11.   Inventories of automobiles, electronics and machinery rose in July as companies underestimated the effects of the tax increases on sales.

12.   So the newer studies could be underestimating the effects.

13.   The companies will cut production because of the higher stocks, which rose because they underestimated the effect of the tax increase.

14.   The government has acknowledged it underestimated the effects of the April tax increase, since it had expected the economy to resume its recovery by the summer.

15.   The Los Alamos team also tried to take this into account, but Hill and Mann think Louis and his colleagues may have underestimated the effect.

16.   They underestimate the effect this has on staff morale and on customer service.

17.   Viewing it simply as a tool for the local church may be to underestimate its effects and potential, he said.

18.   Weak consumer spending dragged down industrial production and drove up stocks of automobiles, electronics, machinery and foodstuffs, as companies underestimated the effect of higher taxes.

19.   Wilson said he thought that young teen-agers got into trouble with LSD at the festival because they were trying the drug for the first time and underestimated its effect.