breeders", "are", "romancing", "people", "like", "Tim", "Hulings", ",", "a", "beer", "packaging", "plant", "worker", "." ]

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At the Laurel race track, the breeders are romancing people like Tim Hulings, a beer packaging plant worker.

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Right now, Mr. Hulings is waving his racing program, cheering for Karnak on the Nile, a sleek thoroughbred galloping down the home stretch.

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Mr. Hulings gloats that he sold all his stocks a week before the market plummeted 190 points on Oct. 13, and he is using the money to help buy a 45 - acre horse farm.

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"Just imagine how exciting that would be if that's your horse," he says.

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[ "But", "experts", "caution", "that", "this", "is", "n't", "a", "game", "for", "anyone", "with", "a", "weak", "stomach", "or", "wallet", "." ]

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But experts caution that this isn't a game for anyone with a weak stomach or wallet.

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[ "``", "It", "'s", "a", "big", "-", "risk", "business", ",", "''", "warns", "Charles", "C.", "Mihalek", ",", "a", "Lexington", "attorney", "and", "former", "Kentucky", "state", "securities", "commissioner", "." ]

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"It's a big - risk business," warns Charles C. Mihalek, a Lexington attorney and former Kentucky state securities commissioner.

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[ "``", "You", "have", "to", "go", "into", "it", "firmly", "believing", "that", "it", "'s", "the", "kind", "of", "investment", "where", "you", "can", "lose", "everything", ".", "''" ]

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"You have to go into it firmly believing that it's the kind of investment where you can lose everything."

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[ "And", "many", "have", "done", "just", "that", "." ]

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And many have done just that.

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Consider Spendthrift Farm, a prominent Lexington horse farm that went public in 1983 but hit hard times and filed for bankruptcy - court protection last year.

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[ "A", "group", "of", "investors", "recently", "bought", "the", "remaining", "assets", "of", "Spendthrift", ",", "hoping", "to", "rebuild", "it", "." ]

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A group of investors recently bought the remaining assets of Spendthrift, hoping to rebuild it.

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[ "Other", "investors", "have", "lost", "millions", "in", "partnerships", "that", "bought", "thoroughbred", "racehorses", "or", "stallion", "breeding", "rights", "." ]

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Other investors have lost millions in partnerships that bought thoroughbred racehorses or stallion breeding rights.

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[ "One", "big", "problem", "has", "been", "the", "thoroughbred", "racehorse", "market", "." ]

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One big problem has been the thoroughbred racehorse market.

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[ "From", "1974", "to", "1984", ",", "prices", "for", "the", "best", "yearlings", "at", "the", "summer", "sales", "rose", "918", "%", "to", "an", "average", "of", "$", "544,681", "." ]

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From 1974 to 1984, prices for the best yearlings at the summer sales rose 918% to an average of $544,681.

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[ "Since", "then", ",", "prices", "have", "slumped", ",", "to", "an", "average", "of", "$", "395,374", "this", "summer", "." ]

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Since then, prices have slumped, to an average of $395,374 this summer.

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But that's for the best horses, with most selling for much less--as little as $100 for some pedestrian thoroughbreds.

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[ "Even", "while", "they", "move", "outside", "their", "traditional", "tony", "circle", ",", "racehorse", "owners", "still", "try", "to", "capitalize", "on", "the", "elan", "of", "the", "sport", "." ]

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Even while they move outside their traditional tony circle, racehorse owners still try to capitalize on the elan of the sport.

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[ "Glossy", "brochures", "circulated", "at", "racetracks", "gush", "about", "the", "limelight", "of", "the", "winner", "'s", "circle", "and", "high", "-", "society", "schmoozing", "." ]

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Glossy brochures circulated at racetracks gush about the limelight of the winner's circle and high - society schmoozing.

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[ "One", "handout", "promises", ":", "``", "Pedigrees", ",", "parties", ",", "post", "times", ",", "parimutuels", "and", "pageantry", ".", "''" ]

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One handout promises: "Pedigrees, parties, post times, parimutuels and pageantry."

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[ "``", "It", "'s", "just", "a", "matter", "of", "marketing", "and", "promoting", "ourselves", ",", "''", "says", "Headley", "Bell", ",", "a", "fifth", "-", "generation", "horse", "breeder", "from", "Lexington", "." ]

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"It's just a matter of marketing and promoting ourselves," says Headley Bell, a fifth - generation horse breeder from Lexington.

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[ "Maybe", "it", "'s", "not", "that", "simple", "." ]

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Maybe it's not that simple.

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[ "For", "starters", ",", "racehorse", "buyers", "have", "to", "remember", "the", "basic", "problem", "of", "such", "ventures", ":", "These", "beasts", "do", "n't", "come", "with", "warranties", "." ]

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For starters, racehorse buyers have to remember the basic problem of such ventures: These beasts don't come with warranties.

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[ "And", "for", "every", "champion", ",", "there", "are", "plenty", "of", "nags", "." ]

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And for every champion, there are plenty of nags.

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[ "Katherine", "Voss", ",", "a", "veteran", "trainer", "at", "the", "Laurel", ",", "Md.", ",", "track", ",", "offers", "neophytes", "a", "sobering", "tour", "of", "a", "horse", "barn", ",", "noting", "that", "only", "three", "of", "about", "a", "dozen", "horses", "have", "won", "sizable", "purses", "." ]

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Katherine Voss, a veteran trainer at the Laurel, Md., track, offers neophytes a sobering tour of a horse barn, noting that only three of about a dozen horses have won sizable purses.

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[ "One", "brown", "two", "-", "year", "-", "old", "filly", "was", "wheezing", "from", "a", "cold", ",", "while", "another", "had", "splints", "on", "its", "legs", ",", "keeping", "both", "animals", "from", "the", "racetrack", "." ]

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One brown two - year - old filly was wheezing from a cold, while another had splints on its legs, keeping both animals from the racetrack.

en

[ "``", "You", "can", "see", "the", "highs", "and", "lows", "of", "the", "business", "all", "under", "one", "roof", ",", "''", "she", "tells", "the", "group", "." ]

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"You can see the highs and lows of the business all under one roof," she tells the group.

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[ "``", "There", "are", "n't", "too", "many", "winners", ".", "''" ]

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"There aren't too many winners."

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[ "Perhaps", "the", "biggest", "hurdle", "owners", "face", "is", "convincing", "newcomers", "that", "this", "is", "a", "reputable", "business", "." ]

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Perhaps the biggest hurdle owners face is convincing newcomers that this is a reputable business.

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[ "Some", "badly", "managed", "partnerships", "have", "burned", "investors", ",", "sometimes", "after", "they", "received", "advice", "from", "industry", "``", "consultants", ".", "''" ]

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Some badly managed partnerships have burned investors, sometimes after they received advice from industry "consultants."

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[ "So", "owners", "have", "developed", "a", "``", "code", "of", "ethics", ",", "''", "outlining", "rules", "for", "consultants", "and", "agents", ",", "and", "disclosure", "of", "fees", "and", "any", "conflicts", "of", "interest", "." ]

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So owners have developed a "code of ethics," outlining rules for consultants and agents, and disclosure of fees and any conflicts of interest.

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[ "But", "some", "are", "skeptical", "of", "the", "code", "'s", "effectiveness", "." ]

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But some are skeptical of the code's effectiveness.

en

[ "``", "The", "industry", "is", "based", "on", "individual", "honesty", ",", "''", "says", "Cap", "Hershey", ",", "a", "Lexington", "horse", "farmer", "and", "one", "of", "the", "investors", "who", "bought", "Spendthrift", "." ]

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"The industry is based on individual honesty," says Cap Hershey, a Lexington horse farmer and one of the investors who bought Spendthrift.

en

[ "Despite", "the", "drop", "in", "prices", "for", "thoroughbreds", ",", "owning", "one", "still", "is", "n't", "cheap", "." ]

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Despite the drop in prices for thoroughbreds, owning one still isn't cheap.

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