( S ( S ( NP-SBJ ( NNP Robins ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NNS proceedings ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NNP Chapter ) ( CD 11 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NNP Bankruptcy ) ( NNP Code ) ) ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( NNP August ) ( CD 1985 ) ) ) ) ) ) ( S ( NP-SBJ ( JJ such ) ( NNS proceedings ) ) ( VP ( VBP give ) ( NP ( PRP it ) ) ( NP ( NP ( NN protection ) ) ( PP ( IN from ) ( NP ( NN creditor ) ( NNS lawsuits ) ) ) ) ( SBAR-TMP ( IN while ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ works ) ( PRT ( RP out ) ) ( NP ( NP ( DT a ) ( NN plan ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG paying ) ( NP ( PRP$ its ) ( NNS debts ) ) ) ) ) ) ) ) ) ) ) )

Robins has been in proceedings under Chapter 11 of the U.S. Bankruptcy Code since August 1985 such proceedings give it protection from creditor lawsuits while it works out a plan for paying its debts


( S ( NP-SBJ-2 ( NNP American ) ( NNP Home ) ( NNP Products ) ( NNP Corp. ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NNP Robins ) ) ) ) ) ( PRN ( CC but ) ( SBAR-ADV ( RB only ) ( IN if ) ( S ( NP-SBJ-1 ( NP ( DT all ) ( JJ legal ) ( NNS challenges ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN plan ) ) ) ) ( VP ( VBP are ) ( VP ( VBN exhausted ) ) ) ) ) ) ) )

American Home Products Corp. wants to acquire Robins but only if all legal challenges to the plan are exhausted


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN brief ) ) ( VP ( VBN filed ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NNP Supreme ) ( NNP Court ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Pretl ) ) ( VP ( VBZ criticizes ) ( NP-1 ( DT the ) ( NN appeal ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG raising ) ( NP ( ADJP ( JJ abstract ) ( CC and ) ( JJ theoretical ) ) ( JJ legal ) ( NNS issues ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG jeopardizing ) ( NP ( NP ( DT the ) ( JJ proposed ) ( NN reorganization ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN settlement ) ( NNS payments ) ) ( PP ( TO to ) ( NP ( NNS claimants ) ) ) ) ) ) ) ) ) ) ) ) )

In a brief filed with the Supreme Court last week Mr. Pretl criticizes the appeal for raising abstract and theoretical legal issues while jeopardizing the proposed reorganization and the settlement payments to claimants


( S ( NP-SBJ-1 ( DT The ) ( NNP Supreme ) ( NNP Court ) ) ( VP ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB consider ) ( NP ( DT the ) ( NN case ) ) ( NP-TMP ( NNP Nov. ) ( CD 3 ) ) ) ) ) ) ) ( CC and ) ( VP ( MD may ) ( VP ( VB issue ) ( NP ( DT a ) ( NN decision ) ) ( ADVP-TMP ( RB as ) ( RB early ) ( PP ( IN as ) ( NP ( NNP Nov. ) ( CD 6 ) ) ) ) ) ) ) )

The Supreme Court is scheduled to consider the case Nov. 3 and may issue a decision as early as Nov. 6


( S-HLN ( NP-SBJ ( NP ( NP ( NN JURY ) ( POS 'S ) ) ( JJ CRIMINAL ) ( NN CONVICTION ) ) ( PP-LOC ( IN under ) ( NP ( NNP Superfund ) ( NN law ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ first ) ) ) )

JURY 'S CRIMINAL CONVICTION under Superfund law is a first


( S ( NP-SBJ-1 ( NP ( NNP Charles ) ( NNP A. ) ( NNP Donohoo ) ) ( NP ( NP ( JJ sole ) ( NN proprieter ) ) ( PP ( IN of ) ( NP ( DT a ) ( NAC-LOC ( NNP Louisville ) ( NNP Ky. ) ) ( NN demolition ) ( NN company ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN found ) ( S ( ADJP-PRD ( JJ guilty ) ( PP ( IN of ) ( S-NOM ( VP ( VBG violating ) ( NP ( NP ( DT the ) ( NNP Superfund ) ( NN law ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( DT the ) ( NNP Clean ) ( NNP Air ) ( NNP Act ) ) ) ) ) ) ) ) ) ) )

Charles A. Donohoo sole proprieter of a Louisville Ky. demolition company was found guilty of violating the Superfund law as well as the Clean Air Act


( S ( S ( NP-SBJ ( NP ( JJ Criminal ) ( NNS convictions ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( JJ federal ) ( NNP Superfund ) ( NN law ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ rare ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN decision ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN jury ) ( NN verdict ) ) ( PP-LOC ( IN in ) ( NP ( PDT such ) ( DT a ) ( NN case ) ) ) ) ) ) )

Criminal convictions under the federal Superfund law are rare and the decision is the first jury verdict in such a case


( S ( PP-LOC ( IN Under ) ( NP ( NNP Superfund ) ) ) ( NP-SBJ ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD owned ) ( VBD generated ) ( CC or ) ( VBD transported ) ( NP ( JJ hazardous ) ( NN waste ) ) ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ liable ) ( PP ( IN for ) ( NP ( PRP$ its ) ( NN cleanup ) ) ) ) ( ADVP ( RB regardless ) ( PP ( IN of ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( PRP$ their ) ( NNS actions ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ legal ) ) ( PP-TMP ( IN at ) ( NP ( DT the ) ( NN time ) ) ) ) ) ) ) ) ) )

Under Superfund those who owned generated or transported hazardous waste are liable for its cleanup regardless of whether their actions were legal at the time


( S ( NP-SBJ ( JJ Environmental ) ( NNS lawyers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( RB virtually ) ( DT all ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Superfund ) ( NNS cases ) ) ) ( PP ( TO to ) ( NP ( NN date ) ) ) ) ( VP ( VBP have ) ( VP ( VBN involved ) ( NP ( NP ( JJ civil ) ( NNS penalties ) ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB insure ) ( NP ( NP ( NN cleanup ) ) ( PP ( IN of ) ( NP ( JJ past ) ( VBG polluting ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Environmental lawyers say virtually all of the Superfund cases to date have involved civil penalties designed to insure cleanup of past polluting activities


( S ( CC But ) ( NP-SBJ ( NNP Superfund ) ) ( ADVP ( RB also ) ) ( VP ( VBZ contains ) ( NP ( NP ( DT a ) ( JJ criminal ) ( NN provision ) ) ( VP ( VBG concerning ) ( NP ( NP ( DT the ) ( NN release ) ) ( PP ( IN of ) ( NP ( JJ toxic ) ( NNS substances ) ) ) ( PP ( IN into ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) ) )

But Superfund also contains a criminal provision concerning the release of toxic substances into the environment


( S ( PP-TMP ( IN In ) ( NP ( CD 1986 ) ) ) ( NP-SBJ-1 ( NNP Congress ) ) ( VP ( VBD strengthened ) ( NP ( DT the ) ( NN penalty ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG making ) ( S ( NP-SBJ ( PRP it ) ) ( NP-PRD ( DT a ) ( NN felony ) ) ) ) ) ) ) )

In 1986 Congress strengthened the penalty by making it a felony


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Donohoo ) ) ( VP ( VBD was ) ( VP ( VBN convicted ) ( PP-LOC ( IN in ) ( NP ( NNP Louisville ) ) ) ( NP-TMP ( RB late ) ( JJ last ) ( NN month ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG violating ) ( NP ( NNP Superfund ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG failing ) ( S ( VP ( TO to ) ( VP ( VB report ) ( NP ( NP ( DT the ) ( NN release ) ) ( PP ( IN of ) ( NP ( NN asbestos ) ) ) ( PP ( IN into ) ( NP ( DT the ) ( NN environment ) ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( NN building ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( VP ( VBG demolishing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Donohoo was convicted in Louisville late last month of violating Superfund by failing to report the release of asbestos into the environment from a building he was demolishing


( S ( NP-SBJ-1 ( PRP He ) ) ( VP ( VBD was ) ( ADVP ( RB also ) ) ( VP ( VBN convicted ) ( PP-CLR ( IN of ) ( NP ( S-NOM ( VP ( VBG failing ) ( S ( VP ( TO to ) ( ADVP-MNR ( RB properly ) ) ( VP ( VB remove ) ( NP ( NN asbestos ) ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN building ) ) ) ) ) ) ) ) ( NP ( NP ( DT a ) ( NN violation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Clean ) ( NNP Air ) ( NNP Act ) ) ) ) ) ) ) ) )

He was also convicted of failing to properly remove asbestos from the building a violation of the Clean Air Act


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBD sought ) ( NP ( DT a ) ( JJ criminal ) ( NN penalty ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT no ) ( NN cleanup ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ possible ) ) ( ADVP-LOC ( RB here ) ) ) ) ) ) )

The government sought a criminal penalty because no cleanup is possible here


( SINV ( S-TPC-3 ( SBAR-TMP ( RB Once ) ( S ( NP-SBJ-1 ( NN asbestos ) ) ( VP ( VBZ is ) ( VP ( VBN released ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( NN environment ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( VP ( VB lodge ) ( ADVP-LOC-CLR ( RB anywhere ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Richard ) ( NN A. ) ( NNP Dennis ) ) ( NP ( NP ( DT the ) ( JJ assistant ) ( NNP U.S. ) ( NN attorney ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD prosecuted ) ( NP ( DT the ) ( NN case ) ) ) ) ) ) ) )

Once asbestos is released into the environment it can lodge anywhere says Richard A. Dennis the assistant U.S. attorney who prosecuted the case


( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Donohoo ) ) ( VP ( VBZ is ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN sentenced ) ( NP-TMP ( NNP Dec. ) ( CD 11 ) ) ) ) ) ) ) ) )

Mr. Donohoo is scheduled to be sentenced Dec. 11


( S ( NP-SBJ-1 ( PRP$ His ) ( NN lawyer ) ) ( VP ( MD could ) ( RB not ) ( VP ( VB be ) ( VP ( VBN reached ) ( PP-CLR ( IN for ) ( NP ( NN comment ) ) ) ) ) ) )

His lawyer could not be reached for comment


( S ( NP-SBJ ( NNP Mr. ) ( NNP Donohoo ) ) ( VP ( VP ( NNS faces ) ( NP-1 ( NP ( NP ( QP ( RB as ) ( RB much ) ( IN as ) ( CD three ) ) ( NNS years ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ( CC and ) ( NP ( DT a ) ( ADJP ( CD 250,000 ) ) ( NN fine ) ) ) ( PP-2 ( IN for ) ( NP ( DT the ) ( NNP Superfund ) ( NN conviction ) ) ) ) ( CC and ) ( VP ( NP=1 ( NP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD one ) ) ( NN year ) ) ( PP-LOC ( IN in ) ( NP ( NN prison ) ) ) ) ( CC and ) ( NP ( DT a ) ( ADJP ( CD 100,000 ) ) ( NN fine ) ) ) ( PP=2 ( IN for ) ( NP ( NP ( DT the ) ( NN violation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Clean ) ( NNP Air ) ( NNP Act ) ) ) ) ) ) ) )

Mr. Donohoo faces as much as three years in prison and a 250,000 fine for the Superfund conviction and as much as one year in prison and a 100,000 fine for the violation of the Clean Air Act


( S-HLN ( NP-SBJ ( NNP TED ) ( NNP BUNDY'S ) ( NNS LAWYERS ) ) ( VP ( VBP switch ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS victims ) ( POS ' ) ) ( NN side ) ) ) ( PP-LOC ( IN in ) ( NP ( NN death-sentence ) ( NN case ) ) ) ) )

TED BUNDY'S LAWYERS switch to victims ' side in death-sentence case


( S ( NP-SBJ ( NP ( NNP Wilmer ) ( NNP Cutler ) ( CC & ) ( NNP Pickering ) ) ( NP ( NP ( DT the ) ( NAC-LOC ( NNP Washington ) ( NNP D.C. ) ) ( NN law ) ( NN firm ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD spent ) ( NP ( QP ( IN over ) ( CD 1 ) ( CD million ) ) ) ( S-CLR ( VP ( VBG fighting ) ( NP ( NP ( DT the ) ( NN execution ) ) ( PP ( IN of ) ( NP ( NP ( NN mass-murderer ) ( NNP Ted ) ( NNP Bundy ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( ADVP-TMP ( RB eventually ) ) ( VP ( VBD was ) ( VP ( VBN executed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN taken ) ( PRT ( RP on ) ) ( NP ( NP ( DT another ) ( NN death ) ( NN penalty ) ( NN case ) ) ( PP-LOC ( IN before ) ( NP ( DT the ) ( NNP Supreme ) ( NNP Court ) ) ) ) ( PRN ( NP-TMP ( DT this ) ( NN time ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN side ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN family ) ) ( PP ( IN of ) ( NP ( CD four ) ( NN murder ) ( NNS victims ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Arkansas ) ) ) ) ) ) ) ) ) ) )

Wilmer Cutler & Pickering the Washington D.C. law firm that spent over 1 million fighting the execution of mass-murderer Ted Bundy who eventually was executed has taken on another death penalty case before the Supreme Court this time on the side of the family of four murder victims in Arkansas


( S ( NP-SBJ ( DT The ) ( NN law ) ( NN firm ) ) ( VP ( VBZ has ) ( VP ( VBN filed ) ( NP ( DT a ) ( JJ friend-of-the-court ) ( NN brief ) ) ( ADVP-MNR ( RB jointly ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Washington ) ( NNP Legal ) ( NNP Foundation ) ) ( NP ( DT a ) ( JJ conservative ) ( JJ legal ) ( NN group ) ) ) ) ) ) )

The law firm has filed a friend-of-the-court brief jointly with the Washington Legal Foundation a conservative legal group


( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( NN issue ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN case ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( DT the ) ( NN law ) ( NN firm ) ) ( VP ( VBZ is ) ( VP ( VBG handling ) ( UCP-MNR ( PP ( IN without ) ( NP ( DT a ) ( NN fee ) ) ) ( CC or ) ( ADVP ( FW pro ) ( FW bono ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN whether ) ( S ( NP-SBJ ( NP ( DT a ) ( NN person ) ) ( VP ( VBN sentenced ) ( PP-CLR ( TO to ) ( NP ( NN death ) ) ) ) ) ( VP ( MD can ) ( ADVP-MNR ( RB voluntarily ) ) ( VP ( VB waive ) ( NP ( NP ( PRP$ his ) ( NNS rights ) ) ( PP ( IN of ) ( NP ( JJ appellate ) ( NN review ) ) ) ) ) ) ) ) ) )

The key issue in the case which the law firm is handling without a fee or pro bono is whether a person sentenced to death can voluntarily waive his rights of appellate review


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN murderer ) ) ( NP ( NNP Ronald ) ( NNP Gene ) ( NNP Simmons ) ) ) ( VP ( VBD was ) ( VP ( VBN convicted ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG killing ) ( NP ( CD 14 ) ( NNS people ) ) ) ) ) ) ) )

The murderer Ronald Gene Simmons was convicted of killing 14 people


( S ( NP-SBJ ( NP ( DT Another ) ( NN murderer ) ) ( PP-LOC ( IN on ) ( NP ( NN death ) ( NN row ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN appealed ) ( NP ( NP ( NNP Mr. ) ( NNP Simmons ) ( POS 's ) ) ( NN death ) ( NN sentence ) ) ( PP-MNR ( IN in ) ( NP ( DT a ) ( JJ next ) ( NN friend ) ( NN capacity ) ) ) ) ) )

Another murderer on death row has appealed Mr. Simmons 's death sentence in a next friend capacity


( S ( NP-SBJ ( NP ( NNP Wilmer ) ( NNP Cutler ) ( POS 's ) ) ( NN brief ) ) ( VP ( VBZ argues ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT no ) ( JJ mandatory ) ( JJ appellate ) ( NN review ) ) ( PP ( IN of ) ( NP ( NN capital ) ( NNS sentences ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN inmate ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD filed ) ( NP ( DT the ) ( NN appeal ) ) ) ) ) ) ( VP ( VBZ lacks ) ( NP ( JJ proper ) ( NN standing ) ) ) ) ) ) ) )

Wilmer Cutler 's brief argues that there is no mandatory appellate review of capital sentences and that the inmate who filed the appeal lacks proper standing


( S ( NP-SBJ ( NP ( NNP P.J. ) ( NNP Mode ) ) ( NP ( NP ( NNP Wilmer ) ( NNP Cutler ) ( POS 's ) ) ( NN managing ) ( NN partner ) ) ) ( VP ( VBZ says ) ( SBAR ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN trial ) ( NN team ) ) ( SBAR ( WHNP-3 ( WDT that ) ) ( S ( VP ( VBD represented ) ( NP ( NNP Mr. ) ( NNP Bundy ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN asked ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( FW pro ) ( FW bono ) ( NN committee ) ) ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN case ) ) ( VP ( VBD posed ) ( NP ( DT a ) ( NN conflict ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( DT no ) ( NNS objections ) ) ( VP ( VBD were ) ( VP ( VBN raised ) ) ) ) ) ) ) )

P.J. Mode Wilmer Cutler 's managing partner says the trial team that represented Mr. Bundy was asked by the firm 's pro bono committee whether the new case posed a conflict and that no objections were raised


( S ( NP-SBJ ( NP ( DT The ) ( NN coupling ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN law ) ( NN firm ) ) ( CC and ) ( NP ( DT the ) ( NNP Washington ) ( NNP Legal ) ( NNP Foundation ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ odd ) ) ( ADVP ( RB also ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( NNP Wilmer ) ( NNP Cutler ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS firms ) ) ( VP ( VBN singled ) ( PRT ( RP out ) ) ( PP-CLR ( IN for ) ( NP ( NN criticism ) ) ) ( ADVP-TMP ( NP ( CD two ) ( NNS years ) ) ( RB ago ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ conservative ) ( JJ legal ) ( NN group ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG displaying ) ( NP ( DT a ) ( JJ liberal ) ( NN bias ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( ADJP ( FW pro ) ( FW bono ) ) ( NN work ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The coupling of the law firm and the Washington Legal Foundation is odd also because Wilmer Cutler was one of the firms singled out for criticism two years ago by the conservative legal group for displaying a liberal bias in its pro bono work


( SINV ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP give ) ( NP-2 ( PRP them ) ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NN credit ) ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG taking ) ( NP ( DT this ) ( NN case ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP WLF ) ( POS 's ) ) ( NNP Alan ) ( NNP Slobodin ) ) )

We give them a lot of credit for taking this case says WLF 's Alan Slobodin


( NP-HLN ( NP ( DT THE ) ( NN CASE ) ) ( PP ( IN OF ) ( NP ( DT THE ) ( JJ FAKE ) ( NNPS DALIS ) ) ) )

THE CASE OF THE FAKE DALIS


( S ( PP-LOC ( IN In ) ( NP ( JJ federal ) ( NN court ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Manhattan ) ) ) ( NP-SBJ ( CD three ) ( NNS defendants ) ) ( VP ( VBD pleaded ) ( ADJP ( JJ guilty ) ( PP ( TO to ) ( NP ( NP ( NNS charges ) ) ( PP ( IN of ) ( NP ( NP ( NN fraud ) ) ( PP ( IN in ) ( NP ( NP ( NN connection ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ fake ) ( NNP Salvador ) ( NNP Dali ) ( NNS lithographs ) ) ) ) ) ) ) ) ) ) ) ) ) )

In federal court in Manhattan three defendants pleaded guilty to charges of fraud in connection with the sale of fake Salvador Dali lithographs


( S ( NP-SBJ-1 ( NP ( NP ( NP ( NNP James ) ( NNP Burke ) ) ( CC and ) ( NP ( NNP Larry ) ( NNP Evans ) ) ) ( RRC ( ADVP-TMP ( RB formerly ) ) ( NP ( NP ( NNS owners ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ now-defunct ) ( NNP Barclay ) ( NNP Gallery ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NNP Prudence ) ( NNP Clark ) ) ( NP ( DT a ) ( NNP Barclay ) ( NNS sales ) ( NN representative ) ) ) ) ( VP ( VBD were ) ( VP ( VBN charged ) ( PP-CLR ( IN with ) ( S-NOM ( VP ( VBG conducting ) ( NP ( NP ( JJ high-pressure ) ( NN telephone ) ( NNS sales ) ) ( SBAR ( WHPP-3 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD misrepresented ) ( NP ( NP ( JJ cheap ) ( NNS copies ) ) ( PP ( IN of ) ( NP ( NNP Dali ) ( NN artwork ) ) ) ) ( PP-CLR ( IN as ) ( NP ( JJ signed ) ( JJ limited-edition ) ( NNS lithographs ) ) ) ) ) ) ) ) ) ) ) ) )

James Burke and Larry Evans formerly owners of the now-defunct Barclay Gallery and Prudence Clark a Barclay sales representative were charged with conducting high-pressure telephone sales in which they misrepresented cheap copies of Dali artwork as signed limited-edition lithographs


( S ( NP-SBJ-1 ( DT The ) ( NNS posters ) ) ( VP ( VBD were ) ( VP ( VBN sold ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 1,300 ) ( TO to ) ( CD 6,000 ) ) ) ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB only ) ( CD 53 ) ( TO to ) ( CD 200 ) ) ) ( ADVP ( RB apiece ) ) ) ) ) ) ) ) ) ) ) ) ) )

The posters were sold for 1,300 to 6,000 although the government says they had a value of only 53 to 200 apiece


( S ( NP-SBJ ( NP ( NNP Henry ) ( NNP Pitman ) ) ( NP ( NP ( DT the ) ( JJ assistant ) ( NNP U.S. ) ( NN attorney ) ) ( VP ( VBG handling ) ( NP ( DT the ) ( NN case ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ-1 ( QP ( RB about ) ( CD 1,000 ) ) ( NNS customers ) ) ( VP ( VBD were ) ( VP ( VBN defrauded ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Barclay ) ( POS 's ) ) ( JJ total ) ( NNS proceeds ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNS sales ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 3.4 ) ( CD million ) ) ) ) ) ) ) ) )

Henry Pitman the assistant U.S. attorney handling the case said about 1,000 customers were defrauded and that Barclay 's total proceeds from the sales were 3.4 million


( S ( NP-SBJ ( NP ( NNP Attorneys ) ) ( PP ( IN for ) ( NP ( NP ( NNP Messrs. ) ( NNP Burke ) ( CC and ) ( NNP Evans ) ) ( CC and ) ( NP ( NNP Ms. ) ( NNP Clarke ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-3 ( PRP$ their ) ( NNS clients ) ) ( VP ( VBD admitted ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG making ) ( NP ( DT some ) ( NNS misrepresentations ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS sales ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN believed ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNS works ) ) ( VP ( VBD were ) ( VP ( VBN authorized ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Mr. ) ( NNP Dali ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD died ) ( PP-TMP ( IN in ) ( NP ( NNP January ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Attorneys for Messrs. Burke and Evans and Ms. Clarke said that although their clients admitted to making some misrepresentations in the sales they had believed that the works were authorized by Mr. Dali who died in January


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NNS posters ) ) ( VP ( VBD were ) ( VP ( VBN printed ) ( PP-LOC ( IN on ) ( NP ( NP ( NN paper ) ) ( VP ( VBN pre-signed ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Dali ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS attorneys ) ) ( VP ( VBD said ) ) )

The posters were printed on paper pre-signed by Mr. Dali the attorneys said


( S ( NP-SBJ ( NNP Bankers ) ( NNP Trust ) ( NNP New ) ( NNP York ) ( NNP Corp. ) ) ( SBAR-ADV ( IN as ) ( S ( VP ( VBN expected ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( JJ third-quarter ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.42 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 17.39 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( PRP$ its ) ( ADJP ( QP ( CD 1.6 ) ( CD billion ) ) ) ( NN boost ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS reserves ) ) ( PP ( IN for ) ( NP ( NP ( NNS losses ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ less-developed ) ( NNS countries ) ) ) ) ) ) ) ) ) ) ) ) )

Bankers Trust New York Corp. as expected reported a third-quarter loss of 1.42 billion or 17.39 a share following its 1.6 billion boost in reserves for losses on loans to less-developed countries


( S ( NP-SBJ ( DT The ) ( NN loss ) ) ( VP ( VBZ compares ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 162.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.01 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) )

The loss compares with net income of 162.1 million or 2.01 a share in the year-earlier period


( S ( NP-SBJ ( NN Interest ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 29 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( RB about ) ( CD 1.35 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.05 ) ( CD billion ) ) ) ) ) )

Interest income rose 29 % to about 1.35 billion from 1.05 billion


( S ( NP-SBJ ( NP ( DT The ) ( NNP New ) ( NNP York ) ( NN bank ) ( NN holding ) ( NN company ) ( POS 's ) ) ( NNS assets ) ) ( PP-TMP ( IN at ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ( VP ( VBD climbed ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 59.4 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 57.9 ) ( CD billion ) ) ) ) ) )

The New York bank holding company 's assets at Sept. 30 climbed to 59.4 billion from 57.9 billion


( S ( S-ADV ( VP ( VBG Excluding ) ( NP ( NP ( DT the ) ( NN increase ) ) ( PP ( IN in ) ( NP ( JJ loan-loss ) ( NNS reserves ) ) ) ) ) ) ( NP-SBJ ( NNP Bankers ) ( NNP Trust ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN increased ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 180 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

Excluding the increase in loan-loss reserves Bankers Trust said third-quarter net income would have increased 11 % to 180 million


( S ( NP-SBJ-1 ( NP ( DT A ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ major ) ( NNS banks ) ) ) ) ( VP ( VBP have ) ( VP ( VBN posted ) ( NP ( JJ big ) ( NNS losses ) ) ( PP-TMP ( IN after ) ( S-NOM ( ADVP-MNR ( RB sharply ) ) ( VP ( VBG increasing ) ( NP ( JJ loan-loss ) ( NNS reserves ) ) ) ) ) ) ) )

A number of major banks have posted big losses after sharply increasing loan-loss reserves


( S ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS loans ) ) ( PP ( IN in ) ( NP ( NN question ) ) ) ) ) ) ( VP ( VBP are ) ( PP-PRD ( TO to ) ( NP ( NP ( NNP Third ) ( NNP World ) ( NNS countries ) ) ( PP-LOC ( IN in ) ( NP ( NNP South ) ( NNP America ) ) ) ) ) ) )

Most of the loans in question are to Third World countries in South America


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ ( NNP Bankers ) ( NNP Trust ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 12.5 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( CD 50.50 ) ) ) ) )

In New York Stock Exchange composite trading yesterday Bankers Trust fell 12.5 cents to 50.50


( S ( NP-SBJ ( NNP Dana ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 27 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 29.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 72 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 40.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) )

Dana Corp. said its third-quarter net income fell 27 % to 29.6 million or 72 cents a share from 40.7 million or 1 a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.12 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 1.17 ) ( CD billion ) ) ) ) ) )

Sales dropped 4 % to 1.12 billion from 1.17 billion


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ supplies ) ( NP ( NP ( NNS transmissions ) ) ( CC and ) ( NP ( JJ other ) ( NN drive-train ) ( NNS parts ) ) ) ( PP-CLR ( TO to ) ( NP ( NN auto ) ( NNS makers ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( QP ( RB about ) ( PDT half ) ) ( DT the ) ( NNS earnings ) ( NN drop ) ) ( VP ( VBD came ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( JJ virtual ) ( NN collapse ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Venezuelan ) ( NN auto ) ( NN industry ) ) ) ) ) ) ) ) ) )

The company which supplies transmissions and other drive-train parts to auto makers said about half the earnings drop came from the virtual collapse of the Venezuelan auto industry


( S ( NP-SBJ ( DT The ) ( JJ Venezuelan ) ( NN currency ) ) ( VP ( VBD plummeted ) ( NP-TMP ( DT this ) ( NN year ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ difficult ) ) ( SBAR-1 ( IN for ) ( S ( NP-SBJ ( NP ( NN auto ) ( NNS makers ) ) ( ADVP-LOC ( RB there ) ) ) ( VP ( TO to ) ( VP ( VB afford ) ( NP ( JJ imported ) ( NNS parts ) ) ) ) ) ) ) ) ) ) )

The Venezuelan currency plummeted this year making it difficult for auto makers there to afford imported parts


( S ( NP-SBJ ( NNP Dana ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBN hurt ) ( PP ( PP ( IN by ) ( NP-LGS ( JJ slumping ) ( NNP U.S. ) ( NN truck ) ( NNS sales ) ) ) ( CC and ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN strike ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NNS parts ) ( NN supplier ) ) ) ) ) ) ) ) ) ) ) )

Dana also said it was hurt by slumping U.S. truck sales and by a strike at a parts supplier


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Toledo ) ) ( NP ( NNP Ohio ) ) ) ) ) ) ( VP ( VBD had ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD expected ) ( NP ( JJ reduced ) ( JJ third-quarter ) ( NN profit ) ) ) ) ) ) ) )

The company based in Toledo Ohio had said it expected reduced third-quarter profit


( S ( NP-SBJ ( NP ( NNP Mary ) ( NNP Anne ) ( NNP Sudol ) ) ( NP ( NP ( DT an ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Fitch ) ( NNP Investors ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( JJ automotive ) ( NNS suppliers ) ) ( VP ( VBD were ) ( VP ( VBG reporting ) ( NP ( NP ( JJR lower ) ( NN profit ) ) ( PP-LOC ( ADVP ( RB almost ) ) ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ) ) ) ) ) ) )

Mary Anne Sudol an analyst at Fitch Investors in New York said automotive suppliers were reporting lower profit almost across the board


( S ( NP-SBJ ( NP ( NNP Southwood ) ( NNP J. ) ( NNP Morcott ) ) ( NP ( NP ( NNP Dana ) ( POS 's ) ) ( NN president ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB approve ) ( NP ( PRP$ its ) ( JJ normal ) ( JJ fourth-quarter ) ( NN dividend ) ) ) ) ) ) ( VP ( VBD indicated ) ( NP ( PRP$ its ) ( JJ underlying ) ( NN strength ) ) ) ) ) ) )

Southwood J. Morcott Dana 's president said the company 's decision to approve its normal fourth-quarter dividend indicated its underlying strength


( S ( NP-SBJ ( JJ Crude ) ( NN oil ) ( NNS futures ) ( NNS prices ) ) ( VP ( VBD fell ) ( ADVP-EXT ( RBR further ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NNS analysts ) ( CC and ) ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP OPEC ) ( NN oil ) ( NNS producers ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBG putting ) ( NP-CLR ( DT the ) ( NNS brakes ) ) ( PP-CLR ( IN on ) ( NP ( NN output ) ) ) ( ADVP-TMP ( RB ahead ) ( PP ( IN of ) ( NP ( DT the ) ( RB traditionally ) ( JJ weak ) ( JJ first ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) )

Crude oil futures prices fell further as analysts and traders said OPEC oil producers are n't putting the brakes on output ahead of the traditionally weak first quarter


( S ( PP-LOC ( IN In ) ( NP ( NP ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( JJ benchmark ) ( NNP West ) ( NNP Texas ) ( NNP Intermediate ) ( NN crude ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 39 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN barrel ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 19.76 ) ) ) ( PP ( IN for ) ( NP ( NNP December ) ( NN delivery ) ) ) ) )

In trading on the New York Mercantile Exchange the U.S. benchmark West Texas Intermediate crude fell 39 cents a barrel to 19.76 for December delivery


( S ( NP-SBJ ( NN Petroleum ) ( NNS products ) ( NNS prices ) ) ( ADVP ( RB also ) ) ( VP ( VBD declined ) ) )

Petroleum products prices also declined


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBD pointed ) ( PP-CLR ( TO to ) ( NP ( NNS reports ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Organization ) ) ( PP ( IN of ) ( NP ( NNP Petroleum ) ( NNP Exporting ) ( NNP Countries ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG producing ) ( NP ( NP ( ADJP ( RB substantially ) ( JJR more ) ) ) ( PP ( IN than ) ( NP ( NP ( PRP$ its ) ( JJ official ) ( NN limit ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 20.5 ) ( CD million ) ) ( NNS barrels ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( DT some ) ( NNS accounts ) ) ( VP ( VBG putting ) ( NP ( NP ( DT the ) ( JJ 13-nation ) ( NN group ) ( POS 's ) ) ( NN output ) ) ( ADVP-PUT ( RB as ) ( JJ high ) ( PP ( IN as ) ( NP ( NP ( QP ( CD 23 ) ( CD million ) ) ( NNS barrels ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts pointed to reports that the Organization of Petroleum Exporting Countries is producing substantially more than its official limit of 20.5 million barrels a day with some accounts putting the 13-nation group 's output as high as 23 million barrels a day


( S ( NP-SBJ ( NP ( DT That ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN production ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB take ) ( NP-CLR ( PRP$ its ) ( NN toll ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS futures ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN demand ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB traditionally ) ( JJ strong ) ) ) ) ) ) ) ) ) ) ) )

That level of production did n't take its toll on futures prices for the fourth quarter when demand is traditionally strong


( S-1 ( CC But ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( JJ first-quarter ) ( NN demand ) ) ( VP ( VBZ is ) ( ADVP ( RB normally ) ) ( NP-PRD ( NP ( DT the ) ( JJS weakest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( JJ several ) ( NN market ) ( NNS participants ) ) ( VP ( VBP say ) ) ) ) ( NP-SBJ-2 ( NNP OPEC ) ( NN production ) ) ( VP ( MD will ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB decline ) ( S-PRP ( VP ( TO to ) ( VP ( VB keep ) ( NP-3 ( NNS prices ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG eroding ) ( ADVP-EXT ( RBR further ) ) ) ) ) ) ) ) ) ) ) ) ) )

But because first-quarter demand is normally the weakest of the year several market participants say OPEC production will have to decline to keep prices from eroding further


( S ( NP-SBJ-1 ( DT The ) ( NN group ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( PP-TMP ( IN in ) ( NP ( DT a ) ( NN month ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( NP ( NN production ) ( NN strategy ) ) ( PP ( IN for ) ( NP ( JJ early ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ) )

The group plans to meet in a month to discuss production strategy for early 1990


( S ( SBAR-ADV ( IN With ) ( S ( NP-SBJ ( NNS prices ) ) ( ADVP ( RB already ) ) ( VP ( VBD headed ) ( ADVP-DIR ( RBR lower ) ) ) ) ) ( NP-SBJ ( NP ( NN news ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN series ) ) ( PP ( IN of ) ( NP ( NNS explosions ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( JJ major ) ( NNP Phillips ) ( NNP Petroleum ) ( NNP Co. ) ( NN chemical ) ( NN facility ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP Houston ) ( NNP Ship ) ( NNP Channel ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ bearish ) ) ( PP ( IN for ) ( NP ( NNS prices ) ) ) ) )

With prices already headed lower news of a series of explosions at a major Phillips Petroleum Co. chemical facility on the Houston Ship Channel also was bearish for prices


( S-1 ( SBAR-ADV ( RB Even ) ( IN though ) ( S ( NP-SBJ ( JJ such ) ( NNS facilities ) ) ( VP ( VBP use ) ( NP ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ small ) ) ( NN amount ) ) ( PP ( IN of ) ( NP ( NN crude ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) ) ) ( ADVP-TMP ( RB now ) ) ( NP-SBJ ( DT the ) ( NN facility ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB need ) ( NP ( DT any ) ) ( PP-TMP ( IN at ) ( NP ( NP ( DT a ) ( NN time ) ) ( PP ( IN of ) ( NP ( RB already ) ( JJ high ) ( NN availability ) ) ) ) ) ) ) )

Even though such facilities use a relatively small amount of crude analysts say now the facility wo n't need any at a time of already high availability


( S ( NP-SBJ ( DT The ) ( NNP Phillips ) ( NN plant ) ) ( VP ( VBZ makes ) ( NP ( NP ( NN polyethylene ) ) ( NP ( NN polypropylene ) ) ( CC and ) ( NP ( JJ other ) ( NN plastic ) ( NNS products ) ) ) ) )

The Phillips plant makes polyethylene polypropylene and other plastic products


( S ( NP-SBJ ( DT A ) ( NN company ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS explosions ) ) ( VP ( VBD began ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT a ) ( NN seal ) ) ( VP ( VBD blew ) ( PRT ( RP out ) ) ) ) ) ) ) ) ) )

A company official said the explosions began when a seal blew out


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( NNS Dozens ) ) ( PP ( IN of ) ( NP ( NNS workers ) ) ) ) ( VP ( VBD were ) ( VP ( VBN injured ) ) ) ) ( NP-SBJ ( NNS authorities ) ) ( VP ( VBD said ) ) )

Dozens of workers were injured authorities said


( S ( NP-SBJ ( EX There ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT no ) ( JJ immediate ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( NN damage ) ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN company ) ) ) ) )

There was no immediate estimate of damage from the company


( S ( NP-SBJ ( DT Some ) ( NN petroleum ) ( NNS futures ) ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( JJ technical ) ( NNS considerations ) ) ( ADVP-TMP ( RB now ) ) ( VP ( MD will ) ( VP ( VB help ) ( S ( VP ( TO to ) ( VP ( VB put ) ( NP ( JJ downward ) ( NN pressure ) ) ( PP-PUT ( IN on ) ( NP ( NNS futures ) ( NNS prices ) ) ) ) ) ) ) ) ) ) ) )

Some petroleum futures traders say technical considerations now will help to put downward pressure on futures prices


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ ( CD one ) ( NN trader ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS prices ) ) ( ADVP ( RB inevitably ) ) ( VP ( MD will ) ( VP ( VB go ) ( ADVP-DIR ( RBR lower ) ) ( ADVP-TMP ( RB now ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP 've ) ( VP ( VBN fallen ) ( PP-DIR ( IN below ) ( NP ( NP ( CD 20 ) ) ( NP-ADV ( DT a ) ( NN barrel ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

For instance one trader said that prices inevitably will go lower now that they 've fallen below 20 a barrel


( S ( S-TPC-1 ( NP-SBJ ( PRP$ Our ) ( NN technician ) ) ( VP ( VBZ is ) ( ADJP-PRD ( NP-ADV ( DT a ) ( JJ little ) ) ( JJ bearish ) ) ( ADVP-TMP ( RB now ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 've ) ( VP ( VBN taken ) ( PRT ( RP out ) ) ( NP ( CD 20 ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Our technician is a little bearish now that we 've taken out 20 he said


( FRAG-HLN ( PP-LOC ( IN In ) ( NP ( JJ other ) ( NN commodity ) ( NNS markets ) ) ) ( NP-TMP ( NN yesterday ) ) )

In other commodity markets yesterday


COPPER


( S ( NP-SBJ ( NP ( DT The ) ( NN selling ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD started ) ( PP-TMP ( IN on ) ( NP ( NNP Friday ) ) ) ) ) ) ) ( VP ( VBD continued ) ( NP-TMP ( NN yesterday ) ) ) )

The selling that started on Friday continued yesterday


( S ( NP-SBJ ( DT The ) ( NNP December ) ( NN contract ) ) ( VP ( VBD fell ) ( NP-EXT ( NP ( CD 3.85 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 1.1960 ) ) ) ) )

The December contract fell 3.85 cents a pound to 1.1960


( S ( S ( NP-SBJ ( NNP London ) ( NNP Metal ) ( NNP Exchange ) ( NN warehouse ) ( NNS stocks ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB down ) ( NP ( QP ( RB only ) ( CD 4,800 ) ) ( JJ metric ) ( NNS tons ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN week ) ) ) ( PP ( TO to ) ( NP ( CD 84,500 ) ( NNS tons ) ) ) ) ) ) ( S ( NP-SBJ ( NNS expectations ) ) ( NP-TMP ( RB late ) ( JJ last ) ( NN week ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT a ) ( NN drop ) ) ( PP ( IN of ) ( NP ( QP ( CD 10,000 ) ( TO to ) ( CD 15,000 ) ) ( NNS tons ) ) ) ) ) ) )

London Metal Exchange warehouse stocks were down only 4,800 metric tons for the week to 84,500 tons expectations late last week were a drop of 10,000 to 15,000 tons


( S ( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NN market ) ) ( VP ( VBD made ) ( NP ( NP ( PRP$ its ) ( NN high ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN opening ) ) ) ) ) ( CC and ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD dropped ) ( PP-DIR ( IN below ) ( NP ( DT the ) ( ADJP ( JJ 1.23-a-pound ) ) ( NN level ) ) ) ) ) ) ( NP-SBJ ( NN selling ) ) ( VP ( VBN picked ) ( PRT ( RP up ) ) ( SBAR-ADV ( RB as ) ( S ( S ( NP-SBJ ( JJ previous ) ( NNS buyers ) ) ( VP ( VBD bailed ) ( PRT ( RP out ) ) ( PP-CLR ( IN of ) ( NP ( PRP$ their ) ( NNS positions ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( JJ aggressive ) ( JJ short ) ( NNS sellers ) ) ( S-ADV ( VP ( VBG anticipating ) ( NP ( JJ further ) ( NNS declines ) ) ) ) ( VP ( VBD moved ) ( ADVP-DIR ( IN in ) ) ) ) ) ) ) ) )

The New York market made its high for the day on the opening and when it dropped below the 1.23-a-pound level selling picked up as previous buyers bailed out of their positions and aggressive short sellers anticipating further declines moved in


( S ( NP-SBJ ( NN Fund ) ( NN selling ) ) ( ADVP ( RB also ) ) ( VP ( VBD picked ) ( PRT ( RP up ) ) ( PP-TMP ( IN at ) ( NP ( DT that ) ( NN point ) ) ) ) )

Fund selling also picked up at that point


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NP ( NNP Bernard ) ( NNP Savaiko ) ) ( NP ( NP ( JJ senior ) ( NN commodity ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP PaineWebber ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ only ) ( NN stability ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN market ) ) ) ) ( VP ( VBD came ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( JJ short ) ( NNS sellers ) ) ( ADVP-TMP ( RB periodically ) ) ( VP ( VBD moved ) ( ADVP-DIR ( RB in ) ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB cover ) ( NP ( PRP$ their ) ( NNS positions ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG buying ) ( NP ( NNS contracts ) ) ) ) ) ) ) ) ) ) ) ) )

According to Bernard Savaiko senior commodity analyst at PaineWebber the only stability to the market came when short sellers periodically moved in to cover their positions by buying contracts


( S ( NP-SBJ ( DT This ) ( NN activity ) ) ( VP ( VBD produced ) ( NP ( NP ( JJ small ) ( NNS rallies ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP ( IN in ) ( NP ( NN turn ) ) ) ( VP ( VBD attracted ) ( NP ( JJ new ) ( JJ short ) ( NN selling ) ) ) ) ) ) ) )

This activity produced small rallies which in turn attracted new short selling


( S ( NP-SBJ ( NNP Mr. ) ( NNP Savaiko ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NN copper ) ) ( VP ( VBD had ) ( NP ( DT a ) ( JJ steep ) ( NN fall ) ) ( PP ( IN in ) ( NP ( NP ( NN spite ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ weak ) ( NN dollar ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( ADVP ( RB normally ) ) ( VP ( VB support ) ( NP ( DT the ) ( NNP U.S. ) ( NN copper ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Savaiko noted that copper had a steep fall in spite of a weak dollar which would normally support the U.S. copper market


( S ( NP-SBJ ( JJ Such ) ( NN support ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBZ comes ) ( PP-CLR ( IN from ) ( NP ( NP ( NNS arbitragers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP use ) ( NP ( DT a ) ( JJ strong ) ( JJ British ) ( NN pound ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN copper ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ) ) ) ) ) )

Such support usually comes from arbitragers who use a strong British pound to buy copper in New York


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN sell-off ) ) ( VP ( MD would ) ( ADVP ( RB probably ) ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJR worse ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( JJ strong ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The sell-off would probably have been worse if the dollar had been strong he said


( S ( NP-SBJ-1 ( NN Copper ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN stuck ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT a ) ( NN trading ) ( NN range ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.19 ) ( TO to ) ( CD 1.34 ) ) ) ) ) ) ) ) ) )

Copper has been stuck in a trading range of 1.19 to 1.34


( S ( NP-SBJ ( NNP Mr. ) ( NNP Savaiko ) ) ( VP ( VBZ believes ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( NN copper ) ) ( VP ( VBZ falls ) ( PP-DIR ( IN below ) ( NP ( NP ( DT the ) ( NN bottom ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN range ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ next ) ( JJ significant ) ( NN support ) ( NN level ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( QP ( RB about ) ( CD 1.04 ) ) ) ) ) ) ) ) )

Mr. Savaiko believes that if copper falls below the bottom of this range the next significant support level will be about 1.04


( NP-HLN ( JJ PRECIOUS ) ( NNS METALS ) )

PRECIOUS METALS


( S ( NP-SBJ-2 ( NN Platinum ) ( CC and ) ( NN palladium ) ) ( VP ( VBD struggled ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( PRP$ their ) ( NNS prices ) ) ) ) ) ( NP-TMP ( DT all ) ( NN day ) ) ( PP ( IN despite ) ( NP ( NP ( NN news ) ( NNS stories ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ ( NP ( JJ recent ) ( JJ cold ) ( NN fusion ) ( NNS experiments ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP use ) ( NP ( DT both ) ( NNS metals ) ) ) ) ) ) ( VP ( VBD showed ) ( NP ( NP ( NNS signs ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG producing ) ( NP ( JJ extra ) ( NN heat ) ) ) ) ) ) ) ) ) ) ) ) )

Platinum and palladium struggled to maintain their prices all day despite news stories over the weekend that recent cold fusion experiments which use both metals showed signs of producing extra heat


( S ( NP-SBJ ( NNP January ) ( NN platinum ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( NP ( CD 2.80 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 486.30 ) ) ( PP ( NP-ADV ( QP ( RB nearly ) ( CD 4 ) ) ) ( IN above ) ( NP ( NP ( PRP$ its ) ( NN low ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ) )

January platinum closed down 2.80 an ounce at 486.30 nearly 4 above its low for the day


( S ( NP-SBJ ( NNP December ) ( NN palladium ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB off ) ( NP ( NP ( CD 1.55 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 137.20 ) ) ) ) )

December palladium was off 1.55 an ounce at 137.20


( S ( S ( NP-SBJ-1 ( NN Platinum ) ) ( VP ( VBZ is ) ( VP ( VBN believed ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( JJ good ) ( NN support ) ) ( NP-LOC-CLR-2 ( QP ( IN around ) ( CD 480 ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( NN palladium ) ) ( PP-LOC-CLR=2 ( IN at ) ( NP ( QP ( IN around ) ( CD 130 ) ) ) ) ) )

Platinum is believed to have good support around 480 and palladium at around 130


( S ( NP-SBJ-3 ( DT Some ) ( NNS traders ) ) ( VP ( VBD were ) ( VP ( VBN thought ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( NP ( DT the ) ( NN auto ) ( NNS sales ) ( NN report ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN released ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some traders were thought to be waiting for the auto sales report which will be released today


( S ( NP-SBJ-1 ( JJ Such ) ( NNS sales ) ) ( VP ( VBP are ) ( VP ( VBN watched ) ( ADVP-MNR ( RB closely ) ) ( PP ( IN by ) ( NP-LGS ( NN platinum ) ( CC and ) ( NN palladium ) ( NNS traders ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( DT both ) ( NNS metals ) ) ( VP ( VBP are ) ( VP ( VBN used ) ( PP-LOC ( IN in ) ( NP ( NN automobile ) ( JJ catalytic ) ( NNS converters ) ) ) ) ) ) ) ) ) )

Such sales are watched closely by platinum and palladium traders because both metals are used in automobile catalytic converters


( S ( NP-SBJ ( NNP Mr. ) ( NNP Savaiko ) ) ( VP ( VBD theorized ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN news ) ) ( PP ( IN on ) ( NP ( JJ cold ) ( NN fusion ) ) ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB affect ) ( NP ( DT the ) ( NN market ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( JJ many ) ( NNS traders ) ) ( VP ( VBP have ) ( ADVP ( RB already ) ) ( VP ( VBN been ) ( ADVP-MNR ( RB badly ) ) ( VP ( VBN burnt ) ( PP ( IN by ) ( NP-LGS ( JJ such ) ( NNS stories ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Savaiko theorized that the news on cold fusion did n't affect the market yesterday because many traders have already been badly burnt by such stories


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS traders ) ) ( VP ( VBP are ) ( VP ( VBG demanding ) ( NP ( NP ( DT a ) ( JJR higher ) ( NN level ) ) ( PP ( IN of ) ( NP ( NN proof ) ) ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD will ) ( VP ( VB buy ) ( NP ( NN palladium ) ) ( ADVP ( RB again ) ) ) ) ) ) ) ) ) ) ) )

He said the traders are demanding a higher level of proof before they will buy palladium again


( SINV ( ADVP ( RB Also ) ) ( VP-TPC-1 ( VBG weighing ) ( PP-CLR ( IN on ) ( NP ( NP ( DT both ) ( NNS metals ) ( POS ' ) ) ( NNS prices ) ) ) ) ( VP ( VBZ is ) ) ( NP-SBJ ( NP ( DT the ) ( NN role ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ chief ) ( NN supplier ) ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) )

Also weighing on both metals ' prices is the role of the chief supplier the Soviet Union


( S ( NP-SBJ ( JJ Many ) ( NNS analysts ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NNPS Soviets ) ( POS ' ) ) ( NN thirst ) ) ( PP ( IN for ) ( NP ( NP ( NNS dollars ) ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( SBAR-2 ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NN grain ) ) ( CC and ) ( NP ( JJ other ) ( JJ Western ) ( NNS commodities ) ( CC and ) ( NNS goods ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB bring ) ( NP ( PRP them ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN market ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB whenever ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP rally ) ( ADVP ( RB very ) ( RB much ) ) ) ) ) ) ) ) ) ) )

Many analysts believe that the Soviets ' thirst for dollars this year to buy grain and other Western commodities and goods will bring them to the market whenever prices rally very much


( NP-HLN ( NNS GRAINS ) ( CC AND ) ( NNS SOYBEANS ) )

GRAINS AND SOYBEANS


( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VBD closed ) ( ADJP-ADV ( JJ mixed ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS contracts ) ) ( VP ( VBD reacted ) ( PP-CLR ( TO to ) ( NP ( ADJP ( RB largely ) ( JJ offsetting ) ) ( ADJP ( JJ bullish ) ( CC and ) ( JJ bearish ) ) ( NN news ) ) ) ) ) ) ) )

Prices closed mixed as contracts reacted to largely offsetting bullish and bearish news


( S ( PP-LOC ( IN On ) ( NP ( NP ( DT the ) ( NNP Chicago ) ( NNP Board ) ) ( PP ( IN of ) ( NP ( NNP Trade ) ) ) ) ) ( NP-SBJ ( NP ( NNS soybeans ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ( VP ( VBD closed ) ( PP-LOC ( IN at ) ( NP ( NP ( CD 5.63 ) ) ( NP-ADV ( DT a ) ( NN bushel ) ) ) ) ( ADVP ( IN down ) ( NP ( PDT half ) ( DT a ) ( NN cent ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( DT the ) ( NNP December ) ( NN wheat ) ( NN contract ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( NNS three-quarters ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN cent ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 4.0775 ) ) ( NP-ADV ( DT a ) ( NN bushel ) ) ) ) ) ) ) ) )

On the Chicago Board of Trade soybeans for November delivery closed at 5.63 a bushel down half a cent while the December wheat contract rose three-quarters of a cent to 4.0775 a bushel


( SINV ( VP-TPC-1 ( VBG Supporting ) ( NP ( NNS prices ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NP ( DT the ) ( NN announcement ) ) ( NP-TMP ( RB late ) ( NNP Friday ) ) ( PP ( IN of ) ( NP ( NP ( JJ additional ) ( NN grain ) ( NNS sales ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) )

Supporting prices was the announcement late Friday of additional grain sales to the Soviet Union


( SINV ( CC But ) ( VP-TPC-1 ( VBG acting ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN drag ) ) ( PP ( IN on ) ( NP ( NNS prices ) ) ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( JJ improved ) ( NN harvest ) ( NN weather ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN prospect ) ) ( PP ( IN for ) ( NP ( NP ( JJ continued ) ( JJ fair ) ( NN weather ) ) ( NP-TMP ( DT this ) ( NN week ) ) ( PP-LOC ( IN over ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Farm ) ( NNP Belt ) ) ) ) ) ) ) ) ) )

But acting as a drag on prices was the improved harvest weather over the weekend and the prospect for continued fair weather this week over much of the Farm Belt


( S ( NP-SBJ ( JJ Strong ) ( NN farmer ) ( NN selling ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( NN weekend ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD weighed ) ( PP-CLR ( IN on ) ( NP ( NNS prices ) ) ) ) )

Strong farmer selling over the weekend also weighed on prices


SUGAR


( S ( NP-SBJ ( NN World ) ( NNS prices ) ) ( VP ( VBD tumbled ) ( PP ( ADVP ( RB mostly ) ) ( IN from ) ( NP ( PRP$ their ) ( JJ own ) ( NN weight ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNS analysts ) ) ) ) ) )

World prices tumbled mostly from their own weight according to analysts


( S ( NP-SBJ ( DT The ) ( NNP March ) ( NN contract ) ) ( VP ( VBD ended ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 13.79 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 0.37 ) ( NN cent ) ) ) ) )

The March contract ended at 13.79 cents a pound down 0.37 cent


( S ( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( JJ past ) ( NN week ) ( QP ( CC or ) ( RB so ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG expecting ) ( S ( NP-SBJ ( NNP India ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( QP ( IN between ) ( CD 150,000 ) ( CC and ) ( CD 200,000 ) ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( JJ refined ) ( NN sugar ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( NP-PRD ( NP ( NNS expectations ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ major ) ( NN purchase ) ) ( PP ( IN by ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) )

For the past week or so traders have been expecting India to buy between 150,000 and 200,000 tons of refined sugar and there have been expectations of a major purchase by Japan


( S-1 ( CC But ) ( PP ( IN with ) ( NP ( NP ( DT no ) ( NNS reports ) ) ( PP ( IN of ) ( S-NOM ( NP-SBJ ( DT either ) ( NN country ) ) ( ADVP ( RB actually ) ) ( VP ( VBG entering ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( NNS futures ) ( NNS prices ) ) ( VP ( VBD became ) ( ADJP-PRD ( JJ vulnerable ) ) ) )

But with no reports of either country actually entering the market analysts said futures prices became vulnerable


( S-1 ( NP-SBJ-2 ( NP ( VBG Developing ) ( NNS countries ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP India ) ) ) ) ( PRN ( S ( NP-SBJ ( DT some ) ( NNS analysts ) ) ( VP ( VBD said ) ) ) ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN made ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( NP-PRD ( DT a ) ( NN point ) ) ( S-3 ( VP ( TO to ) ( VP ( VP ( VB stay ) ( ADVP-LOC-CLR ( RB away ) ) ( SBAR-TMP ( WHADVP-4 ( WRB whenever ) ) ( S ( NP-SBJ ( NN sugar ) ) ( VP ( VBD reached ) ( NP ( NP ( NP ( DT the ) ( NN top ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ trading ) ( NN range ) ) ) ) ( NP ( QP ( IN around ) ( CD 14.75 ) ) ( NNS cents ) ) ) ) ) ) ) ( CC and ) ( VP ( VB wait ) ( SBAR ( IN for ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( TO to ) ( VP ( VB return ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN bottom ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN range ) ) ) ) ( NP ( QP ( IN around ) ( CD 13.50 ) ) ( NNS cents ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Developing countries such as India some analysts said seem to have made it a point to stay away whenever sugar reached the top of its trading range around 14.75 cents and wait for prices to return to the bottom of the range around 13.50 cents


( S ( S ( CC But ) ( NP-SBJ ( NP ( NNP Erik ) ( NNP Dunlaevy ) ) ( NP ( NP ( DT a ) ( NN sugar ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NNP Balfour ) ( NNP Maclaine ) ( NNP International ) ( NNP Ltd. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN explanation ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJS latest ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN sugar ) ( NNS prices ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB much ) ( JJR simpler ) ) ) ) ) ) ) ( S-1 ( NP-SBJ ( NNS Speculators ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( VP ( VP ( VBD got ) ( ADJP-PRD ( RB too ) ( JJ long ) ) ( ADVP-TMP ( RB too ) ( RB soon ) ) ) ( CC and ) ( VP ( VBD ran ) ( PP-CLR ( IN into ) ( NP ( NN resistance ) ) ) ( PP-LOC ( IN around ) ( NP ( DT the ) ( JJ old ) ( NN contract ) ( NNS highs ) ) ) ) ) ) )

But Erik Dunlaevy a sugar analyst with Balfour Maclaine International Ltd. said the explanation for the latest drop in sugar prices is much simpler Speculators he said got too long too soon and ran into resistance around the old contract highs


( S ( NP-SBJ ( DT A ) ( NNP PaineWebber ) ( NN analyst ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN in ) ( NP ( NP ( NN light ) ) ( PP ( IN of ) ( NP ( NP ( NP ( DT a ) ( JJ new ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN production ) ( NN increase ) ) ( PP ( IN of ) ( NP ( QP ( CD four ) ( CD million ) ) ( JJ metric ) ( NNS tons ) ) ) ) ) ) ( CC and ) ( NP ( NP ( RB only ) ( DT a ) ( JJ modest ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NN consumption ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NN sugar ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB rise ) ( PP-DIR ( IN above ) ( NP ( NP ( DT the ) ( NN top ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN trading ) ( NN range ) ) ) ) ) ( PP ( IN without ) ( NP ( NP ( DT a ) ( NN crop ) ( NN problem ) ) ( PP ( IN in ) ( NP ( DT a ) ( JJ major ) ( JJ producing ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) ) )

A PaineWebber analyst said that in light of a new estimate of a production increase of four million metric tons and only a modest increase in consumption sugar is n't likely to rise above the top of its trading range without a crop problem in a major producing country


COCOA


( S ( NP-SBJ ( NNS Futures ) ) ( VP ( VBD rallied ) ( ADVP-EXT ( RB modestly ) ) ) )

Futures rallied modestly


( S ( NP-SBJ ( DT The ) ( NNP December ) ( NN contract ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( CD 33 ) ) ( NP-ADV ( DT a ) ( JJ metric ) ( NN ton ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 1,027 ) ) ) ( PP ( IN near ) ( NP ( NP ( PRP$ its ) ( NN high ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) )

The December contract rose 33 a metric ton to 1,027 near its high for the day


( S ( NP-SBJ ( NP ( NNP Gill ) ( CC & ) ( NNP Duffus ) ( NNP Ltd. ) ) ( NP ( DT a ) ( JJ British ) ( JJ cocoa-trading ) ( NN house ) ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( CD 1989-90 ) ( NN world ) ( NN cocoa ) ( NN surplus ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( CD 231,000 ) ( NNS tons ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 314,000 ) ( NNS tons ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) ) ) ) ) ) )

Gill & Duffus Ltd. a British cocoa-trading house estimated that the 1989-90 world cocoa surplus would be 231,000 tons down from 314,000 tons for the previous year


( S ( NP-SBJ-1 ( NN Market ) ( NNS technicians ) ) ( VP ( VBD were ) ( VP ( VBN encouraged ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN price ) ( NNS patterns ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( VP ( VBP have ) ( VP ( VBN preceded ) ( NP ( JJ sharp ) ( NNS rallies ) ) ) ) ) ) ) ) ) ) )

Market technicians were encouraged by the price patterns which in the past have preceded sharp rallies


( S ( NP-SBJ ( NP ( JJ Recent ) ( NNS prices ) ) ( PP ( IN for ) ( NP ( NN cocoa ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( PP-PRD ( IN near ) ( NP ( NP ( NNS levels ) ) ( VP ( ADVP ( RB last ) ) ( VBN seen ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS mid-1970s ) ) ) ) ) ) ) ) )

Recent prices for cocoa have been near levels last seen in the mid-1970s


( S ( PP-LOC ( IN At ) ( NP ( JJ such ) ( NNS prices ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Savaiko ) ) ) ) ( NP-SBJ ( NP ( NP ( NN bargain ) ( NN hunting ) ) ( CC and ) ( NP ( NP ( NN short-covering ) ) ( NP ( NP ( NN buying ) ( RP back ) ) ( PP ( IN of ) ( NP ( NP ( NNS contracts ) ) ( VP ( ADVP-TMP ( RB previously ) ) ( VBN sold ) ) ) ) ) ) ) ( PP ( IN by ) ( NP ( NNS speculators ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( JJ uncommon ) ) ) )

At such prices according to Mr. Savaiko bargain hunting and short-covering buying back of contracts previously sold by speculators is n't uncommon


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Savaiko ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( JJ stepped-up ) ( NN producer ) ( NN selling ) ) ( PP-LOC-PRD ( IN at ) ( PP ( IN around ) ( NP ( DT the ) ( ADJP ( QP ( CD 1,040 ) ( TO to ) ( CD 1,050 ) ) ) ( NN level ) ) ) ) ) ) )

But Mr. Savaiko expects stepped-up producer selling at around the 1,040 to 1,050 level


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( JJ strong ) ( JJ sterling ) ( NN market ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBD helped ) ( NP ( NN cocoa ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NNS arbitragers ) ) ( VP ( VBD took ) ( NP-CLR ( NN advantage ) ) ( PP-CLR ( IN of ) ( NP ( DT the ) ( NN currency ) ( NN move ) ) ) ) ) ) ) ) ) ) ) ) )

He also noted that a strong sterling market yesterday might have helped cocoa in New York as arbitragers took advantage of the currency move


( S ( NP-SBJ ( NP ( NNP Sandra ) ( NNP Kaul ) ) ( NP ( NP ( NN research ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD pushed ) ( ADVP ( JJR higher ) ) ( PP ( ADVP ( RB mainly ) ) ( IN in ) ( NP ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ late ) ( NN harvest ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Ivory ) ( NNP Coast ) ) ( NP ( DT a ) ( JJ major ) ( NN cocoa ) ( NN producer ) ) ) ) ) ) ) ) ) ) ) ) )

Sandra Kaul research analyst at Shearson Lehman Hutton said the market pushed higher mainly in anticipation of a late harvest in the Ivory Coast a major cocoa producer


( S ( NP-SBJ ( NP ( NNP LDI ) ( NNP Corp. ) ) ( NP-LOC ( NNP Cleveland ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB offer ) ( NP ( NP ( QP ( CD 50 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ commercial ) ( NN paper ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( JJ lease-rental ) ( NNS receivables ) ) ) ) ) ) ) ) ) ) ) ) )

LDI Corp. Cleveland said it will offer 50 million in commercial paper backed by lease-rental receivables


( S ( NP-SBJ ( DT The ) ( NN program ) ) ( VP ( VBZ matches ) ( NP ( NP ( NNS funds ) ) ( VP ( VBN raised ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ commercial ) ( NN paper ) ) ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( ADJP ( JJ small ) ( TO to ) ( JJ medium-sized ) ) ( NNS leases ) ) ) ) )

The program matches funds raised from the sale of the commercial paper with small to medium-sized leases


( S ( NP-SBJ-2 ( NNP LDI ) ) ( VP ( VBD termed ) ( S ( NP-SBJ ( DT the ) ( NN paper ) ) ( ADJP-PRD ( JJ non-recourse ) ( NN financing ) ) ) ( S-ADV ( VP ( VBG meaning ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNS investors ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN repaid ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN lease ) ( NN receivables ) ) ) ( PP ( RB rather ) ( IN than ) ( ADVP-MNR ( RB directly ) ( PP ( IN by ) ( NP ( NNP LDI ) ( NNP Corp ) ) ) ) ) ) ) ) ) ) ) ) ) )

LDI termed the paper non-recourse financing meaning that investors would be repaid from the lease receivables rather than directly by LDI Corp


( S ( NP-SBJ ( NNP LDI ) ) ( VP ( VBZ leases ) ( CC and ) ( VBZ sells ) ( NP ( UCP ( NN data-processing ) ( NN telecommunications ) ( CC and ) ( ADJP ( JJ other ) ( JJ high-tech ) ) ) ( NN equipment ) ) ) )

LDI leases and sells data-processing telecommunications and other high-tech equipment


( S ( NP-SBJ ( NP ( NNP Roche ) ( NNP Holding ) ( NNP AG ) ) ( NP ( NP ( NN parent ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Swiss ) ( NN chemical ) ( CC and ) ( JJ pharmaceutical ) ( NN group ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN group ) ( NNS sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 22 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( CD nine ) ( NNS months ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 7.32 ) ( CD billion ) ) ( NNS francs ) ) ( PRN ( NP ( QP ( CD 4.51 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

Roche Holding AG parent of the Swiss chemical and pharmaceutical group said its group sales rose 22 % in the first nine months of the year to 7.32 billion francs 4.51 billion


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ good ) ( NNS gains ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT all ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS divisions ) ) ) ) ) ) ) )

The company reported good gains in all of its divisions


( S ( NP-SBJ ( NNP Roche ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ expects ) ( NP ( NP ( DT a ) ( JJ considerable ) ( NN rise ) ) ( PP-LOC ( IN in ) ( NP ( CD 1989 ) ( NN group ) ( NN profit ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( ADJP ( CD 641.5 ) ( JJ million-franc ) ) ( PRN ( ADJP ( QP ( CD 396 ) ( CD million ) ) ) ) ( NN net ) ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ) )

Roche also said it expects a considerable rise in 1989 group profit from the 641.5 million-franc 396 million net in 1988


( NP-TMP ( NP ( NNP Monday ) ) ( NP ( NNP October ) ( CD 23 ) ( CD 1989 ) ) )

Monday October 23 1989


( S ( NP-SBJ ( NP ( DT The ) ( JJ key ) ( UCP ( NNP U.S. ) ( CC and ) ( JJ foreign ) ) ( JJ annual ) ( NN interest ) ( NNS rates ) ) ( ADVP-LOC ( RB below ) ) ) ( VP ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN guide ) ) ( PP ( TO to ) ( NP ( JJ general ) ( NNS levels ) ) ) ) ) ( CC but ) ( VP ( VBP do ) ( RB n't ) ( ADVP-TMP ( RB always ) ) ( VP ( VB represent ) ( NP ( JJ actual ) ( NNS transactions ) ) ) ) ) )

The key U.S. and foreign annual interest rates below are a guide to general levels but do n't always represent actual transactions


( NP ( NP ( JJ PRIME ) ( NN RATE ) ) ( NP ( CD 10 ) ( CD 1\/2 ) ( NN % ) ) )

PRIME RATE 10 1\/2 %


( NP ( NP ( DT The ) ( JJ base ) ( NN rate ) ) ( PP ( IN on ) ( NP ( JJ corporate ) ( NNS loans ) ) ) ( PP-LOC ( IN at ) ( NP ( JJ large ) ( NNP U.S. ) ( NN money ) ( NN center ) ( JJ commercial ) ( NNS banks ) ) ) )

The base rate on corporate loans at large U.S. money center commercial banks


( NP ( NP ( JJ FEDERAL ) ( NNS FUNDS ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( ADVP ( JJ high ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( ADVP ( JJ low ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ) ( NN % ) ) ( PP-TMP ( IN near ) ( NP ( NN closing ) ( NN bid ) ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( VP ( VBN offered ) ) ) ) )

FEDERAL FUNDS 8 3\/4 % high 8 11\/16 % low 8 11\/16 % near closing bid 8 3\/4 % offered


( S ( NP-SBJ ( NNS Reserves ) ) ( VP ( VBN traded ) ( PP-CLR ( IN among ) ( NP ( JJ commercial ) ( NNS banks ) ) ) ( PP-PRP ( IN for ) ( NP ( JJ overnight ) ( NN use ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ( CC or ) ( JJR more ) ) ) ) ) ) ) )

Reserves traded among commercial banks for overnight use in amounts of 1 million or more


( NP ( NP ( NN Source ) ) ( NP ( NNP Fulton ) ( NNP Prebon ) ( PRN ( NAC-LOC ( NNP U.S.A ) ) ) ( NNP Inc ) ) )

Source Fulton Prebon U.S.A Inc


( NP ( NP ( JJ DISCOUNT ) ( NN RATE ) ) ( NP ( CD 7 ) ( NN % ) ) )

DISCOUNT RATE 7 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( JJ depository ) ( NNS institutions ) ) ) ( PP ( IN by ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Federal ) ( NNP Reserve ) ( NNP Bank ) ) ) ) ) )

The charge on loans to depository institutions by the New York Federal Reserve Bank


( NP ( NP ( NN CALL ) ( NNP MONEY ) ) ( NP ( QP ( CD 9 ) ( CD 3\/4 ) ( NN % ) ( TO to ) ( CD 10 ) ( NN % ) ) ) )

CALL MONEY 9 3\/4 % to 10 %


( NP ( NP ( DT The ) ( NN charge ) ) ( PP ( IN on ) ( NP ( NP ( NNS loans ) ) ( PP ( TO to ) ( NP ( NNS brokers ) ) ) ( PP ( IN on ) ( NP ( NN stock ) ( NN exchange ) ( NN collateral ) ) ) ) ) )

The charge on loans to brokers on stock exchange collateral


( NP ( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( VP ( VBN placed ) ( ADVP-MNR ( RB directly ) ) ( PP ( IN by ) ( NP-LGS ( NNP General ) ( NNP Motors ) ( NNP Acceptance ) ( NNP Corp. ) ) ) ) ) ( NP ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( QP ( CD 2 ) ( TO to ) ( CD 44 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.25 ) ( NN % ) ) ( NP ( QP ( CD 45 ) ( TO to ) ( CD 69 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP ( QP ( CD 70 ) ( TO to ) ( CD 89 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.20 ) ( NN % ) ) ( NP ( QP ( CD 90 ) ( TO to ) ( CD 119 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 8.05 ) ( NN % ) ) ( NP ( QP ( CD 120 ) ( TO to ) ( CD 149 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.90 ) ( NN % ) ) ( NP ( QP ( CD 150 ) ( TO to ) ( CD 179 ) ) ( NNS days ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( QP ( CD 180 ) ( TO to ) ( CD 270 ) ) ( NNS days ) ) ) ) )

COMMERCIAL PAPER placed directly by General Motors Acceptance Corp. 8.50 % 2 to 44 days 8.25 % 45 to 69 days 8.40 % 70 to 89 days 8.20 % 90 to 119 days 8.05 % 120 to 149 days 7.90 % 150 to 179 days 7.50 % 180 to 270 days


( NP ( NP ( JJ COMMERCIAL ) ( NN PAPER ) ) ( NP ( NP ( NP ( JJ High-grade ) ( JJ unsecured ) ( NNS notes ) ) ( VP ( VBN sold ) ( PP-MNR ( IN through ) ( NP ( NNS dealers ) ) ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNS corporations ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS multiples ) ) ( PP ( IN of ) ( NP ( CD 1,000 ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 8.575 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.45 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ) )

COMMERCIAL PAPER High-grade unsecured notes sold through dealers by major corporations in multiples of 1,000 8.575 % 30 days 8.50 % 60 days 8.45 % 90 days


( NP ( NP ( NP ( NNS CERTIFICATES ) ) ( PP ( IN OF ) ( NP ( NN DEPOSIT ) ) ) ) ( NP ( NP ( NP ( CD 8.09 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.09 ) ( NN % ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( CD 8.06 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( CD 7.94 ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

CERTIFICATES OF DEPOSIT 8.09 % one month 8.09 % two months 8.06 % three months 8 % six months 7.94 % one year


( NP ( NP ( NN Average ) ) ( PP ( IN of ) ( NP ( NP ( JJ top ) ( NNS rates ) ) ( VP ( VBN paid ) ( PP ( IN by ) ( NP-LGS ( JJ major ) ( NNP New ) ( NNP York ) ( NNS banks ) ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ primary ) ( JJ new ) ( NNS issues ) ) ( PP ( IN of ) ( NP ( JJ negotiable ) ( NNS C.D.s ) ) ) ) ) ( PP-CLR ( RB usually ) ( IN on ) ( NP ( NP ( NNS amounts ) ) ( PP ( IN of ) ( NP ( QP ( CD 1 ) ( CD million ) ( CC and ) ( JJR more ) ) ) ) ) ) ) ) ) )

Average of top rates paid by major New York banks on primary new issues of negotiable C.D.s usually on amounts of 1 million and more


( S ( NP-SBJ ( DT The ) ( JJ minimum ) ( NN unit ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 100,000 ) ) ) )

The minimum unit is 100,000


( NP ( NP ( NP ( JJ Typical ) ( NNS rates ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ secondary ) ( NN market ) ) ) ) ( NP ( NP ( NP ( CD 8.60 ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( CD 8.60 ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( CD 8.40 ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

Typical rates in the secondary market 8.60 % one month 8.60 % three months 8.40 % six months


( NP ( NP ( NNS BANKERS ) ( NNS ACCEPTANCES ) ) ( NP ( NP ( NP ( CD 8.50 ) ( NN % ) ) ( NP ( CD 30 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.32 ) ( NN % ) ) ( NP ( CD 60 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.32 ) ( NN % ) ) ( NP ( CD 90 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.16 ) ( NN % ) ) ( NP ( CD 120 ) ( NNS days ) ) ) ( NP ( NP ( CD 8.05 ) ( NN % ) ) ( NP ( CD 150 ) ( NNS days ) ) ) ( NP ( NP ( CD 7.96 ) ( NN % ) ) ( NP ( CD 180 ) ( NNS days ) ) ) ) )

BANKERS ACCEPTANCES 8.50 % 30 days 8.32 % 60 days 8.32 % 90 days 8.16 % 120 days 8.05 % 150 days 7.96 % 180 days


( NP ( NP ( JJ Negotiable ) ( JJ bank-backed ) ( NN business ) ( NN credit ) ( NNS instruments ) ) ( VP ( ADVP ( RB typically ) ) ( VBG financing ) ( NP ( DT an ) ( NN import ) ( NN order ) ) ) )

Negotiable bank-backed business credit instruments typically financing an import order


( NP ( NP ( NNP LONDON ) ( JJ LATE ) ( NNPS EURODOLLARS ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 5\/8 ) ( NN % ) ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 11\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 9\/16 ) ( NN % ) ) ) ( NP ( CD two ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 5\/8 ) ( NN % ) ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 5\/8 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 1\/2 ) ( NN % ) ) ) ( NP ( CD four ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 7\/16 ) ( NN % ) ) ) ( NP ( CD five ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ( NN % ) ( TO to ) ( CD 8 ) ( CD 7\/16 ) ( NN % ) ) ) ( NP ( CD six ) ( NNS months ) ) ) ) )

LONDON LATE EURODOLLARS 8 3\/4 % to 8 5\/8 % one month 8 11\/16 % to 8 9\/16 % two months 8 3\/4 % to 8 5\/8 % three months 8 5\/8 % to 8 1\/2 % four months 8 9\/16 % to 8 7\/16 % five months 8 9\/16 % to 8 7\/16 % six months


( NP ( NP ( NP ( NNP LONDON ) ( JJ INTERBANK ) ( JJ OFFERED ) ( NNS RATES ) ) ( PRN ( NP ( NNP LIBOR ) ) ) ) ( NP ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( NP ( CD one ) ( NN month ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 3\/4 ) ) ( NN % ) ) ( NP ( CD three ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 9\/16 ) ) ( NN % ) ) ( NP ( CD six ) ( NNS months ) ) ) ( NP ( NP ( QP ( CD 8 ) ( CD 1\/2 ) ) ( NN % ) ) ( NP ( CD one ) ( NN year ) ) ) ) )

LONDON INTERBANK OFFERED RATES LIBOR 8 3\/4 % one month 8 3\/4 % three months 8 9\/16 % six months 8 1\/2 % one year


( NP ( NP ( DT The ) ( NN average ) ) ( PP ( IN of ) ( NP ( JJ interbank ) ( JJ offered ) ( NNS rates ) ) ) ( PP ( IN for ) ( NP ( NP ( NN dollar ) ( NNS deposits ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP London ) ( NN market ) ) ) ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( NNS quotations ) ) ( PP-LOC ( IN at ) ( NP ( CD five ) ( JJ major ) ( NNS banks ) ) ) ) ) ) )

The average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks


( NP ( NP ( JJ FOREIGN ) ( JJ PRIME ) ( NNS RATES ) ) ( NP ( NP ( NP ( NNP Canada ) ) ( NP ( CD 13.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Germany ) ) ( NP ( CD 9 ) ( NN % ) ) ) ( NP ( NP ( NNP Japan ) ) ( NP ( CD 4.875 ) ( NN % ) ) ) ( NP ( NP ( NN Switzerland ) ) ( NP ( CD 8.50 ) ( NN % ) ) ) ( NP ( NP ( NNP Britain ) ) ( NP ( CD 15 ) ( NN % ) ) ) ) )

FOREIGN PRIME RATES Canada 13.50 % Germany 9 % Japan 4.875 % Switzerland 8.50 % Britain 15 %


( S ( S ( NP-SBJ ( DT These ) ( NN rate ) ( NNS indications ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ( S ( NP-SBJ ( NN lending ) ( NNS practices ) ) ( VP ( VBP vary ) ( ADVP-MNR ( RB widely ) ) ( PP-MNR ( IN by ) ( NP ( NN location ) ) ) ) ) )

These rate indications are n't directly comparable lending practices vary widely by location


( NP ( NP ( NP ( NNS Results ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NAC-TMP ( NNP Monday ) ( NNP October ) ( CD 23 ) ( CD 1989 ) ) ( NN auction ) ) ( PP ( IN of ) ( NP ( NP ( JJ short-term ) ( NNP U.S. ) ( NN government ) ( NNS bills ) ) ( VP ( VBN sold ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN discount ) ) ( PP ( IN from ) ( NP ( NN face ) ( NN value ) ) ) ) ) ( PP-MNR ( IN in ) ( NP ( NP ( NNS units ) ) ( PP ( IN of ) ( NP ( QP ( CD 10,000 ) ( TO to ) ( CD 1 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ( NP ( NP ( NP ( CD 7.52 ) ( NN % ) ) ( NP ( CD 13 ) ( NNS weeks ) ) ) ( NP ( NP ( CD 7.50 ) ( NN % ) ) ( NP ( CD 26 ) ( NNS weeks ) ) ) ) )

Results of the Monday October 23 1989 auction of short-term U.S. government bills sold at a discount from face value in units of 10,000 to 1 million 7.52 % 13 weeks 7.50 % 26 weeks


( NP ( NP ( NP ( NNP FEDERAL ) ( NNP HOME ) ( NNP LOAN ) ( NNP MORTGAGE ) ( NNP CORP ) ) ( PRN ( NP ( NNP Freddie ) ( NNP Mac ) ) ) ) ( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( JJ 30-year ) ( NN mortgage ) ( NNS commitments ) ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ) ( NP ( NP ( NP ( CD 9.86 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 7.875 ) ( NN % ) ) ( NP ( ADJP ( CD 2 ) ( NN % ) ( NN rate ) ( JJ capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) ) ) )

FEDERAL HOME LOAN MORTGAGE CORP Freddie Mac Posted yields on 30-year mortgage commitments for delivery within 30 days 9.86 % standard conventional fixed-rate mortgages 7.875 % 2 % rate capped one-year adjustable rate mortgages


( NP ( NP ( NN Source ) ) ( NP ( NNP Telerate ) ( NNP Systems ) ( NNP Inc ) ) )

Source Telerate Systems Inc


( NP ( NP ( NP ( NNP FEDERAL ) ( NNP NATIONAL ) ( NNP MORTGAGE ) ( NNP ASSOCIATION ) ) ( PRN ( NP ( NNP Fannie ) ( NNP Mae ) ) ) ) ( NP ( NP ( NP ( NP ( VBN Posted ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( ADJP ( CD 30 ) ( NN year ) ) ( NN mortgage ) ( NNS commitments ) ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN within ) ( NP ( CD 30 ) ( NNS days ) ) ) ) ) ) ( PRN ( VP ( VBN priced ) ( PP-CLR ( IN at ) ( NP ( NN par ) ) ) ) ) ) ( NP ( NP ( NP ( CD 9.80 ) ( NN % ) ) ( NP ( JJ standard ) ( JJ conventional ) ( JJ fixed-rate ) ( NNS mortgages ) ) ) ( NP ( NP ( CD 8.75 ) ( NN % ) ) ( NP ( ADJP ( CD 6\/2 ) ( NN rate ) ( JJ capped ) ) ( JJ one-year ) ( JJ adjustable ) ( NN rate ) ( NNS mortgages ) ) ) ) ) )

FEDERAL NATIONAL MORTGAGE ASSOCIATION Fannie Mae Posted yields on 30 year mortgage commitments for delivery within 30 days priced at par 9.80 % standard conventional fixed-rate mortgages 8.75 % 6\/2 rate capped one-year adjustable rate mortgages


Source Telerate Systems Inc


( NP ( NP ( NNP MERRILL ) ( NNP LYNCH ) ( NNP READY ) ( NNP ASSETS ) ( NNP TRUST ) ) ( NP ( CD 8.56 ) ( NN % ) ) )

MERRILL LYNCH READY ASSETS TRUST 8.56 %


( FRAG ( NP ( NP ( JJ Annualized ) ( JJ average ) ( NN rate ) ) ( PP ( IN of ) ( NP ( NP ( NN return ) ) ( PP ( IN after ) ( NP ( NNS expenses ) ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ( RB not ) ( NP ( NP ( DT a ) ( NN forecast ) ) ( PP ( IN of ) ( NP ( JJ future ) ( NNS returns ) ) ) ) )

Annualized average rate of return after expenses for the past 30 days not a forecast of future returns


( S ( NP-SBJ-1 ( NNP General ) ( NNP Electric ) ( NNP Co. ) ) ( VP ( VBD was ) ( VP ( VBN given ) ( NP ( NP ( DT an ) ( ADJP ( QP ( CD 89.6 ) ( CD million ) ) ) ( NNP Navy ) ( NN contract ) ) ( PP ( IN for ) ( NP ( JJ nuclear ) ( NN propulsion ) ( NNS parts ) ) ) ) ) ) )

General Electric Co. was given an 89.6 million Navy contract for nuclear propulsion parts


( S ( NP-SBJ ( NNP Westinghouse ) ( NNP Electric ) ( NNP Corp. ) ) ( ADVP ( RB also ) ) ( VP ( VBD won ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 75.5 ) ( CD million ) ) ) ( NNP Navy ) ( NN contract ) ) ( PP ( IN for ) ( NP ( JJ nuclear ) ( NN propulsion ) ( NNS parts ) ) ) ) ) )

Westinghouse Electric Corp. also won a 75.5 million Navy contract for nuclear propulsion parts


( S ( NP-SBJ-1 ( NNP Federal ) ( NNP Data ) ( NNP Corp. ) ) ( VP ( VBD was ) ( VP ( VBN issued ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 14.5 ) ( CD million ) ) ) ( NNP Navy ) ( NN contract ) ) ( PP ( IN for ) ( NP ( NN computer ) ( NNS systems ) ) ) ) ) ) )

Federal Data Corp. was issued a 14.5 million Navy contract for computer systems


( S ( NP-SBJ-1 ( NNP American ) ( NNP Telephone ) ( CC & ) ( NNP Telegraph ) ( NNP Co. ) ) ( VP ( VBD was ) ( VP ( VBN awarded ) ( NP ( NP ( DT an ) ( ADJP ( QP ( CD 11.5 ) ( CD million ) ) ) ( NNP Navy ) ( NN contract ) ) ( PP ( IN for ) ( NP ( JJ oceanographic ) ( NNS services ) ) ) ) ) ) )

American Telephone & Telegraph Co. was awarded an 11.5 million Navy contract for oceanographic services


( S ( NP-SBJ-1 ( NP ( NNP UNITED ) ( NNP AIR ) ( POS 'S ) ) ( NN PARENT ) ) ( VP ( VBD quashed ) ( NP ( NP ( DT any ) ( NNS prospects ) ) ( PP ( IN for ) ( NP ( NP ( DT an ) ( JJ immediate ) ( NN revival ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ labor-management ) ( NN buy-out ) ) ) ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( NNP UAL ) ) ( VP ( MD should ) ( VP ( VB remain ) ( ADJP-PRD ( JJ independent ) ) ( PP-TMP ( IN for ) ( NP ( RB now ) ) ) ) ) ) ) ) ) ) )

UNITED AIR 'S PARENT quashed any prospects for an immediate revival of the labor-management buy-out saying UAL should remain independent for now


( S ( ADVP ( RB Also ) ) ( NP-SBJ-1 ( NNP UAL ) ( NNP Chairman ) ( NNP Stephen ) ( NNP Wolf ) ) ( VP ( VBD pulled ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( DT the ) ( NN buy-out ) ( NN effort ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( S-NOM ( VP ( VBG running ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) )

Also UAL Chairman Stephen Wolf pulled out of the buy-out effort to focus on running the company


( S ( NP-SBJ ( DT The ) ( CD two ) ( NNS developments ) ) ( VP ( VBP leave ) ( NP ( DT the ) ( NN airline ) ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ several ) ( NNS problems ) ) ( PP ( VBG including ) ( NP ( DT an ) ( JJ unsettled ) ( NN labor ) ( NN situation ) ) ) ) ) ) )

The two developments leave the airline with several problems including an unsettled labor situation


( S ( S ( NP-SBJ ( NN Stock ) ( NNS prices ) ) ( VP ( VBD fell ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS bonds ) ) ( VP ( VBD rose ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNS worries ) ) ) ( VP ( VBD mounted ) ( PP-1 ( IN about ) ( NP ( NP ( DT the ) ( NN economy ) ) ( CC and ) ( NP ( DT the ) ( NN junk ) ( NN bond ) ( NN market ) ) ) ) ) ) ) )

Stock prices fell and bonds rose as worries mounted about the economy and the junk bond market


( S ( NP-SBJ ( DT The ) ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( VP ( VBD sank ) ( NP-EXT ( CD 26.23 ) ( NNS points ) ) ( PP-DIR ( TO to ) ( NP ( CD 2662.91 ) ) ) ) )

The Dow Jones industrials sank 26.23 points to 2662.91


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( ADVP ( RB also ) ) ( VP ( VBD declined ) ) )

The dollar also declined


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN turmoil ) ) ( PP-LOC ( IN in ) ( NP ( NN junk ) ( NNS bonds ) ) ) ) ( VP ( MD may ) ( VP ( VB last ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ) ) ) ( NP-SBJ ( NNS investors ) ( CC and ) ( NNS traders ) ) ( VP ( VBP say ) ) )

The turmoil in junk bonds may last for years investors and traders say


( S ( NP-SBJ ( RB Even ) ( NNP Drexel ) ) ( VP ( VBZ is ) ( VP ( VBG pulling ) ( PRT ( RP back ) ) ) ) )

Even Drexel is pulling back


( S ( NP-SBJ-1 ( NNP Santa ) ( NNP Fe ) ( NNP Pacific ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( NP ( CD 20 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ large ) ( JJ real ) ( NN estate ) ( NN unit ) ) ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NNP California ) ( NN pension ) ( NN fund ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 400 ) ( CD million ) ) ) ) ) ( CC and ) ( VP ( VB spin ) ( NP ( DT the ) ( NN rest ) ) ( PRT ( RP off ) ) ( PP-CLR ( TO to ) ( NP ( NNS shareholders ) ) ) ) ) ) ) ) )

Santa Fe Pacific plans to sell 20 % of its large real estate unit to a California pension fund for 400 million and spin the rest off to shareholders


( S ( NP-SBJ ( DT The ) ( NN proposal ) ) ( VP ( VBZ values ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ real ) ( NN estate ) ( NN operation ) ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ) ) )

The proposal values the company 's real estate operation at 2 billion


( S ( NP-SBJ ( NNP Time ) ( NNP Warner ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 176 ) ( CD million ) ) ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ recent ) ( NN merger ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN method ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG accounting ) ( PP-CLR ( IN for ) ( NP ( DT the ) ( NN deal ) ) ) ) ) ) ) ) ) ) ) )

Time Warner reported a 176 million loss for the third quarter reflecting the cost of the recent merger and a method of accounting for the deal


( S ( NP-SBJ-1 ( NNS Thrifts ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB shed ) ( NP ( NNS assets ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) ) ( S-PRP ( ADVP ( RB mainly ) ) ( VP ( TO to ) ( VP ( VB comply ) ( PP-CLR ( IN with ) ( NP ( NP ( JJR stiffer ) ( NN capital ) ( NNS rules ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN S&L ) ( NN bailout ) ( NN law ) ) ) ) ) ) ) ) ) )

Thrifts continued to shed assets in August mainly to comply with stiffer capital rules under the S&L bailout law


( S ( ADVP ( RB Also ) ) ( NP-SBJ ( NNS withdrawals ) ) ( VP ( VBD exceeded ) ( NP ( NNS deposits ) ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 5.1 ) ( CD billion ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN month ) ) ) ) )

Also withdrawals exceeded deposits by 5.1 billion in the month


( S ( NP-SBJ-1 ( NP ( NNP Exxon ) ( POS 's ) ) ( NN profit ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 9 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( NP ( VBG sagging ) ( NNS results ) ) ( PP ( IN at ) ( NP ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( CD three ) ( JJ main ) ( NNS businesses ) ) ) ) ) ) ) ) ) ) )

Exxon 's profit fell 9 % in the third quarter hurt by sagging results at two of its three main businesses


( S ( NP-SBJ ( NNP Phillips ) ( CC and ) ( NNP Arco ) ) ( VP ( VBD posted ) ( NP ( NNS declines ) ) ) )

Phillips and Arco posted declines


( S ( NP-SBJ ( NNP Ashland ) ) ( VP ( VBD had ) ( NP ( DT a ) ( NN loss ) ) ) )

Ashland had a loss


( S ( NP-SBJ ( NP ( NNP Amerada ) ( NNP Hess ) ) ( CC and ) ( NP ( NNP Occidental ) ( NNP Petroleum ) ) ) ( VP ( VBD had ) ( NP ( NNS gains ) ) ) )

Amerada Hess and Occidental Petroleum had gains


( S ( NP-SBJ-1 ( NP ( NP ( NNP Ogilvy ) ( POS 's ) ) ( NN chairman ) ) ( NP ( NNP Kenneth ) ( NNP Roman ) ) ) ( VP ( VBZ is ) ( VP ( VBG leaving ) ( S-PRP-CLR ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT a ) ( JJ top ) ( NN post ) ) ( PP-LOC ( IN at ) ( NP ( NNP American ) ( NNP Express ) ) ) ) ) ) ) ) ) )

Ogilvy 's chairman Kenneth Roman is leaving to take a top post at American Express


( S ( NP-SBJ ( PRP$ His ) ( NN resignation ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT a ) ( JJ hostile ) ( NN takeover ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN ad ) ( NN agency ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ( PP ( IN by ) ( NP ( NP ( NNP WPP ) ) ( PP ( IN of ) ( NP ( NNP Britain ) ) ) ) ) ) ) )

His resignation follows a hostile takeover of the ad agency in May by WPP of Britain


( S ( NP-SBJ ( DT The ) ( NNP Justice ) ( NNP Department ) ) ( VP ( VBD took ) ( NP ( NP ( NNS steps ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB restrict ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN by ) ( NP ( NNS prosecutors ) ) ) ( PP ( IN of ) ( NP ( JJ criminal ) ( NN racketeering ) ( NNS charges ) ) ) ( PP ( IN against ) ( NP ( JJ white-collar ) ( NNS defendants ) ) ) ) ) ) ) ) ) ) )

The Justice Department took steps that could restrict the use by prosecutors of criminal racketeering charges against white-collar defendants


( S ( NP-SBJ-1 ( NNP Shearson ) ) ( VP ( VBD was ) ( VP ( VBN sued ) ( PP ( IN by ) ( NP-LGS ( NP ( NN money ) ( NN manager ) ( NNP George ) ( NNP Soros ) ) ( SBAR ( WHNP-3 ( WP who ) ) ( S ( VP ( VBD claimed ) ( SBAR ( S ( NP-SBJ-2 ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNS funds ) ) ) ) ( VP ( VBD was ) ( VP ( VBN defrauded ) ( PP ( IN out ) ( PP ( IN of ) ( NP ( QP ( CD 60 ) ( CD million ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( NN stock-index ) ( NNS futures ) ( NN trading ) ) ) ( PP-TMP ( RB just ) ( IN after ) ( NP ( DT the ) ( CD 1987 ) ( NN crash ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shearson was sued by money manager George Soros who claimed one of his funds was defrauded out of 60 million during stock-index futures trading just after the 1987 crash


( S ( NP-SBJ-1 ( NP ( NNP Drexel ) ( POS 's ) ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( NP ( PRP$ its ) ( JJ legal ) ( NNS troubles ) ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBG being ) ( VP ( VBN resisted ) ( PP ( IN by ) ( NP-LGS ( QP ( IN at ) ( JJS least ) ( CD 10 ) ) ( NNS states ) ) ) ) ) ) )

Drexel 's efforts to settle its legal troubles are being resisted by at least 10 states


( S ( NP-SBJ-1 ( DT Some ) ) ( VP ( MD may ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB revoke ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NN license ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NNS securities ) ) ) ) ) ) ) ) ) ) ) )

Some may try to revoke the firm 's license to sell securities


( S ( NP-SBJ-1 ( NNP Prime ) ( NNP Computer ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB dismiss ) ( NP ( NP ( CD 20 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NNS costs ) ) ( PP-TMP ( VBG following ) ( NP ( PRP$ its ) ( JJ recent ) ( JJ leveraged ) ( NN buy-out ) ) ) ) ) ) ) )

Prime Computer plans to dismiss 20 % of its work force to cut costs following its recent leveraged buy-out


( S ( NP-SBJ ( DT The ) ( NN action ) ) ( VP ( VBZ renews ) ( NP ( NP ( NN concern ) ) ( PP ( IN about ) ( NP ( NP ( NNS buyouts ) ) ( PP-LOC ( IN in ) ( NP ( JJ high-tech ) ( NNS industries ) ) ) ) ) ) ) )

The action renews concern about buyouts in high-tech industries


( S ( NP-SBJ ( NNP Paribas ) ) ( VP ( VP ( VBZ plans ) ( NP ( NP ( DT a ) ( NN bid ) ) ( PP ( IN for ) ( NP ( NP ( DT another ) ( JJ big ) ( JJ French ) ( ADJP ( JJ financial ) ( CC and ) ( JJ industrial ) ) ( NN firm ) ) ( NP ( NNP Navigation ) ( NNP Mixte ) ) ) ) ) ) ( NP ( DT a ) ( NN sign ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Europe ) ( POS 's ) ) ( NN takeover ) ( NN fever ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN cooled ) ) ) ) ) ) ) )

Paribas plans a bid for another big French financial and industrial firm Navigation Mixte a sign Europe 's takeover fever has n't cooled


( S ( NP-SBJ ( NNP Qintex ) ( NNP Australia ) ) ( VP ( VBD unveiled ) ( NP ( NNS plans ) ( S ( VP ( TO to ) ( VP ( VB restructure ) ( CC and ) ( VB sell ) ( NP ( NNS assets ) ) ( S-TMP ( VP ( TO to ) ( VP ( VB try ) ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( PRP$ its ) ( JJ financial ) ( NNS problems ) ) ) ) ) ) ) ) ) ) ) ) ) )

Qintex Australia unveiled plans to restructure and sell assets to try to ease its financial problems


( S ( NP-SBJ-1 ( NP ( NNP Union ) ( NNP Carbide ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( VBD plunged ) ( NP-EXT ( CD 35 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ core ) ( NNS chemicals ) ( CC and ) ( NNS plastics ) ( NNS businesses ) ) ) ) ) ) ) )

Union Carbide 's earnings plunged 35 % in the third quarter reflecting weakness in the company 's core chemicals and plastics businesses


( S ( NP-SBJ ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Daiwa ) ( NNP Securities ) ) ( VP ( VBD named ) ( S ( NP-SBJ ( NNP Masahiro ) ( NNP Dozen ) ) ( NP-PRD ( NN president ) ) ) ) )

Japan 's Daiwa Securities named Masahiro Dozen president


( S ( NP-SBJ ( NP ( DT The ) ( JJ rapid ) ( NN advance ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ 52-year-old ) ( NN executive ) ) ) ) ( VP ( VBD surprised ) ( NP ( NP ( JJ many ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN company ) ) ) ) ) )

The rapid advance of the 52-year-old executive surprised many at the company


Markets


( NP ( NP ( NP ( NNS Stocks ) ) ( NP ( NP ( NN Volume ) ) ( NP ( CD 135,860,000 ) ( NNS shares ) ) ) ) )

Stocks Volume 135,860,000 shares


( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS industrials ) ) ( NP ( NP ( CD 2662.91 ) ) ( ADVP ( RB off ) ( NP ( CD 26.23 ) ) ) ) ) ( NP ( NP ( NN transportation ) ) ( NP ( NP ( CD 1236.66 ) ) ( ADVP ( RB up ) ( NP ( CD 5.86 ) ) ) ) ) ( NP ( NP ( NNS utilities ) ) ( NP ( NP ( CD 215.35 ) ) ( ADVP ( RB off ) ( NP ( CD 0.13 ) ) ) ) ) )

Dow Jones industrials 2662.91 off 26.23 transportation 1236.66 up 5.86 utilities 215.35 off 0.13


( NP ( NP ( NNS Bonds ) ) ( NP ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Treasury ) ( NN index ) ) ( NP ( NP ( CD 3411.08 ) ) ( ADVP ( RB up ) ) ) ) )

Bonds Shearson Lehman Hutton Treasury index 3411.08 up


( NP ( NP ( NNS Commodities ) ) ( NP ( NP ( NP ( NNP Dow ) ( NNP Jones ) ( NNS futures ) ( NN index ) ) ( NP ( NP ( CD 129.49 ) ) ( ADVP ( RB off ) ( NP ( CD 0.13 ) ) ) ) ) ( NP ( NP ( NN spot ) ( NN index ) ) ( NP ( NP ( CD 131.64 ) ) ( ADVP ( RB up ) ( NP ( CD 0.30 ) ) ) ) ) ) )

Commodities Dow Jones futures index 129.49 off 0.13 spot index 131.64 up 0.30


( NP ( NP ( NN Dollar ) ) ( NP ( NP ( NP ( CD 141.90 ) ( NN yen ) ) ( ADVP ( RB off ) ( NP ( CD 0.53 ) ) ) ) ( NP ( NP ( CD 1.8470 ) ( NNS marks ) ) ( ADVP ( RB off ) ( NP ( CD 0.0108 ) ) ) ) ) )

Dollar 141.90 yen off 0.53 1.8470 marks off 0.0108


( S ( NP-SBJ ( NP ( NNP Norimasa ) ( NNP Furuta ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNP Mazda ) ( NNP Motor ) ( NNP Corp. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ Japanese ) ( NN car ) ( NN maker ) ) ( VP ( VBZ is ) ( VP ( VBG planning ) ( NP ( NP ( JJ joint ) ( NN production ) ) ( PP ( IN with ) ( NP ( NNP Ford ) ( NNP Motor ) ( NNP Co. ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ( ADVP-TMP ( RB ahead ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP European ) ( NNP Community ) ( POS 's ) ) ( CD 1992 ) ( NN integration ) ) ) ) ) ) ) ) ) ) )

Norimasa Furuta president of Japan 's Mazda Motor Corp. said the Japanese car maker is planning joint production with Ford Motor Co. in Europe ahead of the European Community 's 1992 integration


( S ( NP-SBJ ( NNP Mr. ) ( NNP Furuta ) ) ( VP ( VP ( VBD did ) ( RB n't ) ( VP ( VB disclose ) ( NP ( NP ( JJ further ) ( NNS details ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN arrangement ) ) ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN news ) ( NN conference ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN project ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VBN undertaken ) ( PP ( IN with ) ( NP ( NP ( NNP Ford ) ( POS 's ) ) ( JJ European ) ( NN subsidiary ) ) ) ) ) ) ) ) ) ) )

Mr. Furuta did n't disclose further details of the arrangement at a news conference but said the project would be undertaken with Ford 's European subsidiary


( S ( NP-SBJ ( DT A ) ( NNP Ford ) ( NN official ) ) ( VP ( VBD confirmed ) ( PP-LOC ( IN in ) ( NP ( NNP Tokyo ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN motor ) ( NN vehicle ) ( NN maker ) ) ( VP ( VBZ is ) ( VP ( VBG studying ) ( NP ( PDT such ) ( DT an ) ( NN arrangement ) ) ) ) ) ) ) )

A Ford official confirmed in Tokyo that the U.S. motor vehicle maker is studying such an arrangement


( S ( NP-SBJ ( NP ( NN Program ) ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( PRP$ its ) ( JJS highest ) ( VBN recorded ) ( NN level ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( JJ total ) ( JJ monthly ) ( NN trading ) ( NN volume ) ) ) ) ) ) ) ) )

Program trading on the New York Stock Exchange in September rose to its highest recorded level as a percentage of total monthly trading volume


( S ( NP-SBJ ( NNP September ) ( NN program ) ( NN trading ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( CD 13.8 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( JJ average ) ( JJ daily ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD 151.8 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN percentage ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ-1 ( DT the ) ( NN exchange ) ) ( VP ( VBD began ) ( S ( VP ( VBG making ) ( S ( NP-SBJ ( JJ such ) ( NNS figures ) ) ( ADJP-PRD ( JJ public ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) )

September program trading amounted to 13.8 % of average daily New York Stock Exchange volume of 151.8 million shares the largest percentage since the exchange began making such figures public in July 1988


( S ( NP-SBJ ( NP ( DT A ) ( JJ daily ) ( NN average ) ) ( PP ( IN of ) ( NP ( QP ( CD 20.9 ) ( CD million ) ) ( NNS shares ) ) ) ) ( VP ( VBN traded ) ( PP-MNR ( IN in ) ( NP ( NN program ) ( NNS strategies ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( NP-1 ( DT the ) ( JJ second-highest ) ( NN level ) ( RB ever ) ) ) )

A daily average of 20.9 million shares traded in program strategies in September the second-highest level ever


( S ( NP-SBJ ( DT The ) ( JJS highest ) ( NN level ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN in ) ( NP ( NP ( NNP June ) ( CD 1989 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ daily ) ( NN average ) ) ( PP ( IN of ) ( NP ( QP ( CD 22.1 ) ( CD million ) ) ( NNS shares ) ) ) ) ( VP ( VBD traded ) ( PP-MNR ( IN in ) ( NP ( NN program ) ( NNS strategies ) ) ) ) ) ) ) ) ) )

The highest level was in June 1989 when a daily average of 22.1 million shares traded in program strategies


( S ( NP-SBJ ( NP ( JJ Average ) ( JJ daily ) ( NN trading ) ( NN volume ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ( PP ( IN of ) ( NP ( QP ( CD 180.3 ) ( CD million ) ) ( NNS shares ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( ADJP ( RB considerably ) ( JJR higher ) ) ( PP ( IN than ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) )

Average daily trading volume in June of 180.3 million shares was considerably higher than in September


( S ( NP-SBJ ( NN Program ) ( NN trading ) ) ( VP ( VBD amounted ) ( PP-CLR ( TO to ) ( NP ( NP ( CD 12.3 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ average ) ( JJ daily ) ( NN volume ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ) )

Program trading amounted to 12.3 % of average daily volume in June


( S ( NP-SBJ ( DT The ) ( NNP Big ) ( NNP Board ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NN program ) ( NN trading ) ) ( VP ( VBZ describes ) ( NP ( NP ( DT a ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NP ( NNS strategies ) ) ( VP ( VBG involving ) ( NP ( NP ( DT the ) ( NN purchase ) ( CC or ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN basket ) ) ( PP ( IN of ) ( NP ( QP ( CD 15 ) ( CC or ) ( JJR more ) ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Big Board says program trading describes a variety of strategies involving the purchase or sale of a basket of 15 or more stocks