( S ( ADVP ( RBR More ) ( RB broadly ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Boren ) ) ( VP ( VBZ hopes ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Panama ) ) ( VP ( MD will ) ( VP ( VB shock ) ( NP ( NNP Washington ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN fear ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG using ) ( NP ( JJ military ) ( NN power ) ) ) ) ) ) ) ) ) ) ) ) ) )

More broadly Mr. Boren hopes that Panama will shock Washington out of its fear of using military power


( S ( S-TPC-2 ( ADVP ( RB Maybe ) ) ( NP-SBJ ( DT this ) ) ( VP ( MD will ) ( VP ( VB jolt ) ( NP ( PRP us ) ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ post-Vietnam ) ( NN syndrome ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP we ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBP are ) ( VP ( JJ prepared ) ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NN force ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

Maybe this will jolt us out of the post-Vietnam syndrome that we never are prepared to use force he says


( FRAG ( RB Maybe ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT every ) ( NN senator ) ) ( VP ( VBD shared ) ( NP ( NP ( DT the ) ( NNS principles ) ) ( PP ( IN of ) ( NP ( NNP Mr. ) ( NNP Boren ) ) ) ) ) ) ) )

Maybe if every senator shared the principles of Mr. Boren


( S ( CC But ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB just ) ( RB as ) ( JJ plausible ) ) ( S-3 ( VP ( TO to ) ( VP ( VB argue ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( RB even ) ( NNP David ) ( NNP Boren ) ) ( VP ( MD can ) ( VP ( VB get ) ( VP ( VBN mired ) ( PP-LOC ( IN in ) ( NP ( NP ( DT this ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NN mess ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN problem ) ) ( VP ( VBZ goes ) ( PP-DIR ( IN beyond ) ( NP ( JJ legal ) ( NN interpretation ) ) ) ) ) ) ) ) ) ) )

But it 's just as plausible to argue that if even David Boren can get mired in this sort of mess the problem goes beyond legal interpretation


( S ( ADVP ( RB Maybe ) ) ( NP-SBJ ( DT the ) ( NN problem ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( JJ political ) ( NN system ) ) ( SBAR ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD wo ) ( RB n't ) ( VP ( VB act ) ( PP-MNR ( IN without ) ( NP ( NP ( DT an ) ( NN exchange ) ) ( PP ( IN of ) ( NP ( NNS letters ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBZ insists ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG running ) ( NP ( JJ foreign ) ( NN policy ) ) ( PP-MNR ( IN by ) ( NP ( NN committee ) ) ) ) ) ) ) ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBZ treats ) ( NP ( DT a ) ( NN president ) ) ( PP-CLR ( RB as ) ( NP ( NP ( RB just ) ( DT another ) ( NN guy ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN table ) ) ) ) ) ) ) ) ) ) ) )

Maybe the problem is a political system that wo n't act without an exchange of letters that insists on running foreign policy by committee that treats a president as just another guy at the table


( S ( NP-SBJ ( NP ( DT The ) ( NN reply ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNPS Metzenbaums ) ( CC and ) ( NNPS Cohens ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB abolish ) ( NP ( DT these ) ( NN oversight ) ( NNS committees ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN seen ) ( NP ( NP ( ADJP ( RB too ) ( JJ many ) ) ( NNS abuses ) ) ( PP ( IN of ) ( NP ( NN executive ) ( NN power ) ) ) ) ) ) ) ) ) ) ) ) ) )

The reply of the Metzenbaums and Cohens is that we ca n't abolish these oversight committees because we 've seen too many abuses of executive power


( S ( CC But ) ( NP-SBJ ( NNP Panama ) ) ( VP ( VBZ illustrates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP$ their ) ( NN substitute ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN system ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ produces ) ( NP ( DT an ) ( JJ absurd ) ( NN gridlock ) ) ) ) ) ) ) ) ) ) )

But Panama illustrates that their substitute is a system that produces an absurd gridlock


( S ( NP-SBJ ( DT The ) ( NNS lawyers ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( PP-PRD ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( JJ national ) ( NN security ) ) ) ) ) ) )

The lawyers are now in charge of our national security


( S ( S ( PP-LOC ( IN In ) ( NP ( NNP Panama ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP U.S. ) ( NNS interests ) ) ( PP ( IN at ) ( NP ( NN stake ) ) ) ) ( VP ( VBD were ) ( ADVP ( RB happily ) ) ( ADJP-PRD ( JJ minor ) ) ) ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ only ) ( NNS people ) ) ( VP ( VBN killed ) ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS foreigners ) ) ( ADJP ( JJ hapless ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB trust ) ( NP ( JJ American ) ( NN will ) ) ) ) ) ) ) ) ) )

In Panama the U.S. interests at stake were happily minor the only people killed were foreigners hapless enough to trust American will


( S ( NP-SBJ ( NNPS Americans ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( ADJP-PRD ( RB so ) ( JJ lucky ) ) ( NP-TMP ( DT the ) ( JJ next ) ( NN time ) ) ) ) )

Americans may not be so lucky the next time


( S ( NP-SBJ ( NNP Weirton ) ( NNP Steel ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD reached ) ( NP ( NP ( NP ( DT a ) ( JJ tentative ) ( NN agreement ) ) ( PP ( IN on ) ( NP ( DT a ) ( JJ 48-month ) ( NN labor ) ( NN contract ) ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Independent ) ( NNPS Steelworkers ) ( NNP Union ) ) ) ) ( VP ( VBG covering ) ( NP ( NN production ) ( CC and ) ( NN maintenance ) ( NNS employees ) ) ) ) ) ) ) ) )

Weirton Steel Corp. said it reached a tentative agreement on a 48-month labor contract with the Independent Steelworkers Union covering production and maintenance employees


( S ( NP-SBJ ( NP ( DT The ) ( NN agreement ) ) ( ADJP ( NN subject ) ( PP ( TO to ) ( NP ( NP ( NN approval ) ) ( PP ( IN of ) ( NP ( NN union ) ( NNS members ) ) ) ) ) ) ) ( VP ( MD would ) ( VP ( VB cover ) ( NP ( QP ( IN about ) ( CD 6,000 ) ) ( NNS workers ) ) ) ) )

The agreement subject to approval of union members would cover about 6,000 workers


( S ( NP-SBJ ( DT The ) ( JJ tentative ) ( NN agreement ) ) ( VP ( VBZ provides ) ( PP-CLR ( PP ( IN for ) ( NP ( NP ( NP ( NN wage ) ( NNS increases ) ) ( PP ( IN of ) ( NP ( NP ( CD 85 ) ( NNS cents ) ) ( NP-ADV ( DT an ) ( NN hour ) ) ) ) ) ( ADJP ( JJ retroactive ) ( PP ( TO to ) ( NP ( NNP Sept. ) ( CD 25 ) ( CD 1989 ) ) ) ) ) ) ( CC and ) ( PP ( IN for ) ( NP ( NP ( NP ( NNS increases ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 19 ) ( NNS cents ) ) ( NP ( CD 70 ) ( NNS cents ) ) ( CC and ) ( NP ( CD 35 ) ( NNS cents ) ) ) ( NP-ADV ( DT an ) ( NN hour ) ) ) ) ) ( ADJP ( JJ effective ) ( NP-TMP ( NP ( NNP Jan. ) ( CD 1 ) ( CD 1991 ) ( CD 1992 ) ( CC and ) ( CD 1993 ) ) ( ADJP ( RB respectively ) ) ) ) ) ) ) ) )

The tentative agreement provides for wage increases of 85 cents an hour retroactive to Sept. 25 1989 and for increases of 19 cents 70 cents and 35 cents an hour effective Jan. 1 1991 1992 and 1993 respectively


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ provides ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( NN benefit ) ( NNS adjustments ) ) ( PP ( VBG including ) ( NP ( NP ( DT a ) ( JJ partial ) ( NN restoration ) ) ( PP ( IN of ) ( NP ( NNS vacations ) ( CC and ) ( NNS holidays ) ) ) ) ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NN work-rule ) ( NNS changes ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( NN productivity ) ) ) ) ) ) ) ) ) )

It also provides for benefit adjustments including a partial restoration of vacations and holidays as well as work-rule changes to increase productivity


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP want ) ( NP ( NP ( JJ late-night ) ( NNS shuttles ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN biology ) ( NNS labs ) ) ) ) ) )

They want late-night shuttles to the biology labs


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP want ) ( NP ( DT a ) ( JJ 24-hour ) ( NN library ) ) ) )

They want a 24-hour library


( S ( CC And ) ( PP ( IN like ) ( NP ( NN college ) ( NNS radicals ) ( RB everywhere ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG talking ) ( PP-CLR ( IN about ) ( NP ( NP ( DT a ) ( NN demonstration ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NNS protesters ) ) ( VP ( MD would ) ( VP ( VP ( VB gather ) ( ADVP-MNR ( RB quietly ) ) ( PP-LOC ( IN near ) ( NP ( DT the ) ( NN science ) ( NN building ) ) ) ) ( CC and ) ( VP ( VB raise ) ( NP ( PRP$ their ) ( NNS hands ) ) ( NP-MNR ( NN classroom ) ( NN style ) ) ) ) ) ) ) ) ) ) ) )

And like college radicals everywhere they are talking about a demonstration where protesters would gather quietly near the science building and raise their hands classroom style


( S ( NP-SBJ ( JJ Such ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN fiber ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN wool ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( JJ woolly ) ( NNS intellectuals ) ) ( VP ( VBP let ) ( VP ( VB fly ) ( PP-LOC ( IN at ) ( NP ( NP ( NNS gatherings ) ) ( PP ( IN of ) ( NP ( NP ( NNP Harvard ) ( NNP University ) ( POS 's ) ) ( NP ( NP ( NP ( JJ new ) ( NNP Society ) ) ( PP ( IN of ) ( NP ( NNPS Nerds ) ( CC and ) ( NNPS Geeks ) ) ) ) ( CC or ) ( NP ( NNP SONG ) ) ) ) ) ) ) ) ) ) ) ) ) )

Such is the fiber of the wool that woolly intellectuals let fly at gatherings of Harvard University 's new Society of Nerds and Geeks or SONG


( S ( S ( NP-SBJ ( NNS SONGsters ) ) ( VP ( VBP are ) ( ADJP-PRD ( ADJP ( JJ mad ) ) ( PP ( IN as ) ( NP ( NN heck ) ) ) ( PP ( IN about ) ( NP ( NN campus ) ( NN anti-intellectualism ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( PRP it ) ) ( ADVP ( RB anymore ) ) ( PP ( ADVP ( IN at ) ( JJS least ) ) ( RB not ) ( IN without ) ( S-NOM ( VP ( VBG trying ) ( NP ( DT a ) ( JJ few ) ( ADJP ( RB really ) ( JJ neat ) ) ( NNS ideas ) ) ( ADVP-TMP ( RB first ) ) ) ) ) ) ) ) ) ) ) )

SONGsters are mad as heck about campus anti-intellectualism and they are n't going to take it anymore at least not without trying a few really neat ideas first


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP We ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN called ) ( S ( NP-SBJ ( PRP ourselves ) ) ( NP-PRD ( DT the ) ( NNP Academic ) ( NNP Intellectual ) ( NNP Society ) ) ) ) ) ) ) ( CC but ) ( S ( ADVP ( RB then ) ) ( NP-SBJ ( NN everyone ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBD said ) ( S ( INTJ ( UH Oh ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP mean ) ( NP ( DT the ) ( JJ nerd-and-geek ) ( NN club ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Leonid ) ( NNP Fridman ) ) ( NP ( NP ( NNP SONG ) ( POS 's ) ) ( NN graduate-student ) ( NN adviser ) ) ) ( VP ( VBD told ) ( NP ( NP ( CD 19 ) ( NNS attendees ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NN club ) ( POS 's ) ) ( JJ inaugural ) ( NN meeting ) ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) )

We could have called ourselves the Academic Intellectual Society but then everyone would have said Oh you mean the nerd-and-geek club Leonid Fridman SONG 's graduate-student adviser told 19 attendees at the club 's inaugural meeting earlier this month


( S ( NP-SBJ ( NN Membership ) ) ( VP ( VBZ has ) ( ADVP-TMP ( IN since ) ) ( VP ( VBN swelled ) ( PP-CLR ( TO to ) ( NP ( QP ( IN between ) ( CD 20 ) ( CC and ) ( CD 25 ) ) ) ) ) ) )

Membership has since swelled to between 20 and 25


( S ( NP-SBJ ( DT Some ) ( NNS people ) ) ( VP ( MD may ) ( VP ( VB think ) ( PP-CLR ( IN of ) ( NP ( NNS nerds ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( JJ calculator-toting ) ( RB socially ) ( JJ awkward ) ( NNS individuals ) ) ( PP ( IN with ) ( NP ( NP ( NP ( NN shirt-pocket ) ( NNS liners ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NNS pencils ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN preoccupation ) ) ( PP ( IN with ) ( NP ( NP ( NNS computers ) ) ( CC and ) ( NP ( NP ( NNS matters ) ) ( NP ( JJ numerical ) ) ) ) ) ) ) ) ) ) ) ) )

Some people may think of nerds as calculator-toting socially awkward individuals with shirt-pocket liners for their pencils and a preoccupation with computers and matters numerical


( S ( NP-SBJ ( NNS Geeks ) ) ( PP ( IN by ) ( NP ( QP ( IN at ) ( JJS least ) ( CD one ) ) ( NN definition ) ) ) ( VP ( VBP are ) ( NP-PRD ( JJ chicken-mutilating ) ( NN circus ) ( NNS freaks ) ) ) )

Geeks by at least one definition are chicken-mutilating circus freaks


( S ( CC But ) ( NP-SBJ ( NP ( NNP SONG ) ( NN founder ) ( NNP Jeremy ) ( NNP Kahn ) ) ( NP ( DT a ) ( NNP Harvard ) ( NN junior ) ) ) ( VP ( VBZ thinks ) ( PP-CLR ( IN of ) ( NP ( NNS nerds ) ( CC and ) ( NNS geeks ) ) ) ( PP-CLR ( ADVP ( JJR more ) ) ( IN as ) ( NP ( NP ( NNS nonconformists ) ) ( PP ( ADVP ( IN albeit ) ) ( IN with ) ( NP ( DT a ) ( JJ studious ) ( NN bent ) ) ) ) ) ) )

But SONG founder Jeremy Kahn a Harvard junior thinks of nerds and geeks more as nonconformists albeit with a studious bent


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN group ) ( POS 's ) ) ( JJ first ) ( NNS projects ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN procrastination ) ( JJ hot ) ( NN line ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( NNS students ) ) ( VP ( MD could ) ( VP ( VB call ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( NP ( DT an ) ( NN urge ) ( S ( VP ( TO to ) ( VP ( VB delay ) ( S ( VP ( VBG studying ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

One of the group 's first projects is a procrastination hot line that students could call when they have an urge to delay studying


( S ( NP-SBJ-1 ( DT The ) ( NN club ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( JJ nerdy ) ( NNS movies ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( NP-TTL ( JJ Real ) ( NN Genius ) ) ( SBAR ( WHPP-2 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NN physics ) ( NNS whizzes ) ) ( VP ( VBP pop ) ( NP ( NN corn ) ) ( PP-MNR ( IN with ) ( NP ( NNS lasers ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RB naturally ) ) ( NP ( NP-TTL ( NP ( DT the ) ( NN Revenge ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS Nerds ) ) ) ) ( NP ( NP ( DT a ) ( NN tale ) ) ( PP ( IN of ) ( NP ( NP ( NN college ) ( NNS males ) ) ( PP ( IN with ) ( NP ( NP ( JJ runny ) ( NNS noses ) ) ( CC and ) ( NP ( JJ ill-fitting ) ( NNS pants ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The club plans to show nerdy movies such as Real Genius in which physics whizzes pop corn with lasers and naturally the Revenge of the Nerds a tale of college males with runny noses and ill-fitting pants


( S ( NP-SBJ ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( RBR more ) ( JJ ambitious ) ( NNS goals ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB get ) ( S ( NP-SBJ ( NP ( NNP Jaime ) ( NNP Escalante ) ) ( NP ( NP ( DT the ) ( NNP Los ) ( NNP Angeles ) ( NN high-school ) ( NNS mathematics ) ( NN teacher ) ) ( VP ( VBN featured ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN film ) ) ( S-TTL ( VP ( VB Stand ) ( CC and ) ( VB Deliver ) ) ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB come ) ( PP-DIR ( TO to ) ( NP ( NNP Harvard ) ) ) ( PP ( IN for ) ( NP ( DT a ) ( NN guest ) ( NN lecture ) ) ) ) ) ) ) ) ) ) )

One of its more ambitious goals is to get Jaime Escalante the Los Angeles high-school mathematics teacher featured in the film Stand and Deliver to come to Harvard for a guest lecture


( S ( NP-SBJ ( NNS Nerds ) ( CC and ) ( NNS geeks ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBP find ) ( S ( NP-SBJ ( PRP themselves ) ) ( ADJP-PRD ( NP ( DT a ) ( RB bit ) ) ( JJ isolated ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Harvard ) ) ) ) )

Nerds and geeks sometimes find themselves a bit isolated at Harvard


( S ( ADVP ( RB So ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kahn ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( JJ high ) ( NN priority ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN given ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG creating ) ( NP ( NP ( DT a ) ( JJ computerized ) ( NN matchmaking ) ( NN service ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VBG being ) ( VP ( VBN matched ) ( PP-CLR ( IN for ) ( NP ( NN eye ) ( NN color ) ) ) ) ) ) ) ( NP-SBJ-3 ( PRP you ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN matched ) ( PP-CLR ( IN for ) ( NP ( JJ similar ) ( JJ intellectual ) ( NNS interests ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

So Mr. Kahn says high priority is being given to creating a computerized matchmaking service where instead of being matched for eye color you could be matched for similar intellectual interests


( PP ( IN For ) ( NP ( NN instance ) ) )

For instance


( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( NP-PRD ( DT a ) ( NN math ) ( NN major ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB know ) ( PP-CLR ( IN about ) ( NP ( NN psychobiology ) ) ) ) ) ) ) ) )

I 'm a math major but I want to know about psychobiology


( S ( ADVP ( NNP Hopefully ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB find ) ( NP ( NP ( NN someone ) ) ( PP-LOC ( IN in ) ( NP ( NN psychobiology ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB know ) ( NP ( NP ( JJR more ) ) ( PP ( IN about ) ( NP ( NNS mathematics ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hopefully I 'd find someone in psychobiology who wanted to know more about mathematics


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD could ) ( VP ( VB work ) ) ) )

It could work


( S ( ADVP-TMP ( RB Meanwhile ) ) ( VP ( VBG finding ) ( NP ( NP ( DT a ) ( NN volunteer ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB write ) ( NP ( DT the ) ( NN computer ) ( NN program ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( NN problem ) ) ) )

Meanwhile finding a volunteer to write the computer program is n't a problem


( S ( NP-SBJ ( NNP General ) ( NNPS Motors ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( ADVP-MNR ( RB temporarily ) ) ( VP ( VB idle ) ( NP ( PRP$ its ) ( NP ( NP ( NNP Arlington ) ) ( NP ( NNP Texas ) ) ) ( NN assembly ) ( NN plant ) ) ( PP-TMP ( IN for ) ( NP ( CD one ) ( NN week ) ) ) ( PP-TMP ( NN beginning ) ( NP ( NNP Monday ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( JJ slow ) ( NNS sales ) ) ) ) ) ) ) ) )

General Motors Corp. said it will temporarily idle its Arlington Texas assembly plant for one week beginning Monday because of slow sales


( S ( NP-SBJ ( DT The ) ( NN closing ) ) ( VP ( MD will ) ( VP ( VP ( VB affect ) ( NP ( QP ( IN about ) ( CD 3,000 ) ) ( NNS workers ) ) ) ( CC and ) ( VP ( VB eliminate ) ( NP ( NP ( NN production ) ) ( PP ( IN of ) ( NP ( CD 700 ) ( NNS cars ) ) ) ) ) ) ) )

The closing will affect about 3,000 workers and eliminate production of 700 cars


( S ( NP-SBJ ( DT The ) ( NN assembly ) ( NN plant ) ) ( VP ( VBZ builds ) ( NP ( DT the ) ( NX ( NX ( NNP Cadillac ) ( NNP DeVille ) ) ( NX ( NNP Chevrolet ) ( NNP Caprice ) ) ( CC and ) ( NX ( NNP Oldsmobile ) ( NNP Cutlass ) ( NNP Ciera ) ( NNP Wagon ) ) ) ) ) )

The assembly plant builds the Cadillac DeVille Chevrolet Caprice and Oldsmobile Cutlass Ciera Wagon


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NP ( NNP GM ) ( POS 's ) ) ( NNP Truck ) ( CC & ) ( NNP Bus ) ( NNP Group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ slow ) ( NNS sales ) ) ( VP ( VBP are ) ( VP ( VBG forcing ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB close ) ( NP ( PRP$ its ) ( NNP Detroit ) ( NN assembly ) ( NN plant ) ) ( NP-TMP ( NP ( DT the ) ( NN week ) ) ( PP ( VBG beginning ) ( NP ( NNP Monday ) ) ) ) ) ) ) ) ) ) ) ) )

In addition GM 's Truck & Bus Group said slow sales are forcing it to close its Detroit assembly plant the week beginning Monday


( S ( S ( NP-SBJ ( DT The ) ( NN plant ) ) ( VP ( VBZ builds ) ( NP ( NP ( NNS chassis ) ) ( PP ( IN for ) ( NP ( JJ recreational ) ( NNS vehicles ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( QP ( IN about ) ( CD 450 ) ) ( NNS workers ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN affected ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN closing ) ) ) ) ) ) ) )

The plant builds chassis for recreational vehicles and about 450 workers will be affected by the closing


( S ( NP-SBJ ( DT The ) ( ADJP ( NN No. ) ( CD 1 ) ) ( NN auto ) ( NN maker ) ) ( VP ( VBD scheduled ) ( NP ( NN overtime ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP-LOC ( IN at ) ( NP ( NP ( PRP$ its ) ( NP ( NP ( NNP Janesville ) ) ( NP ( NNP Wis. ) ) ) ( NN assembly ) ( NN plant ) ) ( NP ( NP ( NN manufacturer ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Chevrolet ) ( NNP Cavalier ) ) ) ) ) ) ) )

The No. 1 auto maker scheduled overtime this week at its Janesville Wis. assembly plant manufacturer of the Chevrolet Cavalier


( S ( NP-SBJ-1 ( DT The ) ( CD nine ) ( JJ major ) ( NNP U.S. ) ( NN auto ) ( NNS makers ) ) ( VP ( VBP plan ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( CD 147,121 ) ( NNS vehicles ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( ADVP ( ADVP ( RB down ) ( NP ( CD 9.6 ) ( NN % ) ) ( PP ( IN from ) ( NP ( DT the ) ( CD 162,767 ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ( CC but ) ( ADVP ( ADVP ( NP ( CD 2.5 ) ( NN % ) ) ( JJR higher ) ) ( PP ( IN than ) ( NP ( NP ( JJ last ) ( NN week ) ( POS 's ) ) ( CD 143,534 ) ) ) ) ) ) ) ) ) )

The nine major U.S. auto makers plan to build 147,121 vehicles this week down 9.6 % from the 162,767 a year ago but 2.5 % higher than last week 's 143,534


( S ( NP-SBJ ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ) ( VP ( VBD slated ) ( NP ( NN overtime ) ) ( ADVP ( RB again ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NP ( NP ( NP ( NNP Wixom ) ) ( NP ( NNP Mich. ) ) ) ( NP ( NP ( NNP Wayne ) ) ( NP ( NNP Mich. ) ) ) ( NP ( NP ( NNP Kansas ) ( NNP City ) ) ( NP ( NNP Mo. ) ) ) ( CC and ) ( NP ( NP ( NNP Norfolk ) ) ( NP ( NNP Va. ) ) ) ) ( NN assembly ) ( NNS plants ) ) ) ) )

Ford Motor Co. slated overtime again this week at its Wixom Mich. Wayne Mich. Kansas City Mo. and Norfolk Va. assembly plants


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP build ) ( NP ( NP ( DT the ) ( NX ( NX ( NNP Lincoln ) ( NNP Town ) ( NNP Car ) ) ( NX ( NNP Continental ) ) ( CC and ) ( NX ( NNP Mark ) ( NNP VII ) ) ) ) ( NP ( DT the ) ( NNP Ford ) ( NNP Escort ) ) ( CC and ) ( NP ( JJ full-sized ) ( NN pickup ) ( NNS trucks ) ) ) ) )

They build the Lincoln Town Car Continental and Mark VII the Ford Escort and full-sized pickup trucks


( S ( NP-SBJ ( NNP Chrysler ) ( NNP Corp. ) ) ( VP ( VBD scheduled ) ( NP ( RB overtime ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( NP ( NP ( NNP St. ) ( NNP Louis ) ( NNP Assembly ) ( NNP Plant ) ( NN No. ) ( CD 2 ) ) ( NP ( NP ( NP ( NNP Newark ) ) ( NP ( NNP Del. ) ) ) ( CC and ) ( NP ( NP ( NNP Sterling ) ( NNP Heights ) ) ( NP ( NNP Mich. ) ) ) ( NN assembly ) ( NNS plants ) ) ) ) ) ) )

Chrysler Corp. scheduled overtime this week at its St. Louis Assembly Plant No. 2 Newark Del. and Sterling Heights Mich. assembly plants


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP build ) ( NP ( NP ( JJ extended ) ( NNS minivans ) ) ( CC and ) ( NP ( DT the ) ( NX ( NX ( NNP Dodge ) ( NNP Spirit ) ) ( NX ( NNP Acclaim ) ) ( NX ( NNP Shadow ) ) ( CC and ) ( NX ( NNP Sundance ) ) ) ) ) ) )

They build extended minivans and the Dodge Spirit Acclaim Shadow and Sundance


( S ( LST ( LS d ) ) ( NP-SBJ ( NN Percentage ) ( NN change ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJR greater ) ( PP ( IN than ) ( NP ( CD 999 ) ( NN % ) ) ) ) ) )

d Percentage change is greater than 999 %


( NP ( LST ( LS e ) ) ( NP ( VBN Estimated ) ) )

e Estimated


( S ( LST ( LS f ) ) ( VP ( VBZ Includes ) ( NP ( NP ( NNP Chevrolet ) ( NNP Prizm ) ) ( CC and ) ( NP ( NNP Toyota ) ( NNP Corolla ) ) ) ) )

f Includes Chevrolet Prizm and Toyota Corolla


( NP ( LST ( LS r ) ) ( NP ( VBN Revised ) ) )

r Revised


( S ( LST ( LS x ) ) ( NP-SBJ ( JJ Year-to-date ) ( CD 1988 ) ( NN figure ) ) ( VP ( VBZ includes ) ( NP ( NP ( NN Volkswagen ) ( NN domestic-production ) ) ( PP ( IN through ) ( NP ( NNP July ) ) ) ) ) )

x Year-to-date 1988 figure includes Volkswagen domestic-production through July


( S ( NP-SBJ ( DT The ) ( JJ Philippine ) ( NN government ) ) ( VP ( VBD awarded ) ( NP ( NP ( NN Finland ) ( POS 's ) ) ( NNP Outokumpu ) ( NNP Oy ) ) ( NP ( DT the ) ( NN contract ) ( S ( VP ( TO to ) ( VP ( VB upgrade ) ( NP ( NP ( DT the ) ( NNS facilities ) ) ( PP ( IN of ) ( NP ( NNP Philippine ) ( NNP Associated ) ( NNP Smelting ) ( CC & ) ( NNP Refining ) ( NNP Corp. ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS documents ) ) ( PP ( IN from ) ( NP ( NP ( NNP National ) ( NNP Development ) ( NNP Corp. ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP Philippine ) ( NN company ) ( POS 's ) ) ( NNS owners ) ) ) ) ) ) ) ) ) ) )

The Philippine government awarded Finland 's Outokumpu Oy the contract to upgrade the facilities of Philippine Associated Smelting & Refining Corp. according to documents from National Development Corp. one of Philippine company 's owners


( S ( NP-SBJ-1 ( DT The ) ( NN project ) ) ( VP ( VP ( VBZ costs ) ( NP ( QP ( CD 46.8 ) ( CD million ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN intended ) ( S ( VP ( TO to ) ( VP ( VB boost ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN production ) ( NN capacity ) ) ( PP-EXT ( IN by ) ( NP ( CD 25 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 34,500 ) ( JJ metric ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( NN copper ) ( NN cathode ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) )

The project costs 46.8 million and is intended to boost the company 's production capacity by 25 % to 34,500 metric tons of copper cathode a year


( S ( NP-SBJ ( NNP Outokumpu ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NN mining ) ( NN trading ) ( CC and ) ( NN construction ) ( NN concern ) ) ) )

Outokumpu is a mining trading and construction concern


( S ( NP-SBJ ( NNP Shell ) ( NNP Canada ) ( NNP Ltd. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( DT a ) ( NNS lubricants ) ( NN blending ) ( CC and ) ( NN packaging ) ( NN plant ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Brockville ) ) ( NP ( NNP Ontario ) ) ) ) ( SBAR ( IN with ) ( S ( NP-SBJ-2 ( NNS start-up ) ) ( VP ( VBN scheduled ) ( PP-TMP-CLR ( IN for ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shell Canada Ltd. said it plans to build a lubricants blending and packaging plant at Brockville Ontario with start-up scheduled for 1992


( S ( NP-SBJ ( DT A ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN plant ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB replace ) ( NP ( NP ( JJR older ) ( NN lubricant ) ( CC and ) ( NN grease ) ( NN manufacturing ) ( NNS plants ) ) ( PP-LOC ( IN in ) ( NP ( NNP Montreal ) ( CC and ) ( NNP Toronto ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB cost ) ( NP ( NP ( QP ( IN about ) ( CD 50 ) ( CD million ) ) ( JJ Canadian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 42.5 ) ( CD million ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB build ) ) ) ) ) ) ) ) ) )

A spokesman said the plant which will replace older lubricant and grease manufacturing plants in Montreal and Toronto will cost about 50 million Canadian dollars 42.5 million to build


( S ( NP-SBJ ( NNP Brockville ) ) ( VP ( VBZ is ) ( ADVP-PRD ( NP ( QP ( IN about ) ( CD 100 ) ) ( NNS miles ) ) ( RB east ) ( PP ( IN of ) ( NP ( NNP Toronto ) ) ) ) ) )

Brockville is about 100 miles east of Toronto


( S ( NP-SBJ ( NP ( NNP Shell ) ( NNP Canada ) ) ( NP ( DT an ) ( NN oil ) ( CC and ) ( NN gas ) ( NN producer ) ( CC and ) ( NN marketer ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NP ( NNP Royal ) ( NNP Dutch\/Shell ) ( NNP Group ) ) ( NP ( DT an ) ( JJ Anglo-Dutch ) ( NN concern ) ) ) ) ) ) )

Shell Canada an oil and gas producer and marketer is a unit of Royal Dutch\/Shell Group an Anglo-Dutch concern


( S ( NP-SBJ ( NP ( NNP Unocal ) ( NNP Corp. ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( PRP$ its ) ( JJ Norwegian ) ( NN oil ) ( CC and ) ( NN gas ) ( NNS interests ) ) ( PP-PUT ( RP up ) ( PP ( IN for ) ( NP ( NN sale ) ) ) ) ( ADVP-TMP ( RBR earlier ) ( NP ( DT this ) ( NN week ) ) ) ) ) ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( DT another ) ( NN step ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ strategic ) ( NN review ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS properties ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ shows ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ few ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( JJ sacred ) ( NNS cows ) ) ) ) ) ) ) )

Unocal Corp. 's decision to put its Norwegian oil and gas interests up for sale earlier this week is another step in the company 's strategic review of its properties and shows that few of them are sacred cows


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB estimate ) ( NP ( NP ( DT the ) ( NN value ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Norwegian ) ( NN holding ) ) ) ) ) ) ) ) )

The company declined to estimate the value of the Norwegian holding


( S ( CC But ) ( NP-SBJ ( NP ( NNP Eugene ) ( NNP L. ) ( NNP Nowak ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ( NNP Inc. ) ) ) ) ) ( VP ( VBN forecast ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN sale ) ) ( VP ( MD will ) ( VP ( VB bring ) ( PRT ( RP in ) ) ( UCP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ( CC or ) ( ADJP ( RB substantially ) ( JJR more ) ) ) ) ) ) ) ) )

But Eugene L. Nowak an analyst at Dean Witter Reynolds Inc. forecast that the sale will bring in 200 million or substantially more


( S ( NP-SBJ ( DT The ) ( VBN proposed ) ( NN transaction ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS latest ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN redeployment ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NNP Los ) ( JJ Angeles-based ) ( NN oil ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ has ) ( VP ( VBN included ) ( NP ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 200 ) ( CD million ) ) ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN headquarters ) ( NN property ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( VBG pending ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Chicago ) ( NN refinery ) ( CC and ) ( JJ related ) ( NN marketing ) ( NNS operations ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NNP Petroleos ) ( FW de ) ( NNP Venezuela ) ( NNP S.A ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The proposed transaction is the latest in a redeployment of assets by the Los Angeles-based oil company that has included the 200 million sale of its headquarters property and the pending sale of half of its Chicago refinery and related marketing operations to Petroleos de Venezuela S.A


( S ( NP-SBJ ( NNP Mr. ) ( NNP Nowak ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ attaches ) ( NP ( JJ particular ) ( NN importance ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( VBN proposed ) ( NN sale ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ suggests ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NP ( NN oil ) ( CC and ) ( NN gas ) ( NNS assets ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( RB n't ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ major ) ( JJ strategic ) ( NNS strengths ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Nowak said he attaches particular importance to the proposed sale because it suggests that the company is willing to sell oil and gas assets that are n't part of its major strategic strengths


( S ( NP-SBJ ( NNP Unocal ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB complete ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Unocal ) ( NNP Norge ) ( NNP A\/S ) ( NN unit ) ) ) ) ( PP-TMP ( IN by ) ( NP ( JJ next ) ( NNP March ) ( CC or ) ( NNP April ) ) ) ) ) ) ) ) ) ) )

Unocal said it expects to complete the sale of its Unocal Norge A\/S unit by next March or April


( S ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( ADJP ( CD 18 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Veslefrikk ) ( JJ offshore ) ( NN field ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ Norwegian ) ( NN unit ) ) ( VP ( VBZ has ) ( NP ( NP ( NNS interests ) ) ( VP ( VBG ranging ) ( PP ( PP ( IN from ) ( NP ( CD 10 ) ( NN % ) ) ) ( PP ( TO to ) ( NP ( CD 25 ) ( NN % ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( CD three ) ( JJ other ) ( JJ Norwegian ) ( NN oil ) ( CC and ) ( NN gas ) ( NN production ) ( NNS licenses ) ) ) ) ) )

In addition to an 18 % stake in the Veslefrikk offshore field the Norwegian unit has interests ranging from 10 % to 25 % in three other Norwegian oil and gas production licenses


( S ( PP-TMP ( IN In ) ( NP ( CD 1986 ) ) ) ( NP-SBJ ( NNP Unocal ) ) ( VP ( VBD sold ) ( NP ( NP ( DT a ) ( ADJP ( CD 7.5 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Veslefrikk ) ( NN field ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( NNP Deutsche ) ( NNP Erdolversorgungs ) ( NNP G.m.b ) ( NNP H. ) ) ( NP ( DT a ) ( JJ West ) ( JJ German ) ( NN oil ) ( NN company ) ) ) ) ( PP-CLR ( IN for ) ( NP ( DT an ) ( JJ undisclosed ) ( NN amount ) ) ) ) )

In 1986 Unocal sold a 7.5 % stake in the Veslefrikk field to Deutsche Erdolversorgungs G.m.b H. a West German oil company for an undisclosed amount


( S ( PP-TMP ( IN In ) ( NP ( CD 1987 ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( NP ( DT a ) ( ADJP ( CD 2.5 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Veslefrikk ) ( NN field ) ) ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( JJ Swedish ) ( JJ national ) ( NN oil ) ( NN company ) ) ) ( S-ADV ( VP ( VBG resulting ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( ADJP ( QP ( CD 7 ) ( CD million ) ) ) ( JJ after-tax ) ( NN gain ) ) ) ) ) ) )

In 1987 it sold a 2.5 % stake in the Veslefrikk field to the Swedish national oil company resulting in a 7 million after-tax gain


( S ( ADVP ( RB However ) ) ( NP-SBJ ( DT those ) ( NNS sales ) ) ( VP ( VBD were ) ( ADVP-TMP-PRD ( JJ early ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN field ) ( POS 's ) ) ( NN history ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ-1 ( NN production ) ( NN equipment ) ) ( VP ( VBD was ) ( VP ( VBN installed ) ) ) ) ) ) )

However those sales were early in the field 's history before production equipment was installed


( S ( NP-SBJ-1 ( DT The ) ( NN field ) ) ( VP ( VP ( VBZ is ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBG being ) ( VP ( VBN developed ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN slated ) ( S ( VP ( TO to ) ( VP ( VB start ) ( NP ( NN production ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

The field is currently being developed and is slated to start production by the end of the year


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ 's ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( QP ( IN about ) ( CD 62,000 ) ) ( NNS barrels ) ) ( PP-TMP ( IN per ) ( NP ( NN day ) ) ) ) ) ) ) ) ) )

It 's expected to produce about 62,000 barrels per day


( S ( NP-SBJ ( DT A ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP Veslefrikk ) ( NN field ) ( POS 's ) ) ( JJ gross ) ( NNS reserves ) ) ( VP ( VBD were ) ( VP ( VBN estimated ) ( PP-TMP ( IN in ) ( NP ( CD 1987 ) ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 229 ) ( CD million ) ) ( NNS barrels ) ) ) ) ) ) ) ) )

A company spokesman said the Veslefrikk field 's gross reserves were estimated in 1987 at 229 million barrels


( S ( ADVP ( RB However ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT that ) ( NN estimate ) ) ( VP ( VBN made ) ( PP-TMP ( IN before ) ( NP ( JJ extensive ) ( NN development ) ( NN drilling ) ) ) ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN reappraised ) ) ) ) ) ) ) )

However he added that that estimate made before extensive development drilling currently is being reappraised


( S ( NP-SBJ ( DT The ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Unocal ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( NP ( JJ considerable ) ( NN interest ) ) ( PP ( IN from ) ( NP ( JJ prospective ) ( NNS buyers ) ) ) ) ) ) ) ) ) )

The spokesman said Unocal has had considerable interest from prospective buyers


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN retained ) ( NP ( NNP J. ) ( NNP Henry ) ( NNP Schroder ) ( NNP Wagg ) ( CC & ) ( NNP Co. ) ) ( PP-CLR ( IN as ) ( NP ( NP ( JJ financial ) ( NN adviser ) ( CC and ) ( NN agent ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN sale ) ) ) ) ) ) ) )

The company has retained J. Henry Schroder Wagg & Co. as financial adviser and agent for the sale


( S ( NP-SBJ ( NNP W.R. ) ( NNP Grace ) ( CC & ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD formed ) ( NP ( DT a ) ( JJ new ) ( NNS horticultural-products ) ( NN company ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG combining ) ( NP ( PRP$ its ) ( NNS soil-nutrients ) ( CC and ) ( NNS fertilizers ) ( NN business ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NNP Sierra ) ( NNP Chemical ) ( NNP Co. ) ) ( NP-LOC ( NP ( NNP Milpitas ) ) ( NP ( NNP Calif ) ) ) ) ) ) ) ) ) ) ) ) )

W.R. Grace & Co. said it formed a new horticultural-products company by combining its soil-nutrients and fertilizers business with Sierra Chemical Co. Milpitas Calif


( S ( NP-SBJ ( NP ( NNP Grace ) ) ( NP ( NP ( DT a ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN specialty ) ( NNS chemicals ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB already ) ) ( VP ( VBD owned ) ( NP ( NP ( QP ( IN about ) ( CD 30 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( ADJP ( RB closely ) ( JJ held ) ) ( NNP Sierra ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ owns ) ( NP ( NP ( DT a ) ( ADJP ( CD 49 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN company ) ) ) ) ) ) ) ) )

Grace a maker of specialty chemicals that already owned about 30 % of closely held Sierra said it owns a 49 % stake in the new company


( S ( NP-SBJ ( NNP Grace ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB invest ) ( NP ( DT any ) ( JJ additional ) ( NN capital ) ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN venture ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( NNP Grace-Sierra ) ( NNP Horticultural ) ( NNPS Products ) ( NNP Co ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Grace said it did n't invest any additional capital in the venture which will be known as Grace-Sierra Horticultural Products Co


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN business ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 100 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1990 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Grace ) ) ( VP ( VBD said ) ) )

The business is expected to have sales of about 100 million in 1990 Grace said


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ new ) ( NN company ) ( POS 's ) ) ( NN product ) ( NNS lines ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN aimed ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS nurseries ) ) ( NP ( NNS greenhouses ) ) ( CC and ) ( NP ( DT the ) ( NN lawn ) ( CC and ) ( NN garden ) ( NN industry ) ) ) ) ) ) ) )

The new company 's product lines will be aimed at nurseries greenhouses and the lawn and garden industry


( S ( NP-SBJ ( NNP Moscom ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( VBD approved ) ( NP ( NP ( DT the ) ( NN repurchase ) ) ( PP ( IN of ) ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 300,000 ) ) ( JJ common ) ( NNS shares ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN market ) ( NNS conditions ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ suitable ) ) ) ) ) ) ) ) ) )

Moscom Corp. said its board approved the repurchase of as many as 300,000 common shares when market conditions are suitable


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN telecommunications ) ( NN management ) ( NNS systems ) ) ) ) ( VP ( VBD had ) ( NP ( NP ( CD 6,420,268 ) ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) )

The maker of telecommunications management systems had 6,420,268 shares outstanding as of Sept. 30


( S ( PP-LOC ( IN In ) ( NP ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Moscom ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 4.375 ) ) ) ( ADVP ( RB up ) ( NP ( CD 37.5 ) ( NNS cents ) ) ) ) )

In over-the-counter trading yesterday Moscom closed at 4.375 up 37.5 cents


( S ( NP-SBJ ( NNP Poughkeepsie ) ( NNPS Savings ) ( NNP Bank ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT a ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP South ) ( NNP Carolina ) ( NN branch ) ( NNS offices ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP First ) ( NNPS Citizens ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NP ( NNP Columbia ) ) ( NP ( NNP S.C. ) ) ) ) ) ) ) ) ) ) ( VP ( VBD fell ) ( PRT ( RP through ) ) ) ) ) ) )

Poughkeepsie Savings Bank said a plan to sell its South Carolina branch offices to First Citizens Bank of Columbia S.C. fell through


( S ( NP-SBJ-1 ( NNP Poughkeepsie ) ) ( ADVP ( RB also ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB post ) ( NP ( NP ( DT a ) ( JJ one-time ) ( NN charge ) ) ( PP ( IN of ) ( NP ( QP ( CD 8.3 ) ( CD million ) ) ) ) ) ( S-ADV ( VP ( VBG resulting ) ( PP-CLR ( IN in ) ( NP ( NP ( DT a ) ( JJ net ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) )

Poughkeepsie also expects to post a one-time charge of 8.3 million resulting in a net loss for the third quarter


( S ( NP-SBJ ( DT The ) ( NN charge ) ) ( VP ( VBZ represents ) ( NP ( NP ( DT a ) ( NN write-down ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN goodwill ) ) ( VP ( VBN associated ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( NNP Poughkeepsie ) ( POS 's ) ) ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NP ( DT the ) ( NNS banks ) ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB sell ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( PRP$ its ) ( NNP North ) ( NNP Carolina ) ( NNS branches ) ) ) ( ADVP ( RB as ) ( RB well ) ) ) ) ) ) ) ) ) ) )

The charge represents a write-down of the goodwill associated with Poughkeepsie 's investment in the banks it is trying to sell and its North Carolina branches as well


( S ( NP-SBJ ( DT The ) ( NN thrift ) ) ( VP ( VBD announced ) ( NP ( DT the ) ( NN plan ) ) ( NP-TMP ( NNP Aug. ) ( CD 21 ) ) ) )

The thrift announced the plan Aug. 21


( S ( S-TPC-2 ( PP ( IN Among ) ( NP ( JJ other ) ( NNS reasons ) ) ) ( NP-SBJ ( NP ( JJ high ) ( NNS fees ) ) ( SBAR ( S ( NP-SBJ ( NNS regulators ) ) ( VP ( VBN imposed ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ certain ) ( NNS transfers ) ) ( PP ( IN of ) ( NP ( NN thrift ) ( NNS deposits ) ) ) ( PP ( TO to ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ) ) ) ) ) ) ( VP ( ADVP-MNR ( RB substantially ) ) ( VBD altered ) ( NP ( NP ( DT the ) ( NNS economics ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ( PP ( IN for ) ( NP ( DT both ) ( NNS parties ) ) ) ) ) ( NP-SBJ ( NNP Poughkeepsie ) ) ( VP ( VBD said ) ) )

Among other reasons high fees regulators imposed on certain transfers of thrift deposits to commercial banks substantially altered the economics of the transaction for both parties Poughkeepsie said


( S ( ADVP ( RB Additionally ) ) ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBZ is ) ( VP ( VBG increasing ) ( NP ( PRP$ its ) ( NN loan-loss ) ( NNS reserves ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-MNR ( IN by ) ( NP ( QP ( CD 8.5 ) ( CD million ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NNS taxes ) ) ) ) ) )

Additionally the bank is increasing its loan-loss reserves for the third quarter by 8.5 million before taxes


( S ( PP-LOC ( IN In ) ( NP ( DT the ) ( JJ year-earlier ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Poughkeepsie ) ( NNPS Savings ) ) ( VP ( VBD had ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 2.8 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 77 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) )

In the year-earlier third quarter Poughkeepsie Savings had net income of 2.8 million or 77 cents a share


( S ( NP-SBJ ( NNP Poughkeepsie ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP itself ) ) ( PP-LOC ( IN under ) ( NP ( NP ( DT a ) ( NNP June ) ( NN agreement ) ) ( PP ( IN with ) ( NP ( DT a ) ( NN dissident-shareholder ) ( NN group ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Poughkeepsie said it is continuing to try to sell itself under a June agreement with a dissident-shareholder group


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN effort ) ) ( VP ( MD would ) ( VP ( VB continue ) ( PP-TMP ( IN past ) ( NP ( NP ( DT the ) ( NNP Nov. ) ( CD 1 ) ( NN deadline ) ) ( VP ( VBN set ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN agreement ) ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN litigation ) ) ( PP ( IN between ) ( NP ( DT the ) ( CD two ) ( NNS sides ) ) ) ) ( VP ( MD might ) ( VP ( VB resume ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN result ) ) ) ) ) ) ) ) ) )

The bank also said its effort would continue past the Nov. 1 deadline set in that agreement and that the litigation between the two sides might resume as a result


( S ( NP-SBJ ( NP ( DT The ) ( NN thrift ) ) ( CC and ) ( NP ( DT the ) ( NNS holders ) ) ) ( VP ( VBD had ) ( VP ( VBN suspended ) ( NP ( PRP$ their ) ( NNS lawsuits ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ) ) )

The thrift and the holders had suspended their lawsuits as part of the agreement


( S ( NP-SBJ-1 ( NP ( NNS Billions ) ) ( PP ( IN of ) ( NP ( NP ( NNS investors ) ( POS ' ) ) ( NNS dollars ) ) ) ) ( VP ( VBP are ) ( VP ( VBG pouring ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( NN junk-bond ) ( JJ mutual ) ( NNS funds ) ) ) ) ( S-ADV ( VP ( VBG undermining ) ( NP ( NP ( DT a ) ( NN pillar ) ) ( PP ( IN of ) ( NP ( NN support ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( ADJP ( RB already ) ( VBG reeling ) ) ( NN junk ) ( NN market ) ) ) ) ) ) ) ) )

Billions of investors ' dollars are pouring out of the nation 's junk-bond mutual funds undermining a pillar of support in the already reeling junk market


( S ( NP-TMP ( NP ( JJ Last ) ( NN week ) ) ( NP ( RB alone ) ) ) ( NP-SBJ ( NP ( DT an ) ( ADJP ( JJ eye-popping ) ( QP ( CD 1.6 ) ( CD billion ) ) ) ) ) ( VP ( VBD flowed ) ( PP-DIR ( RB out ) ( PP ( IN of ) ( NP ( DT the ) ( NN junk ) ( NNS funds ) ) ) ) ( NP-1 ( CC or ) ( NP ( NP ( QP ( RB nearly ) ( CD 5 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ total ) ( NNS assets ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNS estimates ) ) ( PP ( IN by ) ( NP ( NP ( NNP Dalbar ) ( NNP Financial ) ( NNP Services ) ( NNP Inc. ) ) ( NP ( DT a ) ( NNP Boston ) ( NN research ) ( NN firm ) ) ) ) ) ) ) ) )

Last week alone an eye-popping 1.6 billion flowed out of the junk funds or nearly 5 % of their total assets according to estimates by Dalbar Financial Services Inc. a Boston research firm


( S ( S-TPC-1 ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS months ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( CD 88 ) ( NN junk ) ( NNS funds ) ) ( VP ( VBP have ) ( VP ( VBN lost ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( NP ( QP ( IN about ) ( CD 6 ) ( CD billion ) ) ) ( PRN ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 15 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( NNS sales ) ( CC or ) ( NNS transfers ) ) ( PP ( IN of ) ( NP ( NN junk-fund ) ( NNS shares ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Dalbar ) ) ( VP ( VBZ says ) ) )

In the past two months the nation 's 88 junk funds have lost a total of about 6 billion more than 15 % of assets through sales or transfers of junk-fund shares Dalbar says


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD made ) ( NP ( DT the ) ( NNS estimates ) ) ( PP-MNR ( VBN based ) ( PP ( IN on ) ( NP ( NP ( NNS data ) ) ( VP ( VBN collected ) ( PP-CLR ( IN from ) ( NP ( QP ( JJR more ) ( IN than ) ( DT a ) ( NN dozen ) ) ( JJ big ) ( NN junk ) ( NNS funds ) ) ) ) ) ) ) ) )

It made the estimates based on data collected from more than a dozen big junk funds


( S ( NP-SBJ ( NP ( NNS Interviews ) ) ( PP ( IN with ) ( NP ( NP ( CD three ) ( JJ major ) ( NN fund ) ( NNS groups ) ) ( PRN ( NP ( NP ( NNP Fidelity ) ( NNPS Investments ) ) ( NP ( NNP Vanguard ) ( NNP Group ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNPS Associates ) ( NNP Inc. ) ) ) ) ) ) ) ( VP ( VBP confirm ) ( NP ( DT the ) ( NN trend ) ) ) )

Interviews with three major fund groups Fidelity Investments Vanguard Group Inc. and T. Rowe Price Associates Inc. confirm the trend


( S ( NP-SBJ ( NP ( PRP$ Their ) ( NN junk ) ( NNS funds ) ) ( VP ( VBN combined ) ) ) ( VP ( VBP have ) ( VP ( VBN had ) ( NP ( NP ( JJ net ) ( NNS outflows ) ) ( VP ( VBG totaling ) ( NP ( NP ( QP ( RB nearly ) ( CD 500 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( QP ( IN about ) ( CD 13 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN junk ) ( NN fund ) ( NNS assets ) ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS months ) ) ) ) ) )

Their junk funds combined have had net outflows totaling nearly 500 million or about 13 % of their junk fund assets in the past two months


( S ( NP-SBJ ( DT Some ) ( NN fund ) ( NNS managers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( JJ negative ) ( NN publicity ) ) ( VP ( VBZ has ) ( VP ( VBN exacerbated ) ( NP ( NP ( NP ( NNS investors ) ( POS ' ) ) ( NN concern ) ) ( PP ( IN about ) ( NP ( NP ( JJ recent ) ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( NN junk-bond ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) )

Some fund managers say negative publicity has exacerbated investors ' concern about recent declines in junk-bond prices


( S ( S-TPC-1 ( NP-SBJ ( NNS People ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VP ( VBG seeing ) ( NP ( NP ( NN headline ) ) ( PP ( IN after ) ( NP ( NP ( NN headline ) ) ( PP ( IN after ) ( NP ( NN headline ) ) ) ) ) ) ) ( CC and ) ( VP ( VBG saying ) ( S ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB take ) ( NP ( PRP it ) ) ( ADVP-TMP ( RB anymore ) ) ) ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( VP ( VBG getting ) ( ADVP-CLR ( RB out ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Kurt ) ( NNP Brouwer ) ) ( PP ( IN of ) ( NP ( NP ( NNP Brouwer ) ( CC & ) ( NNP Janachowski ) ) ( NP ( DT a ) ( NNP San ) ( NNP Francisco ) ( NN investment ) ( NN adviser ) ) ) ) ) )

People have been seeing headline after headline after headline and saying I ca n't take it anymore I 'm getting out says Kurt Brouwer of Brouwer & Janachowski a San Francisco investment adviser


( S ( NP-SBJ ( DT The ) ( NNS withdrawals ) ) ( VP ( MD could ) ( VP ( VB spell ) ( NP ( NP ( NN trouble ) ) ( PP ( IN for ) ( NP ( DT the ) ( ADJP ( QP ( CD 200 ) ( CD billion ) ) ) ( NN junk ) ( NN market ) ) ) ) ) ) )

The withdrawals could spell trouble for the 200 billion junk market


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( JJ heavy ) ( NNS outflows ) ) ( VP ( VBP continue ) ) ) ) ( NP-SBJ ( NN fund ) ( NNS managers ) ) ( VP ( MD will ) ( VP ( VB face ) ( NP ( VBG increasing ) ( NN pressure ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( PRT ( RP off ) ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN junk ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB pay ) ( NP ( VBG departing ) ( NNS investors ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS weeks ) ( RB ahead ) ) ) ) ) ) ) ) ) ) ) ) )

If the heavy outflows continue fund managers will face increasing pressure to sell off some of their junk to pay departing investors in the weeks ahead


( S ( NP-SBJ ( JJ Such ) ( NN selling ) ) ( VP ( MD could ) ( VP ( VB erode ) ( NP ( NP ( NNS prices ) ) ( PP ( IN of ) ( NP ( NP ( JJ high-yield ) ( NN junk ) ( NNS bonds ) ) ( VP ( ADVP-TMP ( RB already ) ) ( VBN weakened ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN rash ) ) ( PP ( IN of ) ( NP ( JJ corporate ) ( NN credit ) ( NNS problems ) ) ) ) ) ) ) ) ) ) ) )

Such selling could erode prices of high-yield junk bonds already weakened by a rash of corporate credit problems


( SINV ( S-TPC-1 ( NP-SBJ ( JJ Mutual ) ( NN fund ) ( NNS groups ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN lost ) ( NP ( NP ( NN control ) ) ( PP ( IN of ) ( NP ( NP ( RB much ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ outgoing ) ( NN money ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Louis ) ( NNP Harvey ) ) ( NP ( NP ( NNP Dalbar ) ( POS 's ) ) ( NN president ) ) ) )

Mutual fund groups have n't lost control of much of the outgoing money says Louis Harvey Dalbar 's president


( S ( NP-SBJ ( JJ Mutual ) ( NN fund ) ( NNS officials ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS investors ) ) ( VP ( VBP have ) ( VP ( VP ( VBN transferred ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP it ) ) ) ) ( PP-CLR ( IN into ) ( NP ( NP ( PRP$ their ) ( NN money ) ( NN market ) ( NNS accounts ) ) ( CC and ) ( PRN ( PP ( TO to ) ( NP ( DT a ) ( JJR lesser ) ( NN extent ) ) ) ) ( NP ( NN government-bond ) ( NNS funds ) ) ) ) ) ) ) ) ) ) )

Mutual fund officials say that investors have transferred most of it into their money market accounts and to a lesser extent government-bond funds


( S ( CC So ) ( NP-SBJ ( NP ( DT the ) ( NN impact ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( ADJP ( QP ( CD 950 ) ( CD billion ) ) ) ( JJ mutual ) ( NN fund ) ( NN industry ) ) ( PP ( IN as ) ( NP ( DT a ) ( NN whole ) ) ) ) ) ) ( ADVP ( RB probably ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ slight ) ) ) ) )

So the impact on the 950 billion mutual fund industry as a whole probably will be slight


( S ( CC But ) ( NP-SBJ ( NNS tremors ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN junk-bond ) ( NN market ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( VP ( VBN helped ) ( S ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NP ( DT the ) ( NN takeover ) ( NN boom ) ) ( PP ( IN of ) ( NP ( JJ recent ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But tremors are likely in the junk-bond market which has helped to finance the takeover boom of recent years


( S ( NP-SBJ-1 ( JJ Mutual ) ( NNS funds ) ) ( VP ( VBP are ) ( X ( DT the ) ) ( PP-PRD ( IN among ) ( NP ( NP ( DT the ) ( JJS largest ) ( NNS holders ) ) ( PP ( IN of ) ( NP ( NN junk ) ) ) ) ) ( S-ADV ( VP ( VBG accounting ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( DT a ) ( NN quarter ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ entire ) ( JJ high-yield ) ( JJ high-risk ) ( NN market ) ) ) ) ) ) ) ) )

Mutual funds are the among the largest holders of junk accounting for more than a quarter of the entire high-yield high-risk market


( S ( NP-SBJ ( NP ( DT The ) ( CD 88 ) ( JJ mutual ) ( NNS funds ) ) ( VP ( VBG investing ) ( ADVP ( RB solely ) ) ( PP-CLR ( IN in ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ) ( VP ( VBP hold ) ( NP ( NP ( NNS assets ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 32 ) ( CD billion ) ) ) ) ) ) )

The 88 mutual funds investing solely in junk bonds hold assets of about 32 billion


( S ( NP-SBJ ( JJ Other ) ( NNS funds ) ) ( VP ( VBP hold ) ( NP ( NP ( DT a ) ( NN smattering ) ) ( PP ( IN of ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( ADVP ( RB too ) ) ) )

Other funds hold a smattering of junk bonds too


( S ( NP-SBJ ( DT The ) ( ADJP ( QP ( CD 1.5 ) ( CD billion ) ) ) ( NNP Fidelity ) ( NNP High ) ( NNP Income ) ( NNP Fund ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( NP ( DT a ) ( JJ net ) ( NN outflow ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 150 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS months ) ) ) ) ) )

The 1.5 billion Fidelity High Income Fund has had a net outflow of about 150 million in the past two months


( S ( NP-SBJ ( NP ( QP ( IN About ) ( CD 60 ) ( CD million ) ) ) ) ( VP ( VBD streamed ) ( IN out ) ( NP-TMP ( JJ last ) ( NN week ) ( RB alone ) ) ( NP-2 ( NP ( ADVP ( JJ double ) ) ( DT the ) ( NN level ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN week ) ) ( VP ( VBG following ) ( NP ( NP ( JJ last ) ( NN month ) ( POS 's ) ) ( NNP Campeau ) ( NNP Corp. ) ( NN credit ) ( NN squeeze ) ) ) ) ) ) ) )

About 60 million streamed out last week alone double the level of the week following last month 's Campeau Corp. credit squeeze


( S-2 ( NP-SBJ-1 ( NP ( QP ( IN About ) ( CD 98 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN outflow ) ) ) ) ( VP ( VBD was ) ( VP ( VBN transferred ) ( PP-CLR ( TO to ) ( NP ( JJ other ) ( NNP Fidelity ) ( NNS funds ) ) ) ( PRN ( SINV ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Neal ) ( NNP Litvack ) ) ( NP ( NP ( DT a ) ( NNP Fidelity ) ( NN vice ) ( NN president ) ) ( NP ( NN marketing ) ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( JJS most ) ) ( VP ( VBG going ) ( PP-CLR ( IN into ) ( NP ( NN money ) ( NN market ) ( NNS funds ) ) ) ) ) ) ) ) )

About 98 % of the outflow was transferred to other Fidelity funds says Neal Litvack a Fidelity vice president marketing with most going into money market funds


( SINV ( S-TPC-1 ( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP get ) ( NP ( DT a ) ( NN news ) ( NN item ) ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ hits ) ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VP ( VBP have ) ( NP ( JJ strong ) ( NNS redemptions ) ) ( UCP-TMP ( NP ( IN that ) ( NN day ) ) ( CC and ) ( PP ( IN for ) ( NP ( NP ( CD two ) ( NNS days ) ) ( VP ( VBG following ) ) ) ) ) ) ( RB then ) ( VP ( VBP go ) ( ADVP-DIR ( RB back ) ( PP ( TO to ) ( ADJP ( JJ normal ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Litvack ) ) )

You get a news item it hits you have strong redemptions that day and for two days following then go back to normal says Mr. Litvack


( S ( S-TPC-2 ( NP-SBJ ( DT The ) ( NN fund ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN cash ) ( NN cushion ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN met ) ( NP ( PDT all ) ( DT the ) ( NNS redemptions ) ) ( PP-MNR ( IN without ) ( S-NOM ( VP ( VBG having ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( CD one ) ( NN thing ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Litvack ) ) ( VP ( VBZ says ) ) )

The fund with a cash cushion of more than 10 % has met all the redemptions without having to sell one thing Mr. Litvack says


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ adds ) ( S ( NP-SBJ ( PRP$ Our ) ( NN fund ) ) ( VP ( VBZ has ) ( VP ( VBN had ) ( NP ( PRN ( ADJP ( JJ positive ) ) ) ( JJ net ) ( NNS sales ) ) ( NP-TMP ( NP ( DT every ) ( NN month ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ last ) ( CD three ) ( NNS years ) ) ) ( PP ( IN until ) ( NP ( DT this ) ( NN month ) ) ) ) ) ) ) ) )

He adds Our fund has had positive net sales every month for the last three years until this month


( S ( S ( NP-SBJ ( NP ( NNP Vanguard ) ( POS 's ) ) ( ADJP ( QP ( CD 1 ) ( CD billion ) ) ) ( NNP High ) ( NNP Yield ) ( NNP Bond ) ( NNP Portfolio ) ) ( VP ( VBZ has ) ( VP ( VBN seen ) ( S ( NP-SBJ ( QP ( CD 161 ) ( CD million ) ) ) ( VP ( NN flow ) ( ADVP ( RB out ) ) ( PP-TMP ( IN since ) ( NP ( JJ early ) ( NNP September ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( QP ( CD 14 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( DT that ) ) ) ) ( VP ( VBD seeped ) ( ADVP ( RB out ) ) ( NP-TMP ( NP ( NNP Friday ) ( NNP Oct. ) ( CD 13 ) ) ( NP ( RB alone ) ) ) ) ) )

Vanguard 's 1 billion High Yield Bond Portfolio has seen 161 million flow out since early September 14 million of that seeped out Friday Oct. 13 alone


( SINV ( S-TPC-2 ( ADVP ( RB Still ) ) ( NP-SBJ-1 ( NP ( NNS two-thirds ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN outflow ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN steered ) ( PP-DIR ( IN into ) ( NP ( JJ other ) ( NNP Vanguard ) ( NNS portfolios ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Brian ) ( NNP Mattes ) ) ( NP ( DT a ) ( NN vice ) ( NN president ) ) ) )

Still two-thirds of the outflow has been steered into other Vanguard portfolios says Brian Mattes a vice president


( S ( NP-SBJ ( DT The ) ( NN fund ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ holds ) ( NP ( NP ( DT a ) ( NN cash ) ( NN position ) ) ( PP ( IN of ) ( NP ( QP ( IN about ) ( CD 15 ) ) ( NN % ) ) ) ) ) )

The fund now holds a cash position of about 15 %


( S ( PP-LOC ( IN At ) ( NP ( DT the ) ( ADJP ( QP ( CD 932 ) ( CD million ) ) ) ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNP High ) ( NNP Yield ) ( NNP Fund ) ) ) ( NP-SBJ ( NNS investors ) ) ( VP ( VBD yanked ) ( PRT ( RP out ) ) ( NP ( QP ( IN about ) ( CD 182 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS months ) ) ) ) )

At the 932 million T. Rowe Price High Yield Fund investors yanked out about 182 million in the past two months


( S ( NP-SBJ ( NP ( DT Those ) ( NNS withdrawals ) ) ( SBAR ( WHNP-2 ( NP ( JJS most ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD were ) ( VP ( VBN transferred ) ( PP-CLR ( TO to ) ( NP ( JJ other ) ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NNS funds ) ) ) ) ) ) ) ) ( VP ( VBD followed ) ( NP ( NP ( JJ little ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN fund ) ( POS 's ) ) ( NNS sales ) ( NN picture ) ) ) ) ( NP-TMP ( NP ( DT this ) ( NN year ) ) ( PP ( IN through ) ( NP ( NNP August ) ) ) ) ) )

Those withdrawals most of which were transferred to other T. Rowe Price funds followed little change in the fund 's sales picture this year through August


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( JJ last ) ( CD two ) ( NNS months ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( DT the ) ( JJ whole ) ( NN ball ) ( NN game ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Steven ) ( NNP Norwitz ) ) ( NP ( DT a ) ( NN vice ) ( NN president ) ) ) )

The last two months have been the whole ball game says Steven Norwitz a vice president


( S ( NP-SBJ ( NN Junk-fund ) ( NNS holders ) ) ( VP ( VBP have ) ( VP ( ADVP-MNR ( RB barely ) ) ( VBN broken ) ( ADJP ( RB even ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ-1 ( JJ fat ) ( NN interest ) ( NNS payments ) ) ( VP ( ADVP-MNR ( RB barely ) ) ( VBD managed ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( VBG declining ) ( NNS prices ) ) ) ) ) ) ) ) ) ) )

Junk-fund holders have barely broken even this year as fat interest payments barely managed to offset declining prices


( S ( PP-TMP ( IN Through ) ( NP ( NNP Oct. ) ( CD 19 ) ) ) ( NP-SBJ ( JJ high-yield ) ( NNS funds ) ) ( VP ( VBD had ) ( NP ( NP ( DT an ) ( ADJP ( JJ average ) ( CD 0.85 ) ( NN % ) ) ( JJ total ) ( NN return ) ) ( PRN ( NP ( NP ( NP ( DT the ) ( NN price ) ( NN change ) ) ( PP ( CC plus ) ( NP ( NP ( NNS dividends ) ) ( PP ( IN on ) ( NP ( NN fund ) ( NNS shares ) ) ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Lipper ) ( NNP Analytical ) ( NNPS Services ) ( NNP Inc ) ) ) ) ) )

Through Oct. 19 high-yield funds had an average 0.85 % total return the price change plus dividends on fund shares according to Lipper Analytical Services Inc


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( ADJP ( RB even ) ( JJR less ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( ADJP ( CD 4.35 ) ( NN % ) ) ( JJ total ) ( NN return ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Merrill ) ( NNP Lynch ) ( NNP High-Yield ) ( NNP Index ) ) ) ) ) ) ) )

That 's even less than the 4.35 % total return of the Merrill Lynch High-Yield Index


( S ( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Fidelity ) ( POS 's ) ) ( NN junk ) ( NN fund ) ) ( VP ( VBZ has ) ( VP ( VBN fallen ) ( NP-EXT ( CD 2.08 ) ( NN % ) ) ( NP-TMP ( NP ( DT this ) ( NN year ) ) ( PP ( IN through ) ( NP ( NNP Oct. ) ( CD 19 ) ) ) ) ) ) ) ( NP-SBJ ( NNP Lipper ) ) ( VP ( VBZ says ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Vanguard ) ( NN fund ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 1.84 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NNP T. ) ( NNP Rowe ) ( NNP Price ) ( NN fund ) ) ( VP ( VBD edged ) ( ADVP-DIR ( RB up ) ) ( NP-EXT ( CD 0.66 ) ( NN % ) ) ) ) )

Fidelity 's junk fund has fallen 2.08 % this year through Oct. 19 Lipper says the Vanguard fund rose 1.84 % and the T. Rowe Price fund edged up 0.66 %


( S ( S-TPC-2 ( NP-SBJ-3 ( NP ( NNS People ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP remain ) ( PP-LOC-PRD ( IN in ) ( NP ( NN junk ) ( NNS funds ) ) ) ( ADVP-TMP ( RB now ) ) ) ) ) ) ( VP ( MD could ) ( VP ( VB get ) ( VP ( VB hit ) ( ADVP-TMP ( RB again ) ) ) ) ) ) ( NP-SBJ ( DT some ) ( NNS analysts ) ( CC and ) ( NN fund ) ( NNS specialists ) ) ( VP ( VBP say ) ) )

People who remain in junk funds now could get hit again some analysts and fund specialists say


( S ( NP-SBJ-1 ( NP ( JJ Many ) ( NNS funds ) ) ( PP-TMP ( IN in ) ( NP ( JJ recent ) ( NNS weeks ) ( CC and ) ( NNS months ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG selling ) ( NP ( NP ( PRP$ their ) ( JJ highest-quality ) ( NN junk ) ( NNS issues ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP RJR ) ( NNP Nabisco ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB raise ) ( NP ( NN cash ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( JJ expected ) ( NNS redemptions ) ) ) ) ) ) ) ) ) ) ) )

Many funds in recent weeks and months have been selling their highest-quality junk issues such as RJR Nabisco to raise cash to meet expected redemptions


( S ( NP-SBJ-1 ( NNS Funds ) ) ( VP ( MD might ) ( VP ( VB be ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( JJR lower ) ( NNS prices ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP expand ) ( NP ( PRP$ their ) ( NN selling ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NNS securities ) ) ( PP ( IN of ) ( NP ( JJ less-creditworthy ) ( NNS borrowers ) ) ) ) ) ) ) ) ) ) ) )

Funds might be forced to accept lower prices if they expand their selling to the securities of less-creditworthy borrowers


( S ( CC And ) ( ADVP-TMP ( RB then ) ) ( NP-SBJ ( NP ( NN asset ) ( NNS values ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS funds ) ) ) ) ( VP ( MD could ) ( VP ( VB plunge ) ( NP ( NP ( RBR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( ADVP-TMP ( RB so ) ( RB far ) ) ) ) ) ) ) ) ) )

And then asset values of the funds could plunge more than they have so far


( SINV ( VP ( VBZ Says ) ) ( NP-SBJ ( NP ( NNP Michael ) ( NNP Hirsch ) ) ( NP ( NP ( NP ( JJ chief ) ( NN investment ) ( NN officer ) ) ( PP ( IN of ) ( NP ( NNP Republic ) ( NNP National ) ( NNP Bank ) ) ) ) ( CC and ) ( NP ( NP ( NN manager ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP FundTrust ) ( NNP Group ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ( S-1 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT a ) ( NN time ) ( NN bomb ) ) ( VP ( ADVP ( RB just ) ) ( VBG waiting ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP ( RP off ) ) ) ) ) ) ) ) ) )

Says Michael Hirsch chief investment officer of Republic National Bank and manager of the FundTrust Group in New York It 's a time bomb just waiting to go off


( S ( NP-SBJ ( NNP Iverson ) ( NNP Technology ) ( NNP Corp. ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS fastest-growing ) ( JJ small ) ( NNS companies ) ) ( PP-LOC ( IN in ) ( NP ( NNP America ) ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( JJ last ) ( NN year ) ) ) ) )

Iverson Technology Corp. was one of the fastest-growing small companies in America until last year


( S ( NP-SBJ ( DT The ) ( NP ( NP ( NNP McLean ) ) ( NP ( NNP Va. ) ) ) ( NN company ) ) ( VP ( VBZ modifies ) ( NP ( NNS computers ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( JJ sensitive ) ( JJ military ) ( NNS data ) ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( JJ unfriendly ) ( NNS hands ) ) ) ) ) ) ) ) ) )

The McLean Va. company modifies computers to keep sensitive military data out of unfriendly hands


( S ( PP-TMP ( PP ( IN From ) ( NP ( CD 1984 ) ) ) ( PP ( TO to ) ( NP ( CD 1987 ) ) ) ) ( NP-SBJ ( PRP$ its ) ( NNS earnings ) ) ( VP ( VBD soared ) ( ADVP-EXT ( RB six-fold ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.8 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( JJ seven-fold ) ( NN increase ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 44.1 ) ( CD million ) ) ) ) ) ) ) )

From 1984 to 1987 its earnings soared six-fold to 3.8 million on a seven-fold increase in revenue to 44.1 million


( S ( CC But ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD ran ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( NN buzz ) ( NN saw ) ) ( NP ( DT a ) ( NNP Defense ) ( NNP Department ) ( NN spending ) ( NN freeze ) ) ) ) ) )

But in 1988 it ran into a buzz saw a Defense Department spending freeze


( S ( NP-SBJ ( NP ( NNP Iverson ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 70 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.2 ) ( CD million ) ) ) ) ) )

Iverson 's earnings plunged 70 % to 1.2 million


( S ( NP-SBJ ( DT The ) ( NNS troubles ) ) ( VP ( VBN continued ) ( PP-TMP ( IN in ) ( NP ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ first ) ( NN half ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN profit ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 81 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 302,000 ) ) ) ) ) ) ) ) ) )

The troubles continued in this year 's first half when profit plunged 81 % to 302,000


( S ( NP-SBJ ( NNP Iverson ) ( NNP Technology ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( JJ many ) ( JJ small ) ( NN defense ) ( NNS contractors ) ) ( VP ( VBN besieged ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( NN defense ) ( NN spending ) ) ) ) ) ) ) ) ) ) )

Iverson Technology is one of many small defense contractors besieged by the slowdown in defense spending


( S ( PP ( IN Unlike ) ( NP ( NP ( JJR larger ) ( NNS contractors ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( JJ broad ) ( JJ enough ) ) ( NN base ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB weather ) ( NP ( DT the ) ( NN downturn ) ) ( ADVP-MNR ( RB easily ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT these ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VBG suffering ) ( NP ( NP ( JJ big ) ( NNS drops ) ) ( PP ( IN in ) ( NP ( NN business ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( JJ once-lucrative ) ( NN specialty ) ( NNS niches ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ massive ) ( NN military ) ( NN market ) ) ) ) ( VP ( VP ( VBP erode ) ) ( CC or ) ( VP ( ADVP ( RB even ) ) ( VBP disappear ) ) ) ) ) ) ) )

Unlike larger contractors with a broad enough base to weather the downturn easily these companies are suffering big drops in business as once-lucrative specialty niches in the massive military market erode or even disappear


( S ( NP-SBJ ( NP ( NNS Companies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP-TMP ( RB only ) ( RB recently ) ) ( VP ( VBD were ) ( VP ( JJ thriving ) ) ) ) ) ) ( VP ( VBP find ) ( S ( NP-SBJ-2 ( PRP themselves ) ) ( VP ( VBG scrambling ) ( S-PRP ( VP ( TO to ) ( VP ( VB survive ) ) ) ) ) ) ) )

Companies that only recently were thriving find themselves scrambling to survive


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( PRP$ their ) ( JJ varied ) ( NNS strategies ) ) ( VP ( VBP suggest ) ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( JJR more ) ( IN than ) ( CD one ) ) ( NN way ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB respond ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN disaster ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( ADVP-PRD ( RB too ) ( RB soon ) ( S ( VP ( TO to ) ( VP ( VB tell ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NNS changes ) ) ( VP ( MD will ) ( VP ( VB pay ) ( PRT ( RP off ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

As their varied strategies suggest there is more than one way to respond to a disaster though it 's too soon to tell whether the changes will pay off


( S ( PP ( IN For ) ( NP ( JJ many ) ( NNS companies ) ) ) ( NP-SBJ ( DT the ) ( JJ instinctive ) ( JJ first ) ( NN response ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NNS costs ) ) ) ) ) ) )

For many companies the instinctive first response is to cut costs


( S ( NP-SBJ-1 ( NNS Others ) ) ( VP ( VBP are ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB find ) ( NP ( NP ( NP ( NN specialty ) ( NN defense ) ( NN work ) ) ( VP ( VBN spared ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN slowdown ) ) ) ) ) ( CC or ) ( NP ( NP ( JJ new ) ( NNS niches ) ) ( VP ( VBN created ) ( PP ( IN by ) ( NP-LGS ( NN budget-cutting ) ) ) ) ) ) ) ) ) ) ) )

Others are trying to find specialty defense work spared by the slowdown or new niches created by budget-cutting


( S ( NP-SBJ ( ADJP ( RBR More ) ( JJ venturesome ) ) ( NNS businesses ) ) ( VP ( VBP are ) ( VP ( VBG applying ) ( NP ( PRP$ their ) ( NNS skills ) ) ( PP-LOC ( IN in ) ( NP ( JJ commercial ) ( NNS fields ) ) ) ) ) )

More venturesome businesses are applying their skills in commercial fields


( S ( NP-SBJ ( NP ( NNP ERC ) ( NNP International ) ( NNP Inc. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ provides ) ( NP ( JJ professional ) ( CC and ) ( JJ technical ) ( NNS services ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN military ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VP ( VBG refining ) ( NP ( PRP$ its ) ( NN defense ) ( NN niche ) ) ) ( VP ( RB not ) ( VBG retreating ) ( PP-CLR ( IN from ) ( NP ( PRP it ) ) ) ) ) ) )

ERC International Inc. which provides professional and technical services to the military is refining its defense niche not retreating from it


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG quadrupling ) ( NP ( JJ annual ) ( NNS earnings ) ) ( PP-TMP ( IN over ) ( NP ( CD four ) ( NNS years ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 6.8 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NP ( NP ( NNP Fairfax ) ) ( NP ( NNP Va. ) ) ) ( NN company ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( ADJP ( CD 23 ) ( NN % ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NNS earnings ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ first ) ( NN half ) ) ) ) ) )

After quadrupling annual earnings over four years to 6.8 million in 1988 the Fairfax Va. company posted a 23 % drop in earnings for this year 's first half


( S ( PP ( IN In ) ( NP ( DT the ) ( NN belief ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( NN development ) ) ( PP ( IN of ) ( NP ( JJ advanced ) ( JJ military ) ( NN technology ) ) ) ) ( VP ( MD will ) ( VP ( VB remain ) ( NP-PRD ( DT a ) ( JJ top ) ( NNP Defense ) ( NNP Department ) ( NN priority ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP ERC ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ( VP ( VBD acquired ) ( NP ( NP ( NNP W.J. ) ( NNP Schafer ) ( NNPS Associates ) ) ( NP ( NP ( DT a ) ( JJ technical ) ( CC and ) ( JJ scientific ) ( NN analysis ) ( NN company ) ) ( PP ( IN with ) ( NP ( NP ( NNS contracts ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NNP Strategic ) ( NNP Defense ) ( NNP Initiative ) ) ) ) ) ) ) ) )

In the belief that development of advanced military technology will remain a top Defense Department priority ERC last year acquired W.J. Schafer Associates a technical and scientific analysis company with contracts under the Strategic Defense Initiative


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( NNP SDI ) ( JJ anti-missile ) ( NN program ) ) ( VP ( ADVP-TMP ( RB recently ) ) ( VBD awarded ) ( NP ( NNP W.J. ) ( NNP Schafer ) ) ( NP ( NP ( CD two ) ( NNS contracts ) ) ( VP ( VBG totaling ) ( NP ( QP ( CD 13.4 ) ( CD million ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NP ( NNP ERC ) ( POS 's ) ) ( NN chairman ) ( CC and ) ( NN founder ) ) ( NP ( NNP Jack ) ( NNP Aalseth ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD bought ) ( NP ( DT the ) ( NN company ) ) ( ADVP-PRP ( JJR more ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN technology ) ) ) ( PP ( IN than ) ( NP ( PRP$ its ) ( NN customer ) ) ) ) ) ) ) ) )

While the SDI anti-missile program recently awarded W.J. Schafer two contracts totaling 13.4 million ERC 's chairman and founder Jack Aalseth says he bought the company more for its technology than its customer


( S ( NP-SBJ ( NP ( NP ( NNP UNC ) ( NNP Inc. ) ) ( NP ( DT an ) ( NP ( NP ( NNP Annapolis ) ) ( NP ( NNP Md. ) ) ) ( NN contractor ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD earned ) ( NP ( QP ( CD 23.8 ) ( CD million ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 400.4 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN gone ) ( ADVP ( RB even ) ( RBR further ) ( PP ( IN in ) ( S-NOM ( VP ( VBG realigning ) ( NP ( PRP$ its ) ( JJ military ) ( NN business ) ) ) ) ) ) ) ) )

UNC Inc. an Annapolis Md. contractor that earned 23.8 million on revenue of 400.4 million in 1988 has gone even further in realigning its military business


( S ( SBAR-ADV ( IN As ) ( S ( NP-SBJ ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN aircraft ) ( CC and ) ( NN submarine ) ( NNS parts ) ) ) ) ( VP ( VBD dwindled ) ) ) ) ( NP-SBJ ( NP ( CD three ) ( NNS years ) ) ( PP ( IN of ) ( NP ( JJ steady ) ( NN growth ) ) ) ) ( VP ( VBD ended ) ( PP-MNR ( IN with ) ( NP ( NP ( DT a ) ( ADJP ( CD 69 ) ( NN % ) ) ( NN drop ) ) ( PP ( IN in ) ( NP ( NN income ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT this ) ( NN year ) ( POS 's ) ) ( JJ first ) ( NN half ) ) ) ) )

As orders for its aircraft and submarine parts dwindled three years of steady growth ended with a 69 % drop in income in this year 's first half


( UCP ( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD hit ) ( PP-CLR ( IN on ) ( NP ( DT a ) ( JJ new ) ( NN strategy ) ) ) ) ) ( SBAR ( SBAR ( IN If ) ( S ( NP-SBJ ( DT the ) ( NNP Defense ) ( NNP Department ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ intent ) ( PP ( IN on ) ( S-NOM ( VP ( VBG saving ) ( NP ( NN money ) ) ) ) ) ) ) ) ) ( WRB why ) ( RB not ) ( S ( VP ( VB make ) ( NP ( NN money ) ) ( PP-CLR ( IN off ) ( NP ( DT that ) ( NN trend ) ) ) ) ) ) )

The company hit on a new strategy If the Defense Department is so intent on saving money why not make money off that trend


( FRAG ( PP-LOC ( IN Among ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ current ) ( NNS efforts ) ) ) ( S-NOM ( VP ( VBG repairing ) ( NP ( JJ old ) ( NNS parts ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 25 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG replacing ) ( NP ( PRP them ) ) ) ) ) ) ) ) ) ) ) )

Among the company 's current efforts repairing old parts at 25 % of the cost of replacing them


( S ( NP-SBJ ( NNP UNC ) ) ( ADVP ( RB also ) ) ( VP ( VBZ is ) ( VP ( VBG selling ) ( NP ( JJ new ) ( NNS parts ) ) ( SBAR-ADV ( IN if ) ( S ( VP ( VBN needed ) ) ) ) ( ADVP ( RB directly ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( JJ military ) ) ) ( PP ( RB instead ) ( IN of ) ( PP ( IN through ) ( NP ( DT a ) ( JJ prime ) ( NN contractor ) ) ) ) ) ) )

UNC also is selling new parts if needed directly to the military instead of through a prime contractor


( S ( PP ( IN At ) ( NP ( NP ( RB as ) ( JJ little ) ) ( PP ( IN as ) ( NP ( NP ( NN one-third ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN cost ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG running ) ( NP ( NP ( DT a ) ( NN program ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB train ) ( NP ( NNP Army ) ( NN helicopter ) ( NNS pilots ) ) ) ) ) ) ) ) ) )

At as little as one-third of the government 's cost the company is running a program to train Army helicopter pilots


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( ADVP ( RB also ) ) ( VP ( VBG taking ) ( PRT ( RP over ) ) ( NP ( NP ( DT the ) ( NN maintenance ) ) ( PP ( IN of ) ( NP ( JJ certain ) ( NNP Navy ) ( NN aircraft ) ) ) ) ( PP ( IN with ) ( NP ( NP ( ADJP ( CD 40 ) ( NN % ) ) ( JJR fewer ) ( NNS people ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( DT the ) ( NN military ) ) ( VP ( VBD used ) ) ) ) ) ) ) ) )

It is also taking over the maintenance of certain Navy aircraft with 40 % fewer people than the military used


( S ( PP-LOC ( IN In ) ( NP ( DT another ) ( NN approach ) ) ) ( NP-SBJ-1 ( JJ tiny ) ( NNP Iverson ) ( NNP Technology ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB resume ) ( NP ( PRP$ its ) ( NN growth ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG braving ) ( NP ( NP ( DT the ) ( JJ new ) ( NN world ) ) ( PP ( IN of ) ( NP ( JJ commercial ) ( NNS products ) ) ) ) ) ) ) ) ) ) ) ) )

In another approach tiny Iverson Technology is trying to resume its growth by braving the new world of commercial products


( S ( NP-SBJ ( NP ( NNP Donald ) ( NNP Iverson ) ) ( NP ( NN chairman ) ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ hopes ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( MD can ) ( ADVP-TMP ( RB eventually ) ) ( VP ( VB get ) ( NP ( NP ( QP ( RB up ) ( TO to ) ( NN half ) ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN revenue ) ) ) ) ( PP-CLR ( IN from ) ( NP ( JJ commercial ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) )

Donald Iverson chairman says he hopes the company can eventually get up to half of its revenue from commercial markets


( S-1 ( PP-TMP ( IN For ) ( NP ( RB now ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG looking ) ( PP-CLR ( IN at ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( DT some ) ( JJ small ) ( NNS companies ) ) ( PP ( IN with ) ( NP ( NP ( NN niche ) ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN personal-computer ) ( NN business ) ) ) ) ) ) ) ) ) ) ) )

For now he says we 're looking at buying some small companies with niche markets in the personal-computer business


( S ( ADVP-TMP ( RB Earlier ) ( NP ( DT this ) ( NN month ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Iverson ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( JJ exclusive ) ( NNS rights ) ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN software ) ( NN system ) ) ( VP ( VBN developed ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Visher ) ( NNPS Systems ) ( NNP Inc. ) ) ( NP ( NNP Salt ) ( NNP Lake ) ( NNP City ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier this month Mr. Iverson agreed to buy exclusive rights to a software system developed by Visher Systems Inc. Salt Lake City


( S ( NP-SBJ ( DT The ) ( NN product ) ) ( VP ( VBZ automates ) ( NP ( NP ( DT an ) ( NN array ) ) ( PP ( IN of ) ( NP ( NP ( NNS functions ) ) ( VP ( VBN performed ) ( PP-LOC ( IN at ) ( NP ( ADJP ( JJ small ) ( TO to ) ( JJ medium-size ) ) ( NN printing ) ( NNS companies ) ) ) ) ) ) ) ) )

The product automates an array of functions performed at small to medium-size printing companies


( S ( NP-SBJ ( NNP Mr. ) ( NNP Iverson ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( CD 5,000 ) ( JJ potential ) ( NNS customers ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN software ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NP ( NP ( NNP Washington ) ) ( NP ( NNP D.C. ) ) ) ( NN area ) ) ( ADVP ( RB alone ) ) ) ) ) ) ) ) )

Mr. Iverson says there are 5,000 potential customers for the software in the Washington D.C. area alone


( S ( NP-SBJ ( NP ( NNP QuesTech ) ( NNP Inc. ) ) ( NP-LOC ( NP ( NNP Falls ) ( NNP Church ) ) ( NP ( NNP Va. ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( VP ( VBN acquired ) ( NP ( DT some ) ( NNS companies ) ) ( PP-LOC ( IN outside ) ( NP ( DT the ) ( JJ military ) ( NN market ) ) ) ) ) )

QuesTech Inc. Falls Church Va. also has acquired some companies outside the military market


( S ( ADVP ( RB Moreover ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VB transfer ) ( NP ( NP ( PRP$ its ) ( NN skill ) ) ( PP ( IN at ) ( S-NOM ( VP ( VBG designing ) ( NP ( JJ military ) ( NN equipment ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( JJ commercial ) ( NNS ventures ) ) ) ) ) ) ) ) )

Moreover it 's trying to transfer its skill at designing military equipment to commercial ventures


( S ( NP-SBJ ( NP ( DT A ) ( NN partnership ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NP ( NP ( NNP Williamsburg ) ) ( NP ( NNP Va. ) ) ) ( NN unit ) ) ( PP ( IN of ) ( NP ( NNP Shell ) ( NNP Oil ) ( NNP Co. ) ) ) ) ) ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBD patented ) ( NP ( NP ( DT a ) ( NN process ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG producing ) ( NP ( NP ( NN plastic ) ( NN food ) ( NNS containers ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD wo ) ( RB n't ) ( VP ( VB melt ) ( PP-LOC ( IN in ) ( NP ( NN microwave ) ( NNS ovens ) ) ) ) ) ) ) ) ) ) ) ) ) )

A partnership with a Williamsburg Va. unit of Shell Oil Co. recently patented a process for producing plastic food containers that wo n't melt in microwave ovens


( SINV-2 ( S-TPC ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 're ) ( VP ( VBG trying ) ( S ( VP ( TO to ) ( VP ( VP ( VB take ) ( NP ( NP ( DT the ) ( NN imagination ) ( CC and ) ( NN talent ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( NNS engineers ) ) ) ) ) ( CC and ) ( VP ( VB come ) ( ADVP ( RB up ) ) ( PP ( IN with ) ( NP ( NP ( JJ new ) ( NNS processes ) ) ( PP ( IN for ) ( NP ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Vincent ) ( NNP Salvatori ) ) ( NP ( NP ( NNP QuesTech ) ( POS 's ) ) ( JJ chief ) ( NN executive ) ) ) )

We 're trying to take the imagination and talent of our engineers and come up with new processes for industry says Vincent Salvatori QuesTech 's chief executive


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB branch ) ( PRT ( RP out ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( RB very ) ( JJ difficult ) ( PP ( IN for ) ( NP ( DT a ) ( NN defense ) ( NN contractor ) ) ) ) ) ) ) ) ) )

It is an effort to branch out from the government which is very difficult for a defense contractor


( S ( NP-SBJ ( NNP Mr. ) ( NNP Salvatori ) ) ( VP ( MD should ) ( VP ( VB know ) ) ) )

Mr. Salvatori should know


( S ( PP ( RB Instead ) ( IN of ) ( S-NOM ( VP ( VBG helping ) ( NP ( PRP$ his ) ( NN company ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN defense ) ( NN spending ) ( NN slowdown ) ) ) ) ) ) ( NP-SBJ-2 ( NP ( NNP Dynamic ) ( NNP Engineering ) ( NNP Inc. ) ) ( NP ( NP ( DT a ) ( JJ troubled ) ( NN subsidiary ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ makes ) ( NP ( NN wind ) ( NNS tunnels ) ) ( PP-BNF ( IN for ) ( NP ( DT the ) ( NN space ) ( NN industry ) ) ) ) ) ) ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP QuesTech ) ( POS 's ) ) ( ADJP ( QP ( CD 3.3 ) ( CD million ) ) ) ( NN loss ) ) ( PP ( IN on ) ( NP ( NP ( QP ( CD 55.6 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NN revenue ) ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) )

Instead of helping his company in the defense spending slowdown Dynamic Engineering Inc. a troubled subsidiary that makes wind tunnels for the space industry contributed to much of QuesTech 's 3.3 million loss on 55.6 million in revenue last year


( S ( PP-TMP ( IN In ) ( NP ( NNP January ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Salvatori ) ) ( VP ( VBD sold ) ( NP ( DT the ) ( NN unit ) ) ) )

In January Mr. Salvatori sold the unit


( S-1 ( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( NP-PRD ( PRP$ our ) ( JJ first ) ( NN acquisition ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( NN mistake ) ) ) ) )

It was our first acquisition he says and it was a mistake


( S ( NP-SBJ ( DT Some ) ( NNS companies ) ) ( VP ( VBP are ) ( VP ( VP ( VBG cutting ) ( NP ( NNS costs ) ) ) ( CC and ) ( VP ( VBG hoping ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( JJS best ) ) ) ) ) ) )

Some companies are cutting costs and hoping for the best


( S ( NP-SBJ ( NP ( NNP Telos ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NP ( NP ( NNP Santa ) ( NNP Monica ) ) ( NP ( NNP Calif. ) ) ) ( NN provider ) ) ( PP ( IN of ) ( NP ( NN software-development ) ( CC and ) ( NN hardware-maintenance ) ( NNS services ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN military ) ) ) ) ) ( VP ( VBD enjoyed ) ( NP ( JJ steady ) ( NN growth ) ) ( PP-TMP ( IN until ) ( NP ( DT this ) ( NN year ) ) ) ) )

Telos Corp. a Santa Monica Calif. provider of software-development and hardware-maintenance services to the military enjoyed steady growth until this year


( S ( PP-TMP ( VBG Following ) ( NP ( NP ( DT a ) ( VBG tripling ) ) ( PP ( IN of ) ( NP ( NNS earnings ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.9 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( VBG doubling ) ) ( PP ( IN of ) ( NP ( NN revenue ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 116 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN over ) ( NP ( CD four ) ( NNS years ) ) ) ) ) ( NP-SBJ ( NP ( NNS earnings ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ fiscal ) ( JJ first ) ( NN quarter ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD ended ) ( NP-TMP ( NNP June ) ( CD 30 ) ) ) ) ) ) ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 90 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 45,000 ) ) ) ) )

Following a tripling of earnings to 3.9 million on a doubling of revenue to 116 million over four years earnings in the company 's fiscal first quarter which ended June 30 plunged 90 % to 45,000


( S ( S ( NP-SBJ-1 ( NP ( DT A ) ( JJ one-time ) ( NN write-off ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG booking ) ( NP ( JJ nonexistent ) ( NN revenue ) ) ) ) ) ) ( VP ( VP ( VBD was ) ( ADVP ( RB partly ) ) ( S-PRD ( VP ( TO to ) ( VP ( VB blame ) ) ) ) ) ) ) ( CC but ) ( S ( ADVP-PRD-TPC-2 ( RB so ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NP ( JJR lower ) ( NNS profits ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( JJR stingier ) ( NN contract ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Army ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS delays ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG getting ) ( VP ( VBN paid ) ) ) ) ) ) ) ) )

A one-time write-off for booking nonexistent revenue was partly to blame but so were lower profits from a stingier contract with the Army and delays in getting paid


( SINV ( S-TPC-3 ( NP-SBJ-1 ( NNP Telos ) ) ( VP ( VBD responded ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG combining ) ( NP ( NP ( CD three ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( CD five ) ( NNS divisions ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VP ( VB reduce ) ( NP ( NNS expenses ) ) ) ( CC and ) ( VP ( VB bring ) ( NP ( JJR more ) ( NN focus ) ) ( PP-DTV ( TO to ) ( NP ( ADJP ( RB potentially ) ( JJR fewer ) ) ( NN bidding ) ( NNS opportunities ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Lin ) ( NNP Conger ) ) ( NP ( NP ( NNP Telos ) ( NN chairman ) ) ( CC and ) ( NP ( VBG controlling ) ( NN shareholder ) ) ) ) )

Telos responded by combining three of its five divisions to reduce expenses and bring more focus to potentially fewer bidding opportunities says Lin Conger Telos chairman and controlling shareholder


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ evident ) ) ( SBAR-1 ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( VP ( VBG entering ) ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ competitive ) ) ( NN era ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

It 's evident we 're entering a more competitive era he says


( S ( NP-SBJ ( NP ( NNP TransTechnology ) ( NNP Corp. ) ) ( NP ( NP ( DT a ) ( NP ( NP ( NNP Sherman ) ( NNPS Oaks ) ) ( NP ( NNP Calif. ) ) ) ( NN defense ) ( NN contractor ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD earned ) ( NP ( QP ( CD 9.2 ) ( CD million ) ) ) ( PP ( IN on ) ( NP ( NP ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 235.2 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ( VP ( VBZ provides ) ( NP ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ dramatic ) ) ( NN example ) ) ( PP ( IN of ) ( NP ( NN cost-cutting ) ) ) ) ) )

TransTechnology Corp. a Sherman Oaks Calif. defense contractor that earned 9.2 million on revenue of 235.2 million in 1988 provides a more dramatic example of cost-cutting


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( CONJP ( RB not ) ( RB only ) ) ( VP ( VBD merged ) ( NP ( CD three ) ( NNS military-electronics ) ( VBG manufacturing ) ( NNS operations ) ) ) ( CONJP ( CC but ) ( RB also ) ) ( VP ( VBD closed ) ( NP ( NP ( DT an ) ( JJ unrelated ) ( NN plant ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ makes ) ( NP ( NP ( NN ordnance ) ( NNS devices ) ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( NP ( NP ( NN fighter ) ( NNS planes ) ) ( CC and ) ( NP ( NNS missiles ) ) ) ) ) ) ) ) ) ) ) ) )

The company not only merged three military-electronics manufacturing operations but also closed an unrelated plant that makes ordnance devices used in fighter planes and missiles


( S ( NP-SBJ ( DT The ) ( NN closing ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 3.4 ) ( CD million ) ) ) ( NN loss ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( JJ first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP July ) ( CD 31 ) ) ) ) ) ) ( NP ( NP ( PRP$ its ) ( JJ first ) ( JJ quarterly ) ( NN loss ) ) ( PP-TMP ( IN since ) ( NP ( CD 1974 ) ) ) ) ) ) ) )

The closing contributed to a 3.4 million loss in the fiscal first quarter ended July 31 its first quarterly loss since 1974


( SINV-2 ( S-TPC ( NP-SBJ-1 ( PRP$ Our ) ( NN ordnance ) ( NN business ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN hurt ) ( ADVP-MNR ( RB very ) ( RB badly ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN slowdown ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Arch ) ( NNP Scurlock ) ) ( NP ( NP ( NNP TransTechnology ) ( POS 's ) ) ( NN chairman ) ) ) )

Our ordnance business has been hurt very badly by the slowdown says Arch Scurlock TransTechnology 's chairman


( S ( NP-SBJ ( PRP I ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB say ) ( SBAR ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN business ) ) ) ) ) ) ) ) ) )

I would n't say we 're out of the business


( S ( CC But ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBG making ) ( NP ( NP ( RB as ) ( JJ many ) ( PRN ( NP ( JJ pyrotechnic ) ( NNS devices ) ) ) ) ( SBAR ( IN as ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD used ) ( PP ( TO to ) ) ) ) ) ) ) ) )

But we 're not making as many pyrotechnic devices as we used to


( S ( NP-SBJ-1 ( NP ( NNP Peter ) ( NNP W. ) ( NNP Likins ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Lehigh ) ( NNP University ) ) ( NP-LOC ( NP ( NNP Bethlehem ) ) ( NP ( NNP Pa. ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN elected ) ( S ( NP-PRD ( NP ( DT a ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT this ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ industrial ) ( NN motion-control ) ( NNS parts ) ( CC and ) ( NNS systems ) ) ) ) ) ) ) ) ) )

Peter W. Likins president of Lehigh University Bethlehem Pa. was elected a director of this maker of industrial motion-control parts and systems


( S ( NP-SBJ ( PRP$ His ) ( NN appointment ) ) ( VP ( VBZ expands ) ( NP ( DT the ) ( NN board ) ) ( PP-CLR ( TO to ) ( NP ( CD 13 ) ( NNS members ) ) ) ) )

His appointment expands the board to 13 members


( S ( NP-SBJ ( NAC ( NNP Bank ) ( PP ( IN of ) ( NP ( NNP England ) ) ) ) ( NNP Governor ) ( NNP Robin ) ( NNP Leigh-Pemberton ) ) ( VP ( VBD urged ) ( S ( NP-SBJ-1 ( NNS banks ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ cautious ) ) ( PP-LOC ( IN in ) ( S-NOM ( VP ( VBG financing ) ( NP ( JJ leveraged ) ( NNS buy-outs ) ) ) ) ) ) ) ) ) )

Bank of England Governor Robin Leigh-Pemberton urged banks to be cautious in financing leveraged buy-outs


( SINV ( S-TPC-1 ( NP-SBJ ( NN Caution ) ) ( VP ( MD should ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( NN rule ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Leigh-Pemberton ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN speech ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( NP ( NNP Corporate ) ( NNPS Treasurers ) ( POS ' ) ) ( JJ annual ) ( NN dinner ) ) ) ) ) ) ) )

Caution should be the rule of the day said Mr. Leigh-Pemberton in a speech to the Association of Corporate Treasurers ' annual dinner


( S ( NP-SBJ ( PRP It ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBG damaging ) ( PP-CLR ( PP ( TO to ) ( NP ( NN industry ) ) ) ( CC and ) ( PP ( TO to ) ( NP ( NP ( NP ( DT the ) ( JJ financial ) ( NN sector ) ) ( PP ( IN in ) ( ADJP ( JJ general ) ) ) ) ( PRN ( S-ADV ( VP ( TO to ) ( VP ( VB say ) ( NP ( NP ( NN nothing ) ) ( PP ( IN of ) ( NP ( NNS banks ) ) ) ) ) ) ) ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN prudence ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB guide ) ( NP ( NP ( DT the ) ( NN financing ) ) ( PP ( IN of ) ( NP ( JJ leveraged ) ( NNS transactions ) ) ) ) ) ) ) ) ) ) ) )

It would be damaging to industry and to the financial sector in general to say nothing of banks if prudence does not guide the financing of leveraged transactions


( S ( NP-SBJ-1 ( PRP$ His ) ( NNS remarks ) ) ( VP ( VBD were ) ( VP ( VBN distributed ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN press ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( NAC ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP Nigel ) ( NNP Lawson ) ) ( VP ( VBD announced ) ( NP ( PRP$ his ) ( NN resignation ) ) ( NP-TMP ( JJ last ) ( NN evening ) ) ) ) ) ) ) )

His remarks were distributed to the press before Chancellor of the Exchequer Nigel Lawson announced his resignation last evening


( S ( NP-SBJ ( NAC ( NNP Bank ) ( PP ( IN of ) ( NP ( NNP England ) ) ) ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ central ) ( NN bank ) ) ( VP ( VBD had ) ( NP ( NP ( DT no ) ( NN comment ) ) ( PP ( IN on ) ( NP ( NP ( NNP Mr. ) ( NNP Lawson ) ( POS 's ) ) ( NN resignation ) ) ) ) ) ) ) ) )

Bank of England officials said the central bank had no comment on Mr. Lawson 's resignation


( S ( NP-SBJ ( NNP Mr. ) ( NNP Leigh-Pemberton ) ) ( VP ( VBD reiterated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN exposure ) ) ( PP ( IN of ) ( NP ( NNP United ) ( NNP Kingdom ) ( NNS banks ) ) ) ( PP ( TO to ) ( NP ( JJ leveraged ) ( NNS deals ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP ( RB yet ) ) ( VP ( VBN reached ) ( NP ( JJ worrying ) ( NNS levels ) ) ) ) ) ) ) )

Mr. Leigh-Pemberton reiterated that the exposure of United Kingdom banks to leveraged deals have n't yet reached worrying levels