( S ( NP-SBJ ( NP ( DT The ) ( NN junk ) ( NNS bonds ) ) ( PP ( IN of ) ( NP ( NNP RJR ) ( NNP Nabisco ) ( NNP Inc. ) ) ) ) ( VP ( VBD rallied ) ( NP-TMP ( NNP Friday ) ) ( PP ( IN on ) ( NP ( NN news ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NN company ) ) ( VP ( VBZ is ) ( VP ( VBG selling ) ( NP ( PRP$ its ) ( NN candy ) ( NN bar ) ( NNS brands ) ) ( PP-CLR ( TO to ) ( NP ( NNP Nestle ) ( NNP Foods ) ( NNP Corp. ) ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 370 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) )

The junk bonds of RJR Nabisco Inc. rallied Friday on news that the company is selling its candy bar brands to Nestle Foods Corp. for 370 million


( S ( NP-SBJ ( NP ( DT The ) ( NN sale ) ( NN price ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD was ) ( PP-LOC-PRD ( IN above ) ( NP ( NNP Wall ) ( NNP Street ) ( NNS expectations ) ) ) ) ) ) ) ( VP ( VBD sent ) ( NP ( JJ many ) ( NNP RJR ) ( NNS securities ) ) ( ADVP-CLR ( RB up ) ( PP ( IN by ) ( NP ( CD one ) ( NN point ) ) ) ) ) )

The sale price which was above Wall Street expectations sent many RJR securities up by one point


( SINV ( S-TPC-7 ( NP-SBJ ( PRP It ) ) ( VP ( VBZ shows ) ( SBAR ( IN that ) ( S ( NP-SBJ ( EX there ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( NNS buyers ) ) ( PP ( IN of ) ( NP ( NP ( JJ high-quality ) ( NNS assets ) ) ( PP ( IN at ) ( NP ( JJ high ) ( NNS prices ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN today ) ( POS 's ) ) ( NN market ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Robert ) ( NNP Long ) ) ( NP ( NP ( NP ( NN managing ) ( NN director ) ) ( CC and ) ( NP ( NN head ) ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ high-yield ) ( NN research ) ( NN department ) ) ( PP-LOC ( IN at ) ( NP ( NNP First ) ( NNP Boston ) ( NNP Corp ) ) ) ) ) ) ) )

It shows that there are buyers of high-quality assets at high prices in today 's market said Robert Long managing director and head of the high-yield research department at First Boston Corp


( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP RJR ) ( NNS securities ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( VP ( VBG trading ) ( PP-LOC ( IN near ) ( NP ( PRP$ their ) ( JJ 52-week ) ( NNS lows ) ) ) ( ADVP-TMP ( RBR earlier ) ( PP ( IN in ) ( NP ( DT the ) ( NN session ) ) ) ) ) ) ) ) ) ) ) ) ( VP ( VBD bounced ) ( PRT ( RP back ) ) ( PP-TMP ( IN after ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NN announcement ) ( SBAR ( IN that ) ( S ( NP-SBJ-8 ( PRP it ) ) ( VP ( VBD agreed ) ( S ( VP ( TO to ) ( VP ( VB sell ) ( NP ( PRP$ its ) ( NNP Baby ) ( NNP Ruth ) ( NNP Butterfinger ) ( CC and ) ( NNP Pearson ) ( NN candy ) ( NNS businesses ) ) ( PP-CLR ( TO to ) ( NP ( NP ( NNP Nestle ) ( NNP Foods ) ) ( NP ( NP ( DT a ) ( NN unit ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ Swiss-based ) ( NN food ) ( NN concern ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Many of the RJR securities which had been trading near their 52-week lows earlier in the session bounced back after the company 's announcement that it agreed to sell its Baby Ruth Butterfinger and Pearson candy businesses to Nestle Foods a unit of the Swiss-based food concern


( S ( NP-SBJ ( NP ( DT The ) ( NN sale ) ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB close ) ( PP-TMP ( IN before ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN year ) ) ) ) ) ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBZ includes ) ( NP ( NP ( DT a ) ( NN manufacturing ) ( NN plant ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Franklin ) ( NNP Park ) ) ( NP ( NNP Ill ) ) ) ) ) ) )

The sale expected to close before the end of the year also includes a manufacturing plant in Franklin Park Ill


( S ( NP-SBJ ( NP ( NP ( NNP RJR ) ( POS 's ) ) ( JJ subordinated ) ( NN discount ) ( NNS debentures ) ) ( PP ( IN of ) ( NP ( CD 2001 ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBD traded ) ( ADVP-CLR ( ADVP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( CD 45 ) ) ) ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) ( VP ( VBD finished ) ( NP ( DT the ) ( NN day ) ) ( PP-CLR ( IN at ) ( NP ( CD 46 ) ( CD 7\/8 ) ) ) ) )

RJR 's subordinated discount debentures of 2001 which traded as low as 45 Friday finished the day at 46 7\/8


( S ( NP-SBJ ( JJ Other ) ( NNP RJR ) ( NNS securities ) ) ( ADVP ( RB also ) ) ( VP ( VBD closed ) ( ADJP-CLR ( JJR higher ) ) ) )

Other RJR securities also closed higher


( S ( NP-SBJ-9 ( NP ( NP ( NNP RJR ) ( NNP Holdings ) ( NNP Capital ) ( NNP Corp. ) ( POS 's ) ) ( ADJP ( CD 14.7 ) ( NN % ) ) ( JJ convertible ) ( JJ pay-in-kind ) ( NNS securities ) ) ( VP ( VBG maturing ) ( PP-TMP ( IN in ) ( NP ( CD 2009 ) ) ) ) ) ( VP ( VBD closed ) ( ADVP-CLR ( NP ( CD 1\/2 ) ) ( JJR higher ) ) ( PP-CLR ( IN at ) ( NP ( CD 86 ) ( CD 1\/2 ) ) ) ( PP-TMP ( IN after ) ( S-NOM ( VP ( VBG trading ) ( ADVP-CLR ( ADVP ( RB as ) ( JJ low ) ) ( PP ( IN as ) ( NP ( CD 85 ) ( CD 1\/4 ) ) ) ) ) ) ) ) )

RJR Holdings Capital Corp. 's 14.7 % convertible pay-in-kind securities maturing in 2009 closed 1\/2 higher at 86 1\/2 after trading as low as 85 1\/4


( S ( NP-SBJ ( RBS Most ) ( JJ other ) ( NN junk ) ( NN bond ) ( NNS issues ) ) ( VP ( VBD finished ) ( ADVP-CLR ( NP ( DT a ) ( NN quarter-point ) ) ( JJR lower ) ) ( PP ( IN on ) ( NP ( NNS rumors ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NNP Campeau ) ( NNP Corp. ) ) ( VP ( VBD was ) ( VP ( VBG filing ) ( PP-CLR ( IN for ) ( NP ( NP ( NN protection ) ) ( PP ( IN from ) ( NP ( NNS creditors ) ) ) ) ) ( PP-LOC ( IN under ) ( NP ( NP ( NN Chapter ) ( CD 11 ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Bankruptcy ) ( NNP Code ) ) ) ) ) ) ) ) ) ) ) ) )

Most other junk bond issues finished a quarter-point lower on rumors that Campeau Corp. was filing for protection from creditors under Chapter 11 of the Bankruptcy Code


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NNP Campeau ) ) ) ) ( VP ( VBD called ) ( S ( NP-SBJ ( DT the ) ( NNS rumors ) ) ( ADJP-PRD ( JJ ridiculous ) ) ) ) )

A spokesman for Campeau called the rumors ridiculous


( S ( NP-SBJ ( JJS Most ) ( JJ investment-grade ) ( NNS bonds ) ) ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 3\/8 ) ( TO to ) ( CD 1\/2 ) ) ( NN point ) ) ) )

Most investment-grade bonds fell 3\/8 to 1\/2 point


( S ( NP-SBJ ( NN Mortgage ) ( NNS securities ) ) ( VP ( VP ( VBD fell ) ( NP-EXT ( QP ( CD 7\/32 ) ( TO to ) ( CD 8\/32 ) ) ) ) ( CC but ) ( VP ( VBD held ) ( PRT ( RP up ) ) ( ADVP-MNR ( ADVP ( RBR better ) ) ( PP ( IN than ) ( NP ( JJ intermediate ) ( NNPS Treasurys ) ) ) ) ) ) )

Mortgage securities fell 7\/32 to 8\/32 but held up better than intermediate Treasurys


( S ( NP-SBJ ( NNS Dealers ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT some ) ( JJ defensive ) ( NNS investors ) ) ( VP ( VBD were ) ( NP-PRD ( NP ( NNS buyers ) ) ( PP ( IN of ) ( NP ( NNS mortgages ) ) ) ) ( SBAR-ADV ( IN as ) ( SINV ( VP ( VBD were ) ) ( NP-SBJ ( NP ( NNS dealers ) ) ( VP ( VBG seeking ) ( NP ( NP ( NN collateral ) ) ( PP ( IN for ) ( NP ( NP ( NNS REMICs ) ) ( VP ( VBN priced ) ( NP-TMP ( RBR earlier ) ( JJ last ) ( NN week ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Dealers said some defensive investors were buyers of mortgages as were dealers seeking collateral for REMICs priced earlier last week


( S ( PP-LOC ( IN Among ) ( NP ( JJ major ) ( NNS issues ) ) ) ( NP-SBJ ( NP ( NNP Government ) ( NNP National ) ( NNP Mortgage ) ( NNP Association ) ( ADJP ( CD 9 ) ( NN % ) ) ( NNS securities ) ) ( PP ( IN for ) ( NP ( NNP November ) ( NN delivery ) ) ) ) ( VP ( VBD ended ) ( PP-CLR ( IN at ) ( NP ( CD 98 ) ( CD 12\/32 ) ) ) ( ADVP ( RB down ) ( NP ( CD 8\/32 ) ( NN point ) ) ) ( PP ( IN for ) ( NP ( NP ( DT a ) ( NN yield ) ) ( PP ( IN of ) ( NP ( NP ( QP ( RB about ) ( CD 9.35 ) ) ( NN % ) ) ( PP ( TO to ) ( NP ( DT a ) ( JJ 12-year ) ( JJ average ) ( NN life ) ( NN assumption ) ) ) ) ) ) ) ) )

Among major issues Government National Mortgage Association 9 % securities for November delivery ended at 98 12\/32 down 8\/32 point for a yield of about 9.35 % to a 12-year average life assumption


( S ( NP-SBJ ( NP ( NNP Ciba-Geigy ) ( NNP AG ) ) ( NP ( DT the ) ( JJ big ) ( JJ Swiss ) ( NNS chemicals ) ( NN company ) ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD agreed ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( IN of ) ( NP ( NN intent ) ) ) ) ) ( PP-CLR ( IN with ) ( NP ( NNP Corning ) ( NNP Inc. ) ) ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( NP ( NNP Corning ) ( POS 's ) ) ( ADJP ( CD 50 ) ( NN % ) ) ( NN share ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ciba ) ( NNP Corning ) ( NNPS Diagnostics ) ( NNP Corp. ) ) ( VP ( VBN based ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Medfield ) ) ( NP ( NNP Mass ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Ciba-Geigy AG the big Swiss chemicals company said that it agreed in a letter of intent with Corning Inc. to acquire Corning 's 50 % share of Ciba Corning Diagnostics Corp. based in Medfield Mass


( S ( S-TPC-1 ( NP-SBJ ( NP ( NNP Ciba ) ( NNP Corning ) ) ( SBAR ( WHNP-51 ( WDT which ) ) ( S ( VP ( VBD had ) ( VP ( VBN been ) ( NP-PRD ( NP ( DT a ) ( JJ 50-50 ) ( NN venture ) ) ( PP ( IN between ) ( NP ( NP ( JJ Basel-based ) ( NNP Ciba-Geigy ) ) ( CC and ) ( NP ( NNP Corning ) ) ) ) ) ) ) ) ) ) ( VP ( VBZ has ) ( NP ( NP ( JJ annual ) ( NNS sales ) ) ( PP ( IN of ) ( NP ( QP ( RB about ) ( CD 300 ) ( CD million ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN announcement ) ) ( VP ( VBD said ) ) )

Ciba Corning which had been a 50-50 venture between Basel-based Ciba-Geigy and Corning has annual sales of about 300 million the announcement said


( S ( NP-SBJ-1 ( NP ( NNS Terms ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN transaction ) ) ) ) ( VP ( VBD were ) ( RB n't ) ( VP ( VBN disclosed ) ) ) )

Terms of the transaction were n't disclosed


( S ( NP-SBJ ( NNP Ciba ) ( NNP Corning ) ) ( VP ( VBZ makes ) ( NP ( NP ( NP ( JJ clinical ) ( NNS diagnostics ) ( NNS systems ) ) ( CC and ) ( NP ( JJ related ) ( NNS products ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN medical-care ) ( NN industry ) ) ) ) ) )

Ciba Corning makes clinical diagnostics systems and related products for the medical-care industry


( S ( NP-SBJ ( DT The ) ( NN announcement ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NN acquisition ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN completed ) ( PP-TMP ( IN by ) ( NP ( NNP December ) ) ) ( SBAR-TMP ( IN after ) ( S ( S ( NP-SBJ-2 ( DT a ) ( JJ definitive ) ( NN agreement ) ) ( VP ( VBZ is ) ( VP ( VBN completed ) ) ) ) ( CC and ) ( S ( NP-SBJ-3 ( JJ regulatory ) ( NN approval ) ) ( VP ( VBZ is ) ( VP ( VBN received ) ) ) ) ) ) ) ) ) ) ) ) )

The announcement said the acquisition should be completed by December after a definitive agreement is completed and regulatory approval is received


( S ( NP-SBJ-1 ( NNP Ciba-Geigy ) ) ( VP ( VBZ intends ) ( S ( VP ( TO to ) ( VP ( VB develop ) ( NP ( DT the ) ( NNP Ciba ) ( NNP Corning ) ( NN unit ) ) ( PP-CLR ( IN into ) ( NP ( DT a ) ( JJ substantial ) ( NN business ) ) ) ( S-ADV ( VP ( VBG making ) ( S ( NP-SBJ ( DT the ) ( NN unit ) ) ( NP-PRD ( NP ( DT an ) ( JJ integral ) ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( NNP Ciba-Geigy ) ( POS 's ) ) ( JJ comprehensive ) ( NN disease ) ( NN management ) ( NN concept ) ) ) ) ) ) ) ) ) ) ) )

Ciba-Geigy intends to develop the Ciba Corning unit into a substantial business making the unit an integral part of Ciba-Geigy 's comprehensive disease management concept


( S ( NP-SBJ-1 ( NP ( NNS Employees ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Globe ) ( CC and ) ( NNP Mail ) ) ( NP ( NP ( DT a ) ( NNP Thomson ) ( NNP Corp. ) ( NN newspaper ) ) ( PP-LOC ( IN in ) ( NP ( NNP Toronto ) ) ) ) ) ) ) ( VP ( VBD voted ) ( S ( VP ( TO to ) ( VP ( VB accept ) ( NP ( DT a ) ( JJ tentative ) ( NN contract ) ( NN agreement ) ) ) ) ) ( NP-TMP ( NNP Saturday ) ) ( S-ADV ( VP ( VBG averting ) ( NP ( NP ( DT a ) ( NN strike ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Canada ) ( POS 's ) ) ( JJ leading ) ( NN daily ) ) ) ) ) ) ) )

Employees of the Globe and Mail a Thomson Corp. newspaper in Toronto voted to accept a tentative contract agreement Saturday averting a strike at Canada 's leading daily


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( NNS terms ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ three-year ) ( NN contract ) ) ( ADJP ( JJ similar ) ( PP ( TO to ) ( NP ( NP ( CD one ) ) ( VP ( VBN reached ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP Torstar ) ( NNP Corp. ) ( POS 's ) ) ( NNP Toronto ) ( NNP Star ) ( NN newspaper ) ) ) ( NP-TMP ( RBR earlier ) ( DT this ) ( NN month ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( CD 500 ) ( NNP Globe ) ( CC and ) ( NNP Mail ) ( NNS workers ) ) ( VP ( MD will ) ( VP ( VP ( VB see ) ( NP ( NP ( DT a ) ( NN raise ) ) ( PP ( IN of ) ( NP-1 ( CD 8 ) ( NN % ) ) ) ) ( PP-TMP-2 ( IN in ) ( NP ( NP ( DT the ) ( NN contract ) ( POS 's ) ) ( JJ first ) ( NN year ) ) ) ) ( CC and ) ( VP ( NP=1 ( CD 7 ) ( NN % ) ) ( PP-TMP=2 ( IN in ) ( NP ( NP ( DT each ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ following ) ( CD two ) ( NNS years ) ) ) ) ) ) ) ) )

Under the terms of the three-year contract similar to one reached at Torstar Corp. 's Toronto Star newspaper earlier this month the 500 Globe and Mail workers will see a raise of 8 % in the contract 's first year and 7 % in each of the following two years


( S ( NP-SBJ ( NP ( NNP Lorne ) ( NNP Slotnick ) ) ( NP ( NP ( NN vice ) ( NN chairman ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Southern ) ( NNP Ontario ) ( NNP Newspaper ) ( NNP Guild ) ) ( NP ( NP ( DT the ) ( NN union ) ) ( VP ( VBG representing ) ( NP ( DT the ) ( NNS workers ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Thomson ) ) ( VP ( VBD made ) ( NP ( JJ significant ) ( NNS concessions ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJ final ) ( NN round ) ) ( PP ( IN of ) ( NP ( NNS talks ) ) ) ) ) ) ) ) ) )

Lorne Slotnick vice chairman of the Southern Ontario Newspaper Guild the union representing the workers said Thomson made significant concessions in the final round of talks


( S ( S-TPC-1 ( PP ( IN In ) ( NP ( NP ( NN addition ) ) ( PP ( TO to ) ( NP ( NN wage ) ( NNS increases ) ) ) ) ) ( NP-SBJ ( DT the ) ( NN union ) ) ( VP ( VBD negotiated ) ( NP ( JJ improved ) ( NX ( NX ( NN vacation ) ( NNS plans ) ) ( NX ( NN benefit ) ( NNS packages ) ) ( CC and ) ( NX ( NN pension ) ( NNS plans ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Slotnick ) ) ( VP ( VBD said ) ) )

In addition to wage increases the union negotiated improved vacation plans benefit packages and pension plans Mr. Slotnick said


( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NP ( QP ( JJR more ) ( IN than ) ( CD 70 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN bargaining ) ( NN unit ) ) ) ) ( VP ( VBD voted ) ( PP-MNR ( IN in ) ( NP ( NP ( NN favor ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN agreement ) ) ) ) ) ) ) ) ) )

He said more than 70 % of the bargaining unit voted in favor of the agreement


( S ( NP-SBJ-1 ( NNP Exxon ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( VP ( VBG resigning ) ( PP-CLR ( IN from ) ( NP ( NP ( DT the ) ( NNP National ) ( NNP Wildlife ) ( NNP Federation ) ( POS 's ) ) ( JJ corporate ) ( JJ advisory ) ( NN panel ) ) ) ( S-ADV ( VP ( VBG saying ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN conservation ) ( NN group ) ) ( VP ( VBZ has ) ( VP ( VBN been ) ( ADJP-PRD ( RB unfairly ) ( JJ critical ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Exxon ) ( NNP Valdez ) ( NN oil ) ( NN spill ) ) ( PP-LOC ( IN along ) ( NP ( DT the ) ( JJ Alaskan ) ( NN coast ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Exxon Corp. is resigning from the National Wildlife Federation 's corporate advisory panel saying the conservation group has been unfairly critical of the Exxon Valdez oil spill along the Alaskan coast


( S ( NP-SBJ ( DT The ) ( NN federation ) ) ( VP ( VP ( VBD said ) ( NP-TMP ( NNP Friday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ regrets ) ( NP ( DT the ) ( NN resignation ) ) ) ) ) ) ( CC but ) ( VP ( VBD issued ) ( NP ( NP ( DT a ) ( JJ stinging ) ( NN response ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD called ) ( S ( NP-SBJ ( NNP Exxon ) ) ( NP-PRD ( NP ( DT a ) ( JJ corporate ) ( NN pariah ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( MD should ) ( VP ( VB keep ) ( NP ( DT an ) ( JJ open ) ( NN dialogue ) ) ( PP-CLR ( IN with ) ( NP ( NNS environmentalists ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The federation said Friday that it regrets the resignation but issued a stinging response that called Exxon a corporate pariah that should keep an open dialogue with environmentalists


( S ( NP-SBJ ( DT The ) ( NN federation ) ) ( PP ( IN with ) ( NP ( NP ( QP ( CD 5.8 ) ( CD million ) ) ( NNS members ) ) ( ADVP-LOC ( JJ nationwide ) ) ) ) ( VP ( VP ( VBZ has ) ( VP ( VBN been ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJS sharpest ) ( NNS critics ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Exxon ) ( POS 's ) ) ( NN handling ) ) ( PP ( IN of ) ( NP ( DT the ) ( ADJP ( QP ( CD 11 ) ( CD million ) ) ( NN gallon ) ) ( NN tanker ) ( NN spill ) ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBZ has ) ( VP ( VBN accused ) ( NP-1 ( DT the ) ( NN company ) ) ( PP-CLR ( IN of ) ( S-NOM ( ADVP-TMP ( RB repeatedly ) ) ( VP ( VBG ignoring ) ( NP ( NNS requests ) ( S ( VP ( TO to ) ( VP ( VB meet ) ( CC and ) ( VB discuss ) ( NP ( PRP it ) ) ) ) ) ) ) ) ) ) ) ) )

The federation with 5.8 million members nationwide has been one of the sharpest critics of Exxon 's handling of the 11 million gallon tanker spill and has accused the company of repeatedly ignoring requests to meet and discuss it


( S ( NP-SBJ ( DT The ) ( NNP March ) ( CD 24 ) ( NN oil ) ( VB spill ) ) ( VP ( VP ( VBD soiled ) ( NP ( NP ( NNS hundreds ) ) ( PP ( IN of ) ( NP ( NP ( NNS miles ) ) ( PP ( IN of ) ( NP ( NP ( NN shoreline ) ) ( PP-LOC ( IN along ) ( NP ( NP ( NNP Alaska ) ( POS 's ) ) ( JJ southern ) ( NN coast ) ) ) ) ) ) ) ) ) ( CC and ) ( VP ( VBD wreaked ) ( NP ( NN havoc ) ) ( PP-CLR ( IN with ) ( NP ( NP ( NN wildlife ) ) ( CC and ) ( NP ( DT the ) ( NN fishing ) ( NN industry ) ) ) ) ) ) )

The March 24 oil spill soiled hundreds of miles of shoreline along Alaska 's southern coast and wreaked havoc with wildlife and the fishing industry


( S ( NP-SBJ ( NP ( NNP Exxon ) ( POS 's ) ) ( NNP Exxon ) ( NNP USA ) ( NN unit ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ charter ) ( NNS members ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNP Corporate ) ( NNP Conservation ) ( NNP Council ) ) ( NP ( NP ( DT a ) ( NN panel ) ) ( PP ( IN of ) ( NP ( NNS executives ) ) ) ( VP ( VBN formed ) ( PP-TMP ( IN in ) ( NP ( CD 1982 ) ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP National ) ( NNP Wildlife ) ( NNP Federation ) ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB foster ) ( NP ( NP ( JJ frank ) ( CC and ) ( JJ open ) ( NNS discussions ) ) ( PP ( IN between ) ( NP ( NP ( NN industry ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN federation ) ( POS 's ) ) ( NNS leaders ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Exxon 's Exxon USA unit was one of the charter members of the Corporate Conservation Council a panel of executives formed in 1982 by the National Wildlife Federation to foster frank and open discussions between industry and the federation 's leaders


( S ( PP-LOC ( IN In ) ( NP ( NP ( DT a ) ( NN letter ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN federation ) ) ) ) ) ( NP-SBJ ( NP ( NNP Raymond ) ( NNP Campion ) ) ( NP ( NP ( NNP Exxon ) ( POS 's ) ) ( JJ environmental ) ( NN coordinator ) ) ) ( VP ( VBD said ) ( S ( NP-SBJ-1 ( NP ( JJ Recent ) ( JJ public ) ( NNS actions ) ) ( PP ( IN by ) ( NP ( PRP you ) ) ) ( VP ( VBG regarding ) ( NP ( DT the ) ( NNP Valdez ) ( NN oil ) ( NN spill ) ) ) ) ( VP ( VB have ) ( VP ( VBN failed ) ( S ( VP ( TO to ) ( VP ( VB demonstrate ) ( NP ( NP ( DT any ) ( NN sense ) ) ( PP ( IN of ) ( NP ( NN objectivity ) ( CC or ) ( NN fairness ) ) ) ) ) ) ) ) ) ) ) )

In a letter to the federation Raymond Campion Exxon 's environmental coordinator said Recent public actions by you regarding the Valdez oil spill have failed to demonstrate any sense of objectivity or fairness


( S ( NP-SBJ ( DT The ) ( NN federation ) ) ( VP ( VBD was ) ( PP-LOC-PRD ( IN among ) ( NP ( DT the ) ( NNS plaintiffs ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT a ) ( NN lawsuit ) ) ( VP ( VBN filed ) ( PP-TMP ( IN in ) ( NP ( NNP August ) ) ) ( PP-CLR ( IN against ) ( NP ( NN Exxon ) ) ) ) ( VP ( VBG seeking ) ( NP ( NP ( JJ full ) ( NN payment ) ) ( PP ( IN of ) ( NP ( NP ( JJ environmental ) ( NN recovery ) ( NNS costs ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN spill ) ) ) ) ) ) ) ) ) ) )

The federation was among the plaintiffs in a lawsuit filed in August against Exxon seeking full payment of environmental recovery costs from the spill


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ( NNP Department ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNP U.S. ) ( NN trade ) ( NN deficit ) ) ( VP ( MD may ) ( VP ( VB worsen ) ( NP-TMP ( JJ next ) ( NN year ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD two ) ( NNS years ) ) ( PP ( IN of ) ( NP ( JJ significant ) ( NN improvement ) ) ) ) ) ) ) ) ) ) )

The Treasury Department said the U.S. trade deficit may worsen next year after two years of significant improvement


( S ( PP-LOC ( IN In ) ( NP ( NP ( PRP$ its ) ( NN report ) ) ( PP ( TO to ) ( NP ( NNP Congress ) ) ) ( PP ( IN on ) ( NP ( JJ international ) ( JJ economic ) ( NNS policies ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Treasury ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( S ( NP-SBJ-1 ( NP ( DT any ) ( NN improvement ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( JJS broadest ) ( NN measure ) ) ( PP ( IN of ) ( NP ( NN trade ) ) ) ( VP ( VBN known ) ( PP-CLR ( IN as ) ( NP ( DT the ) ( JJ current ) ( NN account ) ) ) ) ) ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ likely ) ( ADVP ( IN at ) ( JJS best ) ) ( S ( VP ( TO to ) ( VP ( VB be ) ( ADJP-PRD ( RB very ) ( JJ modest ) ) ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ-2 ( NP ( DT the ) ( NN possibility ) ) ( PP ( IN of ) ( NP ( NP ( NN deterioration ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ current ) ( NN account ) ) ) ( NP-TMP ( JJ next ) ( NN year ) ) ) ) ) ( VP ( MD can ) ( RB not ) ( VP ( VB be ) ( VP ( VBN excluded ) ) ) ) ) ) ) ) )

In its report to Congress on international economic policies the Treasury said that any improvement in the broadest measure of trade known as the current account is likely at best to be very modest and the possibility of deterioration in the current account next year can not be excluded


( S ( NP-SBJ ( DT The ) ( NN statement ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( NP ( DT the ) ( NNP U.S. ) ( NN government ) ( POS 's ) ) ( JJ first ) ( NN acknowledgement ) ) ( PP ( IN of ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NP ( JJ other ) ( NNS groups ) ) ( PP ( JJ such ) ( IN as ) ( NP ( DT the ) ( NNP International ) ( NNP Monetary ) ( NNP Fund ) ) ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG predicting ) ( PP-TMP ( IN for ) ( NP ( NNS months ) ) ) ) ) ) ) ) ) ) ) )

The statement was the U.S. government 's first acknowledgement of what other groups such as the International Monetary Fund have been predicting for months


( S ( NP-SBJ-1 ( NP ( JJ Continued ) ( NN strength ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN dollar ) ) ) ) ( VP ( VBD was ) ( VP ( VBN cited ) ( PP-CLR ( IN as ) ( NP ( NP ( CD one ) ( NN reason ) ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN trade ) ( NN position ) ) ( VP ( MD may ) ( VP ( VB deteriorate ) ) ) ) ) ) ) ) ) )

Continued strength in the dollar was cited as one reason the trade position may deteriorate


( S ( NP-SBJ ( NP ( NP ( DT The ) ( NNP Treasury ) ( POS 's ) ) ( NN report ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN required ) ( ADVP-TMP ( RB annually ) ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( NN provision ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1988 ) ( NN trade ) ( NN act ) ) ) ) ) ) ) ) ) ) ( ADVP-TMP ( RB again ) ) ( VP ( VBD took ) ( NP ( NNP South ) ( NNP Korea ) ) ( PP-CLR ( TO to ) ( NP ( NN task ) ) ) ( PP-PRP ( IN for ) ( NP ( PRP$ its ) ( NN exchange-rate ) ( NNS policies ) ) ) ) )

The Treasury 's report which is required annually by a provision of the 1988 trade act again took South Korea to task for its exchange-rate policies


( S ( S-TPC-2 ( NP-SBJ ( PRP We ) ) ( VP ( VBP believe ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( EX there ) ) ( VP ( VBP have ) ( VP ( VBD continued ) ( S ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( NNS indications ) ) ( PP ( IN of ) ( NP ( NN exchange-rate ) ( NN manipulation ) ) ) ) ) ) ) ( PP-TMP ( IN during ) ( NP ( DT the ) ( JJ past ) ( CD six ) ( NNS months ) ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD said ) ( S-ADV ( VP ( VBG citing ) ( NP ( NP ( NP ( DT the ) ( NN lack ) ) ( PP ( IN of ) ( NP ( NP ( NN market ) ( NNS forces ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP South ) ( NNP Korea ) ( POS 's ) ) ( NN exchange-rate ) ( NN system ) ) ) ) ) ) ( CC and ) ( NP ( NP ( DT the ) ( NN use ) ) ( PP ( IN of ) ( NP ( NN capital ) ( CC and ) ( NN interest-rate ) ( NNS controls ) ) ) ( S-4 ( VP ( TO to ) ( VP ( VB manipulate ) ( NP ( NN exchange ) ( NNS rates ) ) ) ) ) ) ) ) ) ) )

We believe that there have continued to be indications of exchange-rate manipulation during the past six months it said citing the lack of market forces in South Korea 's exchange-rate system and the use of capital and interest-rate controls to manipulate exchange rates


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ) ( VP ( VBD expressed ) ( NP ( NP ( NN pleasure ) ) ( PRN ( ADVP ( RB however ) ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN government ) ) ( PP ( IN of ) ( NP ( NNP Taiwan ) ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBD was ) ( VP ( VBN cited ) ( PP-CLR ( IN for ) ( NP ( NN exchange-rate ) ( NN manipulation ) ) ) ( PP-TMP ( IN in ) ( NP ( NP ( JJ last ) ( NN year ) ( POS 's ) ) ( NN report ) ) ) ) ) ) ) ) ) ) ) )

The Treasury expressed pleasure however with the government of Taiwan which was cited for exchange-rate manipulation in last year 's report


( S ( NP-SBJ ( DT The ) ( NNP Treasury ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Taiwan ) ) ( VP ( VBZ has ) ( VP ( VBN liberalized ) ( NP ( PRP$ its ) ( NN exchange ) ( NN rate ) ( NN system ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ past ) ( NN year ) ) ) ) ) ) ) ) )

The Treasury said Taiwan has liberalized its exchange rate system in the past year


( S ( NP-SBJ-1 ( DT The ) ( JJ following ) ( UCP ( NNP U.S. ) ( NNP Treasury ) ( JJ corporate ) ( CC and ) ( JJ municipal ) ) ( NNS offerings ) ) ( VP ( VBP are ) ( VP ( ADVP-MNR ( RB tentatively ) ) ( VBN scheduled ) ( PP-CLR ( IN for ) ( NP ( NP ( NN sale ) ) ( NP-TMP ( DT this ) ( NN week ) ) ) ) ( PP ( VBG according ) ( PP ( TO to ) ( NP ( NNP Dow ) ( NNP Jones ) ( NNP Capital ) ( NNP Markets ) ( NNP Report ) ) ) ) ) ) )

The following U.S. Treasury corporate and municipal offerings are tentatively scheduled for sale this week according to Dow Jones Capital Markets Report


( NP ( NP ( QP ( CD 15.6 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( ADJP ( JJ three-month ) ( CC and ) ( JJ six-month ) ) ( NNS bills ) ) ) )

15.6 billion of three-month and six-month bills


( NP ( NP ( QP ( CD 2 ) ( CD billion ) ) ) ( PP ( IN of ) ( NP ( JJ 51-day ) ( NN cash ) ( NN management ) ( NNS bills ) ) ) )

2 billion of 51-day cash management bills


( NP ( NP ( NNP Associated ) ( NNP Natural ) ( NNP Gas ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 1.4 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Dillon ) ( NNP Read ) ( CC & ) ( NNP Co ) ) ) ) )

Associated Natural Gas Corp. 1.4 million common shares via Dillon Read & Co


( NP ( NP ( NNP B ) ( CC & ) ( NNP H ) ( NNP Crude ) ( NNP Carriers ) ( NNP Ltd. ) ) ( NP ( NP ( QP ( CD Four ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Salomon ) ( NNP Brothers ) ( NNP Inc ) ) ) ) )

B & H Crude Carriers Ltd. Four million common shares via Salomon Brothers Inc


( NP ( NP ( NNP Chemical ) ( NNP Banking ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD 14 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Goldman ) ( NNP Sachs ) ( CC & ) ( NNP Co ) ) ) ) )

Chemical Banking Corp. 14 million common shares via Goldman Sachs & Co


( NP ( NP ( NNP Chemex ) ( NNP Pharmaceuticals ) ( NNP Inc. ) ) ( NP ( NP ( QP ( CD 1.2 ) ( CD million ) ) ( NNS units ) ) ( VP ( VBG consisting ) ( PP-CLR ( IN of ) ( NP ( NP ( NP ( CD two ) ( NNS shares ) ) ( PP ( IN of ) ( NP ( JJ common ) ( NN stock ) ) ) ) ( CC and ) ( NP ( CD one ) ( JJ common ) ( NN warrant ) ) ( PP ( IN via ) ( NP ( NNP PaineWebber ) ( NNP Inc ) ) ) ) ) ) ) )

Chemex Pharmaceuticals Inc. 1.2 million units consisting of two shares of common stock and one common warrant via PaineWebber Inc


( NP ( NP ( NNP Comcast ) ( NNP Corp. ) ) ( NP ( NP ( ADJP ( QP ( CD 150 ) ( CD million ) ) ) ( JJ convertible ) ( NNS debentures ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ( NNP Capital ) ( NNP Markets ) ) ) ) )

Comcast Corp. 150 million convertible debentures via Merrill Lynch Capital Markets


( NP ( NP ( NNP Energy ) ( NNP Service ) ( NNP Co. ) ) ( NP ( NP ( QP ( CD 9.5 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Alex ) ) ) ) )

Energy Service Co. 9.5 million common shares via Alex


( NP ( NNP Brown ) ( CC & ) ( NNP Sons ) ( NNP Inc ) )

Brown & Sons Inc


( NP ( NP ( NNP Harmonia ) ( NNP Bancorp ) ( NNP Inc. ) ) ( NP ( NP ( CD 4,750,000 ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Shearson ) ( NNP Lehman ) ( NNP Hutton ) ( NNP Inc ) ) ) ) )

Harmonia Bancorp Inc. 4,750,000 common shares via Shearson Lehman Hutton Inc


( NP ( NP ( NNP Healthsource ) ( NNP Inc. ) ) ( NP ( NP ( QP ( CD Two ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Kidder ) ( NNP Peabody ) ( CC & ) ( NNP Co ) ) ) ) )

Healthsource Inc. Two million common shares via Kidder Peabody & Co


( NP ( NP ( NNP Immune ) ( NNP Response ) ( NNP Corp. ) ) ( NP ( NP ( QP ( CD Three ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ) )

Immune Response Corp. Three million common shares via Merrill Lynch


( NP ( NP ( NNP Marsam ) ( NNP Pharmaceuticals ) ( NNP Inc. ) ) ( NP ( NP ( QP ( CD 1.3 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Smith ) ( NNP Barney ) ( NNP Harris ) ( NNP Upham ) ( CC & ) ( NNP Co ) ) ) ) )

Marsam Pharmaceuticals Inc. 1.3 million common shares via Smith Barney Harris Upham & Co


( NP ( NP ( NP ( NNP Potash ) ( NNP Corp. ) ) ( PP ( IN of ) ( NP ( NNP Saskatchewan ) ( NNP Inc. ) ) ) ) ( NP ( NP ( QP ( CD 13 ) ( CD million ) ) ( JJ common ) ( NNS shares ) ) ( PP ( IN via ) ( NP ( NNP Merrill ) ( NNP Lynch ) ) ) ) )

Potash Corp. of Saskatchewan Inc. 13 million common shares via Merrill Lynch


Municipal


( NP ( NP ( NNP New ) ( NNP Jersey ) ( NNP Wastewater ) ( NNP Treatment ) ( NNP Trust ) ) ( NP ( NP ( CD 75,075,000 ) ) ( PP ( IN of ) ( NP ( JJ various ) ( NNS bonds ) ) ) ( PP ( VBG including ) ( NP ( NP ( NP ( ADJP ( QP ( CD 40.86 ) ( CD million ) ) ) ( NNP Wastewater ) ( NNP Treatment ) ( JJ insured ) ( NNS bonds ) ) ( NP ( NNP Series ) ( NNP 1989A ) ) ) ( CC and ) ( NP ( NP ( ADJP ( QP ( CD 34,215,000 ) ) ) ( NNP Wastewater ) ( NNP Treatment ) ( NNS bonds ) ) ( NP ( NNP Series ) ( NNP 1989B ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) ) ) ) )

New Jersey Wastewater Treatment Trust 75,075,000 of various bonds including 40.86 million Wastewater Treatment insured bonds Series 1989A and 34,215,000 Wastewater Treatment bonds Series 1989B via competitive bid


( NP ( NP ( NP ( NNP Eastern ) ( NNP Municipal ) ( NNP Water ) ( NNP District ) ) ( NP-LOC ( NNP Calif. ) ) ) ( NP ( NP ( NP ( CD 56,565,000 ) ) ( PP ( IN of ) ( NP ( NP ( CD 1989 ) ( NNS certificates ) ) ( PP ( IN of ) ( NP ( NN participation ) ) ) ) ) ) ( PRN ( NP ( NN treatment ) ( NN plant ) ( NNS projects ) ) ) ( PP ( IN via ) ( NP ( JJ competitive ) ( NN bid ) ) ) ) )

Eastern Municipal Water District Calif. 56,565,000 of 1989 certificates of participation treatment plant projects via competitive bid


( NP ( NP ( NNP California ) ( NNP Health ) ( NNP Facilities ) ( NNP Financing ) ( NNP Authority ) ) ( NP ( NP ( NP ( QP ( CD 114 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN health ) ( NN facility ) ( NN revenue ) ( NNS bonds ) ) ) ) ( PRN ( NP ( NNP Catholic ) ( NNP Healthcare ) ( NNP West ) ) ) ( NP ( NNP Series ) ( NNP 1989A ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP First ) ( NNP Boston ) ( NNP Corp. ) ( NN group ) ) ) ) )

California Health Facilities Financing Authority 114 million of health facility revenue bonds Catholic Healthcare West Series 1989A via a First Boston Corp. group


( NP ( NP ( NNP Detroit ) ) ( NP ( NP ( QP ( CD 130 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ distributable ) ( NN state ) ( NN aid ) ( NNS bonds ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Chemical ) ( NNP Securities ) ( NNP Inc. ) ( NN group ) ) ) ) )

Detroit 130 million of distributable state aid bonds via a Chemical Securities Inc. group


( NP ( NP ( NP ( NNP Maryland ) ( NNP Community ) ( NNP Development ) ( NNP Administration ) ) ( NP ( NP ( NNP Department ) ) ( PP ( IN of ) ( NP ( NNP Housing ) ( CC and ) ( NNP Community ) ( NNP Development ) ) ) ) ) ( NP ( NP ( NP ( QP ( CD 80 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( JJ single-family ) ( NN program ) ( NNS bonds ) ) ) ) ( NP ( CD 1989 ) ( ADJP ( JJ 4th ) ( CC and ) ( JJ 5th ) ) ( NN Series ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Merrill ) ( NNP Lynch ) ( NN group ) ) ) ) )

Maryland Community Development Administration Department of Housing and Community Development 80 million of single-family program bonds 1989 4th and 5th Series via a Merrill Lynch group


( NP ( NP ( NP ( NNP Matagorda ) ( NNP County ) ( NNP Navigation ) ( NNP District ) ( NN No. ) ( CD 1 ) ) ( NP-LOC ( NNP Texas ) ) ) ( NP ( NP ( NP ( CD 70,315,000 ) ) ( PP ( IN of ) ( NP ( NN pollution ) ( NN control ) ( NN revenue ) ( NNP Alternative ) ( NNP Minimum ) ( NNP Tax ) ( PRN ( NNP AMT ) ) ( NNS bonds ) ) ) ) ( PRN ( NP ( NP ( NNP South ) ( NNP Texas ) ( NNP Project ) ( NNP Units ) ) ( ADJP ( VB No. ) ( CD 1 ) ( CC and ) ( CD 2 ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Goldman ) ( NNP Sachs ) ( NN group ) ) ) ) )

Matagorda County Navigation District No. 1 Texas 70,315,000 of pollution control revenue Alternative Minimum Tax AMT bonds South Texas Project Units No. 1 and 2 via a Goldman Sachs group


( NP ( NP ( NNP New ) ( NNP York ) ( NNP City ) ) ( NP ( NP ( NP ( CD 786,860,000 ) ) ( PP ( IN of ) ( NP ( NNS bonds ) ) ) ) ( NP ( NN Fiscal ) ( CD 1990 ) ( NNP Series ) ( NNP C ) ( CC and ) ( NNP D ) ) ( PP ( VBG including ) ( NP ( NP ( ADJP ( QP ( CD 729.04 ) ( CD million ) ) ) ( JJ tax-exempt ) ( NNS bonds ) ) ( CC and ) ( NP ( ADJP ( QP ( CD 57.82 ) ( CD million ) ) ) ( JJ taxable ) ( NNS bonds ) ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Goldman ) ( NNP Sachs ) ( NN group ) ) ) ) )

New York City 786,860,000 of bonds Fiscal 1990 Series C and D including 729.04 million tax-exempt bonds and 57.82 million taxable bonds via a Goldman Sachs group


( NP ( NP ( NNP Santa ) ( NNP Ana ) ( NNP Redevelopment ) ( NNP Agency ) ) ( NP ( NP ( NP ( QP ( CD 107 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( NN tax ) ( NN allocation ) ( NNS bonds ) ) ) ) ( NP ( NP ( CD 1989 ) ) ( NP ( NNP Series ) ( NNP A-D ) ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP Donaldson ) ( NNP Lufkin ) ( CC & ) ( NNP Jenrette ) ( NNP Securities ) ( NNP Corp. ) ( NN group ) ) ) ) )

Santa Ana Redevelopment Agency 107 million of tax allocation bonds 1989 Series A-D via a Donaldson Lufkin & Jenrette Securities Corp. group


( NP ( NP ( NP ( NNP Pending ) ( NNP Shelby ) ( NNP County ) ) ( NP-LOC ( NNP Tenn. ) ) ) ( NP ( NP ( NP ( QP ( CD 80 ) ( CD million ) ) ) ( PP ( IN of ) ( NP ( VBG refunding ) ( NNS bonds ) ) ) ) ( NP ( NNP Series ) ( CD 1989 ) ) ( PP ( IN via ) ( NP ( DT a ) ( NNP First ) ( NNP Tennessee ) ( NNP Bank ) ( NN group ) ) ) ) )

Pending Shelby County Tenn. 80 million of refunding bonds Series 1989 via a First Tennessee Bank group


( S ( NP-SBJ ( NNP Mobil ) ( NNP Corp. ) ) ( VP ( VBZ is ) ( PP-LOC-PRD ( IN in ) ( NP ( NP ( DT the ) ( NN midst ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG cutting ) ( PRT ( RP back ) ) ( NP ( NP ( PRP$ its ) ( NN exploration ) ( CC and ) ( NN production ) ( NN group ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ finds ) ( CC and ) ( VBZ develops ) ( NP ( NN oil ) ( CC and ) ( NN gas ) ( NNS reserves ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NNP U.S. ) ) ) ) ) ) ) ( PP-EXT ( IN by ) ( NP ( NP ( RB as ) ( JJ much ) ) ( PP ( IN as ) ( NP ( CD 15 ) ( NN % ) ) ) ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( NP ( DT a ) ( JJ new ) ( NN restructuring ) ) ( PP ( IN of ) ( NP ( NP ( DT that ) ( NN sector ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN business ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mobil Corp. is in the midst of cutting back its exploration and production group which finds and develops oil and gas reserves in the U.S. by as much as 15 % as part of a new restructuring of that sector of its business


( S ( NP-SBJ ( NN Management ) ) ( VP ( VBD advised ) ( NP ( NNS employees ) ) ( NP-TMP ( NNP Friday ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBD was ) ( VP ( VBG going ) ( S ( VP ( TO to ) ( VP ( VB reduce ) ( NP ( NN employment ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN production ) ( NNS operations ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN group ) ) ) ) ) ( PP-EXT ( IN by ) ( NP ( NP ( CD 8 ) ( NN % ) ) ( CC or ) ( NP ( CD 400 ) ( NNS people ) ) ) ) ) ) ) ) ) ) ) ) )

Management advised employees Friday that it was going to reduce employment in production operations of the group by 8 % or 400 people


( S ( S-TPC-2 ( NP-SBJ ( NP ( DT The ) ( NN exploration ) ( NN side ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN unit ) ) ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB recently ) ) ( VP ( VBN undergone ) ( NP ( NP ( DT a ) ( JJ similar ) ( NN overhaul ) ) ( SBAR ( WHPP-1 ( IN during ) ( WHNP ( WDT which ) ) ) ( S ( NP-SBJ ( PRP it ) ) ( ADVP ( RB also ) ) ( VP ( VBD lost ) ( NP ( QP ( RB as ) ( JJ many ) ( IN as ) ( CD 400 ) ) ( NNS employees ) ) ) ) ) ) ) ) ) ( NP-SBJ ( DT a ) ( NN company ) ( NN spokesman ) ) ( VP ( VBD said ) ( PP ( IN in ) ( NP ( NP ( NN response ) ) ( PP ( TO to ) ( NP ( NNS questions ) ) ) ) ) ) )

The exploration side of the unit has recently undergone a similar overhaul during which it also lost as many as 400 employees a company spokesman said in response to questions


( S ( NP-SBJ ( NP ( NNP Mobil ) ( NNP Exploration ) ( CC & ) ( NNP Producing ) ( NNP U.S. ) ( NNP Inc. ) ) ( NP ( NP ( DT the ) ( NN group ) ) ( VP ( VBN involved ) ) ) ) ( ADVP-TMP ( RB currently ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN work ) ( NN force ) ) ( PP ( IN of ) ( NP ( QP ( RB somewhat ) ( JJR less ) ( IN than ) ( CD 5,000 ) ) ) ) ) ) )

Mobil Exploration & Producing U.S. Inc. the group involved currently has a work force of somewhat less than 5,000


( S ( ADVP-TMP ( NP ( DT A ) ( JJ few ) ( NNS years ) ) ( RB ago ) ) ( NP-SBJ ( NNP Mobil ) ) ( VP ( VBD restructured ) ( NP ( DT the ) ( JJ entire ) ( NN company ) ) ( PP-TMP ( IN during ) ( NP ( DT an ) ( JJ industrywide ) ( NN shakeout ) ) ) ) )

A few years ago Mobil restructured the entire company during an industrywide shakeout


( S ( CC But ) ( PP-TMP ( IN since ) ( NP ( RB then ) ) ) ( S ( NP-SBJ ( NNP U.S. ) ( NN oil ) ( NN production ) ) ( VP ( VBZ has ) ( VP ( VBN declined ) ) ) ) ( CC and ) ( S ( NP-SBJ-1 ( NNP Mobil ) ) ( VP ( VBZ wants ) ( S ( VP ( TO to ) ( VP ( VB focus ) ( NP ( PRP$ its ) ( JJ oil-finding ) ( NNS efforts ) ) ( ADVP-LOC ( RB overseas ) ) ) ) ) ) ) )

But since then U.S. oil production has declined and Mobil wants to focus its oil-finding efforts overseas


( S ( NP-SBJ ( NNP Mobil ) ) ( VP ( VBD alluded ) ( PP-CLR ( TO to ) ( NP ( DT the ) ( NN work-force ) ( NNS cuts ) ) ) ( NP-TMP ( JJ last ) ( NN week ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VP ( VBD took ) ( NP ( DT a ) ( ADJP ( QP ( CD 40 ) ( CD million ) ) ) ( NN charge ) ) ( PP ( IN as ) ( NP ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( JJ third-quarter ) ( NNS earnings ) ) ) ) ) ) ( CC and ) ( VP ( VBD attributed ) ( NP ( PRP it ) ) ( PP-CLR ( TO to ) ( NP ( DT a ) ( NN restructuring ) ) ) ) ) ) ) ) )

Mobil alluded to the work-force cuts last week when it took a 40 million charge as part of its third-quarter earnings and attributed it to a restructuring


( S ( NP-SBJ ( NNP Mobil ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ is ) ( ADJP-PRD ( JJ unlikely ) ( SBAR ( S ( NP-SBJ-1 ( NP ( DT any ) ( JJ additional ) ( NNS charges ) ) ( VP ( VBN related ) ( PP-CLR ( TO to ) ( NP ( DT this ) ( NN move ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN taken ) ( PP-TMP ( IN in ) ( NP ( JJ future ) ( NNS quarters ) ) ) ) ) ) ) ) ) ) ) ) ) )

Mobil officials said that it is unlikely any additional charges related to this move will be taken in future quarters


( S ( PP-TMP ( IN On ) ( NP ( NNP Wednesday ) ) ) ( NP-SBJ-1 ( NNP Mobil ) ) ( VP ( MD will ) ( VP ( VB begin ) ( S ( VP ( VBG offering ) ( NP ( NP ( NN separation ) ( NNS packages ) ) ( CC and ) ( NP ( JJ voluntary ) ( NN retirement ) ) ) ) ) ( PP-LOC ( IN in ) ( NP ( PRP$ its ) ( NNP U.S. ) ( NN production ) ( NN operation ) ) ) ) ) )

On Wednesday Mobil will begin offering separation packages and voluntary retirement in its U.S. production operation


( S ( NP-SBJ ( NNP Mobil ) ( NNS officials ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG studying ) ( NP ( NP ( NNS ways ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG streamlining ) ( NP ( DT these ) ( NNS operations ) ) ) ) ) ) ( PP-TMP ( IN since ) ( NP ( RB early ) ( DT this ) ( NN year ) ) ) ) ) ) ) ) ) )

Mobil officials said they have been studying ways of streamlining these operations since early this year


( S ( PP-TMP ( IN During ) ( NP ( DT the ) ( JJ coming ) ( NNS months ) ) ) ( S ( NP-SBJ-1 ( NP ( NNS layers ) ) ( PP ( IN of ) ( NP ( NN management ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN peeled ) ( ADVP-CLR ( RB away ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( JJ regional ) ( NNS offices ) ) ( VP ( MD will ) ( VP ( VB become ) ( ADJP-PRD ( RBR more ) ( JJ autonomous ) ) ) ) ) )

During the coming months layers of management will be peeled away and regional offices will become more autonomous


( S ( S-TPC-2 ( PP-PRP ( IN For ) ( NP ( JJR greater ) ( NN efficiency ) ) ) ( NP-SBJ-1 ( NP ( NNS employees ) ) ( PP-LOC ( IN at ) ( NP ( DT those ) ( NNS locations ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reorganized ) ( PP-CLR ( IN into ) ( NP ( NP ( NNS teams ) ) ( ADJP ( JJ responsible ) ( PP ( IN for ) ( S-NOM ( VP ( VBG managing ) ( NP ( NP ( DT the ) ( NNS properties ) ) ( PP-LOC ( IN under ) ( NP ( PRP$ their ) ( NN jurisdiction ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mobil ) ) ( VP ( VBD said ) ) )

For greater efficiency employees at those locations will be reorganized into teams responsible for managing the properties under their jurisdiction Mobil said


( SINV ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( JJ main ) ( NN feature ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ new ) ( NN organization ) ) ) ) ( VP ( VBZ is ) ( SBAR-PRD ( IN that ) ( S ( NP-SBJ ( DT each ) ( JJ local ) ( NN manager ) ) ( VP ( MD will ) ( VP ( VB have ) ( NP ( NP ( CC both ) ( DT the ) ( NN authority ) ( CC and ) ( NN accountability ) ) ( PP ( IN for ) ( NP ( ADJP ( ADJP ( JJ profitable ) ) ( CC and ) ( ADJP ( RB technically ) ( JJ sound ) ) ) ( NNS operations ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ) ( NP-SBJ ( NP ( NNP Charles ) ( NNP E. ) ( NNP Spruell ) ) ( NP ( NP ( NN president ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Mobil ) ( NN unit ) ) ) ) ) )

The main feature of the new organization is that each local manager will have both the authority and accountability for profitable and technically sound operations said Charles E. Spruell president of the Mobil unit


( S ( NP-SBJ-1 ( NP ( NN Field ) ( NNS offices ) ) ( PP-LOC ( IN at ) ( NP ( NP ( NNP New ) ( NNP Orleans ) ) ( NP ( NNP Houston ) ) ( NP ( NNP Denver ) ) ( NP ( NP ( NNP Midland ) ) ( NP ( NNP Tex. ) ) ) ( NP ( NP ( NNP Bakersfield ) ) ( NP ( NNP Calif. ) ) ) ( NP ( NNP Oklahoma ) ( NNP City ) ) ( CC and ) ( NP ( NP ( NNP Liberal ) ) ( NP ( NNP Kan. ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN maintained ) ) ) ) )

Field offices at New Orleans Houston Denver Midland Tex. Bakersfield Calif. Oklahoma City and Liberal Kan. will be maintained


( S ( CC But ) ( NP-SBJ-1 ( NP ( DT the ) ( NNS staffs ) ) ( PP-LOC ( IN at ) ( NP ( NP ( DT some ) ) ( PP ( IN of ) ( NP ( DT those ) ( NNS locations ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN slashed ) ( SBAR-ADV ( IN while ) ( S ( PP-LOC ( IN at ) ( NP ( NNS others ) ) ) ( NP-SBJ-2 ( DT the ) ( NN work ) ( NN force ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN increased ) ) ) ) ) ) ) ) ) )

But the staffs at some of those locations will be slashed while at others the work force will be increased


( S ( PP ( IN For ) ( NP ( NN instance ) ) ) ( NP-SBJ-1 ( NP ( NN employment ) ) ( PP-LOC ( IN in ) ( NP ( NNP Denver ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( VP ( VBN reduced ) ( PP-DIR ( TO to ) ( NP ( CD 105 ) ) ) ( PP-DIR ( IN from ) ( NP ( CD 430 ) ) ) ) ) ) )

For instance employment in Denver will be reduced to 105 from 430


( S ( CC But ) ( PP-LOC ( IN on ) ( NP ( DT the ) ( NNP West ) ( NNP Coast ) ) ) ( SBAR-LOC ( WHADVP-1 ( WRB where ) ) ( S ( NP-SBJ ( JJ profitable ) ( NN oil ) ( NN production ) ) ( VP ( VBZ is ) ( ADJP-PRD ( ADJP ( RBR more ) ( JJ likely ) ) ( PP ( IN than ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ midcontinent ) ( NN region ) ) ) ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( NAC-LOC ( NNP Bakersfield ) ( NNP Calif. ) ) ( NN office ) ( NN staff ) ) ( PP ( IN of ) ( NP ( CD 130 ) ) ) ) ( VP ( MD will ) ( VP ( VB grow ) ( PP-EXT ( IN by ) ( NP ( CD 175 ) ) ) ( PP-DIR ( TO to ) ( NP ( CD 305 ) ) ) ) ) )

But on the West Coast where profitable oil production is more likely than in the midcontinent region the Bakersfield Calif. office staff of 130 will grow by 175 to 305


( S ( S-TPC-1 ( NP-SBJ ( DT The ) ( NN reorganization ) ) ( VP ( MD will ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN value ) ( CC and ) ( NN potential ) ) ( PP ( IN of ) ( NP ( NNS assets ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Spruell ) ) ( VP ( VBD said ) ) )

The reorganization will focus on the value and potential of assets Mr. Spruell said


( S ( SBAR-TMP ( IN As ) ( S ( NP-SBJ ( NN competition ) ) ( VP ( VBZ heats ) ( PRT ( RP up ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Spain ) ( POS 's ) ) ( JJ crowded ) ( NN bank ) ( NN market ) ) ) ) ) ) ( NP-SBJ-1 ( NNP Banco ) ( NNP Exterior ) ( FW de ) ( NNP Espana ) ) ( VP ( VBZ is ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VP ( VB shed ) ( NP ( NP ( PRP$ its ) ( NN image ) ) ( PP ( IN of ) ( NP ( DT a ) ( JJ state-owned ) ( NN bank ) ) ) ) ) ( CC and ) ( VP ( VB move ) ( PP-DIR ( IN into ) ( NP ( JJ new ) ( NNS activities ) ) ) ) ) ) ) ) ) )

As competition heats up in Spain 's crowded bank market Banco Exterior de Espana is seeking to shed its image of a state-owned bank and move into new activities


( S ( PP-LOC ( IN Under ) ( NP ( NP ( DT the ) ( NN direction ) ) ( PP ( IN of ) ( NP ( NP ( PRP$ its ) ( JJ new ) ( NN chairman ) ) ( NP ( NNP Francisco ) ( NNP Luzon ) ) ) ) ) ) ( NP-SBJ ( NP ( NNP Spain ) ( POS 's ) ) ( ADJP ( JJ seventh ) ( JJS largest ) ) ( NN bank ) ) ( VP ( VBZ is ) ( VP ( VBG undergoing ) ( NP ( NP ( DT a ) ( JJ tough ) ( NN restructuring ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( NP ( DT the ) ( JJ first ) ( NN step ) ) ( PP ( IN toward ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN privatization ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Under the direction of its new chairman Francisco Luzon Spain 's seventh largest bank is undergoing a tough restructuring that analysts say may be the first step toward the bank 's privatization


( S ( NP-SBJ ( NP ( DT The ) ( JJ state-owned ) ( JJ industrial ) ( VBG holding ) ( NN company ) ( NNP Instituto ) ( NNP Nacional ) ( FW de ) ( NNP Industria ) ) ( CC and ) ( NP ( NP ( DT the ) ( NNP Bank ) ) ( PP ( IN of ) ( NP ( NNP Spain ) ) ) ) ) ( VP ( ADVP-MNR ( RB jointly ) ) ( VBP hold ) ( NP ( NP ( DT a ) ( ADJP ( CD 13.94 ) ( NN % ) ) ( NN stake ) ) ( PP ( IN in ) ( NP ( NNP Banco ) ( NNP Exterior ) ) ) ) ) )

The state-owned industrial holding company Instituto Nacional de Industria and the Bank of Spain jointly hold a 13.94 % stake in Banco Exterior


( S ( S ( NP-SBJ ( DT The ) ( NN government ) ) ( VP ( ADVP-MNR ( RB directly ) ) ( VBZ owns ) ( NP ( CD 51.4 ) ( NN % ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NP ( NNP Factorex ) ) ( NP ( DT a ) ( JJ financial ) ( NNS services ) ( NN company ) ) ) ( VP ( VBZ holds ) ( NP ( CD 8.42 ) ( NN % ) ) ) ) )

The government directly owns 51.4 % and Factorex a financial services company holds 8.42 %


( S ( NP-SBJ-1 ( DT The ) ( NN rest ) ) ( VP ( VBZ is ) ( VP ( VBN listed ) ( PP-LOC-CLR ( IN on ) ( NP ( JJ Spanish ) ( NN stock ) ( NNS exchanges ) ) ) ) ) )

The rest is listed on Spanish stock exchanges


( S ( NP-SBJ ( DT Some ) ( NNS analysts ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ concerned ) ( ADVP ( RB however ) ) ( SBAR ( IN that ) ( S ( NP-SBJ-1 ( NNP Banco ) ( NNP Exterior ) ) ( VP ( MD may ) ( VP ( VB have ) ( VP ( VBD waited ) ( ADVP-TMP-CLR ( RB too ) ( JJ long ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB diversify ) ( PP-CLR ( IN from ) ( NP ( PRP$ its ) ( JJ traditional ) ( JJ export-related ) ( NNS activities ) ) ) ) ) ) ) ) ) ) ) ) ) )

Some analysts are concerned however that Banco Exterior may have waited too long to diversify from its traditional export-related activities


( S-1 ( S-NOM-SBJ ( VP ( VBG Catching ) ( PRT ( RP up ) ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ commercial ) ( NNS competitors ) ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ retail ) ( NN banking ) ) ( CC and ) ( NP ( JJ financial ) ( NNS services ) ) ) ) ) ) ) ) ( PRN ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP argue ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( ADJP-PRD ( JJ difficult ) ) ( SBAR-ADV ( ADVP ( RB particularly ) ) ( IN if ) ( S ( NP-SBJ ( NN market ) ( NNS conditions ) ) ( VP ( VBP turn ) ( ADJP-PRD ( JJ sour ) ) ) ) ) ) ) )

Catching up with commercial competitors in retail banking and financial services they argue will be difficult particularly if market conditions turn sour


( S ( SBAR-ADV ( IN If ) ( S ( NP-SBJ ( DT that ) ) ( VP ( VBZ proves ) ( ADJP-PRD ( JJ true ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( NNP Banco ) ( NNP Exterior ) ) ( VP ( MD could ) ( VP ( VB be ) ( NP-PRD ( NP ( NP ( DT a ) ( JJ prime ) ( NN partner ) ) ( PRN ( CC or ) ( RB even ) ( NP ( DT a ) ( NN takeover ) ( NN target ) ) ) ) ( PP ( IN for ) ( NP ( NP ( CC either ) ( DT a ) ( ADJP ( JJ Spanish ) ( CC or ) ( JJ foreign ) ) ( NN bank ) ) ( VP ( VBG seeking ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( NP ( PRP$ its ) ( NN market ) ( NN share ) ) ) ) ) ) ) ) ) ( PP-TMP ( IN after ) ( NP ( NP ( CD 1992 ) ) ( SBAR ( WHADVP-4 ( WRB when ) ) ( S ( NP-SBJ-3 ( DT the ) ( NNP European ) ( NNP Community ) ) ( VP ( VBZ plans ) ( S ( VP ( TO to ) ( VP ( VB dismantle ) ( NP ( JJ financial ) ( NNS barriers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

If that proves true analysts say Banco Exterior could be a prime partner or even a takeover target for either a Spanish or foreign bank seeking to increase its market share after 1992 when the European Community plans to dismantle financial barriers


( S ( PP ( IN With ) ( NP ( NP ( NP ( CD 700 ) ( NNS branches ) ) ( PP-LOC ( IN in ) ( NP ( NNP Spain ) ) ) ) ( CC and ) ( NP ( NP ( NP ( CD 12 ) ( NN banking ) ( NNS subsidiaries ) ) ( NP ( CD five ) ( NNS branches ) ) ( CC and ) ( NP ( CD 12 ) ( JJ representative ) ( NNS offices ) ) ) ( ADVP-LOC ( RB abroad ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNP Banco ) ( NNP Exterior ) ( NN group ) ) ( VP ( VBZ has ) ( NP ( NP ( DT a ) ( NN lot ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB offer ) ( NP ( DT a ) ( JJ potential ) ( NN suitor ) ) ) ) ) ) ) ) )

With 700 branches in Spain and 12 banking subsidiaries five branches and 12 representative offices abroad the Banco Exterior group has a lot to offer a potential suitor


( S ( NP-SBJ ( NP ( NNP Mr. ) ( NNP Luzon ) ) ( CC and ) ( NP ( PRP$ his ) ( NN team ) ) ) ( ADVP ( RB however ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( PRP they ) ) ( VP ( VBP are ) ( RB n't ) ( ADJP-PRD ( JJ interested ) ( PP ( IN in ) ( NP ( DT a ) ( NN merger ) ) ) ) ) ) ) ) )

Mr. Luzon and his team however say they are n't interested in a merger


( S ( ADVP ( RB Instead ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBP are ) ( VP ( VBG working ) ( S ( VP ( TO to ) ( VP ( VB transform ) ( NP ( NNP Banco ) ( NNP Exterior ) ) ( PP-CLR ( IN into ) ( NP ( DT an ) ( JJ efficient ) ( NN bank ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) )

Instead they are working to transform Banco Exterior into an efficient bank by the end of 1992


( S ( S-TPC-2 ( NP-SBJ ( PRP I ) ) ( VP ( VBP want ) ( S ( NP-SBJ ( DT this ) ) ( VP ( TO to ) ( VP ( VB be ) ( NP-PRD ( NP ( DT a ) ( NN model ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN way ) ) ( SBAR ( S ( NP-SBJ-1 ( DT a ) ( JJ public-owned ) ( NN company ) ) ( VP ( MD should ) ( VP ( VB be ) ( VP ( VBN run ) ) ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( NNP Mr. ) ( NNP Luzon ) ) ( VP ( VBZ says ) ) )

I want this to be a model of the way a public-owned company should be run Mr. Luzon says


( S ( NP-SBJ-1 ( NNP Banco ) ( NNP Exterior ) ) ( VP ( VBD was ) ( VP ( VBN created ) ( PP-TMP ( IN in ) ( NP ( CD 1929 ) ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB provide ) ( NP ( JJ subsidized ) ( NNS credits ) ) ( PP ( IN for ) ( NP ( JJ Spanish ) ( NNS exports ) ) ) ) ) ) ) ) )

Banco Exterior was created in 1929 to provide subsidized credits for Spanish exports


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN market ) ) ( PP ( IN for ) ( NP ( NN export ) ( NN financing ) ) ) ) ( VP ( VBD was ) ( VP ( VBN liberalized ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( NNS mid-1980s ) ) ) ( ADVP ( RB however ) ) ( S-ADV ( VP ( VBG forcing ) ( S ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( TO to ) ( VP ( NN face ) ( NP ( NN competition ) ) ) ) ) ) ) ) ) )

The market for export financing was liberalized in the mid-1980s however forcing the bank to face competition


( S ( PP-TMP ( IN At ) ( NP ( DT the ) ( JJ same ) ( NN time ) ) ) ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( NP ( NP ( NNP Spain ) ( POS 's ) ) ( JJ traditional ) ( NN export ) ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Latin ) ( NNP America ) ) ( CC and ) ( NP ( JJ other ) ( VBG developing ) ( NNS areas ) ) ) ) ) ) ) ( VP ( VBD faced ) ( NP ( NP ( DT a ) ( JJ sharp ) ( NN decline ) ) ( PP-LOC ( IN in ) ( NP ( JJ economic ) ( NN growth ) ) ) ) ) )

At the same time many of Spain 's traditional export markets in Latin America and other developing areas faced a sharp decline in economic growth


( S ( PP-PRP ( IN As ) ( NP ( DT a ) ( NN result ) ) ) ( NP-SBJ ( NP ( DT the ) ( NN volume ) ) ( PP ( IN of ) ( NP ( NP ( NNP Banco ) ( NNP Exterior ) ( POS 's ) ) ( NN export ) ( NN credit ) ( NN portfolio ) ) ) ) ( VP ( VBD plunged ) ( PP-DIR ( IN from ) ( NP ( NP ( QP ( CD 824 ) ( CD billion ) ) ( NNS pesatas ) ) ( PRN ( NP ( QP ( CD 7.04 ) ( CD billion ) ) ) ) ) ( PP-TMP ( IN as ) ( PP ( IN of ) ( NP ( NNP Dec. ) ( CD 31 ) ( CD 1986 ) ) ) ) ) ( PP-DIR ( TO to ) ( NP ( PRP$ its ) ( JJ current ) ( QP ( CD 522 ) ( CD billion ) ) ( NNS pesetas ) ) ) ) )

As a result the volume of Banco Exterior 's export credit portfolio plunged from 824 billion pesatas 7.04 billion as of Dec. 31 1986 to its current 522 billion pesetas


( S ( NP-SBJ-1 ( NP ( DT The ) ( JJ other ) ( CD two ) ( JJ main ) ( NNS pillars ) ) ( PP ( IN of ) ( NP ( NP ( NNP Banco ) ( NNP Exterior ) ( POS 's ) ) ( JJ traditional ) ( NN business ) ) ) ( PRN ( NP ( NP ( JJ wholesale ) ( NN banking ) ) ( CC and ) ( NP ( JJ foreign ) ( NN currency ) ( NN trading ) ) ) ) ) ( ADVP ( RB also ) ) ( VP ( VBD began ) ( S ( VP ( TO to ) ( VP ( VB crumble ) ( PP-LOC ( IN under ) ( NP ( NP ( DT the ) ( NN weight ) ) ( PP ( IN of ) ( NP ( NP ( JJ heavy ) ( NN competition ) ) ( CC and ) ( NP ( VBG changing ) ( NN client ) ( NNS needs ) ) ) ) ) ) ) ) ) ) )

The other two main pillars of Banco Exterior 's traditional business wholesale banking and foreign currency trading also began to crumble under the weight of heavy competition and changing client needs


( S ( S-TPC-2 ( NP-SBJ-1 ( DT The ) ( NN bank ) ) ( VP ( VBD was ) ( VP ( JJ hamstrung ) ( PP ( IN in ) ( NP ( PRP$ its ) ( NNS efforts ) ( S ( VP ( TO to ) ( VP ( VB face ) ( NP ( NP ( DT the ) ( NNS challenges ) ) ( PP ( IN of ) ( NP ( DT a ) ( VBG changing ) ( NN market ) ) ) ) ) ) ) ) ) ( PP ( IN by ) ( NP-LGS ( NP ( PRP$ its ) ( NNS links ) ) ( PP ( TO to ) ( NP ( DT the ) ( NN government ) ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )

The bank was hamstrung in its efforts to face the challenges of a changing market by its links to the government analysts say


( S ( SBAR-TMP ( IN Until ) ( S ( NP-SBJ ( NNP Mr. ) ( NNP Luzon ) ) ( VP ( VBD took ) ( NP ( DT the ) ( NN helm ) ) ( NP-TMP ( JJ last ) ( NNP November ) ) ) ) ) ( NP-SBJ-1 ( NNP Banco ) ( NNP Exterior ) ) ( VP ( VBD was ) ( VP ( VBN run ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS politicians ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD lacked ) ( NP ( CC either ) ( NP ( NP ( DT the ) ( NNS skills ) ) ) ( CC or ) ( NP ( NP ( DT the ) ( NN will ) ) ) ( SBAR-3 ( S ( VP ( TO to ) ( VP ( VB introduce ) ( NP ( JJ innovative ) ( NNS changes ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Until Mr. Luzon took the helm last November Banco Exterior was run by politicians who lacked either the skills or the will to introduce innovative changes


( S ( CC But ) ( NP-SBJ-1 ( NNP Mr. ) ( NNP Luzon ) ) ( VP ( VBZ has ) ( VP ( VBN moved ) ( ADVP-MNR ( RB swiftly ) ) ( S-CLR ( VP ( TO to ) ( VP ( VP ( VB streamline ) ( NP ( NN bureaucracy ) ) ) ( VP ( VB cut ) ( NP ( NNS costs ) ) ) ( VP ( VB increase ) ( NP ( NN capital ) ) ) ( CC and ) ( VP ( VB build ) ( PRT ( RP up ) ) ( NP ( NP ( JJ new ) ( NNS areas ) ) ( PP ( IN of ) ( NP ( NN business ) ) ) ) ) ) ) ) ) ) )

But Mr. Luzon has moved swiftly to streamline bureaucracy cut costs increase capital and build up new areas of business


( S ( S-TPC-1 ( NP-SBJ ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( NP ( NP ( DT a ) ( NN lot ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB do ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP he ) ) ( VP ( VBD acknowledged ) ) )

We 've got a lot to do he acknowledged


( S ( NP-SBJ-1 ( PRP We ) ) ( VP ( VBP 've ) ( VP ( VBN got ) ( S ( VP ( TO to ) ( VP ( VB move ) ( ADVP-MNR ( RB quickly ) ) ) ) ) ) ) )

We 've got to move quickly


( S ( PP-TMP ( IN In ) ( NP ( NP ( NNP Mr. ) ( NNP Luzon ) ( POS 's ) ) ( JJ first ) ( NN year ) ) ) ( NP-SBJ ( DT the ) ( NN bank ) ) ( VP ( VBD eliminated ) ( NP ( CD 800 ) ( NNS jobs ) ) ) )

In Mr. Luzon 's first year the bank eliminated 800 jobs


( S ( ADVP-TMP ( RB Now ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD 'll ) ( VP ( VB trim ) ( NP ( QP ( DT another ) ( CD 1,200 ) ) ( NNS jobs ) ) ( PP-TMP ( IN over ) ( NP ( DT the ) ( JJ next ) ( QP ( CD three ) ( TO to ) ( CD four ) ) ( NNS years ) ) ) ) ) ) ) ) )

Now it says it 'll trim another 1,200 jobs over the next three to four years


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VP ( VBZ employs ) ( NP-1 ( CD 8,000 ) ( NNS people ) ) ( PP-LOC-2 ( IN in ) ( NP ( NNP Spain ) ) ) ) ( CC and ) ( VP ( NP=1 ( CD 2,000 ) ) ( ADVP-LOC=2 ( RB abroad ) ) ) ) )

The bank employs 8,000 people in Spain and 2,000 abroad


( S ( S-PRP ( VP ( TO To ) ( VP ( VB strengthen ) ( NP ( PRP$ its ) ( NN capital ) ( NN base ) ) ) ) ) ( NP-SBJ-1 ( NNP Banco ) ( NNP Exterior ) ) ( NP-TMP ( DT this ) ( NN year ) ) ( VP ( VP ( VBD issued ) ( NP ( NP ( QP ( CD 105 ) ( CD million ) ) ) ( PP ( IN in ) ( NP ( JJ subordinated ) ( NN debt ) ) ) ) ) ( VP ( VBD launched ) ( NP ( CD two ) ( NNS rights ) ( NNS issues ) ) ) ( CC and ) ( VP ( VBD sold ) ( NP ( NP ( NN stock ) ) ( VP ( VBN held ) ( PP-LOC-CLR ( IN in ) ( NP ( PRP$ its ) ( NN treasury ) ) ) ) ) ( PP-DTV ( TO to ) ( NP ( JJ small ) ( NNS investors ) ) ) ) ) )

To strengthen its capital base Banco Exterior this year issued 105 million in subordinated debt launched two rights issues and sold stock held in its treasury to small investors


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VBZ is ) ( ADVP-TMP ( RB now ) ) ( VP ( ADVP-MNR ( RB aggressively ) ) ( VBG marketing ) ( NP ( JJ retail ) ( NNS services ) ) ( PP-LOC ( IN at ) ( NP ( PRP$ its ) ( JJ domestic ) ( NNS branches ) ) ) ) ) )

The bank is now aggressively marketing retail services at its domestic branches


( S ( NP-SBJ-1 ( NP ( NP ( JJ Last ) ( NN year ) ( POS 's ) ) ( NN drop ) ) ( PP-LOC ( IN in ) ( NP ( NN export ) ( NN credit ) ) ) ) ( VP ( VBD was ) ( VP ( ADVP-MNR ( RB partially ) ) ( VBN offset ) ( PP ( IN by ) ( NP-LGS ( NP ( DT a ) ( ADJP ( CD 15 ) ( NN % ) ) ( NN surge ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NN lending ) ) ( PP ( TO to ) ( NP ( NP ( NNS individuals ) ) ( CC and ) ( NP ( ADJP ( JJ small ) ( CC and ) ( JJ medium-sized ) ) ( NNS companies ) ) ) ) ) ) ) ) ) ) )

Last year 's drop in export credit was partially offset by a 15 % surge in lending to individuals and small and medium-sized companies


( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ ( NNP Spain ) ) ( VP ( VBZ has ) ( NP ( NP ( DT an ) ( NN excess ) ) ( PP ( IN of ) ( NP ( NNS banks ) ) ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN country ) ) ( ADVP-TMP ( RB still ) ) ( VP ( VBZ has ) ( NP ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( ADJP ( RBS most ) ( JJ profitable ) ) ( NNS markets ) ) ( PP-LOC ( IN in ) ( NP ( NNP Europe ) ) ) ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( MD will ) ( VP ( VB aid ) ( NP ( NNP Banco ) ( NNP Exterior ) ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( JJ tough ) ( NNS tasks ) ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ faces ) ( ADVP-TMP ( RB ahead ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Though Spain has an excess of banks analysts say the country still has one of the most profitable markets in Europe which will aid Banco Exterior with the tough tasks it faces ahead


( S ( NP-SBJ ( NN Expansion ) ( NNS plans ) ) ( ADVP ( RB also ) ) ( VP ( VBP include ) ( NP ( NP ( NNS acquisitions ) ) ( PP-LOC ( IN in ) ( NP ( VBG growing ) ( JJ foreign ) ( NNS markets ) ) ) ) ) )

Expansion plans also include acquisitions in growing foreign markets


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ-1 ( PRP it ) ) ( VP ( VBZ 's ) ( ADJP-PRD ( VBN interested ) ( PP ( IN in ) ( S-NOM ( VP ( VBG purchasing ) ( NP ( NNS banks ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNP Morocco ) ) ( NP ( NNP Portugal ) ) ( CC and ) ( NP ( NNP Puerto ) ( NNP Rico ) ) ) ) ) ) ) ) ) ) ) ) )

The bank says it 's interested in purchasing banks in Morocco Portugal and Puerto Rico


( S ( CC But ) ( NP-SBJ-1 ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( JJ retail ) ( NNS activities ) ) ( PP-LOC ( IN in ) ( NP ( NNP Latin ) ( NNP America ) ) ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ likely ) ( S ( VP ( TO to ) ( VP ( VB be ) ( VP ( VBN cut ) ( PRT ( RP back ) ) ) ) ) ) ) ) )

But the bank 's retail activities in Latin America are likely to be cut back


( S ( NP-SBJ ( NNP Banco ) ( NNP Exterior ) ) ( VP ( VBD was ) ( NP-PRD ( NP ( CD one ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( JJ last ) ( NNS banks ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB create ) ( NP ( DT a ) ( NN brokerage ) ( NN house ) ) ( SBAR-TMP ( IN before ) ( S ( NP-SBJ ( DT the ) ( CD four ) ( JJ Spanish ) ( NN stock ) ( NNS exchanges ) ) ( VP ( VBD underwent ) ( NP ( JJ sweeping ) ( NNS changes ) ) ( PP-TMP ( IN in ) ( NP ( NNP July ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Banco Exterior was one of the last banks to create a brokerage house before the four Spanish stock exchanges underwent sweeping changes in July


( S ( NP-SBJ ( DT The ) ( JJ late ) ( NN start ) ) ( VP ( MD may ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( NN handicap ) ) ( PP ( IN for ) ( NP ( DT the ) ( NN bank ) ) ) ( SBAR-TMP ( IN as ) ( S ( NP-SBJ-1 ( NNP Spain ) ) ( VP ( VBZ continues ) ( S ( VP ( TO to ) ( VP ( VB open ) ( PRT ( RP up ) ) ( NP ( PRP$ its ) ( NN market ) ) ( PP-CLR ( TO to ) ( NP ( JJ foreign ) ( NN competition ) ) ) ) ) ) ) ) ) ) ) )

The late start may be a handicap for the bank as Spain continues to open up its market to foreign competition


( S ( CC But ) ( NP-SBJ ( NNP Mr. ) ( NNP Luzon ) ) ( VP ( VBZ contends ) ( SBAR ( IN that ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ experienced ) ( NN team ) ) ( SBAR ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD brought ) ( PP-CLR ( IN with ) ( NP ( PRP him ) ) ) ( PP-DIR ( IN from ) ( NP ( NP ( NNP Banco ) ( NNP Bilbao ) ( NNP Vizcaya ) ) ( SBAR ( WHADVP-2 ( WRB where ) ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( VBD was ) ( ADVP-TMP ( RB formerly ) ) ( NP-PRD ( NN director ) ( JJ general ) ) ) ) ) ) ) ) ) ) ) ( VP ( MD will ) ( VP ( VB whip ) ( NP ( NP ( DT the ) ( NN bank ) ( POS 's ) ) ( NN capital ) ( NN market ) ( NN division ) ) ( PP-CLR ( IN into ) ( NP ( NN shape ) ) ) ( PP-TMP ( IN by ) ( NP ( NP ( DT the ) ( NN end ) ) ( PP ( IN of ) ( NP ( CD 1992 ) ) ) ) ) ) ) ) ) ) )

But Mr. Luzon contends that the experienced team he brought with him from Banco Bilbao Vizcaya where he was formerly director general will whip the bank 's capital market division into shape by the end of 1992


( S ( NP-SBJ ( DT The ) ( NN bank ) ) ( ADVP ( RB also ) ) ( VP ( VBZ says ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD 'll ) ( VP ( VB use ) ( NP-1 ( PRP$ its ) ( JJ international ) ( NN network ) ) ( S-CLR ( VP ( TO to ) ( VP ( VB channel ) ( NP ( NN investment ) ) ( PP-DIR ( IN from ) ( NP ( NNP London ) ( NNP Frankfurt ) ( NNP Zurich ) ( CC and ) ( NNP Paris ) ) ) ( PP-DIR ( IN into ) ( NP ( DT the ) ( JJ Spanish ) ( NN stock ) ( NNS exchanges ) ) ) ) ) ) ) ) ) ) ) )

The bank also says it 'll use its international network to channel investment from London Frankfurt Zurich and Paris into the Spanish stock exchanges


( S ( NP-SBJ ( DT The ) ( NNP Singapore ) ( CC and ) ( NNP Kuala ) ( NNP Lumpur ) ( NN stock ) ( NNS exchanges ) ) ( VP ( VBP are ) ( VP ( VBG bracing ) ( PP-CLR ( IN for ) ( NP ( DT a ) ( JJ turbulent ) ( NN separation ) ) ) ( PP-TMP ( VBG following ) ( NP ( NP ( JJ Malaysian ) ( NNP Finance ) ( NNP Minister ) ( NNP Daim ) ( NNP Zainuddin ) ( POS 's ) ) ( JJ long-awaited ) ( NN announcement ) ( SBAR ( IN that ) ( S ( NP-SBJ ( DT the ) ( NNS exchanges ) ) ( VP ( MD will ) ( VP ( VB sever ) ( NP ( NNS ties ) ) ) ) ) ) ) ) ) ) )

The Singapore and Kuala Lumpur stock exchanges are bracing for a turbulent separation following Malaysian Finance Minister Daim Zainuddin 's long-awaited announcement that the exchanges will sever ties


( S ( PP-TMP ( IN On ) ( NP ( NNP Friday ) ) ) ( NP-SBJ-3 ( NNP Datuk ) ( NNP Daim ) ) ( VP ( VBD added ) ( NP ( NN spice ) ) ( PP-CLR ( TO to ) ( NP ( NP ( DT an ) ( ADJP ( RB otherwise ) ( JJ unremarkable ) ) ( NN address ) ) ( PP ( IN on ) ( NP ( NP ( NP ( NNP Malaysia ) ( POS 's ) ) ( JJ proposed ) ( NN budget ) ) ( PP ( IN for ) ( NP ( CD 1990 ) ) ) ) ) ) ) ( PP-MNR ( IN by ) ( S-NOM ( VP ( VBG ordering ) ( NP-1 ( DT the ) ( NNP Kuala ) ( NNP Lumpur ) ( NNP Stock ) ( NNP Exchange ) ) ( S ( VP ( TO to ) ( VP ( VB take ) ( NP ( JJ appropriate ) ( NN action ) ) ( ADVP-TMP ( RB immediately ) ) ( S-PRP ( VP ( TO to ) ( VP ( VB cut ) ( NP ( NP ( PRP$ its ) ( NNS links ) ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NNP Stock ) ( NNP Exchange ) ) ( PP ( IN of ) ( NP ( NNP Singapore ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

On Friday Datuk Daim added spice to an otherwise unremarkable address on Malaysia 's proposed budget for 1990 by ordering the Kuala Lumpur Stock Exchange to take appropriate action immediately to cut its links with the Stock Exchange of Singapore


( S ( S-TPC-1 ( NP-SBJ ( NP ( DT The ) ( NN delisting ) ) ( PP ( IN of ) ( NP ( JJ Malaysian-based ) ( NNS companies ) ) ) ( PP ( IN from ) ( NP ( DT the ) ( NNP Singapore ) ( NN exchange ) ) ) ) ( VP ( MD may ) ( RB not ) ( VP ( VB be ) ( NP-PRD ( DT a ) ( JJ smooth ) ( NN process ) ) ) ) ) ( NP-SBJ ( NNS analysts ) ) ( VP ( VBP say ) ) )

The delisting of Malaysian-based companies from the Singapore exchange may not be a smooth process analysts say


( S ( SBAR-ADV ( IN Though ) ( S ( NP-SBJ-1 ( DT the ) ( NN split ) ) ( VP ( VBZ has ) ( ADVP-TMP ( RB long ) ) ( VP ( VBN been ) ( VP ( VBN expected ) ) ) ) ) ) ( NP-SBJ-2 ( DT the ) ( NNS exchanges ) ) ( VP ( VBP are ) ( RB n't ) ( VP ( ADVP-MNR ( RB fully ) ) ( JJ prepared ) ( S-CLR ( VP ( TO to ) ( VP ( VB go ) ( NP ( PRP$ their ) ( JJ separate ) ( NNS ways ) ) ) ) ) ) ) )

Though the split has long been expected the exchanges are n't fully prepared to go their separate ways


( S ( NP-SBJ-1 ( NP ( DT The ) ( NN finance ) ( NN minister ) ( POS 's ) ) ( NN order ) ) ( VP ( VBD was ) ( RB n't ) ( VP ( VP ( VBN sparked ) ( PP ( IN by ) ( NP-LGS ( DT a ) ( JJ single ) ( NN event ) ) ) ) ( CC and ) ( VP ( VBZ does ) ( RB n't ) ( VP ( VB indicate ) ( NP ( NP ( DT a ) ( NN souring ) ) ( PP-LOC ( IN in ) ( NP ( NP ( NNS relations ) ) ( PP ( IN between ) ( NP ( DT the ) ( JJ neighboring ) ( NNS countries ) ) ) ) ) ) ) ) ) ) )

The finance minister 's order was n't sparked by a single event and does n't indicate a souring in relations between the neighboring countries


( S ( ADVP ( RB Rather ) ) ( NP-SBJ ( DT the ) ( CD two ) ( ADJP ( RB closely ) ( VBN linked ) ) ( NNS exchanges ) ) ( VP ( VBP have ) ( VP ( VBN been ) ( VP ( VBG drifting ) ( ADVP-CLR ( RB apart ) ) ( PP-TMP ( IN for ) ( NP ( DT some ) ( NNS years ) ) ) ( PP ( IN with ) ( NP ( NP ( NP ( DT a ) ( ADJP ( RB nearly ) ( JJ five-year-old ) ) ( NN moratorium ) ) ( PP ( IN on ) ( NP ( JJ new ) ( JJ dual ) ( NNS listings ) ) ) ) ( NP ( ADJP ( JJ separate ) ( CC and ) ( JJ different ) ) ( NN listing ) ( NNS requirements ) ) ( NP ( VBG differing ) ( NN trading ) ( CC and ) ( NN settlement ) ( NNS guidelines ) ) ( CC and ) ( NP ( VBG diverging ) ( NN national-policy ) ( NNS aims ) ) ) ) ) ) ) )

Rather the two closely linked exchanges have been drifting apart for some years with a nearly five-year-old moratorium on new dual listings separate and different listing requirements differing trading and settlement guidelines and diverging national-policy aims


( S ( NP-SBJ ( NNP Presidio ) ( NNP Oil ) ( NNP Co. ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBD signed ) ( NP ( DT a ) ( JJ definitive ) ( NN agreement ) ( S ( VP ( TO to ) ( VP ( VB acquire ) ( NP ( NP ( NNP Gulf ) ( NNP Canada ) ( NNPS Resources ) ( NNP Ltd. ) ( POS 's ) ) ( NNP U.S. ) ( NN unit ) ) ( PP-CLR ( IN for ) ( NP ( QP ( CD 163 ) ( CD million ) ) ) ) ) ) ) ) ) ) ) ) )

Presidio Oil Co. said it signed a definitive agreement to acquire Gulf Canada Resources Ltd. 's U.S. unit for 163 million


( S ( NP-SBJ ( NP ( NNP Presidio ) ) ( NP ( DT a ) ( NNP Denver ) ( NN oil ) ( CC and ) ( NN gas ) ( NN concern ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( PRP it ) ) ( VP ( MD will ) ( VP ( VB acquire ) ( NP ( NP ( DT the ) ( NNS properties ) ( CC and ) ( NNS operations ) ) ( PP ( IN of ) ( NP ( NP ( NNP Home ) ( NNP Petroleum ) ( NNP Corp. ) ) ( SBAR ( WHNP-1 ( WDT which ) ) ( S ( VP ( VBZ includes ) ( NP ( NP ( CD two ) ( JJ regional ) ( JJ gas-gathering ) ( NNS systems ) ) ( CC and ) ( NP ( NP ( JJ proved ) ( NNS reserves ) ) ( PP ( IN of ) ( NP ( NP ( NP ( QP ( RB about ) ( CD nine ) ( CD million ) ) ( NNS barrels ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 72 ) ( CD billion ) ) ( JJ cubic ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( JJ natural ) ( NN gas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Presidio a Denver oil and gas concern said it will acquire the properties and operations of Home Petroleum Corp. which includes two regional gas-gathering systems and proved reserves of about nine million barrels of oil and 72 billion cubic feet of natural gas


( S ( NP-SBJ ( NN Presidio ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ-1 ( DT the ) ( NNS properties ) ) ( VP ( VBP are ) ( ADVP ( RB generally ) ) ( VP ( VBN situated ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( NNP Wyoming ) ) ( NP ( NNP North ) ( NNP Dakota ) ) ( NP ( NNP Texas ) ) ( NP ( NNP Oklahoma ) ) ( CC and ) ( NP ( NNP Louisiana ) ) ) ) ) ) ) ) ) )

Presidio said the properties are generally situated in Wyoming North Dakota Texas Oklahoma and Louisiana


( S ( NP-SBJ ( NP ( NNP Gulf ) ( NNP Canada ) ) ( NP-LOC ( NNP Calgary ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NN transaction ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( NN part ) ) ( PP ( IN of ) ( NP ( PRP$ its ) ( NN plan ) ( S ( VP ( TO to ) ( VP ( VP ( VB sell ) ( NP ( JJ non-strategic ) ( NNS assets ) ) ) ( CC and ) ( VP ( VB focus ) ( NP ( NNS operations ) ) ( PP-CLR ( IN on ) ( NP ( NP ( NNP Canada ) ) ( NP ( NNP Indonesia ) ) ( CC and ) ( NP ( JJ other ) ( JJ international ) ( NNS areas ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Gulf Canada Calgary said the transaction is part of its plan to sell non-strategic assets and focus operations on Canada Indonesia and other international areas


( S ( NP-SBJ ( NP ( DT A ) ( NN spokesman ) ) ( PP ( IN for ) ( NP ( NP ( NNP Gulf ) ( NNP Canada ) ) ( SBAR ( WHNP-2 ( WDT which ) ) ( S ( VP ( VBZ is ) ( VP ( VBN controlled ) ( PP ( IN by ) ( NP-LGS ( NP ( NNP Toronto ) ( POS 's ) ) ( NNP Reichmann ) ( NN family ) ) ) ) ) ) ) ) ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( DT the ) ( NNS properties ) ) ( VP ( VP ( VBP account ) ( PP-CLR ( IN for ) ( NP ( NP ( QP ( RB about ) ( CD 6 ) ) ( NN % ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NN company ) ( POS 's ) ) ( NNS assets ) ) ) ) ) ) ( CC and ) ( VP ( VBP produce ) ( NP ( NP ( NP ( NP ( QP ( RB about ) ( CD 5,000 ) ) ( NNS barrels ) ) ( PP ( IN of ) ( NP ( NN oil ) ) ) ) ( CC and ) ( NP ( NP ( QP ( CD 35 ) ( CD million ) ) ( JJ cubic ) ( NNS feet ) ) ( PP ( IN of ) ( NP ( NN gas ) ) ) ) ) ( NP-ADV ( DT a ) ( NN day ) ) ) ) ) ) ) ) )

A spokesman for Gulf Canada which is controlled by Toronto 's Reichmann family said the properties account for about 6 % of the company 's assets and produce about 5,000 barrels of oil and 35 million cubic feet of gas a day


( S ( S ( NP-SBJ ( PRP He ) ) ( VP ( VBD said ) ( SBAR ( S ( NP-SBJ ( NNP Gulf ) ( NNP Canada ) ) ( VP ( MD will ) ( ADVP ( RB likely ) ) ( VP ( VB report ) ( NP ( NP ( DT an ) ( JJ extraordinary ) ( NN gain ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN sale ) ) ) ) ( PP-TMP ( IN in ) ( NP ( DT the ) ( JJ fourth ) ( NN quarter ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( NP-SBJ ( PRP he ) ) ( VP ( MD would ) ( RB n't ) ( VP ( VB offer ) ( NP ( DT a ) ( JJ specific ) ( NN estimate ) ) ) ) ) )

He said Gulf Canada will likely report an extraordinary gain from the sale in the fourth quarter but he would n't offer a specific estimate


( S ( NP-SBJ-1 ( DT The ) ( NN transaction ) ) ( VP ( VBZ is ) ( VP ( VBN expected ) ( S ( VP ( TO to ) ( VP ( VB close ) ( PP-TMP ( IN by ) ( NP ( NNP Nov. ) ( CD 30 ) ) ) ) ) ) ) ) )

The transaction is expected to close by Nov. 30


( S ( NP-SBJ ( NP ( NP ( NP ( NP ( NNP Dennis ) ( NNP Farney ) ( POS 's ) ) ( NNP Oct. ) ( CD 13 ) ( JJ page-one ) ( NN article ) ) ) ( NP-TTL ( NP ( NN River ) ) ( PP ( IN of ) ( NP ( NN Despair ) ) ) ) ) ( PP ( IN about ) ( NP ( NP ( DT the ) ( NN poverty ) ) ( PP-LOC ( IN along ) ( NP ( DT the ) ( NNP Mississippi ) ) ) ) ) ) ( VP ( VBD fanned ) ( NP ( NP ( NN childhood ) ( NNS memories ) ) ( PP ( IN of ) ( SBAR-NOM ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( PRP$ my ) ( NNS parents ) ) ( VP ( VBD were ) ( NP-PRD ( NNS sharecroppers ) ) ( PP-LOC ( IN in ) ( NP ( JJ southeastern ) ( NNP Arkansas ) ) ) ( NP-LOC ( NP ( QP ( RB only ) ( DT a ) ( JJ few ) ) ( NNS miles ) ) ( PP ( IN from ) ( NP ( DT the ) ( NN river ) ) ) ) ) ) ) ) ) ) )

Dennis Farney 's Oct. 13 page-one article River of Despair about the poverty along the Mississippi fanned childhood memories of when my parents were sharecroppers in southeastern Arkansas only a few miles from the river


( S ( SBAR-ADV ( IN Although ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBD were ) ( ADJP-PRD ( JJ white ) ) ) ) ) ( NP-SBJ ( NP ( DT the ) ( JJ same ) ( JJ economic ) ( NNS factors ) ) ) ( VP ( VBD affected ) ( NP ( PRP us ) ) ( SBAR-1 ( IN as ) ( S ( VP ( VBZ affects ) ( NP ( NP ( DT the ) ( JJ black ) ( NNS people ) ) ( SBAR ( S ( NP-SBJ ( NNP Mr. ) ( NNP Farney ) ) ( VP ( VBZ writes ) ( PP-CLR ( IN about ) ) ) ) ) ) ) ) ) ) )

Although we were white the same economic factors affected us as affects the black people Mr. Farney writes about


( S ( ADVP ( RB Fortunately ) ) ( NP-SBJ ( NP ( DT an ) ( NN aunt ) ) ( PP ( IN with ) ( NP ( DT a ) ( NN college ) ( NN degree ) ) ) ) ( VP ( VP ( VBD bought ) ( NP ( DT a ) ( JJ small ) ( NN farm ) ) ) ( CC and ) ( VP ( VBD moved ) ( NP ( PRP us ) ) ( ADVP-DIR ( NP ( CD 50 ) ( NNS miles ) ) ( RB north ) ( PP ( TO to ) ( NP ( NP ( JJ good ) ( NNS schools ) ) ( CC and ) ( NP ( NP ( DT an ) ( NN environment ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD opened ) ( NP ( NP ( DT the ) ( NN world ) ) ( PP ( IN of ) ( NP ( NN opportunity ) ) ) ) ( PP ( IN for ) ( NP ( NP ( PRP me ) ) ( PP ( IN as ) ( NP ( DT an ) ( NN eight-year-old ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Fortunately an aunt with a college degree bought a small farm and moved us 50 miles north to good schools and an environment that opened the world of opportunity for me as an eight-year-old


( S ( SBAR-ADV ( NNP Though ) ( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( VBP 've ) ( VP ( VBN been ) ( VP ( VBN blessed ) ( PP-CLR ( IN with ) ( NP ( NP ( JJ academic ) ( NNS degrees ) ) ( CC and ) ( NP ( NP ( DT some ) ( NN success ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( JJ materialistic ) ( NN world ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP 've ) ( ADVP-TMP ( RB never ) ) ( VP ( VP ( VBN forgotten ) ) ( CC or ) ( VP ( VBN lost ) ( NP-CLR ( NN contact ) ) ( PP-CLR ( IN with ) ) ) ( NP-2 ( NP ( DT those ) ( NNS memories ) ) ( PP ( IN of ) ( NP ( DT the ) ( CD 1930s ) ) ) ) ) ) )

Though I 've been blessed with academic degrees and some success in the materialistic world I 've never forgotten or lost contact with those memories of the 1930s


( S ( NP-SBJ-1 ( NP ( JJS Most ) ) ( PP ( IN of ) ( NP ( DT the ) ( NN land ) ) ) ( PP-LOC ( IN in ) ( NP ( NP ( ADJP ( DT that ) ( CC and ) ( JJ other ) ) ( NNS parts ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Delta ) ) ) ) ) ) ( VP ( VBP are ) ( ADVP-TMP ( RB now ) ) ( VP ( VBN owned ) ( PP ( IN by ) ( NP-LGS ( NP ( ADJP ( JJ second ) ( JJ third ) ( CC or ) ( JJ fourth ) ) ( NNS generations ) ) ( PP ( IN of ) ( NP ( DT the ) ( JJ same ) ( NNS families ) ) ) ) ) ) ) )

Most of the land in that and other parts of the Delta are now owned by second third or fourth generations of the same families


( S ( NP-SBJ ( DT These ) ) ( VP ( VBP are ) ( NP-PRD ( NP ( DT the ) ( NNS families ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VP ( VBD used ) ) ( PRN ( CC and ) ( VP ( ADVP-TMP ( RB sometime ) ) ( VBN abused ) ) ) ( NP-3 ( NP ( PRP$ their ) ( NNS sharecroppers ) ) ( NP ( NP ( NNS people ) ) ( SBAR ( WHNP-2 ( WP who ) ) ( S ( VP ( VBD had ) ( NP ( NP ( DT no ) ( NN encouragement ) ) ( CC and ) ( NP ( NP ( JJ little ) ( NN access ) ) ( PP ( TO to ) ( NP ( NP ( DT an ) ( NN education ) ) ( CC or ) ( NP ( NP ( NN training ) ) ( PP ( IN for ) ( NP ( DT a ) ( JJR better ) ( NN life ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

These are the families who used and sometime abused their sharecroppers people who had no encouragement and little access to an education or training for a better life


( S ( PP-TMP ( VBG Following ) ( NP ( NNP World ) ( NNP War ) ( NNP II ) ) ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( NP ( CD one ) ( NN family ) ) ( PP ( IN with ) ( NP ( JJ mechanized ) ( NN equipment ) ) ) ) ( VP ( MD could ) ( VP ( VB farm ) ( NP ( NP ( NNS crops ) ) ( VP ( ADVP-TMP ( RB formerly ) ) ( VBG requiring ) ( NP ( CD 20 ) ( NNS families ) ) ) ) ) ) ) ) ( NP-SBJ-1 ( DT the ) ( JJ surplus ) ( NNS people ) ) ( VP ( VBD were ) ( VP ( VBN dumped ) ( PP-DIR ( IN into ) ( NP ( NP ( DT the ) ( NN mainstream ) ) ( PP ( IN of ) ( NP ( NN society ) ) ) ) ) ( PP ( IN with ) ( NP ( NP ( DT no ) ( NNP Social ) ( NNP Security ) ) ( NP ( NP ( DT no ) ( NNS skills ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN workplace ) ) ) ) ( NP ( NP ( DT no ) ( NN hope ) ) ( PP ( IN for ) ( NP ( PRP$ their ) ( NN future ) ) ) ( PP ( IN except ) ( NP ( NN welfare ) ) ) ) ) ) ) ) )

Following World War II when one family with mechanized equipment could farm crops formerly requiring 20 families the surplus people were dumped into the mainstream of society with no Social Security no skills in the workplace no hope for their future except welfare


( S ( CC And ) ( NP-TMP ( NN today ) ) ( NP-SBJ ( NP ( JJ many ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( NNS children ) ( NNS grandchildren ) ( CC and ) ( NNS great-grandchildren ) ) ) ) ( VP ( VBP remain ) ( PP-PRD ( IN on ) ( NP ( NN welfare ) ) ) ) )

And today many of their children grandchildren and great-grandchildren remain on welfare


( S ( PP-TMP ( IN In ) ( NP ( DT the ) ( NN meantime ) ) ) ( NP-SBJ ( DT the ) ( NNS landowners ) ) ( VP ( VBP continue ) ( VP ( VBG receiving ) ( NP ( NP ( JJ generous ) ( NNS subsidies ) ) ( SBAR ( WHNP-1 ( WDT that ) ) ( S ( VP ( VBD began ) ( PP-TMP ( IN during ) ( NP ( NNP New ) ( NNP Deal ) ( NNS days ) ) ) ) ) ) ) ) ) )

In the meantime the landowners continue receiving generous subsidies that began during New Deal days


( S ( CC Or ) ( NP-SBJ ( NP ( DT those ) ) ( SBAR ( WHNP-1 ( WP who ) ) ( S ( VP ( VBP choose ) ( RB not ) ( S ( VP ( TO to ) ( VP ( NN farm ) ) ) ) ) ) ) ) ( VP ( MD can ) ( VP ( VB lease ) ( NP ( PRP$ their ) ( NX ( NX ( NNS lands ) ) ( CC and ) ( NX ( NN crop ) ( NNS allotments ) ) ) ) ( PP-CLR ( IN for ) ( NP ( JJ handsome ) ( NNS sums ) ) ) ) ) )

Or those who choose not to farm can lease their lands and crop allotments for handsome sums


( S ( S ( NP-SBJ ( NP ( NNS Farmers ) ) ( PP-LOC ( IN in ) ( NP ( NP ( DT the ) ( NNP Midwest ) ) ( CC and ) ( NP ( JJ other ) ( NNS areas ) ) ) ) ) ( VP ( VBP have ) ( VP ( VBN suffered ) ) ) ) ( CC but ) ( S ( NP-SBJ-3 ( NP ( DT those ) ) ( PP-LOC ( IN along ) ( NP ( DT the ) ( NNP Mississippi ) ) ) ) ( VP ( VBP continue ) ( S ( VP ( TO to ) ( VP ( VB prosper ) ( PP-MNR ( IN with ) ( NP ( NP ( NNS holdings ) ) ( SBAR ( WHNP-2 ( WDT that ) ) ( S ( VP ( VBD were ) ( VP ( VBN built ) ( PP-CLR ( IN with ) ( NP ( NP ( DT the ) ( NN sweat ) ) ( PP ( IN of ) ( NP ( NP ( NNS men ) ( CC and ) ( NNS women ) ) ( VP ( VBG living ) ( PP-LOC ( IN in ) ( NP ( JJ economic ) ( NN slavery ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Farmers in the Midwest and other areas have suffered but those along the Mississippi continue to prosper with holdings that were built with the sweat of men and women living in economic slavery


( S ( CC And ) ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ-4 ( PRP they ) ) ( VP ( VBD were ) ( ADVP-TMP ( RB no ) ( RBR longer ) ) ( VP ( VBN needed ) ) ) ) ) ( NP-SBJ-1 ( PRP they ) ) ( VP ( VBD were ) ( VP ( VBN turned ) ( ADVP-CLR ( RB loose ) ) ( S-ADV ( ADJP-PRD ( JJ unprepared ) ( S ( VP ( TO to ) ( VP ( VB build ) ( NP ( NP ( NNS lives ) ) ( PP ( IN of ) ( NP ( PRP$ their ) ( JJ own ) ) ) ) ) ) ) ) ) ) ) )

And when they were no longer needed they were turned loose unprepared to build lives of their own


Denton Harris


Chairman


Metro Bank


Atlanta


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ ( NP ( DT the ) ( NN cycle ) ) ( PP ( IN of ) ( NP ( NP ( NN poverty ) ) ( PP-LOC ( IN along ) ( NP ( DT the ) ( JJR lower ) ( NNP Mississippi ) ) ) ) ) ) ( VP ( VBZ goes ) ( ADVP-CLR ( RB back ) ) ( NP ( RB so ) ( JJ many ) ( NNS generations ) ) ) ) ) ( S-NOM-SBJ ( VP ( VBG breaking ) ( NP ( DT this ) ( NN cycle ) ) ) ) ( VP ( MD will ) ( VP ( VB be ) ( PP-PRD ( RB next ) ( PP ( TO to ) ( ADJP ( JJ impossible ) ) ) ) ) ) )

Because the cycle of poverty along the lower Mississippi goes back so many generations breaking this cycle will be next to impossible


( S ( ADVP ( RB Sadly ) ) ( NP-SBJ ( DT the ) ( NN cycle ) ) ( VP ( VBZ appears ) ( PP-CLR ( RB not ) ( PP ( IN as ) ( NP ( NNS waves ) ) ) ( CC but ) ( PP ( IN as ) ( NP ( DT a ) ( JJ downward ) ( NN spiral ) ) ) ) ) )

Sadly the cycle appears not as waves but as a downward spiral


( S ( CC Yet ) ( NP-SBJ-1 ( DT the ) ( NN evidence ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP have ) ( RB not ) ( VP ( VBN hit ) ( NP ( NN bottom ) ) ) ) ) ) ) ( VP ( VBZ is ) ( VP ( VBN found ) ( PP-LOC-CLR ( IN in ) ( NP ( DT the ) ( NN fact ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP we ) ) ( VP ( VBP are ) ( RB not ) ( ADVP-TMP ( RB yet ) ) ( VP ( VBG helping ) ( NP ( PRP ourselves ) ) ) ) ) ) ) ) ) ) )

Yet the evidence that we have not hit bottom is found in the fact that we are not yet helping ourselves


( S ( NP-SBJ ( NP ( DT The ) ( NNS people ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Delta ) ) ) ) ( VP ( VBP are ) ( VP ( VBG waiting ) ( PP-CLR ( IN for ) ( NP ( NP ( NP ( DT that ) ( JJ big ) ( NN factory ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB open ) ) ) ) ) ) ( NP ( NP ( NN river ) ( NN traffic ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( NN increase ) ) ) ) ) ) ( NP ( NP ( NN government ) ( NN spending ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB fund ) ( NP ( NN job-training ) ( NNS programs ) ) ) ) ) ) ) ( CC or ) ( NP ( NP ( JJ public ) ( NNS schools ) ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB educate ) ( NP ( JJ apathetic ) ( NNS students ) ) ) ) ) ) ) ) ) ) ) )

The people of the Delta are waiting for that big factory to open river traffic to increase government spending to fund job-training programs or public schools to educate apathetic students


( S ( SBAR-PRP ( IN Because ) ( S ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBP refuse ) ( S ( VP ( TO to ) ( VP ( VB face ) ( NP ( DT the ) ( JJ tough ) ( NNS answers ) ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( NNS questions ) ) ( VP ( VBP continue ) ( PP-CLR ( IN as ) ( NP ( NP ( NN fodder ) ) ( PP ( PP ( IN for ) ( NP ( DT the ) ( NNS commissions ) ( CC and ) ( NNS committees ) ) ) ( PP ( IN for ) ( NP ( DT the ) ( NNS media ) ( CC and ) ( NNS politicians ) ) ) ) ) ) ) )

Because we refuse to face the tough answers the questions continue as fodder for the commissions and committees for the media and politicians


( S ( NP-SBJ ( NN Coffee-shop ) ( NN chatter ) ) ( VP ( VBZ does ) ( RB not ) ( VP ( VB lend ) ( NP-CLR ( PRP itself ) ) ( PP-CLR ( TO to ) ( S-NOM ( VP ( VBG solving ) ( NP ( NP ( DT the ) ( NNS problems ) ) ( PP ( IN of ) ( NP ( NP ( NN racism ) ) ( NP ( JJ teen ) ( NN pregnancy ) ) ( CC or ) ( NP ( NP ( NN lack ) ) ( PP ( IN of ) ( NP ( JJ parental ) ( NN support ) ( CC or ) ( NN guidance ) ) ) ) ) ) ) ) ) ) ) ) )

Coffee-shop chatter does not lend itself to solving the problems of racism teen pregnancy or lack of parental support or guidance


( SQ ( NNP Does ) ( NP-SBJ-2 ( DT the ) ( NNP Delta ) ) ( VP ( VB deserve ) ( NP ( NN government ) ( NN help ) ) ( PP ( IN in ) ( S-NOM ( VP ( VBG attracting ) ( NP ( NN industry ) ) ) ) ) ( SBAR-TMP ( WHADVP-1 ( WRB when ) ) ( S ( NP-SBJ ( NP ( NP ( DT the ) ( NN majority ) ) ( PP ( IN of ) ( NP ( NNS residents ) ) ) ) ( ADJP ( JJ black ) ( CC and ) ( JJ white ) ) ) ( VP ( VB do ) ( RB not ) ( VP ( VB realize ) ( SBAR ( S ( NP-SBJ ( NN racism ) ) ( VP ( VBZ alienates ) ( NP ( JJ potential ) ( NNS employers ) ) ) ) ) ) ) ) ) ) )

Does the Delta deserve government help in attracting industry when the majority of residents black and white do not realize racism alienates potential employers


( SQ ( MD Should ) ( NP-SBJ ( PRP we ) ) ( VP ( VB focus ) ( PP-CLR ( IN on ) ( NP ( NP ( DT the ) ( NN region ) ( POS 's ) ) ( NN infant-mortality ) ( NN rate ) ) ) ( SBAR-TMP ( WHADVP ( WRB when ) ) ( S ( NP-SBJ ( NP ( DT the ) ( JJ vocal ) ( NNS right-wingers ) ) ( CC and ) ( NP ( DT the ) ( NX ( NX ( NN school ) ( NNS boards ) ) ( NX ( NNS mayors ) ) ( CC and ) ( NX ( NNS legislators ) ) ) ) ) ( VP ( VBP prohibit ) ( NP-1 ( NNS schools ) ) ( PP-CLR ( IN from ) ( S-NOM ( VP ( VBG teaching ) ( NP ( NP ( DT the ) ( CD two ) ( NNS ways ) ) ( PRN ( NP ( NN abstinence ) ( CC or ) ( NNS contraceptives ) ) ) ( PP ( IN of ) ( S-NOM ( VP ( VBG decreasing ) ( NP ( JJ teen ) ( NN pregnancy ) ) ) ) ) ) ) ) ) ) ) ) ) )

Should we focus on the region 's infant-mortality rate when the vocal right-wingers and the school boards mayors and legislators prohibit schools from teaching the two ways abstinence or contraceptives of decreasing teen pregnancy


( S ( S ( NP-SBJ ( NNP Delta ) ( NNS problems ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ difficult ) ( RB not ) ( JJ impossible ) ( SBAR ( S ( VP ( TO to ) ( VP ( VB solve ) ) ) ) ) ) ) ) ( S ( NP-SBJ-2 ( PRP I ) ) ( VP ( VBP am ) ( ADVP ( RB just ) ) ( RB not ) ( VP ( JJ convinced ) ( SBAR ( IN that ) ( S ( NP-SBJ-3 ( PRP we ) ) ( VP ( VBP are ) ( ADJP-PRD ( JJ ready ) ( S ( VP ( TO to ) ( VP ( VB solve ) ( NP ( PRP them ) ) ( ADVP-TMP ( RB yet ) ) ) ) ) ) ) ) ) ) ) ) )

Delta problems are difficult not impossible to solve I am just not convinced that we are ready to solve them yet


( NP ( NNP Leslie ) ( NNP Falls ) ( NNP Humphries ) )

Leslie Falls Humphries


( NP-LOC ( NP ( NNP Little ) ( NNP Rock ) ) ( NP ( NNP Ark ) ) )

Little Rock Ark


( S ( NP-SBJ-1 ( PRP I ) ) ( VP ( MD would ) ( VP ( VB like ) ( S ( VP ( TO to ) ( VP ( VB issue ) ( NP ( DT a ) ( NN challenge ) ) ( PP-CLR ( TO to ) ( NP ( JJ corporate ) ( NNP America ) ) ) ) ) ) ) ) )

I would like to issue a challenge to corporate America


( S ( NP-TMP ( NP ( DT The ) ( JJ next ) ( NN time ) ) ( SBAR ( S ( S ( NP-SBJ-1 ( NN expansion ) ( NNS plans ) ) ( VP ( VBP are ) ( VP ( VBN mentioned ) ( PP-LOC ( IN at ) ( NP ( DT the ) ( JJ old ) ( NN company ) ) ) ) ) ) ( CC and ) ( S ( NP-SBJ ( NN somebody ) ) ( VP ( VBZ says ) ( S ( INTJ ( UH Aw ) ( UH heck ) ) ( NP-VOC ( NNS guys ) ) ( NP-SBJ ( NN nobody ) ) ( VP ( MD can ) ( VP ( VB do ) ( NP ( PRP it ) ) ( PP-MNR ( IN like ) ( NP ( NP ( NNP Japan ) ) ( CC or ) ( NP ( NNP South ) ( NNP Korea ) ) ) ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP I ) ) ( VP ( VBP wish ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( MD would ) ( VP ( VP ( VB butt ) ( PRT ( RP in ) ) ) ( CC and ) ( VP ( VB say ) ( S ( S ( VP ( VB Hold ) ( NP ( PRP it ) ) ( NP-VOC ( NNS fellas ) ) ) ) ( SBARQ ( WHADVP-3 ( WRB why ) ) ( SQ ( VBP do ) ( RB n't ) ( NP-SBJ ( PRP we ) ) ( VP ( VP ( VB compare ) ( NP ( NNS prices ) ) ) ( CC and ) ( VP ( VB use ) ( NP ( PRP$ our ) ( JJ own ) ( JJ little ) ( NNP Third ) ( NNP World ) ( NN country ) ) ) ) ) ) ) ) ) ) ) ) ) )

The next time expansion plans are mentioned at the old company and somebody says Aw heck guys nobody can do it like Japan or South Korea I wish you would butt in and say Hold it fellas why do n't we compare prices and use our own little Third World country


( S ( NP-SBJ ( PRP We ) ) ( VP ( MD would ) ( ADVP ( RB even ) ) ( VP ( VB save ) ( PP-LOC ( IN on ) ( NP ( NN freight ) ) ) ) ) )

We would even save on freight


( S ( NP-SBJ ( EX There ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT no ) ( NN mystery ) ) ( SBAR ( WHADVP-1 ( WRB why ) ) ( S ( NP-SBJ ( DT the ) ( NN Delta ) ) ( VP ( VBP originated ) ( S-TTL ( VP ( VBG Singin ) ( NP ( DT the ) ( NNS Blues ) ) ) ) ) ) ) ) ) )

There is no mystery why the Delta originated Singin the Blues


( NP ( NNP Eugene ) ( NNP S. ) ( NNP Clarke ) ( NNP IV ) )

Eugene S. Clarke IV


( NP-LOC ( NP ( NNP Hollandale ) ) ( NP ( NNP Miss ) ) )

Hollandale Miss


( S ( NP-SBJ ( PRP$ Your ) ( NN story ) ) ( VP ( VBZ is ) ( NP-PRD ( NP ( DT an ) ( NN insult ) ) ( PP ( TO to ) ( NP ( NP ( DT the ) ( NNS citizens ) ) ( PP ( IN of ) ( NP ( DT the ) ( NNP Mississippi ) ( NNP Delta ) ) ) ) ) ) ) )

Your story is an insult to the citizens of the Mississippi Delta


( S ( NP-SBJ ( NP ( JJ Many ) ) ( PP ( IN of ) ( NP ( NP ( DT the ) ( NNS problems ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBN presented ) ) ) ) ) ) ) ( VP ( VBP exist ) ( PP-LOC ( IN in ) ( NP ( NP ( DT every ) ( NN part ) ) ( PP ( IN of ) ( NP ( DT this ) ( NN country ) ) ) ) ) ) )

Many of the problems you presented exist in every part of this country


( S ( NP-SBJ ( NN Poverty ) ) ( VP ( VBZ is ) ( PP-PRD ( NP-ADV ( QP ( RB only ) ( CD two ) ) ( NNS blocks ) ) ( IN from ) ( NP ( NP ( NNP President ) ( NNP Bush ) ( POS 's ) ) ( NN residence ) ) ) ) )

Poverty is only two blocks from President Bush 's residence


( S ( S ( PP-TMP ( IN For ) ( NP ( NNS years ) ) ) ( NP-SBJ-1 ( PRP we ) ) ( VP ( VBD tried ) ( S ( VP ( TO to ) ( VP ( VB ignore ) ( NP ( NP ( DT the ) ( NN problem ) ) ( PP ( IN of ) ( NP ( NN poverty ) ) ) ) ) ) ) ) ) ( CC and ) ( S ( ADVP-TMP ( RB now ) ( SBAR ( IN that ) ( S ( NP-SBJ ( PRP it ) ) ( VP ( VBZ has ) ( VP ( VBN gotten ) ( ADVP-PRD ( IN out ) ( PP ( IN of ) ( NP ( NN hand ) ) ) ) ) ) ) ) ) ( NP-SBJ ( PRP it ) ) ( VP ( VBZ 's ) ( NP-PRD ( DT a ) ( JJ new ) ( NN crusade ) ) ( PP ( IN for ) ( NP ( NP ( DT the ) ( NNS media ) ) ( CC and ) ( NP ( PRP$ our ) ( JJ Democratic ) ( NNP Congress ) ) ) ) ) ) )

For years we tried to ignore the problem of poverty and now that it has gotten out of hand it 's a new crusade for the media and our Democratic Congress


( S ( S ( NP-SBJ-1 ( NN Nobody ) ) ( VP ( MD should ) ( VP ( VB have ) ( S ( VP ( TO to ) ( VP ( VB live ) ( PP-LOC ( IN in ) ( NP ( NP ( JJ such ) ( JJ poor ) ( NNS conditions ) ) ( PP ( IN as ) ( PP-LOC ( IN in ) ( NP-TTL ( NNP Sugar ) ( NNP Ditch ) ) ) ) ) ) ) ) ) ) ) ) ( CC but ) ( S ( SBAR-TMP ( WHADVP-2 ( WRB when ) ) ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP travel ) ( PP-DIR ( TO to ) ( NP ( NP ( NNP Washington ) ) ( NP ( NNP Boston ) ) ( NP ( NNP Chicago ) ) ( CC or ) ( NP ( NNP New ) ( NNP York ) ) ) ) ) ) ) ( NP-SBJ ( DT the ) ( JJ same ) ( NNS problems ) ) ( VP ( VBP exist ) ) ) )

Nobody should have to live in such poor conditions as in Sugar Ditch but when you travel to Washington Boston Chicago or New York the same problems exist


( S ( NP-SBJ ( DT The ) ( JJ only ) ( NN difference ) ) ( VP ( VBZ is ) ( SBAR-PRD ( S ( PP-LOC ( IN in ) ( NP ( DT those ) ( NNS cities ) ) ) ( NP-SBJ-1 ( DT the ) ( JJ poor ) ) ( VP ( VBP are ) ( VP ( VBN housed ) ( PP-LOC-CLR ( IN in ) ( NP ( NP ( JJ high-rise-project ) ( NNS apartments ) ) ( S ( NP-SBJ ( DT each ) ) ( VP ( VBG consisting ) ( PP-CLR ( IN of ) ( NP ( CD one ) ( NN room ) ) ) ( PP ( PP ( IN with ) ( NP ( NP ( NP ( JJ rusty ) ( NNS pipes ) ) ( VP ( VBN called ) ( S ( NP-PRD ( NN plumbing ) ) ) ) ) ( NP ( NP ( NNS rodents ) ( CC and ) ( NNS cockroaches ) ) ( ADVP-LOC ( RB everywhere ) ) ) ( CC and ) ( NP ( JJ nonworking ) ( NNS elevators ) ) ) ) ( CC and ) ( PP ( IN with ) ( NP ( NP ( DT the ) ( NN building ) ) ( VP ( VBN patrolled ) ( PP ( IN by ) ( NP-LGS ( NP ( NNS gangs ) ) ( CC and ) ( NP ( NN drug ) ( NNS dealers ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The only difference is in those cities the poor are housed in high-rise-project apartments each consisting of one room with rusty pipes called plumbing rodents and cockroaches everywhere and nonworking elevators and with the building patrolled by gangs and drug dealers


( S ( NP-SBJ ( JJ Many ) ( JJ middle-class ) ( NNS people ) ) ( VP ( MD would ) ( VP ( VB love ) ( NP ( JJ free ) ( NX ( NX ( NN food ) ) ( NX ( NNP Medicaid ) ( NN insurance ) ) ( NX ( NNS utilities ) ) ( CC and ) ( NX ( NN rent ) ) ) ) ) ) )

Many middle-class people would love free food Medicaid insurance utilities and rent


( S ( RB Then ) ( ADVP ( RB maybe ) ) ( NP-SBJ-2 ( PRP I ) ) ( VP ( MD could ) ( VP ( VP ( VB stay ) ( ADVP-CLR ( RB home ) ) ) ( CC and ) ( VP ( VB have ) ( NP ( CD seven ) ( NNS children ) ) ) ( CC and ) ( VP ( VB watch ) ( NP ( NNP Oprah ) ( NNP Winfrey ) ) ) ( PP-MNR ( IN like ) ( NP ( NP ( NNP Beulah ) ) ( PP-LOC ( IN in ) ( NP ( DT the ) ( NN article ) ) ) ) ) ( PP ( RB instead ) ( IN of ) ( S-NOM ( VP ( VP ( VBG having ) ( NP ( CD one ) ( NN child ) ) ) ( CC and ) ( VP ( VBG working ) ( ADVP-TMP ( RB constantly ) ) ( S-PRP ( ADVP ( RB just ) ) ( VP ( TO to ) ( VP ( VB stay ) ( PP-LOC-CLR ( IN above ) ( NP ( NN water ) ) ) ) ) ) ( PP-MNR ( IN like ) ( NP ( NP ( ADJP ( RB so ) ( JJ many ) ) ( NNS families ) ) ( PP-LOC ( IN in ) ( NP ( DT this ) ( NN country ) ) ) ) ) ) ) ) ) ) ) )

Then maybe I could stay home and have seven children and watch Oprah Winfrey like Beulah in the article instead of having one child and working constantly just to stay above water like so many families in this country


( NP ( NNP Dee ) ( NNP Ann ) ( NNP Wilson ) )

Dee Ann Wilson


( NP-LOC ( NP ( NNP Greenville ) ) ( NP ( NNP Miss ) ) )

Greenville Miss


( S ( NP-SBJ ( DT The ) ( JJ fiscal ) ( CD 1989 ) ( NN budget ) ( NN deficit ) ( NN figure ) ) ( VP ( VBD came ) ( PRT ( RP out ) ) ( NP-TMP ( NNP Friday ) ) ) )

The fiscal 1989 budget deficit figure came out Friday


( S ( NP-SBJ ( PRP It ) ) ( VP ( VBD was ) ( ADVP-PRD ( IN down ) ( NP ( DT a ) ( JJ little ) ) ) ) )

It was down a little


( S ( NP-TMP ( NP ( DT The ) ( JJ next ) ( NN time ) ) ( SBAR ( S ( NP-SBJ ( PRP you ) ) ( VP ( VBP hear ) ( S ( NP-SBJ ( NP ( DT a ) ( NNP Member ) ) ( PP ( IN of ) ( NP ( NNP Congress ) ) ) ) ( VP ( VB moan ) ( PP-CLR ( IN about ) ( NP ( DT the ) ( NN deficit ) ) ) ) ) ) ) ) ) ( VP ( VB consider ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( NNP Congress ) ) ( VP ( VBD did ) ( NP-TMP ( NNP Friday ) ) ) ) ) ) )

The next time you hear a Member of Congress moan about the deficit consider what Congress did Friday


( S ( NP-SBJ-1 ( DT The ) ( NNP Senate ) ) ( VP ( ADVP-MNR ( RB 84-6 ) ) ( VBD voted ) ( S ( VP ( TO to ) ( VP ( VB increase ) ( PP-DIR ( TO to ) ( NP ( CD 124,000 ) ) ) ( NP ( NP ( DT the ) ( NN ceiling ) ) ( PP-LOC ( IN on ) ( NP ( NP ( JJ insured ) ( NNS mortgages ) ) ( PP ( IN from ) ( NP ( NP ( DT the ) ( NNP FHA ) ) ( SBAR ( WHNP-7 ( WDT which ) ) ( S ( VP ( VBD lost ) ( NP ( NP ( QP ( CD 4.2 ) ( CD billion ) ) ) ( PP ( IN in ) ( NP ( NN loan ) ( NNS defaults ) ) ) ) ( NP-TMP ( JJ last ) ( NN year ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

The Senate 84-6 voted to increase to 124,000 the ceiling on insured mortgages from the FHA which lost 4.2 billion in loan defaults last year


( S ( RB Then ) ( PP-MNR ( IN by ) ( NP ( NN voice ) ( NN vote ) ) ) ( NP-SBJ ( DT the ) ( NNP Senate ) ) ( VP ( VBD voted ) ( NP ( NP ( DT a ) ( JJ pork-barrel ) ( NN bill ) ) ( VP ( VBN approved ) ( NP-TMP ( NNP Thursday ) ) ( PP ( IN by ) ( NP-LGS ( DT the ) ( NNP House ) ) ) ) ( PP ( IN for ) ( NP ( JJ domestic ) ( JJ military ) ( NN construction ) ) ) ) ) )

Then by voice vote the Senate voted a pork-barrel bill approved Thursday by the House for domestic military construction


( S ( VP ( VB Compare ) ( NP ( DT the ) ( NNP Bush ) ( NN request ) ) ( PP-CLR ( TO to ) ( SBAR-NOM ( WHNP-1 ( WP what ) ) ( S ( NP-SBJ ( DT the ) ( NNS Senators ) ) ( VP ( VBD gave ) ( NP ( PRP themselves ) ) ) ) ) ) ) )

Compare the Bush request to what the Senators gave themselves