( SINV ( S-TPC-2 ( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJ able ) ( S ( VP ( TO to ) ( VP ( VB articulate ) ( NP ( NP ( PRP it ) ) ( NP ( DT all ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD did ) ( NP ( PRP it ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Stephen ) ( NNP Gillers ) ) ( NP ( NP ( DT a ) ( JJ legal ) ( NNS ethics ) ( JJ expert ) ) ( PP-LOC ( IN at ) ( NP ( NNP New ) ( NNP York ) ( NNP University ) ( NN law ) ( NN school ) ) ) ) ) )

They may not have been able to articulate it all but they did it says Stephen Gillers a legal ethics expert at New York University law school


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP have ) ( NP-LOC ( RB here ) ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN intuition ) ) ( VP ( VBD made ) ( S ( ADJP-PRD ( JJ manifest ) ) ) ) ) ) )

What you have here is intuition made manifest


( S ( NP-SBJ ( JJ Many ) ( NNS lawyers ) ) ( VP ( VBP maintain ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT all ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ fair ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN adversary ) ( NN system ) ) ) ( ADVP-TMP ( RB as ) ( RB long ) ( SBAR ( IN as ) ( S ( NP-SBJ ( DT no ) ( CD one ) ) ( VP ( NNS tampers ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN evidence ) ) ) ) ) ) ) ) ) ) ) )

Many lawyers maintain that all 's fair in the adversary system as long as no one tampers with the evidence


( S ( NP-SBJ ( NNS Others ) ) ( VP ( VBP point ) ( PRT ( RP out ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS lawyers ) ) ( PP-LOC ( IN in ) ( NP ( JJ small ) ( NNS communities ) ) ) ) ( VP ( VBP have ) ( ADVP-TMP ( RB always ) ) ( VP ( VP ( VBN had ) ( NP ( NP ( DT a ) ( NN feel ) ) ( PP ( IN for ) ( NP ( JJ public ) ( NN sentiment ) ) ) ) ) ( CC and ) ( VP ( VBD used ) ( NP ( DT that ) ) ( PP-MNR ( TO to ) ( VP ( VB advantage ) ) ) ) ) ) ) ) ) )

Others point out that lawyers in small communities have always had a feel for public sentiment and used that to advantage


( S ( NP-SBJ ( NN Litigation ) ( NN consulting ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( NP ( DT a ) ( NN guarantee ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ favorable ) ( NN outcome ) ) ) ) ) )

Litigation consulting is n't a guarantee of a favorable outcome


( S ( NP-SBJ ( NNP Litigation ) ( NNPS Sciences ) ) ( VP ( VBZ concedes ) ( SBAR ( IN that ) ( S ( PP-LOC ( IN in ) ( NP ( QP ( CD one ) ( IN in ) ( CD 20 ) ) ( NNS cases ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( ADJP-PRD ( NN flatout ) ( JJ wrong ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NNS predictions ) ) ) ) ) ) ) ) )

Litigation Sciences concedes that in one in 20 cases it was flatout wrong in its predictions


( S ( NP-SBJ ( DT A ) ( JJ few ) ( NNS attorneys ) ) ( VP ( VBP offer ) ( NP ( NP ( NN horror ) ( NNS stories ) ) ( PP ( PP ( IN of ) ( NP ( NP ( NNS jobs ) ) ( VP ( VBN botched ) ( PP ( IN by ) ( NP-LGS ( NNS consultants ) ) ) ) ) ) ( CC or ) ( PP ( IN of ) ( NP ( VBN overpriced ) ( NNS services ) ) ) ) ( PP ( IN as ) ( SBAR ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( CD one ) ( NN lawyer ) ) ( VP ( VP ( VBD paid ) ( NP-1 ( NP ( DT a ) ( NN consultant ) ) ( PRN ( PP-LOC ( RB not ) ( IN at ) ( NP ( NNP Litigation ) ( NNPS Sciences ) ) ) ) ) ( NP ( CD 70,000 ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB interview ) ( NP ( DT a ) ( NN jury ) ) ( PP-TMP ( IN after ) ( NP ( DT a ) ( JJ big ) ( NN trial ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB later ) ) ( VBD read ) ( NP ( NP ( ADJP ( RBR more ) ( JJ informative ) ) ( NNS interviews ) ) ( PP ( IN with ) ( NP ( DT the ) ( JJ same ) ( NNS jurors ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP The ) ( NNP American ) ( NNP Lawyer ) ( NN magazine ) ) ) ) ) ) ) ) ) ) )

A few attorneys offer horror stories of jobs botched by consultants or of overpriced services as when one lawyer paid a consultant not at Litigation Sciences 70,000 to interview a jury after a big trial and later read more informative interviews with the same jurors in The American Lawyer magazine


( S ( NP-SBJ ( DT Some ) ( NNS litigators ) ) ( VP ( VBP scoff ) ( PP-CLR ( IN at ) ( NP ( DT the ) ( NN notion ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT a ) ( NN sociologist ) ) ( VP ( VBZ knows ) ( NP ( NP ( RBR more ) ) ( SBAR ( IN than ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ) ) ) ( PP ( IN about ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( VP ( VBZ makes ) ( S ( NP-SBJ ( DT a ) ( NN jury ) ) ( VP ( VB tick ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some litigators scoff at the notion that a sociologist knows more than they do about what makes a jury tick


( SINV ( S-TPC-3 ( NP-SBJ ( NP ( DT The ) ( NN essence ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG being ) ( NP-PRD ( DT a ) ( NN trial ) ( NN lawyer ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VBG understanding ) ( SBAR ( WHADVP-2 ( WRB how ) ) ( S ( NP-SBJ ( NP ( NNS people ) ) ( PP ( IN of ) ( NP ( JJ diverse ) ( NNS backgrounds ) ) ) ) ( VP ( VBP react ) ( PP-CLR ( TO to ) ( NP ( NP ( PRP you ) ) ( CC and ) ( NP ( PRP$ your ) ( NN presentation ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Barry ) ( NNP Ostrager ) ) ( PP ( IN of ) ( NP ( NNP Simpson ) ( NNP Thacher ) ( CC & ) ( NNP Bartlett ) ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( ADVP-TMP ( RB recently ) ) ( VP ( VBD won ) ( NP ( NP ( DT a ) ( JJ huge ) ( NN case ) ) ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( NNS insurers ) ) ) ) ) ( PP ( IN against ) ( NP ( NNP Shell ) ( NNP Oil ) ( NNP Co ) ) ) ) ) ) ) ) )

The essence of being a trial lawyer is understanding how people of diverse backgrounds react to you and your presentation says Barry Ostrager of Simpson Thacher & Bartlett who recently won a huge case on behalf of insurers against Shell Oil Co


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VP ( VBD used ) ( NP ( NNS consultants ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN case ) ) ) ) ( CC but ) ( VP ( VBD found ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB virtually ) ( JJ useless ) ) ) ) ) ) ) ) ) ) )

He says he used consultants in the case but found them to be virtually useless


( S ( CC But ) ( NP-SBJ ( JJS most ) ( NNS lawyers ) ) ( VP ( VBP accept ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN marketplace ) ) ( VP ( VBZ has ) ( VP ( VBN spoken ) ) ) ) ) ) )

But most lawyers accept that the marketplace has spoken


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( NN question ) ) ) ( VP ( VBZ remains ) ( SBAR-1 ( IN whether ) ( S ( NP-SBJ-2 ( DT the ) ( NN jury ) ( NN system ) ) ( VP ( MD can ) ( VP ( VB maintain ) ( NP ( PRP$ its ) ( NN integrity ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG undergoing ) ( NP ( PDT such ) ( DT a ) ( JJ skillful ) ( NN massage ) ) ) ) ) ) ) ) ) ) )

And the question remains whether the jury system can maintain its integrity while undergoing such a skillful massage


( S ( PP-TMP ( IN For ) ( NP ( QP ( RBR more ) ( IN than ) ( DT a ) ) ( NN decade ) ) ) ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Etzioni ) ) ( NP ( DT the ) ( NN sociologist ) ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( VBG leading ) ( NN critic ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS masseurs ) ) ) ) ) ) )

For more than a decade Mr. Etzioni the sociologist has been a leading critic of the masseurs


( S ( S-TPC-2 ( NP-SBJ ( EX There ) ) ( VP ( VBZ 's ) ( NP-PRD ( NP ( DT no ) ( NN reason ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS juries ) ) ( VP ( VBP rule ) ( ADVP-MNR ( RB inappropriately ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

There 's no reason to believe that juries rule inappropriately he says


( S ( CC But ) ( NP-SBJ ( NP ( DT the ) ( JJ last ) ( NN thing ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP you ) ) ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ( VP ( VBZ is ) ( S-PRD ( VP ( VB manipulate ) ( NP ( DT the ) ( NN subconscious ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB make ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB think ) ( ADVP-MNR ( RB better ) ) ) ) ) ) ) ) ) ) )

But the last thing you want to do is manipulate the subconscious to make them think better


( S ( SBAR-NOM-SBJ ( WHNP-1 ( WP What ) ) ( S ( NP-SBJ ( PRP you ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBP do ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( PRP them ) ) ( VP ( VB think ) ( ADVP-MNR ( RB inappropriately ) ) ) ) ) ) ) ) )

What you then do is you make them think inappropriately


( S ( S-PRP ( VP ( TO To ) ( VP ( VB hamper ) ( NP ( NP ( DT the ) ( NN work ) ) ( PP ( IN of ) ( NP ( NN litigation ) ( NNS scientists ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ suggests ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS courts ) ) ( VP ( ADVP-MNR ( RB sharply ) ) ( VB limit ) ( NP ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NNS jurors ) ) ) ) ( SBAR ( WHNP-2 ( IN that ) ) ( S ( NP-SBJ ( NNS lawyers ) ) ( VP ( MD can ) ( VP ( VB remove ) ( PP-CLR ( IN from ) ( NP ( DT the ) ( NN jury ) ( NN panel ) ) ) ( PP-MNR ( IN through ) ( NP ( NP ( JJ so-called ) ( JJ peremptory ) ( NNS challenges ) ) ( NP ( NP ( NNS exclusions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP do ) ( RB n't ) ( VP ( VB require ) ( NP ( NNS explanations ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

To hamper the work of litigation scientists he suggests that courts sharply limit the number of jurors that lawyers can remove from the jury panel through so-called peremptory challenges exclusions that do n't require explanations


( S ( PP-LOC ( IN In ) ( NP ( RBS most ) ( JJ civil ) ( NNS cases ) ) ) ( NP-SBJ ( NNS judges ) ) ( VP ( VBP allow ) ( NP ( DT each ) ( NN side ) ) ( NP ( CD three ) ( JJ such ) ( NNS challenges ) ) ) )

In most civil cases judges allow each side three such challenges


( S ( PP ( IN For ) ( NP ( JJ complex ) ( NNS cases ) ) ) ( NP-SBJ ( NNS judges ) ) ( ADVP-TMP ( RB sometimes ) ) ( VP ( VBP allow ) ( NP ( JJ many ) ( JJR more ) ) ) )

For complex cases judges sometimes allow many more


( S ( NP-SBJ ( NNP Mr. ) ( NNP Etzioni ) ) ( ADVP ( RB also ) ) ( VP ( VBZ suggests ) ( S ( VP ( VBG forbidding ) ( NP-1 ( NN anyone ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG gathering ) ( NP ( NP ( NN background ) ( NN information ) ) ( PP ( IN about ) ( NP ( DT the ) ( NNS jurors ) ) ) ) ) ) ) ) ) ) )

Mr. Etzioni also suggests forbidding anyone from gathering background information about the jurors


( S ( S ( NP-SBJ ( DT Some ) ( NNS courts ) ) ( VP ( VBP release ) ( NP ( NNS names ) ( CC and ) ( NNS addresses ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS researchers ) ) ( VP ( MD can ) ( VP ( VP ( VB drive ) ( PP-LOC ( IN by ) ( NP ( NNS houses ) ) ) ) ( VP ( VB look ) ( PRT ( RP up ) ) ( NP ( NN credit ) ( NNS ratings ) ) ) ( CC and ) ( VP ( ADVP ( RB even ) ) ( VB question ) ( NP ( NNS neighbors ) ) ) ) ) ) )

Some courts release names and addresses and researchers can drive by houses look up credit ratings and even question neighbors


( S-1 ( ADVP ( RB Furthermore ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) ) ) ( NP-SBJ-2 ( NNS psychologists ) ) ( VP ( MD should ) ( RB not ) ( VP ( VB be ) ( VP ( VBN allowed ) ( S ( VP ( TO to ) ( VP ( VB analyze ) ( NP ( NP ( NNS jurors ) ( POS ' ) ) ( NNS personalities ) ) ) ) ) ) ) ) )

Furthermore he says psychologists should not be allowed to analyze jurors ' personalities


( S ( NP-SBJ ( NP ( RB Even ) ( DT some ) ( NNS lawyers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN used ) ( NP ( NNS consultants ) ) ( PP-CLR ( TO to ) ( NP ( PRP$ their ) ( NN advantage ) ) ) ) ) ) ) ) ( VP ( VB see ) ( NP ( DT a ) ( NN need ) ( S ( VP ( TO to ) ( VP ( VB limit ) ( NP ( PRP$ their ) ( NN impact ) ) ) ) ) ) ) )

Even some lawyers who have used consultants to their advantage see a need to limit their impact


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Boies ) ) ( NP ( NP ( DT the ) ( JJ first ) ( NN lawyer ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB use ) ( NP ( NP ( NNP Mr. ) ( NNP Vinson ) ( POS 's ) ) ( NNS services ) ) ) ) ) ) ) ) ( VP ( VBZ cautions ) ( PP-CLR ( IN against ) ( S-NOM ( NP-SBJ ( NNS courts ) ( POS ' ) ) ( VP ( VP ( VBG allowing ) ( NP ( NP ( JJ extensive ) ( NN jury ) ( VBG questioning ) ) ( PRN ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( FW voir ) ( FW dire ) ) ) ) ) ) ) ( CC or ) ( VP ( VBG giving ) ( PRT ( RP out ) ) ( NP ( NP ( JJ personal ) ( NN information ) ) ( PP ( IN about ) ( NP ( DT the ) ( NNS jurors ) ) ) ) ) ) ) ) ) )

Mr. Boies the first lawyer to use Mr. Vinson 's services cautions against courts ' allowing extensive jury questioning known as voir dire or giving out personal information about the jurors


( S ( S-TPC-1 ( S ( X-ADV ( X ( DT The ) ( ADJP ( RBR more ) ( JJ extensive ) ) ) ( NP ( DT the ) ( FW voir ) ( FW dire ) ) ) ( X ( DT the ) ( JJR easier ) ) ( NP-SBJ ( PRP you ) ) ( VP ( VBP make ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( SBAR-2 ( IN for ) ( S ( NP-SBJ ( NP ( DT that ) ( NN kind ) ) ( PP ( IN of ) ( NP ( NN research ) ) ) ) ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( JJ effective ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB think ) ( SBAR ( S ( NP-SBJ ( NNS courts ) ) ( VP ( MD should ) ( VP ( VB lend ) ( NP ( PRP themselves ) ) ( PP-CLR ( TO to ) ( NP ( DT that ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Boies ) ) ( VP ( VBZ says ) ) )

The more extensive the voir dire the easier you make it for that kind of research to be effective and I do n't think courts should lend themselves to that Mr. Boies says


( S ( NP-SBJ-1 ( NN Copper ) ( NNS futures ) ) ( VP ( VBN sold ) ( PRT ( RP off ) ) ( ADVP-MNR ( RB sharply ) ) ( NP-TMP ( RB yesterday ) ) ( S-ADV ( VP ( VBN influenced ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( NNS declines ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ( CC and ) ( NN dollar ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN rally ) ) ( PP-LOC ( IN in ) ( NP ( NNS bonds ) ) ) ) ) ) ) ) ) )

Copper futures sold off sharply yesterday influenced by declines in the stock market and dollar and a rally in bonds


( S ( NP-SBJ-1 ( NNP December ) ( NN copper ) ) ( VP ( VP ( VBD opened ) ( PP-LOC ( IN near ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN close ) ) ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB rally ) ) ) ) ) ( CC but ) ( VP ( VBD failed ) ) ( CC and ) ( RB then ) ( VP ( VBD triggered ) ( NP ( NN stop-loss ) ( NNS orders ) ) ( PP-LOC ( IN on ) ( NP ( PRP$ its ) ( NN way ) ( IN down ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB settle ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 1.1510 ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( ADVP-CLR ( RB off ) ( NP ( CD 4.50 ) ( NNS cents ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ) ) )

December copper opened near Monday 's close tried to rally but failed and then triggered stop-loss orders on its way down to settle at 1.1510 a pound off 4.50 cents for the day


( S ( NP-SBJ-1 ( NN Stop-loss ) ( NNS orders ) ) ( VP ( VBP are ) ( VP ( VBN placed ) ( ADVP ( RB previously ) ) ( PP-CLR ( IN with ) ( NP ( NNS instructions ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB execute ) ( NP ( PRP them ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ hits ) ( NP ( DT a ) ( VBN predetermined ) ( NN price ) ) ) ) ) ) ) ) ) ) )

Stop-loss orders are placed previously with instructions to execute them if the market hits a predetermined price


( S ( NP-SBJ ( NP ( NNP William ) ( NNP Kaiser ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Kaiser ) ( NNP Financial ) ( NNP Group ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN decline ) ) ( VP ( VBD was ) ( ADVP ( RB almost ) ( RB certainly ) ) ( VP ( VBN influenced ) ( PP ( IN by ) ( NP-LGS ( NP ( DT the ) ( JJ early ) ( NN sell-off ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( ADVP ( RB partly ) ) ( VBD reflected ) ( NP ( DT a ) ( NN weakening ) ( NN economy ) ) ) ) ) ) ) ) ) ) ) ) )

William Kaiser president of the Kaiser Financial Group in Chicago said the decline was almost certainly influenced by the early sell-off in the stock market which partly reflected a weakening economy


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ recent ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NN copper ) ( NNS stocks ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( VBG misleading ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN face ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN slowdown ) ) ( PP-LOC ( IN in ) ( NP ( NN manufacturing ) ) ) ) ) ) ) ) ) ) ) )

He said the recent decline in copper stocks was misleading in the face of a slowdown in manufacturing


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kaiser ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNS traders ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN picked ) ( PRT ( RP up ) ) ( NP ( NP ( NNS signals ) ) ( PP ( IN of ) ( NP ( DT an ) ( JJ imminent ) ( NN price ) ( NN decline ) ) ) ) ( SBAR-ADV ( SINV ( VBD had ) ( NP-SBJ ( PRP they ) ) ( VP ( VBN been ) ( VP ( VBG watching ) ( NP ( NP ( DT the ) ( NN scrap ) ( NN metal ) ( NNS markets ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD became ) ( ADJP-PRD ( RB noticeably ) ( JJR weaker ) ) ( ADVP-TMP ( NP ( QP ( CD two ) ( TO to ) ( CD three ) ) ( NNS weeks ) ) ( IN ago ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Kaiser said traders could have picked up signals of an imminent price decline had they been watching the scrap metal markets which became noticeably weaker two to three weeks ago


( S ( CC But ) ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( DT a ) ( VBG weakening ) ( NN economy ) ) ( VP ( VBZ implies ) ( NP ( VBN reduced ) ( NN demand ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kaiser ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( JJ Third ) ( NNP World ) ( JJ copper-producing ) ( NNS countries ) ) ( VP ( VBP have ) ( RB n't ) ( NP ( NP ( DT any ) ( NN choice ) ) ( FRAG ( CC but ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( NN copper ) ) ) ) ) ) ) ) ) ) ) )

But though a weakening economy implies reduced demand Mr. Kaiser said that Third World copper-producing countries have n't any choice but to sell copper


( S-1 ( NP-SBJ ( PRP They ) ) ( VP ( MD might ) ( ADVP ( RB even ) ) ( VP ( VB step ) ( PRT ( RP up ) ) ( NP ( NP ( NNS sales ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( VBG falling ) ( NN market ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( PP ( IN in ) ( NP ( DT an ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( NP ( DT the ) ( NN flow ) ) ( PP ( IN of ) ( NP ( JJ foreign ) ( NN exchange ) ) ) ( PP-DIR ( IN into ) ( NP ( PRP$ their ) ( NNS treasuries ) ) ) ) ) ) ) ) ) ) ) )

They might even step up sales in a falling market he said in an effort to maintain the flow of foreign exchange into their treasuries


( S ( NP-ADV ( NNP Technically ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Kaiser ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ-2 ( NP ( DT a ) ( NN lot ) ) ( PP ( IN of ) ( NP ( NNS traders ) ) ) ) ( VP ( VBD had ) ( VP ( VBN bought ) ( PP-CLR ( IN into ) ( NP ( DT the ) ( NN market ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN price ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NP ( QP ( CD 1.24 ) ( TO to ) ( CD 1.26 ) ) ) ( NN range ) ) ) ) ) ) ( S-ADV ( VP ( VBG thinking ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NN support ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( ADJP ( CD 1.20 ) ) ( NN level ) ) ) ) ) ) ) ) ) ) ) ) ) )

Technically Mr. Kaiser noted that a lot of traders had bought into the market when the price was in the 1.24 to 1.26 range thinking there was support at the 1.20 level


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VP ( VBD fell ) ( PP-DIR ( IN below ) ( NP ( DT that ) ( NN level ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( MD could ) ( RB n't ) ( VP ( VB climb ) ( PP-DIR ( IN above ) ( NP ( DT that ) ( NN level ) ) ) ) ) ) ) ) ) ( NP-SBJ-2 ( NNS traders ) ) ( VP ( VBD started ) ( S ( VP ( VBG selling ) ( PRT ( RP out ) ) ( NP ( PRP$ their ) ( NNS positions ) ) ) ) ) )

When the market fell below that level on Monday and then yesterday could n't climb above that level traders started selling out their positions


( S ( NP-SBJ ( NP ( NNP Betty ) ( NNP Raptopoulos ) ) ( NP ( NP ( JJ senior ) ( NNS metals ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Prudential-Bache ) ( NNPS Securities ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( VP ( VBD agreed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN selling ) ) ) ) ( VP ( VBD was ) ( PP-PRD ( IN of ) ( NP ( DT a ) ( JJ technical ) ( NN nature ) ) ) ) ) ) ) )

Betty Raptopoulos senior metals analyst at Prudential-Bache Securities in New York agreed that most of the selling was of a technical nature


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBD hit ) ( NP ( NP ( DT the ) ( ADJP ( CD 1.18 ) ) ( NN level ) ) ) ( PP-TMP ( IN at ) ( NP ( IN around ) ( CD 10 ) ( NN a.m. ) ( NNP EDT ) ) ) ( SBAR-1 ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD encountered ) ( NP ( NP ( DT a ) ( JJ large ) ( NN number ) ) ( PP ( IN of ) ( NP ( NN stop-loss ) ( NNS orders ) ) ) ) ) ) ) ) ) ) ) )

She said the market hit the 1.18 level at around 10 a.m. EDT where it encountered a large number of stop-loss orders


( S ( NP-SBJ-1 ( JJR More ) ( NN stop-loss ) ( NNS orders ) ) ( VP ( VBD were ) ( VP ( VBN touched ) ( PRT ( RP off ) ) ( PP ( NP-EXT ( PDT all ) ( DT the ) ( NN way ) ) ( IN down ) ( PP ( TO to ) ( PP ( IN below ) ( NP ( NP ( CD 1.14 ) ) ( SBAR ( WHADVP-3 ( WRB where ) ) ( S ( NP-SBJ-2 ( JJ modest ) ( NN buying ) ) ( VP ( VBD was ) ( VP ( VBN attracted ) ) ) ) ) ) ) ) ) ) ) )

More stop-loss orders were touched off all the way down to below 1.14 where modest buying was attracted


( S ( NP-SBJ ( NNP Ms. ) ( NNP Raptopoulos ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN settling ) ) ( PP ( IN of ) ( NP ( NNS strikes ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Canada ) ( CC and ) ( NNP Mexico ) ) ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( JJ little ) ( NN effect ) ) ( PP ( IN on ) ( NP ( NP ( NNS supplies ) ) ( PP ( IN of ) ( NP ( NN copper ) ) ) ) ) ) ( PP-TMP ( IN until ) ( ADVP ( JJ early ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) )

Ms. Raptopoulos said the settling of strikes in Canada and Mexico will have little effect on supplies of copper until early next year


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ next ) ( NN area ) ) ( PP ( IN of ) ( NP ( NP ( NN support ) ) ( PP ( IN for ) ( NP ( NN copper ) ) ) ) ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( DT the ) ( NP ( QP ( CD 1.09 ) ( TO to ) ( CD 1.10 ) ) ) ( NN range ) ) ) ) ) ) ) )

She thinks the next area of support for copper is in the 1.09 to 1.10 range


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( RB as ) ( RB soon ) ( IN as ) ( S ( NP-SBJ ( DT the ) ( NN selling ) ) ( VP ( VBZ abates ) ( ADVP ( RB somewhat ) ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD could ) ( VP ( VB see ) ( NP ( NP ( DT a ) ( NN rally ) ) ( ADVP ( RB back ) ( PP ( TO to ) ( NP ( DT the ) ( ADJP ( CD 1.20 ) ) ( NN region ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD added ) ) )

I believe that as soon as the selling abates somewhat we could see a rally back to the 1.20 region she added


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBZ thinks ) ( SBAR ( S ( NP-SBJ ( NP ( DT a ) ( NN recovery ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN stock ) ( NN market ) ) ) ) ( VP ( MD would ) ( VP ( VB help ) ( S ( NP-SBJ ( NN copper ) ) ( VP ( VB rebound ) ) ) ( ADVP ( RB as ) ( RB well ) ) ) ) ) ) ) )

She thinks a recovery in the stock market would help copper rebound as well


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ preliminary ) ( NN estimate ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ third-quarter ) ( JJ gross ) ( JJ national ) ( NN product ) ) ) ) ( VP ( VP ( VBZ is ) ( ADJP-PRD ( JJ due ) ( PP ( IN out ) ) ) ( NP-TMP ( NN tomorrow ) ) ) ( CC and ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADVP-PRD ( IN up ) ( NP ( QP ( IN about ) ( CD 2.5 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( CD 3 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) )

She noted that the preliminary estimate of the third-quarter gross national product is due out tomorrow and is expected to be up about 2.5 % to 3 %


( S ( S-TPC-1 ( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT the ) ( NN number ) ) ( VP ( VBZ is ) ( ADJP-PRD ( NP ( DT a ) ( RB little ) ) ( JJR better ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( NN copper ) ) ( VP ( MD will ) ( VP ( VB respond ) ( ADVP-MNR ( RB positively ) ) ) ) ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJR worse ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( JJR more ) ( NN selling ) ) ( VP ( MD could ) ( VP ( VB ensue ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD predicted ) ) )

If the number is a little better then copper will respond positively if it is worse then more selling could ensue she predicted


( S ( NP-SBJ ( NNP Ms. ) ( NNP Raptopoulos ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( S-NOM-SBJ ( VP ( VBG relating ) ( NP ( JJ economic ) ( NNS numbers ) ) ( PP-CLR ( TO to ) ( NP ( JJ specific ) ( NN market ) ( NN activity ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ tricky ) ) ) ) ) ) )

Ms. Raptopoulos noted that relating economic numbers to specific market activity is tricky


( S ( S-TPC-1 ( NP-TMP ( NN Yesterday ) ) ( PP ( IN for ) ( NP ( NN example ) ) ) ( S ( NP-SBJ ( DT the ) ( JJ durable ) ( NNS goods ) ( NNS numbers ) ) ( VP ( VBD came ) ( PRT ( RP out ) ) ( PP-TMP ( IN for ) ( NP ( NNP September ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN number ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN down ) ( NP ( QP ( RB only ) ( CD 0.1 ) ) ( NN % ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

Yesterday for example the durable goods numbers came out for September and the number was down only 0.1 % she said


( S ( ADVP ( RB However ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP exclude ) ( NP ( JJ defense-related ) ( NNS orders ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( JJ durable ) ( NNS goods ) ) ( VP ( VBD were ) ( ADVP-PRD ( IN down ) ( NP ( CD 3.9 ) ( NN % ) ) ) ) )

However if you exclude defense-related orders then durable goods were down 3.9 %


( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP believe ) ( SBAR ( S ( NP-SBJ ( DT that ) ( NN number ) ) ( VP ( VBZ reflects ) ( NP ( DT a ) ( VBG slowing ) ( NN economy ) ) ) ) ) ) )

I believe that number reflects a slowing economy


( S ( NP-SBJ ( PRP She ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN copper ) ( NNS traders ) ) ( VP ( MD will ) ( ADVP ( RB also ) ) ( VP ( VB be ) ( VP ( VBG looking ) ( PP-CLR ( IN toward ) ( NP ( NP ( DT the ) ( NN release ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN index ) ) ( PP ( IN of ) ( NP ( VBG leading ) ( JJ economic ) ( NNS indicators ) ) ) ) ) ( NP-TMP ( IN next ) ( NNP Tuesday ) ) ) ) ) ) ) ) ) ) )

She said copper traders will also be looking toward the release of the index of leading economic indicators next Tuesday


( S ( ADVP ( RB However ) ) ( NP-SBJ ( NP ( NNP David ) ( NNP Threlkeld ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( NP ( NNP Threlkeld ) ( CC & ) ( NNP Co. ) ) ( NP ( DT an ) ( JJ international ) ( NNS metals ) ( NN company ) ) ) ) ) ) ( VP ( VBD noted ) ( SBAR ( SBAR ( IN that ) ( S ( NP-TMP ( ADVP ( RB so ) ( RB far ) ) ( DT this ) ( NN year ) ) ( NP-SBJ ( NN copper ) ( NN consumption ) ) ( VP ( VBZ is ) ( ADVP-PRD ( RB way ) ( RB ahead ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ same ) ( NN period ) ) ( PP ( IN of ) ( NP ( CD 1988 ) ) ) ) ) ) ) ) ) ( CC and ) ( SBAR ( IN that ) ( S ( NP-SBJ ( VBN projected ) ( NN production ) ) ( VP ( VBZ is ) ( PP-PRD ( IN below ) ( NP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) )

However David Threlkeld president of Threlkeld & Co. an international metals company noted that so far this year copper consumption is way ahead of the same period of 1988 and that projected production is below last year


( S ( NP-SBJ ( NNP Mr. ) ( NNP Threlkeld ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN copper ) ( NN market ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG anticipating ) ( NP ( NP ( DT a ) ( NN recession ) ) ( PP-TMP ( IN in ) ( NP ( CD three ) ( NNS months ) ) ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( VBG declining ) ( NN use ) ) ( VP ( VBG being ) ( NP-PRD ( DT the ) ( NN result ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Threlkeld said the copper market seems to be anticipating a recession in three months with declining use being the result


( S-1 ( CC But ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD added ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( VP ( VBN had ) ( NP ( DT that ) ( ADJP ( JJ exact ) ( JJ same ) ) ( NN perception ) ) ( NP-TMP ( CD six ) ( NNS times ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ last ) ( CD six ) ( NNS years ) ) ) ) ) )

But he added we have had that exact same perception six times in the last six years


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( ADVP-TMP ( RB currently ) ) ( NP-SBJ ( NP ( DT the ) ( NN ratio ) ) ( PP ( IN of ) ( NP ( JJ available ) ( NN copper ) ) ) ( PP ( TO to ) ( NP ( NN consumption ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( IN about ) ( CD 3.5 ) ( NNS weeks ) ) ) ) ) ) )

He noted that currently the ratio of available copper to consumption is about 3.5 weeks


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ normal ) ( NN ratio ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( CD five ) ( TO to ) ( CD six ) ) ( NNS weeks ) ) ) ) ) ) )

He said the normal ratio is five to six weeks


( S ( PP ( VBG According ) ( PP ( TO to ) ( NP ( NNP Mr. ) ( NNP Threlkeld ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN bottleneck ) ) ( PP-LOC ( IN in ) ( NP ( NN copper ) ( NN production ) ) ) ) ( VP ( VBZ is ) ( RB n't ) ( PP-LOC-PRD ( PP ( IN at ) ( NP ( DT the ) ( NNS mines ) ) ) ( CC but ) ( PP ( IN at ) ( NP ( DT the ) ( NN copper ) ( NNS refineries ) ) ) ) ) )

According to Mr. Threlkeld the bottleneck in copper production is n't at the mines but at the copper refineries


( S ( S-TPC-2 ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ takes ) ( NP-TMP ( CD three ) ( NNS months ) ) ( S-1 ( VP ( TO to ) ( VP ( VB turn ) ( NP-PRD ( NN copper ) ( NN concentrate ) ) ( PP-CLR ( IN into ) ( NP ( NNS cathodes ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

It takes three months to turn copper concentrate into cathodes he said


( S-1 ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( RB n't ) ( NP-PRD ( DT a ) ( NN recession ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN copper ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( NNP March ) ) ) ) ) ) ) )

If there is n't a recession he said we will be out of copper by the end of March


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( NN recession ) ) ) ) ) ) ( NP-SBJ ( WDT that ) ) ( VP ( MD will ) ( VP ( VB change ) ( NP ( DT the ) ( JJ statistical ) ( NN situation ) ) ) ) )

If there is a recession that will change the statistical situation


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ thinks ) ( SBAR ( IN that ) ( S ( PP ( IN without ) ( NP ( DT a ) ( NN recession ) ) ) ( NP-SBJ ( NN copper ) ( NNS prices ) ) ( VP ( MD could ) ( VP ( VB exceed ) ( NP ( NP ( DT a ) ( JJ high ) ) ( PP ( IN of ) ( NP ( NP ( CD 1.65 ) ) ( NP-ADV ( DT a ) ( NN pound ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN reached ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

He thinks that without a recession copper prices could exceed a high of 1.65 a pound which was reached last year


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN past ) ) ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Threlkeld ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN known ) ( S ( VP ( TO to ) ( VP ( VB have ) ( NP ( NP ( JJ substantial ) ( JJ long ) ( NNS positions ) ) ( PRN ( S ( ADVP ( NN that ) ( VBZ is ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD had ) ( VP ( VBN bought ) ( NP ( NN copper ) ( NNS futures ) ) ( PP ( IN in ) ( NP ( NP ( NN anticipation ) ) ( PP ( IN of ) ( NP ( VBG rising ) ( NNS prices ) ) ) ) ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN copper ) ( NNS futures ) ( NN market ) ) ) ) ) ) ) ) ) ) )

In the past Mr. Threlkeld has been known to have substantial long positions that is he had bought copper futures in anticipation of rising prices in the copper futures market


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

In other commodity markets yesterday


( FRAG ( NP ( NN ENERGY ) ) ( S ( NP-SBJ ( DT The ) ( NN attitude ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ wait-and-see ) ) ( PP-LOC ( IN in ) ( NP ( JJ crude ) ( NN oil ) ( NNS futures ) ) ) ( NP-TMP ( NN yesterday ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN trading ) ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP New ) ( NNP York ) ( NNP Mercantile ) ( NNP Exchange ) ) ) ) ) ) ) )

ENERGY The attitude was wait-and-see in crude oil futures yesterday in trading on the New York Mercantile Exchange


( S ( NP-SBJ ( NP ( NNS Prices ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN benchmark ) ) ( NP ( NNP West ) ( NNP Texas ) ( NNP Intermediate ) ( JJ crude ) ) ) ) ) ( VP ( VBD remained ) ( VP ( VBN locked ) ( PP-CLR ( IN in ) ( NP ( DT a ) ( ADJP ( RB fairly ) ( JJ narrow ) ) ( NN range ) ) ) ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG ending ) ( NP ( DT the ) ( NN session ) ) ( ADVP-EXT ( NP ( CD four ) ( NNS cents ) ) ( JJR lower ) ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 19.72 ) ) ( NP-ADV ( DT a ) ( NN barrel ) ) ( PP ( IN for ) ( NP ( NNP December ) ( NN delivery ) ) ) ) ) ) ) ) )

Prices for the U.S. benchmark West Texas Intermediate crude remained locked in a fairly narrow range before ending the session four cents lower at 19.72 a barrel for December delivery


( S ( NP-SBJ ( JJ Several ) ( NNS analysts ) ( CC and ) ( NNS brokers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN petroleum ) ( NN market ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB rally ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD two ) ( NNS days ) ) ( PP ( IN of ) ( NP ( NP ( NN price ) ( NNS declines ) ) ( PP ( IN from ) ( NP ( NN profit-taking ) ) ) ) ) ) ) ) ) ) ) )

Several analysts and brokers said the petroleum market was ready to rally after two days of price declines from profit-taking


( S ( CC But ) ( NP-SBJ ( NP ( DT an ) ( JJ early ) ( JJ 80-point ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ( VP ( VBD stopped ) ( NP-1 ( DT the ) ( JJ crude ) ( NN rally ) ) ( S-ADV ( ADVP-PRD ( NN cold ) ) ) ) )

But an early 80-point drop in the Dow Jones Industrial Average stopped the crude rally cold


( S ( S ( NP-SBJ-1 ( DT The ) ( JJ industrial ) ( NN average ) ) ( VP ( VBD recovered ) ( S-ADV ( VP ( TO to ) ( VP ( VB close ) ( ADVP-CLR ( NP ( RB only ) ( CD 3.69 ) ( NNS points ) ) ( JJR lower ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NN petroleum ) ( NNS futures ) ) ( ADVP-TMP ( RB never ) ) ( VP ( VBD shook ) ( PRT ( RP off ) ) ( NP ( DT the ) ( NN chill ) ) ) ) )

The industrial average recovered to close only 3.69 points lower but petroleum futures never shook off the chill


( S ( NP-SBJ ( JJS Most ) ( NN market ) ( NNS participants ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBG looking ) ( PP-CLR ( TO to ) ( NP-1 ( NP ( NP ( DT this ) ( NN week ) ( POS 's ) ) ( NN inventory ) ( NNS statistics ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP American ) ( NNP Petroleum ) ( NNP Institute ) ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NN market ) ) ( NP ( DT some ) ( NN direction ) ) ) ) ) ) ) ) ) ) )

Most market participants said they were looking to this week 's inventory statistics from the American Petroleum Institute to give the market some direction


( S ( NP-SBJ ( DT The ) ( NN report ) ) ( VP ( VBZ is ) ( RB n't ) ( ADJP-PRD ( RB generally ) ( JJ available ) ) ( PP-TMP ( IN until ) ( ADJP ( JJ late ) ( PP ( IN on ) ( NP ( NNPS Tuesdays ) ) ) ) ) ) )

The report is n't generally available until late on Tuesdays


( FRAG ( NP ( JJ PRECIOUS ) ( NNS METALS ) ) ( S ( NP-SBJ ( NNS Futures ) ( NNS prices ) ) ( VP ( VBD inched ) ( ADVP ( RB upward ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( RB mostly ) ( JJ lackluster ) ) ( NN trading ) ) ) ) ) )

PRECIOUS METALS Futures prices inched upward in mostly lackluster trading


( S ( S ( NP-SBJ ( NNP December ) ( NN gold ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN up ) ( NP ( NP ( CD 3.20 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ( PP-LOC ( IN at ) ( NP ( CD 373.40 ) ) ) ) ) ( S ( NP-SBJ ( NNP December ) ( NN silver ) ) ( VP ( VBD gained ) ( NP ( CD 5.7 ) ( NNS cents ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 5.1950 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ) )

December gold was up 3.20 an ounce at 373.40 December silver gained 5.7 cents to 5.1950 an ounce


( S ( NP-SBJ ( NNP January ) ( NN platinum ) ) ( VP ( VBD rose ) ( NP-EXT ( NP ( CD 2.30 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 488.60 ) ) ) ) )

January platinum rose 2.30 an ounce to 488.60


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kaiser ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( DT no ) ( JJ fundamental ) ( NNS factors ) ) ( VP ( VBG moving ) ( NP ( DT these ) ( NNS markets ) ) ) ) ) ) ) ) )

Mr. Kaiser said there were no fundamental factors moving these markets


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( ADVP-TMP ( NP ( CD two ) ( NNS weeks ) ) ( IN ago ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS rumors ) ) ( PP ( IN of ) ( NP ( NP ( JJ Soviet ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( JJ precious ) ( NNS metals ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB finance ) ( NP ( NN grain ) ( NNS purchases ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT the ) ( NNS sales ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB seem ) ( S ( VP ( TO to ) ( VP ( VB have ) ( VP ( VBN materialized ) ) ) ) ) ) ) ) )

He noted that two weeks ago there were rumors of Soviet sales of precious metals to finance grain purchases but the sales do n't seem to have materialized


( S ( NP-SBJ ( NNP Ms. ) ( NNP Raptopoulos ) ) ( VP ( VBD thought ) ( SBAR ( S ( NP-SBJ ( NP ( NN yesterday ) ( POS 's ) ) ( NN price ) ( NN action ) ) ( VP ( VBD reflected ) ( NP ( NP ( NN weakness ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN stock ) ( NN market ) ) ( CC and ) ( NP ( DT the ) ( NN dollar ) ) ) ) ) ) ) ) ) )

Ms. Raptopoulos thought yesterday 's price action reflected weakness in the stock market and the dollar


( S ( S-TPC-2 ( NP-SBJ ( NN Gold ) ) ( ADVP ( RB still ) ) ( VP ( VBZ acts ) ( PP-CLR ( IN as ) ( NP ( DT a ) ( NN haven ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NN uncertainty ) ) ( VP ( VBZ prevails ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ financial ) ( NNS markets ) ) ) ( SBAR-ADV ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( VP ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP she ) ) ( VP ( VBD said ) ) )

Gold still acts as a haven when uncertainty prevails in the financial markets as it did yesterday she said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Kaiser ) ) ( VP ( VBD noted ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN gold ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 71 ) ( NNS times ) ) ( DT the ) ( NN price ) ) ( PP ( IN of ) ( NP ( NN silver ) ) ) ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ close ) ) ) ( NP-TMP ( NN yesterday ) ) ( SBAR-1 ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( RB historically ) ( JJ high ) ) ) ) ) ) ) ) ) )

Mr. Kaiser noted that gold was more than 71 times the price of silver at the close yesterday which is historically high


( S ( S-TPC-1 ( S ( NP-SBJ ( DT The ) ( JJ high ) ( NN ratio ) ) ( VP ( VBZ reflects ) ( NP ( DT the ) ( NN fact ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NN silver ) ) ( VP ( VBZ is ) ( ADVP ( RB still ) ) ( VP ( VBN regarded ) ( PP-CLR ( IN as ) ( NP ( IN about ) ( DT a ) ( JJ half-industrial ) ( NN metal ) ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( PRP$ its ) ( NN price ) ( NN lagging ) ) ( ADJP ( JJ relative ) ( PP ( TO to ) ( NP ( NN gold ) ) ) ) ) ( VP ( VBZ says ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( VBP are ) ( VP ( VBG expecting ) ( NP ( DT a ) ( NN weakening ) ( NN economy ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

The high ratio reflects the fact that silver is still regarded as about a half-industrial metal and its price lagging relative to gold says that traders are expecting a weakening economy he said


( FRAG ( NP ( NNS GRAINS ) ( CC AND ) ( NNS SOYBEANS ) ) ( S ( NP-SBJ ( NNS Prices ) ) ( VP ( VBD closed ) ( ADVP-CLR ( JJR lower ) ) ( PP-TMP ( IN after ) ( NP ( NP ( VBG trading ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( RB relatively ) ( JJ narrow ) ) ( NNS ranges ) ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NP ( JJ strong ) ( NN selling ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN cash ) ( NN market ) ) ) ) ( CC and ) ( NP ( VBN continued ) ( JJ favorable ) ( NN harvest ) ( NN weather ) ) ) ) ) ) )

GRAINS AND SOYBEANS Prices closed lower after trading in relatively narrow ranges because of strong selling in the cash market and continued favorable harvest weather


( SINV ( S-TPC-4 ( S ( NP-SBJ-1 ( NP ( DT The ) ( NN sale ) ) ( PP ( TO to ) ( NP ( DT the ) ( JJ Chinese ) ( NN government ) ) ) ( PP ( IN of ) ( NP ( NP ( CD 330,000 ) ( JJ metric ) ( NNS tons ) ) ( PP ( IN of ) ( NP ( NN wheat ) ) ) ) ) ( PP ( IN under ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN export ) ( NN enhancement ) ( NN program ) ) ) ) ( VP ( VBD was ) ( VP ( VBN announced ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN close ) ) ( PP ( IN of ) ( NP ( NN trading ) ) ) ( NP-TMP ( NNP Monday ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-2 ( DT the ) ( NN sale ) ) ( VP ( VP ( VBD was ) ( VP ( VBN expected ) ) ) ( CC and ) ( VP ( VBN failed ) ) ( S-3 ( VP ( TO to ) ( VP ( VB buoy ) ( NP ( NNS prices ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Dale ) ( NNP Gustafson ) ) ( NP ( NP ( DT a ) ( NNS futures ) ( NN analyst ) ) ( PP ( IN with ) ( NP ( NP ( NNP Drexel ) ( NNP Burnham ) ( NNP Lambert ) ( NNP Inc. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Chicago ) ) ) ) ) ) ) )

The sale to the Chinese government of 330,000 metric tons of wheat under the government 's export enhancement program was announced after the close of trading Monday but the sale was expected and failed to buoy prices yesterday said Dale Gustafson a futures analyst with Drexel Burnham Lambert Inc. in Chicago


( S ( S-TPC-2 ( PP ( IN As ) ( PP ( IN for ) ( NP ( JJ other ) ( NN export ) ( NNS customers ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ( VP ( VBZ is ) ( RB n't ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADVP-PRD ( RB back ) ( VP ( VBG buying ) ( NP ( NNP U.S. ) ( NN corn ) ) ( PP-MNR ( IN in ) ( NP ( JJ significant ) ( NNS amounts ) ) ) ) ) ) ) ) ( PP-TMP ( IN until ) ( NP ( JJ early ) ( JJ next ) ( NN year ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

As for other export customers the Soviet Union is n't expected to be back buying U.S. corn in significant amounts until early next year he said


( S ( NP-SBJ ( NP ( DT A ) ( NN number ) ) ( PP ( IN of ) ( NP ( JJ commercial ) ( NN grain ) ( NNS users ) ) ) ) ( VP ( VBN buttressed ) ( NP ( DT that ) ( NN opinion ) ) ( NP-TMP ( NN yesterday ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG buying ) ( NP ( NP ( JJ certain ) ( NN corn ) ( NNS options ) ) ( PP ( IN for ) ( NP ( NP ( NN delivery ) ) ( PP-TMP ( IN in ) ( NP ( NNP March ) ) ) ) ) ) ) ) ) ( S-ADV ( VP ( VBG indicating ) ( PP-CLR ( TO to ) ( NP ( NNS analysts ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( DT the ) ( JJ commercial ) ( NNS companies ) ) ( VP ( MD would ) ( VP ( VB use ) ( NP ( DT the ) ( NNS options ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB hedge ) ( PP ( IN against ) ( NP ( VBN expected ) ( NN corn ) ( NNS sales ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ next ) ( NN year ) ( POS 's ) ) ( JJ first ) ( NN quarter ) ) ) ) ) ) ) ) ) ) ) ) ) )

A number of commercial grain users buttressed that opinion yesterday by buying certain corn options for delivery in March indicating to analysts that the commercial companies would use the options to hedge against expected corn sales in next year 's first quarter


( FRAG ( NP ( NN COCOA ) ) ( S ( NP-SBJ ( NNS Futures ) ) ( ADVP-TMP ( IN at ) ( JJ first ) ) ( VP ( VP ( VBD continued ) ( NP ( NP ( DT the ) ( NN rally ) ) ( VP ( VBN begun ) ( PP-TMP ( IN on ) ( NP ( NNP Monday ) ) ) ) ) ) ( CC but ) ( VP ( ADVP-TMP ( RB then ) ) ( VP ( VBD faltered ) ) ( CC and ) ( VP ( VBD closed ) ( ADJP-CLR ( JJR lower ) ) ) ) ) ) )

COCOA Futures at first continued the rally begun on Monday but then faltered and closed lower


( S ( NP-SBJ ( DT The ) ( NNP December ) ( NN contract ) ) ( VP ( VP ( VBD opened ) ( PP-LOC ( ADVP ( RB just ) ) ( IN under ) ( NP ( NP ( NNP Monday ) ( POS 's ) ) ( NN close ) ) ) ) ( VP ( VBD triggered ) ( NP ( NP ( DT some ) ( ADJP ( RB previously ) ( VBN placed ) ) ( NN buy ) ( NNS orders ) ) ( PP-LOC ( ADVP ( RB just ) ) ( IN above ) ( NP ( NP ( CD 1,030 ) ) ( NP-ADV ( DT a ) ( NN metric ) ( NN ton ) ) ) ) ) ( S-ADV ( VP ( VBG pushing ) ( NP ( DT the ) ( NN price ) ) ( PP ( TO to ) ( NP ( CD 1,040 ) ) ) ) ) ) ( CC and ) ( RB then ) ( VP ( VBN encountered ) ( NP ( NP ( JJ heavy ) ( NN selling ) ) ( PP ( PP ( IN by ) ( NP ( NP ( NNS traders ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP buy ) ( CC and ) ( VBP sell ) ( PP ( IN for ) ( NP ( PRP$ their ) ( JJ own ) ( NNS accounts ) ) ) ) ) ) ) ) ( CC and ) ( PP ( IN by ) ( NP ( JJ commercial ) ( NNS interests ) ) ) ) ) ) ) )

The December contract opened just under Monday 's close triggered some previously placed buy orders just above 1,030 a metric ton pushing the price to 1,040 and then encountered heavy selling by traders who buy and sell for their own accounts and by commercial interests


( S ( NP-SBJ ( DT The ) ( NN contract ) ) ( VP ( VBN settled ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( CD 1,014 ) ) ( NP-ADV ( DT a ) ( NN ton ) ) ) ) ( ADVP-CLR ( RB off ) ( NP ( CD 13 ) ) ) ) )

The contract settled at 1,014 a ton off 13


( S ( NP-SBJ ( NP ( NNP Robert ) ( NNP Hafer ) ) ( NP ( NP ( JJ senior ) ( NNS commodities ) ( NN analyst ) ) ( PP-LOC ( IN at ) ( NP ( NNP Kaiser ) ( NNP Financial ) ( NNP Group ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( NNP Monday ) ( POS 's ) ) ( NN rally ) ) ( VP ( VBD continued ) ( NP-TMP ( NN yesterday ) ) ( PP-TMP ( IN for ) ( NP ( NP ( RB only ) ( QP ( IN about ) ( CD 20 ) ) ( NNS minutes ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN opening ) ) ) ) ) ) ) ) ) )

Robert Hafer senior commodities analyst at Kaiser Financial Group said Monday 's rally continued yesterday for only about 20 minutes after the opening


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( SBAR ( RB even ) ( IN though ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBD was ) ( NP-PRD ( NN arbitrage ) ( NN buying ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( DT the ) ( JJ weak ) ( NN dollar ) ) ) ) ) ) ( NP-SBJ ( NN cocoa ) ) ( VP ( VBD fell ) ( PP-CLR ( TO to ) ( NP ( NP ( JJ relentless ) ( NN pressure ) ) ( PP ( IN from ) ( NP ( JJ bearish ) ( NNS traders ) ) ) ) ) ) ) ) ) )

He said even though there was arbitrage buying in New York because of the weak dollar cocoa fell to relentless pressure from bearish traders


( S ( CC But ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD noted ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS speculators ) ) ( ADVP ( RB apparently ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB believe ) ( SBAR ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( RB much ) ( RBR more ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN decline ) ) ( PP ( IN in ) ( NP ( NP ( NN store ) ) ( PP ( IN for ) ( NP ( NN cocoa ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But he noted that speculators apparently do n't believe there is much more of a decline in store for cocoa


( S ( S ( NP-SBJ ( DT The ) ( NNP December ) ( NN contract ) ) ( VP ( VBD reached ) ( NP ( NP ( PRP$ its ) ( JJ life-of-contract ) ( JJ low ) ) ( PP ( IN of ) ( NP ( NP ( CD 975 ) ) ( NP-ADV ( DT a ) ( NN ton ) ) ) ) ) ( PP-TMP ( IN on ) ( NP ( NNP Oct. ) ( CD 11 ) ) ) ) ) ( S ( S ( NP-SBJ ( PRP$ its ) ( NN lifetime ) ( RB high ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 1,735 ) ) ( VP ( VBN set ) ( PP-TMP ( IN in ) ( NP ( CD 1988 ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP$ its ) ( JJ recent ) ( NN high ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD 1,368 ) ) ( VP ( VBN set ) ( PP-TMP ( IN in ) ( NP ( JJ early ) ( NNP August ) ) ) ) ) ) ) ) )

The December contract reached its life-of-contract low of 975 a ton on Oct. 11 its lifetime high was 1,735 set in 1988 and its recent high was 1,368 set in early August


( S ( NP-SBJ ( NP ( DT The ) ( JJ last ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( NN cocoa ) ) ( VP ( VBD traded ) ( PP-CLR ( IN at ) ( NP ( NP ( NNS prices ) ) ( ADJP ( RB as ) ( RB low ) ( PP ( IN as ) ( ADVP-TMP ( RB currently ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( PP-TMP-PRD ( IN in ) ( NP ( CD 1974 ) ) ) ) )

The last time cocoa traded at prices as low as currently was in 1974


( S ( CC But ) ( SBAR-ADV ( IN while ) ( S ( NP-SBJ ( JJ further ) ( JJ modest ) ( NNS declines ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADVP-LOC-PRD ( RB ahead ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Hafer ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ difficult ) ) ( S-2 ( VP ( TO to ) ( VP ( VB get ) ( PP ( IN through ) ( NP ( NP ( NN resistance ) ( NNS levels ) ) ( PP-LOC ( ADVP ( RB just ) ) ( IN above ) ( NP ( NP ( NN yesterday ) ( POS 's ) ) ( JJ high ) ) ) ) ) ) ) ) ) ) ) ) ) )

But while further modest declines might be ahead Mr. Hafer said it would be difficult to get through resistance levels just above yesterday 's high


( S ( NP-SBJ ( NP ( PRP$ Your ) ( NNP Sept. ) ( CD 21 ) ( NN article ) ) ( S-TTL ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( RB So ) ( JJ Easy ) ) ( S-1 ( VP ( TO to ) ( VP ( VB Get ) ( VP ( VBN Burned ) ( SBAR-TMP ( WHADVP-3 ( WRB When ) ) ( S ( VP ( VBG Buying ) ( NP ( DT a ) ( JJ Small ) ( NN Firm ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ excellent ) ) ) )

Your Sept. 21 article It 's So Easy to Get Burned When Buying a Small Firm was excellent


( S ( NP-SBJ ( PRP I ) ) ( VP ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( VBG advising ) ( NP ( JJ small ) ( NNS businesses ) ) ( NP-TMP ( JJ many ) ( NNS years ) ) ) ) ) ( CC and ) ( VP ( VBP have ) ( VP ( VBN lived ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ-1 ( CD 50 ) ( NN % ) ) ( VP ( MD will ) ( VP ( VB go ) ( PP-CLR ( IN out ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ( PP-TMP-2 ( IN within ) ( NP ( CD two ) ( NNS years ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ=1 ( CD 80 ) ( NN % ) ) ( PP-TMP=2 ( IN in ) ( NP ( CD five ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) )

I 've been advising small businesses many years and have lived with the fact that 50 % will go out of business within two years and 80 % in five years


( S ( NP-SBJ ( NP ( DT The ) ( JJ economic ) ( NN loss ) ) ( NP ( NP ( NNS jobs ) ) ( VP ( VBN lost ) ) ) ( NP ( NN anguish ) ) ( NP ( NN frustration ) ) ( CC and ) ( NP ( NN humiliation ) ) ) ( VP ( VBP are ) ( PP-PRD ( IN beyond ) ( NP ( NN measure ) ) ) ) )

The economic loss jobs lost anguish frustration and humiliation are beyond measure


( S ( CC And ) ( NP-SBJ ( NP ( JJS most ) ) ( PP ( IN of ) ( NP ( DT these ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( RB absolutely ) ( JJ unnecessary ) ) ) )

And most of these are absolutely unnecessary


( S ( S ( NP-SBJ ( PRP$ Your ) ( NN article ) ) ( VP ( VBZ points ) ( PRT ( RP out ) ) ( NP ( NP ( DT the ) ( NNS traps ) ) ( SBAR ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBP fall ) ( PP ( IN into ) ) ) ) ) ) ) ) ( CC but ) ( S ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( VP ( VBG reviewing ) ( NP ( DT those ) ( NNS traps ) ) ) ) ) ( NP-SBJ-3 ( NN one ) ) ( VP ( VBZ sees ) ( SBAR ( S ( NP-SBJ-4 ( NP ( QP ( RB just ) ( IN about ) ( DT all ) ) ) ( PP ( IN of ) ( NP ( PRP them ) ) ) ) ( VP ( MD could ) ( VP ( VB have ) ( VP ( VBN been ) ( VP ( VBN avoided ) ) ) ) ) ) ) ) ) )

Your article points out the traps people fall into but when reviewing those traps one sees just about all of them could have been avoided


( S ( NP-SBJ-1 ( DT An ) ( NN accountant ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB review ) ( NP ( NP ( DT the ) ( NN seller ) ( POS 's ) ) ( NNS books ) ) ( PP-TMP ( IN before ) ( S-NOM ( VP ( VBG buying ) ( NP ( DT a ) ( NN business ) ) ) ) ) ) ) )

An accountant did not review the seller 's books before buying a business


( S ( S-TPC-1 ( NP-SBJ ( PRP I ) ) ( VP ( VBP guess ) ( SBAR ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ naive ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

I guess I was naive he said


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT a ) ( ADJP ( RBR more ) ( JJ descriptive ) ) ( NN word ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB describe ) ( NP ( NP ( PRP$ his ) ( NN lapse ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN sense ) ) ) ) ) ) ) ) ) ) )

There is a more descriptive word to describe his lapse of common sense


( S ( NP-SBJ ( NP ( JJ Corporate ) ( NNS managers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP want ) ( S ( VP ( TO to ) ( VP ( VB start ) ( NP ( PRP$ their ) ( JJ own ) ( NN business ) ) ) ) ) ) ) ) ) ( VP ( VBP are ) ( NP-PRD ( DT the ) ( JJS highest ) ( NN failure ) ( NNS risks ) ) ) )

Corporate managers who want to start their own business are the highest failure risks


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VP ( VBP know ) ( NP ( PDT all ) ( DT the ) ( NNS answers ) ) ) ( CC and ) ( VP ( VBP are ) ( RB not ) ( ADJP-PRD ( VBN used ) ( PP ( TO to ) ( S-NOM ( VP ( VBG working ) ( NP ( NP ( QP ( RBR more ) ( IN than ) ( CD 40 ) ) ( NNS hours ) ) ( NP-ADV ( DT a ) ( NN week ) ) ) ) ) ) ) ) ) )

They know all the answers and are not used to working more than 40 hours a week


( S ( NP-SBJ ( NP ( DT The ) ( JJ blue-collar ) ( NN worker ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ decides ) ( S ( VP ( TO to ) ( VP ( VB start ) ( NP ( DT a ) ( NN business ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VP ( VB listen ) ) ( CC and ) ( VP ( VB take ) ( NP ( NN advice ) ) ) ) ) )

The blue-collar worker who decides to start a business will listen and take advice


( S ( NP-SBJ ( PRP$ His ) ( NN humility ) ) ( VP ( VBZ gives ) ( NP ( PRP him ) ) ( NP ( NP ( DT a ) ( ADJP ( RB much ) ( JJR better ) ) ( NN chance ) ) ( PP ( IN of ) ( NP ( NN success ) ) ) ) ) )

His humility gives him a much better chance of success


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS months ) ) ( IN ago ) ) ( NP-SBJ ( PRP$ your ) ( NN paper ) ) ( VP ( VBD reported ) ( NP ( NP ( DT the ) ( NNS results ) ) ( PP ( IN of ) ( NP ( DT a ) ( NN study ) ( S ( VP ( TO to ) ( VP ( VB determine ) ( SBAR ( WHADVP ( WRB why ) ) ( S ( NP-SBJ ( NP ( NNPS Asians ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP arrive ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN country ) ) ) ( UCP-MNR ( PP ( IN without ) ( NP ( DT any ) ( NN money ) ) ) ( CC and ) ( ADJP ( JJ unable ) ( S ( VP ( TO to ) ( VP ( VB speak ) ( NP ( NNP English ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBN become ) ( NP-PRD ( JJ overnight ) ( NNS successes ) ) ) ) ) ) ) ) ) ) ) ) )

A few months ago your paper reported the results of a study to determine why Asians who arrive in this country without any money and unable to speak English become overnight successes


( S ( NP-SBJ ( PRP$ Their ) ( NN secret ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( S ( NP-SBJ ( PRP they ) ) ( VP ( VP ( VBP gather ) ( NP ( NP ( DT a ) ( JJ small ) ( NN group ) ) ( PP ( IN of ) ( NP ( NNS advisers ) ) ) ) ( PP-LOC ( IN around ) ( NP ( PRP them ) ) ) ) ( VP ( VBP listen ) ( PP-CLR ( TO to ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB say ) ) ) ) ) ) ) ) ) ( VP ( VBP prepare ) ( NP ( DT a ) ( NN business ) ( NN plan ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( PP-PRD ( IN on ) ( NP ( PRP$ their ) ( NN way ) ) ) ) ) ) ) ) )

Their secret is that they gather a small group of advisers around them listen to what they have to say prepare a business plan and they are on their way


( S ( NP-SBJ ( JJ Successful ) ( JJ American ) ( NN business ) ( NNS owners ) ) ( VP ( VBP do ) ( NP ( DT the ) ( JJ same ) ( NN thing ) ) ) )

Successful American business owners do the same thing


( S ( ADVP ( RB Unfortunately ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( PP-PRD ( IN in ) ( NP ( DT the ) ( NN minority ) ) ) ) )

Unfortunately they are in the minority


( S ( S-NOM-SBJ ( VP ( VBG Avoiding ) ( NP ( NN failure ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ easy ) ) ) )

Avoiding failure is easy


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( JJ unfortunate ) ) ( SBAR-2 ( S ( NP-SBJ ( IN so ) ( JJ many ) ) ( VP ( MD must ) ( VP ( VB learn ) ( NP-MNR ( DT the ) ( JJ hard ) ( NN way ) ) ) ) ) ) ) )

It 's unfortunate so many must learn the hard way


( NP ( NP ( NNP Daniel ) ( NNP B. ) ( NNP Scully ) ) ( NP-LOC ( NP ( NNP Tucson ) ) ( NP ( NNP Ariz ) ) ) )

Daniel B. Scully Tucson Ariz


( S ( NP-SBJ ( NP ( NNS Companies ) ) ( VP ( VBN listed ) ( ADVP-LOC ( IN below ) ) ) ) ( VP ( VBD reported ) ( NP ( NP ( JJ quarterly ) ( NN profit ) ) ( ADJP ( RB substantially ) ( JJ different ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( NNS analysts ) ( POS ' ) ) ( NNS estimates ) ) ) ) ) ) ) ) )

Companies listed below reported quarterly profit substantially different from the average of analysts ' estimates


( S ( NP-SBJ-1 ( DT The ) ( NNS companies ) ) ( VP ( VP ( VBP are ) ( VP ( VBN followed ) ( PP ( IN by ) ( NP-LGS ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ) ) ) ( CC and ) ( VP ( VBD had ) ( NP ( NP ( DT a ) ( JJ minimum ) ( JJ five-cent ) ( NN change ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ actual ) ( NNS earnings ) ) ( PP ( IN per ) ( NP ( NN share ) ) ) ) ) ) ) ) )

The companies are followed by at least three analysts and had a minimum five-cent change in actual earnings per share


( S ( NP-SBJ-1 ( NP ( VBN Estimated ) ( CC and ) ( JJ actual ) ( NNS results ) ) ( VP ( VBG involving ) ( NP ( NNS losses ) ) ) ) ( VP ( VBP are ) ( VP ( VBN omitted ) ) ) )

Estimated and actual results involving losses are omitted


( S ( NP-SBJ ( DT The ) ( NN percent ) ( NN difference ) ) ( VP ( VBZ compares ) ( NP ( JJ actual ) ( NN profit ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ 30-day ) ( NN estimate ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( QP ( IN at ) ( JJS least ) ( CD three ) ) ( NNS analysts ) ) ( VP ( VBP have ) ( NP ( NNS issues ) ( NNS forecasts ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( CD 30 ) ( NNS days ) ) ) ) ) ) ) ) ) )

The percent difference compares actual profit with the 30-day estimate where at least three analysts have issues forecasts in the past 30 days


( S ( ADVP ( RB Otherwise ) ) ( NP-SBJ-1 ( JJ actual ) ( NN profit ) ) ( VP ( VBZ is ) ( VP ( VBN compared ) ( PP-CLR ( IN with ) ( NP ( DT the ) ( JJ 300-day ) ( NN estimate ) ) ) ) ) )

Otherwise actual profit is compared with the 300-day estimate


( S ( NP-SBJ ( NP ( NNP Rubbermaid ) ( NNP Inc. ) ) ( VP ( VBG reflecting ) ( NP ( JJ strong ) ( NNS earnings ) ( NN growth ) ) ) ) ( VP ( VBD boosted ) ( NP ( PRP$ its ) ( JJ quarterly ) ( NN dividend ) ) ( NP-EXT ( CD 18 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 13 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 11 ) ( NNS cents ) ) ) ) )

Rubbermaid Inc. reflecting strong earnings growth boosted its quarterly dividend 18 % to 13 cents a share from 11 cents


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( NN household ) ( NNS products ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJ new ) ( NN dividend ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ payable ) ( NP-TMP ( NNP Dec. ) ( CD 1 ) ) ( PP ( TO to ) ( NP ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( NN record ) ) ) ) ( NP-TMP ( NNP Nov. ) ( CD 10 ) ) ) ) ) ) ) ) ) )

The maker of household products said the new dividend is payable Dec. 1 to shares of record Nov. 10


( S ( ADVP-MNR ( RB Separately ) ) ( NP-SBJ-1 ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN board ) ) ( VP ( VBD adopted ) ( NP ( DT a ) ( NN proposal ) ( S ( VP ( TO to ) ( VP ( VB amend ) ( NP ( PRP$ its ) ( CD 1986 ) ( NN shareholder ) ( NNS rights ) ( NN plan ) ) ) ) ) ) ( S-ADV ( VP ( ADJP ( JJ further ) ) ( VBG insulating ) ( NP ( DT the ) ( NN company ) ) ( PP-CLR ( IN from ) ( NP ( NN takeover ) ) ) ) ) ) )

Separately the company 's board adopted a proposal to amend its 1986 shareholder rights plan further insulating the company from takeover


( S ( NP-SBJ ( NNP Rubbermaid ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ aware ) ( PP ( IN of ) ( NP ( DT any ) ( NN effort ) ( S ( VP ( TO to ) ( VP ( VB take ) ( PRT ( RP over ) ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD believed ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( NN shareholder ) ( NN plan ) ) ( VP ( VBN needed ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN strengthened ) ) ) ) ) ) ) ) ) ) ) ) ) )

Rubbermaid officials said they are n't aware of any effort to take over the company but believed the shareholder plan needed to be strengthened


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN board ) ) ( VP ( VBZ has ) ( VP ( VBN stated ) ( ADVP ( RB repeatedly ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Rubbermaid ) ) ( VP ( MD should ) ( VP ( VB be ) ( ADJP-PRD ( JJ independent ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Walter ) ( NNP W. ) ( NNP Williams ) ) ( NP ( NNP Rubbermaid ) ( NN president ) ) ) )

The board has stated repeatedly that Rubbermaid should be independent said Walter W. Williams Rubbermaid president


( S ( S ( NP-SBJ ( NP ( DT Some ) ( NNS changes ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN plan ) ) ) ) ( VP ( VBD were ) ( NP-PRD ( JJ minor ) ( NNS adjustments ) ) ) ) ( CC but ) ( S ( NP-SBJ ( DT the ) ( RBS most ) ( JJ significant ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT an ) ( NN amendment ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBZ provides ) ( SBAR ( IN that ) ( S ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( DT any ) ( NN investor ) ) ( VP ( VBZ holds ) ( NP ( NP ( QP ( CD 25 ) ( NN % ) ( CC or ) ( JJR more ) ) ) ( PP ( IN of ) ( NP ( NP ( NNP Rubbermaid ) ( POS 's ) ) ( VBG voting ) ( NNS securities ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT each ) ( NN right ) ) ( VP ( VBN held ) ( PP ( IN by ) ( NP-LGS ( NNS others ) ) ) ) ) ( VP ( MD would ) ( VP ( VB entitle ) ( S ( NP-SBJ ( DT the ) ( NN holder ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( NNP Rubbermaid ) ( NNS shares ) ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( NN market ) ( NN value ) ) ( PP ( IN of ) ( NP ( RB twice ) ( NP ( DT the ) ( NN right ) ( POS 's ) ) ( NN exercise ) ( NN price ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some changes to the plan were minor adjustments but the most significant was an amendment that provides that if any investor holds 25 % or more of Rubbermaid 's voting securities each right held by others would entitle the holder to buy Rubbermaid shares with a market value of twice the right 's exercise price


( S ( NP-SBJ-1 ( NNP Mr. ) ( NNP Williams ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN exercise ) ( NN price ) ) ( VP ( VBZ is ) ( NP-PRD ( CD 125 ) ) ) ) ) ( S-ADV ( VP ( NN meaning ) ( SBAR ( S ( NP-SBJ ( NNS holders ) ) ( VP ( MD would ) ( VP ( VB have ) ( NP ( DT the ) ( NN right ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( CD 250 ) ) ( PP ( IN of ) ( NP ( NNP Rubbermaid ) ( NN stock ) ) ) ) ( PP-CLR ( IN for ) ( NP ( DT half ) ( NN price ) ) ) ( S-ADV ( VP ( VBG diluting ) ( NP ( NP ( DT the ) ( NN investor ) ( POS 's ) ) ( ADJP ( CD 25 ) ( NN % ) ) ( NN stake ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Williams said the exercise price is 125 meaning holders would have the right to buy 250 of Rubbermaid stock for half price diluting the investor 's 25 % stake


( S ( PP ( IN For ) ( NP ( DT the ) ( JJ third ) ( NN quarter ) ) ) ( NP-SBJ ( NNP Rubbermaid ) ) ( VP ( VBD earned ) ( NP ( NP ( QP ( CD 32.6 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 44 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-CLR ( RB up ) ( NP ( CD 16 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 28.1 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 38 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) )

For the third quarter Rubbermaid earned 32.6 million or 44 cents a share up 16 % from 28.1 million or 38 cents a share a year earlier


( S ( NP-SBJ ( NNS Sales ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 9.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 351.5 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 320.4 ) ( CD million ) ) ) ) ) )

Sales rose 9.7 % to 351.5 million from 320.4 million


( S ( NP-SBJ ( NNP Rubbermaid ) ( NNS shares ) ) ( VP ( VBD closed ) ( NP-TMP ( NN yesterday ) ) ( PP-CLR ( IN at ) ( NP ( CD 33.875 ) ) ) ( ADVP-CLR ( RB off ) ( NP ( CD 12.5 ) ( NNS cents ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ) )

Rubbermaid shares closed yesterday at 33.875 off 12.5 cents in New York Stock Exchange composite trading


( S ( NP-SBJ ( NNP Texaco ) ( NNP Inc. ) ) ( VP ( VBD reported ) ( NP ( NP ( DT an ) ( ADJP ( CD 11 ) ( NN % ) ) ( NN increase ) ) ( PP ( IN in ) ( NP ( JJ third-quarter ) ( NNS earnings ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD attributed ) ( PP ( ADVP ( RB partly ) ) ( TO to ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ massive ) ( VBG restructuring ) ) ( SBAR-TMP ( IN after ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD emerged ) ( PP-CLR ( IN from ) ( NP ( NN bankruptcy-law ) ( NNS proceedings ) ) ) ( ADVP-TMP ( NP ( CD 18 ) ( NNS months ) ) ( IN ago ) ) ) ) ) ) ) ) ) ) ) ) )

Texaco Inc. reported an 11 % increase in third-quarter earnings which it attributed partly to the company 's massive restructuring after it emerged from bankruptcy-law proceedings 18 months ago


( S ( NP-SBJ ( NNP Sun ) ( NNP Co. ) ) ( ADVP ( RB also ) ) ( VP ( VBD reported ) ( NP ( JJR higher ) ( NNS earnings ) ) ) )

Sun Co. also reported higher earnings


( S ( ADVP ( RB Meanwhile ) ) ( PP ( IN like ) ( NP ( NP ( JJ many ) ( JJ other ) ( NN oil ) ( NNS companies ) ) ( VP ( VBN hurt ) ( PP ( IN by ) ( NP-LGS ( ADJP ( JJ less-profitable ) ) ( JJ downstream ) ( NNS businesses ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Mobil ) ( NNP Corp. ) ) ( NP ( NNP Shell ) ( NNP Oil ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Chevron ) ( NNP Corp. ) ) ) ( VP ( VBD reported ) ( NP ( JJR lower ) ( JJ quarterly ) ( NNS earnings ) ) ) )

Meanwhile like many other oil companies hurt by less-profitable downstream businesses Mobil Corp. Shell Oil Co. and Chevron Corp. reported lower quarterly earnings


Texaco


( S ( NP-SBJ ( NP ( NNP Texaco ) ( POS 's ) ) ( NN exploration ) ( CC and ) ( NN production ) ( NNS earnings ) ) ( VP ( VBD improved ) ( PP-PRP ( IN as ) ( NP ( NP ( DT a ) ( NN result ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( NN streamlining ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS operations ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD sold ) ( NP ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ marginal ) ( VBG producing ) ( NNS properties ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD 18 ) ( NNS months ) ) ) ) ) ) ) ) ) ) ) )

Texaco 's exploration and production earnings improved as a result of its streamlining of those operations as it sold many of its marginal producing properties over the past 18 months


( S ( NP-SBJ ( NP ( DT An ) ( NN increase ) ) ( PP ( IN in ) ( NP ( NP ( NN production ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( DT some ) ( JJ major ) ( NN oil ) ( NNS fields ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP North ) ( NNP Sea ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBN knocked ) ( PRT ( RP out ) ) ( PP ( IN by ) ( NP-LGS ( DT an ) ( NN explosion ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ( CD 1988 ) ) ) ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBN aided ) ( NP ( NNS results ) ) ) )

An increase in production at some major oil fields in the North Sea which had been knocked out by an explosion in July 1988 also aided results


( S ( NP-SBJ ( NP ( DT The ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( NN portion ) ) ( PP ( IN of ) ( NP ( VBG refining ) ( CC and ) ( NN marketing ) ( NNS operations ) ) ) ) ) ( PP ( TO to ) ( NP ( NNP Saudi ) ( NNP Arabia ) ) ) ) ( VP ( VBD helped ) ( VP ( VB alleviate ) ( NP ( NP ( DT the ) ( NN decline ) ) ( PP ( IN in ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN from ) ( NP ( DT that ) ( NN business ) ) ) ) ) ) ) ) )

The sale of a portion of refining and marketing operations to Saudi Arabia helped alleviate the decline in earnings from that business


( SINV ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN company ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( ADVP ( RB completely ) ) ( VBN revamped ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Frank ) ( NNP Knuettel ) ) ( NP ( NP ( NN analyst ) ) ( PP ( IN for ) ( NP ( NNP Prudential-Bache ) ( NNPS Securities ) ( NNP Inc ) ) ) ) ) )

The company has been completely revamped said Frank Knuettel analyst for Prudential-Bache Securities Inc


( S ( NP-SBJ ( NP ( JJ Third-quarter ) ( JJ net ) ( NN income ) ) ( PP-LOC ( IN at ) ( NP ( NNP Texaco ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 305 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 274 ) ( CD million ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) )

Third-quarter net income at Texaco rose to 305 million from 274 million last year


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD declined ) ( NP-EXT ( CD 3.4 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 8.4 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 8.7 ) ( CD billion ) ) ) ) ) )

Revenue declined 3.4 % to 8.4 billion from 8.7 billion


( S ( NP-SBJ ( JJ Per-share ) ( NNS earnings ) ) ( VP ( VBD declined ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 1.10 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 1.12 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-PRP ( ADVP ( RB largely ) ) ( IN because ) ( IN of ) ( NP ( NP ( QP ( CD 21 ) ( CD million ) ) ( JJ additional ) ( NNS shares ) ) ( VP ( VBN issued ) ( S-PRP ( VP ( TO to ) ( VP ( VB retire ) ( NP ( NP ( QP ( CD 1 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NN debt ) ) ) ) ) ) ) ) ) ) )

Per-share earnings declined to 1.10 a share from 1.12 a share largely because of 21 million additional shares issued to retire 1 billion of debt


( S ( NP-SBJ ( JJ Per-share ) ( NNS earnings ) ) ( ADVP ( RB also ) ) ( VP ( VBD shrank ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NNS dividends ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( JJ new ) ( NN series ) ) ( PP ( IN of ) ( NP ( VBN preferred ) ( NN stock ) ) ) ) ) ) ) ) )

Per-share earnings also shrank because of dividends on a new series of preferred stock


( S ( NP-SBJ ( NP ( NNP Sun ) ( NNP Sun ) ( NNP Co. ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD climbed ) ( NP-EXT ( CD 18 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 85 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 80 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 72 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 67 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Sun Sun Co. 's net income climbed 18 % to 85 million or 80 cents a share from 72 million or 67 cents a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD increased ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 2.73 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 2.46 ) ( CD billion ) ) ) ) ) )

Revenue increased 11 % to 2.73 billion from 2.46 billion


( S ( NP-SBJ ( NNP Sun ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN growth ) ) ) ) ( VP ( VBZ reflects ) ( NP ( NP ( JJR higher ) ( NNS earnings ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN oil ) ( NNS sands ) ( NN operation ) ) ( PP ( IN of ) ( NP ( NP ( NNP Suncor ) ) ( NP ( DT a ) ( JJ majority-owned ) ( JJ Canadian ) ( NN subsidiary ) ) ) ) ) ) ) ) ) ) ) )

Sun said some of the growth reflects higher earnings in the oil sands operation of Suncor a majority-owned Canadian subsidiary


( S ( NP-SBJ ( NNP Chairman ) ( NNP Robert ) ( NNP McClements ) ( NNP Jr. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( JJ synthetic ) ( JJ crude ) ( NN oil ) ( NN production ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN facility ) ) ) ) ( VP ( VBD rose ) ( SBAR-TMP ( RB even ) ( IN as ) ( S ( NP-SBJ ( NP ( DT the ) ( NN price ) ) ( PP ( IN for ) ( NP ( DT that ) ( NN oil ) ) ) ) ( VP ( VBD increased ) ) ) ) ) ) ) ) )

Chairman Robert McClements Jr. said the synthetic crude oil production from the facility rose even as the price for that oil increased


( S ( NP-SBJ ( JJ Overseas ) ( NN exploration ) ( CC and ) ( NN production ) ( NNS results ) ) ( ADVP ( RB also ) ) ( VP ( VBD improved ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( JJ additional ) ( NN output ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNP North ) ( NNP Sea ) ( NNP Magnus ) ( NNP Field ) ) ( SBAR ( WHNP-2 ( NP ( DT a ) ( NN portion ) ) ( WHPP ( IN of ) ( WHNP ( WDT which ) ) ) ) ( S ( VP ( VBD was ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( NNP Sun ) ) ) ( ADVP-TMP ( RBR earlier ) ( NP ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) )

Overseas exploration and production results also improved because of additional output from the North Sea Magnus Field a portion of which was acquired by Sun earlier this year


( S ( NP-SBJ ( NNS Results ) ) ( VP ( VBD declined ) ( ADVP ( RB however ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Sun ) ( POS 's ) ) ( NN refining ) ( CC and ) ( NN marketing ) ( CC and ) ( NN coal ) ( NNS businesses ) ) ) ) )

Results declined however in Sun 's refining and marketing and coal businesses


Shell Oil


( S ( NP-SBJ ( NP ( NNPS Profits ) ) ( PP ( IN of ) ( NP ( NP ( NNP Shell ) ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Royal ) ( NNP Dutch\/Shell ) ( NNP Group ) ) ) ) ) ) ) ( VP ( VBD tumbled ) ( NP-EXT ( NP ( QP ( CD 24 ) ( CD million ) ) ) ( CC or ) ( NP ( CD 6.6 ) ( NN % ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 340 ) ( CD million ) ) ) ) ( PP ( IN despite ) ( NP ( NP ( DT a ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( CD 30 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( DT an ) ( NN insurance ) ( NN settlement ) ) ) ) ) ) )

Profits of Shell a subsidiary of the Royal Dutch\/Shell Group tumbled 24 million or 6.6 % to 340 million despite a gain of 30 million from an insurance settlement


( S ( NP-SBJ ( NNP President ) ( NNP Frank ) ( NNP Richardson ) ) ( VP ( VBD attributed ) ( NP ( DT the ) ( NN decline ) ) ( PP-CLR ( TO to ) ( NP ( NP ( JJR lower ) ( JJ natural ) ( NN gas ) ( NNS prices ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD countered ) ( NP ( NP ( JJR higher ) ( NNS earnings ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( JJ crude ) ( NN oil ) ( NN sector ) ) ( PP ( IN of ) ( NP ( NP ( NNP Shell ) ( POS 's ) ) ( NN exploration ) ( CC and ) ( NN production ) ( NN operation ) ) ) ) ) ) ) ) ) ) ) ) )

President Frank Richardson attributed the decline to lower natural gas prices which countered higher earnings from the crude oil sector of Shell 's exploration and production operation


( SINV ( VP-TPC-1 ( VBG Shaving ) ( PRT ( RP away ) ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN gain ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN unit ) ) ) ) ) ) ) ( VP ( VBD was ) ) ( NP-SBJ ( NP ( DT a ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NN oil ) ( NN production ) ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 502,000 ) ( NNS barrels ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN quarter ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 527,000 ) ( NNS barrels ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) )

Shaving away some of the gain in that unit was a decline in U.S. oil production to 502,000 barrels of oil a day during the quarter from 527,000 barrels a day last year


( S ( NP-SBJ ( NP ( NNP Shell ) ( POS 's ) ) ( NN chemical ) ( NNS earnings ) ) ( VP ( VBD fell ) ( PP-EXT ( IN by ) ( NP ( QP ( CD 67 ) ( CD million ) ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 137 ) ( CD million ) ) ) ) ( S-ADV ( VP ( VBG reflecting ) ( NP ( NP ( JJR lower ) ( NNS margins ) ) ( CC and ) ( NP ( NP ( JJR less ) ( NN demand ) ) ( PP ( IN for ) ( NP ( NN commodity ) ( NNS chemicals ) ) ) ) ) ) ) ) )

Shell 's chemical earnings fell by 67 million to 137 million reflecting lower margins and less demand for commodity chemicals


Mobil


( S ( NP-SBJ ( NP ( JJ Net ) ( NN income ) ) ( PP-LOC ( IN at ) ( NP ( NNP Mobil ) ( NNP Corp. ) ) ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 4.5 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 532 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.30 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 557 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.36 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Net income at Mobil Corp. slipped 4.5 % to 532 million or 1.30 a share from 557 million or 1.36 a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD declined ) ( NP-EXT ( QP ( CD 518 ) ( CD million ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 13.63 ) ( CD billion ) ) ) ) ) )

Revenue declined 518 million to 13.63 billion


( S ( NP-SBJ ( NNS Earnings ) ) ( VP ( VBD included ) ( NP ( NP ( DT a ) ( JJ one-time ) ( NN gain ) ) ( PP ( IN of ) ( NP ( QP ( CD 192 ) ( CD million ) ) ) ) ( PP ( IN on ) ( NP ( NP ( DT a ) ( NN property ) ( NN transaction ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ) ) ) ) )

Earnings included a one-time gain of 192 million on a property transaction in Hong Kong


( S ( NP-SBJ ( NN Exploration ) ( CC and ) ( NN production ) ( NNS profits ) ) ( VP ( VBD slumped ) ( NP-EXT ( QP ( CD 40 ) ( CD million ) ) ) ( ADVP-PRP ( JJ due ) ( PP ( TO to ) ( NP ( NP ( DT a ) ( NN provision ) ) ( PP ( IN for ) ( NP ( VBG restructuring ) ( NNS costs ) ) ) ) ) ) ) )

Exploration and production profits slumped 40 million due to a provision for restructuring costs


( S ( NP-SBJ ( DT The ) ( VBG restructuring ) ) ( VP ( VP ( MD will ) ( VP ( VB take ) ( NP ( NN place ) ) ( PP-TMP ( IN over ) ( NP ( DT a ) ( JJ two-year ) ( NN period ) ) ) ) ) ( CC and ) ( VP ( MD will ) ( VP ( VB involve ) ( NP ( NP ( DT the ) ( NN transfer ) ( CC and ) ( NN layoff ) ) ( PP ( IN of ) ( NP ( NP ( NNS employees ) ) ( PP-LOC ( IN in ) ( NP ( NNP U.S. ) ( NNS operations ) ) ) ) ) ( SBAR-PRD ( S ( VP ( TO to ) ( VP ( VP ( VB reduce ) ( NP ( NNS costs ) ) ) ( CC and ) ( VP ( VB focus ) ( NP ( NNS efforts ) ) ( PP-LOC ( IN in ) ( NP ( JJ other ) ( NNS areas ) ) ) ) ) ) ) ) ) ) ) ) )

The restructuring will take place over a two-year period and will involve the transfer and layoff of employees in U.S. operations to reduce costs and focus efforts in other areas


( S ( NP-TMP ( JJ Last ) ( NN year ) ) ( NP-SBJ ( JJ third-quarter ) ( NNS earnings ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 157 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( JJ foreign ) ( NN tax ) ( NN rate ) ( NNS changes ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN from ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 65 ) ( CD million ) ) ) ( NN write-off ) ) ( PP ( IN of ) ( NP ( NNS reserves ) ) ) ) ) ) ) ) )

Last year third-quarter earnings included a 157 million gain from foreign tax rate changes and a loss from a 65 million write-off of reserves


Chevron


( S ( NP-SBJ ( NP ( NNP Chevron ) ( POS 's ) ) ( JJ net ) ( NN income ) ) ( VP ( VBD fell ) ( NP-EXT ( CD 0.7 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 417 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.22 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 420 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.23 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) )

Chevron 's net income fell 0.7 % to 417 million or 1.22 a share from 420 million or 1.23 a share


( S ( NP-SBJ ( NNS Results ) ) ( VP ( VBD included ) ( NP ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 37 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NP ( NNS rights ) ) ( PP ( IN from ) ( NP ( NP ( NP ( NNP Chevron ) ( POS 's ) ) ( NN investment ) ) ( PP-LOC ( IN in ) ( NP ( NNP Amax ) ( NNP Inc. ) ) ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( NN loss ) ) ( PP ( IN of ) ( NP ( QP ( CD 30 ) ( CD million ) ) ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NN sale ) ) ( PP ( IN of ) ( NP ( NNP California ) ( NN oil ) ( CC and ) ( NN gas ) ( NNS properties ) ) ) ) ) ) ) ) )

Results included a 37 million gain from the sale of rights from Chevron 's investment in Amax Inc. and a loss of 30 million from the sale of California oil and gas properties


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 11 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 8 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 7.2 ) ( CD billion ) ) ) ) ) )

Revenue rose 11 % to 8 billion from 7.2 billion


( S ( NP-SBJ ( NNP Chevron ) ) ( VP ( VBD said ) ( SBAR ( S ( S ( NP-SBJ ( JJR higher ) ( JJ crude ) ( NN oil ) ( NNS prices ) ) ( VP ( VBD boosted ) ( NP ( NP ( NNS profits ) ) ( PP ( IN from ) ( NP ( NN production ) ( NNS operations ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( NNS margins ) ) ( PP-LOC ( IN in ) ( NP ( NN refining ) ( CC and ) ( NN marketing ) ) ) ) ( VP ( VBD declined ) ) ) ) ) ) )

Chevron said higher crude oil prices boosted profits from production operations but margins in refining and marketing declined


( S ( NP-SBJ ( NP ( NNS Profits ) ) ( PP ( IN from ) ( NP ( NNP U.S. ) ( NN exploration ) ( CC and ) ( NN production ) ( NNS operations ) ) ) ) ( VP ( VBD totaled ) ( NP ( QP ( CD 58 ) ( CD million ) ) ) ( PP-TMP ( IN after ) ( NP ( DT the ) ( NN property ) ( NN sale ) ( NN loss ) ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( DT a ) ( JJ year-earlier ) ( ADJP ( QP ( CD 44 ) ( CD million ) ) ) ( NN loss ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD included ) ( NP ( DT a ) ( ADJP ( QP ( CD 16 ) ( CD million ) ) ) ( NN reorganization ) ( NN charge ) ) ) ) ) ) ) ) ) )

Profits from U.S. exploration and production operations totaled 58 million after the property sale loss compared with a year-earlier 44 million loss that included a 16 million reorganization charge


( S ( NP-SBJ ( NN Refining ) ( CC and ) ( NN marketing ) ( NNS operations ) ) ( VP ( VBD earned ) ( NP ( QP ( CD 130 ) ( CD million ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NN quarter ) ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( NP ( NNS earnings ) ) ( PP ( IN of ) ( NP ( QP ( CD 186 ) ( CD million ) ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( VP ( VBN included ) ( NP ( NP ( QP ( CD 18 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( NNS charges ) ) ( PP ( IN for ) ( NP ( JJ environmental ) ( NNS programs ) ) ) ) ) ) ) ) ) ) ) ) ) )

Refining and marketing operations earned 130 million in the quarter this year compared with earnings of 186 million a year earlier that included 18 million in charges for environmental programs


( S ( NP-SBJ ( JJ Foreign ) ( NNS earnings ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 180 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 182 ) ( CD million ) ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD included ) ( NP ( NP ( DT a ) ( ADJP ( QP ( CD 48 ) ( CD million ) ) ) ( NN gain ) ) ( PP ( IN from ) ( NP ( JJR lower ) ( ADJP ( JJ Canadian ) ( CC and ) ( JJ Australian ) ) ( NNS taxes ) ) ) ) ) ) ) ) ) ) )

Foreign earnings fell to 180 million from 182 million that included a 48 million gain from lower Canadian and Australian taxes


( S ( NP-SBJ ( NN Chemical ) ( NNS profits ) ) ( VP ( VBD fell ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 78 ) ( CD million ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 98 ) ( CD million ) ) ) ) ) )

Chemical profits fell to 78 million from 98 million


( 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 ( ADVP ( RB Ironically ) ) ( NP-SBJ-1 ( NP ( NNP American ) ( NNPS Airlines ) ( POS ' ) ) ( NN attempt ) ( S ( VP ( TO to ) ( VP ( VB lead ) ( NP-2 ( NN industry ) ( NNS prices ) ) ( S ( ADVP-PRD ( RBR higher ) ) ) ) ) ) ) ( VP ( VBD was ) ( VP ( VBN reported ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ same ) ( NN issue ) ) ( PP ( IN as ) ( NP ( NP ( PRP$ your ) ( NN survey ) ) ( VP ( VBG showing ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNS consumers ) ) ( VP ( VBD had ) ( NP ( NP ( DT the ) ( JJS least ) ( NN confidence ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN airline ) ( NN industry ) ) ) ) ) ) ) ) ) ) ( PRN ( NP-TMP ( NNP Sept. ) ( CD 20 ) ) ) ) ) ) ) )

Ironically American Airlines ' attempt to lead industry prices higher was reported in the same issue as your survey showing that consumers had the least confidence in the airline industry Sept. 20


( S ( NP-SBJ ( PRP You ) ) ( VP ( VBP quote ) ( NP-1 ( NP ( NNP Robert ) ( NNP Crandall ) ) ( NP ( NP ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP American ) ( POS 's ) ) ( NN parent ) ) ( NP ( NNP AMR ) ( NNP Corp. ) ) ) ) ) ) ( PP-CLR ( IN as ) ( S-NOM ( VP ( VBG having ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NN discount ) ( NNS deals ) ) ( PP ( IN for ) ( NP ( JJ big ) ( NNS customers ) ) ) ) ( VP ( MD would ) ( VP ( VB be ) ( ADJP-PRD ( JJ dumb ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD will ) ( VP ( VB go ) ( PP-DIR ( TO to ) ( NP ( NNP Detroit ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-2 ( PRP you ) ) ( VP ( VBP have ) ( S ( VP ( TO to ) ( VP ( VB go ) ( PP-DIR ( TO to ) ( NP ( NNP Detroit ) ) ) ) ) ) ) ) ) ( SBAR-SBJ ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN fare ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD 175 ) ) ( NP ( CD 275 ) ) ( CC or ) ( NP ( CD 375 ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

You quote Robert Crandall chairman of American 's parent AMR Corp. as having said that discount deals for big customers would be dumb because you will go to Detroit because you have to go to Detroit whether the fare is 175 275 or 375


( S ( SBAR-ADV ( RB Even ) ( IN if ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Crandall ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ correct ) ) ) ) ) ( NP-SBJ ( NP ( PRP he ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNS people ) ) ) ) ( VP ( MD must ) ( VP ( VB realize ) ( SBAR ( S ( NP-SBJ ( PRP$ our ) ( NN society ) ) ( VP ( VBZ relies ) ( PP-CLR ( IN on ) ( NP-1 ( NN competition ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( NNS prices ) ) ( PP-PRD-LOC ( IN at ) ( NP ( DT a ) ( JJ competitive ) ( NN level ) ) ) ) ) ) ) ) ) ) ) ) )

Even if Mr. Crandall is correct he of all people must realize our society relies on competition to keep prices at a competitive level


( S ( PP-TMP ( IN In ) ( NP ( CD 1986 ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD settled ) ( NP ( NP ( DT an ) ( JJ antitrust ) ( NN suit ) ) ( VP ( VBN based ) ( PP-CLR ( IN on ) ( NP ( NP ( DT a ) ( VBN taped ) ( NN telephone ) ( NN conversation ) ) ( PP ( IN of ) ( NP ( NP ( PRP him ) ) ( VP ( VBG proposing ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Braniff ) ( POS 's ) ) ( NN president ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( PRP they ) ) ( NP ( DT both ) ) ) ( VP ( VBP raise ) ( NP ( NNS fares ) ) ( NP-EXT ( CD 20 ) ( NN % ) ) ) ) ) ) ) ) ) ) ) ) ) )

In 1986 he settled an antitrust suit based on a taped telephone conversation of him proposing to Braniff 's president that they both raise fares 20 %


( S ( NP-SBJ ( NNP Braniff ) ) ( VP ( VBD declined ) ) )

Braniff declined


( S ( SBAR-TMP ( WHADVP-2 ( WRB When ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBD asked ) ( NP ( NNP American ) ( NNPS Airlines ) ) ( PP-CLR ( IN for ) ( NP ( NP ( PRP$ its ) ( NN side ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN story ) ) ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NN use ) ) ( PP-LOC ( IN in ) ( NP ( NP ( PRP$ my ) ( NNP MBA ) ( NN class ) ) ( SBAR ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP teach ) ( NP ( NN business ) ( NNS ethics ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD did ) ( RB not ) ( VP ( VB respond ) ) ) )

When I asked American Airlines for its side of the story for use in my MBA class where I teach business ethics it did not respond


( S ( ADVP ( RB Perhaps ) ) ( NP-SBJ ( NP ( DT the ) ( NNS ethics ) ) ( PP ( IN of ) ( NP ( NP ( DT an ) ( NN industry ) ( POS 's ) ) ( NN leader ) ) ) ) ( VP ( VP ( VBZ filters ) ( ADVP ( IN down ) ) ) ( CC and ) ( VP ( VBZ is ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS factors ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( ADVP ( RB ultimately ) ) ( VP ( VBZ shapes ) ( NP ( NP ( NN consumer ) ( NN trust ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN industry ) ) ) ) ) ) ) ) ) ) ) ) )

Perhaps the ethics of an industry 's leader filters down and is one of the factors that ultimately shapes consumer trust in that industry


( NP ( NP ( NNP Arnold ) ( NNP Celnicker ) ) ( NP ( NP ( NNP Assistant ) ( NNP Professor ) ) ( NP ( NNP Ohio ) ( NNP State ) ( NNP University ) ) ) )

Arnold Celnicker Assistant Professor Ohio State University


( S ( NP-SBJ ( CD Two ) ( JJ Japanese ) ( NNS scientists ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD discovered ) ( NP ( NP ( DT an ) ( NN antibody ) ) ( SBAR ( WHNP-1 ( IN that ) ) ( S ( PP-LOC ( IN in ) ( NP ( NN laboratory ) ( NN test-tube ) ( NNS experiments ) ) ) ( VP ( VBZ kills ) ( NP ( JJ AIDS-infected ) ( NNS cells ) ) ( SBAR-TMP ( IN while ) ( S ( VP ( VBG preserving ) ( NP ( JJ healthy ) ( NNS cells ) ) ) ) ) ) ) ) ) ) ) ) ) )

Two Japanese scientists said they discovered an antibody that in laboratory test-tube experiments kills AIDS-infected cells while preserving healthy cells


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( JJ further ) ( NNS experiments ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ successful ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN work ) ) ( VP ( MD would ) ( VP ( VB represent ) ( NP ( NP ( DT a ) ( JJ major ) ( NN advance ) ) ( PP ( IN in ) ( NP ( NP ( NN research ) ) ( PP ( IN on ) ( NP ( VBN acquired ) ( JJ immune ) ( NN deficiency ) ( NN syndrome ) ) ) ) ) ) ) ) )

If further experiments are successful the work would represent a major advance in research on acquired immune deficiency syndrome


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN drug ) ( NNP AZT ) ) ( NP ( NP ( DT the ) ( JJ only ) ( NN treatment ) ) ( RRC ( ADVP-TMP ( RB currently ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ) ) ) ( VP ( VBZ claims ) ( S ( VP ( ADVP ( RB only ) ) ( VP ( TO to ) ( VP ( VB help ) ( S ( VP ( VB stop ) ( NP ( NP ( DT the ) ( NN spread ) ) ( PP ( IN of ) ( NP ( NNP AIDS ) ) ) ) ) ) ) ) ( RB not ) ( VP ( TO to ) ( VP ( VB cure ) ( NP ( PRP it ) ) ) ) ) ) ) )

The drug AZT the only treatment currently on the market claims only to help stop the spread of AIDS not to cure it


( S ( CC But ) ( NP-SBJ ( NP ( NP ( JJ several ) ( NNS analysts ) ) ( CC and ) ( NP ( JJ Japanese ) ( NNS scientists ) ) ) ( ADJP ( JJ familiar ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN study ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN announced ) ( PP-LOC ( IN at ) ( NP ( NP ( DT a ) ( NN conference ) ) ( PP-LOC ( IN in ) ( NP ( NNP Nagoya ) ) ) ) ) ( NP-TMP ( NN yesterday ) ) ) ) ) ) ) ) ) ) ( VP ( VBD expressed ) ( NP ( NN skepticism ) ) ( PP-CLR ( IN over ) ( NP ( NP ( DT the ) ( NN significance ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS results ) ) ) ) ) ) )

But several analysts and Japanese scientists familiar with the study which was announced at a conference in Nagoya yesterday expressed skepticism over the significance of the results


( S ( CC And ) ( NP-SBJ ( NP ( DT the ) ( NNS researchers ) ) ( NP ( PRP themselves ) ) ) ( VP ( VBD acknowledged ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( ADVP ( RB still ) ) ( VP ( MD must ) ( VP ( VB do ) ( NP ( ADJP ( RB much ) ( JJR more ) ) ( NN work ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD can ) ( VP ( VB say ) ( SBAR ( IN whether ) ( S ( NP-SBJ ( DT the ) ( NN treatment ) ) ( VP ( MD would ) ( ADVP ( RB actually ) ) ( VP ( VB cure ) ( NP ( NNS humans ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And the researchers themselves acknowledged they still must do much more work before they can say whether the treatment would actually cure humans


( S ( NP-SBJ ( NP ( NNP Shin ) ( NNP Yonehara ) ) ( NP ( NP ( DT a ) ( NN research ) ( NN scientist ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT the ) ( NNP Tokyo ) ( NNP Metropolitan ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP Medical ) ( NNP Science ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( DT the ) ( NN antibody ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD discovered ) ) ) ) ) ( VP ( VBZ works ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG recognizing ) ( NP ( NP ( DT an ) ( NN antigen ) ) ( VP ( VBN called ) ( S ( NP-PRD ( DT a ) ( NN Fas-antigen ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ is ) ( ADJP-PRD ( JJ characteristic ) ( PP ( IN of ) ( NP ( DT an ) ( JJ infected ) ( NN cell ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Shin Yonehara a research scientist at the Tokyo Metropolitan Institute of Medical Science said the antibody he discovered works by recognizing an antigen called a Fas-antigen which is characteristic of an infected cell


( S ( NP-SBJ ( DT The ) ( NN antibody ) ) ( ADVP-TMP ( RB then ) ) ( VP ( VBZ kills ) ( NP ( DT the ) ( NN cell ) ) ) )

The antibody then kills the cell


( S ( NP-SBJ ( NP ( NNP Dr. ) ( NNP Yonehara ) ) ( CC and ) ( NP ( NP ( PRP$ his ) ( NN partner ) ) ( NP ( NP ( NNP Nobuyuki ) ( NNP Kobayashi ) ) ( PP ( IN of ) ( NP ( NNP Yamaguchi ) ( NNP University ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ their ) ( NNS experiments ) ) ( VP ( VBD showed ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN antibody ) ) ( VP ( VBD wiped ) ( PRT ( RP out ) ) ( NP ( NP ( DT an ) ( NN average ) ) ( PP ( IN of ) ( NP ( NP ( CD 60 ) ( NN % ) ) ( PP ( IN of ) ( NP ( JJ AIDS-infected ) ( NNS cells ) ) ) ) ) ) ( PP-TMP ( IN within ) ( NP ( CD three ) ( NNS days ) ) ) ) ) ) ) ) ) ) )

Dr. Yonehara and his partner Nobuyuki Kobayashi of Yamaguchi University said their experiments showed that the antibody wiped out an average of 60 % of AIDS-infected cells within three days


( S ( S-TPC-1 ( PP-LOC ( IN In ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS experiments ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD killed ) ( NP ( QP ( RB almost ) ( PDT all ) ) ( DT the ) ( JJ infected ) ( NNS cells ) ) ) ) ( NP-SBJ ( DT the ) ( NNS researchers ) ) ( VP ( VBD said ) ) )

In some of the experiments it killed almost all the infected cells the researchers said


( S ( ADVP ( RB Meanwhile ) ) ( NP-SBJ-1 ( NP ( QP ( JJR fewer ) ( IN than ) ( CD 10 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ healthy ) ( NNS cells ) ) ) ) ( VP ( VBD were ) ( VP ( VBN killed ) ) ) )

Meanwhile fewer than 10 % of the healthy cells were killed


( S ( NP-SBJ ( DT The ) ( CD two ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( MD must ) ( VP ( VP ( ADVP ( RB still ) ) ( VB do ) ( NP ( JJR more ) ( NN laboratory ) ( NNS tests ) ) ) ( RB then ) ( VP ( NN experiment ) ( PP-CLR ( IN on ) ( NP ( NNS animals ) ) ) ) ) ) ) ) ) )

The two said they must still do more laboratory tests then experiment on animals


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD hoped ) ( S ( VP ( TO to ) ( VP ( VB conduct ) ( NP ( NNS tests ) ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ human ) ( NNS patients ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ( PP-TMP ( IN by ) ( NP ( JJ late ) ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) ) )

They said they hoped to conduct tests on human patients in the U.S. by late next year


( S ( S-TPC-2 ( NP-SBJ-1 ( NNP Japan ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB have ) ( NP ( JJ enough ) ( NNP AIDS ) ( NNS patients ) ( S ( VP ( TO to ) ( VP ( VB do ) ( NP ( JJ significant ) ( NN experimentation ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN country ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP they ) ) ( VP ( VBD said ) ) )

Japan does n't have enough AIDS patients to do significant experimentation in that country they said


( S ( NP-SBJ ( DT The ) ( NN announcement ) ) ( VP ( VP ( VBD got ) ( NP ( JJ wide ) ( NN exposure ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ Japanese ) ( NNS media ) ) ) ) ( CC and ) ( VP ( ADVP ( RB even ) ) ( VBD moved ) ( NP ( DT some ) ( JJ pharmaceutical ) ( NNS stocks ) ) ( NP-TMP ( NN yesterday ) ) ) ) )

The announcement got wide exposure in the Japanese media and even moved some pharmaceutical stocks yesterday


( S ( CC But ) ( NP-SBJ ( NP ( NNP Takashi ) ( NNP Kitamura ) ) ( NP ( NP ( NP ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN biology ) ( NN department ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( NNP National ) ( NNP Institute ) ) ( PP ( IN of ) ( NP ( NNP Health ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NP ( NN secretary ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( JJ AIDS-research ) ( NN center ) ) ) ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ ( PRP I ) ) ( VP ( VBP 'm ) ( RB not ) ( ADJP-PRD ( RB so ) ( JJ optimistic ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ future ) ( NN use ) ) ( PP-LOC ( IN in ) ( NP ( JJ therapeutic ) ( NNS methods ) ) ) ) ) ) ) ) ) )

But Takashi Kitamura director of the biology department at Japan 's National Institute of Health and secretary of the government 's AIDS-research center said I 'm not so optimistic of its future use in therapeutic methods


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT some ) ( JJ infected ) ( NNS cells ) ) ( VP ( VP ( MD may ) ( RB not ) ( VP ( VB have ) ( NP ( DT the ) ( JJ relevant ) ( NN antigen ) ) ) ) ( CC and ) ( VP ( ADVP ( RB so ) ) ( MD would ) ( RB n't ) ( VP ( VB be ) ( VP ( VBN killed ) ( PP-TMP ( ADVP ( RB even ) ) ( IN after ) ( NP ( NP ( NN exposure ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN antibody ) ) ) ) ) ) ) ) ) ) ) ) )

He said some infected cells may not have the relevant antigen and so would n't be killed even after exposure to the antibody