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that	was	modestly	higher	than	the	8.8	%	and	9.2	%	levels	in	august	and	september	of	1987	.DT	VBD	RB	JJR	IN	DT	CD	NN	CC	CD	NN	NNS	IN	NNP	CC	NNP	IN	CD	.NP-SBJ	ROOT	DEP	ADJP	PP	DEP	DEP	ADJP	DEP	DEP	DEP	NP	PP	DEP	DEP	NP	PP	NP	DEP2	0	4	2	4	12	8	12	8	8	8	5	12	16	16	13	16	17	2also	,	persistent	redemptions	would	force	some	fund	managers	to	dump	stocks	to	raise	cash	.RB	,	JJ	NNS	MD	VB	DT	NN	NNS	TO	VB	NNS	TO	VB	NN	.ADVP	DEP	DEP	NP-SBJ	ROOT	VP	DEP	DEP	NP-SBJ	DEP	S	NP-OBJ	DEP	S	NP-OBJ	DEP5	5	4	5	0	5	9	9	11	11	6	11	14	11	14	5but	a	strong	level	of	investor	withdrawals	is	much	more	unlikely	this	time	around	,	fund	managers	said	.CC	DT	JJ	NN	IN	NN	NNS	VBZ	RB	RBR	JJ	DT	NN	RB	,	NN	NNS	VBD	.DEP	DEP	DEP	NP-SBJ	PP	DEP	NP	S	ADJP	DEP	DEP	DEP	NP	ADVP	DEP	DEP	NP-SBJ	ROOT	DEP18	4	4	8	4	7	5	18	8	9	9	13	8	13	18	17	18	0	18a	major	reason	is	that	investors	already	have	sharply	scaled	back	their	purchases	of	stock	funds	since	black	monday	.DT	JJ	NN	VBZ	IN	NNS	RB	VBP	RB	VBN	RP	PRP$	NNS	IN	NN	NNS	IN	JJ	NNP	.DEP	DEP	NP-SBJ	ROOT	SBAR	NP-SBJ	ADVP	S	ADVP	VP	PRT	DEP	NP-OBJ	PP	DEP	NP	PP	DEP	NP	DEP3	3	4	0	4	8	8	5	10	8	10	13	10	13	16	14	10	19	17	4stock-fund	sales	have	rebounded	in	recent	months	,	but	monthly	net	purchases	are	still	running	at	less	than	half	1987	levels	.NN	NNS	VBP	VBN	IN	JJ	NNS	,	CC	JJ	NN	NNS	VBP	RB	VBG	IN	JJR	IN	DT	CD	NNS	.DEP	NP-SBJ	S	VP	PP	DEP	NP	DEP	DEP	DEP	DEP	NP-SBJ	ROOT	ADVP	VP	PP	DEP	QP	DEP	DEP	NP	DEP2	3	13	3	4	7	5	13	13	12	12	13	0	13	13	15	18	21	18	21	16	13``	there	's	not	nearly	as	much	froth	,	''	said	john	bogle	,	chairman	of	vanguard	group	inc.	,	a	big	valley	forge	,	pa.	,	fund	company	.``	EX	VBZ	RB	RB	RB	JJ	NN	,	''	VBD	NNP	NNP	,	NN	IN	NNP	NNP	NNP	,	DT	JJ	NNP	NNP	,	NNP	,	NN	NN	.DEP	NP-SBJ	S	DEP	DEP	DEP	ADJP	NP-PRD	DEP	DEP	ROOT	DEP	NP	DEP	NP-SBJ	PP	DEP	DEP	NP	DEP	DEP	DEP	DEP	DEP	DEP	NAC	DEP	DEP	NP	DEP11	3	11	3	7	7	8	3	11	11	0	13	15	15	11	15	19	19	29	29	29	29	26	26	26	29	26	29	16	11many	fund	managers	argue	that	now	's	the	time	to	buy	.JJ	NN	NNS	VBP	IN	RB	VBZ	DT	NN	TO	VB	.DEP	DEP	NP-SBJ	ROOT	SBAR	NP-SBJ	S	DEP	NP-PRD	DEP	SBAR	DEP3	3	4	0	4	7	5	9	7	11	9	4vincent	bajakian	,	manager	of	the	$	1.8	billion	wellington	fund	,	added	to	his	positions	in	bristol-myers	squibb	,	woolworth	and	dun	&	bradstreet	friday	.NNP	NNP	,	NN	IN	DT	$	CD	CD	NNP	NNP	,	VBD	TO	PRP$	NNS	IN	NNP	NNP	,	NNP	CC	NNP	CC	NNP	NNP	.DEP	NP	DEP	NP-SBJ	PP	DEP	ADJP	DEP	DEP	DEP	NP	DEP	ROOT	PP	DEP	NP	PP	DEP	NP	DEP	NP	DEP	DEP	DEP	NP	NP	DEP2	4	4	13	4	11	11	7	7	11	5	4	0	13	16	14	16	19	25	25	25	25	25	25	17	13	13and	today	he	'll	be	looking	to	buy	drug	stocks	like	eli	lilly	,	pfizer	and	american	home	products	whose	dividend	yields	have	been	bolstered	by	stock	declines	.CC	NN	PRP	MD	VB	VBG	TO	VB	NN	NNS	IN	NNP	NNP	,	NNP	CC	NNP	NNP	NNS	WP$	NN	NNS	VBP	VBN	VBN	IN	NN	NNS	.DEP	NP	NP-SBJ	ROOT	VP	VP	DEP	S	DEP	NP-OBJ	PP	DEP	NP	DEP	NP	DEP	DEP	DEP	NP	SBAR	DEP	DEP	S	VP	VP	PP	DEP	NP	DEP4	4	4	0	4	5	8	6	10	8	10	13	19	19	19	19	19	19	11	19	20	20	20	23	24	25	28	26	4fidelity	's	mr.	lynch	,	for	his	part	,	snapped	up	southern	co.	shares	friday	after	the	stock	got	hammered	.NNP	POS	NNP	NNP	,	IN	PRP$	NN	,	VBD	RP	NNP	NNP	NNS	NNP	IN	DT	NN	VBD	VBN	.DEP	NP	DEP	NP-SBJ	DEP	PP	DEP	NP	DEP	ROOT	PRT	DEP	DEP	NP-OBJ	NP	SBAR	DEP	NP-SBJ	S	VP	DEP2	4	4	10	10	10	8	6	10	0	10	14	14	10	10	10	18	19	16	19	10if	the	market	drops	further	today	,	he	said	he	'll	be	buying	blue	chips	such	as	bristol-myers	and	kellogg	.IN	DT	NN	VBZ	RBR	NN	,	PRP	VBD	PRP	MD	VB	VBG	JJ	NNS	JJ	IN	NNP	CC	NNP	.SBAR	DEP	NP-SBJ	S	ADVP	NP	DEP	NP-SBJ	ROOT	NP-SBJ	SBAR	VP	VP	DEP	NP-OBJ	DEP	PP	DEP	DEP	NP	DEP9	3	4	1	4	4	9	9	0	11	9	11	12	15	13	17	15	20	20	17	9``	if	they	croak	stocks	like	that	,	''	he	said	,	it	presents	an	opportunity	that	is	``	the	kind	of	thing	you	dream	about	.	''``	IN	PRP	VBP	NNS	IN	DT	,	''	PRP	VBD	,	PRP	VBZ	DT	NN	WDT	VBZ	``	DT	NN	IN	NN	PRP	VBP	RB	.	''DEP	SBAR	NP-SBJ	S	NP-OBJ	PP	NP	DEP	DEP	NP-SBJ	PRN	DEP	NP-SBJ	ROOT	DEP	NP-OBJ	SBAR	S	DEP	DEP	NP-PRD	PP	NP	NP-SBJ	SBAR	PP	DEP	DEP14	14	4	2	4	5	6	11	11	11	14	11	14	0	16	14	16	17	18	21	18	21	22	25	21	25	14	14major	mutual-fund	groups	said	phone	calls	were	arriving	at	twice	the	normal	weekend	pace	yesterday	.JJ	NN	NNS	VBD	NN	NNS	VBD	VBG	IN	RB	DT	JJ	NN	NN	NN	.DEP	DEP	NP-SBJ	ROOT	DEP	NP-SBJ	SBAR	VP	PP	DEP	DEP	DEP	DEP	NP	NP	DEP3	3	4	0	6	7	4	7	8	14	14	14	14	9	8	4but	most	investors	were	seeking	share	prices	and	other	information	.CC	JJS	NNS	VBD	VBG	NN	NNS	CC	JJ	NN	.DEP	DEP	NP-SBJ	ROOT	VP	DEP	NP	DEP	DEP	NP-OBJ	DEP4	3	4	0	4	7	10	10	10	5	4trading	volume	was	only	modestly	higher	than	normal	.NN	NN	VBD	RB	RB	JJR	IN	JJ	.DEP	NP-SBJ	ROOT	ADJP	DEP	DEP	PP	NP	DEP2	3	0	3	4	4	4	7	3still	,	fund	groups	are	n't	taking	any	chances	.RB	,	NN	NNS	VBP	RB	VBG	DT	NNS	.ADVP	DEP	DEP	NP-SBJ	ROOT	DEP	VP	DEP	NP-OBJ	DEP5	5	4	5	0	5	5	9	7	5they	hope	to	avoid	the	jammed	phone	lines	and	other	snags	that	infuriated	some	fund	investors	in	october	1987	.PRP	VBP	TO	VB	DT	JJ	NN	NNS	CC	JJ	NNS	WDT	VBD	DT	NN	NNS	IN	NNP	CD	.NP-SBJ	ROOT	DEP	S	DEP	DEP	DEP	NX	DEP	DEP	NP-OBJ	SBAR	S	DEP	DEP	NP-OBJ	PP	NP	DEP	DEP2	0	4	2	11	8	8	11	11	11	4	11	12	16	16	13	13	17	18	2fidelity	on	saturday	opened	its	54	walk-in	investor	centers	across	the	country	.NNP	IN	NNP	VBD	PRP$	CD	JJ	NN	NNS	IN	DT	NN	.NP-SBJ	PP	NP	ROOT	DEP	DEP	DEP	DEP	NP-OBJ	PP	DEP	NP	DEP4	4	2	0	9	9	9	9	4	9	12	10	4the	centers	normally	are	closed	through	the	weekend	.DT	NNS	RB	VBP	VBN	IN	DT	NN	.DEP	NP-SBJ	ADVP	ROOT	ADJP	PP	DEP	NP	DEP2	4	4	0	4	5	8	6	4in	addition	,	east	coast	centers	will	open	at	7:30	edt	this	morning	,	instead	of	the	normal	8:30	.IN	NN	,	NNP	NNP	NNS	MD	VB	IN	CD	NNP	DT	NN	,	RB	IN	DT	JJ	CD	.PP	NP	DEP	DEP	DEP	NP-SBJ	ROOT	VP	PP	DEP	NP	DEP	NP	DEP	DEP	PP	DEP	DEP	NP	DEP7	1	7	6	6	7	0	7	8	11	9	13	8	8	16	8	19	19	16	7t.	rowe	price	associates	inc.	increased	its	staff	of	phone	representatives	to	handle	investor	requests	.NNP	NNP	NNP	NNPS	NNP	VBD	PRP$	NN	IN	NN	NNS	TO	VB	NN	NNS	.DEP	DEP	DEP	DEP	NP-SBJ	ROOT	DEP	NP-OBJ	PP	DEP	NP	DEP	SBAR	DEP	NP-OBJ	DEP5	5	5	5	6	0	8	6	8	11	9	13	11	15	13	6the	baltimore-based	group	noted	that	some	investors	moved	money	from	stock	funds	to	money-market	funds	.DT	JJ	NN	VBD	IN	DT	NNS	VBD	NN	IN	NN	NNS	TO	JJ	NNS	.DEP	DEP	NP-SBJ	ROOT	SBAR	DEP	NP-SBJ	S	NP-OBJ	PP	DEP	NP	PP	DEP	NP	DEP3	3	4	0	4	7	8	5	8	8	12	10	8	15	13	4but	most	investors	seemed	to	be	``	in	an	information	mode	rather	than	in	a	transaction	mode	,	''	said	steven	norwitz	,	a	vice	president	.CC	JJS	NNS	VBD	TO	VB	``	IN	DT	NN	NN	RB	IN	IN	DT	NN	NN	,	''	VBD	NNP	NNP	,	DT	NN	NN	.DEP	DEP	NP-SBJ	S	DEP	S	DEP	PP	DEP	DEP	NP	CONJP	DEP	PP	DEP	DEP	NP	DEP	DEP	ROOT	DEP	NP	DEP	DEP	DEP	NP-SBJ	DEP4	3	4	20	6	4	6	6	11	11	8	8	12	8	17	17	14	20	20	0	22	26	26	26	26	20	20and	vanguard	,	among	other	groups	,	said	it	was	adding	more	phone	representatives	today	to	help	investors	get	through	.CC	NNP	,	IN	JJ	NNS	,	VBD	PRP	VBD	VBG	JJR	NN	NNS	NN	TO	VB	NNS	VB	RB	.DEP	NP-SBJ	DEP	PP	DEP	NP	DEP	ROOT	NP-SBJ	SBAR	VP	DEP	DEP	NP-OBJ	NP	DEP	S	NP-SBJ	S	PRT	DEP8	8	8	8	6	4	8	0	10	8	10	14	14	11	11	17	11	19	17	19	8in	an	unusual	move	,	several	funds	moved	to	calm	investors	with	recordings	on	their	toll-free	phone	lines	.IN	DT	JJ	NN	,	JJ	NNS	VBD	TO	VB	NNS	IN	NNS	IN	PRP$	JJ	NN	NNS	.PP	DEP	DEP	NP	DEP	DEP	NP-SBJ	ROOT	DEP	S	NP-OBJ	PP	NP	PP	DEP	DEP	DEP	NP	DEP8	4	4	1	8	7	8	0	10	8	10	10	12	10	18	18	18	14	8``	we	view	{	friday	's	}	market	decline	as	offering	us	a	buying	opportunity	as	long-term	investors	,	''	a	recording	at	gabelli	&	co.	funds	said	over	the	weekend	.``	PRP	VBP	-LRB-	NNP	POS	-RRB-	NN	NN	IN	VBG	PRP	DT	NN	NN	IN	JJ	NNS	,	''	DT	NN	IN	NNP	CC	NNP	NNS	VBD	IN	DT	NN	.DEP	NP-SBJ	S	DEP	DEP	PRN	DEP	DEP	NP-OBJ	PP	S	NP-OBJ	DEP	DEP	NP-OBJ	PP	DEP	NP	DEP	DEP	DEP	NP-SBJ	PP	DEP	DEP	DEP	NP	ROOT	PP	DEP	NP	DEP28	3	28	6	6	9	6	9	3	3	10	11	15	15	11	11	18	16	28	28	22	28	22	27	27	27	23	0	28	31	29	28the	janus	group	had	a	similar	recording	for	investors	.DT	NNP	NNP	VBD	DT	JJ	NN	IN	NNS	.DEP	DEP	NP-SBJ	ROOT	DEP	DEP	NP-OBJ	PP	NP	DEP3	3	4	0	7	7	4	4	8	4several	fund	managers	expect	a	rough	market	this	morning	before	prices	stabilize	.JJ	NN	NNS	VBP	DT	JJ	NN	DT	NN	IN	NNS	VBP	.DEP	DEP	NP-SBJ	ROOT	DEP	DEP	NP	DEP	NP-OBJ	SBAR	NP-SBJ	S	DEP3	3	4	0	7	7	9	9	4	4	12	10	4some	early	selling	is	likely	to	stem	from	investors	and	portfolio	managers	who	want	to	lock	in	this	year	's	fat	profits	.DT	JJ	NN	VBZ	JJ	TO	VB	IN	NNS	CC	NN	NNS	WP	VBP	TO	VB	RP	DT	NN	POS	JJ	NNS	.DEP	DEP	NP-SBJ	ROOT	ADJP	DEP	S	PP	NP	DEP	DEP	NP	SBAR	S	DEP	S	PRT	DEP	DEP	NP	DEP	NP-OBJ	DEP3	3	4	0	4	7	5	7	12	12	12	8	12	13	16	14	16	20	20	22	22	16	4stock	funds	have	averaged	a	staggering	gain	of	25	%	through	september	,	according	to	lipper	analytical	services	inc	.NN	NNS	VBP	VBN	DT	JJ	NN	IN	CD	NN	IN	NNP	,	VBG	TO	NNP	NNP	NNPS	NNP	.DEP	NP-SBJ	ROOT	VP	DEP	DEP	NP-OBJ	PP	DEP	NP	PP	NP	DEP	PP	PP	DEP	DEP	DEP	NP	DEP2	3	0	3	7	7	4	7	10	8	4	11	4	4	14	19	19	19	15	3elaine	garzarelli	,	who	runs	shearson	lehman	hutton	inc.	's	$	335	million	sector	analysis	portfolio	,	predicts	the	market	will	open	down	at	least	50	points	on	technical	factors	and	``	some	panic	selling	.	''NNP	NNP	,	WP	VBZ	NNP	NNP	NNP	NNP	POS	$	CD	CD	NN	NN	NN	,	VBZ	DT	NN	MD	VB	RP	IN	JJS	CD	NNS	IN	JJ	NNS	CC	``	DT	NN	VBG	.	''DEP	NP-SBJ	DEP	SBAR	S	DEP	DEP	DEP	DEP	NP	ADJP	DEP	DEP	DEP	DEP	NP-OBJ	DEP	ROOT	DEP	NP-SBJ	SBAR	VP	ADVP	QP	DEP	DEP	NP	PP	DEP	NP	DEP	DEP	DEP	DEP	NP	DEP	DEP2	18	2	2	4	10	10	10	10	16	16	11	11	16	16	5	2	0	20	21	18	21	22	27	24	24	23	23	30	35	35	35	35	35	28	18	18but	she	expects	prices	to	rebound	soon	and	is	telling	investors	she	expects	the	stock	market	wo	n't	decline	more	than	10	%	to	15	%	from	recent	highs	.CC	PRP	VBZ	NNS	TO	VB	RB	CC	VBZ	VBG	NNS	PRP	VBZ	DT	NN	NN	MD	RB	VB	JJR	IN	CD	NN	TO	CD	NN	IN	JJ	NNS	.DEP	NP-SBJ	ROOT	NP-SBJ	DEP	S	ADVP	DEP	VP	VP	NP-OBJ	NP-SBJ	SBAR	DEP	DEP	NP-SBJ	SBAR	DEP	VP	DEP	NP	DEP	DEP	DEP	DEP	DEP	PP	DEP	NP	DEP3	3	0	6	6	3	6	3	3	9	10	13	10	16	16	17	13	17	17	21	19	21	21	21	21	21	19	29	27	3``	this	is	not	a	major	crash	,	''	she	said	.``	DT	VBZ	RB	DT	JJ	NN	,	''	PRP	VBD	.DEP	NP-SBJ	S	DEP	DEP	DEP	NP-PRD	DEP	DEP	NP-SBJ	ROOT	DEP11	3	11	3	7	7	3	11	11	11	0	11nevertheless	,	ms.	garzarelli	said	she	was	swamped	with	phone	calls	over	the	weekend	from	nervous	shareholders	.RB	,	NNP	NNP	VBD	PRP	VBD	VBN	IN	NN	NNS	IN	DT	NN	IN	JJ	NNS	.ADVP	DEP	DEP	NP-SBJ	ROOT	NP-SBJ	SBAR	VP	PP	DEP	NP	PP	DEP	NP	PP	DEP	NP	DEP5	5	4	5	0	7	5	7	8	11	9	8	14	12	8	17	15	5``	half	of	them	are	really	scared	and	want	to	sell	,	''	she	said	,	``	but	i	'm	trying	to	talk	them	out	of	it	.	''``	NN	IN	PRP	VBP	RB	JJ	CC	VB	TO	VB	,	''	PRP	VBD	,	``	CC	PRP	VBP	VBG	TO	VB	PRP	IN	IN	PRP	.	''DEP	NP-SBJ	PP	NP	S	DEP	ADJP	DEP	VP	DEP	S	DEP	DEP	NP-SBJ	PRN	DEP	DEP	DEP	NP-SBJ	ROOT	VP	DEP	S	NP-OBJ	ADVP	PP	NP	DEP	DEP20	5	2	3	20	7	5	5	5	11	9	15	15	15	20	15	20	20	20	0	20	23	21	23	23	25	26	20	20she	added	,	``	if	they	all	were	bullish	,	i	'd	really	be	upset	.	''PRP	VBD	,	``	IN	PRP	DT	VBD	JJ	,	PRP	MD	RB	VB	JJ	.	''NP-SBJ	ROOT	DEP	DEP	SBAR	NP-SBJ	DEP	S	ADJP	DEP	NP-SBJ	SBAR	ADVP	VP	ADJP	DEP	DEP2	0	2	12	12	8	8	5	8	12	12	2	12	12	14	2	2the	backdrop	to	friday	's	slide	was	markedly	different	from	that	of	the	october	1987	crash	,	fund	managers	argue	.DT	NN	TO	NNP	POS	NN	VBD	RB	JJ	IN	DT	IN	DT	NNP	CD	NN	,	NN	NNS	VBP	.DEP	NP-SBJ	PP	DEP	NP	NP	S	DEP	ADJP	PP	NP	PP	DEP	DEP	DEP	NP	DEP	DEP	NP-SBJ	ROOT	DEP2	7	2	5	6	3	20	9	7	9	10	11	16	16	16	12	20	19	20	0	20two	years	ago	,	unlike	today	,	the	dollar	was	weak	,	interest	rates	were

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