( S ( NP-SBJ ( DT The ) ( NN agreement ) ) ( VP ( VBZ provides ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Ikegai ) ( NNP Corp. ) ) ( VP ( MD will ) ( VP ( VB remain ) ( NP-PRD ( NP ( DT a ) ( NN supplier ) ) ( PP ( TO to ) ( NP ( NP ( NNP Ikegai-Goss ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ makes ) ( NP ( NN printing ) ( NNS presses ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN newspaper ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The agreement provides that Ikegai Corp. will remain a supplier to Ikegai-Goss which makes printing presses for the newspaper industry


( S ( NP-SBJ-1 ( DT The ) ( NN purchase ) ) ( VP ( VBD was ) ( VP ( VBN made ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Rockwell ) ( NNP Graphic ) ( NNP Systems ) ) ( NP ( NP ( DT a ) ( NNP Chicago ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( DT the ) ( NAC-LOC ( NNP El ) ( NNP Segundo ) ( NNP Calif. ) ) ( NN concern ) ) ) ) ) ) ) ) )

The purchase was made by Rockwell Graphic Systems a Chicago subsidiary of the El Segundo Calif. concern


( S ( NP-SBJ ( NP ( NNP Ikegai-Goss ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( QP ( RB about ) ( CD 200 ) ) ( NNS employees ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN among ) ( NP ( NP ( DT the ) ( NN industry ) ( NNS leaders ) ) ( PP ( IN in ) ( NP ( NP ( JJ keyless ) ( NN inking ) ( NN technology ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ reduces ) ( NP ( NP ( NN time ) ( CC and ) ( NNS materials ) ( NN waste ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( VP ( VBG preparing ) ( NP ( DT a ) ( NN press ) ) ( PP-CLR ( IN for ) ( NP ( VBG printing ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ikegai-Goss which has about 200 employees is among the industry leaders in keyless inking technology which reduces time and materials waste when preparing a press for printing


( S ( NP-SBJ ( NNP Exxon ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 9 ) ( NN % ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NP ( NNS profits ) ) ( PP ( IN from ) ( NP ( NP ( CD two ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( CD three ) ( JJ major ) ( NNS businesses ) ) ) ) ) ) ( VP ( VBD sagged ) ) ) ) ) ) ) ) )

Exxon Corp. said its third-quarter earnings slipped 9 % as profits from two of its three major businesses sagged


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( DT All ) ( NN cleanup ) ( NNS costs ) ) ( PP ( IN from ) ( NP ( NP ( JJ last ) ( NN spring ) ( POS 's ) ) ( JJ Alaskan ) ( NN oil ) ( NN spill ) ) ) ) ( VP ( VBD were ) ( VP ( VBN reflected ) ( PP-LOC-CLR ( IN in ) ( NP ( JJR earlier ) ( NNS results ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD said ) ) )

All cleanup costs from last spring 's Alaskan oil spill were reflected in earlier results it said


( S ( NP-SBJ ( NP ( NNP Phillips ) ( NNP Petroleum ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Atlantic ) ( NNP Richfield ) ( NNP Co. ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD reported ) ( NP ( NP ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( JJ quarterly ) ( NN profit ) ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Ashland ) ( NNP Oil ) ( NNP Inc. ) ) ( VP ( VBD posted ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN for ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ) ) ) ) ) )

Phillips Petroleum Co. and Atlantic Richfield Co. also reported declines in quarterly profit while Ashland Oil Inc. posted a loss for the latest quarter


( S ( NP-SBJ ( NP ( NNP Amerada ) ( NNP Hess ) ( NNP Corp. ) ) ( CC and ) ( NP ( NNP Occidental ) ( NNP Petroleum ) ( NNP Corp. ) ) ) ( VP ( VBD reported ) ( NP ( JJR higher ) ( NNS earnings ) ) ) )

Amerada Hess Corp. and Occidental Petroleum Corp. reported higher earnings


Exxon


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ-2 ( NNP Exxon ) ) ( VP ( VBD spent ) ( ADVP-MNR ( RB heavily ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJS latest ) ( NN quarter ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB clean ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( JJ Alaskan ) ( NN shoreline ) ) ( VP ( VBN blackened ) ( PP ( IN by ) ( NP-LGS ( PRP$ its ) ( JJ huge ) ( NN oil ) ( NN spill ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( DT those ) ( NNS expenses ) ) ( CONJP ( RB as ) ( RB well ) ( IN as ) ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ continuing ) ( JJ spill-related ) ( NN program ) ) ) ) ) ( VP ( VBP are ) ( VP ( VBN covered ) ( PP ( IN by ) ( NP-LGS ( NP ( QP ( CD 880 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS charges ) ) ( VP ( VBN taken ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ first ) ( NN half ) ) ) ) ) ) ) ) ) ) )

Although Exxon spent heavily during the latest quarter to clean up the Alaskan shoreline blackened by its huge oil spill those expenses as well as the cost of a continuing spill-related program are covered by 880 million in charges taken during the first half


( S ( NP-SBJ ( DT An ) ( NNP Exxon ) ( NN official ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN at ) ( NP ( DT this ) ( NN time ) ) ) ( NP-SBJ ( DT the ) ( NN oil ) ( NN company ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB anticipate ) ( NP ( NP ( DT any ) ( JJ additional ) ( NNS charges ) ) ( PP ( TO to ) ( NP ( NP ( JJ future ) ( NNS earnings ) ) ( VP ( VBG relating ) ( PP-CLR ( TO to ) ( NP ( NP ( DT the ) ( NN cleanup ) ) ( PP ( IN of ) ( NP ( NP ( NN oil ) ) ( VP ( VBN spilled ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS tankers ) ) ) ) ( VP ( VBD rammed ) ( PP-DIR ( IN into ) ( NP ( DT an ) ( JJ underwater ) ( NN reef ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

An Exxon official said that at this time the oil company does n't anticipate any additional charges to future earnings relating to the cleanup of oil spilled when one of its tankers rammed into an underwater reef


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD added ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS charges ) ) ( VP ( ADVP ( RB already ) ) ( VBN taken ) ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB take ) ( PP-CLR ( IN into ) ( NP ( NN account ) ) ) ( NP ( NP ( DT the ) ( JJ potential ) ( NN effect ) ) ( PP ( IN of ) ( NP ( NP ( NN litigation ) ) ( VP ( VBG involving ) ( NP ( DT the ) ( NN oil ) ( NN spill ) ) ) ) ) ) ) ) ) ) ) )

She added however that charges already taken do n't take into account the potential effect of litigation involving the oil spill


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT that ) ( NN impact ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB be ) ( ADVP-MNR ( RB reasonably ) ) ( VP ( VBN assessed ) ( ADVP ( RB yet ) ) ) ) ) ) ) ) )

She said that impact ca n't be reasonably assessed yet


( S ( NP-SBJ ( NP ( NNP Exxon ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( VP ( VBD dropped ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 1.11 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 87 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 1.22 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 93 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Exxon 's net income during the third quarter dropped to 1.11 billion or 87 cents a share from 1.22 billion or 93 cents a share a year earlier


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 8.1 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 23.65 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 21.88 ) ( CD billion ) ) ) ) ) )

Revenue rose 8.1 % to 23.65 billion from 21.88 billion


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Exxon ) ) ( VP ( VBD purchased ) ( NP ( NP ( QP ( CD 8.34 ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN stock ) ) ) ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN cost ) ) ( PP ( IN of ) ( NP ( QP ( CD 373 ) ( CD million ) ) ) ) ) ) ) )

During the third quarter Exxon purchased 8.34 million shares of its stock at a cost of 373 million


( S ( NP-SBJ-1 ( NP ( NNP Exxon ) ( POS 's ) ) ( NN profitability ) ) ( PP ( IN like ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( JJ many ) ( JJ other ) ( NN oil ) ( NNS companies ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN hurt ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( VBG declining ) ( NNS returns ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNS chemicals ) ( CC and ) ( NN refining ) ( CC and ) ( NN marketing ) ( NNS businesses ) ) ) ) ) ) ) )

Exxon 's profitability like that of many other oil companies was hurt during the third quarter by declining returns from the chemicals and refining and marketing businesses


( S ( NP-SBJ ( NP ( NP ( NNP Exxon ) ( POS 's ) ) ( NNS earnings ) ) ( PP ( IN from ) ( NP ( NNS chemicals ) ( NNS operations ) ) ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 90 ) ( CD million ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 254 ) ( CD million ) ) ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NN refining ) ( CC and ) ( NN marketing ) ( NNS profits ) ) ( VP ( VBD declined ) ( NP-EXT ( QP ( CD 180 ) ( CD million ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 357 ) ( CD million ) ) ) ) ) ) ) ) )

Exxon 's earnings from chemicals operations fell 90 million to 254 million while refining and marketing profits declined 180 million to 357 million


( SINV ( S-TPC-1 ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( JJ crude ) ( NN oil ) ( NNS prices ) ) ( VP ( VBD were ) ( ADJP-PRD ( RB significantly ) ( JJR higher ) ) ( NP-TMP ( DT this ) ( NN year ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( RB n't ) ( ADJP-PRD ( JJ strong ) ( RB enough ) ( S ( VP ( TO to ) ( VP ( VB offset ) ( NP ( NP ( DT the ) ( VBG declining ) ( NNS profits ) ) ( PP-LOC ( IN in ) ( NP ( DT those ) ( NN business ) ( NNS sectors ) ) ) ( PP-LOC ( IN at ) ( NP ( JJS most ) ( NN oil ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP Randol ) ) ( NP ( NP ( NN oil ) ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp ) ) ) ) ) )

Although crude oil prices were significantly higher this year they were n't strong enough to offset the declining profits in those business sectors at most oil companies said William Randol oil analyst for First Boston Corp


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ estimates ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NP ( NNP West ) ( NNP Texas ) ( NNP Intermediate ) ) ( NP ( DT the ) ( NNP U.S. ) ( JJ benchmark ) ( NN crude ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( NP-EXT ( NP ( CD 4.04 ) ) ( NP-ADV ( DT a ) ( NN barrel ) ) ) ( JJR higher ) ) ( PP-TMP ( IN during ) ( NP ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN year ) ) ) ) ) ( PP-1 ( IN than ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ same ) ( NN period ) ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) )

He estimates that the price of West Texas Intermediate the U.S. benchmark crude was 4.04 a barrel higher during the third quarter of this year than in the same period last year


Ashland Oil


( S ( NP-SBJ ( NP ( DT A ) ( NN rash ) ) ( PP ( IN of ) ( NP ( JJ one-time ) ( NNS charges ) ) ) ) ( VP ( VBD left ) ( NP ( NNP Ashland ) ( NNP Oil ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 39 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ fiscal ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) )

A rash of one-time charges left Ashland Oil with a loss of 39 million for its fiscal fourth quarter


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RBR earlier ) ) ( NP-SBJ ( DT the ) ( NN refiner ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 66 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.19 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) )

A year earlier the refiner earned 66 million or 1.19 a share


( S ( NP-SBJ ( JJ Quarterly ) ( NN revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 4.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.3 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.2 ) ( CD billion ) ) ) ) ) )

Quarterly revenue rose 4.5 % to 2.3 billion from 2.2 billion


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( NN year ) ) ) ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD tumbled ) ( NP-EXT ( CD 61 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 86 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.55 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

For the year net income tumbled 61 % to 86 million or 1.55 a share


( S ( NP-SBJ ( DT The ) ( NAC-LOC ( NNP Ashland ) ( NNP Ky. ) ) ( NN oil ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 38 ) ( CD million ) ) ) ( NN charge ) ) ( VP ( VBG resulting ) ( PP-CLR ( IN from ) ( NP ( NP ( NN settlement ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ 10-year ) ( NN dispute ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP National ) ( NNP Iranian ) ( NNP Oil ) ( NNP Co. ) ) ) ( PP ( IN over ) ( NP ( NNS claims ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Ashland ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( NN pay ) ( PP-CLR ( IN for ) ( NP ( NP ( JJ Iranian ) ( NN crude ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD had ) ( VP ( VBN received ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Ashland Ky. oil company reported a 38 million charge resulting from settlement of a 10-year dispute with the National Iranian Oil Co. over claims that Ashland did n't pay for Iranian crude it had received


( S ( PP-TMP ( IN In ) ( NP ( NNP September ) ) ) ( NP-SBJ-1 ( NNP Ashland ) ) ( VP ( VBD settled ) ( NP ( DT the ) ( JJ long-simmering ) ( NN dispute ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG agreeing ) ( S ( VP ( TO to ) ( VP ( VB pay ) ( NP ( NNP Iran ) ) ( NP ( QP ( CD 325 ) ( CD million ) ) ) ) ) ) ) ) ) ) )

In September Ashland settled the long-simmering dispute by agreeing to pay Iran 325 million


( S ( NP-SBJ-2 ( NNP Ashland ) ) ( ADVP ( RB also ) ) ( VP ( VBD took ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 25 ) ( CD million ) ) ) ( JJ after-tax ) ( NN charge ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( JJ anticipated ) ( NNS costs ) ) ) ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB correct ) ( NP ( NP ( NNS problems ) ) ( PP ( IN with ) ( NP ( NP ( NNS boilers ) ) ( VP ( VBN built ) ( PP ( IN by ) ( NP-LGS ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS subsidiaries ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ashland also took a 25 million after-tax charge to cover anticipated costs to correct problems with boilers built by one of its subsidiaries


( S ( NP-SBJ-1 ( DT The ) ( NN oil ) ( NN refiner ) ) ( ADVP ( RB also ) ) ( VP ( VBD booked ) ( NP ( DT a ) ( ADJP ( QP ( CD 15 ) ( CD million ) ) ) ( NN charge ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG selling ) ( NP ( NP ( NNP Ashland ) ( NNP Technology ) ( NNP Corp. ) ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNS subsidiaries ) ) ) ) ) ( PP-CLR ( IN at ) ( NP ( DT a ) ( NN loss ) ) ) ) ) ) ) )

The oil refiner also booked a 15 million charge for selling Ashland Technology Corp. one of its subsidiaries at a loss


Amerada Hess


( S ( NP-SBJ ( NP ( JJ Third-quarter ) ( NNS earnings ) ) ( PP-LOC ( IN at ) ( NP ( NNP Amerada ) ( NNP Hess ) ) ) ) ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBD tripled ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 51.81 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 64 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 15.7 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 20 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) )

Third-quarter earnings at Amerada Hess more than tripled to 51.81 million or 64 cents a share from 15.7 million or 20 cents a share a year earlier


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 28 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.18 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 925 ) ( CD million ) ) ) ) ) )

Revenue climbed 28 % to 1.18 billion from 925 million


( S ( NP-SBJ ( NNS Profits ) ) ( VP ( VBD improved ) ( PP-LOC ( IN across ) ( NP ( NP ( NNP Hess ) ( POS 's ) ) ( NNS businesses ) ) ) ) )

Profits improved across Hess 's businesses


( S ( S ( NP-SBJ ( NN Refining ) ( CC and ) ( NN marketing ) ( NNS earnings ) ) ( VP ( VBD climbed ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 33.3 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 12.9 ) ( CD million ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN exploration ) ( CC and ) ( NN production ) ( NNS earnings ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 37.1 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 17.9 ) ( CD million ) ) ) ) ) ) )

Refining and marketing earnings climbed to 33.3 million from 12.9 million and exploration and production earnings rose to 37.1 million from 17.9 million


( S ( NP-SBJ ( NP ( NNP Hess ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB up ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 30 ) ( CD million ) ) ) ( NN charge ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB cover ) ( NP ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG maintaining ) ( NP ( NNS operations ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( NNP Hurricane ) ( NNP Hugo ) ) ( ADVP-MNR ( RB heavily ) ) ( VP ( VBD damaged ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN refinery ) ) ( PP-LOC ( IN at ) ( NP ( NNP St. ) ( NNP Croix ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Hess 's earnings were up despite a 30 million charge to cover the cost of maintaining operations after Hurricane Hugo heavily damaged the company 's refinery at St. Croix


( S ( NP-SBJ-1 ( PRP It ) ) ( VP ( VBZ is ) ( ADVP-MNR ( RB widely ) ) ( VP ( VBN known ) ( PP-LOC ( IN within ) ( NP ( NN industry ) ( NNS circles ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NNP Hess ) ) ( VP ( VBD had ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NN oil ) ( NNS products ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ high-priced ) ( NN spot ) ( NNS markets ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG supplying ) ( NP ( PRP$ its ) ( NNS customers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It is widely known within industry circles that Hess had to buy oil products in the high-priced spot markets to continue supplying its customers


( S ( NP-SBJ-1 ( NNP Hess ) ) ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) )

Hess declined to comment


( NP-HLN ( NNP Phillips ) ( NNP Petroleum ) )

Phillips Petroleum


( S ( NP-SBJ ( NP ( NNP Phillips ) ( NNP Petroleum ) ( POS 's ) ) ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 60 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 87 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 36 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 215 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 89 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Phillips Petroleum 's third-quarter earnings slid 60 % to 87 million or 36 cents a share from 215 million or 89 cents a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 6.9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.1 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.9 ) ( CD billion ) ) ) ) ) )

Revenue rose 6.9 % to 3.1 billion from 2.9 billion


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( VBG Shrinking ) ( NN profit ) ( NNS margins ) ) ( PP-LOC ( IN in ) ( NP ( NN chemical ) ( CC and ) ( NN refining ) ( CC and ) ( NN marketing ) ( NNS sectors ) ) ) ) ( VP ( VBD accounted ) ( PP-CLR ( IN for ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decline ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NNP Chairman ) ( NNP C.J. ) ( NNP Silas ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN statement ) ) ) )

Shrinking profit margins in chemical and refining and marketing sectors accounted for most of the decline said Chairman C.J. Silas in a statement


( S ( PP ( IN Despite ) ( NP ( JJR higher ) ( NN oil ) ( NNS prices ) ) ) ( NP-SBJ ( NN exploration ) ( CC and ) ( NN production ) ( NNS profits ) ) ( VP ( VBD were ) ( ADVP-PRD ( RB off ) ) ( PP-PRP ( RB because ) ( IN of ) ( NP ( NP ( NN foreign-currency ) ( NNS losses ) ) ( CC and ) ( NP ( NP ( DT some ) ( NN construction ) ( NNS costs ) ) ( VP ( VBN incurred ) ( PP-LOC ( IN in ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( NNP Phillips ) ( POS ' ) ) ( NNP North ) ( NNP Sea ) ( NN oil ) ( NNS fields ) ) ) ) ) ) ) ) ) ) )

Despite higher oil prices exploration and production profits were off because of foreign-currency losses and some construction costs incurred in one of Phillips ' North Sea oil fields


( S ( ADVP-TMP ( NP ( DT A ) ( NN year ) ) ( RB ago ) ) ( NP-SBJ-1 ( NNS results ) ) ( VP ( VBD were ) ( VP ( VBN buoyed ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( QP ( CD 20 ) ( CD million ) ) ) ( JJ after-tax ) ( NN gain ) ) ( PP ( IN from ) ( NP ( DT an ) ( NN asset ) ( NN sale ) ) ) ) ) ) ) )

A year ago results were buoyed by a 20 million after-tax gain from an asset sale


( NP-HLN ( NNP Occidental ) ( NNP Petroleum ) )

Occidental Petroleum


( S ( NP-SBJ ( NP ( NNP Occidental ) ( NNP Petroleum ) ( POS 's ) ) ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 2.9 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 108 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 39 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 105 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 38 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB earlier ) ) ) ) )

Occidental Petroleum 's third-quarter net income rose 2.9 % to 108 million or 39 cents a share from 105 million or 38 cents a share a year earlier


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN quarter ) ) ( VP ( VBD included ) ( NP ( NP ( DT an ) ( JJ after-tax ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( CD 71 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( JJ non-recurring ) ( NNS items ) ) ) ) ) )

The latest quarter included an after-tax gain of 71 million from non-recurring items


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD dropped ) ( NP-ADV ( CD 2 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 4.8 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 4.9 ) ( CD billion ) ) ) ) ) )

Sales dropped 2 % to 4.8 billion from 4.9 billion


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN period ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 54 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( JJ various ) ( NN oil ) ( CC and ) ( NN gas ) ( NNS properties ) ) ) ) ) ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 22 ) ( CD million ) ) ) ( NN charge ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( NP ( NNP Occidental ) ( POS 's ) ) ( JJ domestic ) ( NN oil ) ( CC and ) ( NN gas ) ( NNS operations ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN tax ) ( NNS credits ) ) ( PP ( IN of ) ( NP ( QP ( CD 42 ) ( CD million ) ) ) ) ) ) ) )

The latest period included a 54 million gain from the sale of various oil and gas properties a 22 million charge from the restructuring of Occidental 's domestic oil and gas operations and tax credits of 42 million


( S ( NP-SBJ ( DT Both ) ( NNS periods ) ) ( VP ( VBD included ) ( NP ( NP ( JJ non-recurring ) ( NNS charges ) ) ( PP ( IN of ) ( NP ( QP ( CD 3 ) ( CD million ) ) ) ) ( PP ( IN for ) ( NP ( NP ( JJ early ) ( NN retirement ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) )

Both periods included non-recurring charges of 3 million for early retirement of debt


( S ( NP-SBJ ( NNP Occidental ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN oil ) ( CC and ) ( NN gas ) ( NNS earnings ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 17 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 20 ) ( CD million ) ) ) ) ) ) ) ) )

Occidental said oil and gas earnings fell to 17 million from 20 million


( S ( NP-SBJ ( DT The ) ( JJS latest ) ( NN period ) ) ( VP ( VBZ includes ) ( NP ( NP ( JJ net ) ( NNS gains ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 32 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ non-recurring ) ( NNS credits ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNS properties ) ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG indicating ) ( NP ( NP ( NN operating ) ( NNS losses ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN quarter ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN oil ) ( CC and ) ( NN gas ) ( NN division ) ) ) ) ) ) ) )

The latest period includes net gains of 32 million in non-recurring credits from the sale of properties indicating operating losses for the quarter in the oil and gas division


( S ( NP-SBJ ( NN Chemical ) ( NNS earnings ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 10 ) ( NN % ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( NN softening ) ) ( PP ( IN of ) ( NP ( NN demand ) ) ) ) ) ) ) )

Chemical earnings fell 10 % reflecting softening of demand


( NP-HLN ( NNP Atlantic ) ( NNP Richfield ) )

Atlantic Richfield


( S ( S-ADV ( VP ( VBG Citing ) ( NP ( NP ( PRP$ its ) ( JJ reduced ) ( NN ownership ) ) ( PP ( IN in ) ( NP ( DT the ) ( NNP Lyondell ) ( NNP Petrochemical ) ( NNP Co. ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Atlantic ) ( NNP Richfield ) ) ( VP ( VBD reported ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ net ) ( NN income ) ) ( VP ( VBD slid ) ( NP-EXT ( CD 3.1 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 379 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.19 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 391 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 2.17 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( JJ comparable ) ( NN period ) ( JJ last ) ( NN year ) ) ) ) ) ) ) ) )

Citing its reduced ownership in the Lyondell Petrochemical Co. Atlantic Richfield reported that net income slid 3.1 % in the third quarter to 379 million or 2.19 a share from 391 million or 2.17 a share for the comparable period last year


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 20 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 3.7 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 4.6 ) ( CD billion ) ) ) ) ) )

Sales fell 20 % to 3.7 billion from 4.6 billion


( S ( NP-SBJ ( NP ( NP ( NNP Arco ) ( POS 's ) ) ( NNS earnings ) ) ( PP ( IN from ) ( NP ( NP ( PRP$ its ) ( ADJP ( CD 49.9 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Lyondell ) ) ) ) ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 37 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 156 ) ( CD million ) ) ) ( PP-TMP ( IN for ) ( NP ( NP ( NP ( DT the ) ( JJ same ) ( NN period ) ) ( NP ( JJ last ) ( NN year ) ) ) ( SBAR ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNP Lyondell ) ) ( VP ( VBD was ) ( ADVP ( RB wholly ) ) ( VP ( VBN owned ) ) ) ) ) ) ) ) ) )

Arco 's earnings from its 49.9 % stake in Lyondell fell to 37 million from 156 million for the same period last year when Lyondell was wholly owned


( S ( SINV-TPC-2 ( VP-TPC-1 ( VBG Offsetting ) ( NP ( NP ( DT the ) ( JJR lower ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Lyondell ) ) ) ) ) ( VP ( VBD were ) ) ( NP-SBJ ( NP ( JJR higher ) ( JJ crude ) ( NN oil ) ( NNS prices ) ) ( NP ( JJ increased ) ( JJ natural ) ( NN gas ) ( NNS volumes ) ) ( CC and ) ( NP ( JJR higher ) ( NN coke ) ( NNS prices ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Offsetting the lower stake in Lyondell were higher crude oil prices increased natural gas volumes and higher coke prices the company said


( S ( NP-SBJ ( NN Coal ) ( NNS earnings ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 26 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 21 ) ( CD million ) ) ) ) ) )

Coal earnings rose to 26 million from 21 million


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP Arco ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ net ) ( NN income ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 1.6 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 8.87 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 33 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 1.2 ) ( CD billion ) ) ) ( CC or ) ( NP ( NP ( CD 6.56 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) )

For the nine months Arco reported net income of 1.6 billion or 8.87 a share up 33 % from 1.2 billion or 6.56 a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD were ) ( NP-PRD ( QP ( CD 12 ) ( CD billion ) ) ) ( ADVP ( IN off ) ( NP ( CD 13 ) ( NN % ) ) ( PP ( IN from ) ( NP ( QP ( CD 13.8 ) ( CD billion ) ) ) ) ) ) )

Sales were 12 billion off 13 % from 13.8 billion


( S ( NP-SBJ ( NNP Jeff ) ( NNP Rowe ) ) ( VP ( VBD contributed ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN article ) ) ) ) )

Jeff Rowe contributed to this article


( S ( NP-SBJ ( DT The ) ( NN dollar ) ) ( VP ( VBD weakened ) ( PP-LOC ( IN in ) ( NP ( JJ indecisive ) ( NN trading ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( NN foreign-exchange ) ( NNS dealers ) ) ( VP ( VBD awaited ) ( NP ( NP ( JJ fresh ) ( JJ economic ) ( NN news ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP hope ) ( SBAR ( S ( VP ( MD will ) ( VP ( VB jolt ) ( NP ( DT the ) ( NNP U.S. ) ( NN unit ) ) ( PP-DIR ( IN out ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ narrow ) ( NNS ranges ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The dollar weakened in indecisive trading as foreign-exchange dealers awaited fresh economic news that they hope will jolt the U.S. unit out of its narrow ranges


( S ( NP-SBJ ( DT The ) ( JJ Canadian ) ( NN dollar ) ) ( VP ( VBD climbed ) ( PP-DIR ( TO to ) ( NP ( NP ( PRP$ its ) ( JJS highest ) ( NN level ) ) ( PP ( IN against ) ( NP ( DT the ) ( NNP U.S. ) ( NN dollar ) ) ) ( PP-TMP ( IN since ) ( NP ( JJ late ) ( NNP August ) ) ) ) ) ( S-ADV ( VP ( VBG prompting ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Canada ) ) ) ) ( VP ( TO to ) ( VP ( VB sell ) ( NP ( DT the ) ( JJ Canadian ) ( NN currency ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ) ) ) )

The Canadian dollar climbed to its highest level against the U.S. dollar since late August prompting the Bank of Canada to sell the Canadian currency on the market


( S ( NP-SBJ ( NNS Traders ) ) ( VP ( VBP say ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN after ) ( NP ( NP ( DT a ) ( NN week ) ) ( PP ( IN of ) ( S-NOM ( ADVP-MNR ( RB nervously ) ) ( VP ( VBG tracking ) ( NP ( NP ( DT every ) ( NN development ) ) ( PP-LOC ( IN on ) ( NP ( NNP Wall ) ( NNP Street ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN foreign-exchange ) ( NN market ) ) ( VP ( VBZ has ) ( VP ( VBN settled ) ( PRT ( RP back ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB catch ) ( NP ( PRP$ its ) ( NN breath ) ) ( ADVP-TMP ( RB ahead ) ( PP ( IN of ) ( NP ( JJ new ) ( NNP U.S. ) ( JJ economic ) ( NNS data ) ) ) ) ) ) ) ) ) ) ) ) )

Traders say that after a week of nervously tracking every development on Wall Street the foreign-exchange market has settled back to catch its breath ahead of new U.S. economic data


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD noted ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ 26-point ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ( VP ( VBD gave ) ( NP ( DT the ) ( NN dollar ) ) ( NP ( DT a ) ( JJ sharp ) ( NN nudge ) ( RB downward ) ) ( ADVP-TMP ( RB late ) ( PP ( IN in ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ) )

They noted however that a 26-point drop in the Dow Jones Industrial Average gave the dollar a sharp nudge downward late in the day


( S ( PP-LOC ( IN In ) ( NP ( JJ late ) ( NNP New ) ( NNP York ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( NP-SBJ-1 ( DT the ) ( NN dollar ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( PP ( IN at ) ( NP ( NP ( CD 1.8470 ) ( NNS marks ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 1.8578 ) ( NNS marks ) ) ( NP-TMP ( RB late ) ( NNP Friday ) ) ) ) ) ) ( CC and ) ( PP ( IN at ) ( NP ( NP ( CD 141.90 ) ( NN yen ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( CD 142.43 ) ( NN yen ) ) ( NP-TMP ( RB late ) ( NNP Friday ) ) ) ) ) ) ) ) ) )

In late New York trading yesterday the dollar was quoted at 1.8470 marks down from 1.8578 marks late Friday and at 141.90 yen down from 142.43 yen late Friday


( S ( NP-SBJ-1 ( NN Sterling ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( CD 1.6030 ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 1.5885 ) ) ( NP-TMP ( RB late ) ( NNP Friday ) ) ) ) ) ) )

Sterling was quoted at 1.6030 up from 1.5885 late Friday


( S ( PP-LOC ( IN In ) ( NP ( NNP Tokyo ) ) ) ( NP-TMP ( NNP Tuesday ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN currency ) ) ( VP ( VBD opened ) ( PP-CLR ( IN for ) ( NP ( VBG trading ) ) ) ( PP-CLR ( IN at ) ( NP ( CD 141.80 ) ( NN yen ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NNP Tokyo ) ( NN close ) ) ( PP ( IN of ) ( NP ( CD 142.40 ) ( NN yen ) ) ) ) ) ) ) )

In Tokyo Tuesday the U.S. currency opened for trading at 141.80 yen down from Monday 's Tokyo close of 142.40 yen


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN market ) ( POS 's ) ) ( NN attention ) ) ( VP ( VBZ is ) ( ADVP ( RB especially ) ) ( VP ( VBN focused ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( JJ preliminary ) ( NN report ) ) ( PP ( IN on ) ( NP ( DT the ) ( NNP U.S. ) ( JJ third-quarter ) ( JJ gross ) ( JJ national ) ( NN product ) ) ) ( ADJP ( JJ due ) ( ADVP ( RB out ) ) ( NP-TMP ( NNP Thursday ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD could ) ( VP ( VB show ) ( SBAR ( S ( NP-SBJ-3 ( DT the ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VBG continuing ) ( S ( VP ( TO to ) ( VP ( VB expand ) ( PP-MNR ( IN at ) ( NP ( DT a ) ( ADJP ( RB relatively ) ( JJ brisk ) ) ( NN pace ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The market 's attention is especially focused on a preliminary report on the U.S. third-quarter gross national product due out Thursday which could show the economy is continuing to expand at a relatively brisk pace


( S ( NP-SBJ ( NP ( DT The ) ( NN consensus ) ( NN view ) ) ( PP ( IN on ) ( NP ( NP ( JJ real ) ( NNP GNP ) ) ( NP ( NP ( DT the ) ( JJ total ) ( NN value ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN output ) ) ( PP ( IN of ) ( NP ( NNS goods ) ( CC and ) ( NNS services ) ) ) ) ) ( VP ( VBN adjusted ) ( PP-CLR ( IN for ) ( NP ( NN inflation ) ) ) ) ) ) ) ) ( VP ( VBZ calls ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT a ) ( ADJP ( CD 2.3 ) ( NN % ) ) ( NN gain ) ) ( PP ( IN on ) ( NP ( DT an ) ( JJ annual ) ( NN basis ) ) ) ) ( UCP ( VP ( VBG slowing ) ( ADVP ( RB somewhat ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ second ) ( NN quarter ) ( POS 's ) ) ( CD 2.5 ) ( NN % ) ) ) ) ( CC but ) ( ADJP ( RB still ) ( RB fairly ) ( JJ strong ) ) ) ) ) ) )

The consensus view on real GNP the total value of the U.S. output of goods and services adjusted for inflation calls for a 2.3 % gain on an annual basis slowing somewhat from the second quarter 's 2.5 % but still fairly strong


( S ( NP-SBJ ( JJ Few ) ( NN market ) ( NNS participants ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN unit ) ) ( VP ( TO to ) ( VP ( VB rally ) ( ADVP-MNR ( RB sharply ) ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN news ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ turns ) ( PRT ( RP out ) ) ( SBAR-MNR ( RB as ) ( S ( VP ( VBN expected ) ) ) ) ) ) ) ) ) ) ) )

Few market participants expect the U.S. unit to rally sharply on the news if it turns out as expected


( S ( NP-SBJ ( JJ Many ) ) ( VP ( VP ( VBP contend ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN report ) ) ( VP ( MD may ) ( VP ( VB overstate ) ( NP ( NP ( DT the ) ( NN economy ) ( POS 's ) ) ( NN health ) ) ) ) ) ) ) ( CC and ) ( VP ( VB predict ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ third-quarter ) ( NNS figures ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ last ) ( JJ vigorous ) ( NNS statistics ) ) ( PP ( IN for ) ( NP ( NP ( DT some ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB come ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Many contend that the report may overstate the economy 's health and predict the third-quarter figures may be the last vigorous statistics for some time to come


( SINV ( S-TPC-1 ( NP-SBJ ( NN Everyone ) ) ( VP ( VBZ is ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( NNP GNP ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Walter ) ( NNP Simon ) ) ( NP ( NP ( DT an ) ( JJ assistant ) ( NN treasurer ) ) ( PP ( IN with ) ( NP ( NNP Bank ) ( NNP Julius ) ( NNP Baer ) ( CC & ) ( NNP Co ) ) ) ) ) )

Everyone is waiting for GNP says Walter Simon an assistant treasurer with Bank Julius Baer & Co


( S ( ADVP ( CC Yet ) ) ( NP-SBJ ( NP ( RB even ) ( DT a ) ( ADJP ( RB relatively ) ( JJ strong ) ) ( NN number ) ) ( NP ( QP ( CD 2.8 ) ( NN % ) ( TO to ) ( CD 2.9 ) ( NN % ) ) ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB alter ) ( NP ( NP ( DT the ) ( NN market ) ( POS 's ) ) ( NN view ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VBG softening ) ) ) ) ) ) ) ) )

Yet even a relatively strong number 2.8 % to 2.9 % wo n't alter the market 's view that the economy is softening


( S ( NP-SBJ ( NP ( NNP Hubert ) ( NNP Pedroli ) ) ( NP ( NP ( NN managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN exchange ) ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Credit ) ( NNP Suisse ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBZ adds ) ( S ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBZ sees ) ( NP ( DT this ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT the ) ( JJ last ) ( NN piece ) ) ( PP ( IN of ) ( NP ( JJ good ) ( NN news ) ) ) ) ) ) ) ) )

Hubert Pedroli managing director of foreign exchange at Credit Suisse in New York adds The market sees this as the last piece of good news


( S ( NP-SBJ ( NNP Mr. ) ( NNP Pedroli ) ) ( VP ( VBZ notes ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NNP GNP ) ( NN deflator ) ) ( NP ( NP ( DT a ) ( NN measure ) ) ( PP ( IN of ) ( NP ( NN inflation ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VP ( VB slow ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB give ) ( NP ( DT the ) ( NNP Federal ) ( NNP Reserve ) ) ( NP ( NP ( JJR more ) ( NN room ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ease ) ( NP ( JJ key ) ( NNP U.S. ) ( NNS rates ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Pedroli notes that the GNP deflator a measure of inflation is expected to slow which would give the Federal Reserve more room to ease key U.S. rates


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP predict ) ( NP ( NP ( DT a ) ( ADJP ( CD 3.5 ) ( NN % ) ) ( NN rise ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN deflator ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG climbing ) ( NP-EXT ( CD 4.6 ) ( NN % ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ second ) ( NN quarter ) ) ) ) ) ) ) ) )

Analysts predict a 3.5 % rise in the deflator after climbing 4.6 % in the second quarter


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-2 ( NP ( DT an ) ( ADJP ( RB unexpectedly ) ( JJ sharp ) ) ( NN widening ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ( NN trade ) ( NN gap ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ( VP ( VBD was ) ( VP ( VBN reported ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ) ) ) ( S ( NP-SBJ-3 ( NP ( NNS hopes ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( JJ sustained ) ( NN narrowing ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN trade ) ( NN deficit ) ) ) ) ) ) ( VP ( VBD were ) ( VP ( VBN dashed ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN sentiment ) ) ( VP ( VBD gripped ) ( NP ( DT the ) ( NN market ) ) ( SBAR-1 ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN economy ) ) ( VP ( VBD was ) ( VP ( VBG losing ) ( NP ( PRP$ its ) ( NN momentum ) ) ) ) ) ) ) ) ) ) ) )

They note that when an unexpectedly sharp widening in the U.S. trade gap in August was reported earlier this month hopes for a sustained narrowing of the trade deficit were dashed and sentiment gripped the market that the U.S. economy was losing its momentum


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT A ) ( JJ 190-point ) ( NN plunge ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NN stock ) ( NNS shares ) ) ) ) ( VP ( VBD compounded ) ( NP ( DT the ) ( NN view ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP say ) ) )

A 190-point plunge in U.S. stock shares compounded the view they say


( SINV ( S-TPC-1 ( NP-SBJ ( NN Everyone ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB extremely ) ( JJ convinced ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN economy ) ) ( VP ( VBZ is ) ( VP ( VBG slowing ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( CD one ) ( JJ senior ) ( NNP New ) ( NNP York ) ( NN dealer ) ) )

Everyone is extremely convinced the economy is slowing says one senior New York dealer


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( RB not ) ( VP ( VBN headed ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP 're ) ( ADVP ( RB certainly ) ) ( VP ( VBN headed ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ major ) ( NN slowdown ) ) ) ) ) )

If we 're not headed for a recession we 're certainly headed for a major slowdown


( S ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ expects ) ( NP ( NP ( JJ little ) ( NN reaction ) ) ( PP ( IN from ) ( NP ( NP ( NN news ) ) ( PP ( IN of ) ( NP ( NNP U.S. ) ( JJ durable ) ( NNS goods ) ( NNS orders ) ) ) ( VP ( VBN scheduled ) ( PP-CLR ( IN for ) ( NP ( NN release ) ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS participants ) ) ( VP ( VBP note ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNS figures ) ) ( VP ( MD will ) ( ADVP ( RB probably ) ) ( VP ( VB serve ) ( S ( VP ( TO to ) ( VP ( VB reinforce ) ( NP ( DT this ) ( JJ bearish ) ( NN sentiment ) ) ) ) ) ) ) ) ) ) )

While the market expects little reaction from news of U.S. durable goods orders scheduled for release today participants note that the figures will probably serve to reinforce this bearish sentiment


( S ( NP-SBJ-1 ( NNP U.S. ) ( JJ durable ) ( NNS goods ) ( NNS orders ) ) ( VP ( VBP are ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB show ) ( NP ( NP ( DT a ) ( NN decline ) ) ( PP ( IN of ) ( NP ( CD 1.2 ) ( NN % ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNS economists ) ) ) ) ) ) )

U.S. durable goods orders are expected to show a decline of 1.2 % in September according to economists


( S ( NP-SBJ ( DT The ) ( JJ anticipated ) ( NN drop ) ) ( VP ( VBZ follows ) ( NP ( NP ( DT a ) ( ADJP ( CD 3.9 ) ( NN % ) ) ( NN rise ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ) ) )

The anticipated drop follows a 3.9 % rise in August


( S ( NP-SBJ-1 ( NNS Traders ) ) ( ADVP ( RB however ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ quick ) ( S ( VP ( TO to ) ( VP ( VB point ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( JJ little ) ( NN enthusiasm ) ) ( PP ( IN for ) ( S-NOM ( VP ( VBG buying ) ( NP ( NNS dollars ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN unit ) ) ( VP ( VBZ has ) ( VP ( VBN found ) ( NP ( DT a ) ( JJ natural ) ( NN bottom ) ) ( PP-CLR ( IN at ) ( NP ( ADVP ( RB about ) ) ( NP ( CD 1.85 ) ( NNS marks ) ) ( CC and ) ( NP ( CD 140 ) ( NN yen ) ) ) ) ) ) ) ) ) ) ) ) ) )

Traders however are quick to point out that while there is little enthusiasm for buying dollars the U.S. unit has found a natural bottom at about 1.85 marks and 140 yen


( S ( NP-SBJ-1 ( NP ( PRP$ Its ) ( NN resilience ) ) ( PP-LOC ( IN around ) ( NP ( DT these ) ( NNS levels ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN pegged ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ persistent ) ( NN investor ) ( NN demand ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN greenback ) ) ) ( PP-LOC ( ADVP ( RB especially ) ) ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) )

Its resilience around these levels is pegged to persistent investor demand for the greenback especially in Japan


( S ( PP-LOC ( IN On ) ( NP ( NP ( DT the ) ( NNP Commodity ) ( NNP Exchange ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ( NP-SBJ ( NP ( NN gold ) ) ( PP ( IN for ) ( NP ( JJ current ) ( NN delivery ) ) ) ) ( VP ( VBD settled ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 367 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ( ADVP ( RB down ) ( NP ( CD 30 ) ( NNS cents ) ) ) ) )

On the Commodity Exchange in New York gold for current delivery settled at 367 an ounce down 30 cents


( S ( NP-SBJ ( JJ Estimated ) ( NN volume ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( ADJP ( RB very ) ( JJ light ) ) ( QP ( CD one ) ( CD million ) ) ( NNS ounces ) ) ) )

Estimated volume was a very light one million ounces


( S ( PP-LOC ( IN In ) ( NP ( RB early ) ( NN trading ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ( NP-TMP ( NNP Tuesday ) ) ( NP-SBJ-1 ( NN gold ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 366.79 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ) )

In early trading in Hong Kong Tuesday gold was quoted at 366.79 an ounce


( S ( NP-SBJ ( NNP Ralph ) ( NNP Brown ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( NP ( CD 31,000 ) ( NNS feet ) ) ( IN over ) ( NP ( NNP Minnesota ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT both ) ( NNS jets ) ) ( PP ( IN on ) ( NP ( PRP$ his ) ( NNP Falcon ) ( NNP 20 ) ) ) ) ( VP ( VBD flamed ) ( PRT ( RP out ) ) ) ) ) ) )

Ralph Brown was 31,000 feet over Minnesota when both jets on his Falcon 20 flamed out


( S-1 ( PP-LOC ( IN At ) ( NP ( CD 18,000 ) ( NNS feet ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ-2 ( NP ( PRP he ) ) ( CC and ) ( NP ( PRP$ his ) ( NNS co-pilot ) ) ) ( VP ( VBD were ) ( VP ( VBG looking ) ( PP-CLR ( IN for ) ( NP ( NP ( DT an ) ( JJ interstate ) ) ( CC or ) ( NP ( DT a ) ( NN cornfield ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB land ) ) ) ) ) ) )

At 18,000 feet he says he and his co-pilot were looking for an interstate or a cornfield to land


( S ( PP-LOC ( IN At ) ( NP ( CD 13,000 ) ( NNS feet ) ) ) ( NP-SBJ ( DT the ) ( NNS engines ) ) ( VP ( VBD restarted ) ) )

At 13,000 feet the engines restarted


( S ( CC But ) ( S-ADV ( VP ( VBG knowing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS mechanics ) ) ( VP ( MD would ) ( ADVP ( RB probably ) ) ( VP ( VB ground ) ( NP ( PRP him ) ) ( PP-PRP ( IN for ) ( NP ( NNS repairs ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Brown ) ) ( VP ( VP ( VBD skipped ) ( NP ( NP ( PRP$ his ) ( NN stop ) ) ( PP-LOC ( IN in ) ( NP ( JJ nearby ) ( NNP Chicago ) ) ) ) ) ( CC and ) ( VP ( VBD set ) ( NP ( NN course ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( PRP$ his ) ( NN load ) ) ( NP ( DT a ) ( JJ few ) ( CD hundred ) ( NNS parcels ) ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNP Memphis ) ( NN package-sorting ) ( NN hub ) ) ) ( PP-TMP ( IN on ) ( NP ( NN time ) ) ) ) ) ) ) ) )

But knowing that mechanics would probably ground him for repairs Mr. Brown skipped his stop in nearby Chicago and set course to get his load a few hundred parcels to the Memphis package-sorting hub on time


( S ( S-TPC-1 ( SBAR-ADV ( SINV ( VBD Had ) ( NP-SBJ ( PRP he ) ) ( VP ( VBN been ) ( ADJP-PRD ( ADVP ( NP-ADV ( DT a ) ( JJ little ) ) ( RBR less ) ) ( JJ gung-ho ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( MD 'd ) ( VP ( VB have ) ( VP ( VP ( VBN gotten ) ( NP ( DT the ) ( NN thing ) ) ( PP-LOC-CLR ( IN on ) ( NP ( DT the ) ( NN ground ) ) ) ) ( CC and ) ( VP ( VBN headed ) ( PP-DIR ( IN for ) ( NP ( DT the ) ( JJS nearest ) ( NN bar ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Brown ) ) ( VP ( VBZ says ) ) )

Had he been a little less gung-ho I 'd have gotten the thing on the ground and headed for the nearest bar Mr. Brown says


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ flies ) ( PP ( IN for ) ( NP ( NP ( NNP Federal ) ( NNP Express ) ( NNP Corp. ) ) ( ADVP ( RB perhaps ) ) ( NP ( NP ( DT the ) ( JJS closest ) ( NN thing ) ) ( PP-LOC ( IN in ) ( NP ( JJ corporate ) ( NNP America ) ) ) ( PP ( TO to ) ( NP ( DT the ) ( NNP Green ) ( NNPS Berets ) ) ) ) ) ) ) )

But he flies for Federal Express Corp. perhaps the closest thing in corporate America to the Green Berets


( S ( NP-SBJ-1 ( NP ( NNP Federal ) ( POS 's ) ) ( NNS employees ) ) ( VP ( VP ( VBP work ) ( NP ( JJ long ) ( NNS hours ) ) ) ( CC and ) ( VP ( VBP seem ) ( S ( VP ( TO to ) ( VP ( VB thrive ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN stress ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG racing ) ( NP ( DT the ) ( NN clock ) ) ) ) ) ) ) ) ) ) ) ) )

Federal 's employees work long hours and seem to thrive on the stress of racing the clock


( S ( PP ( IN Like ) ( NP ( NNP Mr. ) ( NNP Brown ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBP go ) ( PP-DIR ( TO to ) ( NP ( JJ surprising ) ( NNS lengths ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NP ( IN that ) ( JJ overarching ) ( JJ corporate ) ( NN goal ) ) ( S-NOM ( VP ( VBG delivering ) ( NP ( DT the ) ( NNS goods ) ) ( PP-TMP ( IN on ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) )

Like Mr. Brown they sometimes go to surprising lengths to meet that overarching corporate goal delivering the goods on time


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT a ) ( NN tribute ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( NN management ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( PP-TMP ( IN since ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN founding ) ) ( ADVP-TMP ( NP ( CD 16 ) ( NNS years ) ) ( RB ago ) ) ) ) ( VP ( VBZ has ) ( VP ( VP ( VBD had ) ( NP ( PRP$ its ) ( NN way ) ) ( PP-CLR ( IN with ) ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ) ) ( NP ( NP ( DT an ) ( JJ unusual ) ( NN feat ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ contentious ) ( NN transportation ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) )

They are a tribute to Federal 's management which since the company 's founding 16 years ago has had its way with its work force an unusual feat in the contentious transportation industry


( S ( NP-SBJ ( DT That ) ) ( VP ( MD may ) ( ADVP-TMP ( RB soon ) ) ( VP ( VB change ) ) ) )

That may soon change


( S ( NP-TMP ( DT This ) ( NN month ) ) ( NP-SBJ-1 ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( CD 2,048 ) ( NNS pilots ) ) ( PP ( VBG including ) ( NP ( NP ( DT some ) ( CD 961 ) ) ( VP ( VBN acquired ) ( ADVP ( RB along ) ( PP ( IN with ) ( NP ( NNP Tiger ) ( NNP International ) ( NNP Inc. ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP February ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB decide ) ( SBAR ( IN whether ) ( S ( VP ( TO to ) ( VP ( VB elect ) ( NP ( DT the ) ( JJ powerful ) ( NNP Air ) ( NNP Line ) ( NNP Pilots ) ( NNP Association ) ) ( PP-CLR ( IN as ) ( NP ( PRP$ their ) ( NN bargaining ) ( NN agent ) ) ) ) ) ) ) ) ) )

This month Federal 's 2,048 pilots including some 961 acquired along with Tiger International Inc. in February will decide whether to elect the powerful Air Line Pilots Association as their bargaining agent


( S ( NP-SBJ ( NP ( DT The ) ( NN election ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD would ) ( VP ( VB bring ) ( NP ( DT the ) ( JJ first ) ( JJ major ) ( NN union ) ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( NNP U.S. ) ( NNS operations ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN pitted ) ( NP ( JJ new ) ( NNS hires ) ) ( PP-CLR ( IN against ) ( NP ( NP ( JJ devoted ) ( NNS veterans ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Mr. ) ( NNP Brown ) ) ) ) ) ) ) )

The election which would bring the first major union to Federal 's U.S. operations has pitted new hires against devoted veterans such as Mr. Brown


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN rattled ) ( NP ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( ADJP ( RB strongly ) ( JJ anti-union ) ) ( NN management ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB already ) ) ( VP ( VBG contending ) ( PP-CLR ( PP ( IN with ) ( S-NOM ( VP ( VBG melding ) ( NP ( JJ far-flung ) ( NNS operations ) ) ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( VBG falling ) ( NNS profits ) ) ) ) ) ) ) ) ) ) ) )

It has also rattled Federal 's strongly anti-union management which is already contending with melding far-flung operations and with falling profits


( S ( S-TPC-3 ( S ( NP-SBJ-1 ( DT A ) ( NN union ) ) ( ADVP-TMP ( RB sooner ) ( CC or ) ( RB later ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT an ) ( NN adversary ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ has ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( DT a ) ( NN victory ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Frederick ) ( NNP W. ) ( NNP Smith ) ) ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( NN chairman ) ( CC and ) ( JJ chief ) ( NN executive ) ) ) ( VP ( VBZ says ) ( PP-MNR ( IN with ) ( NP ( NN disdain ) ) ) ) )

A union sooner or later has to have an adversary and it has to have a victory Frederick W. Smith Federal 's chairman and chief executive says with disdain


( S ( PP-LOC ( IN In ) ( NP ( PRP$ our ) ( NN formula ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB have ) ( NP ( DT any ) ( NNS losers ) ) ( PP ( IN except ) ( NP ( DT the ) ( NN competition ) ) ) ) ) )

In our formula we do n't have any losers except the competition


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( NNS managers ) ) ( ADVP ( RB really ) ) ( VP ( VBP fear ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT the ) ( JJ pro-union ) ( NN movement ) ) ( VP ( MD could ) ( VP ( VB spread ) ( PP-DIR ( IN beyond ) ( NP ( DT the ) ( NNS pilots ) ) ) ) ) ) ) ) )

What managers really fear is that the pro-union movement could spread beyond the pilots


( S ( PP-LOC ( IN Under ) ( NP ( JJ federal ) ( NN transportation ) ( NN law ) ) ) ( NP-SBJ-1 ( DT a ) ( NN government ) ( NN mediator ) ) ( VP ( VBZ is ) ( VP ( VBG attempting ) ( S ( VP ( TO to ) ( VP ( VB reconcile ) ( NP ( NP ( DT the ) ( NN melding ) ) ( PP ( IN of ) ( NP ( NP ( NNP Tiger ) ( POS 's ) ) ( NN job ) ( NNS classifications ) ) ) ( PP ( IN into ) ( NP ( NNP Federal ) ( POS 's ) ) ) ) ) ) ) ) ) )

Under federal transportation law a government mediator is attempting to reconcile the melding of Tiger 's job classifications into Federal 's


( S ( PP ( VBG Depending ) ( PP ( IN on ) ( NP ( DT the ) ( NN outcome ) ) ) ) ( NP-SBJ ( DT the ) ( JJ merged ) ( NN company ) ) ( VP ( MD may ) ( VP ( VB face ) ( NP ( NP ( NN union ) ( NNS elections ) ) ) ( NP-TMP ( DT this ) ( NN fall ) ) ( PP-1 ( IN among ) ( NP ( NP ( NN airplane ) ( NNS mechanics ) ) ( NP ( NN ramp ) ( NNS workers ) ) ( NP ( NN stock ) ( NNS clerks ) ) ( CC and ) ( NP ( NN flight ) ( NNS dispatchers ) ) ) ) ) ) )

Depending on the outcome the merged company may face union elections this fall among airplane mechanics ramp workers stock clerks and flight dispatchers


( S ( NP-SBJ ( DT These ) ( NNS groups ) ) ( VP ( VBP constitute ) ( NP ( NP ( QP ( IN up ) ( TO to ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN work ) ( NN force ) ) ) ) ) )

These groups constitute up to 10 % of its work force


( SINV ( S-TPC-1 ( NP-SBJ ( NNS Unions ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( NP ( DT a ) ( JJ profound ) ( NN effect ) ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( JJ whole ) ( NN culture ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Bernard ) ( NNP La ) ( NNP Londe ) ) ( NP ( NP ( NP ( DT a ) ( NN professor ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Ohio ) ( NNP State ) ( NNP University ) ) ( PP-LOC ( IN at ) ( NP ( NN Columbus ) ) ) ) ) ) ( CC and ) ( NP ( DT a ) ( NNP Federal ) ( NN consultant ) ) ) ) )

Unions would have a profound effect on the whole culture of the company says Bernard La Londe a professor at Ohio State University at Columbus and a Federal consultant


( S ( NP-SBJ ( NP ( DT That ) ( NN culture ) ) ( VP ( ADVP-MNR ( RB carefully ) ) ( VBN crafted ) ( PP ( IN by ) ( NP-LGS ( NNP Mr. ) ( NNP Smith ) ) ) ) ) ( VP ( VBZ leaves ) ( NP ( NP ( JJ little ) ( PRN ( PP ( IN if ) ( NP ( DT any ) ) ) ) ( NN room ) ) ( PP ( IN for ) ( NP ( NNS unions ) ) ) ) ) )

That culture carefully crafted by Mr. Smith leaves little if any room for unions


( S ( PP-TMP ( IN Since ) ( S-NOM ( VP ( VBG founding ) ( NP ( DT the ) ( NN company ) ) ) ) ) ( NP-SBJ-2 ( NP ( DT the ) ( JJ charismatic ) ( NNP Vietnam ) ( NN vet ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( ADJP-PRD ( NP ( RB only ) ( CD 46 ) ( NNS years ) ) ( JJ old ) ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN fostered ) ( NP ( NP ( DT an ) ( NN ethos ) ) ( PP ( IN of ) ( NP ( NN combat ) ) ) ) ) ) )

Since founding the company the charismatic Vietnam vet who is still only 46 years old has fostered an ethos of combat


( S ( NP-SBJ ( NNS Flights ) ) ( VP ( VBP are ) ( NP-PRD ( NNS missions ) ) ) )

Flights are missions


( S ( NP-SBJ-1 ( NP ( NNP Mr. ) ( NNP Smith ) ( POS 's ) ) ( NNS managers ) ) ( VP ( VBP have ) ( PP-TMP ( IN at ) ( NP ( NNS times ) ) ) ( VP ( VBN been ) ( VP ( VBN called ) ( S ( NP-PRD ( NP ( NNP Ho ) ( NNP Chi ) ( NNP Minh ) ( POS 's ) ) ( NNPS Guerrillas ) ) ) ) ) ) )

Mr. Smith 's managers have at times been called Ho Chi Minh 's Guerrillas


( S ( NP-SBJ-1 ( NP ( DT The ) ( NNP Bravo ) ( NNP Zulu ) ( NN award ) ) ( NP ( NP ( DT the ) ( NNP Navy ) ( NN accolade ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN job ) ) ( VP ( ADVP ( RB well ) ) ( VBN done ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN bestowed ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( NNS workers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBP surpass ) ( NP ( NP ( DT the ) ( NN call ) ) ( PP ( IN of ) ( NP ( NN duty ) ) ) ) ) ) ) ) ) ) ) )

The Bravo Zulu award the Navy accolade for a job well done is bestowed on Federal 's workers who surpass the call of duty


( S ( NP-SBJ-1 ( NNS Competitors ) ) ( VP ( VBP are ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( NN enemy ) ) ) ) ) )

Competitors are known as the enemy


( S ( S-PRP ( VP ( TO To ) ( VP ( VB reinforce ) ( NP ( NP ( NNS employees ) ( POS ' ) ) ( NN dedication ) ) ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBZ pays ) ( ADVP-MNR ( RB well ) ) ) )

To reinforce employees ' dedication Mr. Smith pays well


( S ( NP-SBJ ( PRP He ) ) ( ADVP ( RB also ) ) ( VP ( VBZ lets ) ( S ( NP-SBJ ( NNS workers ) ) ( VP ( VP ( VB vent ) ( NP ( NN steam ) ) ( PP-MNR ( IN through ) ( NP ( DT an ) ( JJ elaborate ) ( NN grievance ) ( NN procedure ) ) ) ) ( CC and ) ( PRN ( PP ( IN as ) ( NP ( DT a ) ( JJ perk ) ) ) ) ( VP ( VB fly ) ( ADVP ( JJ free ) ) ( PP-LOC ( IN in ) ( NP ( JJ empty ) ( NN cockpit ) ( NNS seats ) ) ) ) ) ) ) )

He also lets workers vent steam through an elaborate grievance procedure and as a perk fly free in empty cockpit seats


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ gives ) ( NP ( NN pep ) ( NNS talks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ periodic ) ( NN family ) ( NNS briefings ) ) ( VP ( VBN beamed ) ( ADVP-MNR ( RB internationally ) ) ( PP-LOC ( IN on ) ( NP ( NP ( NNP FXTV ) ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ own ) ( NN television ) ( NN network ) ) ) ) ) ) ) ) )

He gives pep talks in periodic family briefings beamed internationally on FXTV the company 's own television network


( S ( CC And ) ( PP ( IN with ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( CD 70,000 ) ( NNS workers ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Smith ) ( POS 's ) ) ( JJ damn-the-torpedoes ) ( NN attitude ) ) ( VP ( VBZ has ) ( VP ( VBN caught ) ( PRT ( RP on ) ) ) ) )

And with many of his 70,000 workers Mr. Smith 's damn-the-torpedoes attitude has caught on


( S ( NP-SBJ ( NP ( NNP James ) ( NNP Cleveland ) ) ( NP ( NP ( DT a ) ( NN courier ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBD earned ) ( NP ( DT a ) ( NNP Bravo ) ( NNP Zulu ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG figuring ) ( PRT ( RP out ) ) ( SBAR ( WHADVP ( WRB how ) ) ( S ( VP ( TO to ) ( VP ( VB get ) ( NP ( NP ( DT a ) ( JJ major ) ( NN customer ) ( POS 's ) ) ( JJ 1,100-parcel-a-week ) ( NN load ) ) ( PP-DIR ( TO to ) ( NP ( PRP$ its ) ( NN doorstep ) ) ) ( PP-TMP ( IN by ) ( NP ( CD 8 ) ( NN a.m. ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ considers ) ( S ( NP-SBJ ( PRP himself ) ) ( ADJP-PRD ( ADJP ( RB far ) ( JJ more ) ) ( PP ( IN than ) ( NP ( DT a ) ( NN courier ) ) ) ) ) ) )

James Cleveland a courier who earned a Bravo Zulu for figuring out how to get a major customer 's 1,100-parcel-a-week load to its doorstep by 8 a.m. considers himself far more than a courier


( S ( NP-SBJ ( PRP We ) ) ( VP ( VBP do ) ( RB n't ) ( ADVP ( RB just ) ) ( VP ( VB hand ) ( NP ( DT the ) ( NN customer ) ) ( NP ( DT the ) ( NN package ) ) ) ) )

We do n't just hand the customer the package


( S ( S-TPC-1 ( NP-SBJ ( DT That ) ) ( VP ( VBZ 's ) ( ADVP ( RB just ) ) ( NP-PRD ( DT the ) ( NN beginning ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

That 's just the beginning he says


( S ( PP ( IN In ) ( NP ( NN essence ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP run ) ( NP ( DT the ) ( NN show ) ) ) )

In essence we run the show


( S ( NP-SBJ ( NP ( NNP David ) ( NNP Sanders ) ) ( NP ( DT a ) ( JJ longtime ) ( NN pilot ) ) ) ( VP ( VBZ bristles ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( JJ mere ) ( NN suggestion ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN union ) ) ( VP ( MD might ) ( VP ( VB tamper ) ( PP-CLR ( IN with ) ( NP ( PRP$ his ) ( NN flight ) ( NN schedule ) ) ) ) ) ) ) ) ) ) )

David Sanders a longtime pilot bristles at the mere suggestion that a union might tamper with his flight schedule


( S ( S-TPC-1 ( NP-SBJ ( DT This ) ) ( VP ( VBZ is ) ( NP-PRD ( NNP America ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

This is America he says


( S ( NP-SBJ ( NN Nobody ) ) ( VP ( VBZ has ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB tell ) ( NP ( PRP me ) ) ( SBAR ( WHADVP-1 ( WRB how ) ( RB much ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( MD can ) ( VP ( VB work ) ) ) ) ) ) ) ) ) ) )

Nobody has the right to tell me how much I can work


( S ( NP-SBJ ( JJ Such ) ( NNS attitudes ) ) ( VP ( VBP have ) ( VP ( VBN given ) ( NP ( NNP Federal ) ) ( NP ( NP ( NN flexibility ) ) ( SBAR ( S ( VP ( CONJP ( RB not ) ( RB only ) ) ( VP ( TO to ) ( ADVP-MNR ( RB rapidly ) ) ( VP ( VB implement ) ( NP ( JJ new ) ( NN technology ) ) ) ) ( CC but ) ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( PRP$ its ) ( NN work ) ( NN force ) ) ( ADJP-PRD ( RB extraordinarily ) ( JJ lean ) ) ) ) ) ) ) ) ) ) ) )

Such attitudes have given Federal flexibility not only to rapidly implement new technology but to keep its work force extraordinarily lean


( S ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( ADVP-MNR ( RB deliberately ) ) ( VP ( VBZ understaffs ) ( S-ADV ( VP ( VBG stretching ) ( NP ( NP ( NNS employees ) ( POS ' ) ) ( NNS schedules ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN limit ) ) ) ) ) ) )

The company deliberately understaffs stretching employees ' schedules to the limit


( S ( CC But ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( NNS couriers ) ) ( VP ( VBP work ) ( NP ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 60 ) ) ( NNS hours ) ) ( NP-ADV ( DT a ) ( NN week ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN autumn ) ( NN rush ) ) ) ) ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP leave ) ( ADVP-MNR ( RB early ) ) ( PP-TMP ( IN during ) ( NP ( JJ slack ) ( NNS times ) ) ) ( SBAR-ADV ( IN while ) ( S ( ADVP ( RB still ) ) ( VP ( VBG being ) ( VP ( VBN assured ) ( PP-CLR ( IN of ) ( NP ( DT a ) ( JJ minimum ) ( NN paycheck ) ) ) ) ) ) ) ) )

But though couriers work as many as 60 hours a week during the autumn rush they leave early during slack times while still being assured of a minimum paycheck


( S ( NP-SBJ-2 ( NNS Pilots ) ) ( ADVP ( IN as ) ( RB well ) ) ( ADVP ( RB routinely ) ) ( VP ( VBP fly ) ( ADVP ( RB overtime ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB ensure ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NN none ) ) ( VP ( VBP are ) ( VP ( VBN furloughed ) ( PP-TMP ( IN during ) ( NP ( JJ seasonal ) ( NNS lows ) ) ) ) ) ) ) ) ) ) ) )

Pilots as well routinely fly overtime to ensure that none are furloughed during seasonal lows


( S ( NP-SBJ ( DT The ) ( JJ operational ) ( NN freedom ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN given ) ( NP ( NNP Federal ) ) ( NP ( NP ( DT a ) ( NN leg ) ( RB up ) ) ( PP ( IN on ) ( NP ( NP ( JJ archrival ) ( NNP United ) ( NNP Parcel ) ( NNP Service ) ( NNP Inc. ) ) ( NP ( NP ( NP ( DT the ) ( NN nation ) ( POS 's ) ) ( JJS largest ) ( NN employer ) ) ( PP ( IN of ) ( NP ( NP ( NNP United ) ( NNP Brotherhood ) ) ( PP ( IN of ) ( NP ( NNPS Teamsters ) ( NNS members ) ) ) ) ) ) ) ) ) ) ) )

The operational freedom has also given Federal a leg up on archrival United Parcel Service Inc. the nation 's largest employer of United Brotherhood of Teamsters members


( S ( S ( NP-SBJ ( NNP UPS ) ) ( VP ( MD wo ) ( RB n't ) ( VP ( VB discuss ) ( NP ( PRP$ its ) ( NN labor ) ( NNS practices ) ) ) ) ) ( CC but ) ( S ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NP ( NNP Mr. ) ( NNP Cleveland ) ) ( NP ( DT a ) ( JJ former ) ( NNP UPS ) ( NN employee ) ) ) ( CC and ) ( NP ( NNS others ) ) ) ) ) ( NP-SBJ ( NN union ) ( NN work ) ( NNS rules ) ) ( VP ( VBP prohibit ) ( NP-1 ( NNP UPS ) ( NNS drivers ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG doing ) ( NP ( NP ( JJR more ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBG carrying ) ( NP ( NNS packages ) ) ( PP-DIR ( IN between ) ( NP ( NP ( NNS customers ) ) ( CC and ) ( NP ( PRP$ their ) ( NNS vans ) ) ) ) ) ) ) ) ) ) ) ) ) )

UPS wo n't discuss its labor practices but according to Mr. Cleveland a former UPS employee and others union work rules prohibit UPS drivers from doing more than carrying packages between customers and their vans


( S-2 ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ-1 ( NNP UPS ) ( NNS drivers ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( VBN permitted ) ( S ( VP ( TO to ) ( VP ( VB load ) ( NP ( PRP$ their ) ( JJ own ) ( NNS vehicles ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN depot ) ) ) ) ) ) ) ) ) ) ( PRN ( SINV ( VP ( VBP say ) ) ( NP-SBJ ( DT these ) ( NNS couriers ) ) ) ) ( NP-SBJ-3 ( NNS packages ) ) ( ADVP-TMP ( RB often ) ) ( VP ( VP ( VB get ) ( VP ( VBN buried ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN load ) ) ) ) ) ( CC and ) ( VP ( VBP are ) ( VP ( VBN delivered ) ( ADVP-MNR ( RB late ) ) ) ) ) )

Because UPS drivers are n't permitted to load their own vehicles at the depot say these couriers packages often get buried in the load and are delivered late


( S ( NP-SBJ ( NN Labor ) ( NNS problems ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( JJ last ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBZ needs ) ( ADVP-TMP ( RB right ) ( RB now ) ) ) ) ) ) ) )

Labor problems are the last thing Mr. Smith needs right now


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( DT the ) ( NNP Tiger ) ( NN acquisition ) ) ( VP ( VBZ has ) ( VP ( VBN brought ) ( NP ( NNP Federal ) ) ( NP ( NP ( DT a ) ( JJ long ) ( NN way ) ) ( PP ( IN toward ) ( S-NOM ( VP ( VBG becoming ) ( NP ( NP ( DT the ) ( JJ global ) ( NN player ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB be ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VBZ has ) ( VP ( VBN brought ) ( NP ( NNS problems ) ) ) ) )

Although the Tiger acquisition has brought Federal a long way toward becoming the global player it wants to be it also has brought problems


( S ( NP-SBJ ( PRP It ) ) ( VP ( VP ( ADVP ( RBR more ) ( IN than ) ) ( VBN doubled ) ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( JJ long-term ) ( NN debt ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 1.9 ) ( CD billion ) ) ) ) ) ( VP ( VBN thrust ) ( NP ( DT the ) ( NN company ) ) ( PP-DIR ( IN into ) ( NP ( NP ( JJ unknown ) ( NN territory ) ) ( NP ( JJ heavy ) ( NN cargo ) ) ) ) ) ( CC and ) ( VP ( ADVP-MNR ( RB suddenly ) ) ( VBN expanded ) ( NP ( PRP$ its ) ( NN landing ) ( NNS rights ) ) ( PP-DIR ( TO to ) ( NP ( CD 21 ) ( NNS countries ) ) ) ( PP-DIR ( IN from ) ( NP ( CD four ) ) ) ) ) )

It more than doubled Federal 's long-term debt to 1.9 billion thrust the company into unknown territory heavy cargo and suddenly expanded its landing rights to 21 countries from four


( S ( NP-SBJ ( NNP Federal ) ) ( PP ( IN on ) ( NP ( PRP$ its ) ( JJ own ) ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBG doing ) ( ADVP-MNR-CLR ( RB very ) ( RB well ) ) ( ADVP-LOC ( JJ overseas ) ) ) ) ) )

Federal on its own had n't been doing very well overseas


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD had ) ( VP ( VBN hemorrhaged ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB get ) ( PP-DIR ( IN into ) ( NP ( NP ( NNP Asia ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( NN treaty ) ( NNS restrictions ) ) ( VP ( VBD forced ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( TO to ) ( VP ( VB fly ) ( NP-2 ( DT some ) ( NNS planes ) ) ( S-ADV ( ADJP-PRD ( JJ half-empty ) ) ) ( PP-LOC ( IN on ) ( NP ( JJ certain ) ( NNS routes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

It had hemorrhaged in its attempt to get into Asia where treaty restrictions forced it to fly some planes half-empty on certain routes


( S ( PP-LOC ( IN On ) ( NP ( NP ( NNS routes ) ) ( PP ( TO to ) ( NP ( NNP South ) ( NNP America ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD had ) ( NP ( NP ( DT no ) ( NN backup ) ( NNS jets ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB ensure ) ( NP ( NN delivery ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NNS planes ) ) ( VP ( VBD were ) ( VP ( VBN grounded ) ) ) ) ) ) ) ) ) ) ) )

On routes to South America the company had no backup jets to ensure delivery when planes were grounded


( S ( PP-LOC ( IN In ) ( NP ( NNP Europe ) ) ) ( NP-SBJ ( NN business ) ) ( VP ( VBD suffered ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNP Federal ) ) ( VP ( VBD bought ) ( NP ( JJ several ) ( JJ local ) ( NNS companies ) ) ( S-ADV ( ADVP ( RB only ) ) ( VP ( TO to ) ( VP ( VB have ) ( S ( NP-SBJ ( DT the ) ( NNS managers ) ) ( VP ( VB quit ) ) ) ) ) ) ) ) ) ) )

In Europe business suffered as Federal bought several local companies only to have the managers quit


( S ( NP-SBJ ( DT These ) ( CC and ) ( JJ other ) ( NNS problems ) ) ( VP ( VBD squeezed ) ( NP ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( NN profit ) ( NNS margins ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 8 ) ( NN % ) ) ) ( ADVP ( RB down ) ( PP ( IN from ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 13 ) ) ( NN % ) ) ( ADVP ( RB annually ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT the ) ( JJ first ) ( DT half ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN decade ) ) ) ) ) ) ) ) ) )

These and other problems squeezed Federal 's profit margins last year to 8 % down from more than 13 % annually in the first half of the decade


( S ( NP-SBJ ( NNS Earnings ) ) ( VP ( VBP have ) ( VP ( VBN plummeted ) ( ADVP ( RB too ) ) ( PP-TMP ( IN in ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ past ) ( CD three ) ( NNS quarters ) ) ) ) ) ) ) )

Earnings have plummeted too in each of the past three quarters


( S ( S-TPC-1 ( PP-TMP ( IN In ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( JJ first ) ( NN period ) ) ( VP ( VBN ended ) ( NP-TMP-CLR ( NNP Aug. ) ( CD 31 ) ) ) ) ) ( NP-SBJ ( NN profit ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 54 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 30.4 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 58 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-PRP ( RB mostly ) ( IN because ) ( IN of ) ( NP ( DT the ) ( NNP Tiger ) ( NN merger ) ) ) ) ) ( NP-SBJ ( NNP Federal ) ) ( VP ( VBZ says ) ) )

In the fiscal first period ended Aug. 31 profit fell 54 % to 30.4 million or 58 cents a share mostly because of the Tiger merger Federal says


( S ( S-3 ( NP-SBJ-1 ( NP ( NNP Federal ) ( POS 's ) ) ( NN stock ) ( NN price ) ) ( ADVP ( RB however ) ) ( VP ( VBZ has ) ( VP ( VBN held ) ( PRT ( RP up ) ) ( ADVP-MNR ( RB well ) ) ( S-ADV ( VP ( VBN driven ) ( PP ( IN in ) ( NP ( NN part ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ general ) ( NN run-up ) ) ( PP ( IN of ) ( NP ( NN airline ) ( NNS stocks ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )

Federal 's stock price however has held up well driven in part by the general run-up of airline stocks analysts say


( S ( PP-TMP ( IN Since ) ( S-NOM ( VP ( VBG trading ) ( ADVP ( ADVP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( NP ( CD 42.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP May ) ) ) ) ) ) ( NP-SBJ-1 ( NP ( NNP Federal ) ( POS 's ) ) ( NNS shares ) ) ( VP ( VBP have ) ( VP ( VBN rallied ) ( ADVP ( ADVP ( RB as ) ( RB high ) ) ( PP ( IN as ) ( NP ( CD 57.87 ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) ) )

Since trading as low as 42.25 a share in May Federal 's shares have rallied as high as 57.87 in New York Stock Exchange composite trading


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD closed ) ( NP-TMP ( NNP Friday ) ) ( PP-CLR ( IN at ) ( NP ( CD 53.25 ) ) ) ( ADVP ( RB down ) ( NP ( CD 50 ) ( NNS cents ) ) ( PP-TMP ( IN on ) ( NP ( DT the ) ( NN day ) ) ) ) ) )

They closed Friday at 53.25 down 50 cents on the day


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ certain ) ( NN irony ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Federal ) ( NNP Express ) ) ( VP ( VBZ faces ) ( NP ( PRP$ its ) ( JJ first ) ( NN union ) ( NNS problems ) ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NNP Tiger ) ( NN purchase ) ) ) ) ) ) ) ) ) ) ) )

There 's a certain irony in the fact that Federal Express faces its first union problems as a result of its Tiger purchase


( S ( NP-SBJ-1 ( NP ( NNP Tiger ) ) ( NP ( PRP itself ) ) ) ( VP ( VBD was ) ( VP ( VBN founded ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN band ) ) ( PP ( IN of ) ( NP ( NP ( JJ gungho ) ( NNS airmen ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN airlifted ) ( NP ( NNS supplies ) ) ( PP-DIR ( IN over ) ( NP ( DT the ) ( NNP Hump ) ) ) ( PP-DIR ( IN from ) ( NP ( NNP India ) ) ) ( PP-DIR ( TO to ) ( NP ( NNP China ) ) ) ( PP-TMP ( IN during ) ( NP ( NNP World ) ( NNP War ) ( NNP II ) ) ) ) ) ) ) ) ) ) ) ) ) )

Tiger itself was founded by a band of gungho airmen who had airlifted supplies over the Hump from India to China during World War II


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( JJ early ) ( CD 1970s ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD modeled ) ( NP ( PRP$ his ) ( JJ fledgling ) ( NN company ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NP ( NNP Tiger ) ( POS 's ) ) ( NN innovation ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ hub-and-spoke ) ( CC and ) ( NN containerized-cargo ) ) ( NNS operations ) ) ) ) ) ) )

In the early 1970s Mr. Smith modeled his fledgling company on Tiger 's innovation of hub-and-spoke and containerized-cargo operations


( S ( CC But ) ( PP-TMP ( IN from ) ( NP ( RB early ) ( RB on ) ) ) ( NP-SBJ ( NP ( NNP Tiger ) ( POS 's ) ) ( NNS workers ) ) ( VP ( VBD unionized ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( NNP Federal ) ( POS 's ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBP have ) ) ) ) ) )

But from early on Tiger 's workers unionized while Federal 's never have


( S ( NP-SBJ ( NNP Federal ) ( NNP Express ) ( NNS officials ) ) ( VP ( VP ( VBP acknowledge ) ( NP ( NP ( NNS mistakes ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NN drive ) ( RB overseas ) ) ) ) ) ( CC but ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB pay ) ( PRT ( RP off ) ) ( ADVP-TMP ( RB eventually ) ) ) ) ) ) ) ) )

Federal Express officials acknowledge mistakes in their drive overseas but say it will pay off eventually


( S ( NP-SBJ ( NNS Analysts ) ) ( VP ( VBP expect ) ( S ( NP-SBJ ( NP ( NNP Federal ) ( POS 's ) ) ( NNS earnings ) ) ( VP ( TO to ) ( VP ( VB improve ) ( ADVP ( RB again ) ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ fiscal ) ( JJ third ) ( NN quarter ) ) ( VP ( VBG ending ) ( NP-TMP-CLR ( NNP Feb. ) ( CD 28 ) ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( MD should ) ( VP ( VB begin ) ( S ( VP ( VBG benefiting ) ( PP-CLR ( IN from ) ( NP ( NP ( NNP Tiger ) ( POS 's ) ) ( NX ( NX ( JJ extra ) ( NNS flights ) ) ( NX ( JJ back-up ) ( NNS planes ) ) ( CC and ) ( NX ( NN landing ) ( NNS rights ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Analysts expect Federal 's earnings to improve again in its fiscal third quarter ending Feb. 28 when the company should begin benefiting from Tiger 's extra flights back-up planes and landing rights


( S ( PP-TMP ( IN Until ) ( NP ( RB then ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP expect ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN cost ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG integrating ) ( NP ( DT the ) ( CD two ) ( NNS carriers ) ) ) ) ) ) ( VP ( TO to ) ( VP ( VB continue ) ( S ( VP ( VBG crimping ) ( NP ( NNS profits ) ) ) ) ) ) ) ) )

Until then they expect the cost of integrating the two carriers to continue crimping profits


( S ( S-1 ( PP-TMP ( IN For ) ( NP ( RB now ) ) ) ( NP-SBJ ( DT the ) ( NN union ) ( NN issue ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ nettlesome ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( NNP Tiger ) ( NNS problems ) ) ) ) ) ) ( NP-SBJ ( NN management ) ) ( VP ( VBZ believes ) ) )

For now the union issue is the most nettlesome of Federal 's Tiger problems management believes


( S ( SBAR-ADV ( IN Although ) ( S ( VP ( VBG encouraging ) ( NP ( NP ( NN dialogue ) ) ( PP ( IN between ) ( NP ( NNS managers ) ( CC and ) ( NNS workers ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB countenance ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ considers ) ( S ( NP-PRD ( NN insubordination ) ) ) ) ) ) ) ) )

Although encouraging dialogue between managers and workers Mr. Smith does n't countenance what he considers insubordination


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NP ( DT a ) ( JJ large ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS pilots ) ) ) ) ( ADVP-TMP ( RB once ) ) ( VP ( VBD signed ) ( NP ( NP ( NNS petitions ) ) ( VP ( VBG opposing ) ( NP ( UCP ( JJ work-rule ) ( CC and ) ( NN compensation ) ) ( NNS changes ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBD called ) ( NP ( NP ( DT a ) ( NN meeting ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( NN company ) ( NN hangar ) ) ) ) ) ( CC and ) ( VP ( VBD dressed ) ( NP-2 ( PRP them ) ) ( PRT ( RP down ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( JJ challenging ) ( NP ( PRP$ his ) ( NN authority ) ) ) ) ) ) ) )

When a large group of pilots once signed petitions opposing work-rule and compensation changes he called a meeting in a company hangar and dressed them down for challenging his authority


( S ( S-TPC-1 ( NP-SBJ ( PRP He ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBD made ) ( NP ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS changes ) ) ) ) ) ) ( NP-SBJ ( NNS pilots ) ) ( VP ( VBP say ) ) )

He then made most of the changes pilots say


( S ( NP-SBJ ( NP ( DT That ) ( NN sort ) ) ( PP ( IN of ) ( NP ( NN approach ) ) ) ) ( ADVP ( RB however ) ) ( VP ( VBZ has ) ( RB n't ) ( VP ( VBD worked ) ( PP-TMP ( IN since ) ( NP ( NP ( DT the ) ( NN addition ) ) ( PP ( IN of ) ( NP ( NNP Tiger ) ) ) ) ) ) ) )

That sort of approach however has n't worked since the addition of Tiger


( S ( NP-SBJ ( NP ( PRP$ Its ) ( CD 6,500 ) ( NNS workers ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( VP ( VBN battled ) ( NP ( NP ( NNP Tiger ) ( POS 's ) ) ( NN management ) ) ( PP-TMP ( IN for ) ( NP ( NNS years ) ) ) ( PP-CLR ( IN over ) ( NP ( NNS givebacks ) ) ) ) ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( NN union ) ( NNS members ) ) ( PP-TMP ( IN until ) ( NP ( NP ( DT the ) ( NN day ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN merger ) ) ) ( SBAR ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS unions ) ) ) ) ( VP ( VBD were ) ( ADVP-MNR ( RB automatically ) ) ( VP ( VBN decertified ) ) ) ) ) ) ) ) )

Its 6,500 workers who had battled Tiger 's management for years over givebacks were union members until the day of the merger when most of their unions were automatically decertified


( S ( PP-TMP ( RB Soon ) ( IN after ) ( NP ( DT the ) ( NN merger ) ) ) ( ADVP ( RB moreover ) ) ( NP-SBJ ( NP ( NNP Federal ) ( POS 's ) ) ( NN management ) ) ( VP ( VBD asked ) ( NP-2 ( NP ( NNP Tiger ) ( POS 's ) ) ( NNS pilots ) ) ( S ( VP ( TO to ) ( VP ( VB sign ) ( NP ( NP ( DT an ) ( NN agreement ) ) ( VP ( VBG stating ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN fired ) ( NP-TMP ( DT any ) ( NN time ) ) ( PP-MNR ( IN without ) ( NP ( NN cause ) ( CC or ) ( NN notice ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Soon after the merger moreover Federal 's management asked Tiger 's pilots to sign an agreement stating that they could be fired any time without cause or notice


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NNS pilots ) ) ( VP ( VBD refused ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD retracted ) ( NP ( PRP it ) ) ) )

When the pilots refused the company retracted it


( S ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD angered ) ( NP ( NP ( NNP Federal ) ( POS 's ) ) ( NNS pilots ) ) ( ADVP ( RB too ) ) ) )

Mr. Smith angered Federal 's pilots too


( S ( PP-LOC ( IN In ) ( NP ( PRP$ his ) ( NN haste ) ( S ( VP ( TO to ) ( VP ( VB seal ) ( NP ( DT the ) ( NN deal ) ) ( PP-CLR ( IN with ) ( NP ( NNP Tiger ) ( NNP Chairman ) ( NNP Saul ) ( NNP Steinberg ) ) ) ( NP-TMP ( JJ last ) ( NNP August ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD ignored ) ( NP ( NP ( DT a ) ( NN promise ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN made ) ( PP-DTV ( TO to ) ( NP ( PRP$ his ) ( JJ own ) ( NNS pilots ) ) ) ( ADVP-TMP ( NP ( CD three ) ( NNS years ) ) ( RB ago ) ) ) ) ) ) ( SBAR-4 ( IN that ) ( S ( NP-SBJ-3 ( NP ( DT any ) ( NNS fliers ) ) ( VP ( VBN acquired ) ( PP-LOC ( IN in ) ( NP ( JJ future ) ( NNS mergers ) ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( VP ( VP ( VBN end-tailed ) ) ( VP ( VBN put ) ( PP-PUT ( IN at ) ( NP ( NP ( DT the ) ( NN bottom ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN pilot ) ( NN seniority ) ( NN list ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ determines ) ( NP ( NP ( NN work ) ( NNS schedules ) ) ( NP ( NN pay ) ) ( CC and ) ( NP ( NN career ) ( NNS options ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In his haste to seal the deal with Tiger Chairman Saul Steinberg last August Mr. Smith ignored a promise that he had made to his own pilots three years ago that any fliers acquired in future mergers would be end-tailed put at the bottom of the pilot seniority list that determines work schedules pay and career options


( S ( NP-SBJ ( DT The ) ( NNP Tiger ) ( NN merger ) ( NN agreement ) ) ( VP ( VBD stipulated ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( NNS lists ) ) ( VP ( VB be ) ( VP ( VBN combined ) ( PP-MNR ( IN on ) ( NP ( NP ( DT the ) ( NN basis ) ) ( PP ( IN of ) ( NP ( NN tenure ) ) ) ) ) ) ) ) ) ) )

The Tiger merger agreement stipulated that the lists be combined on the basis of tenure


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBZ is ) ( VP ( VBG trying ) ( ADVP-MNR ( RB hard ) ) ( S ( VP ( TO to ) ( VP ( VB allay ) ( NP ( DT the ) ( NN anger ) ) ) ) ) ) ) )

Mr. Smith is trying hard to allay the anger


( S ( CC And ) ( NP-SBJ ( RB even ) ( DT some ) ( JJ pro-union ) ( NNS pilots ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NP ( PRP$ his ) ( NN charisma ) ( CC and ) ( NN popularity ) ) ( PP ( IN among ) ( NP ( DT the ) ( JJ many ) ( JJ former ) ( JJ military ) ( NNS fliers ) ) ) ) ( VP ( MD could ) ( VP ( VB be ) ( ADJP-PRD ( JJ tough ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB beat ) ) ) ) ) ) ) ) ) ) ) )

And even some pro-union pilots say his charisma and popularity among the many former military fliers could be tough to beat


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT A ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS people ) ) ) ) ( VP ( VBP are ) ( VP ( VBG identifying ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN for ) ( NP ( NN representation ) ) ) ) ( PP ( IN as ) ( NP ( NP ( DT a ) ( NN vote ) ) ( PP ( IN against ) ( NP ( NNP Fred ) ( NNP Smith ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP J.X. ) ( NNP Gollich ) ) ( NP ( DT a ) ( NX ( NX ( JJ Tiger-turned-Federal ) ( NN pilot ) ) ( CC and ) ( NX ( NN union ) ( NN activist ) ) ) ) ) )

A lot of people are identifying a vote for representation as a vote against Fred Smith says J.X. Gollich a Tiger-turned-Federal pilot and union activist


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Smith ) ) ( CC and ) ( NP ( JJ other ) ( JJ top ) ( NNP Federal ) ( NNS executives ) ) ) ( VP ( VBP have ) ( VP ( VBN met ) ( PP-CLR ( IN with ) ( NP ( NNP Tiger ) ( NNS workers ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Los ) ( NNP Angeles ) ) ( NP ( NNP Ohio ) ) ( NP ( NNP New ) ( NNP York ) ) ( NP ( NNP Alaska ) ) ( NP ( NNP Asia ) ) ( CC and ) ( NP ( NNP Europe ) ) ) ) ) ) )

Mr. Smith and other top Federal executives have met with Tiger workers in Los Angeles Ohio New York Alaska Asia and Europe


( S ( ADVP-TMP ( RB Recently ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN appeared ) ( NP-TMP ( DT every ) ( JJ few ) ( NNS weeks ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( NN talk-show ) ( NN type ) ) ( NNS videos ) ) ) ( S-ADV ( VP ( VBG countering ) ( NP ( JJ pro-union ) ( NNS arguments ) ) ) ) ) ) )

Recently they have appeared every few weeks in talk-show type videos countering pro-union arguments


( S ( PP-LOC ( IN In ) ( NP ( CD one ) ( NN video ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD defended ) ( NP ( PRP$ his ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB merge ) ( NP ( DT the ) ( NN pilot-seniority ) ( NNS lists ) ) ) ) ) ) ) )

In one video Mr. Smith defended his agreement to merge the pilot-seniority lists


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Steinberg ) ) ( VP ( VBD had ) ( VP ( VBN insisted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN merger ) ( NNS talks ) ) ( VP ( VB move ) ( ADVP-MNR ( RB quickly ) ) ) ) ) ) ) ) ) ) )

He said Mr. Steinberg had insisted that the merger talks move quickly


( S ( S-2 ( NP-SBJ ( NNS Regulators ) ) ( ADVP ( IN as ) ( RB well ) ) ( VP ( MD might ) ( VP ( VB have ) ( VP ( VBN quashed ) ( NP ( DT the ) ( NN deal ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ-1 ( NP ( NNP Tiger ) ( POS 's ) ) ( NNS pilots ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN protected ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Regulators as well might have quashed the deal if Tiger 's pilots had n't been protected he said


( S-1 ( ADVP ( RB Furthermore ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ ( NP ( PRP$ our ) ( NN contract ) ) ( PP ( IN with ) ( NP ( PRP$ our ) ( NNS pilots ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB manage ) ( NP ( PRP$ our ) ( NN fleet ) ( NNS operations ) ) ( PP-MNR ( IN with ) ( NP ( PRP$ their ) ( NN advice ) ) ) ) ) ) ) ) )

Furthermore Mr. Smith added our contract with our pilots says that we will manage our fleet operations with their advice


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB give ) ( NP ( DT any ) ( JJ particular ) ( NN group ) ) ( NP ( DT the ) ( NN ability ) ( S ( VP ( TO to ) ( VP ( VB veto ) ( NP ( NN change ) ) ) ) ) ) ) ) )

It does n't give any particular group the ability to veto change


( S ( ADVP ( RB Already ) ) ( NP-SBJ ( DT the ) ( NN fight ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( JJ costly ) ) ) ) )

Already the fight has been costly


( S ( NP-SBJ ( DT The ) ( NN seniority-list ) ( NN controversy ) ) ( ADVP ( RB along ) ( PP ( IN with ) ( NP ( DT the ) ( NN job-classification ) ( NN dispute ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN turned ) ( PRT ( RP over ) ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NN mediator ) ) ) ) ) ) )

The seniority-list controversy along with the job-classification dispute has been turned over to the mediator


( SINV ( S-TPC-1 ( ADVP-TMP ( RB Meanwhile ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG operating ) ( PP-MNR ( IN with ) ( NP ( CD two ) ( JJ separate ) ( NN pilot ) ( NNS groups ) ( CC and ) ( NN seniority ) ( NNS lists ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ is ) ( VP ( VBG costing ) ( NP ( NNP Federal ) ) ( NP ( DT a ) ( JJ big ) ( NN number ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP James ) ( NNP Barksdale ) ) ( NP ( NP ( JJ executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NP ( NN chief ) ( NN operating ) ( NN officer ) ) ) ) )

Meanwhile the company is operating with two separate pilot groups and seniority lists and that is costing Federal a big number says James Barksdale executive vice president and chief operating officer


( S ( NP-SBJ ( DT The ) ( NN issue ) ) ( VP ( VBZ has ) ( ADVP ( RB also ) ) ( VP ( VBN cost ) ( NP ( NNP Federal ) ( NN management ) ) ( NP ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( JJ good ) ( NN will ) ) ) ( PP-LOC ( IN among ) ( NP ( PRP$ its ) ( JJ old ) ( NNS pilots ) ) ) ) ) ) )

The issue has also cost Federal management a lot of good will among its old pilots


( SINV ( S-TPC-2 ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB mistreat ) ( NP ( PRP us ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD had ) ( RB n't ) ( VP ( VBN shown ) ( NP ( NP ( DT any ) ( NN moxie ) ) ( NP ( DT any ) ( NN resistance ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP William ) ( NNP Queenan ) ) ( NP ( DT a ) ( NX ( NX ( NNP DC-10 ) ( NN pilot ) ) ( CC and ) ( NX ( JJ 14-year ) ( NNP Federal ) ( NN veteran ) ) ) ) ) )

They were willing to mistreat us because we had n't shown any moxie any resistance says William Queenan a DC-10 pilot and 14-year Federal veteran


( SINV ( VP ( NNP Adds ) ) ( NP-SBJ ( NP ( NNP John ) ( NNP Poag ) ) ( NP ( NP ( DT a ) ( NNP 727 ) ( NN captain ) ) ( CC and ) ( NP ( NP ( JJ past ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ company-sponsored ) ( NNP Flight ) ( NNP Advisory ) ( NNP Board ) ) ) ) ) ) ( S-3 ( NP-SBJ ( PRP They ) ) ( VP ( VBP 've ) ( VP ( VP ( VBN made ) ( NP-1 ( PDT all ) ( DT these ) ( JJ magnanimous ) ( NNS gestures ) ) ( PP-CLR-2 ( TO to ) ( NP ( DT the ) ( NNP Flying ) ( NNP Tiger ) ( NNS pilots ) ) ) ) ( CC and ) ( VP ( PP-CLR=2 ( IN for ) ( NP ( PRP us ) ) ) ( NP=1 ( NN nothing ) ) ) ) ) ) )

Adds John Poag a 727 captain and past chairman of the company-sponsored Flight Advisory Board They 've made all these magnanimous gestures to the Flying Tiger pilots and for us nothing


( S ( NP-SBJ ( JJ Such ) ( NN animosity ) ) ( VP ( MD could ) ( VP ( VB prove ) ( ADJP-PRD ( JJ pivotal ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN union ) ( NN vote ) ) ) ) ) )

Such animosity could prove pivotal in the union vote


( S ( NP-SBJ ( NP ( DT A ) ( JJ large ) ( NN majority ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 961 ) ( JJ former ) ( NNP Tiger ) ( NNS fliers ) ) ) ) ( VP ( VBP support ) ( NP ( DT the ) ( NN union ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT a ) ( NN union ) ( NN study ) ) ) ) ) )

A large majority of the 961 former Tiger fliers support the union according to a union study


( S ( CC But ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ-1 ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1,087 ) ( NNP Federal ) ( NNS pilots ) ) ) ) ( VP ( VBP are ) ( VP ( VBN believed ) ( S ( ADJP-PRD ( VBN opposed ) ) ) ) ) ) ) ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unclear ) ) ( SBAR-3 ( WHADVP-4 ( RB just ) ( WRB how ) ( RB much ) ) ( S ( NP-SBJ-2 ( NP ( PRP$ their ) ( NN loyalty ) ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Smith ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN eroded ) ) ) ) ) ) ) )

But though most of the 1,087 Federal pilots are believed opposed it is unclear just how much their loyalty to Mr. Smith has been eroded


( S ( NP-SBJ ( DT The ) ( NN fight ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN turned ) ( ADJP-PRD ( JJ ugly ) ) ) ) ( CC and ) ( PRN ( PP-LOC ( IN among ) ( NP ( NNS pilots ) ) ) ( ADVP ( IN at ) ( JJS least ) ) ) ( VP ( VBZ has ) ( VP ( VBN shattered ) ( NP ( NP ( DT the ) ( FW esprit ) ( FW de ) ( FW corps ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( NNP Mr. ) ( NNP Smith ) ) ( VP ( VBD worked ) ( ADVP-MNR ( RB so ) ( RB hard ) ) ( S ( VP ( TO to ) ( VP ( VB build ) ) ) ) ) ) ) ) ) ) ) )

The fight has turned ugly and among pilots at least has shattered the esprit de corps that Mr. Smith worked so hard to build


( S ( NP-SBJ ( JJ Anti-union ) ( NNS pilots ) ) ( VP ( VBP have ) ( VP ( VBN held ) ( NP ( JJ ballot-burning ) ( NNS parties ) ) ) ) )

Anti-union pilots have held ballot-burning parties


( S ( NP-SBJ ( DT Some ) ( JJR younger ) ( NNS pilots ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN had ) ( S ( VP ( TO to ) ( VP ( VB endure ) ( NP ( NP ( JJ anti-union ) ( NNS harangues ) ) ( PP ( IN by ) ( NP ( JJ senior ) ( NNS pilots ) ) ) ) ( PP-TMP ( IN while ) ( S-NOM ( VP ( VBG flying ) ( PP ( IN across ) ( NP ( DT the ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some younger pilots say they have had to endure anti-union harangues by senior pilots while flying across the country


( S ( CC And ) ( PP-TMP ( IN for ) ( NP ( RB now ) ) ) ( ADVP ( IN at ) ( JJS least ) ) ( NP-SBJ ( DT the ) ( NN competition ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT the ) ( JJ only ) ( NN enemy ) ) ) )

And for now at least the competition is n't the only enemy


( S ( NP-SBJ ( NP ( NNP Barney ) ( NNP Barnhardt ) ) ( NP ( NP ( DT a ) ( NNP 727 ) ( NN captain ) ) ( CC and ) ( NP ( NP ( NN leader ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ pro-union ) ( NNS forces ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP he ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN received ) ( NP ( CD two ) ( JJ anonymous ) ( NN death ) ( NNS threats ) ) ) ) ( CC and ) ( VP ( VBN been ) ( VP ( VBN challenged ) ( PP-CLR ( TO to ) ( NP ( NP ( DT a ) ( NN fight ) ) ( PP ( IN with ) ( NP ( NN tire ) ( NNS irons ) ) ) ) ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( NN colleague ) ) ) ) ) ) ) ) ) )

Barney Barnhardt a 727 captain and leader of the pro-union forces said he has received two anonymous death threats and been challenged to a fight with tire irons by a colleague


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NNS pilots ) ) ( VP ( VBP are ) ( PP-PRD ( CC either ) ( PP ( IN for ) ( NP ( PRP us ) ) ) ( CC or ) ( PP ( ADVP ( RB extremely ) ) ( IN against ) ( NP ( PRP us ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ( PP-MNR ( IN with ) ( NP ( DT a ) ( NN sigh ) ) ) ) )

The pilots are either for us or extremely against us he says with a sigh


( S ( NP-SBJ ( NNP First ) ( NNP Executive ) ( NNP Corp. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NP ( QP ( RB about ) ( CD 96 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS rights ) ( S ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( PRP$ its ) ( JJ depositary ) ( NNS shares ) ( CC and ) ( NNS warrants ) ) ) ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN exercised ) ) ) ) ) ) ) )

First Executive Corp. said about 96 % of the rights to purchase its depositary shares and warrants have been exercised


( S ( S-TPC-3 ( PP-TPC-2 ( IN Of ) ( NP ( NP ( DT the ) ( QP ( CD 17.6 ) ( CD million ) ) ( NNS rights ) ( NNS units ) ) ( VP ( VBN issued ) ) ) ) ( NP-SBJ-1 ( NP ( QP ( RB just ) ( IN under ) ( CD 17 ) ( CD million ) ) ) ) ( VP ( VBD were ) ( VP ( VBN exercised ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NNP Oct. ) ( CD 10 ) ( NN expiration ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN offering ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN insurance ) ( NN holding ) ( NN company ) ) ( VP ( VBD said ) ) )

Of the 17.6 million rights units issued just under 17 million were exercised before the Oct. 10 expiration of the offering the insurance holding company said


( S ( NP-SBJ-1 ( VBG Remaining ) ( NNS units ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN sold ) ( PP-DTV ( TO to ) ( NP ( NP ( DT the ) ( NNS underwriters ) ) ( NP ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ( CC and ) ( NP ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co. ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB purchase ) ( NP ( NP ( DT an ) ( NN over-allotment ) ) ( PP ( IN of ) ( NP ( QP ( CD 2.3 ) ( CD million ) ) ( JJ additional ) ( NNS units ) ) ) ) ) ) ) ) ) ) ) ) ) )

Remaining units will be sold to the underwriters Drexel Burnham Lambert Inc. and Kidder Peabody & Co. which will also purchase an over-allotment of 2.3 million additional units


( S ( NP-SBJ ( NNP First ) ( NNP Executive ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN offering ) ) ( VP ( MD will ) ( VP ( VB raise ) ( NP ( NP ( QP ( RB about ) ( CD 299 ) ( CD million ) ) ) ( PRN ( PP ( CC minus ) ( NP ( NP ( NN underwriting ) ( NNS fees ) ) ( CC and ) ( NP ( JJ other ) ( NNS expenses ) ) ) ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( NP-SBJ-2 ( DT the ) ( NN company ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB use ) ( S-CLR ( VP ( TO to ) ( VP ( VB write ) ( NP ( JJ new ) ( NN life ) ( NN insurance ) ( CC and ) ( NN annuity ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

First Executive said the offering will raise about 299 million minus underwriting fees and other expenses that the company plans to use to write new life insurance and annuity business


( S ( PP ( IN In ) ( NP ( NN addition ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP have ) ( VP ( VBN viewed ) ( NP ( DT the ) ( NNS rights ) ( NN offering ) ) ( PP-CLR ( IN as ) ( NP ( NP ( DT a ) ( NN takeover ) ( NN defense ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB prospectively ) ) ( VP ( VBZ balloons ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS shares ) ) ( ADJP ( JJ outstanding ) ) ) ) ) ) ) ) ) ) ) ) )

In addition analysts have viewed the rights offering as a takeover defense that prospectively balloons the number of shares outstanding


( S ( NP-SBJ ( NP ( DT Each ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS units ) ) ) ) ( VP ( VBZ consists ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( CD two ) ( NNS warrants ) ) ( SBAR ( WHNP-1 ( NP ( DT each ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( MD could ) ( VP ( VB be ) ( VP ( VBN used ) ( S-CLR ( VP ( TO to ) ( VP ( VB purchase ) ( NP ( NP ( DT a ) ( NN half-share ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN stock ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( CD one ) ( JJ depositary ) ( NN preference ) ( NN share ) ) ) ) ) )

Each of the units consists of two warrants each of which could be used to purchase a half-share of common stock and one depositary preference share


( S ( NP-SBJ ( JJ Depositary ) ( NNS shares ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ convertible ) ( PP ( IN into ) ( NP ( JJ common ) ( NN stock ) ) ) ( PP ( IN on ) ( NP ( DT a ) ( JJ 1-to-1 ) ( NN basis ) ) ) ) ) )

Depositary shares are convertible into common stock on a 1-to-1 basis