( S ( NP-SBJ ( IN That ) ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( NP ( DT an ) ( NN operating ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.9 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( CD 27.4 ) ( CD million ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) ) )

That compared with an operating loss of 1.9 million on sales of 27.4 million in the year-earlier period


( S ( PP-LOC ( IN In ) ( NP ( JJ national ) ( JJ over-the-counter ) ( NN trading ) ) ) ( NP-SBJ ( NNP SFE ) ( NNPS Technologies ) ( NNS shares ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 31.25 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 6.25 ) ( NNS cents ) ) ) ) )

In national over-the-counter trading SFE Technologies shares closed yesterday at 31.25 cents a share up 6.25 cents


( S ( NP-SBJ ( NNP Newport ) ( NNPS Electronics ) ( NNP Inc. ) ) ( VP ( VBD named ) ( NP ( NP ( DT a ) ( JJ new ) ( NN slate ) ) ( PP ( IN of ) ( NP ( NNS officers ) ) ) ) ( NP-ADV ( NP ( DT a ) ( NN move ) ) ( SBAR ( WHNP-146 ( WDT that ) ) ( S ( VP ( VBZ follows ) ( NP ( NP ( NN replacement ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( CD five ) ( JJ incumbent ) ( NNS directors ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) )

Newport Electronics Inc. named a new slate of officers a move that follows replacement of the company 's five incumbent directors last week


( S ( NP-SBJ-117 ( NP ( NNP Milton ) ( NNP B. ) ( NNP Hollander ) ) ( ADJP ( NP ( CD 60 ) ( NNS years ) ) ( JJ old ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NNP Barrett ) ( NNP B. ) ( NNP Weekes ) ) ) ) ) ) )

Milton B. Hollander 60 years old was named chief executive officer succeeding Barrett B. Weekes


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Hollander ) ( POS 's ) ) ( ADJP ( NNP Stamford ) ( JJ Conn.-based ) ) ( NNP High ) ( NNP Technology ) ( NNP Holding ) ( NNP Co. ) ) ( VP ( VBD acquired ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 49.4 ) ( NN % ) ) ( NN stake ) ) ( PP-LOC ( IN in ) ( NP ( NNP Newport ) ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) )

Mr. Hollander 's Stamford Conn.-based High Technology Holding Co. acquired most of its 49.4 % stake in Newport in August


( S ( NP-SBJ-118 ( NNP Mr. ) ( NNP Hollander ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NN chairman ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NP ( NNP Mr. ) ( NNP Weekes ) ) ( SBAR ( WHNP-147 ( WP who ) ) ( S ( VP ( VBD was ) ( PP-LOC-PRD ( IN among ) ( NP ( DT the ) ( VBN ousted ) ( NNS directors ) ) ) ) ) ) ) ) ) ) ) )

Mr. Hollander was named chairman last week succeeding Mr. Weekes who was among the ousted directors


( S ( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN declined ) ( NP ( NNS requests ) ( S ( VP ( TO to ) ( VP ( VB discuss ) ( NP ( DT the ) ( NNS changes ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Weekes ) ) ( VP ( VBZ has ) ( VP ( VBN said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Hollander ) ) ( VP ( VBD wanted ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( PRP$ his ) ( JJ own ) ( NN team ) ) ) ) ) ) ) ) ) ) ) )

The company has declined requests to discuss the changes but Mr. Weekes has said that Mr. Hollander wanted to have his own team


( S ( NP-SBJ-119 ( NNP Scott ) ( NNP Wakeman ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NP ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( NNS operations ) ) ) ) ( NP ( NP ( NNS titles ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Weekes ) ) ) ) ) ) ) ) ) ) ) ) ) )

Scott Wakeman was named president and chief operating officer of U.S. operations titles that had been held by Mr. Weekes


( S ( NP-SBJ ( NNP Mr. ) ( NNP Wakeman ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN instrument ) ( CC and ) ( NNS controls ) ( NN division ) ) ( PP ( IN of ) ( NP ( NP ( ADJP ( RB closely ) ( JJ held ) ) ( NNP Omega ) ( NNP Engineering ) ( NNP Inc. ) ) ( NP ( NP ( DT another ) ( NN company ) ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Hollander ) ) ) ) ) ) ) ) ) ) ) )

Mr. Wakeman was vice president of the instrument and controls division of closely held Omega Engineering Inc. another company controlled by Mr. Hollander


( S ( NP-SBJ ( DT A ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB know ) ( NP ( NP ( NNP Mr. ) ( NNP Wakeman ) ( POS 's ) ) ( NN age ) ) ) ) )

A company spokesman did n't know Mr. Wakeman 's age


( S ( NP-SBJ-121 ( NP ( NNP James ) ( NNP R. ) ( NNP Lees ) ) ( NP ( CD 51 ) ) ( NP ( NP ( NN vice ) ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Newport ) ( POS 's ) ) ( JJ European ) ( NNS operations ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NP ( NP ( NN executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( JJ chief ) ( VBG operating ) ( NN officer ) ) ) ( PP ( IN of ) ( NP ( JJ European ) ( NNS operations ) ) ) ) ) ( S-ADV ( VP ( VBG assuming ) ( NP ( NP ( DT some ) ( JJ former ) ( NNS duties ) ) ( PP ( IN of ) ( NP ( NNP Mr. ) ( NNP Weekes ) ) ) ) ) ) ) ) )

James R. Lees 51 vice president of Newport 's European operations was named executive vice president and chief operating officer of European operations assuming some former duties of Mr. Weekes


( S ( NP-SBJ-122 ( NP ( NNP Arthur ) ( NNP B. ) ( NNP Crozier ) ) ( NP ( CD 34 ) ) ( NP ( DT an ) ( NN attorney ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( NN secretary ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NP ( NNP John ) ( NNP Virtue ) ) ( SBAR ( WHNP-148 ( WP who ) ) ( S ( VP ( VBD was ) ( NP-PRD ( NP ( DT another ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBN ousted ) ( NNS directors ) ) ) ) ) ) ) ) ) ) ) ) )

Arthur B. Crozier 34 an attorney was named secretary succeeding John Virtue who was another of the ousted directors


( S ( NP-SBJ-46 ( NP ( NNP William ) ( NN A. ) ( NNP Wise ) ) ( ADJP ( NP ( CD 44 ) ( NNS years ) ) ( JJ old ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP El ) ( NNP Paso ) ( NNP Natural ) ( NNP Gas ) ( NNP Co. ) ( NN unit ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN energy ) ( CC and ) ( NNS natural-resources ) ( NN concern ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ additional ) ( NN post ) ) ( PP ( IN of ) ( NP ( JJ chief ) ( NN executive ) ( NN officer ) ) ) ) ) ( S-ADV ( VP ( VBG succeeding ) ( NP ( NP ( NNP Travis ) ( NNP H. ) ( NNP Petty ) ) ( NP ( CD 61 ) ) ( SBAR ( WHNP-72 ( WP who ) ) ( S ( VP ( VBZ continues ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN parent ) ) ) ) ) ) ) ) ) ) ) ) ) )

William A. Wise 44 years old president of the El Paso Natural Gas Co. unit of this energy and natural-resources concern was named to the additional post of chief executive officer succeeding Travis H. Petty 61 who continues as a vice chairman of the parent


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ pleased ) ( S ( VP ( TO to ) ( VP ( VB note ) ( SBAR ( DT that ) ( S ( NP-SBJ ( PRP$ your ) ( NNP Oct. ) ( CD 23 ) ( NNP Centennial ) ( NNP Journal ) ( NN item ) ) ( VP ( VBD recognized ) ( NP ( DT the ) ( NN money-fund ) ( NN concept ) ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ significant ) ( NNS events ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( NN century ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

I was pleased to note that your Oct. 23 Centennial Journal item recognized the money-fund concept as one of the significant events of the past century


( S ( ADVP ( RB Actually ) ) ( ADVP-TMP ( NP ( IN about ) ( CD two ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( DT the ) ( NNP Journal ) ) ( VP ( VBD listed ) ( NP ( NP ( DT the ) ( NN creation ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money ) ( NN fund ) ) ) ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( CD 10 ) ( ADJP ( RBS most ) ( JJ significant ) ) ( NNS events ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN world ) ) ( PP ( IN of ) ( NP ( NN finance ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ 20th ) ( NN century ) ) ) ) ) ) ) ) )

Actually about two years ago the Journal listed the creation of the money fund as one of the 10 most significant events in the world of finance in the 20th century


( S ( CC But ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP Reserve ) ( NNP Fund ) ) ( NP ( NP ( NNP America ) ( POS 's ) ) ( JJ first ) ( NN money ) ( NN fund ) ) ) ( VP ( VBD was ) ( RB not ) ( VP ( VBN named ) ) ) ) ( CC nor ) ( SINV ( VBD were ) ( NP-SBJ ( NP ( DT the ) ( NNS creators ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN money-fund ) ( NN concept ) ) ) ( NP ( NP ( NNP Harry ) ( NNP Brown ) ) ( CC and ) ( NP ( PRP myself ) ) ) ) ) )

But the Reserve Fund America 's first money fund was not named nor were the creators of the money-fund concept Harry Brown and myself


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBD innovated ) ( NP ( NP ( NP ( NN telephone ) ( NNS redemptions ) ) ( NP ( JJ daily ) ( NNS dividends ) ) ( NP ( NP ( JJ total ) ( NN elimination ) ) ( PP ( IN of ) ( NP ( NN share ) ( NNS certificates ) ) ) ) ( CC and ) ( NP ( DT the ) ( JJ constant ) ( ADJP ( CD 1 ) ( JJ pershare ) ) ( NN pricing ) ) ) ( SBAR ( WHNP-154 ( NP ( DT all ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD were ) ( UCP-PRD ( VP ( ADVP-MNR ( RB painfully ) ) ( VBN thought ) ( ADVP-CLR ( RB out ) ) ) ( CC and ) ( RB not ) ( NP ( NP ( DT the ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( DT some ) ( NN inadvertence ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP SEC ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

We innovated telephone redemptions daily dividends total elimination of share certificates and the constant 1 pershare pricing all of which were painfully thought out and not the result of some inadvertence on the part of the SEC


President


( NP ( DT The ) ( NNP Reserve ) ( NNP Fund ) )

The Reserve Fund


( S ( NP-SBJ ( NNP Tokyo ) ( NNS stocks ) ) ( VP ( VBD rebounded ) ( NP-TMP ( NNP Tuesday ) ) ( PP-DIR ( IN from ) ( NP ( CD two ) ( JJ consecutive ) ( JJ daily ) ( NNS losses ) ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( RB relatively ) ( JJ active ) ) ( NNS dealings ) ) ) ) )

Tokyo stocks rebounded Tuesday from two consecutive daily losses in relatively active dealings


( S ( NP-SBJ ( NNP London ) ( NNS shares ) ) ( ADVP ( RB also ) ) ( VP ( VBD rose ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NP ( NN trading ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Frankfurt ) ) ( NP ( NNP West ) ( NNP Germany ) ) ) ) ) ( VP ( VBD ended ) ( ADVP-CLR ( RBR higher ) ) ) ) ) ) )

London shares also rose while trading in Frankfurt West Germany ended higher


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-SBJ ( NP ( DT the ) ( NNP Nikkei ) ( NN index ) ) ( PP ( IN of ) ( NP ( CD 225 ) ( VBN selected ) ( NNS issues ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 132.00 ) ( NNS points ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 35549.44 ) ) ) ) )

In Tokyo the Nikkei index of 225 selected issues was up 132.00 points to 35549.44


( S ( NP-SBJ ( DT The ) ( NN index ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 109.85 ) ) ( NP-TMP ( NNP Monday ) ) ) )

The index fell 109.85 Monday


( S ( NP-SBJ-51 ( NP ( NN Volume ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( JJ First ) ( NN Section ) ) ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 900 ) ( CD million ) ) ( NNS shares ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 582 ) ( CD million ) ) ( NNS shares ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ) )

Volume on the First Section was estimated at 900 million shares up from 582 million shares Monday


( S ( NP-SBJ ( VBG Advancing ) ( NNS issues ) ) ( VP ( VBD outnumbered ) ( NP ( NNS decliners ) ) ( ADVP ( CD 542 ) ( TO to ) ( CD 362 ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( CD 208 ) ( NNS issues ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ unchanged ) ) ) ) ) ) )

Advancing issues outnumbered decliners 542 to 362 while 208 issues were unchanged


( S ( NP-SBJ ( NP ( JJ Small-lot ) ( NN buying ) ) ( VP ( VBN targeted ) ( PP-CLR ( IN at ) ( NP ( JJ incentive-backed ) ( NNS issues ) ) ) ) ) ( VP ( VBN pushed ) ( ADVP-DIR ( RP up ) ) ( NP ( DT the ) ( NNP Nikkei ) ) ) )

Small-lot buying targeted at incentive-backed issues pushed up the Nikkei


( S ( CC But ) ( NP-SBJ-1 ( JJ other ) ( NNS sectors ) ) ( VP ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB attract ) ( NP ( NN investor ) ( NN interest ) ) ) ) ) ) ( CC and ) ( VP ( VBD remained ) ( ADJP-PRD ( JJ sluggish ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( JJ overall ) ( NN trading ) ) ( VP ( VB appear ) ( ADJP-PRD ( JJ mixed ) ) ) ) ) ) ) )

But other sectors failed to attract investor interest and remained sluggish making overall trading appear mixed


( S ( NP-SBJ ( NP ( NNS Individuals ) ( CC and ) ( NNS corporations ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( NNS dealers ) ) ( VP ( VBG trading ) ( PP-PRP ( IN for ) ( NP ( PRP$ their ) ( JJ own ) ( NN account ) ) ) ) ) ) ( VP ( ADVP-MNR ( RB actively ) ) ( VBD bought ) ( NP-TMP ( NNP Tuesday ) ) ) )

Individuals and corporations as well as dealers trading for their own account actively bought Tuesday


( S ( NP-SBJ ( NP ( DT An ) ( NN official ) ) ( PP-LOC ( IN at ) ( NP ( NNP Wako ) ( NNPS Securities ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT these ) ( NNS investors ) ) ( VP ( VBP feel ) ( NP ( DT the ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB make ) ( NP ( JJ quick ) ( NNS profits ) ) ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( JJ destabilizing ) ( JJ external ) ( NNS factors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NP ( JJ political ) ( NN uncertainty ) ) ( VP ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( DT the ) ( VBG ruling ) ( NN party ) ( POS 's ) ) ( NN fate ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP-TMP ( JJ next ) ( NN year ) ( POS 's ) ) ( NNP Lower ) ( NNP House ) ( NNS elections ) ) ( NP ( NP ( DT an ) ( NN event ) ) ( SBAR ( WHNP-76 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( ADVP-MNR ( RB directly ) ) ( VB affect ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An official at Wako Securities said these investors feel the need to make quick profits despite destabilizing external factors such as political uncertainty tied to the ruling party 's fate at next year 's Lower House elections an event which could directly affect the stock market


( S ( NP-SBJ ( NP ( DT The ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Price ) ( NNP Index ) ) ( PP ( IN of ) ( NP ( NP ( DT all ) ( NNS issues ) ) ( VP ( VBN listed ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( JJ First ) ( NN Section ) ) ( SBAR ( WHNP-77 ( WDT which ) ) ( S ( VP ( VBD declined ) ( NP-EXT ( CD 5.16 ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( NP ( CD 16.05 ) ) ( CC or ) ( NP ( CD 0.60 ) ( NN % ) ) ) ) ( PP-LOC ( IN at ) ( NP ( CD 2692.65 ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Tuesday ) ) ) ) )

The Tokyo Stock Price Index of all issues listed in the First Section which declined 5.16 on Monday was up 16.05 or 0.60 % at 2692.65 on Tuesday


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ Second ) ( NN Section ) ( NN index ) ) ( SBAR ( WHNP-78 ( WDT which ) ) ( S ( VP ( VBD fell ) ( NP-EXT ( CD 21.44 ) ( NNS points ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( NP ( CD 6.84 ) ( NNS points ) ) ( CC or ) ( NP ( CD 0.19 ) ( NN % ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB close ) ( PP-CLR ( IN at ) ( NP ( CD 3642.90 ) ) ) ) ) ) ) )

The Second Section index which fell 21.44 points Monday was up 6.84 points or 0.19 % to close at 3642.90


( S ( NP-SBJ-52 ( JJ Second ) ( NN Section ) ( NN volume ) ) ( VP ( VBD was ) ( VP ( VBN estimated ) ( PP-CLR ( IN at ) ( NP ( QP ( CD 14 ) ( CD million ) ) ( NNS shares ) ) ) ( S-ADV ( ADJP-PRD ( JJ unchanged ) ( PP ( IN from ) ( NP ( NNP Monday ) ) ) ) ) ) ) )

Second Section volume was estimated at 14 million shares unchanged from Monday


( S ( NP-SBJ ( JJ Institutional ) ( NNS investors ) ) ( ADVP ( RB mostly ) ) ( VP ( VBD remained ) ( PP-LOC-PRD ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ( NP-TMP ( NNP Tuesday ) ) ) )

Institutional investors mostly remained on the sidelines Tuesday


( S ( NP-SBJ ( NP ( DT A ) ( NN fund ) ( NN manager ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN life-insurance ) ( NN company ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( CD three ) ( NNS factors ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB read ) ( NP ( NN market ) ( NN direction ) ) ) ) ) ) ) ) ) ) )

A fund manager at a life-insurance company said three factors make it difficult to read market direction


( S-1 ( ADVP ( LS First ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-2 ( JJ domestic ) ( NN interest ) ( NNS rates ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB stay ) ( PP-LOC-PRD ( IN at ) ( NP ( JJR higher ) ( NNS levels ) ) ) ) ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NP ( JJ increased ) ( NN anticipation ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ) ( VP ( VBD followed ) ( NP ( NP ( VBG rising ) ( NN consumer ) ( NNS prices ) ) ( VP ( VBN reported ) ( NP-TMP ( JJ last ) ( NN week ) ) ) ) ) ) ) ) )

First he said domestic interest rates are likely to stay at higher levels as increased anticipation of inflation followed rising consumer prices reported last week


( S ( ADVP ( LS Second ) ) ( NP-SBJ ( DT the ) ( NN dollar ) ) ( VP ( VBZ is ) ( VP ( VBG showing ) ( NP ( JJ persistent ) ( NN strength ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN economy ) ) ) ( VP ( VBN shown ) ( PP ( IN by ) ( NP-LGS ( JJ economic ) ( NNS indicators ) ) ) ) ) ) ) ) )

Second the dollar is showing persistent strength despite a slowdown in the U.S. economy shown by economic indicators


( S ( ADVP ( LS Third ) ) ( NP-SBJ ( NN oil ) ( NNS prices ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN declined ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ ( NN supply ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBG increasing ) ) ) ) ) ) ) ) )

Third oil prices have n't declined although supply has been increasing


( S ( NP-SBJ ( NP ( DT The ) ( NN topic ) ) ( SBAR ( WHNP-79 ( WDT that ) ) ( S ( VP ( VBD attracted ) ( NP ( NP ( NNS participants ) ( POS ' ) ) ( NN attention ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NNP Mitsubishi ) ( NNP Estate ) ( POS 's ) ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( NP ( CD 51 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNP Rockefeller ) ( NNP Center ) ( NNPS Properties ) ) ) ) ) ( VP ( VBD announced ) ( NP-TMP ( JJ late ) ( NNP Monday ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) )

The topic that attracted participants ' attention was Mitsubishi Estate 's purchase of 51 % of Rockefeller Center Properties announced late Monday in New York


( S ( NP-SBJ ( NNP Mitsubishi ) ( NNP Estate ) ) ( VP ( VBD ended ) ( NP ( DT the ) ( NN day ) ) ( PP-LOC ( IN at ) ( NP ( CD 2680 ) ) ) ( ADVP ( RB up ) ( NP ( CD 150 ) ) ) ) )

Mitsubishi Estate ended the day at 2680 up 150


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS gains ) ) ( ADVP ( RB also ) ) ( VP ( VBD sparked ) ( NP ( NP ( NN buying ) ( NN interest ) ) ( PP ( IN in ) ( NP ( JJ other ) ( NN real-estate ) ( NNS companies ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

The gains also sparked buying interest in other real-estate companies traders said


( S ( NP-SBJ ( NNP Sumitomo ) ( NNP Realty ) ( CC & ) ( NNP Development ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 40 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2170 ) ) ) ) )

Sumitomo Realty & Development rose 40 to 2170


( S ( NP-SBJ ( NNP Heiwa ) ( NNP Real ) ( NNP Estate ) ) ( VP ( VBD gained ) ( NP ( CD 40 ) ) ( PP-DIR ( TO to ) ( NP ( CD 2210 ) ) ) ) )

Heiwa Real Estate gained 40 to 2210


( S ( S-TPC-1 ( NP-SBJ ( NN Investor ) ( NN focus ) ) ( VP ( VBD shifted ) ( ADVP-MNR ( RB quickly ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Investor focus shifted quickly traders said


( S ( NP-SBJ-1 ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN morning-session ) ( NNS winners ) ) ) ) ( VP ( VBD turned ) ( PRT ( RP out ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NNS losers ) ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NN afternoon ) ) ) ) )

Many of the morning-session winners turned out to be losers by afternoon


( S ( PP-LOC ( IN In ) ( NP ( JJ other ) ( NN stock-market ) ( NN news ) ) ) ( NP-SBJ ( DT the ) ( NNP Tokyo ) ( NNP Stock ) ( NNP Exchange ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN week ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Friday ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN balance ) ) ( PP ( IN of ) ( NP ( JJ margin ) ( NN buying ) ) ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( QP ( CD 189.8 ) ( CD billion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 1.34 ) ( CD billion ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 7.160 ) ( CD trillion ) ) ( NNS yen ) ) ( PRN ( NP ( QP ( CD 50.46 ) ( CD billion ) ) ) ) ) ) ) ) ) ) )

In other stock-market news the Tokyo Stock Exchange said that for the week ended Friday the balance of margin buying rose 189.8 billion yen 1.34 billion to 7.160 trillion yen 50.46 billion


( S ( NP-SBJ ( NP ( DT The ) ( NN balance ) ) ( PP ( IN of ) ( NP ( NP ( JJ short ) ( NNS positions ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 159.7 ) ( CD billion ) ) ( NNS yen ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 779.8 ) ( CD billion ) ) ( NNS yen ) ) ) ) )

The balance of short positions outstanding fell 159.7 billion yen to 779.8 billion yen


( S ( PP-LOC ( IN In ) ( NP ( NNP London ) ) ) ( NP-SBJ-1 ( NNS prices ) ) ( VP ( VBD finished ) ( PP-CLR ( IN at ) ( NP ( JJ intraday ) ( NNS peaks ) ) ) ( S-ADV ( VP ( VBN comforted ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT a ) ( JJ reassuring ) ( JJ early ) ( NN performance ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ( CC and ) ( NP ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ British ) ( NN government ) ) ( VP ( MD will ) ( VP ( VB waive ) ( NP ( NP ( PRP$ its ) ( JJ golden ) ( NN share ) ) ( PP-LOC ( IN in ) ( NP ( NN auto ) ( NN maker ) ( NNP Jaguar ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In London prices finished at intraday peaks comforted by a reassuring early performance on Wall Street and news that the British government will waive its golden share in auto maker Jaguar


( S ( CC But ) ( NP-SBJ ( NN trading ) ) ( VP ( VBD was ) ( ADJP-PRD ( RB very ) ( JJ sketchy ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( NN investment ) ( NN decision ) ( NNS makers ) ) ( VP ( VBP remain ) ( ADJP-PRD ( JJ wary ) ) ( PP ( IN from ) ( NP ( NP ( NNS gyrations ) ( CC and ) ( NNS upsets ) ) ( PP ( IN of ) ( NP ( JJ recent ) ( NNS weeks ) ) ) ) ) ) ) ) ) )

But trading was very sketchy as investment decision makers remain wary from gyrations and upsets of recent weeks


( SINV ( S-TPC-1 ( NP-SBJ ( NN Volume ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ appalling ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( DT a ) ( NN dealer ) ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( JJ British ) ( NN brokerage ) ( NN concern ) ) ) ) )

Volume has been appalling said a dealer at a British brokerage concern


( S ( NP-SBJ-53 ( DT The ) ( NN market ) ) ( VP ( VBD was ) ( VP ( VBN dragged ) ( ADVP-DIR ( RB up ) ) ( PP ( IN by ) ( NP ( NP ( DT the ) ( NN scruff ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN neck ) ) ) ) ) ( PP ( PP ( IN by ) ( NP-LGS ( NNP Wall ) ( NNP Street ) ) ) ( CC and ) ( PP ( IN by ) ( NP-LGS ( NP ( NN market ) ( NNS makers ) ) ( VP ( VBG getting ) ( VP ( VBN caught ) ( S-ADV ( ADJP-PRD ( JJ short ) ) ) ) ) ) ) ) ) ) )

The market was dragged up by the scruff of its neck by Wall Street and by market makers getting caught short


( S ( NP-SBJ ( DT No ) ( NN one ) ) ( VP ( VBZ wants ) ( S ( NP-SBJ ( NN stock ) ) ( PP-LOC-PRD ( IN on ) ( NP ( PRP$ their ) ( NNS books ) ) ) ) ) )

No one wants stock on their books


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ-1 ( DT the ) ( JJ broad-based ) ( NNP Financial ) ( NNP Times ) ( JJ 100-share ) ( NN index ) ) ( VP ( VBD added ) ( NP ( CD 30.4 ) ( NNS points ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB end ) ( PP-CLR ( IN at ) ( NP ( CD 2142.6 ) ) ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( VP ( VBG reaching ) ( NP ( NP ( PRP$ its ) ( NN minimum ) ) ( PP ( IN of ) ( NP ( CD 2120.5 ) ) ) ) ) ( NP-TMP ( NP ( DT a ) ( JJ half ) ( NN hour ) ) ( PP ( IN into ) ( NP ( DT the ) ( NN session ) ) ) ) ) ) ) )

Meanwhile the broad-based Financial Times 100-share index added 30.4 points to end at 2142.6 while reaching its minimum of 2120.5 a half hour into the session


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( NN close ) ) ) ( NP-SBJ ( DT the ) ( JJR narrower ) ( JJ 30-share ) ( NN index ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 19.7 ) ( NNS points ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 1721.4 ) ) ) ) )

At the close the narrower 30-share index was up 19.7 points to 1721.4


( S ( NP-SBJ ( NN Volume ) ) ( VP ( VBD totaled ) ( NP ( DT a ) ( JJ modest ) ( QP ( CD 334.5 ) ( CD million ) ) ( NNS shares ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 257.8 ) ( CD million ) ) ( NNS shares ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) )

Volume totaled a modest 334.5 million shares up from 257.8 million shares Monday


( S ( NP-SBJ ( DT The ) ( NN market ) ) ( ADVP ( RB also ) ) ( VP ( VBD moved ) ( PP-TMP ( IN at ) ( NP ( JJ early ) ( NN afternoon ) ) ) ( PP ( IN on ) ( NP ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Jaguar ) ( NNS shares ) ) ( VP ( VBD were ) ( VP ( VBG being ) ( ADVP ( RB temporarily ) ) ( VP ( VBN suspended ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( NP ( CD 746 ) ( NN pence ) ) ( PRN ( NP ( CD 11.80 ) ) ) ) ( NP-ADV ( DT each ) ) ) ) ) ) ) ) ) ) ) ) )

The market also moved at early afternoon on news that Jaguar shares were being temporarily suspended at 746 pence 11.80 each


( S ( NP-SBJ ( NAC ( NP ( NNP Secretary ) ) ( PP ( IN of ) ( NP ( NNP State ) ) ) ( PP ( IN for ) ( NP ( NNP Trade ) ( CC and ) ( NNP Industry ) ) ) ) ( NNP Nicholas ) ( NNP Ridley ) ) ( VP ( VBD said ) ( ADVP-TMP ( RBR later ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( MD would ) ( VP ( VB abolish ) ( NP ( NP ( PRP$ its ) ( JJ golden ) ( NN share ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Jaguar ) ) ( NP ( NP ( DT the ) ( NN luxury ) ( NN auto ) ( NN maker ) ) ( VP ( VBG being ) ( VP ( VBN stalked ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP General ) ( NNPS Motors ) ) ( CC and ) ( NP ( NNP Ford ) ( NNP Motor ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Secretary of State for Trade and Industry Nicholas Ridley said later in the day that the government would abolish its golden share in Jaguar the luxury auto maker being stalked by General Motors and Ford Motor


( S ( NP-SBJ-1 ( DT The ) ( JJ golden ) ( NN share ) ) ( VP ( VP ( NNS dates ) ( PP-CLR ( IN from ) ( NP ( NP ( NP ( NNP Jaguar ) ( POS 's ) ) ( JJ public ) ( NN offering ) ) ( PP-TMP ( IN in ) ( NP ( CD 1984 ) ) ) ) ) ) ( CC and ) ( VP ( VBD was ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB protect ) ( NP ( DT the ) ( NN company ) ) ( PP-CLR ( IN from ) ( NP ( NN takeover ) ) ) ) ) ) ) ) ) )

The golden share dates from Jaguar 's public offering in 1984 and was designed to protect the company from takeover


( S ( NP-SBJ-1 ( DT The ) ( JJ golden ) ( NN share ) ) ( VP ( VBD was ) ( VP ( VBN scheduled ) ( S ( VP ( TO to ) ( VP ( VB expire ) ( PP-TMP ( IN at ) ( NP ( NP ( DT the ) ( NN beginning ) ) ( FRAG ( PP ( IN of ) ) ) ) ) ) ) ) ) ) )

The golden share was scheduled to expire at the beginning of


( S ( CC But ) ( SBAR-ADV ( IN although ) ( S ( NP-SBJ-54 ( DT the ) ( JJ golden ) ( NN share ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN waived ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT a ) ( JJ hostile ) ( NN bidder ) ) ( PP ( IN for ) ( NP ( NNP Jaguar ) ) ) ) ( VP ( MD would ) ( ADVP-TMP ( RB still ) ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB alter ) ( NP ( NP ( NP ( DT the ) ( JJ British ) ( NN concern ) ( POS 's ) ) ( NNS articles ) ) ( PP ( IN of ) ( NP ( NN association ) ) ) ( SBAR ( WHNP-80 ( WDT which ) ) ( S ( VP ( VBP ban ) ( NP ( NP ( NNS shareholdings ) ) ( PP ( IN of ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 15 ) ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) )

But although the golden share has been waived a hostile bidder for Jaguar would still have to alter the British concern 's articles of association which ban shareholdings of more than 15 %


( S ( NP-SBJ ( NNP Jaguar ) ( NNS shares ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 869 ) ( NN pence ) ) ) ( ADVP ( RB up ) ( NP ( CD 122 ) ( NN pence ) ) ) ( PP ( IN on ) ( NP ( NP ( JJ hefty ) ( NN turnover ) ) ( PP ( IN of ) ( NP ( QP ( CD 9.7 ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) )

Jaguar shares closed at 869 pence up 122 pence on hefty turnover of 9.7 million shares


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( DT the ) ( NNP London ) ( NN trading ) ( NN session ) ) ( VP ( VBD drew ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN close ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB still ) ) ( VP ( VBG listening ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( JJ parliamentary ) ( NN debate ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN economy ) ) ) ) ) ( SBAR-ADV ( IN with ) ( S ( NP-SBJ-1 ( JJ new ) ( NAC ( NNP Chancellor ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Exchequer ) ) ) ) ( NNP John ) ( NNP Major ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB clarify ) ( NP ( NP ( PRP$ his ) ( NN approach ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( JJ British ) ( NN economy ) ) ( CC and ) ( NP ( NN currency ) ( NNS issues ) ) ) ) ) ) ) ) ) ) ) ) ) )

As the London trading session drew to a close the market was still listening to the parliamentary debate on the economy with new Chancellor of the Exchequer John Major expected to clarify his approach to the British economy and currency issues


( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( NNP Frankfurt ) ( NNP Stock ) ( NNP Exchange ) ) ) ( NP-SBJ ( NN share ) ( NNS prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( JJR higher ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( RB fairly ) ( JJ thin ) ) ( NN trading ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NP ( JJ selective ) ( NN buying ) ) ( PP ( IN by ) ( NP ( NNS foreigners ) ) ) ) ( VP ( VBD helped ) ( S ( VP ( VB propel ) ( NP ( NNS prices ) ) ) ) ) ) ) ) )

On the Frankfurt Stock Exchange share prices closed higher in fairly thin trading as selective buying by foreigners helped propel prices


( S ( NP-SBJ ( DT The ) ( NNP DAX ) ( NN index ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( CD 1472.76 ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 1466.29 ) ) ) ) ) )

The DAX index closed at 1472.76 up from 1466.29


( S ( PP ( IN Despite ) ( NP ( DT the ) ( JJ modest ) ( NNS gains ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ remains ) ( ADJP-PRD ( JJ dull ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NNS investors ) ) ( VP ( VBG remaining ) ( ADVP-MNR ( RB cautiously ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNS sidelines ) ) ) ) ) ) ) ) ) ) )

Despite the modest gains traders said the market remains dull with investors remaining cautiously on the sidelines


( SINV ( VP-TPC-1 ( VBG Contributing ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( JJ reserved ) ( NN stance ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NP ( DT the ) ( NN release ) ) ( ADVP-TMP ( RBR later ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ( PP ( IN of ) ( NP ( NP ( JJ new ) ( NNS data ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN health ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NN economy ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN form ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN index ) ) ( PP ( IN of ) ( NP ( VBG leading ) ( NNS indicators ) ) ) ) ) ) ) ) ) ) )

Contributing to the market 's reserved stance was the release later in the day of new data on the health of the U.S. economy in the form of the U.S. index of leading indicators


( S ( S-TPC-1 ( ADVP ( RB Additionally ) ) ( NP-SBJ ( DT the ) ( NAC ( NN end ) ( PP ( IN of ) ( NP ( DT the ) ( NN month ) ) ) ) ( NN position-squaring ) ) ( VP ( MD might ) ( VP ( VB have ) ( ADVP ( RB also ) ) ( VP ( VBN played ) ( NP ( DT a ) ( JJ minor ) ( NN role ) ) ) ) ) ) ( NP-SBJ ( NNS traders ) ) ( VP ( VBD said ) ) )

Additionally the end of the month position-squaring might have also played a minor role traders said


( S ( ADVP-LOC ( RB Elsewhere ) ) ( NP-SBJ ( NN share ) ( NNS prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( RBR higher ) ) ( PP-LOC ( IN in ) ( NP ( NNP Amsterdam ) ( NNP Brussels ) ( NNP Milan ) ( CC and ) ( NNP Paris ) ) ) ) )

Elsewhere share prices closed higher in Amsterdam Brussels Milan and Paris


( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD-1 ( JJ mixed ) ) ( PP-LOC-2 ( IN in ) ( NP ( NNP Zurich ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=1 ( JJR lower ) ) ( PP-LOC=2 ( IN in ) ( NP ( NNP Stockholm ) ) ) ) ) )

Prices were mixed in Zurich and lower in Stockholm


( S ( NP-SBJ ( NNS Stocks ) ) ( VP ( VP ( VBD closed ) ( ADVP-CLR ( RBR higher ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ) ( NP ( NNP Manila ) ) ( NP ( NNP Singapore ) ) ( NP ( NNP Sydney ) ) ( CC and ) ( NP ( NNP Wellington ) ) ) ) ) ( CC but ) ( VP ( VBD were ) ( ADVP-PRD ( JJR lower ) ) ( PP-LOC ( IN in ) ( NP ( NNP Seoul ) ) ) ) ) )

Stocks closed higher in Hong Kong Manila Singapore Sydney and Wellington but were lower in Seoul


( S ( NP-SBJ-55 ( NNP Taipei ) ) ( VP ( VBD was ) ( VP ( VBN closed ) ( PP-PRP ( IN for ) ( NP ( DT a ) ( NN holiday ) ) ) ) ) )

Taipei was closed for a holiday


( SINV ( ADVP-LOC-PRD-TPC-1 ( RB Here ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NN price ) ( NNS trends ) ) ( PP-LOC ( IN on ) ( NP ( NP ( DT the ) ( NN world ) ( POS 's ) ) ( JJ major ) ( NN stock ) ( NNS markets ) ) ) ( SBAR ( IN as ) ( S ( VP ( VBN calculated ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Morgan ) ( NNP Stanley ) ( NNP Capital ) ( NNP International ) ( NNP Perspective ) ) ( NP-LOC ( NNP Geneva ) ) ) ) ) ) ) ) )

Here are price trends on the world 's major stock markets as calculated by Morgan Stanley Capital International Perspective Geneva


( S ( S-PRP ( VP ( TO To ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP them ) ) ( ADJP-PRD ( RB directly ) ( JJ comparable ) ) ) ) ) ) ( NP-SBJ-56 ( DT each ) ( NN index ) ) ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( S-NOM ( NP-SBJ ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 1969 ) ) ) ) ( VP ( VBG equaling ) ( NP ( CD 100 ) ) ) ) ) ) ) )

To make them directly comparable each index is based on the close of 1969 equaling 100


( S ( NP-SBJ ( DT The ) ( NN percentage ) ( NN change ) ) ( VP ( VBZ is ) ( PP-TMP-PRD ( IN since ) ( NP ( NN year-end ) ) ) ) )

The percentage change is since year-end


( S ( NP-SBJ ( NP ( NP ( NNP Dow ) ( NNP Chemical ) ( NNP Co. ) ) ( NP-LOC ( NP ( NNP Midland ) ) ( NP ( NNP Mich. ) ) ) ) ( CC and ) ( NP ( NP ( NNP Eli ) ( NNP Lilly ) ( CC & ) ( NNP Co. ) ) ( NP-LOC ( NNP Indianapolis ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD completed ) ( NP ( NP ( DT the ) ( NN formation ) ) ( PP ( IN of ) ( NP ( NP ( NNP Dow ) ( NNP Elanco ) ) ( NP ( NP ( DT a ) ( JJ joint ) ( NN venture ) ) ( VP ( VBG combining ) ( NP ( NP ( PRP$ their ) ( JJ plant-sciences ) ( NNS businesses ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( NNP Dow ) ( POS 's ) ) ( JJ industrial ) ( JJ pest-control ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) )

Dow Chemical Co. Midland Mich. and Eli Lilly & Co. Indianapolis said they completed the formation of Dow Elanco a joint venture combining their plant-sciences businesses as well as Dow 's industrial pest-control business


( S ( NP-SBJ ( DT The ) ( NNS companies ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Dow ) ( NNP Elanco ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJS largest ) ( JJ research-based ) ( JJ agricultural ) ( NN concern ) ) ( PP-LOC ( IN in ) ( NP ( NNP North ) ( NNP America ) ) ) ) ( PP ( IN with ) ( NP ( NP ( VBN projected ) ( JJ first-year ) ( NN revenue ) ) ( PP ( IN of ) ( NP ( QP ( CD 1.5 ) ( CD billion ) ) ) ) ) ) ) ) ) ) ) )

The companies said Dow Elanco will be the largest research-based agricultural concern in North America with projected first-year revenue of 1.5 billion


( S ( NP-SBJ ( NNP Dow ) ) ( VP ( MD will ) ( VP ( VB own ) ( NP ( NP ( CD 60 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN venture ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NNP Eli ) ( NNP Lilly ) ) ( VP ( VBG holding ) ( NP ( DT the ) ( NN rest ) ) ) ) ) ) ) )

Dow will own 60 % of the venture with Eli Lilly holding the rest


( S ( NP-SBJ-45 ( DT The ) ( NN venture ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Indianapolis ) ) ) ) ) ) )

The venture will be based in Indianapolis


( S ( NP-SBJ ( DT The ) ( NNP Manville ) ( NNP Personal ) ( NNP Injury ) ( NNP Settlement ) ( NNP Trust ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( NP ( JJ several ) ( NNS ways ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( DT a ) ( NN liquidity ) ( NN crunch ) ) ) ) ) ) ( SBAR ( WHNP-227 ( WDT that ) ) ( S ( VP ( MD could ) ( VP ( VB include ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Manville ) ( NNP Corp. ) ) ) ( PP ( TO to ) ( NP ( DT a ) ( JJ third ) ( NN party ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Manville Personal Injury Settlement Trust said it is considering several ways to ease a liquidity crunch that could include the sale of Manville Corp. to a third party


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN filing ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNPS Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN majority ) ( NN holder ) ) ( PP ( IN of ) ( NP ( NNP Manville ) ) ) ) ( VP ( VBD acknowledged ) ( SBAR ( SBAR ( IN that ) ( S ( NP-SBJ-194 ( NP ( DT the ) ( NN cash ) ( NN portion ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ initial ) ( NN funding ) ) ( PP ( IN of ) ( NP ( QP ( CD 765 ) ( CD million ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN depleted ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJ alternative ) ( NNS sources ) ) ( PP ( IN of ) ( NP ( NNS funds ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ necessary ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( PRP$ its ) ( NNS obligations ) ) ) ) ) ) ) ) ) ) ) )

In a filing with the Securities and Exchange Commission the majority holder of Manville acknowledged that the cash portion of its initial funding of 765 million will be depleted next year and that alternative sources of funds will be necessary to meet its obligations


( S ( S ( NP-SBJ-2 ( NP ( DT The ) ( NN trust ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN created ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( NN bankruptcy-law ) ( NN reorganization ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB compensate ) ( NP ( NP ( NNS victims ) ) ( PP ( IN of ) ( NP ( JJ asbestos-related ) ( NNS diseases ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB ultimately ) ) ( VP ( VBZ expects ) ( S ( VP ( TO to ) ( VP ( VB receive ) ( NP ( QP ( CD 2.5 ) ( CD billion ) ) ) ( PP-CLR ( IN from ) ( NP ( NNP Manville ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN cash ) ( NN flow ) ) ( PP ( IN from ) ( NP ( NNS investments ) ) ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB so ) ( RB far ) ) ( VP ( VBN lagged ) ( PP-LOC-CLR ( IN behind ) ( NP ( NP ( PRP$ its ) ( NNS payments ) ) ( PP ( TO to ) ( NP ( NNS victims ) ) ) ) ) ) ) ) )

The trust which was created as part of Manville 's bankruptcy-law reorganization to compensate victims of asbestos-related diseases ultimately expects to receive 2.5 billion from Manville but its cash flow from investments has so far lagged behind its payments to victims


( S ( NP-SBJ-1 ( NP ( NNS Spokespersons ) ) ( PP ( IN for ) ( NP ( DT both ) ( NP ( DT the ) ( NN trust ) ) ( CC and ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( VP ( VBD refused ) ( S ( VP ( TO to ) ( VP ( VB comment ) ( PP-CLR ( IN on ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( NP ( DT any ) ( NNS talks ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ possible ) ( NN acquirer ) ) ( PP ( IN of ) ( NP ( NNP Manville ) ) ) ) ) ) ( VP ( VBD had ) ( ADVP ( RB actually ) ) ( VP ( VBN taken ) ( NP-CLR ( NN place ) ) ) ) ) ) ) ) ) ) ) )

Spokespersons for both the trust and the company refused to comment on whether any talks with a possible acquirer of Manville had actually taken place


( S ( S ( NP-SBJ ( DT The ) ( NN trust ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( NP ( DT a ) ( NN sale ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Manville ) ( NNS holdings ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NNP Manville ) ) ( VP ( VBZ has ) ( NP ( NP ( DT the ) ( NN right ) ) ( PP ( IN of ) ( NP ( JJ first ) ( NN refusal ) ) ) ( PP ( IN on ) ( NP ( NP ( DT any ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN stock ) ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN trust ) ) ) ) ) ) ) ) ) ) ) )

The trust is considering a sale of its Manville holdings but Manville has the right of first refusal on any sales of its stock held by the trust


( S ( NP-SBJ-1 ( NP ( NNP Manville ) ) ( NP ( DT a ) ( NN forest ) ( CC and ) ( NN building ) ( NNS products ) ( NN concern ) ) ) ( VP ( VBZ has ) ( VP ( VBN offered ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( DT the ) ( NN trust ) ) ( NP ( QP ( CD 500 ) ( CD million ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( DT a ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NP ( NNP Manville ) ( POS 's ) ) ( JJ convertible ) ( JJ preferred ) ( NN stock ) ) ) ) ) ) ) ) ) ) )

Manville a forest and building products concern has offered to pay the trust 500 million for a majority of Manville 's convertible preferred stock


( S ( S ( NP-SBJ ( NP ( NNP Manville ) ) ( CC and ) ( NP ( DT the ) ( NN trust ) ) ) ( VP ( VBP are ) ( VP ( VBG discussing ) ( NP ( DT the ) ( NN offer ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-196 ( DT no ) ( NN decision ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN made ) ) ) ) ) )

Manville and the trust are discussing the offer but no decision has been made


( S ( NP-SBJ ( DT The ) ( NN filing ) ) ( ADVP ( RB also ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN trust ) ) ( VP ( VBZ is ) ( VP ( VBG considering ) ( NP ( NP ( NP ( DT a ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP Manville ) ( NNS securities ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ open ) ( NN market ) ) ) ) ( NP ( NP ( DT an ) ( JJ extraordinary ) ( NN dividend ) ) ( PP ( IN on ) ( NP ( DT the ) ( JJ common ) ( NN stock ) ) ) ) ( CC or ) ( NP ( NP ( DT a ) ( NN recapitalization ) ) ( PP ( IN of ) ( NP ( NNP Manville ) ) ) ) ) ) ) ) ) ) )

The filing also said the trust is considering a sale of Manville securities in the open market an extraordinary dividend on the common stock or a recapitalization of Manville


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NNP Soviet ) ( NNP Union ) ( POS 's ) ) ( JJ jobless ) ( NN rate ) ) ( VP ( VBZ is ) ( VP ( VBG soaring ) ( PP-DIR ( TO to ) ( NP ( CD 27 ) ( NN % ) ) ) ( PP-LOC ( IN in ) ( NP ( DT some ) ( NNS areas ) ) ) ) ) ) ( NP-SBJ ( NNP Pravda ) ) ( VP ( VBD said ) ) )

The Soviet Union 's jobless rate is soaring to 27 % in some areas Pravda said


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-197 ( DT the ) ( NN situation ) ) ( VP ( VBZ is ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB streamline ) ( NP ( JJ bloated ) ( NN factory ) ( NNS payrolls ) ) ) ) ) ) ) ) ) ) ) ) )

It said the situation is caused by efforts to streamline bloated factory payrolls


( S ( S-TPC-1 ( NP-SBJ ( NN Unemployment ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN reached ) ( NP-2 ( CD 27.6 ) ( NN % ) ) ( PP-LOC-3 ( IN in ) ( NP ( NNP Azerbaijan ) ) ) ) ( VP ( NP=2 ( CD 25.7 ) ( NN % ) ) ( PP-LOC=3 ( IN in ) ( NP ( NNP Tadzhikistan ) ) ) ) ( VP ( NP=2 ( CD 22.8 ) ( NN % ) ) ( PP-LOC=3 ( IN in ) ( NP ( NNP Uzbekistan ) ) ) ) ( VP ( NP=2 ( CD 18.8 ) ( NN % ) ) ( PP-LOC=3 ( IN in ) ( NP ( NNP Turkmenia ) ) ) ) ( VP ( NP=2 ( CD 18 ) ( NN % ) ) ( PP-LOC=3 ( IN in ) ( NP ( NNP Armenia ) ) ) ) ( CC and ) ( VP ( NP=2 ( CD 16.3 ) ( NN % ) ) ( PP-LOC=3 ( IN in ) ( NP ( NNP Kirgizia ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Communist ) ( NNP Party ) ( NN newspaper ) ) ( VP ( VBD said ) ) )

Unemployment has reached 27.6 % in Azerbaijan 25.7 % in Tadzhikistan 22.8 % in Uzbekistan 18.8 % in Turkmenia 18 % in Armenia and 16.3 % in Kirgizia the Communist Party newspaper said


( S ( S ( NP-SBJ ( DT All ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( JJ non-Russian ) ( NNS republics ) ) ( PP-LOC ( IN along ) ( NP ( NP ( DT the ) ( JJ southern ) ( NN border ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT all ) ) ( PP ( CC but ) ( NP ( NNP Kirgizia ) ) ) ) ( VP ( VBP have ) ( VP ( VBN reported ) ( NP ( NN rioting ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD six ) ( NNS months ) ) ) ) ) ) )

All are non-Russian republics along the southern border of the Soviet Union and all but Kirgizia have reported rioting in the past six months


( S ( NP-SBJ ( DT The ) ( NN newspaper ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( PP-PRD ( JJ past ) ( NP ( NP ( NN time ) ) ( SBAR ( IN for ) ( S ( NP-SBJ ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( TO to ) ( VP ( VB create ) ( NP ( NP ( NN unemployment ) ( NN insurance ) ) ( CC and ) ( NP ( NP ( VBG retraining ) ( NNS programs ) ) ( PP ( IN like ) ( NP ( NP ( DT those ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP West ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The newspaper said it is past time for the Soviet Union to create unemployment insurance and retraining programs like those of the West


( S ( NP-SBJ ( NNP Pravda ) ) ( VP ( VP ( VBD gave ) ( NP ( NP ( DT no ) ( NN estimate ) ) ( PP ( IN for ) ( NP ( JJ overall ) ( NN unemployment ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT an ) ( NNP Association ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Unemployed ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN cropped ) ( PRT ( RP up ) ) ( SBAR-1 ( WHNP-2 ( DT that ) ) ( S ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ jobless ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( QP ( CD 23 ) ( CD million ) ) ( NNPS Soviets ) ) ( CC or ) ( NP ( NP ( CD 17 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN work ) ( NN force ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Pravda gave no estimate for overall unemployment but said an Association of the Unemployed has cropped up that says the number of jobless is 23 million Soviets or 17 % of the work force


( S ( NP-SBJ ( NP ( DT An ) ( JJ 11-week ) ( NN dispute ) ) ( PP ( VBG involving ) ( NP ( NP ( NNP Australia ) ( POS 's ) ) ( CD 1,640 ) ( JJ domestic ) ( NNS pilots ) ) ) ) ( VP ( VBZ has ) ( VP ( VP ( VBN slashed ) ( NP ( NN airline ) ( NNS earnings ) ) ) ( CC and ) ( VP ( VBN crippled ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN continent ) ( POS 's ) ) ( NN tourist ) ( NN industry ) ) ) ) ) ) ) )

An 11-week dispute involving Australia 's 1,640 domestic pilots has slashed airline earnings and crippled much of the continent 's tourist industry


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ only ) ( NNS people ) ) ( SBAR ( WHNP-228 ( WP who ) ) ( S ( VP ( VBP are ) ( VP ( VBG flying ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT those ) ) ( SBAR ( WHNP-229 ( WP who ) ) ( S ( VP ( VBP have ) ( S ( VP ( TO to ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP-SBJ ( NNP Frank ) ( NNP Moore ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Australian ) ( NNP Tourist ) ( NNP Industry ) ( NNP Association ) ) ) ) ) )

The only people who are flying are those who have to said Frank Moore chairman of the Australian Tourist Industry Association


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD added ) ( SBARQ ( WHADVP-3 ( WRB How ) ) ( SQ ( VBZ is ) ( NP-SBJ-1 ( DT a ) ( NN travel ) ( NN agent ) ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT a ) ( NN holiday ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB guarantee ) ( NP ( DT a ) ( NN return ) ( NN flight ) ) ) ) ) ) ) ) ) ) ) ) ) )

He added How is a travel agent going to sell a holiday when he can not guarantee a return flight


( S ( NP-SBJ ( NP ( VB Transport ) ( NN giant ) ( NNP TNT ) ) ( SBAR ( WHNP-230 ( WDT which ) ) ( S ( VP ( VBZ owns ) ( NP ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( CD two ) ( JJ major ) ( JJ domestic ) ( NNS carriers ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN dispute ) ) ) ) ( VP ( VBD had ) ( VP ( VBN been ) ( ADJP-PRD ( JJ heavy ) ) ( S-ADV ( VP ( VBG cutting ) ( NP ( NP ( NNP TNT ) ( POS 's ) ) ( NNS profits ) ) ( NP-EXT ( CD 70 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 12 ) ( CD million ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( CD three ) ( NNS months ) ) ( PP ( TO to ) ( NP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ) ) ) ) ) ) ) )

Transport giant TNT which owns half of one of the country 's two major domestic carriers said the cost of the dispute had been heavy cutting TNT 's profits 70 % to 12 million in the three months to Sept. 30


( S ( NP-SBJ-2 ( NP ( JJ Brazilian ) ( NN financier ) ( NNP Naji ) ( NNP Nahas ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD was ) ( VP ( VBN arrested ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD 102 ) ( NNS days ) ) ( PP-LOC ( IN in ) ( NP ( NN hiding ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN interrogated ) ( NP-TMP ( JJ next ) ( NN week ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( JJ Brazilian ) ( NN judiciary ) ) ) ) ) ) ) ) ) )

Brazilian financier Naji Nahas who was arrested on Monday after 102 days in hiding is likely to be interrogated next week by the Brazilian judiciary


( S ( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Nahas ) ) ( SBAR ( WHNP-231 ( WP who ) ) ( S ( VP ( ADVP-MNR ( RB single-handedly ) ) ( VBD provoked ) ( NP ( NP ( DT a ) ( JJ one-day ) ( NN closure ) ) ( PP ( IN of ) ( NP ( NP ( NNP Brazil ) ( POS 's ) ) ( NN stock ) ( NNS markets ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP June ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( PRP he ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB honor ) ( NP ( NP ( DT a ) ( NN debt ) ) ( PP ( IN of ) ( NP ( QP ( CD 31.1 ) ( CD million ) ) ) ) ( VP ( VBN owed ) ( PP-DTV ( TO to ) ( NP ( PRP$ his ) ( NNS brokers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD blamed ) ( NP ( PRP$ his ) ( NN predicament ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Sao ) ( NNP Paulo ) ( NN stock ) ( NN exchange ) ) ) ) ) ) ) ( S ( PP-TMP ( NP-ADV ( DT a ) ( JJ few ) ( NNS days ) ) ( IN before ) ( NP ( NP ( NNP Mr. ) ( NNP Nahas ) ( POS 's ) ) ( NN failure ) ) ) ( NP-SBJ ( DT the ) ( NN exchange ) ) ( VP ( VBD raised ) ( NP ( NP ( DT the ) ( JJ required ) ( NN margin ) ) ( PP ( IN on ) ( NP ( JJ stock-margin ) ( NNS transactions ) ) ) ) ) ) )

Mr. Nahas who single-handedly provoked a one-day closure of Brazil 's stock markets in June when he failed to honor a debt of 31.1 million owed to his brokers yesterday blamed his predicament on the president of the Sao Paulo stock exchange a few days before Mr. Nahas 's failure the exchange raised the required margin on stock-margin transactions


( S ( NP-SBJ ( NP ( NNP China ) ( POS 's ) ) ( NN parliament ) ) ( VP ( VBD ousted ) ( NP ( CD two ) ( NNP Hong ) ( NNP Kong ) ( NNS residents ) ) ( PP-CLR ( IN from ) ( NP ( NP ( DT a ) ( NN panel ) ) ( VP ( VBG drafting ) ( NP ( NP ( DT a ) ( JJ new ) ( NN constitution ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN colony ) ) ) ) ) ) ) ) )

China 's parliament ousted two Hong Kong residents from a panel drafting a new constitution for the colony


( S ( NP-SBJ-200 ( NP ( DT The ) ( CD two ) ) ( NP ( NP ( NNP Szeto ) ( NNP Wah ) ) ( CC and ) ( NP ( NNP Martin ) ( NNP Lee ) ) ) ) ( VP ( VBD were ) ( VP ( VBN deemed ) ( S ( ADJP-PRD ( JJ unfit ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD had ) ( VP ( VBN condemned ) ( NP ( NP ( NP ( NNP China ) ( POS 's ) ) ( NN crackdown ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( JJ pro-democracy ) ( NN movement ) ) ) ) ) ) ) ) ) ) )

The two Szeto Wah and Martin Lee were deemed unfit because they had condemned China 's crackdown on its pro-democracy movement


( S ( S ( NP-SBJ ( DT The ) ( NN committee ) ) ( VP ( VBZ is ) ( VP ( VBG formulating ) ( NP ( NP ( NNP Hong ) ( NNP Kong ) ( POS 's ) ) ( NN constitution ) ) ( PP ( IN for ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ reverts ) ( PP-CLR ( TO to ) ( NP ( JJ Chinese ) ( NN control ) ) ) ( PP-TMP ( IN in ) ( NP ( CD 1997 ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ Chinese ) ( NNS lawmakers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( CD two ) ) ( VP ( MD can ) ( ADVP ( RB only ) ) ( VP ( VB return ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP abandon ) ( NP ( NP ( NP ( PRP$ their ) ( JJ antagonistic ) ( NN stand ) ) ( PP ( IN against ) ( NP ( DT the ) ( JJ Chinese ) ( NN government ) ) ) ) ( CC and ) ( NP ( PRP$ their ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB nullify ) ( NP ( NP ( DT the ) ( JJ Sino-British ) ( NN joint ) ( NN declaration ) ) ( PP ( IN on ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The committee is formulating Hong Kong 's constitution for when it reverts to Chinese control in 1997 and Chinese lawmakers said the two can only return if they abandon their antagonistic stand against the Chinese government and their attempt to nullify the Sino-British joint declaration on Hong Kong


( NP-HLN ( NP ( NN NUCLEAR ) ( NN REACTOR ) ) ( PP ( IN FOR ) ( NP ( NNP ISRAEL ) ) ) )

NUCLEAR REACTOR FOR ISRAEL


( S ( NP-SBJ ( JJ Israeli ) ( NNS officials ) ) ( VP ( VBD confirmed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNP Energy ) ( NNP Minister ) ( NNP Moshe ) ( NNP Shahal ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( JJ Canadian ) ( NN counterpart ) ) ( NP ( NNP Jake ) ( NNP Epp ) ) ) ) ( VP ( VBD discussed ) ( NP ( NP ( DT a ) ( JJ possible ) ( JJ Israeli ) ( NN purchase ) ) ( PP ( IN of ) ( NP ( DT a ) ( ADJP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( JJ Canadian ) ( JJ nuclear ) ( NN reactor ) ) ) ( PP-PRP ( IN for ) ( S-NOM ( VP ( VBG producing ) ( NP ( NN electricity ) ) ) ) ) ) ) ) ) ) )

Israeli officials confirmed that Energy Minister Moshe Shahal and his Canadian counterpart Jake Epp discussed a possible Israeli purchase of a 1.1 billion Canadian nuclear reactor for producing electricity


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( DT a ) ( NNP Canadian ) ( NNP Embassy ) ( NN official ) ) ( PP-LOC ( IN in ) ( NP ( NNP Tel ) ( NNP Aviv ) ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Canada ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unlikely ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( NNP Candu ) ( NN heavy-water ) ( NN reactor ) ) ( PP-DTV ( TO to ) ( NP ( NNP Israel ) ) ) ) ) ) ) ( SBAR-TMP ( IN since ) ( S ( NP-SBJ ( NNP Israel ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBN signed ) ( NP ( DT the ) ( NNP Nuclear ) ( NNP Non-Proliferation ) ( NNP Treaty ) ) ) ) ) ) ) ) ) ) )

However a Canadian Embassy official in Tel Aviv said that Canada was unlikely to sell the Candu heavy-water reactor to Israel since Israel has n't signed the Nuclear Non-Proliferation Treaty


( S ( NP-SBJ-201 ( NNP Israel ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN accused ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN past ) ) ) ( PP-CLR ( IN of ) ( S-NOM ( VP ( VBG using ) ( NP ( NN subterfuge ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB seek ) ( NP ( NP ( NNS elements ) ) ( VP ( VBN needed ) ( S-PRP ( VP ( TO to ) ( VP ( VB develop ) ( NP ( JJ nuclear ) ( NNS weapons ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Israel has been accused in the past of using subterfuge to seek elements needed to develop nuclear weapons


( S ( NP-SBJ-1 ( DT The ) ( ADJP ( JJ South ) ( JJ Korean ) ) ( NN government ) ) ( VP ( VBZ is ) ( VP ( VBG signing ) ( NP ( DT a ) ( NN protocol ) ) ( NP-TMP ( NN today ) ) ( S-CLR ( VP ( VBG establishing ) ( NP ( JJ formal ) ( JJ diplomatic ) ( NNS relations ) ) ( PP-CLR ( IN with ) ( NP ( NNP Poland ) ) ) ) ) ) ) )

The South Korean government is signing a protocol today establishing formal diplomatic relations with Poland


( S ( NP-SBJ ( DT The ) ( CD two ) ) ( VP ( VBP are ) ( ADVP ( RB also ) ) ( VP ( VBG signing ) ( NP ( DT a ) ( NN trade ) ( NN agreement ) ) ) ) )

The two are also signing a trade agreement


( S ( NP-SBJ ( JJ South ) ( JJ Korean ) ( NN government ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NNP Seoul ) ) ( VP ( MD can ) ( VP ( VB loan ) ( NP ( NN money ) ) ( PP-DTV ( TO to ) ( NP ( NNP Warsaw ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD can ) ( VP ( VB offer ) ( NP ( NN experience ) ) ) ) ) ) ) ) ) ) ) ) )

South Korean government officials said they do n't expect that Seoul can loan money to Warsaw but it can offer experience


( S ( S ( NP-SBJ ( NNP Poland ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJ second ) ( JJ Communist ) ( NN nation ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB recognize ) ( NP ( DT the ) ( NNP Seoul ) ( NN government ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ ( NNP South ) ( NNP Korea ) ) ( VP ( VBD established ) ( NP ( JJ diplomatic ) ( NNS relations ) ) ( PP-CLR ( IN with ) ( NP ( NNP Hungary ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP February ) ( CD 1989 ) ) ) ) ) )

Poland is the second Communist nation to recognize the Seoul government South Korea established diplomatic relations with Hungary in February 1989


( S ( NP-SBJ ( NNP Venezuela ) ) ( VP ( MD will ) ( VP ( VB hold ) ( NP ( DT a ) ( JJ debt-equity ) ( NN auction ) ) ( NP-TMP ( NNP Friday ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( CD 32 ) ( JJ potential ) ( NNS bidders ) ) ( VP ( VBG participating ) ) ) ) ) ) )

Venezuela will hold a debt-equity auction Friday with 32 potential bidders participating


( S ( NP-TMP ( RBR Earlier ) ( DT this ) ( NN year ) ) ( NP-SBJ ( NNP Venezuela ) ) ( VP ( VP ( VBD announced ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG opening ) ( PRT ( RP up ) ) ( NP ( NN debt-equity ) ( NNS swaps ) ) ( PP-CLR ( TO to ) ( NP ( JJ foreign ) ( NNS investors ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN program ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ limited ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ net ) ( NN disbursement ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 600 ) ( CD million ) ) ) ( NP-ADV ( DT a ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) )

Earlier this year Venezuela announced it was opening up debt-equity swaps to foreign investors but said the program would be limited to a net disbursement of 600 million a year


( S ( NP-SBJ ( NP ( NNP Friday ) ( POS 's ) ) ( NN auction ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ limited ) ( PP ( TO to ) ( NP ( NP ( QP ( CD 150 ) ( CD million ) ) ) ( VP ( VBN disbursed ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP Central ) ( NNP Bank ) ) ) ( PP-CLR ( TO to ) ( NP ( JJ potential ) ( NNS investors ) ) ) ) ) ) ) ) ) )

Friday 's auction will be limited to 150 million disbursed by the Central Bank to potential investors


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN office ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN investment ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN authorized ) ( NP ( NP ( ADJP ( QP ( DT some ) ( CD 1.78 ) ( CD billion ) ) ) ( NN worth ) ) ( PP ( IN of ) ( NP ( NN investment ) ( NNS proposals ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Edwin ) ( NNP Perozo ) ) ( NP ( NP ( NN superintendent ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN investment ) ) ) ) ) )

The office of foreign investment has authorized some 1.78 billion worth of investment proposals said Edwin Perozo superintendent of foreign investment


( S ( S-TPC-1 ( NP-SBJ ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS proposals ) ) ) ) ( VP ( VBP are ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NN tourism ) ) ( NP ( JJ basic ) ( NN industry ) ) ( CC and ) ( NP ( NN fishery ) ( CC and ) ( JJ agro-industry ) ( NNS projects ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Most of the proposals are in tourism basic industry and fishery and agro-industry projects he said


( S ( PP-LOC ( IN Under ) ( NP ( DT the ) ( JJ debt-equity ) ( NN program ) ) ) ( S ( NP-SBJ ( JJ potential ) ( NNS investors ) ) ( VP ( MD will ) ( VP ( VB submit ) ( NP ( NP ( JJ sealed ) ( NNS bids ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN percentage ) ) ( PP ( IN of ) ( NP ( NN discount ) ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( DT the ) ( NN debt ) ) ( PP-CLR ( IN at ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-202 ( DT the ) ( NNS bids ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN allocated ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( DT these ) ( NN discount ) ( NNS offers ) ) ) ) ) ) ) ) )

Under the debt-equity program potential investors will submit sealed bids on the percentage of discount they are willing to purchase the debt at and the bids will be allocated based on these discount offers


( S ( NP-SBJ ( DT The ) ( JJ Venezuelan ) ( JJ central ) ( NN bank ) ) ( VP ( VBD set ) ( NP ( NP ( DT a ) ( ADJP ( CD 30 ) ( NN % ) ) ( NN floor ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN bidding ) ) ) ) ) )

The Venezuelan central bank set a 30 % floor on the bidding


( S ( NP-SBJ-203 ( NP ( DT A ) ( NN song ) ) ( PP ( IN by ) ( NP ( JJ American ) ( NN singer ) ( NNP Tracy ) ( NNP Chapman ) ) ) ( VP ( VBG praising ) ( NP ( JJ jailed ) ( JJ black ) ( NN leader ) ( NNP Nelson ) ( NNP Mandela ) ) ) ) ( VP ( VBD was ) ( VP ( VBN banned ) ( PP-CLR ( IN from ) ( NP ( ADJP ( JJ South ) ( JJ African ) ) ( NN state ) ( NN radio ) ( CC and ) ( NN television ) ) ) ) ) )

A song by American singer Tracy Chapman praising jailed black leader Nelson Mandela was banned from South African state radio and television


( S ( NP-SBJ ( DT The ) ( NNP South ) ( NNP African ) ( NNP Broadcasting ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN song ) ) ( NP-TTL ( NN Freedom ) ( RB Now ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ undesirable ) ( PP ( IN for ) ( NP ( NN broadcasting ) ) ) ) ) ) ) ) )

The South African Broadcasting Corp. said the song Freedom Now was undesirable for broadcasting


( S ( NP-SBJ ( NP ( NP ( NNP Britain ) ( POS 's ) ) ( NNP House ) ) ( PP ( IN of ) ( NP ( NNPS Commons ) ) ) ) ( VP ( VBD passed ) ( NP ( NP ( DT a ) ( NN law ) ) ( SBAR ( WHNP-232 ( WDT that ) ) ( S ( VP ( MD will ) ( VP ( VB force ) ( S ( NP-SBJ-1 ( JJ English ) ( NN soccer ) ( NNS fans ) ) ( VP ( TO to ) ( VP ( VB carry ) ( NP ( NN identity ) ( NNS cards ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB enter ) ( NP ( NNS stadiums ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Britain 's House of Commons passed a law that will force English soccer fans to carry identity cards to enter stadiums


( S ( NP-SBJ-2 ( NP ( DT The ) ( JJ anti-hooligan ) ( NN law ) ) ( SBAR ( WHNP-233 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB deprive ) ( NP ( NNS troublemakers ) ) ( PP-CLR ( IN of ) ( NP ( NNS cards ) ) ) ) ) ) ) ) ( VP ( VP ( MD must ) ( VP ( VB be ) ( VP ( VBN ratified ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NNP House ) ) ( PP ( IN of ) ( NP ( NNPS Lords ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB become ) ( ADJP-PRD ( JJ effective ) ) ( NP-TMP ( JJ early ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) )

The anti-hooligan law which would deprive troublemakers of cards must be ratified by the House of Lords and is expected to become effective early next year


( S ( NP-SBJ ( NP ( NNS Yields ) ) ( PP ( IN on ) ( NP ( NP ( JJ savings-type ) ( NNS certificates ) ) ( PP ( IN of ) ( NP ( NN deposit ) ) ) ) ) ) ( VP ( VBD dropped ) ( ADVP ( RB slightly ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( NN week ) ) ( VP ( VBN ended ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) )

Yields on savings-type certificates of deposit dropped slightly in the week ended yesterday


( S ( NP-SBJ ( NP ( DT The ) ( JJ average ) ( NN yield ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( JJ six-month ) ( NN CD ) ) ( PP ( IN of ) ( NP ( CD 50,000 ) ( QP ( CC or ) ( JJR less ) ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( CD 7.90 ) ( NN % ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( CD 7.94 ) ( NN % ) ) ( ADVP-TMP ( NP ( DT a ) ( NN week ) ) ( RB earlier ) ) ) ) ) ) )

The average yield on a six-month CD of 50,000 or less was 7.90 % compared with 7.94 % a week earlier


( S ( NP-SBJ ( DT The ) ( JJ average ) ( JJ one-year ) ( JJ savings-type ) ( NN CD ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB down ) ( PP ( TO to ) ( NP ( CD 7.99 ) ( NN % ) ) ) ( PP ( IN from ) ( NP ( CD 8.01 ) ( NN % ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NNP Banxquote ) ( NNP Money ) ( NNP Markets ) ) ( NP ( NP ( DT a ) ( NNP New ) ( NNP York ) ( NN information ) ( NN service ) ) ( SBAR ( WHNP-83 ( WDT that ) ) ( S ( VP ( VBZ tracks ) ( NP ( NN CD ) ( NNS yields ) ) ) ) ) ) ) ) ) ) )

The average one-year savings-type CD was down to 7.99 % from 8.01 % according to Banxquote Money Markets a New York information service that tracks CD yields


( SINV ( S-TPC-1 ( NP-SBJ ( DT This ) ( NN week ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ uneventful ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN CD ) ( NN market ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Norberto ) ( NNP Mehl ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NNP Banxquote ) ) ) ) ) )

This week was uneventful for the CD market said Norberto Mehl chairman of Banxquote


( S ( NP-SBJ ( DT The ) ( JJ major ) ( NNS banks ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP ( RB even ) ) ( VP ( VBN reacted ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ sharp ) ( NNS rises ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ three-month ) ( NNP Treasury ) ( NN bill ) ( NNS rates ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD two ) ( NNS weeks ) ) ) ) ) ) ) )

The major banks have n't even reacted to sharp rises in the three-month Treasury bill rates in the past two weeks


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNS Banks ) ) ( SBAR ( WHNP-84 ( WDT that ) ) ( S ( VP ( VBD adjusted ) ( NP ( NP ( NNS payouts ) ) ( PP ( IN on ) ( NP ( NNS CDs ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN week ) ) ) ) ) ) ) ( VP ( VBD made ) ( NP ( RB only ) ( JJ fractional ) ( NNS moves ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Banks that adjusted payouts on CDs in the most recent week made only fractional moves he said


( S ( NP-SBJ-1 ( DT The ) ( NN CD ) ( NN trend ) ) ( VP ( VBZ runs ) ( S-ADV ( ADVP-PRD ( RB counter ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NN direction ) ) ( PP ( IN of ) ( NP ( JJ short-term ) ( NN interest ) ( NNS rates ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Treasury ) ( NN bill ) ( NN auction ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ) ) ) )

The CD trend runs counter to the direction of short-term interest rates at the Treasury bill auction Monday


( S ( NP-SBJ-60 ( DT The ) ( JJ average ) ( JJ six-month ) ( NN bill ) ) ( VP ( VBD was ) ( VP ( VBN sold ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN yield ) ) ( PP ( IN of ) ( NP ( NP ( CD 8.04 ) ( NN % ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 7.90 ) ( NN % ) ) ) ) ) ) ) ) ) ) )

The average six-month bill was sold with a yield of 8.04 % up from 7.90 %


( S ( NP-SBJ ( DT The ) ( JJ average ) ( JJ three-month ) ( NN issue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( CD 8.05 ) ( NN % ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 7.77 ) ( NN % ) ) ) ) )

The average three-month issue rose to 8.05 % from 7.77 %


( S ( S ( ADVP ( RB Typically ) ) ( NP-SBJ ( NNS banks ) ) ( VP ( VBP offer ) ( NP ( NP ( NN CD ) ( NNS yields ) ) ( ADJP ( ADJP ( JJR higher ) ) ( PP ( IN than ) ( NP ( NP ( DT those ) ) ( PP ( IN on ) ( NP ( NP ( NNP Treasury ) ( NNS bills ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBP are ) ( VP ( VBN considered ) ( S ( NP-PRD ( DT the ) ( JJS safest ) ( JJ short-term ) ( NNS investments ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( NNS banks ) ) ( VP ( VBP need ) ( NP ( DT a ) ( JJ competitive ) ( NN edge ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ their ) ( NNS products ) ) ) ) ) ) ) )

Typically banks offer CD yields higher than those on Treasury bills which are considered the safest short-term investments banks need a competitive edge to sell their products


( S ( CC But ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN market ) ( NN interest ) ( NNS rates ) ) ( VP ( VBP move ) ( ADVP-DIR ( RB up ) ) ( ADVP-MNR ( RB rapidly ) ) ) ) ) ( NP-SBJ ( NP ( NNS increases ) ) ( PP-LOC ( IN in ) ( NP ( NN bank ) ( NN CD ) ( NNS yields ) ) ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBP lag ) ) )

But when market interest rates move up rapidly increases in bank CD yields sometimes lag


( S ( NP-SBJ ( NP ( JJS Most ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NP ( JJ short-term ) ( JJ jumbo ) ( NNS CDs ) ) ( NP ( NP ( DT those ) ) ( PP ( IN with ) ( NP ( NP ( NNS denominations ) ) ( PP ( IN over ) ( NP ( CD 90,000 ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBN moved ) ( PP-DIR ( IN in ) ( NP ( NP ( DT the ) ( JJ opposite ) ( NN direction ) ) ( PP ( IN of ) ( NP ( NNP Treasury ) ( NN bill ) ( NNS yields ) ) ) ) ) ) )

Most yields on short-term jumbo CDs those with denominations over 90,000 also moved in the opposite direction of Treasury bill yields


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ average ) ( JJ six-month ) ( NN yield ) ) ( PP ( IN on ) ( NP ( DT a ) ( JJ jumbo ) ( NN CD ) ) ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN at ) ( NP ( CD 7.90 ) ( NN % ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 7.93 ) ( NN % ) ) ) ) ) ) ( NP-SBJ ( NNP Banxquote ) ) ( VP ( VBD said ) ) )

The average six-month yield on a jumbo CD was at 7.90 % down from 7.93 % Banxquote said


( S ( PP ( IN For ) ( NP ( JJR longer-term ) ( NNS CDs ) ) ) ( NP-SBJ ( NNS yields ) ) ( VP ( VBD were ) ( ADVP-PRD ( RP up ) ) ) )

For longer-term CDs yields were up


( S ( NP-SBJ ( DT The ) ( JJ average ) ( ADJP ( JJ two-year ) ( CC and ) ( JJ five-year ) ) ( NNS jumbos ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ( NP ( NP ( CD 0.02 ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN percentage ) ( NN point ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NP ( CD 7.91 ) ( NN % ) ) ( CC and ) ( NP ( CD 7.96 ) ( NN % ) ) ) ( ADVP ( RB respectively ) ) ) ) ) )

The average two-year and five-year jumbos were up 0.02 of a percentage point to 7.91 % and 7.96 % respectively


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NNS CDs ) ) ( VP ( VBD sold ) ( PP ( IN through ) ( NP ( JJ major ) ( JJ broker-dealer ) ( NNS networks ) ) ) ) ) ( VP ( VBD were ) ( ADVP-PRD ( RP up ) ) ( ADVP ( RB slightly ) ) ( PP-LOC ( RB almost ) ( IN across ) ( NP ( DT the ) ( NN board ) ) ) ) )

However CDs sold through major broker-dealer networks were up slightly almost across the board


( S ( NP-SBJ ( NP ( DT The ) ( JJ average ) ( JJ six-month ) ( NN CD ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN category ) ) ) ) ( VP ( VBD added ) ( NP ( CD 0.05 ) ( NN percentage ) ( NN point ) ) ( PP-DIR ( TO to ) ( NP ( CD 8.35 ) ( NN % ) ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ) )

The average six-month CD in that category added 0.05 percentage point to 8.35 % for example


( S ( NP-SBJ ( NNP Mr. ) ( NNP Mehl ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN rise ) ) ( PP-CLR ( ADVP ( RB specifically ) ) ( TO to ) ( NP ( DT the ) ( NNP Treasury ) ( NN bill ) ( NN increase ) ) ) ) )

Mr. Mehl attributed the rise specifically to the Treasury bill increase


( S ( PP-LOC ( IN Among ) ( NP ( NP ( DT the ) ( JJ major ) ( NNS banks ) ) ( VP ( VBN surveyed ) ( PP ( IN by ) ( NP-LGS ( NNP Banxquote ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( CD six ) ( NNS regions ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ( NP-SBJ ( CD 8.33 ) ( NN % ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS highest ) ( NN yield ) ) ( ADJP ( JJ available ) ) ) ) )

Among the major banks surveyed by Banxquote in six regions of the country 8.33 % is the highest yield available


( S ( NP-SBJ-62 ( PRP It ) ) ( VP ( VBZ is ) ( VP ( VBN offered ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( NN flagship ) ( NNS banks ) ) ( PP ( IN of ) ( NP ( NP ( NNP New ) ( NNP York ) ( POS 's ) ) ( NNPS Manufacturers ) ( NNP Hanover ) ( NNP Corp. ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( JJ one-year ) ( NN maturity ) ) ( ADVP ( RB only ) ) ) ) ) ) )

It is offered by the flagship banks of New York 's Manufacturers Hanover Corp. in the one-year maturity only


( S ( NP-SBJ-63 ( DT The ) ( NN yield ) ) ( VP ( VBZ is ) ( VP ( VBN offered ) ( PP-LOC ( IN across ) ( NP ( NP ( DT a ) ( NN range ) ) ( PP ( IN of ) ( NP ( NNS maturities ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP San ) ( NNP Francisco ) ( POS 's ) ) ( NNP BankAmerica ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Wells ) ( NNP Fargo ) ( CC & ) ( NNP Co ) ) ) ) ) ) )

The yield is offered across a range of maturities at San Francisco 's BankAmerica Corp. and Wells Fargo & Co


( S ( ADVP-TMP ( NP ( QP ( RB Just ) ( CD two ) ) ( NNS weeks ) ) ( RB ago ) ) ( NP-SBJ ( NP ( NP ( NNP BankAmerica ) ( POS 's ) ) ( NNS yields ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS maturities ) ) ) ) ) ) ( VP ( VBD was ) ( NP-PRD ( CD 8.61 ) ( NN % ) ) ) )

Just two weeks ago BankAmerica 's yields in many of those maturities was 8.61 %


( S ( ADVP ( RB Still ) ) ( PP ( IN on ) ( NP ( NN average ) ) ) ( NP-SBJ ( DT the ) ( JJ major ) ( NNP California ) ( NNS banks ) ) ( VP ( VBP have ) ( NP ( NP ( DT the ) ( JJS highest ) ( NNS yields ) ) ( PP ( IN on ) ( NP ( NNS CDs ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Banxquote ) ) ) ) ) )

Still on average the major California banks have the highest yields on CDs according to Banxquote


( S ( NP-SBJ ( NP ( DT The ) ( JJ average ) ( NN yield ) ) ( ADVP-LOC ( RB there ) ) ( PP ( IN on ) ( NP ( JJ six-month ) ( NNS issues ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 8.32 ) ( NN % ) ) ) )

The average yield there on six-month issues is 8.32 %


( S ( NP-SBJ ( NP ( NNP J.C. ) ( NNP PENNEY ) ( NNP Co. ) ) ( NP ( NNP Dallas ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD issued ) ( NP ( NP ( QP ( CD 350 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS securities ) ) ( VP ( VBN backed ) ( PP ( IN by ) ( NP-LGS ( NN credit-card ) ( NN receivables ) ) ) ) ) ) ) ) ) ) ) )

J.C. PENNEY Co. Dallas said it issued 350 million of securities backed by credit-card receivables


( S ( NP-SBJ-258 ( DT The ) ( NN offering ) ) ( VP ( VBD was ) ( VP ( VBN priced ) ( PP ( IN with ) ( NP ( DT an ) ( ADJP ( CD 8.95 ) ( NN % ) ) ( NN coupon ) ( NN rate ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 99.1875 ) ( NN % ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB yield ) ( NP ( CD 9.19 ) ( NN % ) ) ) ) ) ) ) )

The offering was priced with an 8.95 % coupon rate at 99.1875 % to yield 9.19 %


( S ( NP-SBJ ( DT The ) ( NN retailer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS securities ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VP ( VBN rated ) ( S ( ADJP-PRD-3 ( JJ triple-A ) ) ) ( PP-4 ( IN by ) ( NP-LGS ( NP ( NNP Standard ) ( CC & ) ( NNP Poor ) ( POS 's ) ) ( NNP Corp. ) ) ) ) ( CC and ) ( VP ( ADJP-PRD=3 ( JJ Aaa ) ) ( PP=4 ( IN by ) ( NP-LGS ( NP ( NNP Moody ) ( POS 's ) ) ( NNPS Investors ) ( NNP Service ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) )

The retailer said the securities are expected to be rated triple-A by Standard & Poor 's Corp. and Aaa by Moody 's Investors Service Inc


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP pay ) ( NP ( NN interest ) ) ( PP-TMP ( ADVP ( RB only ) ) ( IN for ) ( NP ( CD 115 ) ( NNS months ) ) ) ( PP ( IN with ) ( NP ( NP ( JJ principal ) ( NNS payments ) ) ( VP ( VBG beginning ) ( ADVP-TMP ( RB thereafter ) ) ) ) ) ) )

They pay interest only for 115 months with principal payments beginning thereafter


( S ( NP-SBJ ( NP ( DT The ) ( JJ expected ) ( JJ average ) ( NN life ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS certificates ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 10 ) ( NNS years ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( JJ final ) ( JJ scheduled ) ( NN payment ) ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP October ) ) ( NP ( CD 2001 ) ) ) ) ) ) ) )

The expected average life of the certificates is 10 years with the final scheduled payment in October 2001


( S ( NP-SBJ ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( NP-PRD ( JJ sole ) ( NN underwriter ) ) ) )

First Boston Corp. is sole underwriter


( S ( PP ( IN As ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ) ( NP-SBJ ( NNP J.C. ) ( NNP Penney ) ) ( VP ( MD will ) ( VP ( VB sell ) ( NP ( NP ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN credit-card ) ( NN receivables ) ) ) ) ( PP-DTV ( TO to ) ( NP ( NP ( PRP$ its ) ( NNP JCP ) ( NNPS Receivables ) ( NNP Inc. ) ( NN unit ) ) ( SBAR ( WHNP-315 ( WDT which ) ) ( S ( VP ( MD will ) ( ADVP-TMP ( RB then ) ) ( VP ( VB transfer ) ( NP ( PRP them ) ) ( PP-DIR ( TO to ) ( NP ( DT a ) ( NN master ) ( NN trust ) ) ) ) ) ) ) ) ) ) ) )

As part of the transaction J.C. Penney will sell a portion of its credit-card receivables to its JCP Receivables Inc. unit which will then transfer them to a master trust


( S ( NP-SBJ ( DT The ) ( NN trust ) ) ( VP ( MD will ) ( VP ( VB issue ) ( NP ( DT the ) ( NNS certificates ) ) ) ) )

The trust will issue the certificates


( S ( NP-SBJ-259 ( NN Credit ) ( NN support ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN provided ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NN credit ) ( NN facility ) ) ) ( PP ( IN from ) ( NP ( NNP Credit ) ( NNP Suisse ) ) ) ( PP ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN trustee ) ) ( NP ( NNP Fuji ) ( NNP Bank ) ( CC & ) ( NNP Trust ) ( NNP Co. ) ) ) ) ) ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN benefit ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN certificate ) ( NNS holders ) ) ) ) ) ) ) ) )

Credit support will be provided by a letter of credit facility from Credit Suisse in favor of the trustee Fuji Bank & Trust Co. for the benefit of the certificate holders


( S ( NP-SBJ-1 ( NNP J.C. ) ( NNP Penney ) ) ( VP ( MD will ) ( VP ( VB continue ) ( S ( VP ( TO to ) ( VP ( VB service ) ( NP ( DT the ) ( NN receivables ) ) ) ) ) ) ) )

J.C. Penney will continue to service the receivables


( S ( NP-SBJ-29 ( NP ( NNP John ) ( NN A. ) ( NNP Conlon ) ( NNP Jr. ) ) ( NP ( CD 45 ) ) ) ( VP ( VBD was ) ( VP ( VBN named ) ( S ( NP-PRD ( DT a ) ( VBG managing ) ( NN director ) ) ) ( PP-LOC ( IN at ) ( NP ( DT this ) ( JJ investment-banking ) ( NN company ) ) ) ) ) )

John A. Conlon Jr. 45 was named a managing director at this investment-banking company


( S ( NP-SBJ ( PRP He ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-PRD ( IN in ) ( NP ( NP ( NN charge ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NN research ) ) ( NP ( NN equity ) ( NNS sales ) ) ( CC and ) ( NP ( NN trading ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN syndicate ) ( NN operation ) ) ( PP ( IN of ) ( NP ( NNP Rothschild ) ) ) ) ) ) ) ) ) ) )

He will be in charge of research equity sales and trading and the syndicate operation of Rothschild


( S ( NP-SBJ ( NNP Mr. ) ( NNP Conlon ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( NN executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( NN director ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN equity ) ( NN division ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ international ) ( NN division ) ) ( PP ( IN of ) ( NP ( NNP Nikko ) ( NNPS Securities ) ( NNP Co ) ) ) ) ) ) ) ) ) )

Mr. Conlon was executive vice president and director of the equity division of the international division of Nikko Securities Co


( S ( NP-SBJ-34 ( NNP Columbia ) ( NNPS Pictures ) ( NNP Entertainment ) ( NNP Inc. ) ) ( VP ( VBD was ) ( VP ( VBN dropped ) ( ADJP-ADV ( JJ effective ) ( NP-TMP ( NN today ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( DT the ) ( JJ recreational ) ( NNS products ) ( CC and ) ( NNS services ) ( NN industry ) ( NN group ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Equity ) ( NNP Market ) ( NNP Index ) ) ) ) ) ) ) )

Columbia Pictures Entertainment Inc. was dropped effective today from the recreational products and services industry group of the Dow Jones Equity Market Index


( S ( NP-SBJ-35 ( NNP Columbia ) ( NNPS Pictures ) ) ( VP ( VBZ is ) ( VP ( VBG being ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Sony ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) ) ) ) ) ) )

Columbia Pictures is being acquired by Sony Corp. which is based in Japan


( S ( NP-SBJ ( NP ( NNS Researchers ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Plant ) ( NNP Genetic ) ( NNP Systems ) ( NNP N.V. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Belgium ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN developed ) ( NP ( NP ( DT a ) ( JJ genetic ) ( NN engineering ) ( NN technique ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG creating ) ( NP ( NP ( JJ hybrid ) ( NNS plants ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ key ) ( NNS crops ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Researchers at Plant Genetic Systems N.V. in Belgium said they have developed a genetic engineering technique for creating hybrid plants for a number of key crops


( S ( NP-SBJ ( DT The ) ( NNS researchers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN isolated ) ( NP ( NP ( DT a ) ( NN plant ) ( NN gene ) ) ( SBAR ( WHNP-35 ( WDT that ) ) ( S ( VP ( VBZ prevents ) ( NP ( NP ( DT the ) ( NN production ) ) ( PP ( IN of ) ( NP ( NN pollen ) ) ) ) ) ) ) ) ) ) ) ) ) )

The researchers said they have isolated a plant gene that prevents the production of pollen


( S ( NP-SBJ ( DT The ) ( NN gene ) ) ( ADVP ( RB thus ) ) ( VP ( MD can ) ( VP ( VB prevent ) ( NP-1 ( DT a ) ( NN plant ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG fertilizing ) ( NP ( PRP itself ) ) ) ) ) ) ) )

The gene thus can prevent a plant from fertilizing itself


( S ( NP-SBJ-14 ( JJ Such ) ( JJ so-called ) ( JJ male-sterile ) ( NNS plants ) ) ( VP ( MD can ) ( ADVP-TMP ( RB then ) ) ( VP ( VB be ) ( VP ( VBN fertilized ) ( PP ( IN by ) ( NP-LGS ( NP ( NN pollen ) ) ( PP ( IN from ) ( NP ( NP ( DT another ) ( NN strain ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN plant ) ) ) ) ) ) ) ( S-ADV ( ADVP ( RB thereby ) ) ( VP ( VBG producing ) ( NP ( JJ hybrid ) ( NN seed ) ) ) ) ) ) ) )

Such so-called male-sterile plants can then be fertilized by pollen from another strain of the plant thereby producing hybrid seed


( S ( NP-SBJ ( NP ( DT The ) ( JJ new ) ( NN generation ) ) ( PP ( IN of ) ( NP ( NNS plants ) ) ) ) ( VP ( MD will ) ( VP ( VB possess ) ( NP ( NP ( DT the ) ( JJ flourishing ) ( JJ high-production ) ( NN trait ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( JJ hybrid ) ( NN vigor ) ) ) ) ( ADJP ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( DT that ) ) ( VP ( ADVP-TMP ( RB now ) ) ( VBN seen ) ( PP-LOC-CLR ( IN in ) ( NP ( JJ hybrid ) ( NN corn ) ) ) ) ) ) ) ) ) ) )

The new generation of plants will possess the flourishing high-production trait known as hybrid vigor similar to that now seen in hybrid corn


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN development ) ) ( VP ( MD could ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ dramatic ) ( NN effect ) ) ( PP ( IN on ) ( NP ( NP ( NN farm ) ( NN production ) ) ( NP ( RB especially ) ( NN cotton ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Murray ) ( NNP Robinson ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Delta ) ( CC & ) ( NNP Pine ) ( NNP Land ) ( NNP Co. ) ) ( NP ( NP ( DT a ) ( NNP Southwide ) ( NNP Inc. ) ( NN subsidiary ) ) ( SBAR ( WHNP-36 ( WDT that ) ) ( S ( VP ( VBZ is ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN cotton ) ( NN seed ) ( NNS producers ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The development could have a dramatic effect on farm production especially cotton said Murray Robinson president of Delta & Pine Land Co. a Southwide Inc. subsidiary that is one of the largest cotton seed producers in the U.S.


( S ( PP ( IN On ) ( NP ( DT a ) ( JJ commercial ) ( NN scale ) ) ) ( NP-SBJ-15 ( NP ( DT the ) ( NN sterilization ) ) ( PP ( IN of ) ( NP ( DT the ) ( VBG pollen-producing ) ( JJ male ) ( NN part ) ) ) ) ( VP ( VBZ has ) ( ADVP ( RB only ) ) ( VP ( VBN been ) ( VP ( VBN achieved ) ( PP-LOC ( IN in ) ( NP ( NN corn ) ( CC and ) ( NN sorghum ) ( NN feed ) ( NNS grains ) ) ) ) ) ) )

On a commercial scale the sterilization of the pollen-producing male part has only been achieved in corn and sorghum feed grains


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( SBAR-PRP-PRD ( IN because ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN male ) ( NN part ) ) ( NP ( DT the ) ( NN tassel ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN female ) ) ( NP ( DT the ) ( NN ear ) ) ) ) ( VP ( VBP are ) ( ADVP-LOC-PRD ( NP ( DT some ) ( NN distance ) ) ( RB apart ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN corn ) ( NN plant ) ) ) ) ) ) ) )

That 's because the male part the tassel and the female the ear are some distance apart on the corn plant


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ labor-intensive ) ( NN process ) ) ) ( NP-SBJ-1 ( DT the ) ( NN seed ) ( NNS companies ) ) ( VP ( VBD cut ) ( PRT ( RP off ) ) ( NP ( NP ( DT the ) ( NNS tassels ) ) ( PP ( IN of ) ( NP ( DT each ) ( NN plant ) ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( PRP it ) ) ( ADJP-PRD ( JJ male ) ( JJ sterile ) ) ) ) ) ) )

In a labor-intensive process the seed companies cut off the tassels of each plant making it male sterile


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP sow ) ( NP ( NP ( NP ( DT a ) ( NN row ) ) ( PP ( IN of ) ( NP ( JJ male-fertile ) ( NNS plants ) ) ) ) ) ( ADVP-LOC ( RB nearby ) ) ( SBAR-1 ( WHNP-2 ( WDT which ) ) ( S ( ADVP-TMP ( RB then ) ) ( VP ( VBP pollinate ) ( NP ( DT the ) ( JJ male-sterile ) ( NNS plants ) ) ) ) ) ) )

They sow a row of male-fertile plants nearby which then pollinate the male-sterile plants


( S ( S ( NP-SBJ-16 ( NP ( DT The ) ( JJ first ) ( JJ hybrid ) ( NN corn ) ( NNS seeds ) ) ( VP ( VBN produced ) ( S-ADV ( VP ( VBG using ) ( NP ( DT this ) ( JJ mechanical ) ( NN approach ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN introduced ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS 1930s ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD yielded ) ( NP ( NP ( ADJP ( NP ( QP ( RB as ) ( JJ much ) ( IN as ) ( CD 20 ) ) ( NN % ) ) ( JJR more ) ) ( NN corn ) ) ( PP ( IN than ) ( NP ( ADJP ( RB naturally ) ( VBN pollinated ) ) ( NNS plants ) ) ) ) ) ) )

The first hybrid corn seeds produced using this mechanical approach were introduced in the 1930s and they yielded as much as 20 % more corn than naturally pollinated plants


( S ( NP-SBJ-17 ( NP ( DT The ) ( JJ vast ) ( NN majority ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP U.S. ) ( NN corn ) ( NN crop ) ) ) ) ( ADVP-TMP ( RB now ) ) ( VP ( VBZ is ) ( VP ( VBN grown ) ( PP-CLR ( IN from ) ( NP ( NP ( JJ hybrid ) ( NNS seeds ) ) ( VP ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NN seed ) ( NNS companies ) ) ) ) ) ) ) ) )

The vast majority of the U.S. corn crop now is grown from hybrid seeds produced by seed companies


( S ( NP-SBJ ( DT A ) ( JJ similar ) ( NN technique ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB almost ) ( JJ impossible ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB apply ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ other ) ( NNS crops ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NN cotton ) ( NNS soybeans ) ( CC and ) ( NN rice ) ) ) ) ) ) ) ) ) ) ) )

A similar technique is almost impossible to apply to other crops such as cotton soybeans and rice


( S ( NP-SBJ-1 ( NP ( NP ( NP ( DT The ) ( JJ male ) ( NN part ) ) ) ( NP ( NP ( DT the ) ( NNS anthers ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN plant ) ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT the ) ( NN female ) ) ) ( NP ( DT the ) ( NNS pistils ) ) ) ( PP-2 ( IN of ) ( NP ( DT the ) ( JJ same ) ( NN plant ) ) ) ) ( VP ( VBP are ) ( UCP-PRD ( PP-LOC-PRD ( IN within ) ( NP ( NP ( DT a ) ( NN fraction ) ) ( PP ( IN of ) ( NP ( DT an ) ( NN inch ) ) ) ) ) ( CC or ) ( ADVP ( RB even ) ) ( VP ( VBN attached ) ( PP-CLR ( TO to ) ( NP ( DT each ) ( JJ other ) ) ) ) ) ) )

The male part the anthers of the plant and the female the pistils of the same plant are within a fraction of an inch or even attached to each other


( S ( NP-SBJ ( NP ( DT The ) ( NNS anthers ) ) ( PP-LOC ( IN in ) ( NP ( DT these ) ( NNS plants ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ difficult ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB clip ) ( PRT ( RP off ) ) ) ) ) ) ) ) )

The anthers in these plants are difficult to clip off


( S ( S ( PP-LOC ( IN In ) ( NP ( NNP China ) ) ) ( NP-SBJ-18 ( NP ( DT a ) ( JJ great ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS workers ) ) ) ) ( VP ( VBP are ) ( VP ( VBN engaged ) ( PP-CLR ( IN in ) ( S-NOM ( VP ( VBG pulling ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( JJ male ) ( NNS organs ) ) ( PP ( IN of ) ( NP ( NN rice ) ( NNS plants ) ) ) ) ( S-ADV ( VP ( VBG using ) ( NP ( NNS tweezers ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-19 ( NP ( NN one-third ) ) ( PP ( IN of ) ( NP ( NP ( NN rice ) ) ( VP ( VBN produced ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN country ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN grown ) ( PP-CLR ( IN from ) ( NP ( JJ hybrid ) ( NNS seeds ) ) ) ) ) ) )

In China a great number of workers are engaged in pulling out the male organs of rice plants using tweezers and one-third of rice produced in that country is grown from hybrid seeds


( S ( PP-LOC ( IN At ) ( NP ( NNP Plant ) ( NNP Genetic ) ( NNPS Systems ) ) ) ( NP-SBJ ( NNS researchers ) ) ( VP ( VBP have ) ( VP ( VBN isolated ) ( NP ( NP ( DT a ) ( JJ pollen-inhibiting ) ( NN gene ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN inserted ) ( PP-DIR ( IN in ) ( NP ( DT a ) ( NN plant ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB confer ) ( NP ( JJ male ) ( NN sterility ) ) ) ) ) ) ) ) ) ) ) ) ) )

At Plant Genetic Systems researchers have isolated a pollen-inhibiting gene that can be inserted in a plant to confer male sterility


( S ( NP-SBJ ( NP ( NNP Jan ) ( NNP Leemans ) ) ( NP ( NN research ) ( NN director ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT this ) ( NN gene ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB successfully ) ) ( VBN introduced ) ( PP-DIR ( IN in ) ( NP ( NP ( JJ oil-producing ) ( NN rapeseed ) ( NNS plants ) ) ( NP ( NP ( DT a ) ( JJ major ) ( NN crop ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ( CC and ) ( NNP Canada ) ) ) ) ) ) ( S-ADV ( VP ( VBG using ) ( PP ( IN as ) ( NP ( DT a ) ( NN carrier ) ) ) ( NP ( NP ( DT a ) ( NN promoter ) ( NN gene ) ) ( VP ( VBN developed ) ( PP ( IN by ) ( NP-LGS ( NNP Robert ) ( NNP Goldberg ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT the ) ( NNP University ) ) ( PP ( IN of ) ( NP ( NNP California ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Los ) ( NNP Angeles ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Jan Leemans research director said this gene was successfully introduced in oil-producing rapeseed plants a major crop in Europe and Canada using as a carrier a promoter gene developed by Robert Goldberg at the University of California in Los Angeles


( S ( S ( NP-SBJ-21 ( DT The ) ( VBG sterilizing ) ( NN gene ) ) ( VP ( VBZ is ) ( VP ( VBN expressed ) ( SBAR-TMP ( ADVP ( RB just ) ) ( IN before ) ( S ( NP-SBJ-1 ( DT the ) ( NN pollen ) ) ( VP ( VBZ is ) ( ADJP-PRD ( IN about ) ( S ( VP ( TO to ) ( VP ( VB develop ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ deactivates ) ( NP ( NP ( DT the ) ( NNS anthers ) ) ( PP ( IN of ) ( NP ( NP ( DT every ) ( NN flower ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN plant ) ) ) ) ) ) ) ) )

The sterilizing gene is expressed just before the pollen is about to develop and it deactivates the anthers of every flower in the plant


( S ( NP-SBJ ( NNP Mr. ) ( NNP Leemans ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT this ) ( JJ genetic ) ( NN manipulation ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB hurt ) ( NP ( NP ( DT the ) ( NN growth ) ) ( PP ( IN of ) ( NP ( DT that ) ( NN plant ) ) ) ) ) ) ) ) ) )

Mr. Leemans said this genetic manipulation does n't hurt the growth of that plant


( S ( NP-SBJ-1 ( DT The ) ( NNS researchers ) ) ( ADVP ( RB also ) ) ( VP ( VBD pulled ) ( PRT ( RP off ) ) ( NP ( DT a ) ( JJ second ) ( JJ genetic ) ( NN engineering ) ( NN trick ) ) ( SBAR-PRP ( IN in ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( JJ male-sterile ) ( NNS plants ) ) ( PP ( IN in ) ( NP ( ADJP ( JJ large ) ( JJ enough ) ) ( NNS numbers ) ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( DT a ) ( JJ commercial ) ( JJ hybrid ) ( NN seed ) ( NN crop ) ) ) ) ) ) ) ) ) ) ) ) )

The researchers also pulled off a second genetic engineering trick in order to get male-sterile plants in large enough numbers to produce a commercial hybrid seed crop


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD attached ) ( NP ( NP ( DT a ) ( JJ second ) ( NN gene ) ) ( PP-PRP ( IN for ) ( NP ( NN herbicide ) ( NN resistance ) ) ) ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ pollen-inhibiting ) ( NN gene ) ) ) ) )

They attached a second gene for herbicide resistance to the pollen-inhibiting gene


( S ( NP-SBJ-2 ( DT Both ) ( NNS genes ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB then ) ) ( VP ( VBN inserted ) ( PP-DIR ( IN into ) ( NP ( NP ( DT a ) ( JJ few ) ( NN greenhouse ) ( NNS plants ) ) ( SBAR ( WHNP-37 ( WDT which ) ) ( S ( VP ( VBP are ) ( ADVP-TMP ( RB then ) ) ( VP ( VP ( VBN pollinated ) ) ( CC and ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VP ( VB mature ) ) ( CC and ) ( VP ( VB produce ) ( NP ( NN seed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Both genes are then inserted into a few greenhouse plants which are then pollinated and allowed to mature and produce seed


( S ( NP-SBJ ( NP ( DT The ) ( NNS laws ) ) ( PP ( IN of ) ( NP ( NN heredity ) ) ) ) ( VP ( VBP dictate ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( NP ( NN half ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS plants ) ) ( VP ( VBG springing ) ( PP-DIR ( IN from ) ( NP ( DT these ) ( JJ greenhouse-produced ) ( NNS seeds ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( NN male ) ( JJ sterile ) ) ( CC and ) ( ADJP ( NN herbicide ) ( JJ resistant ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN half ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( ADJP ( NN male ) ( JJ fertile ) ) ( CC and ) ( ADJP ( NN herbicide ) ( JJ susceptible ) ) ) ) ) ) ) ) ) )

The laws of heredity dictate that half of the plants springing from these greenhouse-produced seeds will be male sterile and herbicide resistant and half will be male fertile and herbicide susceptible


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN application ) ) ( PP ( IN of ) ( NP ( NN herbicide ) ) ) ) ( VP ( MD would ) ( VP ( VB kill ) ( PRT ( RP off ) ) ( NP ( DT the ) ( JJ male-fertile ) ( NNS plants ) ) ( S-ADV ( VP ( VBG leaving ) ( NP ( NP ( DT a ) ( JJ large ) ( NN field ) ) ( PP ( IN of ) ( NP ( NP ( JJ male-sterile ) ( NNS plants ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD can ) ( VP ( VB be ) ( VP ( VBN cross-pollinated ) ( S-PRP ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NN hybrid ) ( NN seed ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The application of herbicide would kill off the male-fertile plants leaving a large field of male-sterile plants that can be cross-pollinated to produce hybrid seed


( S ( NP-SBJ ( NNP Mr. ) ( NNP Leemans ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN hybrid ) ( NNS rapeseeds ) ) ( VP ( VBN created ) ( PP-MNR ( IN with ) ( NP ( DT this ) ( JJ genetic ) ( NN engineering ) ) ) ) ) ( VP ( NN yield ) ( NP ( NP ( ADJP ( NP ( QP ( CD 15 ) ( NN % ) ( TO to ) ( CD 30 ) ( NN % ) ) ) ( JJR more ) ) ( NN output ) ) ( PP ( IN than ) ( NP ( NP ( DT the ) ( JJ commercial ) ( NNS strains ) ) ( VP ( VBN used ) ( ADVP-TMP ( RB currently ) ) ) ) ) ) ) ) ) ) )

Mr. Leemans said the hybrid rapeseeds created with this genetic engineering yield 15 % to 30 % more output than the commercial strains used currently


( S ( S-TPC-1 ( NP-SBJ ( DT This ) ( NN technique ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ applicable ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( JJ wide ) ( NN variety ) ) ( PP ( IN of ) ( NP ( NNS crops ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBD said ) ) ( CC and ) ( VP ( VBD added ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT some ) ( NNS modifications ) ) ( VP ( MD may ) ( VP ( VB be ) ( ADJP-PRD ( JJ necessary ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB accommodate ) ( NP ( NP ( DT the ) ( NNS peculiarities ) ) ( PP ( IN of ) ( NP ( NP ( DT each ) ( NN type ) ) ( PP ( IN of ) ( NP ( NN crop ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This technique is applicable to a wide variety of crops he said and added that some modifications may be necessary to accommodate the peculiarities of each type of crop


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( VP ( VBZ is ) ( VP ( VBG experimenting ) ( PP ( IN with ) ( NP ( DT the ) ( NN technique ) ) ) ( PP ( IN on ) ( NP ( NN alfalfa ) ) ) ) ) ( CC and ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB include ) ( NP ( NP ( NN cotton ) ( CC and ) ( NN corn ) ) ( PP-LOC ( IN among ) ( NP ( JJ other ) ( NNS crops ) ) ) ) ) ) ) ) ) ) ) ) )

He said the company is experimenting with the technique on alfalfa and plans to include cotton and corn among other crops