( S ( PP ( IN Despite ) ( NP ( NP ( NP ( DT the ) ( NN yen ) ( POS 's ) ) ( NN weakness ) ) ( PP ( IN with ) ( NP ( NP ( NN respect ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN mark ) ) ) ) ) ) ) ( NP-SBJ ( NNP Tokyo ) ( NNS traders ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB expect ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Japan ) ) ) ) ( VP ( TO to ) ( VP ( VB take ) ( NP ( NP ( DT any ) ( NN action ) ) ( S ( VP ( TO to ) ( VP ( VB support ) ( NP ( DT the ) ( JJ Japanese ) ( NN currency ) ) ( PP-LOC ( IN on ) ( NP ( DT that ) ( NN front ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Despite the yen 's weakness with respect to the mark Tokyo traders say they do n't expect the Bank of Japan to take any action to support the Japanese currency on that front


( S ( ADVP-TMP ( RB Meanwhile ) ) ( NP-SBJ ( NN sterling ) ) ( VP ( VBD slumped ) ( PP ( IN on ) ( NP ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNP United ) ( NNP Kingdom ) ) ( VP ( VBD posted ) ( NP ( DT a ) ( JJ wider-than-expected ) ( NN trade ) ( NN deficit ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ) ) ) ) ) ) )

Meanwhile sterling slumped on news that the United Kingdom posted a wider-than-expected trade deficit in September


( S ( S ( NP-SBJ ( DT The ) ( NN news ) ) ( ADVP ( RB also ) ) ( VP ( VBD knocked ) ( NP ( DT the ) ( JJ British ) ( NN unit ) ) ( PP-DIR ( TO to ) ( NP ( QP ( IN below ) ( CD 2.95 ) ) ( NNS marks ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP London ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( NP ( DT a ) ( NN bout ) ) ( PP ( IN of ) ( NP ( NN short-covering ) ) ) ) ( VP ( VBD helped ) ( S ( NP-SBJ ( NN sterling ) ) ( VP ( VB recoup ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJR earlier ) ( NNS losses ) ) ) ) ) ) ) ) )

The news also knocked the British unit to below 2.95 marks in London but a bout of short-covering helped sterling recoup some of its earlier losses


( S ( PP-LOC ( IN On ) ( NP ( DT the ) ( NNP Commodity ) ( NNP Exchange ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ) ) ( NP-SBJ ( NP ( NN gold ) ) ( PP ( IN for ) ( NP ( JJ current ) ( NN delivery ) ) ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 3.20 ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 370.20 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) )

On the Commodity Exchange in New York gold for current delivery jumped 3.20 to 370.20 an ounce


( S ( NP-SBJ ( DT The ) ( NN close ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( DT the ) ( JJS highest ) ) ( PP-TMP ( IN since ) ( NP ( NNP Aug. ) ( CD 15 ) ) ) ) ) )

The close was the highest since Aug. 15


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

Estimated volume was a light two million ounces


( S ( PP-LOC ( IN In ) ( NP ( JJ early ) ( NN trading ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Hong ) ( NNP Kong ) ) ) ( NP-TMP ( NNP Wednesday ) ) ( NP-SBJ-1 ( NN gold ) ) ( VP ( VBD was ) ( VP ( VBN quoted ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 368.25 ) ) ( NP-ADV ( DT an ) ( NN ounce ) ) ) ) ) ) )

In early trading in Hong Kong Wednesday gold was quoted at 368.25 an ounce


( S ( NP-SBJ ( NP ( NNP Bond ) ( NNP Corp ) ( NNP Holdings ) ( NNP Ltd. ) ( POS 's ) ) ( JJ consolidated ) ( NN debt ) ) ( VP ( VBZ totals ) ( NP ( NP ( QP ( CD 6.9 ) ( CD billion ) ) ( JJ Australian ) ( NNS dollars ) ) ( PRN ( NP ( QP ( CD 5.32 ) ( CD billion ) ) ) ) ( PP ( VBG including ) ( NP ( NP ( QP ( CD 1.6 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( NP ( NNS bonds ) ) ( ADJP ( JJ convertible ) ( PP ( IN into ) ( NP ( NNS shares ) ) ) ) ) ) ) ) ) ) )

Bond Corp Holdings Ltd. 's consolidated debt totals 6.9 billion Australian dollars 5.32 billion including 1.6 billion of bonds convertible into shares


( S ( NP-SBJ ( NP ( NNP Alan ) ( NNP Bond ) ) ( NP ( NP ( NP ( NN chairman ) ) ( CC and ) ( NP ( JJ controlling ) ( NN shareholder ) ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ cash-strapped ) ( JJ Australian ) ( NNS media ) ( NN brewing ) ( NNS resources ) ( CC and ) ( NN property ) ( NN concern ) ) ) ) ) ( VP ( VBD disclosed ) ( NP ( DT the ) ( NN debt ) ( NNS figures ) ) ( NP-TMP ( NN yesterday ) ) ) )

Alan Bond chairman and controlling shareholder of the cash-strapped Australian media brewing resources and property concern disclosed the debt figures yesterday


( S ( NP-SBJ ( DT The ) ( NN disclosure ) ) ( VP ( VBZ follows ) ( NP ( NP ( JJ last ) ( NNP Friday ) ( POS 's ) ) ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Bond ) ( NNP Corp. ) ) ( VP ( VBD incurred ) ( NP ( NP ( DT an ) ( JJ overall ) ( NN loss ) ) ( PP ( IN of ) ( NP ( NP ( QP ( CD 980.2 ) ( CD million ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP June ) ( CD 30 ) ) ) ) ) ( NP ( NP ( DT the ) ( JJS largest ) ( NN loss ) ) ( PP-LOC ( IN in ) ( NP ( JJ Australian ) ( JJ corporate ) ( NN history ) ) ) ) ) ) ) ) ) ) ) ) )

The disclosure follows last Friday 's news that Bond Corp. incurred an overall loss of 980.2 million for the fiscal year ended June 30 the largest loss in Australian corporate history


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN debt ) ( NN load ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN been ) ( ADJP-PRD ( JJR higher ) ) ( PP ( CC but ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN reduction ) ) ( PP ( IN of ) ( NP ( QP ( CD 5 ) ( CD billion ) ) ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( NN year ) ) ) ( PP ( IN from ) ( NP ( NN asset ) ( NNS sales ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD said ) ( PP-LOC ( IN at ) ( NP ( DT a ) ( NN business ) ( NN gathering ) ) ) ) )

The debt load would have been higher but for a reduction of 5 billion over the past year from asset sales Mr. Bond said at a business gathering


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD indicated ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT the ) ( JJ consolidated ) ( NN debt ) ( NNS figures ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBP include ) ( NP ( NP ( NN debt ) ) ( PP ( IN of ) ( NP ( NP ( NNS units ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Bell ) ( NNP Group ) ( NNP Ltd. ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN published ) ( ADVP-TMP ( RB soon ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Bond ) ( NNP Corp. ) ( POS 's ) ) ( CD 1989 ) ( JJ annual ) ( NNS accounts ) ) ) ) ) ) ) ) ) )

Mr. Bond indicated the consolidated debt figures which include debt of units such as Bell Group Ltd. will be published soon in Bond Corp. 's 1989 annual accounts


( S ( NP-SBJ ( PRP He ) ) ( VP ( VP ( VBD predicted ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN debt ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reduced ) ( PP-EXT ( IN by ) ( NP ( DT another ) ( QP ( CD 3.8 ) ( CD billion ) ) ) ) ( NP-TMP ( NP ( DT this ) ( JJ fiscal ) ( NN year ) ) ( VP ( VBG ending ) ( NP-TMP ( NNP June ) ( CD 30 ) ( CD 1990 ) ) ) ) ) ) ) ) ) ) ( CC but ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB explain ) ( SBAR ( WHADVP-3 ( WRB how ) ) ( S ( NP-SBJ-2 ( DT this ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN achieved ) ) ) ) ) ) ) ) ) )

He predicted the debt will be reduced by another 3.8 billion this fiscal year ending June 30 1990 but did n't explain how this will be achieved


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD blamed ) ( NP-2 ( NP ( VBG rising ) ( JJ Australian ) ( NN interest ) ( NNS rates ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NP ( NNP Bell ) ( NNP Group ) ) ( PP ( IN with ) ( NP ( NP ( PRP$ its ) ( RB very ) ( JJ high ) ( NNS levels ) ) ( PP ( IN of ) ( NP ( JJ shortterm ) ( NN debt ) ) ) ) ) ) ) ) ) ( PP-CLR ( IN for ) ( S-NOM ( VP ( VBG producing ) ( NP ( NP ( DT a ) ( NN condition ) ) ( SBAR ( WHNP-1 ( DT that ) ) ( S ( VP ( VBD was ) ( ADVP-TMP ( DT no ) ( RBR longer ) ) ( ADJP-PRD ( JJ sustainable ) ) ) ) ) ) ) ) ) ) )

Mr. Bond blamed rising Australian interest rates and the acquisition of Bell Group with its very high levels of shortterm debt for producing a condition that was no longer sustainable


( S-1 ( SBAR-PRP ( IN In ) ( NN order ) ( S ( VP ( TO to ) ( VP ( VP ( VB restore ) ( NP ( NN confidence ) ) ) ( CC and ) ( VP ( VB ensure ) ( NP ( NP ( DT the ) ( NN support ) ) ( PP ( IN of ) ( NP ( PRP$ our ) ( JJ principal ) ( NNS lenders ) ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD said ) ) ) ) ( NP-SBJ-2 ( PRP we ) ) ( VP ( VBD embarked ) ( PP-CLR ( IN on ) ( NP ( NP ( JJ fundamantal ) ( NNS changes ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NN structure ) ( CC and ) ( NN direction ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN group ) ) ) ) ) ) ) ) )

In order to restore confidence and ensure the support of our principal lenders Mr. Bond said we embarked on fundamantal changes in the structure and direction of the group


( S ( NP-SBJ ( DT That ) ( NN reassessment ) ) ( VP ( VBD resulted ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ continuing ) ( NN asset ) ( NNS sales ) ) ( RB as ) ( RB well ) ( IN as ) ( NP ( NP ( NNS write-offs ) ) ( VP ( VBG exceeding ) ( NP ( QP ( CD 1.1 ) ( CD billion ) ) ) ( NP-TMP ( JJ last ) ( JJ fiscal ) ( NN year ) ) ) ) ) ) ) )

That reassessment resulted in continuing asset sales as well as write-offs exceeding 1.1 billion last fiscal year


( S ( S-TPC-1 ( PP ( IN In ) ( NP ( NN essence ) ) ) ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( VP ( VBN made ) ( NP ( DT a ) ( NN decision ) ( S ( VP ( TO to ) ( VP ( VB clear ) ( NP ( DT the ) ( NNS decks ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD told ) ( NP ( DT the ) ( NN meeting ) ) ) )

In essence we have made a decision to clear the decks Mr. Bond told the meeting


( S ( S-TPC-3 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ-2 ( DT some ) ( NNS assets ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN written ) ( PRT ( RP down ) ) ) ) ) ) ) ( NP-SBJ-1 ( NNS others ) ) ( VP ( VBP are ) ( VP ( VBN undervalued ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS accounts ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD maintained ) ) )

While some assets have been written down others are undervalued in the accounts Mr. Bond maintained


( S ( SINV-TPC-2 ( PP-LOC-PRD-TPC-1 ( IN Among ) ( NP ( DT these ) ) ) ( VP ( VBP are ) ) ( NP-SBJ ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( JJ Australian ) ( NN brewing ) ( NNS assets ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNS books ) ) ( PP ( IN at ) ( NP ( QP ( CD 950 ) ( CD million ) ) ) ) ) ( CC but ) ( RB actually ) ( ADJP ( JJ worth ) ( NP ( QP ( CD 2.5 ) ( CD billion ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) )

Among these are the company 's Australian brewing assets in the books at 950 million but actually worth 2.5 billion he said


( S ( S-TPC-3 ( S ( NP-SBJ-2 ( NP ( DT An ) ( NN investment ) ) ( PP ( IN in ) ( NP ( NP ( NNP Chile ) ( POS 's ) ) ( NN telephone ) ( NN company ) ) ) ) ( VP ( VBZ is ) ( UCP-PRD ( VP ( VBN carried ) ( PP ( IN at ) ( NP-CLR ( QP ( CD 300 ) ( CD million ) ) ) ) ) ( CC but ) ( ADVP ( RB really ) ) ( ADJP ( JJ worth ) ( NP ( QP ( CD 500 ) ( CD million ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN property ) ( NN portfolio ) ) ( VP ( VBZ is ) ( VP ( VBN undervalued ) ( PP-EXT ( IN by ) ( NP ( QP ( IN at ) ( JJS least ) ( CD 250 ) ( CD million ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD said ) ) )

An investment in Chile 's telephone company is carried at 300 million but really worth 500 million and the company 's property portfolio is undervalued by at least 250 million Mr. Bond said


( S ( NP-SBJ ( NNP Mr. ) ( NNP Bond ) ) ( VP ( VBD forecast ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN by ) ( NP ( JJ next ) ( NNP June ) ) ) ( SBAR-NOM-SBJ ( WHNP-1 ( WP what ) ) ( S ( VP ( MD will ) ( VP ( VB emerge ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN company ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT a ) ( JJ honed ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN purpose ) ) ) ) ( NP ( DT a ) ( JJ stable ) ( NN balance ) ( NN sheet ) ) ) ) ( PP ( IN with ) ( NP ( NP ( JJ good-quality ) ( NNS assets ) ) ( PP-LOC ( IN in ) ( NP ( NN brewing ) ( NN telecommunications ) ( NNS media ) ( CC and ) ( NN property ) ) ) ) ) ) ) ) ) ) ) )

Mr. Bond forecast that by next June what will emerge will be a company with a honed sense of purpose a stable balance sheet with good-quality assets in brewing telecommunications media and property


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB name ) ( NP ( NN energy ) ( NNS resources ) ) ( PP-LOC ( IN in ) ( NP ( DT that ) ( NN list ) ) ) ( S-ADV ( VP ( VBG signaling ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PDT all ) ( DT the ) ( NN company ) ( POS 's ) ( NN coal ) ( CC and ) ( NN oil ) ( NNS interests ) ) ( VP ( MD might ) ( VP ( VB be ) ( PP-PRD ( IN for ) ( NP ( NN sale ) ) ) ( PP ( PP ( IN in ) ( NP ( NN total ) ) ) ( CC or ) ( PP ( IN in ) ( NP ( NN part ) ) ) ) ) ) ) ) ) ) ) ) )

He did n't name energy resources in that list signaling that all the company 's coal and oil interests might be for sale in total or in part


( S ( NP-SBJ-1 ( NP ( DT Some ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN oil ) ( NNS interests ) ) ) ) ( ADVP-TMP ( RB already ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBN sold ) ) ) ) )

Some of the oil interests already have been sold


( S ( NP-SBJ ( NP ( NNP Applied ) ( NNP Solar ) ( NNP Energy ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP City ) ) ( PP ( IN of ) ( NP ( NNP Industry ) ) ) ) ( NP-LOC ( NNP Calif. ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( PRP it ) ) ( CC and ) ( NP ( NP ( PRP$ its ) ( NN majority ) ( NN shareholder ) ) ( NP ( NNP American ) ( NNP Cyanamid ) ( NNP Co. ) ) ) ) ( VP ( VBD signed ) ( NP ( NP ( DT a ) ( JJ non-binding ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NP ( NN intent ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NN acquisition ) ) ( PP ( IN of ) ( NP ( NNP Applied ) ( NNP Solar ) ) ) ( PP ( IN by ) ( NP ( NNP McDonnell ) ( NNP Douglas ) ( NNP Corp. ) ) ) ( PP ( IN for ) ( NP ( QP ( RB about ) ( CD 38 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) ) )

Applied Solar Energy Corp. of City of Industry Calif. said it and its majority shareholder American Cyanamid Co. signed a non-binding letter of intent for the acquisition of Applied Solar by McDonnell Douglas Corp. for about 38 million


( S ( NP-SBJ ( DT The ) ( JJ proposed ) ( NN acquisition ) ) ( VP ( VBZ provides ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT a ) ( NN cash ) ( NN payment ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN at ) ( NP ( NN closing ) ) ) ) ( CC and ) ( NP ( NP ( NP ( DT a ) ( JJ contingent ) ( NN payment ) ) ( PP ( IN of ) ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( NP ( NP ( CD 80 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ( VP ( VBN placed ) ( PP-LOC-CLR ( IN in ) ( NP ( NN escrow ) ) ) ) ) ) ) ) )

The proposed acquisition provides for a cash payment of 10 a share at closing and a contingent payment of as much as 80 cents a share placed in escrow


( S ( S-TPC-2 ( NP-SBJ-1 ( NP ( NNS Details ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN escrow ) ( NN agreement ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( VP ( VBN been ) ( VP ( VBN completed ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS companies ) ) ( VP ( VBD said ) ) )

Details of the escrow agreement have n't been completed the companies said


( S ( NP-SBJ ( EX There ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( QP ( CD 3.5 ) ( CD million ) ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( NNP Applied ) ( NNP Solar ) ) ) ( SBAR ( WHPP-1 ( IN of ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNP American ) ( NNP Cyanamid ) ) ( VP ( VBZ owns ) ( NP ( NP ( CD 2.7 ) ( CD million ) ) ) ) ) ) ) ) )

There are 3.5 million shares of Applied Solar of which American Cyanamid owns 2.7 million


( S ( NP-SBJ ( NNP American ) ( NNP Cyanamid ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( NP ( NP ( NNP Wayne ) ) ( NP ( NNP N.J. ) ) ) ( NNS chemicals ) ( NNS drugs ) ( CC and ) ( NN fertilizer ) ( NN concern ) ) ) )

American Cyanamid is a Wayne N.J. chemicals drugs and fertilizer concern


( S ( NP-SBJ ( NP ( NN Completion ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN acquisition ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ subject ) ( PP ( TO to ) ( NP ( NP ( NP ( NN execution ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ) ) ) ( NP ( NP ( NN approval ) ) ( PP ( IN by ) ( NP ( NP ( DT all ) ( CD three ) ( NNS companies ) ( POS ' ) ) ( NNS boards ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN approval ) ) ( PP ( IN of ) ( NP ( NP ( NNP Applied ) ( NNP Solar ) ( POS 's ) ) ( NNS shareholders ) ) ) ) ) ) ) ) )

Completion of the acquisition is subject to execution of a definitive agreement approval by all three companies ' boards and the approval of Applied Solar 's shareholders


( S ( NP-SBJ ( DT An ) ( NNP Applied ) ( NNP Solar ) ( NN spokesman ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( NN completion ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( UCP-TMP ( PP ( IN at ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ( CC or ) ( ADVP ( RB early ) ( NP ( JJ next ) ( NN year ) ) ) ) ) ) ) ) ) )

An Applied Solar spokesman said completion is expected at the end of the year or early next year


( S ( NP-SBJ ( NP ( DT A ) ( NN spokeswoman ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP St. ) ( NNP Louis ) ( NN aerospace ) ( CC and ) ( NN defense ) ( NN concern ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD wanted ) ( NP ( DT the ) ( NN acquistion ) ) ( SBAR-PRP ( IN because ) ( S ( S ( NP-SBJ-1 ( NNP Applied ) ( NNP Solar ) ) ( VP ( VBZ is ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( NP ( JJ solar ) ( NNS cells ) ) ( CC and ) ( NP ( JJ solid-state ) ( NN laser ) ( NNS components ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT this ) ) ( VP ( VBZ fits ) ( PP-CLR ( IN with ) ( NP ( NP ( NP ( NNP McDonnell ) ( POS 's ) ) ( NN business ) ) ( PP ( IN of ) ( NP ( NP ( NN laser ) ( NNS applications ) ) ( PP ( IN for ) ( NP ( JJ military ) ( NN space ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

A spokeswoman for the St. Louis aerospace and defense concern said it wanted the acquistion because Applied Solar is involved in solar cells and solid-state laser components and this fits with McDonnell 's business of laser applications for military space


( S ( NP-SBJ-1 ( NP ( NNP Xerox ) ( NNP Corp. ) ( POS 's ) ) ( JJ third-quarter ) ( JJ net ) ( NN income ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 6.2 ) ( NN % ) ) ( PP ( IN on ) ( NP ( ADJP ( NP ( CD 7.3 ) ( NN % ) ) ( JJR higher ) ) ( NN revenue ) ) ) ( S-ADV ( VP ( VBG earning ) ( NP ( JJ mixed ) ( NNS reviews ) ) ( PP ( IN from ) ( NP ( NNP Wall ) ( NNP Street ) ( NNS analysts ) ) ) ) ) ) )

Xerox Corp. 's third-quarter net income grew 6.2 % on 7.3 % higher revenue earning mixed reviews from Wall Street analysts


( S ( NP-SBJ ( NP ( NN Quarter ) ( NN net ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS business-machines ) ( CC and ) ( NNS financial-services ) ( NN company ) ) ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( QP ( CD 155 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.41 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 146 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 1.37 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) )

Quarter net for the business-machines and financial-services company rose to 155 million or 1.41 a share from 146 million or 1.37 a share in the year-earlier period


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 4.45 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 4.15 ) ( CD billion ) ) ) ) ) )

Revenue rose to 4.45 billion from 4.15 billion


( S ( PP-LOC ( IN In ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-SBJ ( NNP Xerox ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 62.75 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 1 ) ) ) ) )

In New York Stock Exchange composite trading Xerox closed at 62.75 a share up 1


( SINV ( S-TPC-2 ( NP-SBJ ( NP ( NNS Sales ) ( NN growth ) ( CC and ) ( NN profit ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN business ) ( NNS products ) ( CC and ) ( NNS systems ) ) ( PRN ( NP ( NP ( NNP Xerox ) ( POS 's ) ) ( JJ main ) ( NN business ) ) ) ) ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ disappointing ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP B. ) ( NNP Alex ) ( NNP Henderson ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBZ follows ) ( NP ( DT the ) ( NN company ) ) ( PP ( IN for ) ( NP ( NNP Prudential-Bache ) ( NNP Securities ) ( NNP Inc ) ) ) ) ) ) ) )

Sales growth and profit in business products and systems Xerox 's main business were disappointing said B. Alex Henderson who follows the company for Prudential-Bache Securities Inc


( S ( S-TPC-1 ( S ( NP-SBJ ( NP ( NNS Sales ) ) ( PP ( IN of ) ( NP ( NP ( NNP Xerox ) ( NNS copiers ) ) ( CC and ) ( NP ( JJ other ) ( NN office ) ( NNS products ) ) ) ) ) ( VP ( VBD grew ) ( NP-EXT ( CD 1.6 ) ( NN % ) ) ) ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD expected ) ( NP ( NP ( NN growth ) ) ( PP ( IN of ) ( NP ( QP ( CD 6 ) ( NN % ) ( TO to ) ( CD 7 ) ( NN % ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Henderson ) ) ( VP ( VBD said ) ) )

Sales of Xerox copiers and other office products grew 1.6 % we expected growth of 6 % to 7 % Mr. Henderson said


( S ( S-TPC-1 ( NP-SBJ ( NN Operating-profit ) ( NNS margins ) ) ( VP ( VBD slipped ) ( NP-EXT ( QP ( RB almost ) ( CD 18 ) ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 4.3 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS sales ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN analyst ) ) ( VP ( VBD noted ) ) )

Operating-profit margins slipped almost 18 % to 4.3 % of sales the analyst noted


( SINV ( S-TPC-1 ( ADVP ( RB Still ) ) ( PP ( IN with ) ( S-NOM ( NP-SBJ ( NP ( NNS competitors ) ) ( PP ( JJ such ) ( IN as ) ( NP ( NNP Eastman ) ( NNP Kodak ) ( NNP Co. ) ) ) ) ( VP ( VBG faltering ) ( PP-LOC ( IN in ) ( NP ( NN copier ) ( NNS sales ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Xerox ) ( POS 's ) ) ( NNS sales ) ( VBZ increases ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ encouraging ) ) ) ) ( VP ( VBZ says ) ) ( NP-SBJ ( NP ( NNP Eugene ) ( NNP Glazer ) ) ( PP ( IN of ) ( NP ( NNP Dean ) ( NNP Witter ) ( NNP Reynolds ) ( NNP Inc ) ) ) ) )

Still with competitors such as Eastman Kodak Co. faltering in copier sales Xerox 's sales increases were encouraging says Eugene Glazer of Dean Witter Reynolds Inc


( S ( S-TPC-1 ( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP are ) ( VP ( VBG holding ) ( NP ( PRP$ their ) ( JJ own ) ) ( PP-LOC ( IN in ) ( NP ( DT a ) ( JJ weak ) ( NN market ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( DT the ) ( NN restructuring ) ) ( VP ( VBZ is ) ( VP ( VBG working ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBZ says ) ) )

They are holding their own in a weak market and the restructuring is working he says


( S ( NP-SBJ ( NP ( NNP David ) ( NNP T. ) ( NNP Kearns ) ) ( NP ( NNP Xerox ) ( NX ( NX ( NN chairman ) ) ( CC and ) ( NX ( JJ chief ) ( JJ executive ) ( NN officer ) ) ) ) ) ( VP ( VBD cited ) ( NP ( NP ( DT the ) ( NN restructuring ) ) ( CC and ) ( NP ( JJ strong ) ( NN cost ) ( NNS controls ) ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( ADJP ( CD 13 ) ( NN % ) ) ( NN growth ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN profit ) ) ( PP ( IN from ) ( NP ( NN business ) ( NNS products ) ( CC and ) ( NNS systems ) ( NNS operations ) ) ) ) ) ) ) ) )

David T. Kearns Xerox chairman and chief executive officer cited the restructuring and strong cost controls for the 13 % growth in profit from business products and systems operations


( S ( NP-SBJ ( NNP Mr. ) ( NNP Glazer ) ) ( VP ( VBZ expects ) ( S ( NP-SBJ ( NNP Xerox ) ) ( VP ( TO to ) ( VP ( VB experience ) ( NP ( NP ( JJ tough ) ( NN sledding ) ) ( PRN ( ADVP ( RB though ) ) ) ( PP-LOC ( IN in ) ( NP ( JJ financial ) ( NNS services ) ) ) ) ( PP-PRP ( IN because ) ( IN of ) ( NP ( NP ( NN rate ) ( NNS pressures ) ) ( CC and ) ( NP ( NP ( NN uncertainty ) ) ( VP ( VBG surrounding ) ( NP ( NP ( NN tax ) ( NN treatment ) ) ( PP ( IN of ) ( NP ( NN capital ) ( NNS gains ) ) ) ) ) ) ) ) ) ) ) ) )

Mr. Glazer expects Xerox to experience tough sledding though in financial services because of rate pressures and uncertainty surrounding tax treatment of capital gains


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN quarter ) ) ) ( NP-SBJ ( DT the ) ( NNP Crum ) ( CC & ) ( NNP Forster ) ( NN insurance ) ( NN unit ) ) ( VP ( VBD reported ) ( NP ( NP ( NP ( QP ( CD 200 ) ( CD million ) ) ) ) ( PP-TMP ( IN before ) ( NP ( NN tax ) ) ) ( PP-1 ( IN of ) ( NP ( NP ( NN capital ) ( NNS gains ) ) ( PP ( IN from ) ( NP ( NN property ) ( CC and ) ( NN casualty ) ( NNS operations ) ) ) ) ) ) ) )

In the quarter the Crum & Forster insurance unit reported 200 million before tax of capital gains from property and casualty operations


( S ( NP-SBJ ( DT The ) ( NN subsidiary ) ) ( ADVP ( RB also ) ) ( VP ( VP ( VBD increased ) ( NP ( NNS reserves ) ) ( PP-MNR ( IN by ) ( NP ( QP ( CD 140 ) ( CD million ) ) ) ) ) ( ADVP ( RB however ) ) ( CC and ) ( VP ( VBD set ) ( ADVP-CLR ( RB aside ) ) ( NP ( DT an ) ( JJ additional ) ( QP ( CD 25 ) ( CD million ) ) ) ( PP-PRP ( IN for ) ( NP ( NP ( NNS claims ) ) ( VP ( VBN connected ) ( PP-CLR ( IN with ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ) ) ) ) )

The subsidiary also increased reserves by 140 million however and set aside an additional 25 million for claims connected with Hurricane Hugo


( S ( PP-TMP ( IN For ) ( NP ( DT the ) ( CD nine ) ( NNS months ) ) ) ( NP-SBJ ( NNP Xerox ) ) ( VP ( VBD earned ) ( NP ( NP ( NP ( QP ( CD 492 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.55 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( ADVP ( RB up ) ( NP ( CD 5.8 ) ( NN % ) ) ( PP ( IN from ) ( NP ( NP ( QP ( CD 465 ) ( CD million ) ) ) ( CC or ) ( NP ( NP ( CD 4.32 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) )

For the nine months Xerox earned 492 million or 4.55 a share up 5.8 % from 465 million or 4.32 a share


( S ( NP-SBJ ( NN Revenue ) ) ( VP ( VBD rose ) ( NP-EXT ( CD 7.6 ) ( NN % ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 12.97 ) ( CD billion ) ) ) ) ( PP-DIR ( IN from ) ( NP ( QP ( CD 12.05 ) ( CD billion ) ) ) ) ) )

Revenue rose 7.6 % to 12.97 billion from 12.05 billion


( S ( NP-SBJ ( NNP Boeing ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Trans ) ( NNP European ) ( NNP Airways ) ) ( VP ( VBD ordered ) ( NP ( NP ( QP ( DT a ) ( NN dozen ) ) ( CD 737 ) ( NNS jetliners ) ) ( VP ( VBN valued ) ( PP-CLR ( IN at ) ( NP ( NP ( DT a ) ( NN total ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 450 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

Boeing Co. said Trans European Airways ordered a dozen 737 jetliners valued at a total of about 450 million


( S ( NP-SBJ-1 ( DT The ) ( CD 300 ) ( CC and ) ( CD 400 ) ( NN series ) ( NN aircraft ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN powered ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS engines ) ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VBN produced ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP General ) ( NNP Electric ) ( NNP Co. ) ) ( CC and ) ( NP ( NP ( NNP Snecma ) ) ( PP ( IN of ) ( NP ( NNP France ) ) ) ) ) ) ) ) ) ) ) ) )

The 300 and 400 series aircraft will be powered by engines jointly produced by General Electric Co. and Snecma of France


( S ( ADVP-TMP ( NNP Currently ) ) ( S ( NP-SBJ ( NNP Boeing ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN backlog ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 80 ) ( CD billion ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-1 ( NN production ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN slowed ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT a ) ( NN strike ) ) ( PP ( IN of ) ( NP ( CD 55,000 ) ( NNS machinists ) ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD entered ) ( NP ( PRP$ its ) ( JJ 22nd ) ( NN day ) ) ( NP-TMP ( NN today ) ) ) ) ) ) ) ) ) ) ) )

Currently Boeing has a backlog of about 80 billion but production has been slowed by a strike of 55,000 machinists which entered its 22nd day today


( S ( NP-TMP ( JJ Last ) ( NN week ) ) ( NP-SBJ-2 ( DT a ) ( NN mediator ) ) ( VP ( VBD failed ) ( S ( VP ( TO to ) ( VP ( VB rekindle ) ( NP ( NP ( NNS talks ) ) ( PP ( IN between ) ( NP ( NP ( DT the ) ( NN company ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNS strikers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP have ) ( VP ( VBN rejected ) ( NP ( NP ( DT a ) ( NN pay ) ( NN raise ) ( NN offer ) ) ( PP ( IN of ) ( NP ( NP ( CD 10 ) ( NN % ) ) ( PP-TMP ( IN over ) ( NP ( CD three ) ( NNS years ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Last week a mediator failed to rekindle talks between the company and the strikers who have rejected a pay raise offer of 10 % over three years


( S ( NP-SBJ ( NNP Murata ) ( NNP Mfg. ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( VP ( VBG establishing ) ( NP ( NP ( DT a ) ( NN subsidiary ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP Britain ) ) ) ( SBAR-2 ( S ( VP ( TO to ) ( VP ( VB produce ) ( NP ( NP ( JJ electric ) ( NNS parts ) ) ( PP ( VBG including ) ( NP ( JJ ceramic ) ( NNS condensers ) ) ) ) ) ) ) ) ) ) ) ) ) )

Murata Mfg. Co. said it is establishing a subsidiary in Britain to produce electric parts including ceramic condensers


( S ( NP-SBJ ( NP ( DT The ) ( NNP Tokyo ) ( NN maker ) ) ( PP ( IN of ) ( NP ( JJ ceramic ) ( NNS capacitors ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD purchased ) ( NP ( NP ( DT a ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NNP Plymouth ) ) ) ) ) ) ) ) )

The Tokyo maker of ceramic capacitors said it purchased a plant in Plymouth


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB disclose ) ( NP ( NP ( DT a ) ( NN purchase ) ( NN price ) ) ( CC or ) ( NP ( NN capitalization ) ( NNS figures ) ) ) ) ) )

The company did n't disclose a purchase price or capitalization figures


( S ( NP-SBJ ( NNP Murata ) ) ( VP ( VBD said ) ( ADVP ( RB however ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB invest ) ( NP ( NP ( QP ( RB about ) ( CD 1.4 ) ( CD billion ) ) ( NN yen ) ) ( PRN ( NP ( QP ( CD 9.9 ) ( CD million ) ) ) ) ) ( PP-CLR ( IN in ) ( NP ( DT the ) ( JJ new ) ( NN company ) ) ) ) ) ) ) ) )

Murata said however it will invest about 1.4 billion yen 9.9 million in the new company


( S ( NP-SBJ-1 ( NN Production ) ) ( VP ( VBZ is ) ( VP ( VBN slated ) ( S ( VP ( TO to ) ( VP ( VB begin ) ( PP-TMP ( IN in ) ( NP ( NNP April ) ) ) ) ) ) ) ) )

Production is slated to begin in April


( S ( NP-SBJ ( NP ( DT The ) ( NN company ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( JJ European ) ( NN foothold ) ) ( NP ( NP ( NNP Murata ) ( NNP Europe ) ( NNP Management ) ( NNP G.m.b ) ( NNP H. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Germany ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-2 ( DT the ) ( JJS latest ) ( NN venture ) ) ( VP ( VBZ is ) ( VP ( VBN designed ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( NP ( NP ( NN demand ) ) ( PP ( IN for ) ( NP ( JJ electric ) ( NNS parts ) ) ) ( PP-LOC ( IN in ) ( NP ( NNP European ) ( NNP Community ) ( NNS countries ) ) ) ) ( ADVP-TMP ( RB ahead ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN creation ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ unified ) ( NN market ) ) ) ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company which has a European foothold Murata Europe Management G.m.b H. in Germany said the latest venture is designed to meet demand for electric parts in European Community countries ahead of the creation of the unified market by the end of 1992


( S ( NP-SBJ ( NNP Murata ) ) ( VP ( VBZ expects ) ( NP ( NP ( NNS sales ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN unit ) ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 1.5 ) ( CD billion ) ) ( NN yen ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ first ) ( NN year ) ) ) ) ) )

Murata expects sales at the unit of about 1.5 billion yen in the first year


( S ( NP-SBJ-1 ( DT The ) ( NNP Nasdaq ) ( JJ over-the-counter ) ( NN market ) ) ( VP ( VP ( VBD did ) ( RB n't ) ( VP ( ADVP-MNR ( RB fully ) ) ( VB recover ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NN selling ) ( NN stampede ) ) ) ) ) ( CC and ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 1.2 ) ( NN % ) ) ) ) ) )

The Nasdaq over-the-counter market did n't fully recover from a selling stampede and closed down 1.2 %


( S ( NP-SBJ ( NP ( DT The ) ( NNS effects ) ) ( PP ( IN on ) ( NP ( DT the ) ( NN market ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RB mostly ) ( JJ computer-driven ) ) ( NN sell-off ) ) ( PP-LOC ( IN among ) ( NP ( JJ exchange-listed ) ( NNS stocks ) ) ) ) ) ) ( VP ( VBD irked ) ( NP ( NP ( JJ many ) ( NN market ) ( NNS makers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD watched ) ( S ( NP-SBJ ( DT the ) ( NNP Nasdaq ) ( NNP Composite ) ( NNP Index ) ) ( VP ( VB tumble ) ( PP ( IN in ) ( NP ( NP ( NN sympathy ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Dow ) ( NNP Jones ) ( NNP Industrial ) ( NNP Average ) ) ) ) ) ) ) ) ( CC and ) ( VP ( ADVP-TMP ( RB then ) ) ( VBD saw ) ( S ( NP-SBJ-2 ( PRP it ) ) ( VP ( VB get ) ( VP ( VBN left ) ( PRT ( RP behind ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ subsequent ) ( NN rally ) ) ) ) ) ) ) ) ) ) ) ) )

The effects on the market of the mostly computer-driven sell-off among exchange-listed stocks irked many market makers who watched the Nasdaq Composite Index tumble in sympathy with the Dow Jones Industrial Average and then saw it get left behind in the subsequent rally


( S ( PP-TMP ( IN After ) ( S-NOM ( VP ( VBG plummeting ) ( NP-EXT ( CD 1.8 ) ( NN % ) ) ( PP-TMP ( IN at ) ( NP ( NP ( CD one ) ( NN point ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN day ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NN composite ) ) ( VP ( VP ( VBD rebounded ) ( NP-EXT ( DT a ) ( JJ little ) ) ) ( CC but ) ( VP ( VBD finished ) ( ADVP-CLR ( RB down ) ( NP ( CD 5.52 ) ) ) ( PP-LOC-CLR ( IN at ) ( NP ( CD 461.70 ) ) ) ) ) )

After plummeting 1.8 % at one point during the day the composite rebounded a little but finished down 5.52 at 461.70


( S ( PP ( IN In ) ( NP ( NN contrast ) ) ) ( NP-SBJ-1 ( DT the ) ( JJ industrial ) ( NN average ) ) ( VP ( VP ( VBD recovered ) ( ADVP-MNR ( RB almost ) ( RB completely ) ) ( PP-CLR ( IN from ) ( NP ( PRP$ its ) ( NN skid ) ) ) ) ( CC and ) ( VP ( VBD closed ) ( ADVP-CLR ( RB down ) ( NP ( CD 0.1 ) ( NN % ) ) ) ) ) )

In contrast the industrial average recovered almost completely from its skid and closed down 0.1 %


( S ( NP-SBJ ( DT The ) ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( NNP Composite ) ) ( VP ( VBD was ) ( ADJP-PRD ( NP ( CD 0.4 ) ( NN % ) ) ( JJR lower ) ) ( PP-TMP ( IN for ) ( NP ( DT the ) ( NN day ) ) ) ) )

The New York Stock Exchange Composite was 0.4 % lower for the day


( S ( SBAR-ADV ( IN As ) ( FRAG ( ADJP-PRD ( JJ usual ) ) ) ) ( NP-SBJ-1 ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ( POS 's ) ) ( JJS biggest ) ( NN technology ) ( NNS stocks ) ) ( VP ( VBD were ) ( VP ( ADVP-MNR ( RBS hardest ) ) ( VBN hit ) ) ) )

As usual the over-the-counter market 's biggest technology stocks were hardest hit


( S ( NP-SBJ-1 ( NNP Microsoft ) ) ( S-ADV ( VP ( VBN battered ) ( PP ( IN by ) ( NP-LGS ( NP ( NN profit ) ( NN taking ) ) ( PP-LOC ( IN in ) ( NP ( JJ recent ) ( NNS sessions ) ) ) ) ) ) ) ( VP ( VBD sank ) ( NP-EXT ( NP ( RB as ) ( RB much ) ) ( PP ( IN as ) ( NP ( CD 4 ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD finished ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( QP ( CD 80 ) ( CD 7\/8 ) ) ) ( ADVP ( RB down ) ( NP ( QP ( CD 2 ) ( CD 1\/4 ) ) ) ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( QP ( CD one ) ( CD million ) ) ( NNS shares ) ) ) ) ) ) ) )

Microsoft battered by profit taking in recent sessions sank as much as 4 but it finished at 80 7\/8 down 2 1\/4 on volume of one million shares


( S ( NP-SBJ ( NP ( NNP MCI ) ( NNP Communications ) ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ active ) ) ( NN issue ) ) ) ( VP ( VBD finished ) ( ADVP-CLR ( RB down ) ( NP ( CD 5\/8 ) ) ( PP ( TO to ) ( NP ( QP ( CD 42 ) ( CD 1\/8 ) ) ) ) ) ) )

MCI Communications the most active issue finished down 5\/8 to 42 1\/8


( S ( NP-SBJ ( NNP MCI ) ) ( VP ( VBD traded ) ( ADVP-CLR ( ADVP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( QP ( CD 41 ) ( CD 3\/8 ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( NN session ) ) ) ) )

MCI traded as low as 41 3\/8 during the session


( S ( NP-SBJ ( JJ Other ) ( JJ active ) ( NNS stocks ) ) ( VP ( VBD included ) ( NP ( NP ( NNP Jaguar ) ) ( SBAR ( WHNP-1 ( WP$ whose ) ( JJ American ) ( JJ depositary ) ( NNS receipts ) ) ( S ( VP ( VBD added ) ( NP ( CD 1\/8 ) ) ( PP-CLR ( TO to ) ( NP ( QP ( CD 11 ) ( CD 1\/4 ) ) ) ) ) ) ) ) ) )

Other active stocks included Jaguar whose American depositary receipts added 1\/8 to 11 1\/4


( S ( S ( NP-SBJ ( NNP Apple ) ( NNP Computer ) ) ( VP ( VBD improved ) ( NP-EXT ( CD 7\/8 ) ) ( PP-CLR ( TO to ) ( NP ( CD 47 ) ( CD 5\/8 ) ) ) ) ) ( S ( NP-SBJ ( NNP Intel ) ) ( VP ( VBD slipped ) ( NP-EXT ( CD 1\/4 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 33 ) ( CD 1\/4 ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP Valley ) ( NNP National ) ( NNP Corp. ) ) ( VP ( VBD was ) ( ADVP-PRD ( RB up ) ( NP ( CD 1\/8 ) ) ( PP ( TO to ) ( NP ( QP ( CD 15 ) ( CD 1\/8 ) ) ) ) ) ) ) )

Apple Computer improved 7\/8 to 47 5\/8 Intel slipped 1\/4 to 33 1\/4 and Valley National Corp. was up 1\/8 to 15 1\/8


( SINV ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN market ) ) ( VP ( VBD started ) ( PP ( IN with ) ( NP ( NP ( JJ several ) ( NNS strikes ) ) ( PP ( IN against ) ( NP ( PRP it ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ-2 ( NP ( NNP Peter ) ( NNP DaPuzzo ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( JJ retail ) ( NN equity ) ( NN trading ) ) ) ( PP-LOC ( IN at ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ) ) ) ) ( S-ADV ( VP ( VBG referring ) ( PP-CLR ( TO to ) ( NP ( NP ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( NP ( DT the ) ( NN labor-management ) ( NN buy-out ) ) ( PP ( IN of ) ( NP ( NNP UAL ) ( NNP Corp. ) ) ) ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB unravel ) ) ) ) ) ) ) ) ( CC and ) ( NP ( NNS reports ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN junk-bond ) ( NN market ) ) ( VP ( VBZ is ) ( VP ( VBG disintegrating ) ) ) ) ) ) ) ) ) ) )

The market started with several strikes against it said Peter DaPuzzo head of retail equity trading at Shearson Lehman Hutton referring to news that the labor-management buy-out of UAL Corp. continued to unravel and reports that the junk-bond market is disintegrating


( S ( S-TPC-1 ( CC But ) ( NP-SBJ ( NP ( DT the ) ( JJ computer-guided ) ( NN selling ) ) ( PP ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( DT those ) ( NNS developments ) ) ) ) ) ) ( VP ( VBD dealt ) ( NP ( DT a ) ( JJ serious ) ( NN blow ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP DaPuzzo ) ) ( VP ( VBD said ) ) )

But the computer-guided selling in response to those developments dealt a serious blow to the over-the-counter market Mr. DaPuzzo said


( S-2 ( SBAR-ADV ( ADVP ( RB Even ) ) ( IN though ) ( S ( NP-SBJ ( DT the ) ( JJ over-the-counter ) ( NN market ) ) ( ADVP-TMP ( RB usually ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB fall ) ( PP-EXT ( IN by ) ( NP ( NP ( RB as ) ( RB much ) ) ( PP ( IN as ) ( NP ( JJ listed ) ( NNS stocks ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( JJ program-selling ) ( NNS blitzes ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD said ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN market ) ) ( VP ( VBZ does ) ( VP ( VB recover ) ) ) ) ) ( S ( NP-SBJ-1 ( DT the ) ( NN damage ) ) ( VP ( VBZ is ) ( VP ( VBN done ) ) ) ) ( CC and ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ leaves ) ( S ( NP-SBJ ( NNP Nasdaq ) ) ( ADVP-PRD ( RB down ) ( ADVP-EXT ( ADVP ( RBR more ) ) ( PP ( IN than ) ( NP ( DT the ) ( NNP Big ) ( NNP Board ) ) ) ) ) ) ) ) )

Even though the over-the-counter market usually does n't fall by as much as listed stocks during program-selling blitzes he said when the market does recover the damage is done and it leaves Nasdaq down more than the Big Board


( S ( NP-SBJ ( NNP Mr. ) ( NNP DaPuzzo ) ) ( ADVP ( RB also ) ) ( VP ( VBD complained ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ sharp ) ( NNS swings ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ( ADVP-TMP ( RB lately ) ) ( VP ( VBZ is ) ( VP ( VBG scaring ) ( ADVP-DIR ( RB away ) ) ( NP ( UCP ( JJ retail ) ( CC and ) ( JJ foreign ) ) ( NNS investors ) ) ) ) ) ) ) )

Mr. DaPuzzo also complained that the sharp swings in stock prices lately is scaring away retail and foreign investors


( S ( S-TPC-1 ( SBAR-ADV ( IN While ) ( S ( NP-SBJ ( NNP Shearson ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB do ) ( NP ( JJ computer-guided ) ( NN program ) ( NN trading ) ) ( PP ( IN for ) ( NP ( PRP$ its ) ( JJ own ) ( NN account ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN firm ) ) ( VP ( VBZ does ) ( VP ( VB execute ) ( NP ( NNS orders ) ) ( PP ( IN for ) ( NP ( NP ( NNS clients ) ) ( VP ( VBN involved ) ( PP-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN buying ) ( CC and ) ( NN selling ) ) ( PP ( IN of ) ( NP ( NP ( NNS shares ) ) ( VP ( VBN tied ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS movements ) ) ( PP-LOC ( IN in ) ( NP ( JJ certain ) ( NN stock ) ( NNS indexes ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP DaPuzzo ) ) ( VP ( VBD acknowledged ) ) )

While Shearson does n't do computer-guided program trading for its own account the firm does execute orders for clients involved in the buying and selling of shares tied to movements in certain stock indexes Mr. DaPuzzo acknowledged


( S ( NP-SBJ ( NP ( DT The ) ( NN volatility ) ) ( ADJP ( JJ inherent ) ( PP ( IN in ) ( NP ( NN program ) ( NN trading ) ) ) ) ) ( VP ( VBD troubled ) ( NP ( JJ other ) ( NNS traders ) ) ( ADVP ( RB too ) ) ) )

The volatility inherent in program trading troubled other traders too


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP do ) ( RB n't ) ( VP ( VB like ) ( NP ( NP ( DT the ) ( NNS risks ) ) ( SBAR ( S ( NP-SBJ-2 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBN forced ) ( S ( VP ( TO to ) ( VP ( VB assume ) ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP swing ) ( ADVP-MNR ( RB so ) ( RB drastically ) ) ) ) ) ) ) ) ) ) ) ) )

They do n't like the risks they are forced to assume when prices swing so drastically


( S ( NP-SBJ-1 ( NN Market ) ( NNS makers ) ) ( VP ( VBP are ) ( VP ( VBN supposed ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ ( NP ( NNS supplies ) ) ( PP ( IN of ) ( NP ( NNS stocks ) ) ) ) ( PP-LOC-PRD ( IN on ) ( NP ( NN hand ) ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB maintain ) ( NP ( JJ orderly ) ( NN trading ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NNS imbalances ) ) ( VP ( VBP occur ) ) ) ) ) ) ) ) ) ) ) ) )

Market makers are supposed to keep supplies of stocks on hand to maintain orderly trading when imbalances occur


( S ( NP-SBJ ( DT That ) ) ( VP ( VBZ means ) ( SBAR ( IN that ) ( S ( PP-TMP ( IN on ) ( NP ( NP ( NNS days ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( S ( NP-SBJ ( NNS prices ) ) ( VP ( VBP are ) ( VP ( VBG tumbling ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNS sellers ) ) ( VP ( VBP abound ) ) ) ) ) ) ) ( NP-SBJ-2 ( PRP they ) ) ( VP ( MD must ) ( VP ( VB be ) ( ADJP-PRD ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NNS shares ) ) ( PP-CLR ( IN from ) ( NP ( NNS sellers ) ) ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT no ) ( NN one ) ) ( ADJP ( RB else ) ) ) ( VP ( MD will ) ) ) ) ) ) ) ) ) ) ) ) ) )

That means that on days when prices are tumbling and sellers abound they must be willing to buy shares from sellers when no one else will


( S ( PP-LOC ( IN In ) ( NP ( PDT such ) ( DT an ) ( NN environment ) ) ) ( NP-SBJ ( DT a ) ( NN market ) ( NN maker ) ) ( VP ( MD can ) ( VP ( VB absorb ) ( NP ( JJ huge ) ( NNS losses ) ) ) ) )

In such an environment a market maker can absorb huge losses


( S ( CC But ) ( NP-SBJ ( NP ( NP ( DT the ) ( JJ recent ) ( NN volatility ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ) ( VP ( VBN caused ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NN program ) ( NN trading ) ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN made ) ( S ( NP-SBJ-2 ( DT some ) ( NN market ) ( NNS makers ) ) ( ADJP-PRD ( RBR less ) ( JJ willing ) ( S ( VP ( TO to ) ( VP ( VB soak ) ( PRT ( RP up ) ) ( NP ( NP ( DT the ) ( NNS stocks ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( PP-PRD ( IN for ) ( NP ( NN sale ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

But the recent volatility in stock prices caused by the program trading has made some market makers less willing to soak up the stocks that are for sale


( S ( NP-SBJ ( DT The ) ( NN market ) ( NNS makers ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ comfortable ) ) ( S-ADV ( VP ( VBG carrying ) ( NP ( NP ( JJ big ) ( NNS positions ) ) ( PP-LOC ( IN in ) ( NP ( NNS stocks ) ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP realize ) ( SBAR ( S ( NP-SBJ ( NNS prices ) ) ( VP ( MD can ) ( VP ( VB tumble ) ( ADVP-MNR ( RB quickly ) ) ) ) ) ) ) ) ) ) ) ) ) )

The market makers say they are n't comfortable carrying big positions in stocks because they realize prices can tumble quickly


( S ( NP-SBJ ( DT The ) ( NN situation ) ) ( VP ( VBZ makes ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJR harder ) ) ( S-1 ( VP ( TO to ) ( VP ( VB buy ) ( CC and ) ( VB sell ) ( NP ( NNS shares ) ) ( ADVP-MNR ( RB quickly ) ) ) ) ) ) ( S-ADV ( VP ( VBG exacerbating ) ( NP ( NP ( DT the ) ( NN rise ) ( CC and ) ( NN fall ) ) ( PP-LOC ( IN in ) ( NP ( NN stock ) ( NNS prices ) ) ) ( PP-TMP ( IN during ) ( NP ( JJ program-dominated ) ( NN trading ) ) ) ) ) ) ) )

The situation makes it harder to buy and sell shares quickly exacerbating the rise and fall in stock prices during program-dominated trading


( SINV ( VP ( VBD Groused ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Antolini ) ) ( NP ( NP ( NN head ) ) ( PP ( IN of ) ( NP ( NP ( JJ over-the-counter ) ( NN trading ) ) ( PP-LOC ( IN at ) ( NP ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ) ) ) ) ) ) ( S-2 ( NP-SBJ ( PRP It ) ( VBZ 's ) ) ( VP ( VBG making ) ( S ( NP-SBJ ( NP ( PRP it ) ) ) ( ADJP-PRD ( JJ tough ) ) ( SBAR-3 ( IN for ) ( S ( NP-SBJ ( NNS traders ) ) ( VP ( TO to ) ( VP ( VB make ) ( NP ( NN money ) ) ) ) ) ) ) ) ) )

Groused Robert Antolini head of over-the-counter trading at Donaldson Lufkin & Jenrette It 's making it tough for traders to make money


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( JJ sell ) ( NNS programs ) ) ( VP ( VBP kick ) ( PRT ( RP in ) ) ) ) ) ( NP-SBJ ( JJ many ) ( NNS traders ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT no ) ( NN sense ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG sticking ) ( NP ( PRP$ your ) ( NN nose ) ) ( PRT ( RP out ) ) ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP 're ) ( NP-PRD ( DT an ) ( JJ instant ) ( NN loser ) ) ) ) ) ) ) ) ) ) ) ) )

He said that when sell programs kick in many traders believe that there 's no sense in sticking your nose out because you 're an instant loser


( S ( NP-SBJ ( NNP Kinder-Care ) ( NNP Learning ) ( NNP Centers ) ) ( VP ( VBD added ) ( NP ( CD 1\/4 ) ) ( PP-CLR ( TO to ) ( NP ( CD 4 ) ( CD 7\/8 ) ) ) ( PP ( IN on ) ( NP ( CD 461,200 ) ( NNS shares ) ) ) ) )

Kinder-Care Learning Centers added 1\/4 to 4 7\/8 on 461,200 shares


( S ( NP-SBJ ( NNP Lodestar ) ( NNP Group ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB make ) ( NP ( NP ( DT a ) ( ADJP ( JJ 6-a-share ) ) ( NN offer ) ) ( PP ( IN for ) ( NP ( DT the ) ( VBG remaining ) ( NNP Kinder-Care ) ( NNP Learning ) ( NNP Center ) ( JJ common ) ( NN stock ) ) ) ) ( SBAR-ADV ( IN if ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ acquires ) ( NP ( NP ( DT a ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS shares ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( VBG pending ) ( NNS rights ) ( NN offering ) ) ( PP ( IN by ) ( NP ( NP ( NP ( NNP Kinder-Care ) ( NNP Learning ) ( NNP Center ) ( POS 's ) ) ( NN parent ) ) ( NP ( NNP Kinder-Care ) ( NNP Inc ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Lodestar Group said it will make a 6-a-share offer for the remaining Kinder-Care Learning Center common stock if it acquires a majority of the company 's shares in a pending rights offering by Kinder-Care Learning Center 's parent Kinder-Care Inc


( S ( NP-SBJ ( NP ( NNP Shares ) ) ( PP ( IN of ) ( NP ( NNP KinderCare ) ( NNP Inc. ) ) ) ) ( VP ( VBD closed ) ( PP-LOC-CLR ( IN at ) ( NP ( NP ( QP ( CD 3 ) ( CD 1\/2 ) ) ) ) ) ( ADVP ( ADVP ( RB also ) ) ( RB up ) ( NP ( CD 1\/4 ) ) ) ( PP ( IN on ) ( NP ( NP ( NN volume ) ) ( PP ( IN of ) ( NP ( CD 700,000 ) ) ) ) ) ) )

Shares of KinderCare Inc. closed at 3 1\/2 also up 1\/4 on volume of 700,000


( S ( NP-SBJ ( NNP Ohio ) ( NNP Casualty ) ) ( VP ( VBD dropped ) ( NP-EXT ( CD 2 ) ( CD 1\/8 ) ) ( PP-DIR ( TO to ) ( NP ( CD 49 ) ( CD 1\/2 ) ) ) ) )

Ohio Casualty dropped 2 1\/8 to 49 1\/2


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD posted ) ( NP ( NP ( JJ third-quarter ) ( NNS earnings ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 95 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP ( IN down ) ( PP ( IN from ) ( NP ( CD 1.26 ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RBR earlier ) ) ) ) ) ) ) ) )

The company posted third-quarter earnings of 95 cents a share down from 1.26 a year earlier


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD estimated ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NNS losses ) ) ( PP ( IN from ) ( NP ( NNP Hurricane ) ( NNP Hugo ) ) ) ) ( VP ( VBD reduced ) ( NP ( JJ net ) ( NN income ) ) ( PP-EXT ( IN by ) ( NP ( NP ( CD 32 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ recent ) ) ( NN quarter ) ) ) ) ) ) ) )

The company estimated that losses from Hurricane Hugo reduced net income by 32 cents a share in the most recent quarter


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( SBAR ( S ( NP-SBJ-1 ( NP ( NNS losses ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNP Oct. ) ( CD 17 ) ( NN earthquake ) ) ( PP-LOC ( IN in ) ( NP ( NNP California ) ) ) ) ) ) ( VP ( VBP have ) ( RB n't ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBN been ) ( VP ( VBN determined ) ) ) ) ) ) ( CC but ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ provides ) ( NP ( NN earthquake ) ( NN coverage ) ) ( PP-CLR ( TO to ) ( NP ( NP ( QP ( RB about ) ( CD 1,400 ) ) ( NNS properties ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ stricken ) ( NN area ) ) ) ) ) ) ) ) ) ) )

The company said losses from the Oct. 17 earthquake in California have n't yet been determined but that it provides earthquake coverage to about 1,400 properties in the stricken area


( S ( S-TPC-2 ( NP-SBJ-1 ( DT Any ) ( JJ quake-related ) ( NNS losses ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reported ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD said ) ) )

Any quake-related losses will be reported in the fourth quarter the company said


( S ( NP-SBJ ( NNP North ) ( NNP Atlantic ) ( NNP Industries ) ) ( VP ( VBD jumped ) ( NP-EXT ( CD 1 ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 5 ) ( CD 3\/4 ) ) ) ) ) )

North Atlantic Industries jumped 1 to 5 3\/4


( S ( NP-SBJ-2 ( DT The ) ( JJ electronics-instruments ) ( NN maker ) ) ( VP ( VBZ is ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN acquired ) ( PP ( IN by ) ( NP-LGS ( NNP Asset ) ( NNP Management ) ( NNP Associates ) ) ) ( PP-CLR ( IN for ) ( NP ( NP ( CD 7.25 ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ) ) ) ) ) )

The electronics-instruments maker is to be acquired by Asset Management Associates for 7.25 a share


( S ( NP-SBJ-1 ( NNP LIN ) ( NNP Broadcasting ) ) ( VP ( VBD slid ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/8 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 108 ) ( CD 3\/4 ) ) ) ) ( PP ( IN despite ) ( S-NOM ( VP ( VBG reporting ) ( NP ( NP ( JJ third-quarter ) ( NN net ) ) ( PP ( IN of ) ( NP ( NP ( NP ( CD 46 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( ADVP ( RB up ) ( PP ( IN from ) ( NP ( CD 39 ) ( NNS cents ) ) ( NP-TMP ( DT the ) ( JJ previous ) ( NN year ) ) ) ) ) ) ) ) ) ) ) )

LIN Broadcasting slid 1 3\/8 to 108 3\/4 despite reporting third-quarter net of 46 cents a share up from 39 cents the previous year


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( JJS latest ) ( NN quarter ) ) ( VP ( VBD included ) ( NP ( NP ( QP ( RB about ) ( CD 3.4 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( NP ( JJ special ) ( ADJP ( JJ legal ) ( CC and ) ( JJ financial ) ) ( JJ advisory ) ( NNS costs ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( NP ( NP ( NP ( NNP McCaw ) ( NNP Cellular ) ( NNP Communications ) ( POS ' ) ) ( NN bid ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN company ) ) ) ) ( CC and ) ( NP ( NP ( NP ( NNP LIN ) ( POS 's ) ) ( NN merger ) ( NN pact ) ) ( PP ( IN with ) ( NP ( NNP BellSouth ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The company said the latest quarter included about 3.4 million in special legal and financial advisory costs related to McCaw Cellular Communications ' bid for the company and LIN 's merger pact with BellSouth


( S ( NP-SBJ ( NNP McCaw ) ) ( VP ( VBD was ) ( ADJP-PRD ( JJ unchanged ) ) ( PP-LOC ( IN at ) ( NP ( CD 40 ) ) ) ) )

McCaw was unchanged at 40


( S ( NP-SBJ ( NNP XL\/Datacomp ) ) ( VP ( VBD slid ) ( NP-EXT ( QP ( CD 2 ) ( CD 1\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 1\/2 ) ) ) ) ( PP-LOC ( IN amid ) ( NP ( NP ( JJ continuing ) ( NNS concerns ) ) ( PP ( IN about ) ( NP ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN contract ) ( NNS negotiations ) ) ( PP ( IN with ) ( NP ( NNP International ) ( NNP Business ) ( NNP Machines ) ) ) ) ) ) ) ) )

XL\/Datacomp slid 2 1\/4 to 16 1\/2 amid continuing concerns about the company 's contract negotiations with International Business Machines


( S ( S ( NP-SBJ ( NNP IBM ) ) ( VP ( VBZ is ) ( VP ( VBG reviewing ) ( NP ( PRP$ its ) ( JJ entire ) ( NNS business-partners ) ( NN program ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NNP XL\/Datacomp ) ) ( VP ( VBD confirmed ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( NNS talks ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN company ) ) ) ( PP ( IN about ) ( NP ( NP ( JJ possible ) ( NNS modifications ) ) ( PP ( TO to ) ( NP ( PRP$ its ) ( JJ current ) ( JJ IBM-remarketer ) ( NN contract ) ) ) ) ) ) ) ) ) ) ) ) )

IBM is reviewing its entire business-partners program and XL\/Datacomp confirmed earlier this month that it was in talks with the company about possible modifications to its current IBM-remarketer contract


( S ( NP-SBJ ( NNS Remarketers ) ) ( VP ( VP ( VBP make ) ( NP ( NP ( NNS modifications ) ) ( PP ( TO to ) ( NP ( NP ( NNP IBM ) ( POS 's ) ) ( NN computer ) ( NN hardware ) ) ) ) ) ( CC and ) ( VP ( VBP resell ) ( NP ( DT the ) ( NNS products ) ) ) ) )

Remarketers make modifications to IBM 's computer hardware and resell the products


( S ( NP-SBJ ( NNP Omni ) ( NNP Capital ) ( NNP Group ) ) ( VP ( VBD surged ) ( NP-EXT ( QP ( CD 1 ) ( CD 3\/4 ) ) ) ( PP-DIR ( TO to ) ( NP ( QP ( CD 16 ) ( CD 1\/4 ) ) ) ) ) )

Omni Capital Group surged 1 3\/4 to 16 1\/4


( S ( NP-SBJ ( DT The ) ( NN company ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NN net ) ) ( VP ( NN rose ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 38 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( PRP$ its ) ( JJ fiscal-first ) ( NN quarter ) ) ( VP ( VBN ended ) ( NP-TMP ( NNP Sept. ) ( CD 30 ) ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( CD 35 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NNS shares ) ) ) ( ADVP-TMP ( NP ( DT a ) ( NN year ) ) ( RB ago ) ) ) ) ) ) ) )

The company said net rose to 38 cents a share in its fiscal-first quarter ended Sept. 30 from 35 cents a shares a year ago


( S ( NP-SBJ ( NNP Brush ) ( NNP Wellman ) ( NNP Inc. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP$ its ) ( NN board ) ) ( VP ( VBD increased ) ( NP ( NP ( DT the ) ( NN number ) ) ( PP ( IN of ) ( NP ( NP ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN stock ) ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN purchased ) ( PP-LOC ( IN under ) ( NP ( DT a ) ( ADJP ( RB previously ) ( VBN authorized ) ) ( NN program ) ) ) ) ) ) ) ) ) ) ) ( PP-CLR ( TO to ) ( NP ( CD 3.9 ) ( CD million ) ) ) ( PP-CLR ( IN from ) ( NP ( CD 2.9 ) ( CD million ) ) ) ) ) ) ) )

Brush Wellman Inc. said its board increased the number of shares of common stock to be purchased under a previously authorized program to 3.9 million from 2.9 million


( S ( NP-SBJ ( NP ( DT The ) ( NN maker ) ) ( PP ( IN of ) ( NP ( VBN engineered ) ( NNS materials ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN acquired ) ( NP ( QP ( JJR more ) ( IN than ) ( CD 2.7 ) ( CD million ) ) ( NNS shares ) ) ( PP-LOC ( IN under ) ( NP ( DT the ) ( NN program ) ) ) ) ) )

The maker of engineered materials has acquired more than 2.7 million shares under the program


( S ( NP-SBJ-1 ( NNP Japan ) ) ( VP ( VBZ has ) ( VP ( VBN climbed ) ( ADVP-DIR ( IN up ) ( PP ( IN from ) ( NP ( NP ( NP ( DT the ) ( NNS ashes ) ) ( PP ( IN of ) ( NP ( NNP World ) ( NNP War ) ( NNP II ) ) ) ) ( CC and ) ( NP ( NP ( DT a ) ( JJ gross ) ( JJ national ) ( NN product ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB about ) ( CD 800 ) ) ) ( PP ( IN per ) ( NP ( NNS capita ) ) ) ) ) ) ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB reach ) ( NP ( NP ( DT the ) ( JJ heavyweight ) ( NN class ) ) ( PP-LOC ( IN among ) ( NP ( JJ industrialized ) ( NNS nations ) ) ) ) ) ) ) ) ) )

Japan has climbed up from the ashes of World War II and a gross national product of about 800 per capita to reach the heavyweight class among industrialized nations


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ-1 ( DT this ) ( JJ remarkable ) ( JJ economic ) ( NN growth ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG coming ) ( PP-DIR ( TO to ) ( NP ( DT an ) ( NN end ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBZ has ) ( RB not ) ( VP ( VBN converted ) ( NP ( PRP itself ) ) ( PP-CLR ( IN into ) ( NP ( NP ( DT a ) ( JJ modern ) ( JJ democratic ) ( JJ developed ) ( NN nation ) ( NN mode ) ) ( PP ( IN of ) ( NP ( NN operation ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Now this remarkable economic growth seems to be coming to an end because the government has not converted itself into a modern democratic developed nation mode of operation


( S ( PP-TMP ( IN Until ) ( NP ( NP ( CD 1980 ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBD joined ) ( NP ( NP ( DT the ) ( NAC ( CD 10,000 ) ( PP ( IN per ) ( NP ( NN capita ) ) ) ) ( NN GNP ) ( NN club ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ advanced ) ( NNS countries ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD was ) ( NP-PRD ( DT a ) ( JJ model ) ( VBG developing ) ( NN nation ) ) ) )

Until 1980 when Japan joined the 10,000 per capita GNP club of the advanced countries it was a model developing nation


( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( VBD built ) ( NP ( NNS ports ) ( NNS bridges ) ( NNS highways ) ( NNS schools ) ( NNS hospitals ) ( CC and ) ( NNS railways ) ) ) )

The government built ports bridges highways schools hospitals and railways


( S ( SBAR-TMP ( WHADVP-1 ( WRB When ) ) ( S ( NP-SBJ ( NNS industries ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ weak ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBD protected ) ( NP ( PRP them ) ) ) )

When industries were weak it protected them


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD gave ) ( NP ( DT the ) ( JJ Japanese ) ( NNS people ) ) ( NP ( NP ( DT a ) ( NN value ) ( NN system ) ) ( PP ( VBN based ) ( PP ( IN on ) ( NP ( NP ( DT the ) ( NN rationalization ) ) ( SBAR ( IN that ) ( S ( PP ( VBN given ) ( NP ( NP ( NP ( DT the ) ( NN country ) ( POS 's ) ) ( NN lack ) ) ( PP ( IN of ) ( NP ( JJ natural ) ( NNS resources ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( MD must ) ( VP ( VP ( VB work ) ( ADVP-MNR ( RB hard ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB create ) ( NP ( NN value ) ) ( PP-MNR ( IN through ) ( NP ( NNS exports ) ) ) ) ) ) ) ( CC and ) ( VP ( VB buy ) ( NP ( NN food ) ) ( PP ( IN with ) ( NP ( DT the ) ( NN surplus ) ) ) ) ) ) ) ) ) ) ) ) ) )

It gave the Japanese people a value system based on the rationalization that given the country 's lack of natural resources they must work hard to create value through exports and buy food with the surplus


( S ( NP-SBJ ( JJ Individual ) ( NN prosperity ) ) ( ADVP ( RB inevitably ) ) ( VP ( MD would ) ( VP ( VB result ) ) ) )

Individual prosperity inevitably would result


( S ( NP-SBJ ( DT That ) ( NN system ) ) ( VP ( VBZ has ) ( VP ( VBN worked ) ) ) )

That system has worked


( S ( S ( NP-SBJ ( NP ( DT The ) ( NN standard ) ) ( PP ( IN of ) ( NP ( NN living ) ) ) ) ( VP ( VBZ has ) ( VP ( VBN increased ) ( ADVP-MNR ( RB steadily ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ past ) ( CD 40 ) ( NNS years ) ) ) ) ) ) ( S ( NP-SBJ ( NP ( QP ( JJR more ) ( IN than ) ( CD 90 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS people ) ) ) ) ( VP ( VBP consider ) ( S ( NP-SBJ ( PRP themselves ) ) ( NP-PRD ( JJ middle ) ( NN class ) ) ) ) ) )

The standard of living has increased steadily over the past 40 years more than 90 % of the people consider themselves middle class


( S ( NP-SBJ ( DT The ) ( NNS people ) ) ( VP ( VBP have ) ( VP ( VBN given ) ( NP ( NP ( PRP$ their ) ( ADJP ( ADJP ( JJ leading ) ) ( CC and ) ( ADJP ( JJ only ) ( JJ credible ) ) ) ( JJ political ) ( NN party ) ) ( NP ( DT the ) ( NNP Liberal ) ( NNP Democratic ) ( NNP Party ) ) ) ( NP ( ADJP ( JJ clear ) ( CC and ) ( JJ uninterrupted ) ) ( NN power ) ) ( PP-TMP ( IN for ) ( NP ( DT those ) ( CD 40 ) ( NNS years ) ) ) ) ) )

The people have given their leading and only credible political party the Liberal Democratic Party clear and uninterrupted power for those 40 years


( S ( NP-SBJ ( DT The ) ( NNP LDP ) ) ( VP ( VBD won ) ( PP-MNR ( IN by ) ( NP ( DT a ) ( NN landslide ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ last ) ( NN election ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ( CD 1986 ) ) ) ) ) ) )

The LDP won by a landslide in the last election in July 1986


( S ( CC But ) ( ADVP-TMP ( NP ( QP ( RBR less ) ( IN than ) ( CD two ) ) ( NNS years ) ) ( RBR later ) ) ( NP-SBJ-1 ( DT the ) ( NNP LDP ) ) ( VP ( VBD started ) ( S ( VP ( TO to ) ( VP ( VB crumble ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN dissent ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( JJ unprecedented ) ( NNS heights ) ) ) ) ) )

But less than two years later the LDP started to crumble and dissent rose to unprecedented heights


( S ( NP-SBJ ( DT The ) ( NNS symptoms ) ) ( DT all ) ( VP ( VBP point ) ( PP-DIR ( TO to ) ( NP ( NP ( CD one ) ( NN thing ) ) ( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB have ) ( NP ( DT a ) ( JJ modern ) ( NN government ) ) ) ) ) ) ) ) )

The symptoms all point to one thing Japan does not have a modern government


( S ( NP-SBJ-1 ( PRP$ Its ) ( NN government ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VP ( VB sit ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( DT the ) ( NN driver ) ( POS 's ) ) ( NN seat ) ) ) ) ( VP ( VB set ) ( NP ( DT the ) ( NN speed ) ) ) ( VP ( VB step ) ( PP-CLR ( IN on ) ( NP ( DT the ) ( NN gas ) ) ) ) ( VP ( VB apply ) ( NP ( DT the ) ( NNS brakes ) ) ) ( CC and ) ( VP ( VB steer ) ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 120 ) ( CD million ) ) ( NNS people ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ back ) ( NN seat ) ) ) ) ) ) ) ) ) )

Its government still wants to sit in the driver 's seat set the speed step on the gas apply the brakes and steer with 120 million people in the back seat


( S ( PP-LOC ( IN In ) ( NP ( DT a ) ( JJ modern ) ( NN system ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN government ) ( POS 's ) ) ( NN role ) ) ( VP ( VBZ is ) ( S-PRD ( S ( VP ( TO to ) ( VP ( VB give ) ( NP ( DT the ) ( NNS people ) ) ( NP ( NP ( IN as ) ( JJ much ) ( NN choice ) ) ( PP ( IN as ) ( ADJP ( JJ possible ) ) ) ) ) ) ) ( CC and ) ( S ( VP ( TO to ) ( VP ( VB keep ) ( S ( NP-SBJ-1 ( PRP them ) ) ( VP ( ADVP-MNR ( RB well ) ) ( VBN informed ) ) ) ( SBAR-PRP ( IN so ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ capable ) ( PP ( IN of ) ( S-NOM ( VP ( VBG making ) ( NP ( DT a ) ( NN choice ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

In a modern system the government 's role is to give the people as much choice as possible and to keep them well informed so they are capable of making a choice


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ allows ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( TO to ) ( VP ( VB buy ) ( NP ( NP ( ADJP ( ADJP ( DT the ) ( JJS best ) ) ( CC and ) ( ADJP ( DT the ) ( JJS cheapest ) ) ) ( NNS goods ) ) ( PP ( IN from ) ( NP ( NP ( RB anywhere ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) )

It also allows people to buy the best and the cheapest goods from anywhere in the world


( S ( NP-SBJ ( DT The ) ( JJ Japanese ) ( NN government ) ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB allow ) ( NP ( DT this ) ) ) ) )

The Japanese government does n't allow this


( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Agriculture ) ( CC and ) ( NNP Fishery ) ) ) ) ( ADVP ( RB actually ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT a ) ( NN ministry ) ) ( PP ( IN for ) ( NP ( NNS farmers ) ( CC and ) ( NNS fishermen ) ) ) ) ( PP ( RB instead ) ( IN of ) ( NP ( NP ( DT a ) ( NN ministry ) ) ( PP ( IN of ) ( NP ( NNS provisions ) ) ) ) ) ) ) )

The Ministry of Agriculture and Fishery actually is a ministry for farmers and fishermen instead of a ministry of provisions


( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Health ) ( CC and ) ( NNP Welfare ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NP ( DT a ) ( NN ministry ) ) ( PP ( IN of ) ( NP ( NP ( NNS doctors ) ) ( CC and ) ( NP ( JJ pharmaceutical ) ( NNS companies ) ) ) ) ) ( CONJP ( RB rather ) ( IN than ) ) ( NP ( NP ( DT an ) ( NN organization ) ) ( VP ( VBN dedicated ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG protecting ) ( NP ( NP ( DT the ) ( NN health ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNS people ) ) ) ) ) ) ) ) ) ) ) )

The Ministry of Health and Welfare is a ministry of doctors and pharmaceutical companies rather than an organization dedicated to protecting the health of the people


( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Education ) ) ) ) ( VP ( VP ( VBZ is ) ( NP-PRD ( NP ( NN nothing ) ) ( PP ( CC but ) ( NP ( NP ( DT a ) ( NN cartel ) ) ( PP ( IN for ) ( NP ( JJ licensed ) ( NNS teachers ) ) ) ) ) ) ) ( CC and ) ( ADVP ( RB certainly ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB act ) ( PP ( IN on ) ( NP ( NP ( NN behalf ) ) ( PP ( IN of ) ( NP ( NNS students ) ) ) ) ) ) ) ) )

The Ministry of Education is nothing but a cartel for licensed teachers and certainly does not act on behalf of students


( S ( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Construction ) ) ) ) ( VP ( VP ( VBZ spreads ) ( NP ( NN concrete ) ) ( PP-LOC ( IN throughout ) ( NP ( DT the ) ( NN country ) ) ) ) ( CC and ) ( VP ( VBZ boasts ) ( PP-LOC ( IN in ) ( NP ( JJ international ) ( NNS conferences ) ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( JJ paved ) ( NN roadway ) ) ( PP ( IN per ) ( NP ( NN capita ) ) ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( JJS longest ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN world ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP they ) ) ( ADVP-TMP ( RB seldom ) ) ( VP ( VBP think ) ( PP-CLR ( IN of ) ( NP ( NP ( DT the ) ( JJ poor ) ( NNS commuters ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP spend ) ( NP ( ADJP ( RB so ) ( JJ much ) ) ( NN time ) ) ( VP ( VBG sitting ) ( PP-LOC ( IN in ) ( NP ( NN traffic ) ) ) ) ) ) ) ) ) ) ) )

The Ministry of Construction spreads concrete throughout the country and boasts in international conferences that Japan 's paved roadway per capita is the longest in the world but they seldom think of the poor commuters who spend so much time sitting in traffic


( S ( NP-SBJ ( NP ( DT The ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Transportation ) ) ) ) ( VP ( VBZ serves ) ( NP ( NP ( DT the ) ( NN industry ) ) ( ADVP ( RB certainly ) ) ( RB not ) ( NP ( NP ( DT the ) ( NNS passengers ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( MD must ) ( VP ( VB pay ) ( NP ( ADJP ( RB extraordinarily ) ( JJ high ) ) ( NNS prices ) ) ) ) ) ) ) ) ) )

The Ministry of Transportation serves the industry certainly not the passengers who must pay extraordinarily high prices


( S ( CC And ) ( NP-SBJ-2 ( NP ( DT the ) ( NNP Ministry ) ) ( PP ( IN of ) ( NP ( NNP Foreign ) ( NNP Affairs ) ) ) ) ( VP ( VBZ works ) ( PP-CLR ( IN for ) ( NP ( PRP itself ) ) ) ( S-ADV ( VP ( VBG supporting ) ( NP ( NP ( JJ Japanese ) ( NNS diplomats ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP sprinkle ) ( NP ( JJ abundant ) ( NN aid ) ( NN money ) ) ( PP-CLR ( IN around ) ( NP ( DT the ) ( NN world ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB ensure ) ( SBAR ( DT that ) ( S ( NP-SBJ ( NP ( PRP$ their ) ( NN seat ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN dinner ) ( NN table ) ) ) ) ( VP ( VBZ is ) ( ADVP-LOC-PRD ( RB next ) ( PP ( TO to ) ( NP ( DT the ) ( NN host ) ( POS 's ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

And the Ministry of Foreign Affairs works for itself supporting Japanese diplomats who sprinkle abundant aid money around the world to ensure that their seat at the dinner table is next to the host 's


( S ( NP-SBJ ( DT This ) ( NN ministry ) ) ( VP ( VBZ has ) ( VP ( VBN done ) ( NP ( NP ( NN nothing ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB correct ) ( NP ( NP ( DT the ) ( NNS misunderstandings ) ( CC and ) ( NNS misperceptions ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBP are ) ( PP-LOC-PRD ( IN at ) ( NP ( NP ( DT the ) ( NN root ) ) ( PP ( IN of ) ( NP ( NP ( NNP Japan ) ( POS 's ) ) ( VBG deteriorating ) ( NN image ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

This ministry has done nothing to correct the misunderstandings and misperceptions that are at the root of Japan 's deteriorating image


( S ( ADVP ( RB Instead ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ seems ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBG using ) ( NP ( NP ( JJ foreign ) ( NN pressure ) ) ( CC and ) ( ADVP ( RB even ) ) ( NP ( DT the ) ( NN trade ) ( NN conflict ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB expand ) ( NP ( NP ( NP ( PRP$ its ) ( NN sphere ) ) ( PP ( IN of ) ( NP ( NN influence ) ) ) ) ( X ( FW vis ) ( FW a ) ( FW vis ) ( NP ( JJ other ) ( NNS ministries ) ) ) ) ) ) ) ) ) ) ) ) )

Instead it seems to be using foreign pressure and even the trade conflict to expand its sphere of influence vis a vis other ministries


( S ( NP-SBJ ( PDT All ) ( DT this ) ) ( VP ( VBZ illustrates ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ ( JJ Japanese ) ( NNS ministries ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBP have ) ( NP ( DT a ) ( NN provider ) ( NN mentality ) ) ) ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP do ) ( RB not ) ( VP ( VB serve ) ( NP ( NP ( DT the ) ( NNS people ) ) ( CC and ) ( ADVP ( RB particularly ) ) ( RB not ) ( NP ( NNS consumers ) ) ) ) ) ) ) ) ) )

All this illustrates that Japanese ministries still have a provider mentality they do not serve the people and particularly not consumers


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBP serve ) ( NP ( NP ( DT the ) ( NNS industries ) ) ( CC and ) ( NP ( DT the ) ( JJ special-interest ) ( NNS groups ) ) ) ) )

They serve the industries and the special-interest groups


( S ( NP-SBJ ( NP ( DT The ) ( NN rest ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN world ) ) ) ) ( VP ( VBD accepted ) ( NP ( JJ such ) ( NNS methods ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBD was ) ( VP ( VBG developing ) ) ) ) ) ) )

The rest of the world accepted such methods when Japan was developing


( S ( NP-SBJ ( NNPS Japanese ) ) ( VP ( VBD put ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( PRP it ) ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ ( DT the ) ( NN government ) ) ( VP ( VBD provided ) ( NP ( NP ( NN job ) ( NN stability ) ) ( CC and ) ( NP ( VBG growing ) ( NNS paychecks ) ) ) ) ) ) ) )

Japanese put up with it because the government provided job stability and growing paychecks


( S ( NP-SBJ ( NNP Japan ) ) ( VP ( VBZ is ) ( RB not ) ( NP-PRD ( DT a ) ( JJ political ) ( NN country ) ) ) )

Japan is not a political country


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBZ is ) ( NP-PRD ( DT a ) ( JJ bureaucratic ) ( NN country ) ) ) )

It is a bureaucratic country


( S ( NP-SBJ ( DT The ) ( NNP Diet ) ) ( VP ( VBZ plays ) ( NP ( DT a ) ( JJ minor ) ( NN role ) ) ( PP ( VBN compared ) ( PP ( IN with ) ( NP ( DT the ) ( JJ powerful ) ( JJ bureaucratic ) ( NN system ) ) ) ) ) )

The Diet plays a minor role compared with the powerful bureaucratic system


( S ( NP-SBJ-1 ( JJS Most ) ( NNS bills ) ) ( VP ( VBP are ) ( VP ( VBN drafted ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS bureaucrats ) ) ( RB not ) ( NP ( NNS politicians ) ) ) ) ) ) )

Most bills are drafted by bureaucrats not politicians


( S ( NP-SBJ ( DT The ) ( NNP Diet ) ) ( VP ( VBZ does ) ( RB n't ) ( ADVP-TMP ( RB normally ) ) ( ADVP ( VB even ) ) ( VP ( VB debate ) ( NP ( NNS bills ) ) ( SBAR-PRP ( IN because ) ( S ( NP-SBJ-1 ( DT the ) ( NN opposition ) ( NNS parties ) ) ( VP ( VBP are ) ( ADVP-TMP ( ADVP ( RB so ) ( RB often ) ) ) ( ADJP-PRD ( VBN opposed ) ( PP ( TO to ) ( SBAR-NOM ( WHNP-2 ( WDT whatever ) ) ( S ( NP-SBJ ( NNP LDP ) ) ( VP ( VBZ does ) ) ) ) ) ) ( SBAR-3 ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD would ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN waste ) ) ( PP ( IN of ) ( NP ( NN time ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Diet does n't normally even debate bills because the opposition parties are so often opposed to whatever LDP does that it would be a waste of time


( S ( S ( RB So ) ( NP-SBJ-1 ( JJS most ) ( NNS bills ) ) ( VP ( VBP are ) ( VP ( VBN passed ) ( PP ( IN without ) ( NP ( JJ full ) ( NN discussion ) ) ) ) ) ) ( S ( NP-SBJ-2 ( ADJP ( RB particularly ) ( JJ difficult ) ) ( NNS bills ) ) ( VP ( VBP are ) ( VP ( VBN passed ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN opposition ) ( NNS parties ) ) ) ) ) ) ) ) )

So most bills are passed without full discussion particularly difficult bills are passed in the absence of the opposition parties


( S ( NP-SBJ ( DT A ) ( JJ recent ) ( NN example ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( ADJP ( CD 3 ) ( NN % ) ) ( NN consumption ) ( NN tax ) ) ( PP ( IN on ) ( NP ( DT all ) ( JJ commercial ) ( NNS activities ) ) ) ) ) )

A recent example is the 3 % consumption tax on all commercial activities


( S ( NP-SBJ ( DT This ) ) ( VP ( VBZ makes ) ( NP ( JJ enormous ) ( NN sense ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Japan ) ) ( SBAR ( WHADVP ( WRB where ) ) ( S ( S ( NP-SBJ ( JJ direct ) ( NN tax ) ) ( VP ( VBZ accounts ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( JJR more ) ( IN than ) ( CD 70 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NNS revenues ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( DT the ) ( NN capture ) ( NN rate ) ) ( PP ( IN of ) ( NP ( JJ direct ) ( NN tax ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( RB so ) ( JJ unfair ) ) ) ) ) ) ) ) ) )

This makes enormous sense in Japan where direct tax accounts for more than 70 % of revenues and the capture rate of direct tax is so unfair


( FRAG ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP are ) ( NP-PRD ( DT a ) ( JJ salaried ) ( NN man ) ) ) ) ) ( INTJ ( UH Amen ) ) ( VP ( NP-ADV ( CD 100 ) ( NN % ) ) ( VBN captured ) ) )

If you are a salaried man Amen 100 % captured


( FRAG ( FRAG ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP are ) ( NP-PRD-1 ( DT a ) ( NN retailer ) ) ) ) ) ( NP-ADV-2 ( CD 50 ) ( NN % ) ) ) ( CC and ) ( FRAG ( NP=1 ( DT a ) ( NN farmer ) ) ( NP-ADV=2 ( CD 30 ) ( NN % ) ) ) )

If you are a retailer 50 % and a farmer 30 %


( S ( S-PRP ( VP ( TO To ) ( VP ( VB correct ) ( NP ( DT this ) ( NN inequality ) ) ) ) ) ( NP-SBJ-1 ( JJS most ) ( NNS people ) ) ( VP ( MD would ) ( VP ( VB have ) ( VP ( VBN favored ) ( NP ( NP ( DT an ) ( JJ indirect ) ( NN tax ) ) ( PP ( IN like ) ( NP ( DT the ) ( NN consumption ) ( NN tax ) ) ) ) ) ) ) )

To correct this inequality most people would have favored an indirect tax like the consumption tax


( S ( CC But ) ( NP-SBJ-1 ( DT the ) ( NN bill ) ) ( VP ( VBD was ) ( VP ( VBN passed ) ( PP ( IN without ) ( NP ( NP ( NN debate ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP Diet ) ) ) ) ) ( PP ( IN in ) ( NP ( NP ( DT the ) ( NN absence ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN opposition ) ) ) ) ) ) ) )

But the bill was passed without debate in the Diet in the absence of the opposition


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( DT the ) ( JJ Japanese ) ( NNS people ) ) ( VP ( VBD did ) ( RB n't ) ( VP ( VB know ) ( SBAR-NOM ( WHNP-2 ( WP what ) ) ( S ( VP ( TO to ) ( VP ( VB expect ) ( SBAR-TMP ( WHADVP-3 ( WRB when ) ) ( S ( NP-SBJ-1 ( DT the ) ( JJ new ) ( NN law ) ) ( VP ( VBD was ) ( VP ( VBN introduced ) ( PP-TMP ( IN on ) ( NP ( NNP April ) ( CD 1 ) ) ) ) ) ) ) ) ) ) ) ) ) )

As a result the Japanese people did n't know what to expect when the new law was introduced on April 1


( S ( NP-SBJ-1 ( PRP They ) ) ( VP ( VBD were ) ( VP ( VBN frustrated ) ( PP ( IN by ) ( NP-LGS ( NP ( NP ( DT the ) ( JJR longer ) ( NNS queues ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NN cashier ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( JJ small ) ( NNS coins ) ) ( VP ( VBN given ) ( PP-CLR ( IN as ) ( NP ( NN change ) ) ) ) ) ) ) ) ) )

They were frustrated by the longer queues at the cashier and the small coins given as change


( S ( ADVP-TMP ( RB All ) ( IN of ) ( DT a ) ( JJ sudden ) ) ( NP-SBJ ( NNS prices ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB no ) ( RBR longer ) ) ( PP-PRD ( IN in ) ( NP ( NP ( NNS denominations ) ) ( PP ( IN of ) ( NP ( CD 100 ) ( CC or ) ( CD 200 ) ) ) ) ) ) )

All of a sudden prices were no longer in denominations of 100 or 200


( S ( NP-SBJ ( PRP They ) ) ( VP ( VBD were ) ( NP-PRD ( CD 103 ) ( CC or ) ( CD 206 ) ) ) )

They were 103 or 206


( S ( NP-SBJ ( NNS Pockets ) ) ( VP ( VBD exploded ) ( PP-CLR ( IN with ) ( NP ( JJ one-yen ) ( NNS coins ) ) ) ) )

Pockets exploded with one-yen coins


( S ( SBAR-TMP ( IN While ) ( S ( NP-SBJ ( NNS people ) ) ( VP ( VBD were ) ( VP ( VBG jingling ) ( NP ( PRP$ their ) ( NN change ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP LDP ) ( NNS politicians ) ) ( VP ( VBD were ) ( VP ( VBN caught ) ( PP-CLR ( IN in ) ( NP ( NNS scandals ) ) ) ) ) )

While people were jingling their change the LDP politicians were caught in scandals


( S ( NP-SBJ ( NP ( NP ( NN Money ) ) ( PP ( JJ such ) ( IN as ) ( PP-TMP ( IN in ) ( NP ( NP ( NNP Recruit ) ( POS 's ) ) ( JJ political ) ( NNS donations ) ) ) ) ) ( CC and ) ( NP ( NP ( NNS women ) ) ( PP ( IN as ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNS cases ) ) ( PP ( IN of ) ( NP ( NP ( NNP Prime ) ( NNP Minister ) ( NNP Sosuke ) ( NNP Uno ) ) ( CC and ) ( NP ( NNP Secretary ) ( NNP General ) ( NNP Tokuo ) ( NNP Yamashita ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB seldom ) ) ( VP ( VBP have ) ( VP ( VBN caused ) ( NP ( JJ political ) ( NNS scandals ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) )

Money such as in Recruit 's political donations and women as in the cases of Prime Minister Sosuke Uno and Secretary General Tokuo Yamashita seldom have caused political scandals in Japan


( S ( SBAR-ADV ( IN Whereas ) ( S ( NP-SBJ ( JJS most ) ( NNS men ) ) ( VP ( VBD were ) ( ADJP-PRD ( NP-ADV ( DT a ) ( NN bit ) ) ( JJ ambivalent ) ( PP ( IN about ) ( NP ( DT the ) ( NN sex ) ( NNS scandals ) ) ) ) ( PRN ( SBAR-ADV ( IN though ) ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ furious ) ( PP ( IN about ) ( NP ( NNP Recruit ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS women ) ) ( VP ( VP ( VBD were ) ( ADJP-PRD ( JJ upset ) ( PP ( IN about ) ( NP ( DT both ) ) ) ) ) ( CC and ) ( VP ( VBD surged ) ( PP-DIR ( TO to ) ( NP ( DT the ) ( NNS polls ) ) ) ) ) )

Whereas most men were a bit ambivalent about the sex scandals though they were furious about Recruit women were upset about both and surged to the polls


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT the ) ( JJ recent ) ( NNP Upper ) ( NNP House ) ( CC and ) ( NNP Tokyo ) ( JJ metropolitan ) ( JJ congressional ) ( NNS elections ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( DT the ) ( NNP Socialist ) ( NNP Party ) ) ( VP ( VBD won ) ( NP ( DT a ) ( JJ runaway ) ( NN victory ) ) ) ) ) ) ) ( NP-SBJ ( NP ( CD 60 ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT all ) ( NNS women ) ) ) ) ( VP ( VBD voted ) ( SBAR-3 ( IN as ) ( S ( VP ( VBN opposed ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( JJ usual ) ( CD 40 ) ( NN % ) ) ) ) ) ) ) )

In the recent Upper House and Tokyo metropolitan congressional elections in which the Socialist Party won a runaway victory 60 % of all women voted as opposed to the usual 40 %


( S ( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ difficult ) ) ( S-1 ( VP ( TO to ) ( VP ( VB analyze ) ( SBAR ( WHADVP-2 ( WRB how ) ( NP ( NP ( JJ much ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NN anger ) ) ) ) ) ( S ( VP ( VBD was ) ( ADJP-PRD ( JJ due ) ( PP ( TO to ) ( NP ( NP ( NNP Recruit ) ) ( NP ( DT the ) ( NN sex ) ( NNS scandals ) ) ( CC or ) ( NP ( NP ( DT the ) ( JJ one-yen ) ( NNS coins ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ their ) ( NNS purses ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ-3 ( PRP they ) ) ( ADVP ( RB obviously ) ) ( VP ( VBD were ) ( VP ( VBG voting ) ( S-CLR ( VP ( TO to ) ( VP ( VB punish ) ( NP ( DT the ) ( NNP LDP ) ) ) ) ) ) ) ) )

It is difficult to analyze how much of their anger was due to Recruit the sex scandals or the one-yen coins in their purses but they obviously were voting to punish the LDP


( S ( S ( VP ( VBN Taken ) ( PP-MNR ( IN by ) ( NP ( NN surprise ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNP Socialist ) ( NNP Party ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ busy ) ) ( S-ADV ( VP ( VBG changing ) ( NP ( PRP$ its ) ( NNS doctrines ) ) ) ) ) )

Taken by surprise the Socialist Party is busy changing its doctrines


( S ( NP-SBJ ( NP ( PRP It ) ) ) ( VP ( VBZ 's ) ( ADVP-TMP ( RB now ) ) ( ADJP-PRD ( JJ OK ) ) ( S-2 ( VP ( TO to ) ( VP ( VB deal ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NNP U.S. ) ) ( CC but ) ( RB not ) ( NP ( DT the ) ( NNP Soviet ) ( NNP Union ) ) ) ) ) ) ) ) )

It 's now OK to deal with the U.S. but not the Soviet Union


( S ( NP-SBJ ( JJ Nuclear ) ( NN power ) ( NNS plants ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ acceptable ) ) ) )

Nuclear power plants are acceptable


( S ( NP-SBJ ( DT The ) ( NNP U.S.-Japan ) ( NNP Security ) ( NNP Treaty ) ) ( VP ( MD can ) ( VP ( VB continue ) ( ADVP ( NN sort ) ( IN of ) ) ) ) )

The U.S.-Japan Security Treaty can continue sort of


( FRAG ( CC And ) ( ADVP ( RB so ) ( RB on ) ) )

And so on


( S ( PP ( IN Against ) ( NP ( NP ( DT the ) ( JJ rapid ) ( JJ cosmetic ) ( NN overhaul ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Socialist ) ( NNP Party ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( NNP LDP ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( VP ( VBN paralyzed ) ) ) ) )

Against the rapid cosmetic overhaul of the Socialist Party the LDP has been paralyzed


( S ( NP-SBJ ( RB Now ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT the ) ( NN time ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB reform ) ( NP ( DT the ) ( NN government ) ) ( PP-CLR ( IN from ) ( NP ( DT a ) ( NN provider ) ( JJ developing-country ) ( NN vanguard ) ( NN role ) ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT that ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ modern ) ( JJ industrialized ) ( NN nation ) ) ( SBAR ( WHPP-1 ( IN in ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( NNS consumers ) ) ( VP ( VBP have ) ( NP ( DT the ) ( JJ ultimate ) ( NN choice ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Now is the time to reform the government from a provider developing-country vanguard role to that of a modern industrialized nation in which consumers have the ultimate choice


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( NP ( DT the ) ( NNP LDP ) ) ( SBAR ( RB as ) ( S ( ADVP-TMP ( RB currently ) ) ( VP ( VBN composed ) ) ) ) ) ( VP ( MD ca ) ( RB n't ) ( VP ( VB make ) ( NP ( DT the ) ( NN transformation ) ) ) ) ) ) ( ADVP ( RB then ) ) ( NP-SBJ ( PRP it ) ) ( VP ( MD should ) ( VP ( VB split ) ( PP-CLR ( IN into ) ( NP ( CD two ) ( NNS parties ) ) ) ) ) )

If the LDP as currently composed ca n't make the transformation then it should split into two parties


( S ( NP-SBJ-1 ( CD One ) ( NN party ) ) ( VP ( MD could ) ( VP ( VB stand ) ( PP-CLR ( IN for ) ( NP ( NP ( NN consumer ) ( NNS interests ) ) ( NP ( JJ small ) ( NN government ) ) ( NP ( JJ free ) ( NN trade ) ) ( CC and ) ( NP ( NN globalism ) ) ) ) ( S-ADV ( VP ( TO to ) ( VP ( VB put ) ( S ( NP-SBJ ( NNP Japan ) ) ( ADVP ( RB clearly ) ) ( PP-LOC-PRD ( IN among ) ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ developed ) ( CC and ) ( JJ open ) ) ( NNS countries ) ) ) ) ) ) ) ) ) )

One party could stand for consumer interests small government free trade and globalism to put Japan clearly among the most developed and open countries


( S ( NP-SBJ-1 ( DT The ) ( JJ other ) ( NN party ) ) ( VP ( MD could ) ( VP ( VB continue ) ( PP-DIR ( IN on ) ( NP ( NP ( DT the ) ( JJ traditional ) ( NN track ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP LDP ) ) ) ) ) ( S-ADV ( VP ( VBG representing ) ( NP ( NP ( NP ( DT the ) ( NNS manufacturers ) ( POS ' ) ) ( NN preference ) ) ( PP ( IN for ) ( NP ( NP ( JJR larger ) ( NN government ) ) ( NP ( NN control ) ) ( NP ( NN regulation ) ) ( CC and ) ( NP ( NN protectionism ) ) ) ) ) ) ) ) ) )

The other party could continue on the traditional track of the LDP representing the manufacturers ' preference for larger government control regulation and protectionism


( S ( S ( NP-SBJ ( DT The ) ( NNP LDP ) ) ( VP ( MD must ) ( VP ( VB make ) ( NP ( DT a ) ( NN decision ) ) ( ADVP-TMP ( RB immediately ) ) ) ) ) ( S ( NP-SBJ ( NNP Lower ) ( NNP House ) ( NNS elections ) ) ( VP ( MD must ) ( VP ( VB take ) ( NP-CLR ( NN place ) ) ( PP-TMP ( IN before ) ( NP ( NNP June ) ) ) ) ) ) )

The LDP must make a decision immediately Lower House elections must take place before June


( S ( PP ( IN In ) ( NP ( NP ( DT the ) ( JJ current ) ( NN mood ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Japanese ) ( NX ( NX ( NNS people ) ) ( NX ( NNS journalists ) ) ( CC and ) ( NX ( RB even ) ( DT some ) ( NNS industrialists ) ) ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG giving ) ( NP ( NN power ) ) ( PP-DTV ( TO to ) ( NP ( DT the ) ( NNPS Socialists ) ) ) ) ) ( VP ( MD might ) ( VP ( VB be ) ( ADJP-PRD ( JJ good ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNP LDP ) ) ) ( S-ADV ( VP ( VBG cleansing ) ( NP ( PRP it ) ) ( PP-CLR ( IN of ) ( NP ( JJ past ) ( NNS sins ) ) ) ) ) ) ) )

In the current mood of the Japanese people journalists and even some industrialists giving power to the Socialists might be good for the LDP cleansing it of past sins


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD must ) ( RB not ) ( VP ( VB forget ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PDT such ) ( DT a ) ( JJ humble ) ( JJ political ) ( NN experiment ) ) ( VP ( MD could ) ( VP ( VB cause ) ( NP ( NP ( DT a ) ( JJ global ) ( JJ tidal ) ( NN wave ) ) ( PP ( IN of ) ( NP ( NP ( NNS shocks ) ) ( PP-LOC ( IN in ) ( NP ( ADJP ( NN real-estate ) ( CC and ) ( JJ financial ) ) ( NNS markets ) ) ) ) ) ) ) ) ) ) ) ) )

We must not forget however that such a humble political experiment could cause a global tidal wave of shocks in real-estate and financial markets


( S ( PP ( IN At ) ( NP ( DT the ) ( JJS most ) ) ) ( NP-SBJ ( EX there ) ) ( VP ( VBZ is ) ( NP-PRD ( QP ( RB only ) ( CD nine ) ) ( NNS months ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( NNP LDP ) ( NN fuse ) ) ( VP ( VBZ burns ) ( PRT ( RP out ) ) ) ) ) ) )

At the most there is only nine months before the LDP fuse burns out


( S ( NP-SBJ ( NNP Mr. ) ( NNP Ohmae ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN managing ) ( NN director ) ) ( PP ( IN of ) ( NP ( NP ( NNP McKinsey ) ( CC & ) ( NNP Co. ) ) ( PP-LOC ( IN in ) ( NP ( NNP Japan ) ) ) ) ) ) ) )

Mr. Ohmae is managing director of McKinsey & Co. in Japan


( S ( NP-SBJ ( NNS Insiders ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG selling ) ( NP ( NP ( NNS shares ) ) ( PP ( IN in ) ( NP ( NP ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( NNP Corp. ) ) ( NP ( DT the ) ( JJ huge ) ( NN credit-information ) ( NN concern ) ) ) ) ) ) ) ) )

Insiders have been selling shares in Dun & Bradstreet Corp. the huge credit-information concern


( S ( NP-SBJ ( NP ( CD Six ) ( JJ top ) ( NNS executives ) ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( NNP New ) ( JJ York-based ) ( NN company ) ) ) ) ( VP ( VBD sold ) ( NP ( NNS shares ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ( CC and ) ( NNP September ) ) ) ) )

Six top executives at the New York-based company sold shares in August and September


( S ( NP-SBJ ( NP ( CD Four ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS insiders ) ) ) ) ( VP ( VBD sold ) ( NP ( QP ( JJR more ) ( IN than ) ( PDT half ) ) ( PRP$ their ) ( NNS holdings ) ) ) )

Four of those insiders sold more than half their holdings


( S ( NP-SBJ ( DT The ) ( NN stock ) ) ( PP-LOC ( IN in ) ( NP ( NNP New ) ( NNP York ) ( NNP Stock ) ( NNP Exchange ) ( JJ composite ) ( NN trading ) ) ) ( NP-TMP ( NN yesterday ) ) ( VP ( VBD closed ) ( PP-CLR ( IN at ) ( NP ( NP ( CD 51.75 ) ) ( ADVP ( RB up ) ( NP ( CD 62.5 ) ( NNS cents ) ) ) ( PP-LOC ( ADVP ( RB well ) ) ( IN below ) ( NP ( NP ( NP ( DT the ) ( QP ( CD 56.13 ) ( TO to ) ( CD 60 ) ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS insiders ) ) ( VP ( VBD received ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NNS shares ) ) ) ) ) ) ) ) ) ) ) )

The stock in New York Stock Exchange composite trading yesterday closed at 51.75 up 62.5 cents well below the 56.13 to 60 a share the insiders received for their shares


( S ( NP-SBJ ( NP ( JJ Much ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ recent ) ( NN slide ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( POS 's ) ) ( NN stock ) ) ) ) ) ) ( VP ( VBD came ) ( NP-TMP ( RB late ) ( JJ last ) ( NN week ) ) ( PP-TMP ( IN after ) ( NP ( NP ( JJ negative ) ( NNS comments ) ) ( PP ( IN by ) ( NP ( NP ( NNS analysts ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Merrill ) ( NNP Lynch ) ( CC & ) ( NNP Co. ) ) ( CC and ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) ) ) ) ) ) )

Much of the recent slide in Dun & Bradstreet 's stock came late last week after negative comments by analysts at Merrill Lynch & Co. and Goldman Sachs & Co


( S ( NP-SBJ-1 ( DT A ) ( NN company ) ( NN spokesman ) ) ( VP ( VP ( VBD declined ) ( S ( VP ( TO to ) ( VP ( VB comment ) ) ) ) ) ( CC and ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( NNS officials ) ) ( SBAR ( WHNP-4 ( WP who ) ) ( S ( VP ( VBD sold ) ( NP ( NNS shares ) ) ) ) ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB comment ) ) ) ) ) ) ) )

A company spokesman declined to comment and said that the officials who sold shares would n't comment


( S ( NP-SBJ-1 ( NP ( CD One ) ) ( PP ( IN of ) ( NP ( NP ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( POS 's ) ) ( JJ chief ) ( NNS businesses ) ) ) ) ( VP ( VBZ is ) ( S ( VP ( VBG compiling ) ( NP ( NP ( NNS reports ) ) ( SBAR ( WHNP-4 ( WDT that ) ) ( S ( VP ( VBP rate ) ( NP ( NP ( DT the ) ( NN credit-worthiness ) ) ( PP ( IN of ) ( NP ( NP ( NNS millions ) ) ( PP ( IN of ) ( NP ( JJ American ) ( NNS companies ) ) ) ) ) ) ) ) ) ) ) ) ) )

One of Dun & Bradstreet 's chief businesses is compiling reports that rate the credit-worthiness of millions of American companies


( S ( NP-SBJ ( PRP It ) ) ( ADVP ( RB also ) ) ( VP ( VBZ owns ) ( NP ( NP ( NP ( NP ( NNP Moody ) ( POS 's ) ) ( NNP Investors ) ( NNP Service ) ) ( SBAR ( WHNP-4 ( WDT which ) ) ( S ( VP ( VBZ assigns ) ( NP ( NNS credit-ratings ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNS bonds ) ) ( CC and ) ( NP ( JJ preferred ) ( NN stock ) ) ) ) ) ) ) ) ( NP ( NP ( NNP A.C. ) ( NNP Nielsen ) ) ( VP ( VBN known ) ( PP ( IN for ) ( NP ( NP ( PRP$ its ) ( NNS data ) ) ( PP ( IN on ) ( NP ( NN television-viewing ) ( NNS patterns ) ) ) ) ) ) ) ( CC and ) ( NP ( NN Yellow-pages ) ( NN publisher ) ( NNP Donnelley ) ) ) ) )

It also owns Moody 's Investors Service which assigns credit-ratings to bonds and preferred stock A.C. Nielsen known for its data on television-viewing patterns and Yellow-pages publisher Donnelley


( S ( NP-TMP ( JJ Last ) ( NNP March ) ) ( NP-SBJ ( DT this ) ( NN newspaper ) ) ( VP ( VBD reported ) ( PP-CLR ( IN on ) ( NP ( JJ widespread ) ( NNS allegations ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD misled ) ( NP ( JJ many ) ( NNS customers ) ) ( PP-DIR ( IN into ) ( S-NOM ( VP ( VBG purchasing ) ( NP ( NP ( JJR more ) ( NN credit-data ) ( NNS services ) ) ( PP ( IN than ) ( S-NOM ( VP ( VBN needed ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Last March this newspaper reported on widespread allegations that the company misled many customers into purchasing more credit-data services than needed


( S ( PP-TMP ( IN In ) ( NP ( NNP June ) ) ) ( NP-SBJ-1 ( DT the ) ( NN company ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB settle ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 18 ) ( CD million ) ) ) ) ( NP ( NP ( JJ several ) ( NNS lawsuits ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( PRP$ its ) ( NNS sales ) ( NNS practices ) ) ) ) ) ( PP ( IN without ) ( S-NOM ( VP ( VBG admitting ) ( CC or ) ( VBG denying ) ( NP ( DT the ) ( NNS charges ) ) ) ) ) ) ) ) ) )

In June the company agreed to settle for 18 million several lawsuits related to its sales practices without admitting or denying the charges


( S ( NP-SBJ ( NP ( DT An ) ( NN investigation ) ) ( PP ( IN by ) ( NP ( NNP U.S. ) ( NNP Postal ) ( VBZ inspectors ) ) ) ) ( VP ( VBZ is ) ( VP ( VBG continuing ) ) ) )

An investigation by U.S. Postal inspectors is continuing


( S ( PP-LOC ( IN Among ) ( NP ( DT the ) ( NN insider ) ( NNS sales ) ) ) ( NP-SBJ ( NP ( NNP Charles ) ( NNP Raikes ) ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( JJ general ) ( NN counsel ) ) ) ( VP ( VBD sold ) ( NP ( NP ( CD 12,281 ) ( NNS shares ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( VP-1 ( VBG representing ) ( NP ( NP ( CD 46 ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ his ) ( NNS holdings ) ) ( PP ( IN in ) ( NP ( DT the ) ( NN company ) ) ) ) ) ) ) ) )

Among the insider sales Charles Raikes the firm 's general counsel sold 12,281 shares in August representing 46 % of his holdings in the company


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD received ) ( NP ( CD 724,579 ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS shares ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NP ( NN insider ) ( NNS filings ) ) ( PP ( IN with ) ( NP ( DT the ) ( NNP Securities ) ( CC and ) ( NNP Exchange ) ( NNP Commission ) ) ) ) ) ) ) )

He received 724,579 for the shares according to insider filings with the Securities and Exchange Commission


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP John ) ( NNP C. ) ( NNP Holt ) ) ( NP ( DT an ) ( NX ( NX ( JJ executive ) ( NN vice ) ( NN president ) ) ( CC and ) ( NX ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( NN director ) ) ) ) ) ( VP ( VBD sold ) ( NP ( CD 10,000 ) ( NNS shares ) ) ( PP-TMP ( IN on ) ( NP ( NNP Aug. ) ( CD 31 ) ) ) ( PP-CLR ( IN for ) ( NP ( CD 588,800 ) ) ) ) ) ( NP-SBJ ( NNS filings ) ) ( VP ( VBP show ) ) )

John C. Holt an executive vice president and Dun & Bradstreet director sold 10,000 shares on Aug. 31 for 588,800 filings show


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBZ retains ) ( NP ( CD 9,232 ) ( NNS shares ) ) ) )

He retains 9,232 shares


( S ( NP-SBJ ( NP ( NNP William ) ( NNP H.J. ) ( NNP Buchanan ) ) ( NP ( NP ( DT the ) ( NN firm ) ( POS 's ) ) ( NX ( NX ( NN secretary ) ) ( CC and ) ( NX ( JJ associate ) ( JJ general ) ( NN counsel ) ) ) ) ) ( VP ( VBD sold ) ( NP ( CD 7,000 ) ( NNS shares ) ) ( PP-LOC ( IN in ) ( NP ( CD two ) ( JJ separate ) ( NNS sales ) ) ) ( PP-TMP ( IN in ) ( NP ( NNP September ) ) ) ( PP-CLR ( IN for ) ( NP ( CD 406,000 ) ) ) ) )

William H.J. Buchanan the firm 's secretary and associate general counsel sold 7,000 shares in two separate sales in September for 406,000


( S ( NP-SBJ ( DT The ) ( NNS shares ) ) ( VP ( VBD represented ) ( NP ( NP ( CD 66 ) ( NN % ) ) ( PP ( IN of ) ( NP ( PRP$ his ) ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( NNS holdings ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( DT the ) ( NN company ) ) ) ) ) )

The shares represented 66 % of his Dun & Bradstreet holdings according to the company


( S ( NP-SBJ ( NP ( DT The ) ( JJ other ) ( NNS insiders ) ) ( NP ( RB all ) ( ADJP ( JJ senior ) ( CC or ) ( JJ executive ) ) ( NN vice ) ( NNS presidents ) ) ) ( VP ( VBD sold ) ( NP ( NP ( QP ( IN between ) ( CD 2,520 ) ( CC and ) ( CD 6,881 ) ) ( NNS shares ) ) ( VP ( VBG representing ) ( NP ( NP ( QP ( IN between ) ( CD 8 ) ( NN % ) ( CC and ) ( CD 70 ) ( NN % ) ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS holdings ) ) ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP SEC ) ( NNS filings ) ) ) ) ) )

The other insiders all senior or executive vice presidents sold between 2,520 and 6,881 shares representing between 8 % and 70 % of their holdings according to SEC filings


( S ( NP-SBJ ( NP ( NNP Dun ) ( CC & ) ( NNP Bradstreet ) ( POS 's ) ) ( NN stock ) ( NN price ) ) ( VP ( VBD began ) ( NP ( NP ( PRP$ its ) ( JJ recent ) ( NN spiral ) ) ( ADVP ( RB downward ) ) ) ( NP-TMP ( NP ( JJ last ) ( NNP Wednesday ) ) ( SBAR ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBD reported ) ( NP ( JJ third-quarter ) ( NNS results ) ) ) ) ) ) ) )

Dun & Bradstreet 's stock price began its recent spiral downward last Wednesday when the company reported third-quarter results


( S ( NP-SBJ ( JJ Net ) ( NN income ) ) ( VP ( VBD rose ) ( PP-DIR ( TO to ) ( NP ( NP ( CD 83 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NP ( CD 72 ) ( NNS cents ) ) ( NP-ADV ( DT a ) ( NN share ) ) ) ( NP-TMP ( DT the ) ( JJ year-earlier ) ( NN period ) ) ) ) ) )

Net income rose to 83 cents a share from 72 cents a share the year-earlier period


( S ( CC But ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBD focused ) ( ADVP-EXT ( RBR more ) ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN revenue ) ) ) ( PP ( TO to ) ( NP ( QP ( CD 1.04 ) ( CD billion ) ) ) ) ( PP ( IN from ) ( NP ( QP ( CD 1.07 ) ( CD billion ) ) ) ) ( VP ( VBG reflecting ) ( PP-EXT ( IN in ) ( NP ( NN part ) ) ) ( NP ( NP ( DT a ) ( VBG continuing ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS sales ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ controversial ) ( JJ credit-reporting ) ( NNS services ) ) ) ) ) ) ) ) ) ) )

But analysts focused more on the drop in revenue to 1.04 billion from 1.07 billion reflecting in part a continuing drop in sales of the controversial credit-reporting services